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20 Jan 2010

Hedge Fund Center Hit By 5.8 Quake

HedgeCo News - The Cayman Islands were hit by a 5.8 magnitude earthquake Tuesday at 9:23 am ET, the earthquake took place 30 miles southeast of Grand Cayman Island.

The major offshore hedge fund center in the Caribbean maintains 12 bilateral tax information arrangements with Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Sweden, United Kingdom and the United States.

"No injuries have been reported and there have been no reports of damage to buildings. Business and schools have remained open and residents have resumed their normal daily routines," the department of tourism said in a statement.

The 6.2-mile deep quake shook the are with force, but there were no immediate reports of damage or casualties.

Grand Cayman lies just north of a very active fault line called the Oriente Fracture Zone, which roughly follows the northern edge of the Cayman Trough, the deepest part of the Caribbean Sea.

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