Normally, when the Fed starts loosening policy it does so amid clear-cut signs of economic weakness.Economyread more
Wall Street economists are anxiously awaiting Wednesday's FOMC meeting.Marketsread more
CNBC's Jim Cramer connects the dots by reasoning that if the president were to act he would pick a replacement for Powell that would do his bidding.Economyread more
Shoppers are "very nuanced in their expectations," Ron Johnson, the former CEO of J.C. Penney and the former senior vice president of Apple's retail division, said at CNBC's...Evolveread more
Facebook has given us plenty of reasons to quit, including a new report that talks about the disgusting working conditions of a company it uses to employ contractors, named...Technologyread more
This just might be Fed Chair Jerome Powell's toughest meeting yet, because whatever the outcome, odds are high that it will disappoint a large group.Market Insiderread more
Facebook is leading the FANG stocks this year, and Miller Tabak's Matt Maley foresees more upside.Trading Nationread more
All trains traveling in and out of New York Penn Station have been halted because of an Amtrak overhead wire issue, New Jersey Transit said Wednesday.Transportationread more
* Battery maker Northvolt completes $1 bln equity capital raise
* Capital raise led by Volkswagen and Goldman Sachs
* BMW and IKEA-linked foundation also among investors
* Funding round enables establishment of Skelleftea gigafactory (Adds detail, background)
STOCKHOLM, June 12 (Reuters) - Automakers Volkswagen and BMW are among investors in Europe's biggest lithium-ion battery plant, Sweden's Northvolt said on Wednesday after it raised $1 bln in equity capital to complete funding for the facility.
Northvolt said construction of the plant in Skelleftea, northern Sweden, would begin in August, to provide an initial 16GWh of cell manufacturing capacity. It added that it had already sold a significant part of planned production volumes at a combined order value of more than $13 billion through 2030.
"Today is not only a great milestone for Northvolt, it also marks a key moment for Europe that clearly shows that we are ready to compete in the coming wave of electrification," Northvolt CEO and former Tesla executive Peter Carlsson said.
Swedish pension fund firms AMF and Folksam and IKEA-linked IMAS Foundation also contributed to the equity capital raising, which was led by Goldman Sachs and VW, Northvolt said.
The European Investment Bank is among the project's lenders and will provide a 350 million euro loan, its largest ever direct financing of battery technology.
Volkswagen said separately it was buying about 20 percent of the shares in the Swedish battery cell producer.
The start-up, co-founded by Carlsson, is also setting up a joint venture with Volkswagen to build a second battery plant in Germany. Including its direct investment in Northvolt, Volkswagen was investing $1 billion, the Swedish company said. (Reporting by Niklas Pollard and Johannes Hellstrom; Editing by Kirsten Donovan)