FT News Briefing
Lights out at Northvolt
Mar 13, 2025
Discover the fallout as Northvolt, a key player in Europe's battery market, files for bankruptcy. Explore how the Ukraine war is reshaping defense spending in Europe and the U.S.-China rivalry’s influence on African mineral resources. Dive into China's new approach to funding infrastructure while the U.S. struggles to maintain its influence. Plus, learn about Saudi Arabia's bold $3.5 billion acquisition in the gaming sector, part of its strategy to diversify its economy.
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Quick takeaways
- Elon Musk's efficiency initiatives have failed to significantly reduce U.S. federal spending, highlighting challenges in achieving fiscal responsibility.
- Northvolt's bankruptcy underscores the difficulties Europe faces in competing with Asian battery manufacturers amid a slowing electric vehicle market.
Deep dives
Challenges in U.S. Federal Spending
U.S. federal spending has increased by $40 billion year-over-year, marking a new record despite initiatives aimed at reducing costs. Elon Musk's Department of Government Efficiency claims to have saved $100 billion, but only a few departments, including the Department of Education, reported spending cuts. This illustrates the difficulty of implementing effective reductions in government expenditures, as many layoffs and changes may not yet be reflected in the current data. The persistence of high spending raises concerns about fiscal responsibility and ongoing budget challenges.
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