• Bill Gates said his charitable foundation would shut down in 2045.
• He made the announcement to mark the 25th anniversary of the organization.
• Gates said it was more important to spend its resources now rather than in the future.

Bill Gates has revealed plans to shut down his charitable foundation at the end of 2045 — several decades earlier than intended.

"There are too many urgent problems to solve for me to hold onto resources that could be used to help people," Gates said in a blog post.

"That is why I have decided to give my money back to society much faster than I had originally planned," he added. "I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world."

The Microsoft cofounder initially made the announcement in an interview with The New York Times to mark the 25th anniversary of the Gates Foundation, which is the third-largest charitable foundation in the world.

The organization was launched in 2000 by Gates and his then-wife, Melinda French Gates, when they were 44 and 35, respectively.

Gates said in the interview that the foundation had "achieved far more than I — or I think anyone — expected" and helped reduce the number of childhood deaths from 10 million to 5 million a year.

Asked why he was announcing plans to sunset the operation, he said it made a "big difference" to spend its resources "now versus later."

"We're not trying to steward our money for some weird legacy thing," Gates said. "If we were trying to be a forever foundation, instead of being able to spend $9 billion a year, we'd have to drop down to spending like $6 billion a year.

"Normally we're saving lives for $2,000 or $3,000. But given the problems that are out there, we're actually now saving lives for less.

"And this is a miraculous time. A lot of the hundred billion we've spent is to build a pipeline, and the most important stuff the foundation is doing is the stuff that's in the R&D pipeline right now."

Gates stepped down as Microsoft's CEO in 2008 to devote more time to the foundation.

It held $69 billion in assets as of 2020 and had an endowment of $75.2 billion as of 2023.

The foundation has donated tens of billions of dollars to causes such as global health, gender equality, and water sanitation programs.

Warren Buffett, who made headlines last week when he announced he was stepping down from Berkshire Hathaway, was central to the Gates Foundation.

He served as a trustee of the foundation from 2006 to 2022, and his contributions to the foundation totaled $36 billion as of 2022.

French Gates resigned from her positions as cochair and trustee of the foundation in 2024, following her divorce from Gates in 2021.

• President Donald Trump said Fed Chair Jerome Powell's "termination cannot come fast enough."
• Trump called on the Fed to follow the European Central Bank and cut interest rates.
• Powell had said Wednesday that tariffs could usher in weaker economic growth and higher inflation.

President Donald Trump escalated his feud with Jerome Powell on Thursday, saying in a Truth Social post that the Federal Reserve chair's "termination cannot come fast enough."

His comments came a day after Powell said the tariffs the president announced were "significantly larger" than expected and could lead to weaker economic growth and higher inflation.

Trump wrote that the European Central Bank was expected to cut interest rates Thursday for the seventh time, which it later did, and that the Fed should have done so "long ago" and "should certainly lower them now."

The president described Powell as "TOO LATE AND WRONG," adding: "Oil prices are down, groceries (even eggs!) are down."

In his speech on Wednesday, Powell said renewed tariffs under the Trump administration could create a "challenging scenario" for the economy.

He added that the Fed's dual mandate — low unemployment and price stability— could be tested if tariffs drove up consumer prices while slowing growth. Powell's words contributed to a deepening sell-off on the markets on Wednesday.

The S&P 500 and Nasdaq were higher on Thursday morning, while the Dow Jones Industrial Average fell about 1%.

Trump's post didn't say whether he thought Powell should be dismissed immediately or after his term ends in May 2026.

Powell has previously said the president cannot fire him. Shortly after Trump's election in November, Powell said he wouldn't resign if asked and firing him was "not permitted under law."

Even if Trump was able to remove Powell, it would not have a direct effect on interest rates. They are set by the 12 members of the Federal Open Market Committee, or FOMC — the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining 11 Reserve Bank presidents, who serve one-year terms on a rotating basis.

The European Central Bank's interest rate cut on Thursday was in response to Trump's tariffs.

The 0.25 percentage-point reduction to 2.25% is the seventh cut in eight meetings and brings the rate to its lowest level in more than two years.

• China raised tariffs on US goods to 84% on Wednesday.
• The move follows President Donald Trump's decision to further increase tariffs on imports from China.
• The European Union announced its first retaliatory tariffs affecting US goods worth about $23 billion.

China imposed 84% tariffs on US imports and Europe made its first move on Wednesday as the global trade war escalated.

The measures follow President Donald Trump's sweeping tariffs against trade partners, including imposing cumulative 104% charges on Chinese goods.

Beijing retaliated after the US tariffs took effect on Wednesday. Its charges will be imposed from Thursday, a government statement said.

"China urges the US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect," the statement said.

The announcement pushed European stock markets lower, but the S&P 500 posted early gains.

The European Union announced its first retaliatory tariffs after the US imposed 25% levies on EU steel and aluminum exports last month.

The tariffs on US goods worth about $23 billion will take effect this month and target products such as soybeans, diamonds, and poultry.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, said China had sent a "clear signal" that it intended to maintain its stance despite the higher US tariffs.

"China can afford to wait. I don't expect a quick and easy way out from the current trade conflict," Zhang said. "The damage to the two economies will become visible soon. The outlook for international trade and global economic growth is highly uncertain."

On Tuesday, Trump wrote on Truth Social: "China also wants to make a deal, badly, but they don't know how to get it started. We are waiting for their call."

Treasury Secretary Scott Bessent told Fox Business on Wednesday that China's reluctance to negotiate was "unfortunate" and said it had the "most imbalanced economy in the history of the modern world."

Beijing vowed on Tuesday to "fight to the end."

"Judging from its actions, the US doesn't seem to be serious about having talks right now," said Lin Jian, a Chinese foreign ministry spokesperson.

"If the US truly wants to talk, it should let people see that they're ready to treat others with equality, respect and mutual benefit."

Narrow path

Analysts are bracing for a long standoff between the two mega economies.

"We see a narrow path to resolution for the ongoing tariff gridlock between the US and China as well," wrote Yeap Jun Rong, a market strategist at IG.

"Even if negotiations resume in the future, reaching a consensus may prove difficult, suggesting that trade tensions could persist for an extended period."

Marc Rowan, the CEO of Apollo, told CNBC he expected the Trump administration to reach agreements on tariffs with the "vast majority" of trading partners.

• The MG4 is one of the most popular EVs in the UK.
• The Chinese-made car is stylish, well-appointed, and keenly priced making it a danger to Tesla.
• The XPower version I tested is extremely fast and has some nice touches, but failed to excite.

One of Britain's most quintessential sports car brands has been Chinese-owned for many years — and after driving one of its best-selling cars, I could see the kind of innovation combined with competitive pricing that has Western automakers so worried.

MG was founded in Oxford in 1924 and its cars have appeared in countless films and TV shows, driven by stars from Elvis to Audrey Hepburn.

MGs were sold in the US until 1980, but their then-owner withdrew from the market amid financial difficulties. Things never really improved, and in 2005, MG Rover was bought by China's SAIC, although production continued in the UK until 2016.

The MG badge never disappeared from British showrooms and the Chinese-made cars have become increasingly popular there. The brand notched up record sales of just over 81,000 vehicles last year, putting MG in 10th place for registrations, with a market share of almost 4.2%. About one in four MGs sold were electric.

The MG4 hatchback was the fourth best-selling EV in the UK last year and was the second most popular model with private (as opposed to fleet) buyers.

Part of the appeal is probably down to the prices, which range from £27,000 (just under $35,000) — about £13,000 less than the cheapest Tesla in the UK and about the same as a BYD Dolphin — through to £36,500 (about $47,000.)

So what's the MG4 like to drive? I had the most expensive XPower version, which promises 0 to 62 miles an hour in 3.8 seconds from the 64kWh battery — half the time the long-range model takes. (A test by What Car? got the Xpower to 60mph in just 3.6 seconds — faster, they say, than a Porsche Taycan 4S.)

It also boasts all-wheel drive, enhanced brakes, launch control ,and has a claimed maximum driving range of between 239 miles on the WLTP measure, and 328 miles in the city.

I rather liked the shade of matte green, although the styling may not win any design awards. As far as Chinese EVs go, it could be much worse. The flashy alloy wheels with orange brake calipers are a nice touch.

Inside, the seven-inch screen behind the (leather-clad) steering wheel is complemented by a larger, wider central screen with entertainment and navigation options.

I was pleased to find a row of good, old-fashioned physical buttons for volume, fan, and hazard lights. However, connecting my iPhone to the sound system was a fiddlier experience than it needed to be.

I took the MG4 south of London one gloomy Sunday to a scenic spot called Box Hill. Unlike other cars I've driven for BI, it did not scold me the moment I exceeded the speed limit by even 1 mile an hour — a blessed relief given many roads have a 20 mph limit. More bonus brownie points. It's a breeze to drive, and as I suggested above it goes like the clappers when required (on the freeway, of course.)

Other than delivering boy-racer levels of acceleration, that's about the only relation to the MGs of yesteryear and this "hot hatch" is hard to get too excited about. Given that it's almost certain to never go on sale in the US, you probably won't have to grapple with that dilemma.

If I was in the market for an EV this size, I'm not convinced the XPower would make my shortlist (and that was before I learned the MG4 performed very poorly in What Car?'s annual reliability survey.)

No matter what I think, the MG is likely to attract some buyers who might previously have considered a Tesla Model Y, which is almost £18k more.

The MG4 has very respectable range, a decent amount of trunk space — and you could fit three adults in the back as long as they really like each other.

It may start at about £56,000 and only has two seats, but I think the real star of MG's European model range may be the stunning Cyberster roadster.

• Tesla is recalling just over 46,000 Cybertrucks.
• It's the eighth recall for the vehicle since it went on sale in late 2023.
• The NHTSA said an exterior panel could detach and "become a road hazard, increasing the risk of a crash."

Tesla is recalling around 46,000 Cybertrucks after the transport safety agency warned that an exterior trim panel could detach while the vehicle is in motion.

The NHTSA bulletin said a cant rail — a stainless-steel exterior trim panel — could "become a road hazard, increasing the risk of a crash."

The recall affects 46,096 Cybertrucks built between November 2023 and February 2025.

The recall report found that the panel was glued to the vehicle using "only a structural adhesive" that's proved "susceptible to environmental embrittlement."

The fix involves using a different glue, along with a bolt.

It's the eighth recall of the Cybertruck since it went on sale in late 2023.

Last November, Tesla issued the sixth recall due to a problem that could cause some to lose drive power suddenly. It affected about 2,400 Cybertrucks.

Cybertrucks were included in a mid-December recall affecting almost 700,000 Teslas over a tire pressure warning-light issue.

The NHTSA said Tesla would replace the cant rail assembly free of charge.

Owners will be notified by mail in May or can contact Tesla customer service, the NHTSA vehicle safety hotline at 888-327-4236 or nhtsa.gov.

Tesla did not immediately respond to a request for comment.

• Microsoft said it plans to shut down Skype in May.
• It paid $8.5 billion for the internet calling platform in 2011.
• Skype said users would be invited to switch to Microsoft Teams ahead of the switch off.

Microsoft is shutting down Skype, the internet calling service it bought almost 14 years ago for $8.5 billion.

Users are set to be invited to switch to Teams before the service is turned off in May.

Skype posted on X on Friday: "Starting in May 2025, Skype will no longer be available. Over the coming days you can sign in to Microsoft Teams Free with your Skype account to stay connected with all your chats and contacts. Thank you for being part of Skype."

Jeff Teper, Microsoft's president of collaborative apps and platforms, said in a statement: "Hundreds of millions of people already use Teams as their hub for teamwork, helping them stay connected and engaged at work, school, and at home. In the past two years, the number of minutes spent in meetings by consumer users of Teams has grown 4X, reflecting the value Teams brings to everyday communication and collaboration." 

Paid Skype features will not be offered to new customers, Microsoft said.

"Current Skype subscription users can continue to use their Skype Credits and subscriptions until the end of their next renewal period. Skype Credit users can also continue to use their remaining Skype Credit. After May 5, 2025, the Skype Dial Pad will be available to remaining paid users from the Skype web portal and within Teams," Microsoft said.  

Skype was launched in 2003, and Microsoft acquired it in 2011. It was the Windows maker's biggest acquisition at the time.

eBay paid $2.6 billion in cash and stock for Skype in 2005.

• Tim Clark helped set up Emirates in 1985 and has been its president since 2003.
• The airline flies from Dubai to 12 US airports as well as dozens of cities globally.
• Clark says if a business "recognizes and respects" its workers, "they look after you" in return.

Dubai's population has grown about 10-fold since Emirates was founded 40 years ago. Among the airline's founding team was Tim Clark, who has been its president for more than two decades.

At the beginning, the nascent carrier wasn't "taken very seriously," he told Business Insider in a wide-ranging interview last month.

That began to change once competitors and aircraft manufacturers realized Dubai was ideally positioned roughly halfway between Europe and the Middle East — and that Emirates was determined to shake up long-haul aviation.

"We were considered to be lunatics, but we did manage to persuade the powers that be in both Airbus and Boeing that we were deadly serious," Clark says.

As well as aircraft that could fly non-stop from Dubai to the likes of Los Angeles, Sydney and Auckland, he wanted cabins that were closer to private jets.

That led to innovations such as first-class suites with sliding doors in the late 1990s that are now "de rigueur everywhere. And I wish I had a patent on those, but we never did. And now they're in business class as well. So you see our footprints everywhere."

The rise of Emirates as a global aviation force mirrors the rise of Dubai, which Clark calls a "global metropolis." It's become "a great place for doing business" as well as serving the rest of the Middle East and North Africa region, particularly Saudi Arabia.

Its 96 flights a week from 12 US airports to Dubai has also made it easier for Americans to get to destinations such as Zanzibar, Mauritius or the Seychelles. Clark thinks there's a lot more growth to come in North America: "We have only really just started. We now have multiple points there, but there are so many more coming."

Emirates' expansion has been constrained to some degree by the availability of new aircraft. Delivery delays for Boeing's new 777X has prompted the airline to spend $4.5 billion "gutting all the old 777s and retrofitting them," Clark says. To maintain its fleet of about 250 passenger jets "you've got to retrofit," he adds.

It's also upgrading many of its A380s, which it first took delivery of in 2008. Later to the premium economy party than other airlines, it only made its Emirates debut in August 2022.

Business class, however, has always accounted for a considerable part of the double-decker Airbus — even if Clark dislikes the name.

When corporate travel budgets were slashed after the 2008 financial crisis, he says older customers in particular started flying in business "in a manner that we just couldn't believe."

People "want to go and see and enjoy … that's why I remain optimistic that demand will continue at the pace it has, constrained by all these we've talked about in regards to supply."

Emirates consistently ranks as one of the world's best airlines, though last year, rival Middle Eastern carrier Qatar Airways was crowned the world's best airline by Skytrax. Qatar pushed Singapore Airlines into second place, while Emirates ranked third.

One of Emirates' advantages over most competitors is being able to recruit its 23,000 cabin crew from anywhere in the world. "That is part of the essence of our model," as Clark puts it.

He describes Dubai as a "really popular city to be in" for many workers — and doubtless the tax-free salaries, generous bonuses and accommodation offer are part of the attraction for some too.

While its training program is "very, very demanding" and being "refreshed all the time," Clark adds: "We try to think that by delivering a fairly innovative stack of products, which we try to change out regularly, that the kids are actually really interested in what they're doing. And they like what they're doing," he says. "We look after them. We care for their welfare."

Asked about where Boeing lost its way, his advice to CEO Kelly Ortberg is to treat workers better. Clark said that if a company "recognizes and respects" its people, "they look after you. I promise you, they'll be doing much more than you asked them to do, simply because they're so proud of being in a company that looks after them."

Clark has been in the airline business for more than half a century, starting off at British Caledonian in 1972 before moving to Gulf Air in Bahrain for a decade. So why is he still working at the age of 75?

He says he considered stepping down during the pandemic but adds: "I just couldn't leave it. I was determined to get the business back on track and be profitable again, and eventually hand it over to the team of people I'm working with. These guys I've been working with 20 years, some of them.

"Frankly, will the business be successful with this team of people working? Of course it will … so I'll find a balance at some point, but I will go."

The airline posted a pre-tax profit of $2.6 billion for the six months to September, up 2%, on revenues of almost $17 billion, and Clark expects "another very good year" in 2025 but notes: "Anything can happen. Well, airlines are an unpredictable business, aren't they?"

• The leaders of the UK, Germany, and France have condemned Elon Musk's comments about Europe.
• His frequent X posts have become increasingly extreme in recent days.
• It's not clear how these interventions benefit Musk, but they don't appear to be hurting him either.

Donald Trump is less than two weeks away from being sworn in as president for the second time. But, after spending hundreds of millions helping him return to the White House in an election he said would decide "the fate of Western civilization," Elon Musk is increasingly focused on European politics.

Musk has said he became outspoken on politics to "defeat the woke mind virus." Since Trump's election, he has turned his brash focus toward Europe in his frequent posts on X.

He's called for the release of a far-right agitator from prison in the UK, called the country's leader "utterly despicable," and wondered whether America should "liberate" Britain — all in the past week.

Musk has inserted himself into and fueled a political row over the UK government's handling of an inquiry into gangs who sexually exploited children. When he acquired Twitter, now called X, in 2022, he said combating images of child sexual abuse on the platform was "Priority #1."

Musk has also endorsed Germany's far-right AfD party ahead of elections there in late February. His comments have earned him rebukes from leaders across the continent.

Musk's interventions have been condemned by the leaders of Germany, France, and the UK

"Don't feed the troll," German chancellor Olaf Scholz said on Sunday after Musk posted that "only the AfD can save Germany." On Monday, French President Emmanuel Macron said, "Ten years ago, who could have imagined it if we had been told that the owner of one of the largest social networks in the world would support a new international reactionary movement and intervene directly in elections."

UK Prime Minister Keir Starmer, who leads the left-leaning Labour Party, hit back at Musk, without naming him, in a speech the same day, saying: "Those who are spreading lies and misinformation as far and as wide as possible are not interested in victims — they're interested in themselves."

Musk plans to host a conversation on X with the AfD's leader this week. He earlier defended his intervention in Germany in an op-ed in Welt am Sonntag, saying he has "significant investments" there — Tesla has a factory near Berlin. (Welt am Sonntag, along with Business Insider and Politico, are owned by Axel Springer.)

But, unlike in America, his political interventions in Europe don't obviously affect those investments. Tesla stock closed at $251 on Election Day in November. It then surged as investors recognized that Musk's gamble backing Trump had paid off.

As Musk has posted about Europe in recent days, Tesla's stock has remained relatively stable, closing at $411 on Monday, suggesting that investors are paying little, if any, attention.

Musk has become particularly engrossed in UK politics

The world's richest person has been posting and reposting dozens of times a day on X. He's also boosting the reach of those he endorses to his 211 million followers.

Musk posted last week about the UK's grooming scandal, calling for Starmer to resign and be jailed for "his complicity in the worst mass crime in the history of Britain."

This was followed on Saturday by a front-page Daily Mail story headlined, "Starmer 'guilty as anyone' over grooming gangs." The comment was from a former detective and whistleblower who helped expose pedophile gangs, but Musk's posts have fueled the story and helped keep it on the front pages of arguably the UK's most influential newspaper.

On Tuesday, Politico even attributed a government response in the House of Commons regarding the scandal to Musk, saying he had "elicited some action."

Musk turned on Nigel Farage, the British politician and Trump ally

Other British newspapers, such as the Daily Telegraph, have also carried significant coverage of Musk's comments — and reported that Musk was mulling a huge donation to Nigel Farage's Reform UK party.

Farage has called Musk a "hero," but Musk said on Sunday that Farage, a member of Parliament and a friend of Trump's, should quit as leader. He appears to have turned on him after Farage didn't follow his call for far-right agitator Stephen Yaxley-Lennon, who calls himself Tommy Robinson, to be freed from prison.

Yaxley-Lennon is serving a sentence for contempt of court after repeating untrue claims about a Syrian refugee, for which he was previously successfully sued for defamation.

Musk's pivot was reported across Britain's front pages on Monday, and Starmer's attack on him was headline news on Tuesday.

Some British commentators have run with Musk's comments to put pressure on the Labour government. On Monday, Piers Morgan wrote on X that Starmer "must order a full no-holds-barred national inquiry into exactly what happened in the appalling gang rape scandal," including "who was accountable for such lengthy systemic failure of justice." Morgan said Starmer should also investigate "his own role," as Starmer was the country's chief prosecutor when the scandals first emerged before he entered politics.

Musk's interventions in the US benefited him materially. The analyst Dan Ives called Trump's reelection a "home run" for Tesla, with the stock rising the day after the election. Having the new president's ear will likely help Musk secure policies favorable to his companies. There is no obvious corollary in Europe, leaving many wondering how this is benefiting him.

But the past few days also suggest Musk has little to lose by continuing to post whatever he likes on X.

• President Joe Biden blocked the $14 billion takeover of US Steel by a Japanese rival.
• The deal would create "risk for our national security and our critical supply chains," the president said.
• President-elect Trump had also expressed opposition to the Nippon Steel deal.

Shares in US Steel fell on Friday after President Joe Biden blocked a $14 billion takeover by Nippon Steel.

In a statement, Biden said a committee of national security and trade experts had found that the deal would leave one of "America's largest steel producers under foreign control and create risk for our national security and our critical supply chains."

The veto would mean America has a "strong, domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad."

In a joint statement, the two companies said they were dismayed by Biden's decision. They called it a "clear violation of due process and the law" concerning the Committee on Foreign Investment in the United States, which had reviewed the transaction.

"The President's statement and Order do not present any credible evidence of a national security issue, making clear that this was a political decision. Following President Biden's decision, we are left with no choice but to take all appropriate action to protect our legal rights," the statement added.

Nippon Steel would be liable for a $565 million penalty to US Steel if the deal collapsed, Reuters reported.

The Japanese industry minister, Yoji Muto, said Biden's move was "difficult to comprehend and regrettable" in comments reported by the news agency.

However, the decision was welcomed by the leader of the United Steelworkers union, which had vigorously opposed the takeover of America's second-largest steelmaker.

Biden's move had been widely expected. Bloomberg reported in mid-December that the president would block Nippon's takeover bid on national security grounds.

President-elect Trump said in a Truth Social post earlier last month that he was "totally against" the deal.

US Steel shares were at $30.66 in lunchtime trading, down 6% and bringing the decline over the past 12 months to more than 35%. The company is now valued at $6.9 billion.

• Omnicom is taking over the Interpublic Group to create the world's largest ad-agency business.
• The deal is expected to generate annual cost savings of $750 million.
• John Wren will remain CEO of Omnicom, while his counterpart Philippe Krakowsky will be co-COO.

Omnicom is taking over Interpublic Group in a deal expected to create the world's biggest advertising and marketing agency business, the US advertising company said on Monday.

The two had been in third and fourth place in the highly competitive ad-agency sector, but a combined entity would eclipse both London-based WPP and France's Publicis in terms of expected revenue and market capitalization.

Advertising industry insiders said the deal underscores the disruption faced by agency holding companies. Agencies face the dilemma of helping clients leverage tech while at the same time risking being displaced by AI and automation.

Industry insiders said the new company's added scale could bring benefits like the leverage to strike better deals with tech and media companies. It could also allow them to combine some offerings and eliminate duplicative roles. However, some industry insiders warned that merging the two companies could be highly disruptive in the short term, which could prompt their rivals to try to poach clients and key staffers.

Investors will receive 0.344 Omnicom shares for each IPG share they own. Omnicom shareholders will own 60.6% of the combined group. The deal is expected to generate annual cost savings of $750 million.

Omnicom was valued at about $20 billion at Friday's close. Its shares fell around 4% in early morning trading after the deal was officially confirmed. IPG was worth $10.9 billion at Friday's close, and its stock jumped by around 12% on Monday morning. The shares of competitor ad companies WPP and Publicis Groupe were also up following the Omnicom-IPG news.

The new Omnicom will have more than 100,000 staffers and offer services across media, precision marketing, customer relationship management, data, digital commerce, advertising, healthcare, public relations, and branding.

"Now is the perfect time to bring together our technologies, capabilities, talent and geographic footprints to bring clients superior, data-driven outcomes," John Wren, Omnicom CEO said in a statement on Monday.

Philippe Krakowsky, IPG's CEO, said the two companies had "highly complementary offerings, geographic presence, and cultures."

Wren will remain CEO of Omnicom, while Krakowsky and current Omnicom COO Daryl Simm will be copresidents and co-COOs of Omnicom. Three members of the IPG board, including Krakowsky, will join the Omnicom board.

• Volkswagen is committed to China despite a "ruinous" domestic EV price war, its brand chief says.
• Thomas Schäfer says VW wants to remain the biggest international automaker in the country.
• He made the comments in an interview with Welt Am Sonntag, BI's sister outlet.

Volkswagen remains firmly committed to China despite a "ruinous" EV price war by domestic rivals that has hit overseas automakers hard, its boss said.

Thomas Schäfer, CEO of the VW brand, said the "price war for electric cars cannot go on forever" in China and that the German group wants to remain the largest international automaker in the world's largest auto market.

Schäfer made the comments in an interview with Welt Am Sonntag, the German newspaper that is part of the Axel Springer group along with Business Insider.

Chinese car makers such as BYD have proved stiff competition for foreign players like VW by offering a wider selection of more affordable, better-equipped EVs.

Last month, General Motors CEO Mary Barra said China's EV market was unsustainable because a large number of manufacturers kept driving prices "lower and lower" to win sales.

VW has three joint ventures in China, producing more than 4 million vehicles annually. VW group sales in China fell by 12% in the first nine months of this year amid the rising popularity of models made by domestic manufacturers.

Rival German automakers BMW and Mercedes-Benz have also suffered stuttering sales in China this year.

Like other foreign automakers, profits from China had helped VW balance financial difficulties in other markets. Schäfer said it was now "high time to address" this situation.

The VW group, which also owns marques such as Audi, Porsche, and Seat, has told unions that it plans to close factories in Germany for the first time and significantly reduce its workforce in Europe.

Schäfer said VW's production capacity in Europe was too high compared with market demand and the company had to move to a "stable economic footing."

"Any solution must reduce both overcapacity and costs. We can't just stick a plaster on it," he said.

Labor costs at its German factories were "twice as high" as in other parts of Europe and needed to "fall drastically," Schäfer said.

"Our plants in Spain, the Czech Republic, Portugal, and Slovakia have worked very intensively on their costs for years and have significantly lower wage and salary levels."

He outlined VW's plans to address its financial situation by the end of 2026 and launch eight new models, including affordable entry-level EVs the following year.

"The goal is to have three cars in the top 10 best-selling vehicles in Europe" and remain the continent's biggest automaker, Schäfer said.

Toyota maintained its top spot in the world for the fourth consecutive year in 2023, selling 11.2 million vehicles globally — about 2 million more than the VW group.

Asked about Donald Trump's plans to cancel EV subsidies and impose steep tariffs on imports, Schäfer said, "We worked sensibly with President Trump and his administration in the last term of office.

"We will do that again. We are well located in the USA and Mexico and are building a huge battery factory in Canada. With Scout, the group is reviving a legendary US brand. You certainly can't blame us for not investing there."

The prospect of higher trade barriers underlines the importance of having the right strategy, the executive added.

"We build cars in China for China; the same is happening in Europe and North America. Of course, this does not reduce development costs. But we are gaining resilience and can also serve the local demands of our customers even better," Schäfer said.

"It is a huge opportunity for us to be located as a manufacturer on all continents and thus be able to scale our large volumes across the regions."

• Nvidia beat forecasts again in its third-quarter results on Wednesday.
• CEO Jensen Huang said more Blackwell chips will be delivered this quarter than previously estimated.
• One analyst says some investors are concerned about a possible slowdown in future growth.

Nvidia delivered another strong set of quarterly results after the bell on Wednesday, beating estimates. Here's what analysts are saying about the world's most valuable company.

Wedbush analysts, including Dan Ives, issued another typically bullish note on Thursday:

"In another earnings performance for the ages Nvidia delivered a $2 billion top-line beat with $35 billion of sales showing a $5 billion sequential increase driven by flagship data center sales. We would characterize results as another earnings press release from Nvidia that should be framed and hung in the Louvre given these eye popping results and unprecedented growth from the Godfather of AI Jensen and Nvidia.

"The LeBron of chip releases, next generation Blackwell appears to ramping even faster than expected with NO overheating issues and appears to be on a massive demand trajectory ahead of the Street that our Wedbush Global Tech Team is tracking very closely throughout the Asia supply chain."

Konstantin Oldenburger at CMC Markets said Nvidia had exceeded forecasts again, but some question marks remained.

"What stuck in people's minds was the possibility of a slowdown in future growth. The gross margin, which previously only knew one direction — up — to a whopping 75% of revenue, is expected to fall to 'only' 73% in the current quarter.

"Even if the competition can only dream of such figures, investors, who have been accustomed to success, now fear an end to Nvidia's growth story. Whether the fear is justified will become clear when the new chip generation Blackwell is delivered in the coming months," he wrote.

Deutsche Bank analysts said the results drew a "tepid reaction" because its guidance "failed to match some of the loftiest expectations."

They wrote in a note that third-quarter sales came in at $35.1 billion, above the $33.2 billion estimate. However, the fourth-quarter sales guidance was $37.5 billion "was 'only' a touch above the average analyst estimate of $37.1 billion."

"Overall it was deemed to be a slightly underwhelming outcome," they added.

Dan Coatsworth at AJ Bell said Nvidia had again posted blockbuster growth. "What's troubled investors this time was a quarter-on-quarter decline in gross margins, with guidance for them to fall further in the coming quarter, and weaker than expected forward guidance for revenue.

"Investors have enjoyed stellar share price gains from Nvidia over the past two years and that's made them think it is invincible. In reality, a small decline in margins is not a reason to panic, particularly when they are still over 70% which many companies could only dream of. Nvidia is confident margins will rebound as production volumes ramp up for its Blackwell chips."

HSBC analysts wrote in a note that they expect "significant" earnings upside for the 2026 financial year despite gross margin pressure.

Stephen Yiu, who manages the $1.4 billion London-based Blue Whale growth fund, invested 10% of the fund — the limit for any one stock. He told Bloomberg TV he wished he could have bought more Nvidia stock because he's so bullish on AI infrastructure.

"We need to believe in how AI is going to change the world in terms of our day-to-day," he said. "Nvidia remains the center of that AI transformation."

• Ford is cutting 4,000 jobs in Europe after "significant losses" in its passenger vehicle operations.
• The company also cited rising competition and weaker-than-expected demand for EVs.
• Ford CFO John Lawler called for joint industry action in a letter to the German government.

Ford said it would cut 4,000 jobs in Europe by the end of 2027 amid rising competition and weaker-than-expected demand for EVs.

The job cuts will mostly affect Germany and the UK after the company suffered "significant losses" in its passenger vehicle operations, it said in a statement Wednesday.

Ford also said it would impose additional short-time working days at its Cologne plant in the first three months of 2025.

Dave Johnston, Ford's European vice president for transformation and partnerships, said: "It is critical to take difficult but decisive action to ensure Ford's future competitiveness in Europe."

The company said the global auto industry faced significant disruption as it shifted to EVs. Automakers had to cope with "significant competitive and economic headwinds" in Europe and a "misalignment between CO2 regulations and consumer demand for electrified vehicles," it said.

The company said its chief financial officer, John Lawler, had written to the German government calling for joint action to improve market conditions and ensure the industry's success.

"What we lack in Europe and Germany is an unmistakable, clear policy agenda to advance e-mobility, such as public investments in charging infrastructure, meaningful incentives to help consumers make the shift to electrified vehicles, improving cost competitiveness for manufacturers, and greater flexibility in meeting CO2 compliance targets," Lawler said.

Last month, Ford said it would pause production of the F-150 Lightning pickup in Detroit for seven weeks and cut managers' bonuses in the latest cost-cutting moves amid sudden changes in the US electric vehicle market.

The news comes after General Motors announced 1,000 layoffs Friday. The company said it had "to optimize for speed and excellence," which meant "operating with efficiency, ensuring we have the right team structure and focusing on our top priorities," AP reported.

Earlier this month, Japanese automaker Nissan announced 9,000 layoffs and a 20% cut in global production amid falling sales in the US and China.

Stellantis, the owner of Jeep and Dodge, has announced rounds of layoffs in 2024.