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German coalition parties agree 130 billion euro stimulus package

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BERLIN (Reuters) – Chancellor Angela Merkel’s ruling coalition on Wednesday agreed a bumper stimulus package to speed up Germany’s recovery from the coronavirus

Speaking at a news conference after marathon talks that extended well into the night, Merkel said the package would amount to 130 billion euros ($146 billion) and include lower value-added tax (VAT) to boost consumption.

“The size of the package will amount to 130 billion euros for the years 2020/2021, 120 billion of which will be spent by the federal government,” Merkel said. “So we have an economic stimulus package, a package for the future.”

The stimulus programme follows a 750 billion-euro rescue package agreed in March which encompassed a debt-financed supplementary budget of 156 billion euros.

Germany’s measures, which together with liquidity aid and loan guarantees equal more than 30% of its economic output, go substantially beyond any other national emergency programmes launched by other euro zone countries.

Merkel said VAT will be reduced from 19% to 16% for six months starting in July 1. A lower VAT rate for hospitality of 7% would be lowered by two points over the same period. The overall cost of the VAT measures amount to 20 billion euros.

Finance Minister Olaf Scholz said the package will be partly financed by additional net new borrowing. Some 60 billion euros of the 156 billion euros in new debt approved in March have not been tapped, he added.

Germany can afford generous spending splurges given it had a balanced budget since 2014 and had a debt to output ratio of 60% before the pandemic, well below euro zone partners like Italy, Spain and France.

“We can do this because we economised well in recent years,” said Scholz. “We want to come out of this crisis with vigour.”

The package also includes at least 10 billion euros a year to help municipalities struggling with lower tax receipts with public spending on infrastructure and housing.

The sheer scale of Germany’s new spending splurge has raised concerns among officials from economically weaker countries that the discrepancy in aid measures could worsen imbalances in the bloc and distort the European Union’s single market.

The measures also include a one-time, 300-euro stipend per child to help families as well as a doubling of incentives to promote the sale of electric cars.

Germany has weathered the crisis better than many of its European neighbours.

Widespread testing, a robust healthcare system and restrictive measures have helped it keep deaths relatively low. The economic impact of the crisis has also been cushioned by a decision to keep factories and construction sites open as well as generous government financial assistance to businesses and freelancers.

The economy is expected to shrink by 6.3% this year, sinking into its worst recession since World War Two.

In a concession to the SPD, Merkel’s conservatives dropped demands for cash incentives to promote the sale of combustion engine cars. The SPD appeared to have partly given up on a 57 billion-euro package to help municipalities, especially those with high debt.

Reporting and photo: Reuters

Business

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

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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.

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Redefining corporate retreats at Cinnamon Dhonveli Maldives

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MICE travel is undergoing a sea change—quite literally. No longer limited to traditional conference rooms and structured schedules, Meetings, Incentives, Conferences, and Events (MICE) are now about creating moments that inspire, rejuvenate, and bring teams closer together. At Cinnamon Dhonveli Maldives, the boundaries between business and leisure blur, offering a setting that transforms work into a pleasure.

Just a 20-minute speedboat ride from Malé, Cinnamon Dhonveli Maldives is the ideal destination for teams looking to escape the expected. Here, brainstorming sessions take place on powder-soft beaches, where the rhythmic waves set the pace for new ideas. Mornings might begin with yoga by the ocean, followed by strategy meetings in open-air pavilions. Afternoons invite collaborative workshops under swaying palms or team-building activities that include snorkelling, paddleboarding, or even a friendly beach volleyball match.

Dining at Cinnamon Dhonveli Maldives elevates every corporate event with fresh, sea-to-table cuisine, designed to fuel both body and mind. From curated group dinners under star-streaked skies to themed private banquets, every meal becomes an experience in itself. For those looking to celebrate milestones or reward top performers, the resort’s scenic locations offer the perfect backdrop for gala evenings or intimate cocktail gatherings.

Accommodation blends comfort with elegance, offering ocean-view suites and beachside retreats that allow participants to rest, recharge, and return with a fresh perspective. Despite the remote charm, connectivity is never an issue—seamless Wi-Fi and business-friendly amenities ensure that productivity doesn’t pause, even in paradise.

Cinnamon Dhonveli Maldives turns corporate travel into something memorable. Whether it’s a leadership retreat, a high-level conference, or an incentive escape, the resort offers a canvas for events that leave lasting impressions. Here, business goals are pursued in harmony with nature, creativity flows effortlessly, and the line between work and well-being fades.

Let your next MICE experience be more than a meeting—make it a journey worth sharing.

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Visit Maldives presents cultural, food festival to celebrate 2025

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Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) has announced the ‘Maldives Culture and Food Festival’, a two-day extravaganza showcasing the Maldivian cuisine, local arts and craft, and entertainment.

The festival will take place at Central Park, Hulhumale’, on New Year’s Eve, December 31st, 2024, and continue into New Year’s Day, January 1st, 2025, offering a unique and immersive experience for locals and tourists alike.

This exciting initiative by MMPRC is a collaborative effort involving key partners such as the Ministry of Tourism (MOT), Housing Development Corporation (HDC), MyHulhumale’, Business Center Corporation (BCC), Male’ City Council, Waste Management Corporation Limited (WAMCO), the Maldives Police Service, Maldives National Defence Force (MNDF), Public Service Media (PSM), Maldives Airports Company Limited (MACL), Dhiraagu, Ooredoo, Manta Air, Maldivian, Ace Travels, and Gulf Air. It promises a dynamic programme filled with performances, activities, and food stalls. Attendees will have the opportunity to savour authentic Maldivian dishes, explore traditional arts and crafts, and witness captivating cultural performances.

On December 31st, the festivities will begin at 20:00 with doors opening to the public. A spectacular drone show will be held, depicting a tourist’s journey through the beautiful Maldives. The evening will continue with captivating cultural performances including Boduberu performances, and “Dhafi Negun”. A New Year’s Eve countdown will also take place, culminating in a dazzling fireworks display to welcome 2025.

The celebrations will continue on January 1st 2025 from 16:00 to 22:00, with the festival reopening and featuring food and arts and crafts stalls. A range of family-friendly activities will be available, including a police and fire truck showcase, a climbing wall, a bounce house, and a Transformers display. Additionally, the festival will feature energetic Boduberu performances and an exciting Roboman showcase.

“MMPRC is proud to present the first Maldives Culture and Food Festival,” said Ibrahim Shiuree, CEO and MD of MMPRC. “This event is a key initiative to celebrate the achievements of the Maldives in 2024 and to promote the diverse cultural heritage of the Maldives while providing a memorable experience for locals and visitors. We invite everyone to join us in celebrating the Maldivian spirit as we bid farewell to 2024 and welcome the new year.”

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