Business

UK government reviewing if mass P&O firings were lawful

Published

2 years ago

19/03/2022

MNN

The Dubai-owned P&O Ferries announced it has shed more than one-quarter of its staff in a drastic restructuring to save cash and halted services for the next few days.

Britain has said it is looking at whether P&O Ferries’ decision to fire 800 staff with immediate effect was lawful.

“We take this issue very seriously, and we are already looking very closely at the actions that this company has taken to see whether they acted within the rules,” a spokesman for Prime Minister Boris Johnson has said on Friday.

“Once we have concluded that then we will decide what the ramifications are.”

Unions were protesting at British ports on the same day and demanding the government take action after the major ferry operator fired the crew members to replace them with cheaper contract staff.

Ferry crossings have been canceled, threatening to disrupt the movement of travellers and goods in key routes through the English Channel for days.

‘P&O has behaved appallingly’

The British government expressed outrage at the mass firings — done over Zoom message — but suggested it could do little to reverse them. It provided the company with millions in aid during the Covid-19 pandemic.

Government Minister James Heappey said “P&O has behaved appallingly,” but he did not believe the company’s actions were illegal.

“Ultimately, it is not something the government can stop P&O from doing,” he told the BBC. “Now, the focus will be on supporting those who have lost their jobs.”

Prime Minister Boris Johnson’s spokesman, Max Blain, said it was “too early to be definitive” about whether P&O had breached labor laws.

P&O said it had no choice but to cut costs after the pandemic hammered its finances, leading it to post a $132 million (100 million pound) loss last year.

Source: TRTWorld

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 days 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

6 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

7 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