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Deutsche Bank stocks sink

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FRANKFURT, March 24 (Xinhua) — The share prices of Germany’s biggest lender Deutsche Bank (DB) plunged on Friday as concerns about the health of European banks are mounting in the wake of the collapse of banks in the United States.

DB topped the list of companies that suffered the sharpest decline of their shares on the German stock exchange (Deutsche Boerse), down 8.53 percent at closing on Friday. The share price of Commerzbank AG, the second largest bank in Germany, dropped 5.45 percent.

DB has lost some 30 percent of its market value since the onset of worries about the banking sector sparked by the shutdown of the U.S. Silicon Valley Bank about two weeks ago.

There is still no sign that investors’ nervousness about European banks is abating. The slump of share prices of DB and Commerzbank is believed to be triggered by the skyrocketing prices of their Credit Default Swap (CDS), a form of insurance put on bonds against credit default events.

Local German press quoted S&P Market Intelligence as saying that more than 200,000 euros (215,120 U.S. dollars) had to be paid over the course of a 10 million euro package of Deutsche Bank bonds instead of 142,000 euros as on Wednesday. The sudden and precipitous rise of CDS price is a sign that investors’ concern about the default risks of DB bonds is mounting.

German Chancellor Olaf Scholz dismissed the concern about the health of DB on Friday. He said at a summit of European Union (EU) leaders in Brussels that there is no reason to worry as DB has fundamentally modernized and reorganized its business model and is a very profitable bank.

The European Central Bank claimed at the beginning of this month that it is keeping a close eye on the situation of the banking industry and its toolkit is fully equipped to provide liquidity support to the eurozone financial system.

Source(s): Xinhua

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Freedom of journalism must be practiced within the responsibilities

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04/05/2024

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Minister at the President’s Office for Strategic Communications Ibrahim Khaleel has underscored the importance of exercising the freedom of press within the responsibilities. He made the remarks while speaking at a programme aired on PSM News.

Commemorating the 7th anniversary of PSM News, Minister Khaleel was invited to the programme, as he played a pivotal role in founding the PSM News Channel during his tenure as the Former Managing Director of the Public Service Media (PSM). The minister worked in the field of journalism and broadcasting for several years, actively engaging in various media positions, including reading and writing news articles.

Highlighted the convenience within the field following the advancements of technology, Minister Khaleel revealed articulated his vision for PSM News to serve as the primary national channel, delivering reliable and timely news coverage across the entirety of the country. In observance of World Press Freedom Day, the minister noted the continuous expansion of press freedom over the years. On this stance, he stressed the significance of media outlets to execute obligations in disseminating news, urging the spread of credible information.

Furthermore, Minister Khaleel revealed the government’s plan to expand and promote journalism. As such, efforts are underway to provide educational opportunities and to strengthen the financial stability of media organisations.

Source(s): PsmNews

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Fourth meeting of High-Level Core Group on withdrawal of Indian troops held in Delhi

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04/05/2024

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The fourth meeting of the High-level Core Group between the Maldives and India took place in Indian capital New Delhi on Friday.

Maldivian Foreign Ministry said both sides reviewed the existing bilateral cooperation between nations during Friday’s meeting while discussions were also held on a wide range of issues of mutual interest, including development and defense cooperation.

Additionally, the Foreign Ministry said it was reiterated that the Indian government will replace military personnel at the last of the three aviation platforms by May 10th, adding both sides expressed satisfaction with the fact that all the logistical arrangements are going ahead as per schedule.

Both sides also agreed that the fifth meeting of the High-Level core Group will be held in Male’ on a mutually agreeable date in June or July.

The High-Level Core Group was formed following a meeting between Maldivian President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi on the sidelines of COP28.

Source(s): sun.mv

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Minister of Islamic Affairs to attend the OIC Summit as the President’s Special Envoy

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2 days ago

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03/05/2024

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The Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed, will attend the 15th session of the Islamic Summit of the Organisation of Islamic Cooperation (OIC), which begins tomorrow, as President Dr Mohamed Muizzu’s Special Envoy.

The Minister of Islamic Affairs is scheduled to address the 15th session of the Islamic Summit of the Organisation of Islamic Cooperation (OIC) as the President’s Special Envoy, which begins tomorrow, at Banjul, The Gambia. His address will be broadcast on television.

The Islamic Summit of the OIC, held once every three years, brings the leaders of the Islamic nations together to deliberate, take policy decisions, and provide guidance on issues pertaining to the Ummah as outlined in the OIC Charter.

The 15th Session of the Islamic Summit of the Organisation of Islamic Cooperation (OIC) will take place in Banjul, The Gambia, from May 4–5, 2024, under the theme “Enhancing Unity and Solidarity through Dialogue for Sustainable Development.”

Source(s): Presidents Office

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