Barclays PLC shares briefly dropped almost 10 percent in the opening minutes of yesterday’s session, the greatest intraday drop in more than a year, in what traders said was likely due to an error known as a “fat finger.”
The stock entered a volatility auction at about 8:06am in London after two trades totaling about 48,000 shares at a price of £1.68, Bloomberg data showed.
The shares recovered after the five-minute pause and were down 0.3 percent to £1.86 at midday.
Photo: Reuters
Trades made in human error are often referred to as “fat fingers,” from the idea that a person’s oversized digits might cause them to hit a wrong button.
Yesterday’s apparent error briefly trimmed about £3.2 billion pounds (US$4.4 billion) from the bank’s market capitalization.
OTHER ERRORS
About two years ago, a fat finger was cited for an 83 percent drop in shares of investment firm Jardine Matheson Holdings Ltd in Singapore, while in 2018, BNP Paribas Securities was blamed for erroneous orders that knocked almost 10 percent off the value of Taiwan-listed Formosa Petrochemical Corp (台塑石化).
Erroneous trades are sometimes canceled, but Bloomberg data showed no cancelations for Barclays as of midday.
The day’s low, the data showed, matched that shown on the London Stock Exchange Web site.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”