Business

‘V’ good? How Britain’s economic recovery is shaping up

Published

4 years ago

July 24, 2020

LONDON (Reuters) – Britain’s economy has started to recover from its coronavirus lockdown but signals about a rise in unemployment are raising doubts about how much momentum is building behind the rebound.

Bank of England Chief Economist Andy Haldane has described the shape of the economy as “so far, so V”, albeit with big risks ahead.

But many economists say the most recent data represents a release of pent-up demand rather than the beginning of a sustained recovery.

Most economists in a Reuters poll published this week thought the outlook for the British economy had stayed the same or worsened over the past month.

Here are some early indications about Britain’s recovery so far.

Layoffs risk

The jobs market offers the greatest cause for concern.

Searches on Google for the word “redundancy” have jumped, something that turned out to be an accurate predictor of layoffs during the 2008/09 financial crisis, according to Samuel Tombs, an economist at Pantheon Macroeconomics.

The proportion of British manufacturers planning redundancies now exceeds 50%, according to trade body Make UK, double the share of a few months ago.

Britain’s statistics office said last week that the number of employees on company payrolls slumped by 649,000 between March and June, but the pace of decline had slowed in recent weeks.

Consumer demand bounces back

The strongest evidence for a quick rebound comes from consumers. Gauges of confidence and demand – ranging from surveys of households to credit card spending data – suggest a rebound is underway, helped by savings built up during the lockdown when people were unable to eat out or go on holiday.

Still, a return to normal is a way off. Consumer confidence and official retail sales figures on Friday will give a more complete picture of the recovery in household spending.

… But for how long?

One of the key questions about the strength of the recovery is how consumer behaviour will have changed in response to the pandemic.

“I would put weight on the logic that suggests that as a behavioural response to the supply shock, cautious consumers, worried about unemployment and health risks, will hold back the economy,” BoE rate-setter Jonathan Haskel said on Thursday.

He pointed to surveys showing a majority of British people are uncomfortable about eating indoors in restaurants and going to the cinema.

Businesses see a long haul

Many companies fear demand will not recover to normal levels quickly.

Nearly half of large British businesses surveyed by accountants Deloitte said it would take until after the second quarter of next year for demand to return to pre-pandemic levels.

Similarly, a BoE survey of company executives showed businesses still see a 10% hit to sales from the COVID-19 crisis in early 2021 – which will likely take some time to fade.

In May, the BoE published a scenario suggesting the economy would regain its pre-pandemic size by the second half of 2021.

Reporting and photo: Reuters

Business

Maldives celebrates arrival of 2024’s 1 millionth tourist

Published

4 weeks ago

June 27, 2024

m@ldives

Maldives on Thursday welcomed the one millionth tourist to visit this year.

The one millionth tourist is a Thai named Sutapa Amonwivat, who arrived from Singapore with her husband and two children. This is her second visit to Maldives.

Maldives Marketing and Public Relations Corporation (MMPRC) and the Ministry of Tourism gave a warm welcome to Sutapa at the Velana International Airport (VIA) Thursday afternoon. She was welcomed at the VIA by tourism minister Ibrahim Faisal, MMPRC Managing Director Ibrahim Shiury and senior officials of various relevant agencies.

After welcoming her with traditional offerings, she was presented with various gifts by the ministry, MMPRC, customs, immigration, Maldives Association of Travel Agents and Tour Operators (MATATO) and Trans Maldivian Airways (TMA).

Maldives reached one million tourists in June, three weeks earlier than last year. The number of tourists reached one million on July 16, 2023.

Maldives expects to reach 2 million tourists this year.

Business

New air route connects Chongqing to Maldives

Published

1 month ago

June 25, 2024

m@ldives

Chongqing Airlines on Monday began its inaugural flights to Maldives.

The Chongqing-Male route, scheduled three times a week, is expected to strengthen the bonds between China and the Maldives, opening up exciting new opportunities for tourism and cultural exchange.

The inaugural flight was welcomed upon its arrival at Velana International Airport (VIA) in Maldives, where local officials and tourism representatives expressed their enthusiasm for this new development.

“We warmly welcome our friends from China to our beautiful islands. This new connection strengthens our bonds and opens up new opportunities for tourism,” the tourism ministry said on X.

Maldives currently welcomes four airlines from China, including China Eastern, Beijing Capital Airlines, Xiamen Airlines.

In January, Maldives government urged tourism stakeholders in both Maldives and China to ramp up efforts to restore China’s position as the primary source market for Maldives tourism, a status held before the onset of Covid-19.

China, being the largest source market for Maldives tourism before the pandemic, saw a resumption of tourist arrivals from January 2023 after a three-year hiatus due to the pandemic. In 2023, the Maldives welcomed 187,118 Chinese tourists, marking a significant recovery in numbers. This year, the Maldives has welcomed the most number of tourists from China, with over 107,940 or 11.5 percent of total arrivals by June 12.

Business

CROSSROADS Maldives Introduces Weixin Pay at resorts for seamless guest experience

Published

1 month ago

June 21, 2024

m@ldives

CROSSROADS Maldives has introduced WeChat Pay, widely known as Weixin Pay in China, across its world-class resorts, SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. This payment option is made available to enhance the convenience and overall experience for guests from China, making their stay in the Maldives more enjoyable and hassle-free.

Understanding the needs of the diverse guests, CROSSROADS Maldives has integrated WeChat Pay into operations, allowing guests from China to easily and securely conduct transactions using a payment method familiar to them. The introduction of WeChat Pay is a testament to CROSSROADS Maldives’ dedication to enhancing guest satisfaction by offering exceptional experiences at every turn. What is also expected through this initiative is that the guests could benefit from better foreign exchange rates, translating to better savings on their expenditures during their stay.

The option is available for guests in-house conveniently at both resorts as well as across the Marina at CROSSROADS Maldives where a wider variety of unparalleled dining and retail experiences are available for all guests. The day visitors from China will also therefore equally benefit from this new introduction at the Maldives’ premier multi-island integrated leisure destination.

SAii Lagoon Maldives, Curio Collection by Hilton, is a vibrant tropical escape that offers unique and locally inspired experiences. The resort features spacious rooms and villas, a variety of dining options, and an array of recreational activities designed to cater to the desires of modern travellers. Guests can escape to the island’s SAiisational natural beauty, enjoy water sports, and indulge in spa treatments, all while relishing the personalised service that defines Hilton’s Curio Collection.

Hard Rock Hotel Maldives brings the iconic Hard Rock spirit to the tranquil shores of the Maldives. This family-friendly resort offers a perfect blend of relaxation and entertainment, featuring music-inspired experiences, live performances, and the brand’s signature amenities. With luxurious accommodations, diverse dining options, and a plethora of activities for all ages, Hard Rock Hotel Maldives ensures an unforgettable holiday experience for every guest.