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MCB Capital Markets launches Africa Bond Fund to diversify portfolio

MCB Capital Markets launched on Monday the MCB Africa Bond Fund, which is the first investment fund to focus solely on African debt securities in local currency. MCB Capital Markets expects to raise USD10 million through the MCB Africa Bond Fund (approximately Rs 331 million) in the coming weeks, and expects to double that amount in the coming months. The objective of this fund is to generate positive returns by

Uncertainties over tax treaty with India impacting negatively on business

Investors are adopting a “wait and watch approach” in routing their money through Mauritius into India amid bilateral tax treaty uncertainties, which is also impacting the island nation’s financial services sector. According to a leading industry body ‒ Global Finance Mauritius (GFM) ‒, continuing uncertainties over the tax treaty with India are having a negative impact on employment opportunities as well as existing jobs in the island nation’s financial services industry. “The uncertainty (over

Bank of Mauritius holds repo rate steady; says economy strong

The central bank of Mauritius decided to hold its repo rate steady at 4.65 percent at a Monetary Policy Committee meeting yesterday. A Reuters poll had forecast it would leave rates unchanged. The Bank of Mauritius has maintained the repo rate since June 2013, when the rate was cut by 25 basis points to stimulate growth. However, the Bank of Mauritius noted that members of its monetary policy committee were

National debt rises Rs 20 billion even as economy slows

Even as the Mauritian economy posted a lower GDP growth of 3.2% in 2013 compared to 3.4% achieved in 2012, the level of national debt has shown a worrying trend, growing by Rs 20 billion in 2013. Poised on the eve of the next Monetary Policy Committee meeting of the Bank of Mauritius and following on the heels of the economic review by the International Monetary Fund (IMF), the latest

Bitter taste? MSPA and sugar unions fail to reach agreement

Negotiations between the Mauritius Sugar Producers Association (MSPA) and labor unions appear to have broken down, with an appeal to the law through arbitration being the only alternative now facing the sugar trade. Rather than refine the list of requests and move forward, certain obstacles arose because of additional demands by the labor unions, claimed the MSPA. The MSPA had already accepted certain requests of the labor unions, such as

MTPA questions regional cooperation; rattles Mauritius tourism sector

In a surprising turn of events, Mauritius Tourism Promotion Authority (MTPA) has taken up a position which contradicts the stance of the Foreign Affairs Ministry on regional integration and cooperation. Statements by Karl Mootoosamy, Director, MTPA, on creating a separate identity for Mauritius go against what Anil Gayan, former Foreign Affairs Minister of Mauritius, had striven for in terms of showcasing the Vanilla Islands as a whole. In response to

Outrigger Mauritius Resort and Spa now open

Outrigger Mauritius Resort and Spa opened its doors to welcome its first guests yesterday, following an extensive renovation program which started May 2013. The 45th property of the Outrigger Enterprises Group, the resort in Mauritius marks the first time that the company has expanded its brand in the Indian Ocean. Surrounded on the landward side by expansive sugar cane plantations, the property at Bel-Ombre was purchased by the Outrigger Enterprises

Emirates and MTPA set to boost Mauritius tourism in Middle-East

Emirates airlines and the Mauritius Tourism Promotion Authority (MTPA) will engage in an intensive marketing campaign next week to promote Mauritius tourism in the Middle East. The Mauritian delegation, led by Tourism Minister Michael Sik Yuen, and MTPA Director Karl Mootoosamy, will visit the key markets of Riyadh, Jeddah, Doha, Kuwait, Abu Dhabi and Dubai from February 2 to 10, 2014. “Mauritius, a dream destination for travellers, is without any

Commerce Minister: Mauritius a “white jurisdiction” with clean financial system

Defending the economy against allegations of tax evasion, Cader Sayed-Hossen, Mauritius Minister of Commerce and Consumer Protection, said that the island nation does not encourage round tripping. Speaking to the local press on Tuesday on the side-lines of the partnership summit held in Bangalore, India, the minister said that Mauritius, which is the single biggest source of foreign direct investment into India, is extremely well regulated, and considered a “white

Africa Brand Summit in March to brainstorm sustainable development branding

Africa Brand Summit (ABS) will hold a two-day meeting starting March 13 in Nairobi, Kenya, on the theme of strategic branding for sustainable development. An estimated 150-200 delegates drawn from Kenya, Uganda, Tanzania, Ethiopia and Southern Sudan are expected. The purpose of the summit, hosted by the Sullivan Marketing Limited, is to offer a platform for intellectual inquiry and innovative sharing to thought leaders from public and private sectors on

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