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Europe will thus have a package of measures to help it prepare for next winter and protect citizens and businesses from extreme price fluctuations.

FI

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1 year ago

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Europe will thus have a package of measures to help it prepare for next winter and protect citizens and businesses from extreme price fluctuations.

BRUSSELS, Dec. 19 (Xinhua) — The European Union (EU) member states have agreed to cap natural gas prices in the bloc at 180 euros (191 U.S. dollars) per megawatt-hour (MWh) in an effort to ensure the security of energy supply, EU officials said here on Monday.

“We have managed to reach a very important agreement on the price ceiling for gas. Europe will thus have a package of measures to help it prepare for next winter and protect citizens and businesses from extreme price fluctuations,” said Jozef Sikela, the Czech Republic’s minister in charge of industry and trade who chairs the meetings of EU energy ministers.

“Ministers took another very bold step to respond to the energy crisis by reaching an agreement on the (European) Commission’s proposal on a market correction mechanism,” Kadri Simson, European commissioner for energy, commented.

The market correction mechanism will automatically be activated if the month-ahead price on the Dutch Title Transfer Facility (TTF), the main benchmark for wholesale gas prices in Europe, exceeds 180 euros per MWh for three working days, and if the month-ahead TTF price is 35 euros higher than a reference price for liquefied natural gas (LNG) on global markets for the same three working days.

A suspension mechanism is put in place to ensure that the EU remains attractive to gas suppliers, and that enough gas is supplied to the EU states.

“The market correction mechanism will be suspended, notably if gas demand increases by 15 percent in a month or 10 percent in two months, LNG imports decrease significantly, or traded volume on the TTF drops significantly compared to the same period a year ago,” the EU Council said.
The mechanism will enter into force on Feb. 15, 2023.

The price of energy spiked in 2022, first as a result of the COVID-19 pandemic and then of the ongoing Russia-Ukraine conflict.

The droughts generated by the summer heat wave further accentuated the energy price crisis, as water-generated energy became scarce.

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Business

MIB signs an agreement to expedite business registration process

FI

Published

20 hours ago

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04/05/2024

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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Business

MTCC reports staggering 82.9% net profit drop

FI

Published

4 days ago

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01/05/2024

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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Business

STO opens showroom in Hulhumale’

FI

Published

2 weeks ago

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24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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