Oil jumps after Iran attempts ‘surprise attack’; chip stocks slump further as AI sell-off continues – as it happened
Seoul’s Kospi index, which is dominated by semiconductor manufacturers, slid by as much as 12.6% at one point on Wednesday, following on from a near 11% slump the previous day, reaching its lowest level since early April.
The market is poised for a record two-day fall, and a remarkable drop of more than 40% from a peak reached a little over a month ago. Japan’s Nikkei declined 1.5%.
Datacentre projects in Britain will be forced to put down significant upfront fees to secure an energy connection under proposals to ease an electricity grid logjam .
Ofgem, the sector watchdog, said there were 315 datacentres currently queueing to connect up, representing 73GW of demand. This is almost 30GW above the entire country’s peak energy demand of 45GW.
Under the energy regulator for Great Britain’s proposals to thin out speculative schemes, projects will be required to lodge significant upfront fees or financial security via letters of credit, bonds or cash deposits. This will be demanded when a project receives a connection offer and returned when the datacentre is switched on.
BMW is planning to cut as many as 8,000 jobs in Germany , according to reports, in the latest sign of Europe’s largest carmakers reducing costs under pressure from Chinese rivals.
The Munich-headquartered company has started a voluntary redundancy programme agreed with employee representatives, a BMW spokesperson said on Wednesday.
The company and its works council had agreed a severance programme targeting the administration and development divisions, the spokesperson said. Production operations are excluded.
Source: The Guardian. Summary reproduced for informational purposes.
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