Investing.com -- The Small Business Administration (SBA (LON:SBA)) announced on Friday its plan to cut approximately 2,700 jobs, resulting in a 43% reduction in its workforce. This move is part of a broader initiative by the Trump administration to reduce the size of the federal workforce. In a statement, the SBA, an organization that provides resources to small businesses, explained that the layoffs are part of a reorganization effort. The goal of this reorganization is to end the "expansive social policy agenda of the prior Administration," eliminate non-essential roles, and revert to staffing levels that were in place before the pandemic. Before the job cuts, the SBA had a workforce of nearly 6,500 people. With the planned reductions, the organization’s staffing level will significantly decrease, impacting the number of resources available for small businesses. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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COPENHAGEN (Reuters) -Volvo Cars’ Novo Energy said on Monday it will cut its workforce by 50% to reduce costs after evaluating its business in light of the bankruptcy of Sweden’s Northvolt, which originally co-owned the battery venture. A spokesperson for Novo Energy said the company would cut 150 jobs across the organisation. "Despite our best efforts to secure our business and an extensive ongoing search for a suitable new technology partner, the current economic challenges and market conditions have made it impossible to maintain our operations at the current scale," Novo Energy CEO Adrian Clarke said in a statement. Northvolt and Volvo (OTC:VLVLY) Cars initially formed Novo Energy in 2021 to build a dedicated battery factory in Gothenburg on Sweden’s west coast. The joint venture already in January launched cost-cutting measures, including cutting 30% of its staff. Novo Energy said on Monday that producing batteries with a new technology partner in the Gothenburg area of Sweden remained its primary long-term objective. It would continue limited operations while finalising the first phase of construction and continue to explore potential future scenarios that could allow it to resume activities at scale. Northvolt, once considered Europe’s best hope for a battery champion, filed for bankruptcy in March. Should you invest $2,000 in VLVLY right now? ProPicks AI are 6 model portfolios created by Investing.com which identify the best stocks for investors to buy now. The stocks that made the cut could produce monster returns in the coming years. Is VLVLY one of them?

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