Person Career

In 1982 the world economy bottomed out of the longest economic recession since the end of World War II. The economic challenges were enormous. A chaotic world monetary order, high inflation rates caused by the two oil price shocks in 1973 and 1978, high rates of unemployment, relatively low levels of investment, huge fiscal deficit, high level of internal and external debt, huge current account deficits and virtually no foreign exchange reserves had marked the beginning of the 1980s.

Mauritius had free banking in the 18th century and in the early decades of the 19th century. Banks competed with each other in issuing bank notes until 1849. Capital moved in and out freely. Money was backed by gold and/or silver. On January 1, 1877 an Order in Council had prescribed the rupee as the only legal tender in Mauritius. Banking used to be an unregulated business. The first Banking Ordinance was promulgated on April 19, 1958. Banking License was issued by the Financial Secretary.

The unexpected tragic news, received on Monday 8th May, of the passing away of Mr Mohamad Vayid in Cape Town, far from his native soil, will deeply sadden many old boys who attended the Royal College Curepipe in the sixties. Not only have we lost one of our most original thinkers and best commentators on Mauritian life and politics, but also a brilliant intellectual who was born to make others think and wish to learn more.

Cyprus shares some common features with Mauritius. It is an island economy, it has a lucrative offshore banking sector, its financial industry is dominated by two out of twenty-six banks, and they rely hugely on deposit financing with outsized liabilities in relation to the economy.

I am not sure that life, to any one,
A fuller measure of contentment brings,
With all its gifts, than in the draught which springs,
From honest work, well plann’d, and bravely done.
William Wilsey Martin, ‘Labor’

These are the damning impressions of Finance Minister of India, Mr Chidambaram [a highly rated probable successor to Prime Minister Manmohan Singh, should the Congress-led UPA return to power] on our Mauritius Delegation to debate GAAR and the current DTA between Mauritius and India in April 2013.

Late Sir Harrilall Ranchordas Vaghjee, (Sir H.R.V), was the first Mauritian lawyer to assume the function of Speaker in the Mauritius Legislative Assembly, (M.L.A), as Parliament was then known. Up to early 1959 only English Speakers presided over the M.L.A.H.R.V, though of shy and discreet countenance, was actually a figure of high status and calibre.
Most Members of the Legislative Assembly, M.L.As were then very mature, humble and respecful of institutions, qualities acquired during the English colonial rule.

Tout le monde s’accordait à dire que l’écurie Foo Kune et Robbie Burke détenaient  les meilleures cartes en main lors de la cinquième journée. Toutefois, ce tandem dut se contenter d’une seule victoire et eut à attendre la dernière course au programme pour laisser échapper un ouf de soulagement. Ce fut Eagle Award qui leur permit de sauver leur journée.

• Des ristournes sur la TVA de 15 % accordées par Indian Oil pour l’approvisionnement de 20 millions de litres de mazout contestées en Cour suprême
• Dissenting Report de Me Denis Vellien de l’IRP : « La formule adoptée est en contravention aux provisions de la VAT Act de 1998 »

Tout porte à croire que ceux à qui il incombe de maîtriser l'incertitude et les risques ont, et c'est un comble, non seulement manqué aux règles élémentaires de prévention mais se sont aussi rendus coupables de défaut de diligence normale. Pour faire simple, ils pourraient tous être passibles de poursuites pour homicide involontaire par imprudence et/ou négligence, crime punissable d'emprisonnement.

For the record, today you’ll read the fifth part of the series on the 1950s after-dinner bedtime time-honoured tradition of storytelling. In the absence of radio and TV sets, children assembled around their parents or grandparents to listen attentively to stories, based on religion, popular myths or past unforgettable personal experiences.

Disasters have been on the rise and are predicted to increase in frequency and intensity due to climate change, rapid urbanisation and environmental degradation. Just a couple of days after our own national tragedy, we heard of the many lives lost in Argentina because of flooding. This will no doubt be cited as an example by the authorities, almost as if justifying what has happened here. True, climate change is inevitable but the havoc that it wreaks, if cannot altogether be avoided, can at least be mitigated.