Intel to cut 15,000 jobs as it tries to revive its business, compete with rivals

US chip-maker Intel has said it plans to cut more than 15,000 jobs as it seeks to revive the business and catch up with competitors.

Shares in the company plunged by up to 20 per cent after it announced the measures and also reported falling sales.

The news from Intel also hit other tech giant shares and contributed to a sharp fall in Asian stock markets.

Japan's Nikkei share index closed down 5.8 per cent, the largest percentage fall since March 2020 at the start of the pandemic, with Japanese tech firms among the biggest losers.

The Nikkei ended the day down 2,216.63 points at 35,909.70, the second-biggest points drop in its history, with worries about the strength of the US economy also affecting stocks.

The vessel will produce approximately 200,000 barrels per day from two discoveries in Suriname's Block 58. Both are expected to contain 700 million barrels of oil.