Author: Mohamed Reehaan
The State Trading Organization (STO) has reported a decline in its revenue, operating profit, and net profit for the second quarter of 2024. According to Shimad Ibrahim, the Managing Director of the country’s largest state-owned enterprise (SOE), this decline is primarily owed to the low tourism activity during the quarter, which coincides with the tourism industry’s low season. STO generated a revenue of MVR 3.47 billion in the second quarter of this year, which is lower than the quarterly earnings of MVR 4.49 billion in the first quarter of 2024 and a moderate decline from MVR 3.78 billion in Q2-2023.…
Maldivian, the country’s national carrier, has announced the cancellation of flights to Dhaka. The airline on X said that “due to the emerging situation in Bangladesh” it would not be operating to Bangladesh, and subsequently announced the cancellation of the scheduled flight to and from Dhaka on August 06, 2024. Maldivian further said that it was “closely monitoring the situation” and remains committed to providing support to the passengers. “The safety of our passengers and crew remains our most important priority,” Maldivian said on X. Bangladesh Prime Minister Sheikh Hasina resigned and fled the country on Monday after protesters in…
The Maldives government has announced the opportunity to interested parties to operate helicopter services, aimed at expanding the Maldivian aviation industry. The Ministry of Transport and Civil Aviation has announced that interested proponents to submit their Expression of Interest (EOI) for should launch the service in the Maldives. The helicopter service will include guest transfers as well, the ministry added. The ministry envisions Maldives aviation sector expansion with the introduction of helicopter services, enhanced patient transfers, search and rescue missions, and increased connectivity in the tourism industry. The Transport Ministry is seeking to grant a 10-year exclusive deal for the…
The State Electric Company Limited (STELCO) has signed a memorandum of understanding (MOU) with Maldives Polytechnic towards the introduction of capacity development programs for STELCO employees. Hussain Fahmy, Managing Director of STELCO, signed the agreement on behalf of the utility provider, and Zooshan Kamaluddin, CEO of Polytechnic, signed on behalf of the academic institution. Under the agreement, Polytechnic will run certification courses, professional development programs, and other capacity development programs for STELCO employees to enhance their professional and technical abilities. Additionally, employees will get the chance apply their knowledge practically, while the programs also aim to encourage enthusiastic individuals to…
The Road Development Corporation’s (RDC) Managing Director Brigadier General (Retired) Ali Zuhair said the company’s debt stood at MVR 837 million when the current management took over. Zuhair made the remarks while speaking at the Maldives Parliament’s Committee on State-Owned Enterprises (SOE) meeting. RDC’s management was summoned to the committee, where they were grilled about the company’s corruption and the new management’s measures to combat this. Zuhair said the company’s new management inherited the debt. of which MVR 152 million has been paid to the owed parties with the government’s support. The current outstanding debt of the corporation is MVR…
The State Electric Company Limited (STELCO) and Maldives National University (MNU) have signed an agreement to conduct academic research into the reasons why electricity bills have been surging exponentially in recent months. Electricity bills, especially in the Greater Male’ area, have observed a steep incline in price and consumption in recent months, especially since the hot season in 2024. STELCO Managing Director Hussain Fahmy signed the agreement on behalf of the utility provider, while the university’s Vice Chancellor, Dr. Aishath Shenenaz Adam, signed on behalf of MNU. Speaking at the signing ceremony, Fahmy said STELCO entered into the agreement to…
Maldives President Dr. Mohamed Muizzu has appointed Mohamed Nimal as the new Chief Executive Officer of Local Government Authority (LGA). Nimal was appointed formally for his new role on Monday morning during a special ceremony held at the President’s Office. The appointment was made under the authority granted to President Muizzu by Article 61(b) of the Decentralization Act (Act No. 7/2010). Mohamed Nimal previously served as the President of Male’ Atoll Council. He also served as the Minister Counsellor at the Maldives High Commission in Sri Lanka. Additionally, he is a former Managing Director of Maldives Road Development Corporation (MRDC)…
A new piece of legislation, if approved through parliament, will see fraudulent insurance claims getting officially labeled as a criminal offense. The misconduct still remains among offenses that lack any statutory provisions criminalizing it. The bill, that seeks to criminalize misrepresentation to acquire insurance money, was submitted to parliament by Mahibadhoo MP Ahmed Thoriq on behalf of the state. The primary objective of the bill, Thoriq said, is the introduction of procedures for licensing insurance providers and affiliated businesses. The bill also intends to introduce a legal framework to regulate and supervise insurance providers and affiliated businesses. Insurance providers, or…
McDonald’s reports its global sales fell 1% in the second quarter of this year. McDonald’s US sales dropped 0.7%, according the global franchise’s second quarter earnings. Outlets across the US saw a sharp decline in guest counts, while “strategic menu price increases” also resulted in losses. The fast food giant’s sales in the International Operated Markets segment fell 1.1% due to “negative comparable sales across a number of markets, driven by France,” the report said. The global fast food chain’s woes do not end here, as sales in the International Developmental Licensed Markets segment decreased 1.3%. “The continued impact of…
US chip maker Intel said Thursday last week it will slash more than 15% of its workforce to streamline its operations. The decision is a response to Intel’s USD 1.6 billion quarterly loss and tougher market conditions. Intel is making corrections with a lay-off over 18,000 employees and slashing USD 20 billion in expenses. “Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,” Intel chief executive Pat Gelsinger said in an earnings release. “Second-half trends are more challenging than we previously expected.” The second quarter earnings were adversely impacted by “headwinds” to the…