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Updated 11:38 AM

At least 24 people die as thousands cross to Spanish enclave of Ceuta from Morocco

Some drowned and others got caught up in crush, official says, as incident prompts criticism by other EU nationsEurope live – latest updatesAt least 24 people have died trying to reach the Spanish enclave of Ceuta after more than 40,000 migrants entered the tiny territory from Morocco in a matter of hours, triggering a political crisis for the Madrid government and unleashing a barrage of criticism from other EU countries.The large influx of people arriving in Ceuta by swimming across from neighbouring Morocco or scaling the high border fence has caught the city of 85,000 off guard and resulted in what one local police association has called a “serious humanitarian crisis”. Continue reading...

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UK petrol prices rise to highest this year as US attacks Iran – business live

Live, rolling coverage as the AA and RAC report prices rising to around £1.60 per litre after Donald Trump ordered renewed bombing in the Middle EastThe story piquing the interest of the financial press this morning is that of Leopold Aschenbrenner, the AI Wunderkind (he’s German-born) who has been forced to sell off his fund in a fire sale after the AI boom ran out of steam.The 24-year-old had persuaded a lot of people to give him a lot of money for a hedge fund, after previously working for OpenAI and the FTX Future Fund, a charitable arm of the fraudulent crypto empire of Sam Bankman-Fried, who is now in prison. Aschenbrenner ploughed that money into debt-fuelled bets on artificial intelligence companies, earning huge returns until he found out that stocks can also fall.The trader dubbed the “Nostradamus of AI” would have been hard-pressed to foresee how quickly his high-flying hedge fund would run into trouble.The firm’s rapid downward spiral is a familiar tale, as Silicon Valley and Wall Street once again threw their weight behind a bright-eyed but untested investor who promised this time would be different. “Everybody always wants to find the next golden child,” said one longtime hedge fund executive. “It just keeps happening.”In less than 24 hours — which included a conversation between Griffin and Aschenbrenner — Griffin’s Citadel hedge fund reached out to Situational Awareness and snapped up the investments at a discount, according to a person familiar with the matter who asked not to be identified citing private information.It was a startling reversal for Aschenbrenner, a former researcher at OpenAI who – before starting his hedge fund roughly two years ago — had no previous investment experience. His fledging firm has watched its assets plunge from $45bn at the start of July to about $10bn. Continue reading...

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