Volkswagen to 're-engage' in China EV market by third quarter of 2026, CFO tells FT
May 13 (Reuters) - Volkswagen's (VOWG.DE), opens new tab CFO expects the carmaker's new product launches in China to start improving its performance in the battery-electric vehicle segment by the third quarter of 2026, he said in an interview with the Financial Times on Tuesday.
"By then, we will reengage in the market with great products, with a really good cost base," Arno Antlitz said, speaking at the FT Future of the Car Summit in London.
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Reuters
27 minutes ago
- Reuters
Rubio praises bravery of Chinese people killed in Tiananmen Square crackdown
June 3 (Reuters) - U.S. Secretary of State Marco Rubio on Tuesday praised the bravery of the Chinese people who were killed in a bloody crackdown on pro-democracy protesters at Tiananmen Square in Beijing 36 years ago. "Today we commemorate the bravery of the Chinese people who were killed as they tried to exercise their fundamental freedoms, as well as those who continue to suffer persecution as they seek accountability and justice for the events of June 4, 1989," Rubio said in a statement. "The CCP actively tries to censor the facts, but the world will never forget," he said, referring to the Chinese Communist Party. The Chinese embassy in Washington did not immediately respond to an emailed request for comment. Chinese tanks rolled into the square before dawn on June 4, 1989, and troops opened fire to end weeks of pro-democracy demonstrations by students and workers. The ruling Communist Party has never released a death toll, though rights groups and witnesses say the figure could run into the thousands. The events are a taboo topic in China and the anniversary is not marked or publicly discussed, although public commemorations take place annually in overseas cities. "Their courage in the face of certain danger reminds us that the principles of freedom, democracy, and self-rule are not just American principles. They are human principles the CCP cannot erase," Rubio said. The statement from the U.S.'s top diplomat comes at a rocky time in the U.S.-China relationship. Since beginning his second White House term on January 20, U.S. President Donald Trump has unleashed 145% tariffs on most Chinese goods over what his administration sees as decades of trade abuses by China. Beijing responded with its own 125% tariffs on U.S. products. Officials from the two sides agreed in Geneva to dial back the triple-digit tariffs for 90 days, but have yet to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding U.S. complaints about China's state-dominated, export-driven economic model. Senior U.S. officials have said this week that Trump and Chinese President Xi Jinping would speak soon to iron out trade issues, including a dispute over critical minerals and China's restrictions on exports of certain minerals. White House Press Secretary Karoline Leavitt told a regular news briefing on Tuesday the Trump administration "is actively monitoring China's compliance with the Geneva trade agreement," and added that "there will be a leader-to-leader talk very soon."
The Sun
41 minutes ago
- The Sun
Jeweller Cartier and The North Face latest victims of cyber attacks
Jeweller Cartier and fashion brand The North Face are the latest victims of cyber attacks. Cartier, whose watches are worn by stars such as Cate Blanchett, said: 'An unauthorised party gained temporary access to our system. 4 "We contained the issue and further enhanced the protection of our systems and data.' North Face said it discovered a 'small-scale' attack in April. It advised customers to change their passwords. Both brands said customer names and email addresses were taken, but not financial information. It is the latest in a wave of attacks that began with Marks And Spencer and the Co-Op facing severe disruption in April. Last week, Adidas was also hit. Global cybersecurity adviser Jake Moore said: 'It remains a race against time to get businesses better protected.' 4 Thames rescue down the gurgler Thames Water has been plunged into further crisis after a £4billion rescue deal collapsed yesterday. US private equity giant KKR pulled out of plans to buy the firm, raising fears Thames will need emergency government help. 4 The company was fined a record £122.7million last week and is £19billion in debt. Britain's biggest water supplier, which has 16 million customers, has faced public fury over leaks, sewage spills, soaring bills and failed infrastructure upgrades, as well as dodgy dividend payments. Thames is now trying to finalise an alternative plan drawn up by lenders. Chairman Sir Adrian Montague said: 'While today's news is disappointing, we continue to believe a sustainable recapitalisation of the company is in the best interests of all stakeholders and continue to work to achieve that goal.' Environment Secretary Steve Reed said nationalisation was not the answer and insisted Thames remains 'a stable, ongoing company'. But he said ministers are 'ready for any eventuality'. Water watchdog Ofwat said it is liaising with the firm on its next steps 'to ensure its equity raise process continues to secure improved financial resilience and performance'. Thames was fined a record £122.7million by Ofwat last week after it broke rules over sewage treatment and paying out dividends. The firm increased consumer water bills for customers by an average of 31 per cent in April. Russ Mould, of AJ Bell, said: 'KKR's U-turn is a surprise, given its investment seemed like a done deal.' Sinking feeling The owner of South West Water has seen losses deepen after it was hit by a parasite outbreak in Devon. Pennon unveiled a pre-tax loss of £72.7million for the year to the end of March, after a £9.1million loss 12 months ago. It paid out £21million following last year's incident in Brixham, which left people in hospital. Bosses said 800 staff spent eight weeks making the water safe to drink. It increased bills by 28 per cent on average in April, saying it needed to fund infrastructure investment. Probe on UK solar company The Serious Fraud Office is investigating UK solar farm firm Rockfire Investment Finance after a struggling council invested hundreds of millions of pounds. Thurrock Council in Essex was effectively declared bankrupt in December 2022 with debts of more than £1billion. 4 It invested through a bond scheme sold by Rockfire Investment Finance and other companies in the Rockfire Group between 2016 and 2020. Rockfire offered returns of up to 6 per cent on renewable energy bonds as well as the return of the initial bond cost. The group has since gone into liquidation, the SFO said. Its director Nick Ephgrave said: 'This is a significant step in our investigation concerning this suspected criminality.' Thurrock Council is taking Rockfire and its former director to court in a separate case. It said it has recovered £650million of public money. No room for bid… Ireland's biggest hotel chain Dalata yesterday rejected a £1.1billion bid from a Norwegian and Swedish consortium. After Dalata declined the offer from Pandox and Eiendomsspar its shares soared 11 per cent, but they fell back slightly. The firm runs 55 hotels under the Maldron Hotel and Clayton Hotel brands. It said it continues to engage in 'constructive discussions' with other parties. Nicotine boost Rising sales of oral nicotine pouches have helped boost cigarette maker British American Tobacco. The flavoured products are placed between the gum and lip so nicotine can be absorbed through the mouth. BAT, which still makes most of its money from cigarettes, said revenues could grow 2 per cent, twice as much as previously forecast. But boss Tadeu Marroco said BAT's vape sales were being affected by illegal products in the US and Canada and urged crackdowns. Car insurance price quotes fell 11 per cent over the past year with over-50s benefiting most. Prices for older folk fell 26 per cent, while under-25s only benefited from a 3.4 per cent drop. Consumer Intelligence said 'competition remains strong'. Gleeson slump Shares in housebuilder MJ Gleeson slumped more than a fifth yesterday after it issued a profit warning. The group said it faced a 15 to 20 per cent hit to its profits this year after higher build costs, flatter selling prices and several bulk sale transactions. Gleeson, which specialises in building low-cost homes and land promotion, warned planning delays will continue to affect the business next year. It said the 'pace of the housing market recovery has not been sufficient' to offset 'a number of headwinds'.
Reuters
an hour ago
- Reuters
South Korea's liberal new president Lee Jae-myung vows economic revival, judgement against martial law
SEOUL, June 4 (Reuters) - South Korea woke on Wednesday to a new liberal president, Lee Jae-myung, who vowed to raise the country from the turmoil of a martial law crisis and revive an economy reeling from slowing growth and the threat of global protectionism. Lee's decisive victory in Tuesday's snap election stands to usher in a sea change in Asia's fourth-largest economy, after backlash against a botched attempt at military rule brought down Yoon Suk Yeol just three years into his troubled presidency. With 100% of the ballots counted, Lee had won 49.42% of the nearly 35 million votes cast while conservative rival Kim Moon-soo had taken 41.15% in the polls that brought the highest turnout for a presidential election since 1997, according to National Election Commission data. The 61-year-old former human rights lawyer called Tuesday's election "judgment day" against Yoon's martial law and his People Power Party's failure to stop the ill-fated move. "The first mission is to decisively overcome insurrection and to ensure there will never be another military coup with guns and swords turned against the people," Lee said in a victory speech outside parliament. "We can overcome this temporary difficulty with the combined strength of our people, who have great capabilities," he said. Lee was officially confirmed as president by the National Election Commission early on Wednesday and immediately assumed the powers of the presidency and commander in chief. An abbreviated inauguration is planned at parliament within hours of the official confirmation. A slate of economic and social challenges await the new leader, including a society deeply scarred by divisions following the martial law attempt and an export-heavy economy reeling from unpredictable protectionist moves by the United States, a major trading partner and a security ally. The martial law decree and the six months of ensuing turmoil, which saw three different acting presidents and multiple criminal insurrection trials for Yoon and several top officials, marked a stunning political self-destruction for the former leader and a drag on an economy already slowing in growth. Lee has pledged to boost investment in innovation and technology to fuel the country on another growth trajectory while increasing support for middle and low-income families. Lee is expected to be more conciliatory toward China and North Korea, and has pledged to continue the Yoon-era engagement with Japan.
