Business
TUI looking at new equity, divestments to cut COVID-19 debt pile
LONDON (Reuters) – TUI (TUIT.L) (TUIGn.DE), the world’s largest tourism company, said it was considering raising new equity from shareholders or selling off parts of the business to reduce debt taken on to survive the coronavirus pandemic.
TUI, which last year took 23 million people on holiday, lost 1.1 billion euros ($1.3 billion) in the three months through June after COVID-19 halted travel, wiping out revenue and straining its balance sheet as it burned through about 550 million to 650 million euros per month.
It secured a second credit line from the German government on Wednesday, adding to a 1.8 billion euro state-backed loan taken on in April, and while the CEO said it might not need to use the latest line, the focus is now on debt.
“A rights issue or whatever kind of measure is something we are looking at,” Chief executive Fritz Joussen told reporters on Thursday.
Asked how big a rights issue could be, Joussen said it was “early days”, and he did not say which parts of the business were up for sale, although he insisted that any sales would not be distressed.
The state loans are due to be repaid in summer 2022 and banking sources have suggested that TUI could sell all or part of its 49% stake in the Spanish hotel chain RUI Hotels & Resorts.
With the latest German aid package, TUI said liquidity was 2.4 billion euros, giving it confidence it can make it through to 2021 even as the pandemic continues to hit travel, and as it approaches winter when holiday companies generally lose money.
TUI said that it expected normality to return by 2022 and was encouraged by bookings for summer holidays next year which were up 145%. Analysts were sceptical.
“We think plans to reduce leverage in 2021 and reach normalised profit growth in 2022 are ambitious,” said Jefferies.
The company’s London-based shares fell 5% to 347 pence. The stock has lost 63% of its value in the year to date.
TUI’s quarterly underlying operating loss of 1.1 billion euros as revenues plummeted 98.5% to 72 million euros, compared with earnings before interest and tax of 102.3 million euros in the same period last year.
Bookings for this summer are down 81% from last year and Joussen said the situation was still “fragile”. TUI’s recovery was set back by new UK restrictions on travel to Spain.
The company said it was making progress with the cost cuts needed to help it withstand the crisis. It warned in May that it would need to axe 8,000 jobs and save 300 million euros a year.
($1 = 0.8460 euros)
Reporting and photo: Reuters
Business
BBM’s ‘Studio of Culinary Excellence’ opens at MNU to bridge classroom, industry
The best way to secure the future is to create it.
Creating that future through specific, purposeful initiatives is what drives people of purpose—and, in turn, moves us all closer to the future we desire.
The Maldives is a compelling case study of a tourism-driven economy. Look around and ask why an event is being staged, what someone is working on, or where a new initiative is leading, and the answer will often point to the hospitality sector. Securing the future, therefore, is inextricably linked to strengthening and advancing that sector.

Here, “strengthening” means making the sector’s contribution more sustainable; ensuring that a greater share of its growth benefits the community; continuing to offer a compelling value proposition to the discerning global traveller; and ensuring that visitor experiences continue to generate an unparalleled reputation and valuable referrals.
To achieve these outcomes in the future, it is essential that current and future generations of the local community engage actively with the industry. Making hospitality appealing and aspirational, enhancing the quality of delivery and service, and building a pipeline of skills and talent into the sector are areas in which initiatives, inspiration, infrastructure and investment should be concentrated.

It is firmly in this context that Mr Ismail Hilmy, Chairman and Managing Director of BBM, initiated the establishment of a modern, exceptionally well-equipped and thoughtfully designed model kitchen, aptly named the Studio of Culinary Excellence. By donating the Studio to MNU, under whose auspices it will serve the Maldivian culinary community, Mr Hilmy is responding directly to the need for deeper community engagement. At the heart of BBM’s framework for industry-outreach initiatives— “Because tomorrows start today”—is Mr Hilmy’s ethos of fostering engagement and vibrancy in the industry.
“For our students, the gap between the classroom and a working resort kitchen has always been the hardest one to close,” said Dr Shehenaaz Adam, Vice Chancellor of the Maldives National University. “The Studio of Culinary Excellence closes that gap. Students can now train on the same equipment and to the same standards they will encounter on their first day in the industry. We are grateful to BBM for a partnership that goes well beyond a donation, and we look forward to the Studio becoming a place where the university and the industry learn from one another.”

The Studio therefore creates an opportunity to develop a pipeline of skills and talent in service of the industry.
“Embedding purpose in our work has been an ongoing endeavour at BBM. It keeps us connected to our stakeholders and builds insight, understanding and trust. Being a meaningful partner to academia as we move into the future gives us a great sense of fulfilment and guides our initiatives under the banner, ‘Because tomorrows start today,’” said AVS Subrahmanyam, Chief Operating Officer of BBM.
But what is the value of physical infrastructure without the corresponding spark of aspiration and ambition?

As Ali Afrah Hassan, Executive Representative at Chairman’s Office – BBM, aptly observed: “The Studio offers students and members of the community hands-on experience with world-class equipment, together with knowledge-sharing masterclasses. Who knows—in the not-too-distant future, a Michelin-starred Maldivian chef may fondly credit some of their inspiration to time spent at the Studio!”
Now that is the mind and heart in sync—working towards a future that is aspirational, ambitious and entirely attainable.
Business
BBM Hulhumalé Phase 2 opening promotion winner receives Honda Airblade
Bestbuy Maldives (BBM) has presented a brand-new Honda Airblade motorbike to the winner of a lucky draw held to mark the opening of its newest wholesale outlet in Hulhumalé Phase 2.
The outlet, located at Lot 20286 on Nirolhu Magu, opened on 16 February 2026 as part of BBM’s expansion of its wholesale operations.
To celebrate the opening and thank customers for their continued support, BBM introduced a special lucky draw exclusively for customers who made purchases from the new outlet on its opening day.

Customers who purchased products during the opening were eligible to enter the draw, with a Honda Airblade motorbike offered as the grand prize.
The lucky draw was conducted on 13 August 2026, with Ibrahim Shifaz of Vagthun Vaguthah outlet selected as the winner.
Shifaz was recently presented with the ceremonial key to the Honda Airblade by AVS Subrahmanyam, Chief Operating Officer of Bestbuy Maldives.

The promotion formed part of BBM’s activities surrounding the opening of its Hulhumalé Phase 2 outlet, which provides customers with access to the company’s range of wholesale products from the growing residential and commercial area.
Bestbuy Maldives is a supplier and distributor serving businesses across the Maldives, including customers in the hospitality, food service and retail sectors.
Business
Football legends receive FIFA World Cup 2026 match balls signed by President Muizzu
Male’ Aerated Water Company (MAWC), the authorised bottler of The Coca-Cola Company in the Maldives, on Thursday hosted the Official FIFA World Cup 2026™ Match Ball Handover Ceremony, presenting Football Legends of Maldives with official FIFA World Cup 2026™ match balls signed personally by Dr Mohamed Muizzu, President of Maldives.
Held in partnership with the Ministry of Youth Empowerment, Sports and Fitness, the ceremony recognised former national footballers whose achievements, service and influence have helped shape football in the Maldives and inspired generations of players and supporters.
The Coca-Cola Company has been an official partner of FIFA since 1974, making it one of the longest-standing partnerships in the global sport. For MAWC, the handover brought that global partnership to life locally by connecting the FIFA World Cup with people who have contributed to Maldivian football history.
As the sole authorised Coca-Cola bottler in the Maldives for over 35 years, MAWC has supported local sport through partnerships, campaigns and community initiatives. The ceremony continued that commitment by recognising the legacy of players who represented the Maldives and contributed to the growth of football in the country.
“Maldives’ football legends have given generations of supporters moments of pride and have played an important role in shaping the country’s sporting history. At MAWC, we believe recognising their contribution is as important as supporting the next generation. Through our partnership with Coca-Cola and FIFA, and in collaboration with the Ministry of Youth Empowerment, Sports and Fitness, we are honoured to celebrate their legacy. These match balls are a token of our appreciation for what they have given to Maldivian football,” said Milind Derasari, Chief Operating Officer, MAWC.
Adding to the excitement of the football season, MAWC ran a nationwide FIFA World Cup 2026™ consumer promotion from 21 March to 24 May 2026. Eight winners received an all-expenses-paid experience for two to attend a FIFA World Cup 2026™ match. Hundreds more won Coca-Cola branded merchandise and other prizes during the campaign, bringing the excitement of the world’s largest football tournament to consumers across the Maldives.
MAWC remains committed to building partnerships that support the development of sports across the Maldives, working with the Government of Maldives and other partners.
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