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Business

News in Brief

  • Maldivian jailed in Thailand for 14 years
  • PPM MP Ibrahim Riza elected to represent Majlis on JSC
  • Majlis accepts two government-sponsored bills for further review
Addu City Council reveals plans to develop 2000 guesthouse beds thumbnail

Addu City Council reveals plans to develop 2000 guesthouse beds

Addu City Council’s Guesthouse Tourism Promotion Board will assist with the construction, financing, and staffing of new guest houses in six designated areas of the country’s second largest urban area.


Slippages in revenue or expenditure will undermine debt sustainability: MMA macroeconomic report thumbnail

Slippages in revenue or expenditure will undermine debt sustainability: MMA macroeconomic report

Despite a positive outlook for the economy in 2014, the central bank warned that “any setback to fiscal consolidation either due to slippages in revenue or current expenditure will undermine medium-term debt sustainability and will have adverse implications for exchange rate and prices.”


MACL can sue former chairman over GMR airport charge decision, says Civil Court thumbnail

MACL can sue former chairman over GMR airport charge decision, says Civil Court

Civil Court has ruled that the Maldives Airports Company Ltd can sue its former Chairman ‘Bandhu’ Ibrahim Saleem for his January 2012 decision to allow the disputed airport development charge to be deducted from concession fees owed to the government.


Maldives “ideally placed” to be international financial centre, says CMDA chief thumbnail

Maldives “ideally placed” to be international financial centre, says CMDA chief

The Capital Market Development Authority’s quarterly report detailed plans for further expansion of the Islamic financial sector as well as pensions investments which Shafeega noted had not “kept pace” with recent pension development.


India offered to build naval dockyard in Maldives, says Indian media thumbnail

India offered to build naval dockyard in Maldives, says Indian media

According to the Deccan Herald, India’s Army Chief General Bikram Singh has offered to build a dockyard worth MVR7.7 billion (US$500 million) in the Maldives. China has reportedly indicated interest in the project first.


Maldives tuna source UK’s first certified sustainable tuna sandwich thumbnail

Maldives tuna source UK’s first certified sustainable tuna sandwich

“By choosing tuna from the Maldives tuna fishery, Sainsbury’s is supporting artisanal fishermen who have made an international difference to the way the Indian Ocean fishery is managed,” the Marine Steward Council has said.


GMR is only owed reimbursement, not compensation, says AG thumbnail

GMR is only owed reimbursement, not compensation, says AG

The GMR is only owed reimbursement for a US$ 78 million upfront concession fee and expenses incurred for airport development, not compensation for losses, Attorney General Mohamed Anil has said.


Tourist arrivals increase six percent in March thumbnail

Tourist arrivals increase six percent in March

“The annual increase was due to the rise in the number of arrivals from China which offset the decline in arrivals from Europe,” explained the central bank’s monthly update of “developments in key economic sectors”.


MDP calls for GMR reinstatement thumbnail

MDP calls for GMR reinstatement

The MDP has said it will terminate any new airport development contracts made by President Yameen if it comes to power.


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Torture victims in the Maldives tell their stories