BUSINESS

DEEP EARTH DRILLING TAPS CLEAN ENERGY POTENTIAL

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In the sun-scorched Utah desert, what looks like an oil drilling rig is in fact the vanguard of clean energy's next frontier. Fervo Energy, a Houston-based startup, is spearheading a cutting-edge geothermal project that could revolutionize the global power grid. Using the same high-tech drilling techniques once reserved for fossil fuel extraction, Fervo is diving miles into the Earth—not for oil, but for sustainable heat.

STELLANTIS REPORTS €300M LOSS DUE TO US TARIFFS

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Stellantis, the parent company of brands such as Vauxhall, Jeep, and Fiat, has revealed that it has already incurred a €300 million ($349.2 million) cost as a result of US President Donald Trump's tariffs. The company attributed the financial hit to the tariffs impacting trade and the subsequent reduction in planned production. The 25% tariff on cars being imported to the US has been in place since April.

APPLE ESCAPES €50M DAILY PENALTY AFTER DMA COMPLIANCE MOVE

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Apple has avoided a potential financial blow in Europe by adjusting its App Store policies to comply with EU regulations. The European Commission is expected to approve the changes, which come after a €500 million fine was issued earlier this year for violating the Digital Markets Act (DMA).

MICROSOFT CUTS CHINA FROM U.S. MILITARY CLOUD SUPPORT AFTER SECURITY REPORT

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Microsoft has announced it will no longer involve engineers based in China in technical support roles for its U.S. defense cloud systems. The move follows a damning ProPublica investigation and mounting pressure from Pentagon officials and lawmakers. The decision, disclosed Friday, marks a swift response to concerns raised over the company's Azure cloud work with the U.S. Department of Defense. Frank Shaw, Microsoft's chief communications officer, said in a post on X, "We've made changes to our support for U.S. Government customers to ensure no China-based engineering teams are assisting with DoD cloud or related services."

GM POSTS $1.1B LOSS FROM TARIFFS, SHIFTS FOCUS TO DOMESTIC MARKET

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General Motors' second-quarter earnings for 2025 revealed a mixed picture: solid vehicle sales in the U.S. but a sharp earnings decline tied to tariffs. The automaker absorbed a $1.1 billion hit from new trade measures, mostly tied to imports from Mexico and South Korea—pushing its quarterly net income down 35%.

APPLE MAKES $150 MILLION BID FOR FORMULA 1 U.S. STREAMING RIGHTS, POISED TO OVERTAKE ESPN

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Apple Inc. Has reportedly placed a bid worth at least $150 million per year to secure the exclusive U.S. streaming rights for Formula 1 races starting in 2026, according to Business Insider, citing a source familiar with the negotiations.

UNIVERSAL MUSIC GROUP FILES TO SELL SHARES IN US

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Universal Music Group (UMG) has filed to sell its shares in the US market, adding to its existing listing in the Netherlands. The company, which is home to mega stars such as Taylor Swift, Drake, and Lady Gaga, has a stock market valuation in the Netherlands of nearly €50 billion ($58.5 billion).

TESLA OPENS FIRST SHOWROOM IN INDIA

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Tesla has officially launched in India with the opening of its first showroom in Mumbai on Tuesday. The move comes as the company looks to expand its customer base amid sagging sales in the United States and Europe. The showroom was inaugurated by Maharashtra state's chief minister, Devendra Fadnavis, and opened its doors to selected visitors.