Worldwide briefing

CEO takes cut

Henry Silverman, chief executive of US hotel franchise company Cendant, has agreed to a $21m (£13.5m) cut in his annual pay to $15m (£9.7m). Silverman has lost his automatic right to a yearly grant of share options but is allowed a bonus linked to Cendant's pre-tax earnings.

McDonald's cuts fat

McDonald's Corporation will reduce trans-fatty acids in its French fries, Chicken McNuggets and other fried foods on its US menu by February, the company has announced. The move comes three weeks after McDonald's was sued by a nineteen-and-a-half-stone man who alleges it caused his obesity.

Starbucks first

Starbucks is opening its first coffee shop in Puerto Rico next week. The group, which signed an agreement with Puerto Rico Coffee Partners in January, plans to open another 10 to 15 stores in the next 18 to 24 months.

Kempinski drop

German hotel group Kempinski has reported a 1% drop in turnover at its managed hotels to €178.2m (£113.3m) during the first six months of the year. Profit after tax and exceptional items was €6.2m (£3.9m).

Pandox slips

Swedish hotel company Pandox has reported a 1.5% fall in turnover to SKr280m (£19.2m) in the six months to 30 June. Pre-tax profit fell by 5.2% to SKr97.4m (£6.7m). Pandox cited a weak hotel market as the reason for the declines.