Zara Billionaire Ortega Buys Hotel in Paris for $113 Million
Ortega's family office Pontegadea acquired the building from Derby Hotels, a spokesman for the Spanish firm said, confirming a report in newspaper Expansion. The five-star hotel is located in central Paris, near the Palais Garnier opera theater.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
7 minutes ago
- Bloomberg
Cinven Confirms Exclusive Talks for Data Services Firm Artefact
Private equity firm Cinven is in exclusive negotiations to acquire Artefact, a provider of data and artificial intelligence consulting services. The transaction is subject to regulatory approvals, according to a statement on Monday that confirmed an earlier Bloomberg News report. While financial terms weren't disclosed, people familiar with the matter have said the deal could value the French company at about €1 billion ($1.2 billion).
Newsweek
40 minutes ago
- Newsweek
Global Markets Welcome US-EU Trade Deal
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Financial markets around the world welcomed a framework trade agreement on Monday between the United States and the European Union with a 15 percent U.S. tariff on most EU goods and billions of dollars of European investment. U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the agreement on Sunday at Trump's luxury golf course in Scotland following months of difficult negotiations. Why It Matters The deal averts a devastating trade war between the two economies, which represent the world's largest trade volume, encompassing hundreds of millions of people and trillions of dollars in commerce. Trump had this month threatened to impose a 30 percent tariff on goods from the E.U., which would have meant American consumers facing higher prices on everything from French cheese to German electronics and Spanish pharmaceuticals. The EU had prepared retaliatory tariffs on hundreds of American products, including beef, auto parts, beer and Boeing airplanes, which could have sent shock waves through global economies. President Donald Trump and European Commission President Ursula von der Leyen after reaching a trade deal between the U.S. and the EU at the Trump Turnberry golf course in Turnberry, Scotland, on July 27. President Donald Trump and European Commission President Ursula von der Leyen after reaching a trade deal between the U.S. and the EU at the Trump Turnberry golf course in Turnberry, Scotland, on July 27. Jacquelyn Martin/AP What To Know The deal provides clarity for companies after months of uncertainty, and global markets breathed a sigh of relief as they opened on Monday, with stocks rising and the euro firmer. S&P 500 futures rose 0.4 percent, and the Nasdaq futures gained 0.5 percent while the euro firmed against the dollar, sterling and yen. European futures surged almost 1 percent. Under the deal, the EU seeks to invest some $600 billion in the U.S. and ramp up its purchases of U.S. military equipment and buy $750 billion worth of U.S. energy. "I think this is the biggest deal ever made," Trump told reporters in Scotland on Sunday. Von der Leyen described Trump as a tough negotiator. She told reporters that the 15 percent tariff, which applied "across the board," was "the best we could get." In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27 percent early on Monday, just shy of the almost four-year high it touched last week. Japan's Nikkei index fell 0.8 percent after hitting a one-year high last week when Japan struck its own trade deal with the U.S., which also included a 15 percent U.S. tariff on Japanese goods. China's blue-chip stocks rose 0.3 percent on Monday morning, and Hong Kong's Hang Seng index put on 0.75 percent. The Australian dollar, often seen as a proxy for risk appetite, was at $0.657 to the U.S. dollar, near an eight-month high set last week. What People Are Saying European Commission President Ursula Von der Leyen told reporters: "We should not forget where we would have been on the first of August. We would have been at 30 percent, and it would have been much more difficult to get down now to the 15 percent. Fifteen percent is certainly a challenge for some, but we should not forget that it keeps us the access to the American market, and what we are also doing intensively is diversifying to other regions of the world." Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities, told Reuters: "A 15 percent tariff on European goods, forced purchases of U.S. energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal. A big win for the U.S." Marc Velan, the head of investments at Lucerne Asset Management in Singapore, told Reuters: "A major tail-risk has now been defused. … Markets are interpreting this as a sign of stability and predictability returning to trade policy." What Happens Next Trade negotiators from the U.S. and China—the world's two largest economies—are due to meet in Stockholm on Monday. China is facing an August 12 deadline to reach an agreement with the Trump administration. Many other countries are racing to finalize deals before an August 1 deadline.
Business of Fashion
2 hours ago
- Business of Fashion
Exclusive: Amouage Is The First Beauty Brand to Join Aura Blockchain Consortium
Amouage is looking to blockchain to provide traceability for its luxury fragrances. The perfume house on Monday announced its entry into the Aura Blockchain Consortium, established by LVMH, Prada Group, OTB and Richemont's Cartier as an alliance to leverage blockchain technology for greater traceability and transparency in luxury goods. Since 2021, the group has logged more than 50 million products from dozens of brands on its private blockchain, creating digital identities — known as digital product passports, or DPPs — for each item which consumers and regulators can access for information such as the product's provenance. Amouage said its DPPs will be accessible via a QR code on the fragrance's packaging. Customers will get a unique certificate of ownership, as well as access to exclusive benefits such as personalised beauty routines and invites to community events. The brand, which has introduced refillable bottles, is also planning a programme to encourage refills, where the QR code could be scanned at a boutique or refill point and the DPP would be updated with details such as when, where and how the refill took place. Founded in Oman in 1983, Amouage is the first beauty player to join the consortium, as well as the first brand from the Middle East. In February, L'Oréal took a long-term minority stake in the fragrance house. As of this month, all new products from Amouage will be integrated into Aura's blockchain, and by the end of the month, it will have added existing items produced in or before this year as well, the company said. 'This announcement represents several important milestones for Aura Blockchain Consortium, with a particular focus on venturing into a new vertical, and establishing a strong new footing in the Middle East luxury industry,' Lorenzo Bertelli, chairman of the Aura Blockchain Consortium and head of corporate social responsibility for Prada Group, said in a statement. Beauty brands have been slower to adopt DPPs than fashion, but much like fashion, the beauty industry is encountering increased scrutiny over issues like the sourcing, sustainability and authenticity of its products. Some brands are starting to look for blockchain-based solutions. Earlier this year, French beauty brand Ulé, part of the Shiseido group, partnered with technology provider Arianee to create DPPs for its C-Bright Serum. Starting in 2027, the EU will also begin to require many products to be enabled with a DPP as part of a broader push towards sustainability and corporate transparency, prompting companies to begin preparations. Learn more: Millions of Luxury Products Have Digital IDs. Is Anyone Using Them? Brands are attaching the virtual identifiers to their products to comply with upcoming regulations, and see potential side benefits that could make for a better user experience — if they can get customers to notice.
