New laws have come into force which make it illegal for bars, restaurants and hotels to use tips or service charges to make up a minimum salary.
The government said the change would promote "fairness" and "clarity" for staff, customers and businesses.
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Thursday, October 1, 2009
Ex-bankruptcy judge to lead Extended Stay probe
NEW YORK, Sept 30 (Reuters) - A former bankruptcy court judge was appointed to examine the purchase and financing of lodging chain Extended Stay America Inc [ESAIN.UL], a bankrupt chain of hotels.
Ralph Mabey, who served as a bankruptcy judge from 1979 to 1983, was named by a New York bankruptcy court to look into the acquisition of Extended Stay by David Lichtenstein's Lightstone Group.
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Ralph Mabey, who served as a bankruptcy judge from 1979 to 1983, was named by a New York bankruptcy court to look into the acquisition of Extended Stay by David Lichtenstein's Lightstone Group.
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S&P affirms junk debt rating for CKE Restaurants
NEW YORK (AP) -- Standard & Poor's on Wednesday affirmed a junk rating on the corporate debt of CKE Restaurants Inc., which owns and operates the Carl's Jr. and Hardee's fast food chains.
S&P also revised its outlook to stable from negative.
S&P has a "BB-" rating on CKE's debt, which is three notches into junk territory, or non-investment grade
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S&P also revised its outlook to stable from negative.
S&P has a "BB-" rating on CKE's debt, which is three notches into junk territory, or non-investment grade
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Yum Brands will buy back $300 million in shares
LOUSIVILLE, Ky. (AP) -- Yum! Brands Inc., which operates Taco Bell, KFC and other fast-food chains, on Wednesday said will buy back $300 million in share repurchases.
The company said it has returned $6 billion to shareholders over 10 years through share repurchases.
The company also said it was raising its quarterly dividend 2 cents to 21 cents.
The company said it has returned $6 billion to shareholders over 10 years through share repurchases.
The company also said it was raising its quarterly dividend 2 cents to 21 cents.
Wynn prices Hong Kong IPO at $1.30 per share
LAS VEGAS -- Wynn Resorts Ltd. said Wednesday its Hong Kong IPO was priced at 10.08 Hong Kong dollars ($1.30) per share, which the company said is at the top of the expected range for the offering.
With that price, the IPO of Wynn's Macau subsidiary is expected to net $1.6 billion.
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With that price, the IPO of Wynn's Macau subsidiary is expected to net $1.6 billion.
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