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The U.S. Energy Department on Monday said it has actually finalized a $9.63 billion loan to a joint venture of Ford Motor and South Korean battery maker SK On to assist fund building of three new battery manufacturing plants in Tennessee and Kentucky. The low-priced government loan for the BlueOval SK joint venture is the largest ever from the federal government's Advanced Innovation Cars Production loan program. SK On is the battery system of energy group SK Development. The last award - initially reported - is among a. series of actions by the Biden administration to improve electrical. vehicle production...

The U.S. Energy Department on Monday said it has settled a $9.63 billion loan to a joint venture of Ford Motor and South Korean battery maker SK On to help finance construction of 3 new battery manufacturing plants in Tennessee and Kentucky. The affordable federal government loan for the Blue Oval SK joint venture is the largest ever from the government's Advanced Innovation Cars Manufacturing loan program. SK On is the battery system of energy group SK Innovation. The amount is greater than the $9.2 billion conditional commitment announced in June 2023 and comes simply weeks before President-elect Donald Trump...

Battery maker Automotive Cells Business (ACC) is set to sign a brand-new loan to fund the second production block of its gigafactory in northern France, a. business representative stated, as it increases output in spite of Europe's. slow electric car market. The loan, guaranteed by ACC's 2 primary investors, automobile. makers Stellantis and Mercedes-Benz Group,. deserves around 1 billion euros ($ 1.05 billion), two sources. knowledgeable about the matter said, verifying a report by paper. Les Echos. Stellantis and Mercedes did not react to ask for. comment. Smaller sized investor TotalEnergies decreased to. comment. The factory already operates one production...

European energy company Varo Energy is in speak with obtain Preem's two Swedish refineries in a bet on growing need for lowcarbon biofuels, 4 market sources told Reuters. Varo has been broadening quick in Europe's refining and fuel trading recently. The company is backed by private equity giant Carlyle Group and the world's most significant trading house Vitol, which has actually enjoyed record revenues recently. Varo could purchase the Gothenburg and Lysekil plants from Corral Petroleum Holdings, which owns Preem, the sources stated. A Varo representative decreased to comment. Preem decreased to comment. The sources stated the value of the...

Canada's McEwen Copper is hunting for financiers to raise $2.5 billion to move on with building of Los Azules copper mine in Argentina, company Vice President Michael Meding stated in an interview. McEwen Copper, part of McEwen Mining, is among numerous international companies seeking to draw out copper in the mountains of northern Argentina, an area mostly untapped for the product due to the nation's hard capital controls and volatile economy. A reward program under President Javier Milei is now spurring activity, including from significant gamers such as miner BHP, after the nation's only copper mine closed in 2018. Los...

Australialisted Vulcan Energy is in talks with lithium companies to licence its filtering technology, tapping a brand-new profits source as the firm commercialises its renewableenergy job in Germany, the CEO stated on Tuesday. Vulcan started producing lithium hydroxide previously this month from its Rhine Valley operations utilizing adsorption direct lithium extraction (A-DLE) - utilizing geothermal heat to extract lithium from brine deposits. DLE is expected to reshape the lithium market by speeding the production procedure of the metal used in EV batteries and electronic devices to hours or days, compared with months or longer. Vulcan has signed up with the...

Below are companyrelated news and stories from France and Benelux which might have an influence on the area's markets or specific stocks. POLICE 29 Controversial COP29 deal reveals environment cooperation tearing at edges CARREFOUR Brazilian meatpackers have actually apparently stopped supplying meat to the group in Brazil after the retailer's worldwide CEO promised to keep South American meat off its shelves in France in solidarity with French farmers CTP Places EUR 500 mln green bond and EUR 200 mln tender deal SANOFI Strategies to change medical facility drug-discount program, WSJ reports THALES Two people knowledgeable about a corruption probe by...

The following are the leading stories in the Wall Street Journal. Reuters has not verified these stories and does not guarantee their precision. - Billionaire activist investor Carl Icahn-backed Icahn Enterprises prepares to raise its stake in U.S. oil refiner CVR Energy by more than 20%. - News Corp called Lavanya Chandrashekar as its next chief monetary officer, being successful Susan Panuccio, who plans to step down from the role on Jan. 1. - Stellantis stated it is laying off about 1,100 workers at a Jeep Gladiator plant in Toledo, Ohio, as it works to decrease inventory throughout its North...

Equatorial Guinea asked judges at the International Court of Justice (ICJ) on Monday to decline Gabon's claim to several islands in possibly oilrich waters in the Gulf of Guinea. The African neighbours, both substantial oil manufacturers, have asked the United Nations' leading court to settle a disagreement centring on the small island of Mbanié, less than a kilometre (about 1,000 lawns) long, off the coast of Gabon. Gabon's position is factually and lawfully untenable, stated Equatorial Guinea's representative at the court, Domingo Mba Esono. The dispute has actually been going on because 1972, when Gabon's army drove Equatorial Guinea soldiers...

Independent British oil manufacturer Viaro Energy stated on Tuesday it would purchase UK Southern North Sea possessions owned by Shell and Exxon Mobil. Reuters reported about the offer talks in May, citing sources and one of them had stated the transaction might be valued at $500. million. Viaro stated it would assume full ownership of one of the. biggest and longest producing gas property portfolios in the UK. Continental Rack. Pending regulative approval, Viaro would acquire a portfolio. consisting of 11 ran offshore assets and one exploration. field, all tying back to the Shell-operated onshore Bacton Gas. Processing Terminal through...

South Korea's LG Energy Service (LGES) remains in talks with about 3 Chinese suppliers to produce lowcost electric vehicle batteries for Europe, a. senior executive stated, with competition set to intensify after. the EU slapped additional tariffs on Chinabuilt EVs. LGES' prospective partnerships come as the worldwide. EV market is facing a sharp downturn in demand, and. highlight growing pressure non-Chinese battery companies face from. automakers to lower costs to levels matching cheaper Chinese. rivals. France's Renault stated this month that it would. include lithium iron phosphate (LFP) battery technology in its. plans to mass produce EVs, picking LGES and...

CHALLIS NATIONAL FOREST, Idaho, July 22 (). T he just U.S. cobalt mine sits fallow in the northern Idaho. woods, a mothballed hunk of steel and dirt that is too expensive. for its owner to run because Chinese rivals have flooded. worldwide markets with cheap materials of the bluish metal used in. electrical lorry batteries and electronics. Jervois Global, which dug the mine into the side of. an almost 8,000-foot (2,400-meter) mountain, watched helplessly. in 2015 as cobalt prices plunged after China's CMOC. Group opened the Kisanfu mine in the Democratic. Republic of Congo, pushing international production of the metal...

Stellantis will keep all of its Italian factories open and increase output from 2026 thanks to the launch of brand-new designs, it stated on Tuesday, as part of a handle the federal government targeted at revitalising Italy's. automotive industry. For its part, Industry Minister Adolfo Urso vowed the. federal government would spend more than 1 billion euros ($ 1.1 billion). next year to support Italy's vehicle supply chain. Rome does not intend to invest the state money to subsidise. the purchase of cars and trucks in 2025, as it did this year. Urso was hosting a meeting with representatives of....

Huawei's new Mate 70 smart device consists of a chip whose style reveals only an incremental improvement over its predecessor and, contrary to some expectations, was made using the 7 nanometer (nm) procedure node, consultancy TechInsights said on Wednesday. The consultancy stated a teardown it conducted of the Mate 70 Pro+ discovered that it contains a Kirin 9020 processor that was produced by Chinese chip foundry Semiconductor Manufacturing International Corporation (SMIC), comparable to the Kirin 9010 processor in Huawei's development Mate 60 Pro. The lack of major modifications ran counter to rumours that the phone would consist of a chipset...

Pakistan's biggest corporation Engro Corp, through it's strategic partnership with Veon, is considering broadening telecom towersharing protection in Pakistan and exploring various use cases in telecom infrastructure. Pakistan is a very large market in regards to telecom, which keeps growing bigger, Samad Dawood, vice chairman of Dawood Hercules Corp, which owns 40% of Engro Corp, informed Reuters. This infrastructure business, with scale, enables us to use telecom infrastructure much better in Pakistan and ultimately likewise serve worldwide markets as well, stated Dawood, recognizing countries from the Atlantic coast of Morocco all the way to Main Asian states as prospective markets....

New automobile sales in Europe were flat in October, after succumbing to 2 consecutive months, market data revealed on Thursday, while the shift to totally electric or hybrid models picked up speed in the month. An uptick in overall sales in Spain and Germany, of 7.2% and 6% respectively, balance out a contraction in France, Italy and Britain, the European Car Manufacturers Association ( ACEA) stated. WHY IT'S IMPORTANT European automakers are battling with weak demand, high production expenses, and managing the shift to EVs, while attempting to fend off competition from China. BY THE NUMBERS The variety of new...

Start-up Vulcan Energy will start largescale commercial production of lithium hydroxide in Germany in 2027, two years later than originally prepared, the business said on Friday as it started operations at a demonstration plant. Vulcan began producing lithium chloride, an important element in producing lithium hydroxide, at its upstream extraction plant in Landau, Germany, in April. It is currently raising funds for its first massive industrial plant with an objective of providing an anticipated 24,000 lots of lithium hydroxide a year, comparable to 500,000 electrical lorries, from 2027. The funding procedure has actually taken longer than anticipated, Christian Freitag, the...

Below are companyrelated news and stories from France and Benelux which could have an effect on the area's markets or specific stocks. GERMAN POLITICS: Germany's judgment union collapsed on Wednesday as Chancellor Olaf Scholz sacked his finance minister and paved the method for a breeze election, setting off political mayhem in Europe's. largest economy hours after Donald Trump won the U.S. presidential election. JET: Taiwan's China Airlines is nearing a decision to. split a multi-billion-dollar order for long-distance traveler. jets in between Plane and Boeing, while an order for trucks. hangs in the balance, market sources told Reuters. AMG: AMG...

Tata Steel reported a. secondquarter earnings on Wednesday that beat analysts' price quotes. as lower costs and higher sales volumes in India and the. Netherlands offset a high drop in steel costs. India's second-biggest steelmaker by market value posted a. consolidated net revenue of 8.33 billion rupees ($ 99 million) in. the quarter, compared to the typical expert quote of 2.23. billion rupees, according to data assembled by LSEG. The business had reported a loss of 61.96 billion rupees in. the exact same period a year earlier, harmed by a 63.58 billion rupees. charge associated to the restructuring of its...

New hybrid cars offered in the European Union in September accounted for 32.8% of total brand-new vehicle sales, surpassing the monthly market share of petrolpowered vehicles for the first time, information from Europe's automobile market body showed. Overall automobile sales in the block come by 6.1% year-on-year, the European Vehicle Manufacturers Association (ACEA) stated on Tuesday, as major markets Germany, France and Italy continued to stagnate. WHY IT is essential The sale of hybrid electric vehicles (HEV) has increased in the EU in current months, as purchasers see them as an economical compromise between all-combustion and all-electric. Totally electric (BEV)...

Renault CEO Luca de Meo's bet on a lowcost transmission technology is permitting the French carmaker to gain ground in Europe's fastgrowing hybrid car market, providing it some breathing room as competitors get squeezed by the electric movement obstacle. Demand for expensive electrical vehicles is not removing in Europe regardless of a European Union restriction on combustion engine cars due to enter into force in 2035, putting huge strain on Europe's vehicle industry. However Renault, which is smaller sized than auto peers and was struck by record losses in 2020, is revealing unexpected strength in hybrid automobiles that utilize both...

The following are the leading stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - China-owned social-media platform TikTok is laying off workers as part of a revamp of its content-moderation operations. It plans to invest $2 billion worldwide in trust and safety efforts in 2024, aiming to enhance efficacy. - Jeep and Ram-maker Stellantis on Thursday said President Carlos Tavares will retire in early 2026 when his contract ends, and detailed a broader management shake-up as the carmaker fights tumbling profit and market share. - TD Bank's guilty plea...

European dealerships for Stellantis stated they supported a proposal, launched by European car lobby ACEA, to postpone intermediate carbon emission reduction objectives the European Union set for next year as market conditions do not support them. We firmly think that the CO2 decrease targets set for 2025 are unfeasible under current market conditions, 4 groups representing European dealerships for Stellantis said in a. letter dealt with to EU Commission chief Ursula von der Leyen. Their position put them at chances with Stellantis itself and. is another headache for the car manufacturer's CEO Carlos Tavares, who. is under pressure to revive...

German conglomerate Thyssenkrupp on Friday lost its fight versus a. European Union antitrust veto five years ago of its proposed. joint venture with Tata Steel, which was aimed at. developing Europe's secondlargest steelmaker. The Luxembourg-based Court of Justice of the European Union. ( CJEU), Europe's highest, sided with the European Commission and. dismissed Thyssenkrupp's appeal entirely, the judges stated. The EU competitors enforcer stated the deal, which had intended. to tackle over-capacity and other challenges in the steel. market, might lead to rate hikes. Thyssenkrupp stated in a statement that it had actually kept in mind of. the decision and...