Polestar and Volvo are ending Polestar 3 production in Chengdu, China, and consolidating all output of the electric SUV at Volvo's plant in South Carolina. "The move to consolidate global Polestar 3 production in Charleston help[s] generate efficiencies for both companies, whilst also underscoring our confidence in the plant and the role it plays in our manufacturing footprint," said Hakan Samuelsson, chief executive of Volvo Cars. "The U.S. is a very important market for Volvo Cars, both to support our growth ambitions as well as a strategic production site to meet regional and export demands." Ars Technica reports: Volvo had a challenging 2025, with sales falling by 7 percent. Meanwhile, Polestar, which was spun out from the Swedish OEM's performance arm into a standalone startup in 2017, had a rather good 2025, seeing a 34 percent increase in sales. So increasing the proportion of Polestar 3s to come out of South Carolina seems sensible. And as we learned last September, the midsize electric Volvo EX60 will also go into production at the South Carolina site later this year, and then we'll see a still-unnamed hybrid Volvo in 2030.

The two companies also announced today that Volvo agreed to extend part of a shareholder loan it made to Polestar and will convert the rest into Polestar shares. Polestar will still owe Volvo $661 million, due at the end of 2031, and another $274 million will become Polestar stock now, with a further $65 million in the second quarter of the year. Since December, Polestar has also raised $1 billion through three equity financing investments.

An anonymous reader quotes a report from the New York Times: A global ban on taxing digital streaming and downloads across national borders expired on Monday, after members of the World Trade Organization concluded an annual meeting without agreeing to extend it. U.S. representatives had pushed to extend the ban, which prevents the more than 160 members of the W.T.O. from issuing duties related to e-commerce. But Brazil and Turkey blocked a motion for a longer extension.

U.S. representatives excoriated the outcome as further proof of the organization's irrelevance. The W.T.O. provides a forum for trade negotiations and setting rules for global trade. But U.S. officials have long criticized the group for its failure to police unfair trade practices by countries like China. Over the past year, the Trump administration has further abandoned W.T.O. by issuing its own global framework of tariffs instead. [...] Brazil had pushed for a two-year extension of the moratorium on e-commerce duties, while the United States wanted a permanent one. The countries couldn't come to a compromise, but negotiations are set to continue in Geneva this spring. W.T.O. members also failed to reach an agreement on future reforms for the organization. Bernd Lange, the chair of the international trade committee for the European Parliament, wrote in a post on X that "supporters of the multilateral trading system are waking up with a hangover."

"We knew that a breakthrough might not materialize, but that doesn't make it any less painful," he wrote, adding that "without an agreement to extend moratorium on digital tariffs, a period of great uncertainty could soon begin for businesses and consumers."

Jonathan McHale, the vice president of digital trade at the Computer & Communications Industry Association, called the outcome "deeply disappointing." He said: "For more than two decades, W.T.O. members have recognized that imposing tariffs on electronic transmissions would be counterproductive, but allowed the issue to become a negotiating football."

An anonymous reader quotes a report from Reuters: The Trump administration on Monday issued a long-awaited proposed rule to open up retirement plans to alternative assets, paving the way for private equity and cryptocurrencies to be added to 401(k) accounts. The measure, announced by the U.S. Department of Labor, is intended to ease longstanding barriers to incorporating these less liquid and less transparent assets into American retirement plans. It follows an executive order from President Donald Trump last summer and could clear the way for alternative asset management firms to tap a large new source of capital.

Industry groups have argued private market investments can enhance long-term returns and diversification for retirement savers, while skeptics warn higher fees, complexity and limited liquidity could limit those gains and pose risks for retail investors. Some private market funds that are already available to wealthier individual investors have shown signs of strain in recent months. Private credit funds known as business development companies have seen a wave of withdrawals. Treasury Secretary Scott Bessent said the proposed rule was "an initial step" and aimed to be "mindful of the importance of protecting retirement assets."

The guidance lays out how plan trustees, who have a legal fiduciary duty to act in the best interest of members, can incorporate these assets. They would have to "objectively, thoroughly, and analytically consider, and make determinations on factors including performance, fees, liquidity, valuation, performance benchmarks, and complexity," the DOL said. Trustees who abide by them will be granted safe harbor that protects them from lawsuits, it added. The Supreme Court agreed earlier this year to hear one such case filed in 2019 by a former Intel employee claiming trustees made "imprudent" decisions by investing in hedge funds and private equity funds.