Business

Stocks fall, oil prices rise as Ukraine-Russia conflict rages

Published

2 years ago

03/03/2022

MNN

Asian stock markets slid and oil prices surged more than $5 per barrel as Russian forces stepped up attacks on Ukrainian cities.

Shanghai, Tokyo, Hong Kong and Seoul declined on Tuesday as President Vladimir Putin’s attack fueled fears of global economic turmoil. Sydney gained.

Wall Street’s benchmark S&P index lost 1.5 percent on Tuesday, deepening a two-month-old skid.

The war is adding to worries about global economic growth in the face of plans by the Federal Reserve and other central banks to fight surging inflation by raising interest rates.

“The conspiracy of geopolitical uncertainty and stagflation-type impulses is a brutal shock,” Tan Boon Heng of Mizuho Bank said in a report.

Investors await more clues about possible rate hikes when Fed Chair Jerome Powell speaks Wednesday before Congress.

Oil prices rise

Oil prices rose despite an agreement by the United States and other major governments in the International Energy Agency to release 60 million barrels from strategic reserves to stabilise supply.

Benchmark US crude jumped another $5.09 to $108.45 per barrel in electronic trading on the New York Mercantile Exchange. It rose $7.69 on Tuesday to $103.41.

Brent crude, the price basis for international oils, gained $5.33 to $110.28 per barrel in London. It soared $7 the previous session to $104.97.

“Markets dismissed the notion that 60 million barrels of strategic reserves released will be consequential to the risks of Russian supply jeopardized,” said Tan of Mizuho. “Russia pumps more than that in just six days.”

The Nikkei 225 in Tokyo lost 1.7 percent to 26,378.25 and the Shanghai Composite Index shed 0.5 percent to 3,468.56. The Hang Seng in Hong Kong sank 1.1 percent to 22,500.09 and the Kospi in Seoul was off less than 0.1 percent at 2,697.85.

Sydney’s S&P-ASX 200 added 0.3 percent to 7,114.80 after government data showed Australia’s economy grew by 3.4 percent in the final three months of 2021 over the previous quarter and consumer spending was strong.

New Zealand and Singapore declined while Jakarta and Bangkok advanced.

Moscow’s attack on Ukraine and Russian threats of retaliation in response to Western sanctions also have roiled global markets for wheat and other commodities.

Source: TRT

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

12 hours ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

5 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

6 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews