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Cayman Islands News, Articles and InformationABN AMRO launches Japan long-short hedge fundLONDON, Aug 1 (Reuters) - ABN AMRO Asset Management said on Tuesday it had launched a hedge fund to invest in Japanese stocks, which it says aims to exploit opportunities as Japanese companies restructure.The firm, part of Dutch banking group ABN AMRO NV , has rolled out the Japanese Equity Long/Short Fund, to be managed by Jack Chang. It aims to achieve double-digit annual returns with a target volatility of 8 to 10 percent per year. "Ongoing fundamental restructuring of the Japanese economy provides ample opportunities for long-short investing," Chang said in a note. Japan's equity market grew strongly last year, stirring investor interest in the world's second-largest economy after a long period in the doldrums. The new fund will be domiciled in the Cayman Islands with shares listed in the Irish stock market.
Hurricane Ivan Skirts Grand CaymanSept 12, 04: GEORGETOWN, Cayman Islands - Hurricane Ivan skirted Grand Cayman with winds near 155 mph on Sunday, uprooting trees, bursting the banks of canals and flooding some homes on the island as it churned toward Cuba.The hurricane, which had grown to the most powerful Category 5 storm with 165 mph winds on Saturday, lost some strength as it approached the wealthy and well-built Cayman Islands, which appeared likely to escape its brunt. Little damage was reported as Ivan's shrieking winds and driving rain closed in on Grand Cayman, a popular offshore banking center and the largest of three islands that comprise the British territory of 45,000 people. But Ivan still was capable of causing tremendous damage and could strengthen. The storm has been blamed for 56 deaths across the Caribbean so far this week, including 34 in Grenada and 11 in Jamaica. Taylor nets Cayman for RepublicRepublic Bank has appointed Grant Taylor to the position of managing director of its wholly owned subsidiary in Cayman. Taylor assumed the post on secondment for a period of three years. In his new position he will be responsible for overseeing the banks operations and driving its expansion in the offshore banking arena. On his new assignment, Taylor noted that the recent acquisition of Dextra Bank & Trust in the Cayman Islands will strengthen Republics position in that island and will enable them to expand their services to the banks clientele.He stated that the bank was already working on taking TT dollar deposits for customers who wish to hold their funds offshore, with the unique advantages that such a facility offers. He said that customers would receive details on the offering in the coming weeks. Canada targets hawala and terrorists' financingCanada has intensified efforts against illicit flow of money through non-banking channels (hawala) and money laundering to curb financing of terrorists, its Finance Minister Jim Flaherty said.Canada has joined the Asia-Pacific Group on Money Laundering, a regional body with 31 members, including India, the US, Japan and Australia; this week and would host an international organization that tracks money laundering, he said on Friday. Flaherty said the Egmont Group, formed in Brussels in 1995, would be headquartered in Toronto, and five million dollars would be spent over the next five years to help it to set up a permanent office in the country's financial capital. The Group brings together more than 100 investigation units, including those from the US, Cayman Islands and Korea.
Weakley mines silver in 400m hurdlesJamaica earned three medals, one silver and two bronze on the track at the 20th Central American and Caribbean Games in Cartagena, Colombia last night. Ian Weakley earned a silver medal for the Jamaicans when he finished the 400-metres hurdles in a time of 49.74 seconds behind Panama's Bernard Kimani (49.44).Jamaica's earned a second medal in the event as Bryan Steele was third in 50.12 seconds. Melaine Walker also found her way onto the medal podium in the women's 400m hurdles event, after her slightly below par time of 55.97 seconds placed her behind athletes from the Cayman Islands and Trinidad and Tobago. At press time last night, Jamaica were also banking on the performances of Wilbert Walker and Xavier Brown to improve their medal tally. Brown had made his way into the semi-finals of the men's 200 metres event after posting a time of 21.26 to finish first in his heat.
TeleBermuda and TeleCayman to provide SAVVIS IT infrastructure ...International telecoms carriers TeleBermuda International Limited (TBI) and TeleCayman Limited (TCL) have signed a distribution deal with SAVVIS, a global provider of IT infrastructure services for business applications, giving the pair exclusive rights to offer select SAVVIS solutions in Bermuda and the Cayman Islands. Under the agreement, TBI and TCL will utilise SAVVIS' global private financial network to develop and market products and services to clients, primarily in the banking, insurance and finance sectors. As part of the deal, SAVVIS will link its private network infrastructure directly to the carriers’ network operation centres in each country. . |
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