Tuesday newspaper round-up: EVs, Arrival, Lloyds Banking Group

Ministers need to intervene to boost the secondhand electric vehicle market and allay “uncertainty and concerns” over the health of their batteries, a House of Lords committee has said. Peers on the environment and climate change committee urged the government to step up efforts to encourage electric vehicle adoption amid consumer jitters over the cost of vehicles, the longevity of their batteries and the availability of charging points. – Guardian

Mark Carney has raised $10bn (£8bn) for an eco-friendly investment fund, as the former Bank of England governor seeks to boost funding for net zero projects. Mr Carney has criticised Rishi Sunak’s environmental policies and thrown his support behind the Labour Party in recent months, as he ramps up his campaign to bring more money into green investments. – Telegraph

A British electric van maker once valued at $13bn (£10bn) has gone into administration after burning through $1.5bn without having sold a vehicle. Oxfordshire-based Arrival has appointed administrators at EY to find a buyer for the business, blaming “challenging market and macroeconomic conditions”. Arrival’s Nasdaq flotation in 2021 was the biggest ever for a British company but shares have fallen by 99.98pc as it became clear that the company was unable to service its debts. – Telegraph

Lloyds Banking Group is close to settling a claim from the former owner of the Centre Point tower in central London which relates to the alleged “manipulation” of the Libor benchmark interest rate. Ardeshir Naghshineh claimed he would not have taken on loans from HBOS, which Lloyds rescued in 2009, had he known that Libor, the benchmark against which the products were priced, was being routinely manipulated by Lloyds and other banks and that the rate was therefore “compromised”. – The Times