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New virus outbreak dashes hopes for quick Hong Kong economic recovery

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HONG KONG (Reuters) – Hong Kong’s long recession showed some signs of easing in the second quarter as coronavirus restrictions were lifted, but a quick recovery is now in doubt as a fresh wave of infections prompt the government to impose tough new health measures.

The economy contracted 9.0% in April-June from a year earlier, shrinking for the fourth quarter in a row and the second biggest drop on record, government advance estimates showed on Wednesday.

But activity picked up markedly from a slump early in the year as anti-virus measures were gradually relaxed and people returned to offices and stores. Gross domestic product (GDP) eased just 0.1% from the first quarter, compared with a revised 5.5% drop in the previous three months.

However, a sharp spike in COVID-19 cases in recent weeks is now clouding the outlook for a recovery anytime soon.

On Monday, the government announced it was banning gatherings of more than two people and closing down restaurant dining, as leader Carrie Lam warned the city is on the brink of a large-scale outbreak.

“Not only are the new measures stricter than those implemented earlier in the year – and are therefore likely to weigh more heavily on consumption – but the higher number of infections means that the measures are likely remain in place for a while,” Martin Rasmussen, China economist at Capital Economics, said in a note to clients.

“That will postpone the recovery in consumption, and put additional pressure on employment and incomes, dampening the boost from government cash handouts,” the consultancy said, which sharply downgraded its 2020 GDP growth forecast from -4.5% to -8.0%.

The global financial hub’s economy was already reeling from often violent anti-government protests late last year and the U.S.-China trade war.

The advance readings showed consumption and investment remained weak in the second quarter, though activity likely drew some support from a strong bounce in China’s economy and from the Hong Kong government’s stimulus measures.

The economy had contracted a revised 9.1% in January-March year-on-year, the worst drop on record, according to the estimates released on Wednesday.

“Consumption of services, which is very important to the Hong Kong economy, hasn’t come back. We are now (in July) in a worse shape than we were in Q2,” said Iris Pang, chief economist for Greater China at ING.

Longer term, questions are being raised about Hong Kong’s role as a leading international finance centre, after Beijing imposed a sweeping new security law on the city on July 1, heralding a more authoritarian era for China’s freest city.

The law, which critics say is curbing the freedoms that helped Hong Kong prosper, has prompted Washington to strip the semiautonomous city of its special status in U.S. law that gave it preferential treatment from the rest of China.

Local and Beijing authorities say the legislation was vital to plug national security loopholes and it would in fact bring back stability and prosperity to the former British colony.

“Once the local epidemic is contained again and external environment continues to improve, the Hong Kong economy hopefully will gradually recover in the rest of the year,” a government spokesman said in a statement.

The government reiterated its forecast that the economy would contract by 4% to 7% this year.

Reporting and photo: Reuters

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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Business

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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Business

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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