World Knits enters voluntary administration with 550 jobs in the balance
The Quartier-Militaire textile factory World Knits has been placed under voluntary administration, with the board appointing PwC's Rajeev Basgeet as administrator to avoid outright liquidation. A turnaround plan filed in January had kept the lights on until now.
Around 550 workers are affected. Union negotiator Atma Shanto is demanding an urgent meeting with management and the administrator. Most outstanding salaries have already been paid, the company says, which usually signals a real attempt at orderly restructuring rather than a slow walk to the door.
Textile is meant to be the sector the government is leaning on as tourism softens; another factory shutting would tighten that bind.
Eight in ten businesses now expect inflation above 4% by December
83% of economic operators surveyed by the Bank of Mauritius expect inflation above 4% by December, with the average forecast at 5.3%. It is the worst BoM sentiment reading in months.
PM Ramgoolam told the Assembly the Repo Rate move to 4.75% will add about Rs 1,250 a year on a Rs 500,000 loan. Households feel that first. Businesses pricing higher costs into the year is the part that turns up at the supermarket later.
Constitutional review to consider proportional seats and recall of MPs
PM Ramgoolam set out at the second reading of the Bill what the new commission will study: proportional representation, recall of MPs for serious misconduct, anti-defection rules, and a first Freedom of Information framework.
Fake PMO adviser swindles Rs 382,600 from family chasing social housing
Grand-Baie resident Mahneu Valaven told a 54-year-old saleswoman he was an adviser at the PMO and could sell her a seized NHDC home at Mont-Choisy. The family paid Rs 412,600 in fees. Keys were promised for mid-March. They never came. Police arrested Valaven Monday; he has confessed.
Shorts
National Certificate of Education to be scrapped – Education Minister Mahend Gungapersad says the NCE will soon be abolished.
Mufti Peerbocus bailed in child abuse case – The Flacq court granted bail to Mufti Azhar Peerbocus, who faces six counts.
Hand, foot and mouth alert from health ministry – Schools told to tighten hygiene as cases climb among under-fives.
New rules coming for subsidised food – Trade Minister Michael Sik Yuen says new regulations will crack down on abuse of subsidised products.
Reservoirs down 14.7 million m³ in one year – Water storage is well below the long-term average heading into the dry season.
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