FirstFT: High-ranking US lawmaker to visit Taiwan

Nancy Pelosi plans to visit Taiwan next month to show support for Taipei as it comes under mounting pressure from China, in what would be the first trip by a Speaker of the US House of Representatives to the country in 25 years.

Six people familiar with the situation said Pelosi would take a delegation to Taiwan in August. The 82-year-old California lawmaker cancelled a visit in April after she caught Covid-19.

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

Her visit will come as US-China relations remain mired in their worst state since the countries normalised diplomatic relations in 1979 and Washington switched diplomatic recognition from Taipei to Beijing.

Is your business making any preparations in case of a Chinese invasion of Taiwan? Tell me how the risk of invasion is affecting your work at [email protected]. Thanks for reading FirstFT Asia — Emily

Five more stories in the news

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 company’s legal battle with Elon Musk — now set to start in October. It is an early victory for Bill Savitt, the rock-star litigator who hopes to bring Elon Musk to heel.

• Go deeper: On Monday, images emerged of the Tesla chief executive partying on a yacht in Greece, but just 24 hours later, McCormick has put a crimp in Musk’s holiday, writes Sujeet Indap.

2. Ukraine and Russia near deal to end blockade of grain exports The two nations are close to agreeing a deal to secure the safe passage of millions of tonnes of grain through the Black Sea but remain at odds over how to ensure the security of the ports and ships along the crucial export route, according to people familiar with the UN-led negotiations.

3. Netflix loses 1mn subscribers but defections are fewer than feared Netflix continued to lose subscribers in the second quarter as the company tried to assuage fears about its business prospects, telling investors 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 discuss half-point rate raises Bank of England governor Andrew Bailey has raised the possibility of increasing interest rates by half a percentage point in early August as he toughened the central bank’s language on battling rising prices. Bailey’s comments come as the European Central Bank this week plans to broach raising interest rates by the same amount, outstripping its own guidance.

5. Manolo Blahnik wins legal fight over China trademark British shoe designer Manolo Blahnik has won the right to use his name in China for the first time, ending a costly 22-year legal battle. In a rare ruling, China’s highest court cancelled a trademark incorporating the Manolo Blahnik name that has been owned by Chinese businessman Fang Yuzhou.

The day ahead

Sri Lanka presidential election Members of Sri Lanka’s parliament will pick Gotabaya Rajapaksa’s replacement at an extraordinary session today, with Ranil Wickremesinghe squaring up against journalist-turned-politician Dullas Alahapperuma.

Results of Indian presidential election The winner — due to be announced today — is expected to be veteran politician Draupadi Murmu since she enjoys the backing of prime minister Narendra Modi’s Bharatiya Janata party. (The Hindustan Times)

Final ballot of Tory MPs When the final vote takes place today the final two candidates in the running for UK prime minister will be determined. Liz Truss leads the race in the betting market.

What else we’re reading and listening to

‘The return of cash’ Rising interest rates are turning the $4.6tn money market fund sector from a drag on profits into a source of earnings in a rare piece of good news for asset managers whose fees have been hit hard by falling equity and debt markets.

South-east Asian currencies outperform international peers Indonesia’s rupiah and Singapore’s dollar — the top performers in the region — have fallen less than half as much as the euro, which is down 11 per cent this year against the US currency. While the Bank of Japan’s ultra-loose monetary policy has pushed down the yen, tightening by India’s central bank has limited the rupee’s drop to less 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 discover how Visa and MasterCard became the reluctant rulers of porn. And they figure out what being ruled by credit card companies means for the porn industry today.

Hong Kong’s animal shelters at capacity Charities in Hong Kong are conducting an online campaigning blitz, as they struggle to offload the animals they have received after an exodus of residents from the city. The tightening of already severe Covid-19 restrictions has meant people are packing up for good ⁠ — and leaving their furry companions behind.

Young people are suffering a social recession Did Covid-19 improve our social capital by reminding us of our dependence on each other, driving acts of kindness and care? Or did it make it worse, leaving more people isolated and lonely? The answer depends on who and where you were, Sarah O’Connor writes.

Travel

Set between ice cap and ocean in a village of just 50 people, the new Icefjord Centre in Ilulissat, on Greenland’s west coast, offers 18-course menus. Tim Ecott reviews the restaurant at the end of the world.