News roundup: 5 of the biggest stories of the week

Together with representatives of TELT, Martin Herrenknecht presses the start button that triggers the rotation of the TBM’s cutterhead. Photo: Herrenknecht

In 2023, Volvo Construction Equipment (Volvo CE) experienced a surge in sales, including in the fourth quarter of the year. Despite this success, the company anticipated a challenging market in the near future. For the full year 2023 Volvo CE saw sales of SEK104,981 (US$10.03 billion) an increase from SEK100,261 (US$9.57 billion) in 2022. However, with a weaker market on the horizon, Volvo CE remained cautious about future prospects. Read the full news story. 

Meanwhile, the construction industry faced a significant development as a Hong Kong court ordered the liquidation of Evergrande, China’s largest property developer. This decision marked a crucial turn of events, impacting not only the company but also sending ripples through the construction sector. Evergrande’s liquidation raised concerns and questions about the broader implications for the industry, affecting stakeholders and projects connected to the embattled developer. Read the full news story. 

In a separate update, the construction of a major gas pipeline connecting Russia and China encountered delays. The project, which holds strategic importance for both nations, faced setbacks leading to a postponement in its completion timeline. This delay highlighted the complex nature of large-scale international infrastructure projects and the challenges that can arise during their execution, impacting the construction industry on a global scale. Read the full news story. 

Shifting focus to France and Italy, a noteworthy development unfolded in the rail tunnel sector. A massive Tunnel Boring Machine (TBM), weighing an impressive 3,200 tonnes, was delivered for a rail tunnel project connecting the two European countries. This colossal machine signified a significant step forward in the construction of the tunnel, showcasing the advanced technology and engineering prowess involved in such intricate projects. Read the full news story. 

On a positive note, new opportunities for infrastructure projects in Africa emerged with the European Commission and the European Investment Bank pledging US$1.1 billion in funding. This injection of capital aimed to support essential infrastructure development across the African continent, fostering economic growth and cooperation between Europe and Africa. This funding announcement underscored the importance of international collaboration in addressing global infrastructure needs. Read the full news story.