Business
German economy shrinks at record pace in ‘recession of a century’

BERLIN (Reuters) – The German economy contracted at its steepest rate on record in the second quarter as consumer spending, company investment and exports all collapsed during the peak of the COVID-19 pandemic, wiping out nearly 10 years of growth.
The Federal Statistics Office said gross domestic output in Europe’s largest economy shrank by 10.1% quarter-on-quarter from April to June after a revised 2.0% contraction in the first three months of the year.
The plunge was the steepest since the office began collecting quarterly growth data in 1970 and was worse than the 9% contraction predicted by economists in a Reuters poll. Adjusted for inflation, seasonal and calendar effects, it erased almost a decade of growth, the statistics office said.
“Now it’s official, it’s the recession of a century,” said DekaBank economist Andreas Scheuerle.
“What has so far been impossible to achieve with stock market crashes or oil price shocks was achieved by a 160 nanometre tiny creature named coronavirus.”
In a further sign of economic weakness, annual inflation came to a standstill in July as consumer prices posted their weakest reading in more than four years, separate data from the statistics office showed.
On the year, gross domestic product declined by 11.7% from April to June, seasonally adjusted figures showed. Analysts polled by Reuters had expected a 11.3% contraction.
Both exports and imports of goods and services collapsed in the second quarter, as did household spending and investment in equipment, the office said. But state spending increased.
Commerzbank chief economist Joerg Kraemer said the recovery already started at the end of April, meaning that a strong increase in output was on the cards for the third quarter.
“However, this does not change the fact that it will take the German economy a long time to return to its pre-crisis level,” Kraemer added.

Unexpected fall in unemployment
In a rare ray of light for the economic outlook, unemployment unexpectedly declined in July in seasonally adjusted terms, data from the Labour Office showed.
The number of people out of work fell by 18,000 to 2.923 million people, and the joblessness rate remained at 6.4%.
“The job market is still under pressure due to the coronavirus pandemic, even though the German economy is on a recovery course,” Daniel Terzenbach from the Labour Office said.
He added that the massive use of short-time work had helped to prevent higher unemployment and job losses.
Short-time work is a form of state aid designed to encourage companies to keep employees on the payroll during a downturn. It allows employers to switch employees to shorter working hours and is intended to stop shocks such as the coronavirus crisis from leading to mass unemployment.
The data boosted hopes that the labour market could get out of the crisis with no more than a black eye, which could support household spending.
The government hopes its stimulus package, worth more than 130 billion euro ($153 billion) including a temporary VAT cut to boost domestic demand, will help the economy return to growth.
Overall, the government expects the economy to shrink by 6.3% this year and rebound with an expansion of 5.2% in 2021. This means that the economy is unlikely to reach its pre-crisis level before 2022.
($1 = 0.8516 euros)
Reporting and photo: Reuters
Business
BBM: Stronger hospitality platform via Hotelier Maldives Awards, culinary development

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

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.
Business
BBM brings Vaseline, Hellmann’s, BRU Coffee to Maldives market

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.
-
Featured1 week ago
InterContinental Maldives Maamunagau Resort hosts five-day yoga retreat for International Yoga Day
-
Featured1 week ago
Ayada Maldives earns elite recognition in 2025 Travellers’ Choice Awards
-
Featured1 week ago
Summer Island Maldives named among top 10% of hotels worldwide by TripAdvisor
-
Featured1 week ago
Tripadvisor honours Constance Moofushi among Best of the Best Luxury Hotels in Asia
-
Cooking1 week ago
Exquisite culinary journey awaits at Cinnamon Velifushi’s Marlin
-
News7 days ago
Exclusive private island escape at Intercontinental Maldives Maamunagau Resort
-
Awards7 days ago
Amilla Maldives celebrates recognition in Tripadvisor’s Travelers’ Choice Awards 2025
-
Awards6 days ago
Sun Siyam Iru Fushi Maldives recognised among ‘Reader’s Favourite Overseas Hotels’ by Travel + Leisure China 2024