FirstFT: Xi renews assist for Putin

Chinese president Xi Jinping has renewed his assist for Russia’s safety pursuits in his first cellphone name with Vladimir Putin because the early days of Moscow’s invasion of Ukraine.

The diplomatic gesture is designed to indicate that Russia will not be remoted because the leaders of France, Italy and Germany put together to journey to Ukraine and Nato defence ministers convene in Brussels this week to beef up navy assist to Kyiv.

The Kremlin stated Xi famous “the legitimacy of the actions taken by Russia to defend its core national interests in the face of challenges to its security created by external forces”. It added that the dialog, held on Xi’s 69th birthday, was “traditionally warm and friendly”, including China’s relations with Russia have been at “an unprecedentedly high level”.

Xinhua, the Chinese state information company, reported that Xi repeated his earlier requires Russia and different nations to seek out an finish to the warfare, however stated China was “willing to continue mutual support with Russia on issues related to sovereignty, security and issues of major concern”.

Feedback on right this moment’s e-newsletter? Write to me at firstft@ft.com. Thanks for studying FirstFT Asia — Emily

Five extra tales within the information

1. New Hong Kong textbook seeks to recast metropolis’s historical past New textbooks despatched to Hong Kong secondary colleges educate that town was not a British colony, however an occupied territory — a recasting of historical past that’s a part of Beijing’s ideological clampdown within the metropolis.

2. Fed raises benchmark fee by 0.75 factors The Federal Open Market Committee lifted its benchmark coverage fee to a brand new goal vary of 1.50 per cent to 1.75 per cent, noting in an announcement that it “anticipates that ongoing increases in the target range will be appropriate”. Wednesday additionally marked the beginning of the mammoth process of shrinking the Fed’s $9tn steadiness sheet.

• Market information: US shares and authorities bond costs rebounded after 5 consecutive days of declines, because the Federal Reserve introduced its largest rate of interest rise in nearly 30 years.

3. Bitcoin tumble leaves the typical purchaser within the crimson The cryptocurrency business’s “bloodbath” worsened as bitcoin touched contemporary lows for the yr that put the typical purchaser of the world’s hottest digital asset deeper within the crimson. Bitcoin dropped beneath $20,000 for the primary time since July final yr whereas ether, the token linked to the Ethereum blockchain, fell to almost $1,000.

4. China retail gross sales slide China’s retail gross sales declined for a 3rd consecutive month in May as lockdowns and mass testing campaigns beneath President Xi Jinping’s zero-Covid technique curtailed development on the planet’s largest client market. Retail gross sales, an essential gauge of consumption, fell 6.7 per cent in contrast with the identical month a yr in the past.

5. Laos hit by gas shortages and rising default danger Struggling with acute gas shortages, rising meals costs and rising debt, the Asian nation has turn out to be the most recent within the area after Sri Lanka to return beneath severe monetary pressure after a surge in world vitality and commodity costs. Moody’s Investor Service yesterday downgraded the nation’s sovereign debt ranking one notch additional into non-investment grade.

The day forward

India hosts assembly of Asean international ministers New Delhi will host a gathering of Asean international ministers for the primary time because it marks its tenth anniversary of its strategic partnership with the group. (Hindustan Times)

Shanghai’s Disneytown and lodge to reopen After closing on March 21 due to rising Covid-19 circumstances within the metropolis, Shanghai Disney Resort stated Disneytown and the Shanghai Disneyland lodge will reopen right this moment. However, the primary park will stay closed in the intervening time. (Reuters)

Japan commerce steadiness figures Data might be launched for the month of May. Trade imports are anticipated to have elevated on the quickest tempo in six-months, in line with a Reuters ballot. (Reuters)

What else we’re studying and listening to

Disney’s India cricket ploy has Wall Street stumped Disney was this week trumped within the race for the game’s coveted five-year streaming rights by its personal former Asia chief, Uday Shankar. Disney nonetheless stumped up for cricket rights, nonetheless, agreeing to pay $3bn to air the game on conventional tv in India — a transfer that left analysts and a few rival bidders baffled.

BTS will not be bulletproof — neither is its expertise company Hybe has had 9 years because the debut of BTS to scale back its dependence. It has made aggressive acquisitions of rival businesses and large bets on new artists. None of those strikes has made a lot distinction, writes Lex. Investing on this overpriced inventory stays a wager on thirtysomething BTS members remaining common in a enterprise the place consideration spans are brief.

Oil vs human rights: Biden’s controversial mission to Saudi Arabia President Joe Biden’s choice to journey to Saudi Arabia subsequent month and meet Saudi Crown Prince Mohammed bin Salman is a outstanding U-turn for a president who promised to deal with the dominion as a pariah and to interact with King Salman, not his son, MBS.

Mr Goldman, Mr Sex When Financial Times reporter Patricia Nilsson began digging into the porn business, she made a surprising discovery: no one knew who managed the largest porn firm on the planet. Now, Nilsson and her editor, Alex Barker, reveal who’s behind it. Listen to the most recent episode of Hot Money, our investigative podcast collection on the shadowy energy constructions of the porn business.

Sanctions-hit Russian businessmen search ideas from Iran Since Russia invaded Ukraine in February this yr, Iranian tour information Ali’s enterprise has boomed. But the place as soon as he hosted Russian vacationers fascinated with Persian artwork, meals and tradition, now he welcomes businesspeople. Tehran’s experience at accessing the world’s black markets is in demand as warfare in Ukraine gives surprising advantages

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Food & drink

Don’t miss FT Globetrotter’s listing of 5 of one of the best bean-to-bar chocolate makers in Tokyo, the place you could find chocolate at its purest — and all crafted by pioneering artisans — within the Japanese capital.