AI-linked stocks tumble after SK Hynix results
Shares in companies linked to artificial intelligence have plunged further after disappointing results from South Korean chipmaker SK Hynix, sending the country's stock market tumbling for a second consecutive day. Seoul's Kospi index, dominated by semiconductor manufacturers, slid by as much as 12.6% on Wednesday, following a near 11% slump the previous day, reaching its lowest level since early April. The market is poised for a record two-day fall, with a drop of more than 40% from a peak reached just over a month ago. Japan's Nikkei also declined by 1.5%.
Ofgem proposes upfront fees for UK datacentre grid connections
Datacentre projects in Britain will be required to pay significant upfront fees to secure an energy connection under proposals to ease an electricity grid logjam. Ofgem, the sector watchdog, stated that there are 315 datacentres currently queuing to connect, representing 73GW of demand — almost 30GW above the entire country's peak energy demand of 45GW. Under the proposals, projects will need to lodge upfront fees or financial security via letters of credit, bonds, or cash deposits when they receive a connection offer. These funds will be returned once the datacentre is switched on.
BMW plans up to 8,000 job cuts in Germany
BMW is planning to cut as many as 8,000 jobs in Germany, according to reports, as Europe's largest carmakers reduce 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 programme targets the administration and development divisions, excluding production operations. BMW's total workforce is about 160,000.
