login
login
Image header Agence Europe
Europe Daily Bulletin No. 13531
Contents Publication in full By article 27 / 33
NEWS BRIEFS / Industry

In event of Northvolt’s bankruptcy, European Commission’s exposure would amount to $313 million

25/11/24 (Agence Europe) – With battery manufacturer Northvolt at risk of bankruptcy, the European Commission said on Monday 25 November that its exposure was US$313 million. The Commission has provided guarantees to Northvolt for several loans through the EIB, as part of the European Fund for Strategic Investments. At the end of September, Northvolt announced that it was cutting 1,600 jobs (20% of its global workforce). The reasons include production delays, a slowdown in demand for electric vehicles and substantial debts ($5.84 billion). On Thursday 21 November, Northvolt announced that it was seeking protection under US bankruptcy law to facilitate its reorganisation. This will enable it “to access new sources of financing, including approximately $145 million in cash guarantees”, the company said in a statement. (LM)

Contents

BEACONS
BEACONS: the political sequence of the hearings to confirm the 'von der Leyen II' Commission will not be without consequences
EDUCATION - YOUTH - CULTURE - SPORT
EDUCATION: EU countries call for strengthening higher education for a competitive Europe
YOUTH: EU Council lists suggestions for improving opportunities and participation for young people in rural areas
EXTERNAL ACTION
SERBIA: Belgrade faces scepticism from several Member States about accession talks progress
MIDDLE EAST: Josep Borrell calls for putting pressure on Israel and Hezbollah to accept ceasefire
MOROCCO: EU releases €100 million to help country rebuild after September 2023 earthquake
NIGER: EU ambassador recalled to Brussels after dispute over humanitarian aid for victims of devastating floods
KYRGYZSTAN: EU expresses concern about media freedom and shrinking space for civil society
CHINA: EU challenges Chinese tariffs on European spirits at WTO
UNITED STATES: tone rises in dispute with Washington over Spanish black olives
SECTORAL POLICIES
CONSUMERS: European Court of Auditors points to regulatory shortcomings in food labelling in EU
ENVIRONMENT: in Busan, first statements by stakeholders highlight disagreements that need to be resolved before agreement can be reached on a ‘plastics treaty’
CLIMATE: COP29, negotiations painstakingly reach a final amount of $300 billion a year for climate finance
ENERGY: rebound in European wholesale gas prices due to lower temperatures and persistent geopolitical tensions
AGRICULTURE: Janusz Wojciechowski argues for a reinforced CAP budget beyond 2027
SECURITY - DEFENCE - SPACE
SPACE: Member States expected to make positive assessment of EU Space Programme
SOCIAL AFFAIRS - EMPLOYMENT
EMPLOYMENT: Hungarian Presidency of EU Council to sound out Member States on 27 November on directive on working conditions for trainees
ECONOMY - FINANCE - BUSINESS
STATE AID: Estonia ordered to recover illegal state aid from Tartu Agro
STATE AID: Greece brings its tonnage tax scheme in compliance with EU rules
COMPETITION: European Commission consults on commitments offered by Corning to avoid anti-competitive practices
FUNDAMENTAL RIGHTS - SOCIETAL ISSUES
WOMEN’S RIGHTS: International Day for Elimination of Violence against Women - “One in three women will experience violence”, says Ursula von der Leyen
INSTITUTIONAL
EUROPEAN COMMISSION: environmentalist Philippe Lamberts appointed adviser to Ursula von der Leyen
NEWS BRIEFS
AFGHANISTAN: EU airlifts 97 tonnes of humanitarian aid to Kabul
BIODIVERSITY: EU not on track to meet its 2030 biodiversity goals, says Birdlife
BUDGET: EU Council approves joint text on EU budget for 2025
ENVIRONMENT: European plastics manufacturers are lagging behind in reducing use of chemical substances, according to NGO ChemSec
INDUSTRY: in event of Northvolt’s bankruptcy, European Commission’s exposure would amount to $313 million
LEBANON: EU could allocate €200 million to Lebanese Armed Forces
SINGLE MARKET: EU updates standards for gas boilers
MEDIA: Google tests impact of removing news from search results of 1% of users in eight EU Member States
WTO: reform of Dispute Settlement Body stalls
SYRIA: EU adopts sanctions against three Syrian ministers
Kiosk
Kiosk: No. 118