Well, the penalties, imposed in connection with a range of different investigations in the US and the UK, all date back to before 2014.

As the London-based banking firm set aside $900m in February in preparation for the settlements. Meanwhile, Standard Chartered also has promised to improve its compliance procedures.

The bulk of the settlement, $639m, related to breaches of US sanctions against Burma (Myanmar), Cuba, Iran, Sudan, and Syria. The bank will also pay £102m to Britain’s Financial Conduct Authority (FCA).

However, FCA found in the investigation “dangerous and supported shortcomings” in Standard Chartered‘s anti-money laundering controls.

Bill Winters, the bank’s chief executive:

“The events that led to today’s resolutions are completely unacceptable and not representative of the Standard Chartered I am proud to attend today”.

“Combating financial crime is central to what we do and who we are”.

We do not permit misconduct or slack controls and we will continue to clear out any issues that threaten the trust we have built over more than 160 years.

Having built a rewarding career as an international model, nutrition and skin care advisor, personal coach, dance choreographer and now an innovator, Bahraini resident Omar Al Mohammed made his foray into entrepreneurship in 2017. He created a modified version of the voice-controlled robot vacuum cleaner and Bahrain’s first voice-controlled smart home – Ghafarado. While his celebrity status contributed towards putting ‘Ghafarado’ on the map, carving out a niche for him came with big challenges for this international model, despite his fame.

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Today, Omar is taking his look from the runway to the business world, going all-out with his first-of-its-kind voice-controlled smart home, Ghafarado’s – The Pad. His journey to success is a story of ambition – since unveiling his smart home, his project has been making headlines in the country’s leading dailies such as Gulf Daily News, Al Watan News, Al Ayam News, The Daily Tribune, a property magazine- Arabian Homes and a business magazine – Biz Bahrain.

Omar moved to London to pursue further studies, gaining entry into the prestigious Emile Woolf College, London. The up-and-coming entrepreneur then worked his way through the Oxford Brookes University, London, to pursue MBA which earned him the youngest MBA degree holder title at the age of 19! Some of his breaks have been beyond the business world, such as his series of modeling assignments with the then-upcoming Divine Modeling Agency, his stint as a cabin crew member with Gulf Air, and his association with brands like Tropicana and Nike.

Despite his overwhelming success, he remains closely aware that he’s now in an industry many people consider “competitive.” Now firmly established in his entrepreneurial world, Omar considers the completion of Ghafarado as a personal milestone. The creation of his smart home heavily depended on both creativity and science. Yes, there is no doubt that part of his innovation is based on his smart home’s features but, without great execution, a fanciful project, and an experience of ‘future living’ won’t matter.

His apartment gives a glimpse of tech-led voice-controlled in-house systems such as door-unlocking system, Wi-Fi screen refrigerator, Smart coffee maker, sensor angled hood, and unique sockets and switches.

He envisions Bahrain as a smart home hub in the near future. Omar looks forward to living smart and comfortable. He shares, “You and your skills need to be diverse to get all the way to the top. That’s what I do – I juggle life, careers, different jobs, and family.”

As per the retailer, the store closings will begin the commencing year thereby 1,200 workers will be swayed by the initial point.
Stores in Guildford, Canterbury, Kirkcaldy, and Wolverhampton are marked amongst those reserved for closing.

Debenhams:

Lenders took charge in a deal which washed out the investments of shareholders. Well, just after the 50th store is closed Debenhams directs to have the UK, nearby 116 stores.
Debenhams Report results for the 26 weeks to March. Businesses at its UK stores fell 7.4%, which is rebuked on fewer shoppers heading to the High Street. In 2020, Debenhams stores are expected to shut down.

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Reasons for its shut down

• Debenhams stands as one of the UK’s largest department store chain having its origin trailed back to 1778 and a drapers store in central London.
• The industry experts stated the retailer grew the number of its stores at the incorrect moment – in the 2000s when customers were shifting to online purchases.
• The expansion left the company with debts and expensive leases.
• The firm’s financial situation decayed and last month
• Debenhams accepted on a deal £200m of green funding, provided by its lenders. Thus the lenders overpowered Debenhams, in the recent past by purchasing it out of power.
• It so affected that it also dried away the investments of shareholders. It also hadn’t spared the stake of Mike Ashley, the founder of Sports Direct.
• Mr. Ashley, who desired to purchase Debenhams and grace chief executive, but his strategies were fluffed.

Debenhams regarding its other stores

The new owners have now declared their store closing plan under a means known as a Company Voluntary Arrangement (CVA), which also allows them to renegotiate rents at stores that continue to open.

Meanwhile, the unit stores which continue open, 39 will adhere their prevailing rental rates for the term of their contracts.
For the rest of the stores, the organization is intending to bind rental discounts at 25% and 50%.

Terry Duddy, Debenhams executive chairman, said:

Debenhams has a sharp projection and a rich tomorrow, still for the firm to succeed…

We oblige to restructure the group’s store holdings and its balance sheet, which are not relevant for today’s much improved retail conditions.

Our pre-eminence is to protect the maximum stores and jobs we can, during building the store to withstand tomorrow.

Debenhams is merely examples of many High Street successions to drop into trouble in current times.
The collapse of BHS in 2016 produced to further close 160 stores, and House of Fraser as well has started shutting stores after-acquired out of control in the previous year.

Marks and Spencer-100 stores to collapse by 2020. Sites hit the hardest by the chunks.

The localities in Wolverhampton rushed up for Debenhams’ grand opening in their city’s refurbished Mander shopping center, earlier in October 2017.

Wistfully, within less than 18 months, attained on the list of stores to shut down by 2020. After the BHS’ death, it was Debenhams who has taken the position anchor tenant for the Mander Centr. However, it also will be closed down.

Moreover, Debenhams’ evolving at the refurbished shopping center became a decade after it set its scenes on the West Midlands city.

Furthermore, a tough effort to set up in a £300m mall was ultimately engulfed by the global financial crisis, in 2006.

And for Wolverhampton, it adds another blow for a city center, at the tolerance of variations in retail all over the nation, with the failure of the similarities of BHS and Woolworths.