Author: praveshramsamooj@gmail.com

The 17th edition of the United States-Africa Summit, organized by the Corporate Council on Africa, took place in Dallas, Texas, USA. This summit resulted in investment agreements exceeding $1.3 billion, a record-breaking amount that brings significant opportunities for African countries, including Mauritius. The event was sponsored by the Jean Boulle Group, founded by Mauritian businessman Jean Raymond Boulle and based in Luxembourg, one of the two “Diamond Sponsors” of the event. This 17th edition was extensively covered by local, national, and international media, including CNBC, Voice of America, and the Washington Times. The summit welcomed eight heads of state and…

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Ascencia’s shopping centers recorded a 9% growth in net operational revenue over the past nine months. This increase was driven by strong performance from the stores and a 4.4% rise in foot traffic, according to Ascencia’s unaudited results up to March 31, 2024. Simultaneously, Bagatelle Mall was ranked first among shopping centers in a recent study. Ascencia’s shopping centers remain highly popular among Mauritians. An independent study reveals that 59% of the population prefers Bagatelle Mall. This ranking aligns with the performance indicators of Bagatelle Mall as well as the rest of the portfolio.  The Bagatelle Mall welcomed 15 new…

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MCB Group reported a strong performance for the nine months ending March 31, 2024, recording net profits of Rs 12.4 billion, a 14.6% increase from the corresponding period last year. This performance can be attributed to the resilience of local operations and an increased contribution from the banking sector’s international operations. The Group’s net banking income rose by 20.8% to Rs 27.8 billion. Net interest income grew by 24.9%, supported by improved margins on foreign currency assets and rupee investment securities, as well as growth in the loan portfolio. Non-interest income also saw a 14.0% increase following enhancements in revenues…

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Stewards Investment Capital, a Mauritius’ boutique investment management and advisory firm, has been honored with the Best Fixed Income Investment Innovation award by Global Finance. This recognition is part of Global Finance’s annual Top Innovation in Finance Awards for 2024, acknowledging the firm’s pioneering APEX Structured Liquidity Solution. This innovative investment solution, linked to the rapidly growing private credit market, has achieved significant success since its inception. Global Finance’s eleventh annual Innovators Awards program celebrates trailblazers in various categories, including banks, companies, and fintechs, that consistently introduce groundbreaking financial tools. Stewards Investment Capital’s APEX Structured Liquidity Solution was recognized for…

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The African Reinsurance Corporation (Africa Re), a key player in the reinsurance sector, recently held its 171st Board Meeting in Mauritius. During the celebratory cocktail reception, Soomilduth Bholah, minister of Financial Services and Good Governance, announced a new reinsurance framework aimed at enhancing Mauritius’ potential on the international stage. The selection of Mauritius as the location for the meeting on May 6th, 2024, emphasizes Africa Re’s commitment to its longstanding relationship with Mauritius, a founding member state. The Mauritius Regional Office, established in 1996, has become vital to Africa Re’s operations, enhancing the region’s economic framework. The Board Meeting was…

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Bamyris Motors aims to redefine luxury automotive standards in Mauritius by introducing the Genesis brand during an exclusive event at Domaine de Labourdonnais. Mauritius becomes the first African country to welcome this premium South Korean brand. The launch event showcased two all-electric SUV models, the GV60 and GV70, marking their debut on the Mauritian market. Additionally, two more models, the GV80 and the GV80 Coupe, equipped with a 3.5L V6 engine, are scheduled to be introduced by the end of June 2024. With this move, Mauritius has become the first African country to host the South Korean luxury automotive brand.…

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Absa Group Limited (AGL) unveiled significant changes to its Executive Committee, aligning with a strategic initiative to spur growth and strengthen its market presence. The restructuring aims to hasten the implementation of Absa’s strategy to boost commercial performance and competitive edge. It also reflects the company’s commitment to transformation, diversity, and inclusion. Deon Raju, who has been serving as the Group Chief Risk Officer and was the former Group Treasurer, will take over as the new Group Financial Director effective immediately. Raju will also join both the Absa Group Limited and Absa Bank Limited Boards as an executive director. A…

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The African Reinsurance Corporation (Africa Re), a foremost leader in the reinsurance sector, is organising the 171st Board Meeting in Mauritius on Monday, 6th of May 2024. This significant event underscores Africa Re’s dedication to the advancement of the insurance and reinsurance industry across the African continent. Mauritius, a founding member state of Africa Re since 1976, has been chosen to host this pivotal session of Group Board of Directors, reaffirming its integral role within the corporation. With the establishment of the Mauritius Regional Office in 1996, the island has become a cornerstone of Africa Re’s operations, contributing significantly to…

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Gamma Materials Ltd recently showcased its innovative Gamma R line, a series of construction materials made from recycled construction and demolition waste, at the Gamma R Summit held at the Caudan Arts Center in Port-Louis. A sustainable innovation has been launched in the construction market. Gamma Materials Ltd (GML) hosted the Gamma R Summit on Wednesday, April 24, 2024, at the Caudan Arts Center in Port-Louis. The event was an opportunity for the company to unveil Gamma R, a line of materials made from recycled construction and demolition waste. The launch was attended by Kavydass Ramano, Minister of Environment, Solid…

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The South Africa Chamber of Commerce in Mauritius (SACC) convened a thought-provoking breakfast meeting on Thursday, 18 April 2024, at Le Suffren Hotel and Marina, centered around the theme “Navigating Climate Risks and Opportunities: What It Means for Businesses.” The event featured a keynote address by. Vimal Thakoor, Resident Advisor at the International Monetary Fund (IMF) specializing in Macroeconomics and Climate. Thakoor delivered an insightful keynote, stating, “As businesses navigate the increasingly complex landscape of climate risks and opportunities, it is imperative to adopt proactive strategies that not only mitigate environmental challenges but also drive sustainable growth and resilience.” Commenting…

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