This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning and welcome back to FirstFT Asia. On the agenda today: <\/p>\n Xi is on Trump\u2019s inauguration invite list <\/p>\n<\/li>\n What else weight-loss drugs can be used for<\/p>\n<\/li>\n Concerns over Indonesia\u2019s sovereign wealth fund <\/p>\n<\/li>\n<\/ul>\n US president-elect Donald Trump invited President Xi Jinping to his January inauguration, in an early sign that he intends to resume high-level engagement with the Chinese leader in his second term. <\/p>\n Karoline Leavitt, the incoming White House press secretary, told Fox News yesterday that Trump wanted to create an \u201copen dialogue\u201d with countries that were American adversaries, not just with allies and partners. <\/p>\n \u201cWe saw this in his first term. He got a lot of criticism for it, but it led to peace around this world. He is willing to talk to anyone, and he will always put America\u2019s interests first,\u201d said Leavitt.<\/p>\n It was not clear if Xi would accept the invitation, which comes as Beijing is bracing for an escalation in the trade war that Trump launched in 2018. The US president-elect has already threatened to impose a 60 per cent tariff on imports from China \u2014\u00a0a big increase from the levies he imposed in his first term. Read the full story here.<\/a><\/p>\n Related read:<\/strong> Mark Zuckerberg\u2019s Meta has donated $1mn<\/a> to Trump\u2019s inauguration fund, its first such contribution. <\/p>\n<\/li>\n<\/ul>\n Plus, here\u2019s what I\u2019ll be watching in the days ahead:<\/p>\n G7 meeting:<\/strong> Leaders are set to hold a virtual meeting to discuss Ukraine and the Middle East on Friday. <\/p>\n<\/li>\n Westpac annual general meeting: <\/strong>The Australian Big Four bank updates shareholders today, ahead of Anthony Miller taking over as CEO next week.<\/p>\n<\/li>\n Nasa\u2019s Lucy mission<\/strong>: A robotic spacecraft is due to make its second fly-past of Earth on its way to the Trojan asteroids that share Jupiter\u2019s orbit.<\/p>\n<\/li>\n Syria\u2019s border with Jordan opens:<\/strong> Syria\u2019s border crossing with Jordan is set to reopen<\/a> on Sunday, the country\u2019s de facto finance minister told the FT.<\/p>\n<\/li>\n<\/ul>\n 1. China\u2019s Communist party has made \u201cvigorous\u201d efforts to boost domestic consumption the country\u2019s top economic priority. <\/strong>At an annual meeting to set the country\u2019s economic policy path for the coming year, President Xi Jinping and senior party leaders also pledged to increase the fiscal deficit and issue more \u201cultra-long\u201d special bonds. Here\u2019s what else we learnt from the keenly awaited conference<\/a>.<\/p>\n 2. HSBC is reviewing its retail banking operations outside the UK and Hong Kong,<\/strong> a move that could see it substantially scale back operations in some countries, as it seeks further cost cuts. Mexico is one of the markets under review.<\/a><\/p>\n 3.<\/strong> The European Central Bank cut interest rates by a quarter-point to 3 per cent yesterday<\/strong>. The bank watered down its hawkish language and warned that growth would be weaker than it had previously forecast as it made its fourth reduction in borrowing costs since June. Deutsche Bank economist Mark Wall said the unanimous move opened the door to more cuts.<\/a><\/p>\n More on the global economy:<\/strong> The IMF\u2019s in-house watchdog has criticised the fund over a lack of consistency in some of its biggest bailouts and called on officials to address claims they succumb to political pressures.<\/a><\/p>\n<\/li>\n<\/ul>\n 4. The Australian government plans to introduce a \u201cnews tax\u201d on social media companies and search engines<\/strong> to force them to pay publishers for journalism<\/a> after Meta, the owner of Facebook and Instagram, walked away from an existing arrangement. <\/p>\n 5. The Philippines is building a new UN case against China over alleged breaches of international law in the South China Sea<\/strong>. It is lobbying other countries to join as it struggles to counter Beijing\u2019s assertive actions<\/a> in the disputed waters. <\/p>\n How well did you keep up the news this week? <\/em>Take our quiz.<\/em><\/a><\/p>\n Drugs such as Ozempic, Wegovy and Mounjaro have helped transform the waistlines of patients and the top lines of pharmaceutical groups. But there is new evidence that these types of drugs could also be used as effective treatments for a startlingly wide range of conditions<\/a> including addiction, heart disease and Alzheimer\u2019s. <\/p>\n Dongnae:<\/strong> \u201cThe stew was so good I seriously considered giving up cleaning my teeth,\u201d food critic Tim Hayward said of a new Korean restaurant in Bristol. Read his review.<\/a> <\/p>\n<\/li>\n \u2018Rugby diplomacy\u2019: <\/strong>Australia will invest A$600mn ($385mn) to set up a rugby league team in Papua New Guinea as part of a newly inked bilateral security pact.<\/a><\/p>\n<\/li>\n David Bonderman:<\/strong> The lawyer turned private equity pioneer, who has died aged 82, was one of a class of swashbuckling financiers<\/a>.<\/p>\n<\/li>\n Murdoch feud: <\/strong>A court ruling that rejected Rupert Murdoch\u2019s attempt to overhaul the family trust has left him and his children in a bitter stalemate<\/a>.<\/p>\n<\/li>\n<\/ul>\n Indonesia is poised to launch a sovereign wealth fund in the next few weeks, but a plan to place it under the control of President Prabowo Subianto has sparked concern among government officials and private sector stakeholders. This story details the proposed \u201csuper-holding\u201d that risks being undermined by political interference<\/a>. <\/p>\n Thai director Pat Boonnitipat joked to his grandmother that she\u2019d earn a hefty cash bonus if his debut film, How to Make Millions Before Grandma Dies,<\/em><\/a> was a hit at the box office; he thought it would lose money. But the family drama has become a cultural supernova in Asia \u2014 one of the most successful Thai films ever.<\/p>\n Thank you for reading and remember you can add FirstFT<\/a> to myFT. You can also elect to receive a FirstFT push notification every morning on the app. Send your recommendations and feedback to firstft@ft.com<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n One Must-Read<\/strong> \u2014 Remarkable journalism you won\u2019t want to miss. Sign up here<\/a><\/p>\n Newswrap<\/strong> \u2014 Our business and economics round-up. Sign up here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n
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