Word: tourism
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Dates: during 1990-1999
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...panel yesterday were Epps, Margot P.Kosberg, executive director of the Cambridge HumanRights Commission, Olympia A. Brescia, director ofInternational Marketing at the Massachusetts ofOffice of Travel and Tourism, Kim Notemy, managerof Asian and Latin American Markets at BayBank,and Sandra Reyes, vice president of InternationalPersonal Banking at BayBank
Investors had another worry: the threatened default of Grupo Sidek, a tourism-and-steel conglomerate, on $19.5 million of dollar-denominated debt. The company eventually decided it could pay after all and even put up $10 million more, but financiers were not totally reassured. They noted that Grupo Sidek still has an additional $100 million or so of debt coming due soon, and are concerned that if it fails to pay, other big companies will also stiff their foreign creditors. Eduardo Cabrera, a Latin American investment strategist for Merrill Lynch in New York, says that Zedillo ``should have stepped...
Then there are Winnie's dubious deals. After she announced that the A.N.C. Women's League, which she heads, was going into a tourism venture with actor Omar Sharif, 11 of the league's 25 executive-committee members resigned. Charging her with ``undemocratic behavior,'' they said she had defied the committee's veto on the deal to form Road to Freedom Tours. Her colleagues had already been upset that she had used her official position to boost a new entertainment company run by her daughter Zinzi and also by reports of her association with a woman convicted of illegal diamond...
...background are still more bubbling controversies over public money. Investigators are trying to find out what happened to funds missing from a now defunct tourism organization headed by Peter Mokaba, a prominent A.N.C. Member of Parliament. (Mokaba has not been accused of any wrongdoing.) And as much as $40 million in foreign donations may be missing from an association the A.N.C. set up to help former political prisoners. Some of these problems may have been caused simply by poor bookkeeping or inexperienced administrators, but South Africans are still concerned that stories of corruption will jeopardize investment...
...Cuba had signed deals for 185 foreign joint ventures. The Spaniards and Germans were among the first to invest in tourism, which grew at an annual rate of 17% between 1991 and 1993; now interest is rising in Canada and across Europe. Meanwhile, the Monterrey-based magnate Javier Garza-Calderon of Mexico's Grupo Domos bought up half the Cuban phone system in a $1.5 billion deal last year. June saw the arrival of Cuba's first foreign financial institution, the Dutch ING Bank. British companies are looking into oil exploration--even though France's giant Total has recently pulled...