Business
New virus outbreak dashes hopes for quick Hong Kong economic recovery
HONG KONG (Reuters) – Hong Kong’s long recession showed some signs of easing in the second quarter as coronavirus restrictions were lifted, but a quick recovery is now in doubt as a fresh wave of infections prompt the government to impose tough new health measures.
The economy contracted 9.0% in April-June from a year earlier, shrinking for the fourth quarter in a row and the second biggest drop on record, government advance estimates showed on Wednesday.
But activity picked up markedly from a slump early in the year as anti-virus measures were gradually relaxed and people returned to offices and stores. Gross domestic product (GDP) eased just 0.1% from the first quarter, compared with a revised 5.5% drop in the previous three months.
However, a sharp spike in COVID-19 cases in recent weeks is now clouding the outlook for a recovery anytime soon.
On Monday, the government announced it was banning gatherings of more than two people and closing down restaurant dining, as leader Carrie Lam warned the city is on the brink of a large-scale outbreak.
“Not only are the new measures stricter than those implemented earlier in the year – and are therefore likely to weigh more heavily on consumption – but the higher number of infections means that the measures are likely remain in place for a while,” Martin Rasmussen, China economist at Capital Economics, said in a note to clients.
“That will postpone the recovery in consumption, and put additional pressure on employment and incomes, dampening the boost from government cash handouts,” the consultancy said, which sharply downgraded its 2020 GDP growth forecast from -4.5% to -8.0%.
The global financial hub’s economy was already reeling from often violent anti-government protests late last year and the U.S.-China trade war.
The advance readings showed consumption and investment remained weak in the second quarter, though activity likely drew some support from a strong bounce in China’s economy and from the Hong Kong government’s stimulus measures.
The economy had contracted a revised 9.1% in January-March year-on-year, the worst drop on record, according to the estimates released on Wednesday.
“Consumption of services, which is very important to the Hong Kong economy, hasn’t come back. We are now (in July) in a worse shape than we were in Q2,” said Iris Pang, chief economist for Greater China at ING.
Longer term, questions are being raised about Hong Kong’s role as a leading international finance centre, after Beijing imposed a sweeping new security law on the city on July 1, heralding a more authoritarian era for China’s freest city.
The law, which critics say is curbing the freedoms that helped Hong Kong prosper, has prompted Washington to strip the semiautonomous city of its special status in U.S. law that gave it preferential treatment from the rest of China.
Local and Beijing authorities say the legislation was vital to plug national security loopholes and it would in fact bring back stability and prosperity to the former British colony.
“Once the local epidemic is contained again and external environment continues to improve, the Hong Kong economy hopefully will gradually recover in the rest of the year,” a government spokesman said in a statement.
The government reiterated its forecast that the economy would contract by 4% to 7% this year.
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!
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