Volvo Cars will not pay Northvolt any money for its 50% stake in their Novo Energy battery venture, which it had agreed to acquire, the automaker's quarterly report said on Thursday, Reuters reported. The automaker last week agreed with Northvolt to take over its stake in the venture, which included a planned Gothenburg battery cell factory, without disclosing the amount involved. Northvolt, once considered Europe's best hope for a battery champion, filed for U.S. chapter 11 bankruptcy protection last November. "The purchase consideration rounds to 0 m SEK.

Mexico’s central bank will likely double the pace of monetary policy easing Thursday, delivering a half-point rate cut with inflation back in the target range, growth slowing and tariffs delayed, Bloomberg News reported. Banco de Mexico, known as Banxico, will cut its key rate by 50 basis points to 9.5%, according to 22 of 26 economists surveyed by Bloomberg. Three analysts see a fifth-straight 25 basis-point reduction and one expects no change.

Panamanian President José Raúl Mulino on Thursday denied the State Department’s claim that his country had agreed to allow U.S. government vessels to transit the Panama Canal for free, the Wall Street Journal reported. “I am incredibly surprised by yesterday’s statement,” Mulino told a news conference in Panama City. “They’re making an important, institutional statement from the entity that governs U.S. foreign policy…based on a falsity.

The head of Italy's fashion chamber said he has appealed to its government to protect the country's second-largest industry from possible tariffs from the Trump administration, the Associated Press reported. “We hope they don’t arrive,’’ Italian National Fashion Chamber President Carlo Capasa said Wednesday during the presentation of the calendar for the next Milan Fashion Week later this month.

Beijing responded swiftly on Tuesday to the tariffs President Trump had promised, announcing a fusillade of countermeasures targeting American companies and imports of critical products, the New York Times reported. Mr. Trump’s 10 percent tariff on all Chinese products went into effect at 12:01 a.m. Tuesday, the result of an executive order issued over the weekend aimed at pressuring Beijing to crack down on fentanyl shipments into the United States.

President Donald Trump on Monday agreed to a 30-day pause on his tariff threats against Mexico and Canada as America’s two largest trading partners took steps to appease his concerns about border security and drug trafficking, the Associated Press reported. The pauses provide a cool-down period after a tumultuous few days that put North America on the cusp of a trade war that risked crushing economic growth, causing prices to soar and ending two of the United States’ most critical partnerships.

The European Union wants to engage swiftly with the United States over President Donald Trump's planned tariffs, trade chief Maros Sefcovic said on Tuesday, while his boss Ursula von der Leyen stressed the bloc would protect its interests in negotiations, Reuters reported. Sefcovic, speaking before a meeting of EU ministers to debate trade and EU competitiveness, said he wanted "early engagement" and was awaiting confirmation of the appointment of Trump's pick for Commerce Secretary, financier Howard Lutnick.

Mexican President Claudia Sheinbaum said on Monday that tariffs with the United States are on hold for a month after a conversation with President Donald Trump in which she committed to putting more law enforcement on the U.S. border to stop the flow of drugs, Reuters reported. "Our teams will start working today in two areas: security and commerce," Sheinbaum wrote in a post on X that announced the pause in tariffs. Trump ordered the 25% tariffs on all Mexican goods over the weekend, with Mexico saying it would respond with tariffs of its own without detailing on what products.

Canadian manufacturing activity increased at a slower pace in January as looming U.S. trade tariffs reduced confidence in the outlook, even as moves by clients to get ahead of the taxes led to the first increase in export orders in 17 months, Reuters reported. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to 51.6 in January from 52.2 in December. Still, it was the fifth straight month above the 50.0 no-change mark. A reading above 50 indicates expansion in the sector. U.S.