Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 12,454.80 -74.92 -0.60%
S&P 500 1,317.82 -2.86 -0.22%
Nasdaq 2,837.53 -1.85 -0.07%
Ticker Volume Price Price Delta
STOXX 50 2,147.92 -13.95 -0.65%
FTSE 100 5,356.34 +4.81 0.09%
DAX 6,323.19 -16.75 -0.26%
Ticker Volume Price Price Delta
Nikkei 8,603.16 +10.01 0.12%
TOPIX 723.17 +2.06 0.29%
Hang Seng 18,880.30 +79.36 0.42%
Gold 1,578.40 +0.46%
EUR-USD 1.2536 -0.0395%
Nasdaq 2,837.53 -0.07%
DJIA 12,454.80 -0.60%
S&P 500 1,317.82 -0.22%
FTSE 100 5,356.34 +0.09%
STOXX 50 2,147.92 -0.65%
DAX 6,323.19 -0.26%
Oil (WTI) 91.27 +0.45%
U.S. 10-year 1.745% +0.007
BAC:US 7.15 +0.14%
FB:US 31.91 -3.39%

Seychelles Presidential Election Gives James Michel a Third Term in Office

James Michel won his third term as president of the Seychelles, securing 55.46 percent of the vote yesterday against 41.43 percent for Wavel Ramkalawan, his main opponent.

Both Michel’s Parti Lepep and Ramkalawan’s Seychelles National Party accused the other of bribing voters on the Indian Ocean archipelago.

About 58,000 eligible voters cast their ballot over a three-day period, out of some 69,000 registered voters. Voting was extended to allow people on outlying islands the chance to participate.

Michel has been in office since 2004 after replacing the People’s Party socialist leader France Albert Rene, who came to power in a coup in 1977. Michel was re-elected in 2006 with 53.7 percent of the vote against the 45.7 percent won by Ramkalawan.

The Seychelles economy depends mainly on tourism for revenue, which is supplemented by fishing. The islands are well- known by Europeans as a tourist destination. Britain’s Prince William and his wife Kate ended their honeymoon in the tropical destination this week.

Michel instituted economic changes in 2008 and the economy will likely grow about 4 percent this year, the International Monetary Fund said in March.

The inflation rate peaked at 63.3 percent in December 2008 after the Indian Ocean islands floated the rupee, with prices starting to decline in December 2009.

To contact the reporter on this story: Brian Latham in Durban at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

Sponsored Links