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Inflation rises to 3.7% in January: Bank of Mauritius

The rate of inflation for the twelve-month period ended January 2014 rose to 3.7% from 3.5% for the twelve-month period ended December 2013 even as year-on-year inflation surged from 4.0 per cent in December 2013 to 5.1 per cent in January 2014. Bank of Mauritius has made public its monthly bulletin for end of January 2014, where it also indicated that Consumer Price Index (CPI) increased from 105.3 in December

Mauritius trade deficit widens 65.1% in December

Mauritius’ trade deficit rose to 65.1% year-on-year to Rs 8.48 billion ($282.20 million) in December on the back of widening imports of machinery and transport equipment, showed Statistics Mauritius data released on Friday. The difference between imports and exports of goods in December 2013 was also higher by 6.2% compared to November 2013, showing a deterioration both on a year-on-year as well as on a month-on-month basis. The value of

MTN expects 25-30% earnings rise on forex gain from Mauritius

South Africa-based telecommunications major MTN Group expects 2013 earnings per share to rise between 25 to 30% on the back of foreign exchange gain of about $99.5 million (around Rs 3 billion), largely from its Mauritius operations. This compares favourably to 2012’s foreign exchange transactions when the multinational mobile telecommunications company faced a cumulative loss of about 2.7 billion rand (around Rs 7.4 billion). Johannesburg-based MTN stated recently that its Mauritius

AfrAsia Zimbabwe on upturn with fully-subscribed shares to fund growth

AfrAsia Zimbabwe, subsidiary of Mauritius banking services major AfrAsia, seems to be on the right track to meet fund requirement for growth in 2014 as it’s USD 5 million rights issue was fully subscribed. “Shareholders of AfrAsia Zimbabwe Holdings Limited (AZHL) fully subscribed to the group’s recent US$5million rights offer as AZHL continues with its efforts to raise capital to fund growth and comply with regulatory requirements,” the group said

Mauritius sees 2013 tourism revenues fall 8.6% on EU woes

Mauritius saw an 8.6% fall in gross tourism receipts to Rs 40.55 billion in 2013 from a year ago, according to data released by officials yesterday. This was largely on the back of reduced arrivals from Europe, the main source market for tourists to the island economy, which fell 1.5 percent to 547,046 in 2013. Further, France, a mainstay of the island’s tourism sector, also showed lower footfalls for 2013

Mauritius: Tech majors Cisco and Comztek collaborate to boost delivery

Comztek in Mauritius is working closely with vendor partner Cisco to ensure that customers throughout the region can benefit from superior service and quality solutions. Comztek, a leader in the distribution network and communications technologies in Africa, opened its Mauritius office in June 2012. Comztek Mauritius, working with Cisco, is also planning an official launch event that will provide its reseller customers with a full overview of the vendor’s product

Mauritius Finance Minister and Central Bank Governor make up?

A 45 minute-meeting at the government house between Mauritius Finance Minister Xavier Duval, and Bank of Mauritius Governor, Rundheersing Bheenick, put an end to the debate concerning the conduct of the monetary policy. Duval and Bheenick have publicly disagreed in the last fortnight over whether to raise interest rates and over government borrowing and met for the first time on Tuesday since their clash became public. The economic situation and

Mauritius clothing major CIEL Textiles sees first-half profits up 28%

Mauritius-based clothing major CIEL Textiles has seen group profits rise by 28% to Rs 275.84 million for the half year ended December 31, 2013, supported by improved performance of the knitwear cluster. The supplier of knitwear to UK’s Marks & Spencer as well as Next and Spain’s Zara, CIEL Textiles also saw a slight increase of 13.6% in group revenues which stood at Rs 5.02 billion for the half year

[Financial Expert Speak] Shamima Mallam Hassam, BOI: Mauritius sees Africa as partner

AfricaMoney spoke to Shamima Mallam Hassam, Senior Director, Board of Investment (BOI), on how Mauritius can help the African continent realise its destiny. Just back from the Partnership Summit hosted by the Confederation of Indian Industry (CII), the senior director noted that Mauritius must diversify investment destinations, especially in context of the tax treaty uncertainty with India. Mauritius is poised to become the main gateway to Africa. What makes it

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