International Monetary Fund (IMF) has advised the Maldives to stop taking more money from the central bank of Maldives, and lower the debt that the country has.
During the Covid-19 pandemic and the country’s economic drop, the government had suspended some of the laws regarding printing more money and printed new money by sending a bill to the parliament and getting it approved. IMF informed that to maintain the USD rate in the Maldives at 15.42, Maldives must stop printing more money. IMF further informed that if the Maldives continues to print money, we may face an economic crisis like so in Sri Lanka.
IMF has called the Maldives to think for the big picture and plan in a 360 view of how things can be, and make strategic decisions.
IMF has estimated that while working on the economic state of the country, the inflation rate may increase by 1.4% in the Maldives. And foods and beverages price may have an increased inflation rate of 2.3% in 2022. World Bank, MMA, and Finance ministry of Maldives have estimated that the country will go back to the normal economical state by 2023.
Italy imposes antitrust fines on Apple, Google
The Italian competition authority fined Apple and Google $11 million each for violations of the consumer code, including failing to provide enough information to customers.
Italy’s antitrust watchdog imposed 20 million euros ($22.5 million) in fines on Apple and Google on Friday, the second time the regulator has sanctioned US tech giants this week.
European countries have cracked down on the business practices of Big Tech in recent years, while the EU is moving forward with legislation to tighten regulation.
The Italian competition authority said it fined Apple and Google 10 million euros ($11 million) each for violations of the consumer code, including failing to provide enough information to customers and resorting to “aggressive methods” in the use of their data for commercial ends.
“Neither Apple nor Google provided clear and immediate information on the acquisition and use of user data for commercial ends,” the statement said.
The regulator imposed a 200-million-euro ( $225 million) fine on Apple and e-commerce giant Amazon earlier this week for restricting access for certain sellers of Apple products on Amazon.
Meanwhile, European Union member states on Thursday agreed their common position on two landmark legislations that could set unprecedented oversight on Big Tech.
Regulating big tech companies
The European Union’s second-highest court has previously upheld a $2.8-billion (2.4-billion-euro) fine on Google by anti-trust authorities in Brussels for search engine dominance.
Lost month’s decision was considered a major win for the bloc’s competition chief Margrethe Vestager in the first of three court rulings that will strengthen the EU’s push to regulate big tech.
The court said the commission correctly found that Google’s practices harmed competition on comparison shopping service and swatted away the company’s argument that the presence of merchant platforms showed there was strong competition.
New coronavirus variant Omicron triggers market sell-off
New concerns over the variant pummelled financial markets, especially stocks of airlines and others in the travel sector, and oil, which tumbled by about $10 a barrel.
The discovery of a new coronavirus variant named Omicron has triggered global alarm as countries rushed to suspend travel from southern Africa and stock markets on both sides of the Atlantic suffered their biggest falls in more than a year.
The World Health Organisation (WHO) said on Friday Omicron may spread more quickly than other forms, and preliminary evidence suggested there is an increased risk of reinfection.
Those worries pummelled financial markets, especially stocks of airlines and others in the travel sector, and oil, which tumbled by about $10 a barrel.
The Dow Jones Industrial Average closed down 2.5 percent, its worst day since late October 2020, and European stocks had their worst day in 17 months.
Cruise operators Carnival Corp, Royal Caribbean Cruises and Norwegian Cruise Line plunged more than 10 percent each, while shares in United Airlines, Delta Air Lines and American Airlines slumped almost as much.
Too late for travel curbs?
Epidemiologists warned travel curbs may be too late to stop Omicron from circulating globally.
The new mutations were first discovered in South Africa and have since been detected in Belgium, Botswana, Israel and Hong Kong.
The United States will restrict travel from South Africa and neighbouring countries effective Monday, a senior Biden administration official said.
Going further, Canada said it was closing its borders to those countries, following bans on flights announced by Britain, the European Union and others.
But it could take weeks for scientists to fully understand the variant’s mutations and whether existing vaccines and treatments are effective against it. Omicron is the fifth variant of concern designated by the WHO.
The variant has a spike protein that is dramatically different than the one in the original coronavirus that vaccines are based on, the UK Health Security Agency said, raising fears about how current vaccines will fare.
Scientists issued similar warnings.
“This new variant of the Covid-19 virus is very worrying. It is the most heavily mutated version of the virus we have seen to date,” said Lawrence Young, a virologist at Britain’s University of Warwick.
“Some of the mutations that are similar to changes we’ve seen in other variants of concern are associated with enhanced transmissibility and with partial resistance to immunity induced by vaccination or natural infection.”
Several other countries including India, Japan, Israel, Turkey, Switzerland and the United Arab Emirates also toughened travel curbs.
Ikea to rent apartment for $0.86 month in Japan.
Swedish retail giant IKEA is set to become a landlord in Japan as it sets to rent out micro-apartments at an unbelievable price.
According to IKEA, they will be renting out 107 sqft apartments in the Shhinjuku district at a rent for $0.86 a month.
While only one unit is available for rent, IKEA stated that they will be accepting applications from prospective tenants until 3rd December. The fully furnished apartment will be rented out till 15th January 2023.
Tokyo is noted for its extremely high population density which has caused an increase in rent and demand for micro apartments.
A Glorious Journey to Great Rejuvenation: the Major Achievements and Historical Experience of the Communist Party of China over the Past Century
Defence Minister Mariya Didi: Maldives will depend on India for matters of national security.
The father, the daughter and their legacy with the CPC
Visit Maldives Kicks off Campaign to Maximize Brand Presence in the Balkan Region
‘Afghan girl’ from famous National Geographic cover finds asylum in Italy
Italy imposes antitrust fines on Apple, Google
Djokovic steer Serbia past Austria at Davis Cup Finals
Parliament’s 06th May Terror Attack Report Highlights Defence Minister Mariya Ali Didi’s Negligence.
Elections Commission grants approval to form Maldives Solidarity Party.
Opposition invites all ruling coalition partners to join campaign to secure independence of the Maldives.
Former President Mohamed Nasheed revokes support for the current administration in an open letter.
Potential of Waqf to Finance the Social Development Projects.
Leaked documents show India refused to withdraw military personnel and helicopters from the Maldives even after their Visa’s expired.
Brigadier General Ibrahim M. Didi (Rtd): Handing over ATC to foreign companies a “grave threat to our national security”.
Business2 days ago
Is the Maldives walking in the footsteps of Greece, towards bankruptcy?
Local6 days ago
MP Ahmed Shiyam: This Government will do whatever it takes to hold on to power.
Local6 days ago
Speaker’s official residence handed over to Parliament
Local12 hours ago
Maldives responds to maritime boundary delimitation case – 95,828 sqkm area at stake.
Local6 days ago
Defence Minister Mariya Meets New Indian High Commissioner Munu Mahawar- discusses enhancing defense cooperation.
Local5 days ago
MP Ahmed Shiyam: Government keeping public at gunpoint to print more money.
Local3 days ago
Youth and Sports Minister Ahmed Mahloof Charged with corruption.
COVID 1910 hours ago
Omicron variant – What do we know about it?