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INTERVIEWER: Welcome to First FT. Here are today's top stories. A US federal appeals court has heard arguments for the reinstatement of Donald Trump's travel ban on people from seven Muslim majority countries. Government lawyers argue that Mr. Trump acted within his executive authority with the order, which was halted last week after a judge ruled it was unconstitutional. The appeals court is expected to rule within days.
Boutique investment bank Moelis & Co has been chosen as the sole independent adviser for Saudi Armaco's initial public offering. Saudi Arabia believes the state owned oil group could be valued at as much as $2 trillion, where he has plans to use the proceeds of the IPO to invest in non-oil industries, as it tries to wean the country off its reliance on the commodity. And Indian executives have warned that new US rules to limit visas for skilled workers would sharply increase costs for India's $146 billion IT services industry. Indian IT companies send their best employees to work with clients in the US, and they generated 60% of their revenues there in 2016. For more of today's top stories, go ft.com/firstft.
