Business

OPEC+ committee recommends staying course on oil output policy

Published

1 year ago

02/02/2023

VIENNA, Feb. 1 (Xinhua) — Leading oil officials on Wednesday recommended to maintain the current oil output policy of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, amid an uncertain global economic outlook.

The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023. The cut equals to about 2 percent of the annual global oil demand.

Members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) “reaffirmed their commitment” to the current output plan at a virtual meeting on Wednesday and “urged all participating countries to achieve full conformity and adhere to the compensation mechanism,” according to an OPEC statement.

The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body. It has also the authority to request additional OPEC+ ministerial meetings “at any time to address market developments,” according to OPEC.

The JMMC has reviewed the oil production data for November and December last year and “noted the overall conformity” for the OPEC+ countries, OPEC added.

The next JMMC meeting is scheduled for April 3. The next OPEC+ ministerial meeting, where the group will formally decide its output policy, is set for June 4.

Source(s): Xinhua

Business

MIB signs an agreement to expedite business registration process

Published

2 days ago

04/05/2024

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.

Business

MTCC reports staggering 82.9% net profit drop

Published

5 days ago

01/05/2024

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

Business

STO opens showroom in Hulhumale’

Published

2 weeks ago

24/04/2024

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