Business

China’s economic recovery underwhelms as consumer comeback stays elusive

Published

5 years ago

August 15, 2020

BEIJING (Reuters) – China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus, while the factory sector’s recovery struggled to pick up pace.

Asian markets pulled back on Friday following the disappointing set of economic indicators, which raised concerns about the fragility of China’s emergence from coronavirus.

China’s recovery had been gaining momentum after the pandemic paralysed huge swathes of the economy as pent-up demand, government stimulus and surprisingly resilient exports revived activity.

However, July data from the National Bureau of Statistics on Friday showed weaker-than-expected year-on-year industrial output growth and retail sales extending declines into a seventh straight month. That was slightly offset by firmer property investment, which showed recent stimulus was supporting construction.

Some analysts attributed the loss of momentum in the economy to the torrential rains that have flooded Southern China since June and several fresh COVID-19 outbreaks that led to partial lockdowns.

“Although there could be a modest rebound in some investment activities if the floods subside in coming months, we expect sequential recovery momentum to get weaker in H2,” Nomura analysts said in a note, citing factors such as receding pent-up demand, diminished chances of more policy easing and rising U.S.-China tensions.

Industrial output grew 4.8% in July from a year earlier, in line with June’s growth but less than a forecast 5.1% rise.

Retail sales dropped 1.1% on year, missing predictions for a 0.1% rise and following June’s 1.8% fall.

The decline in retail sales was broad based with garments, cosmetics, home appliances and furniture all worsening from June.

A key exception was auto sales, which surged 12.3%, turning around from a 8.2% fall in June.

“Despite narrowing declines in investment, consumption remained weak, highlighting the lasting economic shock from the coronavirus pandemic,” said Zhang Yi, chief economist at Zhonghai Shengrong Capital Management.

“Given we are likely to see a resurgence of COVID in the autumn and winter, it is not recommended that monetary policy be tightened too prematurely and fiscal policy stay insufficient.”

China’s July nationwide survey-based jobless rate remained elevated at 5.7%, the same as June.

Investment bright spot

Helping carry the recovery, however, was investment, which was driven by the fast expansion in the property sector, with analysts expecting infrastructure spending to accelerate in coming months on the back of government support.

China’s economy returned to growth in the second quarter after a deep slump at the start of the year, but unexpected weakness in domestic consumption has slowed the momentum.

Fixed-asset investment fell 1.6% in January-July from the same period last year, in line with expectations but slower than a 3.1% decline in the first half of the year.

July property investment grew at the quickest clip since April last year, underpinned by solid construction activity and easier lending. New home prices rose at a slightly slower pace in July from a month earlier.

Infrastructure investment, a powerful driver of growth, fell 1.0% year-on-year, easing from a decline of 2.7% in the first half.

“After the floods are over, I believe the reconstruction work for affected areas will boost fixed-asset investment and industrial production,” said Iris Pang, chief economist for Greater China at ING.

Another major risk is the increasingly tense U.S.-China relationship ahead of the U.S. presidential elections in November, which analysts say has prompted Beijing to focus on domestically driven growth.

“Changes in U.S.-China relations definitely have an impact on China, as well as the United States,” statistics bureau spokesman Fu Linghui told a press conference.

“We still hope to maintain the equal and mutually beneficial development (in relations).”

Reporting and photo: Reuters

Business

BBM: Stronger hospitality platform via Hotelier Maldives Awards, culinary development

Published

3 weeks ago

May 13, 2025

m@ldives

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

Published

1 month ago

May 1, 2025

m@ldives

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

Published

1 month ago

April 26, 2025

m@ldives

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.