Ontario Fund Writes Down $400 Million Investment in Northvolt

Investment Management Corp. of Ontario has written down its $400 million investment in Northvolt AB, the electric vehicle battery maker that filed for bankruptcy protection last year, Bloomberg News reported. The Canadian pension manager bought Northvolt convertible bonds in 2023, its largest transaction in Europe at the time. IMCO manages about C$77 billion ($53.8 billion) for public-sector groups in the province of Ontario. Northvolt filed for Chapter 11 protection in the US in November after a bid to secure rescue funding fell short, leaving it with little cash and $5.8 billion in debt.
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Bank of France Sees Sluggish Growth With Uncertainty High

France’s economy is heading for only slight growth at the start of the year and uncertainty remains high for business leaders, the country’s central bank said, Bloomberg News reported. Gross domestic product will likely rise between 0.1% and 0.2% in the first quarter, with underlying momentum little changed from the end of 2024, according to the Bank of France’s monthly survey of 8,500 companies.
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India Is Building a Sanctions-Proof Supply Chain for Russian Oil

Oil refiners in India — eager to keep importing cheap crude from Russia — are working with merchants, shippers and other middlemen to rebuild supply chains as tougher US sanctions come into effect, Bloomberg News reported. Speaking on the sidelines of India’s flagship energy gathering in Delhi, executives said the existing networks were being reconfigured with selling entities, tankers and insurance providers that are not on Washington’s blacklist.
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Spanish Unemployment Declines Further as Economy Shines

Spain’s unemployment rate fell again in the fourth quarter of 2024, likely reflecting a buoyant economy last year that was boosted by tourism, investment and immigration, the Wall Street Journal reported. Joblessness fell to 10.6% in the October-December period, down from 11.2% in the three months to September, and 11.8% in the fourth quarter of 2023, Spain’s statistics body INE said Tuesday. The number of unemployed people declined by 158,600 to 2.60 million in the quarter, the agency said.
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U.K.’s Reeves Says ‘Deal to Be Done’ With U.S. on Steel Levies

Chancellor of the Exchequer Rachel Reeves said she believes the U.K. can strike an agreement with the U.S. to avoid tariffs on steel and aluminum introduced by US President Donald Trump, and suggested also that Britain doesn’t plan to retaliate, Bloomberg News reported. “I strongly believe that a deal can be done,” Reeves said, speaking before Trump signed executive orders imposing 25% tariffs on all imports to the US of the two metals. Asked about potential retaliatory measures, she said: “I don’t believe in tariffs.
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Consumer Watchdog Chairman Resigns Amid Reeves’s Push for Growth

The chairman of Britain’s consumer watchdog has announced plans to step down as Rachel Reeves urges regulators to slash red tape and turbocharge growth, The Telegraph reported. Baroness Manzoor, who oversees the Financial Ombudsman Service (FOS), revealed her resignation during an appearance before MPs on Tuesday. It comes just days after the departure of chief executive Abby Thomas, and follows the Government’s move last month to replace Marcus Bokkerink as chairman of the Competition and Markets Authority.
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