BUSINESS

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Shein has been hit with a one million euro ($1.15 million) fine by Italy's competition watchdog for misleading claims about its environmental practices. The AGCM accuses the company responsible for Shein's European websites of using a "misleading communication strategy" about the characteristics and environmental impact of its clothing.

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Microsoft has officially crossed the $4 trillion milestone in market value, becoming the second company to ever do so after Nvidia. The move follows a wave of investor confidence and a powerful earnings report. Nvidia was the first to pass the same milestone earlier this year.

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Tesla's board has approved a new compensation award for CEO Elon Musk, authorizing 96 million shares, valued at approximately US$29 billion, under the same pricing terms as his previously voided 2018 package. The decision marks a calculated attempt to retain Musk's leadership as the company pivots from its electric vehicle roots toward artificial intelligence and robotics.

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Ryanair announced Wednesday that it is ceasing operations at three French airports due to a "harmful" tax hike on air tickets, urging Paris to reconsider its policy. The low-cost airline is dropping airports in Brive and Bergerac in southwestern France and Strasbourg in eastern France thus impacting routes to Portugal and Scotland. Ryanair had previously dropped Vatry airport in the spring.

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Amazon announced a robust 35% increase in quarterly profits on Thursday, reaching $18.2 billion, as its significant investments in artificial intelligence began to yield significant results. The Seattle-based company also reported a 13% jump in net sales, reaching $167.7 billion, results that not only surpassed analyst expectations but also suggested that the global company was successfully navigating the challenges of the high-tariff trade policies under US President Donald Trump.

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The impact of US trade policies is being felt by yet another global company, with German sportswear giant Adidas reporting Wednesday that it absorbed a hit from US tariffs in the "double-digit euro millions" during the second quarter. The company, however, did not indicate whether it would pass the rising costs on to consumers. The tariffs were imposed by US President Donald Trump.

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Despite a sharp drop in quarterly profits partly due to US tariffs, German carmaker BMW reaffirmed its 2025 targets Thursday, citing its significant American operations as a buffer against trade pressures. This contrasts with rivals Volkswagen and Mercedes-Benz, who recently lowered their outlooks, citing the fallout from President Donald Trump's trade policies.