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Property development still main investment driver for Mauritius

Property development continued to be the main driver for Foreign Direct Investment (FDI) into the island economy last year, even as the seafood, tourism and ICT sectors tried to give the real estate sector a run for investors’ money. Latest figures from the Board of Investment (BOI), Mauritius’ premier investment promotion authority, showed that as many as 18 Real Estate Scheme (RES) projects representing a total investment value of Rs

St Regis goes wireless in its limos

All the major airlines are now offering wifi on board their planes. But some businesses are taking the “stay connected” offer even further. Local 5 star resort St Regis has thus become the first hotel to offer complimentary wifi in all its limousine cars, reports Breaking Travel News. St Regis, previously known as Le Berjaya, officially started its operations in November 2012. The 5 star resort with its 172 rooms

Mauritius fails to meet 2013 target of one million tourists

Mauritius fails to meet 2013 target of one million tourists Mauritius missed its target of one million tourist arrivals for 2013 as final figures show that the island economy could only notch up 993,106 footfalls for the whole year, on the back of weaker-than-expected growth in December tourists. Tourist arrivals last month rose a mere 1.4% from 115,465 in December 2012 to 117,086 in December 2013, compared to a 3.1%

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

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