Airports Council International announces 2015 Airport Service Quality Award winners

Airports Council International (ACI) today announced the winners of the 2015 Airport Service Quality (ASQ) Awards. The world’s premier passenger service benchmarking programme for airports, ASQ delivered over 550,000 in-depth passenger surveys at over 300 airports across more than 80 countries worldwide last year. The 2015 results represent the world’s best in class airports where improving the customer experience is concerned—appraised by passengers while they are traveling and the experience is fresh in their minds. 

Given the growth of the ASQ programme, the 2015 results have been expanded to include a new category (Best Airport by Size and Region) and more robust winners’ lists (several airports have tied in their respective categories). ASQ has statistically validated the winners to ensure accuracy; as such, a tie indicates that no statistical difference has been found between the scores of two or more airports. Furthermore, the Best Airport by Size and Region category is only applicable to size categories that contain a minimum five qualifying airports. New Top Airports by Region lists are also now available on the ASQ website. These enhancements effectively highlight the high proportion of worldwide airports—both large and small, from developing and developed countries—that are focusing on customer service as a means of fostering traveler loyalty in an increasingly competitive environment.

“Airports’ increasing concentration on ensuring a stellar passenger experience is part of a larger trend,” noted Angela Gittens, Director General, ACI World. “Airports have evolved into complex, customer-focused businesses in their own right that in many cases are in competition with each other for passenger traffic. From duty free and restaurants to ambience, cleanliness, courtesy of staff, amenities, efficiency and more, air travelers are expecting big things from the airports through which they travel. More than anything, ASQ is a way for participants to measure the extent to which they deliver on these expectations.”

The world’s top airports for passenger service in 2015, as chosen by the world’s travelers, are:

Best Airport by Region (over 2 million passengers per year)

Africa 

First place: Mauritius

Second place (tie): Cape Town; Durban

Third place: Johannesburg

Asia-Pacific 

First place (tie): Seoul Incheon; Singapore

Second place (tie): Beijing; Mumbai; New Delhi; Sanya Phoenix; Shanghai Pudong

Third place (tie): Guangzhou Baiyun; Taiwan Taoyuan; Tianjin Binhai

Europe 

First place (tie): Moscow Sheremetyevo; Pulkovo; Sochi

Second place (tie): Dublin; Malta; Prague; Zurich

Third place (tie): Copenhagen; Keflavik; London Heathrow; Porto; Vienna

Middle East 

First place: Amman

Second place (tie): Abu Dhabi; Doha

Third place (tie): Dammam; Dubai; Tel Aviv

North America 

First place: Indianapolis

Second place (tie): Dallas Love Field; Grand Rapids; Jacksonville; Ottawa; Tampa

Third place (tie): Austin; Detroit; Sacramento; San Antonio; Toronto Billy Bishop

Latin America-Caribbean 

First place: Guayaquil

Second place: Quito

Third place: Punta Cana

Best Airport by Size 

2–5 million passengers per year 

First place: Jaipur

Second place: Lucknow

Third place: Guayaquil

5–15 million passengers per year 

First place: Sanya Phoenix

Second place: Tianjin Binhai

Third place: Hyderabad

15–25 million passengers per year 

First place: Seoul Gimpo

Second place: Wuhan

Third place: Denpasar

25–40 million passengers per year 

First place (tie): Mumbai; New Delhi

Second place: Taiwan Taoyuan

Third place: Shanghai Hongqiao

Over 40 million passengers per year 

First place (tie): Seoul Incheon; Singapore

Second place (tie): Beijing; Shanghai Pudong

Third place: Guangzhou Baiyun

Best Airport by Region (under 2 million passengers per year)

Africa: Upington

Europe: Skopje

North America: Portland

Latin America-Caribbean: Culiacan

Best Airport by Size and Region (new category)

Asia-Pacific 

2–5 million passengers per year: Jaipur

5–15 million passengers per year: Sanya Phoenix

15–25 million passengers per year: Seoul Gimpo

25–40 million passengers per year: New Delhi

Over 40 million passengers per year: Seoul Incheon

Europe 

2–5 million passengers per year: Sochi

5–15 million passengers per year: Pulkovo

15–25 million passengers per year: Dublin

25–40 million passengers per year: Moscow Sheremetyevo

Over 40 million passengers per year: London Heathrow

North America 

2–5 million passengers per year: Grand Rapids

5–15 million passengers per year: Indianapolis

Most Improved Airport

Africa: Nairobi

Asia-Pacific: Denpasar

Europe: Istanbul

Latin America-Caribbean: Kingston

Middle East: Dammam

North America: Saskatoon

K@W: The Entrepreneurs Spurring Africa’s Rise

Many African nations face grave challenges, including widespread poverty and unemployment. But the continent is also home to many of the fastest-growing economies in the world and entrepreneurs who are spurring Africa’s growth in unique and dynamic ways. Knowledge@Wharton recently joined Katherine Klein, Wharton management professor and vice dean for the Wharton Social Impact Initiative, and Nick Ashburn, the Initiative’s director of emerging markets, at the African Leadership Network’s 2015 annual gathering where they interviewed 18 entrepreneurs and executives who are leading, launching, scaling and supporting businesses across the continent.

Contents

Addis Alemayehou — Ethiopia’s Opportunities: Double-digit Growth with Cultural Awareness Required

Richard Arlove — Before Investing in Africa, Investors Need to Shed Two Major Misconceptions

Neku Atawoodi — ‘We’re Making It Safer to Invest in Africa’

Hakeem Belo-Osagie — The ‘Citizens of the World’ Tackling Africa’s Next-generation Business Challenges

Ismail Douiri — Morocco’s Leading Financial Institution Is Banking on a Pan-African Strategy

Tabitha Karanja — Breaking the Multinational Monopoly on Kenyan Beer Sales

Acha Leke — Why Inclusive Growth Is Key to Africa’s Rise

Wendy Luhabe — How Economic Activism Can Empower the African Woman

Serge Nawej — Why the Diaspora Has an Important Role to Play in the Democratic Republic of the Congo

Soga Oni — Making Medical Devices More Accessible, Affordable and Reliable

Alpesh Patel — Creating an African Brand That Appeals to African Youth

Cherae Robinson — Creating a Connected, Curated — and Mobile — Travel Experience in Africa

Ralph Simon — ‘We Are Living in the Era of the Screenager’

Shose Sinare — ‘Thinking Big’ About Investments in Africa

Othman Tazi — No Place Like Home: Pulling out of Europe, Expanding to Neighboring Countries in Africa

Hema Vallabh — Women Engineers in Africa: Pushing Past Old Roles

Jocelyn Wyatt — Finding a Creative Solution to Poverty-related Challenges

Willy Yav — How a DRC Firm Is Tapping Local Knowledge and Global Standards

IMF Working Paper No. 16/42: Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of some Islamic finance products; and (ii) the nature of the relationship between the institutions and their clients. The limited capacity and experience in the supervision of Islamic finance, especially in jurisdictions that face higher ML/TF risk factors represents an additional vulnerability. The Financial Action Task Force (FATF) standards are implemented without any form of tailoring to the specificities of Islamic finance. The FATF, the Islamic finance standard-setters, and the national regulators should seek a greater understanding of the specific ML/TF risks that may arise in Islamic finance and develop an appropriate response.

Working Paper No. 16/42

KYC360 Free Trial Offer

Sign up for the No Obligation Free Trial of the new KYC360 Platform which includes the new version of the customer screening tool RiskScreen. The Free Trial Period is 28 days during which time you can access all areas including videos, webinars, articles, news, tools and utilise the unique CPD Wallet. The next webinar on ‘Trade Based Money Laundering Techniques’ is scheduled for 9th March at 14.00 GMT.

KYC360 Benefits

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Trusted by tens of thousands of professionals worldwide, KYC360 is an online AML compliance resource that gives members exclusive access to the powerful due diligence search and reporting engine - ‘RiskScreen’, as well as premium content and insight delivered by some of the world's leading figures in financial crime prevention.

KYC360 RiskScreen Benefits

As the market-leading targeted web, deep web and sanctions search and screening tool, RiskScreen enables financial institutions to carry out Enhanced Due Diligence on higher risk individuals and companies and to access extensive deep web sources unreachable by regular search engines. Highly accurate and optimised with results in seconds, RiskScreen delivers the intelligence you need to evidence your decision about a customer’s risk profile and arm your organisation against financial crime.

Bank of Mauritius - Consultation Document: Deposit Insurance Scheme Bill

1. The Bank of Mauritius (‘Bank’) has, today, issued a draft Deposit Insurance Scheme Bill (Bill) for public consultation.

2. The main object of the Bill is to:

a. establish a deposit insurance system to protect depositors and guarantee the repayment of their deposits to such extent as may be feasible, in the case a bank or non-bank deposit taking institution licensed by the Bank (“financial institution”) fails;

b. establish a Deposit Insurance Scheme, as a wholly-owned subsidiary of the Bank;

c. establish a Deposit Insurance Fund to operate the Deposit Insurance Scheme; and

d. provide for other related matters.

3. A deposit insurance system is designed to act as a safety net. It aims at minimizing the risk of loss of depositors’ funds with financial institutions. It takes the form of a guarantee to depositors that they will be compensated up to a specified amount of their deposits in the event the financial institutions where they placed their deposits fail. By providing for the security of those funds, deposit insurance contributes to the stability of the financial system. It also supports the smooth functioning of the payment system and credit mechanisms.

4. A clear legal and regulatory framework and mandatory financial institution’s participation are necessary for a deposit insurance system to inspire public confidence. The draft Bill comprises those key general principles and the benefits that will accrue to both depositors and our financial system as a whole.

5. The Bank hereby invites the views and comments of all stakeholders on the draft Bill, which should reach the Bank not later than 25 March 2016. All submissions will be treated as public documents unless it is specifically requested to treat the whole or part of the submission as confidential. Representations should be made in writing, either by letter or email, to:

The Second Deputy Governor

Bank of Mauritius

Sir William Newton Street

PORT LOUIS

Email: dis@bom.mu

Phone: 202 3942

Guernsey's Hong Kong office 'an exciting new chapter'

Guernsey's Commerce and Employment Minister, Deputy Kevin Stewart, has welcomed the opening of Guernsey Finance office in Hong Kong as an exciting new chapter in the relationship between Hong Kong and Guernsey which will create opportunities for Guernsey.

Deputy Stewart is in Hong Kong in his capacity as Commerce and Employment Minister, supporting Guernsey Finance with the launch of the office on 1 March, as well as supporting the finance sector in a series of meetings and promotional events arranged by Guernsey Finance.

The Hong Kong office is an exciting development not only for Guernsey Finance, but also the Island's finance sector which has a growing interest in the region. The larger presence in Asia reflects current industry trends and is fundamental to the finance sector's future strategy, particularly as Hong Kong is such an important hub not only for China, but South East Asia overall.

"Guernsey and Hong Kong have much in common. We are both successful knowledge-based economies, with long-established, successful and well-regulated finance sectors. By establishing a closer working relationship in this way, we can help create further growth in our finance sector and in our economy. I am delighted to provide support to the Guernsey Finance team that is over here to drive forward their work in Asia. I am sure that they will make the office a great success, and add real value to our economy," said Deputy Stewart.

During the visit, Deputy Stewart's three-day itinerary will include meetings with the Hon Consul for Hong Kong, Invest Hong Kong, the Hong Kong Trade Development Council, private businesses, business bodies and the Hong Kong business media. He will also be at a number of business promotion events, supporting the work of Guernsey Finance, and at an event with the British Ambassador to China.

Following the launch of the Guernsey office at a VIP drinks reception tomorrow evening, Guernsey Finance is hosting a free-to-attend launch event on 2 March at The China Club in Central. The event will focus on the current economic climate and the services offered by Guernsey's finance centre. Moderated by Hong Kong current affairs commentator and host of TVB's Straight Talk, Michael Chugani, the event will also include keynote speeches from the Lord Flight, a member of the House of Lords, and a former UK MP and Shadow Cabinet Minister, and Lyndon Trott, Chairman of Guernsey Finance and former Chief Minister of Guernsey.

Offshore mauricien: un ex-garde du corps d’Obama épinglé

Plus de deux ans après sa fermeture par le FBI américain, Silk Road, énorme site Internet de vente de drogue, vient écorner la réputation de l’offshore mauricien. Un ancien garde du corps du Président Obama …

L'Express

Lord Mayor to promote economic relationship with Mauritius

The Lord Mayor of the City of London, Jeffrey Mountevans, is to lead a business delegation to Mauritius (28 February – 1 March) helping to make sure London and the UK remain the regional partner of choice when it comes to financial and professional services.

Acting as ambassador for the UK’s financial and professional services, the Lord Mayor will be meeting with the Prime Minister, senior government ministers, the governor of the Bank of Mauritius, investment authorities, regulators and business leaders. Other notable events he will take part in include:

• Speaking at a conference titled “The City of London: Your International Gateway” with Government ministers and senior Mauritian business leaders to promote London’s financial services and promote UK qualifications as a way to grow the financial services sector.
• Launching the new Chartered Institute for Securities and Investment National Advisory Committee which will help firms to maintain high standards of competence, behaviour and integrity.
• Attending a dinner to promote and discuss financial good governance.
• Meeting with senior figures from the maritime sector to discuss the Port Master Plan and Mauritian plans to become a shipping hub.
• Attending as guest of honour for the launching the rebranding of the International Financial Centre and the launch of the Financial Services Institute.

Speaking ahead of his trip, Lord Mayor Jeffrey Mountevans, said:

“There is a truly an excellent bilateral trade relationship between the UK and Mauritius. The more that we work closer with Mauritius, the richer this relationship will become.

“The UK and Mauritius share so much in common: developed financial industries, similar banking, legal and insurance frameworks and we both act as gateways into huge markets – Europe and Africa respectively. Clearly there remain similar opportunities that we can grasp and challenges we will face.

“I am hoping that my visit will help cement these strong commercial and economic ties between our two countries.”

We stand in a good position to help Mauritius develop its Ocean Terminal

As the ambassador for the UK’s financial services sector I’m always looking to strengthen the world’s economic and commercial ties. This is why you’ll find me in Mauritius next week.

It’s the Lord Mayor’s job to represent the City of London – the UK’s financial district – for a term of one year. With time so limited, I have to choose the countries I visit extremely carefully, picking out the ones with the best combination of potential and ambition. This year I am honoured to be the first Lord Mayor to visit Mauritius.

Le Mauricien

Mauritius: FSC Communique on 36th IOSCO AMERC meeting and conference 25 to 26 February 2016

The 36th International Organisation of Securities Commissions (IOSCO) Africa Middle East Regional Committee (AMERC) meeting and conference, hosted by the FSC Mauritius, was held on the 25-26 February 2016 at Le Méridien Hotel, Pointe aux Piments, Mauritius. IOSCO is the international body that brings together the world’s securities regulators and is recognised as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognised standards for securities regulation.

Communique on 36th IOSCO AMERC meeting and conference 25 to 26 February 2016

AfricaMoney: What can Mauritius learn from the Dubai International Financial Centre?

The Mauritius International Financial Centre will formally be launched on 1 March by the Government of Mauritius, along with the Financial Services Promotion Agency (FSPA) and the Financial Services Institute (FSI). As Mauritius prepares to unveil its Mauritius IFC identity and to project its financial services offering on the international stage, what can be learned from the highly successful Dubai International Financial Centre (DIFC)? Is the DIFC a potential partner, or a major competitor, for Mauritius? AfricaMoney asks Joseph Margéot Jolicoeur, a Mauritian business professional working in the financial services sector in Dubai, to explain the secrets of its success and the key lessons to be drawn.

The rule of law in Africa: enforcing governance or scaring off foreign investors?

In the era of globalisation, Africa should create favourable investment conditions and actively share in the dividends of globalisation by establishing legal frameworks that encapsulate equal, reasonable and non-discriminatory law enforcement, in order to mitigate any effects that could negatively impact investment and prejudice the continent.

China ENSight

Marc Hein: L’hypocrisie de l’OCDE

Certains pensent que l’OCDE essaie de nous aider à mieux aménager notre fiscalité et notre économie. Ce n’est pas vrai et c’est même un gros mensonge ! L’OCDE n’est pas la Banque mondiale ou l’ONU, elle est un club select de pays industrialisés qui peinent à boucler leurs budgets et veulent empêcher les centres financiers comme le nôtre d’exister. Soyons conscients de cela dans notre analyse du futur et de nos prises de décisions futures.

l'express.mu

Lord Mayor of London to lead a business delegation to Mauritius

The Lord Mayor of the City of London, Lord Jeffrey Mountevans, will lead a business delegation to Mauritius from 28th February to 1st March 2016 in view of prompting economic relationship in the financial and legal services sector. Another objective is to ensure that London and the United Kingdom remain the regional partner of choice for Mauritius with regards to these sectors.

The visit of the business delegation is a follow-up of the mission of the Minister of Financial Services, Good Governance and Institutional Reforms, Mr Sudarshan Bhadain, to the United Kingdom earlier this year.   During his visit Lord Mayor Jeffrey Mountevans, will be meeting with the Prime Minister, senior Government Ministers, investment authorities, regulators and business leaders, amongst others.

He will also be the guest speaker of a conference entitled: The City of London: Your International Gateway meant for Government Ministers and senior Mauritian business leaders to talk about London’s financial services and promote UK qualifications as a way to grow the financial services sector.

Other activities include the launching of the new Chartered Institute for Securities and Investment National Advisory Committee which will help firms to maintain high standards of competence, behaviour and integrity.

Lord Jeffrey will have meetings with senior officers from the maritime sector to discuss the Port Master Plan and Mauritius’ plans to become a shipping hub. The rebranding of the International Financial Centre and the launch of the Financial Services Institute are also on the agenda.

In a statement prior to his visit Lord Mayor Jeffrey Mountevans underlined the excellent bilateral trade relationship between the UK and Mauritius . This visit will further cement the strong commercial and economic ties between the two countries, he said.

Both Mauritius and the UK share many common factors such as developed financial industries, similar banking, legal and insurance frameworks and both act as gateways into huge markets namely Africa and Europe respectively.  All these clearly demonstrate the similar opportunities that the two countries can grasp, in addition to the challenges ahead.

The delegation will comprise representatives from Fitch Learning, IFS University College, the Institute and Faculty of Actuaries, the Institute of Chartered Administrators of England and Wales and DLA Piper.

Lord Mayor Jeffrey Mountevans is head of the Square Mile’s City of London authority representing City businesses. He assists the City Corporation and advises the Government of the day on what is needed to help the financial services sector to function effectively.

IMF Working Paper No. 16/34: Central Bank Governance and the Role of Nonfinancial Risk Management

This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.

Working Paper No. 16/34

Western European Cities Top Quality of Living Ranking ‒ Mercer

• Personal safety key factor in determining expat quality of living
• Vienna ranks highest in overall quality of living 
• Luxembourg ranks highest for personal safety; Baghdad lowest
• London ranks 39th in overall quality of living in UK; 72nd in personal safety 

Despite recent security issues, social unrest, and concern about the region’s economic outlook, European cities continue to offer some of the worlds’ highest quality-of-living, according to Mercer’s 18th annual Quality of Living survey. Safety, in particular, is a key factor for multinationals to consider when sending expatriate workers abroad, both because it raises concerns about the expat’s personal safety and because it has a significant impact on the cost of global compensation programmes.

“Heightened domestic and global security threats, population displacement resulting from violence, and social unrest in key business centres around the world are all elements adding to the complex challenge facing multinational companies when analysing the safety and health of their expatriate workforces,” said Ilya Bonic, Senior Partner and president of Mercer’s Talent business. “Multinational companies need accurate data and objective methods to determine the cost implications of deteriorating living standards and personal safety issues when compensating expatriates.” 

Vienna continues its reign in the top spot for overall quality of living, followed by Zurich (2), Auckland (3), and Munich (4).Vancouver (5) is North America’s highest ranking city, and Singapore is the highest ranking Asian city, holding 26th place. Mercer’s survey also identifies the personal safety ranking for the full list of cities; it is based on internal stability, crime figures, performance of local law enforcement, and the home country’s relationship with other countries. Luxembourg tops the personal safety list and is followed by Bern, Helsinki, and Zurich – all tied in 2nd place. Baghdad (230) and Damascus (229) are the world’s least safe cities according to the ranking. The safest UK cities are Aberdeen, Edinburgh, and Glasgow – all ranked in 44th place. 

Mercer’s authoritative survey is one of the world’s most comprehensive, and is conducted annually to enable multinational companies and other employers to compensate employees fairly when placing them on international assignments. Employee incentives include a quality-of-living allowance and a mobility premium.* Mercer’s Quality of Living surveys provide valuable data as well as hardship premium recommendations for over 440 cities throughout the world; this year’s ranking includes 230 of these cities.

“Ensuring that the needs of expatriates and their families are met wherever work takes them is an essential part of talent retention and recruitment strategies for most multinationals,” said Slagin Parakatil, Principal at Mercer and responsible for the quality-of-living research. “Managing safety and health issues is of utmost importance, especially for employees who relocate with a family. Our surveys enable companies to take adequate precautions for them. 

Mr Parakatil added: “Other elements that add to safety costs in the host location are obtaining suitable and well secured accommodations; having an in-house comprehensive expatriate security programme and providing access to reputable professional evacuation services and medical support firms, and finally, providing security training and guarded office premises.”  

Europe

Despite economic uncertainties, Western European cities continue to enjoy some of the highest quality of living worldwide; they fill seven places in the top-10 list. Vienna continues to lead the ranking and has done so in the last seven published rankings. It is followed by Zurich (2), Munich (4), Dusseldorf (6), Frankfurt (7), Geneva (8), and Copenhagen (9). In 69th place, Prague is the highest ranking city in Central and Eastern Europe, followed by Ljubljana (76) and Budapest (77). The lowest ranking cities in Europe are Kiev (176), Tirana (179), and Minsk (190). 

European cities also dominate the top of the personal safety ranking with Luxembourg in the lead, followed by Bern, Helsinki, and Zurich, which are tied for the number-two spot. Vienna ranks 5th; Geneva and Stockholm are placed jointly in 6th; and Copenhagen, Dusseldorf, Frankfurt, Munich, and Nurnberg all share 11th place. A number of key or capital cities do rank considerably lower as many suffered either terrorist attacks or social unrest in the last few years; examples include Paris (71), London (72), Madrid (84), and Athens (124).The recent political and economic turmoil in Greece, which resulted in violent demonstrations in Athens and other cities in the country, has undermined its safety ranking. Kiev (189), St. Petersburg (197), and Moscow (206) rank lowest for personal safety in the region.

Americas

Quality of Living remains high in North America, where Canadian cities dominate the top of the list. Vancouver (5) is the highest ranking city, followed by Toronto (15) and Ottawa (17). In the United States, San Francisco (28) ranks highest for quality of living, followed by Boston (34), Honolulu (35), Chicago (43), and New York City (44). In Mexico, Monterrey (108) is the highest ranking city, whereas Mexico City ranks 127th. The lowest ranking cities in North America are Monterrey (108) and Mexico City (127) and for the Caribbean, Havana (191) and Port-au-Prince (227). In South America, Montevideo (78), Buenos Aires (93), and Santiago (94) remain the highest ranking cities for quality of living, whereas Bogota (130), La Paz (156), and Caracas (185) rank lowest. 

Canadian cities all rank high for personal safety, with Calgary, Montreal, Ottowa, Toronto, and Vancouver sharing 16th place, whereas no US cities make the top 50. Kingston (199), Tegucigalpa (201), and Port-au-Prince (211) have the lowest levels of personal safety in the region. In 96th place, Montevideo is South America’s highest ranking city for personal safety; Caracas (214) is the lowest.

Most North American cities remain fairly safe for expatriates. But Mexican cities are ranked relatively low, mainly because of drug-related violence. The recent increase of unemployment in Latin America and Caribbean countries, along with the economic downturn and political instability in some of these countries, explains relatively low rankings in personal safety across the region. 

Asia-Pacific

The vast region of Asia has considerable variation in quality of living. In 26th place, Singapore remains its highest ranking city, whereas Dhaka (214) is the lowest. Following Singapore in Southeastern Asia is Kuala Lumpur (86). Other key cities include Bangkok (129), Manila (136), and Jakarta (142). Japanese cities rank highest in Eastern Asia, with Tokyo in 44th place. Other notable cities here are Hong Kong (70), Taipei (84), Shanghai (101), and Beijing (118). 

For personal safety, the rankings for Asian cities again vary greatly. Singapore (8) ranks highest overall and is followed by five Japanese cities—Kobe, Nagoya, Osaka, Tokyo, and Yokohama—that are tied for 32nd place. Other key cities include Hong Kong (37), Taipei (78), Beijing (97), Seoul (115), New Delhi (142), and Jakarta (172). Following considerable political unrest and terrorist attacks in several tourist areas over the last few years, Bangkok ranked 173rd for personal safety.

New Zealand and Australia have some of the highest quality of living worldwide. Auckland ranks 3rd globally, Sydney 10th, Wellington 12th, and Melbourne 15th. For personal safety, Pacific cities also rank high, with Auckland and Wellington sharing 9th place. Canberra, Melbourne, Perth, and Sydney share 25th place.

Middle East and Africa

Dubai (75) continues to rank highest for quality of living across Africa and the Middle East, followed by Abu Dhabi (81) and Port Louis (83) in Mauritius. The South African cities of Durban, Cape Town, and Johannesburg rank 85th, 92nd, and 95th respectively. Baghdad (230) ranks lowest regionally and worldwide. 

Only a handful of cities in this region place in the top 100 for personal safety—with Abu Dhabi ranking highest in 23rd place, followed by Muscat (29), Dubai (40), and Port Louis (59). Upcoming host of the 2022 FIFA World Cup, Doha, ranks 70th for personal safety. Regional geopolitics is highly volatile and characterised by safety concerns, political turmoil, and an elevated risk of terrorism. The lowest ranking cities in the region are Damascus (229) and Baghdad (230), both of which have witnessed continual violence and terrorist attacks that weigh upon the daily life of locals and expatriates.

Offshore Investment - The 26th Oxford Offshore Symposium 2016

Now in its 26th year, The Oxford Offshore Symposium is dedicated to developing wealth professionals' knowledge and explaining the tools required to remain at the cutting edge of this challenging industry. This exclusive, week-long event offers a superior educational experience together with the unparalleled opportunity to interact with key industry players, all of whom share the traditional spirit for which this Symposium is globally renowned. The residential element at Jesus College, set in the heart of Oxford University delivers the prime environment for promoting a unique learning experience.

HMRC Research Report: Understanding individuals’ decisions to enter and exit marketed tax avoidance schemes

Marketed tax avoidance schemes are designed to exploit UK tax law and are sold to taxpayers as a way of reducing their liabilities.

This report provides insight into why a small minority of UK taxpayers engage in tax avoidance and what motivates them to enter, remain in and exit these schemes. The research will help HMRC to design communications, policies and interventions which will result in reduced levels of tax avoidance scheme take-up in the future.

Twenty qualitative interviews were conducted with previous avoidance scheme users who have settled their affairs with HMRC. The time frame within which these individuals registered for a marketed tax avoidance scheme ranged from 2003 to 2013.

Mrinal Roy: Has government lost the plot?

Has the all-consuming idée fixe about ‘smart cities’ and the hype about the imminence of a scripted economic miracle cut government from the ground realities of the country, its stark inequalities and the enduring hardships faced by the common man? Last week, torrential rains and the resulting floods wreaked havoc in Mauritius and caused distress to the people. It acted as a wakeup call from the government fixation about ‘smart cities’.

Excerpts:

“Whilst most of the brightest post independence graduates and professionals came back to Mauritius and have contributed to the national building efforts, this is progressively much less the case now. After a mere 47 years after independence a growing number of young Mauritians are, owing to the inherent flaws in the domestic recruitment process, opting to seek and pursue a professionally more rewarding career abroad. The most endowed and talented Mauritians are out in the world to excel in their respective fields of interest…”

“The announcement by the ubiquitous Showkutally Soodhun that the Heritage City project designed to harbour the key government offices at Highlands will benefit from a Saudi financing of Rs 18 billion is therefore quite startling. No funding is without strings. What are the strings attached to this financing? Is this the only source of funds available to Government for this project? Mauritius therefore needs to exercise extreme caution in the choice of funding away from traditional sources for projects, however important these are. In line with our long established policy, we have to ensure that all funds made available for the financing of mega projects are ‘stringless’ and ‘neutral’ apart from obviously being clean. Mauritius should under no circumstances compromise on its sovereignty or internal harmony…”

Mauritius Times

World Bank Report Finds Skills, Infrastructure and Business Landscape Key to Achieve Shared Prosperity in Mauritius

The rise in income inequality combined with lagging shared prosperity indicators have adverse impacts on relative poverty in Mauritius, says a World Bank report launched today. The report, titled Inclusiveness of Growth and Shared Prosperity, analyses Mauritius’s growth pattern of the past decades as well as existing opportunities to accelerate progress toward achieving inclusive growth and shared prosperity.

“We believe Mauritius has what it takes to achieve its ambition of becoming a high income country with the implementation of the right set of reforms,” said Mark Lundell, World Bank Country Director for Mauritius, Mozambique, Madagascar, Seychelles, and Comoros. “Reaching high-income status will imply a careful review of the country’s economic model. This includes the ability to improve the labor force skills set, develop infrastructure, and further improve the business environment to attract FDI and generate domestic investment.”

The nature of the economic changes of the 2000s associated with the deterioration of the traditional primary sectors led to an increase in income inequality, which impacted negatively on shared-prosperity indicators in the country. Furthermore, incomes of the bottom 40 percentile of the population deteriorated in relative terms. The report concludes that economic growth and declining inequality are equally important for the reduction and possible eradication of poverty in Mauritius.

“Inclusiveness of growth remains the main challenge for the current growth pattern in Mauritius,” said Victor Sulla, World Bank Senior Economist and main author. “Micro-simulation analysis suggests that reducing and eventually eradicating poverty in Mauritius will depend on a two-fold combination of policies:   first, lower unemployment and increased productivity, and second, improved targeting and efficiency in social protection.”

Policies designed to upgrade infrastructure, support research and development and innovation, advance public-sector efficiency, and further improve business environment are deemed key to boost productivity. The report suggests that the labor market needs to foster flexibility and reward higher productivity. Besides, skills mismatch grew by 30 percent during the years 2000s, signaling an urgent need for policies to support high-tech and services-oriented sectors. Educational reforms are therefore needed to provide people with the appropriate and relevant skills needed in today’s Mauritius.

The report further suggests the need for public-sector reforms to improve accountability at all levels and improve planning, procurement, and management processes across the system. Efficient country-level monitoring and evaluation systems could be developed to further support evidence-based policymaking. Reforms in public enterprises also have the potential to create fiscal space for productive spending. 

South Africa - settlors beware: control over the assets of a trust

The establishment of an offshore discretionary trust (“the Trust”) by a South African tax resident person (“Settlor”) gives rise to various South African tax considerations.

tax ENSight

IFC Review: An Old Foe Returns

Marcus Killick examines how the current onslaught of regulation is affecting IFCs and considers their future role in the financial world.

Palm Global: Mauritius is domicile of choice in captive insurance

A new Captive Insurance Act was adopted in Mauritius in December 2015, which establishes a new legal framework for the captive insurance business, covering pure captives whereby a corporate entity insures itself, and any affiliates in a group, and mitigates the risk through reinsurance. The Mauritian Government anticipates that the new framework will attract new players into the market, but what do new market entrants think? AfricaMoney asked Mark Roberton, Director of Palm Global, why they decided to set up Palm Mauritius and what prospects they see for development of Mauritius as the captive domicile of choice?

SUNREF : Le soleil de l’île Maurice, source inépuisable d’énergie

SUNREF Océan Indien soutient l’utilisation de l’énergie photovoltaïque comme alternative aux énergies fossiles afin d’alimenter un centre commercial et une école à l’île Maurice. Ce programme innovant permet ainsi de réduire les émissions de gaz à effet de serre et la dépendance énergétique de l’île vis-à-vis de l’extérieur, tout en favorisant un développement socio-économique durable et respectueux de l’environnement. 

Latin Letter: Bat wings and BEPS

Derek Sambrook considers the implications of the Base Erosion and Profit Shifting initiatives and the Common Reporting Standard for Latin America.

TransCentury Limited Announcement Feb. 2016: TC Mauritius Senior Unsecured Convertible Bond

Despite recent media reports in which appear to paint a negative picture of the company, the Board of Directors wish to assure shareholders that the Company and its wholly owned Mauritian subsidiary, TC Mauritius Holdings Limited ("TC Mauritius"), contiunue to implement the ongoing fund raising programme. In particular, the Board is confident that an agreement to settle the TC Mauritius Senior Unsecured Convertible Bond will be secured in the very near future and, in any event, before maturity.

FSC Mauritius launches the Online Data Capture System (ODCS)

The FSC Mauritius launched the Online Data Capture System (ODCS) on 12 February 2016 at the FSC House in the presence of the Hon. Roshi Bhadain, Minister of Financial Services, Good Governance and Institutional Reforms, Information Technology, Communication and Innovations; Mr Dev Manraj, Chairperson of the FSC Mauritius; Board Members; the Acting Chief Executive, Mr P.K. Kuriachen and industry representatives.

Reliable and up-to date statistics are fundamental for decision making in an increasingly complex, interdependent and fast-evolving financial environment. Given the increasing data requirements in terms of frequency, coverage and timeliness, the FSC Mauritius has embarked on the implementation of an Online Data Capture System (ODCS). The ODCS is a platform which aims to ease financial data collection, compilation and analysis through online submissions in line with the commitment of FSC Mauritius to adhere to the best international statistical practices.

This system provides a secured and user-friendly platform for licensees to submit their respective data. Each licensee will be allocated with a login credential, and invited to attend technical sessions for more information on functions of the ODCS.

Mauritius, as a jurisdiction of substance, adheres to best statistical practices and standards. The FSC Mauritius contributes annually to the IMF Special Data Dissemination Standard (SDDS) exercise by collecting information from its licensees in the numerous surveys conducted throughout the year.

With a view to complementing potential data gaps for proper policy making, Mauritius has already expressed its interest to subscribe to the IMF SDDS Plus – an even higher data standard.

One direct implication for the licensees under the purview of the FSC Mauritius is the collection of Monetary and Financial Statistics (MFS) on a quarterly basis as from this year.

Financial Services Commission, Mauritius

12 February 2016

Shakuntala Boolell - Port-Louis : A redessiner ou à restaurer ?

La capitale est souvent au centre des débats. Pourtant faire un saut dans la capitale est incontournable pour les habitants d’autres villes et aussi des villages. Ce ne serait pas tant pour les balades et les flâneries comme au bon vieux temps mais pour la tournée des magasins. C’est là que l’on peut espérer avoir plus de choix dans les rues commerçantes - Rues Royale, Pasteur, Bourbon ou La Corderie. Il existe aussi des coins où l’on peut trouver des objets usagés, des objets ménagers pour des foyers qui vivent à l’économie. Et pourtant Port-Louis, que les visionnaires veulent changer en modernisant, manque certainement un marché aux Puces. Presque toutes les villes françaises ont gardé cette tradition dont Paris au Métro Porte de Vanves, Montreuil ou Montpellier à la place des Arceaux.

Extraits:

“Tout projet qui vise à redessiner une capitale ne peut être fait à la va-vite, ou dans un but électoraliste. Un débat sera utile pour comprendre ceux qui n’ont pas simplement la nostalgie de leur ancien port, de leur jardin, des maisons créoles avec leur varangue, de leur ancienne salle de cinéma mais qui souhaitent que la capitale soit digne de son passé et de son présent. Citons l’exemple d’Athènes en Grèce. Les traces sont bel et bien là avec l’Acropole, le théâtre de Dionysos, la chapelle de St George, les anciennes places avec le musée numismatique …”

“Au Maroc, la ville de Marrakech préserve jalousement ses calèches très tentantes pour circuler d’un coin à un autre et voir l’ancienne ville jouxtant avec la nouvelle. Dans la vieille ville, les étroites ruelles vous transportent dans ce monde des mille et une nuits avec les tapis authentiques des artisans suspendus à même la rue, les sacs et poufs ou autres objets en cuir qui dégagent une odeur d’écurie. La camelote et les imitations se distinguent bien de ce qui est artisanal ou berbère. Ce qui rehaussera l’image de Port-Louis, ce sera une place aussi animée et époustouflante que celle de Jma El Fna dans la Medina…”

Mauritius Times