Business

(Swissinfo): The government of Switzerland has adopted a new ordinance setting out when it will or will not cooperate with other countries requesting assistance in cases of suspected tax crime. In a statement on Wednesday, the government said that requests for administrative assistance would be rejected if they are “based on information which was obtained or forwarded due to actions which are punishable under Swiss law”. Recently, there have been cases of client data stolen from Swiss banks or Swiss branches of foreign banks which were offered to, and in some cases bought by, the authorities in European countries including Germany and France.

(Royal Gazette): Gerova Financial Group Ltd a speciality international reinsurance firm  is to shift its domicile to Bermuda from the Cayman Islands, after shareholders approved the move at an extraordinary general meeting. The group had already established a life reinsurance unit in Hamilton, Gerova Re, which has now received its licence from regulator the Bermuda Monetary Authority. "We are excited for our group parent to become a Bermuda company," said Lou Hensley, chief executive officer of Gerova Re. "We believe that Bermuda is one of the world's leading reinsurance centres, and is an attractive location in which to be based.

(CNS): The Cayman Islands government signed its twentieth tax agreement last month, this time with Mexico. The Tax Information Exchange Agreement (TIEA) was exchanged by courier and considered legally binding following signature on 28 August by Cayman’s premier, McKeeva Bush in his capacity as Minister of Finance and Ernesto Javier Cordero Arroyo, Minister of Finance and Public Credit for Mexico. Government officials said this latest agreement further strengthened Cayman’s international tax cooperation regime.

(CNS):The Managing Director of CIMA will be the keynote speaker this year at the annual Cayman Fund Focus conference hosted by Campbells, Attorneys. ‘Same Game but New Rules?’ is the theme for the conference making Scotland an appropriate choice to lead the debate. Now in its 8th year and also marking the law firm’s 40th anniversary. The event is expected to attract representatives from across the international fund business. A number of other experts in their field from Cayman and overseas will also join the CIMA MD as speakers. They include experts in the Financial and Investment Services, Hedge Funds, Asset and Investment Management, Law and Securities.

(FT.Com): Companies in the United States are facing a “logistical nightmare” from a new rule forcing them to disclose the ratio between their boss’ and their staff’s pay packets, lawyers have warned.  The mandatory disclosure will provide ammunition for activists seeking to target perceived examples of excessive pay and perks. The law taps into public anger at the increasing disparity between the faltering incomes of middle America and the largely recession-proof multimillion-dollar remuneration of the typical corporate chief. Last year, S&P 500 chief executives, received median pay packages of $7.5m, according to executive compensation research firm Equilar. By comparison, official statistics show the average private sector employee was paid just over $40,000.

(CNS): The man, who learned he would no longer be chairing government’s regulatory body through the press, will be making a rare public appearance when he delivers a keynote speech for his old college later this month. Business and community leader, Carlyle McLaughlin, who retired from public life after he was ousted from the chairmanship of CIMA by the UDP government, credits his bachelors degree in business from the International College of the Cayman Islands as his stepping stone to a successful financial career. The speech will be delivered at a banquet celebrating the college’s 40th anniversary on 24 September.

(CNS): Five lucky winners rode off with new mountain bikes this week, after taking part in a recent promotion for Corona beer, which invited anyone purchasing a 6 pack of Corona from participating liquor stores across the island to enter a prize draw to win one of the five Corona blue and yellow branded bikes. The proud new owners of the five Corona mountain bikes are, Reyman M. Tizon, Kenton Guy Tibbetts, Richard Maragh, Miguel Garcia and Frank Gendron.Reyman Tizon was thrilled with his new ride, remarking, “It’s great to have a new bicycle to ride around on. I can navigate around rush hour traffic faster now and keep fit at the same time.” He continued, “The Corona colours are pretty striking too so hopefully I should be very visible on the roads!”

(Jamaica Observer): The naturally diverse beauty of Port Antonio continues to make it an ideal location for major overseas film projects that engage the local industry and contribute in a significant way to the economy of the town and the country. The 20th Century Fox summer blockbuster Knight and Day, staring Hollywood A-list actors Tom Cruise and Cameron Diaz, is the most recent example. In early February, JAMPRO's Film Commission facilitated the shooting of a scene for the film at Frenchman's Cove in Portland, which pumped US$1.35m into the local economy and created employment for 80 Jamaicans.

(Herald): The Irish government hopes to collect up to €40m in unpaid tax after special investigations into offshore accounts. Tax officials are on the trail of 1,133 cases in the Cayman Islands, Jersey, Switzerland and Liechtenstein where trusts and offshore structures may have been used to conceal funds.A total of €20m has already been collected in voluntary disclosures and settlements from 100 cases after Ireland’s Revenue gave taxpayers who had undeclared funds an opportunity to make a voluntary disclosure by September 2009. Preliminary investigations have revealed that most offshore trusts were facilitated by third parties such as fund managers, investment advisers and tax consultants.

(CNS): The Miami based unofficial watchdog of the region’s offshore financial service centres has reported that Cayman Islands-based businessman Naul Bodden (left) has agreed to pay US$3.3 million to settle his liabilities to a fund group he controlled whose investors were defrauded out of US$19 million. In the wake of Robert Girvan’s guilty pleas to 18 counts of theft and 3 of money laundering earlier this month in connection with the group of funds, Offshore Alert is reporting in this month’s newsletter that under the terms of a settlement agreement with the Joint Official Liquidators, Bodden will pay back fees the JOL say were not properly earned. In an in depth report in the fraud and the funds' collapse, the newsletter goes behind the scenes of the complex case and raises an number of unanswered questions. 

(Irish Times): The Revenue Commissioners expect to collect up to €40 million by the end of this year from special investigations into trusts and offshore structures which have been used to evade tax. Officials are investigating at least 1,133 cases in jurisdictions such as Jersey, Switzerland, Liechtenstein and the Cayman Islands where trusts may have been used to keep funds out of the Revenue’s sight. Many of these funds were designed to create the impression that the non-resident trustees or entities are the owners of the funds, concealing the identities of the Irish beneficiaries.

(Swissinfo): Two people have been injured after corrosive liquid was sent in letters to several private bankers and their families, in Geneva police said on Wednesday. They confirmed a report of the attacks which appeared in the city’s Tribune de Genève newspaper. Geneva became a centre for private banking 200 years ago and the western Swiss city is now said to manage around ten per cent of international private savings. Police have contacted other financial institutions in the city urging them to be careful of any suspicious packages.

(CNS): The local tourism industry body says it has a number of concerns regarding the service it is receiving from the immigration department and that it could be getting a raw deal compared to other sectors when it comes to key employee. The Cayman Islands Tourism Association (CITA) has set up a meeting for its members with senior immigration staff to allow industry stakeholders to voice concerns get answers to a number of questions and try to address the numerous work-permit problems that the industry is facing.  Harry Lalli, CITA president, who will be raising a number of common concerns expressed by members and the board said: “This is a crucial opportunity for CITA members to be heard and obtain guidance and answers by the Chief Immigration Officer and her team.”

(DallasNews.com): The billionaire Wyly brothers have broken their silence about the massive securities fraud suit against them. In the six years since the SEC started investigating Sam and his brother Charles, the pair have not spoken publicly about the business enterprises including a maze of 58 trusts and shell corporations based in the Isle of Man and the Cayman Islands. The brothers were silent when a Senate subcommittee released a report accusing them of using hundreds of millions in untaxed dollars to pay for business ventures and to acquire art and jewellery, including a $622,000 ruby. But after months of failed settlement talks the Wylys have decided to make the first jab in the fight over public perception.

(CNS): American football fans who enjoy watching the NFL in their local bar on Sundays may be disappointed this season as WestStar has confirmed it will not be offering the “NFL Sunday Ticket this year for technical reasons. The local cable TV company told CNS that last year it had fewer than 100 subscribers for the special season viewing ticket after a number of bar owners and patrons had raised concerns that it could affect business. However foody fans and home decorators with the basic cable tier will get access to two new channels next month when the firm moves HGTV and the Food Netwrok to the digital classic package.