Northvolt's bankruptcy trustee hopeful on business continuation
STOCKHOLM, March 21 (Reuters) - Northvolt's bankruptcy trustee said on Friday it had made "significant" progress in negotiating the continuation of operation of the electric vehicle battery maker, while talks with potential buyers proceed.
The Swedish company filed for bankruptcy in Sweden on March 12, marking one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China.
At the time of the bankruptcy filing, Northvolt said its battery factory in Northern Sweden would continue to run in the short-term, but it would be up to the court-appointed bankruptcy trustee to decide if production would close down during negotiations of its future.
"Maintaining certain operations is likely to be crucial in order to be able to sell the business in whole or in part," Mikael Kubu at judicial reorganization specialists Ackordscentralen said in a statement.
"We currently see the conditions for selling the business as a producer of battery cells as good," he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
12 hours ago
- Reuters
China's forex reserves up $3.6 billion in May, less than expected
BEIJING, June 7 (Reuters) - China's foreign exchange reserves rose by a less-than-expected $3.6 billion in May, official data showed on Saturday, as the dollar continued to weaken against other major currencies. The country's foreign exchange reserves, the world's largest, rose 0.11% to $3.285 trillion last month, below the Reuters forecast of $3.292 trillion. They were $3.282 trillion in April. The increase in reserves was due to "the combined effects of factors such as exchange rate conversion and asset price changes," China's State Administration of Foreign Exchange said in a statement. The yuan weakened 1.05% against the dollar in May, while the dollar slid 0.23% against a basket of other major currencies .
Scottish Sun
18 hours ago
- Scottish Sun
Bitter Trump-Musk breakup forces allies to take sides as MAGA influencers quip Don's ‘not invited to Mars anymore'
LAWMAKERS have been forced to pick sides after President Donald Trump and Elon Musk's bromance came to a screeching halt. Democrats and Republicans are scrambling to pledge their allegiance after Musk called for Trump's impeachment and hurled unfounded accusations about the Epstein files. 7 Elon Musk's feud with President Donald Trump has left some MAGA loyalists picking sides Credit: Reuters 7 The feud erupted over Trump's 'big, beautiful bill,' which proposed stripping billions in government subsidies from Tesla Credit: AP 7 The drama unfolded when Musk disapproved of Trump's "Big Beautiful Bill," calling it a "massive, outrageous, pork-filled Congressional spending bill." Trump said the world's richest man was furious because the bill proposes stripping billions in government subsidies from Musk's electric vehicle company Tesla. The two exchanged digital blows with searing social media posts until late Thursday night, when White House aides were said to have scheduled a call between the bitter rivals. RECONCILIATION REJECTED Musk appeared to have offered a possible olive branch when he responded to a post on X from hedge fund manager Bill Ackman. Ackman called for reconciliation, "for the benefit of our great country," and said, "We are much stronger together than apart." In a telling reply, Musk said, "You're not wrong." Speaker Mike Johnson raced to try to get Musk on the phone to negotiate a peace offering. He said they were trying to nail down a time to chat, but haven't been able to iron things out yet. But that all fell apart on Friday morning when Trump blasted Musk again and said he wasn't interested in talking anytime soon. Despite glimmers of hope, politicians and thought leaders have rushed to pick sides and share their two cents on the matter. Trump crushes hopes of 'peace talks' call with Musk as he insists Elon has 'lost his mind' after feud went nuclear Though many of them have been quick to stick to President Trump, not everyone is falling in line. TRUMP SUPPORTERS RALLY Support for Trump was immediate and forceful as allies rallied around the president. Johnson, who oversaw the passage of Trump's "big beautiful bill" in the House that prompted Musk's initial shot across the bow when he called the legislation a "disgusting abomination," was among the first to come to the president's aid. "Look, I know all of you are very concerned about [Musk's] tweets, but I think the American people are concerned about things that really matter," Johnson told reporters Thursday. How did Musk and Trump's relationship crumble? ELON Musk and Donald Trump spent Thursday launching insults on social media as their relationship quickly went sour. The Tesla owner called for Trump's impeachment as the president hit back and warned the government could end all federal contracts with Musk's companies. Here's how it went down: On Tuesday, Musk tweeted that Trump's signature "big beautiful" spending bill was a "disgusting abomination" that would add billions to the federal deficit On Thursday in the Oval Office, Trump addressed Musk's criticism of the bill and accused Musk of trying to kill it because the bill ends federal subsidies for electric vehicles Musk responded by live-posting on X as Trump spoke, initially shrugging off the president's assessment with an unbothered "Whatever," before tearing into the bill's other spending provisions Trump escalated the feud after the Oval Office meeting with multiple posts on Truth Social, saying he told Musk to leave the White House instead of continuing to work with Doge and threatening to dump Musk's federal contracts, which are worth billions Musk fired back on X by saying he was "decommissioning" the Dragon spacecraft made by SpaceX that brought the stranded Nasa astronauts back from the International Space Station in March Musk also escalated the war of words by reposting and replying "Yes" to a tweet claiming that Trump should be impeached and replaced by Vice President JD Vance Musk further fanned the flames by claiming that Trump is named in the infamous "Epstein files" and making unfounded accusations that its the reason they haven't been released to the public. "That is making their taxes low, making their economy work, making the border secure, making energy dominance a big thing again, and that's what our bill is going to do." Johnson said he supported Trump's massive tax and spending cuts bill, and called it a "historic step forward." Vice President JD Vance rushed to his bosses aid and blasted "lies the corporate media tells about President Trump." "One of the most glaring is that he's impulsive or short-tempered," he wrote. "Anyone who has seen him operate under pressure knows that's ridiculous." White House Press Secretary Karoline Leavitt said the feud was an "unfortunate episode from Elon," adding that he wasn't happy with the bill because "it does not include the policies he wanted." "As a businessman, he has a right to speak for his companies, but as president, President Trump has a responsibility to fight for this country," she told Fox News. CJ Pearson, who is the co-chair of the Republican National Committee Youth Advisory, made it clear who had his vote and confidence. "I'll be on the side of the guy that took a bullet for his country. Simple as that," he told the Daily Mail. 7 Representative Thomas Massie, a Republican from Kentucky, slammed Musk's claims, but added that he should be respected Credit: Getty 7 White House Press Secretary Karoline Leavitt praised the 'big beautiful bill' when she was asked about the feud Credit: Splash EPSTEIN CLAIMS 'RIDICULOUS' Other Republicans fumed over Musk's unfounded claim that Trump is named in files on sex trafficker Jeffrey Epstein and should be impeached. Leader of the House Task Force on the Declassification of Federal Secrets, Anna Paulina Luna, said the Epstein accusation was bogus. "The fact is, I do not believe that President Trump is in the Epstein files," she said. Representative Thomas Massie, a Republican from Kentucky who Musk supported, disagreed that Trump should be impeached but added that he still respects the Tesla CEO. "This is the language Trump speaks in. [Musk] is speaking it back to him," he said. Meanwhile, Tennessee Representative Tim Burchett argued that if Trump were in the files, it would've already be used against him politically. "Honestly, if any of that stuff was true on Trump, don't you think the Biden administration would have brought it out? I mean, that's just ridiculous," he said. There's no evidence that Trump had any involvement in Epstein's crimes. 7 Vice President JD Vance blasted the 'corporate media' for portraying Trump as short-tempered Credit: AP MAGA INFLUENCERS CAUTIOUS MAGA influencers remain divided on the feud, including Emily Wilson, known as Emily Saves America, who said that she "doesn't agree with doing this publicly and it's not a good look for us… compared to Democrats, our party at least goes for it. "We go with what we think and feel, we don't just fall in line with each other. I feel like Democrats are all shady and do everything behind closed doors and eat their own." Raquel Debono, who runs Make America Hot Again, jokingly said: "I guess Trump's not invited to Mars anymore." However, activist Robby Starbuck said MAGA is stronger "with Trump and Elon working together," and hopes the two can come together. "Elon is right to want a balanced budget and Trump is right to want his signature legislation. "Remember, our founders in America did great things, often fought and later made up. "This doesn't need to be a breakup if they let cooler heads prevail." Meanwhile, podcaster Joe Rogan, who endorsed Trump as president, called for Musk's phone to be thrown away. 7 White House aides reportedly set up a phone call between Musk and Trump to clear the air, but it fell through Credit: AP DEMOCRATS DIVIDED ON MUSK PRAISE The feud has had some in the Democratic party praising Musk, which has earned the ire of Pennsylvania Senator John Fetterman. "The Dems, we've been dumping all over Musk and vandalizing Teslas or whatever, and now, suddenly, we might be more back into him," he said. Fetterman warned the party against fawning over the billionaire. "It wasn't that long ago that Tesla was like the virtue-signaling kind of accessory for Dems," he said. "I would never want to vandalize Teslas, and the 'big, beautiful bill' is wrong for America. So, from my perspective, I've just tried to be consistent through that." WHO'S STAYING QUIET Some key decision makers are keeping to themselves until tensions cool. "I'm staying out of it," Representative Don Bacon, a Republican from Nebraska, told NBC News. "There's a good verse in Proverbs, 'Stay out of fights.' I'm staying out of this one." Representative Richard Hudson, a Republican from North Carolina, said that he has faith the feud will "blow over." When he was asked whether the two would make up, he merely shrugged.
Scottish Sun
19 hours ago
- Scottish Sun
Rob Cross wins first darts match since being banned as company director over £450k in unpaid tax
Cross spoke to the media after his victory CROSS THE LINE Rob Cross wins first darts match since being banned as company director over £450k in unpaid tax Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ROB CROSS won his first darts match since his financial woes were made public. The 2018 world champion has been disqualified as a director for five years – until June 2030 – after his company failed to pay more than £450,000 in tax. Sign up for Scottish Sun newsletter Sign up 1 Rob Cross has won his first darts match since his financial woes were made public Credit: PA The Insolvency Service found that the Premier League Darts star withdrew more than £300,000 from Rob Cross Darts Limited between March 2020 and November 2023 that should have gone to creditors, including to HM Revenue and Customs (HMRC). The world No.9 also took out more than £400,000 from Rob Cross Darts Limited – which was set up eight years ago to receive his earnings and prize money – in the form of a director's loan account by the time the company went into liquidation. In an attempt to repay part of his debts, Cross has entered into an Individual Voluntary Arrangement (IVA), a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. Monthly contributions to the IVA will vary depending on the income he receives through his performances at darts tournaments during this year and future years. READ MORE IN DARTS TAKING STOCK Nathan Aspinall outlines darts retirement plans with schedule 'obscene' There is £30,000 available for the winner of this weekend's Nordic Darts Masters in Copenhagen and he began the event by beating Swedish thrower Andreas Harrysson 6-4 in round one. The world No.9 – who plays fellow Premier League star Chris Dobey in the quarter-finals on Saturday – says he spent Thursday walking round the Danish capital for '14-and-a-half miles'. Probably a chance to clear his head and get away from the news that was released by The Insolvency Service while he was away. Cross, 34, said: 'I've not picked up the darts for a while. Nordic Darts Masters Prize Money Here is a full breakdown of the total prize pot on offer in Copenhagen... Winner (1) £30,000 Runner-up (1) £16,000 Semi-finalists (2) £10,000 Quarter-finalists (4) £5,000 First round (8) £1,750 CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS 'I have had two-and-a-half weeks off. I had been a little bit lazy. I'll be better 100% in my next match. 'I didn't know where my game was at – I could have gone out there and hit 120 or a 48. Rob Cross follows Luke Humphries with stunning nine-darter 'Andreas is very dangerous and has played great. I am happy to get over the line and keep pushing. Tomorrow it has to come together. 'To win this would be fantastic. I have had time off and some difficulties. But it would mean a lot to win it this week. 'Tonight could have been tougher with a few boos and whistles, it could have swung the game in his favour. 'We all feel it when the darts are flowing and the crowd gets on your back. I'm very appreciative of that. Darts is tough. 'It has been nice to be here. The weather was better than I expected. I thought it was going to rain. It's a great place to go out and fill your lungs out with some air.' Cross famously won the PDC World Darts Championship in 2018 – he trounced the retiring Phil Taylor 7-2 in the final – on his debut appearance in the competition. His management team have declined to comment on the story.
