Northvolt, the Swedish electric vehicle battery startup, has filed for bankruptcy in Sweden, marking the end of a company once seen as Europe’s best hope of challenging the dominant Asian battery industry, The Guardian reported. The company said in a statement that it had been unable to “secure the necessary financial conditions to continue in its current form” in Sweden. After the bankruptcy filing, a court-appointed trustee will oversee the sale of Northvolt’s business and assets while settling its outstanding debts.

Truckmaker Scania is willing to go ahead with purchasing the only profitable business of bankrupt battery maker Northvolt for $6 million, it said on Wednesday, Reuters reported. Northvolt filed for bankruptcy on Wednesday, bringing to an end Europe's best hope of developing a rival to major Asian electric vehicle battery players. Any potential asset sales are also suspended for now. The Swedish battery maker had for months attempted to sell some of its non-core businesses to try to rescue the main operations that produce battery cells for electric vehicles.

Insolvency-related activity across the UK rose sharply in February, with Yorkshire and the Humber recording a 39% increase, according to data from R3, the UK’s insolvency and restructuring trade body, East Midlands Business Link reported. The East Midlands (79%) and South West (77%) saw the most significant jumps, while Northern Ireland was the only region to see a decline (-38%). The data from Creditsafe, includes liquidator and administrator appointments and creditors’ meetings.

The German women's fashion brand Gerry Weber filed for insolvency with a court in western Germany on Tuesday and is seeking to once again undergo restructuring, DPA International reported. The aim of the proceedings is to continue the company as a going concern. Lucas Flöther has been appointed as administrator for the insolvency, according to the company. A new owner is now being sought and dpa has learned that initial talks are already under way. The company employs just under 230 people in Germany.

The head of the soon-to-be axed Payment Systems Regulator conceded that his organization was a “reasonably easy target” as the UK government hunts for ways to slash red tape, Bloomberg News reported. Prime Minister Keir Starmer announced on Tuesday the UK will fold the PSR into the Financial Conduct Authority. David Geale, the PSR’s interim managing director, said he had become aware the agency could be on the chopping block around late January, when the Chancellor of the Exchequer Rachel Reeves made it clear the Treasury was pursuing a deregulation agenda in her push for growth.

Russia's central bank has proposed regulating certain cryptocurrency investments for wealthy individuals, it said on Wednesday, outlining plans for "specially qualified" investors to trade crypto assets, Reuters reported. The bank has gradually softened its strong opposition to cryptocurrencies, backing a law last year that allowed businesses to use cryptocurrencies in international trade, part of efforts to skirt Western sanctions imposed against Russia over the conflict in Ukraine.

Bankruptcies in France's tech start-up sector are increasing, according to a survey published on Tuesday whose findings could undermine President Emmanuel Macron's image of Paris as a leading European tech hub and key driver of the French economy, Reuters reported. During his first term in office, Macron touted Station F in Paris as an example of France's burgeoning tech start-up industry, and France's global AI summit in February attracted 110 billion euros of investment pledges.

Northvolt, the Swedish maker of battery cells for electric vehicles, may be close to filing for bankruptcy in Sweden, Swedish newspaper Dagens Nyheter (DN) reported on Tuesday, Reuters reported. Northvolt sought U.S. chapter 11 bankruptcy protection in November last year as its cash pile dwindled, trying to secure funds that would allow it to fix persistent problems in scaling up output at its flagship plant in northern Sweden.

The UK financial watchdog has said it is gearing up to launch an industry-wide redress scheme for customers who were mis-sold car finance as it prepares for next month’s landmark Supreme Court case on the sector, the Irish Times reported. The Financial Conduct Authority said on Tuesday that any redress scheme would require banks to contact customers who have lost out due to “widespread failings” and offer them appropriate compensation, under rules overseen by the watchdog.