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November 2009 News
   Index: hospitality news, hospitality accounting text, hospitality managerial accounting text, hotel accounting, restaurant accounting, accounting, finance

Raymond Cote provides this web site for hospitality educators, students, and professionals.   My textbook customers make this web site possible; Thank you customers.

                                

Cote is the author of:

  • BASIC HOTEL AND RESTAURANT ACCOUNTING ------- A hospitality principles and systems text but with several introductory managerial accounting chapters. Press the button at left of this page labeled Principles/System Text for more information.
  • ACCOUNTING FOR HOSPITALITY MANAGERS ------ An advanced hospitality managerial accounting and financial management providing coverage for hotels, restaurants and casinos. Press the button at left of this page labeled Managerial Acctg Text for more information.

 

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  • Your email address and name are given 100% privacy and confidentiality in my files. Your information is never given, sold, or in any other manner made available to any company, organization, or person. When you visit my web site, no information is gathered; your visit is not monitored, and cookies are never used. However, your visit to any outside links noted in the various news sections is subject to that organization’s practice, which is not under our control.

  GENERAL NEWS OF INTEREST

  UNITED STATES NEWS

  Restaurant Recovery Update

  • "While there were signs in recent months that the short-term outlook may be improving, the latest figures indicate that the restaurant industry's recovery has yet to fully gain traction," said Hudson Riehle, senior vice president of National Restaurant Association's Research and Knowledge Group.

  International Growth of U.S. Companies

  • According to the Economist 2009 BigMac index: the most expensive Big Macs cost $5.75 in Switzerland and Norway and the cheapest are sold for $1.68 in South Africa: and $1.83.in China:
  • The McDonald’s restaurants in Iceland are closing after the collapse of the krona eroded profits at the fast-food chain. Most of its which imports most of the meal ingredients are imported and costs have doubled over the past year,
  • Krispy Kreme' plans to open at 89 stores in China, Dominican Republic, Malaysia and Turkey by 2013.
  • The first Mexican P.F. Chang's has opened in Mexico. P.F. Chang's, the largest Chinese restaurant chain in the U.S. plans to open 30 restaurants in Mexico and another 34 in the Middle East, beginning with Kuwait City in December.
  • Ruby Tuesday Inc. has signed new franchise agreements in the Middle East and the U.K. The company said it also permitted franchise rights for Wok Hay, an Asian casual dining concept, in the Republic of Trinidad and Tobago and Chile.
  • See India for Yum Brands Inc. (KFC, Taco Bell and Pizza Hut).
  • See France in the International Section for McDonald’s success.
  • See London for Chipotle Mexican Grill Inc. Chipotle has 900 restaurants selling burritos, tacos and salads.
  • See Pakistan for growth of Hardee’s restaurants.
  • See Caribbean for Marco's Pizza.

  Accounting/Finance

  • Congress Extends $250,000 Insurance Coverage Through 2013: The $250,000 maximum FDIC insurance at the same insured bank is extended to 2013. Depositors may qualify for more than the basic insurance coverage at one insured bank because the FDIC provides separate insurance coverage for deposits in different "ownership categories" such as single accounts and joint accounts. Also a depositor may duplicate the coverage limits by depositing funds in an unrelated FDIC insured bank. Certain retirement accounts including IRA will continue being protected up to $250,000 even after 2013 because that is the permanent coverage limit previously set by Congress. For more information: www.myfdicinsurance.gov or call toll-free 1-877-ASK-FDIC (1-877-275-3342).

  INTERNATIONAL NEWS

Bahrain

  • Occidental Petroleum Corporation, Mubadala Development Company) and the National Oil and Gas Authority of Bahrain have created a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company, which will serve as the operator for the Bahrain Field. The company will operate under the Development and Production Sharing Agreement signed in April 2009 by all three partners, approved by the Bahraini parliament in May 2009 and ratified by His Majesty King Hamad bin Isa Al Kalifa.

Canada

  • B.C.’s Trans Fat Regulation, require onsite trans fat documentation is a legal requirement. Chains not participating in the central documentation audit can expect onsite inspections. Chain food service establishments participating in B.C.’s trans fat documentation audit will be excused from documentation in the first year provided the chain’s head office has it available.

Caribbean

  • Krispy Kreme Doughnuts Inc. plans to open 14 shops over five years in the Dominican Republic.
  • Marco's Pizza, an Italian pizza company with headquarters in Toledo, Ohio, has 31 franchise stores planned for: the Caribbean. The first Marco's location in the Bahamas has opened in Solomon Spring Center in Nassau.
  • Ruby Tuesday Inc. has signed new franchise agreements in the Republic of Trinidad and Tobago.

Chile

  • Ruby Tuesday Inc. has signed new franchise agreements in Chile.

China

  • According to the Economist 2009 BigMac index: the most expensive Big Macs cost $5.75 in Switzerland and Norway and the cheapest are sold for $1.68 in South Africa: and $1.83.in China:

France

  • The McDonald’s in France is the second most profitable after operations in the United States. French patrons are the world’s biggest spenders; the French average is $15 compared to $4 in the United States. Much of McDonald’s success in France is its fitting food to local taste buds. "The French eat McDonald’s in a French way," said Caroline Deleuze, a spokeswoman for McDonald’s France. "They come less often but spend more because they want a proper meal." Le Royal Deluxe features a whole-grain mustard sauce, cheddar and vegetables; it is the second-largest selling burger; first is the Big Mac. Prices are higher than those in the United because of the current exchange rate; a Big Mac in Paris costs $4.95 (tax included) compared with $4.12 in New York.

Iceland

  • The McDonald’s restaurants in Iceland are closing after the collapse of the krona eroded profits. Most of the meal ingredients were imported and costs have doubled over the past year,

India

  • Yum Brands Inc. (KFC, Taco Bell and Pizza Hut) long-term plans include 1,000 restaurants in India generating sales of $1 billion by 2015. Yum presently has 150 Pizza Hut stores and about 65 KFCs in India. 2009 same-store sales grew more than 20 percent at Pizza Hut and over 6 percent in KFC,

Kuwait

  • P.F. Chang's plans to open 34 restaurants in the Middle East, beginning with Kuwait City in December.

Malaysia

  • Shangri-La Hotels and Resorts signed a contract with Themed Attractions and Resorts Sdn Bhd to open and operate a four-story 292-room Traders Hotel in Puteri Harbour, Iskandar, Malaysia. The scheduled opening is in 2012.
  • In 2010, Best Western will open its third property in Malaysia, the newly built 170 rooms-hotel; the other two Best Western properties are the Best Western Kinabalu Daya Hotel and the 560 –room Best Western Premier Seri Pacific Hotel Kuala Lumpur, the chain's first property in Malaysia.

Mexico

  • The first Mexican P.F. Chang's has opened in Mexico. P.F. Chang's, the largest Chinese restaurant chain in the U.S. plans to open 30 restaurants in Mexico.
  • Strategic Hotels & Resorts, Inc. announced that the company sold its Four Seasons Mexico City hotel to an affiliate of Meridia Capital for a purchase price of $54.0 million. Strategic currently has ownership interests in 18 properties with an aggregate of 8,118 rooms. Meridia Capital currently owns properties in Paris, Santiago (Chile), Sao Paulo (Brazil), Mexico D.F. and Thailand.

Pakistan

  • CKE Restaurants Inc. opened its first Hardee's restaurant in Lahore, Pakistan; at least 25 will open in the country in the next five years. Hardee's currently has 205 restaurants in Egypt, Lebanon, Jordan, Kuwait, Saudi Arabia, United Arab Emirates, Bahrain, Qatar, Oman and Pakistan.

Saudi Arabia

  • Pizza opened its first international franchise in Jeddah, Saudi Arabia by a franchise development agreement with Samir Food Co., Ltd. Additional locations planned for Jeddah and Riyadh City.
  • Swissôtel Hotels & Resorts' first hotel in the Middle East: Swissôtel Makkah in Saudi Arabia is under construction and the hotel is planned to open in January 2011. The hotel will have 1571 guestrooms, including 88 suites, spread over 53 floors.

South Africa

  • According to the Economist 2009 BigMac index: the most expensive Big Macs cost $5.75 in Switzerland and Norway and the cheapest are sold for $1.68 in South Africa: and $1.83.in China:

Switzerland

  • According to the Economist 2009 BigMac index: the most expensive Big Macs cost $5.75 in Switzerland and Norway and the cheapest are sold for $1.68 in South Africa: and $1.83.in China:

United Kingdom

  • London news: There is a trend of "optional" service charges automatically added to customer bills. For example, limited-time booking slots and being billed for bread that the diner never requested. According to an ICM survey of 2,000 people: 47 percent objected to service charges, 31 percent to time-slots and 22 percent to unwelcome bread charges. 22 percent were likely to state an immediate complaint.
  • Chipotle Mexican Grill Inc. will open a restaurant in London, next April, its first location in Europe.
  • Ruby Tuesday Inc. has signed new franchise agreements in the U.K.

 

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Sources of Information: Some of the information for this newsletter may be assembled, summarized, and re-tailored from many sources. For example, the National Restaurant Association, the American Hotel and Lodging Association, the Wall Street Journal, The Canadian Restaurant and Foodservice Association, Internal Revenue Service, QSR Magazine, Chain Leader, Hotel News Resource, Google, and numerous other professional sites.

 


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