WEBVTT - Plane Crashes in India With 242 on Board; LA Protests Spread

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Lisa Mateo. Here

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<v Speaker 2>are the top stories we're following today.

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<v Speaker 3>The developing story in India and Air India plane reportedly

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<v Speaker 3>headed for London's Gatwick Airport that has now been confirmed

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<v Speaker 3>in fact has crashed shortly after take off. Bloomberg's John

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<v Speaker 3>Tucker joins us with the very latest.

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<v Speaker 4>John, all right, this is an Air India Boeing seven

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<v Speaker 4>eighty seven Nathan traveling from Ahmabad Airport to London's Gatwick Airport.

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<v Speaker 4>This is flight one seventy one. It crashed shortly after takeoff.

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<v Speaker 4>The flight was carrying two hundred and forty two passengers

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<v Speaker 4>and crew. The airliner had reached an altitude of six

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<v Speaker 4>hundred and twenty five feet This according to data from

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<v Speaker 4>flight Radar twenty four no. Social media videos also show

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<v Speaker 4>black smoke billowing from the scene. Faz Akhmad Kidwawi, the

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<v Speaker 4>Director General of the Directorate of Civil Aviation in India,

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<v Speaker 4>is telling the Associated Press that flight one seventy one

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<v Speaker 4>crashed into a residential area called Megani five minutes after

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<v Speaker 4>taking off at one thirty eight pm local time. This

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<v Speaker 4>is a seven eighty seven Dreamliner. It's a wide body,

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<v Speaker 4>twin engine plane and supposedly the first crash ever of

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<v Speaker 4>a Boeing seven to eighty seven aircrap This, at least

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<v Speaker 4>according to Aviation Safety Network Database, way way too early, Nathan,

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<v Speaker 4>and even to speculate about a cause, No indication of

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<v Speaker 4>any foul play, but it is worth noting we do

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<v Speaker 4>have to note this. This comes at a time of

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<v Speaker 4>intensified tension between India and neighboring Pakistan. And of course

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<v Speaker 4>all morning long, stay with us right here on Bloomberg Radio.

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<v Speaker 4>We'll bring you any update as soon as it becomes available.

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<v Speaker 3>We continue to monitor the latest as well on the

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<v Speaker 3>immigration protests in Los Angeles that have spread nationwide. Now,

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<v Speaker 3>the downtown area of LA has been under curfew for

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<v Speaker 3>a second night as local leaders try to stop vandalism

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<v Speaker 3>and looting. LA County Sheriff Robert Luna is urging demonstrators

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<v Speaker 3>to remain peaceful.

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<v Speaker 5>There's a big distinction between individuals that protest and demonstrate

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<v Speaker 5>to violent, destructive basically anarchists, I mean, just creating that chaos.

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<v Speaker 3>And as police try to keep the peace, the federal

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<v Speaker 3>government is expanding its show of force. The National Guard

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<v Speaker 3>is assisting US Immigration and Customs enforcement with immigration arrests,

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<v Speaker 3>and Attorney General Pam Bondi says the administration is invoking

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<v Speaker 3>the Hobbs Act to let federal prosecutors take over local

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<v Speaker 3>criminal cases.

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<v Speaker 1>We're going to do everything within our legal authority to

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<v Speaker 1>protect our law.

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<v Speaker 2>Enforcement officers and all the people in California right now.

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<v Speaker 3>I Meanwhile, the Justice Department is asking a federal judge

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<v Speaker 3>not to interfere with the deployment of Marines and National

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<v Speaker 3>Guard in La. Hearing is set for this afternoon. All

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<v Speaker 3>this as protests to other cities, including New York, Chicago,

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<v Speaker 3>and Milwaukee. Texas Governor Greg Abbott has promised to send

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<v Speaker 3>the National Guard to respond to protests planned in his

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<v Speaker 3>state this week, and a curfew was declared last night

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<v Speaker 3>in Spokane, Washington as well, in response to protests there well.

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<v Speaker 2>He downturns of the latest on the trade front, Nathan

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<v Speaker 2>President Trump says he's planning to send letters to trading

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<v Speaker 2>partners within the next two weeks to set unilateral tariff rates.

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<v Speaker 2>That move comes ahead of a July ninth deadline to

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<v Speaker 2>reimpose higher duties on dozens of economies once the current

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<v Speaker 2>ninety day pause expires. President Trump spoke to reporters yesterday.

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<v Speaker 6>We're rocket in terms of deals. Now at a certain point,

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<v Speaker 6>we're just going to send letters out. And I think

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<v Speaker 6>you understand that, saying this is the deal. You can

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<v Speaker 6>take it or you can leave it. You don't have

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<v Speaker 6>to use it, you don't have to shop in the

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<v Speaker 6>United States.

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<v Speaker 2>As I say, So far, the White House has only

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<v Speaker 2>reached a yet to be implemented trade framework with the

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<v Speaker 2>UK and a tariff truce with China and Lisa.

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<v Speaker 3>Commerce Secretary Howard Ltnix says the European Union is likely

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<v Speaker 3>to be among the last deals the US completes. He

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<v Speaker 3>tells CNBC the expects to see deals with other countries

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<v Speaker 3>to start coming next week, and the week after and

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<v Speaker 3>the week after.

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<v Speaker 2>In his words, Japan's Prime Minister still sees a large

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<v Speaker 2>gap between the US and Japanese stances on trade talks now,

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<v Speaker 2>she grew. Ishaba is expected to meet President Trump on

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<v Speaker 2>the sidelines of the Group of Seven leaders gathering in

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<v Speaker 2>Canada starting Sunday. Ishaba says he doesn't have a particular

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<v Speaker 2>timeline in mind for reaching an agreement.

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<v Speaker 3>In Washington, debate continues over President Trump's big tax and

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<v Speaker 3>spending cut bill. A top Republican negotiator says senators are

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<v Speaker 3>considering a thirty thousand dollars cap on the state and

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<v Speaker 3>local tax deduction that would be down from the forty

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<v Speaker 3>thousand in the House past bill. Republican Congressman Lisa McClain

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<v Speaker 3>of Michigan says she hopes the Senate doesn't change salt

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<v Speaker 3>too much.

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<v Speaker 7>The Salt Caucus, which we have here in the House

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<v Speaker 7>and they don't have in the Senate for obvious reasons,

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<v Speaker 7>they've been pretty dug in. And I'm not here to

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<v Speaker 7>say they're right. I'm not here to s they're wrong,

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<v Speaker 7>but they've been pretty dug in, and that was one

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<v Speaker 7>of our biggest issues in the House that just can't

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<v Speaker 7>be touched.

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<v Speaker 3>Michigan Republican Lisa McClain spoke on Bloomberg Television. Senate Republicans

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<v Speaker 3>also planned to scale back some cuts to federal food

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<v Speaker 3>aid in the House built The Senate's version would sell

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<v Speaker 3>millions of acres of federal land to help pay for

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<v Speaker 3>the measure. That move is expected to raise up to

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<v Speaker 3>ten billion dollars over ten years.

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<v Speaker 2>Well Hell Secretary Robert F. Kennedy Junior has named eight

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<v Speaker 2>new vaccine policy advisors to replace the panel that he

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<v Speaker 2>abruptly dismissed earlier this week. They include several vocal vaccine

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<v Speaker 2>critics and one who identifies as a quote anti vaxer.

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<v Speaker 2>The move comes as Kennedy makes major changes to how

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<v Speaker 2>immunizations are studied and administered in the US and paves

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<v Speaker 2>the way for a more skeptical approach to the use

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<v Speaker 2>of shots that prevent deadly infections.

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<v Speaker 3>Lisa Oil is retreating this morning, following yesterday's nearly five

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<v Speaker 3>percent gain that came after the US government ordered a

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<v Speaker 3>partial evacuation of its embassy. In Your Rock amid rising

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<v Speaker 3>security risks, we get more from Bloomberg News Energy reporter

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<v Speaker 3>Anthony Depowa.

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<v Speaker 8>If we look at that picture, it's really that risk

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<v Speaker 8>of something happening in terms of the Middle East and

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<v Speaker 8>in terms of an outbreak of potential violence in the

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<v Speaker 8>Middle East between the US and Iran, between Israel and Iran.

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<v Speaker 8>That's really the risk that is pushing prices higher.

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<v Speaker 3>But s Bloomberg Energy reporter Anthony Depella, and this morning,

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<v Speaker 3>the State Department is limiting travel for US embassy staff

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<v Speaker 3>in Israel, citing regional tensions. The Middle East produces about

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<v Speaker 3>a third of the world's oil.

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<v Speaker 9>Well.

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<v Speaker 2>Turning to the economy now Nathan, A day after underlying

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<v Speaker 2>inflation rose by less than forecast for the fourth month

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<v Speaker 2>in a row, we get another key reading this morning

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<v Speaker 2>at eight thirty am Wall Street time, we get the

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<v Speaker 2>main reading for producer prices. Bloomberg's Michael McKee has a preview.

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<v Speaker 10>Economists fooled by the benign rise in consumer prices, We'll

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<v Speaker 10>again look for tariff induced inflation in today's data on

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<v Speaker 10>what companies are charging for goods and services. Once again,

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<v Speaker 10>the expectation is for a rise in prices in both

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<v Speaker 10>the headline and core PPI easier to do in this

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<v Speaker 10>report because both declined in April. While price increases haven't

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<v Speaker 10>flowed into retail price tags. Many companies have reported passing

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<v Speaker 10>some or all of the tariffs onto their customers, particularly manufacturers,

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<v Speaker 10>While another downside surprise would chair markets. The real impact

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<v Speaker 10>will come when economists break down changes in individual categories

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<v Speaker 10>to forecast the Fed's primary inflation indicator, the PCE index,

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<v Speaker 10>out at the end of the month. Michael McKee, Bloomberg Radio.

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<v Speaker 2>And the equity fund. Shares of Oracle up more than

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<v Speaker 2>seven percent in early trading after the bell. The company

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<v Speaker 2>said its cloud infrastructure sales will grow more than seventy

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<v Speaker 2>percent this fiscal year. Brent Bill is an equity research

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<v Speaker 2>analyst at Jeffries.

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<v Speaker 11>Oracle's got their mojo back. We've said this, this company

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<v Speaker 11>was trying to find their way. They were late to cloud,

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<v Speaker 11>they were laid to cloud applications. They're a little bit

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<v Speaker 11>late to AI. But I think they're back in the

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<v Speaker 11>in the race now.

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<v Speaker 2>Jeffrey's analyst Brent Phil speaking to us after the earnings report,

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<v Speaker 2>CEO Safferkat says that Oracle is on its way to

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<v Speaker 2>becoming quote one of the world's largest cloud infrastructure companies.

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<v Speaker 3>And repeating the breaking news this morning, Lisa Air India

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<v Speaker 3>says a Boeing seven eighty seven aircraft traveling from m

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<v Speaker 3>Debad to London's Gatwick Airport has crashed. Local media say

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<v Speaker 3>the flight one seventy one was carrying two hundred and

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<v Speaker 3>forty two passengers and crew. Boeing shares are extending their

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<v Speaker 3>declines in the pre market, now down more than five percent.

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<v Speaker 2>Now time for a look at some of the other

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<v Speaker 2>stories making news in New York and around the world

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<v Speaker 2>for that were joined by Bloomberg's Michael bar Good Morning, Michael.

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<v Speaker 12>Good Morning Lisa. Protests are growing across the country over

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<v Speaker 12>the Trump administration's immigration raids and the federal troop response

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<v Speaker 12>to protests in Los Angeles. The NYPD arrested several people

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<v Speaker 12>last night in Lower Manhattan. These two protesters were in

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<v Speaker 12>New York's Foley Square.

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<v Speaker 13>I think success is stopping as many people from being

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<v Speaker 13>unlawfully taken from their families. Successes seeing people treated like

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<v Speaker 13>human beings, people putting due process back in place right

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<v Speaker 13>and actually respondowing our law institution.

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<v Speaker 12>However, Wednesday was much calmer than Tuesday night, when dozens

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<v Speaker 12>were arrested. A new Jersey federal judge rule the Trump

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<v Speaker 12>administration cannot detain or deport Mackmud Khalil for the reasons

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<v Speaker 12>it's cited. The judge granted a preliminary injunction, concluding the

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<v Speaker 12>Columbia University graduate student would continue to suffer irreparable harm

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<v Speaker 12>if he remains detained. Last week, the court hill that Khalil,

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<v Speaker 12>who'd been involved with student protests in support of the

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<v Speaker 12>people of Gaza, would likely succeed in his challenge to

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<v Speaker 12>the administration's attempts to deport him on foreign policy grounds.

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<v Speaker 12>Former movie mogul Harvey Weinstein has been convicted of one

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<v Speaker 12>of the top charges in his sex crimes re trial.

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<v Speaker 12>A jury found Weinstein guilty of engaging in a criminal

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<v Speaker 12>sax act on Mimi Haley, but he has been acquitted

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<v Speaker 12>of engaging in the criminal sax act on Kanya Soculluk,

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<v Speaker 12>the more recent accuser who had come forward. Jurors were

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<v Speaker 12>as yet unable to reach a verdict on a third

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<v Speaker 12>charge involving Jessica Man and will resumed deliberations. Today, Global

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<v Speaker 12>News twenty four hours a day and whenever you want

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<v Speaker 12>it with the Bloomberg News Now Michael barn This is

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<v Speaker 12>Bloomberg Leaser.

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<v Speaker 2>Thank you, Michael. Time now for our Bloomberg Sports Up.

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<v Speaker 2>They brought to you by Tri State Audi. For that,

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<v Speaker 2>we bring in John stash Hour. Good morning, John, Good morning.

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<v Speaker 14>Listen to the Idiana Pacers. Yet to lose two playoff

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<v Speaker 14>games in a row, yet to trail in a series

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<v Speaker 14>off the Game two loss at Oklahoma City, the Pacers

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<v Speaker 14>came home got their first Game three win of the postseason.

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<v Speaker 14>They beat the thunder one sixteen one oh seven. They

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<v Speaker 14>lead the NBA Finals two games to one. Benedict Methern

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<v Speaker 14>off the bench to lead in the with twenty seven points.

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<v Speaker 14>OKC had seventeen turnovers. Game four is tomorrow. The Dallas

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<v Speaker 14>Mavericks are the third team to tell the Knicks, we

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<v Speaker 14>are not letting you interview our coach to be your coach.

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<v Speaker 14>The day after Houston and Minnesota did it, the MAVs

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<v Speaker 14>denied permission for the Knicks to speak with Jason Kidd.

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<v Speaker 14>Another Mets win at City Field, where there are now

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<v Speaker 14>twenty six and seven of five nothing shut out of

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<v Speaker 14>Washington a rare complete game. It came from David Peters

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<v Speaker 14>sitting out only six hits. Did not welcome bat Our

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<v Speaker 14>Brandon Nimo home or twice. Another Yankee win over Kansas City.

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<v Speaker 14>They are five and zero against the Royals and twelve

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<v Speaker 14>and three over the last two seasons, including that playoff

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<v Speaker 14>victory of the Yanks. Bkse six to three, six scoreless

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<v Speaker 14>sittings by Clark Schmidt and yet another home run by

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<v Speaker 14>Aaron Judge. Red Sox top the Raise four to three

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<v Speaker 14>early tea times this morning to begin the US Open

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<v Speaker 14>at Oakmont defending champion Brison de Shambo starts his round

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<v Speaker 14>at seven thirty years. To Shambo's thoughts on the Oakmont course.

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<v Speaker 15>You can't just vomit on every single hole and glass

0:11:58.920 --> 0:12:00.520
<v Speaker 15>over bunkers and have a wedge run up to the

0:12:00.520 --> 0:12:01.719
<v Speaker 15>front of the green. You can on a lot of

0:12:01.760 --> 0:12:03.840
<v Speaker 15>the holes, but not on every one of them. So

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<v Speaker 15>I think this golf course you have to be just

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<v Speaker 15>a fraction more strategic, especially, I mean the rough is

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<v Speaker 15>so long.

0:12:11.240 --> 0:12:14.640
<v Speaker 14>Rory McElroy T's off at seven forty this morning. Scottie

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<v Speaker 14>Scheffler's the big favorite. He will play this afternoon. They'll

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<v Speaker 14>play Game four, the Stanley Cup Final tonight, Florida hosting

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<v Speaker 14>Edmonton and leading the series two to one. The Rangers

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<v Speaker 14>are said to be close to a deal the trade

0:12:25.800 --> 0:12:28.360
<v Speaker 14>Chris Drider to Anaheim, a Ranger for thirteen years, the

0:12:28.400 --> 0:12:31.880
<v Speaker 14>third leading school goldscorer in Ranger history. John stanhalah Were

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<v Speaker 14>Bloomberg Sports, Lisa Nathan, all right.

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<v Speaker 2>Thank you, John. Taking a look at the markets right now.

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<v Speaker 2>We have SMP futures. They're down about three tens of

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<v Speaker 2>a percent down. Future is falling half a percent. Two

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<v Speaker 2>hundred and twenty four points. Nasdaq futures down three tenths

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<v Speaker 2>of a percent or seventy five points. Going to the

0:12:47.200 --> 0:12:50.560
<v Speaker 2>Bloomberg Dollar Spot Index, it's down four tenths of a percent.

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<v Speaker 2>Over to the yield space, we have the two year

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<v Speaker 2>yield three point nine three percent, that's down two basis points,

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<v Speaker 2>and the yield on the tenure four point four zero percent,

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<v Speaker 2>and that's down one basis point.

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<v Speaker 1>Coast to coast on Bloomberg Radio nationwide on Sirius XAM

0:13:07.240 --> 0:13:10.080
<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager, following developing news out of

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<v Speaker 3>western India where an Air India flight carrying two hundred

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<v Speaker 3>and forty two passengers and crew has crashed near Mdabad

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<v Speaker 3>in the western state of Gujarat. Joining US now for

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<v Speaker 3>the very latest is Bloomberg News Aviation reporter Danny Lee.

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<v Speaker 3>And Danny obviously this is a fast developing story. What

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<v Speaker 3>is the latest that we know so far?

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<v Speaker 9>Good morning, Yeah, Nathan, Good morning. So this is a

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<v Speaker 9>breaking news development. So it's Neir India Boeing Co seven

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<v Speaker 9>eighty seven Dreamliner which crashed shortly off takeoff from a

0:13:47.840 --> 0:13:50.840
<v Speaker 9>Midabad and it was heading to London's Gatwick Airports, so

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<v Speaker 9>it was taking off around roughly half past one local

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<v Speaker 9>time in the afternoon. And there's been various video circulated

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<v Speaker 9>on social media, including one of the plane flying at

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<v Speaker 9>low altitude and heading into the ground and then smoke

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<v Speaker 9>and the fire billowing from that. So we have seen

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<v Speaker 9>though the markets react quite swiftly and the shares pre

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<v Speaker 9>market shares in bowing down five and a half percent

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<v Speaker 9>on this news. For investors, when you look at Boeing,

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<v Speaker 9>it's clearly too early to tell what has happened, what

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<v Speaker 9>will be the cause of this crash, but at least

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<v Speaker 9>for the moment, there will be a lot of reaction.

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<v Speaker 9>And we have some reaction from Indian officials commenting on

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<v Speaker 9>the crash, saying they are shocked and devastated about the accident.

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<v Speaker 9>We have India confirming that there was an accident that

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<v Speaker 9>had taken place today, but they don't have any further

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<v Speaker 9>details at the moment. But of course, for the flight involved,

0:14:56.040 --> 0:14:59.360
<v Speaker 9>it was carrying two hundred and forty two passengers and

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<v Speaker 9>crew according to some local media reports.

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<v Speaker 3>Yeah, certainly we could go into the struggles that Boeing

0:15:05.360 --> 0:15:07.960
<v Speaker 3>has been trying to get out from under ever since

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<v Speaker 3>the door plug blowout situation more than a year ago

0:15:11.880 --> 0:15:15.600
<v Speaker 3>and the change under new CEO Kelly Ordberg. But before

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<v Speaker 3>we get to all that, Danny, do we know anything

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<v Speaker 3>in terms of the conditions on the ground, anything that

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<v Speaker 3>could tell us what might have caused this crash?

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<v Speaker 9>It's very hard to tell what could be the kind

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<v Speaker 9>of contributing factors. I mean, whether it be weather, where

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<v Speaker 9>it be any mechanical issues with the plane. You know

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<v Speaker 9>what we can say this plane was around eleven years old,

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<v Speaker 9>so it's not too new, not too old. It's somewhere

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<v Speaker 9>in the middle basically. But you know it's for the

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<v Speaker 9>Boeing seventy seven aircraft. It would mark the first whole

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<v Speaker 9>loss in the entire time it has entered service, which

0:15:58.360 --> 0:16:00.000
<v Speaker 9>is now many many years.

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<v Speaker 3>Is what do we know about the condition of the

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<v Speaker 3>fleet of air India's Boeing lineup? Is it an aging fleet?

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<v Speaker 3>Is it relatively new?

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<v Speaker 9>Well for India, it has been going through an extensive

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<v Speaker 9>overhaul of its fleet. You know, exist it's existing fleet

0:16:22.640 --> 0:16:26.960
<v Speaker 9>right now is aging. Let's not to say that they

0:16:26.960 --> 0:16:31.520
<v Speaker 9>don't keep their planes in good condition. Already, but they

0:16:31.520 --> 0:16:34.520
<v Speaker 9>are investing a lot of money buying a lot of

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<v Speaker 9>new Boeing and Airbus aircraft in order to overhaul its

0:16:38.640 --> 0:16:43.720
<v Speaker 9>fleet and also to expand. So under new ownership coming

0:16:43.800 --> 0:16:48.080
<v Speaker 9>in being privatized from coming from state ownership under the

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<v Speaker 9>Tartar Group, it has undergone a huge amount of investment

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<v Speaker 9>and it's just time it takes to get those planes.

0:16:55.320 --> 0:16:58.280
<v Speaker 9>New planes are particularly delivered, but it has been working

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<v Speaker 9>through that process, and a multi year process at that,

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<v Speaker 9>and as.

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<v Speaker 3>We continue to monitor the situation, we're getting further confirmations

0:17:05.720 --> 0:17:09.919
<v Speaker 3>from more sources about the fact that this has happened.

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<v Speaker 3>We just saw a post on X from London's Gatwick Airport,

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<v Speaker 3>which is the destination of Air India flight one P

0:17:16.840 --> 0:17:21.159
<v Speaker 3>seventy one, confirming on its end that that plane was

0:17:21.400 --> 0:17:25.160
<v Speaker 3>due to land at London Gatwick later on this evening

0:17:25.359 --> 0:17:29.920
<v Speaker 3>local time, So further confirmation that at least that flight

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<v Speaker 3>was at the center of this. Danny, of course, I

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<v Speaker 3>know your background is in aviation, but it can't be

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<v Speaker 3>ignored that this is coming just a couple of weeks

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<v Speaker 3>after pretty heightened tensions between India and Pakistan as well.

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<v Speaker 3>Obviously we're really at a very early stage in terms

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<v Speaker 3>of trying to figure out the cause of this, whether

0:17:54.400 --> 0:17:59.159
<v Speaker 3>it was something mechanical or something more nefarious, But that

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<v Speaker 3>could enter into the conversation as well as we start

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<v Speaker 3>to gather more details and facts on the ground.

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<v Speaker 9>Yeah, I think the authorities will be looking at a

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<v Speaker 9>whole wide range of information at this stage. No one

0:18:14.480 --> 0:18:16.760
<v Speaker 9>would be in a position to rule out anything until

0:18:17.000 --> 0:18:21.200
<v Speaker 9>particularly they start to locate and recover the so called

0:18:21.200 --> 0:18:25.000
<v Speaker 9>black boxes. These are the information flight data recorded copric

0:18:25.640 --> 0:18:29.959
<v Speaker 9>voice recorder that would give all the necessary clues to

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<v Speaker 9>understand what happened to this aircraft. But yes, as you

0:18:32.680 --> 0:18:36.359
<v Speaker 9>alluded to, there has been heightened state of tensions in

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<v Speaker 9>recent weeks between India and Pakistan, although of late they

0:18:41.840 --> 0:18:46.359
<v Speaker 9>have tensions have calmed down, particularly as US President Donald

0:18:46.359 --> 0:18:50.240
<v Speaker 9>Trump has intervened and there has been a cessation of

0:18:50.280 --> 0:18:52.000
<v Speaker 9>hostilities in particular.

0:18:53.760 --> 0:18:56.760
<v Speaker 3>This is Bloomberg day Break, your morning podcast on the

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<v Speaker 3>stories making news from Wall Street to Washington and being.

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<v Speaker 2>And I'm Lisa Matteo. Join us again tomorrow morning for

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<v Speaker 2>all the news you need to start your day right

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<v Speaker 2>here on Bloomberg Daybreak