Checkers Restaurants Opening At Strong Pace

PRESS RELEASE: TAMPA, Fla., July 10, 2009 - Non-traditional locations, including an airport, a state university and four turnpike rest areas, account for six of the 18 new Checkers Drive-In Restaurants opened in the second quarter of 2009 as the double drive-thru chain headquartered in Tampa sets a pace of openings in the first half of the year not seen since the year 2000.
In the first six months of 2009, 23 new restaurants have opened in eight states through nine new franchisees, 10 current franchisees and one opened by the Company.

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http://www.chainleader.com/article/ca6670539.html

Hong Kong to Expand Stake in Disneyland

The Hong Kong Legislative Council Finance Committee on Friday approved an increase in Hong Kong government's equity in the joint venture with Walt Disney Co., through conversion of HK$6.25 billion ($806 million) of an existing loan to shares, for the expansion development of Hong Kong Disneyland in the next five years.In what local media called "a lucky break," legislators voted 28-5 with 10 abstentions to approve the unpopular proposal. Legislators who voted for the proposal said they were in a catch-21 situation and described the proposal as "being hijacked," adding that the expansion proposal "is only a slightly less bad amendment to a very bad agreement." Legislators project a HK$100 million ($12.9 million) loss within the five years before the expansion is complete.

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http://www.hdmag.com/hospitalitydesign/content_display/industry-news/e3ibc00472ddc77210beebff4f0d0eb2e08

Canada companies seen lagging on accounting switch

TORONTO, June 25 (Reuters) - Many of Canada's public companies have been slow to implement new international accounting standards that could have big financial implications, according to a study released on Thursday.
Companies will have to scramble to make the changes ahead of a 2011 deadline, the report said

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http://www.reuters.com/article/marketsNews/idUSN2527382020090625

Swiss tax rules lure McDonald’s from UK

McDonald’s is to leave London for Geneva, joining the growing ranks of US companies moving their European headquarters to take advantage of preferential intellectual property tax laws.
The fast-food group, which will open its head office in the Swiss city in the autumn, said the move had been almost a year in the planning.

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http://www.ft.com/cms/s/0/4534cacc-6f18-11de-9109-00144feabdc0.html

Geronimo Pubs extends territory

The sell-off of top-end pubs by Punch Taverns will gather pace today when it exchanges contracts on the sale of six managed pubs in London to Geronimo Inns, a food-led operator backed by Penta Capital, the private equity firm

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http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6694761.ece

Punch to reduce debt by £1.3bn

Punch Taverns is enjoying improved managed division margins and should be able to reduce its overall debt by at least £1.3bn in the coming two years, a leading City analyst has reported in the wake of a meeting with Punch executives. Numis Securities analyst Douglas Jack said Punch’s fund-raising has undermined the share price, such that it is on half the peer group average (based on EV/ EBITDA) and a third of Net Asset Value.

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http://www.morningadvertiser.co.uk/news.ma/article/83712

New Option for Private Companies in Streamlined IFRS

U.S. private companies have a new choice for accounting and financial reporting—a slimmed-down version of IFRS tailored more to their needs. IFRS for SMEs (small- and medium-size entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the standard Thursday after five years of work on the project, defines SMEs as businesses that publish general-purpose financial statements for external users and do not have public accountability. Many U.S. private companies would fit that definition.

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http://www.journalofaccountancy.com/Web/20091891.htm

How Las Vegas gamble of Fontainebleau's Jeff Soffer went sour

Don and Jeff Soffer took their places on the most famous staircase in Florida, Victoria's Secret models on either side of the father and son.
This was the official unveiling of the $500 million reinvention of the Fontainebleau Miami Beach, the iconic hotel that Jeff had bought nearly four years earlier. For the Nov. 14 ribbon-cutting on the renowned Stairway to Nowhere -- designed in the '50s to show off women's evening gowns -- Jeff shared a pair of jumbo scissors with supermodel Heidi Klum.
For Jeff Soffer, 41, it was the culmination of a lifelong arc to succeed his father as the key player in a family that created the city of Aventura and dozens of other landmark properties.

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http://www.miamiherald.com/business/real-estate/story/1127756.html

New Orleans woman accused of embezzling $2 million from 3 New Orleans hotels

Shannon Harp of Metairie -- according to the U.S. Attorney's Office -- concocted a scheme that allowed her to steal more than $2 million over four years from New Orleans' Marriot hotels.
On Friday, Harp was charged with wire fraud. If convicted, she could be sentenced to a maximum of 20 years in prison and be forced to pay a $250,000 fine as well as restitution to the hotel company

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http://www.nola.com/news/index.ssf/2009/07/metairie_woman_accused_of_embe.html

Moss: GB all-inclusive too exclusive

Concerns abound over public funds being used to sponsor the Ministry of Tourism's Club Grand Bahama all-inclusive program — a project that excludes the majority of hotels in that tourist-deprived destination.
"I've had numerous small property and small restaurants owners coming to me to indicate they were very concerned that the few tourists who would be coming to Grand Bahama would be driven to the participants in the Club Grand Bahama," Gregory Moss, the island's Chamber chief told Guardian Business this week. "It means [tourists] would not be available for these small proprietors [even though] public funds are being used to do this."

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http://www.thenassauguardian.com/bixex/314541899389773.php

Buy-to-let group Owner Hotels closes York property

Buy-to-let hotel firm Owner Hotels has closed its property in York, Caterersearch has learnt.
The move comes following reports that the company was on the brink of administration.
Owner Hotels’ Yorvic hotel is not answering calls and, when contacted by Caterersearch, the head office in Hull said property was not taking any more bookings.
Booking agents are also not taking bookings for the property, including booking.com which has put up a statement saying: “We're sorry, but it is currently not possible to make reservations for this hotel.”

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http://www.caterersearch.com/Articles/2009/07/10/328616/buy-to-let-group-owner-hotels-closes-york-property.html

QE2 may be converted into Cape Town hotel

Dubai World plans to berth the Queen Elizabeth 2 ship at the V&A Waterfront in Cape Town and convert it into a luxury hotel, according to a report.The company is applying for berthing rights from the National Port Authority, the Johannesburg-based newspaper said.

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http://www.arabianbusiness.com/561583-dubai-world-may-convert-qe2-into-cape-town-hotel--paper-

Fidelity Boosts Starbucks Stake, Becoming Top Holder

July 10 (Bloomberg) -- Starbucks Corp. stockholder Fidelity Investments more than doubled its stake to 10.58 percent, making it the biggest investor in the world’s largest coffee-shop chain.
Fidelity raised the number of shares it owns in Starbucks to 77.8 million, according to a regulatory filing today. Fidelity, the world’s biggest mutual-fund company, held 29.2 million shares of the coffee-shop chain as of March.

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http://www.bloomberg.com/apps/news?pid=20601205&sid=aoCGm8mNalhI

Pittsburgh Hilton Hotel is facing a sheriff's sale

The debt-ridden Pittsburgh Hilton Hotel is facing a sheriff's sale, a move that would negatively impact business and could lead to Hilton pulling its name off the building, experts said Friday.
Pittsburgh Mayor Luke Ravenstahl and Allegheny County Executive Dan Onorato next week plan to contact the hotel's owner, Shubh Hotels LLC, seeking a property status report, spokesmen said

Read more:
http://www.pittsburghlive.com/x/pittsburghtrib/business/s_633201.html

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