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Wings Unfold ABBREVIATIONS
SBM HOLDINGS LTD Wings Unfold ABBREVIATIONS REFERENCE Also referred as: SBM Holdings Ltd including its subsidiaries SBM Group or The Group SBMH or The Holding Company or The Bank Investment Holding SBM Holdings Ltd Company SBM (Bank) Holdings Ltd including its subsidiaries SBM Bank Group SBM Bank (Mauritius) Ltd SBM Bank (Mauritius) Ltd or The Bank SBM (NBFC) Holdings Ltd including its subsidiaries SBM Non-Bank Group SBM (NFC) Holdings Ltd SBM Non-Financial Investment Holding Company Bank of Mauritius BOM Financial Services Commission FSC Reserve Bank of India RBI Wholly Owned Subsidiary WOS Special Purpose Vehicle SPV Basel Committee on Banking Supervision BCBS African Currency Unit AfCU Stock Exchange of Mauritius SEM Capital Adequacy Ratio CAR Caution regarding forward-looking statements Within this report, SBM Holdings Ltd (SBMH) has made various forward-looking statements with respect to its financial position, business strategy and objectives of management. Such forward-looking statements are identified by the use of words such as ‘expects’, ‘estimates’, ‘anticipates’, ‘believes’, ‘intends’, ‘plans’, ‘forecasts’, ‘projects’ or words or phrases of a similar nature. By their nature, forward-looking statements require SBMH to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions and other forward-looking statements may not prove to be accurate. Readers of this report are thus cautioned not to place undue reliance on forward-looking statements as a number of factors could cause -
1 Executive Summary Mauritius Is an Upper Middle-Income Island Nation
Executive Summary Mauritius is an upper middle-income island nation of 1.2 million people and one of the most competitive, stable, and successful economies in Africa, with a Gross Domestic Product (GDP) of USD 11.9 billion and per capita GDP of over USD 9,000. Mauritius’ small land area of only 2,040 square kilometers understates its importance to the Indian Ocean region as it controls an Exclusive Economic Zone of more than 2 million square kilometers, one of the largest in the world. Emerging from the British colonial period in 1968 with a monoculture economy based on sugar production, Mauritius has since successfully diversified its economy into manufacturing and services, with a vibrant export sector focused on textiles, apparel, and jewelry as well as a growing, modern, and well-regulated offshore financial sector. Recently, the government of Mauritius has focused its attention on opportunities in three areas: serving as a platform for investment into Africa, moving the country towards renewable sources of energy, and developing economic activity related to the country’s vast oceanic resources. Mauritius actively seeks investment and seeks to service investment in the region, having signed more than forty Double Taxation Avoidance Agreements and maintaining a legal and regulatory framework that keeps Mauritius highly-ranked on “ease of doing business” and good governance indices. 1. Openness To, and Restrictions Upon, Foreign Investment Attitude Toward FDI Mauritius actively seeks and prides itself on being open to foreign investment. According to the World Bank report “Investing Across Borders,” Mauritius has one of the world’s most open economies to foreign ownership and is one of the highest recipients of FDI per capita. -
Smiles, Sweets and Flags Pakistanis Celebrate Country's 71St Birthday
Volume VIII, Issue-8,August 2018 August in History Smiles, sweets and flags Pakistanis celebrate country's 71st birthday August 14, 1947: Pakistan came ment functionaries and armed into existence. forces' officials took part. August 21, 1952: Pakistan and Schools and colleges also organised India agree on the boundary pact functions for students, and a rally between East Bengal & West Bengal. was held in the capital to mark August 22, 1952: A 24 hour Independence Day. telegraph telephone service is established between East Pakistan Border security forces both on the and West Pakistan. Indian side at Wagah, and the August 16, 1952: Kashmir Afghan side at Torkham exchanged Martyrs' Day observed throughout sweets and greetings with each Pakistan. other as a gesture of goodwill. August 7, 1954: Government of Pakistan approves the National President Mamnoon Hussain and Smiles are everywhere and the official functions and ceremonies a Anthem, written by Abul Asar caretaker PM Nasirul Mulk issued atmosphere crackles with 31-gun salute in the capital and Hafeez Jullundhri and composed by separate messages addressing the excitement as Pakistanis across the 21-gun salutes in the provincial Ahmed G. Chagla. nation on August 14. country celebrate their nation's 71st capitals, as well as a major event in August 17, 1954: Pakistan defeats Courtesy: Dawn anniversary of independence. Islamabad in which top govern - England by 24 runs at Oval during its maiden tour of England. Major cities have been decked out August 1, 1960: Islamabad is in bright, colourful lights, creating declared the principal seat of the a cheery and festive atmosphere. -
Page 01 March 16.Indd
ISO 9001:2008 CERTIFIED NEWSPAPER 16 March 2013 4 Jumada I 1434 - Volume 18 Number 5640 Price: QR2 ON SATURDAY Spike in court cases over bounced cheques DOHA: The problem of cheques being issued by people and companies without sufficient balance in their bank accounts is becoming worse as an estimated 150 to 250 such cases are being heard by the courts on a daily basis. According to sources in the legal frater- nity, cheques being issued by individuals in their day-to-day transactions top the list of the cases that are being taken to the courts. Sources say that the cases involving bounced cheques are the largest in number in the courts and cannot be compared in any way to other civil or commercial dis- putes in volume. See also page 3 Netanyahu seals deals to form new govt JERUSALEM: Israeli Prime Minister Benjamin Netanyahu signed deals with key coalition partners on Friday, forming a new government just before a deadline and a milestone visit by US President Barack Obama. The alliance of Netanyahu’s Likud party and former foreign minister Avigdor Lieberman’s Yisrael Beitenu had been locked in intense negotiations for 40 days with the centrist Yesh Atid and far-right Jewish Home parties, which held the key to building a government with a majority in the 120-seat parliament. He had previously signed with the centrist HaTnuah party of former foreign minister Tzipi Livni, who is to be justice minister and Israel’s negotiator in talks with the Palestinians. CURBING With Yesh Atid and Jewish Home now on board, the coalition will command a total of 68 parliamentary seats. -
Strathmore Cricket Club Annual General Meeting Season 2018/19 13 May
STRATHMORE CRICKET CLUB ANNUAL GENERAL MEETING SEASON 2018/19 13 MAY 2019 1 | P a g e Agenda 1. Minutes from previous meeting (see attached) 2. Season reports • President • Treasurer 3. Season 2019/20 Executive Positions nominations • President • Vice President / Junior Coordinator • Secretary • Treasurer 4. Season 2019/20 General Committee nominations 5. General Business 2 | P a g e Meeting Minutes Meeting: Strathmore Cricket Club Annual General Meeting 2017/18 Date: 14 May 2018 Attendees: Frank Merzel (Chair), Trevor Doody, Steve Papastergiou, Peter Wenlock, Steve Houlden, Yvonne Dodd, Danny McConville, Lou Marini, Ross Higgins, Tim Elliot, John Bassi, Allison Dodd, Peter Hinton, David Tate, Denis James, Graham Matson, Tom Dukic, Darren Gregory, Ben Bowden, Jayden Hocking, Jayde Lee, John Pantland, Lee Evans, Brad Ang, Jack Merzel, Nick Sabatino, Chris Williams Apologies: Jason Cuthbertson, Steve Jones, David Hosking 1. Minutes from previous meeting • The minutes from the 2016/17 Annual General Meeting were tabled by the Chair. • Minutes accepted by Steve Papastergiou and seconded by Denis James without change. 2. Season reports President’s Report (Trevor Doody) • Trevor noted the huge turnaround in financial position. $2016/17 loss $34K, 2017/18 profit $12K • We put our first Girls team on the field and this will continue to be a focus. • 2nd XI and 3rd XI won premierships. 20 of the 22 players played juniors at the Club. Vets 1 won a premiership Under 12(2) team won a premiership. • 8 junior players played Representative Cricket. • With the assistance of the Sporting Club and the Football Club we constructed an indoor training net. -
Annual Information Bulletin
དཔལ་辡ན་འབྲུག་ག筴ང་། ཞབས་ཏོག་辷ན་ཁག སྲིད་བྱུས་དང་འཆར་ག筲་སྡེ་ཚན། 䍲མ་坴ག 2 ANNUAL 0 INFORMATION 1 BULLETIN 8 དཔལ་辡ན་འབྲུག་ག筴ང་། ཞབས་ཏོག་辷ན་ཁག སྲིད་བྱུས་དང་འཆར་ག筲་སྡེ་ཚན། 䍲མ་坴ག དཔལ་辡ན་འབྲུག་ག筴ང་། ཞབས་ཏོག་辷ན་ཁག སྲིད་བྱུས་དང་འཆར་ག筲་སྡེ་ཚན། 䍲མ་坴ག 2 ANNUAL 0 INFORMATION 1 BULLETIN 8 དཔལ་辡ན་འབྲུག་ག筴ང་། ཞབས་ཏོག་辷ན་ཁག སྲིད་བྱུས་དང་འཆར་ག筲་སྡེ་ཚན། 䍲མ་坴ག NATIONAL HIGHWAYNational AND GEWOG Highway CONNECTIVITY and NETWORK Gewog AS OF Connectivity MAY 2018 Road Network National Highway Gewog Connectivity Road Border Road Gasa (23) Damji Dungkhar (23) Tashithang (37) (11) Toewang Rimchu Khoma (6) Bumdeling Naro (13) Gangzur Lhuentse Chhubu (1) (5) Samadingkha Bumthang (8.5) (29) (12) (12) (3) (28) Tang T/Yangtse Jangchubcholing Shengana (14) Tangmachu Zam Kabjisa Tangmachu Dodena Punakha (12) (16) (4) Kurjey (8) (9) (3) (17) Khuruthang Tashidingkha (7) Minjay Kawang Nobgang (15) (3) Nubi Pangrizampa Talo (4) (12) Lingmukha (14) Nobding Pelela Jakar Metsho (30) (7) (28) (16) (10) (9) Dungmethang (9) (17) (13) (49) Tshenkharla Dochula Samtengang (24) Yotongla Thimphu (16) (34) Drukgyal Dzong (39) Mesina(10) Toetsho Lawala Trongsa (6) Doteng (20) (28) Bajo Chuzomsa (21) (8) (6) (6.5) (10) Sheytangla (2) Nangar (36) (16) Chuserbu (27) Chhume Khamdang Wangdue (20) Ura (3) (14) Tshangkha Yalang (3) Jaray Tomzhangtshen Damthang Lamgong Dopshari Hesothangkha (16) (6) Gangte Kungarabten (12) (21) (7) (11) Autsho (8) Gasetshogom (4) Paro (35) (16) Gaselo Phobjikha (20) Duksum Ramjar (4) (31) Galakpa Bji Katsho (11) Thrumshingla (7.4) Bidung (7) Refee (10) (26) (14) -
UN Blacklists 2 KUWAITIS for SUPPORTING Militants
SUBSCRIPTION SUNDAY, AUGUST 17, 2014 SHAWWAL 21, 1435 AH www.kuwaittimes.net MP demands Kurds fight Landslides, Swansea stun conjugal to retake floods kill 109, Manchester visits for Iraq’s displace scores United to ruin prisoners2 largest7 dam in11 Nepal, India Van20 Gaal bow UN blacklists 2 Kuwaitis Max 47º Min 33º for supporting militants High Tide 03:55 & 14:01 Low Tide Kuwait regrets curbs • Four others also sanctioned 10:46 & 22:52 40 PAGES NO: 16257 150 FILS UNITED NATIONS: The United Nations Security Council took aim at Islamist militants in Iraq and Syria on Friday, Barrak: Govt blacklisting six people including two Kuwaitis and threat- ening sanctions against those who finance, recruit or incompetence supply weapons to the insurgents. The 15-member coun- cil unanimously adopted a resolution that aims to weak- en the Islamic State - an Al-Qaeda splinter group that has ‘clear as sun’ seized swathes of territory in Iraq and Syria and declared By A Saleh a caliphate - and Al-Qaeda’s Syrian wing, Nusra Front. Islamic State has long been blacklisted by the KUWAIT: Former MP Musallam Al-Barrak continued Security Council, while Nusra Front was added earlier criticizing the government for withdrawing the citi- this year. Both groups are designated under the UN Al- zenship of some citizens. Barrak criticized First Qaeda sanctions regime. Friday’s resolution named six Deputy PM and Foreign Minister Sheikh Sabah Al- people who will be subject to an international travel Khaled for saying the reasons behind the with- ban, asset freeze and arms embargo, including Islamic drawals were “as clear as the sun”. -
South Africa's Amla Set for Historic Test
TUESDAY, JULY 15, 2014 SPORTS After World Cup success, Photo of the day concern at Rio Games RIO DE JANEIRO: Brazil defied dire predictions to deliver AFP reporter at the scene found. one of the best World Cups in history, but with two years Next to it are two venues inaugurated in 2007 — the until the Rio Olympics, organizers are racing against the HSBC Arena, staging gymnastics and trampoline, and the clock all over again. Maria Lenk aquatic park. Nearby, the golf course is just Sewage in the bay hosting sailing competitions and being laid but is far from being finished erection of the slow work at other sites have raised concerns about Rio stands has yet to start at a venue now due for delivery in 2016, the first Olympics in South America, in a repeat of the mid-2015. General Fernando Azevedo e Silva, appointed by delays that had workers scrambling to polish off stadiums Rousseff to head the public Olympic Authority coordinat- only days before the World Cup began last month. ing the works, said he was “very optimistic.” A major worry surrounds much-delayed progress at the “There are no confirmed delays-though there is not Olympic Park in the northern Deodoro district, which will much flexibility, in particular for Deodoro,” he told AFP. “The host a slew of events. Work was originally to start last year main thing is to recoup the delay at Deodoro.” but the site was only inaugurated on July 3, well behind The Maracana Stadium is already complete thanks to its schedule. -
State Bank of Mauritius (Sbm) Holdings Limited Analysis: Is Investors Cash Safe with Sbm?
STATE BANK OF MAURITIUS (SBM) HOLDINGS LIMITED ANALYSIS: IS INVESTORS CASH SAFE WITH SBM? January 2018 i List of Abbreviations: BOM – Bank of Mauritius CBK – Central bank of Kenya EOI – Expression of Interest KDIC – Kenya Deposit Insurance Corporation Kes – Kenya Shillings NAV – Net Assets Value SEMTRI - Stock Exchange of Mauritius Total Return Index SEM – Stock Exchange of Mauritius SBM – State bank of Mauritius ROE – Return on Equity USD – United States Dollar ii Table of Contents Executive Summary ........................................................ 1 Bank Overview.............................................................. 2 Ownership and Governance .............................................. 2 Corporate Governance .................................................... 3 SBM Stock Performance ................................................... 5 SBMH Acquisition of Fidelity Commercial Bank (Kenya) ............. 5 SBM Financial Performance ............................................... 6 SBM Holding Comparison with some selected Kenyan Banks ........ 9 SBM’s Binding Offer on Chase Bank ................................... 10 Chase Bank Acquisition Terms ......................................... 10 Fusion’s View on the terms of this deal .............................. 11 Fusion’s View on SBM Bank acquiring Chase Bank .................. 12 iii Executive Summary SBM Holdings ‘SBM’ was founded in 1973 by the Government of Mauritius and was listed in the Stock Exchange of Mauritius ‘SEM’ in 1995. The Bank is engaged in banking, non-banking -
Your Gateway to Bhutan for a Unique Experience with Your Loved Ones
JULY-AUGUST/2013 01 COVER STORY 10 THE NEW facE OF BHUtan’s DEMOcracy 22 Article PHOTO ESSAY 48 Know Your Food Generation In-be tween Seshy Shamu Pith Instructions For Understanding Bhutan’s Youth. 50 Restaurant 14 IMAGES FROM BEFORE AND Review DURING THE GENERAL ELEctION 32 Feature Jimmy’s Kitchen Quality Education How can Bhutan 52 Movie Review achieve it. Arrows or the Thunder LIVING WITH Dragon. 26 Travel London Calling 54 Book Review The White Tiger. 60 LIVING WITH SEWING MACHINES 40 Feature 60 Leisure Emprowering Rural Communities, Creating 66 Most Discussed Conditions for rural INTERVIEW prosperity. 68 Art Page 54 THIRD EYE 30 Column 72 Last Word Election Aftermath: Zero Point Eight Meters A milestone or a millstone ? 44 What’s New? Trends The Raven July / August, 2013 1 LETTERS TO THE EDITOR Sir/Madam, There are lessons to be learnt from The Raven on Greetings from Munich, Germany. what journalism is about; reporting things as seen I am regularly in Bhutan, guiding pilgrimage or heard without taking sides. groups. I heard about The Raven magazine and This and its analytical treatment of the real con- I am very interested in reading it. temporary issues is probably why The Raven has Also, do you have a website, foreign subscrip- established and maintained a serious readership. tions? Tshewang Tashi, Thimphu Detlev Gobel, Germany My name is Ford Hamidi and I am from Canada. I spent some time working in Bhutan and became The monastic community can be above poli- fond of your magazine with it’s high quality arti- tics, but not above the law especially when it cles and design. -
Lankans Make Merry in Third Test
SPORT Lankans make merry in third Test Sri Lanka’s cricket fans show their support on the second day of the third and final Test match between Pakistan and Sri Lanka at The Sharjah Cricket Stadium in Sharjah on Friday. AFP Sri Lanka’s pacer Chanaka Welegedara (C) celebrates with his teammates after dismissing Pakistan’s crick- eter Mohammad Hafeez (unseen) for six during the second day of the third and final Test match between Pakistan and Sri Lanka at The Sharjah Cricket Sta- dium in Sharjah on Friday. AFP Pakistan’s pacer Umar Gul (L) cele- brates after dismissing Sri Lanka’s bats- man Chanaka Welegedara (R) for nought on the second day of the third and final Test match between Pakistan and Sri Lanka at the cricket stadium in Sharjah on Friday. AFP Sri Lanka’s batsman Rangana Her- ath who made 34 not out in the first innings forces the ball to leg on the second day of the third and final Test match between Pakistan and Sri Lanka at The Sharjah Cricket Stadium in Sharjah on Fri- day. Herath made 34 not out in Sri Lanka’s score of 413 all out. AFP Pakistan’s cricketer Junaid Khan (R) celebrates after dis- missing Sri Lanka’s batsman Dhammika Prasad caught by Akmal for 17 (L) during the second day of the third and final Test match between Pakistan and Sri Lanka at The Sharjah Cricket Stadium in Sharjah on Friday. AFP Sri Lanka’s batsman Chana- ka Welegedara is bowled by Pakistani Umar Gul (unseen) for 0 during the second day of the third and final Test match between Pakistan and Sri Lanka at The Sharjah Cricket Stadi- um in Sharjah on Friday. -
List of Bank Names
List of Banks for e-BRC Registration and Uploading S No. Name of Bank User Id (7 characters) Remarks 1 Abhyudaya Co-op Bank Ltd ABHY001 First four characters are IFSC code +001 2 Abu Dhabi Commercial Bank Ltd ADCB001 First four characters are IFSC code +001 3 National Bank of Abu Dhabi PJSC NBAD001 First four characters are IFSC code +001 4 AB Bank Ltd. ABBL001 First four characters are IFSC code +001 5 Ahmedabad Mercantile Co-op Bank First four characters are IFSC code +001 AMCB001 6 Allahabad Bank ALLA001 First four characters are IFSC code +001 7 Andhra Bank ANDB001 First four characters are IFSC code +001 8 Antwerp Diamond Bank Mumbai ADIA001 First four characters are IFSC code +001 9 Australia and New Zealand Banking ANZB001 First four characters are IFSC code +001 Group Limited 10 Axis Bank UTIB001 First four characters are IFSC code +001 11 Bank Of America BOFA001 First four characters are IFSC code +001 12 Bank Of Bahrain And Kuwait BBKM001 First four characters are IFSC code +001 13 Bank of Baroda BARB001 First four characters are IFSC code +001 14 Bank Of Ceylon BCEY001 First four characters are IFSC code +001 15 Bank of India BKID001 First four characters are IFSC code +001 16 Bank Of Maharashtra MAHB001 First four characters are IFSC code +001 Bank Of Nova Scotia NOSC001 First four characters are IFSC code +001 17 18 Bank Of Tokyo-Mitsubishi Ufj Ltd BOTM001 First four characters are IFSC code +001 19 Bank Internasional Indonesia IBBK001 First four characters are IFSC code +001 20 Barclays Bank Plc BARC001 First four characters