Business

South Korean chipmaker Samsung Electronics posted record quarterly profits Tuesday thanks to the global AI infrastructure buildout coupled with a memory chip shortage. Also in this edition, oil futures rise as tensions reignite in the Hormuz Strait and Canada commits to its biggest-ever defence contract. Finally, Cuba experiences its third nationwide blackout of the year as its fuel reserves dwindle.

A handful of OPEC+ countries have agreed to increase their output targets from August, but the cartel is fighting for its survival after the UAE's departure. Also, A French company is using the River Seine to cool down Paris's buildings. Finally, Sky says it's buying ITV's broadcast channels and streaming service for £1.6bn.

The earthquakes that hit Venezuela in late June have devastated seaside towns where tourism has been a vital economic lifeline for an already struggling population. Also, tanker traffic picks up through the Strait of Hormuz, and Europe seeks to convince the US that it's boosting defence spending. 

In today’s edition, FRANCE 24's Charlotte Lam takes a look at Germany’s new tax and pension reforms, Google’s big loss in EU courts and the “Swiftonomics” bonanza that the star’s wedding could bring to New York City.

Germany's ruling coalition has agreed on sweeping tax, labour and pension reforms – a breakthrough Chancellor Friedrich Merz said would revive the struggling economy and counter the far right. Berlin recently halved its growth forecast after the Iran war sent energy prices soaring. On Thursday, Merz estimated that the reforms could lift trend growth from 0.4 to 0.7 percent per year.

In Luxembourg, Alphabet Inc, Google’s parent company, lost its long-running fight against a €4.1 billion EU antitrust fine. First imposed in 2018 over Android pre-installation deals, the penalty was upheld by the EU Court of Justice in a final ruling likely to embolden Brussels' big tech crackdown.

And in New York, the Taylor Swift–Travis Kelce wedding rumoured to take place at Madison Square Garden could cost at least $20 million, according to Forbes, with "Swiftonomics" promising a bumper weekend for the city's hospitality industry.

Anthropic's Mythos 5 and Fable 5 are back online this Wednesday after the company said it had productive conversations with the US government. Also, Kevin Warsh makes his first public appearance as Federal Reserve chairman. Plus shares of Meta rise after news that the company is building out a new cloud business.

US President Donald Trump made over a billion dollars with various crypto-related ventures in 2025, according to his annual financial disclosure report. The earnings, coming from royalties tied to the Trump memecoin and token sales from crypto firm World Liberty Financial, have prompted accusations of conflicts of interest from watchdog groups. Also in this edition: the US commerce department lifts its export ban on Anthropic's latest AI models.

The British government says it could step in to challenge Paramount Skydance's $110 billion takeover of Warner Bros Discovery. Also, French inflation slowed to just 1.8 percent in June year-on-year, down from 2.4 percent in May. Plus, more than 1 million undocumented people in Spain apply to obtain legal status as part of an economic bet that immigration is what's keeping the country's growth alive. 

Tomatoes cook on the vine and cereal crops get scorched – climate change is hitting French agriculture, and shoppers are poised to bear the brunt of it. Also, the EU and China set an October deadline to make progress on trade disputes, while the ECB Chief Christine Lagarde says the Eurozone economy is resilient enough to withstand an end to exceptional monetary policy measures.

South Korea bets big on artificial intelligence with nearly $1 trillion worth of investment through 2029. Also in this edition, Comcast announces it will spin off NBCUniversal into a separate, publicly traded company. Plus France takes aim at Shein, Temu and AliExpress with a new law aimed at curbing ultra-fast fashion.

EU Trade Commissioner Maros Sefcovic and his Chinese counterpart are meeting in Brussels as Europe prepares countermeasures to battle a flood of cheap imports. Also, oil prices climb after a weekend of renewed strikes between the US and Iran, and South Korea unveils a massive new investment in chip production.