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BA owner IAG to raise $3.3 billion to ride out COVID crisis

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LONDON (Reuters) – British Airways owner IAG (ICAG.L) plans to raise 2.75 billion euros ($3.27 billion) from shareholders to repair the coronavirus-sized hole in its finances and brace for a more chaotic future.

Chief Executive Willie Walsh said the plan, backed by biggest shareholder Qatar Airways, was needed to survive the most severe crisis in aviation history after the group lost more in one quarter than it has ever lost in a year.

“These are really extreme times,” Walsh told the BBC, adding IAG had hoped to be flying at about 50% capacity by July, but was instead at 20%.

“We’re seeing a much slower and more gradual build-up,” he added.

Airlines around the world have been brought to their knees by the halt to flights, forcing tens of thousands of job cuts, in what Walsh said was a crisis much worse for airlines than either 9/11 or the global financial crisis.

“This is worse by any measure, by many times,” he told investors.

Walsh said the proposed fundraising would give IAG, which also owns Iberia and Aer Lingus, a “very comfortable buffer” to withstand its worst-case scenario planning. Travel is not seen recovering to pre-pandemic levels until 2023.

Competitor Air France-KLM (AIRF.PA), which has secured a state-backed rescue to underpin its finances, also said on Friday it was ready to cut capacity plans further due to the anaemic recovery.

IAG on Friday slid to a second-quarter operating loss before exceptional items of 1.365 billion euros.

Goodbody analysts said the results showed how network carriers like IAG – with connecting short-haul and long-haul routes – would find it more difficult to recover than budget carriers such as Ryanair (RYA.I) and easyJet (EZJ.L).

Shares in IAG fell 7% to their lowest since 2012 at 167 pence, and are down 72% this year.

Cash call

The capital increase, which is fully underwritten, is conditional upon shareholder approval on Sept. 8, which Walsh said would be his last day in the job after the postponement of his retirement to steer IAG through the pandemic.

Qatar Airways, which owns 25% of IAG, has proposed adding two directors to IAG’s board after backing the move. Walsh said of the new appointments: “I don’t think it signals anything other than Qatar’s support for our business.”

As well as Walsh being succeeded by Iberia boss Luis Gallego, chairman Antonio Vazquez will be replaced at the beginning of 2021 by Javier Ferran.

Walsh told Irish radio he believed shareholders would be supportive of the capital increase, which will be launched as soon as possible after approval at the meeting.

IAG said the proceeds would not be used to fund the acquisition of Air Europa, the Spanish airline it agreed to buy for 1 billion euros last November, a deal it said it is trying to restructure.

Spanish media have reported that IAG is seeking a reduced price of 500-600 million euros.

Walsh said he was optimistic British Airways would reach a deal with cabin crew trade union Unite over the 12,000 jobs the airline says it needs to cut, explaining that the scale of the downturn should now be clear to the union.

Separately, UK pilots’ union BALPA said late in the evening that British Airways pilots have accepted a jobs deal with reduced pay of about 20% and some compulsory job cuts estimated at around 270.

After months of grounded planes, the tentative return to flying in Europe, needed to salvage the summer season that provides the bulk of airline profits, has been threatened by signs of rising COVID-19 cases and new travel restrictions.

Britain brought in quarantine rules for arrivals from Spain last week and has said it is looking at other countries. The United States and India, two big markets for British Airways, remain subject to quarantine rules.

Reporting and photo: Reuters

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Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah

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Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.

Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.

Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.

The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.

Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.

Further information on retreat formats and dive-inclusive stays is available via the Ataraxis Grand & Spa website.

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Bestbuy Maldives, Atmosphere Core elevate chef training with Michelin-star masterclass

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Bestbuy Maldives (BBM) brought together 100 chefs from leading resorts and restaurants across the country on 24 November for an exclusive culinary masterclass led by Italian One-Michelin-Star Chef Pasquale Palamaro. Held at Hulhule Island Hotel (HIH), the full-house session marked a key highlight of the ongoing “Mediterranean Soul, Maldivian Heart” culinary series presented by Atmosphere Hotels & Resorts in collaboration with BBM.

The masterclass formed the Malé City chapter of the broader programme, which features a lineup of events hosted at RAAYA by Atmosphere and VARU by Atmosphere throughout November 2025. The HIH masterclass served as a platform for professional development, skill exchange, and hands-on learning for chefs from some of the Maldives’ most distinguished culinary teams.

Chef Pasquale, celebrated for his work at Indaco Restaurant in Amalfi, guided participating chefs through a series of live demonstrations that reflected his signature philosophy—one that emphasises intuition, simplicity, and a deep respect for natural ingredients.

“Cooking, to me, is a dialogue with nature — an art of transforming simplicity into beauty. Bringing Indaco’s spirit to the Maldives is an opportunity to merge two coasts and two cultures through taste, technique, and emotion,” he shared during the programme.

Participants explored Mediterranean-inspired methods adapted to Maldivian produce, with Chef Pasquale showcasing dishes rooted in coastal heritage and contemporary craftsmanship. The session also encouraged discussion around ingredient integrity, sustainability-led cooking, and the evolving expectations of today’s luxury diners.

The fully subscribed masterclass reaffirmed BBM’s long-running commitment to cultivating professional excellence within the Maldives’ hospitality sector.

As the authorised distributor of globally renowned culinary and F&B brands, BBM has built a reputation for its Masterclass Series, which brings international expertise to local professionals through practical workshops and high-level training. This latest edition added a Michelin-starred perspective to the growing body of knowledge BBM continues to nurture across the industry.

Ali Afrah Hassan, Head – Human Resources, Administration & Corporate Affairs at BBM, highlighted the importance of consistent capacity building in the sector.

“This masterclass reflects our ongoing commitment to strengthening the skills of the Maldivian culinary community. By creating opportunities for chefs to learn directly from international experts, we help broaden professional exposure and support the industry’s growth. BBM will continue to invest in platforms that uplift local talent and contribute to raising the overall standard of hospitality in the Maldives,” he said.

The masterclass follows two immersive days at RAAYA by Atmosphere earlier in the month, where guests joined farm experiences, tasting sessions, and a hands-on workshop before a five-course dinner curated by Chef Pasquale. The series will continue with a 4-Hands Dinner at Kaagé on 27 November and a masterclass with a five-course dinner at NÜ on 28 November at VARU by Atmosphere.

Anupam Banerjee, Vice President, Food & Beverage at Atmosphere Core, emphasised how the collaboration bridges traditions and culinary ideologies.

“All our island resorts have long been recognised for their culinary offerings,” he noted. “Through Chef Pasquale’s artistry and our island-inspired ethos, we are crafting an evocative dialogue between Mediterranean and Maldivian gastronomies that not only captivates the palate but also champions environmental stewardship and celebrates the cultural richness of both regions.”

For attending chefs, the session offered more than demonstrations—it provided the rare opportunity to learn directly from a Michelin-starred figure whose approach blends innovation with a respect for locality. Many participants described the workshop as an opportunity to refine technique, discover new applications for familiar ingredients, and build valuable connections within the professional community.

With strong engagement and enthusiastic feedback from attendees, the masterclass stands as another milestone in BBM’s long-standing role in elevating culinary standards in the Maldives.

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2 decades of culinary excellence: BBM’s founding legacy with Hotel Asia continues in 2025

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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.

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