Business & Tourism
Audit flags US$22k ‘missing’ from ports company
A special audit of the Southern Transport Link has flagged more than MVR350,000 (US$22,700) worth of income gone missing from the subsidiary of the state-owned Maldives Ports Limited.
11 Oct 2017, 9:00 AM
State utility firms running huge losses
State utility firms are operating at a loss, a parliamentary committee has heard, with one power company’s debt standing at around MVR1.6 billion (US$103 million).
05 Oct 2017, 9:00 AM
Housing minister departs for China for bridge beams
Muiz told reporters at the airport that he would “watch the fabrication work at the factory, seek detailed information, meet with engineers, and see how the work is going.”
28 Sep 2017, 9:00 AM
Rising European tourist numbers offset dwindling Chinese market
Tourist arrivals to the Maldives increased by 5.9 percent as traditional European markets offset a decline in Chinese holidaymakers.
28 Sep 2017, 9:00 AM
President opens expanded Kooddoo airport and new resort
The runway of the privately-managed airport was lengthened from 1,200 to 1,800 meters to accommodate the Airbus A320, the Boeing 737, and private jets such as the Bombardier Global 5000. A new VIP lounge and two staff accommodation blocks were also part of the upgrading project.
25 Sep 2017, 9:00 AM
Petrol and diesel prices hiked
The changes were prompted by price increases in the global market, the State Trading Organisation said. The prices of crude oil presently stand at US$48.6 per barrel, up from US$46 at the end of June.
06 Sep 2017, 9:00 AM
Villa slams tax authority over lawsuits to recover US$166m
Villa and its subsidiary companies do not owe any money to the state, the legal team insisted in a statement Monday, accusing the Maldives Inland Revenue Authority of trying to “discredit the companies and damage the businesses”.
16 Aug 2017, 9:00 AM
Central bank governor steps down
Dr Azeema Adam has stepped down as governor of the central bank to relocate with her husband who recently took up the double post of permanent representative to the United Nations and ambassador to the United States.
16 Aug 2017, 9:00 AM
Multi-resort project underway in lagoon near Malé
Phase one of the project comprises “a three-island-resorts concept, with a core island township bringing a veritable wealth of world-class food and beverage, retail, entertainment, recreation and leisure-lifestyle experiences to the Maldives for the very first time,” according to the Thai developer.
08 Aug 2017, 9:00 AM
IMF restates advice for mitigating risks over high debt
The current administration’s ambitious infrastructure scale-up “has the potential for transforming the economy but also carries risks given the country’s large fiscal and external imbalances,” a visiting IMF delegation warned.
18 Jul 2017, 9:00 AM
Maldives sells debut US$200m sovereign bond
The Maldives has raised US$200 million from the sale of its debut sovereign bond issue in the international finance market.
03 Jun 2017, 9:00 AM
Test flight lands at new Dhaalu airport
A test flight from the national airline Maldivian landed Thursday morning at the newly-built domestic airport on southern the island of Kudahuvadhoo in Dhaalu atoll.
01 Jun 2017, 9:00 AM
Islamic Development Bank pledges US$117m
Finance Minister Ahmed Munawar secured the funds during meetings held on the sidelines of the IDB’s annual meeting in Jeddah, Saudi Arabia from May 16 to 21.
30 May 2017, 9:00 AM
New tourism company evaluating bids for picnic island near Malé
The Maldives Integrated Tourism Development Corporation is evaluating bids for developing a picnic island for public use after reclaiming seven hectares from the Galufalhu lagoon near Malé.
22 May 2017, 9:00 AM
Fitch assigns stable outlook rating for Maldives
The B+ rating reflects strong economic growth and high government revenue from the tourism sector weighed against high debt and low foreign currency reserves.
17 May 2017, 9:00 AM
Tourist arrivals increase 4.3 percent in first quarter
Arrivals grew by 15.6 percent in January, the peak season for the industry which also coincided with the Chinese New Year. But the growth rate was marginal in February at 0.3 percent and registered a 2.1 percent decrease in March.
13 May 2017, 9:00 AM
Government denies unfairly targeting Gasim’s businesses
Three ministers met the press at the president’s office to defend the Maldives Inland Revenue Authority, stressing that it is an independent institution whose enforcement actions are taken after due process and without any government interference.
06 Apr 2017, 9:00 AM
Tax authority freezes accounts of Gasim’s Villa Shipping company
The move comes days after Gasim predicted that Villa’s accounts could be frozen ahead of Monday’s no-confidence vote against the speaker of parliament.
23 Mar 2017, 9:00 AM
High court rules against Gasim’s Villa in resort lease dispute
Gasim had predicted that the high court would rule against Villa. “It looks like a big wave is building, looks like they are going to freeze all the accounts of Villa Shipping company again,” he said Sunday night.
22 Mar 2017, 9:00 AM
Hilton ordered to pay US$16m to MP Siyam’s Sun Travels
The judgment comes in spite of a Singaporean arbitration tribunal awarding US$26 million in damages to Hilton for Sun Travel’s abrupt termination of the Irufushi management agreement in May 2013.
11 Mar 2017, 9:00 AM
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