Abu Dhabi Firm Looks to Build Data Centers in Space
Horizons Middle East and Africa
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Madari Space, an Abu Dhabi-based firm aiming to build data centers in space, is planning its first mission in the third quarter of 2026, founder and CEO Shareef Al Romaithi tells Joumanna Bercetche on Bloomberg's Horizons: Middle East and Africa. (Source: Bloomberg)
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USA Today
20 minutes ago
- USA Today
Son Heung-min unveiled at LAFC press event; blockbuster signing reportedly sets MLS record
LOS ANGELES — It's always Sonny in Los Angeles. Los Angeles Football Club officially unveiled Son Heung-min, their reportedly record-breaking signing, at a press conference at BMO Stadium on Wednesday, Aug. 6. "I'm here to win, I will perform. I will definitley show you something exciting," Son said. Son, 33, is considered to be arguably the greatest Asian soccer player ever, having appeared for South Korea 134 times (scoring 51 goals). In a decade with Tottenham, Son scored 173 goals and added 101 assists, captaining the London-based club to its first trophy in 17 years as Spurs won the 2024-25 Europa League final in May. The now-former Tottenham star noted that LAFC was not originally his first choice when moving from the north London side, but was convinced by LAFC co-president and general manager John Thorrington. "I honestly and openly share what this club is about," Thorrington said at the press conference. "I ask: 'Does this match with your ambition?' and in this case ... it has." Son is one of the highest profile signings in the club's – and arguably league – history following the footsteps of Carlos Vela, Gareth Bale and Olivier Giroux into the Hollywood spotlight. Thorrington said the move was nine years in the making. "What I call the walking paradox that is Sonny, that is this unbelievably charismatic guy but matched with his humility that he walks around with, and his patience, that's what we aspire to be," Thorrington said. The fee LAFC shelled out to seal his move to MLS is to be the largest in league history, according to multiple reports. While MLS clubs have rarely been willing to share exact transfer fees, GiveMeSport reported Aug. 5 that the transfer will be will surpass Emmanuel Latte Lath's move to Atlanta United this past winter for $22 million. ESPN and The Athletic reported ahead of the announcement that the fee would be at least $26 million, which would mark a new transfer fee record for the league. Thorrington declined to disclose the terms of the contract when asked. MLS AT 30: What's next after remarkable growth Debut timetable to be determined Son did not provide a timetable on when he will join the team on the field, saying that he will work with the coaching staff to get on the pitch as soon as possible. "I came here to play soccer and I'm ready to play, but there is some preparation work to be done," Son said. LAFC stands in sixth place in the Western Conference on 36 points with 12 games remaining in MLS play. The team's next three league games are on the road at the Chicago Fire, New England Revolution and FC Dallas. If the club intends to hold the debut until their return to Expo Park, it could be made in a Sunday showcase against San Diego FC on Aug. 31. A 2-1 win over UANL Tigres – with a heavily rotated side and Son looking on from a suite – on Tuesday, Aug. 5 gave LAFC a long-shot chance at progressing in Leagues Cup. Korean-American community buzzes about Son signing Rumors of the Black and Gold signing the South Korean superstar sent a buzz through the Korean-American community as news on the progression of the deal were reported out, principally by Tom Bogert of GiveMeSport and international transfer maven Fabrizio Romano. "Son Heung-min's transfer to LAFC presents a rare and powerful opportunity to shift that attention toward LAFC and the MLS," Kyeongjun Kim, a writer with The Korean Daily, the largest Korean-language media outlet in the U.S., told USA TODAY in an email ahead of Wednesday's press conference. "Already, many Korean fans are posting on social media asking how to buy LAFC season tickets or inquiring about the match schedule." Photos published by Agance France-Presse show fans lining up at Los Angeles International Airport at the rumored time of arrival for Son, with one sign reading "Welcome to LA" in Korean. Daniel Park, a native of South Korea who was already in the country on a business trip but took time to visit BMO Stadium just before the press conference, described Son as a celebrity who transcended sports. Beyond his success on the field, Son is a behemoth in the advertising world. Adidas, Burberry, Calvin Klein and Tumi have all named Son a brand ambassador and launched major ad campaigns around him, while he is one of just five soccer players to have a custom character "skin" in one of the most popular video games in the world, Fortnite. "Son's move to the LAFC is as exciting — if not moreso — than when Chan-ho Park and Hyun-jin Ryu joined the Dodgers," Kim wrote. Son is not the first South Korean signing for the club, which had defender Kim Moon-hwan from 2021-2022. Contributing: Jason Anderson, USA TODAY Sports
NBC News
21 minutes ago
- NBC News
Claire's, known for piercing millions of teens' ears, files for Chapter 11, 2nd time since 2018
NEW YORK (AP) — Mall-based teen accessories retailer Claire's, known for helping to usher in millions of teens into an important rite of passage — ear piercing — but now struggling with a big debt load and changing consumer tastes, has filed for Chapter 11 bankruptcy protection. Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries — collectively Claire's U.S., the operator of Claire's and Icing stores across the United States, made the filing in the U.S. Bankruptcy Court in Delaware on Wednesday. That marked the second time since 2018 and for a similar reason: high debt load and the shift among teens heading online away from physical stores. Claire's Chapter 11 filing follows the bankruptcies of other teen retailers including Forever 21, which filed in March for bankruptcy protection for a second time and eventually closed down its U.S. business as traffic in U.S. shopping malls fades and competition from online retailers like Amazon, Temu and Shein intensifies. Claire's, based in Hoffman Estates, Illinois and founded in 1974, said that its stores in North America will remain open and will continue to serve customers, while it explores all strategic alternatives. Claire's operates more than 2,750 Claire's stores in 17 countries throughout North America and Europe and 190 Icing stores in North America. In a court filing, Claire's said its assets and liabilities range between $1 billion and $10 billion. 'This decision is difficult, but a necessary one,' Chris Cramer, CEO of Claire's, said in a press release issued Wednesday. 'Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire's and its stakeholders.' Like many retailers, Claire's was also struggling with higher costs tied to President Donald Trump's tariff plans, analysts said. Cramer said that the company remains in 'active discussions' with potential strategic and financial partners. He noted that the company remains committed to serving its customers and partnering with its suppliers and landlords in other regions. Claire's also intends to continue paying employees' wages and benefits, and it will seek approval to use cash collateral to support its operations. Neil Saunders, managing director of GlobalData, a research firm, noted in a note published Wednesday Claire's bankruptcy filing comes as 'no real surprise.' 'The chain has been swamped by a cocktail of problems, both internal and external, that made it impossible to stay afloat,' he wrote. Saunders noted that internally, Claire's struggled with high debt levels that made its operations unstable and said the cash crunch left it with little choice but to reorganize through bankruptcy. He also noted that tariffs have pushed costs higher, and he believed that Claire's is not in a position to manage this latest challenge effectively. Competition has also become sharper and more intense over recent years, with retailers like jewelry chain Lovisa offering younger shoppers a more sophisticated assortment at low prices. He also cited the growing competition with online players like Amazon. 'Reinventing will be a tall order in the present environment,' he added.
Bloomberg
21 minutes ago
- Bloomberg
DBS Profit Tops Estimates Amid Jump in Fee, Trading Income
DBS Group Holdings Ltd. reported second-quarter profit that beat expectations, buoyed by a jump in income from trading and wealth fees. Net income rose 1% to S$2.82 billion ($2.2 billion) in the three months ended June 30, Singapore's largest lender said in a statement Thursday. That compared with the S$2.78 billion average estimate of analysts surveyed by Bloomberg News.
