
Big Take: Everything We Know About the Air India Crash
Moments after taking off, an Air India flight bound for London from an airport in Western India crashed with over 200 passengers on board. Hundreds have died and a search for survivors is ongoing. On today's Big Take podcast, Bloomberg's Benedikt Kammel joins host Sarah Holder to discuss what the crash of Boeing's marquee 787 Dreamliner means for the company and the commercial aviation industry at large.

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- Yahoo
Trump's $1 Trillion Trade Shock: Is the U.S. About to Lose Its Edge?
Trump's tariff blitz is backlouder, costlier, and this time, with fewer friends. As he heads into the G-7 summit, his trade playbook is drawing sharper pushback from allies, courts, and economists. Bloomberg Economics estimates the global economy could be $1 trillion smaller by 2030 if the current tariff regime stays in place. The U.S. alone may shoulder more than a third of that painroughly 690,000 lost jobs and a shrinking slice of global trade. Meanwhile, countries like Canada, Japan, and Mexico are leaning harder into the CPTPP, hedging against what they now see as a less dependable U.S. trade partner. The economic trade-off Trump's banking on? More factories, fewer services. Bloomberg's model suggests tariffs could deliver 1.2 million new manufacturing jobsbut potentially erase 1.6 million in the service sector. That imbalance is already showing up in slower growth forecasts. The OECD now expects just 1.6% U.S. growth in 2025, down from 2.8% in 2024. And as prices tick up and global supply chains recalibrate, major U.S. trading partnersfrom Germany to Japanare preparing for impact. While the Trump team frames this as a strategic reset, even close allies are starting to build trade routes that bypass Washington. For investors, this shift could be a game-changer. Companies with cross-border exposureespecially automakers like Ford (NYSE:F) and Tesla (NASDAQ:TSLA)may see higher input costs and pressure on margins if tariffs escalate. On the flip side, CPTPP economies like Vietnam and Mexico are gaining ground, drawing new investment and export orders that once flowed to the U.S. The bigger picture? America's withdrawal from TPP could end up as one of the most expensive political decisions in modern trade historynot just economically, but strategically. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


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38 minutes ago
- Business of Fashion
US Consumer Sentiment Jumps as Inflation Expectations Improve
US consumer sentiment rose by the most since January 2024 as concerns about the economy eased and short-term inflation expectations showed a marked improvement. The preliminary June sentiment index rose 8.3 points from a month earlier to 60.5, according to the University of Michigan. The figure easily topped all expectations in a Bloomberg survey of economists. Consumers expect prices to rise at a 5.1 percent rate over the next year, the data released on Friday showed. That is down from 6.6 percent in May and marks the steepest monthly drop since October 2001. They saw costs rising at an annual rate of 4.1 percent over the next five to 10 years, compared with 4.2 percent in May. The increase in the sentiment gauge is the first this year and shows less anxiety surrounding President Donald Trump's protectionist trade policy. The survey showed a sharp improvement in expectations for the economy and the biggest rise in expectations of personal finances in more than three years. At the same time, their views of business conditions, finances and buying conditions are still below levels seen at the end of last year. 'Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed,' Joanne Hsu, director of the survey, said in a statement. 'However, consumers still perceive wide-ranging downside risks to the economy.' A sustained improvement in sentiment may help ease concerns among economists and businesses about consumer spending and economic growth prospects. The tempering of concerns about inflation due to higher tariffs follows reports this week that showed price pressures remain modest. A measure of underlying inflation that excludes the often-volatile food and energy categories rose just 0.1 percent in May. The survey, conducted May 27 through June 9, concluded just days before an announced trade framework between the US and China. Under the agreement, both countries consented to maintain tariffs at their existing levels. The survey showed the expectations index jumped 10.5 points, the most since December 2023, to 58.4. The current conditions gauge increased to a three-month high of 63.7 from 58.9. Sentiment improved along political groups. A gauge of sentiment among Republicans increased to the highest level since October 2020. Confidence among Democrats and political independents rose to three-month highs. By Nazmul Ahasan Learn more: Surprise! Why Apparel Prices Are Actually Falling The latest US inflation data, covering the weeks after the Trump administration's tariffs kicked in, shows prices for clothing declined at their fastest pace in years. Consumers shouldn't get complacent though — many experts say sticker shock is still coming.
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NY Lawmakers Near Deadline to Pass Bill Targeting Emerging Market ‘Vulture Funds'
(Bloomberg) -- New York state lawmakers are within days of a deadline to pass legislation targeting so-called vulture funds that has languished in the local legislature for the past two years. 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 The state Assembly is expected to make a decision on the so-called Champerty bill before adjourning next Tuesday. If it doesn't pass by then, supporters will have to wait until January for the debate to resume. The legislation, which has already passed the local senate, would bar investors from purchasing distressed debt at a deep discount with the intention of suing foreign governments after they've defaulted. It also cuts the 9% interest rate on past-due coupons on defaulted sovereign emerging-market bonds, instead matching the new rate to the going yield on one-year Treasury bills, currently at 4.08%. After repeated failed attempts since it was first introduced in 2023, the proposal has gained momentum recently, assembly member Jessica Gonzalez-Rojas — the bill's sponsor along with state senator Liz Krueger — said in an interview. She emphasized that the goal is not to disrupt the sovereign debt industry. As of Friday, she's still trying to bring it to the chamber floor for a vote. The bill is part of a broader, multi-year effort by New York lawmakers, nonprofits and charities to overhaul the protracted process of revamping defaulted government debt. Even as emerging economies move past a wave of post-pandemic defaults, Ethiopia and Lebanon are still negotiating on their debt. If passed, the legislation would impact roughly half — over $800 billion — of all hard currency sovereign bonds issued by developing countries. Industry groups representing Wall Street investors have previously raised concerns over proposals focused on sovereign debt. But this year, that criticism has dimmed. The bill 'could contribute to the ongoing international efforts to support orderly and predictable debt restructuring processes by reducing incentives for disruptive vulture fund litigation, which is a laudable goal,' a spokesperson for the International Monetary Fund said in an emailed statement. The Fund's objective is to ensure sovereign debt restructuring to be 'predictable, transparent, and orderly, and that it ultimately restores debt sustainability,' the statement added. Still, organizations including the Securities Industry and Financial Markets Association, Creditor Rights Coalition and LSTA have in recent weeks sent letters to state lawmakers seeking to block the proposal, arguing it would have 'wide-ranging' and 'unintended negative consequences' for global financial markets. 'It will also be tremendously damaging to New York state,' said Elliot Ganz, LSTA's head of advocacy. 'You're just asking for the migration of that business to places like Texas and Florida.' A separate bill known as the Sovereign Debt Stability Act was also reintroduced this year. It would, among other things, ramp up oversight on how defaulted government debt is restructured with creditors and cap the amount private creditors could recoup during a debt revamp. It has failed before and hasn't progressed this year. --With assistance from Zach Williams. 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 As Companies Abandon Climate Pledges, Is There a Silver Lining? US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom ©2025 Bloomberg L.P.