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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Lights out at Northvolt

FT News Briefing