Asian chip stocks tumble as AI sell-off continues
Shares in AI-linked companies fell further after disappointing earnings from South Korean chipmaker SK Hynix, dragging the country's stock market lower for a second consecutive day. Seoul's Kospi index, dominated by semiconductor manufacturers, slid by as much as 12.6% on Wednesday, following an almost 11% drop the previous day, to its lowest level since early April. The market is on track for a record two-day fall and a decline of more than 40% from a peak reached just over a month ago. Japan's Nikkei also fell, by 1.5%.
Ofgem proposes upfront fees for datacentre grid connections
Data centre projects in Britain will be required to pay significant upfront fees to secure an energy connection under proposals aimed at easing a logjam in the electricity grid. Ofgem, the energy regulator for Great Britain, said 315 datacentres are currently queuing to connect, representing 73GW of demand — almost 30GW above the country's peak demand of 45GW. Under the plans, projects must lodge upfront fees or financial security via letters of credit, bonds or cash deposits when they receive a connection offer. The money would be returned once the datacentre is switched on. The measure is intended to thin out speculative schemes.
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. A BMW spokesperson said the Munich-based company has started a voluntary redundancy programme agreed with employee representatives. The spokesperson said the company and its works council had agreed a severance programme targeting the administration and development divisions. Production operations are excluded. BMW's total workforce is about 160,000.
