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Britain’s economy won’t reach pre-pandemic size for at least two years: Reuters Poll

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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

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BBM renews as Title Partner of Hotelier Maldives Awards under multi-year agreement

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Hotelier Maldives has announced Bestbuy Maldives (BBM) as the Title Partner of Hotelier Maldives Awards 2026 under a multi-year agreement, reaffirming one of the longest-standing partnerships behind the publication’s flagship hospitality recognition platform.

The 2026 edition marks the third consecutive year that BBM has served as Title Partner of Hotelier Maldives Awards, having supported the event in the same capacity since its launch in 2024. BBM has also backed Hotelier Maldives’ second flagship event, GM Forum, every year since 2023, with 2026 set to mark its fourth year as a Silver Partner of the forum.

The continued partnership reflects a shared commitment to recognising the people behind the Maldives’ tourism industry while supporting platforms that encourage industry dialogue, leadership and professional development.

Hotelier Maldives Awards 2026 entered its public voting phase on 15 March 2026, with voting set to remain open for one month. Winners will be announced at the gala ceremony on 26 April 2026 at NIVA Kurumba Maldives.

Commenting on the partnership, Ali Naafiz, Editor of Hotelier Maldives, said: “BBM has been a valued partner of Hotelier Maldives Awards since the very beginning, and we are pleased to formalise this continued support through a multi-year agreement. Their decision to return as Title Partner for a third consecutive year reflects not only the strength of our relationship, but also a shared belief in the importance of recognising the people who drive excellence across the Maldives’ hospitality industry.

“BBM has also consistently supported GM Forum over the years, making them one of the most committed partners across our event platforms. We are proud to continue working together as we strengthen both Hotelier Maldives Awards and GM Forum as annual fixtures for the industry.”

AVS Subrahmanyam, Chief Operating Officer of BBM, said: “At BBM, we have always believed that a strong hospitality industry is built by strong people, and Hotelier Maldives Awards provides an important national platform to recognise the professionals whose work often takes place behind the scenes. We are pleased to continue as Title Partner of the awards under this multi-year agreement, while also extending our support to GM Forum for a fourth consecutive year.

“As a company that has grown alongside the Maldives’ hospitality sector, we value opportunities that celebrate talent, encourage professional pride and contribute to the long-term development of the industry. Our continued partnership with Hotelier Maldives reflects that commitment.”

Bestbuy Maldives is one of the country’s leading importers and distributors, serving the hospitality, HORECA and retail sectors with a broad portfolio of international brands. The company positions itself as a partner to the Maldivian hospitality industry, supplying products from around the world across key business verticals including resorts, foodservice and retail.

Hotelier Maldives Awards continues to recognise the contributions of resort-based hospitality professionals across the Maldives, highlighting both individual excellence and team performance. The awards programme remains the country’s only dedicated recognition platform focused on professionals working in resort operations. The current public voting round allows industry stakeholders, colleagues, guests and the wider public to take part in selecting this year’s winners.

The growing list of confirmed partners for Hotelier Maldives Awards 2026 includes Bestbuy Maldives (BBM) as Title Partner, Dhiraagu as Platinum Partner, Storm Events as Organising Partner, NIVA, Kurumba Maldives as Host Partner, Souvenir Marine as Transport Partner, ALIA as Associate Sponsor, and Lightsout Studios as Associate Partner. More partners and sponsors will be announced soon.

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Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space

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Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.

Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.

Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.

At its core is the 390 sqm Main Hall, capable of hosting:

  • Up to 300 guests in theatre-style setup
  • Up to 240 guests for dining and banquet-style events
  • Up to 200 guests for cocktail-style receptions
  • Up to 144 guests in cluster-round configuration

Enhancing the flexibility of the venue are additional dedicated spaces, including:

  • A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
  • A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
  • The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.

Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.

True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.

The venue offers flexible meeting formats designed to suit different event needs, including:

  • Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
  • Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.

These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.

Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.

With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.

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BBM expands retail presence with new Hulhumalé outlet

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Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.

The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.

According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.

With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.

The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.

BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.

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