Business
Euro zone outlook gets slight boost from EU stimulus deal: Reuters poll
BENGALURU (Reuters) – Euro zone economic growth next year will be slightly stronger than previously thought, according to a Reuters poll of forecasters taken after European Union leaders agreed on 750 billion euros to support economies ravaged by the coronavirus.
But economists surveyed July 22-28 also concluded it would take two or more years for euro zone gross domestic product to reach pre-COVID-19 levels, despite trillions of euros of stimulus from the European Central Bank and governments.
The deal, which was not unexpected but was decided earlier than many analysts had anticipated, will bring the EU to the capital markets as a borrower for the first time. But that economic stimulus won’t be felt until 2021.
About three-quarters of economists, or 29 of 38, said their confidence around the prospects for euro zone economies from next year onward had improved, including three who said it had significantly improved. But for now, they only marginally upgraded their growth forecasts.
“While the size of the fund is not large enough to be a game changer from a macroeconomic perspective, common issuance of this magnitude of debt is a historic step for Europe and represents a pivotal change in the way the EU tackles crises,” said Angel Talavera, head of European economics at Oxford Economics.
Despite a surge of new infections in Spain, an early epicentre of the pandemic that has prompted fears of a second wave of infections, the region has emerged from stringent lockdowns after having handled the pandemic better than the United States.
However, nearly 70% of respondents to an extra question, or 26 of 38 economists, said it would take at least two years for euro zone GDP to reach pre-COVID-19 levels. Not one said it would take less than a year.
The wider Reuters poll of around nearly 60 forecasters predicted the economy would shrink 8.0% in 2020, the worst year since the single currency was launched. That will be followed by a 5.5% expansion in 2021, unchanged from the previous poll.
The latest poll showed GDP shrinking 11.8% this quarter compared with the first three months of the year, better than the 12.2% contraction forecast a week ago. It is then forecast to grow at 8.1% in the current quarter and 2.8% in the next compared with 8.3% and 3.1% earlier.
In 2021, the economy is predicted to expand 1.4% in the first quarter, unchanged from the previous poll, followed by 1.1%, 0.8% and 0.6% in the second, third and fourth quarters, slightly better than median predictions for growth at 1.0%, 0.6% and 0.6% made just before the deal was agreed.
“Given the size and extent of the shock, it (the EU stimulus) can only smooth things out, not completely cancel any of the negative factors,” said Yvan Mamalet, senior euro area economist at Societe Generale.
“We will probably see some second-round effects like an increasing unemployment rate and corporate defaults when it becomes clear that some of the demand will never be recovered.”
Reuters poll graphic on the euro zone economic growth outlook: here
The euro zone’s two largest economies were forecast to make a sharper recovery in 2021 than expected in April, with Germany forecast to grow 4.7%, up from 4.4%, while for France 2021 growth was upgraded sharply to 7.3% from 4.2%.
The outlook for Italy, among the hardest-hit by the pandemic, was substantially brighter than in April, and is expected to grow 6.2% in 2021, up from previous predictions for an expansion of 5.0%.
As with most developed economies, the outlook for inflation has barely moved in recent months, expected to remain low. ECB rates are forecast to remain unchanged for several years.
Reporting and photo: Reuters
Business
Hotelier Maldives GM Forum 2024 to host panel on leveraging Maldives’ unique selling points
The Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives, will include a panel discussion, titled ‘Leveraging the Maldives’ Unique Selling Points.’ This session at the GM Forum, the largest gathering of hospitality professionals in Maldives, will focus on how the Maldives can maintain its position in the competitive luxury travel market by capitalising on its unique attributes.
The panel will be moderated by Aishath Ihuma, Director of Business Development at Reollo Investments. The discussion will feature a diverse group of experienced professionals from the hospitality industry, including:
- Rajesh Mehta, Chief Business Officer of Ooredoo Maldives
- Ibrahim Inad, Director of Sales & Marketing, Oaga Resorts
- Alexander Treager, General Manager of SAii Lagoon
- Andrew Jansson, Cluster General Manager of Centara Mirage Lagoon Maldives and Centara Grand Lagoon Maldives
The session aims to address several key questions surrounding the Maldives’ position as a luxury destination. Panelists will discuss what they believe are the top three unique selling points (USPs) of the Maldives, and how the country can differentiate itself from other luxury destinations within the Indian Ocean and beyond.
The discussion will cover marketing strategies for resorts to effectively showcase their unique offerings to attract high-end travellers, including the role of digital marketing. The panelists will share insights into the unique experiences and services that set their respective resorts apart and how they align with the luxury expectations of their clientele.
The session will also explore the challenges faced by resorts in maintaining and promoting their USPs and how the Maldives can overcome these challenges to continue attracting luxury travellers. Looking ahead, the panelists will discuss emerging trends in luxury travel and how the Maldives can adapt to stay ahead of the competition.
The discussion will conclude with closing remarks from the panelists, followed by an interactive Q&A session with the audience. This panel promises to provide valuable insights into how the Maldives can continue to thrive as a premier luxury destination.
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
The Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives, will include a panel discussion titled, ‘Redefining the Luxury Travel Experience.’ The session at the GM Forum, the largest gathering of hospitality professionals in Maldives, will explore the evolving landscape of luxury travel, examining how luxury experiences are being redefined to meet the changing expectations of travellers.
The panel will be moderated by Reena Abdul Wahid, Communications Strategist at the Maldives Association of Tourism Industry (MATI). The discussion will feature insights from key figures in the travel sector, including:
- Solah Mohamed, Chief Operating Officer of Crown & Champa Resorts
- Abdulla Ghiyas, Chairman of Visit Maldives and President of the Maldives Association of Travel Agents and Tour Operators (MATATO)
- Ashwin Handa, Senior Vice President – Operations at Atmosphere Core
- Enver Arslan, Area General Manager at JOALI Maldives and JOALI BEING
The panel will begin by addressing the definition of luxury in today’s travel industry, with a focus on the key elements that distinguish a luxury travel experience from a standard one. The discussion will also cover the latest trends in luxury travel, including how technological advancements are influencing the sector.
Personalisation will be a significant topic, with panellists sharing examples of how their resorts are personalising guest experiences. The discussion will also delve into the alignment of luxury travel with sustainable practices, including initiatives implemented by the resorts to promote sustainability without compromising on luxury.
The challenges in maintaining and enhancing luxury standards will be another critical focus area, particularly in the context of meeting diverse expectations from guests of different cultural backgrounds. The session will conclude with panellists sharing their vision for the future of luxury travel and discussing how the Maldives can continue to position itself as a top luxury travel destination.
In the closing segment, panellists will offer advice to emerging luxury travel destinations looking to establish themselves in the market. They will also explore how industry stakeholders can collaborate to elevate the overall luxury travel experience in the Maldives. The session will include a Q&A segment, allowing the audience to engage with the panellists.
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
Business
Rajesh Mehta of Ooredoo to speak on hospitality efficiency at Hotelier Maldives GM Forum 2024
Rajesh Mehta, Chief Business Officer at Ooredoo Maldives, is set to deliver a presentation at the Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives.
His presentation, titled ‘Managed Solutions: The Future of Hospitality Efficiency,’ will address the role of managed solutions in enhancing operational efficiency within the hospitality industry.
“As the digital partner of the GM Forum 2024, we are excited to share our insights on how managed services are transforming the hospitality industry. In today’s evolving luxury landscape, technology is at the heart of delivering personalised, seamless, and memorable guest experiences. I look forward to discussing how Ooredoo Maldives is empowering hotels and resorts with innovative ICT solutions that drive efficiency and enhance service delivery, setting new standards in luxury travel,” said Rajesh Mehta, Chief Business Officer at Ooredoo Maldives.
Ali Naafiz, Editor of Hotelier Maldives, commented on Mehta’s participation: “Rajesh Mehta’s presentation this year as well will provide valuable insights into how managed solutions can contribute to the efficiency and sustainability of the hospitality sector. The GM Forum continues to be a platform for such important discussions that impact the future of the industry.”
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
-
Business1 week agoPulse Hotels’ Malik Mohamed to deliver presentation at Hotelier Maldives GM Forum 2024
-
Featured1 week agoCentara expands in Maldives with new underwater-themed resort
-
Celebration1 week agoCelebrate Oktoberfest in paradise: Sun Siyam Iru Fushi hosts week-long festivities with exclusive offers
-
Food1 week agoVismark and BBM join forces to host fusion of Southeast Asian excellence
-
Featured1 week agoFrom space to sea: PADI-certified astronaut guides diving expedition at COMO Cocoa Island
-
Cooking6 days agoDiscover JA Manafaru’s revamped White Orchid Menu: a blend of modern Japanese Cuisine and sustainability
-
Business5 days agoMACL’s Mohamed Mihad to speak on airport developments at Hotelier Maldives GM Forum 2024
-
News1 week agoExplore the Maldives your way: Coco Collection’s ‘Solo Adventure’ package offers unmatched freedom