Business
UK’s Turing AI Institute bosses respond to staff anger
The heads of the UK’s national institute for artificial intelligence (AI) have told staff they accept recent months have been “challenging” for staff as the charity undergoes “substantial” change.
It comes after staff raised “serious and escalating concerns” in a whistleblowing complaint this week submitted to the Charity Commission.
They warned that the body – which receives £100m from the government – is at risk of collapse after Technology Secretary Peter Kyle instructed it to prioritise defence, and threatened to pull its funding if it did not.
In a letter seen by the BBC, Chair Dr Doug Gurr said the Turing institute would “step up at a time of national need”.
He said it had already established a new senior working group comprising government officials and Turing institute staff.
However he said defence should not be the “sole focus” and some work on healthcare and environmental issues would continue in line with the aims of both the government and private investors.
Whistleblowers have described the management’s response as “performative”.
“Just talk, no action, nothing has changed,” they said, speaking to the BBC on condition of anonymity because they fear losing their jobs for speaking out.
Dr Gurr and Chief Executive Dr Jean Innes did not respond directly to accusations by the whistleblowers about a toxic internal culture of “retaliation” and “defensiveness”.
The pair said they had not seen the letter sent from whistleblowers to the Charity Commission, which has been shared with the BBC.
“We are committed to conducting our business with honesty, integrity and transparency and believe that a culture of openness and accountability is essential,” they wrote, and linked to the Turing institute’s whistleblowing guidelines.
Founded in 2015 as the UK’s leading centre of AI research, the Turing institute, which is headquartered at the British Library in London, has been rocked by internal discontent and criticism of its research activities.
The shift to focusing on defence represents a significant pivot for the publicly funded organisation.
Both the whistleblowers and the technology secretary have said they want new leaders at the Institute – but there was no mention of any change in the management team in the letter.
A number of senior staff have left the organisation in recent months, and bosses said more people would either be made redundant or not have their contracts renewed as the restructure continues.
The firm was unable to cope during high demand, Ofwat says, leading to “immense stress” for customers.
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Middle East heat may ripple across India’s energy supply chain, flags Goldman Sachs – The Times of India
As tensions continue to heat up in the Middle East, concerns are raising about disruptions to one of the world’s most critical energy shipping routes, the Strait of Hormuz. Any disruption could significantly affect major oil-importing countries such as India, as the narrow Strait of Hormuz is central to global energy trade. The strait sees almost 20 million barrels of oil passing through each day, or about a fifth of the world’s consumption, pass through the route. The waterway also carries roughly 19% of global liquefied natural gas (LNG) shipments, making it a crucial corridor for energy-importing economies.A recent report by Goldman Sachs has flagged early signs of stress in the region. The report warned that tanker traffic through the Strait of Hormuz has already begun showing signs of disruption, with shipping firms, oil producers and insurers adopting a cautious approach following reports of damaged vessels in nearby waters.According to the firm, financial markets have already begun factoring in the geopolitical risk. Oil prices currently carry an estimated risk premium of $18-per-barrel, reflecting the potential market impact if energy flows through the Strait of Hormuz were disrupted for about a month.
Even is the oil facilities are not directly damaged, a shutdown of the shipping route could expose a significant portion of global supply. The report estimates that in an event of full closure, about 16 million barrels per day of oil flows could be affected, despite the availability of some pipeline routes designed to bypass the strait.And the risks are not limited to crude oil shipments with almost 80 million tonnes of LNG exports annually, much of it from Qatar, moving through the passage. Any prolonged disruption could tighten gas supply globally and potentially drive European benchmark gas prices back to levels seen during the 2022 energy crisis.
Asian economies stand among the most exposed to such disruptions. Major importers such as China, India, Japan and South Korea depend heavily on oil and LNG shipments that transit through the strategic corridor.While global oil inventories and spare production capacity could help cushion short-term shocks, the report warned that sustained disruption to Gulf shipping routes could trigger sharp volatility in global energy markets and push prices higher across oil, gas and refined fuel products.Market participants and governments are closely watching tanker traffic in the Strait of Hormuz, along with diplomatic and military developments involving the United States, Iran and Gulf nations, to assess whether the current disruptions remain temporary or escalate into a broader energy supply shock.
KARACHI: The Pakistan Stock Exchange rallied on Thursday after Saudi Arabia assured Pakistan of facilitating crude oil shipments through the Red Sea port of Yanbu Port, easing concerns over potential fuel supply disruptions.
The benchmark KSE-100 Index climbed sharply during the trading session, rising 4,439.93 points (2.85%) to reach an intraday high of 160,217.14 points.
Market Recovery
Analysts attributed the market rebound to renewed institutional buying and improving investor sentiment after Saudi assurances on oil supplies.
Market expert Ahsan Mehanti, CEO of Arif Habib Commodities, said easing fuel supply concerns played a key role in the recovery.
He added that rising global crude prices, expectations of a new International Monetary Fund loan tranche for Pakistan, and positive economic indicators also boosted investor confidence.
Alternative Oil Route
Pakistan sought an alternative supply route after Iran announced the closure of the Strait of Hormuz, a crucial global oil transit corridor.
Federal Petroleum Minister Ali Pervaiz Malik held talks with Nawaf bin Said Al-Malki, requesting Saudi support for uninterrupted energy supplies.
Saudi authorities reportedly assured Pakistan that oil shipments could be routed through Yanbu, and one crude vessel has already been prepared for dispatch.
Global Oil Market Impact
Oil prices continued to rise amid tensions in the Middle East conflict involving Iran, Israel and the United States.
Brent crude: up 3.26% to $83.99 per barrel
West Texas Intermediate (WTI): up 3.70% to $77.42 per barrel
Energy markets remain volatile as shipping disruptions threaten supply through the Strait of Hormuz, a route that handles nearly 20% of global oil trade.
Analysts say the Saudi assurance helped calm fears about Pakistan’s energy supply chain, contributing to the strong recovery at the PSX.
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