08.27.10
Posted in Business and Economy, Seychelles infrastructure at 7:09 am by Robert Klien
Bharti Airtel informed about its plans to buy 100% stake in Telecom Seychelles for the price of US$62 million. Prior to this deal, Bharti purchased Zain Telecom’s Africa assets for US$10.7 billion, and with the acquision of Telecom Seychelles the company will expand to 19 countries in Africa.
Bharti Airtel’s spokesperson said that the company has never had any stake in Telecom Seychelles, and it was only using its brand name Airtel. Now Bharti Airtel will acquire all stake from its promoters to make it part of African operations.
Telecom Seychelles Limited started its operations in 1998 by offering mobile services. Today it has over 57% stake of the mobile market in Seychelles, offering 3G mobile and integrated wireline services across the country.
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07.05.10
Posted in Business and Economy, International Organisations, Seychelles government at 11:08 am by Robert Klien
Seychelles’ economic reform programme has been praised and it received a major boost in front of week’s Paris Club meeting of international lenders.
The International Monetary Fund (IMF) made issued a press release to praise the ongoing results of the economic programme. The IMF said that Seychelles’ economic policies “continue to be anchored by prudent fiscal policies”.
As a result of this, the jurisdiction qualifies for another installment of USD 3.3 million as part of the 3-year Extended Fund Facility arrangement (EFF). This announcement was made after the IMF’s executive board completed the 1st review of Seychelles’ economic performance, bringing the total amount of disbursements under the EFF to USD 7.8 million.
According to the IMF, the economy of Seychelles has proved remarkably resilient to the recently-experienced double crisis. The IMF said: “Following a turnaround in its economic policies to address an external debt crisis and a global financial crisis in 2008, the country appears to have emerged from the recession”. It was added that real gross domestic product (GDP) rose by 0.7% in 2009, and growth is projected to recover further to 4% in 2010.
In accordance with the press release, Seychelles’ government revenue is exceeding expectations in 2010. It said: “The authorities have also strengthened public finance and central bank management and are starting to address the restructuring of several key public enterprises and financial institutions, with a view to reducing the risks to the government budget and fostering sustained private sector-led growth.”
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05.15.10
Posted in Business and Economy at 12:06 pm by Robert Klien
A new body has been launched in Seychelles to group individuals from the media fields.
On May 7, the Seychelles Media Association was launched during a meeting that was chaired by managing director of the Seychelles Broadcasting Corporation Antoine Onezime. The association is to join together people who work in the field of journalism, creative media, photography, online media and technical media fields. The new body is expected to promote professional journalism.
At the end of the meeting, those who attended the event had the possibility to register as members of the association.
An executive committee will be elected soon. The constitution of the Seychelles Media Association is still a draft but it is expected to be finalised. A copy of the draft constitution will be sent to all media houses and registered members to make amendments if needed.
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04.23.10
Posted in Business and Economy at 12:11 pm by Robert Klien
On April 19, 2010, the Seychelles Trading Company has reviewed its prices of basic foods. The company cut them on 2 items and pegged them on most others despite global increases.
The STC has cut the prices of Pakistani basmati rice and lentils and raised the prices of milk powder in tins and apples. The prices of the rest of the basic products have been kept the same. These prices are guaranteed by the STC for the next 3 months.
The company’s spokesman said that “Despite the volatile world market and changes in its cost factors, STC‘s mission remains unchanged and supports efforts to anchor household expenses on basic foods”.
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03.22.10
Posted in Business and Economy, Foreign investments, International relations, Offshore Services, SIBA, Seychelles offshore jurisdiction at 11:50 am by Robert Klien
On March 10, a seminar on Seychelles’ offshore investment potential was held in Beijing. The theme of the seminar was: “Seychelles offshore planning for China companies in 2010 – how to maximize your company value through offshore practices”.
Around 120 Chinese professionals from the offshore sector along with several high-level officials were attracted by the event. Henry Liu, executive director of the Eastern Africa Investment Department, China-Africa Development Fund, was one of them.
The seminar was jointly organised by Seychelles’ embassy in China and the Seychelles International Business Authority (SIBA).
Conrad Benoiton, managing director of Appleby Corporate Services, chaired the meeting. Other speakers included Laurence Lipsher, a US expert on Chinese taxation; Jennifer Sullivan, head of financial services supervision and economist Hilda Palconit, both from the Central Bank of Seychelles; and Anuj Sharma, director of Abacus Seychelles. Barclays Bank was represented by its commercial director John Esther. Also, many Seychellois offshore services providers took part in the seminar.
With the help of a delegation from SIBA, headed by chief executive and managing director Steve Fanny, all the participants had a chance to meet representatives of Chinese companies showing interest in Seychelles’ offshore opportunities. As a result, all Seychellois and Chinese delegates were optimistic about the potential of the event to make Seychelles more distinctly noticeable as a very competitive offshore jurisdiction.
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02.06.10
Posted in Business and Economy at 2:30 pm by Robert Klien
At the International Conference Centre held in the end of February, import agents learned more about customs as well as discussed the ways to improve the relationship between the two sides.
This one-day meeting marked International Customs Day that was celebrated under the theme “Building performance through partnership”.
Seychelles’ revenue commissioner Rene Nusse addressed the air and shipping agents as well as other business representatives, expressing his wish to ensure clients are well informed about the Customs Division and its operatations. He noted that, in order to support the economic reforms, customs is reforming its administration with advice from the International Monetary Fund (IMF) (http://www.imf.org/external/about.htm). He said, “In the months to come we will try to implement these suggestions by the IMF, but what we are trying to do is to increase self-compliance and make it easier and less expensive to comply with the laws”.
At the forum, agents’ representatives asked questions on many issues related to goods and services tax and concessions. Also, they were briefed about the procedures for gaining concessions, import and export permit procedures, and their own responsibilities when producing a bill of entry.
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01.21.10
Posted in Business and Economy, Seychelles legislation at 4:27 pm by Robert Klien
The newly-formed Fair Trading Commission will look out for practices that hinder competition as well as advise on or take action against them. This was announced by the Commission’s chief executive Daniel Gappy on January 20.
According to Gappy, one of the practices is price fixing for which the Fair Trading Commission can fine or jail guilty traders.
On January 15, the commission’s board members met for the 1st time. At the meeting, the commission’s chairman, Dr Shelton Jolicoeur, said that liberalisation of the market economy can “not only bring fierce and vigorous competition but also some amount of anti-competitive practices as firms jostle for economic advantage”.
Gappy said: “When we receive complaints we will investigate them, and the commission will give a ruling based on its findings”. The commission can impose a fine, a jail sentence or both. The traders can appeal agaist its decision to the tribunal and later at the Supreme Court.
The newly-created body will be fully operational in April2010 as the Fair Competition Act will come into force in April.
The Fair Competition Act is aimed to encourage competition in trade and business as well as in the supply of a wide variety of quality goods and services at competitive prices.
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01.12.10
Posted in Business and Economy at 3:07 pm by Robert Klien
On January 7, Finance Minister Danny Faure said that high investment in modern technology and telecommunications is vital because more businesses come to Seychelles’ shores and the demand for new products increases.
The Minister was speaking after a tour of the Cable & Wireless (C&W) headquarters and telecommunication facilities on Francis Rachel Street, Victoria.
The Minister’s visit was aimed to explain the current tax reforms. Also, this visit was a chance for Mr Faure and officials from the Ministry of Finance and the Department of Information Communications Technology to see themselves the work of the company.
It should be noted that the visit coincided with the tax reform talks held with the Cable & Wireless management. Mr Faure was impressed by the level of development and investment, especially in modern equipment, that the company has made. He said that the company has prepared itself for any future development.
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01.08.10
Posted in Business and Economy at 3:03 pm by Robert Klien
On January 8, 2010, a new service started to makes it easier to apply for and get various kinds of licences in Seychelles.
This advice service is offered by the Seychelles Licensing Authority to businesses and individuals as part of the Authority’s new “one-stop shop” at the revenue commission’s office, Oceangate House.
Also, now the licensing authority staff at Oceangate House will accept payment for the following licences: local fishing vessels;
fishing nets;
coin-operated machines;
hirer of goods;
advertising agent;
carpenter;
commission agent;
mason;
motor mechanic;
repairer of electrical apparatus.
The new service is aimed at cutting the licence procedure to a minimum. Staff of the Seychelles Licensing Authority will accept applications for new licences or renewal of existing ones.
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11.22.09
Posted in Business and Economy, International relations at 12:47 pm by Robert Klien
On November 18, President James Michel held bilateral talks with the Lebanese President, General Michel Sleiman.
During this working visit to Beirut. the President aimed at strengthening cooperation and bilateral relations with Lebanon. Also, he intended to exchange ideas on economic development and investment opportunities.
Michel said that Seychelles and Lebanon have much in common in the way they manage economies, environment and tourism marketing. Both jurisdictions have strong tourism industries, and exchanging knowledge and information in this field could be useful for both countries.
The presidents discussed the piracy in the western Indian Ocean and touched upon the issue of the way the global economic crisis influences the tourism industries of both countries.
Michel spoke of the Seychelles’ success in its economic reform programme as well as stressed its achievements in environmental sustainability.
According to General Sleiman, following a slowdown in Lebanon’s economy, it is starting to experience growth in many fields.
The presidents exchanged opinions on this week’s Lebanon 2020 National Summit where Michel was to be a keynote address.
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