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Business
News in Brief
- Government to establish state-owned Hajj group
- Three arrested following seizure of over 100 bottles of alcohol
- Ferry services temporarily suspended stranding 200
Foreign workers locked in house after allegedly “refusing to work and attempting to flee”
Police discovered six foreign workers locked in a house after being accused of refusing to work and attempting to “flee”.
Ministers slam Nasheed for “bluffing” over guesthouse commitments
The MDP has claimed that after reintroducing the guesthouse concept to the Maldives after coming to office in 2008, the party’s latest manifesto gives further importance to grow mid-market tourism – said to be vital in tackling a “total disconnect” between the lucrative island resort model and local people.
Maldives government denies US$160 million arbitration talks with Axis Bank
GMR’s lender Axis Bank has announced its intention to seek a repayment of loans taken out for the airport project, which were guaranteed by the Ministry of Finance and approved by the AG’s Office under the former government.
Maldives’ satellite bid, Chinese involvement leads to India’s alleged security concerns
Indian security agencies are concerned about increased Chinese participation in neighboring countries’ communication satellite projects, according to various Indian media outlets.
New financial restrictions on tourism development exclude small and medium-scale investors: developer
The regulation requires any joint venture partner working with the state on a tourism projects to have a minimum financial worth of US$300 million and make a minimum initial capital investment of at least US$100 million.
Sea turtle killing threatening Maldives’ dolphin-safe tuna certification
The Maldives is at risk of losing its dolphin safe tuna certification and fishing vessels will be banned from delivering tuna for export if they participate in sea turtle killing.
Early withdrawal proposals “detrimental” to survival of pension scheme, regulator claims
Under proposed amendments, early withdrawals could be justified on the basis of funding a Hajj pilgrimage, undertaking higher education, property building, seeking medical treatment abroad or establishing a businesses.
Artur brothers “direct threat to national security”: MP Fahmy
Police meanwhile revealed they became aware of the Artur brothers presence in the Maldives in January, and launched an investigation to determine if they had been conducting any illegal activities in the country.
Preliminary hearing on GMR-Maldives arbitration case scheduled for April 10 in London
“It is not an official hearing of the arbitration case. It is a hearing in which a date for the commencement of the hearings would be agreed and to agree as to how the case should proceed. Decisions concerning how the proceedings should take place will be agreed,” said Deputy Solicitor General Ahmed Usham.