Business

The European Union has slapped a €200 million fine on Chinese retailer Temu for selling products considered toxic or unsafe, including baby toys and electronics. The e-commerce giant disputes the ruling, which came under the EU's Digital Services Act, requiring online platforms to protect consumers from harmful content or products. Also in the show:  Global air travel dips for the first time since the pandemic, and France is set to reimburse the cost of weight-loss drugs for obese patients.

Benchmark prices for crude oil rose on Thursday as Iran said it targeted a US airbase in response to American air strikes. Commercial traffic through the Strait of Hormuz, which had slightly ticked up in previous days, dwindled down to almost nothing again. Also in this edition: Australia takes legal action against US consumer goods giant 3M over "forever chemicals" in firefighting foam. Plus Brazilian leader Lula endorses more oil and gas exploration in the Amazon.

French President Emmanuel Macron gave the country's plans to move away from fossil fuels another boost on Tuesday, announcing big private investments, including a €1 billion EV project from Stellantis. Some 200 companies signed onto a national pact to join the government's efforts to double the share of electricity in the country's energy mix to 60 percent by 2030. Plus, BP has fired its chairman Albert Manifold over "serious concerns" about governance standards and conduct. 

Retail tycoon Chung Yong-jin, chairman of the Shinsegae Group which owns Starbucks Korea, issued a second apology in two weeks on Tuesday as the public outcry over the coffee chain's "Tank Day" marketing campaign fails to subside. The group is seeing a drop in sales over the campaign that appeared to reference a deadly crackdown on pro-democracy protesters in 1980. Also in this edition: Ferrari unveils its first fully electric supercar, "Luce".

France's utility giant EDF is poised to start dismantling the Fessenheim nuclear power plant on the border with Germany, a €1.4 billion project slated to take 22 years. Built in 1971, the plant's two reactors are the oldest in France and have been permanently shut down since 2020 after 43 years in operation, following a string of safety failures. But first, the ongoing Ebola outbreak in Africa is starting to take an economic toll on local populations. 

Oil futures slid on Monday as traders assessed US President Donald Trump's announcement over the weekend that a deal with Iran had been "largely negotiated". The benchmark Brent crude still remains much higher than when the war started on February 28. Also in this edition: some commercial vessels are managing to cross the Strait of Hormuz. Plus, Ferrari is set to launch its first fully electric supercar model.

French Prime Minister Sébastien Lecornu has announced new support measures to cushion the impact of the energy crisis caused by the war in Iran. The €710 million package includes extending existing support schemes for sectors such as fishing, farming and construction, as well as a new bonus for taxi drivers to switch to electric cars. But the prime minister ruled out blanket subsidies like fuel tax cuts as Paris struggles to bring its debt and deficit down. 

Elon Musk's rocket and satellite company has publicly filed details about its upcoming initial public offering, highlighting both the company's ambitious goals in space and its financial results. Among the group's long-term goals are the construction of data centres in space and creating a large human settlement on Mars. Also in this edition: Samsung and its workers find a last-minute deal to suspend a planned 18-day strike. 

French-Italian auto group Stellantis and China's Dongfeng have announced a plan to launch a joint venture based in Europe, with Stellantis having a 51 percent controlling stake. The deal would see Dongfeng's new electric models assembled at Stellantis's plant in western France to comply with the EU's new "Made in Europe" rule that requires 70 percent of EV content to be made locally. Also in the segment: one man in the US has turned a broken pink Barbie car into a solution to combat soaring fuel prices. 

After marathon five-hour talks, representatives from the EU Parliament and the EU Council agreed on Wednesday to go ahead and ratify the trade pact found with the US in July 2025. US President Donald Trump had threatened to increase tariffs on EU autos to 25 percent if the deal wasn't implemented by July 4. Also in this edition, talks between Samsung and its workers went down to the wire ahead of a scheduled 18-day strike on Thursday.