Business
Euro zone rebounds from recession but clouds gather
FRANKFURT (Reuters) – Europe appears to have weathered a pandemic-induced recession better than many feared, a slew of indicators suggested on Tuesday, but prospects for a second wave of infections and a hard Brexit are once again raising talk of more stimulus.
Having shrunk by over a tenth last quarter, the euro zone economy is quickly regaining strength on the back of relatively resilient consumption, supported by job subsidy schemes, tax cuts and lavish stimulus from the European Central Bank.
Indeed, consumer confidence in the 19 countries sharing the euro rose to -13.9 this month from -14.7 in August, the European Commission said, a reading below its long-term trend but easily beating market expectations.
Adding to the positive news, the Ifo Institute upgraded its forecast for Germany, expecting GDP in the euro zone’s biggest economy to shrink 5.2% this year, a big improvement on its last projection for a 6.7% drop or the Bundesbank’s 7.1% forecast.
The figures suggest that unprecedented fiscal and monetary support have insulated the bloc from an unprecedented recession and households began to spend once again as most restrictions were lifted during the summer months.
Unemployment in the region has barely risen compared to some other major economies and, at 7.9%, has still not moved far from the more than 10-year low of 7.2% hit earlier this year.
Germany’s HDE retail association now expects nominal sales to grow by 1.5% this year, a sharp upward revision from its previous estimate for a 4% drop, helped by a surge in online sales and stimulus measures that have included a temporary VAT cut and cash handouts for parents.
Unsustainable?
But the good news may be unsustainable.
Investors are growing increasingly worried about surging coronavirus infections in countries like France and Spain, increasing the risk of lockdowns, a factor not captured by Tuesday’s indicators.
“We doubt this (confidence rise) will be sustained,” Melanie Debono at Capital Economic said in a note. “Further restrictions are being imposed and look set to cause consumer confidence, and perhaps household spending, to drop back in the fourth quarter.”
Worries over a hard Brexit merely compound the troubles and European stocks tumbled this week as markets are now pricing a more protracted recovery with more frequent interruptions.
Indeed, many euro zone countries have reintroduced travel restrictions, forcing airlines to scale back passenger services after a relatively quick run up over the summer.
But most governments appear keen to avoid the type of hard lockdowns seen in early spring and instead opt for localised, targeted measures that allow people to maintain ordinary activities as much as possible.
Mortality is also not following the surge in infections, supporting government efforts to limit disruptions.
Still, the outlook is sufficiently murky for the ECB to make the clearest case yet for even more stimulus, perhaps as soon as the fourth quarter.
“Faced with such a sizeable downward skew (in risks), there is a strong case for our reaction function to be asymmetric, as the risks of a policy overreaction are much smaller than the risks of policy being too slow or too shy to react and the worst-case scenarios materialising,” ECB board member Fabio Panetta said.
He added that while the ECB has done a lot, the inflation outlook is not yet satisfactory as price growth is “uncomfortably” below the ECB’s aim of close to 2%.
“If we encounter shocks that compress demand and pose additional threats to price stability, our reaction function is clearly spelled out: a policy response is necessary and forthcoming,” he said.
Reporting and photo: Reuters
Business
Barcelo Nasandhura Malé to open in Q1 2025
Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.
Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.
Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.
Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.
While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.
Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.
Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.
Action
Denise Hoefer brings world-class Padel to The Nautilus Maldives
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
Business
BBM, Lifebuoy empowers hygiene practices among Maldivian children
BBM, in collaboration with Lifebuoy, marked Global Handwashing Day 2024 with engaging activities aimed at instilling the habit of proper hand hygiene among Maldivian school children. Held on November 17th, the event continued the successful “H for Handwashing” campaign, blending education with creativity and fun.
The initiative featured info sessions, exciting games, and creative contests designed to teach children the importance of handwashing while giving them a hands-on understanding of the correct techniques. Activities ranged from reimagined board games like “Germs & Ladders” and “Handwashing Ludo” to interactive sessions that reinforced hygiene habits in an enjoyable way.
This campaign underscores BBM’s commitment to fostering healthier practices among the younger generation, contributing to a healthier and more hygienic Maldives. COO of BBM, A.V.S. Subrahmanyam, emphasised, “At BBM, we believe that empowering the next generation with the knowledge and tools for better hygiene practices is vital for building a resilient and healthy community. We are proud to continue our efforts in collaboration with partners like Lifebuoy.”
Adding to this, Muksith Hussain, Head of Retail Sales at BBM, shared, “Reaching children through such innovative initiatives helps us lay the foundation for a healthier tomorrow. We are thrilled to see the enthusiasm and participation of these young minds in learning the importance of hygiene.”
The event also saw valuable support from the Maldivian Red Crescent (MRC), whose contributions enriched the experience for the children. BBM expressed gratitude for MRC’s involvement, as their efforts played a key role in making the event impactful and memorable.
Through campaigns like this, BBM aims to nurture a lifelong habit of handwashing, creating a brighter and healthier future for the Maldives.
Let’s keep the spirit alive—join the Handwashing Revolution with BBM and Lifebuoy!
-
News1 week ago
Experience paradise with complimentary transfers at Cinnamon Hakuraa Huraa Maldives, Cinnamon Dhonveli Maldives
-
Featured1 week ago
AIDA brings over 2,000 tourists to Maldives in major economic boost
-
Featured1 week ago
New deep-sea fish species discovered in Maldives: Chromis Abadhah
-
Drink1 week ago
Toast to inclusion, innovation, new beginnings at SAii Lagoon Maldives
-
News1 week ago
Bandos Maldives marks 52nd anniversary
-
Awards1 week ago
Atmosphere Core celebrates multiple wins at NSURE Safety and Sustainability Awards
-
News1 week ago
Unwrap enchantment of Maldives this festive season with unbeatable stay at Centara Mirage Lagoon Maldives
-
Entertainment1 week ago
Electrifying New Year’s Eve with Dj Luca Schreiner at The Westin Maldives Miriandhoo Resort