Barclays Bank staff organizes annual Make a Difference Day

Posted in Offshore Banking at 11:46 am by Robert Klien

On November 8, 2008, Barclays Bank Seychelles’ annual Make a Difference Day was launched in the presence of Vincent Meriton, the Minister for Community Development, Youth, Sports and Culture.

This launch was a day of activities run by Barclays Bank staff who offer to community projects their time rather than money and offshore banking services.

The activities organised this year included :
– a day out for Silhouette schoolchildren (watching the movie Wall-E at Deepam Cinema, La Salle d’Oeuvres, visiting the Botanical Gardens, lunch and visiting the National Council for Children’s headquarters);
– a sports extravaganza at the Roche Caïman complex for 50 secondary school students to try new sports;
– Microsoft applications training at the Foyer de Nazareth home (Barclays’ IT team provided basic PC training and an introduction to MS Word and Excel to boys aged 4-17).
– tree planting and a guided tour at the Biodiversity Centre, Barbarons;
– tree planting at Anse Source d’Argent, La Digue.


Seychelles Government agrees on oil exploration

Posted in Business and Economy, Foreign investments, Seychelles government at 9:18 pm by Robert Klien

The Government of Seychelles has agreed on terms for a petroleum agreement with 2 companies.

The agreement will cover oil exploration over 15 000 sq km of Seychelles’ waters. Now, its details are being completed. The agreement with East African Exploration (EAX) and its joint venture partner Avana Petroleum is planned to be signed soon.

EAX is part of the Dubai-based Black Marlin Energy group that will deal with geological and geochemical investigations over the next 2 years. In the 2nd phase, it will open an oil well, which can be completed as early as in 2011. It should be noted that the agreement comes after 2 years of a study of a 43 000 sq km area carried out by EAX and Avana under a technical evaluation licence.

Chief executive of Black Marlin Energy, Jeff Hume, said that the company is pleased to announce completion of negotiations with Seypec and it looks forward to formal signing of the petroleum agreement in the nearest future. He said that the company has been engaged in Seychelles for 3 years and built up much knowledge about an active and potentially prolific petroleum system.

Chief executive of Avana, Sam Malin, expressed his satisfaction with the opportunity to work under a petroleum agreement with a view to appraise and develop the attractive assets and to continue our co-operate with the Seychellois authorities.


Chinese legislator comes to Seychelles

Posted in Business and Economy, Diplomatic missions, International relations at 2:58 am by Robert Klien

The chairman of the Chinese National People’s Congress (NPC) standing committee, Wu Bangguo, is planning to officially visit Seychelles at the invitation of Seychelles’ President James Michel and National Assembly speaker Patrick Herminie. The visit will be held from November 12 to November 14.

Wu Bangguo will lead a large delegation that will include vice-chairman and current secretary-general of the NPC standing committee, Li Jianguo, as wel as other high-level officials.

This visit is a sign of the continuing high level of friendship and respect between Seychelles and China.

During the visit, Wu Bangguo will meet with President Michel and Seychelles and China will further strengthen their relationships by means of signing an agreement on economic and technical cooperation.


IMF supports Seychelles’ economic reform programme

Posted in Business and Economy, International Organisations at 10:36 am by Robert Klien

Seychelles’ economic reform programme has been welcomed by the International Monetary Fund. The IMF’s managing director Dominique Strauss-Kahn made a proposal that the IMF supports the jurisdiction with a stand-by arrangement.

Mr Strauss-Kahn noted that the Seychelles authorities’ reform programme is wide-ranging. He welcomed the programme steps that were announced by President Michel and the legislative changes that were adopted by the Seychelles’ parliament. According to him, “these include fundamental liberalisation of the country’s exchange regime that will enable a floating of the rupee, significant and sustained fiscal tightening, and reform of monetary policies to promote liquidity management based on indirect instruments.”

Also, Mr Strauss-Kahn added that important steps were taken in order to strengthen a social safety net. So, he was pleased to propose to the International Monetary Fund’s executive board to supports the Seychelles’ government’s economic reform programme under a stand-by arrangement.