Business

No annual growth target for virus-hit China, a first in years

Published

5 years ago

May 22, 2020

China’s communist rulers avoided setting an annual growth target for the first time in decades Friday, as they struggle to deal with the “immense” economic challenges caused by the coronavirus pandemic.

Analysts say the move points to China missing its key political goal of doubling gross domestic product from 2010 levels, a blow to the ruling party’s pledge to provide prosperity in exchange for unquestioned political power.

The government usually sets economic growth targets that it regularly exceeds.

But this year, given “great uncertainty” caused by the pandemic, Beijing will not set a target but “give priority to stabilising employment and ensuring living standards”, Premier Li Keqiang told the opening of the National People’s Congress.

Before the pandemic, Beijing was widely expected to announce a growth target of around six percent this year.

But with the COVID-19 shock causing economic growth to shrink 6.8 percent in the first quarter, such a target was seen as no longer feasible.

Apart from raising its budget deficit target this year, China will issue another one trillion yuan ($140 billion) of government bonds for COVID-19 control, Li said, calling these “extraordinary measures for an unusual time”.

The added funds will be transferred to local governments, to be primarily used for ensuring employment, meeting basic living needs, and protecting market entities.

Li also said governments at all levels should “tighten their belts”, and that all types of surplus, idle and carryover funds will be withdrawn and re-allocated, to be put to better use.

Beijing will also issue 3.75 trillion yuan ($526 billion) in special local government bonds this year, in part to boost infrastructure spending in the virus-hit economy.

It will make further tax and fee cuts as well to help firms.

China has said it will tap its massive domestic consumer market to support the economy after external demand collapsed.

But the official urban unemployment rate rose to six percent last month, with analysts saying the real figure could be even higher.

Li said the government aims to ensure the urban unemployment rate remains around this figure, through the creation of over nine million new jobs.

Large price to pay –

The growth target is typically seen as a signal of the resources leaders are willing to spend to shore up the economy.

Tommy Xie, head of Greater China Research at OCBC Bank, told AFP this year’s move is “realistic”, reflecting global uncertainties from both COVID-19 and rising geopolitical tensions.

Analysts, however, believe the country still holds an implicit growth target of two to three percent for 2020, given its ambitious employment goals.

Li said China is “keenly aware of the difficulties and problems” the country faces, with COVID-19 sending the world economy into recession.

Although Beijing had “paid a large price” economically in its virus fight, he added it “was a necessary and worthy price to pay”.

However, Xie said China’s support measures remain below levels seen in other countries, lagging behind a global norm of around 10 percent of GDP.

Using similar guidance, this would translate to around 10 trillion yuan in stimulus.

Instead, Beijing has left itself “an open-ended option” for stepping up fiscal support if the situation worsens, he said.

Song Houze, a research fellow at the Paulson Institute, believes Beijing likely expects a “slow and uncertain” recovery from COVID-19.

Iris Pang of ING told AFP that officials’ support were below her expectations, although the work report tends to understate the fiscal budget — meaning authorities could beef up numbers if jobs do not recover or trade tensions worsen.

She added the report this year made “wise” political choices, given that having no growth target is less damaging than failing to meet a lowered one.

Reporting and photo: AFP

Business

BBM: Stronger hospitality platform via Hotelier Maldives Awards, culinary development

Published

4 days ago

May 13, 2025

m@ldives

Since 1990, Bestbuy Maldives (BBM) has been at the core of the Maldives’ hospitality supply chain. More than a distributor, BBM has become a trusted partner in shaping talent, raising standards, and building long-term capacity across the industry.

That commitment continues in 2025 through its title sponsorship of the Hotelier Maldives Awards, and its growing investment in culinary development and cross-industry collaboration.

Supporting the Ecosystem, Not Just the Event

BBM is the preferred partner for over 60 international brands. However, its true value lies in how it supports the people behind the brands. From chefs and service staff to back-of-house professionals, BBM works across the sector to create real impact.

This year, the Hotelier Maldives Awards 2025 expands its recognition with four new categories:

Watersports Personality of the Year
Diving Personality of the Year
Airport Representative of the Year
Resort Manager of the Year

These additions reflect a simple belief. Everyone who shapes the guest experience deserves to be seen. Not just the visible few. Everyone.

Hotel Asia and the Rise of Culinary Confidence

For more than two decades, BBM has served as the main sponsor of the Hotel Asia Exhibition and International Culinary Challenge, endorsed by the World Association of Chefs Societies (WACS).

This platform has consistently raised the bar by bringing over 25 WACS A-Grade international jurors to the Maldives each year. Through this effort, local chefs get to test their skills on a global scale.

To further encourage excellence, BBM launched the Chairman’s Trophy, awarded annually to the most promising Maldivian chef:

2023 — Chef Mohamed Adhil
2024 — Chef Ahmed Mazim

Each name marks a growing movement. Maldivian chefs no longer compete to participate. They compete to win.

Backing Global Exposure for Local Talent

BBM has directly sponsored Maldivian chefs to represent the country at global events, including:

HOFEX 2017 in Hong Kong, where Chef Ahmed Fatheen and Chef Ismail Naseer earned silver
La Sial 2018 in Abu Dhabi, where Chef Mohamed Adhil won both gold and silver
FHA 2018 in Singapore, supporting emerging talent
Asian Pastry Cup 2018, where Chef Aminath Hameed was recognized as a pioneering female chef
Chinese Cuisine World Championship 2019, where Chef Ahmed Mazim won bronze
World Chefs Congress and Expo 2022, where BBM sponsored six MNU students under its Building Young Talent initiative

Creating Spaces for Knowledge Transfer

Beyond competitions, BBM hosts world-class chefs to lead pro bono Masterclasses, including:

Chef Bruno Ménard, holder of three Michelin stars
Chef Edwin Leow, gold medalist at the IKA Culinary Olympics

These sessions are designed to be open, practical, and rooted in the everyday reality of resort kitchens.

Recognition with Purpose

BBM’s sponsorship of the Hotelier Maldives Awards 2025 is part of a larger support system. These awards are not marketing. They are memories. They capture the faces, names, and efforts of those who make the Maldives one of the most admired hospitality destinations in the world.

“When people are seen, they rise,” said Ali Afrah Hassan, Head of HR, Admin, and Corporate Affairs at BBM. “This platform is our way of saying you matter. Not just once a year, but every day you show up to serve.”

Whether through product support, recognition, training, or infrastructure, BBM is building something larger than supply chains. It is helping shape the culture of Maldivian hospitality.

Business

Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

Published

2 weeks ago

May 1, 2025

m@ldives

BBM’s exclusive Dreidoppel Demo Tour, led by Master Pâtissier Frankie Robin, concluded successfully on Apr 30th, after a 10-day pastry training series across 15 leading Maldivian resorts that requested the training. Two city bakeries were also trained on the 30th. The initiative brought together global expertise and a strong commitment to raising pastry standards in the local hospitality industry.

This year’s sessions focused on practical pastry solutions using Dreidoppel’s premium ingredient range to create Panettone, Dubai chocolate brownies, Mousses, Crème Brûlée, Fill & Gloss applications, and Caramel Chocolate Snacks.

A standout feature of the tour was the passion shown by young chefs across the islands.

Chef Frankie Robin remarked, “What truly impressed me was how prepared and passionate the young chefs were. Their eagerness to learn, experiment, and take their skills to world-class standards made every session an absolute joy.”

Grounded in real kitchen challenges—speed, flavour, and efficiency—Chef Frankie’s demos showcased how smart ingredient choices can drive both creativity and performance.

A.V.S. Subrahmanyam, Chief Operating Officer at BBM, added, “At BBM, we believe in more than just supplying ingredients—we are committed to the professional growth of the industry. Collaborations like this empower culinary teams with global techniques and greater confidence.”

The tour reflects BBM’s ongoing efforts to strengthen the Maldivian foodservice industry through knowledge-sharing and access to world-class products.

Business

BBM brings Vaseline, Hellmann’s, BRU Coffee to Maldives market

Published

3 weeks ago

April 26, 2025

m@ldives

Bestbuy Maldives (BBM) extended their strong and decades old partnership with Unilever International, by adding to their brand portfolio – Vaseline, Hellmann’s, and BRU Coffee for the Maldivian market.

The collaboration was announced at a Business gathering held at the Manhattan Business Hotel, attended by over 300 trade partners from across Maldives.

With this partnership, BBM strengthens its retail offerings across the Maldives archipelago. Vaseline, a trusted name in skincare, and Hellmann’s, known globally for quality food products, will now be available through BBM’s distribution network.

“Vaseline is a name that generations trust for skin care. And Hellmann’s is a global icon in flavours. We’re proud to bring both to shelves across the Maldives and enrich everyday living for our customers,” said Muksith Hussain, Business Head – Retail.

In the hospitality sector, BBM introduces Bru Coffee as an addition to its HORECA (Hotel, Restaurant, Café) offerings. BRU Coffee provides a quality beverage option for hotels, resorts, and restaurants across the Maldives.

“BRU is one of the most loved coffee brands in the region. With this launch, we’re giving our hospitality partners a versatile product that delivers on both taste and reliability that can be consumed as a beverage and for the purpose of dessert preparation, something they can serve with confidence,” said Hisham Girsy, Business Head – HORECA.

The gathering served as a platform for BBM to engage with its valued trade partners and introduce these new brands to the market.

A.V.S Subrahmanyam, Chief Operating Officer at BBM, remarked: “BBM is built on relationships. This event reflects our commitment to not just introduce great products but to support, connect, and elevate our trade partners. We’re in this together, and the journey ahead is promising.”

As BBM continues to grow its portfolio and global partnerships, the focus remains clear delivering excellence, building trust, and shaping the future of trade in the Maldives.

Bestbuy Maldives (BBM) is a leading distribution company in the Maldives, connecting international brands with local businesses across retail and hospitality sectors. With a customer-focused approach and extensive distribution network, BBM continues to be a trusted partner in the Maldivian market.