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Asian shares tumble with South Korea’s Kospi down nearly 10%Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.It’s a gloomy start to the week as attacks between the US and Iran in the Gulf continue. Tehran said it had closed the strait of Hormuz, while Donald Trump insisted the key shipping passage remained open and US officials said 20 ships were escorted through the waterway in the past 24 hours.For now, we remain hopeful that

Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economyThe Bank of England has been handed powers to regulate important tech firms including Amazon and Google from next week, amid fears that system failures could threaten financial stability and harm consumers.From Monday, the Bank and fellow City regulator the Financial Conduct Authority (FCA) will be in charge of ensuring that four large-scale pr

AI companies want to capture the value created by entire industries. That concentration of wealth and power is society’s greatest riskOpposition to AI datacenters has emerged as a primary theme in US politics, one that – surprisingly – doesn’t fall along party lines. We applaud people coming together for constructive debate on any issue, and agree that communities need to evaluate whether any economic benefits these datacenters bring is worth their costs. Still, we worry that a focus o