Category: News in Brief

STO reports annual profit of US$9.5 million

The State Trading Organisation (STO) has announced an annual profit of Rf146.6 million (US$9.5 million) for 2011, a 23 percent increase from the previous year.

Sun Online reports that 2011 was the most profitable year in the public company’s history.

According to the director’s report approved at STO’s annual general meeting (AGM) on June 14, the rise in profits came from supplying jet fuel to the Ibrahim Nasir International Airport and importing medical consumables to the Male’ Health Services Corporation. STO also won bids to build roads in Addu City and develop the airport in Fuvahmulah.

A decision was made at Thursday’s AGM to distribute Rf72 per share as dividends. The decision was approved by over 80 percent of those voting.

Mohamed Farshath, H. Two Hearts, was voted to the board of director’s to represent public shareholders.

Following changes approved at last year’s AGM, the government’s stake of 92.29 percent was lowered to 81.6 percent. Shares owned by the public was raised from 7.71 to 18.4 percent.

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Maldives withdraws from regional sports tournament over financial concerns

The Maldives has pulled out of the 12th South Asian Federation (SAF) Junior Table-Tennis Championship due to financial concerns, Indian media has reported.

The withdrawal leaves six nations competing in the championships, including Pakistan, Bangladesh, Nepal,  Sri Lanka, Bhutan, and hosts India. The tournament will run from June 16 until June 19, according to the Times of India newspaper.

The Maldives, also a member of the South Asian Federation, was unable to attend due to “financial constraints”, the report added.

Attendance at the SAF championship is said to be mandatory for countries wishing to participate in next month’s Asian Junior TT Championship, the Times of India added. The tournament will be hosted in china from July 11 to July 17.

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Abdul Raheem leaves DRP for the second time

Maafannu-West MP Abdulla Abdul Raheem has announced his decision to switch parties for a third time, reports Haveeru, although the Dhivehi Rayithunge Party (DRP) member has not revealed which party he intends to join.

Raheem, who is currently in Sri Lanka, said that he had informed the party of his decision on May 31.

He claimed to have been restricted from speaking in the Majlis after going against the DRP’s official line when commenting on the recent media council.

Raheem had previously left the DRP for the then-ruling MDP before re-crossing the floor at the end of March.

Haveeru believes Raheem may join the Jumhooree Party (JP) which today announced that it expects its representation in the Majlis to have increased by the end of a special signing ceremony scheduled for this Saturday.

The party’s Registrar General Mohamed ‘Inthi’ Imthiyaz told Haveeru that many MPs would be signing, adding to the four seats they currently hold, as well as 1000 new members.

Inthi promised that the JP would hold an even larger ceremony at the artificial beach in July, adding that the only limit on the flood of new party members was the time the Elections Commission (EC) took to process the forms.

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People are misusing right to freedom of expression: Waheed

In a speech today President Dr Mohamed Waheed Hassan said that freedom of expression ought not to be permitted to the extent that it impinges on the rights of others, reports Sun Online.

Speaking at a preschool earlier today, Dr Waheed used the example of the way other democratic countries used the right to freedom of expression, arguing that the Maldives will not be able to truly enjoy the benefits of democracy.

To this end he expressed his hope that the parliament would act to curb the actions of those who abuse this right by shouting whatever they feel like at others.

Since his accession to the Presidency, President Waheed’s public appearances have often been accompanied by heckling crowds who dispute the legitimacy of his government.

“People misuse the right to freedom of expression and yell whatever words that come to mind at other people. You have seen and heard this, not just on TV or radio, but on the streets, in front of houses and schools. This is not how it should be,” Dr Waheed is reported as saying.

During his visit to the UK last week, President Waheed told the press that getting balanced media coverage on the current situation in the Maldives was difficult.

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Don’t shoot the referee: Dr Hassan Saeed

As people across the Maldives enjoy the European football championship, Special Advisor to the President and leader of the Dhivehi Qaumee Party (DQP) Hassan Saeed, draws an analogy between opposing reports of the events of February 7 and opposing football supporters after a contentious incident on the pitch.

“I was reminded of football when I saw the very different reactions to the publication of the National Enquiry Commission timeline last week. It was like two sets of supporters who witnessed the same goal but had equally strong and diametrically opposed opinions about whether it was off side or not,” Dr Saeed writes for Haveeru.

“However the football analogies don’t stop there.  We appreciate the skill of the players and also applaud fair play. I think we would all agree football works best when the players follow the rules, have respect for the other side and heed the rulings of the referee.

It would be really wonderful if our political process operated the same way. However this week we have the MDP claiming they are being ‘intimidated’ through the legal system, simply because the Defence Minister speculates that officers of the MNDF might seek a legal remedy for what they perceive as untrue and libelous statements on the part of the MDP. In fact, all people are doing is following judicial rules, no different to the way a referee has to interpret footballing disputes on the pitch.”

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Finance Minister announces plans to revise import duties, GST

Finance Minister Abdulla Jihad has announced the government intends to revise changes made to import duties and the Goods and Services Tax (GST), reports Haveeru.

Jihad is said to have explained that the revisions to import duties, initiated by the previous administration, have “not even come close” to covering the cost of income lost after reductions to import duties.

Haveeru reports that the Rf2 billion the state had previously earned from import duties had been halved whilst the GST earnings had not made up the shortfall as anticipated.

Jihad told Haveeru that the government was continuing to engage in deficit reduction measures which will include reducing state expenditure by 15 percent whilst raising Tourism Goods and Services Tax (TGST).

The current budget deficit has been estimated by the Majlis Financial Committee to be 27 percent of GDP this year – Rf9.1 billion (US$590 million).

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Cabinet to merge thalassaemia services

At yesterday’s cabinet meeting, the decision was made to combine the services provided by the National Thalassaemia Centre and the Blood Transfusion Centre in a new body entitled the Maldivian Blood Services.

The government has yet to disclose further details about the proposed organisation.

Maldivians suffer the world’s highest rate of the blood disorder, with 18 percent of the population registered as carriers. The illness causes severe anaemia in sufferers and requires regular blood transfusions.

On World Thalassaemia Day, May 8, the Maldivian Thalassaemia Society (MTS) released a statement criticising the unequal treatments available to Thalassaemia sufferers who live outside of the capital, Male’, where the National Thalassaemia Centre currently provides transfusions.

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GMR opens new air cargo office complex

Ibrahim Nasir International Airport (INIA) on Sunday opened a new office complex for the Maldives’ air cargo facility, and introduced a computerised records system to monitor and track cargo for the first time.

The first order on the new system, used by airport developer GMR at its other airports in India, was printed by chief guest Fisheries Minister Ahmed Shafeeu at the inauguration event.

“Previously it was done using stacks of paper, reams of it,” said CEO of INIA, Andrew Harrison, adding that the system would allow greater transparency and monitoring for customs officials.

The new office complex includes offices for airlines and customs officials, as well as sales counters, and greatly increases the amount of room available for storage. Other innovations included a women’s washroom: “Previously the ladies working here had to walk all the way down to the domestic terminal,” noted Harrison.

The new air cargo facilities give the Maldives the capacity to become a regional trans-shipment hub, Harrison explained, observing that airlines such as BA already used the Maldives to carry goods such as garments from Sri Lanka.

There was, he said, a ‘build it and they will come’ philosophy which had worked well for the company in Hyderbad following its opening of pharmaceutical storage facilities.

Particularly in such an import-dependent economy such as the Maldives, cargo was attractive to airlines as was a more consistent revenue stream compared to fluctuating ticket revenue, and more able to withstand economic shocks.

“When the 2003 SARS epidemic hit, Cathay Pacific only survived because by then it was deriving 43 percent of its revenue from cargo,” Harrison explained.

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Pension reform bill defeated in Majlis

A bill proposing to reduce the eligible age for the Basic Pension was defeated yesterday in the People’s Majlis.

The amendment to the 2009 Pension Act would have brought the age at which Maldivians could receive the state pension down to 60 from 65 years of age.

Yoosuf Naseem, the Dhivehi Rayithunge Party (DRP) MP for Felidhoo constituency, first introduced the bill last year. Yoosuf informed Minivan News that the bill was defeated by 38 votes to 27.

The current state pension is Rf2300 (US$149) a month. The country’s demographics suggested that the changes to the system could have added Rf138million (US$8.9million) to the governments financial obligations.

The government is forecast to be Rf9.1 billion (US$590million) over budget this year.

The bill had been criticised by the Capital Market Development Authority (CMDA), the pension industry’s regulator, as potentially damaging the country.

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