Tech Turmoil: Norway's Oil Fund Divests, Porsche Pauses Batteries

Norway's $2 trillion wealth fund has divested from Caterpillar and Israeli banks due to ethical concerns. Porsche halts battery production plans amid fluctuating EV demand, influenced by changing conditions in China and the US. UK data centre developers consider using gas pipelines for a growing energy demand.

In a significant financial move, Norway's $2 trillion wealth fund has decided to divest from the American construction equipment giant Caterpillar and several Israeli banking institutions, citing ethical concerns for their decision, as announced on Monday. This action underscores the ongoing scrutiny companies face regarding their global business practices.

Meanwhile, in the automotive sector, German luxury car manufacturer Porsche AG has shelved its ambitious plans to produce high-performance batteries at its Cellforce unit. The decision is attributed to a decline in electric vehicle demand and altering market conditions in critical regions like China and the United States.

In the United Kingdom, data centre developers are in talks about integrating their operations with the nation's gas pipeline infrastructure. This exploration comes as the data centre industry experiences a boom, driving an urgent need for reliable energy solutions.

(With inputs from agencies.)