Quote of the Week

"I was just wondering if you know the difference between profit, gross profit, net profit, after tax profit?...Gross profit is entirely different to net profit. You're talking nonsense."

Claude Littner grilling The Apprentice finalist restaurateur Yasmina Siadatan on last night’s episode.

Watch the exchange in the attached video.

Source: bbc.co.uk

Person of the Week

Jean-Georges Vongerichten

Jean-Georges was named as one of the Top 100 Most Creative People in Business this week, by Fast Company magazine amongst a list dominated by technology and design professionals. This Alsace born chef has 18 restaurants, including V St George in London. He also has a partnership with Starwood Hotels called Culinary Concepts, a multi-concept platform to develop restaurants both in hotels and in freestanding locations.

Photo Credit:
Courtesy of Jean-Georges Management

Source: fastcompany.com

Article of the week

Check out this week's article entitled "The Hearns: Managing During a Recession".

The article is from the April issue of EP and features Grant and Dennis Hearn speaking about their tips for surviving the downturn at this year’s Master Innholders conference. Four months later how do we their views resonate?

Stories of the week

"Everything must change to stay the same."

Though he will be staying on as an advisor, Kurt Wachveitl stood down from his role as manager of the Bangkok Mandarin Oriental this week after 41 years service.

• In this reflective interview, he comments on the fact that his attitude to work was shaped by the shambles and poverty of post-war Germany.
• "If you can't give total commitment I don't see how you can do it. It is very important for the bakers, say, to know that you might show up at 3am to see how they are doing. Strange? Not if you think of the hotel and its staff as one big family," he says.
• Kurt says consistency is the key to success, and points out that he now has middle-age guests who show him their baby photos...with him in the picture!
• "Everything must change to stay the same. You can't sit on your laurels. Our customers come back to relive cherished memories, but they also want new experiences."

Source: ft.com

What is the first to go in household expenditure?

A survey of 23,000 people in 23 countries confirms where cutbacks are being made:

Source: reuters.com