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Police report that a survivor of the Air India crash jumped from an emergency exit.
Police said that Ramesh Viswashkumar was sitting next to an emergency exit on the flight bound for London and jumped out. He is the only survivor of the 242 passengers onboard the plane. The 40-year old told Indian media from his hospital bed that he is a British citizen and was traveling to Britain with brother after visiting his family in India. When I woke up, there was a mass of dead bodies around me. I was terrified. I ran. I saw pieces of the plane everywhere. "Someone grabbed me, put me in the ambulance, and took me to hospital," Viswashkumar said to the Hindustan Times. A medic helped a man who was wearing a white tee-shirt with bloodstains and dark trousers on the street. The footage appeared on Indian news channels. The man was covered in bruises and had a goatee, similar to the photos of Viswashkumar taken by local media after his accident. Could not verify the video in which the man was asked by a group of people where the other passengers were, and he responded "they're inside." Viswashkumar was shown in a photo of his boarding pass posted online by The Hindustan Times. He was sitting at seat 11A on the plane heading to Gatwick Airport. He told the newspaper that his brother Ajay was seated in another row of the plane, and he asked for assistance to locate him. Viswashkumar was able to escape the car by jumping through the emergency door. An anonymous member of Viswashkumar’s family in Britain told me over the phone that Viswashkumar had survived. The family is in contact with him. However, they declined to provide any further information. Ajay Vagi, Viswashkumar's cousin who lives in Leicester (central England), told the BBC Viswashkumar had spoken by phone to confirm that he was fine. Valgi told the BBC that Viswashkumar only confirmed his well-being by phone. Valgi stated that the family hadn't heard about his brother. "We are not doing well. "We're all angry," he said. Viswashkumar, who is married, has one son, a boy. In the worst aviation accident in the last decade, the aircraft crashed in a residential neighborhood, onto a hostel of a medical school outside the airport, during the lunch hour. The crash killed more than 290 people. Some of the dead were found on the ground. The police said that Viswashkumar is the only passenger who has survived so far, but they added that rescue efforts are still ongoing. Chaudhary stated that "chances are there could be more survivors" among those being treated at the hospital. Reporting by Shivam patel in New Delhi, with additional reporting by Sachin Ravikumar in London, and Sumit Khanna from Ahmedabad. Editing by Alison Williams.
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Uganda's growth will be higher next year, but there is no oil-fueled boom yet
Uganda forecasts its economic growth will accelerate to about 7% in the coming year, indicating that officials do not plan on large-scale production of energy in the next twelve months. This year, growth was projected at 6.3%. The latest government estimate was that crude production would begin in the middle of the year. However, this date has been pushed back repeatedly due to disagreements between the government of President Yoweri Museeveni and international energy companies and the slow progress of building critical infrastructure. Companies including France's TotalEnergies, China's CNOOC and China's TotalEnergies are developing Uganda's oilfields near the border with Democratic Republic of Congo. They are estimated to have 6 billion barrels of reserve. In his annual Budget Speech on Thursday, Finance minister Matia Kasaija stated that the goal was to reduce the deficit from 7.6% of the gross domestic product to 6.5% next fiscal year. In his speech, the minister made it clear that energy and mining are key drivers of growth. He cited an oil pipeline, a refinery, and quantification of reserves like iron ore and gold as priorities. He predicted that the annual growth rate would be double-digits as soon as oil production began. When crude oil begins to flow, the International Monetary Fund believes that Uganda's economy could grow by double digits. The World Bank announced last week that they would resume funding for Uganda. This comes nearly two years after the World Bank suspended all new funding due to an anti-LGBT legislation that includes penalties such as death and life in prison. ($1 = 3,589.0000 Ugandan Shillings) (Reporting and writing by Elias Biryabarema, Editing by Alexander Winning & Susan Fenton).
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Over the years, India has experienced a number of deadly civilian aircraft crashes.
Authorities said that more than 200 people died when an Air India flight bound for London crashed on Thursday minutes after it took off from India's western town of Ahmedabad. It was one of India's worst aviation tragedies. Here are some details about other recent airline accidents that occurred in India: AUGUST 2020 21 people were killed when a Boeing 737 Air India Express plane skidded from the runway during heavy rain in the southern town of Kozhikode, plunged nose-first into a valley, and crashed into the ground. May 2010 A Boeing 737 from Dubai crashed into a gorge after it overshot the runway in Mangaluru, a southern city. 158 people were on board. JULY 2000 A state-owned Alliance Air plane that was flying between Kolkata and New Delhi crashed in the Patna area, a residential district, killing more than 50 people. NOVEMBER 1997 Around 350 people were killed in a head-on collision between a Saudi Arabian Airlines and a Kazakhstan Airlines aircraft over the town Charkhi Dadri, located in northern Haryana. A Boeing 737 of Indian Airlines crashed in Aurangabad, a western city. 55 people were on board. AUGUST 1991 The 69 passengers on board an Indian Airlines Boeing 737 from Kolkata were killed when the plane crashed near Imphal, capital of the hilly state of Manipur in the north-eastern hills. During landing, an Indian Airlines Boeing 737 flying from Mumbai, India to Ahmedabad crashed, killing more than 130 passengers. The captain of an Air India plane lost control after takeoff, and the plane plunged into the Arabian Sea near Mumbai. All 213 passengers were killed. Reporting by Hritam Mukerjee from Bengaluru, editing by Alex Richardson and Andrew Heavens
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Air India plane crash - reactions around the world
Authorities said that more than 200 people died when an Air India flight bound for London, with 242 passengers on board, crashed shortly after it took off from Ahmedabad in western India. What world leaders have said to date: INDIAN PREMIER MINISTER NARENDRA MOTI, ON X The tragedy in Ahmedabad shocked and saddened all of us. "It is beyond words." I am thinking of everyone who is affected in this tragic hour. "I have been in contact with ministers and authorities working to help those affected." BRITISH PREMIER MINISTER KEIR STAMMER, ON: The scenes of the crash of an aircraft bound for London, carrying British nationals, in Ahmedabad city are heartbreaking. "I'm being kept informed as the situation evolves and my thoughts are with passengers and their family members at this deeply distressing moment." BRITAIN'S KING CHARLES, IN A STATEMENT ON X: The terrible events that occurred in Ahmedabad early this morning have left my wife and me utterly shocked. We send our deepest sympathies and prayers to the families and loved ones of those who have been affected by this tragic event in so many countries. U.S. SECRETAIRE OF STATE, MARCO RUBIO ON X: "Heartbroken by the news of a tragic airplane crash in Ahmedabad (India). "My prayers are with those who have lost loved ones in this terrible incident." PAKISTAN'S PRIME MINISTER SHEHBAZ SHARIF on X: We are deeply saddened by the crash of Air India near Ahmedabad. "We extend our condolences and sympathy to the families who are grieving the loss of this tragic flight." Our thoughts and prayers go out to all those who have been affected by this tragic event. The Vatican's Secretary of State, On X, said: "Deeply moved by the tragedy involving a Air India plane near Ahmedabad His Holiness Pope Leo XIV extends his deepest condolences and prayers to the family members and friends of the victims, as well as assurances of prayers for those involved in the recovery effort." His Holiness invokes divine blessings for healing and peace on all those affected by the death of loved ones. BANGLADESH CHIEF Adviser MUHAMMAD YUNUS IN A MESSAGE to MODI We extend our condolences and deepest sympathy to the families of those who have lost loved ones in this tragic accident. "We offer our full and unwavering support to the Government and people of India." MARK CARNEY CANADA'S PRIME MINISTER, ON X : "Canada is deeply moved by the crash in Ahmedabad of a plane bound for London, with 242 passengers, including a Canadian." In the wake of this tragedy, Canadian officials are in constant contact with their counterparts. "Our thoughts are with those who have been affected." URSULA VON DER LEEYEN, PRESIDENT OF THE EUROPEAN COMMISSION, ON X: “My deepest sympathies to the families and loved one's grieving this terrible death." "Dear @narendramodi: Europe stands with you and your people in this time of sadness." RUSSIAN PRESIDENT VLADIMIR PUTIN TO MODI IN AN OFFICIAL TEELEGRAM PUBLICED ON KREMLIN WEBSITE Please accept my sincere condolences for the tragic effects of the airliner accident at Ahmedabad Airport. Please convey your sincere sympathies and support to families and friends of those who died, and wish a speedy recovery to everyone injured in the accident. ITALIAN PRIME MINISTER GIORGIA MELONI, ON X: "I express the condolences of both the Italian government and myself to the families of those who died and our complete solidarity with the Indian people at this time of great sadness." PHILIPPINE PRESIDENT FERDINAND JR. ON X "On behalf of Filipinos, I offer my deepest condolences and prayers to Prime Minister Narendra Modi and the Government of India. My heartfelt sympathy also goes out to the loved ones and families of those who have lost their lives." The victims should be remembered with dignity and the efforts to comprehend this tragedy must bring comfort to the people left behind. FRENCH PREMIER EMMANUEL MACRONE, ON X We have been deeply affected by the plane crash that occurred in Ahmedabad. "In this time of sadness, I send my heartfelt condolences to the loved ones of the victims and Prime Minister @NarendraModi." AUSTRALIAN PREMIER MINISTER ANTHONY ALANESE, ON X The news of the passenger plane crash in Ahmedabad was absolutely devastating. Australia is thinking of everyone who has been affected in this tragic time. Our government receives regular updates, and we continue to closely monitor the situation." IRISH PRIME MINISTER, MICHEAL MARTIN: "My prayers and thoughts are with the Indian people after the horrible plane crash that occurred in Ahmedabad today." I am thinking of the families and emergency services who are on the scene, as well as the passengers. GENERAL SECRETAIRE OF BRITISH Airline Pilots' Association AMY LEVERSIDGE Pilots from around the world are saddened to hear this. The British Airline Pilots' Association offers condolences for all the victims. It is essential that a thorough and complete investigation be carried out now without any interference or unhelpful speculating about the contributing factors in order to avoid future tragedies." (Compiled by Hritam and Manvi Mukherjee in Bengaluru, edited by Andrew Heavens.)
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FAA reduces the area that helicopters can fly near Reagan Airport
The Federal Aviation Administration announced on Thursday that it will shrink the area where helicopters can operate around Reagan Washington National Airport. In March, FAA placed permanent restrictions on helicopter operations that were not essential around Reagan Airport to eliminate mixed helicopter/passenger jet traffic. This included permanently closing a key route. After the mid-air collision between an American Airlines regional plane and an Army helicopter on January 29, which killed 67 people, the National Transportation Safety Board issued two urgent safety recommendations. Sean Duffy, the U.S. Transportation secretary, said that he supported an independent audit of airspace operations in Washington, D.C., and safety oversight following this fatal crash. After the May 1 collision, and the serious near miss that occurred on the first of the month, two dozen U.S. Senators have requested the Pentagon and USDOT inspector generals to conduct audits to address the issues with coordination between the Army and Reagan's air traffic control and Army. U.S. Jerry Moran, Senator Jerry Moran of Kansas, Republican, has said that the Army will limit VIP helicopter flights near the Pentagon following safety concerns raised after the fatal accident. Moran stated that the Army would limit training missions around Reagan Washington National Airport, and restrict the number of senior officials and military personnel who could use helicopters as transport. After the close call on May 1, which forced two civilian aircraft to abort their landings, the FAA barred the Army in early May from priority or training transport flights around the Pentagon. Chris Rocheleau told reporters that the FAA was currently in negotiations with the Army regarding future military flights around Reagan. Moran stated that the Army had been ferrying three-star and higher generals before January 29. However, now the Defense Secretary and a small number of senior officials are eligible to fly when the Army resumes its flights. (Reporting and Editing by Bill Berkrot.)
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How hot or not is the stock market? Recent high-profile US IPOs: How they have performed
The debut of digital bank Chime is expected to give a boost to a market that has been recovering after a series of blockbuster listings over the past few months. Analysts say that despite the confidence-boosting performance of recent listings such as Circle, CoreWeave, and eToro, macroeconomic uncertainties and tariff risks may still cause investors to be more selective. Kat Liu is vice president of IPOX. She said that "Chime" could have a significant ripple effect. Many private companies are closely watching the situation, not only for valuation but also for secondary markets liquidity, investor appetite, and demand depth. This is how the S&P 500 benchmark has performed against an ETF that tracks major newly-public stocks over the last year. Here's a look at some of the largest IPOs from recent years: CIRCLE INTERNET The stablecoin issuing company raised In an upsized IPO in early June, the company raised $1.05 billion. The company debuted with a valuation nearing $18 billion when fully diluted. Shares More than doubled On day one, the stock closed about 168% higher than its IPO price. The stock price is 70% higher than its opening price. ETORO: eToro, the Robinhood rival, has been valued at $5.64 billion. shares surged In May, Nasdaq stocks rose 34%. In a larger IPO, the stock and cryptocurrency trading platform raised 620 million dollars. The stock price has fallen 10% since its debut. COREWEAVE: Although the AI cloud company's Nasdaq launch was a bit muted, its stock has nearly quadrupled despite opening almost 3% below their offer price. The Nvidia-backed firm raised About $1.5 billion was raised in the IPO, valuing it at about $23 billion if fully diluted. VENTURE GLOBAL LNG: In January, the liquefied gas exporter reached a valuation of $1.75 billion. This is less than half what it had originally hoped for. In a tepid NYSE debut, the company's shares were opened at a price nearly 4% lower than their IPO. Since then, they have fallen by around 30%. SAILPOINT: In their Nasdaq debut the shares of identity security company Thoma Bravo, which is backed by Thoma Bravo, traded flat. This valued it at $12.80 billion. Since then, the stock has lost almost 2%. Austin, Texas based company raised $1.38 Billion in an increased IPO. ARM HOLDINGS In September 2023 the chip designer raised $4.87billion in its offering, which valued it at $54.5billion. It sought to be valued at up to $52 billion. Shares of the company rose by 10% at open. Since then, the stock has more that doubled. INSTACART: In its IPO, the San Francisco-based Maplebear company was priced at the upper end of the range. In September 2023, it raised $660m at a valuation of nearly $9.9billion. It raised its price range proposed and aimed for a valuation up to $10 billion. Stocks of the grocery delivery app soared 40% at opening and have since gained 5%. VIKING HOLDINGS In April of last year, the cruise operator raised $1.54billion in its IPO. This valued it at $10.35billion. The cruise operator had sought to value the company at up to $10.8 billion. Viking's shares opened at 9% over their initial offer price, and have risen 80% since. STANDARDAERO: In October of last year, the aircraft maintenance service provider raised $1.44 billion by pricing its offering over range. The initial target was a valuation up to $7.69billion. Carlyle's company shares started trading at 29% over the original offer price. Since then, they have lost about 1%. LINEAGE: Cold storage real estate trust raised $4.45billion in its listing on July 20, 2024 at a valuation exceeding $18 billion. It had set a target of a valuation up to $19.16 billion. Stock of the company rose 5% at open on Nasdaq. It has dropped 45% from its opening price. REDDIT: Social media giant Facebook raised $748 million at its IPO last March, valuing it at $6.4 Billion -- the upper end of its target range. Since then, the stock has doubled. BIRKENSTOCK: The German sandal manufacturer, which is 250 years old, raised $1.48 Billion and was valued at $ 9.3 Billion in its IPO of October 2023. This was slightly less than its $10 Billion target. The shares of this company debuted at a price 11% lower than their IPO but have risen by 32% in the past. Sources: LSEG, filings, reports
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Air India plane crash: Reactions from around the world
Authorities said that more than 200 people died when an Air India flight bound for London, with 242 passengers on board, crashed shortly after it took off from Ahmedabad in western India. What world leaders have said to date: INDIAN PREMIER MINISTER NARENDRA MOTI, ON X The tragedy in Ahmedabad shocked and saddened all of us. "It is beyond words." I am thinking of everyone who is affected in this tragic hour. "I have been in contact with ministers and authorities working to help those affected." BRITISH PRIME MINISTER, KEIR STAMMER, ON: The scenes of the crash of an aircraft bound for London, carrying British nationals, in Ahmedabad city are heartbreaking. "I'm being kept informed as the situation evolves and my thoughts are with passengers and their family members at this deeply distressing moment." BRITAIN'S KING CHARLES, IN A STATEMENT ON X: The terrible events that occurred in Ahmedabad early this morning have left my wife and me utterly shocked. We send our deepest sympathies and prayers to the families and loved ones of those who have been affected by this tragic event in so many countries. U.S. SECRETAIRE OF STATE, MARCO RUBIO ON X: "Heartbroken by the news of a tragic airplane crash in Ahmedabad (India). "My prayers are with those who have lost loved ones in this terrible incident." The Vatican's Secretary of State, On X, said: "His Holiness Pope Leo XIV, deeply saddened by this tragedy involving a Air India plane near Ahmedabad sends his sincere condolences and prayers to the families of those who lost their lives. "His Holiness commends the souls to the mercy and grace of God, invoking divine blessings for healing and peace on all those affected." BANGLADESH CHIEF Adviser MUHAMMAD YUNUS SENT A MESSAGE DIRECTLY TO MODI We extend our condolences and deepest sympathy to the families of those who have lost loved ones in this tragic accident. "We offer our full and unwavering support to the Government and people of India." MARK CARNEY - PRIME MINISTER, CANADA The crash of an Air India flight bound for London in Ahmedabad, with 242 passengers on board including one Canadian, is deeply tragic. In the aftermath of this tragedy, Canadian officials are in constant contact with their counterparts. "Our thoughts are with those who have been affected." URSULA VON DER LEEYEN, PRESIDENT OF THE EUROPEAN COMMISSION, ON X: “My deepest sympathies to the families and loved one's grieving this terrible death." "Dear @narendramodi: Europe stands with you and your people in this time of sadness." RUSSIAN PRESIDENT VLADIMIR PUTIN, TO MODI IN AN OFFICIAL TEELEGRAM PUBLISHED BY KREMLIN WEBSITE Please accept my sincere condolences for the tragic effects of the airliner accident at Ahmedabad Airport. Please convey your sincere sympathies and support to families and friends of those who died, and wish a speedy recovery to everyone injured in the accident. FRENCH PREMIER EMMANUEL MACRONE, ON X We have been deeply affected by the plane crash that occurred in Ahmedabad. "In this time of sadness, I send my heartfelt condolences to the loved ones of the victims and Prime Minister @NarendraModi." AUSTRALIAN PREMIER MINISTER ANTHONY ALANESE, ON X The news of the passenger plane crash that occurred in Ahmedabad was absolutely devastating. Australia is thinking of everyone who has been affected in this tragic time. Our government receives regular updates, and we continue to closely monitor the situation." IRISH PRIME MINISTER, MICHEAL MARTIN: "My prayers and thoughts are with the Indian people after the horrible plane crash that occurred in Ahmedabad today." I am thinking of the families and emergency services who are on the scene, as well as the passengers. GENERAL SECRETAIRE OF BRITISH Airline Pilots' Association AMY LEVERSIDGE Pilots from around the world are saddened to hear this. The British Airline Pilots' Association offers condolences for all the victims. It is essential that a thorough and comprehensive investigation be carried out now without any interference or unhelpful speculating about the contributing factors in order to avoid future tragedies." Reporting by Alexander Marrow in London and Ruma Paul from Dhaka. Compiled by Hritam Mukherjee in Bengaluru and Manvi Pan in Bengaluru. Editing by Andrew Heavens.
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Sanchez's ally leaves Spain's ruling Socialist Party due to corruption allegations
On Thursday, a senior official from Prime Minister Pedro Sanchez’s Socialist Party resigned his posts in the party and the Congress over allegations of corruption. This case poses one of the greatest threats to the fragile coalition government of the country. Santos Cerdan resigned as the third-ranked Socialist Party (PSOE), organisational secretary after a Spanish Supreme Court Judge invited him to appear on June 25, Cerdan announced his resignation in a press release, saying he would devote his time to defending himself. He said, "I have never been guilty of any crime or complicity in one." "I repeat my innocence and I trust that my testimony in court will make it clear." According to a document obtained by us, Judge Leopoldo Puente who opened the case on Friday said that there was "strong proof" of Cerdan’s involvement in "improperly awarding" public works contracts for a fee. These acts are crimes of criminal organization and bribery that can result in prison sentences as long as eight years. According to a police report seen by the judge, they have a recording in which Jose Luis Abalos, former Transport Minister of Mexico, and Cerdan discuss suspected kickbacks. Cerdan said earlier that day that he could not recall the conversation. (Writing and editing by Charlie Devereux, Sharon Singleton, Alexandra Hudson).
Bousso: Section 899 could wreck Trump's energy dominance plan
Section 899 proposes a tax of up to 20% on the income of foreign investors
The proposal is included in President Trump's tax bill signature
The tax could have a major impact on the profits of European oil giants
Ron Bousso
LONDON, 12 June - A proposed U.S. Tax targeting foreign investors may hurt European Energy Giants that operate in America’s booming Oil and Gas Sector, undermining President Donald Trump’s energy dominance agenda.
The Senate is reviewing Trump's tax and spending plan, which includes an extra tax of up 20% on the incomes of foreign investors such as dividends or royalties.
The Section 899 tax was designed to push back against countries who impose "unfair foreign taxes", such as digital service taxes, on U.S. businesses.
Section 899 may target companies with headquarters in the European Union or Britain. Both countries have tax systems that are considered discriminatory by Trump's administration. This provision poses a serious threat to companies like Shell and BP, as well as TotalEnergies and Repsol in Spain and France.
Trump, who used the slogan, "drill baby drill", in his campaign for president, has presented himself as a pro-fossil energy, promising on his first official day to maximize oil and gas production. Section 899, if passed, could have the opposite impact.
BP invested over $6 billion in the United States last year, which is about 40% of their capital expenditure. This includes onshore and off-shore oil and gas operations as well as two refineries, tens of thousands of retail fuel station and a power trading company. BP employs more than a third (90,000) of its global workforce in the United States. The country also accounts for approximately 30% of its $189 billion revenue by 2024 and more than a fourth of its net profit of $21 billion.
Shell, Europe's largest oil company, has also invested heavily in the United States. This investment accounted for 23 percent of the $284 billion revenue that Shell expects to generate by 2024. Shell invests around 30% of its capital in the United States, where it operates oil and gas production plants, a petrochemicals facility, a vast network of retail outlets, LNG purchasing agreements, and major trading operations.
SHAKEN CONFIDENCE
In recent decades, the United States has become increasingly important for Big Oil companies thanks to its stable fiscal environment and regulatory framework. Other regions have presented a range of challenges.
Consider Russia as an example. After the fall of the Soviet Union in 1990, its vast oil and natural gas reserves attracted many investors. However, the country has become uninvestable due to the western sanctions imposed after Russia's invasion in Ukraine in 2022.
In the Middle East where oil companies are dominant, there are also limited investment opportunities for western companies. Europe has few natural resources, and is governed by strict environmental regulations.
Oil and gas companies are multinational, so they have plenty experience in dealing with tax uncertainties. However, shifting tax policies tends to delay investment. To proceed with multi-decade projects like oil and gas fields, LNG plants or other large capital projects, company boards need to be confident for the long term.
In 2020, Joe Biden revoked a permit for construction of the Keystone XL Pipeline, which had already shaken the industry's faith in the United States. In 2024, the Biden administration halted all approvals of new LNG projects due to climate concerns.
Trump lifted the pause as he entered into the White House.
A HEAVY BLAST
Section 899 could impose a new tax to multinational companies on dividends and inter-company loan payments. This could reduce their profit.
Shell said that the Gulf of Mexico contributed about 10% of its $40 billion free cash flow in 2024. This means that Section 899 would reduce Shell's free cash flow by $800 million per year, just from Gulf of Mexico operations.
Calculations show that BP generated about $1.5 billion of free cash flow last year in the United States. A 20% dividend tax would result in a $300,000,000 loss of free cash flow.
Companies could choose to move their funds out of the United States if they are faced with worsening fiscal conditions.
Companies could decide to invest more widely, even though the options are limited for investing capital in other places on a comparable scale. This scenario would be beneficial for countries like Canada, Brazil Mozambique, and Namibia that have vast natural resources.
Companies could also move their headquarters and listing to the United States, but this would be a very expensive and complicated political option. Shell had previously considered such a move in order to increase its share price, but it seems to have abandoned that idea.
It is likely that, in the end, the Senate will push for a modification of Section 899, or a limitation on its scope, due to the potentially far-reaching impacts it could have on many sectors. Section 899, unless it is drastically changed, poses a serious risk to European oil and gas companies that are heavily reliant on the United States.
The president will listen to the European CEOs if they complain loudly about the Trump administration’s energy dominance agenda.
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(source: Reuters)