FSC Mauritius: Communiqué in relation to high level delegation in the UK in the context of the setting up of the FCC

A high level delegation comprising Mr. Dev Manraj, the Financial Secretary; Dr. Navin Beekarry; Director General of the Independent Commission Against Corruption (ICAC); Mr Harvesh Seegolam, the Chief Executive of the Financial Services Commission (FSC), is currently on mission in the United Kingdom in the context of the setting up of the Financial Crime Commission. The delegation met with Mr David Green CB QC, the Director of the Serious Fraud Office (SFO) and his team on Wednesday 04th of October 2017 to discuss about the establishment of a best tailor-made model of the Financial Crime Commission for Mauritius. In the same context, Dr. Navin Beekarry also had a series of meetings with the UK National Crime Agency (NCA) and the Crown Prosecution Office (CPS) in order to examine the UK model and experience on financial crime investigation and prosecution and how this model and experience can provide valuable lessons for Mauritius. The delegation also discussed about technical assistance on capacity building and areas of practice in modernising our practices in financial crime investigation and prosecution.

The Government is conscious that, with the increasing cross-border financial transactions, often facilitated by rapid technological developments, it is high time to develop a renewed financial crime enforcement strategy, adapted to the modern world. This new strategy to combating financial crime will not only strengthen the financial services sector, but will also make Mauritius a model in fighting financial crime for the region. In its commitment to relentlessly fight fraud, corruption and financial crime, it was announced in the Government programme 2015-2019, the establishment of the Financial Crime Commission as an apex body overseeing the ICAC, the Financial Intelligence Unit (FIU) and the Enforcement Department of the FSC. A Committee, under the Chairmanship of the Financial Secretary, comprising key stakeholders namely the Ministry of Finance and Economic Development, the Attorney General’s Office, the Ministry of Financial Services and Good Governance, the ICAC, the FSC, the FIU, the MRA and the Mauritius Police Force, is currently studying the best avenues to set up the Financial Crime Commission. The main Committee has set up a Working Group under the Chairmanship of the Director General of ICAC to submit proposals for the establishment of the Financial Crime Commission.

Financial Services Commission

05 October 2017

FT: Investing in Mauritius

The island nation reinvents itself as a launch pad for global investors in Africa, with both China and India as its key partners. We also take a look into Mauritius’ growing focus on cross-border banking activities, tourism, environmental challenges, and sugarcane industry.

Mauritius sets sights on becoming new Singapore

Indian Ocean island aspires to be trade and investment hub for Africa

Mauritius central bank cautious on moves into Africa

Despite concerns, the financial system is judged to be sound

Is Mauritius big enough for China and India?

Relations with Asian giants are central to development plans

Mauritius exposed to environmental risks

Action required to deal with global warming and natural hazards

Race on to build year-round tourism in Mauritius

Industry faces ‘challenges’, including how to entice visitors to spend more

Mauritius struggles with tax haven crackdown

OECD says island must not base future on leaching tax revenue from African neighbours

Mauritius planters plan ahead to beat EU sugar rush

A journey down any country road shows cane still hugely important to economy

Mauritius sugar growers hope for rum success

Changes to European sugar quotas give distilleries taste for global markets

IMF - Understanding Correspondent Banking Trends: A Monitoring Framework

The withdrawal of correspondent banking relationships (CBRs) remains a concern for the international community because, in affected jurisdictions, the decline could have potential adverse consequences on international trade, growth, financial inclusion, and the stability and integrity of the financial system. Building on existing initiatives and IMF technical assistance, this paper discusses a framework that can be readily used by central banks and supervisory authorities to effectively monitor the developments of CBRs in their jurisdiction. The working paper explains the monitoring framework and includes the necessary reporting templates and an analytical tool for the collection of data and analysis of CBRs.

deVere launches investment app as it further expands into fintech

Adding to its growing fintech proposition, deVere Group has today launched deVere Investment, an execution-only, low-cost investment app that will allow clients to purchase Structured Notes, ETFs and Mutual Funds. 

The app is offered by deVere Investment Ltd, a technology-driven company based out of Mauritius, and is available to download now through iTunes and Google Play.

Nigel Green, founder and chief executive of deVere Group, affirms: “This fast and effective app provides clients with a platform that is low cost and gives them the ability of day-to-day execution-only trading”.

“In addition, it also gives the clients a great advantage whereby they can purchase Structured Notes with no minimum investment and low custodian costs of just 20 basis points”.

He continues: “By capitalising on the benefits of this investment app, deVere is helping even more people make their savings work for them, enabling them to successfully achieve their long-term financial objectives”.

“Also, it is helping to advance the financial services sector past the limited scope of what traditional firms and banks are offering their clients, especially in terms of customer experience and accessibility”.

“In today’s world, clients demand personal instant access anywhere and at any time - and this app, which is a specialist vehicle that allows clients to track their portfolios on the go, offers just that”.

Earlier this year, through deVere E-Money, the organisation launched its first fintech (financial technology) proposition, deVere Vault, a global e-money app designed for internationally mobile individuals and firms. Last week another 22 currency wallets were added to the existing five, making deVere Vault the world’s most international e-money app. More than 40,000 users will have downloaded and be using deVere Vault before the end of the year, it has been forecast.

deVere Group is expected to launch more ground-breaking fintech solutions in the next few months.

As the additional currency wallets were rolled out last week, the deVere CEO commented: “We’re entering a new age. We are truly at the start of a tech and digital revolution that is monumentally changing the way we live, do business and connect to one another - and the changes are coming quicker than ever before and will affect more people than ever before”.

“From self-driving cars, genetic bio-editing to intelligent robots, new technologies will impact every part of our lives. Our financial lives will be no exception. Therefore, we’re committed to helping shape the future by developing accessible and in-demand fintech propositions that empower us all to achieve our financial objectives and manage our money in today’s world”.

impactChoice Launches Earth Token Initial Coin Offering Crowdsale

impactChoice, a leading provider of environmental sustainability solutions, will launch a token pre-sale of its ERC20 Standard cryptocurrency, Earth Token (EARTH) on October 23, 2017. The main token sale will commence one week later, October 30.

The goal of the project is to combine the strengths of Blockchain and Cryptocurrency with years of experience creating Environmental Sustainability Solutions to establish a global Natural Asset Marketplace that removes current barriers to participation in activities that preserve our Environment, while providing all stakeholders with tangible assets that appreciate in value as the market matures and grows.

Natural Capital is estimated to be approximately $120 trillion at present and global awareness that we have to act now to preserve our planet is growing. However, efforts to preserve natural assets, minimize impact on the environment and combat climate change have been hampered by red tape & bureaucracy, lack of transparency & trust and extreme complexity.

Power is predominantly in the hands of large institutions and numerous middlemen who add little or no value to overall efforts, with smaller entities and individuals being relegated to the sidelines.

The net result is that only a fraction of funding raised for sustainability efforts actually finds its way to intended projects and global participation has been stymied.

The transformative power of Blockchain distributed ledger technology is as applicable here as it is in any other industry, fostering a new generation of transactional applications that establish trust, accountability and transparency between organizations, eliminating islands of segregated information and increasing business velocity.

When combined with a cryptocurrency, rules enforced through smart contracts ensure that community interests are protected throughout the value chain, creating a more inclusive and universally accessible world where community participants get an equal opportunity to participate and share in the value that they create, similar to what Bitcoin is doing in financial markets.

The impactChoice Natural Asset Exchange blockchain platform and Earth Token (EARTH) creates a unique opportunity to invigorate the Natural Asset Market and enable all stakeholders in the value chain to participate. Transforming Environmental Sustainability from a financial burden to a business incentive by finally providing all contributors with tangible assets that will appreciate in value as the market grows - allowing the market to grow organically and achieve its massive potential.

"From the outset, we realized that if we were going to make any significant impact on preserving and protecting the earth for future generations we would have to reduce the financial burden of Environmental Sustainability initiatives by tying efforts to real business outcomes and spreading the load across all stakeholders and incentivizing all to participate," says Leonard Harley, co-founder and Managing Director of impactChoice.

"So, from 2009 our mission has been to provide guidance and solutions that enable organizations to apply benefits derived from reductions in the consumption of natural assets and optimization of operational processes to their sustainability efforts, involving all stakeholders in their efforts."

"The impactChoice Certificate Issuing and Tracking Exchange (CITEX) platform was the world's 1st Carbon Asset Management platform that used digital representations of carbon assets to enable companies to compensate for environmental impacts by apportioning emissions to relevant business metrics, mitigating these via internationally accredited and verifiable emissions reduction mechanisms and involving customers in their efforts."

"With blockchain technology maturing, we finally have the tools to make our vision a reality. A trusted, transparent platform that will allow all to participate, and the mechanism to ensure they are rewarded for their efforts, providing the incentives so desperately needed to make environmental sustainability efforts successful."

"There are very seldom opportunities to create wealth while doing the right thing," he added. "I hope folks take advantage of this tremendous opportunity."

Earth Token (EARTH) funds will be held using multi-sig wallets, including two of three signatories for the control of funds. All token sale information will be available at the official Earth Token website (www.earth-token.com). EARTH token ownership does not represent any kind of share or equity or voting rights in impactChoice or its subsidiaries. EARTH is not a security.

Nespresso: Discover the untold stories behind Explorations 2

Following the launch of the highly sought after and limited Explorations 1 coffees, Nespresso is once again giving coffee lovers the chance to become true coffee connoisseurs as it launches Explorations 2.

The Explorations collection is comprised of rare coffees from incredible terroirs that are all considered ‘hidden gems’ by the Nespresso coffee experts due to their remarkable taste notes.

New, unique and exotic – are the three words that perfectly describe Nespresso’s latest creations that will only be available for a very limited period at Nespresso boutiques worldwide.

Each of the Explorations 2 contrasting coffees, Ethiopia Yirgacheffe and Colombia Aguadas, have a hidden story to tell. They virtually transport Nespresso’s customers to Ethiopia and Colombia, to taste two very special coffee flavor profiles.

Ethiopia Yirgacheffe is a tale of revival and rediscovery as the Nespresso experts searched to find the perfect flavor and aroma profile they desired for this limited edition. In contrast, Colombia Aguadas is a dedication to the impassioned farmer care and practices that can transform a flavor from average to extraordinary.

Ethiopia Yirgacheffe

Yirgacheffe became a known treasure of the coffee world thanks to its distinctive notes of bergamot citrus and jasmine blossom.

However, after changes to trade routes and how coffee was sold in communal lots, these particular notes became diluted and increasingly difficult to find.

The Nespresso experts weren’t willing to compromise on these delicate and distinctive aromas so they began a painstaking search, sorting through endless coffee lots in order to find these highly sought after notes and bring back the taste of a true Yirgacheffe - one that was worthy of its esteemed reputation among coffee lovers.

Colombia Aguadas

The creation of the Colombia Aguadas coffee is a story of farmer craft and love. During a routine coffee cupping session in Aguadas, one of the Nespresso experts found themselves enchanted by an astonishing and unexpected coffee profile. Wanting to learn more, the agronomists worked with the cooperative of coffee farmers to investigate which particular practices had developed such an incredible flavor.

The answer was a longer fermentation period due to the cold nights that occur high up in the Aguadas mountains, 100% sun-drying and super-selective hand picking. In order to share this stunning end result, this extensive process has been replicated to create Colombia Aguadas.

Ethiopia Yirgacheffe and Colombia Aguadas have been specially created and paired in a duo-pack due to their contrasting hidden stories and aromatic end-cup tastes. Both coffees are Pure Origins meaning that the coffee has been sourced from a single farm or a group of farms in a precise region.

Available just twice a year and in exceptionally small quantities due to their rarity, coffee lovers will be invited to sample the latest Explorations orderings whilst learning about their heritage, unusual tasting notes and terroir.

VAM Global appoints Managing Director of Mauritius Administration and Trust Company

VAM Global, the Luxembourg-based Holding Company of the VAM Group which includes the Mauritian Administration and Trust Company (MATCO) and operates VAM Funds, has appointed Mooneer Salehmohamed as Managing Director for MATCO and as VAM Group General Counsel.

Salehmohamed, who will be taking overall charge of MATCO’s Head Office in Mauritius, will also be appointed to the position of Director, VAM Marketing Ltd and Director, VAM Management Services Ltd.

Salehmohamed will be travelling across the various regions in which MATCO and VAM’s other entities operate with the aim of developing existing and prospective client relationships. He is a qualified Barrister in England and Mauritius, with over 10 years of experience in the legal and regulatory field within the Financial Services Industry in the City of London.

Prior to the appointment, Salehmohamed was a Non-Executive Director on the MATCO board. He held legal and regulatory roles at Fleming Family & Partners, Newton Investment Management (a subsidiary of BNY Mellon) and Eaton Vance Management (International) Limited, where he headed the Compliance department within the UK, with responsibility for the Singapore office.

MATCO forms part of the VAM Global group and works to establish, manage and administer companies and trusts to help clients meet their objectives. MATCO’s specialist knowledge is focused on connecting clients to and from Africa, but the company maintains a global client base, helping them to preserve their wealth and provide them with greater flexibility over the management and distribution of their assets.

Brendan Adams, Director, VAM Global, says: “I am delighted to announce the appointment of Mooneer as MATCO’s managing director. Mooneer’s expertise in the legal and financial regulatory field, combined with MATCO’s state-of-the-art computer system,  reinforces our position as one of the leading trust and administration companies in Mauritius.

David Macdonald, Director, VAM Marketing and VAM Funds, says: “Attracting someone of Mooneer’s calibre into the business is a great endorsement of our strategy and ambition. Mooneer will add great value to our VAM Marketing Board of Directors, as we continue to grow the global distribution of VAM Funds.”

Salehmohamed says: “MATCO has built its proposition around being a gateway to and from Africa for corporate and individual clients globally, and I am thrilled to be taking on the role of Managing Director to oversee the future growth of the company’s prospective and existing business relationships.

“As Mauritius grows in importance as a financial centre that connects Africa to the world, MATCO is well-placed to help clients meet their specific objectives for wealth preservation, from businesses to private individuals and families.”

Vistra: Cryptocurrency Series

In this five part cryptocurrency series, find out more about what cryptocurrency is, what blockchain is, about cryptocurrency regulation and regulatory sandboxes, initial coin offerings and China banning the ICO.

Part 1 - What is Cryptocurrency?

Part 2 - What is Blockchain?

Part 3 - Cryptocurrency Regulation and Regulatory Sandboxes

Part 4 - Initial Coin Offerings

Part 5 - China Banning the ICO

Crociani and others v Crociani and others [2017] JRC146 : breach of trust and associated issues

The recently-published judgment in Crociani and others v Crociani and others [2017] JRC146 marks the end (subject to appeal) of the beneficiary plaintiffs' long-running claim against the trustee defendants. The claim, first issued in 2012, endured bitter interlocutory skirmishes (the judgments in relation to many of which have periodically been published during the course of the last five years) and an appearance before the Privy Council, but has now been resolved categorically in favour of the plaintiffs.

Johnnie Walker Black Label Director’s Cut

Thirty-five years on from being the spirit of choice in cult sci-fi classic Blade Runner, Johnnie Walker Black Label returns to the big screen in its highly-anticipated sequel Blade Runner 2049.

Johnnie Walker Black Label The Director’s Cut is a limited edition Scotch Whisky created by Master Blender Jim Beveridge in collaboration with visionary filmmaker Denis Villeneuve. The experimental blend is inspired by Villeneuve’s Blade Runner 2049, and is presented in a futuristic bottle.

With our trademark smokiness and a contemporary twist, Johnnie Walker Black Label The Director’s Cut is a rich, smooth blend with aromatic and vanilla flavours and is bottled at 49% ABV as a nod to the futuristic period in which the film is set.

Not easily replicated, the “Ahara” cocktail by Tenzin Samdo is an ode to Blade Runner 2049.
Created by Ezra Star, the “Deckard” cocktail takes its name and inspiration from one of the main characters in Blade Runner 2049.

Step into the future with “Quest”—a cocktail created by Tenzin Samdo for Blade Runner 2049.

The visionary Sam Anderson created the “Ode to Dreams” featuring Johnnie Walker Black Label - The Director’s Cut inspired by Blade Runner 2049.

Inspired by BladeRunner 2049, the “Penicillin 2049” cocktail by Tenzin Samdo is garnished with a futuristic sensory cloud.

Oracle Continues Africa Expansion with New Mauritius Office

Oracle announced today the opening of its new office in Mauritius to advance the rapid growth of Oracle's Cloud computing business and provide seamless support to Oracle customers and partners in the island nation and the African continent.

Key dignitaries including Mauritius' Honourable Minister of Technology, Communication and Innovation Yogida Sawmynaden; Cherian Varghese, Vice President – Technology, Africa, Oracle and Dr. Avinash Ramtohul, Country Leader – Mauritius, Oracle attended a launch event at the new office to mark the milestone.

"Mauritius is a strategic high growth market for Oracle and we have continuously invested in enhancing our local capabilities and service offerings", said Cherian Varghese. "We are excited to expand our presence with the new office for which we will soon start hiring digitally savvy candidates with a strong sense of personal drive and the ability to successfully sell some of the world's most exciting cloud technologies."

Oracle has been present in Mauritius for more than two decades and the company has been instrumental in driving digital transformation for key entities from both the public and private sector.

"Mauritius has traditionally been an early adopter of enterprise technology and hence the country ranks highest amongst African nations on the ICT Development Index (IDI)", said Yogida Sawmynaden. "Our vision is to further develop Mauritius' ICT sector as a key economic pillar. It is through the continued investment, from companies such as Oracle, that this vision will be realised; not only through their ongoing support to drive digital transformation in Mauritius but also with their capacity building initiatives, aiding the development of a skilled workforce."

Expanding presence across Africa to support a fast growing customer and partner base is a key priority for Oracle. Oracle now operates 13 dedicated offices across Africa; these include two each in Nigeria, Egypt and South Africa and single offices in Algeria, Kenya, Ghana, Ivory Coast, Senegal, Morocco and Mauritius.

Cloud computing led digital transformation is fast gathering pace in Mauritius. As per a recent IDC CIO survey, 45% of organizations in Mauritius are planning on implementing private cloud service hosted and managed by a third party datacentre within the next 24 months, with over 20% confirming that they have already implemented private cloud solutions. There is a clear indication that the region is ready to embrace business digitisation, as the need for Enterprise Resource Planning (45%), Platform as a Service (30%) and Storage as a Service (38%) rank high in the list of public cloud services companies are planning to adopt over the next 24 months.

A Hacker’s Guide to Destroying the Global Economy

A massive cyberattack on our financial system is coming. This is how it happens. By Ben Sullivan.

Institutional Investor

Nespresso Explorations 2 - One Of A Kind Coffee Collection

Welcome to the second edition in our one of a kind coffee collection, EXPLORATIONS.

COLOMBIA AGUADAS

The particular microclimate high up in the Aguadas region of Colombia, meant one pocket of farmers made their coffee in an unusual way, resulting in an extraordinary cup. Welcome to the story of Colombia Aguadas.

A Matter Of Timing

Sometimes, things happen when you least expect, and the creation of this coffee was one of those moments. Always on the lookout for something special, it was after a routine coffee cupping that a new taste note unlike any other we’d previously seen in the region leapt from the table. So, excited by this special profile potential, we set out to discover just how it had been created.

Our agronomists worked with the Aguadas cooperative to investigate which particular practices had created the extraordinary cup quality. They discovered that tucked high up in the Aguadas mountains, the cold nights meant a small group of farmers had to ferment their coffee for a little longer than usual.


This seemingly simple alteration brought about the most incredible taste potential. As well as longer fermentation, these farmers were highly selective in only picking the ripest cherries and then solely sun drying their beans in the Colombian sun.

Unwavering Dedication

Trusting in the expertise of the agronomists, these 61 coffee farmers agreed to fine-tune their practices in order to consistently create the exact quality we were after, bringing you this special cup.

It’s testament to the farmers’ skill, commitment to their crop, and a trusting relationship with our agronomists, that they could perfect what was found on the cupping table. Allowing us to bring you a Colombian coffee different to any we have brought you before.

A New Taste Unearthed

This discovery has shifted our perception of what an Aguadas coffee can be.

The farmers’ drive and devotion to what they do allows you to meet Colombia Aguadas

With an average medium roasting, we’ve developed a complex profile– the gentle acidity dances with incredibly sweet notes, bringing to mind dulcet candied fruits.

Life In A Cooperative

Being part of a coffee cooperative is about more than just business. The strong community bond sees farmers helping and supporting each other and means the farming families have greater access to education programs, advanced agronomy training and improved farm facilities.

So, within the cooperative, they not only get to produce even better quality coffee, but their love for what they do is able to grow too. And you can taste it in every cup.

The Rewards Of Fairtrade

When farmers work with Nespresso, we ensure they get a good deal for their coffee. That is why one of the keys of the growth of the Aguadas coffee cooperative has been to become Fairtrade certified as well as to sell their coffee through the Nespresso AAA Sustainable Quality™ Program.

Many of the region’s villages now benefit from services financed with the Fairtrade Premium in the Aguadas cooperative. The Fairtrade Premium comes on top of the coffee price; it is received directly by the cooperative and spent according to the community’s needs.

Since 2005, the region has also participated in the Nespresso AAA Sustainable Quality™ Program. This program is our unique coffee sourcing program. It ensures we can offer the highest quality coffees to our consumers while delivering positive impact to farmers, their communities and the surrounding landscapes. We have also worked to provide retirement savings for the cooperative farmers – a program designed by the Colombian government and implemented as a Fairtrade pilot by Nespresso.

The Fruit Connection

Colombia Aguadas has a special aromatic connection to other Grand Crus in our collection such as Rosabaya de Colombia, Cosi and Livanto, however each coffee has its own specificities.

Rosabaya De Colombia

Rosabaya de Colombia is another coffee with prominent acidity and fruity notes. While bringing you the same rich roast and body, Rosabaya de Colombia bears winey notes more like red fruits, while the Colombia Aguadas dulcet fruit has a pleasing sweetness reminiscent of candied apples and red berries.

Cosi

Cosi is crafted from a blend of both Kenyan and South American Arabicas and brings you a more subtle sweetness. The Arabicas in Cosi also bring characteristic cereal and lightly toasted notes to the coffee rather than the candied sweetness of Colombia Aguadas.

Livanto

Livanto shares the same balanced profile as Colombia Aguadas. A medium roasting similar to Colombia Aguadas accentuates malted notes, whilst fruity notes evolve to create a complex and delicate, caramelised bouquet.

Taken With Milk

We recommend drinking Colombia Aguadas black to perceive the aromatic subtleties of the origin. If drunk with milk, we suggest trying it as a Latte Macchiato. Milk blends perfectly with this Espresso resulting in an elegant and creamy beverage with sweet caramelised and fruity notes.

ETHIOPIA YIRGACHEFFE

After years of patient searching and sampling, this coffee jumped off the cupping table and brought back to life the elusive and historical notes thought by many to have slipped away forever. Welcome to the story of Ethiopia Yirgacheffe.

Legend Of The Yirgacheffe Coffee

One particular south central region of Ethiopia is world famous for its distinctive coffee flavour. For as long as coffee has existed, the district of Yirgacheffe has been home to the floral notes of Jasmine blossom and Bergamot citrus. Like the fine feathers in a ladies hat, these delicate notes have been cherished by both locals and coffee lovers alike.

However, after alterations in trade routes and how coffee was sold in communal lots, these particular flavours became diluted and much more difficult to find. But, not happy with bringing to you anything less than what we knew a true Yirgacheffe coffee could be, we kept on looking for what we were sure was still out there.

Hunting For Elusive Notes

You know what it’s like when you set your mind to something. We wouldn’t accept anything short of what we knew was possible. Sure, it took some time, but we never gave up hope. Constantly waiting and looking, we carefully watched the crops in the region for these treasured notes to appear again.

With nothing hitting the mark, we passed on lot after lot and continued our search. Until one day. Those classic flavours leapt once again from the cupping table. When it was time to act, we were ready.

A Cherished Taste Returns

The aromas found on the cupping table that day were delicately perfumed and sprinkled with the magic of white floral notes, transporting us to the blossom-scented home of the origin of coffee. Sounds worth waiting for, don’t you think?

Having taken so long to find again, we handled these precious notes like exquisite china – gently crafting Ethiopia Yirgacheffe with a light roasted profile resulting in a fine velvety texture. Carefully bringing everything together for a coffee with all the finesse of a true, authentic Yirgacheffe.

A Land Of Coffee Lovers

Welcome to the place where coffee is part of the family. It’s been part of Ethiopia's indigenous cultural tradition for more than 10 generations. Considered the birthplace of coffee, it still grows wild high up in the mountain forests. Unlike many coffee growing countries, Ethiopians drink half as much coffee as they export.

A daily ritual in most homes across the country is the ornate coffee ceremony where they roast beans in an open pan over a fire and come together to talk and drink.

The Rewards Of Fairtrade

Sustainability is right at the heart of what we do and when it comes to bringing you a responsible cup, Nespresso is always partnering up to ensure the highest positive impact for farming communities. That’s why we work with partners like Fairtrade International.

The Yirgacheffe Cooperative unites 22 farms, all Fairtrade. As well as being focused on producing the best coffee crops, the members of the cooperative have proudly invested Fairtrade money into both education and community infrastructure. As most farms are smallholders, this not only strengthens the community, it is also a vital way to help secure the smooth delivery of their coffee from the farms to your cup.

The Floral Connection

Our second coffee from the country, Bukeela ka Ethiopia is also a Pure Origin but this Grand Cru comes from Sidamo and other Western regions of Ethiopia.

Bukeela ka Ethiopia

Bukeela ka Ethiopia is lighter in body and less intense than Ethiopia Yirgacheffe but also has those delicate floral notes the country’s coffee is known and loved for.

Taken With Milk

We recommend drinking Ethiopia Yirgacheffe black to perceive the aromatic subtleties of the origin. If drunk with milk, we suggest trying it as a Latte Macchiato. This coffee will become even more aromatic with surprising floral notes reminiscent of a violet candy. The addition of milk brings sweetness and a biscuit flavour to this tasteful Espresso.

Vistra to Acquire Corporate Services Business from Deutsche Bank

Vistra, a leading global corporate service provider, announced today that it has entered into a definitive agreement to acquire the Corporate Services business of Deutsche Bank’s Global Transaction Banking division. 'Corporate Services' provides management and administration of SPVs and asset holding companies to banks, non-bank financial institutions and corporates. The business specialises in the administration of structures for:

• Structured Finance transactions (CLOs, CDOs, Securitizations, Mortgage-Backed Securities);
• Aircraft Leasing;
• Commercial Real Estate holding; and
• Investment Funds (mainly private equity and real estate).  

Operating in the United Kingdom, Ireland, Luxembourg, the Netherlands, Jersey, Mauritius, Cayman Islands and the US, the business employs 139 staff globally. The transaction is subject to regulatory approvals.

Expected to close in the first half of 2018, the transaction will assist Vistra to continue on its progressive growth trajectory. The acquisition strengthens Vistra's international network and provides further scale and expertise for existing jurisdictions. All of Deutsche Bank's Corporate Services staff will be given the opportunity to join the combined operation to support and grow the client relationships that are at the core of this acquisition. Terms of the agreement are not being disclosed. 

Commenting on the acquisition, Onno Bouwmeister, Vistra’s Group Managing Director of Alternative Investments division stated “This acquisition marks another significant step in Vistra’s growth, broadening our presence in seven of our existing locations across Europe, the Cayman Islands and Mauritius. It gives us presence in Ireland, a key strategic jurisdiction particularly in light of the upcoming ‘Brexit’ process, and additional capability in Mauritius where the bulk of the back-office administrative activity is carried out to high quality standards. This additional expertise in the Capital Markets sector will have a significant impact on our Alternative Investments division, creating exciting opportunities for our new employees and clients alike. We look forward to working together to build on our achievements to date and take Vistra to the next level.”

Jose Sicilia, Deutsche Bank's Head of Trust and Agency Services, Global Transaction Banking said “Our main goal with this transaction was to find a partner that will continue to deliver the highest quality services to our Corporate Services clients as well as a dedicated Corporate Service provider for our staff. This will enable us to sharpen our focus on our existing award-winning securities services business. We feel we have achieved our objective with Vistra.”

Herbert Smith Freehills research reveals Artificial Intelligence will recast the relationship dynamic between legal providers and clients

International law firm Herbert Smith Freehills has published the results of its Artificial Intelligence (AI) research anticipating its impact on the legal practice. The report, Artificial Intelligence: The client perspective, reveals that clients want their legal providers to focus on collaboration, new ways of service delivery and talent development. The introduction of AI into law firms' working practices will enable firms to meet these client demands.

Investing in AI technologies seems an obvious strategy for law firms. However, the technology is a means to an end. Clients may not contribute to law firms' AI investments but they expect their legal providers to take a lead in offering progressive services and solutions to recast the value gleaned from their relationships. Law firms need to take charge of creating the right mix of human and machine capabilities to recast future relationships that benefit both provider and client.

The research compiles the views of senior clients – including general counsels, chief operating officers and strategy directors – from 22 leading international companies from a wide range of industries, including the financial, insurance, real estate and consumer goods sectors.

The findings suggest that clients have strong views in three distinct areas:

1. Recast the relationship dynamic: Clients believe that AI tools will lead  to greater efficiency and challenge revenue models but also – and more importantly – drive an enhanced engagement. Clients want their law firms to move beyond traditional transactional lead delivery to a new, more collaborative relationship model.
2. Embrace new business models: Clients want to know that their legal provider is making the best decisions around innovation, combining new technologies with new ways of working, including collaborating with third parties and challenging existing processes.
3. Reshape the talent pool: Clients expect that their legal provider can still deliver top human talent as  well as take advantage of technology.

CEO Mark Rigotti comments:

"Artificial intelligence is advancing rapidly and is changing the way law firms do business, the way we interact with clients and ultimately, the way we think. The traditional model for delivering legal services is being redefined and clients expect their law firms to deliver more value. At Herbert Smith Freehills providing legal services aligned with legal technology solutions, remains at the heart of our innovation agenda."

Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality

Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax havens globally, but this average masks a great deal of heterogeneity—from a few percent of GDP in Scandinavia, to about 15% in Continental Europe, and 60% in Gulf countries and some Latin American economies. We use these estimates to construct revised series of top wealth shares in ten countries, which account for close to half of world GDP. Because offshore wealth is very concentrated at the top, accounting for it increases the top 0.01% wealth share substantially in Europe, even in countries that do not use tax havens extensively. It has considerable effects in Russia, where the vast majority of wealth at the top is held offshore. These results highlight the importance of looking beyond tax and survey data to study wealth accumulation among the very rich in a globalized world.

Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality (Annette Alstadsæter, Niels Johannesen and Gabriel Zucman), NBER working paper 23805, September 2017

Despite Brexit Uncertainty London Remains On Top

There is an overall drop in confidence amongst the leading centres. Of the top 25 centres, 23 fell in the ratings and only two rose. At the lower end of the table, 20 of the 25 lowest rated centres actually rose in the GFCI ratings.

There is little change in the top five positions. London and New York remain in first and second places. Interestingly, despite the ongoing Brexit negotiations, London only fell two points, the smallest decline in the top ten centres. Hong Kong has moved just ahead of Singapore into third – only two points ahead on a scale of 1,000. Tokyo remains in fifth.

The gap between third place Hong Kong and second place New York is now only 12 points. This is the smallest gap between second and third places for over five years. New York fell by 24 points, the largest fall in the top 15 centres, presumably due to fears over US trade.

Western European financial centres are still volatile. Frankfurt, Dublin, Paris and Amsterdam all rose, but Zurich, Geneva, and Luxembourg fell in the ratings. Overall assessments for the European centres continued to fluctuate as people speculate about which centres might benefit from London leaving the EU. However, the majority of centres in the region rose with Stockholm, Copenhagen, and Vienna all showing strong rises.

The leading financial centres in the Asia/Pacific region fell in the ratings. All of the top ten centres in the region fell in the ratings with Singapore, Tokyo, and Osaka all showing marked declines. These are reverses of strong gains made in 2015-16.

All centres in North America fell in the GFCI ratings. As mentioned above, New York fell. San Francisco, Boston, Chicago, and Washington also saw large falls. The decline of Canadian centres was less severe than the falls of the USA centres.

All of the Eastern European centres rose in the ratings. Cyprus, Athens, St Petersburg, and Moscow reversed some of their recent declines.

Financial centres in the Middle East and Africa showed mixed results in GFCI 22. Dubai and Casablanca fell slightly, but other centres in the region did well. Abu Dhabi, second in the region, reduced the gap to first place Dubai to just nine points. Elsewhere in the Middle East, there were good rises for Bahrain and Riyadh.

Latin American and Caribbean centres did well. The Caribbean centres of the British Virgin Islands and the Bahamas saw strong rises. Sao Paulo and Rio de Janeiro also did well. Buenos Aires joined the main GFCI, but Santiago remains an associate centre having failed to accumulate a sufficient number of assessments to enter the main index.

European ‘island’ centres did well. The British Crown Dependencies of Jersey, Guernsey, and the Isle of Man all performed strongly and there were also strong rises for Malta, Reykjavik, and Gibraltar.

Is ‘offshore’ a dirty word?

Until recently the wealthy could stash their cash offshore with impunity. Now, amid public resentment, they and their favoured havens are having to embrace transparency, says Alec Marsh

Royal Grill: a delicious starlit grill on the beach at Royal Palm

Sitting at a table on one of the best beaches in the north of Mauritius and surrounded by torches underneath a starlit sky, guests at Royal Palm Beachcomber Luxury can enjoy a superb grill dinner menu prepared by Chef Michel de Mattéis every Thursday evening.

The Royal Grill has become a favourite among regular guests and first-timers alike at this legendary grand hotel. The evening has a special flavour and is a great opportunity for couples, families or groups of friends to share a pleasant moment in a chic yet informal atmosphere around a delicious meal in a truly magical setting. The menu varies depending on the season and is an invitation to enjoy some luscious and juicy grilled specialities. Homemade smoked fish, an ample choice of salads and mixed vegetables, a cold turmeric zucchini soup, a tabbouleh with fresh mint and calamari snacks with a touch of turmeric provide an appetizing introduction. These are followed by the catch of the day, freshwater Camaron shrimps, chicken satay skewers, Angus rib steaks, lamb chops and chicken ‘Kalia’, all served with white rice, a vegetable fricassee with lemon and a tasty choice of sauces and dressings.

For a sweet conclusion to this unique culinary experience, there is a selection of desserts for the true gourmands, from fruit skewers with vanilla glaze to the mango and coconut fondant and the pineapple and lime verrine with a lychee emulsion.

Epicures, young and old, will enjoy the delicate flavours as well as the warm and convivial atmosphere of the Royal Grill!

Mauritius: FSC Administrative Penalties

Corporations holding a Category 1 Global Business Licence (GBC 1) are required, pursuant to Section 30 of the Financial Services Act 2007 (the FSA), to file with the Financial Services Commission (FSC) every year, audited financial statements while corporations holding a Category 2 Global Business Licence (GBC 2) are required to file financial summary with the FSC each year.

The audited financial statements /or financial summary should be submitted within six (6) months after the financial year end of the GBC 1 / or GBC 2, except where otherwise required under any other relevant Acts. Other relevant Acts are defined under the FSA and include among others, the Insurance Act 2005 and the Securities Act 2005.

Non-compliance with the deadline entails the GBC 1 / or GBC 2 to incur administrative penalties - as detailed in the Schedule accompanying the Financial Services (Administrative Penalties) Rules 2013 (‘the Rules’). Administrative penalties are calculated based on business days only. The administrative penalty imposed for each business day is USD 10 for GBC 1 and GBC 2.