(CNS Business): With the introduction of major code changes that will impact Cayman’s construction industry next year as the country moves from the 1999 Standard Building Code to the 2009 International Code Council (ICC) family of codes government officials are offering training to various private sector stakeholders.   The Department of Planning is training its own staff in advance of the transition but is inviting interested Code Officials, Architects, Engineers and Contractors to attend the introductory sessions free of charge. The training begins this week and will be facilitated by England Training Division a US based, ICC certified training consultancy.

(CNS): The Bermudian government appears more reluctant than Cayman’s leaders to commit to the latest international OECD tax initiative ahead of the G8 summit, as Prime Minister David Cameron had hoped. The territory's premier has said he is willing to commit to more transparency but is not ready to sign the Convention on Mutual Administrative Assistance in Tax Matters. The PM has invited the leaders of Britain's territories and crown dependencies to London in advance of the annual gathering of the G8 group, which will be hosted next week by the UK in Northern Ireland. While all three crown dependencies and the Cayman Islands have already given their commitment to the latest convention, if Bermuda and other territories refuse to sign, the UK government’s goal to get what it has described as its "own house in order" before the summit will be missed.

(CNS Business): Although Butterfield bank’s rating with Fitch was confirmed and marginally raised on Tuesday, the rating agency pointed out that while its residential loan portfolio losses “remain manageable” it continues to face pressures. Stating that it considers support from the Bermuda Government for Butterfield to be “extremely high”, Fitch upgraded the bank’s stand-alone viability rating to bbb- from bb+ and affirmed it long-term issuer default rating at A- and retained its stable outlook.

(CNS Business): A group of public prosecutors and corruption hunters have written to G8 leaders this week calling on them to tackle shell companies and money laundering. The group claims that money launderers, corrupt politicians, terrorists, arms traffickers, drug smugglers, and tax evaders all rely on two things to move their dirty money: company structures that allow them to hide their identity, and banks and other professionals willing to do business with them. In the letter to the G8 governments the group says they have “witnessed first-hand the detrimental effects of state looting by unscrupulous politicians and officials”, which hinders development in by depriving governments of the revenue needed to combat poverty.

(CNS Business): The Cayman Islands government will be seeking to ensure that the latest OECD initiative surrounding the exchange of financial information is fair and equitable among all countries, onshore or offshore, when they attend the pre-G8 meeting this weekend. Wayne Panton, the new financial services minister, said Cayman’s commitment to the Convention on Mutual Administrative Assistance in Tax Matters was another step in its long history of compliance with international standards and it will not have any adverse impacts on the local financial services sector provided there is a level playing field around the world for information exchange to maintain the jurisdiction’s competitive edge.

(CNS Business): Although government’s deal with the islands’ largest investor may have hit some serious stumbling blocks along the West Bay Road, Dart Realty (Cayman) Ltd is continuing on with its commercial development at Camana Bay. According to a news release, the firm is beginning work on an office and retail building, covering some 85,000 square feet, at 18 Forum Lane. Joining 94 Solaris Avenue, 69 Forum Lane and 89 Nexus Way, the new building will be the fourth commercial block in addition to the office space in the town centre, diverting more and more of Grand Cayman’s commerce away from George Town. While many welcome the continued growth of the planned mixed-use town, others have concerns that the development is undermining the importance of the islands' capital.

(CNS Business): From rum to pepper jelly, sea salt to cigars, stuff that is actually produced in the Cayman Islands is about to become part of a new television documentary. The six-part series is the flagship programme of a new Cayman-based film production company, scheduled to air on Cayman27 later this year, in which local filmmakers have turned their cameras on local artisans. Although Cayman is often thought to have no manufacturing at all, 'Made in Cayman' tells a different story. Soap, beer and chocolate are just some of the products featuring in the programmes, which looks at cottage industries and local artisans that have come to mean big business for the producers and the islands.

(CNS Business): Allegations in the international media regarding Michael Froman’s investments in the Cayman Islands, are both misguided and a mischaracterization of the local hedge fund industry, Cayman Finance said Monday. The industry body added that it could not discuss the affairs of any individual client but the investments of Froman, President Barack Obama's pick for US trade representative, were perfectly legitimate. “The notion perpetuated that somehow funds in the Cayman Islands are not effectively regulated or that our legal framework encourages any form of tax evasion is at best outdated and at worse an intentional mischaracterisation purely for entertainment or political purposes, which seems to be the case in the recent media reports,” the organisation stated.

(CNS Business): Passengers arriving in the Cayman Islands on cruise ships fell to another worrying low in April, one not seen since 2001. Only 123,422 people came to Grand Cayman on board a cruise ship during the month, despite the Easter Break. April saw a more than 15% decline on 2012, which was already down slightly on 2011, which in turn had seen a dramatic fall from the 2010 figure. The last time Cayman saw fewer arrivals at George Town Harbour was back in 2001, when only 106,152 passengers arrived here. In addition, April was the third month in a row to see a decline in cruise numbers.

(Palm Beach Post): For more than a year, BBX Capital Asset Management scoured nooks and crannies looking for Dan Catalfumo’s money. It found millions in the Cayman Islands. The once high-flying developer has settled a bruiser of a battle with lender BBX, leaving him, relatives and companies on the hook for $44 million. BBX declined comment on its agreement with Catalfumo, announced Monday. But in court documents, BBX, formerly BankAtlantic Bancorp, outlined a tangled series of Cayman Island trusts and cash transfers allegedly intended to shield Catalfumo from paying a 2-year-old $40.9 million judgment the lender had won.

(CNS Business): Local legal firm Mourant Ozannes was voted Best Offshore Law Firm at the Hedgeweek USA Awards 2013 in New York on Thursday. Now in their third year, the awards recognise excellence among hedge fund managers and service providers throughout North America. Winners are decided by the readers of Hedgeweek, an online publication with a global readership of over 39,000. Subscribers include asset managers and other institutional investors. The award was collected by partner Julian Fletcher, who said that as the award was voted for by the readers of Hedgeweek, the recognition for Mourant came from within the industry. “It is testament to the hard work and expertise of our experienced team," he added.

(CNS Business): The Southern Cross Club in Little Cayman and Cayman Safari Adventures on Grand Cayman both recently earned TripAdvisor Certificates of Excellence as a result of positive feedback from users on the world’s largest travel site. To qualify for the certificate businesses must maintain an overall rating of four or higher out of a possible five, as reviewed by travellers, and only about 10 percent of the resorts, restaurants, watersports operators, service providers and other tourism-related businesses around the world that are reviewed receive the award.