Northvolt’s $20 billion battery plan suffers summer of setbacks
On Tuesday, the Swedish electric-vehicle battery maker closed down a Californian unit, Cuberg, that it acquired only three years ago.
The London Metal Exchange enjoyed a strong first half on the back of a surge in trading volumes during a stormy period for global metals markets, according to the bourse’s owner Hong Kong Exchanges and Clearing Ltd.
HKEX said core earnings from its commodities unit — dominated by the world’s biggest metals exchange — jumped by 82% from a year earlier to $816 million. That’s the strongest result for the unit in years, driven by busier trading for metals from copper to aluminum, and the effect of a fee hike at the start of 2024.
Metals have had a tumultuous year, with copper powering to a record high in May on fears of supply deficits, before slumping on worries over China’s sputtering economy. Revenues from metals trading fees at the LME jumped 43% to $724 million.
The commodities segment accounts for almost a 10th of HKEX revenues, and also includes smaller businesses including the LME’s clearing house and a commodities trading platform in mainland China.
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