Worldwide briefing
Mövenpick warning
Mövenpick Holdings, the Swiss hotels and catering group, expects a sharp drop in 2001 profits because of the economic slowdown and a drop in consumer confidence. The group said that it also expected sales in 2001 to be below last year's level. For the year to the end of September, sales were down by 2%. It blamed the 11 September attacks, crises in the Middle East and at Swissair, and the unstable financial markets.
Raffles rising Raffles Holdings, the Singapore hotel operator, has reported profit of S$326m (£125m) for the nine months to 30 September, compared with S$51m (£20m) for the same period last year. The group said that the increase was due mainly the disposal of its 55% interest in property company Tincel. Richard Helfer, president and chief executive of Raffles, said that the third quarter had been difficult, however, with the slowdown in tourist traffic.
State protection The Santa Monica City Council in California is considering a plan to protect hotel employees who have been laid off because of a slump in tourism following the terrorist attacks in New York and Washington last month. A new law may also force hotels and restaurants to rehire staff when tourists start returning.
Balkan expansion Louis Catering is expanding into the Balkans and Eastern Europe. Contract catering giant Compass has a financial stake in the Cyprus-based group.