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Ortega has made largely debt-free purchases of prime buildings from London to New York, becoming a major commercial real estate player, using the cash from massive dividend payouts from Inditex. Europe’s richest man, who holds a 59.29 percent stake in Inditex, not only rents out his commercial property to Inditex stores like Zara and Massimo Dutti at market rates but also to rivals such as H&M of Sweden and Gap Inc of the United States. Pontegadea bought the Adelphi building in Westminster, London, in the second half of last year, home to the music-streaming service Spotify and media company Conde Nast.

PARIS (Reuters) - Carrefour plans to cut 1,229 jobs as it downsizes its large hypermarket stores in France under a plan to boost sales and profits at Europe’s largest retailer, the Force Ouvriere union told Reuters, The plan, which is being discussed with the FO, CFDT and CFE-CGC unions, entails departures via a conventional collective bargaining agreement, said FO union representative Michel Enguelz, monogrammed cufflinks amazon Carrefour had earlier confirmed to Reuters that it was in talks over a conventional collective bargaining agreement, but the company did not specify any figures over possible job losses..

The likely cuts and downsizing will result from the removal of jewelry corners in hypermarkets, cuts among managers and automation of petrol stations. Last month Carrefour, which has made reviving sales at its French hypermarket stores where it employs 60,000 people a priority, raised its savings goal to 2.8 billion euros ($3.2 billion) by 2020 from 2 billion previously. In January 2018, Carrefour launched a five-year plan a year ago to cut costs, boost E-commerce investment and seek a partnership in China with tech giant Tencent.

FRANKFURT/BEIJING (Reuters) - Daimler will build its next generation of Smart electric cars in China through a joint venture with Geely, as a way to increase economies of scale in a market segment that is struggling to turn a profit, China’s Geely built a stake of almost 10 percent in Daimler last year, saying it wanted to forge an alliance to develop electric and self-driving cars to better compete against new competitors such as Uber and Google, Daimler said on Thursday it would build the next generation of Smart-branded city cars at a purpose-built factory in China, and planned to share its monogrammed cufflinks amazon expertise in manufacturing, engineering and design with Geely..

The high cost of electric car batteries has made it hard for automakers to build affordable zero-emissions vehicles, leading several of them to strike alliances with Chinese partners. Daimler’s German rival BMW recently unveiled plans to build electric Minis in China, where production costs are low and demand for small electric cars is rising. Daimler and Geely did not disclose financial terms of their deal. The details of the joint venture will be finalised by the end of 2019, they said in a joint press release.

Daimler currently develops and builds Smart cars with Renault, and constructs the small vehicles at factories in France and Slovenia, The Daimler factory in Hambach, France, will be retooled to build Mercedes-Benz cars, it said, Geely has been expanding rapidly through mergers and acquisitions since 2010, when it acquired Swedish carmaker Volvo from Ford Motor Co, Last year, Daimler and monogrammed cufflinks amazon Geely set up a ride-hailing joint venture in China, Daimler’s Chief Executive Dieter Zetsche said last month the German carmaker was in talks to deepen its alliance with Geely after the Chinese’s group’s chairman Li Shufu bought a 9.69 percent stake in Daimler in 2018..

BEIJING (Reuters) - Japan’s decision to curb government purchases from Chinese telecoms equipment makers Huawei Technologies and ZTE Corp could hurt bilateral ties if Tokyo’s actions are deemed unfair, China’s commerce ministry said on Thursday. Japan revised its procurement rules last year, introducing measures to strengthen security that were also a de facto ban on government purchases from Huawei and ZTE. The measures have been extended to 5G licensing rules for private companies, meaning Japan’s telcos are unlikely to use network equipment from the two Chinese manufacturers.

“We do not hope to see rising protectionism in countries like Japan that are supporters of free trade,” ministry spokesman Gao Feng told monogrammed cufflinks amazon a regular briefing in Beijing, The ministry had noticed that Huawei and ZTE’s business operations have suffered in Japan, he said, “If Japan’s actions are unfair, that would shake mutual trust in both countries as well as the confidence of companies to cooperate, hurting bilateral relations,” he added, Huawei has been facing mounting scrutiny, led by the United States, amid worries its equipment could be used by Beijing for spying, The company says the concerns are unfounded..

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