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Mauritius’ current account deficit worsens to Rs 36.2 billion in 2013

Mauritius faced a significant, 44.8% deterioration in its current account deficit last year, which hit Rs 36.2 billion in 2013 compared to Rs 25 billion in 2012. It may be noted that the current account deficit largely addresses the difference between exports and imports of goods and services, besides other sources of income such as payments made within the economy by global businesses. The Balance of Payments of Mauritius, recently

SBM net profits after tax of Rs 4.8 billion for 18 months ended 31 December 13

Mauritius’ second largest lender, the State Bank of Mauritius, has seen a towering increase of 35.1% in net profits after tax to Rs 4.8 billion for the 18 months ended 31 December 2013 at a group level, compared to Rs 3.5 billion for the 18 months ended 30 June 2012. The group’s operating income grew by Rs 2.3 billion, or 32.4%, compared to the corresponding 18 months ending June 12,

Mauritian conglomerate CIEL to raise Rs 2 billion additional capital

The board of directors of CIEL Limited informed its shareholders and the general public in a communiqué sent to the Stock Exchange of Mauritius (SEM) on March 13, 2014 that it intends to raise additional capital of up to Rs 2 billion. “The proceeds of this fund raising will be used to enable CIEL and its investee companies to pursue its growth strategy in Mauritius and in the region,” the

Mauritius receives FDI of Rs 9.5 billion in 2013

Mauritius recorded foreign direct investment (FDI) of Rs 9.5 billion for the 12 months ended 31 December 2013, according to data released by the Bank of Mauritius on March 14, 2014. It may be noted that Mauritius had attracted a towering Rs 20.4 billion worth of FDI in 2012 and cumulative FDI of Rs 88.4 billion was channeled into the island economy between 2007 and 2013. In 2013, ‘Real Estate’

Mauritius-Seychelles Business Forum & Trade Expo slated for April

The Mauritius-Seychelles Business Forum & Trade Expo will be held from 24 to 26 April 2014 in Mahe, Seychelles, on the theme ‘Creating New Dynamics for Business Facilitation’. The Board of Investment (BOI), in collaboration with Enterprise Mauritius (EM) and the Mauritius Chamber of Commerce and Industry (MCCI), will be coordinating the participation of the business and investment delegation from Mauritius, led by the Minister of Industry, Commerce and Consumer

[Financial ExpertSpeak] Roland Dubois: Youth must adapt to new modes of work

(Interview – Part II) Roland Dubois, president of the Youth Employment Program (YEP), went on to tell AfricaMoney that the current year’s target is to place another 4,000 youth under YEP. Our dynamic expert stressed that the youth must be willing to accept work in any shape or form and work hard to chart their way upwards in an organisation. While the YEP is going strong, the unemployment rate is expected to

SBM Homeloan : une offre exclusive à durée limitée

Faciliter l’acquisition, la construction ou la rénovation de son chez-soi. Tout en bénéficiant de divers avantages. C’est ce que propose la State Bank of Mauritius (SBM) à travers la nouvelle édition de son « Homeloan ». Tout en s’arrogeant la participation d’une vingtaine de partenaires « maison et déco ». Ainsi, le prêt logement, est à durée déterminée et ouvert aux clients et non-clients de la banque, de même qu’aux self-employed. Il propose, pour

Mauritius tourists to hit 1 million mark by 2018

A report recently released by international market research firm Research and Markets shows only marginal growth in domestic tourist volumes in Mauritius, which are expected to rise at a Compound Annual Growth Rate (CAGR) of 0.31% over the five-year forecast period, to reach 1 million by 2018. Titled Travel and Tourism in Mauritius to 2018, the report observes that the tourism industry has developed into a major pillar of economic

[Financial ExpertSpeak] Qualification mismatch fuels Mauritian youth unemployment

Roland Dubois, president of the Youth Employment Program, spoke to AfricaMoney on how the youth must change their mindset to counter the growing menace of unemployment. Our financial expert touched upon how qualification mismatch with industry demand and lack of employability skills were adversely impacting job prospects of young Mauritians. Can you please give your views on joblessness among the youth in Mauritius? To give a broader perspective, youth unemployment

Mauritius seeks know-how from Malaysia

Mauritius is looking to Malaysia for lessons on private-public sector collaboration through the Malaysian Industry-Government Group for High Technology (MIGHT), an independent, industry-driven non-profit organisation. Operating under the Prime Minister’s Department and working towards nurturing the growth of high technology in Malaysia, MIGHT’s members represent the industry, government and academia, said Malaysia’s International Trade and Industry Minister Datuk Seri Mustapa Mohamed. The trade minister, on his official visit to Mauritius from 11 to

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