Northvolt CEO Resigns After EV Battery Maker Files For Bankruptcy Protection

Northvolt CEO Resigns After EV Battery Maker Files For Bankruptcy Protection

Handout undated photo of Peter Carlsson. The chief executive of Northvolt has resigned, after the Swedish battery startup filed for bankruptcy protection in the US. Peter Carlsson, who has led Northvolt since 2016, will step aside with immediate effect, the company said on Friday. Carlsson said Northvolt, which is widely seen as a leading player in European efforts to build an electric vehicle battery industry, needs to raise between $ 1bn and $ 1.2bn in order to restore the business. Northvolt has built a factory in northern Sweden where it hopes to use green energy to produce hundreds of thousands of EV batteries each year. It was the most prominent of a host of European startups hoping to challenge the dominant Asian battery industry. However, the company has tipped into crisis in recent months as cash ran dry and it experienced problems getting its first factory up and running properly. Northvolt on Thursday announced it would seek Chapter 11 bankruptcy protection in the US after talks over rescue investm

Chinese contractors helping to bridge Kenya's housing deficit: industry source

STORY: Chinese contractors helping to bridge Kenya's housing deficit: industry source SHOOTING TIME: Nov. 25, 2023 DATELINE: Nov. 27, 2023 LENGTH: 00:01:27 LOCATION: Nairobi CATEGORY: ECONOMY SHOTLIST: 1. various of housing infrastructure in Nairobi 2. various of the economic forum STORYLINE: Chinese contractors are boosting Kenya's quest to bridge the country's housing deficit, industry players said on Saturday. Kenneth Mbae, the managing director of Centum Real Estate, an investment firm with operations in East Africa, told a financial forum in Nairobi, the capital of Kenya that the housing deficit in Kenya is in excess of 2 million units whereas the annual demand stands at 200,000 units. "We have many Chinese developers participating in supplying the 50,000 units that are built every year by the property sector," Mbae said during the third Abojani economic empowerment conference. The conference brought together more than 100 financial and investment experts to discuss ways to exploit investm

CHINA-INNER MONGOLIA-ULAN MOD GRASSLAND-HERDSMAN-SUMMER LIFE(CN)

CHINA-INNER MONGOLIA-ULAN MOD GRASSLAND-HERDSMAN-SUMMER LIFE(CN)

(230730) -- HINGGAN LEAGUE, July 30, 2023 (Xinhua) -- Uu Sodo(L) works to build an outdoor dining room at his "herdsman house hostel" in Horqin Right Wing Front Banner, Hinggan League, north China's Inner Mongolia Autonomous Region, July 25, 2023. Uu Sodo, a herdsman, and his family reside in a village on the Ulan Mod grassland, located in Horqin Right Wing Front Banner, Hinggan League of north China's Inner Mongolia Autonomous Region. Earlier this year, Uu Sodo established a "herdsman house hostel", offering guests the opportunity to try horse riding, archery, savor milk tea and mutton, and appreciate the stunning Ulan Mod landscapes. His son, Uu Surleg, joined him during the summer, serving food, guiding horses, and playing the Morin Khuur, a traditional Mongolian bowed string instrument featuring a horse-head carving at its top, for visitors. This year, Hinggan League organized a college student tourism festival and funded ten herdsman tourism projects, including Uu Sodo's hostel, as part of an investm

Saudi Arabia announces establishment of 5 investment firms on 2nd day of Future Investment Initiative conference

STORY: Saudi Arabia announces establishment of 5 investment firms on 2nd day of Future Investment Initiative conference DATELINE: Oct. 27, 2022 LENGTH: 00:02:04 LOCATION: Riyadh CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of the 6th edition of the Future Investment Initiative (FII) conference in Riyadh STORYLINE: Saudi Arabia's Public Investment Fund (PIF) has established five regional investment companies to invest in Bahrain, Iraq, Jordan, Oman and Sudan, according to a PIF press release published on Wednesday. The five companies, together with the Saudi Egyptian Investment Company established in August, aim to invest up to 90 billion Saudi Riyals (24 billion U.S. dollars) in various key sectors including infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecoms, and technology. The announcement, made by Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, comes on the second day of the sixth edition of the Future Investm

OPEC+ to cut oil output by 2 mln bpd from November

STORY: OPEC+ to cut oil output by 2 mln bpd from November DATELINE: Oct. 6, 2022 LENGTH: 0:01:35 LOCATION: Vienna CATEGORY: ECONOMY SHOTLIST: 1. various of headquarters of the OPEC 2. various of Press Center at OPEC headquarters 3. SOUNDBITE (English): ABDULAZIZ BIN SALMAN AL SAUD, Saudi Energy Minister STORYLINE: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided on Wednesday to cut its overall output by 2 million barrels per day (bpd) from its August production targets. The oil alliance made the decision at the 33rd OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria. The output cut, starting in November, aims to bolster oil prices that have recently tumbled over recession fears. SOUNDBITE (English): ABDULAZIZ BIN SALMAN AL SAUD, Saudi Energy Minister "The world energy market needs attendance, and needs careful planning, and needs assertive investments and needs commitment to this investment, and needs guidance, without which, investm

7 Central American, Caribbean leaders urge Japan to push investm

7 Central American, Caribbean leaders urge Japan to push investm

TOKYO, Japan - Leaders from Costa Rica, El Salvador, Honduras, Guatemala, Nicaragua, Panama and the Dominican Republic attend a meeting with Japanese Prime Minister Junichiro Koizumi at his office on Aug. 18. (Kyodo)

7 Central American, Caribbean leaders urge Japan to push investm

7 Central American, Caribbean leaders urge Japan to push investm

TOKYO, Japan - Japanese Prime Minister Junichiro Koizumi speaks at a meeting of the leaders from Costa Rica, El Salvador, Honduras, Guatemala, Nicaragua, Panama and the Dominican Republic held at his office on Aug. 18. The leaders appealed for Japanese business moguls to use their nations as new export bases for Japanese firms' merchandise goods for the U.S. market. (Kyodo)

APEC ministers begin 2nd day talks with focus on piracy, investm

APEC ministers begin 2nd day talks with focus on piracy, investm

HANOI, Vietnam - Foreign and trade ministers from 21 Asia-Pacific Economic Cooperation forum economies begin their second-day annual talks in Hanoi on Nov. 16 to discus issues such as protecting intellectual property, liberalizing and facilitating investment, and energy security. (Kyodo)

APEC ministers begin 2nd day talks with focus on piracy, investm

APEC ministers begin 2nd day talks with focus on piracy, investm

HANOI, Vietnam - Japanese Foreign Minister Taro Aso (L) chats with Economy, Trade and Industry Minister Akira Amari during the second-day meeting of the Asia-Pacific Economic Cooperation forum in Hanoi on Nov. 16. (Kyodo)