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Julian Harris: Labour Reverts to Type

Julian Harris: Labour Reverts to Type

Bloomberga day ago

A few months ago during a news meeting here at Bloomberg, I wondered out loud whether Keir Starmer saw himself as the head of a centrist government that just happened to have a Labour party attached to it.
Was the prime minister effectively daring Labour backbenchers and activists to challenge him, knowing they wouldn't do so for fear of ushering Nigel Farage into power? Would the parliamentary term play out as a five-year game of chicken?

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Tariff-Hit Factory, Wholesale Sales in Canada Fell in April
Tariff-Hit Factory, Wholesale Sales in Canada Fell in April

Yahoo

time39 minutes ago

  • Yahoo

Tariff-Hit Factory, Wholesale Sales in Canada Fell in April

(Bloomberg) -- Canada's trade-driven sectors are showing clearer signs of a pullback in activity brought on by US President Donald Trump's tariffs. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban Do World's Fairs Still Matter? NY Long Island Rail Service Resumes After Grand Central Fire Manufacturing sales fell 2.8% in April, the largest monthly drop since October 2023 and the lowest level since early 2022, while wholesale sales dropped 2.3%, Statistics Canada data showed Friday. Both declines were deeper than the median projections in a Bloomberg survey of economists. In volume terms, sales for manufacturers dropped 1.8% and down 2.2% for wholesalers. Total manufacturing inventories dropped 1%, while wholesale inventories fell 0.2%. The figures point to weakness in the two sectors that are tied to US trade, with about half of manufacturers and wholesalers reporting being affected by tariffs and trade tensions. These declines are happening amid April's record trade deficit, and suggest exports and inventory accumulation that propped up gross domestic product in the first quarter won't provide much support for growth in the middle of this year. The Trump administration's tariffs on imported steel, aluminum, autos and other products are hitting the sectors hard because the US is the biggest market for Canadian manufacturers, who sold about half of their products to foreign customers, with about 80% going to its southern neighbor. Wholesale trade also showed some pressures on consumption, supply chains and business activity. Prime Minister Mark Carney's government hopes to reach a deal with the US, which would reduce trade uncertainty and tariffs. With risks of a severe economic downturn this year subsiding, some economists are starting to expect Bank of Canada policymakers to continue keeping interest rates at the current level. Others still see at least one more rate reduction this year. In April, lower sales of petroleum and coal products, motor vehicles and primary metals led the decreases in manufacturing receipts. Similarly, declines in wholesale receipts were led by motor vehicles and parts. 'So far for April we have sharp declines in wholesale, manufacturing, exports and imports. The tariffs hit impacted sectors hard. Home sales were about flat in the month, while the election will provide a small bump to activity,' Benjamin Reitzes, rates and macro strategist at Bank of Montreal, said in an email. 'Given the data in hand, the risks are clearly skewed to the downside for April gross domestic product from Statistics Canada's early estimate of +0.1%.' Andrew Grantham, economist at Canadian Imperial Bank of Commerce, also said the data suggest the monthly GDP figure will be downgraded. 'April GDP is probably more likely to come in at a flat reading or possibly a slight negative, which would also leave Q2 tracking broadly flat relative to the prior quarter,' he said in a report to investors. --With assistance from Erik Hertzberg. (Adds economist comments to the bottom paragraphs.) American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software New Grads Join Worst Entry-Level Job Market in Years US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom As Companies Abandon Climate Pledges, Is There a Silver Lining? ©2025 Bloomberg L.P.

Investigators searching Air India crash site find digital flight data recorder
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The Hill

time41 minutes ago

  • The Hill

Investigators searching Air India crash site find digital flight data recorder

AHMEDABAD, India (AP) — India's Aircraft Accident Investigation Bureau has recovered the digital flight data recorder, or the black box, of the Air India flight that fell from the sky and killed 241 people on board and several people on the ground. The London-bound Boeing 787 struck a medical college hostel when it fell in a residential area of the northwestern city of Ahmedabad minutes after takeoff Thursday. The plane's black box was recovered from a rooftop near the crash site Friday and the investigation bureau said it has begun its work with 'full force.' The black box recovery marks an important step forward in the investigation, Civil Aviation Minister Ram Mohan Naidu said in a social media post. Separately, the country's civil aviation regulator issued an order directing Air India to do additional maintenance and enhanced safety inspections of its Boeing 787-8 and 787-9 Dreamliners equipped with General Electric's GEnx engines. The key inspections include fuel parameters, cabin air compressor, engine control system, hydraulic system and a review of takeoff parameters, according to the order. Investigators on Friday continued searching the site of one of India's worst aviation disasters and Prime Minister Narendra Modi met with the lone surviving passenger a day after the crash. DNA testing was being conducted to identify bodies that were mostly charred beyond recognition. More victims are expected to be found in the search at the crash site. There was no information on whether the black boxes — the flight data and cockpit voice recorders — had been recovered. The plane hit a building hosting a medical college hostel and burst into flames, killing several students, in the city that is the capital of Gujarat, Modi's home state. 'We are all devastated by the air tragedy in Ahmedabad. The loss of so many lives in such a sudden and heartbreaking manner is beyond words,' Modi said on social media after visiting the site. 'We understand their pain and also know that the void left behind will be felt for years to come.' The survivor was seen in television footage meeting Modi at the government hospital where he was being treated for burns and other injuries. Viswashkumar Ramesh told India's national broadcaster he still can't believe he was alive. He said the aircraft seemed to become stuck immediately after takeoff. He said then the lights came on, and right after that it accelerated but seemed unable to gain height before it crashed. He said the side of the plane where he was seated fell onto the ground floor of a building and there was space for him to escape after the door broke open. He unfastened his seat belt and forced himself out of the plane. 'When I opened my eyes, I realized I was alive,' he said. India's Aircraft Accident Investigation Bureau is investigating, and the U.S. participants in the probe are expected to include people from the National Transportation Safety Board, Federal Aviation Administration, Boeing and General Electric. Prof. Graham Braithwaite, director of Aerospace and Aviation at Cranfield University, said the primary goal of the investigation would be 'to find opportunities to prevent future accidents.' 'The multinational, multidisciplinary team will work together and can also involve specialists from the manufacturer or operator,' he said, 'but under very strict controls to ensure the independence of the investigation.' Medics are conducting DNA tests to identify those killed, the president of the Federation of All India Medical Association, Akshay Dongardiv, said. Meanwhile, grieving families gathered outside the Civil hospital in Ahmedabad on Friday. Two doctors at the hospital said the bodies of four medical students killed on the ground after the plane crash were handed to their families. They said at least 30 other injured students were still admitted in the hospital and at least four of them were critical. Modi held a meeting with senior officials Friday and met some of those injured on the ground during the hospital visit. Thursday's Air India crash involved a 12-year-old Boeing 787. Boeing planes have been plagued by safety issues on other types of aircraft. According to experts, there are currently around 1,200 of the 787 Dreamliner aircraft worldwide and this was the first deadly crash in 16 years of operation. Indian conglomerate Tata Sons took over Air India in 2022, returning the debt-saddled national carrier to private ownership after decades of government control. Since the takeover, Air India has ordered hundreds of new planes, redesigned its branding and livery and absorbed smaller airlines Tata held stakes in. Residents living in the vicinity, who were among the first to rush to the crash site and help with rescue, described the scale of damage like they had never seen. 'In the beginning, I couldn't understand anything, it was only smoke everywhere. We could see some small parts (of the plane) burning,' Indrajeet Singh Solanki said. Solanki said he and many others helped the injured people and rushed them to hospitals. 'We had only one aim: to save lives no matter what happens,' he said. The tragedy has left him shaken. 'It will be hard to sleep for the next few days at least,' Solanki said. A bomb threat message on Air India flight AI 379, which was bound for New Delhi from Phuket International Airport in southern Thailand, was found in a lavatory shortly after the plane took off Friday, officials said. The plane requested an emergency landing back at Phuket and all 156 passengers were evacuated before authorities began an inspection of the plane, the airport said. Thai authorities said the plane, passengers and luggage were thoroughly inspected and they found nothing suspicious. The airport and airline said the pilot wished to resume the flight and the plane took off again in the afternoon without one passenger who did not want to continue. ___ Roy reported from New Delhi and Hussain reported from Srinagar, India. Jintamas Saksornchai in Bangkok, Thailand, and Piyush Nagpal in Ahmedabad, India, contributed to this report.

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