More than 240 dead after Air India plane crash

Good morning and welcome to FirstFT Asia. In today’s newsletter:

• Deadly plane crash near Ahmedabad airport in India

• US senator detained during press conference

• Stablecoins go mainstream

We start in India, where the country is grappling with the aftermath of the worst aviation disaster in more than a decade. More than 240 people died when an Air India flight to London crashed in Ahmedabad shortly after take-off on Thursday.

The latest: Air India said 169 Indian nationals, as well as 53 British citizens, seven Portuguese and one Canadian were on board. At least one passenger survived and was taken to a hospital for treatment. The US transportation chief has said his department is working with the NTSB to assist India with its investigation of the crash.

Boeing: The crash has brought more scrutiny to one of Boeing’s best-selling aircraft. The 787 Dreamliner has a “good in-service safety record,” according to an aviation consultant, but has suffered from production setbacks and attention from whistleblowers. Last year, the company rejected allegations about the aircraft’s structural integrity from a longtime in-house engineer.

Read more on how Boeing CEO Kelly Ortberg and world leaders are reacting to the tragic crash.

Here’s what else I’m keeping tabs on today and through the weekend:

• Economic data: The EU releases industrial production figures from April and first-quarter labour market data.

• G7 Leaders’ Summit: The annual meeting of international leaders begins on Sunday and will be hosted in Canada by PM Mark Carney. What is Europe’s game plan for handling Trump?

Five more top stories

How well did you keep up with the news this week? Take our quiz.

1. A US Senator was forcibly removed by federal agents at a press conference held by homeland security secretary Kristi Noem. Democrat Alex Padilla was wrestled to the ground and handcuffed, but not arrested, the California politician later said. The altercation marks a new escalation after days of tensions in Los Angeles following protests over the White House’s efforts to deport millions of undocumented immigrants.

• Division among Democrats: The party has struggled to form a coherent message on immigration. Now, they are caught between whether to criticise the US president’s actions or condemn protesters.

2. Donald Trump has warned an Israeli strike on Iran could “very well happen”. The comments on Thursday come as US and Iranian officials are due to hold a new round of talks over the Islamic republic’s expanding nuclear programme. Western diplomats say Tehran is keen to avoid military conflict, but it refuses to accept a US demand that the country stop enriching uranium domestically.

3. Western companies say Beijing’s commerce ministry is demanding sensitive business information to secure rare earths and magnets. These include production details, images of products and facilities, and confidential customer lists. China has not said it would abandon its export controls and it was unclear if the country’s latest trade truce with the US would affect the approval process for shipments of the critical materials. Here’s more from businesses on how the controls have affected them.

4. More than £185mn worth in properties linked to Bangladesh’s former land minister have been frozen by Britain’s National Crime Agency. The NCA’s freezing orders of more than 300 properties is one of the highest-profile developments yet in Bangladesh leader Muhammad Yunus’s effort to track down foreign assets.

5. The dollar reached a three-year low after Trump told reporters he would outline new tariff rates to trading partners in the next couple of weeks. While trade tensions have continued to weigh on the dollar, stocks have since rebounded from their April plunge.

Today’s big read

Stablecoins were created to boost trading in cryptocurrency markets, enabling buying and selling without the use of a bank. Until recently, ease of use and anonymity made them a de facto currency reserve for crypto traders and a conduit for crime including drug trafficking and money laundering. With Trump’s return to the White House, stablecoins are becoming increasingly mainstream — a development that could have profound implications for the global financial system.

We’re also reading . . . 

Chart of the day 

South Korea’s main stock index has hit a more than three-year high, as investors bet on the country’s new left-wing government. During his campaign, president Lee Jae-myung promised the country’s retail investors that Kospi would reach 5,000 points during his term. The index has climbed more than 7 per cent since last week. Will it continue to rise?

Take a break from the news

High above the Swiss alps, “Chrigel the Eagle” is on a historic unbeaten streak. Paraglider Christian Maurer has won every edition of the Red Bull X-Alps since 2009 and doesn’t plan on stopping. He shares with HTSI what it takes to be king of the mountains.