Latest news with #TrumpOrganisation
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Scotsman
a day ago
- Business
- Scotsman
Donald Trump Scotland visit: How the future looks for Donald Trump's business empire in Scotland
The Trump Organisation is still sending money to Scotland as it pursues its long-term vision Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... With Donald Trump set to arrive in Scotland for his first visit as US president since 2018, there is renewed focus on the resorts he intends to visit during his time in his mother's homneland. For Nic Oldham, general manager of Trump Turnberry, the trip will be an opportunity to showcase the work that has been carried at the South Ayrshire resort, both on its historic links courses and in the hotel and wider accommodation offerings. Advertisement Hide Ad Advertisement Hide Ad That includes extensive remodelling of swathes of the famous Ailsa course, and the addition of a whisky tasting roon, games room, boutique cinema, and - what else - a Trump store - within the hotel, all of which have opened in recent months. 'The team are always excited to see the Trump family members as they have done so much for the property and local economy and continue to invest,' Mr Oldham told The Scotsman. Donald Trump is set to return to Scotland this weekend. | Scotsman It is two decades since former president Mr Trump incorporated his first company in Scotland. The country is a place he has called 'home,' and despite the fact his affection is rarely reciprocated, the 78 year-old's footprint in the nation where his mother was born and raised is well-established and slowly expanding. Advertisement Hide Ad Advertisement Hide Ad While political commitments ensure that Mr Trump himself is an infrequent visitor, the responsibility for overseeing his two Scottish resorts - ultimately owned by a Florida-based revocable trust in Mr Trump's name - has fallen to his adult sons, alongside a coterie of trusted executives. Together, they are pursuing significant developments and remodelling work, with millions of pounds of investments planned. A series of investments totalling around £4 million are planned for the flagship Trump Turnberry, even though the resort's parent company, Golf Recreation Scotland, owes nearly £124m to other Trump-controlled entities. At the Trump Organisation's flagship resort, work has been carried over the past year to bolster its offering for well-heeled American golfers, who comprise the majority of its customers. After enduring long-standing losses under the former US president's ownership, the Turnberry property has turned two successive years of annual profits, and there are myriad plans afoot, with £1.8m earmarked for ongoing renovations of Turnberry's stately 118 year-old hotel. Donald Trump's Turnberry resort is undergoing extensive renovations, but is still far from securing the return of golf's prestigious Open Championship. Picture: Jeff J Mitchell / Getty | Getty Images All the while, the drive to increase occupancy, especially at the resort's cluster of self-catering villas, remains pressing, and the aim of those in charge is to generate annual revenues of around £40m - a bold ambition given the current figure stands at £21m. Turnberry is also wooing corporate custom, with the French fashion house, Dior, hosting a major conference at the property last autumn. Advertisement Hide Ad Advertisement Hide Ad Another key goal remains unchanged: to secure the return of golf's Open Championship. Turnberry's Ailsa links is regarded as one of the finest courses anywhere in the world, yet 15 years have passed since it hosted the prestigious tournament. There are multiple reasons for that. Around 120,000 spectators descended on Turnberry in 2009, but nowadays, The Open's attendance figures exceed the quarter of a million mark; Turnberry's remote location and challenging transport infrastructure means it is unlikely to ever emulate such numbers. Then there is Mr Trump himself. The R&A has said it has no plans to stage any of its championships at Turnberry, although its stance has softened since a change in CEO. A remaining concern alongside the logistical problems is that the focus of any gathering would not be on the tournament, the players, or even the course, but Turnberry's notorious owner. Even so, a £1m 'upgrade' of the Ailsa course has beenc carried out to shift parts of the links closer to the Firth of Clyde coastline. The project was overseen by the renowned golf course architect, Martin Ebert, and according to one planning consultancy involved, was designed to 'facilitate the return of The Open Championship.' Mr Trump's Turnberry firm is planning extensive works at the resort's historic hotel. Picture: Jan Kruger/Getty | Getty Even bigger plans for the resort may or may not be revisited. In 2022, planning officials at the Scottish Government rejected Turnberry's calls for a change to planning policies that would have made it easier for the firm to pursue an expansion unprecedented in the property's history, with 120 acres of farmland given over to hundreds of 'high end' private houses, retirement villas, and apartments as part of a 'coastal retreat.' Advertisement Hide Ad Advertisement Hide Ad At the time, Sarah Malone, executive vice-president of Trump International Scotland in Aberdeenshire, said the Trump Organisation would make a formal application to develop the site 'in due course.' In the north east, where the Trump International Scotland resort has hosted the likes of the Staysure PGA Seniors Championship, investment is also on the agenda. A new links course named after Mr Trump's mother, Mary, is scheduled to be officially opened during Mr Trump's visit, with Ms Malone promising the 'greatest 36 holes in golf.' A second course at Trump International Scotland in Aberdeenshire is set to open next summer, but the property has yet to turn a profit. Picture:. | Getty The Balmedie company, which has run up losses for 11 consecutive years and has received loans totalling more than £40m from Mr Trump, also received planning permission six years ago to create as many as 500 houses and 50 holiday homes at the Menie estate. Ms Malone said it had always been the case that any development would be 'phased,' adding that the business remains 'fully committed' to its long-term plans.
The National
2 days ago
- Politics
- The National
'Epstein Island' sign put up at Donald Trump's Scottish golf course
It comes ahead of his visit to Scotland later this week and a state visit to the UK in September. A video posted to Instagram and TikTok from campaign group Everyone Hates Elon showed someone placing the sign in front of a placard reading Trump International Golf Links. READ MORE: Trump Organisation hold talks to discuss Open returning to Turnberry The video was captioned: "Getting ready to welcome Donald Trump to Scotland.' Trump is expected to visit Scotland next weekend on a trip to his golf courses on the Menie and Turnberry estates, with Prime Minister Keir Starmer due to meet with him in Aberdeen. The US president is facing backlash over his past links to Epstein, with his administration also facing criticism over its handling of much-hyped records in the Epstein sex trafficking investigation. Most recently, Trump brought legal action against the Wall Street Journal after the paper alleged he sent Jeffrey Epstein a crude letter featuring a drawing of a naked woman to mark the convicted paedophile's 50th birthday in 2003. Trump has denied writing the letter or drawing the picture.
Economic Times
6 days ago
- Business
- Economic Times
For Sale: Trump leveraging power of his office to reap profits for family businesses
If one theme has emerged in President Donald Trump's second term, it's this: He's leveraged the power of his office for personal gain unlike anyone before in history. ADVERTISEMENT From crypto coins to bibles, overseas development deals to an upcoming line of cellphones, Trump family businesses have raked in hundreds of millions of dollars since his election, an unprecedented flood of often shadowy money from billionaires, foreign governments and cryptocurrency tycoons with interests before the federal government. "He is president and is supposed to be working in the public's interest," said James Thurber, an emeritus professor at American University, who has researched lobbying, campaign finance and political corruption for decades. "Instead, he is helping his own personal interest to grow his wealth. It's totally not normal." The sums amassed by the Trump Organisation, the collection of companies controlled by the president's children, are far greater than those collected by the family during the president's first term, when patronage of his hotels, resorts and golf courses was de rigueur to curry favour with the famously transactional commander-in-chief. The second time around, the Trump family's ambitions are far grander, stretching from cyberspace to far-flung regions across the globe. One of Trump's cryptocurrencies is conservatively estimated to have pulled in at least $320 million since January, while another received a $2 billion investment from a foreign government wealth fund. A third has sold at least $550 million in tokens. ADVERTISEMENT His sons have jetted across the Middle East to line up new development deals, while his daughter and son-in-law are working with the Albanian government to build a Mediterranean island resort. Even first lady Melania Trump has inked a $40 million documentary deal with Amazon, whose founder, Jeff Bezos, was a frequent target of Trump during his first presidency and whose companies contract extensively with the federal government. ADVERTISEMENT The dealmaking is a rejection of Trump's first-term pledge to "drain the swamp" in Washington and dwarfs the influence peddling efforts of former President Joe Biden's family, whom Trump and his allies attacked as the "Biden Crime Family". While Democrats have condemned Trump for his overlapping roles as a beneficiary and president, he is not likely to face any immediate repercussions for such extensive conflicts-of-interest. ADVERTISEMENT Congress is controlled by fellow Republicans, and his administration is stocked with loyalists who have dismantled many guardrails of oversight. Last summer, the Supreme Court, with a conservative majority cemented by Trump, ruled that presidents have broad immunity from prosecution. Even in the rare cases where Trump's allies have urged caution, the president has ignored them. That's what happened when he accepted a $400 million "beautiful, big, magnificent, free airplane" from the Qatari government. Trump said the Boeing 747 "would go directly" to his presidential library upon leaving office. ADVERTISEMENT "It's the Mount Everest of corruption" said Sen. Jeff Merkley, an Oregon Democrat. Since Richard Nixon resigned in disgrace, presidents have gone to great lengths to avoid the appearance of such conflicts. Jimmy Carter and Ronald Reagan kept assets in a "blind trust," while George H W Bush used a "diversified trust," which blocked him from knowing what was in his portfolio. His son, George W Bush, used a similar arrangement. Barack Obama was an exception, but his investments were mostly a bland mix of index funds and US treasuries. During his first term, Trump even gave a nod toward ethics. He issued a moratorium on foreign deals. But instead of placing his assets in a blind trust like many of his predecessors, he handed the reins of the Trump Organisation to his children, which kept his financial holdings close. This time, he has made no such gesture. His sons, Eric and Donald Jr, are again running the business while Trump is in office. And though the White House says he is not involved in its day-to-day decisions, the trust he has established continues to profit. He promotes his resorts, merchandise and the family's crypto ventures while residing in the White House, often from his account on Truth Social, the social media company he and his allies launched. He's also touted a line of Trump shoes, a Bible, which is made in China, and Trump guitars, one of which is a $1,500 Gibson Les Paul knockoff, featuring "Make America Great Again" fret inlays. Conservative groups and Republican committees have spent at least $25 million at Trump properties since 2015, with most of it coming from Trump's own political organisation, campaign finance disclosures show. Yet, those ventures pale in comparison to his exploits in cryptocurrency, which offers perhaps the clearest example of the conflicts of interest that have come to dominate Trump's second term. Trump was once a crypto sceptic who declared that cryptocurrencies were "not money," were based on "thin air" and seemed "like a scam." By the time he was running again for president, however, he'd become a proponent of the industry. "The difference now is he has realised that it can be his scam," said Hilary Allen, a law professor at American University who specialises in banking and cryptocurrencies. Trump has pledged to turn the US into the "crypto capital of the world" and promised to roll back oversight of the industry. Deregulation, of course, will help his own businesses. At the height of the campaign, Trump announced the launch of his own crypto coin and World Liberty Financial, a cryptocurrency firm that would be run by his sons and several business associates. Among those partners was Steve Witkoff, now one of Trump's top diplomatic envoys. The Trump Organisation and World Liberty Financial declined to comment. But it was also rooted in his 2024 campaign. At a crypto event at his Mar-a-Lago club in Florida in May 2024, he received assurances that industry figures would spend lavishly to get him reelected, The Associated Press previously reported. Asked recently at the White House if he'd consider having his family business step back from its crypto investments to avoid questions about conflicts of interest, Trump said: "We've created a very powerful industry. That's much more important than anything that we invest in." "I don't care about investing. You know, I have kids and they invest in it, because they do believe in it," Trump added of crypto. "But I'm president, and what I did do there was build an industry that's very important. And, if we didn't have it, China would." Harrison Fields, a White House spokesman, reiterated that Trump's crypto boosterism isn't driven by self-interest. He "is taking decisive action to establish regulatory clarity for digital financial technology and to secure America's position as the world's leader in the digital asset economy," Fields said. "The Trump administration," Fields added, "is fulfilling the president's promise to make the United States the crypto capital of the planet by driving innovation and economic opportunity for all Americans." Trump is soon expected to sign cryptocurrency legislation approved by Congress on Thursday. Among the provisions is a ban on members of Congress issuing their own brand of a particular type of cryptocurrency. The prohibition does not extend to the president. Fields said it was unfair to equate critics' charges of conflicts of interest against Trump with the president's own suggestions that Biden's family benefited financially while he was in office. He said Trump's policies haven't benefited the president personally and have nothing to do with his family's financial concerns - and said Trump entered the White House an already successful businessman who didn't need a political career to become rich. Even so, Trump's family is poised to benefit financially from the crypto industry's growing clout. It holds a majority ownership stake that entitles them to 75% of earnings from their first coin, released last September, according to World Liberty Financial's website. The coin, $WLFI, was not an immediate success. Then, after the president's election, sales took off. Days before his inauguration, Trump announced a new meme coin, $Trump, during the "Crypto Ball," a Washington gala intended to showcase a regulatory sea change he vowed to usher in. "Time to celebrate everything we stand for: WINNING!" Trump posted to his X account. "Join my very special Trump Community. GET YOUR $TRUMP NOW." Trump's meme coin generated at least $320 million in fees Often created as a joke with no real utility, meme coins are prone to wild price swings that often enrich a small group of insiders at the expense of less sophisticated investors. $Trump soared to over $70, but its price soon collapsed, losing money for many. It has hovered around $10 since March. Trump did well, though. By the end of April, the coin had earned over $320 million in fees, according to an analysis by the crypto tracking firm Chainalysis. A third cryptocurrency, a "stablecoin" called USD1, launched in April. There appear to be upsides for Trump's cryptocurrency investors and associates. Justin Sun, a Chinese-born crypto billionaire, has disclosed investing nearly $200 million in the Trumps' various crypto ventures. Amid this spree, the Trump administration announced it had paused a securities fraud case against him. In June, Sun announced he was taking his crypto company, Tron, public after securing financing through a deal brokered by Eric Trump. Last week, Sun posted on Twitter that he was purchasing an additional $100 million worth of Trump's meme coin. Sun is not the only one. Changpen Zhao, a convicted felon who founded the crypto exchange Binance, was part of a megadeal in which a United Arab Emirates-controlled wealth fund invested $2 billion in the Trump stablecoin, USD1, which it used to purchase a stake in Zhao's Binance. The deal gave outsized publicity to World Liberty Financial and instantly made the stablecoin one of the top in the market. It will also allow the Trump family and their business partners to reinvest the $2 billion and collect interest, estimated to be worth as much as $80 million a year. Soon after the purchase was announced, Trump granted the UAE greater access to US artificial intelligence chips, which it had long sought. Binance and Zhao benefited, too. Binance is restricted in the US and entered a settlement with the Biden administration that sent Zhao to jail in 2024 after he pleaded guilty to failing to maintain an anti-money-laundering program. Prosecutors said he looked the other way as criminals used his platform to move money connected to child sex abuse, drug trafficking and terrorism. In May, Trump's Securities and Exchange Commission dropped the final federal enforcement action against Binance. Zhao, who goes by CZ, is now seeking a pardon. The White House says no decision has been made on issuing such a grant of clemency. Trump announced several months ago a new promotion that would trade on his presidency: He was hosting a dinner at his Virginia golf club for the top 220 investors in his meme coin, $Trump, with a special White House tour for the top 25. That fuelled a temporary rise in the coin's value. It also helped enrich the Trump Organisation, which is entitled to collect fees when the coin is traded. A month later, Trump addressed attendees of the dinner, standing before a lectern with the presidential seal. The White House said at the time that it had nothing to do with the meme coin. For decades, campaign contributions and lobbying have been governed by laws that place limits on how much donors can give, require a degree of transparency and limit how politicians can spend the money they raise. Trump's venture into cryptocurrency effectively sidesteps these laws, legal and finance experts say. "It's a lot like the Trump Hotel from the first term, but what crypto has done is dispensed with the need for the hotel," said Allen, the law professor. "Because crypto assets can be made out of thin air, he has found a way of creating an unlimited supply of assets to offer to people who want to give."
RTÉ News
16-07-2025
- Business
- RTÉ News
R&A 'really optimistic' about hosting Open at Portmarnock
The R&A are "really optimistic" about the prospect of holding the Open Championship in Portmarnock, according to chief executive Mark Darbon. Late last year, the Irish government announced it would support Portmarnock's bid to host both the Open Championship and the AIG Women's Open, pledging up to €40 million in support. Speaking in Portrush on the eve of the 2025 tournament, the third ever to be held on the island of Ireland, Darbon told reporters that the R&A were "thinking about" holding the Open championship at the north Dublin links. "First one would say is that I've got one venue on my mind this week and it's Portrush, given it is my first Open Championship, and looking forward to delivering what we hope will be a successful event," explained Mr Darbon, who said in April that the R&A was "really optimistic" about the prospect of hosting The Open in Dublin. "Yes, we are thinking about Portmarnock. We think it's a wonderful links golf course, and we've been really encouraged by the support that we've had in principle from the Irish government to work with us to understand whether we can stage an Open Championship there in the future. "We're knee-deep in the feasibility work to help us answer that question fully. We expect to have a clearer picture by the back end of this year." Were Portmarnock to stage the Open Championship, it would mark the first time that golf's oldest championship would be held outside the United Kingdom. The north Dublin venue has held two major R&A events in recent years, the 2024 Women's Amateur Championship and 2019 Amateur Championship (Men) - the latter being won by Cork's James Sugrue. Portmarnock was for years the de facto home of the Irish Open, hosting it 19 times in total and all bar three occasions between 1976 and 1990. It most recently staged the Irish Open in 2003. Darbon also confirmed Saturday's tee times for this week's Open at Royal Portrush would have a "slight tweak" of about 15 minutes to ensure play finishes before a loyalist march in the town, but he declined to comment on reports the R&A had offered £20,000 for organisers to cancel. The CEO revealed talks have taken place with the Trump Organisation about Turnberry's suitability to host The Open again. The venue on Scotland's west coast has not hosted the major since its fourth visit in 2009 when Stewart Cink denied a then 59-year-old Tom Watson a fairytale sixth Claret Jug. Donald Trump's company bought the resort in 2014 but, despite concerns about the circus which could surround the event should it host again while he was a sitting United States president, Darbon insists the lack of a return has more to do with infrastructure. "I think we've been extremely clear on our position in respect of Turnberry. We love the golf course, but we've got some big logistical challenges there," he said. "We've got some work to do on the road, rail and accommodation infrastructure around Turnberry. "We've explicitly not taken it out of our pool of venues, but we'd need to address those logistical challenges should we return, so we've had good conversations with the ownership and the venue like we do with all of our venues. "I met a couple of months ago with Eric Trump (executive vice-president of his father's Trump Organisation) and some of the leadership from the Trump golf organisation and from Turnberry. "We had a really good discussion. I think they understand clearly where we're coming from. "We talked through some of the challenges that we have, so we've got a good dialogue with them." There were reports Trump, who is scheduled to make a state visit to the UK in September, had been petitioning the Government to step in to influence a decision on Turnberry's return to the Open rotation, but Darbon said the R&A remained sole arbiters. "We've spoken to them specifically about Turnberry and I think they've made it clear that the decision around where we take our championship rests with us," added Darbon. "I would find it difficult to predict whether there will be any discussion on The Open if the President is making a visit here." Muirfield, another Scottish links which has not hosted in 12 years, faces similar logistical issues since overturning a vote not to admit women in 2017. "We're in a discussion with the venue right now. There's some things that we need to evolve at Muirfield and there's some work we need to do with the venue to facilitate some of the infrastructure that we require," said Darbon. With the next two Opens scheduled for St Andrews and Royal Birkdale, the next available slot is 2028.
The National
16-07-2025
- Entertainment
- The National
Fundraiser gig for Optimo DJ Keith McIvor to take place this weekend
Keith McIvor, also known as JD Twitch – one half of the Glasgow duo Optimo – announced his diagnosis last week, saying that he will be prioritising spending time with his family. Writing on Instagram, he said: 'Over the past few weeks I have received lots of enquiries about my health having missed several gigs since being admitted to the hospital. Glasgow clubbing duo Optimo 'Following extensive tests I've been diagnosed with a brain tumour and I have been told my condition is untreatable. As you can imagine, I am currently trying to process this news and prioritising spending precious time with the people I love. 'I know this may be difficult news to receive through social media, and I'm sorry if it feels sudden or impersonal.' READ MORE: Trump Organisation hold talks to discuss Open returning to Turnberry A crowdfunder to raise money for McIvor's ongoing care and access to therapies to manage and ease his symptoms was launched by his family. It has surpassed its initial target of £50,000 since it was launched, raising more than £87,500 at the time of writing. His family said the fundraiser would continue to stay open amid the "uncertainty" around the full extent of care costs. Any excess funds from the fundraiser will be shared equally between four causes: Glasgow NW Foodbank, the Coalition for Racial Equality and Rights, Brains Trust and Taki's Shelter in Crete. And on Wednesday, it was announced that a special live music event will take place this weekend at Queen's Park Arena to raise further funds. The event, taking place in collaboration with Optimo Music, will take place on Sunday and will feature sets from Tony Morris, Semispecific Ensemble and GK Machine. Originally planned by McIvor himself as a fundraiser for Glasgow NW Foodbank, the event will now also support his ongoing treatment and care. The portion of proceeds initially intended for the foodbank will still be donated as planned. Tickets begin at £0.50 and are available via the Skiddle website. There are also ticket options with a £5 or £10 donation included. READ MORE: Dress worn by Outlander character goes on display in Scottish filming location Commenting, Chet Capkiner, director of inhouse CIC at Queens Park Arena, said: "Optimo has been our spiritual home for so many of us for decades. Keith's presence and influence changed many lives – including mine. "This is a chance for us to return that care and energy, and to support him and his family when it matters most. A true musical mentor and inspiration to us all." Glasgow clubbing duo Optimo (Image: Matthew Arthur Williams) Along with Jonnie Wilkes, McIvor ran Optimo Espacio, regarded as one of the city's most loved club nights, for 13 years between 1997 and 2010 at the legendary Sub Club venue. Originally from Edinburgh, he moved to Glasgow to attend university, and began to DJ at the same time. McIvor's Optimo club nights went on to establish a reputation for its eclectic music and became one of Scotland's most popular club nights. The duo continued to DJ, playing festivals and gigs around the world, but McIvor's condition meant that he was unable to play at Optimo's recent shows, including their own festival, Watching Trees.
