Tag Archive: technology

New undersea fiber-optic cable project could benefit Cayman.

Currently, the Cayman Islands are connected to only two underwater fiber-optic cable systems, both around 20 years old.

Deep Blue Cable is working on an ambitious plan to lay a 7,456-mile subsea cable that will initially connect 12 markets in the Caribbean by the end of the decade.

Underwater fiber would provide more security in the case of one of the other networks experiencing a failure.

Decrease broadband prices in a region that were lagging behind most of the rest of the world.

“In the Caribbean, the cost of broadband is about $4 per megabit per month, compared with the Atlantic, which is 40 cents per Mb per month. That’s predominantly because of the lack of competition in the area,” said Deep Blue Cable CEO Stephen Scott. (more…)

Cayman Work Permits increase 9 percent in a year

The number of non-Caymanian workers has steadily increased in the past two years, according to Immigration Department records. In 2012 the number was 20,360 to 22,232 in 2014.

Foreign workers are employed on work permits, government contracts, special economic zone permits or awaiting the outcome of permanent residence applications.

These figures support the trend of Caymans strong resurgence following the countries economic decline during the worlds recession of 2008-2009, in which non-Caymanian worker numbers dropped from its high of around 26,500 to around 18,500.

Non-Caymanian workers now make up about 51 percent of the total work force. Caymanian unemployment also dropped 1.5 percent to 7.9 percent, bringing Cayman’s total unemployment rate to 4.7 percent.

The rise in the workforce corresponds to the opening of Cayman Enterprise City, a knowledge-based and technology focused Special Economic Zone. Work permits have continually increased since its creation three years ago.

Immigration records reported about 250 work permits being held by the economic zone companies, which is nearly 50 percent up from the previous year.