Author: Mohamed Reehaan

State Trading Organization (STO) has reduced the retail rates on diesel and petrol. This drop is thanks to the global market performance of the commodity, which has been trading at significant lows for weeks. Crude futures fell after China posted weak economic data on the back of looming economic recession tensions. In addition to this, a damaged pipeline at the Gulf of Mexico was repaired, springing halted US oil productions – which in turn would have offset constrained supply. Effective 17th August, Wednesday, STO confirms the new retail rate of diesel per liter is MVR16.32 instead of previous MVR16.77. In…

State’s budgetary deficit has surged from MVR4.6 billion during the previous week to MVR4.8 billion as of 11th August 2022. According to Ministry of Finance, the annual total of state’s expenses hit MVR22.1 billion by review date. On the other hand, state’s revenues remain sluggish at MVR17.3 billion – showing mild improvement. Due to stronger spending against revenue gains, the budget balance felt its deficit gap widening. Meanwhile, state’s cumulative tax revenue hit MVR12.7 billion, whereas it stood at MVR8.3 billion for the same period last year. On the other hand, cumulative total of non-tax revenue hit MVR4.5 billion by…

W Goa will be bringing authentic Indian flavors and mixology to the “luxury playground” of W Maldives from 24th to 26th August 2022. This marks a first of its kind “bar and kitchen takeover” through which guests will experience rich flavors and aromas of the quintessential Indian cuisine. Dubbed “Taste W Goa at W Maldives” will kickoff with W Goa’s Director of Beverage Kshitij Goel and Sous Chef Jotiba Birje conquering the bar and restaurant at W Maldives’ signature overwater restaurant – FISH. The offer include a five-course menu curated by Chef Birje “inspired from the heritage and new age…

Ooredoo Maldives signs on as the digital partner for the first Maldives Broadcast Awards. The awards ceremony is held by Maldives Broadcasting Commission. For the first time in the Maldives, the Maldives Broadcast Awards will recognize work and talent of the broadcasting industry. The awards aim to encourage and endorse progress in the broadcast field. According to the organizer, awards will be handed under three distinct categories; industry, journalism and production awards categories. MBC claims that awards under production are aimed for channels as well as private individuals. Entries by private individuals are considered eligible if their content was broadcast…

According to Ministry of Tourism, tourist arrivals has shot up 49.1% in annual terms. This improvement is placed in comparison with the same duration in 2021. So far, the authority attests on a total of 1,014,138 tourist arrivals. In 2021, for the same period, the total arrivals stood at 680,324. Despite strong improvement, this was still 4.9% lower compared with pre-pandemic levels in 2019, where it stood at 1,065,976. Daily arrival average in annual terms has reached 4,487. Meanwhile, from 1st to 14th August, daily arrival average stood at 4,812. Average duration of stay in annual terms is at 8.2…

Airbnb is rolling out its new anti-party technology in the United States and Canada, which will obstruct users looking to book lodgings to throw unapproved gatherings. The new tech will identify “potentially high-risk reservations” according to Airbnb. The company’s newest technology looks at several factors such as user history of positive reviews, history with the service, as well as duration of requested booking when screening for ‘trouble’. Other factors including the distance for the booking from the user’s home address, and whether the bookings are made on weekends or otherwise. Airbnb reports that is testing the said tech in Australia…

The most recent update from Ministry of Finance confirm state expenses have hit MVR21.5 billion as of 4th August 2022. On the other hand, revenues remain comparatively sluggish at MVR16.94 billion. This stretched the budget deficit to MVR4.6 billion. So far state put 74% of its budgetary total on recurrent expenses, remaining 26% on capital expenditure. On the revenue front, 74% of the earning came from tax sources and remaining 26% from non-tax sources. Meanwhile, the cumulative tax revenue total hit MVR12.5 billion. In the corresponding period last year, this was at MVR8.1 billion. Cumulative total of non-tax total is…

Maldives Customs Service report its import revenues, inclusive of fuel shot up by 56% in July 2022. According to the authority, Customs revenue for the review month went up 31% to hit MVR316 million. The authority collected MVR1.5 million in royalties. Inclusive of fuel, imports hit MVR4.3 billion. Exclusive of fuel, import value is at MVR3.3 billion, a 44% increment. Exports amount to MVR78 million for the month, up by 52%. Top import commodities include food items, MVR5.6 billion, fuel, MVR919 million, machinery and mechanical appliances, MVR734 million. Other major import commodities include base metal and articles, MVR430 million and…

National airline and leading domestic carrier Maldivian signs as the gold partner for TTM Maldives 2022. Hailed as the largest travel trade show in the Maldives, the TTM travel-trade fair is scheduled from 23rd to 25th August 2022. The national carrier currently operates mainly to India and Bangladesh from its main hub at Velana International Airport (VIA). The airline is the only Maldivian carrier offering both seaplane and wheel-base flights in the Maldives. Maldivian joins a list of high-profile partners of the TTM Maldives 2022, which include Maldives Marketing and Public Relations Corporation (MMPRC), Ooredoo Maldives, CROSSROADS Maldives, Jalboot Maldives,…

As part of government’s ongoing austerity measures to reduce state expenditure, Aasandha Company announced it is currently revising the baseline price on retail medications. The company’s Managing Director Ms. Aminath Zeeniya affirms of ongoing work on the matter in support a of World Health Organization’s (WHO) consultant. She confirms meeting relevant bodies prior to initiating the revision plan, for discussions. Pharmacies sell medications based on the guidelines of Aasandha. The authority dictates the common prices on medications based on pharmacies cannot sell in breach of it. The first price revisions were made in 2019, which had saved close to MVR19…