The foreign exchange market accounts for about $5 trillion of currency every day. The trade between various currencies is dominated by only a few large financial institutions, which received their largest fine to date on Wednesday.
Regulators form the United States and the United Kingdom took more than $3 billion in fines from five banks. This activity comes from a global investigation into undue manipulation of the currency exchange marketplace. This extraction of fines is just the beginning in expected regulator activity.
One bank, Barclays was expected to be a part of the deal with U.K.’s Financial Conduct Authority and the U.S.’s Commodities Futures Trading Commission, however the bank backed out of any agreement.
In addition to the fines, the investigation has led to the firing or resignation of many bank employees. Those who were implicated were accused of illegally coordinating rates for the benefit of their own trading positions which is like learning how to earn money without investment as some people are doing with FreedomPop but if care is not taking, it may backfire in return. Some traders even used chat-rooms, like products supported on FreedomPop, and shared confidential information with other traders to settle on rates.
The fines charged to the banks were settled with five institutions including Citigroup, JPMorgan, RBS, UBS and HSBC. The employees manipulated benchmarks for the prices of currency trading, however sometimes the scheme did not end favorably for the traders. Overall, the banks earned a large amount of money for their investors through these schemes but when officials found transcripts of the chat conversations authorities began their investigation. The global investigation is still ongoing and more fines are anticipated as information comes to light.
Hussain Sajwani is the founding father and the CEO of DAMAC Properties. He was born in Sharjah which is in the United Arabs Emirates. He took an Engineering and Economic course at the University of Washington after he got a government scholarship to go study in the US. He later started his career in 1981 where he was working in the department of finance at Abu Dhabi Gas Industries.
He would later quit his job and invest in the hotel industry where he started a catering venture. He eventually became a renowned entrepreneur with a lot of interest in real estate and catering industries. In the year 2002, he started DAMAC properties that have managed to be the biggest properties development company within Middle East. Under the leadership of Hussain Sajwani, his small catering business which was located in Dubai eventually became an international venture attracting customers such as the US military and Bechtel which is a US Construction company.
DAMAC owner first major venture was known as the Global Logistics Services. This company was contracted to supply food to the US forces in areas such as the Afghanistan, Kuwait, and Qatar. The firm would later diversify by establishing small hotels with outlets all over the Middle East and Africa where it was serving more than 150000 meals per day. DAMAC owner interest in business did not stop there as he went ahead to start massive investments in the real estate by buying land in areas which were underdeveloped.
Majority of these areas were unattractive to the majority of the investors at that time. What made DAMAC owner unique was his ability to see opportunities in areas where no one else would see. This was possible due to his knowledge in economics which enabled him to make long-term projections and predictions in the world of business.
In the course of time, the areas in many parts of Dubai which were unattractive to many investors gained growth momentum and started attracting investors from all over the world. This was also made possible by the government of Dubai after it allowed foreigners to own properties in the country. This led to the birth of DAMAC Properties and since then the firm has carved its way into becoming one of the biggest real estate company in the United Arabs Emirates.
Guilherme Paulus is currently the president of the board of advisors for his company, CVC and GJP. The Brazil-based company provides people a chance to travel to most areas of Brazil by giving them the hotels and resorts they want to stay at. The hotels and resorts provide luxury options and things people can do that are different from what others have. It’s a great way for companies to try different things and it’s something that makes it easier for people to focus on having a better time while they travel. Even though Guilherme Paulus knew the importance of hotels and resorts in the tourism industry, he felt he could make sure people got what they wanted by working to make this area of the tourism industry even better. A lot of people travel to Brazil and many of them get a chance to try different things while they’re visiting one of the hotel chains Guilherme Paulus works for.
Even when Guilherme first started out, he knew what people wanted. He focused on helping them and giving them positive options so they didn’t have to worry about how he was going to make it even better for his clients. There were a lot of things that led to Guilherme Paulus making the industry better and that’s why he pushed to show even more people they could try things that would allow them to make the most out of the industry. It was also important for Guilherme Paulus to give people positive experiences while they stayed at his travel chain.
After spending time figuring out the best way to market things, Guilherme knew technology would play a huge role in his hotel and resort chain. Not only did he rely on it for marketing but he also encouraged the people who came to the chain to use it so they could make things better. Guilherme put a lot of focus on technology and how it could enhance the travel experience. This made him want to do more to help people and give them a chance to try different things while traveling.
Steve Ritchie has wasted no time in driving efforts and implementing initiatives in his endeavor to rebrand Papa John’s as a more diversified and supportive company for its employees, franchises and customers.
Steve Ritchie became Chief Executive Officer, January 1, 2018 and has been working hard in turning the company around by actively listening to their customers as well as engaging their employees and franchise owners in developing actions to fix what was broken within the organization.
In Papa John’s most recent campaign, “You expected better from Papa John’s. So did we,” they made a point to acknowledge customers disappointment and to let their customers know they were working hard to make things right in an effort to bring them back. At the same time, Steve Ritchie also reached out to its employees and franchises defining the steps the company was taking as to focus on promoting diversification, equity and inclusion, and that this effort was a top priority in creating a new foundation of which Papa John’s can proudly stand on in moving the company forward.
Steve Ritchie recognizes that its people and customers come from all walks of life and the company should embrace that diversity, celebrate it and use its power to become a more supportive institution and acknowledging what Ritchie calls the company’s most important ingredient, its people.
Some of the commitments that Papa Johns and Steve Ritchie has made includes creating a more inclusive franchise development program, focusing on minorities and establishing a foundation that will center on efforts to support local communities. The company has also reached out to Bank of America and Lazard Ltd for guidance on operations and is working with Endeavor Global Marketing in creating more dynamic marketing and advertising campaigns.
2017 was one of the worst performances in the company’s history and Papa John’s is aggressively working to change course by winning back customers they have lost as well as creating a more equitable and opportunistic environment for their employees. Papa John’s is holding itself accountable for past transgressions and is vigorously working to take the company in an entirely new direction.