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Industrial Production Up By An Annual 6.1% In June

The Industrial Production Index rose by an annual 6.1% in June driven mainly by the annual gains in electricity production, data released on Thursday by the Statistical Service of Cyprus (CyStat) show.

In June 2024 the Index reached 117.3 units (base 2021=100).

For the period January – June 2024, the index recorded an increase of 5,5% compared to the corresponding period of the previous year, CyStat added.

The manufacturing sector registered an increase of 2.1% compared to June 2023 while an increase was also observed in the sectors of electricity supply at 33.7%), mining and quarrying at 3.3% and water supply and materials recovery at 2.9%.

Britain Aims To Build OpenAI Rival And Become World Leader In AI, Says PM Keir Starmer

Britain is determined to carve out a dominant role in the global artificial intelligence (AI) race, with Prime Minister Keir Starmer’s government pledging to develop a competitor to OpenAI. The ambitious goal positions the UK as a potential world leader in AI.

Key Developments

  • Starmer is set to visit Bristol to announce the UK’s commitment to developing AI capabilities, building on British tech investor Matt Clifford’s “AI Capabilities Action Plan.”
  • The UK government intends to significantly expand its data center capacity to support the growing demand for high-performance AI models.
  • By 2030, the UK aims to boost its sovereign computing capacity—referring to the public sector’s ability to host and manage AI systems—by a factor of twenty.
  • As part of the initiative, the government will provide access to its AI Research Resource program, designed to strengthen the country’s computing infrastructure.
  • Last year, Starmer’s administration chose to prioritize other budget commitments, sidelining £1.3 billion earmarked for major computing projects such as the AI Research Resource and an exascale supercomputer—plans initially set by his predecessor, Rishi Sunak.

Key Insight

“Sovereign AI” is becoming a focal point for policymakers, especially across Europe. The term refers to the strategic development of AI and technologies deemed essential for national security and economic prosperity within the borders of the countries that use them.

Looking Ahead

To fortify its AI infrastructure, the UK government will also create AI growth zones, relaxing building permit regulations in select regions to enable the construction of new data centers. Additionally, the establishment of an “AI Energy Council” will explore how renewable and low-carbon energy sources, such as nuclear power, can support AI growth.

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