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Mauritius Commercial Bank sees over 12% rise in first-half profits

Mauritius’ financial services major MCB declared group profits before tax of Rs 2.99 billion for the half year to 31st December, growing nearly 12.5% over the year-ago period. MCB, the biggest bank by market value in east Africa and the Indian Ocean region, noted in its financial statement that earnings from foreign-sourced activities and non-banking operations contributed over half of the above. Underpinned by the continued rise in the loan

Mauritius requests EU to extend sugar quota beyond 2017

The president of Mauritius, Kailash Purryag, expressed concerns regarding the impending abolishment of the sugar quota, warning that sugar production in the EU would expand significantly and prices would fall as soon as the quota was removed. “Such projections mean that only the most competitive producers will be able to survive with a price which is expected to be around €400, thus the need to consider reviewing the decision to

Mauritius’ Lux* Resorts posts four-fold rise in half-year profits

Mauritius leading hospitality major Lux* Resort Group showed a four-fold rise in post-tax profits to Rs 126.99 million for the half year ended December 31, 2013 compared to Rs 29.70 million for the year-ago period. Also, the turnover of the group for the six months ended 31st December 2013 reached Rs 2 billion, a growth of 13% on last year. The improved financial results were powered by increased tourist arrivals

It’s ‘Cheers’ for Mauritius’ Phoenix Beverages as half year profits triple

Mauritius’ Phoenix Beverages Limited (PBL) showed a whopping 193% increase in consolidated profits before tax for the six-month period ended December 2013, compared to the corresponding period a year ago. The abnormal gains for the half year ended December can be attributed to the stake sale by the leading beverages major of its entire interests in its associated companies in Madagascar. It may be noted that the board has for

[In-depth interview] Sunil Benimadhu: Slow but steady shift from traditional to frontier markets

Sunil Benimadhu, CEO, Stock Exchange of Mauritius (SEM), opened up to AfricaMoney on what makes Mauritius such a magnet for foreign investors. Our financial expert took us through the journey of the SEM last year covering topics as varied as its capital drive in 2013 and how its Sustainability Index can be expected to power Maurice Ile Durable. (Edited excerpts from the interview)  Foreign investors currently account for about 40%

Mauritius property investments pay off for South Africans

Mauritius has always been a South African favourite for realty investments and, especially for high-end buyers who spent more than 10 million rand on property purchase, the rewards in terms of capital growth have been considerable. According to Board of Investment figures, average prices in integrated resort scheme developments have witnessed an increase of 30-40% since 2005 despite the fact that most of the world’s housing markets are still recovering

Mauritius tourist arrivals up 3.7% year-on-year in January

Mauritius witnessed a rise of 3.7% year-on-year in tourist arrivals in January 2014 compared to January 2013, with 96,332 tourists visiting its shores last month. Statistics Mauritius data showed that Asia, and China in particular, appear to be powering tourism in the island nation, with the continent and the country registering a rise of 65.5% and 289.7% respectively at 13,096 and 6,706 tourist footfalls each. This is in line with

India makes efforts to revamp tax treaty with Mauritius

In what should come as welcome news for the island economy, the Government of India said on Tuesday that efforts were being made to find a mutually acceptable solution to address India’s concerns while revising the tax treaty with Mauritius. In a written reply to the Rajya Sabha, India’s Upper House of Parliament, Minister of State for Finance J. D. Seelam said that, as far back as 2006, a joint

HSBC Mauritius wins Global Investor’s Best Sub-Custodian Bank award

HSBC Mauritius has retained the title of the ‘Best Sub-Custodian Bank’ for 2013-14 in the local market, according to the latest findings released under the Global Investor/IFS survey. The strong performance of HSBC Mauritius stems both from the bank’s ability to deliver outstanding customer service, as well as in being among the pioneering banks to capitalise on the transformation of the Stock Exchange of Mauritius from a domestic focused exchange

Mauritius’ Bramer Bank in talks to merge with major African bank

Mauritian financial services major Bramer Bank is currently holding discussions with a major African bank for a possible merger. The management stated that Bramer Bank has ambitious expansion plans for Africa and such a partnership would give it a major advantage in accessing new markets on the continent which are yet underpenetrated. “The opportunity to work with a large African bank would give us direct access to a huge market

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