Uk Bank Poised To Pull Plug On Somali Remittances

Why Would the UK’s Top-Paid CEO Leave for a Job at Apple?

I haven’t even played a college game yet. So I can’t speak to what we can do.” But a few UK players drifted from the script. They spoke of a 40-0 record as plausible. “Well, the potential to go 40-0 is there,” Jon Hood said. “I don’t know if that’ll happen. That’s obviously what everybody wants to happen. It doesn’t matter who you are, that’s what you start out every year with. You want to go 40-0. For some teams, that’s a reality. For some teams, it’s not.” Clearly, it seems possible for Kentucky this season. “I’m excited about 40-0,” Aaron Harrison said. “If we can go 40-0, that’s amazing. No one’s done it.

The hire is a huge coup for Apple: Ahrendts, 53, is arguably the most coveted CEO in fashion and the best-paid CEO in the UK. Since taking over the helm of the company seven years ago, annual revenue has grown to nearly $3.2 billion, up more than 250% from 2006. The price of Burberry’s stock has risen even further, up 300% since her arrival to about $1,600 per share. See also: 10 Must-Follow Instagram Accounts for Stylish Women Ahrendts, along with Bailey, is credited with completely reinventing the legacy British house, which in 2006 had lost much of its prestige due in part to over-licensing of its brand. (As Fortune pointed out previously, retail and wholesale sales were up just 2.2% the year she arrived, underperforming the luxury sector’s 13% growth.) Ahrendts’ first task was to buy back those licenses, including its fragrance licenses, and reposition Burberry as a luxury heritage brand. She also importantly for Apple aggressively expanded Burberry’s retail footprint, both on the ground in the United States, Europe and China. Strategically, she closed many underperforming stores as well. She also oversaw the reinvention of Burberry’s online flagship, using the website less as a sales channel and more as a destination for brand-rich experiences like Art of the Trench , Burberry Bespoke and live, shoppable videos of its runway shows. Under Ahrendts, Burberry stores have become bigger, richer and more technologically advanced, the latter more than any other participant in the luxury sector. The crown jewel in Burberry’s retail empire is its 27,000-square-foot flagship store on Regent Street in London, which opened in September 2012 . As a retail experience, it’s impressive. Full-length screens wrap the store, transitioning between audio-visual content displays, live-streaming hubs and mirrors. At times, models walk between video screens; at others, rain begins to pour, climaxing in a thunder crack that shows on every screen and echoes in every space in the store, including fitting rooms.

Tuesday, Oct. 15, 2013 | Posted: 12:31 p.m. Tuesday, Oct. 15, 2013 UK bank poised to pull plug on Somali remittances Sponsored Links LONDON A British bank could soon be cutting a financial lifeline for millions of Somalis. Barclays is poised to sever its ties to Dahabshiil, one of the Somali expatriate community’s biggest money transfer services, as part of a larger reorganization of its business. Barring a successful last-minute court challenge, experts say the move will jeopardize 100 million pounds ($160 million) worth of payments made from the U.K. each year. Barclays’ move, part of an industry-wide effort to insulate banks from the risks associated with money-laundering and corruption, could force Dahabshiil to stop executing transfers between individuals within days. A court ruling had been expected Tuesday but was delayed because arguments ran late, the company said. Barclays did not comment ahead of the court’s ruling, but it and other British banks have been cutting high-risk clients after a slew of scandals involving money laundering and corruption. Somalia is a terrorism hotspot that has not had a functional government in two decades, and the flow of expatriate money to the troubled East African nation has repeatedly come under law enforcement scrutiny on both sides of the Atlantic. Laura Hammond, a development expert at London’s School of Oriental and African Studies, warned that canceling Dahabshiil’s bank accounts could make matters worse by forcing the Somali money transfer business underground. “It will be the perfect opportunity for those who want to send money to Somalia to fund terrorism or enable money laundering,” she said. “It creates a black hole for accountability.” Somali President Hassan Sheikh Mohamud said Monday that his government was watching what was happening in London “with great concern.” “Our people are now recovering from a long and devastating civil war and this is not the time to punish them again by closing the legitimate lifeline on which millions of Somalis absolutely depend,” he said. “Innocent millions should not be made to suffer because of the crimes of the guilty few.” Copyright The Associated Press