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BUSINESS
Food. Hospitality
Hospitality and Food Best and Worst:
How To Succeed in the Food and Hotel Business
An essential study-guide and reference tool on
hospitality management and food services.
To students, this book is an essential
study-guide and learning tool. To professionals and experts in the
field, it becomes a major source of reference. It is abundant with
charts, statistics, case studies and valuable guidance.
“Hospitality and Food Best and Worst”
covers so many territories and sheds light on important issues of the
world of hospitality and food services, ranging from creating a
successful restaurant, effectively managing a hotel to problems
solving and increasing sales. The book is extremely useful and easy to
follow, because it well-written, elegantly presented, and above all,
explains in details and with utmost clarity what students must learn
step by step and chapter by chapter. Equally useful to those who are
already established in the business, because it provides ample
guidance on business development, the best ways to increase profits,
pragmatic methods to face and overcome the competition, and develop
employees potentials and performance.
The Globe Weekly News” wrote: A practical guide,
(part text-book, part critical exploration) to the best and worst in
food, beverage service, and hospitality business. Authoritative,
informative and so much fun. This fascinating book offers In-depth
analyses of the success mechanism in hospitality, leadership, the
making of the perfect general manager, and the tyrant bosses. Academic
in nature, but full of anecdotes, the bizarre and the humor of the
world of hospitality. The book opens windows on critical issues in
food and hospitality management, and presents solutions to major
problems in the industry. Quite unique at so many levels. The book is
unique and it is expected to be so, since it was written by a most
unusual personality and authority in the business.” he author,
Maximillien de Lafayette is a legend in the world of hospitality and
food service. He is worldwide known for his aggressive leadership and
expertise in creating and developing hotels and restaurants “That
bring money”, as well-said by peers. He is currently serving as the
President of the American Hospitality Institute, and Editor-in-Chief
of “World Hospitality Magazine.” The book is available in stores at
amazon.com. It is published by the Amazon Company.
______________________________________________________________________
Money. Entertainment
Investor cites 'subterfuge' in MI Developments deals with Magna
Entertainment
A U.S. investment firm has drawn a
picture of Magna International Inc. founder Frank Stronach riding
roughshod over minority shareholders of MI Developments Inc. to
support his Magna Entertainment horse-racing venture. Stronach
responds that Greenlight Capital Inc. knew what it was buying, and
that Stronach is working for all stakeholders - not just New York
asset managers out for a quick share-price killing. As court
proceedings opened Monday, Greenlight dropped its case against Brian
Tobin, the former Liberal politician who was briefly chief executive
of MI Developments last year. Greenlight lawyer Paul Steep declined
outside Ontario Superior Court to detail the rationale for excusing
Tobin from the action, which accuses Stronach and others of oppressing
minority shareholders of MID. "Speaking for Mr. Tobin, of course he's
delighted," said Craig Martin, a lawyer representing the former
federal fisheries minister and Newfoundland premier.
Asked
why the action against Tobin was dismissed, Martin said only that the
move "speaks for itself." Steep said the investment firm, which owns
close to 10 per cent of the subordinate stock of MI Developments -
while Stronach holds a small equity stake but controls its
super-voting stock - paid $94 million US to buy into MID after the
property-management division of auto parts giant Magna International
was spun off in 2003. Greenlight expected MI Developments to produce a
"steady stream of predictable and secure rental revenue." Although the
prospectus revealed MID owned 59 per cent of Magna Entertainment - "a
much riskier enterprise" focused on racetracks and gambling - it was
"fundamentally a real estate company," Steep said. Instead, MID has
invested massive monetary and management resources into money-losing
MEC. "Applying the standard of plain, true and honest disclosure,
there is nothing in the prospectus that prepares shareholders" for
what happened, Steep said. MID's governance was "easily superseded by
Mr. Stronach," who is chairman of all three companies, Steep said. The
special committee of MID board of directors, intended to ride herd on
conflicts of interest, was "passive" and "out of the loop" and its
independence was questionable, he asserted. Meanwhile, management and
Stronach descended to "subterfuge" in an effort to push through a bid
to buy the rest of MEC over the objections of other shareholders.
Tobin, CEO of MI Developments from March to August 2004, did not
resign to pursue other interests as was said at the time, Steep said,
"but because he cannot effectively manage" in the face of Stronach's
dominance. John Simonetti - also a target in Greenlight's suit - was
then elevated to CEO from chief financial officer after two
conversations with Stronach and "no formal board process." And even
before the attempt to take MEC private was aborted in the face of
"overwhelming shareholder resistance," Steep said, MID management set
to work to provide $192 million US for development of two U.S.
racetracks owned by Magna Entertainment (TSX:MEC.SV.A). In a written
factum submitted to the court, lawyers for Stronach - who used his
voting power in May to kill a Greenlight demand that MID sell its MEC
stake and become a real estate investment trust - pointed out that
public disclosure had made clear MID would not become a REIT and owned
most of MEC, and that Stronach had full control. The factum also notes
that Stronach is on record as working to build long-term value and
stressing the importance of stakeholders such as employees and
customers, as well as shareholders. In the 2 1/4 years since MID went
public its stock price (TSX:MIM.SV.A) has risen from $19 to $35 US,
"but that is apparently not enough for Greenlight," the factum adds.
"As this honourable court has said in another context, vultures fulfil
a useful function in nature and in business but equally they can't be
heard to complain because their intended meal is hale and hearty." As
for Stronach's conduct, it "has been entirely appropriate and well
within the parameters of what any reasonable shareholder could have
expected from the controlling shareholder, director and chairman," the
factum says. MID owns and develops industrial and commercial real
estate, with most of its income-producing properties leased to Magna
International (TSX:MG.SV.A), Canada's largest auto parts producer. -By
Gar Borrisw.
Picking stocks best chance for good investment returns in 2006
If the world economy slows as
predicted by economists at New York investment bank Morgan Stanley,
it won't be easy for Canadian investors to make money in our stock
and bond markets in the coming year. Capital gains are likely to
come only from picking the right stocks. The picture painted by the
group is one of slowing economies worldwide, including China and
India, further increases in U.S. interest rates, substantially
weaker energy prices, and a return to U.S. dollar weakness. If the
forecast comes true, rising interest rates definitely would not be
good for bonds, which decline in price when interest rates are going
up, and would be a hindrance to much of the income trust sector. At
the same time, weaker energy prices would take their toll on
Canada's energy sector, which was the driver behind the S&P/TSX
Composite's approximate 20-per-cent gain in 2005 (January 1 to
December 8). Without the push from energy, Canadian stocks on
average are more likely to match, or perhaps lag, the gains in U.S.
stock indexes. In 2005, the S&P 500 was up only 3.6 per cent and the
Dow Jones Industrial Index showed no change. "As I look to
2006-2007, I see the downside risks outweighing those on the upside
by a factor of two to one," writes Morgan Stanley chief economist
Stephen Roach in a December 5 article entitled "Looking to 2007:
Slowdown Coming" published in the firm's Global Economic Forum at
http://www.morganstanley.com Just back from a visit to China, he
sees that economy slowing to 7.6 per cent growth in 2006 from 9.5
per cent annually over the past two years. His intelligence
gathering leads him to believe that Chinese bank lending will slow
sharply next year as commercial banks there rein in the excesses of
old open-ended credit growth and focus instead on profitability and
shareholder value after recent ownership changes. "The result is
likely to be a surprisingly sharp slowdown in bank-funded fixed
asset investment ? a welcome development for an unbalanced Chinese
economy that is in danger of letting its investment boom turn into a
breeding ground for excess capacity and deflation," says Mr. Roach.
"Given China's outsized claim on global resource demand, such an
investment slowdown could also lead to surprising drops in oil and
other industrial commodity prices." In the United States, Mr. Roach
believes the overly indebted American consumer "could well be
squeezed by the twin pressures of a post-bubble housing market and
higher energy costs. "Contrary to widespread perception, U.S.
consumers are now in the process of cutting back discretionary
spending in response to the energy shock of 2005. Growth in real
consumption is tracking an anemic 1.5-per-cent pace in the fourth
quarter, down from the nearly 4-per-cent trend of the past decade."
He also points out that with the Fed tightening, individuals'
debt-service obligations will be rising due to the proliferation of
floating-rate mortgage loans that were taken out at below-market
"teaser rates" over the last several years. Add to this a likely
turn for the worse for the U.S. dollar early in 2006, along with
continued major current account imbalances and tests of central bank
credibility as the year progresses, Mr. Roach concludes "if my risk
assessment is correct, financial markets could be in for a rude
awakening." In a December 8 article, Andy Xie, a Morgan Stanley
economist based in Hong Kong, describes a pessimistic outlook for
oil prices. He says the winter bounce in prices won't last long and
the oil price "could surprise on the downside in 2006 and may drop
below U.S. $40 per barrel (versus $60 per barrel at the time of
writing)." He believes the market has exaggerated China's long-term
demand. With the Chinese government plans to decrease energy
consumption per unit of GDP by 20 per cent over the next five years,
"China's oil demand may grow by only 4 to 5 per cent per annum in
this decade, half of what the market expects." If he is right about
oil prices, oil stocks could end up being a drag on the S&P/TSX
composite in 2006. In that scenario, the Canadian index, with an
energy weighting of 25 per cent, could underperform the Dow and S&P
500 ? a dramatic reversal from 2005. -By Wayne Chavaldayoff.
U.S. lawsuit accuses tire
maker of using slave labor in Liberia, West Africa
 LOS
ANGELES, California- A U.S. federal lawsuit filed Thursday accuses
tire maker Bridgestone Firestone of employing slave labor and child
labor on its massive rubber plantation in Liberia. The suit, filed in
U.S. District Court, seeks class action on behalf of 12 adult workers
and 23 children who work and live on the Firestone Plantation in
Harbel, Liberia. The suit claims the workers are trapped in a "gulag
of misery" and forced to work under conditions that have changed
little since the plantation was founded in 1926. "The plantation
workers are modern day slaves, forced to work by the coercion of
poverty, with the prospect of starvation just one complaint about
conditions away," the lawsuit states. The Japanese company, with North
American headquarters in Nashville, Tenn., said it had not been served
with the lawsuit, but said the claims were "completely without merit.'
Bridgestone Firestone North American Tire is a unit of Bridgestone
Corp. The company said its workers are represented by a labor union,
are highly paid, and that no one under 18 is employed. The company
also has a strict policy against child labor. "Firestone Liberia has a
courageous and hard working leadership team comprised primarily of
Liberians who are working to create hope and opportunity for the
people of the Harbel community," the company said in a statement. The
lawsuit claims workers get up at 4:30 a.m., then work 12 to 14 hours
while using primitive tools to tap the rubber trees and collect raw
latex. The suit also claims that Bridgestone Firestone imposes
impossible quotas on the laborers and cuts their pay by half if the
daily quotas are not met. In order to meet their quotas, laborers
routinely have their minor children join them, the lawsuit claims.
Laborers are paid a daily wage of $3.19 US before deductions and must
tap at least 1,125 trees per day. The court action was organized by
the Washington, D.C.-based International Labor Rights Fund, which also
helped organize a lawsuit in the 1990s against Unocal Corp. alleging
human rights violations during the construction of a pipeline in
Southeast Asia. The lawsuit claims the plaintiffs, identified only as
John, James and Jane Roe, could not bring similar court actions in
Liberia because of fear of retribution and corrupt court system. The
lawsuit requests a jury trial and unspecified damages. G. Gentle
New York state businesses say
U.S. passport rules are 'war on tourism'
WASHINGTON, DC- New York state
businesses warned the U.S. Congress on Thursday requiring passports at
the Canadian border will disrupt trade and hurt tourism, while one
official tried to reassure legislators an alternative ID would
probably cost about $50 US. Howard Zemsky, leader of a Buffalo-area
business group, warned legislators: "Don't turn the war on terrorism
into the war on tourism." He and other witnesses outlined their fears
a new rule to require passports at all land crossings into the United
States by 2008 would clog up commerce with the country's biggest
trading partner, Canada, and keep out critical tourism dollars.
As
part of the U.S. government's post-Sept. 11, 2001 tightening of
security measures, the Department of Homeland Security and Department
of State announced the Western Hemisphere Travel Initiative, which
requires passports or one of four other secure documents at border
crossings. Officials on both sides of the U.S.-Canada border argue the
passport rule would reduce trade and leisure travel between the two
countries. The government, however, maintains it is necessary to
prevent terrorists from entering the country. Legislators sounded
almost as concerned as the witnesses, with many on the committee
questioning if driver's licenses could be upgraded to substitute for
passports. "This is a looming crisis at our borders," said committee
chairman Donald Manzullo, an Illinois Republican Representatives
Louise Slaughter and Brian Higgins said just the talk of the rule is
already having a chilling effect on travel back and forth, and a
passport requirement would essentially throw a bureaucratic wall up
between tightly connected communities. Janice Kephart, a lawyer for
the now-defunct 9/11 Commission, said the new rules are critical to
keeping out terrorists who can obtain fake drivers licenses or other
forms of ID. She also said the U.S. State Department is creating a
North American travel card, a cheaper alternative to a $97 passport.
"This card will be about half the cost of a passport, fit into a
wallet like a driver's license, protect privacy, (and) can be vetted
against national security information," Kephart said. A Detroit-based
manager for DaimlerChrysler told legislators his supply chain runs
right over the border, part of a "just-in-time" manufacturing system
that reduces costs by rapid deliveries of inventory. Under that
system, the carmaker moves 700 truckloads a day between Detroit and
Windsor, Ont., said the manager, William Cook. He urged Congress to
make sure whatever changes are implemented, they don't turn the border
into a giant bottleneck for his company's production line. The head of
a national manufacturing group said businesses are already navigating
a maze of options for different government identification cards.
"We've got so many different pieces of new ID that we're creating,"
said Engler, also a former governor of Michigan. "Everybody's
designing a piece of it and the pieces don't fit very well."
Saudi
king says oil importers should reduce taxes, stop speculation
RIYADH, Saudi Arabia- Saudi Arabia's
King Abdullah said Saturday that oil-consuming countries should cut
taxes on petroleum products when oil prices rise. In a speech to a
gathering of oil ministers, the world's major oil companies and energy
organizations, Abdullah restated his commitment to fair and reasonable
oil prices and pledged to provide adequate oil supplies to the world
market. But the monarch, whose country is the world's largest oil
exporter, issued strong advice for oil-consuming countries: reduce
taxes on oil products and stop speculating. "Reduce the burden on
citizens by reducing taxes on oil products when prices rise," he told
participants. "Limit the speculation, refute rumours and misleading
information that could distort the realities of the market." Oil
prices fell four per cent in the past week and settled Friday at a
five-month low just above $56 US a barrel. In a separate speech, Saudi
Oil Minister Ali Naimi blamed the instability of the oil market on
excessive and inaccurate speculation. "The absence of clear and
accurate information is one of the biggest problems facing the
market," he said. Abdullah was attending the opening of the permanent
headquarters for the International Energy Forum, an organization aimed
at promoting dialogue between oil producers and oil importers. After
his speech, participants held closed-door talks on oil pricing and
other energy issues. The king said his country's oil policies and
practices were characterized by "honesty and transparency" and that
Saudi Arabia had adopted a relatively "moderate" position within the
11-member Organization of Petroleum Exporting Countries. "Our oil
policy is based on two principles: ensuring a reasonable and just
price for oil and providing sufficient supplies for all consumers,"
Abdullah said.
Criminals 'getting jobs at banks'
Money: Sir Callum says data protection laws make investigating
difficult.
Financial regulators have repeated a warning
that members of criminal gangs are getting jobs in financial services
firms so they can carry out frauds. The warning was given by Sir
Callum McCarthy, chairman of the Financial Services Authority, at a
conference in London on financial crime. He said the criminals were
using the knowledge they gained to circumvent their employers' systems
and controls. He also said data protection laws made it harder to
investigate staff frauds.
Sir Callum said: "There is increasing evidence that
organized criminal groups are placing their own people in financial
services firms." "They can increase their knowledge of firms' systems
and controls and thus learn how to circumvent them to commit their
frauds." His warning was backed up by the British Bankers
Association. Ian Mullen, said: "Organized crime is recognized by the
authorities as serious and growing. "Because of the internationalism
of business and banking it is becoming more prevalent that these
initiatives are crossing borders," he said.
ATM fees 'to reach £250m in 2006'
Photo: More than four in 10 cash machines charge a fee.
UK bank customers could pay up to £250m to
withdraw their own money from cash machines in 2006, the Nationwide
building society has predicted. In 2004 the private companies who
install and operate charging ATMs made £140m in withdrawal fees. In
total, nearly 22,000 of the UK's 54,000 ATMs levy a cash withdrawal
fee and increasing numbers are being put in newsagents and convenience
stores. Operators argue customers can choose whether or not to use
their machines.
The spread of fee-charging ATMs has been rapid. Last year
alone the number of machines rose 16%. At the same time, the number of
free-to-use ATMs has remained static. This is partly due to some banks
selling off their non-branch-based ATM sites to fee-charging
providers. "If this pattern continues, there is a real possibility
that free access to cash will not survive other than at bank and
building society branches and a few other locations such as main post
offices," said Stuart Bernau, Nationwide executive director.
Government all-clear: There has been a
long-running controversy over the spread of fee-charging ATMs.
Opponents, including Which? and Citizens Advice, argue that charges
hit people on low incomes hardest, as these people are more likely to
make smaller, more frequent withdrawals and are therefore bearing a
disproportionately large share of the charges. Claire Whyley, of the
National Consumer Council, said: " It is essential that people have
easy and cost-free access to their money. "ATM charges are simply
another example of the poor paying more - in this case they are paying
a high price just to access their own money." But fee-charging ATM
firms have argued that they are providing a service and that consumers
have a choice to use their machines or not. Last March, the
parliamentary Treasury Select Committee issued a report calling for
clearer warnings on fee-charging cash machines. But in its response to
the committee's report, the government gave charging ATMs the
all-clear, pointing out that the vast majority of fee-charging ATMs
were in locations where there had never been a free cash machine.
People 'lack mortgage knowledge'
The FSA website promises to lay the mortgage world bare.
Many consumers have trouble understanding how
mortgages work and are baffled by lenders' jargon, a survey has
suggested. Nearly six out of 10 consumers said they did not know
what APR (annual percentage rate) stood for. In addition, 52% of 800
mortgage holders interviewed were unaware what APR they were paying,
according to the Financial Services Authority (FSA). To educate
consumers about mortgages the FSA has launched a new website. The FSA,
which assumed regulatory responsibility for mortgages last year, says
it wants to help explain mortgages to consumers.
Mortgage choice is a good
thing but consumers need to arm themselves with more knowledge.
 The
website offers users tips on shopping around for a mortgage deal,
information on different types of mortgages and interactive tools
allowing them to work out what level of repayment they can afford.
People will also be able to use the website to check to see if a firm
is authorized to offer mortgage advice. "It use to be the case that
consumers would be offered one type of mortgage by their bank or
building society... these days there are so many different types of
mortgages available, all with their own jargon," David Whiteley, FSA
spokesman, said "Mortgage choice is a good thing but consumers need to
arm themselves with more knowledge, this is where the website comes
in," Mr. Whiteley added.
McDonald's puts fat facts on food
Photo: McDonald's says the facts will be right in front of the
customer.
Fast food giant McDonald's is to begin printing
nutritional facts on the packaging of its burgers and fries.
McDonald's said the labeling would include the fat, salt, calorie and
carbohydrate content of its foods. Critics have accused the company of
contributing towards rising levels of obesity and other health
problems. Nutritional information on items such as the Big Mac, which
contains 30g of fat, are currently only available in leaflets or on
the company's website.
McDonald's said it hoped to have the new packaging in
20,000 of its 30,000 fast food restaurants worldwide by the end of
2006.
'Take responsibility': McDonald's chief
executive Jim Skinner said printing nutritional facts on the packaging
of its foods would put the information directly in the hands of the
company's customers. "We think this the absolutely easiest way to
communicate it," Mr Skinner said. "We've given them what they asked
for and then people take responsibility about whether they add it up
or not add it up." McDonald's has been introducing items such as
salads and fruit to its menus, alongside the company's more
traditional fare of burgers, fries and milkshakes. Earlier this year,
the US company announced that it was giving its iconic mascot clown
Ronald McDonald a sporty new makerover in a bid to encourage children
to take up more active lifestyles. But critics have maintained that
many of the foods on offer at McDonald's are unhealthy and fattening,
at a time when obesity levels in many countries are soaring. The
world's biggest restaurant company said it hoped to introduce the new
packaging by February next year in time for the Winter Olympics in
Italy.
Google shares top $400
threshold
Most of the Google's revenue comes from advertising sales.
 Shares
in Google have risen above $400 each for the first time, capping a
strong period of growth for the internet search firm. Google
shares closed up $5.30, or 1.3%, at $403.45, giving the firm a higher
market value than stalwarts Coca-Cola, Walt Disney and Cisco Systems.
Google's shares were valued at $85 each when the company listed on the
US Nasdaq stock market 15 months ago. Analysts have been excited by
the growth potential of new products.
Growth strategy: The latest of these is
Google Base - unveiled on Wednesday - which will enable people to
search for different information collected from consumers and
businesses. Other recent initiatives include a plan to supply
miniature satellite maps to mobile phones as well as a controversial
online library service providing digital prints of books. The market
has also been encouraged by Google's financial performance. The
company reported a sharp rise in profits in the last quarter, as net
income rose to $381.2m (£215m) from $52m in the same period last year.
Sales in the three months to the end of September totaled $1.57bn -
96% higher than the same period in 2004. Most of the Google's revenue
comes from advertising sales.
 Investors
cheer Hewlett-Packard
Mr. Hurd's plan appears to be working
Investors cheered as the US computer giant
Hewlett-Packard (HP) reported figures that suggest it is recovering.
HP's $416m (£242m) profits for the August to October quarter fell
far short of the $1.091bn made during the same period last year. But
investors accepted HP's explanation that this was due to the $1.1bn
cost of a restructuring announced in summer. Sales rose for all its
units, so investors decided to ignore the 62% fall in profits. HP
shares rose 6%.
"The results look very, very positive pretty much across
the board," said SG Cowen analyst Richard Chu. "Throughout the last
six to nine months, HP has really been flexing its muscles." "We've
been doing a lot of things in the company at the same time and we've
been doing that well," said HP chief executive Mark Hurd. "HP
delivered another strong quarterly performance, with balanced revenue
growth, good cost discipline, improved margins in key businesses and
strong cash flow," said Mr Hurd, who earlier this year replaced Carly
Fiorina after she was ousted. Soon thereafter, Mr Hurd cut 14,500 jobs
as part of a restructuring aimed at slashing costs by $1.9bn per year.
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U.S. Attorney
General indicts Conrad Black and others on criminal fraud charges
The U.S.
government has charged fallen Canadian media baron Conrad Black and
three other former executives of Hollinger International with fraud,
in connection with an alleged scheme to steal more than $80 million US
from the media company. The allegations stem from Hollinger's $3.2
billion sale of hundreds of Canadian newspapers to CanWest Global
Communications Corp., and the misuse of corporate perks. Criminal
charges against Black have been anticipated since August, when two of
his associates - including longtime business partner David Radler -
and his former Ravelston Corp. holding company were indicted. On
Thursday, a warrant was issued for the arrest of Black, as well as
former Hollinger executives John Boultbee and Peter Atkinson. If they
do not turn themselves in at a yet-to-be-scheduled court date in
Chicago, the U.S. Attorney will seek their extradition. In addition,
two new charges have been laid against former Hollinger lawyer Mark
Kipnis, who was indicted seven counts of fraud this summer. Both Black
and Boultbee are facing eight counts of mail and wire fraud, while
Atkinson is facing six counts. Each count could mean five years in
jail and a $250,000 fine. If the 61-year-old Black is found guilty, he
could go to prison for up to 40 years. Through his lawyer Eddie
Greenspan, Black insisted he is innocent and will fight the fraud
charges, but he did not say whether he will go to Chicago to face his
accusers. "Conrad Black asserts his innocence without qualification
with respect to each and every one of the charges set forth in the
indictment," said a brief statement from Greenspan released late
Thursday. "It will be shown that he has, at all times, acted within
the law.
He is
confident that if given a full and fair opportunity to defend himself,
he will be found innocent." The indictment also seeks criminal
forfeiture of at least $80 million US from Black, Boultbee, Atkinson
and Kipnis. More than $8.5 million in net proceeds has already been
seized from the sale of Black's New York apartment last month, and
from his Florida home. Black has said those funds should be returned,
saying he needs the money to pay for his lawyers. In a letter to the
FBI last month, Black's lawyer, Gregory Craig, called the seizure of
Black's money "a grotesque abuse of power designed to prevent Mr.
Black from defending himself against potential criminal charges."
Observers expect Black - a British citizen with a house in Toronto -
to put up a prolonged fight against the charges. However, the case is
complicated by the fact Black is a British citizen and could, if he
wants, use Canadian and British courts to delay extradition to the
United States for years. "If his lawyers aren't independently wealthy
now, they will be when this is over," Jacob Frenkel, a former U.S.
federal prosecutor, said. Ravelston is still facing the same charges
that were laid against the company in August. The flurry of charges
follow an investigation by the U.S. Attorney's Office, the FBI and the
Internal Revenue Service's criminal investigation division. The man
leading the investigation - Patrick Fitzgerald, U.S. Attorney for the
Northern District of Illinois - told a news conference in Chicago on
Thursday that "officers and directors of publicly traded companies who
steer shareholders' money into their pockets should not lie to the
board of directors to get permission to do so."
"The
indictment charges that the insiders at Hollinger - all the way to the
top of the corporate ladder - whose job it was to safeguard the
shareholders - made it their job to steal and conceal." It alleges the
defendants fraudulently diverted $51.8 million in 2000 from Hollinger
International's multibillion-dollar sale of the former Southam
newspapers and Internet assets to CanWest Global (TSX:CGS.SV).
Also among
new allegations is an accusation that Black and one of his
co-defendants "fraudulently misused corporate perks including a
company jet for a vacation by Black and his wife (Barbara Amiel) in
the South Pacific, two Park Avenue apartments in New York City, and
corporate funds to throw a lavish birthday party for Black's wife."
The party in December 2000 cost about $62,000 US including $13,935 for
wine and champagne. Although it was "a social occasion with little, if
any, business purpose," the U.S. Attorney said, Hollinger footed about
$42,000 of the bill. Thursday's indictment expands on charges laid in
August, when Radler, Kipnis and Ravelston were each indicted on five
counts of mail fraud and two of wire fraud. Radler, Hollinger
International's ex-chief operating officer, pleaded guilty and agreed
to co-operate with U.S. authorities in the case.
Kipnis, the
company's former in-house lawyer, pleaded not guilty. Frenkel, a
partner with Washington, D.C.-area law firm Schulman, Rogers said
Thursday that the two new charges against Kipnis might have been
avoided if he had agreed to play ball with the U.S. Attorney earlier,
and strike a plea agreement. Radler, 63, pleaded guilty to one count
of mail fraud in September. However, six other counts were dropped
against the Canadian-born former publisher of the Chicago Sun-Times
after he agreed to a 29-month jail term and a $250,000 US fine. The
U.S. Attorney's Office alleges that Radler, Black's former right-hand
man, supervised negotiations of newspaper sales through which he and
other Hollinger managers pocketed millions of dollars in fees that
should have gone to the company. Kipnis, 58, is currently free on a
$250,000 US bond and Radler, a Vancouver resident, is free on a
$500,000 US bond while he helps with the investigation.,
reported Taro Pekins.
U.S. lawsuit
accuses tire maker of using slave labor in Liberia, West Africa
A U.S. federal lawsuit filed
Thursday accuses tire maker Bridgestone Firestone of employing slave
labor and child labor on its massive rubber plantation in Liberia.
The suit, filed in U.S. District Court, seeks class action on behalf
of 12 adult workers and 23 children who work and live on the
Firestone Plantation in Harbel, Liberia.
The suit claims the workers are
trapped in a "gulag of misery" and forced to work under conditions
that have changed little since the plantation was founded in 1926.
"The plantation workers are modern day slaves, forced to work by the
coercion of poverty, with the prospect of starvation just one
complaint about conditions away," the lawsuit states. The Japanese
company, with North American headquarters in Nashville, Tenn., said
it had not been served with the lawsuit, but said the claims were
"completely without merit.' Bridgestone Firestone North American
Tire is a unit of Bridgestone Corp. The company said its workers are
represented by a labor union, are highly paid, and that no one under
18 is employed. The company also has a strict policy against child
labor. "Firestone Liberia has a courageous and hard working
leadership team comprised primarily of Liberians who are working to
create hope and opportunity for the people of the Harbel community,"
the company said in a statement. The lawsuit claims workers get up
at 4:30 a.m., then work 12 to 14 hours while using primitive tools
to tap the rubber trees and collect raw latex. The suit also claims
that Bridgestone Firestone imposes impossible quotas on the laborers
and cuts their pay by half if the daily quotas are not met. In order
to meet their quotas, laborers routinely have their minor children
join them, the lawsuit claims. Laborers are paid a daily wage of
$3.19 US before deductions and must tap at least 1,125 trees per
day. The court action was organized by the Washington, D.C.-based
International Labor Rights Fund, which also helped organize a
lawsuit in the 1990s against Unocal Corp. alleging human rights
violations during the construction of a pipeline in Southeast Asia.
Gary gentle states that the lawsuit claims the plaintiffs,
identified only as John, James and Jane Roe, could not bring similar
court actions in Liberia because of fear of retribution and corrupt
court system. The lawsuit requests a jury trial and unspecified
damages.
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