Hyundai, Kia SUVs should park outside

Hyundai and Kia are telling the owners of more than 571,000 SUVs and minivans in the U.S. to park them outdoors because the tow hitch harnesses can catch fire while they are parked or being driven.

The affiliated Korean automakers are recalling the vehicles and warning people to park them away from structures until repairs are made.

Affected Hyundai vehicles include the 2019 to 2023 Santa Fe, the 2021 to 2023 Santa Fe Hybrid, the 2022 and 2023 Santa Fe Plug-in hybrid and the 2022 and 2023 Santa Cruz. The only Kia affected is the Carnival minivan from 2022 and 2023. All have Hyundai or Kia tow hitch harnesses that came as original equipment or were installed by dealers.

The Korean automakers say in documents posted Thursday by U.S. safety regulators that water can get into a circuit board on the hitches and cause a short circuit even if the ignitions are off.

Hyundai has reports of one fire and five heat damage incidents with no injuries. Kia has no reports of fires or injuries.

Dealers at first will remove the fuse and tow hitch computer module until a fix is available. Later they will install a new fuse and wire extension with an improved connector that’s waterproof. Owners will be notified starting May 16.

Last year Hyundai recalled more than 245,000 2020 through 2022 Palisade SUVs for a similar problem.

EU to send artillery to Ukraine soldiers

European Union leaders endorsed a plan Thursday for sending Ukraine 1 million rounds of artillery ammunition within the next 12 months to help the country counter Russia’s invasion forces.

EU foreign and defense ministers approved the plan for a fast-track purchasing procedure earlier this week, and the leaders of the bloc’s 27 member nations gave it their political blessing at a summit in Brussels Thursday.

“Taking into account the security and defense interests of all member states, the European Council welcomes the agreement … to deliver ground-to-ground and artillery ammunition to Ukraine and, if requested, missiles,” the meeting’s conclusions on Ukraine read.

Ukrainian President Volodymyr Zelenskyy thanked leaders for the initiative earlier during a video call.

Zelenskyy, who spoke from a moving train as he visited front-line areas, said: “Not only months and weeks, but also days are important. The faster we act together, the more lives we save.” according to video posted on the presidential website.

Home sales rise 1.1% in February

Sales of new U.S. homes unexpectedly rose in February after a downward revision to the prior month, suggesting the housing market is beginning to stabilize after a tumultuous year.

Purchases of new single-family homes increased 1.1% to an annualized 640,000 pace after a 633,000 rate in January, government data showed Thursday. The median estimate in a Bloomberg survey of economists called for a 650,000 pace.

The latest data — which showed last month’s pace was the strongest since August — suggest the housing market may finally be gaining its footing after last year’s rapid rise in mortgage rates. That said, affordability remains a key concern for buyers, and the limited supply of homes on the market has also restrained sales.

The S&P Composite 1500 Homebuilding index climbed as much as 3.1% on Thursday, extending its advance this year to 18%. The gauge is being led by a rally in KB Home, which is gaining the most intraday since November after the builder reported earnings that beat analyst estimates.

Senators grill bank executives

Leaders of the Senate’s banking committee are telling former chief executive officers at the failed Silicon Valley Bank and Signature Bank they “must answer” for their banks’ “downfall.”

The senators say in a letter to each CEO he’s expected to appear before the panel. The banking committee is examining the events leading up to the closures of the two banks, with the first congressional hearing set for Tuesday. Separate letters were sent Thursday to former Silicon Valley Bank CEO Gregory Becker and former Signature Bank CEO Joseph DePaolo. Attorneys copied in on the letters sent to the former CEOs haven’t responded to requests from The Associated Press for comment.

— Compiled by Dave Flessner