Category: FT

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Supermicro stock fell as much as 28 per cent on Friday after a co-founder and two others working for the company were charged in New York with smuggling $2.5bn of Nvidia’s AI chip servers to Chinese customers. The US attorney’s office for the Southern District of New York on Thursday evening alleged that Wally Liaw, a co-founder and member of Supermicro’s board of directors, conspired with a Taiwan-based Supermicro employee…

India’s central bank is battling to prop up the rupee and keep down government borrowing costs, as the fallout from the US-Israeli war against Iran threatens to hit the world’s fastest-growing major economy. Since the start of the conflict nearly three weeks ago, the Reserve Bank of India had burnt through more than $20bn in foreign exchange reserves, according to Mumbai bankers, trying to defend a currency that is down 2.6 per cent against the dollar over that period and that hit another record low on Friday. The central bank’s…

China is throttling exports of jet fuel, diesel and fertilisers, adding to fears in some of Asia’s biggest resource, manufacturing and agricultural nations that supplies could run short because of the war in the Middle East. The National Development and Reform Commission, China’s top economic planner, has in recent days told fertiliser exporters to halt overseas shipments of some product lines, according to industry insiders, diplomats and analysts. This follows NDRC’s instructions earlier this month to large state-backed oil refiners to stop overseas shipments of jet fuel, diesel and kerosene.…

China is throttling exports of jet fuel, diesel and fertilisers, adding to fears in some of Asia’s biggest resource, manufacturing and agricultural nations that supplies could run short because of the war in the Middle East. The National Development and Reform Commission, China’s top economic planner, has in recent days told fertiliser exporters to halt overseas shipments of some product lines, according to industry insiders, diplomats and analysts. This follows NDRC’s instructions earlier this month to large state-backed oil refiners to stop overseas shipments of jet fuel, diesel and kerosene.…

This article is an on-site version of the India Business Briefing newsletter. To receive it in your inbox regularly, sign up if you’re a premium subscriber, or upgrade your subscription here. Good morning. The war has escalated with both Israel and Iran hitting oil and gas reserves in the Middle East. This, added to the Federal Reserve’s decision to hold US interest rates, caused Indian stock markets to plunge on Thursday, with the benchmark indices posting losses of more than 3.2 per cent. The other big business news came from the…