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AdvertisementEV battery maker Northvolt has entered Chapter 11 bankruptcy protection, it said on Thursday. Northvolt said it had secured an extra $245 million in funding as part of the bankruptcy deal. Northvolt, the battery company founded by two former Tesla executives, has filed for Chapter 11 bankruptcy protection after struggling to ramp up production. AdvertisementFounded in 2016 by Carlsson and Paolo Cerutti, Northvolt aimed to revolutionize battery manufacturing but has struggled in recent months. In June, BMW pulled out of a $2.1 billion order for battery cells for its EVs, citing delays to deliveries.
Persons: Northvolt, Goldman Sachs, Tom Johnstone, Peter Carlsson, Carlsson, Paolo Cerutti, Ford Organizations: EV, Tesla, JPMorgan, Microsoft, BMW Locations: Swedish, Sweden, Skellefteå, Europe
Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the U.S., delivering a hard blow to Europe's electrification ambitions. A partner of major European automakers, Northvolt produces lithium-ion batteries for the blooming electric vehicle industry, which has recently been rocked by intensifying competition. "This decisive step will allow Northvolt to continue its mission to establish a homegrown, European industrial base for battery production," said Tom Johnstone, interim chairman of Northvolt's board. "Despite near-term challenges, this action to strengthen our capital structure will allow us to capture the continued market demand for vehicle electrification," he added. The Stockholm-based business has long been regarded as Europe's best hope of building a homegrown EV battery champion.
Persons: Northvolt, Tom Johnstone Organizations: EV Locations: Skelleftea, Sweden, Swedish, U.S, Stockholm
The Danish military said Wednesday that it was staying close to a Chinese ship currently sitting idle in Danish waters, days after two fiber-optic data telecommunication cables in the Baltic Sea were severed. Chinese bulk carrier Yi Peng 3 was anchored in the Kattegat strait between Denmark and Sweden on Wednesday, with a Danish navy patrol ship at anchor nearby, MarineTraffic vessel tracking data showed. “The Danish Defense can confirm that we are present in the area near the Chinese ship Yi Peng 3,” the military said in a post on social media X, adding it had no further comments. It is quite rare for Denmark’s military to comment publicly on individual vessels travelling in Danish waters. It did not mention the cable breaches or say why it was staying with the ship.
Persons: Yi Peng, , Carl, Oskar Bohlin, Dmitry Peskov, Organizations: Danish Defense, Swedish Civil Defense, Reuters, coastguard Locations: Danish, Baltic, Denmark, Sweden, Russian, Ust, Luga, Lithuania, Finland, Germany, Swedish, Russia
CNN —Investigators are trying to crack the mystery of how two undersea internet cables in the Baltic Sea were cut within hours of each other, with European officials saying they believe the disruption was an act of sabotage and US officials suggesting it was likely an accident. The two cables – the BCS East-West connecting Lithuanian and Sweden and the C-Lion1 linking Finland with Germany – were suddenly disrupted on Sunday and Monday. And the disruption to the cables came just weeks after the US warned that Moscow was likely to target critical undersea infrastructure. Instead, the two officials told CNN they believed it likely caused by an anchor drag from a passing vessel. The Chinese-flagged ship Yi Peng 3 was spotted in the area around the times the two cables were cut.
Persons: Germany –, Boris Pistorius, , , Yi Peng, Lin Jian, China “ Organizations: CNN —, BCS, Germany’s, Europe, CNN, Wednesday, Swedish, Administration, Finnish National Bureau of Investigation, Danish Armed Forces Locations: Baltic, Lithuanian, Sweden, Finland, Germany, Russia, Moscow, particuar, Ust, Luga, Yi, China
U.S. allies warned of "hybrid warfare" Tuesday after two undersea communication cables were severed in the Baltic Sea, raising suspicions that they may be the latest acts of sabotage targeting the West as it clashes with Russia. German Defense Minister Boris Pistorius said Tuesday that "no one believes that these cables were cut accidentally" after a rupture in a 730-mile cable linking Germany and Finland was detected Monday. "We have to state, without knowing specifically who it came from, that it is a ‘hybrid’ action," he said. Western officials have accused the Kremlin of intensifying a campaign targeting Ukraine's allies while assaulting its neighbor in a war that reached 1,000 days on Tuesday. "European security is not only under threat from Russia’s war of aggression against Ukraine, but also from hybrid warfare by malicious actors," the foreign ministers of Germany and Finland said in a joint statement.
Persons: Boris Pistorius, Arelion, NATO — Organizations: German, NBC, Swedish Armed Forces, NATO Locations: Baltic, Russia, Germany, Finland, Gotland, Ukraine
Last week, Klarna made a confidential filing to go public in the U.S., ending months of speculation over where the Swedish digital payments firm would list. Still, the development drew buzz from fintech circles with market watchers asking if the move marks the start of a resurgence in big fintech IPOs. For now, that doesn't appear to be the case — however, founders say they'll be watching the IPO market, eyeing pricing and eventually stock performance. Hiroki Takeuchi, CEO of online payments startup GoCardless, said last week that it's not yet time for his company to fire the starting gun on an IPO. However, Zopa's CEO added that he's seeing signs pointing toward a more favorable IPO market in the next couple of years, with the U.S. likely opening up in 2025.
Persons: Hiroki Takeuchi, Zed Jameson, Klarna, they'll, Takeuchi, GoCardless, Lucy Liu, Airwallex, it's, Liu, Jack Zhang, We're, fintech IPOs, Navina Rajan, It's, Rajan, Jaidev Janardana, Janardana, that's Organizations: GoCardless, Bloomberg, Getty, Portugal —, CNBC, Summit, British, U.S Locations: LISBON, Portugal, U.S, Lisbon, Europe
AdvertisementPruna AI has secured $6.5 million from EQT Ventures to compress AI models. Paris and Munich-based software startup Pruna AI has secured $6.5 million from EQT Ventures. The startup has developed an optimization tool for compressing AI models so that they require less compute and energy. The startup's customers are midsize to large companies with their own AI models that can rake in huge compute bills. As a result, Charpentier found that there was appetite from investors looking to make AI cheaper and more sustainable.
Persons: Bertrand Charpentier, Charpentier, Carl Svantesson, Roxanne Varza, Hervé Nivon, Olivier Pomel Organizations: EQT Ventures, BI, Paris Locations: Munich, Paris, Daphni
CNN —Sweden and Finland have updated guidance to their citizens on how to survive war, as NATO allies bolster defense measures against the backdrop of the Ukraine conflict. Many European countries have since ramped up military spending to bolster long-term security in the region. Extreme weather events are becoming increasingly common. Finland’s Ministry of the Interior also issued new crisis guidance on Monday, giving readers advice on how to prepare for long power cuts, water outages, telecommunications disruptions, extreme weather events, and military conflict. Earlier this year, Norway and Denmark – two other members of the 32-party bloc – distributed updated wartime guidance on how people should prepare for potential crises.
Persons: krisen eller, kommer, , Organizations: CNN —, NATO, Nordic, Swedish Civil, Agency, Finland’s Ministry, Denmark – Locations: CNN — Sweden, Finland, Ukraine, Russia, Swedish, Finland’s, Norway, Denmark
The blockbuster drugs Ozempic and Wegovy may help people cut back on drinking, new research published Wednesday in JAMA Psychiatry suggests. Just over 28 million adults in the U.S. have alcohol addiction, according to the National Institute on Alcohol Abuse and Alcoholism. Several other studies have examined drinking habits among people taking GLP-1 drugs who do not have alcohol use disorder. Around 75,000 people in the study used some type of medication to treat alcohol use disorder. So far, the clearest results have come from studies on alcohol addiction — but there is still a lot to understand.
Persons: Ozempic, , Alex DiFeliceantonio, Markku, , ” DiFeliceantonio, Christian Hendershot, Hendershot, Lähteenvuo, DiFeliceantonio, ” Hendershot Organizations: Psychiatry, National Institute, Alcohol, Biomedical Research Institute, Niuvanniemi Hospital, University of Southern California Institute for Addiction Science Locations: Sweden, U.S, Virginia, Finland, Swedish
Buy now, pay later firms like Klarna and Block's Afterpay could be about to face tougher rules in the U.K.Klarna, which is known for its popular buy now, pay later business, announced Wednesday that it's confidentially filed IPO documents with the SEC. The company said the offering would follow the SEC's review process and is subject to market conditions. Analysts recently valued Klarna, which was founded in 2005, in the $15 billion range. Klarna's decision to go pursue a listing in the U.S. represents a major blow to European stock exchanges, which have been trying to encourage local tech companies to list at home. "European IPO markets have seen some recovery as of Q3 this year," she added.
Persons: Block's, it's confidentially, Klarna, Sebastian Siemiatkowski, CNBC's, Siemiatkowski, Siemiatkowski hadn't, Navina Rajan, We've, Rajan Organizations: SEC, SoftBank's Vision, Sequoia Capital, CNBC, Apple, Meta, London Stock Exchange Locations: London, Europe, U.S
Clark’s golf balls had 22 emblazoned on them – her now famous jersey number. While the pair played nine holes together, Clark said she was unable to soak up any of Korda’s golfing skills. “I’ve watched and she’s been amazing but golf’s hard, hard to replicate that fast but she’s been incredible,” Clark told the broadcast. Definitely a fun morning.”While Clark has been working on her golf game in the offseason, her attention will soon be back on basketball. Clark told the broadcast she has been focusing on fine-tuning her skills on the court but she is also working on getting stronger off the court ahead of her sophomore season.
Persons: Caitlin Clark, Clark, ANNIKA Pro, Annika Sörenstam, Nelly Korda, , Douglas P, It’s, ” Clark, ” Korda, “ I’ve, she’s Organizations: CNN — Basketball, Pelican, Indiana Fever, Indiana, Clark Locations: Swedish, Belleair , Florida, Gainbridge
Spotify shares pop on better-than-expected profit forecast
  + stars: | 2024-11-12 | by ( Cj Haddad | ) www.cnbc.com   time to read: +1 min
The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange on Dec. 4, 2023. Spotify shares rose in extended trading Tuesday after the Swedish music streaming company issued a profit forecast for the fourth quarter that topped estimates. Spotify said operating income in the fourth quarter will come in at 481 million euros, exceeding the average analyst estimate of 432.7 million euros, according to StreetAccount. The company said sales will reach 4.1 billion euros, below the average analyst estimate of 4.26 billion euros, according to LSEG. Spotify shares rose about 8% after the report to $452.35 after rising 2.2% in regular trading.
Persons: MAUs Organizations: New York Stock Exchange, Spotify, LSEG Revenue, LSEG, StreetAccount Locations: Swedish
When Omarni Webb decided she wanted to get a master's degree, she was determined not to go into debt. Webb completed a master's degree in marketing in Sweden and later worked as a data analyst. I figured that having a master's degree would give me an edge because I would know how to design clothes and market them. I looked at Columbia and New York University but soon realized that I couldn't afford to go to either, even if I got accepted. I had gotten through college with no debt and wanted to do the same for my master's degree.
Persons: Omarni Webb, Webb, , Pell Grant, TJ Maxx, I'm, Erin Organizations: Ikea, Service, Fashion Institute of Technology, Citadel, New York University, NYU's Stern School of Business, Mälardalen University, Stockholm University, Marvel Locations: Sweden, Manhattan, New York, Columbia, Burlington, Marshalls, Västerås, Stockholm, Brooklyn, London, Europe, Germany, Estonia, Denmark, Finland, Paris
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump presidency a concern for the future of multilateralism, says former Swedish PMCarl Bildt, the former prime minister of Sweden, discusses what a second Trump presidency means for Europe and NATO.
Persons: Carl Bildt Organizations: Email Trump, Trump, NATO Locations: Swedish, Sweden, Europe
The striking 3D reconstruction of Zosia, as locals nicknamed her, sheds light on the human found in the grisly grave. Archaeologist Dariusz Poliński, who led the team that unearthed Zosia’s remains, said it was a “mind-blowing” moment when he saw the reconstruction by Swedish forensic artist Oscar Nilsson for the first time. During the course of the 17th century, Poland and Sweden fought a series of wars, so Zosia could have been an outsider within her community. “Maybe because of some misfortune or the death of somebody else, they decided to open the grave,” Poliński suggested. A year after discovering Zosia’s grave, the same team found a child’s remains buried in an unusual way.
Persons: Dariusz Poliński, Oscar Nilsson, , Poliński, Nilsson, “ I’m, , Zosia, ” Poliński, Martyn Rady, Rady, , Habsburg Organizations: CNN, Nicolaus Copernicus University, Caravan Media, PBS, Masaryk, Central, University College London Locations: Poland, Toruń, Scandinavia, Sweden, Europe, Swedish, feasted, Austrian, Pień, Dąbrowa
In the new film directed by four-time Oscar-nominated Mexican cinematographer Rodrigo Prieto (“Killers of the Flower Moon,” “The Wolf of Wall Street”), García-Rulfo plays Páramo, a violent man searching for the love he once knew as a child. We’re all sons of this Mexico that is so complex and violent, but at the same time beautiful.”Manuel García-Rulfo as Mickey Haller in "The Lincoln Lawyer." He’s just a kid, he’s a dreamer, and he’s in love with this person. (Matthew McConaughey previously played Mickey in the 2011 film “The Lincoln Lawyer.”)From left, Manuel García-Rulfo and Neve Campbell in "The Lincoln Lawyer." “Instead of, ‘Oh, he’s a Latino lawyer,’ he’s a lawyer, period.
Persons: Manuel García, Rulfo, Mickey Haller, Netflix’s, , , Pedro Páramo, Juan Rulfo, Juan Preciado, Preciado, Oscar, Rodrigo Prieto, , , ” Manuel García, Lara Solanki, El, “ Páramo, Rodrigo, they’d, Prieto, Susana San, We’re, ” Manuel garcía, pedro páramo, Páramo, He’s, Michael Connelly, David E, Kelley, Mickey, Matthew McConaughey, Neve Campbell, Angélica María, I’ve, ’ he’s, he’s Organizations: Lincoln Lawyer, Netflix, NBC News, Lincoln, Hollywood Locations: Mexican, Mexico, Spanish, El Llano, Susana San Juan, American, Los Angeles, Swedish
AstraZeneca shares fall on report of potential China probe fallout
  + stars: | 2024-11-05 | by ( ) www.cnbc.com   time to read: +2 min
The Astrazeneca logo is pictured at the World Artificial Intelligence Conference 2021 in Shanghai, China, July 7, 2021. "As a matter of policy, we do not comment on speculative media reports including those related to ongoing investigations in China," AstraZeneca said. "If requested, we will fully cooperate with the Chinese authorities," the company added and said that its operations and delivery of medicines were ongoing in China. AstraZeneca is one of the biggest multinational drugmakers in China, which accounts for 13% of its overall revenue. In 2022, Chinese authorities had summoned AstraZeneca officials over an investigation of suspected medical insurance fraud by its employees, and had ordered that the drugmaker tighten its marketing activities.
Persons: Leon Wang, Wang, AstraZeneca Organizations: Astrazeneca, Artificial Intelligence, AstraZeneca, country's pharma Locations: Shanghai, China, Swedish
“Tonight, with full but broken hearts, we must share the news of our father and brother Quincy Jones’ passing,” the Jones family said in the statement. American jazz musician, arranger, and composer Quincy Jones (left) works with singer and actor Frank Sinatra on a soundstage, 1964. His family eventually moved to Seattle, Washington, and Jones began taking lessons from famed horn player Clark Terry. Musician, composer and producer Quincy Jones poses for a portrait in 1981 in Los Angeles. In 1967 he married Swedish model Ulla Andersson, and they had two children, Martina and Quincy Jones III, before divorcing in 1974.
Persons: Quincy Jones, Ray Charles, Frank Sinatra, Michael Jackson, Jones, , John Dominis, Michael Jackson’s, Clark Terry, Lionel Hampton, Gladys, , ” Jones, , We’ll, ’ ” Jones, Schillinger, Count Basie, Duke Ellington, Sarah Vaughan, Dizzy Gillespie, Bobby Holland, Michael Ochs, Leslie Gore’s, Peggy Lee, Jackson, Steven Spielberg, Jim Henson, Kevin Mazur, Bel, Will Smith, Jeri Caldwell, Jolie, Ulla Andersson, Quincy Jones III, Peggy Lipton, Rashida Jones, Kidada Jones, Rachel, Carol Reynolds, Kenya Kinski, Nastassja Kinski, Rolling Stone, Louie Armstrong, Mr, Sinatra Organizations: CNN, Hampton, National Endowment, Arts, Berklee College of Music, Michael Ochs Archives, Mercury Records, Party, M Records, Qwest, Jim Henson Studios Locations: Bel Air , California, American, Chicago, Seattle , Washington, Boston, Los Angeles, Haiti, Hollywood , California, Swedish, Kenya
Sweden has dropped plans for 13 wind farms in the Baltic Sea due to security concerns. Wind turbines could interfere with radar and slow Sweden's missile response, its army said. A recent study found that an additional minute could be added to the country's missile response time. Sweden, which joined NATO earlier this year, shares a coast on the Baltic Sea with Russia. The reaction time in the event of a missile attack could go from 2 minutes to 60 seconds with wind farms in the way.
Persons: Pål Jonson, Jonson Organizations: Service, NATO Locations: Sweden, Baltic, Russia
The fine points to a Russian legal system focused more on symbolic punishment than enforcement. All the same, that is what a Russian court maintains the company owes, as punishment for suspending accounts from YouTube. Related storiesLegal experts told Business Insider what it symbolizes is a Russian legal and economic system estranged from much of the world. AdvertisementRussia has effectively annulled intellectual property rights, enabling its companies to freely use patents and designs from Western companies. The scholars BI spoke to did not expect any other nation's court to try to enforce the Google fine.
Persons: , Dmitri Peskov, Tyler Kustra, Kustra, Heineken, Christine Abely, Abely, Nathanael Tilahun, hasn't, Oleksandra, Snellman Organizations: YouTube, Google, Service, UK's University of Nottingham, Deutsche Bank, Commerzbank, New England Law, University of Essex, Bloomberg Locations: Russian, Russia, Ukraine, Dutch, Hong Kong , South Africa, Netherlands
Blomdahl moved to Svalbard in 2015 and documents her unique life to millions of fascinated social media followers. But as Blomdahl knows, life in Svalbard isn’t easy. Polar night runs from mid-November to the end of January, when the sun doesn’t rise above the horizon. I just want to show Svalbard the way it is.” Cecilia BlomdahlAs for day-to-day life, Svalbard is sufficiently equipped with the means to sustain its population. Local officials have geared available resources to primarily maintain life on Svalbard as it is, given the environmental and developmental constraints.
Persons: Cecilia Blomdahl, Blomdahl, Cecilia Blomdahl “, , ” Blomdahl, who's, DK, , Cecilia Blomdahl Blomdahl, ” Cecilia Blomdahl, she’s, “ That’s Organizations: CNN, , Statistics Norway Locations: Swedish, Norwegian, Svalbard, Norway’s, Svalbard’s, Longyearbyen, England, Sweden, Blomdahl
CNN —Furniture giant IKEA has agreed to pay 6 million euros ($6.5 million) towards a government fund compensating victims of forced labor under Germany’s communist dictatorship, in a move campaigners hope will pressure other companies to follow. Political as well as criminal prisoners in Germany during the Cold War era were forced to build flatpack furniture for IKEA. IKEA representatives at the time were likely aware that political prisoners were being used to supplement labor, the report found. Sven Hoppe/picture-alliance/dpa/AP“After it became known that the company was involved in forced prison labor, IKEA accepted our invitation to talk. According to UOGK, IKEA is one of many companies that benefitted from forced prison labor in communist Germany.
Persons: Ernst, Young, Andreas Hampel, East Germany’s, Walter Kadner, , , Dieter Dombrowski, UOGK, Sven Hoppe, ” Dombrowski, Rainer Wagner, Evelyn Zupke Organizations: CNN, IKEA, German Democratic, Getty, Union of Victims ’, of Communist, IKEA Germany Locations: Germany, East Germany, Soviet Union, German Democratic Republic, Rothensee, IKEA Germany, GDR, Eching, Bavaria
The DOJ and FBI are preparing to combat election lies but have limited authority. Affordable Care Act coverage is available for DACA recipients for the first time. For the DOJ that means setting up an Election Threats Task force, focusing on the prosecutions of people who threaten election officials. To understand how that might play out, NBC News interviewed current and former Justice Department and FBI officials, as well as legal experts. For many DACA recipients who are unable to get job-based health insurance, a lack of access to government-funded programs meant their insurance options were limited or too expensive.
Persons: Donald Trump, , , , Trump, don’t, Read, Helene, Milton, Sarahi, Young Thug, Georgia’s, Sean “ Diddy ” Combs, Nicole MacDonald, isn’t, Biden, they’d, — Rich Bellis, Elizabeth Robinson Organizations: DOJ, FBI, Affordable, Trump, Justice Department, NBC News, Boeing, of Labor Statistics ’, University of Washington, Republican, Atlanta, NFL, NBC Locations: U.S, Swedish
CNN —A headset worn at home that zaps the brain with the energy of a 9-volt battery could help relieve symptoms of depression, a new study shows. Rebalancing brain activity in depressionThe device is available in the UK, Norway, Hong Kong and countries in the EU. Studies show that people with depression tend to have less brain activity than normal in the dorsolateral prefrontal cortex and more brain activity than normal in the ventromedial prefrontal cortex. A ‘spicy’ sensation with brain benefitsLeana De Hoyos, a 34-year-old mother of two who lives in Houston, was one of the study participants. Helping people use brain stimulation at homeFu says that when her team started looking at transcranial direct current stimulation for depression, they first reviewed the medical literature.
Persons: , Rodrigo Machado, Vieira, Machado, It’s, it’s overactive, Daniel Mansson, Cynthia Fu, Fu, Leana De Hoyos, De Hoyos, didn’t, ” De Hoyos, I’m, you’ve, , , ” Fu, Dr, Sanjay Gupta, “ We’re, Mansson, hasn’t Organizations: CNN, Nature Medicine, Therapeutics, US Food and Drug Administration, Neuroscience, King’s College London, CNN Health, Locations: UTHealth, Norway, Hong Kong, Swedish, United States, Houston, Europe
Election Day, which falls on Tuesday Nov. 5, is not a federal holiday. Make sure to check local restaurants, bars and businesses for any Election Day promotions they may have. Here are some offers available nationwide:RideshareOn Election Day, users will be greeted with different promotions when clicking on the “Go Vote!” tile in the Uber app. Lyft also said it is offering a 50% discount (up to $10) on Election Day rides to the polls. IkeaParticipating locations at the Swedish furniture retailer will offer a free frozen yogurt on Election Day.
Persons: Elon, Lyft, , ” Jerry Golden, Hertz, Krispy, Johnny Rockets Organizations: New, New York CNN, Rentals, Johnny Locations: New York, West Coast, Swedish
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