The Curepipe Court decided on Tuesday last to drop the charges on which the two daughters and son-in-law of Dawood Rawat were arrested following the dismantling of the BAI group as from early April 2015. The representative of the DPP stated in court that he had no objection to the charges not being taken forward.
It may be recalled that the offences reproached to the three persons in question related, amongst others, to laundering of money, fraudulent overseas transfer of company funds and misrepresentation of company accounts to deceive the public. In the light of those ‘provisional charges’ the three persons were both placed under arrest and prohibited to leave Mauritius. They have, after months of waiting, been freed from these restrictions by the court after the ‘provisional charges’ were dropped.
As every year, the ranking is established based on 5 criteria:
The tax burden on individuals resident in the country
The quality of life in the country
The legal and physical security of the country
The quality of the economic investment program developed by the local government to encourage investment in the country by new residents. The speed at which files are processed is also taken into account in this criterion.
The country’s geographical location, its accessibility, its areas of interest and the quality of its infrastructure
Welcome to the story of Kenya Peaberry. Journey through the following chapters to discover more about how we realised the true potential of the most sacred and world renowned of all coffee beans. The King Of Coffees World-renowned for exceptional coffees, we chose to open a collection of extraordinary coffees by visiting Kenya. Sitting on either side of the equator, its altitude, temperature and humidity make for a truly superb terroir.
Kenya’s renowned plant varieties, characterised by a prominent acidity, rich berry notes, and a silky mouthfeel make this region’s coffees quite unlike any others in the world. It's no wonder therefore that Kenya is referred to as 'The King of Coffees'.
Our First Ever Coffee Made Only From Rare Peaberry Beans For this particular coffee we used 100% Arabica ‘Peaberry’ beans. This highly prized bean possesses all the distinctive qualities of a Kenyan coffee at its most prominent. A unique and carefully crafted roasting profile allowed our experts to unlock the huge potential of this bean and control its fine acidity and fruity notes.
The Prized Peaberry Sometimes a coffee plant bears a special cherry. Instead of containing the typical two flat beans, a single bean develops. Since there is more space within the cherry for it to grow, it takes on a rounder, fuller form. Named after its pea-like shape, this brilliant bean contains all the qualities of two typical Kenyan beans condensed into one.
Every Peaberry Is Hand Selected From The Drying Rack This rare cherry only occurs in three to five percent of all coffee. And it’s solely these precious beans that we hand select and sort to create our unique Kenyan Peaberry espresso.
A Proud Culture Of Coffee Smallholders, who account for at least 60% of total production are organized into cooperatives, each one with a wet mill, or ‘factory’ that processes the raw cherries into parchment coffee. The strong social structure built around these factories provides for vibrant rural coffee communities, which help new generations of farmers to uphold traditional values and practices. These farmers bring their harvested cherries to the cooperative factories for pulping, fermenting and washing. Drying is usually done on raised tables with wire-mesh tops, called “raised African drying beds”. The Auction System
Perhaps the key aspect of the Kenyan coffee success story happens when the quality of each lot of green coffee is determined by tasting before being offered for sale at the weekly auction in Nairobi. The buyer who offers the highest price for a given lot of coffee at this weekly government-run auction secures that coffee. The auction's transparency means that the farmers get the best deal, we can source the best coffee for our customers and a ‘quality-first’ culture is reinforced. Nespresso Innovation Inspired by the extraordinary taste potential contained within the prized Peaberry, we wanted to bring out the best of Kenya, without the acidity.
A Finely Tuned Roasting Process Our experts set about developing a highly intricate roasting profile - perfectly tailored to the shape of the Peaberry.
Unlike many straightforward roasting methods, the flavour profile we wanted could only be achieved with a complex and evolving process of trialing, fine-tuning and testing - using specific air roasters.
So we kept all the elegance of a Kenyan coffee’s rich fruity notes, whilst tempering its expected acidity.
A Story In Taste To bring out the coveted bean's true potential, we roast some of the beans separately. This allows us to both further enhance the already rich, fruity characteristics of the Peaberry whilst taming the acidity.
Separate Roasting To Reach The Bean's Full Potential Most of the beans are roasted at a medium intensity for a short period of time to enhance aromatic complexity. The smaller, remaining beans are lightly roasted to help bring out the fruit. The result is a pleasantly complex espresso with surprising jam-like notes, reminiscent of candied apples, raisins, blackberries and currants.
The Fruit Connection Kenya Peaberry has a special aromatic connection to other Grand Crus in our collection, especially coffees like Cosi and Rosabaya de Colombia. All three coffees share two main characteristics: fine acidity combined with fruity notes.
Cosi Cosi and Kenya Peaberry are both pure Arabica coffees containing Kenyan beans. With Cosi, Kenyan beans make up one part of the blend together with other Central and South American coffees. While Kenya Peaberry, is, by definition, a Pure Origin as it uses 100% Kenyan beans. The Costa Rican Arabicas in Cosi bring a characteristic cereal and lightly toasted notes to the coffee that temper Kenyan natural high acidity. With our Kenyan Peaberry, the acidity is tempered by a very particular split roasting profile.
Rosabaya De Colombia Rosabaya de Colombia, is another coffee with prominent fruity notes, but is more intense than Cosi and in this sense it is even closer to the Kenya Peaberry. It exhibits the same rich roastiness and body, but has a more intense bitterness and an elevated acidity. Rosabaya de Colombia’ fruity and winey notes are more like red fruits. While the Kenyan Peaberries’ fruit has a pleasing sweetness reminiscent of apples, raisins or berry jams.
Uncover The Flavour With A Reveal Glass A specialist coffee calls for a specialist glass so we recommend tasting Kenya Peaberry in a glass from the REVEAL Collection. The taste of a coffee is effected by the form of the glass. The Mild Reveal glass developed in partnership with Riedel – a 300-year-old company known for its varietal specific glassware - is the perfect vessel to help channel and amplify the Kenya Peaberry’s best attributes. In the Reveal glass, the overall taste is finer, milder and rounder. Its specificities, the fruity notes and its sweetness stand out much better, while acidity is more balanced, transforming tasting into a moment of absolute perfection. Taken With Milk To reveal the full aromatic nuances of this blend, we recommend drinking Kenya Peaberry black. If drunk with milk, we recommend taking it as a cappuccino or latte macchiato. As a Cappuccino, it will become deliciously creamy with a full body. Roasted notes of caramel and fruits will come to the fore. A slight pleasant bitterness will linger in the long aftertaste. As a Latte Macchiato, it will become rich creamy and milky. Its mellow flavour will be sweet with aromas of dry vegetal and cereal and delicious notes of caramel and biscuit. LAOS BOLAVEN PLATEAU Welcome to the story of Laos Bolaven Plateau. Wander through the following chapters to discover more about our journey to unearth this hidden gem of a coffee from a very special place we'd never ventured before. A Hidden Treasure Since the French era of the early 1900s, Laos has been producing coffees, yet few specialist coffee makers have explored the true potential of its optimal terroir, microclimate and humidity. In fact, this is the very first time that Nespresso has released a coffee from Laos. Once They'd Tasted It, They Knew The Time Was Right After tasting numerous samples for many years, our experts finally found an exceptional coffee on a farm in the town of Paksong in the misty Bolaven Plateau and set about developing a coffee produced only on this one single farm. A coffee that could finally showcase the exciting potential of this region’s rich volcanic soil and optimum terroir. An Exceptional Environment Laos produces two main types of coffee: Robusta and Arabica and there's over 250 coffee growing communities that depend on the crop for a living. Most of these communities are found on the misty Bolaven Plateau. Humidity Marries Beautifully With Rich, Volcanic Soil This region which sits at thirteen-hundred metres above sea level is blessed with its very own microclimate. Rainfall and humidity remain high not just in monsoon season, but all year round. Discover A Fine Cereal Profile Coffees from Laos are generally known for their distinctive cereal notes and green vegetal personality. We wanted to bring out the brightest and finest of these, expressed as golden wheat, grains and herbs.
The Brightest Cereal Notes Of Golden Wheat And Herb To do so we gave a small portion of the beans a dark, long roast - lifting the cereal notes and bringing out just a hint of acidity. To enhance the coffee’s body and structure, we gave the remaining, larger portion a lighter, short roast. The result is a 100% washed Arabica espresso with a round and balanced flavour, and all of the heightened cereal notes and fine acidity that we set out to unlock. Nespresso Innovation Chosen for its exemplary expression of the region’s signature cereal note, its bold complexity and ability to thrive in this environment, this coffee is made entirely from beans from a single farm. Hand-picking Only The Ripest Cherries However, as with many coffees from the region, its true potential was being held back by a slight astringency. So we worked with the farmers to reduce this by insisting on a solely hand-picked crop. A less used method for the region, but the right one to avoid the immature green beans which yield this astringency in the cup. Inspired By A Colourful Community Whilst exploring the Bolaven Plateau we discovered much more than just a huge potential for coffee. The primary religion is Buddhism and magnificent temples adorn the hillsides boasting incredible views across the Plateau. People Come Together To Trade, Drink Coffee, Chat And Shop One of the most common places to witness the energy of the Lao people is in the many colourful markets. As most people live in the villages high up on hills or deep in the jungle, whatever they're not growing themselves, they travel to find it in the markets. A big part of the trade is the textiles - incredibly vibrant pieces made in village communities up the mountains and then brought to market to sell. The Cereal Connection Our chosen Laos Bolaven Plateau coffee shares similar aromatic profiles to some of our other Grand Crus, in particular Dulsão do Brasil and Livanto. All three coffees are characterized by a balanced and round profile with cereal notes. Dulsão Do Brasil Dulsão do Brasil is a Pure Origin which is milder than Laos Bolaven Plateau. However, despite growing on the other side of the world, it exhibits familiar sweet cereal and golden wheat flavours to Laos Bolaven Plateau Limited Edition. Livanto Livanto, a blend of Central and South American coffees. With its caramel notes combined with roasted cereal aromas, is also comparable to the sweetness of Laos Bolaven Plateau coffee. It’s less roasted than Laos Bolaven Plateau, but they also share a comparable overall intensity.
Uncover The Flavour With A Reveal Glass A specialist coffee calls for a specialist glass, so we recommend tasting Laos Bolaven Plateau in a glass from the REVEAL Collection. The taste of a coffee is shaped by the form of the glass. The Intense Reveal glass developed in partnership with Riedel – a 300-year-old company known for its varietal specific glassware - is the perfect vessel to help channel and amplify the Laos Bolaven Plateau’s best attributes. In the Intense glass, the richness of the aromas are enhanced while becoming rounder and sweeter. Notes of green, dry vegetal are clearly perceivable. Taken With Milk We recommend drinking Laos Bolaven Plateau black to best experience the aromatic subtleties of the origin. If drunk with milk, we suggest drinking it as a Latte Macchiato. This coffee will become sweet, rich and mellow with creamy texture. Yet you will still perceive cereal and biscuit and a touch of green vegetal notes.
The country would stand to gain if the President came out in public to confirm that she is not involved in any such thing. It will be even more reassuring if what she says carries conviction beyond the least doubt in the public mind, given that there may be assumptions in the minds of some people that one who is protected by immunity as President would have crossed the bounds, aware of the fact that she cannot be taken in. The time has come to clear the air of all of this as that makes the act of governing the country with the required serenity more and more difficult.
There is a pervasive feeling of alienation towards the political class in the country, heightened by poor governance, the systematic uncovering of lavish largesse towards the coterie and blue-eyed advisors at the expense of the public Exchequer, poor judgment, frequent tinkering with public institutions, the absence of transparency, a clannish culture, an abject patronage of apparatchiks and the inept and tiresome daily propaganda blitzkrieg on national TV during prime time news. This is all becoming more and more galling by the day. People are shunning TV news, swiftly moving into a switch off mode and biding their time. As is the case in Britain, will the government have the grit to test its legitimacy by calling for urgent general elections?
What can be termed the New Mauritius Hotels (NMH) Saga has been making the headlines in the financial press for some time now. This is an important event for the local business community not only because of its huge financial implications for the parties involved (especially for the Rogers Group) but also because it offers an opportunity to clarify some highly technical and legal aspects of our Securities Act of 2005 and the Securities (Takeover) Act of 2010. The outcome of the investigation being led by Mr Kriti Taukoordass, appointed by the FSC to inquire into the matter, could also have serious consequences to which we shall come later in our comments.
China is reaching out to the world and is opening the global economy with innovative concepts and Mauritius salutes the Belt and Road initiative and is proud of its association with the People’s Republic of China.
The Prime Minister, Mr Pravind Jugnauth, made this statement this morning at the opening of a symposium on Enhancing Mauritius-China relations organised by the Embassy of the People’s Republic of China in collaboration with the Ministry of Foreign Affairs, Regional Integration and International Trade.
Mr Jugnauth highlighted the strong economic and cultural partnership that Mauritius shares with China. He enumerated the various major projects that has changed the economic landscape of the country thanks to the support and collaboration of the People’s Republic of China.
China is a reliant partner for the development of the African continent, he said adding that Mauritius will continue to look to China as a privileged partner for future economic development, mostly in the sectors of tourism, trade and civil aviation.
The symposium marks the 45th anniversary of the establishment of diplomatic relations between the Republic of Mauritius and the People’s Republic of China. A delegation from China led by the Vice-Chairman of the Foreign Affairs Committee of the Chinese People’s Political Consultative Conference National Committee, Dr Han Fangming, is participating in the symposium in partnership with Global Finance Mauritius.
The following themes are the core of the symposium: Past and Future Mauritius Relations; the Belt and Road Initiative and the 21st Century Maritime Silk Road; Mauritius as a bridge to route investment in Africa; and how Technology will influence business in Africa.
M GmbH is presenting another exclusive limited-run special-edition model in the shape of the new BMW M4 CS. The M4 CS fills the gap in the line-up between the M4 Coupe with Competition Package and the uncompromisingly track-focused BMW M4 GTS.
Singapore is the most expensive city in the world according to the Worldwide Cost of Living Survey 2017. In fact, Asia is now home to 5 out of the top 6 cities in the survey as Asian cities rise up the rankings.
This special report contains a full ranking of the 133 cities found in the March 2017 edition of The EIU's Worldwide Cost of Living survey. The cities are ranked on their relative expensiveness, based on a survey which compares more than 400 individual prices across 160 products and services. In addition to the ranking table, the report looks at the key trends affecting the cost of living in different cities across the world.
Mauritius is destined to become the southern hemisphere's leading international financial centre within the next decade, affirms the CEO of one of the world's largest independent financial services organisations.
The comments from Nigel Green, founder and chief executive of deVere Group, follow the announcement that his company has received an investment banking licence from the Financial Services Commission of Mauritius.
Mr Green observes: "As a firm, we spent months carrying out comprehensive research into the world's leading and most established international financial centres in order to launch our investment banking division.
"After detailed analysis from our in-house teams and external experts, it was definitively and unanimously concluded that Mauritius would be the ideal jurisdiction.
"Amongst other major influential factors, Mauritius has a strong global reputation, which is founded on the fact that the government is unequivocally pro-business – which is, of course, key to attracting foreign investment - and this is reflected in its policies and its procedures.
"Mauritius also has an enviable reputation for its legally robust framework and its educated and English and French-speaking population.
"In addition, and importantly for firms that operate globally, it has an internationally convenient time zone, it has good communications systems and world-class infrastructure and accessibility.
"If this weren’t enough, it is extremely financially competitive compared to other international financial centres."
He continues: "If our research reports these findings about Mauritius, it can be reasonably assumed that our global financial brands will also be coming to the same conclusions. This is especially true at a time when firms like ours are wanting to look beyond the more established centres of international finance due to their rising operational costs and increasing and unnecessary bureaucracy."
Mr Green concludes: "With this in mind, I am confident that Mauritius could become the southern hemisphere’s leading international financial centre within the next 10 years.
"The northern hemisphere powerhouse for international financial centres such as London, New York, Hong Kong and Tokyo will maintain their dominant position in the world for decades to come.
"However, the southern hemisphere's international financial centres such as Sydney, Sao Paolo and Johannesburg, will be needing to up their game in order to compete with Mauritius as global financial hubs and to attract international financial services firms.
"Mauritius, with its financially competitive environment, its infrastructure, and its government's agility and pro-business approach based on good governance and compliance procedures, is already ahead of the curve as a world-class business destination."
The 50 biggest US companies, including global brands Pfizer, Goldman Sachs, GE, Chevron, Wal-Mart, and Apple, stashed $1.6 trillion offshore in 2015 – $200 billion more than the previous year - according to a new report by Oxfam.
The report, ‘Rigged Reform,’ reveals that big US companies are increasing their use of tax havens and boosting their investment in political lobbying in order to push for even greater tax breaks. It warns that President Trump’s proposed tax reforms will further rig American tax laws in favor of the rich and powerful and intensify the destructive global race to the bottom on corporate tax - at the expense of poor communities in the US and around the globe.
The report finds:
The 50 largest US companies used a secretive network of 1751 subsidiaries in tax havens to stash about $1.6 trillion offshore in 2015. The companies reported an additional 143 tax haven subsidiaries and $200 billion in offshore earnings compared to 2014.
Tax reforms proposed by President Trump and leaders in Congress could give these 50 companies a windfall of between $312 and $327 billion on the profits they hold offshore, in addition to massive financial benefits resulting from a dramatic cut in corporate rates and other more favorable tax treatments.
The 50 companies spent $2.5 billion lobbying the US government between 2009 and 2015. An estimated $352 million was spent lobbying on tax issues – helping to secure over $423 billion in tax breaks. Oxfam estimates that for every $1 these companies spent lobbying on tax, they received an estimated $1,200 in tax breaks.
Five companies, General Electric, Verizon Communications, Comcast, AT&T and Exxon Mobil, account for approximately a quarter of all lobbying on tax by the top 50 companies.
On average these 50 companies are members of at least two coalitions lobbying for more favorable tax treatment, with eight of the 50 companies being members of four or more coalitions. Wal-Mart leads the way as a member of at least six separate coalitions seeking to influence tax policy.
Robbie Silverman, Senior Advisor for Oxfam, said:
“Tax avoidance has become standard business practice across the globe. Corporate tax dodgers cheat America out of approximately $135 billion in unpaid tax revenues every year. They use the same tricks and tools to cheat poor countries out of an estimated $100 billion annually. This money could save the lives of six million children in the poorest countries, and get 124 million children into school for the first time.”
‘Rigged Reform’ highlights how President Trump’s tax reforms, which will primarily benefit the richest in society, are being paid for by cuts to programs designed to help the poorest people in the US and around the globe. This includes programs providing low-income Americans with affordable housing and job training, as well as a proposed 31 percent cut to overseas development aid at a time when 20 million children, women and men face starvation in Yemen, Somalia, South Sudan and Nigeria.
The proposal to cut US corporate tax rates from 35 percent to 15 percent will also feed into a destructive race the bottom that has seen countries across the globe slashing corporate tax rates in recent years. The proposed Border Adjustment Tax, which will increase taxes on imports and remove taxes on exports, is likely to harm poor consumers in the US and poor people around the world. Oxfam estimates the scheme’s impact on the value of the dollar, and the knock on affect this has on the cost of debt repayments and commodity prices, may cost poor countries more than the US currently spends on poverty focused overseas aid.
Silverman said: “President Trump promised to fix the rigged political and economic system yet his tax reforms will further enrich powerful corporates at the expense of ordinary people and small businesses. The President and leaders in Congress must rethink their reforms and build a tax system that works for everyone and not just a fortunate few.
“The US must work with governments around the globe to stop the mutually destructive race to the bottom on corporate tax and ensure all big businesses pay their fair share,” said Silverman.
When a businessman with international holdings and properties rose to the highest seat of power in the United States without releasing a single page of financial data, transparency and shell companies reignited as a central issue in American politics.
Banking as we know it is finished, affirms the boss of one of the world’s largest independent financial advisory organisations, as his firm today enters the fintech sector.
The comments by Nigel Green, founder and CEO of deVere Group, come as he launches deVere Vault, a global e-money app.
The announcement follows pushes ever further into the banking sector for deVere. In the last two months, it has launched its own private bank and has received an investment banking licence.
The commencement of deVere Vault has been facilitated by deVere receiving its own e-money banking licence.
Nigel Green, founder and CEO of deVere comments: “The launch of our challenger bank, deVere Vault, is the latest move to provide expat clients a comprehensive, global service. Personal advice with digital solutions is what people need in today’s world".
“deVere Vault, a low-cost, app-only e-money service, has been driven by demand from internationally-mobile individuals, globally-focused firms and expats. They want to access, manage and use their money instantly and seamlessly wherever they are in the world".
“For these people and firms, plus the broader key 18-45 year-old demographic worldwide, it is now normal to do everything on their mobile or tablet. Increasingly, this is also extending to their day-to-day financial requirements".
“It is a trend that is only set to gain momentum moving forward. I believe the days of traditional banking are numbered. This is due to the speed with which banking information can be accessed and transactions made via app-only services. Such money apps are growing in popularity due to this high level of convenience, increased security, and as people become ever-more tech-savvy".
Mr Green goes on to say: “Initially, deVere Vault will provide global services in electronic money and a single card, multi currency service. Focusing on those with an international lifestyle, we will also ensure that the best currency exchange ratios are given".
“You will be able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies instantly with other deVere Vault account holders".
The deVere CEO concludes: “And this is just the beginning. We’re confident that deVere Vault is set to revolutionise how people access, manage and use money across the world and positively disturb the wider banking sector. Banking as we have known it until now is finished".
“This is a low-cost, e-money app designed for today’s globalised world".
Following the acquittal of two former Barclay's traders last week, Panorama asks if the right people are being blamed for what has been called the biggest financial fix of all time. Piecing together explosive new evidence, which calls into question the safety of other convictions, Panorama reporter Andy Verity reveals that manipulation of the world's most important interest rate, Libor, was allowed and even ordered by people at the highest levels of the financial establishment.
Big Bang ERP, a Canadian-based cloud solution consulting firm opens their first international office in Mauritius to better meet the demands of their clients around the globe. A 4-Star NetSuite Solution Provider, Big Bang ERP also specializes in Salesforce, Rootstock, ServiceNow and other industry specific softwares to tailor scalable solutions for every industry.
According to Mark Rhyman the Co-CEO and Chief Business Development Officer at Big Bang ERP, they chose to open their second office in Ebene CyberCity because of the amazing talent and it's perfectly located time zone.
“Mauritius is a central hub where the skill set is incredible. Everyone is bilingual and returning graduates from prestigious universities worldwide. Mauritius is like the Singapore of the Indian Ocean, it allows us to adequately serve our European, African and Australian customer base," said Rhyman.
“Appointing Jeek was a natural progression considering his remarkable level of education and business experience. We originally needed someone with the right mindset to step in to help us with our EMEA clients but, one thing led to another and a few coconuts later, he was the perfect fit to run our new Mauritian office,” said Rhyman.
Jeek knows what it takes to be successful; with over five degrees and certifications from prestigious universities, he is more than qualified to successfully multitask between Big Bang ERP, being a successful author and a member of Mensa.
“I am extremely proud to be leading our EMEA branch, and certainly excited to help the companies across the region through our Cloud Advisory Expertise. Mauritius is an African hub where many companies are striving to find the right balance between increasing efficiency and scaling lightning fast," said Jeekeshen Chinnappen, Director of Business Development at Big Bang ERP.
Capital Gains Tax — avoidance scheme — UK-Mauritius double taxation convention — whether trust resident in Mauritius — place of effective management — on facts, in UK — whether operation of DTC excluded when two contracting states tax different persons — no — appeals dismissed
Unrelenting low interest rates and rising currency volatility, among other factors, mean that debt as reported on European companies' balance sheets under International Financial Reporting Standards (IFRS) needs careful analysis, says Moody's Investors Service in a report published today.
"In the current environment, there is a significant risk that the amount reported as debt will fail to represent either the amount owed to the lenders, or the future cash outflow needed to discharge the obligation" says Trevor Pijper, Vice President - Senior Credit Officer at Moody's.
In its report, Moody's identifies five drawbacks that distort the meaning of the amount reported as debt. These include not incorporating the hedging of foreign currency risk, the use of fair value hedge accounting for interest rate swaps, the treatment of accrued interest payable, the adjustment made when a subsidiary is acquired, and the treatment of the cost of borrowing the money.
"Companies voluntarily disclosing additional information not required under IFRS helps us to identify and address the above distortions, and factor them into our credit metrics where material," adds Mr. Pijper.
Amar has been involved in the international financial services space since 2001 specializing in the structuring and management of offshore companies, foundations, funds, partnerships and trusts.
Amar joined the international financial services sector in 2001 specialising in company, foundation, fund, partnership and trust structuring, formation and administration.
