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Volkswagen sees sales slump in China, vows rebound this year

Published Wed, 26 Feb 2025 10:54:26 GMT

FRANKFURT, Germany (AP) — Volkswagen profits fell 30% in the first three months of the year despite booming business in Europe and North America because sales dropped in China, where the German automaker is facing increasing competition from homegrown models. After-tax profit fell to 4.7 billion euros ($5.2 billion) from 6.7 billion euros in the first quarter of last year, the Wolfsburg-based company said Thursday. The number of vehicles sold rose 7.5%, to 2.04 million. Revenue jumped by 21.5%, to 76.2 billion euros, as VW saw strong demand and increased pricing power — meaning the willingness of customers to shell out more for its cars. However, the company sold 14.5% fewer vehicles in China, the world’s largest car market, where competitors such as BYD are rapidly developing new electric and hybrid vehicles at competitive price points and competing with foreign brands. BYD Auto, owned by battery maker BYD Co., edged ahead of Tesla in total 2022 sales at 1.9 million vehicles....

TD Bank Group calls off deal to buy U.S. bank First Horizon

Published Wed, 26 Feb 2025 10:54:26 GMT

TORONTO — TD Bank Group has called off its US$13.4-billion takeover deal to acquire First Horizon Corp.The bank says it reached a mutual agreement with the U.S. bank to terminate the acquisition because of the uncertainty as to when and if it would be able to obtain regulatory approval.TD chief executive Bharat Masrani says this decision provides clarity for colleagues and shareholders.Though disappointed with the outcome, he says, TD moves forward with a strong and growing franchise in the United States.Under the terms of the agreement, TD will pay First Horizon a US$200-million break fee. The payment is in addition to a US$25-million fee reimbursement owed to First Horizon under the merger agreement.This report by The Canadian Press was first published May 4, 2023.Companies in this story: (TSX:TD)The Canadian Press

Artificial intelligence market faces review from UK watchdog

Published Wed, 26 Feb 2025 10:54:26 GMT

LONDON (AP) — Britain’s competition watchdog said Thursday that it’s opening a review of the artificial intelligence market, focusing on the technology underpinning chatbots like ChatGPT. The Competition Markets Authority said it will look into the opportunities and risks of AI as well as the competition rules and consumer protections that may be needed. AI’s ability to mimic human behavior has dazzled users but also drawn attention from regulators and experts around the world concerned about its dangers as its use mushrooms — affecting jobs, copyright, education, privacy and many other parts of life. The CEOs of Google, Microsoft and ChatGPT-maker OpenAI will meet Thursday with U.S. Vice President Kamala Harris for talks on how to ease the risks of their technology. And European Union negotiators are putting the finishing touches on sweeping new AI rules.The U.K. watchdog said the goal of the review is to help guide the development of AI to ensure open and competitive m...

2 people killed in train accident in western Germany

Published Wed, 26 Feb 2025 10:54:26 GMT

BERLIN (AP) — Two people were killed and several were injured in a train accident near the western German city of Cologne on Thursday, German news agency dpa reported.The train supposedly crashed into a group of people who were working on the tracks close to the town of Huerth. Emergency personnel, police and psychologists were at the scene and the route was closed for further train traffic. It was not immediately clear how many people were injured.The Associated Press

Napoli fans again prepare to celebrate Italian soccer title

Published Wed, 26 Feb 2025 10:54:26 GMT

NAPLES, Italy (AP) — For the third time in five days, Napoli fans are hoping and preparing to celebrate the Italian league soccer title.Napoli can seal its first Serie A title in more than three decades — since Diego Maradona led the southern club to the 1987 and 1990 championships — if it wins or draws at Udinese later Thursday.Napoli missed out on a chance to clinch the title when it was held to a 1-1 draw by Salernitana on Sunday and then watched as second-place Lazio beat Sassuolo 2-0 on Wednesday to again delay the celebration.Still, Napoli holds a 15-point lead over Lazio with six matches to play and it’s seemingly only a matter of time before the title becomes official for the Partenopei.No team south of Milan or Turin has won the Italian league since Roma claimed the title in 2001.The Stadio Diego Armando Maradona in Naples will be open for fans to watch the game against Udinese on giant screens.Also, 11,000 Napoli fans are expected to follow the team in Udine.___More AP soc...

UK holds local elections amid storm over new voter ID rules

Published Wed, 26 Feb 2025 10:54:26 GMT

LONDON (AP) — Millions of people in England were voting Thursday in local elections that are the first test of electoral opinion since Prime Minister Rishi Sunak took over a fractious and exhausted Conservative Party six months ago. The Conservatives say they expect to lose ground in elections for more than 8,000 seats on 230 local councils across England as voters punish them for the turmoil that engulfed the party under former Prime Minister Boris Johnson. He resigned amid multiple scandals and was replaced by Liz Truss, whose rash tax-cutting plans spooked financial markets, hammered the value of the pound and roiled the wider British economy.The party chose Sunak, a smooth former banker, to try to restore stability to the economy and the government.Sunak said Wednesday that his party was expecting the election to be “hard for us,” but vowed the Conservatives were leaving behind the “box set drama” of the Johnson and Truss eras.“I’ve only been prime minister for six months but I ...

Daughter of ousted Thai prime minister could win his old job

Published Wed, 26 Feb 2025 10:54:26 GMT

BANGKOK (AP) — She has confidence, she has charisma, but most of all she has the family name and a face that reminds many of her famous father. In the race to become Thailand’s next prime minister, opinion polls show Paetongtarn Shinawatra to be the heavy favorite to take the post after the May 14 general election.But some fear that victory for the youngest daughter of ousted former Prime Minister Thaksin Shinawatra — the country’s most divisive figure — could plunge Thailand back into a familiar cycle of protest and military intervention.Having the 36-year-old Paetongtarn on the ballot is expected to pay off handsomely for the popular Pheu Thai opposition party. It’s polling so well that it’s hoping for a landslide victory, with enough seats to overcome the ruling party’s built-in edge and name the prime minister.While Paetongtarn is the clear vote-getter of her party’s three candidates, any of the three could emerge from post-election wheeling and dealing as Thailand’s new l...

India to talk with China, Russia before Central Asia meeting

Published Wed, 26 Feb 2025 10:54:26 GMT

PANAJI, India (AP) — India’s foreign minister is expected to hold bilateral talks Thursday with counterparts from China and Russia ahead of a Central Asian security forum meeting. Foreign ministers of the Shanghai Cooperation Organization began arriving in host India’s tourist hotspot Goa, where they are expected to discuss deepening economic and security cooperation in the region on Friday. The planned meeting between India’s Subrahmanyam Jaishankar and China’s Qin Gang comes as the two countries remain embroiled in a three-year-long intense standoff involving thousands of soldiers stationed along their disputed border in the eastern Ladakh region. During a meeting last week between their defense ministers, India accused its neighbor of eroding ties by violating bilateral agreements, and China said the border conditions were “stable overall.”A clash three years ago in Ladakh killed 20 Indian soldiers and four Chinese.The differing tone of the statements refl...

Harris to meet with CEOs about artificial intelligence risks

Published Wed, 26 Feb 2025 10:54:26 GMT

WASHINGTON (AP) — Vice President Kamala Harris will meet on Thursday with the CEOs of four major companies developing artificial intelligence as the Biden administration rolls out a set of initiatives meant to ensure the rapidly evolving technology improves lives without putting people’s rights and safety at risk.The Democratic administration plans to announce an investment of $140 million to establish seven new AI research institutes, administration officials told reporters in previewing the effort. In addition, the White House Office of Management and Budget is expected to issue guidance in the next few months on how federal agencies can use AI tools. There will also be an independent commitment by top AI developers to participate in a public evaluation of their systems in August at the Las Vegas hacker convention DEF CON.Harris and administration officials on Thursday plan to discuss the risks they see in current AI development with the CEOs of Alphabet, Anthropic, Microsof...

WHO fires scientist who led COVID search over sex misconduct

Published Wed, 26 Feb 2025 10:54:26 GMT

GENEVA (AP) — The World Health Organization says it has fired the scientist who led a high-profile delegation from the U.N. health agency to China two years ago to jointly look into the origins of the coronavirus pandemic, citing sexual misconduct.Peter Ben Embarek, who led the WHO side of a joint team with scientists in China, was dismissed last year, the health agency said. WHO says it has stepped up efforts to root out sexual abuse, exploitation and harassment in recent months after a string of cases and incidents were reported in the press. “Peter Ben Embarek was dismissed following findings of sexual misconduct against him and corresponding disciplinary process,” said spokeswoman Marcia Poole said in an email. “The findings concern allegations relating to 2015 and 2017 that were first received by the WHO investigations team in 2018.”She said other allegations could not be fully investigated as the “victim(s) did not wish to engage with the investigation process.”Ben Embarek did...