Moscow is already facing the heat of a planned Western price cap on its oil and is offering huge discounts to partners while looking for other buyers, says US Treasury Secretary Janet Yellen.
A planned Western price cap on Russian oil is already making a difference, US Treasury Secretary Janet Yellen has said, noting that Russia was now offering China and India “enormous discounts” while looking for other outlets for its oil.
In December, Europe would halt the bulk of its purchases of three million barrels per day, putting additional pressure on Russia to find new buyers for its oil, Yellen told a conference hosted by The Atlantic magazine on Thursday.
Europe was facing a tough winter with tight energy supplies as it decoupled from Russian energy, Yellen said.
She said that could have some spillover effects on the United States, but she “wouldn’t exaggerate” the potential impact on US growth.
Russia, Saudi Arabia ‘praise’ OPEC+
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, meanwhile, spoke on Thursday and praised efforts within the OPEC+ framework, confirming their intention to stick to existing agreements, the Kremlin said.
In a statement, it also said the two men had discussed ways the two countries could cooperate to ensure stability in the global oil market.
In late July the two nations said they remained committed to the OPEC+ agreement to preserve market stability and balance supply and demand.
Russia pushed ahead with its biggest conscription since World War Two, raising concerns an escalation of the conflict could further hurt supply.
The European Union is considering an oil price cap, tighter curbs on high-tech exports to Russia and more sanctions against individuals, diplomats said, responding to what the West condemned as an escalation in “Moscow’s war in Ukraine.”
SDFC expands funding assistance for reef fishers, related SMEs
The SME Development Finance Corporation (SDFC) has added new categories to the ‘Kandufalhuge Nafaa’ loan facility; specifically “targeted toward supporting the growth and development of reef fisheries”.
SDFC will issue up to a maximum of MVR 700,000 in funding towards the development of reef fisheries; by way of financing either local fishers or small-to-medium (SMEs) enterprises operating in reef fishing activities.
The loan facility is subject to an interest rate of 5% with a six-month grace period, and a 10-year repayment period.
SDFC further highlights that all the vessels financed under the loan would be held as collateral or mortgage.
Expenses exceeding the maximum MVR 700,000 ceiling of the loan facility should be incurred by the debtor, added SDFC.
The facility is specifically targeted for reef fishers, suppliers of reef fish; either processed, packed or frozen to be sold at industrial capacity, exporters, and local suppliers from the atolls.
SDFC further highlighted that the facility is aimed at boosting specific activities of any individual or SME operating in reef fisheries sector, and they include;
- To develop a new vessel or repair existing vessel used in reef fisheries activities
- Installation of engines in vessels used for reef fishing
- Procurement/purchase of equipment used in navigating or commandeering the vessel
- For repairs and modifications of a vessel used in reef fishing
- Procurement/purchase of fish processing machinery and equipment
- Procurement/purchase of packing materials and equipment
Maldivian lowers surfboard transport fees as pledged by President
Island Aviation Services Limited (IASL) has announced the fee reduction for transporting surfboards via the national airline, Maldivian, as pledged by President Dr. Mohamed Muizzu.
As such, the national airline has announced reduced fees for surfboard transportation. Charges for larger surfboards were decreased by 33%, while smaller ones saw a reduction of 66%, marking a tangible step towards supporting local businesses and promoting tourism.
President Dr. Muizzu responded to concerns raised by Surfing Operator Ahmed Rasheed from Gadhdhoo in Gaafu Dhaalu Atoll, during the “Raees ge Javaab” series, where citizens directly engage with the President on various issues.
During the session, Rasheed highlighted the steep fees imposed by the national airline for transporting surfboards, stressing the impact on local businesses in Gaafu Dhaalu Atoll. Acknowledging the significance of the issue, Dr. Muizzu committed to reducing the fees, recognising their adverse effects on surf-related enterprises and the tourism sector. Stressing surfing’s vital role in the Maldives’ economy, particularly in Gadhdhoo, the President swiftly acted to fulfill his pledge.
Govt launches ‘Addu Asseyri Tourism Development Plan’
The Tourism Ministry has launched the ‘Addu Asseyri Tourism Development Plan’, an initiative under the administration’s ‘Hafuthaa 14’ roadmap.
The project was launched in a ceremony attended by Tourism Minister Ibrahim Faisal and Addu City Mayor Ali Nizar in a ceremony held at the Addu City Council on Thursday.
According to the Tourism Ministry, the ‘Addu Asseyri Tourism Development Plan’ is in line with the administration’s ambitious first 100-day pledge to formulate and introduce a specialized tourism project for Addu City.
Developed by CDC Consulting, the comprehensive five-year destination development strategy is accompanied by a detailed situational analysis report.
According to the Tourism Ministry, the plan is strategically crafted to not only enhance tourism in the region, but also to make a substantial contribution to the local economy of Addu, reflecting President Dr. Mohamed Muizzu’s commitment to transformative initiatives.
The plan also encompasses key presidential pledges to Addu city, including the establishment of 6,000 tourist beds, the creation of 10,000 jobs, the revitalization of Shangri-La operations, and the establishment of a seaplane hub within the first year of the presidency.
Tourism Ministry says the initiatives will transform Addu City into a thriving tourism hub, offering unparalleled opportunities for growth and prosperity.
The plan also outlines a range of developments, such as the creation of cultural village, wellness zones, marine protected areas, and hospitality school.
According to the Tourism Ministry, the initiatives not only aim to attract visitors, but also to showcase the rich heritage and natural beauty of Addu City, providing a unique and immersive experience for tourists and locals alike.
President announces a mega project to establish Island Council Secretariats in fifty islands within the year
Maldives stresses lack of funds for sustainable food
President rejects legislature to postpone Majlis election
Gov’t says 90% of prior fishing projects stopped
No attention to infrastructural development of councils in past 13 years: President
Maldives mark a significant increase in Chinese arrivals
Maldives lost funding from Kuwait due to former govt’s ‘carelessness’: President
Elections Commission grants approval to form Maldives Solidarity Party.
Parliament’s 06th May Terror Attack Report Highlights Defence Minister Mariya Ali Didi’s Negligence.
Former President Mohamed Nasheed revokes support for the current administration in an open letter.
Leaked documents show India refused to withdraw military personnel and helicopters from the Maldives even after their Visa’s expired.
Hiyaa flats- pigeon coops, negative stereotyping and lobbying.
President Abdulla Yameen officially calls for the removal of Indian military personnel in the Maldives.
COVID-19: Racism, Blame Shifting and Politicizing a Pandemic.
Sports7 days ago
Mbappe reported to have penned five-year deal with Real Madrid
Tech6 days ago
World’s largest clean energy corridor supplies China with electricity
Sports6 days ago
Preview: Much at stake for Barca, Xavi in Napoli trip
News6 days ago
Chance to switch plot in Giraavaru Falhu to elsewhere a ‘possibility’
Business6 days ago
No difficulty in purchasing onion from India: STO
Business6 days ago
Thai contractor to fund mega airport project in Thinadhoo
Travel & Culture4 days ago
Remarks by H.E. Ambassador Wang Lixin at the 2024 “Happy Chinese New Year” Cultural Performance
World7 days ago
Consensus reached over Afghanistan issue despite Taliban’s absence: UN chief