Business
EU sees deeper recession, less steep rebound for euro zone
BRUSSELS (Reuters) – The euro zone economy will drop deeper into recession this year and rebound less steeply in 2021 than previously thought, the European Commission forecast on Tuesday, with France, Italy and Spain struggling the most due to the COVID-19 pandemic.
The downbeat assessment of Europe’s economy comes amid concern the U.S. recovery may also be faltering as a surge of new coronavirus infections prompts states to delay and in some cases reverse plans to let stores reopen and activities resume.
The EU executive said the 19-nation single currency area would contract by a record 8.7% this year before growing by 6.1% in 2021. In early May, the Commission had forecast a 2020 downturn of 7.7% and a 2021 rebound of 6.3%.
The Commission said it had revised its forecasts because the lifting of COVID-19 lockdown measures in euro zone countries was proceeding less swiftly than it had initially predicted.
The EU executive significantly cut its earlier forecasts for France, Italy and Spain, all hit hard by the pandemic, and now expects now downturns in excess of 10% this year in each.
In Germany, the euro zone’s largest economy, where widespread testing has helped limit fatalities, the Commission moderated its estimates both of 2020’s downturn — to -6.3% from -6.5% forecast in May — and next year’s rebound.
Economics Commissioner Paolo Gentiloni told a news conference that to reduce risks of a second recession EU fiscal rules could remain frozen even after growth returns next year.
Requirements that states keep fiscal deficits below 3% of gross domestic product and reduce high debt have been suspended during the pandemic, in an unprecedented move.
Gentiloni, a centre-left former Italian prime minister, said the rules may be reactivated only when the bloc’s output returns at least to 2019 levels. But no decision has yet been made and the matter remains controversial.
The Commission also said its inflation forecasts were little changed, at 0.3% this year and 1.1% in 2021.
‘High risks’
The new growth figures indicate an economic recovery gathering momentum in June, although it is based on a number of “critical” assumptions, with “exceptionally high risks”.
The forecasts assume no second wave of infections triggering renewed restrictions, although social distancing measures would persist, while monetary and fiscal policy measures are expected to support the recovery.
The main risks include a potential wave of new infections, more permanent scars from the crisis including unemployment and corporate insolvencies, and the absence of a future relationship deal between the EU and post-Brexit Britain.
“At the global level, the still rising rate of infections, particularly in the U.S. and emerging markets, has deteriorated the global outlook and is expected to act as a drag on the European economy,” the report said.
Asked about the impact on the euro zone economy of the fresh spike in COVID-19 infections in the United States, Gentiloni said that economic recovery was “paved with uncertainty”, mostly caused by disease outbreaks. He praised EU states’ approach of gradually restarting their economies while maintaining measures to limit the spread of the virus.
High-frequency data assembled by U.S. Federal Reserve officials, economists, cellphone tracking companies, and employee time management firms suggests activity in the United States has slowed in recent days after upbeat employment data.
Some reopening plans have been put on hold and restrictions placed on the bars, restaurants and other hospitality industry companies that helped the U.S. economy add 4.8 million jobs in June.
In an interview with the Financial Times published on Tuesday, Atlanta Federal Reserve Bank President Raphael Bostic said the U.S. recovery was in danger of stalling due to the spike in coronavirus cases.
Reporting and photo: Reuters
Business
Visit Maldives presents cultural, food festival to celebrate 2025
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.”
Business
Barcelo Nasandhura Malé to open in Q1 2025
Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.
Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.
Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.
Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.
While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.
Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.
Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.
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Denise Hoefer brings world-class Padel to The Nautilus Maldives
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
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