Business

Virus-battered Italy faces worst recession since WWII

Published

5 years ago

May 30, 2020

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

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.