Author: Mohamed Reehaan
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…
State Electric Company Limited (STELCO) has decided to conduct an energy audit owing to significant increment in utility bills from Greater Male’ residences. STELCO Managing Director Hussain Fahmy said that after review, 92% of the bills declined, but 6% of Male’ households and 15% of Hulhumale residences showed significant discrepancies. “Generally, we receive electricity bill-related complaints every month, but we received comparatively fewer complaints this month,” Fahmy said during a press conference that highlighted the recent surge in utility bills. He added that it was prudent to raise awareness among consumers with regards to the factors contributing to increase in…
Maldivian, the flagship carrier of the island nation, has announced seamless connection between the airline’s early morning flight to Gaafu Alifu Kooddoo and RTL ferry service. According to Maldivian, this integration will enhance convenience and comfort for passengers traveling to Kooddoo, Gaafu Alifu, and surrounding atolls. The airline added that passengers on Maldivian’s early morning flight Q2260 departing for Kooddoo will have the option to connect directly to RTL ferry that departs at 09:30hrs. This integration of the RTL ferry service into Maldivian’s routes is a testament to the airline’s commitment to enhancing passenger experiences and dedication to improving seamless…
The Maldives state collected a total revenue of MVR 5.84 billion during the second quarter of 2024, reports the Maldives Inland Revenue Authority (MIRA). According to MIRA’s second quarter statistics, revenue collection for the review quarter is a 12.6% jump compared to the same quarter last year, but a 10.7% decline compared to initial projections. MIRA said the review quarter’s earnings increased owing to the 5.2% increment in tourist arrivals from March to May 2024 compared to the same period last year. The taxable bed nights subject to green tax, reported via green tax returns submitted for Q2-2024, increased by…
Dhiraagu has announced its partnership with the Institute of Chartered Accountants of the Maldives (CA Maldives) for the Maldives Accountants Forum (MAF) 2024. MAF is regarded as an ideal platform for professionals to collaborate, share knowledge, and engage with industry stakeholders, reaffirming the commitment to professional development and trust-building within the Maldivian accounting fraternity. On the inaugural day of the forum, Dhiraagu CEO and Managing Director, Ismail Rasheed, delivered a keynote speech on the topic of “The CFO as an Innovator: Leading in the Age of AI and ESG,” which is in line with this year’s theme of focusing on…