New Zealand Central Bank raises benchmark interest rate to 3.5%
By Myles Udland From Business Insider The Reserve Bank of New Zealand just raised interest rates. The RBNZ raised its benchmark interest rate to 3.5% from 3.25%. Here’s the full statement from the central bank: Statement issued by Reserve Bank…
The restaurant industry still hasn’t recovered from the recession
By Hayley Peterson From Business Insider U.S. restaurant traffic has failed to recover from the slowdown of the recession. Consumers made 61 billion visits to restaurants in the year ending May 2014, which is roughly 2 billion fewer visits than…
Further erosion of foreign reserves puts Barbados dollar in danger – Moody’s
From Caribbean360 BRIDGETOWN, Barbados, July 23, 2014, CMC – With Barbados’ foreign reserves standing below the 2013 level, International credit rating agency, Moody’s has warned that strain could be put on the dollar. “Any further erosion in reserves would likely…
The Editor Speaks: The very best to all our athletes in Glasgow and winners have their problems, too.
The Cayman Islands has sent 27 athletes to Glasgow, Scotland to compete in the XX Commonwealth Games, the largest number of athletes we have ever sent. The Cayman Islands Olympic Committee must be congratulated on their hard work in preparing…
Great Wall of debt: China set to overtake US
By Ambrose Evans-Pritchard From The Canberra Times A new report from Stephen Green at Standard Chartered argues that China’s aggregate debt level has reached 251 per cent of GDP. The China-US sorpasso is looming. I do not mean the much-exaggerated…
Teenage pilot dies in plane crash during around-the-world flight attempt
By Brian Ries from Mashable Indiana teenager Haris Suleman died on Wednesday (23) when his plane crashed into the Pacific Ocean. The 17-year-old was attempting to fly around the world in 30 days and set a record as the youngest…
Arizona execution takes two hours
From BBC US death row inmate Joseph Wood has died after an execution in Arizona took nearly two hours to kill him. Wood, a double murderer, was executed by lethal injection. His lawyers filed an appeal for an emergency stay…
Moody’s downgrades Atlantic City’s credit rating to Junk
From Moneynews Atlantic City, New Jersey, the gambling hub that’s been pummeled by regional competition in the U.S. Northeast, had its credit rating cut two levels to speculative grade by Moody’s Investors Service. The reduction to Ba1 from Baa2 on…
FATCA: Cayman Islands Investment Funds
From Carey Olsen WHAT IS FATCA? FATCA or the Foreign Account Tax Compliance Act is US legislation in force from 1 July 2014, requiring financial institutions (“FIs”) globally to report on their US taxable accountholders or suffer a 30% withholding…
Posh Manhattan preschool shaken up by messy sex abuse allegations
By Adam K. Raymond From New York Mag A 22-year-old Danish teaching student arrested last month on the suspicion of sexually abusing 13 children is at the center of a ugly dispute that’s turned Midtown’s International Preschools into a battleground…
