Business
Virus-battered Italy faces worst recession since WWII
Facing its deepest recession since World War II and with business confidence collapsing, the coronavirus pandemic is hitting Italy’s economy hard.
Business confidence in the eurozone’s third largest economy in May plummeted to its lowest level since official statistics institute ISTAT started the index in March 2005.
The figure is “alarming”, said small business federation Confesercenti.
“The health and economic emergency has swept businesses away, especially in shops, services and tourism,” it said.
Its members are particularly concerned “by the lack of liquidity necessary to pay costs and salaries… we are close to a point of no return and that’s why the measures decided by the government (loan guarantees, SME subsidies) must be operational immediately,” said federation head Patrizia De Luise.
“We need to reduce bureaucracy and accelerate and simplify procedures, because if support is delayed again, many businesses will have no option but to stop,” she said.
The government last week accused banks of not acting quickly enough, but they said that they had already passed on around 400,000 loan requests worth more than 18 billion euros ($20 billion) to the state-backed Central Guarantee Fund.
A million jobs threatened
Italy was the first European country to be hit by the pandemic and imposed a strict two-month lockdown which paralysed much of the country’s economic activity.
As a result, the country is set for a drop in GDP of between nine and 13 percent, the Bank of Italy said on Friday.
Data also showed that the economy shrank 5.3 percent in the first quarter — worse than the 4.7 percent initially estimated.
It had not seen such an “exceptional” decline in the first quarter since 1995, ISTAT said.
This year’s losses could amount to 170 billion euros, equivalent to the GDP of Veneto, Italy’s third biggest industrial region, a Mediobanca study said.
The head of the country’s main business confederation Cofindustria, Carlo Bonomi, said that up to a million jobs could be threatened nationwide.
“We’re waiting for figures at the end of May but indications are that between 700,000 and a million jobs are in danger,” he said.
“Jobs are only created if there is growth, innovation, investment. The car manufacturing crisis can’t be solved with subsidies or furloughing. You solve it by looking to the future, by investing in new technologies,” he said.
Italy is set to be the main beneficiary of a European Union 750-billion-euro recovery plan but it still may not be enough.
No aid
Italian citizens are slightly more optimistic, but far from celebrating. The pandemic has killed over 30,000 people.
Consumer confidence went from 100.1 points in May to 94.3 in March, its lowest level since December 2013.
While the state has paid for furloughs or handouts for those no longer able to work, many have slipped through the net.
They include Eleonora Fogliacco, 35, a fitness and swimming teacher in Lombardy, the hardest hit region where gyms were ordered closed at the end of February.
“I didn’t qualify for the 600-euro monthly government handout because I earned more than 10,000 euros last year,” she told AFP.
“During the crisis I had peaceful days and days when I felt completely lost, without any state help. I could no longer see the future and I didn’t know what to hold onto,” she said.
“I don’t buy anything. I depend on my partner for the shopping,” said Fogliacco.
“This situation has changed everybody’s way of life (and) everything will be very complicated” in the future, she added.
According to a Confcommercio-Censis poll published on Tuesday, 53 percent of Italian families see their future negatively and 68 percent see the country’s future negatively.
Because of lockdown, 42 percent of families have had to reduce their work and income, 26 percent have stopped work and 24 percent have been furloughed.
Six out of 10 families fear losing a job, as a result of which 28 percent have decided to take no holidays nor long weekends.
Reporting and photos: AFP
Business
Barcelo Nasandhura Malé to open in Q1 2025
Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.
Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.
Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.
Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.
While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.
Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.
Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.
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Denise Hoefer brings world-class Padel to The Nautilus Maldives
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
Business
BBM, Lifebuoy empowers hygiene practices among Maldivian children
BBM, in collaboration with Lifebuoy, marked Global Handwashing Day 2024 with engaging activities aimed at instilling the habit of proper hand hygiene among Maldivian school children. Held on November 17th, the event continued the successful “H for Handwashing” campaign, blending education with creativity and fun.
The initiative featured info sessions, exciting games, and creative contests designed to teach children the importance of handwashing while giving them a hands-on understanding of the correct techniques. Activities ranged from reimagined board games like “Germs & Ladders” and “Handwashing Ludo” to interactive sessions that reinforced hygiene habits in an enjoyable way.
This campaign underscores BBM’s commitment to fostering healthier practices among the younger generation, contributing to a healthier and more hygienic Maldives. COO of BBM, A.V.S. Subrahmanyam, emphasised, “At BBM, we believe that empowering the next generation with the knowledge and tools for better hygiene practices is vital for building a resilient and healthy community. We are proud to continue our efforts in collaboration with partners like Lifebuoy.”
Adding to this, Muksith Hussain, Head of Retail Sales at BBM, shared, “Reaching children through such innovative initiatives helps us lay the foundation for a healthier tomorrow. We are thrilled to see the enthusiasm and participation of these young minds in learning the importance of hygiene.”
The event also saw valuable support from the Maldivian Red Crescent (MRC), whose contributions enriched the experience for the children. BBM expressed gratitude for MRC’s involvement, as their efforts played a key role in making the event impactful and memorable.
Through campaigns like this, BBM aims to nurture a lifelong habit of handwashing, creating a brighter and healthier future for the Maldives.
Let’s keep the spirit alive—join the Handwashing Revolution with BBM and Lifebuoy!
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