Business

ECB gives another shot of stimulus as economy reels

Published

6 years ago

June 5, 2020

FRANKFURT (Reuters) – The European Central Bank approved a bigger-than-expected expansion of its stimulus package on Thursday to prop up an economy plunged by the coronavirus pandemic into its worst recession since World War Two.

Just months after a raft of crisis measures, the ECB again expanded its money-printing scheme to cushion a potential fall in output of up to 12% this year, even as governments spend record amounts to preserve jobs while restrictions keep businesses shuttered.

“The euro area economy is experiencing an unprecedented contraction,” ECB President Christine Lagarde said. “There has been an abrupt drop in economic activity as a result of the coronavirus pandemic and the measures taken to contain it.”

The ECB’s move, coming just weeks after Germany’s Constitutional Court tried to curb its powers, was also seen as an act of defiance, with one of the European Union’s most powerful institutions making clear it would not take orders from national courts.

Thursday’s decision extended the ECB’s emergency bond purchase scheme to mid-2021 and increased it by 600 billion euros to 1.35 trillion euros. That should allow the bank to buy up most of the new debt euro zone governments are issuing to overcome the pandemic.

Three sources told Reuters that figure was a compromise after policymakers discussed an expansion of between 500 billion and 750 billion euros.

Markets rallied on the decision, with bond yields on the bloc’s periphery tumbling, suggesting the measures would give a bigger boost to nations such as Italy and Spain, both hit hard by the pandemic and struggling with high debt levels.

Ten-year Italian yields fell by 14 basis points, but perhaps more importantly the gap between Italian and German bonds DE10IT10=RR, a key benchmark, narrowed by 16 basis points.

The ECB’s bond purchases come on top of big German spending plans and an ambitious European Union fiscal package, pointing to the biggest coordinated effort in the euro’s 20-year history.

ECB staff dramatically revised downward their baseline scenario for euro zone output this year to a contraction of 8.7% from the modest 0.8% rise they forecast only in March.

A partial rebound with growth of 5.2% is expected next year but Lagarde said risks were skewed towards an even worse outcome in which GDP could shrink by up to 12.6%.

That could mean the ECB is not finished yet.

“We would expect a decision to increase the Pandemic Emergency Purchase Programme envelope by 500 billion euros to 1.85 trillion euros to be made in September,” Frederik Ducrozet, a strategist at Pictet Wealth Management said.

“We suspect that a fragile recovery will require steady interventions for some time.”

Defiance

Adding to the stimulus measures, the ECB said it would reinvest proceeds from maturing bonds in its pandemic emergency scheme at least until the end of 2022, suggesting that its balance sheet will remain exceptionally large for years to come.

But Lagarde scotched speculation the bank could follow the U.S. Federal Reserve in buying sub-investment grade bonds, saying that option was not even discussed by policymakers.

Addressing the ECB’s stand-off with the German court, Lagarde said she was confident of a “good solution” but stressed that only the European Court of Justice had jurisdiction over the matter, and that it had already cleared the scheme.

“Not having to read too much between the lines, she made clear that the German court ruling would have virtually no impact on ECB policy, as shown by the ECB’s actions today,” Berenberg economist Florian Hense said.

Lagarde welcomed what she called the European Commission’s “ambitious” proposal for a 1.1 trillion euro budget for the bloc for 2021-27 with an extra recovery fund worth 750 billion euros.

Cash-rich Germany, which can borrow at negative rates for up to 20 years, separately unveiled a 130 billion euro ($145.85 billion) stimulus package late on Wednesday.

Reporting and photo: Reuters

Business

Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space

Published

2 weeks ago

February 16, 2026

m@ldives

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.

Business

BBM expands retail presence with new Hulhumalé outlet

Published

2 weeks ago

February 16, 2026

m@ldives

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.

Action

Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah

Published

4 weeks ago

January 29, 2026

m@ldives

Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.

Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.

Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.

The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.

Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.