Lights out at Northvolt
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 13 March 2025
⏱️ 14 minutes
🧾️ Download transcript
Summary
Elon Musk’s efficiency drive failed to prevent US federal spending rising to a record $603bn in February, European battery maker Northvolt has filed for bankruptcy in Sweden, and US inflation fell to 2.8% last month. Plus, China’s plan to revive Africa’s ‘freedom railway’ showcases Beijing’s leaner approach to overseas aid.
Mentioned in this podcast:
Elon Musk’s cuts fail to stop US federal spending hitting new record
Northvolt files for bankruptcy in Sweden
US inflation fell more than expected to 2.8% in February
The railway that China hopes will take on the US in Africa
Saudi-owned Scopely buys Pokemon Go in $3.5bn gaming deal
For more on Northvolt, listen to the FT’s Behind The Money deepdive here, or search wherever you get your podcasts.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. |
| 0:03.0 | Currently, we supply 27% of the UK's gas, 15% of its oil, |
| 0:07.7 | and we're playing our part in the UK's energy transition. |
| 0:11.0 | Our wind farms power 750,000 homes, |
| 0:14.0 | and we expect that to grow to over 7 million. |
| 0:16.5 | Last year, we invested 20% of our global growth spend in renewables |
| 0:20.1 | and lower carbon solutions. |
| 0:22.0 | We plan to increase that to 50% by 2030. |
| 0:25.4 | We're an energy company searching for better. |
| 0:28.4 | equinore.co.uk. |
| 0:33.5 | Good morning from the Financial Times. |
| 0:36.1 | Today is Thursday, March 13th, and this is your FT News briefing. |
| 0:41.8 | New data shows just how hard it is to cut U.S. government spending. |
| 0:47.6 | And Europe's electric battery darling has gone belly up. |
| 0:52.3 | Plus, we look at how China is trying to edge out American soft power in Africa. |
| 0:58.9 | I'm Sonia Hudson, and here's the news you need to start your day. |
| 1:26.1 | Thank you. U.S. federal spending increased by $40 billion in February year over year. And it hit a new record. That's according to Treasury data out yesterday. |
| 1:30.7 | This comes despite efforts from Elon Musk to cut spending. |
| 1:37.5 | His so-called Department of Government Efficiency claims to have saved $100 billion already. |
| 1:43.4 | But only a handful of departments reported any decreases in spending in February. |
| 1:47.9 | One of them was the Department of Education, which cut $6 billion. |
| 1:52.6 | Now, it is still early days in Doge's efforts. |
... |
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