Author: Minivan News

Third of operating income “bad and doubtful debts”: BML quarterly report

The Bank of Maldives (BML) has reported a stable third quarter profit of Rf 10,412,552 (US$810,000) for the three months to September 2010, a small increase on second quarter profit stemming from a nine percent increase in overall income.

However of the state-owned bank’s third quarter operating income of Rf 140,236,774, almost a third (Rf 55,242,937, or US$4.3 million) was downgraded as provision for “bad and doubtful debts”, a Rf 8 million (US$620,000) increase on bad debts for the second quarter 2010.

Staff costs represented Rf 43,822,269 (US$3.4 million), over half the of the bank’s total operating expenses of Rf 71,110,433 ($US5.5 million).

During the quarter the bank sanctioned 2039 loans, worth Rf 708 million (US$55 million).

The bank also announced a new pension plan and staff provident fund, taking effect in 2011, and selected candidates for its “executive grooming programme”.

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Resort group Anantara plots major anniversary expansion

Anantara, which operates a number of high end resorts and spas across Asia and the Middle East, says it will expand its property portfolio by up to 60 percent next year by extending its presence in markets such as the Maldives.

With the company set to commemorate its first decade in business during 2011, the launch of the Anantara Kihavah Villas in Baa Atoll – scheduled to open in January – marks plans to try and further boost the number of properties in lucrative areas like the Indian Ocean.

“We’ve come a long way since our first resort opening in 2001,” said Peter Carmichael, Anantara’s Senior Vice President, in a statement. “As we move into our tenth anniversary year we will open seven stunning new resorts that will offer guests luxury and tranquility in surroundings that are culturally and environmentally uplifting.”

In the Maldives alone, the company already operates the neighbouring resort properties of Naladhu, Anantara Veli and Anantara Dhigu in the country’s South Male’ Atoll.

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Maldives’ sustainability adviser calls for global eco-reassessment

“I think the green movement needs to take a step back and reassess what it is trying to achieve and how,” Mark Lynas, an adviser to President Mohamed Nasheed on sustainable and environmental issues, has told the Ecologist publication.

In an interview for the ecological publication, Lynas, a British journalist and environmental activist, believes that amidst growing controversy in adopting so-called greener technologies, economies like the Maldives require an ‘engineer’ rather than a ‘propagandist’ to succeed.

Talking of his advisory role to President Nasheed, the journalist claims he aims to try and be practical, rather than idealistic, in pursuing green commitments to help the Maldives meet its ambitions to become carbon neutral by 2020.

“When I’m advising the president of the Maldives, I can’t really say to him ‘Our first job is to confront power and smash corporate control’,” Lynas tells the Ecologist. “I have to say to him, ‘OK, let’s look at getting this amount of solar power on these buildings, this amount of wind on the grid in the capital city, let’s work on this kind of building code for energy efficiency’.”

The full Ecologist interview can be read here.

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Islamic Foundation slaughters goats for public Eid al-Adha feast

The Islamic Foundation of the Maldives has announced plans to slaughter a “considerable number” of goats to celebrate Eid al-Adha, in keeping with the sunnah of the Prophet Mohammad (PBUH).

The sacrificial ceremony will be held around 8:30am at Maafannu Madharusaa following Eid prayers, the Foundation said in a press statement.

The slaughtering will be carried out by Sheikh Adam Naseem (BA), Sheikh Mohamed Moosa, Sheikh Ahmed Moosa, Sheikh Ahmed Maumoon, Sheikh Izzaddeen Adnan, al usthaaz Ahmed Nizam and many other dignitaries, the Foundation stated.

The Foundation invites all its members, their immediate families, special guests and all Muslim brothers and sisters to a feast prepared from the meat, tonight at 8:30pm.

Eid al-Adha is the latter of the two Eid festivals celebrated by Muslims annually on the 10 day of the Zulhijjah, the last month of the lunar Islamic calendar, the Foundation explained.

“The sacrifice commemorates the willingness of Abraham (AS) to sacrifice his son Ishmael (Ismail) as an act of obedience to the Command of Allah, before He intervened to provide Abraham with a ram to sacrifice instead.”

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Kundabados ‘human circle’ marks Maldives World Diabetes Day focus

Maldivian associations and individuals representing all walks of life are said to have taken part in a special event held earlier this month on Kundabados to mark yesterday’s World Diabetes Day.

More than 800 people representing the Maldives’ police and defense forces, resort workers, fitness groups and tourism industry figures gathered on the island to form a human blue circle using umbrellas to mimic the Unite for Diabetes logo.

The event was organized by the Diabetes Society of Maldives – a local campaign group – in order to raise awareness in the country regarding the impact the disease can have on lives in the atolls as part of a wider international promotional campaign to play up the blue circle logo of Unite for Diabetes.  The day also saw a number of fitness programmes being offered to attendees at Kundabados.

In attempts to raise awareness about the importance of healthier lifestyles in helping prevent complications linked to the disease, the Diabetes Society of Maldives says it has supplied special awareness material to local media in recent months to better inform people.

Similar events regarding playing up the links between the blue coloured circle emblem and awareness of the disease have been held all over the world to commemorate World Diabetes Day.

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Dhiraagu signed up for court video conferencing services

Maldives-based telecoms group Dhiraagu will provide video conference technology to link the country’s Criminal Court and Maafushi Magistrate Court under a new agreement with the Department of Judicial Administration, reports Haveeru.

Ibrahim Ahmed Manik , the Chief Judicial Administrator, said at a signing ceremony that launching the video service, which has been devised to remove potential difficulties in transporting people between the individual courts, had been delayed from earlier this year, adds the report.

The Department of Judicial Administration has also claimed that it has met about 99 per cent of the annual objectives stemming from its 2010 budget. These objectives include training for both judges and administrative staff in skill areas like conferencing and IT skills, as well as programmes to improve English, according to Haveeru.

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US Special Representative to speak at American Centre

US Special Representative to Muslim Communities Farah Pandith will speak on the US’s ‘Commitment to Engagement with Muslim Communities’ at the American Centre in Male’ on November 21, at 4:30pm.

Kashmir-born Pandith is Senior Advisor to the Assistant Secretary of State for European and Eurasian Affairs, focusing on Muslim communities in Europe. She is responsible for policy oversight for integration, democracy and Islam in the Bureau of European and Eurasian Affairs, and also works on issues relating to countering violent Islamic extremism.

Prior to joining the US Department of State, Pandith served as Director for Middle East Regional Initiatives for the National Security Council, and was responsible for coordinating US policy on Muslim World Outreach and the Broader Middle East North Africa initiative.

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President lays foundation stones for 1350 housing units

President Mohamed Nasheed has laid the foundation stone of 1000 housing units to be built in Hulhumale’ under an agreement between the Maldives and the Chinese government.

The 1000 housing units will be built across 40,000 square metres on the reclaimed island 1.3 kilometres north of Male’ to relieve housing pressure on the densely population city, one of the most congested in the world.

Chinese news agency Xinhua reported that Vice President of CMEC Li Chaoyang, the Chinese contractor building the project, said the firm would would abide by Maldivian laws and respect the and customs of the Maldivian people in the process of carrying out the project.

“We will strictly implement the contract, elaborately organise the construction works, and ensure the quality of the project. We will deliver an eco-friendly, enjoyable and high quality residential area for the Maldivian people,” Li said.

Xinhua reported Chinese Ambassador Yang Xiuping as saying that she was “very glad that the Chinese company, CMEC, won the bid for the project in Hulhumale. I wish it every success.”

According to the government’s Isles project, the units are expected to be completed in two years.

Earlier last week President Nasheed laid the foundation stone for another 350 housing units in Male’, which will be build by Indian developers Kargwal 18 SG.

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Maldives elected Co-Chair of World Bank’s Strategic Climate Fund Committee

The Maldives has been elected Co-Chair of the World Bank´s Strategic Climate Fund Committee, part of the US$6.4 billion Climate Investment Fund (CIF).

CIF consists of two funds: the Clean Technology Fund (CTF) and the Strategic Climate Fund (SCF), which will channel funding through the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and the World Bank Group.

The funds are intended to help developing countries trial low-emission development projects, including clean technology, renewable energy and sustainable forest management.

The Maldives was represented at the committee meeting by the President’s Envoy for Science and Technology, Ahmed Shafeeq ‘Sappe’ Moosa.

Moosa said he encouraged the private sector in the Maldives “to take a lead in benefiting from global financing mechanism which are now increasing targeted at clean technology and renewable energy to build more climate resilient communities.”

“This is an opportunity for Maldives to learn about and benefit from the wide range of climate change finance mechanisms that are available now. It also provides an excellent platform to interact and associate with leading professionals in the area.”

The Maldives was selected together with Ethiopia, Honduras, Kenya, Mali and Nepal as a pilot country under the Scaling-up Renewable Energy Program (SREP) in July 2010, with grant financing of up to US$30 million.

“Going forward, it is my hope that further funding can be channelled to the Maldives through the CIF program,” Moosa said.

Donors to CIF include the United States ($2 billion), United Kingdom ($1.212 billion), Japan ($1.190 billion), Germany ($741 million), France ($274 million), Norway ($177 million), Australia ($137 million), and Spain (US$108 million).

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