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FirstFT: Asian countries struggle to defend their currencies amid energy shock

Also in today’s newsletter: Israel approves death penalty law targeting Palestinians, and the risks of a private capital meltdown

Washington’s regional allies are bearing brunt of retaliatory attacks by Iran

Claim that 20 Pakistan-flagged ships will exit Strait of Hormuz questioned as country only has 13 big ocean-going vessels

Countries shrug off environmental concerns to fire up use of polluting fuel as Gulf supplies dwindle

Data centre property group faces investor concerns around lack of tenant revenue

Controversial bill has drawn international condemnation over its ‘de facto discriminatory character’

Investors anticipate moneymaking bonanza as sector comes under strain

Global pharmaceutical companies are aggressively searching for new medicines in China

A volatile business often involving binary outcomes may not be suited for risk-averse public market investors

Industry warnings of disruption contrast with government calls for calm

Financial Conduct Authority lowers estimate for loans eligible for compensation scheme

Chief executive says fees will also have to rise to address growing demands

Michael Rousseau recorded condolence video after fatal plane crash in English despite country being officially bi-lingual

Talk of replacing the US as anchor of the multilateral system has come to little

Financial Reporting Council issues guidance stressing need for human oversight

Attack at electricity and desalination facility marks latest escalation in Gulf war launched by US and Israel

Labour Party set for heavy losses in contests for Scottish parliament, Welsh Senedd and English councils

Its inclusion will not extend democracy but reduce it

Golden Pass plant owned by QatarEnergy and ExxonMobil may help replace shortages hit by Hormuz crisis

Kirill Serebrennikov’s lavish production makes lazy use of African and Asian imagery while Kirill Petrenko elicits rigorous playing in the pit

Siobhán Cullen and Paapa Essiedu play a married couple in their thirties who struggle to conceive in this poignant series

But reversing decades of disinvestment is not without its challenges

Chancellor Kathaleen McCormick denies bias but cites media glare as risk to justice

Follow the latest impact of tariffs amid the president’s ongoing trade war