Business
Britain’s economy won’t reach pre-pandemic size for at least two years: Reuters Poll
 
																								
												
												
											LONDON (Reuters) – Britain’s economy will not fully recover from its current historic downturn for at least two years, a Reuters poll of economists found, but there is only a slim chance the Bank of England will use negative interest rates to boost the upswing.
Britain has suffered the highest death toll from the novel coronavirus in Europe, leading to criticism of the government’s response to the pandemic.
Last quarter, when a lockdown to quell the spread of the virus was at its tightest, the economy shrank a record 20.4%. But as many restrictions have been lifted, it was expected to expand 15.1% this quarter, the Aug. 14-19 poll showed.
“The severity of the slump was chiefly a by-product of the very long lockdown in the UK, necessitated by the government’s laissez-faire attitude in the early days of the pandemic, which meant the virus spread more widely than in other countries,” said Samuel Tombs at Pantheon Macroeconomics.
Earlier this month the BoE said the economy would not recover to its pre-pandemic size until the end of 2021, but 20 of 23 economists who responded to an extra question said it would be at least two years before that happened. Only three said within two years.
After contracting 9.7% this year – more than most of its peers and more than the 9.1% forecast last month – the economy will expand 6.2% in 2021, the poll of nearly 70 economists predicted. In a worst case scenario, it will contract 14.2% this year.
“Unlike BoE chief economist Andy Haldane, who thinks it is now time to see the economic glass as ‘half-full’, recent data outturns have made us more pessimistic about the lasting economic impact,” said Elizabeth Martins at HSBC.
To support the economy the government has ramped up spending to record amounts, the centrepiece of which was to pay 80% of wage bills if staff were put on leave rather than let go.
But that scheme is due to finish at the end of October, and all respondents to an extra question said the risk that the job market will worsen significantly before this year draws to a close was high or very high.
“Evidence of job losses is already mounting and the planned phasing out of the Coronavirus Job Retention Scheme in the autumn will make things worse,” said Peter Dixon at Commerzbank.
The economic slump has pushed firms to slash thousands of jobs. While the unemployment rate unexpectedly held at 3.9% in June it was seen peaking at 8.0% in the fourth quarter, the poll found.
Stay positive
For its part, the Bank of England has chopped borrowing costs to 0.10% and restarted asset purchases.
BoE Governor Andrew Bailey has said that negative interest rates, used by the European Central Bank and the Bank of Japan, were part of the Bank’s toolbox but that it did not have any plans to use them for now.
Bank Rate was expected to remain at 0.10% until 2023 at least, forecasts showed, and when asked about the chance of negative interest rates, economists gave just a 22.5% median probability. Only two economists polled had sub-zero rates as their base case scenario somewhere in the forecast horizon.
Meanwhile, Britain faces the added task of trying to agree a trade deal with the European Union before a transition period following its departure from the bloc finishes at the end of this year.
Reuters polls have consistently predicted that the two sides would agree a deal, and the latest survey gave only a 30% chance that no agreement would be reached before the transition period ends.
“The UK economy faces a trifecta of risks this winter, stemming from possibly renewed COVID-19-related restrictions, an economically difficult Brexit, and significant labour market weakness,” said Stefan Koopman at Rabobank.
Reporting and photo: Reuters
Business
2 decades of culinary excellence: BBM’s founding legacy with Hotel Asia continues in 2025
 
														Hotel Asia Exhibition and International Culinary Challenge is referred to be the hospitality industry event in the Maldives. In this year’s Culinary Challenge (19 to 22 October 2025) comprising competitions over 20 categories, most will take place at the Faculty of Hospitality and Tourism Studies, Maldives National University, and some at the Synthetic Track, Hulhumalé.

A Founding Partnership that Endures
Since the very first edition in 2001, Bestbuy Maldives (BBM) has played a central role in shaping the International Culinary Challenge into the Maldives’ most prestigious culinary platform. The event has become a cornerstone for professional development, bringing together chefs from across the Maldives to compete, learn, and showcase their craft.

BBM and their associated Principals sponsor an overwhelming majority of categories. “From the beginning, our goal has been to create opportunities for Maldivian chefs to rise to global standards. This partnership has grown with the industry itself,” said A.V.S. Subrahmanyam, Chief Operating Officer of BBM.

Nurturing Local Talent
BBM’s contribution extends beyond sponsorship. The company has built a long-term system for recognizing and developing local culinary talent.
- BBM Chairman’s Trophy for the Best Maldivian Competitor.
- Most Promising Young Chef Award for emerging talent.
- Global exposure programs for Maldivian chefs through sponsored participation in international events.
- Pro-bono Masterclasses with world-renowned chefs to encourage learning and innovation.
Investing in the Future of Hospitality
Through initiatives such as Building Young Talent, BBM continues to mentor aspiring professionals and support the next generation of chefs. The company also promotes inclusivity by sponsoring opportunities for female and young chefs to gain international exposure.
BBM’s industry partnerships include its role as Title Sponsor of the Hotelier Maldives Awards, celebrating excellence across the Maldivian hospitality sector.

Proud Sponsors of Culinary Excellence
In 2025, BBM and its partner brands proudly sponsor 14 competition categories and 8 Main Awards, further strengthening their role in the development of culinary arts in the Maldives. Categories include Decorated Cake, Artistic Showpiece, Bread and Pastry Display, Three Desserts (Display), Desserts, Rice Dish, Asian Noodles, Team Challenge, Maldivian Dish, Creative Sandwich, Young Chef, Tea Challenge, tapas/finger food, and Iced Mocktail.
Business
Bestbuy Maldives, MNU forge partnership to advance hospitality education
 
														The Maldives National University – Faculty of Hospitality and Tourism Studies (MNU-FHTS) and Bestbuy Maldives (BBM) have officially signed a Memorandum of Understanding (MoU) to strengthen industry-academic collaboration and advance hospitality education in the Maldives.
The MoU was signed by Dr Aishath Shehenaz Adam, Vice Chancellor of MNU, and Ismail Hilmy, Chairman and Managing Director of BBM, during a ceremony attended by the university’s Chancellor Dr Mahmood Shaugee, senior management, and representatives from both organisations.
This partnership marks a significant milestone in developing a state-of-the-art Food and Beverage Practical Demonstration Kitchen at MNU-FHTS. BBM will support the upgrading of the existing Garde Manger kitchen and classrooms, contributing financially and materially to create a modern, industry-standard learning environment for future hospitality professionals.
Beyond infrastructure, the collaboration will extend to academic and training support, research and innovation in culinary arts, community engagement, and professional networking opportunities, ensuring that students gain practical, real-world experience aligned with industry expectations.
Highlighting the broader purpose of this partnership, BBM stated that, “This is a significant step in the direction of BBM’s vision involving hospitality industry outreach in the Maldives — because tomorrows start today. Initially, we will set up a world-class model kitchen that will be suitable for masterclasses and hands-on training for students; and also for product demonstrations, masterclasses, and interaction with groups of customers.”
Speaking at the ceremony, representatives from both institutions emphasised their shared vision to promote excellence in education, innovation, and human capital development in the Maldivian hospitality sector. This partnership underscores BBM’s continued commitment to supporting education and industry growth, and MNU-FHTS’s mission to bridge the gap between academia and industry — nurturing the next generation of hospitality leaders in the Maldives.
Business
SATA 2025 announces partnerships; confirms Hotelier Maldives, Maldives Insider as Media Partners
 
														Hotelier Maldives and Maldives Insider have been confirmed as official Media Partners of the South Asian Travel Awards (SATA) 2025. The announcement was made during a signing ceremony held at Hulhulé Island Hotel, Maldives, where SATA unveiled its distinguished partners for the 9th edition of the annual awards.
Now in its ninth year, SATA has become a key platform for recognising excellence in South Asia’s tourism and hospitality sector. The partnership with Hotelier Maldives and Maldives Insider will strengthen the awards’ regional visibility and ensure extensive coverage of the event across Maldives and beyond.

This year’s awards ceremony will take place from 19th to 20th September 2025 at Cinnamon Grand Colombo, Sri Lanka, bringing together industry leaders, stakeholders, and innovators from across South Asia.
In addition to the media partnership, SATA 2025 also announced its corporate partners. Honda Marine has been named the Platinum Partner, while The Hawks, Velana International Airport, and Allied Insurance Company of the Maldives join as Gold Partners. Renaatus Realty has been confirmed as the Silver Partner, and Hulhulé Island Hotel continues as the official Hospitality Partner in the Maldives.

Speaking at the ceremony, SATA organisers noted that the strong lineup of partners reflects the growing importance of collaboration within the tourism and hospitality industry. With the support of its partners, SATA 2025 aims not only to celebrate outstanding achievements but also to foster long-term cooperation and sustainable growth in the region’s tourism sector.
The awards are endorsed by leading national tourism bodies and associations across South Asia, including the Sri Lanka Tourism Development Authority, Nepal Tourism Board, Visit Maldives Corporation Limited, and several travel and hotel associations across the region.

This year’s evaluation process was conducted by a panel of nine jury members representing different countries, including tourism leaders from India, Sri Lanka, Bangladesh, Nepal, Bhutan, Spain, and the Maldives.
Through partnerships with media outlets such as Hotelier Maldives and Maldives Insider, SATA 2025 will ensure broad engagement across key markets, strengthening its position as one of South Asia’s most prestigious hospitality and travel award platforms.
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