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The Northvolt facility in Vasteras, Sweden, on Sept. 29, 2021. Helena Soderpalm/Reuters Europe’s last great hope to roll majestically into the global car battery business, Northvolt, has crashed. Another European wannabe tech giant has been humbled. China wins. On Thursday, the nominally Swedish company – it was backed by a broad range of investors and lenders, from Germany’s Volkswagen to Canada’s pension funds – filed for Chapter 11 bankruptcy protection in the United States. What was Europe’s best-funded startup, one that was to be an industry champion, could not live up to its own hype. Northvolt had raised some US$15-billion from investors and governments, yet found itself desperately short of cash in recent months, making the bankruptcy filing inevitable. It will try to keep its echo-chamber main factory in northern Sweden open while it hunts for fresh survival loans – a few bucks have arrived already. The odds do not look encouraging. “Northvolt’s liquidity picture has become dire,” the company said in its bankruptcy court petition. Northvolt was founded by two former Tesla executives in 2016, when the electric-vehicle business was pretty much a zero in Europe. But the ex-Tesla boys, aware that Tesla itself was destined for greatness under the hard-charging magician Elon Musk, evidently determined that European automakers would soon plunge headfirst into the EV pool and enjoy having a homegrown supply of battery materials. The idea proved more grandiose than realistic. Over the years, Northvolt was hobbled by severe production problems, a shortage of funding and skittish customers, a few of whom lost patience with the low output. Last summer, BMW cancelled its US$2.15-billion order for Northvolt battery cells. An overambitious and costly expansion strategy, including plans for a Canadian plant, was responsible for much of the rot. Northvolt chief executive officer Peter Carlsson, who resigned on Friday, told the media, “I should have pulled the brakes earlier on the expansion path to make sure the core engine was moving according to plan.” The subsequent upheaval in the European car business did not help. European EV sales are going in reverse as high prices, range anxiety, lack of charging points, waning EV purchase subsidies and a thin range of models that appeal to young drivers – they want iPhones on wheels – repel buyers. Europe has a sorry history of competing with the Americans and the Chinese on the tech front. In his September report on European competitiveness, or lack thereof, former European Central Bank president Mario Draghi said that no European Union company with a market value of more than €100-billion (about $145-billion) has been set up from scratch in the past half century. The six American companies worth more than €1-trillion (about $1.45-trillion) were all started over the same period. “Europe is stuck in a static industrial structure,” he said. Europe has seen this wretched playbook before. Its once-ambitious photovoltaic industry was destroyed by low-priced Chinese solar products. European consumer electronics all but vanished too. European semi-conductor companies, with the exception of ASML of the Netherlands, are relatively small (the American AI chip maker Nvidia has a stock-market value of US$3.6-trillion ($5-trillion), well north of the combined value of all the FTSE 100 companies in London). The hydrogen-fuel industry is going nowhere fast. And now Europe’s homegrown battery industry is dying. There are battery component plants in the EU, but they are mostly Chinese. One of the biggest, worth €7.3-billion ($10.6-billion), is under construction by Contemporary Amperex Technology Co. (CATL) in Hungary. China’s plants are heavily subsidized and their technology and production efficiency is well ahead of European factories. Europe simply can’t compete in this industry – as the bankruptcy of Northvolt shows. China, less so South Korea (LG) and Japan (Panasonic), own the show. The cost of Chinese batteries is falling fast, just as the Chinese solar panels did two decades ago and Chinese EVs are today. BloombergNEF says the average cost of lithium iron phosphate batteries (the ones that need no cobalt and that are gaining market share) has fallen by half in the past year to US$53 per kilowatt-hour. Not long ago, US$100 was considered virtually unattainable. The European battery industry may just as well give up. Prices of Chinese batteries and their components are unbeatable, and China dominates the supply of the critical metals, including nickel, graphite and lithium, as well. China has become The Wall. Breaching its defences is nearly impossible. The Europeans would be foolhardy to drop more billions into battery plants, though they may out of conceit or because naive governments or investors will keep throwing money at them. Herbert Diess, the Austrian who was boss of Volkswagen until 2022, has more or less said that the European battery companies are spinning their wheels. “We should do what we can do best, and we should have China making what they can do cheapest and in good quality,” he told a BloombergNEF event. The Northvolt dream is dead. European carmakers will be happy to buy cheap Chinese batteries, as they are now, for their EVs. The key question is whether European EVs are doomed too as the Chinese come on strong. Northvolt’s fate is a warning that is about as subtle as a high-speed car crash.Former NFL Coach Named Possibility For The North Carolina Jobsuper ace jili gift code 。

Kanpur (UP) Dec 25 (PTI) Another FIR has been registered against the Proivincial Police Services (PPS) officer Mohammad Mohsin Khan, accused of sexually exploiting an IIT research scholar, for criminal intimidation and defaming her, said police on Wednesday. IIT-Kanpur’s PhD student alleged that the then Assistant CP (collectorganj) Khan threatened her of serious consequences and made objectionable posts with intent to defame her by levelling fake charges. Assistant CP (Kalyanpur) Abhishek Pandey said one more FIR has been lodged against Khan, a 2013 batch PPS officer, and advocate Gaurav Dixit under relevant sections of the Bhartiya Nyay Sanhita and the Information Technology (IT) Act at Kalyanpur police station on Tuesday. The then ACP and the lawyer would be called for questioning if the need arise, Pandey added. The ACP and his lawyer allegedly made a tweet and shared objectionable posts on social media platforms with intent to defame her. The IIT-Kanpur rape survivor has met senior officials, including Commissioner of Police, Akhil Kumar, who instructed the Kalyanpur police to lodge another FIR against the PPS officer and his advocate. She alleged Khan and his advocate levelled fake charge against her that she attempted to kill an infant. She further accused Mohsin and his advocate of misguiding the court and claiming she was already married, while she was never married. The victim stood firmly on her claims that Khan sexually exploited her under false pretence of marrying her. A five-member Special Investigation Team (SIT) headed by Additional DCP (Traffic) Archana Singh was constituted to probe the matter, police said. The IIT-K scholar met the SIT members and provided them with the chat history allegedly showing that the ACP had made “indecent and lewd” remarks. Khan was transferred to police headquarters on December 12 after being booked for allegedly seeking “sexual intercourse by employing deceitful means”. According to police, Khan had enrolled at IIT-Kanpur five months ago to pursue a PhD in cybercrime and criminology. While studying at the institute, he reportedly developed a relationship with the research scholar and promised to marry her after divorcing his wife. But later when the officer refused to fulfil his promise, the woman filed a complaint of rape. IIT-Kanpur Director Manindra Agrawal had said in a statement, “As is well known now, a girl student of IIT-K has accused a police officer of sexual exploitation and filed a complaint. The institute is committed to provide all the necessary support to the student at this difficult time.” PTI COR ABN ABN MNK MNK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content. var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );

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JACKSONVILLE, Fla. — Greg McGarity had reason to be concerned. The Gator Bowl president kept a watchful eye on College Football Playoff scenarios all season and understood the fallout might affect his postseason matchup in Jacksonville. What if the Southeastern Conference got five teams into the expanded CFP? What if the Atlantic Coast Conference landed three spots? It was a math problem that was impossible to truly answer, even into late November. Four first-round playoff games, which will end with four good teams going home without a bowl game, had the potential to shake up the system. The good news for McGarity and other bowl organizers: Adding quality teams to power leagues — Oregon to the Big Ten, Texas to the SEC and SMU to the ACC — managed to ease much of the handwringing. McGarity and the Gator Bowl ended up with their highest-ranked team, No. 16 Ole Miss, in nearly two decades. "It really didn't lessen our pool much at all," McGarity said. "The SEC bowl pool strengthened with the addition of Texas and Oklahoma. You knew they were going to push traditional SEC teams up or down. Texas ended up pushing just about everyone down." The long waiting game was the latest twist for non-CFP bowls that have become adept at dealing with change. Efforts to match the top teams came and went in the 1990s and first decade of this century before the CFP became the first actual tournament in major college football. It was a four-team invitational — until this year, when the 12-team expanded format meant that four quality teams would not be in the mix for bowl games after they lose next week in the first round. "There's been a lot of things that we've kind of had to roll with," said Scott Ramsey, president of the Music City Bowl in Nashville, Tennessee. "I don't think the extra games changed our selection model to much degree. We used to look at the New York's Six before this, and that was 12 teams out of the bowl mix. The 12-team playoff is pretty much the same." Ramsey ended up with No. 23 Missouri against Iowa in his Dec. 30 bowl. A lot of so-called lesser bowl games do have high-profile teams — the ReliaQuest Bowl has No. 11 Alabama vs. Michigan (a rematch of last year's CFP semifinal), Texas A&M and USC will play in the Las Vegas Bowl while No. 14 South Carolina and No. 15 Miami, two CFP bubble teams, ended up in separate bowls in Orlando. "The stress of it is just the fact that the CFP takes that opening weekend," Las Vegas Bowl executive director John Saccenti said. "It kind of condenses the calendar a little bit." Bowl season opens Saturday with the Cricket Celebration Bowl. The first round of the CFP runs Dec. 20-21. It remains to be seen whether non-CFP bowls will see an impact from the new dynamic. They will know more by 2026, with a planned bowl reset looming. It could include CFP expansion from 12 to 14 teams and significant tweaks to the bowl system. More on-campus matchups? More diversity among cities selected to host semifinal and championship games? And would there be a trickle-down effect for everyone else? Demand for non-playoff bowls remains high, according to ESPN, despite increased focus on the expanded CFP and more players choosing to skip season finales to either enter the NCAA transfer portal or begin preparations for the NFL draft. "There's a natural appetite around the holidays for football and bowl games," Kurt Dargis, ESPN's senior director of programming and acquisitions, said at Sports Business Journal's Intercollegiate Athletics Forum last week in Las Vegas. "People still want to watch bowl games, regardless of what's going on with the playoff. ... It's obviously an unknown now with the expanded playoff, but we really feel like it's going to continue." The current bowl format runs through 2025. What lies ahead is anyone's guess. Could sponsors start paying athletes to play in bowl games? Could schools include hefty name, image and likeness incentives for players participating in bowls? Would conferences be willing to dump bowl tie-ins to provide a wider range of potential matchups? Are bowls ready to lean into more edginess like Pop-Tarts has done with its edible mascot? The path forward will be determined primarily by revenue, title sponsors, TV demand and ticket sales. "The one thing I have learned is we're going to serve our partners," Saccenti said. "We're going to be a part of the system that's there, and we're going to try to remain flexible and make sure that we're adjusting to what's going on in the world of postseason college football." Get local news delivered to your inbox!Andhra Pradesh’s Anti-Corruption Bureau (ACB) in Vijayawada has filed a First Information Report (FIR) against IPS officer N. Sanjay, formerly Director General, A.P. State Disaster Response & Fire Services, and Additional Director General of Police (ADGP), Crime Investigation Department (CID), for his alleged involvement in manipulating the tender process for awarding contract work for development and maintenance of AGNI-NOC (Automated Governance & NOC integration) web portal, mobile application and supply of hardware. Co-accused Along with Mr. Sanjay, the ACB has also named M/s Sauthrika Technologies & Infra Private Limited, Vijayawada, and M/s Kritvyap Technologies Private Limited, Hyderabad, and others as co-accused in the case. The ACB has said “the total value of properties stolen, or involved in the case is estimated at ₹1,75,86,600 approximately.” The case is filed under Section 13(1)(a) r/w 13(2) and Section 7 of the Prevention of Corruption Act-1988 (as amended in 2018) and under Sections 409, 420,477A r/w 120B of the Indian Penal Code-1860. The FIR says that “Mr. Sanjay manipulated the tender processes for awarding the contract work of AGNI-NOC to M/s Sauthrika Technologies & Infra Private Limited in violation of the procedures in vogue, and dishonestly and fraudulently facilitated payment of ₹59,93,000 to the firm on February 22, 2023, within one week of entering into an agreement on February 15, 2023, although there was not much progress in the development of AGNI-NOC portal.” The ACB further alleges that “Mr. Sanjay purchased 10 laptops from M/s Sauthrika Technologies & Infra Private Limited at an exorbitant price of ₹17,89,784 without calling for tenders through e-procurement, which he was supposed to do, besides not obtaining any competitive quotations.” The ACB also alleges that “Mr. Sanjay, while working as ADGP of CID in 2023, connived with others and manipulated the tender processes for awarding the contract of conducting awareness meetings and workshops for SC/STs on the SC/ST POA Act to M/s Kritvyap Technologies Private Limited, which was non-existent and not found at the given address at Flat No. 601, Lalithanjali Apartment, Dwarakapuri Colony, Hyderabad.” The investigating agency also mentions in its complaint that “Kritvyap Technologies was not at all involved in the conduct of awareness meetings or workshops for SC/STs, which were actually conducted by the officials of Regional CID offices.” Mr. Sanjay has allegedly facilitated payment of ₹1,19,03,600 to Kritvyap Technologies “dishonestly and fraudulently. causing misappropriation of government funds,” the ACB has alleged in the FIR. Published - December 25, 2024 08:31 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit Andhra Pradesh / investigation / corruption & bribery / police / state politics

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