FirstFT: High-ranking US lawmaker to go to Taiwan

Nancy Pelosi plans to go to Taiwan subsequent month to indicate help for Taipei because it comes underneath mounting stress from China, in what could be the primary journey by a Speaker of the US House of Representatives to the nation in 25 years.

Six individuals acquainted with the scenario stated Pelosi would take a delegation to Taiwan in August. The 82-year-old California lawmaker cancelled a go to in April after she caught Covid-19.

Pelosi could be essentially the most senior US politician to go to the island since certainly one of her predecessors as Speaker, Republican Newt Gingrich, travelled there in 1997.

Her go to will come as US-China relations stay mired of their worst state because the international locations normalised diplomatic relations in 1979 and Washington switched diplomatic recognition from Taipei to Beijing.

Is what you are promoting making any preparations in case of a Chinese invasion of Taiwan? Tell me how the danger of invasion is affecting your work at [email protected]. Thanks for studying FirstFT Asia — Emily

Five extra tales within the information

1. Judge fast-tracks Twitter-Musk trial Chancellor Kathaleen McCormick of the Delaware Court of Chancery sided with Twitter in agreeing to fast-track the social media firm’s authorized battle with Elon Musk — now set to start out in October. It is an early victory for Bill Savitt, the rock-star litigator who hopes to carry Elon Musk to heel.

• Go deeper: On Monday, photographs emerged of the Tesla chief govt partying on a yacht in Greece, however simply 24 hours later, McCormick has put a crimp in Musk’s vacation, writes Sujeet Indap.

2. Ukraine and Russia close to deal to finish blockade of grain exports The two nations are near agreeing a deal to safe the secure passage of thousands and thousands of tonnes of grain by means of the Black Sea however stay at odds over how to make sure the safety of the ports and ships alongside the essential export route, in keeping with individuals acquainted with the UN-led negotiations.

3. Netflix loses 1mn subscribers however defections are fewer than feared Netflix continued to lose subscribers within the second quarter as the corporate tried to assuage fears about its enterprise prospects, telling buyers it was “confident and optimistic about the future”. The loss was smaller than the 2mn it had forecast would cancel their accounts.

4. BoE and ECB focus on half-point price raises Bank of England governor Andrew Bailey has raised the opportunity of rising rates of interest by half a proportion level in early August as he toughened the central financial institution’s language on battling rising costs. Bailey’s feedback come because the European Central Bank this week plans to broach elevating rates of interest by the identical quantity, outstripping its personal steerage.

5. Manolo Blahnik wins authorized combat over China trademark British shoe designer Manolo Blahnik has gained the proper to make use of his identify in China for the primary time, ending a pricey 22-year authorized battle. In a uncommon ruling, China’s highest courtroom cancelled a trademark incorporating the Manolo Blahnik identify that has been owned by Chinese businessman Fang Yuzhou.

The day forward

Sri Lanka presidential election Members of Sri Lanka’s parliament will decide Gotabaya Rajapaksa’s alternative at a rare session as we speak, with Ranil Wickremesinghe squaring up towards journalist-turned-politician Dullas Alahapperuma.

Results of Indian presidential election The winner — on account of be introduced as we speak — is predicted to be veteran politician Draupadi Murmu since she enjoys the backing of prime minister Narendra Modi’s Bharatiya Janata get together. (The Hindustan Times)

Final poll of Tory MPs When the ultimate vote takes place as we speak the ultimate two candidates within the operating for UK prime minister might be decided. Liz Truss leads the race within the betting market.

What else we’re studying and listening to

‘The return of cash’ Rising rates of interest are turning the $4.6tn cash market fund sector from a drag on income right into a supply of earnings in a uncommon piece of excellent information for asset managers whose charges have been hit laborious by falling fairness and debt markets.

South-east Asian currencies outperform worldwide friends Indonesia’s rupiah and Singapore’s greenback — the highest performers within the area — have fallen lower than half as a lot because the euro, which is down 11 per cent this yr towards the US foreign money. While the Bank of Japan’s ultra-loose financial coverage has pushed down the yen, tightening by India’s central financial institution has restricted the rupee’s drop to lower than 7 per cent.

Hot Money: Inside porn’s star chamber In the season finale of the FT’s Hot Money podcast, Alex and Patricia uncover how Visa and MasterCard turned the reluctant rulers of porn. And they work out what being dominated by bank card firms means for the porn trade as we speak.

Hong Kong’s animal shelters at capability Charities in Hong Kong are conducting a web based campaigning blitz, as they wrestle to dump the animals they’ve obtained after an exodus of residents from the town. The tightening of already extreme Covid-19 restrictions has meant individuals are packing up for good ⁠ — and leaving their furry companions behind.

Young individuals are struggling a social recession Did Covid-19 enhance our social capital by reminding us of our dependence on one another, driving acts of kindness and care? Or did it make it worse, leaving extra individuals remoted and lonely? The reply depends upon who and the place you had been, Sarah O’Connor writes.

Travel

Set between ice cap and ocean in a village of simply 50 individuals, the brand new Icefjord Centre in Ilulissat, on Greenland’s west coast, affords 18-course menus. Tim Ecott critiques the restaurant on the finish of the world.