BUSINESS

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Germany's auto market presented a mixed picture this week, with official data showing a robust 11.1% year-on-year surge in new car sales for the month of July. However, analysts cautioned against interpreting this single month's data as a sign of full recovery, pointing out that new car registrations were down 2.5% across the first six months of the year, underlining the ongoing challenges facing the country's automotive sector.

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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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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.

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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.