Mauritius: Latest News
Dana Sanchez, 2:22 pm
Liberia does not conform to the definition of a tax haven and is not considered one by France and the U.S., the Liberian government said in response to a report last week that the West African country is about to be blacklisted on an E.U. tax haven blacklist. While the E.U. collects information on how its member states view other jurisdictions, it has not engaged in any action against tax havens. In response to the Panama Papers data leak, that may change. Three out of four companies doing business with World Bank funds in sub-Sahara used tax havens, according to anti-poverty group Oxfam.
Dana Sanchez, 3:19 pm
At least seven investors said they’re interested in buying part of Barclays’ stake in Africa. The bank said it expects to maintain single-digit loan growth this year with the rest of its African operations expanding faster than South Africa. Revenue continued to improve and growth in the rest of Africa is well above that of South Africa. What happens to Barclays in the future could depend a lot on what the South African Reserve Bank wants, one investment manager said.
Kurt Davis Jr., 8:45 am AFKI Original
South African commodities will likely feel more pain in the second half of 2016. Some argue that a potential sale of Barclays Africa is influenced by the significant drop in its value relative to the rand and the subsequent effect on the JSE. Customers in Africa, at the end of the day, all want better access to financial services. Banks must be efficient, competitive and reduce cost to retail customers in mature and immature markets. That would benefit the entire continent, not simply Southern Africa.
Dana Sanchez, 9:10 pm
Several cities in Africa rank among the world’s most expensive, reflecting high living costs and high prices of goods for expats. Luanda (No. 1) remains the most costly city in Africa and the world, followed by N’Djamena (No. 10), Victoria (No. 17), and Libreville (No. 30). Below we’ve ranked 13 cities in Africa with the lowest cost of living. South Africa made it onto this list twice. No. 1 on this list — the city in Africa with the lowest cost of living — ranked No. 206 out of 207 countries, only slightly more expensive than Bishkek, Kyrgyzstan.
Dana Sanchez, 1:34 pm
Marriott International, already the largest hotel chain in Africa, is continuing to expand on the continent and plans to build its first hotels in seven African countries between now and 2025. In 2014, Marriott acquired South Africa’s Protea hotels. In January, it said it would merge with competitor Starwood in a $12.2 billion deal that will make the U.S.-based corporation the largest hotel chain in the world. The buyout is expected to be complete in mid-2016.
Dana Sanchez, 10:54 am
Investment in HIV/AIDS treatment is paying off. From 2000 to 2015, all sub-Saharan African countries saw life expectancy rise. Seven African countries are notable for their health care systems. This provides an upbeat alternative to the gloom of the Africa falling narrative that questions the growth of Africa’s much-hyped rising middle class and charges African leaders with poor governance.
Peter Pedroncelli, 5:52 am
New FIFA president Gianni Infantino has suggested that Africa should receive two more World Cup qualification spots if his plan to expand the flagship competition from 32 to 40 teams is successful. Swiss UEFA Secretary General Gianni Infantino was elected as the new FIFA president at the end of February, and began working for world football’s governing body with immediate effect.
Staff, 12:02 am
Shell companies have no active business and usually exist as vehicles for another company’s business operations. They employ no one and produce nothing. They’re often used to shield the identities of their owners and to hide money. Owners create shell companies to hide assets such as private jets so they don’t have to pay taxes, to raise funds, or as a front for an illegal business. It’s not clear why Dangote and his allies set up secret companies. Shell companies are not illegal. Not all owners use them to dodge taxes or hide assets.
Anthony Ham, 6:00 pm
AFKTravel recently launched a series called #InLoveWithAfrica, which comprises a series of “love letters” to various African destinations, written by travel writers who are passionate about the continent. In this installment, Anthony Ham describes how he came to love Mauritius over time. “Mauritius is almost too perfect – the colour of its sea, the deep primary colours of this tropical paradise. This is an island of stories, a place where first impressions can mislead. And it was then that I fell in love.”
Opinion: World Bank Should Stop Lending Money To Companies That Use Tax Havens, Do Business In Sub-SaharaBy Dana Sanchez, 3:14 pm
The world’s largest global development institution, IFC arguably leads the private sector for disclosure, environmental and social standards. But the public still has no access to information about where over half the IFC’s financing ends up, says Oxfam. It makes no sense for World Bank to spend money encouraging companies to invest in development while turning a blind eye to the fact that these companies could be cheating poor countries out of tax revenues.
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