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Cathay Pacific unveils US$5 bn bailout plan

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Cathay Pacific announced a HK$39 billion ($5 billion) government-led bailout plan on Tuesday as it battles a crippling downturn caused by the coronavirus.

Like many airlines hammered by the crisis, the Hong Kong carrier has seen passenger numbers all but evaporate in recent months leaving most of its fleet sitting on the tarmac and the company haemorrhaging cash.

The firm was already under pressure, after taking a hit from the impact of months of sometimes violent protests in Hong Kong last year that saw passenger numbers plunge.

On Tuesday the airline announced a sweeping proposal to inject liquidity and keep it afloat with the help of Hong Kong’s government.

“Cathay Pacific has explored available options and believes that a recapitalisation is required to ensure it has sufficient liquidity to weather this current crisis,” Cathay said in a statement to the city’s stock exchange.

The bulk of the new capital will come from new shares issued to Aviation 2020, a company owned by the Hong Kong government, as well as a HK$7.8 billion bridge loan from the government.

Under the proposal, it will raise about HK$11.7 billion in a rights issue on the basis of seven rights shares for every 11 existing shares held, while preference shares for the government would raise HK$19.5 billion and warrants would garner HK$1.95 billion, subject to adjustment.

The South China Morning Post reported that it is the first time Hong Kong’s government has directly injected money into a private company.

Share trading in Cathay Pacific — and its two biggest shareholders Air China and Swire — was suspended in Hong Kong on Tuesday morning ahead of the announcement. They will resume trading on Wednesday, Cathay said.

Swire, a Hong Kong and British conglomerate with colonial-era roots, has a 45 percent stake in Cathay while Air China owns 30 percent.

Hong Kong’s government will hold a news conference on Tuesday afternoon, followed by Cathay.

In its statement, Cathay said it also plans to implement a further round of executive pay cuts and a second voluntary unpaid leave initiative for employees.

Before the pandemic struck Cathay was one of Asia’s largest international airlines and the fifth largest air cargo carrier globally.

The virus has caused a collapse in passengers and while its cargo business has kept going Cathay has no domestic demand to fall back on, unlike many other big airlines.

It lost $580 million in the first four months of the year.

Cathay also found itself punished by Beijing last year when some of its 33,000 employees expressed support for Hong Kong’s pro-democracy protests.

Reporting and photos: AFP

Business

BBM: Stronger hospitality platform via Hotelier Maldives Awards, culinary development

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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.

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Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

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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.

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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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