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From wagyu beef to melons, Japan’s $2.2 trillion virus rescue piques struggling firms

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TOKYO (Reuters) – As the coronavirus jolts Japan, the government’s huge stimulus package has come under fire from hard-hit restaurant owners for channelling funds for items like wagyu beef, melons and tourism rather than accelerating help for firms with burning cash needs.

The restaurant industry’s struggles highlight a larger problem in Japan’s revival plan, which at $2.2 trillion is the size of Italy’s economy but is still falling short of sufficient support to an important segment – small businesses which employ 70% of the nation’s workforce.

That puts at risk Japan’s recovery from the worst postwar recession it is now facing. The $232 billion restaurant industry is crucial to boosting growth as it, together with lodging, creates about 1.3 million new jobs a year, or roughly 17% of all the new employment.

More than 190 small businesses including 30 restaurant operators have gone bust during the current health crisis.

Yet, the government’s slow response in pushing through billions of dollars stuck in paperwork is threatening the same fate for many more firms in urgent need of cash to pay salaries and rents.

In contrast, authorities have rapidly pressed ahead with plans to spend nearly $16 billion for a “go-to” campaign to promote tourism, and $1.3 billion to help politically powerful farmers and fishermen promote expensive foodstuffs such as mangoes, tunas and yellowtails. An extra $90 million has also been set aside to promote international flights – when almost all planes are grounded.

“We, as well as many others, are running out of money. If the situation is left as is, we will go under one after another. Then, no one will be left to benefit from the tourism campaign,” said Yoshikazu Moriyama, 42.

Sales at Moriyama’s six fish joints called “IROM Inc.” have tanked 90% and he’s struggling to pay rent and salaries for some 100 staff.

“What we need now is financial support to help us pay rents and compensate for business closures rather than future campaign on tourism,” Moriyama told Reuters.

Some owners say the government’s subsidy of up to $55,000 for each firm to cover rents is insufficient, and that it could afford to do more to keep businesses open and free up cashflow. Last year, rents for all of Japan’s restaurants totalled $13 billion – less than the $16 billion going into tourism promotion.

The government’s subsidy list includes items such as five-star sirloin Kobe beef steak, which costs some $37.20 for 100g, and top-quality Yubari melon that sells for more than $90 per 1.6-kg fruit.

Agriculture ministry official, Satoru Nishio, said the subsidy, which also covers expensive mangoes, strawberries and tunas, was intended “to back farmers facing a decline in inbound tourists and exports.”

The government subsidises half of the cost of buying the produce for e-commerce, take-away services and provision of school meals. For example, traders get up to $9.31 per 100g of wagyu beef and up to $22.34 per kilo of melons.

Funds tied up and in red tape

While a total of $190 billion in financing, loans, cash subsidies and other benefits have been set aside for small businesses, some analysts say struggling firms have been deprived of quick access to much-needed cash due to red tape.

“A government financial agency should provide loans that can be allotted to rents to prevent cashflow from drying up,” said Kota Matsuda, a former lawmaker who now runs a chain of 30 restaurants including 22 Hawaiian-style restaurants called Eggs ‘n Things, employing about 600 workers.

“It’s impossible to cover rents solely with subsidies,” said Matsuda, who has applied for funds but has been frustrated by the cumbersome process as he tries to meet cash needs of more than $650,000 for salaries and $372,370 for rents.

Sales at his restaurants, which reopened fully last Saturday, declined by 90-95% year-on-year in April.

IROM’s Moriyama, who applied for a couple of subsidies, said they were “far from enough” to make up for the losses.

“I can’t foresee what will happen to my business.”

Reporting and photo: Reuters

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BBM’s ‘Studio of Culinary Excellence’ opens at MNU to bridge classroom, industry

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The best way to secure the future is to create it.

Creating that future through specific, purposeful initiatives is what drives people of purpose—and, in turn, moves us all closer to the future we desire.

The Maldives is a compelling case study of a tourism-driven economy. Look around and ask why an event is being staged, what someone is working on, or where a new initiative is leading, and the answer will often point to the hospitality sector. Securing the future, therefore, is inextricably linked to strengthening and advancing that sector.

Here, “strengthening” means making the sector’s contribution more sustainable; ensuring that a greater share of its growth benefits the community; continuing to offer a compelling value proposition to the discerning global traveller; and ensuring that visitor experiences continue to generate an unparalleled reputation and valuable referrals.

To achieve these outcomes in the future, it is essential that current and future generations of the local community engage actively with the industry. Making hospitality appealing and aspirational, enhancing the quality of delivery and service, and building a pipeline of skills and talent into the sector are areas in which initiatives, inspiration, infrastructure and investment should be concentrated.

It is firmly in this context that Mr Ismail Hilmy, Chairman and Managing Director of BBM, initiated the establishment of a modern, exceptionally well-equipped and thoughtfully designed model kitchen, aptly named the Studio of Culinary Excellence. By donating the Studio to MNU, under whose auspices it will serve the Maldivian culinary community, Mr Hilmy is responding directly to the need for deeper community engagement. At the heart of BBM’s framework for industry-outreach initiatives— “Because tomorrows start today”—is Mr Hilmy’s ethos of fostering engagement and vibrancy in the industry.

“For our students, the gap between the classroom and a working resort kitchen has always been the hardest one to close,” said Dr Shehenaaz Adam, Vice Chancellor of the Maldives National University. “The Studio of Culinary Excellence closes that gap. Students can now train on the same equipment and to the same standards they will encounter on their first day in the industry. We are grateful to BBM for a partnership that goes well beyond a donation, and we look forward to the Studio becoming a place where the university and the industry learn from one another.”

The Studio therefore creates an opportunity to develop a pipeline of skills and talent in service of the industry.

“Embedding purpose in our work has been an ongoing endeavour at BBM. It keeps us connected to our stakeholders and builds insight, understanding and trust. Being a meaningful partner to academia as we move into the future gives us a great sense of fulfilment and guides our initiatives under the banner, ‘Because tomorrows start today,’” said AVS Subrahmanyam, Chief Operating Officer of BBM.

But what is the value of physical infrastructure without the corresponding spark of aspiration and ambition?

As Ali Afrah Hassan, Executive Representative at Chairman’s Office – BBM, aptly observed: “The Studio offers students and members of the community hands-on experience with world-class equipment, together with knowledge-sharing masterclasses. Who knows—in the not-too-distant future, a Michelin-starred Maldivian chef may fondly credit some of their inspiration to time spent at the Studio!”

Now that is the mind and heart in sync—working towards a future that is aspirational, ambitious and entirely attainable.

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BBM Hulhumalé Phase 2 opening promotion winner receives Honda Airblade

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Bestbuy Maldives (BBM) has presented a brand-new Honda Airblade motorbike to the winner of a lucky draw held to mark the opening of its newest wholesale outlet in Hulhumalé Phase 2.

The outlet, located at Lot 20286 on Nirolhu Magu, opened on 16 February 2026 as part of BBM’s expansion of its wholesale operations.

To celebrate the opening and thank customers for their continued support, BBM introduced a special lucky draw exclusively for customers who made purchases from the new outlet on its opening day.

Customers who purchased products during the opening were eligible to enter the draw, with a Honda Airblade motorbike offered as the grand prize.

The lucky draw was conducted on 13 August 2026, with Ibrahim Shifaz of Vagthun Vaguthah outlet selected as the winner.

Shifaz was recently presented with the ceremonial key to the Honda Airblade by AVS Subrahmanyam, Chief Operating Officer of Bestbuy Maldives.

The promotion formed part of BBM’s activities surrounding the opening of its Hulhumalé Phase 2 outlet, which provides customers with access to the company’s range of wholesale products from the growing residential and commercial area.

Bestbuy Maldives is a supplier and distributor serving businesses across the Maldives, including customers in the hospitality, food service and retail sectors.

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Football legends receive FIFA World Cup 2026 match balls signed by President Muizzu

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Male’ Aerated Water Company (MAWC), the authorised bottler of The Coca-Cola Company in the Maldives, on Thursday hosted the Official FIFA World Cup 2026™ Match Ball Handover Ceremony, presenting Football Legends of Maldives with official FIFA World Cup 2026™ match balls signed personally by Dr Mohamed Muizzu, President of Maldives.

Held in partnership with the Ministry of Youth Empowerment, Sports and Fitness, the ceremony recognised former national footballers whose achievements, service and influence have helped shape football in the Maldives and inspired generations of players and supporters.

The Coca-Cola Company has been an official partner of FIFA since 1974, making it one of the longest-standing partnerships in the global sport. For MAWC, the handover brought that global partnership to life locally by connecting the FIFA World Cup with people who have contributed to Maldivian football history.

As the sole authorised Coca-Cola bottler in the Maldives for over 35 years, MAWC has supported local sport through partnerships, campaigns and community initiatives. The ceremony continued that commitment by recognising the legacy of players who represented the Maldives and contributed to the growth of football in the country.

“Maldives’ football legends have given generations of supporters moments of pride and have played an important role in shaping the country’s sporting history. At MAWC, we believe recognising their contribution is as important as supporting the next generation. Through our partnership with Coca-Cola and FIFA, and in collaboration with the Ministry of Youth Empowerment, Sports and Fitness, we are honoured to celebrate their legacy. These match balls are a token of our appreciation for what they have given to Maldivian football,” said Milind Derasari, Chief Operating Officer, MAWC.

Adding to the excitement of the football season, MAWC ran a nationwide FIFA World Cup 2026™ consumer promotion from 21 March to 24 May 2026. Eight winners received an all-expenses-paid experience for two to attend a FIFA World Cup 2026™ match. Hundreds more won Coca-Cola branded merchandise and other prizes during the campaign, bringing the excitement of the world’s largest football tournament to consumers across the Maldives.

MAWC remains committed to building partnerships that support the development of sports across the Maldives, working with the Government of Maldives and other partners.

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