FirstFT: Donald Trump extends inauguration invitation to Xi Jinping

Good morning and welcome again to FirstFT Asia. On the agenda immediately:

• Xi is on Trump’s inauguration invite checklist

• What else weight-loss medication can be utilized for

• Considerations over Indonesia’s sovereign wealth fund

US president-elect Donald Trump invited President Xi Jinping to his January inauguration, in an early signal that he intends to renew high-level engagement with the Chinese language chief in his second time period.

Karoline Leavitt, the incoming White Home press secretary, instructed Fox Information yesterday that Trump needed to create an “open dialogue” with nations that had been American adversaries, not simply with allies and companions.

“We noticed this in his first time period. He received lots of criticism for it, however it led to peace round this world. He’s keen to speak to anybody, and he’ll all the time put America’s pursuits first,” mentioned Leavitt.

It was not clear if Xi would settle for the invitation, which comes as Beijing is bracing for an escalation within the commerce conflict that Trump launched in 2018. The US president-elect has already threatened to impose a 60 per cent tariff on imports from China — a giant enhance from the levies he imposed in his first time period. Learn the complete story right here.

• Associated learn: Mark Zuckerberg’s Meta has donated $1mn to Trump’s inauguration fund, its first such contribution.

Plus, right here’s what I’ll be watching within the days forward:

• G7 assembly: Leaders are set to carry a digital assembly to debate Ukraine and the Center East on Friday.

• Westpac annual basic assembly: The Australian Huge 4 financial institution updates shareholders immediately, forward of Anthony Miller taking on as CEO subsequent week.

• Nasa’s Lucy mission: A robotic spacecraft is because of make its second fly-past of Earth on its method to the Trojan asteroids that share Jupiter’s orbit.

• Syria’s border with Jordan opens: Syria’s border crossing with Jordan is ready to reopen on Sunday, the nation’s de facto finance minister instructed the FT.

5 extra prime tales

1. China’s Communist celebration has made “vigorous” efforts to spice up home consumption the nation’s prime financial precedence. At an annual assembly to set the nation’s financial coverage path for the approaching yr, President Xi Jinping and senior celebration leaders additionally pledged to extend the fiscal deficit and difficulty extra “ultra-long” particular bonds. Right here’s what else we learnt from the keenly awaited convention.

2. HSBC is reviewing its retail banking operations outdoors the UK and Hong Kong, a transfer that might see it considerably reduce operations in some nations, because it seeks additional price cuts. Mexico is among the markets below overview.

3. The European Central Financial institution minimize rates of interest by a quarter-point to three per cent yesterday. The financial institution watered down its hawkish language and warned that development could be weaker than it had beforehand forecast because it made its fourth discount in borrowing prices since June. Deutsche Financial institution economist Mark Wall mentioned the unanimous transfer opened the door to extra cuts.

• Extra on the worldwide financial system: The IMF’s in-house watchdog has criticised the fund over an absence of consistency in a few of its largest bailouts and referred to as on officers to deal with claims they succumb to political pressures.

4. The Australian authorities plans to introduce a “information tax” on social media firms and engines like google to drive them to pay publishers for journalism after Meta, the proprietor of Fb and Instagram, walked away from an present association.

5. The Philippines is constructing a brand new UN case towards China over alleged breaches of worldwide regulation within the South China Sea. It’s lobbying different nations to affix because it struggles to counter Beijing’s assertive actions within the disputed waters.

How effectively did you retain up the information this week? Take our quiz.

The Huge Learn

Medicine akin to Ozempic, Wegovy and Mounjaro have helped remodel the waistlines of sufferers and the highest strains of pharmaceutical teams. However there may be new proof that most of these medication may be used as efficient therapies for a startlingly big selection of situations together with habit, coronary heart illness and Alzheimer’s.

We’re additionally studying . . . 

• Dongnae: “The stew was so good I significantly thought of giving up cleansing my tooth,” meals critic Tim Hayward mentioned of a brand new Korean restaurant in Bristol. Learn his overview.

• ‘Rugby diplomacy’: Australia will make investments A$600mn ($385mn) to arrange a rugby league staff in Papua New Guinea as a part of a newly inked bilateral safety pact.

• David Bonderman: The lawyer turned non-public fairness pioneer, who has died aged 82, was certainly one of a category of swashbuckling financiers.

• Murdoch feud: A court docket ruling that rejected Rupert Murdoch’s try and overhaul the household belief has left him and his youngsters in a bitter stalemate.

Chart of the day

Indonesia is poised to launch a sovereign wealth fund within the subsequent few weeks, however a plan to position it below the management of President Prabowo Subianto has sparked concern amongst authorities officers and personal sector stakeholders. This story particulars the proposed “super-holding” that dangers being undermined by political interference.

Take a break from the information

Thai director Pat Boonnitipat joked to his grandmother that she’d earn a hefty money bonus if his debut movie, Make Thousands and thousands Earlier than Grandma Dies, was successful on the field workplace; he thought it could lose cash. However the household drama has grow to be a cultural supernova in Asia — one of the vital profitable Thai movies ever.