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AfricaMoney | September 22, 2017

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Banking/Finance

Technology ExpertSpeak: Financial software helps companies to comply with international standards

May 28, 2015 | Ross Hampton and Theuns Holtshousen, Managing director and Business leader of CaseWare Africa respectively, spoke to AfricaMoney on financial software which helps companies comply with international financial standards and place the company in a better position to attract investors. (Image: ...
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Mauritius’ net foreign assets at Rs 137.3 bn for week ended 15 May15

May 27, 2015 | Estimated net foreign assets in Mauritius for the week ended 15 May 2015 stood at Rs 137.3 billion, as per the central bank’s weekly survey, and concerning the monetary base of Rs 74.2 billion, it comprised Rs 27.2 billion for currency in circulation, Rs 46.5 billion for liabilities to oth...
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Africa to grow by 4.5% in 2015 despite Ebola and weak oil prices

May 26, 2015 | The OECD-led report forecasts a robust growth rate of 4.5% for Africa, which is in line with the International Monetary Fund's projections of 4.5% in 2015, but slightly more optimistic than the World Bank's forecast of 4.0%.(Image:ventureburn.com) Africa will grow by 4.5% in 2015...
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Stock Exchange of Mauritius sees indices dip as banking stocks disappoint

May 25, 2015 | The Stock Exchange of Mauritius ended last weekin negative territory as dominant market players, financial service majors MCBG and SBMH, reported a decline of 0.9% and 1.0% each to take the Semdex and SEM-10 down to 1974.90 points and 375.79 points respectively. (Image: stockmarkettraining.i...
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Mauritius govt overturns dismissal of 704 employees of BAI group

May 22, 2015 | In a press conference held today, 22 May 2015, in the presence of the Minister of Finance and Economic Development, Vishnu Lutchmeenaraidoo and ​the Ministry of Labour, Industrial Relations and Employment, the government overturned the special administrator's decision to dismiss 704 emp...
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Bank of Mauritius conducts operations to absorb excess liquidity from banking system

May 22, 2015 | The central bank of Mauritius is undertaking monetary policy operations for the absorption of excess liquidity from the banking system through foreign exchange interventions and issue of notes with the aim of   capturing Rs 20 billion of liquidity by December 2015. As from 18 ...
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Sale of BAI subsidiaries Courts & Iframac & Apollo Bramwell to be finalised by June-end

May 21, 2015 | The Mauritian financial sector is still labouring under uncertainty pertaining to the financial scandal in excess of Rs 25 billion involving insurance major BAI and related subsidiaries, of which, the sale of three key entities <...
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Accounting ExpertSpeak: Women well poised to take on the accounting world

May 21, 2015 | Anthony Harbinson, President of the Association of Chartered Certified Accountants (ACCA), spoke to AfricaMoney on the key role that accountants plays in a country, which goes far beyond ensuring that the numbers are right. Rather, accountants are a key part of the foundation on which econom...
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Bank of Mauritius bulletin bullish on US & Eurozone; SME report sees MCB & SBM lead

May 21, 2015 | Bank of Mauritius released its monthly bulletin for April where its comments for the international front indicated that the US economy grew by 0.2% in the first quarter of 2015 on an annualised basis, while economic data releases in the Euro zone were quite positive for the same month. (Image: kari...
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Bank of Mauritius survey shows net foreign assets at Rs 136 bn for week ending May 8

May 20, 2015 | Estimated net foreign assets for the week ended 8 May 2015 stood at Rs 135.97 billion in Mauritius, said the central bank’s weekly survey, and concerning the monetary base of Rs 76.5 billion, it comprised Rs 28.2 billion for currency in circulation, Rs 48.2 billion for liabilities to oth...
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Rising Africa: 3rd ACOA event encourages collaboration to improve quality of life in Africa

May 18, 2015 | Mauritius had the honour of hosting the 3rd Africa Congress of Accountants (ACOA), a platform for finance professionals to share accounting and auditing best practices and innovations to increase accounting credibility in Africa, together with gro...
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Risks for Africa on the downside as world economy in recovery mode: ICAEW report

May 18, 2015 | Diversification is key to protect African economies, thus diversifying their sources of growth is the way forward, together with relying less on export of raw materials as a source of revenue.(Image: Company) Leading accounting and finance profession association, the Institute of...
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Mauritian bourse moves up on positive earnings results & good banking performance

May 18, 2015 | Stock Exchange of Mauritius (SEM) recovered on positive earnings of major listed entities, including banking major MCB, which increased the confidence level of investors leading to higher activity on the bourse, with both the Semdex and the SEM-10 posting 1.3% and 1.2% incre...
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MCB’s 9 month profits at Rs 4.3 bn; promises great full year result ahead

May 15, 2015 | MCB Group Ltd posted profits of Rs 4.3 billion for its first nine months ending March 2015, driven by foreign sources and non-banking activities which accounted for slightly above 50% of group profits. (Image: Company)  Banking major MCB Group Ltd posted encoura...
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African Banker nominates AfrAsia for ‘innovation in banking in Africa’ award

May 15, 2015 | Its continual commitment towards offering a unique service to customers is one of the elements that made way for Mauritian financial services major AfrAsia Bank to be nominated in the 9th edition of the African Banker Awards under the prestigious ‘innovation in banking in Africa’ categor...
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Net foreign assets up 20% to Rs 137.6 bn in April: Bank of Mauritius

May 15, 2015 | Mauritius' monetary base rose mainly on the back of an increase of Rs 9.4 billion for 'Liabilities to Other Depository Corporations' on a yearly basis, followed by an increase in 'Liabilities to other sectors' by Rs 199.8 million and higher currency in circulation by Rs 1.5 billion. (Image: ...
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Cim posts encouraging results at Rs 330.4 mn profits for half year 2015

May 14, 2015 | Despite challenging economic conditions, Mauritian financial services major Cim posted profits of Rs 300.4 million together with a 14.7% growth in revenue to Rs 2.02 billion for the half year 2015, with the USD appreciation proving favourable for Cim's global business cluster. (Image: Compan...
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SBM sees profits after tax in first quarter dip 3.9%

May 13, 2015 | SBM Holdings Ltd reported lower profits for the quarter ended March 2015 and currently, the bank aims to diversify its revenue stream by expanding beyond Mauritian borders in Eastern African regions, coupled with the modernisation of its business-aligned technology transformation initiatives...
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BOM to survey consolidated foreign assets & liabilities data for Mauritian firms

May 12, 2015 | The Bank of Mauritius requires all enterprises with assets or liabilities outside Mauritius to statistically determine the scale and nature of private capital flows between the island and the rest of the world, with a view to establish a reporting system for cross-border transactions and  ...
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CimpleLife: Mauritius’ CIM gets unique online platform going to ease employees’ routine

May 8, 2015 | Mauritian financial services major Cim Group’s internal online platform‘CimpleLife’   —which is aimed at easing its employees daily routine —has seen 60% of its staff register for its services over the past two months, as it truly improves their quality of life, be it at a professional, ...
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Mauritius: Construction sector continues to capture largest pie of credit granted by banks

May 5, 2015 | As a prudent measure to reduce the sectoral concentration of credit risk in the economy, the Bank of Mauritius had introduced limits on the commercial, residential and land parceling segments of the ‘construction’ sector, as well as the ‘tourism’ and ‘personal’ sectors,starting J...
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Mauritius’ FSC suspends Belvedere Management licence upon non compliance

May 4, 2015 | The Financial Services Commission (FSC) of Mauritius has suspended the management license of Belvedere Management Ltd upon noncompliance and this suspension follows action taken by the Financial Services Commission in Guernsey against funds managed by Lancelot Management.(Image: Moneyhub.co)...
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Banking stocks lift Mauritian bourse up after extended downturn following Ponzi scheme

May 4, 2015 | The Mauritian bourse ended in positive territory last week following an upturn in the performance of banking majors, with SBMH inching up by 6.8% upon a boost in investor confidence levels; however, there is still a lot of trepidation in the financial sector in the wake of the Ponzi scheme i...
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Net foreign assets at Rs 139.5 bn for week ended 17 April 2015: Bank of Mauritius survey

April 29, 2015 | Estimated net foreign assets for the week ended 17 April 2015 stood at Rs 139.5 billion, noted the Bank of Mauritius weekly survey and concerning the monetary base, it comprised Rs 27.7 billion for currency in circulation, Rs 47.5 billion for liabilities to other depository corporations whi...
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Secure international trade transactions and avoid hidden cost traps: MCB

April 29, 2015 | MCB hosted an event on international trade, where it was noted that the latter is gaining a lot of attention in today’s connected world, making securing your transactions increasingly important - moreover arbitration and mediation can be the most appropriate way to resolve issues in a quic...
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Stock Exchange of Mauritius sees indices dip as banking stocks disappoint

April 27, 2015 |  The Stock Exchange of Mauritius continues its decline upon low confidence among investors in the financial services sector, given the recent Ponzi scheme in excess of Rs 25 billion, and compounded last week by misleading information pertaining to an allege...
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Economic ExpertSpeak: Companies must enhance performance to compete in global village

April 23, 2015 | Ricky Robinson, the Chief Executive Officer (CEO) of LRMG Performance Agency, spoke to AfricaMoney on the importance of companies operating across economic sectors being able to sustain performance in a world which is now a global village with intense competition, where cost effective and ef...
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Mauritius: Economist Intelligence Unit projects 3.7% growth rate in 2015

April 22, 2015 | The EIU has projected a higher growth rate of 3.7% for Mauritius in 2015, provided the European economic recovery rate of 1.3% is sustained, while a lower growth rate will adversely influence the growth rate of the island economy as well. (Image:Composite) The Economist Intellige...
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Africa Finance&Investment Forum 2015 to mull access to finance&entrepreneurship

April 22, 2015 | The Africa Finance & Investment Forum (AFIF) 2015 forum will take place in Cape Town, South Africa over 24 and 26 November, with talks this year expected to centre on the emerging continent's access to finance, and entrepreneurship.(Image:youtube.com) AFIF  is an annual busi...
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Bank of Mauritius weekly survey shows net foreign assets of Rs 138 bn on April 10 2015.

April 22, 2015 | Estimated net foreign assets for the week ended 10 April 2015 stood at Rs 138 billion, said the Bank of Mauritius weekly survey and concerning the monetary base, it comprised Rs 28.2 billion for currency in circulation, Rs 46.6 billion for liabilities to other depository cor...
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