Author: Mohamed Reehaan

Forex market manipulation refers to the illegal or unethical practices undertaken by individuals or entities to influence the foreign exchange (Forex) market, where such practices benefit them at the expense of other market participants. This manipulation can take various forms and can be executed by different market participants which include traders, financial institutions, or even governments sometimes. Here are some of the ways the forex market is known to experience manipulation; Price Fixing Collusion of traders with others to artificially fix exchange rates at specific levels. Traders or financial institutions may communicate with each other to coordinate their trades in…

Nova Maldives will undergo a magical transformation, turning into an underwater-inspired paradise for guests seeking a “truly unique holiday experience”. From December 22, 2023 to January 6, 2024 guests at Nova Maldives are invited to immerse themselves into the enchanting world of “Aqua Utopia”. At one of the youngest tourist properties in the Maldives, this holiday season will kick off with the sparkling Christmas Tree Lighting ceremony, setting the mood for the remainder of the festive period. Nova offers a culinary journey from exquisite gala dinners beneath the starry sky to ocean-themed parties, authentic Japanese cuisine, island-style barbecues, and wine-pairing…

Avani+ Fares Maldives Resort is bringing classical ballet to its shores with the launch of a new “Baa Atoll Ballet Retreat”. This exclusive retreat, featuring Royal Ballet-trained dancer Karis Scarlette, is set to grace the island from November 6 to 19, 2023. Karis will introduce guests of all ages and levels to classical ballet, breaking the steps down and adding her own energy for an uplifting experience. Group classes and one-to-one sessions will take place in a dedicated dance studio complete with barres and mirrors. From pliés to pirouettes, the group classes and one-to-one sessions will focus on perfecting posture,…

The independent new luxury all-inclusive resort, Ifuru Island Maldives, promises the “first and only permanent skydiving dropzone in the Maldives” and is set to officially welcome guests on September 23, 2023. To celebrate the launch, guests can save 50% on stays before December 23, 2023. Opening in September in the stunning Raa atoll, Ifuru Island “fosters a playful and social atmosphere” and offers the first permanent skydiving dropzone in the Maldives, and sunset views from every room and comes with its own private airport. The resort will feature 147 beach suites and villas offering breathtaking sunset views and contemporary interiors,…

The Ministry of Tourism announced a waiver of MVR 4 billion in fines levied on under-construction resorts due to non-payment of rent. Minister of Tourism Abdulla Mausoom confirmed this reduction during the recent restructuring of the resort rental fine. Mausoom said this relief was granted exclusively to resorts that have not started its operations formally. However, resorts subject to penalties unrelated to rental dues would not be entitled for this waiver. “It’s an enormous amount. Being fined for not constructing and not meeting the rental amount was challenging. We are charting a new course forward in this matter,” the minister…

ELE | NA, a leading name in the wellness and spa industry won the “Readers’ Choice – Favorite Spa Brand – Global” at the prestigious GlobalSpa Awards 2023. This coveted award recognizes ELE | NA’s commitment to providing exceptional spa experiences and its dedication to sustainable, conscious wellness practices in alignment with the event’s theme “Conscious Sustainable Wellbeing.” Beyond its recent win, ELE | NA also announced its strategic expansion plans for 2024, in line with its mission to spread the message of conscious sustainable wellbeing across the globe. The expansion into the Middle East, India, and Sri Lanka in…

According to the Maldives Inland Revenue Authority (MIRA), the state collected MVR 15 billion in taxes in the first 8 months of 2023. This is approximately an MVR 3.4 billion increment compared to the same period in 2022, which is a 20% growth. The surge in tax revenues coincided with the adjustment of tax rates, including the increase in the General Goods and Services Tax (GGST) to 8% and Tourism Goods and Services Tax (TGST) to 16% from January 2023 onwards. The government collected MVR 6 billion so far in TGST, and MVR 2.9 billion in GGST, which marked a…

Gold is one of the most heavily traded commodities in the world of foreign exchange (Forex) market, and there are reasons for its unrivaled popularity cast an even longer shadow over other bullions in the market such as silver or palladium. To understand why Gold has become such a popular commodity and why it is here to stay in the forex trading world, the first thing to understand is the historical role it has played in shaping up the financial sector (globally!). The Bullion-Dollar Canvas of the Past While gold’s popularity and influence can be dated to centuries back, it…

The year-to-date total of state expenditure reached MVR 30.8 billion as of September 07, reported the Ministry of Finance. According to the ministry’s most recent statistics as of the review date, the cumulative total of state revenues remain sluggish compared to the stronger expenditure gains. The state generated a year-to-date total of MVR 22.9 billion by the review date. So far, the government has spent 68% of its budgetary total on recurrent expenses and the remaining 32% on capital needs. On the other hand, state earned 76% of its revenue from tax sources while the remaining 24% came through non-tax…

Maldivian Airlines and Emirates Airlines announced establishing an interline partnership enabling Emirates customers to access 16 popular Maldivian holiday destinations. The agreement successfully follows on from 2022’s signing of a Memorandum of Understanding (MoU) between the two carriers to explore mutual cooperation opportunities. Under the partnership, Emirates customers will have more options when traveling to the Maldives, and helps the customers to utilize both carriers’ services and networks on a single ticket. Emirates will link to Maldivian Airlines services to access domestic points through regional airports in the country. From September 15 onwards, customers can book travel itineraries that include…