Latest news with #364
TimesLIVE
5 days ago
- Automotive
- TimesLIVE
US startup plugs into Northvolt to spark EV battery revival
Silicon Valley startup Lyten said on Thursday it had agreed to buy bankrupt Northvolt's remaining assets in Sweden and Germany, potentially reviving Europe's hopes of building a domestic electric vehicle battery industry to reduce reliance on China. Founded in 2015, Lyten started out in a shipping container in California, but has gained backing from Chrysler-parent Stellantis and US delivery giant FedEx. It develops lithium-sulphur battery cells, which it hopes will compete with conventional lithium-ion technology. It announced plans in 2024 to build the world's first gigafactory for lithium-sulphur batteries in Reno, Nevada, with an investment of more than $1bn (R17,736,480,000). Over the past year, Lyten has acquired two of Northvolt's former businesses: a US R&D hub and Northvolt's energy storage systems factory, Europe's largest. Sweden's Northvolt collapsed in March after being in a US chapter 11 bankruptcy process since 2024. The company struggled to scale output at its flagship plant in northern Sweden, despite support from a major customer, truckmaker Scania. Once considered a pioneer in European battery cell production, Northvolt had a $50bn (R886,824,045,000) order book with automakers including BMW, Volkswagen, Volvo Cars and Audi. That was wiped out after the bankruptcy. It raised more than $10bn (R177,364,800,000) in equity, debt and public funding since its 2016 launch, and had more than 6,000 workers at one point before most were let go. Its largest shareholders included Volkswagen with a 21% stake, and Goldman Sachs with 19%. Many in the EV industry hope electric autos in the future can run on lithium-sulphur, which can be up to two-thirds cheaper than lithium-ion battery cells. Lithium-sulphur batteries do not contain nickel, cobalt, or manganese, materials whose supply is dominated by China, making them cheaper and potentially more sustainable. Lyten has raised more than $625m (R11,085,300,000) from investors including Stellantis, FedEx and the US government. Other investors and partners include Honeywell, a supplier to planemaker Boeing and Airbus, venture capital firm Prime Movers Lab and Canadian miner Wallbridge, according to Lyten's website.
Borneo Post
11-06-2025
- Business
- Borneo Post
Sabah set to shine as global business events hub in 2026
Liew (left) being briefed by Dr Rosmawati (right). KOTA KINABALU (June 11): Sabah will enter the next phase of its journey as a regional business events (BE) hub next year. Sabah International Convention Centre (SICC) chief executive officer Datuk Dr Hajah Rosmawati Lasuki said the third edition of BE in Sabah is scheduled to take place from Feb 4-5 next year under the new theme 'Global Collaboration Through Business Events'. It is jointly organised by SICC and MACEOS Sabah Chapter. 'The 2026 edition will mark a turning point, not just a forum but a full-scale live demonstration of the strength and potential of global business events. 'BE in Sabah 2026 will bring together decision makers, organisers and associations from around the world, not just to connect but to experience the global business events ecosystem in motion,' Dr Rosmawati said when briefing Tourism, Culture and Environment Minister Datuk Seri Panglima Christina Liew on Monday. Sabah, which delivers a seamless, professional experience through a trusted supply chain, world class venues, efficient logistics and rich cultural heritage, is where the world meets and where business events move forward together, she added. Liew said the continued support from her ministry (KePKAS), together with international bodies such as International Congress and Convention Association and local agencies, including the Malaysia Convention & Exhibition Bureau and Malaysian Association of Convention and Exhibition Organisers and Suppliers, has played a pivotal role in elevating BE in Sabah into a respectable regional forum from the time it was first introduced in 2024 to raise greater awareness among local BE players. 'More importantly, aggressive international marketing efforts by Dr Rosmawati and her team have significantly raised the visibility of Sabah on the global business events map. Sabah's participation in the ICCA Congress 2024 in Abu Dhabi, UAE, has borne fruit,' she said. Dr Rosmawati expressed her appreciation for unwavering support from KePKAS and the Chief Minister's Office. 'From high-level dialogues to impactful connections, BE in Sabah is now drawing attention as a serious platform for international business collaboration,' she said. Briefing the minister, she said 161 international delegates representing 29 countries attended this year's edition of BE in Sabah, themed 'Empowering Asia Pacific Through Business Events'. The two-day forum highlighted global insights, sustainability, and strategic partnerships. 'The event also delivered tangible economic returns for Sabah. Direct delegate expenditure was recorded at RM899,364, a significant increase from RM588,800 in 2024. 'Similarly, the total economic impact soared from RM1.38 million in 2024 to RM2.1 million in 2025. This reflects a growing confidence and participation in Sabah's business events landscape. 'Tax revenue also increased from RM35,328 in 2024 to RM53,961 this year, while the number of jobs supported rose from 100 to 120. This indicates broader economic stimulation across the tourism, hospitality, and service sectors,' Dr Rosmawati shared. Also present were the ministry's Permanent Secretary Datuk Josie Lai, SICC Director of Finance Catherina Wee, Assistant Director of Corporate Communications Clara Lim, and Assistant Manager of Corporate Communications Rachel Hee.
Yahoo
17-05-2025
- Politics
- Yahoo
House passes Rep. Meuser's Gold Shield Families Resolution during National Police Week
May 16—WILKES-BARRE — U.S. Rep. Dan Meuser this week said of all the priorities faced in Congress, none is more fundamental than ensuring public safety and protecting human life. "And that responsibility rests squarely on the shoulders of our police officers, firefighters, EMTs, correction officers, and dispatchers," said Rep. Meuser, R-Dallas. "These are the people on the front lines of our communities, putting themselves in danger every single day to keep the rest of us safe. They are the thin gold line that holds society together." As part of National Police Week, Rep. Meuser said the House of Representatives unanimously passed 364 — the Gold Shield Families Resolution — introduced by Rep. Meuser. The bipartisan resolution, Rep. Meuser said, recognizes the families of fallen first responders as "Gold Shield Families" and calls on local communities to support nonprofit organizations that provide them with comfort, connection and healing as they face profound loss. "As the son of a police officer and the grandson of a firefighter, I've seen the risks they take and the sacrifices their families quietly endure," Rep. Meuser said. "When the worst happens — when a life is lost in the line of duty — it's the family that carries the burden of that sacrifice. This resolution ensures that sacrifice is acknowledged, honored and remembered." Rep. Meuser said just as we recognize the families of fallen service members as "Gold Star Families," this resolution ensures the families of fallen first responders are known and acknowledged as Gold Shield Families. "It also calls on local communities to support the nonprofit organizations that serve them," Rep. Meuser said. "These groups provide critical services — offering connection, care, and healing to families navigating life after unimaginable loss. The resolution also encourages Gold Shield Families to seek out these trusted resources as they carry forward the legacy of their loved ones." Re. Meuser said the resolution was inspired by Camp Freedom, a nonprofit in Carbondale, that provides outdoor healing experiences to disabled veterans, first responders, and their families, as well as to Gold Shield and Gold Star Families. The idea for the resolution was brought forward by Camp Freedom executive director Matt Guedes, a veteran and lifelong advocate for those who serve. "First responders run toward danger — and many of them do it as volunteers or on a modest income," said Guedes. "They put their lives on the line for others, and when one of them is lost, their families are often left with nothing more than a well-meaning spaghetti dinner or a firehouse fundraiser. That's kind, but it's not enough. These families go home without their husband, their wife, their mother or father — and without the income or support they once had. Their grief is real, their financial strain is real, and the gap in long-term care is wide." Guedes said this resolution is important because it recognizes those families and helps direct attention and resources to where they're truly needed. "Nonprofits like Camp Freedom are ready to stand in that gap — to walk with these families, not just in the days after a loss, but for the months and years that follow," Guedes said. "But recognition is the first step. With this resolution, we're finally saying as a nation — we see your pain, we value your sacrifice, and we're here for you." To date, Guedes said Camp Freedom has served more than 12,000 veterans, first responders and service member families across the country. Rep. Meuser also credited Camp Freedom founder Bill Bachenberg for his vision and leadership in making that mission possible. "This resolution may be just two pages long — but its message is powerful," Rep. Meuser said. "It says to every Gold Shield Family — your loved one's service mattered. Their sacrifice will not be forgotten — and neither will yours. And to every community — recognize these families, lift them up, and walk with them through their grief. Together, we can ensure their resilience is met with gratitude — and their loss is never faced alone." Reach Bill O'Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.
Zawya
11-03-2025
- Business
- Zawya
Bahrain: Gulf Union announces net profit of $4.64mln
Bahrain - Gulf Union Insurance and Reinsurance's board of directors announced the company's outstanding financial results for the fiscal year that concluded on December 31, 2024. The business made BD1,752,435 in net profit, which was 5.36 per cent more than the BD1,663,364 profit from the prior year. This expansion demonstrates the company's steadfast dedication to growing in all business domains and improving financial performance, as measured by profitability and shareholder equity. Revenues from insurance services increased 8.87pc in 2024 to BD8,820,765 from BD8,101,938 in 2023. This rise is a result of an increase in the company's business volume and a rise in the demand for its insurance services. Meanwhile, net results from insurance activities decreased by 10.88pc to BD1,063,411 in 2024 from BD1,193,236 in 2023. This decline is attributed to an increase in the number of claims during last year's rainy season and rising insurance operation costs. Additionally, net investment income increased by 26.40pc from 2023 to 2024, from BD406,239 to BD513,488. Strong investment performance and higher investment returns are reflected in this growth. To strengthen our financial position and fuel future expansion, the firm issued 2,000,000 non-cumulative convertible preference shares with a nominal value of BD1 per share to current shareholders on May 7, 2024. The company successfully secured subscriptions totalling BD1,920,000 from existing shareholders and private placements, which amounted to BD1,020,000 and BD900,000, respectively, in December 2024 and January 2025. The chairman, Abdulaziz Al Turki, conveyed his satisfaction with the positive financial results attained in 2024, despite the challenges in competitive insurance market. He also highlighted that the company's significant growth and effective risk management strategies have strengthened its position within Bahrain's insurance sector. Mr Al Turki emphasised that the company is determined to continue growing through its ample internal resources, with plans to expand its business operations and increase its presence in Bahrain within the framework of sound technical competition principles. The chief executive Waleed Mahmood attributed this success to the unwavering efforts of the board's leadership, the dedication of employees to enhancing service quality and product offerings, and the loyalty of customers. He expressed his heartfelt appreciation to all esteemed shareholders, accredited investors, loyal customers, brokers, the Central Bank of Bahrain and reinsurers for their continued support. Mr Mahmood assured stakeholders that the company's future is promising, brimming with significant opportunities for ongoing growth and success in the insurance sector. With an emphasis on innovation and customer-focused services, he is confident that Gulf Union Insurance and Reinsurance Company will not only continue to thrive but also adapt to market changes and capitalise on new opportunities, securing long-term prosperity for all stakeholders. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
