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Time of India
an hour ago
- Science
- Time of India
Analemma Tower: Skyscraper that hangs in space with an asteroid?
Imagine a building that doesn't rise from the ground, but descends from the sky. That's the concept behind the Analemma Tower, a futuristic architectural vision by New York-based firm Clouds Architecture Office (Clouds AO). Instead of being built from the Earth up, the structure would hang from an asteroid placed in geosynchronous orbit around 50,000 kilometres above the Earth's surface. Following a daily figure-eight path over the globe, the tower would pass above cities like New York, Dubai, and Panama City. While it remains a speculative idea, the Analemma Tower challenges long-held ideas of construction, mobility, and the future of urban living. The skyscraper that hangs from space Traditional skyscrapers begin at the ground and reach upward, constrained by gravity and structural limits. The Analemma Tower turns this idea on its head. It envisions a building suspended from space using a system called the Universal Orbital Support System (UOSS). Instead of digging deeper foundations, the structure would hang from a cable tethered to an asteroid in orbit — essentially replacing the foundation with space itself. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Took 1 Teaspoon Before Bed – Her Belly Was Gone in a Week Hollywood News | USA Click Here Undo A building that orbits: how the tower moves across the Earth The tower would not be stationary. Its asteroid anchor would orbit the Earth in a way that traces a figure-eight pattern, also known as an "analemma." As a result, the tower would move over different parts of the planet throughout the day but return to the same position every 24 hours. This would allow residents or visitors to experience a constantly changing view, with potential access points as the lower part of the tower passes over select cities. Living in the sky: design, power, and life at 50,000km up Inside the Analemma Tower, lower floors — closer to the ground — would contain residential spaces, offices, and shopping areas, while upper levels could be used for research, tourism, or spiritual retreats. Electromagnetic elevators would replace traditional cable systems to allow movement between sections of the tower. Energy would be supplied by space-based solar panels, while closed-loop systems would recycle water and air, similar to those used on the International Space Station (ISS). The tower is imagined as a hybrid between a city and a spacecraft. Between vision and reality: the science that holds it back Despite the detail in design, the Analemma Tower remains a theoretical concept. Capturing and relocating an asteroid into stable orbit is well beyond current space capabilities. Even if such a feat were possible, materials strong enough to suspend such a massive structure from space do not yet exist. In addition, human life at high altitudes would require intense protection from radiation, low pressure, and extreme temperatures. These factors make the project unrealistic with today's technology. Why dream it? reimagining the future of cities and space living While the idea may not be physically achievable now, it serves a powerful purpose: expanding the limits of architectural thinking. The Analemma Tower encourages scientists, engineers, and designers to consider what urban life might look like in the distant future — perhaps even beyond Earth. As cities face increasing pressure from population growth and land scarcity, such concepts spark valuable dialogue about sustainability, mobility, and off-world living. Analemma Tower: A floating symbol of tomorrow's possibilities Though unlikely to be built in near future, the Analemma Tower stands as a symbol of ambition and imagination. It invites us to think beyond gravity and land, to explore new ways of inhabiting space and redefining the built environment. As history has shown with skyscrapers, airplanes, and satellites, today's impossibilities often become tomorrow's realities — and Analemma is one such dream suspended in potential.
Mint
5 hours ago
- Business
- Mint
Goldman ICBC Wealth JV CEO Leaves Amid Growth Pains, Competition
(Bloomberg) -- Goldman Sachs Group Inc.'s top executive at its wealth venture with China's biggest bank has resigned, people familiar with the matter said, as foreign firms struggle to gain a foothold in the country's asset management market amid deepening economic strains. Alex Wang, chief executive officer of Goldman Sachs ICBC Wealth Management, is leaving after almost 15 years at Goldman's asset management affiliate in China, the people said, asking not to be identified because the matter isn't public. He is in discussions to join Nomura Holdings Inc. with a similar title to run its securities business, the people said, asking not to be identified. Goldman will replace Wang with Zhang Yumeng, who took up a job as managing director at investment research firm Morningstar Inc. in January, one of the people said. He was formerly head of China at Legal & General Group, having also worked at Ping An Asset Management and Mercer International. Goldman Sachs' spokeswoman in Hong Kong declined to comment. Wang, who was also previously head of private wealth management in China onshore at Gao Hua Securities Co., didn't respond to requests for comment. Zhang and Industrial & Commercial Bank of China Ltd. couldn't be reached for comment outside business hours. Wang's departure comes three years after Goldman's 51%-owned venture was allowed to roll out wealth management services in 2022. Although the tie-up with ICBC will aid product distribution on the mainland, it remains unclear how much it will overlap or compete with the Chinese lender's own wealth management unit, one of the people said. Global firms have launched wholly-owned fund management units in China, but scaling up has proved difficult amid a sluggish stock market and intense competition from powerful domestic players that offer tailored, lower-cost products. Western firms may find it challenging to match the deep-rooted networks and regulatory rapport that the local incumbents have enjoyed, while a regulatory push to lower management fees has further squeezed margins. New York-based Goldman's China wealth push was built on expectations of rising demand from a growing affluent class. It previously estimated Chinese households will have 450 trillion yuan ($63 trillion) in investable assets by 2030, with around 60% flowing into non-deposit products such as securities, mutual funds, and bank wealth management, according to a 2021 announcement when it established the venture with ICBC. But demand has waned as consumers hoard cash amid a prolonged property slump and mounting US–China tensions, sharply curbing investment appetite. Meanwhile, Nomura has scaled back its original focus on China wealth, cutting staffing by about two-thirds in the business over the past two years to prioritize an expansion in brokerage and asset management in the world's second largest economy, people familiar said earlier. The Tokyo-based firm has been seeking a new chief executive officer for its securities business in China for months as its joint venture faces pressure to revive its performance after posting losses every year since it was formed in 2019. While it was confident that its expertise of catering to rich Japanese would help give it an edge in China, its wealth business push has teetered under President Xi Jinping's 'common prosperity' drive, a slowing economy and stiff competition. Rival UBS Group AG last year also postponed plans to build its own mutual fund business in China due to the large capital commitment and a dim profit outlook, people familiar with the matter have said. The bank had been contemplating a stand-alone fund platform after China lifted foreign ownership restrictions in 2020. More stories like this are available on
GMA Network
5 hours ago
- Business
- GMA Network
Hotel101 Global shares to begin Nasdaq listing on July 1
Hotel101 Global Pte Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., on Saturday announced that its shares are set to begin trading on Nasdaq Stock Exchange on July 1, 2025. IHotel101 Global said it celebrated its US public listing by ringing the opening bell on Nasdaq on June 27, as the company became the first Filipino firm to be listed and traded on the New York-based bourse. 'This is a historic moment for DoubleDragon, becoming the first-ever Filipino company with a subsidiary listed and traded on the Nasdaq. It reflects the strength of our vision and the dedication of everyone who has helped bring Hotel101 to this global stage," said DoubleDragon chairman Edgar 'Injap' Sia II "And we're just getting started – with a globally scalable model and a long runway ahead, we aim to redefine the industry and become a leading global hospitality brand working towards our vision of an inventory of 1 million Hotel101 rooms globally,' he added. The listing came after it had secured the approval of the United States Securities and Exchange Commission (SEC). The company's shares will be traded under the ticker symbol 'HBNB.' Hotel101 Global's Nasdaq listing was on the heels of its business combination or merger with JVSPAC Acquisition Corp., approved by JVSPAC shareholders on June 24, 2025. As a result, Hotel101 will be worth $2.3 billion or P130 billion. Listed on the Nasdaq, JVSPAC is a blank check company led by its chairman and chief executive officer Albert Wong, who has been the chief executive officer and director of Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou. Kingsway is also the lone distributor of Koenigsegg Automotive, Rimac Automobili, and Bugatti Automobiles for China, including Hong Kong and Macau. —Ted Cordero/ VAL, GMA Integrated News
Daily Maverick
10 hours ago
- Business
- Daily Maverick
MTN faces legal reckoning: Turkcell's $4.2 billion claim exposes alleged corruption and bribery
A $4.2-billion corruption claim, including allegations of bribery and geopolitical interference: MTN's long-running Irancell saga is finally knocking at the doors of South Africa's highest court. More than two decades since Iran issued its first private mobile network licence, a tangled web of geopolitics, bribery allegations and courtroom battles has landed squarely at the feet of South Africa's Constitutional Court. First, some background. The stakes? A $4.2-billion claim. The claimant? Turkish mobile giant Turkcell. The accused? The MTN Group, South Africa's telecommunications crown jewel. At the heart of the matter lies the 2005 award of Iran's mobile licence to MTN – after Turkcell had already been named the winner. Now, after years of legal ping-pong, Turkcell's claim of corruption and foul play is finally inching towards a South African trial. MTN is trying to stop that from happening. The smoking gun Turkcell's legal counsel, New York-based King & Spalding's Cedric Soule, doesn't mince his words. 'MTN sought to obtain illegally what it could not win through honest competition,' he told Daily Maverick. The allegations, which are laid out in filings and interviews, read like an international spy thriller: Bribing foreign officials, including Javid Ghorbanoghli, then Iranian deputy foreign minister for the Africa Bureau, and South Africa's then ambassador to Tehran, Yusuf Saloojee; Trading influence at the United Nations nuclear watchdog, promising to help Iran avoid sanctions; Promising prohibited defence equipment, including Rooivalk attack helicopters and frequency-hopping radios, to sweeten the deal (Turkcell claims it has evidence, as yet undisclosed, that MTN communicated with Denel and Iranian officials). According to Turkcell, all this happened so that MTN could elbow its way into a $31-billion mobile market and walk away with the licence that should have gone to Turkcell. The deal was sealed days after South Africa abstained from a crucial vote related to Iran's nuclear programme at the International Atomic Energy Agency (IAEA) in late 2005. The vote concerned whether to report Iran to the UN Security Council for failing to comply with its IAEA Safeguards Agreement. But the abstention was seen as a deliberate act, motivated by concerns about the procedural fairness of the resolution and a desire to maintain the IAEA's authority. Specifically, South Africa's representative to the IAEA, Abdul Samad Minty, argued that the resolution was flawed and premature, as it bypassed the IAEA board of governors' role in the verification process. Minty said at the time that 'South Africa's commitment is to the IAEA's integrity and impartiality and is reluctant to undermine the agency's authority'. South Africa has also enjoyed good relations with Iran. Crucially, this abstention was not an isolated incident. South Africa also abstained on similar resolutions in 2006, highlighting a consistent stance on the matter. Soule says Turkcell 'won the licence fair and square' and that MTN's conduct undermined the integrity of international business. 'This case is about accountability,' he says. 'And it belongs in a South African courtroom.' A strong rebuttal MTN, for its part, has always dismissed Turkcell's claims as 'a fabric of lies' and a 'frivolous shakedown'. Its legal team, speaking about background exclusively to Daily Maverick, continues to lean heavily on the Hoffmann Report – a 2013 internal investigation led by British judge Lord Leonard Hoffmann. This report found 'no conspiracy,' labelled Turkcell's key witness a 'fantasist' and said MTN executives were in the clear. It even found that although a $400,000 payment had been made to an Iranian intermediary, the money's purpose couldn't be determined – and was irrelevant to Turkcell's central claims. MTN also argues that Turkcell failed to comply with Iranian laws after a shift in government policy. 'They failed to adjust their shareholding in time,' MTN argues, 'and were lawfully excluded from the process.' As for the most salacious allegations – military gear and political favours – MTN says it would be impossible for its actions to have altered Iranian legislation or international diplomacy. The Hoffmann Report indicates that a general election took place in Iran on 20 February 2004, which resulted in a new parliament taking office in May 2004. This new Iranian parliament was overwhelmingly dominated by conservatives who opposed the government's policy of privatisation and foreign inward investment, particularly in relation to the cellphone service. The Single Article Act, designed to strengthen financial discipline, stemmed from this shift in parliamentary power. Snookered in ownership Following the Single Article Act, the parliament passed another significant piece of legislation in February 2005, known as the Irancell Act. This act imposed further conditions, requiring that 51% of the shares in the operating company be held by Iranian entities and that all board decisions require the approval of at least 50% of the shareholders. This was understood to be due to concerns about foreign entities becoming heavily involved in what was considered critical infrastructure in Iran. These legislative changes created significant obstacles for Turkcell, which had initially won the tender with a plan to control 70% of the shares. 'Turkcell was given multiple opportunities to negotiate with its existing partners to reach a compliant deal, but they didn't do that or they were not able to do that,' MTN's legal team argues. The team points to a specific deadline – 4 September 2004 – when the Ministry of Telecommunications demanded a compliant deal from Turkcell, which the Turkish company failed to deliver. 'Turkcell has never explained how MTN's [alleged] corrupt practices would have led to a change in national legislation,' MTN's lawyers emphasise, arguing that their client was simply better positioned to navigate Iran's evolving regulatory landscape. After Turkcell's 2012 US complaint, MTN commissioned the independent investigation led by Lord Hoffmann, a retired British Supreme Court judge. But Turkcell has 'strongly rejected MTN's repeated reliance on the Hoffmann Report', with Soule calling it 'unreliable and irrelevant' to current proceedings. The Turkish company has criticised the investigation, claiming: Conflicts of interest: Lord Hoffmann's daughter, Jennifer, worked for MTN Mobile Money during the relevant 2004-2006 period and also in the MTN Banking joint venture with Standard Bank, which was involved in the financial transfers. 'Lord Hoffmann had a huge conflict of interest,' Soule argues. Lack of independence: The committee was composed of MTN non-executive directors and used MTN's own external lawyers (Freshfields Bruckhaus Deringer) instead of independent counsel. The committee even thanked the Islamic Republic of Iran for support – problematic given Iran's alleged involvement in the wrongdoing. Insufficient rigour: The committee didn't actually interview key witnesses like former MTN director in Iran Chris Kilowan, then commercial director Irene Charnley (to whom Jenny Hoffmann reported) or former MTN CEO Phuthuma Nhleko to determine credibility, relying only on written statements prepared with lawyers' help. The committee did not independently seek documents, relying instead on what MTN's lawyers provided. Turkcell characterises the report as essentially 'a PR exercise' to review curated evidence and reach predetermined conclusions. The company declined to participate owing to concerns about the committee's structure and independence. Where we are now In April this year, the Supreme Court of Appeal handed Turkcell what it called a 'procedural win' – confirming that South African courts do have jurisdiction to hear the matter. It dismissed MTN's argument that South Africa cannot police corporate misconduct committed abroad. 'Not on our watch' was how the court framed its message to South African firms doing business in murky waters. MTN is now seeking leave to appeal to the Constitutional Court in a last-ditch effort to stop the case from going to trial. Turkcell has filed its opposition. 'The report never seriously asked: what if we did do some of these things?' says Soule. 'It only asked: is Turkcell's story perfect?' MTN has argued that Iranian courts would offer a fair alternative venue for the dispute, but Turkcell has strongly rejected that suggestion. The Turkish company cites 'well-documented concerns regarding judicial independence and due process' in what it describes as a 'religious dictatorship where dissent is not tolerated'. More practically, Turkcell argues that Iranian courts wouldn't be able to compel MTN executives, who reside in South Africa, to appear and testify – a crucial limitation given the nature of the allegations. But the fact remains that Turkcell also refused to participate in the Hoffmann inquiry, claiming its witnesses would not be safe and due process could not be guaranteed in Iran. Although the Supreme Court of Appeal agreed that Iranian law would apply to aspects of the case, Turkcell sees this as its 'only and probably final opportunity' to get a substantive ruling on MTN's alleged misconduct. If it proceeds, this would become one of South Africa's most explosive corporate trials. MTN also faces what amounts to a 'reputational trial in the court of public opinion', regardless of the legal outcome. The company holds a 49% minority stake in Irancell, which it says is not under MTN Group's operational control. The case also highlights claims of a complex interplay between corporate interests and state foreign policy. President Cyril Ramaphosa served as MTN Group chairperson (a non-executive role) more than 12 years ago, resigning from the position in May 2013. But MTN asserts that any suggestion of improper benefit from his time at the company is 'false and misleading', and emphasises that it does not conduct business in alignment with government foreign policy. The Constitutional Court is expected to announce its decision on MTN's leave to appeal within the next three months. MTN's other Iran headache MTN just can't catch a break in the Middle East, with new scrutiny coming from the US. Congresswoman Elise Stefanik has written a letter urging Bank of New York Mellon (BNY Mellon) to investigate its ties with MTN. Her letter highlights concerns about MTN's links to Iran, Hamas and President Cyril Ramaphosa's finances. She calls for BNY Mellon to halt its role as the bank handling MTN's shares in the US, cooperate with US authorities, and disclose its involvement with MTN and its Iranian affiliates. A pending lawsuit, Zobay v MTN, accuses MTN of financing terrorism, as defined by the US Anti-Terrorism Act. Stefanik claims significant legal precedent exists, which MTN denies. Senior MTN executive Nompilo Morafo rejected Stefanik's claims in an interview with Daily Maverick, stating that the allegations have not been tested in court. Morafo also dismissed accusations against Ramaphosa, who chaired MTN 12 years ago, and insisted MTN has no operational control in Iran, holding only a minority share in Irancell. MTN says it 'remains committed to human rights', and its directors have pushed for a pivot to the company's pan-African strategy, despite litigation and pressure from US legislators. DM
Business Insider
12 hours ago
- Health
- Business Insider
Cofounder of Neuralink rival Precision Neuroscience reveals what people often get wrong about brain implants
At least that's the line from Dr. Ben Rapoport, the cofounder and chief science officer of Precision Neuroscience, a brain-computer interface, or BCI, company. "Many people have the impression that the data that we care about is sort of everywhere inside this dimensional structure," Rapoport, a neurosurgeon and engineer, told Business Insider. That's a big misconception, he said. People often incorrectly assume that "you need electrodes that penetrate deep inside the brain to get that information out," he added. But brain implants don't need to be as invasive as they might sound, he said. Precision is developing a thin film that sits on the brain and records brain activity in patients with paralysis. "We implant modules of 1,024 electrodes on the brain surface in the area that controls movement, especially the hand," Rapoport said. That allows them to have cursor control, typing ability, access the internet, use PowerPoint, play games, and word process, he added. These are actions that require vision, movement, sensation, and executive function — core parts of consciousness that are concentrated in the brain's outermost layer, the cortex, Rapoport said. Deeper inside are "connections, you know, between those activities and also sort of subconscious processes, because the brain coordinates a lot of activities in the body that don't take place consciously," he added. The New York-based startup, which received FDA clearance for part of its wireless brain-computer interface in April, has raised $155 million in funding since it launched in 2021. It is one of a few companies advancing this technology as part of the Implantable BCI Collaborative Community. BCIs are largely classified into two categories: invasive and non-invasive. Non-invasive BCIs, which don't require surgery, often rely on external sensors to detect the electrical signals in the brain. BCS that are implanted record neural activity directly from the brain and are being developed to restore speech, movement, and other complex functions in people with neurological conditions. The buzziest BCI these days is Elon Musk's Neuralink, which has ambitions to create a "symbiosis" between the human brain and AI. But there are a host of other companies working on BCIs as a way to treat neurological diseases, like Precision Neuroscience. The company has tested its temporary device in over forty patients in early clinical studies. Over the next year, it will prepare for the first human studies of its permanently implanted devices. "There are certain internal validation checks and internal milestones that we need to meet for ourselves and for the FDA before we want to start implanting the permanently implanted wireless device in humans," Rapoport said. The company's ultimate goal is to help paralyzed people get "back to a level of functional capacity where they can be significantly independent, economically self-sufficient, and hold a job in the workplace," Rapoport said. Correction: June 27, 2025 — An earlier version of this story said that Dr. Ben Rapoport was the founder and CEO of Precision Neuroscience; Dr. Rapoport is the cofounder and chief science officer. An earlier version also mischaracterized the film that goes on the brain. It is not studded with electrodes; the electrodes are embedded.
