News about the Cayman Islands in the Foreign Press

Friday,  February 11, 2005

Internet gambling sites and offshore banks storm ashore in Cayman 

MCLEAN, USA – According to USA Today, spreading the Internet should help open closed societies, boost education and raise standards of living. The correlation between Internet penetration and economic success is startling. In the Cayman Islands, Internet gambling sites and off-shore banks have stormed ashore and vaulted the country into the Internet big leagues. Penetration: 17%. Per capita income: $35,000.   

Bermuda seminar on lessons learnt in Cayman from Hurricane Ivan  

HAMILTON, Bermuda – The Bermuda Sun reports that KPMG and the Institute of Directors are presenting a three part series of free seminars, the second of which, “Lessons learnt in Cayman from Hurricane Ivan” will be presented on April 7th, 2005.

Cayman-based company’s earnings fall

NEW YORK, USA – According to the Miami Herald, Garmin Ltd., the maker of GPS devices, said profit in the latest quarter fell 13 percent from the previous year due to the U.S. dollar’s weakness against the Taiwan dollar. The Cayman Islands-based company said it earned $47.6 million, or 44 cents a share, on revenue of $220.9 million in the fiscal fourth quarter ended December 25.

Fortis earnings light up despite hurricane damage in Cayman

ST. JOHN’S, Canada – The Toronto Star reports that Fortis Inc.’s fourth-quarter earnings jumped to $21.2 million from $14.7 million a year earlier, capping a record 12-month performance. For the full year, earnings rose to $90.9 million from $73.6 million, the St. John’s-based company reported. Annual revenue climbed to $1.15 billion from $843.1 million, despite an $8.2 million charge for hurricane damage in Grand Cayman.

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