The car production conglomerate Stellantis announced it would invest €30bn in electric vehicles by the end of 2021. The company earmarked a target to make the total cost of owning an electric vehicle equal to that of a petrol-driven model by 2026, BBC elaborated. Stellantis said it would build at least five battery plants across Europe and in US to implement its strategy. It has already announced two plants in France and Germany, and the third will be in Italy.

The biggest Danish bank Danske announced surging net profits with 2021 annual result seen at nearly two billion dollars. Danske posted the encouraging results on the back of pandemic economic recovery which improved the prospects of the whole financial sector, Reuters elaborated. Danske said it benefited from an increase in customer activity and a restart in active lending.

US Defense department announced it canceled a lucrative 10 billion dollars worth cloud deal that was awarded to Microsoft by the administration of the previous President Donald Trump. The Pentagon confirmed that the framework of the JEDI cloud-computing project will be redrawn and some new players including Amazon will be included, Reuters elaborated.

The output of the electric car maker Tesla surged in the second quarter to top 200,000 units. The volume exceeds twice the results posted in 2020, CNN reported. The car maker dismissed higher prices of inputs as well as reputation difficulties in China and a shortage of semiconductor chips to stay on track its original 2021 output plans.

UK flagship carrier British Airways announced it had reached agreements with victims of data breach in the company's servers in 2018. All who claimed damages from the leak will be individually compensated. The overall volume of the agreed payments will not be disclosed, Reuters elaborated.

The South Korean electronics conglomerate Samsung announced a 38% surge to $10 billion in operating profits as chips price rose and consumer and demand recovered from the Covid-19 economic downturn. The recovered investments in data centres also spurred the business activity of Samsung, Reuters reported.

Jeff Bezos, 57, will hand over the job of Amazon chief executive on Monday to Andy Jassy and turn his attention to his private space exploration firm, philanthropy and other endeavors. He will retain a key role, however, as executive chair at the technology and e-commerce colossus he founded 27 years ago, AFP reported.

Saudi Arabia plans to set a new national airline, which is to compete with Gulf giants Emirates and Qatar Airways over international transit passenger traffic, reported Reuters, citing two people familiar with the matter.

In another blow to Britain’s retail sector, American clothing company GAP said that it will close all of its stores in the UK by the end of the year as it moves its business exclusively online, AP reports.

Carmakers posted record earnings from sales in US market in the second quarter as demand for SUVs and electric vehicles soared and manufacturers sold more units although they hiked the prices, Reuters reported. Robust sales were due to the post-Covid-19 economic recovery, coupled by low interest rates on credits. The consumer trend shows steady increase in demand for more expensive cars and a lot of carmakers are pushing forwards to introducing new models of electric vehicles.