Suntech announces progress in Cayman Islands proceedings

Saturday, November 16, 2013

Wuxi, China –(eSolarEnergyNews)– Suntech Power, one of the world’s largest solar companies, today announced that the Grand Court of the Cayman Islands, the jurisdiction of its incorporation, has granted the Company’s application for a provisional liquidation. Restructuring professionals selected by the Company from PricewaterhouseCoopers have been appointed to work with the Company’s Board of Directors to continue progressing a restructuring of the Company. The restructuring professionals will be appointed with the consent and support of the Company and the Board of Directors with the ultimate goal of achieving the Company’s restructuring in the best interest of all stakeholders.

Cayman Islands see positive growth in Q2 2013

Sunday, November 17 2013

The Economics and Statistics Office revised its Q1 2013 GDP contraction from –0.4% to –0.6% q-o-q, and reported 1.2% q-o-q growth in Q2, which is consistent with the seasonal growth pattern. This brings the annualized y-o-y growth rate for H1 2013 to 0.9%, but the growth forecast for 2013 overall was revised down from 2% to 1.5%. Mutual find registration increased by 3.1% y-o-y in H1 2013 and stop-over arrivals grew by 6.1%. The fiscal surplus more than trebled to KYD94.8 million, which is a likely contributor to the economic contraction seen in Q1 2013. Work permit issuance grew by 2.3% in H1 2013.

SOURCE: Caribbean Economic Report, October 2013, RBC Financial (Caribbean)