Franchises in tourism: An opportunity to enter the global market. Yes, it is possible

first_imgANDRIJA ČOLAK, SURF’N’FRIES: RETURN ON INVESTMENT OF MOBILE SURF’N’FRIES STANDS IS 45 DAYS  Damjana Domanovac and Jadranka Apostolov from the Place2Go franchise presented their print magazine. “The pleasure of reading magazines on fine paper still exists. We cannot compete with the speed of digital media, but there are specialized editions with professional content and top photos that always have an audience. We now have four franchises: in Croatia, France, Slovenia and Serbia, and 90 copies of the magazine sold”, Points out Jadranka Apostolov.  When we talk about the franchise sector, in the tourism sector we have great franchises that are gradually expanding globally to all parts of the world. The Museum of Illusions, Carwiz, Direct Booker, Place2Go, Surf’n’Fries, etc.… and soon some domestic famous players are expected to step through the franchise model into the global franchise business market. “In the Franchise Business Association of the Croatian Chamber of Commerce, our task is to gather franchisors from different parts of the economy and their continuous education and create positive conditions for business. We also want to work on promoting franchises and their better position in Croatia, but also on their better placement in the world. There are about 200 franchises in Croatia at 1000 locations and they employ about 13 people, but only 12 percent are domestic franchises. That share needs to be increased”, Said the assistant director of the Trade Department of the Croatian Chamber of Commerce Emma Culi on the occasion of the presentation of Croatian franchises from the Franchise Business Association of the Croatian Chamber of Commerce  CARWIZ BECAME A CROATIAN TOURIST EXPORT PRODUCT! THROUGH THE FRANCHISE MODEL IT IS EXPANDING TO THE GLOBAL MARKET  The conference is an event held once a year, and its main goal is to network business people of Croatian origin from all over the world, increase investment of emigrants in the homeland and support Croatian companies that are export-oriented by connecting with Croatian chambers and Croatian businessmen around the world. .  ANDRIJA ČOLAK OPENS THE FIRST AGENCY FOR CONSULTING IN FRANCHISE BUSINESS IN TOURISM – CFCG  MUSEUM OF ILLUSIONS AS A CROATIAN TOURIST EXPORT PRODUCT: 16TH MUSEUM OF ILLUSIONS OPENS IN SHANGHAI  Perhaps the most internationally present and most famous Croatian franchise, the fast food franchise Surf’n’Fries, which operates in 20 countries on four continents, was presented by Andrija Čolak. “The biggest step forward with product quality was our attractive packaging design, which does most of the marketing. We now have a variety of format sizes, from large restaurants to small stalls, and we are also working on a fully automated airport concept, which will deliver food and drinks to the customer in 35 seconds. It is interesting to point out that a good number of franchisors in the world are precisely those of Croatian origin”, Concluded Colak. Photo: HGKcenter_img RELATED NEWS: FRANCHISE IN TOURISM Kristina Ercegović, the founder of Business Cafe, points out that as much as 47 percent of our business is arranged with coffee. “It was on the merger of small entrepreneurs that this project of mine was created. The concept is simple and has now been present for more than nine years in seven countries with more than 20 visitors. Through it, jobs worth millions of euros were created “, Adds Kristina Ercegović.   A presentation of successful Croatian franchises was held at the Meeting G2 conference, which will be held from November 4 to 6 at the Zagreb Forum. Nino Dubretic, Direct Booker FROM POMFREE BAR TO A GLOBAL FRANCHISE IN 10 YEARS. AWAKE DREAM  MUSEUM OF ILLUSION THROUGH THE FRANCHISE MODEL CONQUERS AMERICA AND SOON THE WHOLE WORLD Direct Booker is currently the fastest growing private rental agency in the region. Director Nino Dubretić presented the work of this online platform and his vision of business through the franchise model “We now work from Dubrovnik with 91 employees and manage 7000 accommodation units. In Europe, as many as 30 percent of tourist facilities are not on websites like Airbnb and Booking. There is potential for our franchise. We are now present in seven countries under one brand with unique technology and support”, Points out Dubretić. HOLLYWOOD FRANCHISE OPENED MUSEUMlast_img read more

Ex-State Street transitions chief convicted of fraud

first_imgA former State Street executive has been convicted of defrauding clients of the firm’s transition management business by a US court.Ross McLellan, who worked as head of State Street’s transition management until his departure in October 2011, was convicted by a jury in Boston, Massachusetts of one count of conspiracy to commit securities fraud and wire fraud, two counts of securities fraud and two counts of wire fraud – the latter of which refers to the use of telecommunication equipment.In a statement, the US Department of Justice (DoJ) detailed how McLellan, along with two other colleagues, conspired to “add secret commissions to fixed income and equity trades” related to transition management mandates undertaken for six institutional clients.The Securities and Exchange Commission (SEC), the US financial regulator, said last year that the overcharging scheme netted State Street roughly $20m (€17m) in “improper revenue”. Harold Shaw, the FBI agent who led the investigation, said: “Motivated by sheer greed… McLellan devised an elaborate bait-and-switch scheme to defraud State Street’s clients out of millions of dollars, and now he’s finally being held accountable for his actions.“This case should serve as a warning to others, the FBI and our law enforcement partners will aggressively pursue and bring to justice those who undermine our financial markets.”McLellan will be sentenced in October, the DoJ said. How the scandal unfoldedBetween February 2010 and September 2011, the court heard, McLellan and two staff reporting to him – Edward Pennings and Richard Boomgaardt – added hidden mark-ups to trades carried out on behalf of several clients.“The commissions were charged on top of fees the clients had agreed to pay the bank, and despite written instructions to the bank’s traders that generally reflected that the clients were not to be charged trading commissions,” the DoJ said. Evidence heard at McLellan’s trial, cited by the DoJ, included a March 2010 phone call, during which Pennings told Boomgaardt not to talk about the mark-ups on one transaction “with anyone… because it’s not going to help our story. Don’t even share it with the rest of the team, to be honest.”The DoJ also stated that, in June 2010, “McLellan and Boomgaardt requested that the bank’s traders provide them with the reported daily high and low prices of securities the bank had traded for the client so that they could determine the amount of the commissions to be applied to each security without attracting the client’s attention”.“McLellan and Pennings sought to mislead the bank’s compliance staff into believing that the commissions had been charged in error and that the amount of the overcharges was limited to the commissions applied on US securities,” the DoJ said.Ireland’s National Treasury Management Agency was repaid €2.65m by State Street in 2012 after the Irish sovereign wealth fund raised concerns over its transition management charges. The Kuwait Investment Authority and the Royal Mail Pension Plan are also understood to be among those affected.The trio of staff left State Street in 2011. McLellan and Pennings were charged by the FBI and the SEC in 2016.Pennings and Boomgaardt are due to be sentenced next month. Pennings pleaded guilty to one count of conspiring to commit wire fraud and securities fraud in June 2017, while Boomgaardt pleaded guilty in July 2017 to one count of conspiracy to commit securities fraud and wire fraud.State Street was fined £22.9m by the UK’s Financial Conduct Authority in 2014. The company reached a $30m settlement with the SEC in 2017.State Street said in a statement: “We deeply regret that this occurred, accept responsibility for the actions of our former employees, and since the overcharging was discovered have substantially enhanced our controls. We are fully cooperating with the United States Attorney’s Office for the District of Massachusetts and the Department of Justice in connection with this matter.”last_img read more