Headlines

Europe’s bid to build a homegrown battery industry to break China’s dominance in electric vehicles is failing, Bloomberg News reported. The most high-profile setback yet came with the Chapter 11 bankruptcy of Northvolt AB, a Swedish startup whose backers include Volkswagen AG and BMW AG. Fallout is spreading across the region as EV demand wanes and local manufacturers struggle to master the technology. Eleven out of 16 planned European-led battery factories have been delayed or canceled, according to a Bloomberg News analysis.

Afiniti is set to exit chapter 15 bankruptcy following court approvals of a recapitalization transaction, CXToday.com reported. The company secured the transaction by working with lenders led by Vista Credit Partners and The Resource Group International Ltd., a significant shareholder. By doing so, Afiniti has bounced back from bankruptcy quickly, which it filed with the Delaware courts on November 3, 2024. That filing ensured protection from the U.S. courts as the contact center AI vendor evaluated how to pay back the money it owed, inside and outside the country.

Italy's Industry Minister Adolfo Urso announced a deal on Tuesday to avert 249 layoffs at suppliers to Stellantis, saying he hoped the breakthrough would help repair strained relations with the carmaker, Reuters reported. Stellantis and Italy's government have been at loggerheads for months, with politicians in Rome accusing Fiat's parent company and its CEO Carlos Tavares of neglecting historic Italian manufacturing sites and moving production abroad.

As crypto and DeFi both accelerate, the immediate need for adequate regulations is becoming more apparent, and more challenging. For innovative financial technologies, often the best solution is to find jurisdictions that offer sophisticated and forward-thinking regulatory frameworks, TheStreet.com reported. This concept has worked wonders for Singapore, Hong Kong, and Dubai, but now it’s the Bermuda Monetary Authority (GMA) that is attracting cutting-edge blockchain businesses.

China's exports slowed sharply and imports unexpectedly shrank in November, in a worrying sign for the world's No. 2 economy as Donald Trump's imminent return to the White House brings fresh trade risks, Reuters reported. The disappointing trade figures follow other indicators showing patchy growth in November, suggesting Beijing needs to do more to shore up a faltering economy that is only likely to face further challenges next year. Outbound shipments grew 6.7% last month, customs data showed on Tuesday, missing a forecast 8.5% increase and down from a 12.7% rise in October.

Canadian Prime Minister Justin Trudeau said Ottawa would retaliate with its own set of tariffs should President-elect Donald Trump follow through on his pledge to slap a 25% levy on imports from Canada, the Wall Street Journal reported. “We will, of course, as we did eight years ago, respond to unfair tariffs in a number of ways, and we’re still looking at the right ways to respond,” Trudeau said Monday at an event organized by the local chamber of commerce in Halifax, Nova Scotia.

The Reserve Bank of Australia kept interest rates on hold as expected on Tuesday, but said it is gaining confidence that inflation is on track to sustainably return to the target band, the Wall Street Journal reported. The official cash rate was kept at 4.35%, where it has stood for over a year. “Some of the upside risks to inflation appear to have eased and while the level of aggregate demand still appears to be above the economy’s supply capacity, that gap continues to close,” the RBA’s policy-setting board said in a statement.

Argentina's monthly inflation is likely to have remained under 3% in November, near its lowest level of the year but slightly up from the month before, underscoring the challenge for libertarian president Javier Milei to rein in prices, Reuters reported. A Reuters poll of analysts published on Tuesday showed a median forecast rise of 2.8% in the month after 2.7% in October. Estimates ranged from a 2.4% increase to 3%. Argentina has been battling to bring down what has been the highest inflation rate in the world, peaking at almost 300% a year.

A group of current and former Vodafone franchisees in the UK filed a legal claim against the company on Tuesday over alleged cuts to their commission payments and remuneration at short notice and with little to no explanation since 2020, Reuters reported. Some of the 61 claimants, who are seeking over 120 million pounds ($153.05 million), said in a statement that Vodafone's actions had caused them and their families severe financial and personal distress, including reaching the edge of bankruptcy.

Japan's bankruptcy filings this year are set to surpass 10,000 and hit the highest since 2013, private-sector data by Tokyo Shoko Research (TSR) showed on Monday, ahead of a closely watched central bank meeting next week, Reuters reported. In November, 841 Japanese companies went bankrupt, bringing the January-November tally to 9,164, already exceeding last year's total, data from the credit research agency showed. The 2024 bankruptcy figure will likely exceed 10,000 for the first time since 2013, when 10,855 firms went bankrupt. The Bank of Japan holds a rate review on Dec.