15, February 2024
Kylian Mbappé tells PSG he will leave club at end of season 0
France captain Kylian Mbappé has told officials at Paris Saint-Germain that he intends to leave when his contract expires at the end of the season, a source close to the Ligue 1 champions said on Thursday.
The 25-year-old, who arrived in Paris from Monaco in 2017, had extended his contract in 2022 until 2024 but last summer declined to activate a clause allowing him to stay another year at PSG.
Mbappé has been widely tipped to move to Real Madrid and, according to a source close to the matter, has already entered negotiations with the Spanish giants.
“The terms of the departure have yet to be fully agreed,” the source said, adding that the club and Mbappé will make an official statement “when everything is finalised in the next few months”.
PSG declined to comment when contacted by AFP
Mbappé will leave PSG on a free transfer but the blow to the club will be softened by an agreement they reached last summer which will see the player waive bonuses amounting to around 60 to 70 million euros ($65.6 million to $76.6 million).
After seven seasons at PSG, Mbappé, the club’s all-time top scorer, looks set to seal a move to Real Madrid, the club that the player has dreamt of since he was a child.
Real have made no secret of their desire to bring him to the Santiago Bernabeu. In 2019, 2021 and 2022, club president Florentino Perez considered signing him, only to be rebuffed each time.
For PSG, the departure of their main star, a year after the exits of Neymar and Lionel Messi, marks the beginning of a new era of uncertainty.
Source: AFP
17, February 2024
Donald Trump hit where it hurts most in New York fraud ruling 0
Donald Trump’s latest legal loss hits him where it hurts most because it takes aim at his very identity.
For decades, he has marketed himself as a genius business mogul who made it big in one of the world’s most cut-throat cities.
That image – forever tied to New York deal-making and reinforced by relentless self-promotion – catapulted him to international fame, allowing him to reinvent himself first as a reality TV star and then ultimately president of the United States.
But Judge Arthur Engoron’s ruling in a civil fraud case – related to the inflation of property values and lying on financial statements to obtain better loan terms – undermines Mr Trump’s entire narrative. It instead paints him as a fraud and inflicts a massive blow to his business empire and wealth.
Donald Trump once remarked that the mind can overcome any obstacle. But what an obstacle this is.
The verdict significantly curtails the Trump Organization’s ability to do business in New York. He has personally been banned from holding any directorships for three years and his company cannot secure loans with financial institutions registered with the city during that time either.
He has been hit with an enormous financial penalty of $355m (£282m; €329m) – which jumps to more than $450m once interest is included – that far exceeds how much cash he has to hand. His business will continue to be be watched by an independent monitor, with a separate independent director of compliance also signing off on major business decisions.
In perhaps the only bright spot for the former president and Republican frontrunner, the Trump empire was spared from the equivalent of the corporate death penalty – the cancellation of its business licences.
Mr Trump has for decades seemed to rally and recover from scandals and legal challenges that could irreparably damage others, so much so that he has been referred to as Teflon Don, because nothing sticks.
The nickname previously belonged to the mob boss John Gotti after he won a series of high-profile acquittals in the 1980s. But today’s verdict signals that Donald Trump’s luck, like Gotti’s, may be running out.
Judge Engoron noted Mr Trump and the other defendants’ lack of remorse and history of repeated and persistent fraud. In this case, he said the examples of fraud over more than a decade at the company “leap off the page and shock the conscience”.
Yet the defendants were incapable of admitting the error of their ways, he said, writing: “Their complete lack of contrition and remorse borders on pathological.”
Unsurprisingly, Mr Trump sees things very differently. He says he built a “perfect company” and rejects that he should be punished for fraud because banks were paid back in full. He continues to repeat claims, without evidence, that his legal challenges are just a plot by elite Democrats to keep him out of the White House.
According to Mr Trump’s estranged niece Mary Trump, the judge’s ruling amounts to the end of the Trump family legacy. “Today is an emotional day, but one thing is for certain: the Engoron decision is absolutely devastating for Donald,” she wrote on social media.
As the son of a real estate developer whose projects included middle-class apartment buildings in the outer boroughs of Brooklyn, Queens and Staten Island, Mr Trump always dreamed of making a name for himself among the skyscrapers of Manhattan.
A seven-year spree of construction from 1976-1983, including the eponymous Trump Tower, solidified his reputation as a real estate giant in New York. ”Not many sons have been able to escape their fathers,” he told the New York Times in 1983 – the implication being that at 37, he already had.
And it’s true that the 1980s era of greed and excess was a prosperous time for a young developer with his ambition.
Trump Tower, with its prime location on 5th Avenue, put Donald Trump on the map. Once his reputation was established, he subsequently put his name on every project he did.
By the early 1990’s though, Donald Trump filed for several corporate bankruptcies and nearly lost it all.
It was during this time that Rich Herschlag, the chief engineer in the Manhattan Borough President’s office, worked with Mr Trump and his organization on the Riverside South project, a redevelopment in a former rail yard on the Upper West Side.
He says it meant “everything or darn close to everything” for Donald Trump to be seen as a successful real estate developer – and in particular build an empire from his father’s legacy.
“To watch it [potentially] gutted and decimated, I can’t image that’s anything less than an emotional horror,” he told the BBC.
It is not yet clear how Mr Trump will pay the nearly half a billion dollars that he is liable for and if that will involve selling any assets or businesses to raise the cash. His sprawling real estate empire in New York is valued by Forbes at $490m but there are many other properties around the country, including hotels, golf courses, condominiums and even a winery.
He will appeal against the penalty, which would put the decision on hold until a higher court reviews the case.
But if he wants to avoid paying the fine or having his personal assets seized while the appeal process plays out, he still has to deposit the full amount within 30 days or secure a costly bond.
Selling any of his prime Manhattan real estate would be an indignity for the former president – and a decision he would not take lightly.
Whether or not Donald Trump is able to recover from this financial shock, the outcome looks sure to significantly dent his fortune.
The ruling in the city where he rose to the top – while always remaining something of an outsider – is undoubtedly a big loss. And for more than six decades in New York real estate, there’s no figure Mr Trump has derided more than the “loser”.
Source: BBC