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
Hotelier Maldives has announced Bestbuy Maldives (BBM) as the Title Partner of Hotelier Maldives Awards 2026 under a multi-year agreement, reaffirming one of the longest-standing partnerships behind the publication’s flagship hospitality recognition platform.
The 2026 edition marks the third consecutive year that BBM has served as Title Partner of Hotelier Maldives Awards, having supported the event in the same capacity since its launch in 2024. BBM has also backed Hotelier Maldives’ second flagship event, GM Forum, every year since 2023, with 2026 set to mark its fourth year as a Silver Partner of the forum.
The continued partnership reflects a shared commitment to recognising the people behind the Maldives’ tourism industry while supporting platforms that encourage industry dialogue, leadership and professional development.
Hotelier Maldives Awards 2026 entered its public voting phase on 15 March 2026, with voting set to remain open for one month. Winners will be announced at the gala ceremony on 26 April 2026 at NIVA Kurumba Maldives.
Commenting on the partnership, Ali Naafiz, Editor of Hotelier Maldives, said: “BBM has been a valued partner of Hotelier Maldives Awards since the very beginning, and we are pleased to formalise this continued support through a multi-year agreement. Their decision to return as Title Partner for a third consecutive year reflects not only the strength of our relationship, but also a shared belief in the importance of recognising the people who drive excellence across the Maldives’ hospitality industry.
“BBM has also consistently supported GM Forum over the years, making them one of the most committed partners across our event platforms. We are proud to continue working together as we strengthen both Hotelier Maldives Awards and GM Forum as annual fixtures for the industry.”
AVS Subrahmanyam, Chief Operating Officer of BBM, said: “At BBM, we have always believed that a strong hospitality industry is built by strong people, and Hotelier Maldives Awards provides an important national platform to recognise the professionals whose work often takes place behind the scenes. We are pleased to continue as Title Partner of the awards under this multi-year agreement, while also extending our support to GM Forum for a fourth consecutive year.
“As a company that has grown alongside the Maldives’ hospitality sector, we value opportunities that celebrate talent, encourage professional pride and contribute to the long-term development of the industry. Our continued partnership with Hotelier Maldives reflects that commitment.”
Bestbuy Maldives is one of the country’s leading importers and distributors, serving the hospitality, HORECA and retail sectors with a broad portfolio of international brands. The company positions itself as a partner to the Maldivian hospitality industry, supplying products from around the world across key business verticals including resorts, foodservice and retail.
Hotelier Maldives Awards continues to recognise the contributions of resort-based hospitality professionals across the Maldives, highlighting both individual excellence and team performance. The awards programme remains the country’s only dedicated recognition platform focused on professionals working in resort operations. The current public voting round allows industry stakeholders, colleagues, guests and the wider public to take part in selecting this year’s winners.
The growing list of confirmed partners for Hotelier Maldives Awards 2026 includes Bestbuy Maldives (BBM) as Title Partner, Dhiraagu as Platinum Partner, Storm Events as Organising Partner, NIVA, Kurumba Maldives as Host Partner, Souvenir Marine as Transport Partner, ALIA as Associate Sponsor, and Lightsout Studios as Associate Partner. More partners and sponsors will be announced soon.
Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.
Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.
Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.
At its core is the 390 sqm Main Hall, capable of hosting:
- Up to 300 guests in theatre-style setup
- Up to 240 guests for dining and banquet-style events
- Up to 200 guests for cocktail-style receptions
- Up to 144 guests in cluster-round configuration
Enhancing the flexibility of the venue are additional dedicated spaces, including:
- A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
- A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
- The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.
Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.
True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.
The venue offers flexible meeting formats designed to suit different event needs, including:
- Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
- Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.
These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.
Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.
With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.
Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.
The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.
According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.
With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.
The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.
BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.
-
Action1 week agoCinnamon Dhonveli Maldives expands sustainability efforts with coral restoration
-
Awards1 week agoCentara Grand Lagoon Maldives ranked among DestinAsian’s Top 10 Maldives resorts
-
News1 week agoMilaidhoo Maldives included in Tatler Travel Guide 2026’s top hotels
-
Family1 week agoKandooma Maldives invites families to Easter island celebrations
-
News1 week agoAngsana Velavaru marks International Women’s Day with appreciation event
-
News1 week agoELE|NA marks World Sleep Day with SleepSync wellness ritual
-
Family1 week agoAlila Kothaifaru Maldives introduces ‘Easter by the Tides’ programme
-
Family6 days agoArt, gastronomy and island adventure headline Easter at JOALI Maldives