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Report: Power supply issues slow EMEA data center rollout
A Savills report found that data centre capacity growth in Europe, the Middle East, and Africa has slowed since 2025 compared to last year's same period, despite a surge in demand. This is due to a lack available power, which delays project timelines. Since ChatGPT's release in late 2022 the global data centre demand has risen and projects are being planned. Investors and governments have bet that generative artificial intelligent will revolutionise how we all work and live. The demand for electricity to power these centres has increased. Savills, a global provider of real estate services, reported that since January, new data centres have added 850 megawatts of power, which is 11% less than the same period in 2024. Megawatts are the main metric for sizing a data centre. This is the maximum power that a data center can provide to its servers, cooling systems and other infrastructure. Savills reported that overall data centre capacity has increased by 12% to 11,400 MW, from 10,140MW a year ago. The report stated that the decline in power delivered year-to date is largely due to persistent energy supply constraints which have delayed projects, and not because of a decrease in demand for data centers. Savills stated that the demand for these centres continues to surge, resulting in an imbalance and a restricted supply of power. The actual amount of new capacity that was occupied fell to just 845 megawatts. This is only half the power capacity leased by 2024. The figures include also pre-lets, which are leases for future data centers. The total contracted power capacity, which includes both the live and future contracted capacity, grew by 12% on an annual basis to 14,500MW. This shows a strong under-demand. In the third quarter 2025, 91% all data center capacity was leased. This is up from 87% during the same quarter in 2022. This also reflects a strong demand. (Reporting and editing by Amanda Cooper, Emelia Sithole Matarise and Lucy Raitano)
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Sterling rises as BoE rates remain unchanged, but stocks drop due to tech shares
The major stock indexes dropped sharply Thursday. Consumer discretionary and technology shares led the losses in the S&P 500. Meanwhile, the British pound strengthened after the Bank of England decided against a rate cut. The shares of U.S.-based chipmaker Qualcomm fell more than 4% following Warning Samsung's future gadgets may not have as many chips as they used to. Shares Legrand's stock dropped after the French data center equipment company reported sales growth in the first nine month of the year of 11.9%, which was slightly below expectations and hit by U.S. Tariffs. The last change in the sterling was 0.37%, at $1.3097. The BoE Monetary Policy Committee, in anticipation of possible tax increases in UK Chancellor Rachel Reeves budget due later this month (later this month), voted by 5 to 4 to maintain the Bank Rate benchmark at 4.0%. The vote was close, but expectations of a reduction before the end of the year were not affected. Investors on Wall Street continue to focus their attention on the U.S. shutdown, the trade tariff rulings and the slew corporate earnings. This earnings season will not be defined by the past. "The market is looking for guidance, and with tariffs, shutdown, and possible peak AI (artificial Intelligence), the future may be bleak," stated Jake Dollarhide. He is the chief executive officer at Longbow Asset Management, located in Tulsa. Some U.S. Bank Chief Executives spoke out against the proposed tax on financial services. You can also read about the warnings below. What to expect from a possible market decline. Investors digested a Challenger, Gray & Christmas report that revealed employers in the United States cut more than 150.000 jobs in October, marking this month's largest reduction in over 20 years. Investors have been attracted to private economic data in the absence of official statistics during the longest government shutdown ever experienced by the United States. The Dow Jones Industrial Average dropped 373.08 or 0.79% to 46,937.92. The S&P 500 fell 63.56 or 0.94% to 6,732.73, and the Nasdaq Composite declined 363.84 or 1.56% to 23,135.95. The MSCI index of global stocks fell by 4.87 points or 0.49% to 903.02. The STOXX 600 Index fell by 0.73%. Overnight, Japan's Nikkei rebounded 1.4% after sliding 2.5% on Wednesday. Shanghai's benchmark index, which is a psychologically significant level of 4,000, regained the level after optimism about tech self-sufficiency drove its semiconductor and AI related shares. The dollar dropped after weak U.S. employment data raised market expectations that the Federal Reserve would cut rates again this year. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.28%, while the euro rose 0.36%, reaching $1.1532. The dollar fell 0.64% against the yen to 153.12. After the BoE's decision, yields on euro zone benchmark Bunds fell from their previous four-week high. Germany's 10-year bond yields are down by 2 basis points at 2.65%, after reaching 2.676% in the early session. This is the highest level seen since October 10. Investors are concerned about the U.S. labor market, and the uncertainty caused by the government shutdown. The yield on the benchmark 10-year U.S. note fell by 6.4 basis points, to 4.093% from 4.157% at late Wednesday. U.S. crude fell 0.69% to $59.18 per barrel while Brent dropped to $63.19 a barrel, down by 0.52% for the day.
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ArcelorMittal CFO: ArcelorMittal is ready to capture EU Market Share from Lower Steel Imports
ArcelorMittal can capture a part of the market void caused by lower imports, once the EU steel quotas are implemented. This was the Chief Financial Officer GenuinoChristino's statement on Thursday. Christino told analysts that he did not see any problem in capturing that portion of the market. In October, the European Commission proposed a reduction of almost half in tariff-free import quotas for steel and a 50% tax on excess shipments. This was done to maintain viable steelmaking within the European Union. However, it is not yet clear when these new measures will be implemented. Christino stated that the current measures will expire on June 20, 2026. ArcelorMittal, however, expects that the European Parliament and Council recognize the "urgency of the issue" and assist in implementing it as quickly as possible. The second-largest steelmaker in the world reported an improved third-quarter profit on Thursday, helped by a solid performance in Europe. It also gave a positive outlook to 2026.
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What are the world leaders saying in Brazil at the climate summit?
Brazil will host world leaders at a summit in Belem, a rainforest city, on Thursday before the COP30 Climate Conference. What the leaders have to say U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captive to these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in a model that is outdated and perpetuates social and economical disparities, environmental degradation and other forms of injustice." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we depend may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "Now is the time when voices are raising that decide to ignore or deny scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N.
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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose on Thursday due to a weaker US dollar, a renewed demand for safe-haven assets and concerns about a long U.S. shutdown as well as uncertainty regarding tariffs. By 11:07 am, spot gold had risen 0.1% to $3,984.48 an ounce. ET (1607 GMT). The price of U.S. December gold futures remained unchanged at $3.992.10 an ounce. Dollar fell by 0.4%, after reaching a four-month peak in the previous session. This made gold more affordable for holders of other currencies. Benchmark U.S. Treasury yields for 10-year bonds were down by 1.6%. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality and sweeping tariffs of U.S. Donald Trump are causing a "revival of the haven bid". "I'd say that a reasonable target for the end of the year is in the range between $4,300 and $4,400 per ounce." Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Markets expect that the U.S. Federal Reserve will cut interest rates again in December. The monetary policy outlook may be revealed by a number of Fed officials who are scheduled to speak in the afternoon. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was above the forecast of 28,000, according to ADP. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for the future. Other than that, silver spot fell by 0.3%, to $47.94 an ounce. Platinum was down 2.3%, at $1,526.55, while palladium dropped 2.8%, to $1,379.44. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad and Tasimzahid.
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Trump meets Central Asian Presidents in US bid to counter China and Russia Influence
Donald Trump, the U.S. president, will host five leaders from Central Asian countries at the White House this Thursday. The U.S. is seeking to gain influence in the region that has been dominated for decades by Russia but increasingly courted and influenced by China. The talks are taking place as the competition for Central Asia’s mineral resources intensifies. Western nations want to diversify their supply chains and move away from Moscow or Beijing. The U.S., in particular, is seeking new partnerships to secure vital minerals, energy supplies and overland trading routes that circumvent geopolitical competitors. The C5+1 platform, which was launched in 2015, brings together the United States with five Central Asian countries -- Kazakhstan, Kyrgyzstan Tajikistan Turkmenistan and Uzbekistan - to promote cooperation on issues of economics, energy, and security. They will also be attending a dinner at the White House with Trump on Thursday. According to the Kassym Jomart Tokayev news service, U.S. representatives and Kazakhs signed a Memorandum of Cooperation on Critical Minerals at a Washington meeting on Thursday. The statement did not provide any further details. The White House did not immediately comment on the report. Gracelin Baskaran, a director at the Center for Strategic and International Studies think tank, said the administration will pursue government-to-government engagement but also commercial deals that secure U.S. access to vital minerals. Baskaran stated that Washington was seeking to gain a foothold in the mining, infrastructure, and processing systems of the region as China and Russia consolidate their control. The five countries are rich in minerals and energy and remain economically linked to Russia, their former Soviet leader, while China, their neighbor, has increased its influence by large-scale infrastructure and mine investments. The countries together have 84 million inhabitants and vast deposits of strategic minerals such as uranium and copper. They also hold gold, rare earths, and other strategic elements that are essential for the global transition to greener energy sources. Kazakhstan, the largest economy in the region, will be the world's top uranium producer by 2024, with a production of nearly 40%. Uzbekistan is also ranked among the top five. Together, the two countries account for just under half of all uranium produced in the world. This is a crucial resource for U.S. Nuclear Power, and a major source of electricity for America. Russia supplies about 20% of America's imported Uranium. Diversification is therefore an urgent goal. Under Trump, America has adopted a multifaceted strategy to secure vital minerals and reduce its reliance on China. China dominates the global supply chain for strategic metals such as uranium and rare earth elements. It also dominates copper and titanium. China has at times used its dominant position to restrict exports. This highlights Washington's urgent need for alternative sources. (Reporting and editing by Jarrett Renshaw, Edwina gibbs, Alistair Bell and Ross Colvin)
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ICL may lose Dead Sea concession by 2030, according to government plan
ICL Group, a fertiliser manufacturer, has waived its right of first refusal in order to bid for the concession it holds at the Dead Sea. The Israeli government announced the plan on Thursday. However, if the permit expires and it is not renewed by ICL Group it will still receive $3 billion. ICL has had exclusive rights for minerals at the Dead Sea site since 1950. The permit expires in 2030. Finance Ministry, however, stated that it was preparing a "competitive international and fair tender" to ensure that the public and state receive their rightful share of this unique natural resource. ICL, the world's biggest potash producer, declined to comment, but previously stated that its Dead Sea assets are worth $6 billion. The Tel Aviv stock market closed Thursday with a loss of nearly 15%, while the New York Stock Exchange saw a 16% drop at 1557 GMT. ICL HANDING OVER ASSETS TO TENDER IN 2030 According to the ministry, under a deal with the government, ICL will transfer assets necessary for the full and continuous operation of the Dead Sea concession by 2030, in exchange for 2,54 billion dollars plus future actual costs for the project. It could also take part in the tender. Industry sources also believe that ICL stands a good shot of retaining the concession at the Dead Sea. Sources said that if it did not, it would be able to use the $3 billion state grant for expanding and strengthening other areas of the company's business, such as advanced farming, phosphates, bromines, and flame retardants. ICL began as a state owned firm, Israel Chemicals. It was then partially privatised. It bought Dead Sea Works in 1975. This company had held the Dead Sea concession, located on the Biblical site of Sodom, since 1961. Potash is a key component in fertilisers. Magnesium, which is also a key ingredient, accounts for 30% of ICL’s $7 billion annual revenue. ICL has potash supply agreements with customers in China, India and other countries. It has a mine for potash in Spain.
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Sources say that the Russian oil discount is increasing as Indian and Chinese refiners reduce their purchases.
Industry sources report that Russian oil has been trading at the steepest discount to Brent for an entire year in Asia as refiners in India and China reduce their purchases in response to new U.S. sanction against leading Russian producers. According to four sources in the Russian oil supply chain involved in trading and refining, the price gap between Brent for December arrival and Russia's Urals crude has widened from $2 to $4 per barrel, which is the largest discount in a little over a year. These discounts, while less severe than the ones seen in 2022 after the first wave of Western sanctions, when they were around $8 per barrel reflect increasing pressure on Russian oil revenue -- an essential lifeline for Moscow’s budget. The United States has recently imposed strict restrictions on Russian oil companies Lukoil & Rosneft. They have set a deadline of November 21 for all transactions to be completed with these entities. As a result, major Indian refiners such as Hindustan Petroleum Corp., Bharat Petroleum Corp., Mangalore Refinery & Petrochemicals, HPCL Mittal Energy and Reliance Industries halted their orders for Russian crude oil due to arrive in December. These five companies together account for approximately 65% of India’s Russian oil imports. Requests for comment from representatives of Indian refiners as well as Rosneft, Lukoil and Rosneft were not answered. ASIAN MARKET FOR RUSSIAN OIL DIVIDED Multiple sources reported on Thursday that Chinese state oil companies have also stopped purchasing seaborne Russian oil due to the U.S. sanctions against Rosneft, Lukoil and other oil firms. This has led to a discount in the ESPO Blend oil market at Chinese ports. Both Indian and Chinese refiners - Russia's largest buyers - have taken this step, which threatens to lead to more Russian oil remaining unsold. According to sources, the Asian market is divided. Barrels from non sanctioned entities are fetching a premium while cargoes tied to sanctioned ships or suppliers are sold at steep discount. The overall demand for Russian crude oil in India is down sharply and December imports will likely be significantly lower. The decline in Russian oil sales coincides with a visit to India by President Vladimir Putin and the ongoing Washington pressure on India and China to reduce Russian imports. Analysts warn deepening discounts may further strain Moscow's finances. Reporting by Nidhi verma from New Delhi, and reporters in Moscow. Editing by Alexandra Hudson.
Why Japan is not giving up on laden U.S. Steel deal
Days after President Joe Biden joined his election rival Donald Trump in voicing issue about a Japanese purchase of U.S. Steel, the maker began promoting the advantages of the deal on signboards near its factories from Alabama to Pennsylvania.
The billboards may be the most public indications of what some Japanese officials say in private - that in spite of high hurdles, Nippon Steel could still guide through the fraught $15. billion acquisition of the renowned American manufacturer.
The offer may well hinge on whether regulators avoid. election-year politics by clearing the acquisition after Nov. 5,. and, seriously, on whether Nippon Steel can win over the. prominent United Steelworkers (USW) labour union.
Opposition from the Pittsburgh-based union has. significant ramifications in an election year where Pennsylvania. is viewed as a crucial battlefield state.
The offer is efficiently on life support after Biden's. statement last month that U.S. Steel need to stay. domestically owned and run, stated David Boling, a previous. U.S. trade official in Japan who now works for seeking advice from firm. Eurasia Group.
Investors appear to concur. Biden's remark, which followed. Trump's pledge to obstruct the offer if he wins the Nov. 5 election,. sent out shares in both business tumbling. U.S. Steel shares last. traded at $41.10, well listed below the $55 per share price Nippon. Steel has actually used.
Nonetheless, it is still premature to state the offer. dead, 4 senior Japanese authorities speaking on condition of. privacy told - a view shared by some experts,. consultants and attorneys. The White House declined to talk about. whether Biden's statement implied the purchase might not continue.
Continuous regulative evaluations in the U.S. may serve to purchase. time, thus delaying a final decision till after the election. when the campaign rhetoric has actually dissipated, the authorities and. others said.
In Addition, Nippon Steel might still take steps to. ringfence its U.S. operations to reduce issues about foreign. ownership.
And finally, the officials and others state, Nippon Steel. could make its way through tough talks and yet win over the. steelworkers.
Publicly, Tokyo has actually looked for to distance itself from the. deal, stating it is a commercial matter - a method widely seen. as an attempt to play down any debate ahead of a summit. between between Japanese premier Fumio Kishida and Biden in. Washington on April 10.
HIGH OBSTACLES
U.S. Steel's shareholders are because of vote on the acquisition. on April 12, however with the firm's board having unanimously. recommended shareholders authorize, experts expect it to pass.
The next real obstacle is regulative. The Committee on Foreign. Investment in the United States (CFIUS), a government panel that. vets deals on nationwide security premises, is examining the. deal. Nippon Steel stated the offer is also being taken a look at. by antitrust authorities in several countries consisting of the U.S.
. An influential U.S. Senator on Tuesday advised the White Home. to probe Nippon Steel's direct exposure to its tactical rival China, a. connection the firm has actually said is extremely minimal.
While by law CFIUS should complete considerations within 90. days, in practice it can take much longer through an increasingly. typical procedure where celebrations withdraw and refile their. applications, its most current yearly report shows.
There is unlikely to be a choice until after the. election, said Expense Reinsch, a previous U.S. commerce authorities. now advising the Center for Strategic and International Studies. Biden's comments have actually not torpedoed the proposed acquisition,. he added.
2 of the Japanese authorities said the timing of the deal. ahead of the election has stifled dispute about its economic. benefits which a hold-up might help calmer heads dominate.
But taking Biden at his word, getting around foreign. ownership concerns won't be simple.
Nippon Steel has been at pains to worry its deep roots in. the United States. It has had a presence there considering that the 1980s. and has 4,000 staff members in the nation.
Nick Wall, a business M&A partner with Allen & & Overy in. Tokyo, stated U.S. regulators may give conditional approval to. the offer if the company makes changes to the management structure. or makes sure senior personnel are U.S. nationals.
There could be structures put in location to guarantee it's owned. and managed by U.S. people, even if the financial control lies. in Japan, said Wall, who is not associated with the deal.
The sensitive defence sector provides one such example.
The American subsidiary of British defence professional BAE. Systems works with the U.S. government under an unique. agreement where the influence and control of its foreign parent. is limited.
A Biden adviser stated the policy concern was settled by. the president which if the offer is to consist of foreign. partners it would require a various technique, decreasing to. sophisticated.
That puts the concentrate on the USW, which blasted the offer and. both companies for not consulting it before the deal was. announced. In a letter to its members on Tuesday, USW leadership. called Nippon Steel's latest promises to support employees a. collection of empty guarantees.
But a source close to Nippon Steel, who declined to be called. due to the level of sensitivity of the negotiations, stated the union could. be using the political scenario to improve terms and appears. to remain participated in talks.
There will be no issue to clear U.S. Steel shareholders. conference, anti-trust assessment, and CFIUS evaluation, if they. are handled generally, said Shinichiro Ozaki, senior analyst at. Daiwa Securities.
But the most important thing, both before and after Biden's. declaration, stays whether Nippon Steel can reach an. contract with USW..
(source: Reuters)