Mauritius: Latest News
Dana Sanchez, 10:54 pm
Nigeria and Angola, the two African countries hit hardest by falling oil prices, have the highest number of hotels in the development pipeline this year. Zimbabwe-listed hospitality group African Sun laid off nearly 250 employees citing dwindling tourist numbers, lower room rates and the country’s deteriorating economic environment. About a third of the hotel deals signed between 2009 and 2013 haven’t materialized, mainly due to lack of financing. Carlson Rezidor is one that’s delivering.
Keren Mikva, 7:52 pm AFKI Original
Hungarian-American businessman George Soros has become one of the most aggressive foreign investors in African economies. While many predict a decrease in investment due to regional instabilities and lingering Ebola fears, Soros says African investment remains one of the few bright spots on the gloomy global economic horizon. As one of the richest people in the world with a track record of investment profits, Soros might just know what he’s talking about.
Dana Sanchez, 3:29 pm
As of 2016, Mauritius has the highest per capita GDP in Africa, with 5.7 percent growth predicted in 2016-2017. Its stock exchange is widely regarded as one of the best in Africa for a country of 1.2 million. There’s an entire business strategy known as “the Mauritius Route” used by investors as a conduit to connect them to Indian markets. In fact, 39.6 percent of foreign direct investment to India between 2001 and 2011 made its way via Mauritius. However, this money does not pass through Mauritius in a vacuum.
Lillian Mutiso, 5:07 am AFKI Original
Most sub-Saharan African countries have poorly detailed tax legislation and interpretation of their tax guidelines is sometimes ambiguous. But a few countries have managed to position themselves as tax havens for foreigners. Mauritius and Seychelles are among the most prominent. Foreign individuals or businesses are taxed at low rates. Some tax havens help people to legally hide money with little or no government oversight from their home countries. If there are records of transactions, these may not be available to other governments or tax agencies. Here are some other African countries that have achieved tax-haven status but are somewhat under the radar.
You won’t find an African country among the world’s top 25 performers for innovation, but several low-income African countries are outperforming their peers based on GDP, earning the designation “innovation achievers.” Co-published by Cornell University, the World Intellectual Property Organization, and A.T. Kearney, the Global Innovation Index goes beyond traditional measures of innovation such as research and development.
Lillian Mutiso, 6:13 am AFKI Original
In 2014, Africa received a total of $128 billion, which made it the second biggest destination of Foreign Direct Investment (FDI) capital globally. In 2015, the flow of FDI capital was projected to exceed US$190 billion. Investment flow into the continent has significantly grown over the last decade in tandem with the high economic growth witnessed by most countries in the region. Much of the investments have been made in the infrastructure, financial services, real estate and consumer-based sectors.
Dana Sanchez, 2:46 pm
You won’t find U.S. chicken in South African locations of the mega chicken restaurant chain Nando’s, the company said Wednesday — proof that controversy hasn’t subsided over U.S. chicken exports and the African Growth and Opportunity Act. Nando’s does most of its business outside South Africa and is the largest collector of South African contemporary art, displaying it in its restaurants. “Nando’s is proudly South African,” said CEO Geoff Whyte.
African governments have tried to limit and stop its use, but marijuana remains deeply ingrained in African traditions, economies and recreation. It is an important source of income, but is illegal everywhere in Africa. Tolerance and enforcement vary from country to country. There’s a growing belief that with the proper regulations, marijuana should be legalized for the greater good. AFKInsider compiled a list of African countries and ranked them for marijuana tolerance. We’ve also provided a list of most marijuana-friendly countries in the world as a basis for comparison.
Staff, 12:01 am
Collectors say they’re taking a closer look at contemporary African art now because the continent’s whole scene is making a seismic break with tradition. In South Africa, at least four collectors are planning or building contemporary art museums. Former Puma chairman Jochen Zeitz is converting a 1920s grain silo on Cape Town’s harbor to a nine-story museum to exhibit his vast African art collection. His Zeitz Museum of Contemporary Art opens next February.
Dana Sanchez, 6:36 pm
Banks are waking up to bitcoin and the blockchain and its ability to transform banking, an expert says. But not quickly enough. “The coding behind virtual currency bitcoin could … prove to be enormously transformational, potentially even replacing the SWIFT network for interbank payments.” African blockchain-related startups will pitch new products in sectors ranging from remittances to renewable energy at the SWIFT African Regional Conference in Mauritius on May 18.
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