The Pan-African Economy in Brief of 28/03/2017
SENEGAL :
A quarter of the profits of European banks placed in tax havens: "Oxfam's latest report," Banks in Exile, "published on Monday the 27th of March, reveals that a quarter of the profits of large European institutions are placed in tax havens. The Oxfam NGO and the Fair Finance Guide International network have closely scrutinized the data provided by the 20 largest banks in the European Union. And it turns out that European banks still practice tax evasion. The publication of this report was made possible by the obligation of fiscal transparency imposed in 2016 on European banks by the EU. The balance sheet is without appeal: tax havens attract 26% of the profits declared by these establishments. Banks that benefit from the level of taxation almost zero in these countries. 25 billion Euro were thus sheltered in 2015. Luxembourg, Hong Kong and the Channel Islands are in the forefront of the preferred tax havens of banks operating in the heart of Europe. All the means are good to avoid the tax: relocate the profits, facilitate the tax evasion of its customers, and even circumvent the regulations in force. Widespread practices within large European banks, which operate with impunity. A tax system that contributes to the extreme concentration of wealth to the detriment of the majority, Oxfam notes in its report .... "
MALI:
Investing for Growth and Development in Mali: Major Projects in the Department of Economy and Finance: "According to the Minister of Economy and Finance, Boubou CISSE, the Government of Mali, through its economic policy, of investment promotion one of the engines of growth and development. That is why, recently, it has adopted a promotion policy based on the Public-Private Partnership, in order to put the private sector at the heart of its strategy, the Minister emphasized. "Through these days, I invite you to contribute to the reflection on the reinforcing of strategies and tools to promote sustainable economic growth. In this respect, you are expected to offer innovative proposals to support companies so that they can fully play their role in sustainable and inclusive growth and the creation of sustainable jobs, "he said. According to him, development projects and programs are implemented in perfect harmony with the consolidation of public finances. Despite environmental constraints, Mali has recorded satisfactory growth rates in recent years. "Thus, the average rate of economic growth came out at 5%, thanks in particular to the maintenance and strengthening of macroeconomic stability and an adequate fiscal policy, to improving governance and consolidating reforms". According to the Minister, the Government's efforts will continue on aspects such as: development of structuring and growth-enhancing projects; The consolidation of the basic infrastructure expansion program; Support for private sector development; Increased investment in human resources. He welcomed "the quality contribution and the support of the Malian banks in the realization of all the major development projects initiated by the Government".The minister encouraged "to maintain and maintain jealously this space of unique exchanges for the happiness of your respective companies and that of the populations for which you invest every day" .... "
CAMEROON:
The BEAC threatens to crack down on mobile money: "Abbas Mahamat Tolli the Governor of the Bank of Central African States (BEAC) talks about unfair competition to banks. Abbas Mahamat Tolli, Governor of the Bank of Central African States (BEAC), said the Central Bank recognizes transfers in the CEMAC zone. "The Daily Economic Report released in the 27th of March. "You have mobile operators, without the permission, or the constraints to which banks are subject, to the business of the banks. It is better to ensure that, "said the head of the BEAC, adding that the BEAC envisages measures taking into account the risks of money laundering and tax evasion or the financing of terrorism. "We're going to have these instruments into account. We must expand the scope of supervision of these innovations so that these innovations are circumscribed. Our texts do not allow such operations are performed, "said the Governor of the Central Bank ...."
Emaar Malls offers 800 million Dollar for Souq.com: "Emaar Malls, a subsidiary of the Dubai real estate giant, announced Monday that it has offered 800 million Dollars to acquire Souq.com, one of the leading online retailers in Dubai. Middle East, also coveted by Amazon. "Emaar Malls has submitted an offer of 800 million Dollar (736 million Euro) for Souq.com, in line with its (al) strategy of combining online and physical purchases of goods," writes the Vice- Emaar Malls, Mr. Ahmad Al-Matrooshi, in a brief statement published on the Dubai Stock Exchange website. The offer includes 500 million Dollars (460 million Euro) in convertible bonds, according to sources close to the file cited Monday by the Agency Bloomberg. Earlier this year, Amazon, a giant US Internet sales company, had withdrawn from talks for the takeover of Souq.com after making a bid of up to 650 million Dollar (598 million Euro), according to Bloomberg'. Emaar Malls said its offer had not yet been accepted by Souq.com. In February 2016, Souq.com announced that it had raised some 252 million Euro from the international investors to finance its expansion in a region where e-commerce is rapidly growing. Investors in Souq.com include Standard Chartered Private Equity and International Finance Corporation, a member of the World Bank Group. Founded in 2005 as an auction site, Souq.com has become a general-purpose online business. Souq.com offers more than 1.5 million products to customers in the Middle East and North Africa, including the United Arab Emirates, Saudi Arabia and Egypt, according to its website. Emaar Malls, the retail arm of Emaar Properties - which has built Burj Khalifa, the tallest tower in the world - is listed on the Dubai Stock Exchange ... "
Crédit : IMPERIUM MEDIA
