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Mauritius average annual inflation stable at 3.5% in December

Prices appear to be under control with Mauritius annual average inflation standing unchanged at 3.5 percent in December from the previous month, according to Statistics Mauritius data released on Thursday. The then prevailing inflation rate of 3.7% was used by the government as the basis for wage compensation, with wage increases announced in October 2013. On a monthly basis, December 2013 saw the Consumer Price Index (CPI) increasing by 0.3 points

Mauritius private equity firm acquires stake in Botswana’s largest retailer

Mauritius-based private equityfirm, Standard Chartered Private Equity (Mauritius) III Limited, has picked up 12.77% stake in Botswana’s largest retail group Choppies. Choppies’ CEO Ramachandran Ottapathu informed shareholders on Wednesday that Standard Chartered Private Equity (Mauritius) III Limited bought 150,000,000 ordinary shares in an off market transaction on 18 December 2013. The company turned in a good performance inthe financial year ending 30 June 2013, notching up a 19% increase in

Mauritius workers granted Rs 71-mn in legal recoveries till Oct 2013

An amount of Rs 71 million was recovered for the period January to October 2013 by the Labour and Industrial Relations Division in Mauritius in favor of employees, including migrant workers. Of this amount, Rs 19 million were granted to workers through legal actions in industrial court, Rs 46 million through the enforcement branch and Rs 5 million through the Special Migrant Unit. In 2012, this division registered 11,400 complaints

Bank of Mauritius warns public against cloned cards

Use ATMs regularly for frequent cash withdrawals? Beware! You might fall prey to a card skimming scam that is doing the rounds of Mauritius. Bank of Mauritius (BOM) has drawn the public’s attention to the circulation of skimmed/cloned cards on the island in a recent communiqué. The central bank has warned the public that fraudsters are trying to use these fake cards on ATMs to access genuine cardholders’ accounts illegally.

AfDB sanctions $1 million to Mauritius under sustainable energy fund

Mauritius-based infrastructure major Sotravic Ltd will receive $1 million funding under the Sustainable Energy Fund for Africa (SEFA), run by the African Development Bank (AfDB), for the development and installation of the Sea Water Air Conditioning (SWAC) System. The SWAC is an innovative low-carbon technology that lowers building cooling costs using cold ocean water and is in line with the Maurice Ile Durable (MID) concept promoted by the government of

Engen expands bunker supply operations in Mauritius

Engen Petroleum has expanded its bunker supply operations at Mauritius’ capital, Port Louis, the supplier has stated. Petroleum bunkering essentially refers to the process of supplying a ship with petrol fuel. With the island economy poised to become a petroleum hub, expanding bunker supply operations is critical to fuelling its growing ambitions. An Engen spokesperson revealed that the energy company has been supplying marine gas oil (MGO) for more than 20

Mauritius tops Africa in Forbes’ Best Countries for Business poll

Mauritius was ranked first among African countries in the latest Best Countries for Business poll by Forbes, reinforcing its status as the gateway to the emerging continent. With a population of around 1.3 million and a GDP size of $11 billion as of December 2013, the island economy’s scorecard showed a GDP growth of 3.3%, GDP per capita of $8,700 and trade balance of -12.5% of GDP to win top

Bluelife et Indian Ocean Real Estate Company fusionnent

Bluelife Limited (BLL) et Indian Ocean Real Estate Company ne forment plus qu’une seule compagnie. C’est, en effet, le 31 décembre que toutes les conditions ont été satisfaites, permettant ainsi ce projet. « Cette fusion vient positionner BLL comme un leader du marché immobilier, non seulement à Maurice mais également dans la région », dit Murray Adair, Chief Executive Officer de BLL. Qui rappelle que sa société possède un portefeuille de

How signing the US FATCA can help Mauritius

The island economy, recently rated “largely compliant” in an OECD review, is now gearing up to become “fully compliant”, and Foreign Account Tax Compliance Act (FATCA) can form one of the critical pillars for ensuring greater financial transparency. Clairette Ah-Hen, CEO of Mauritius’ Financial Services Commission (FSC), said, “The aim of the Act is to ensure that all financial institutions, wherever they may be based, operate under a system that allows

Mauritius eyes lower mobile call rates in 2014

In a welcome move for mobile phone users, Mauritius regulator ICTA said it was working on a project to reduce mobile call rates this year. The regulatory authority for Information and Communications Technology (ICT) wants to align call prices between on-net calls, calls to other operators or to fixed telephones. It was ICT minister Tassarajen Pillay Chedumbrum who started the initiative, calling for a market study after finding out that