A Worrying Sign.
A moral obligation.
1. Northvolt has made a breakthrough in a new battery technology used for energy storage that the Swedish industrial start-up claims could minimise dependence on China for the green transition. The Swedish group, backed by Volkswagen, BlackRock and Goldman Sachs, has developed a sodium-ion battery that has no lithium, cobalt or nickel — critical metals that manufacturers have scrambled to obtain, leading to volatility in prices. Peter Carlsson, Northvolt’s chief executive and co-founder, told the Financial Times that the new technology could be worth tens of billions of dollars as it opens up regions such as the Middle East, Africa, and India for battery-powered energy storage for the Swedish group. (Source: ft.com)
2. More than three-quarters of the foreign money that flowed into China’s stock market in the first seven months of the year has left, with global investors dumping more than $25 billion worth of shares despite Beijing’s efforts to restore confidence in the world’s second-largest economy. The sharp selling in recent months puts net purchases by offshore investors on course for the smallest annual total since 2015, the first full year of the Stock Connect programme that links up markets in Hong Kong and mainland China. Traders and analysts said a lack of forceful policy support from Chinese leaders had convinced global institutional investors to hold off on buying until growth rebounded enough to make China’s market competitive with others in the region. (Source: ft.com)
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