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The man overseeing plans to transform the centre of Swansea

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David Warburton of property development and regeneration firm Urban Splash on ambitious plans for Swansea.

David Warburton, of Urban Splash, beside a a very large deckchair in his Civic Centre office in Swansea.(Image: Richard Youle )

It was never the most raucous of buildings but Swansea’s Civic Centre really is quiet. Eerily so. Home until recently to the central library, the archives service, a cafe and various council services only a small number of staff remain in the squat seafront complex.

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Also hunkered down in one of the offices there is the person hoping to transform it into a place to live, visit and spend time at. David Warburton, of property development and regeneration company Urban Splash, has got to know the pre-cast concrete building pretty well. “It’s in really good condition,” he said. “Eminently convertible.”

Urban Splash was announced by the council in 2021 as a strategic partner to breathe new life into seven sites in and around the city. Development director Mr Warburton said the company was formally appointed the following March, and currently around eight staff are working on the Swansea plans.

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The Civic Centre’s architecture won’t appeal to everyone but Mr Warburton said “beautiful Brutalism is very much coming into vogue”. This, combined with its superb location overlooking Swansea beach and development land on either side, opens up many possibilities for what is just one of the seven sites being taken forward.

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David Warburton, of property development and regeneration company Urban Splash,.

David Warburton of Urban Splash.(Image: Richard Youle )

Mr Warburton grew up between Manchester and Liverpool and first visited Swansea in 2019. “It has a way of grabbing you,” he said. “The trick is to get people here.”

The latest plans to get people here envisage commercial and leisure space on the ground and lower ground floors of the Civic Centre and one, two and three-bedroom flats above. The door is also being left open for fewer flats and a 60-70-bed hotel.

The central atrium could be a food court while an aquarium – predominantly a digital one rather than large tanks of water – is proposed along a ground and lower groundfloor wing to the right of the main entrance.

For a building synonymous with worthy civic function it’s a real shift. “Our role is to recognise the inherent value in properties like this which others don’t,” said Mr Warburton.

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Outside, the beach-facing lawn outside would be landscaped and the adjacent prom widened. A new walkway leading from nearby Copr Bay would cut diagonally across to the prom, finishing to the right of the Civic Centre as you look from the sea. An over-arching principle is to create a stronger connection between Swansea’s central core and the sea.

New apartment blocks either side of the Civic Centre are also proposed. All told there could be up to 600 flats and 150,000 sq ft of commercial space – according to Mr Warburton that’s around 20 retail, leisure and food and beverage units of varying size.

He said the residential element was very important and that the flats would be for sale and rent at market rates, apart potentially from some affordable ones in the new blocks.

Parking, said Mr Warburton, would largely be in existing areas. As and when new blocks were built, some of that displaced parking could be accommodated at basement level or within new streets. “There is bags of surplus parking at the moment,” he said.

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Other ideas for the waterfront site include a “tidal retention pool” by the bottom of the promenade steps outside and a raised walkway – or promontory – out onto the beach.

There are a lot of ideas in the regeneration mix, and Mr Warburton said public feedback has been positive.

He is keen to distinguish between redevelopment and regeneration. “Redevelopment is site-focused – it brings a specific asset back into use within its red line boundary,” he said. “Regeneration is ‘place’-focused – it uses a site asset or assets as a catalyst to deliver wider economic, social and environmental uplift across a wider area.”

Regeneration, he said, was about carefully selecting uses and occupiers for a site and creating a certain feel and spirit. In Swansea’s case Mr Warburton hoped the seven sites would work in concert to “reposition” the city.

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How a revamped Civic Centre could look .(Image: Urban Splash )

One recent occupier of the Civic Centre, the Michael Sheen-founded Welsh National Theatre, was one that Mr Warburton would like to remain there.

The Civic Centre and waterfront plans need cabinet approval and planning permission. The funding model for the partnership with the council is that the council provides the land – and in this instance a building – and Urban Splash deploys private sector funding to turn the designs into reality.

Chartered surveyor Mr Warburton said some public sector funding would likely be required to close what’s known as the viability gap – the difference between development costs and rental and sales income – in the early phases at least.

The hope is that what Mr Warburton termed the “regeneration premium” created by the new developments would increase rental and sales yields, in turn eliminating the viability gap. “We are trying to get to a self-sustaining position,” he said.

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Should values go up and up, Mr Warburton said there would be a mechanism for sharing them with the council.

He added: “We’re constantly in discussions with our investors. The smart money, I would say, is in Swansea because the inherent value is not recognised at the moment.”

He said Urban Splash remained invested in sites itself, retaining well over half the commercial space it has created and around 10% of the circa 6,000 homes it has built.

Aerial image showing the proposed layout of the Civic Centre waterfront site (Image: Urban Splash )

Mr Warburton said the Civic Centre scheme has parallels with an Urban Splash project at a large former naval yard in Plymouth called Royal William Yard. Both were waterfront sites and located slightly away from their respective city centres.

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Royal William Yard now has local and regional businesses based there, a cinema, gallery and events space, paddle-boarding hire and flats. “That has been a really good learning experience,” said Mr Warburton.

Sarah Gibson, chief executive of business group Plymouth Waterfront Partnership, said Plymouth was benefiting hugely from the public-private sector project and the hundreds of jobs it has created. “We’re absolutely delighted with the investment, partnership and ongoing management from Urban Splash and wish them all the best with their plans for Swansea,” she said.

Another Urban Splash scheme in Swansea is Porth Copr at the former St David’s Shopping Centre. It’s a substantial plot of land between Swansea Minster – formerly St Mary’s Church – and St David’s Priory Church, and it extends beyond the latter to Oystermouth Road.

The plan is for seven new blocks featuring office, education and commercial space, plus flats, new landscaping and walkways. Outline planning permission is in place and one of the seven blocks has detailed consent and will become a public sector office hub.

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Mr Warburton envisaged the two Oystermouth Road-facing blocks being head office material for companies. Another block would comprise around 60 high-quality flats with groundfloor commercial units in what he anticipated would be an “institutional-grade investment”.

Image showing how Porth Copr could look with buildings wrapping around St David’s Priory Church (Image: Urban Splash )

He said: “Porth Copr was originally conceived as almost an exclusively commercial district. But giving people a desk is not enough. Now it has reasons for people to come to it – a gym perhaps, food and beverage, dining after work.”

Likely to make up the first batch of three Urban Splash schemes is the former St Thomas railway station site. It faces the River Tawe and is bordered by Pentreguinea Road and the northernmost Tawe bridge.

Urban Splash is planning 158 houses and flats there – around half to be affordable – to be built by Cardiff-based housebuilder Lovells. There’d also be new green spaces, walking and cycling routes, and groundfloor commercial space in the main six-storey apartment building.

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Aerial image showing the proposed layout of Porth Copr.(Image: Urban Splash )

Meanwhile revised proposals are being developed for a riverside site further up the Tawe at Hafod-Morfa. Also in Urban Splash’s Swansea portfolio is a plot off The Slipway, Swansea Marina, land by the Sail Bridge off East Burrows Road, and the car park flanked by Oxford Street, Singleton Street and Dillwyn Street.

All this will take time, and the level of public sector gap funding needed will be closely watched considering the council has borrowed a lot of money – although at a low cost – for its various city centre projects.

Mr Warburton said he hoped work on the Civic Centre could get under way in spring 2027. Over at Porth Copr he said construction of the public sector hub was due to start in the next couple of months. Work on the next block – the “institutional-grade” apartment building mentioned above – could begin around May 2027, with a block earmarked as education space next off the shelf.

Mr Warburton said a detailed proposal for the St Thomas site would be forwarded to the council next month, prior to a planning application being submitted.

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Town and city centres are having to find new ways to survive and thrive. Ant Breach, director of policy and research at think-tank Centre for Cities, said: “What urban regeneration should aim to do is create the best possible links between places where people live and where people work.

“They should focus on creating lots of space for employment to maximise the potential for economic growth, and ensure that’s accessible to residents.

“City centres are the most productive parts of the UK, and urban regeneration should aim to harness that productivity to raise growth and living standards in the local economy.”

Mr Breach added that mobility and access to city centres were vital to making regeneration succeed.

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“The role of public transport varies between cities – in big cities, it’s essential, while smaller cities require a different mix of private vehicles like cars and public transport.” And making centres more welcoming and desirable may, he said, mean steps to reduce reliance on cars.

Asked what the signs of an over-supply of leisure, hospitality, retail and office space would be, Mr Breach said a high vacancy rate and low rents. “Adapting spaces to changing patterns of demand is important for their economies to remain strong,” he said.

Cllr Rob Stewart, leader of Swansea Council, said the regeneration proposals for the Civic Centre site “give us a fantastic chance to re-imagine one of the finest waterfront locations in the UK and deliver something truly special for Swansea”.

He added: “Cabinet at the council recently met to discuss next steps for this scheme and more details will be released in the coming days as we continue to work closely alongside our partners at Urban Splash.”

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GameStop Stock Holds Steady Near $24 Amid Acquisition Speculation and Strong Cash Position

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Applied Optoelectronics

GameStop Corp. (NYSE: GME) shares traded in a narrow range around $24 in late February 2026, reflecting cautious investor sentiment following a period of volatility driven by CEO Ryan Cohen’s aggressive push toward strategic acquisitions and the company’s robust cash reserves.

As of February 27, 2026, GME closed at $24.03, down 0.29% on moderate volume of about 1.2 million shares. The stock opened at $23.79, reached a high of $24.22 and dipped to a low of $23.70 during the session. This stability comes after a slight pullback from recent peaks near $25 earlier in the month, with the shares up roughly 20% year-to-date in calendar 2026 but still well below the meme-stock frenzy highs of prior years.

GameStop’s market capitalization hovers around $10.7 billion, supported by a cash pile exceeding $8.8 billion as reported in the most recent filings. The company’s balance sheet strength stems from disciplined cost-cutting, reduced store footprint and opportunistic capital raises during past surges. Analysts note that this liquidity positions GameStop uniquely among traditional retailers, enabling potential transformative moves under Cohen’s leadership.

Investors appear to have mistaken GME Resources for US firm GameStop, which has seen its shares surge in recent weeks
Gamestop
GETTY IMAGES NORTH AMERICA / Michael M. Santiago

Cohen, who became chairman in 2021 and assumed the CEO role in September 2023, has emphasized turning GameStop into a more agile, value-oriented entity. In January 2026, the board approved a long-term performance award granting Cohen options to purchase over 171.5 million shares at $20.66 each. The package ties significant compensation to ambitious market capitalization milestones: 7.1% for reaching $80 billion, scaling up to 15% at $100 billion. Cohen recused himself from the board’s deliberations on the award, which requires shareholder approval.

The incentive aligns Cohen’s interests with massive upside potential, though it has drawn scrutiny for its scale and lack of base salary. Cohen has publicly criticized “risk-free insiders” and bureaucratic boardrooms, signaling a preference for bold, entrepreneurial strategies over incremental retail tweaks.

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Recent months have seen heightened speculation about a “very big” consumer megadeal. In late January 2026 interviews and statements, Cohen hinted at pursuing a transformative acquisition that could “increase the company’s value tenfold.” Reports suggest interest in consumer-facing assets or technology plays to pivot beyond legacy video game retail. While no deal has materialized, the rhetoric has fueled periodic rallies, including an 8.25% jump on February 2 amid acquisition rumors.

GameStop’s most recent financials, from the third quarter ended November 1, 2025 (fiscal Q3 2025), showed net sales of $821 million, down 4.6% year over year from $860.3 million. However, operating income swung to $41.3 million from a $33.4 million loss, driven by lower selling, general and administrative expenses ($221.4 million versus $282 million). Adjusted operating income reached $52.1 million. Net income climbed to $77.1 million, bolstered by interest income and other factors.

The company also disclosed Bitcoin holdings valued at $519.4 million, adding an unconventional asset to its treasury strategy. Cash, equivalents and marketable securities totaled $8.8 billion, up substantially from the prior year.

Investors await the fiscal fourth-quarter and full-year 2025 results, expected around March 24, 2026. Consensus estimates project modest EPS, though variability remains high due to the stock’s meme-driven nature.

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Broader industry context includes cautious optimism for video games. Circana forecasts U.S. industry spending to rise 3% to $62.8 billion in 2026, but GameStop faces structural headwinds from digital downloads, streaming and competition from Amazon, Best Buy and direct publisher sales.

Retail investor interest persists on platforms like Reddit’s WallStreetBets, where GME remains a focal point. Options activity has been elevated at times, contributing to short squeezes in the past, though short interest has moderated compared to 2021 peaks.

Analyst coverage remains limited and polarized. Some see the cash hoard and Cohen’s track record (from Chewy) as undervalued catalysts, with outlier fair-value estimates reaching $220 in discounted cash flow models under optimistic growth assumptions. Others point to declining core sales, high valuation multiples (forward P/E around 27 based on trailing EPS of $0.88) and execution risks in pivoting the business.

The stock’s 52-week range spans $19.93 to $35.81, with the latter hit in May 2025 during a brief resurgence. Year-to-date performance in 2026 shows resilience, up about 20% from January levels around $20.

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As GameStop navigates its next chapter, attention centers on whether Cohen can deliver on acquisition ambitions without diluting shareholder value. With substantial dry powder and a motivated leader, the company could either evolve into a diversified holding entity or face challenges proving sustainable profitability in a shrinking physical retail segment.

Traders and long-term holders alike monitor for catalysts like deal announcements or earnings surprises. For now, GME trades in a consolidation phase, balancing speculative hope against fundamental retail realities in an evolving gaming landscape.

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Gold Slips but Remains Above $5,100 as Markets Focus on U.S.-Iran Talks

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Stocks Little Changed After Fed Decision

Gold prices slipped in early trading but remained above $5,100 a troy ounce as investors look ahead to U.S.-Iran talks later on Thursday.

New York futures fall 0.7% to $5,191.60 an ounce, with gains tempered by concerns that U.S. interest rates could remain on hold for some time.

Still, the metal is up more than 3.5% on the week, supported by renewed uncertainty around U.S. trade policy and geopolitical tensions with Iran.

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Applied Optoelectronics Stock Explodes 45% on Stellar Q4 Earnings Beat, Bullish AI-Driven Guidance

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Applied Optoelectronics

Shares of Applied Optoelectronics Inc. (NASDAQ: AAOI) surged as much as 45% on February 27, 2026, reaching new 52-week highs above $79 in intraday trading, after the optical networking company reported stronger-than-expected fourth-quarter results and issued robust guidance fueled by accelerating demand for high-speed data center transceivers amid the AI infrastructure boom.

Applied Optoelectronics
Applied Optoelectronics

The stock closed the previous day at $53.69 before the earnings release, but opened sharply higher and traded in a range from about $65.57 to $79.50, with volume exceeding 16 million shares — well above the average. By midday February 27, AAOI was changing hands around $77-78, reflecting a gain of more than 44% from the prior close and pushing the company’s market capitalization above $5 billion.

The rally was triggered by Applied Optoelectronics’ February 26 after-hours release of fiscal fourth-quarter and full-year 2025 results ended December 31, 2025. Revenue reached a record $134.3 million, up 34% from $100.3 million in the year-ago quarter and surpassing analyst estimates around $128 million to $132 million. The beat was driven by strong growth in data center products, which benefit from hyperscale operators expanding AI capabilities with 400G and emerging 800G optical modules.

On a GAAP basis, the company posted a net loss of $2.0 million, or $0.03 per share, a dramatic improvement from a $119.7 million loss the prior year. Adjusted (non-GAAP) earnings per share came in at a loss of $0.01, beating consensus expectations for a loss of about $0.11. Gross margin expanded to 31.2% GAAP (31.4% non-GAAP), reflecting better product mix and manufacturing efficiencies.

For the full year 2025, revenue soared 83% to $455.7 million from $249.4 million in 2024, while the net loss narrowed significantly to $38.2 million from $186.7 million. Data center revenue climbed 32% to $196 million, and cable television (CATV) revenue nearly tripled to $245 million, highlighting diversified end-market strength.

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CEO Thompson Lin struck an optimistic tone during the earnings call, emphasizing momentum heading into 2026. “We have considerable momentum entering 2026, and we believe we are well positioned to accelerate our growth this year,” he said. Management highlighted the ramp-up of next-generation 800G products, capacity expansions including a new 210,000-square-foot manufacturing facility in Sugar Land, Texas, and first volume orders secured for advanced transceivers.

Guidance further ignited investor enthusiasm. For the first quarter of 2026, Applied Optoelectronics projected revenue between $150 million and $165 million — well above Street estimates near $145 million — with non-GAAP EPS ranging from a loss of $0.09 to breakeven. The company also raised its full-year 2026 outlook, targeting revenue over $1 billion (versus consensus around $834 million) and operating margins of 12% (above the 8% consensus).

On the call, executives projected that if hyperscale demand and 800G ramps continue as anticipated, monthly production could equate to an annualized run rate approaching $378 million by mid-2027, with demand potentially outstripping supply through that period. This supply-constrained narrative reframed the story from episodic growth to a multi-year opportunity in AI-driven optical interconnects.

Analysts responded with swift upgrades and target increases. Needham & Company boosted its price target to $80 from $43, maintaining a buy rating. Rosenblatt raised its target to $125 from $75 on the improved outlook. B. Riley upgraded the stock from sell to neutral, lifting its target to $54 from $15. Other firms followed suit, with some implying significant further upside despite the rapid run-up.

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The company also announced a $250 million at-the-market (ATM) equity offering program on February 26, providing flexibility to raise capital opportunistically amid the stock’s strength. While such moves can dilute shareholders, the timing amid high valuation suggests confidence in funding expansion without immediate pressure.

Applied Optoelectronics specializes in fiber-optic networking products, including transceivers, lasers and subsystems for data centers, telecom, CATV and fiber-to-the-home markets. Its positioning in high-speed optical modules positions it to capitalize on AI data center buildouts by major hyperscalers, where bandwidth demands continue to escalate.

Challenges remain, including supply chain constraints for components, competition from larger players and execution risks in scaling 800G production. Some analysts noted a one-quarter delay in certain 800G revenue contributions but viewed the overall trajectory positively.

The post-earnings surge marks a continuation of AAOI’s volatile but upward trend in recent years, with the stock up more than 700% over the past 12 months from lows near $9.71. The 52-week range now extends to $79.50, reflecting renewed interest in optical component suppliers tied to AI infrastructure spending.

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Investors will monitor upcoming quarters for evidence that revenue ramps track guidance and margins hold amid capacity investments. The next earnings report is expected in early May for the first quarter of 2026.

As AI adoption drives unprecedented data center expansion, Applied Optoelectronics’ results and forward-looking commentary underscore its emerging role in enabling next-generation connectivity, potentially sustaining momentum for the stock in the months ahead.

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Nepal votes on March 5; focus on jobs, economy

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Nepal votes on March 5; focus on jobs, economy
New Delhi: India’s Himalayan neighbour Nepal will hold national elections next week, its first since youth-led protests toppled the government of K P Sharma Oli last September, amid hopes of a government that will take steps to boost the economy and create jobs.

Nearly 19 million of Nepal’s 30 million people are eligible to vote in the March 5 election for the 275-member house of representatives. About one million of the voters, most of them youth, were included since last year’s protests.

While direct contest will decide 165 seats, the rest will be decided through proportional representation, where seats are allocated to parties in proportion to their vote share.

Jobs and economy are key issues in this election particularly for the youth, Kathmandu-based sources told ET. India will be watching the outcome of the elections closely given its strategic and economic interests in the Himalayan state. China, too, will keep an eye and would prefer to deal with an established political party, preferably the Communists and Maoists, according to Nepal watchers.

Nepal’s largest trading partner is India, accounting for 63% of imports, or $8.6 billion, followed by China at 13%, or $1.8 billion, according to World Bank figures. Over the last few years, India and Nepal have been able to create hydel power partnership, aiming to replicate the India-Bhutan model in future.

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Rapper-turned-politician and former Kathmandu mayor Balendra Shah of Rastriya Swatantra Party is among the frontrunners for prime minister. He is in direct contest with four-time prime minister Oli of Communist Party of Nepal (Unified Marxist-Leninist).
Oli has an uphill task of getting support from the youth, which had overthrown his government through the street protests. Other contenders include Nepali Congress party’s 49-year-old Gagan Thapa. Former PM and ex-Maoist leader Prachanda may not be eyeing the top post but is active in the election process.

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Premier Protein introduces caffeinated shakes

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Premier Protein introduces caffeinated shakes

The protein shakes offer the caffeine equivalent of one cup of coffee, according to the company. 

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Enovix stock hits 52-week low at $5.26 amid challenging year

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Enovix stock hits 52-week low at $5.26 amid challenging year

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Slideshow: New menu items from Taco Bell, Applebee’s and Taco Cabana

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Slideshow: New menu items from Taco Bell, Applebee’s and Taco Cabana

Limited-time offerings serve as an engine for foodservice innovation.

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Building Trust in Houston’s Industrial Real Estate

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Building Trust in Houston’s Industrial Real Estate

By focusing on owners, listening to tenants, and staying grounded, Andres Aiza has built a career around long-term thinking in a fast-moving market.

Houston’s industrial real estate market is busy and complex. Warehouses move fast. Land trades hands quietly. Deals often start off-market and finish after months of careful work. In the middle of it all is Andres Aiza, a Senior Associate at Alpine Partners, who has built his career by staying close to the details and closer to his clients.

“I grew up here,” Aiza says. “Houston is home. Knowing the city block by block changes how you see opportunities.”

Early Roots in Houston

Aiza was born and raised in Houston. He attended St. Thomas High School and later graduated from the University of Houston’s Bauer School of Business. Growing up locally gave him a clear view of how industrial areas evolve over time.

His early life shaped his outlook. When he was 16, his father passed away in an oil and gas accident. The loss stayed with him, but he prefers to keep the focus on how it influenced his values.

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“It taught me not to waste time,” he says. “You learn quickly that relationships matter and that how you treat people lasts.”

His mother also played a key role. “She showed me resilience by example,” Aiza says. “You keep showing up. You do the work. You put your best foot forward.”

Learning the Business From the Inside

Before entering brokerage, Aiza worked for Top Foods Inc., a company that manufactured and imported tortilla chips from Mexico. He spent three years there. The experience gave him a practical view of logistics, manufacturing, and space needs.

“Working inside an operating business changed how I look at buildings,” he says. “You stop seeing square footage and start seeing workflow.”

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That perspective still guides his work today. It helps him understand tenants and advise property owners with more clarity.

Entering Industrial Real Estate

Aiza later joined Alpine Partners, an industrial real estate firm based in Houston with a national reach. As a Senior Associate, he focuses on industrial investment sales and project leasing across the Greater Houston area.

Owner representation is the core of his business. He works closely with property owners to help them lease, sell, or reposition assets.

“Every property is different,” he says. “Every owner has a different goal. My job is to line those things up.”

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His local ties often lead to off-market opportunities. Years of relationships help surface deals before they reach public listings.

“Most good opportunities don’t start with a sign,” Aiza says. “They start with a conversation.”

Balancing Owners and Tenants

While owner representation leads his work, Aiza also spends time representing tenants. He sees value in that balance.

“Tenant work keeps you honest,” he says. “You learn what users really need. That makes you better for owners too.”

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This dual view helps him structure deals that are clear and durable. He has worked on lease and sale transactions involving local businesses and Fortune 500 companies. Many of those deals required creative financial structures to solve timing or operational challenges.

“I like complicated situations,” he says. “They force you to slow down and think.”

Communication as a Competitive Edge

Aiza is bilingual in English and Spanish. That skill allows him to work with a broader range of clients across Houston’s diverse business community.

“Clear language builds trust,” he says. “If people understand what’s happening, decisions get easier.”

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Clients often describe him as approachable and direct. He prefers simple explanations and steady communication over pressure tactics.

“I’m not here to rush anyone,” Aiza says. “Good decisions take time.”

A Long-Term View of Leadership

Aiza frames leadership in quiet terms. For him, it is about consistency and follow-through.

“Doing what you say you’ll do still matters,” he says. “It’s not complicated, but it’s not easy either.”

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He avoids short-term thinking and focuses on outcomes that make sense years later. That approach shapes how he advises clients and manages relationships.

Outside of work, Aiza spends time with his family, plays golf, and follows Houston Astros baseball. He also supports Heroes for Children, a charity that helps families with children battling cancer, and has volunteered with Loaves & Fishes in Houston.

“Giving back keeps things in perspective,” he says. “It reminds you why community matters.”

Staying Grounded in a Growing Market

Houston’s industrial market continues to expand. New developments rise. Older properties change hands. Through it all, Aiza stays focused on fundamentals.

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“The market will change,” he says. “Your values shouldn’t.”

By combining local knowledge, operational insight, and a steady approach, Andres Aiza has built a reputation as a trusted figure in Houston’s industrial real estate space. His career continues to grow, grounded in relationships and shaped by experience rather than hype.

 

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Jack Dorsey says Block cutting nearly half of workforce for AI transformation

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Jack Dorsey says Block cutting nearly half of workforce for AI transformation

Block on Thursday announced that it will cut nearly half of its workforce as the payments firm works to embed artificial intelligence (AI) throughout its operations.

The layoffs will affect over 4,000 jobs at the company and CEO Jack Dorsey indicated he moved forward with a single round of large cuts rather than a series of smaller workforce reductions to give the company more room for growth as it adapts to the AI era.

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Dorsey explained the decision in a series of posts on X, the social media platform he previously led when it was known as Twitter, saying that he isn’t making the decision because Block is in trouble but because the smaller workforce “gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures.”

He said in his note that the job cuts are “one of the hardest decisions in the history of our company: we’re reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation.”

NVIDIA CEO SAYS ARTIFICIAL INTELLIGENCE BOOM IS JUST GETTING STARTED: ‘AI IS GOING TO BE EVERYWHERE’

Former Twitter CEO Jack Dorsey speaks

Jack Dorsey said the layoffs will give Block a better route to growth. (Marco Bello/AFP via Getty Images)

Block will offer affected workers 20 weeks of salary as well as one week per year of tenure, equity vested through the end of May, six months of healthcare, corporate devices and $5,000 to put toward whatever they need to aid in their transition, Dorsey said.

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Dorsey said that the “intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that’s accelerating rapidly.”

ALTMAN CALLS MUSK’S SPACE DATA CENTER PLANS ‘RIDICULOUS’ FOR CURRENT AI COMPUTING NEEDS

Ticker Security Last Change Change %
XYZ BLOCK INC. 63.03 +8.43 +15.43%

He went on to say that Block will be built with “intelligence at the core of everything we do. how we work, how we create, how we serve our customers.”

Dorsey added in a follow-up post that the company “over-hired during covid because i incorrectly built 2 separate company structures (square & cash app) rather than 1, which we corrected mid 2024. but this misses all the complexity we took on through lending, banking, and BNPL.”

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BIPARTISAN BILL LOOKS TO PREPARE WORKFORCE FOR AI FUTURE: ‘CAN’T BE LEFT BEHIND’

Jack Dorsey speaks on a panel

Dorsey said he made a mistake in how he had different structures for Square and Cash App within Block. (Matt Crossick/PA Images via Getty Images)

Block shares surged following the announcement that nearly half of the company’s workforce will be laid off amid the company’s AI realignment, rising 17% during Friday morning trading.

The company’s stock is up 22% in the last week, though it’s down over 2% year to date.

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Michael Pisseri on Turning Around Schools and Trusting the Process

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Michael Pisseri on Turning Around Schools and Trusting the Process

Michael Pisseri is an education leader based in Fairfield, Connecticut. He has built his career on discipline, steady growth, and a belief in process over hype. His work spans classroom teaching and school leadership, with a strong focus on student outcomes and school culture.

Raised in Eastchester, New York, Michael is the oldest of four children. His father was a pharmacist for 50 years. His mother was a nurse. He attended public schools and worked 20 hours a week at a local grocery store while in high school. He was one of only ten students selected for the National Honor Society. That early balance of work and study shaped his leadership style.

Michael earned a Bachelor’s and a Master’s degree from Fairfield University, followed by a Certificate of Advanced Study in Leadership from Sacred Heart University. In 2006, he was a Teacher of the Year finalist in Westport Public Schools.

As Principal of Davenport Ridge Elementary School, he led a full turnaround. The school moved from one of the lower performing in Stamford to one of the strongest within seven years. It earned a Banner School Award for positive climate in 2016 and was named a Connecticut School of Distinction in 2019.

In 2024, he presented at a National STEM Conference at NASA’s Johnson Space Center. Today, as a Social Studies and Intervention Teacher in New York City Public Schools, he continues to focus on impact, resilience, and building teams that improve results for children.

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Michael Pisseri: Building Schools Through Process, Persistence and Purpose

Q: Let’s start at the beginning. How did your early life shape your career in education?

I grew up in Eastchester, New York. I am the oldest of four children. My father was a pharmacist in the Bronx for 50 years. My mother was a nurse. They believed in hard work and honesty. I had my first job at 14 at Grand Union grocery store. I worked about 20 hours a week in high school while playing sports and keeping my grades up.

I was one of ten students selected for the National Honor Society. I was the only one in my family to receive that honor. Years later, my son earned the same recognition. We have a photo holding our awards side by side. That means a lot to me.

Those early years taught me discipline. They also taught me that progress comes from steady effort.

Q: What drew you into education as a career?

I attended public schools my whole life. I am proud of that. I saw teachers who made a real difference. I wanted to do the same.

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I studied at Fairfield University for my Bachelor’s and Master’s degree. I later completed a leadership certificate at Sacred Heart University. Early in my career, I focused on the classroom. In 2006, I was named a Teacher of the Year finalist in Westport Public Schools. That was a proud moment. It confirmed that the work mattered.

Q: You later became a principal. What was that transition like?

Becoming a principal changed my perspective. I became Principal of Davenport Ridge Elementary School at a time when it was one of the lower performing schools in Stamford.

The work was not about quick fixes. It was about process and building relationships. It was about getting to know people, recognise the great work that was already taking place and building a new team. We set clear expectations. We focused on the school climate first. In 2016, the school received a Banner School Award for positive climate. In 2019, we were named a Connecticut School of Distinction for test scores.

It took seven years. That is why I always say a transparent process that leads to the outcome is what matters most.

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Q: How would you describe your leadership style?

I believe in being a good listener. Be authentic. Be someone people trust and keep moving forward.

I will not give up. I believe you can get better every day. That belief has to be ingrained in you. I also believe in quiet acts of kindness. Leadership is not about being loud. It is about consistency, listening and identifying a clear process that focuses on what is best for children.

Before setting goals, I start with direction. I ask myself what I want more of. Growth. Connection. Impact. I ask what I want less of. Burnout. Chaos. That keeps my work aligned with my values.

Q: In 2024, you presented at a National STEM Conference at NASA. What did that experience mean to you?

It was a full circle moment. I have always been passionate about STEM and space. Presenting at the Johnson Space Center in Houston was special.

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The focus was on research and innovation in education. For me, STEM is not just about science. It is about curiosity. It teaches students how to think, not just what to memorise.

Standing at NASA, I thought about the journey from Eastchester Public Schools to that stage. It reinforced that steady work over time opens doors.

Q: You are now a Social Studies and Intervention Teacher in New York City. Why return to the classroom?

I have learned something everywhere I have worked. That is important to me. The classroom keeps you grounded. It keeps you close to students. I thought at this point in my career it would help me to reconnect with students and also place myself in the shoes of current day educators. I have a lot of respect for all educators including teachers and para-educators. I know how hard and challenging the work is. Working in New York City is an amazing experience! I have learned so much from the students and staff in a middle school setting. They have challenged me to be the best educator I can be while connecting to them and their diverse cultural backgrounds.

Intervention work has a direct impact. You see progress in real time. It reminds you why you started. I enjoy working on literacy based skills with students in a small group setting.

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Q: How do you balance professional and personal life?

Balance is not about splitting time evenly. It is about alignment. Your work should support the life you want.

I ran two half marathons, one in Brooklyn and one in Fairfield. Training for those races reminded me that progress is slow and steady. You build endurance mile by mile.

My two sons are both baseball pitchers. My oldest was named captain as a junior at Mount St Mary’s College. Watching them compete and grow keeps everything in perspective.

Q: How do you define success today?

Success is living in alignment with your values while continuing to grow. It is not just achieving outcomes. It is becoming someone you respect along the way.

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For me, that means making a positive difference for children. It means building teams. It means never giving up and always focusing on continued growth.

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