Hundreds Feared Dead in Air India Boeing Crash
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In business, they say you can have better, cheaper, or faster, but you only get to pick two. What if you could have all three? You can with Oracle Cloud Infrastructure. Try OCI for free at oracle.com slash wallstreet. Here's your midday brief for Thursday, June 12th. I'm Alex Osele for The Wall Street Journal.
Details are emerging about today's Air India crash. The Boeing 787-8 passenger jet carrying 242 people bound for London crashed into a residential area in the western Indian state of Gujarat shortly after takeoff. Indian authorities say survival of any passengers from the plane appeared remote. However, Air India CEO Campbell Wilson indicated that some of those on board might have survived the crash.
The crash hop ends the safety record of one of Boeing's best-selling jets, dealing a fresh blow to the beleaguered U.S. planemaker that has been mired by safety and production issues in recent years. The company's stock fell more than 4 percent in early trading today.
The Labor Department said today that wholesale prices in the U.S. rose 0.1 percent in May from April, below economists' expectations. The figures come on the heels of a report yesterday on consumer prices that showed only subdued effects so far from President Trump's trade war. Consumer prices rose 0.1 percent in May from the previous month, less than economists anticipated.
And aerospace company Jet Zero said it would break ground next year on a manufacturing plant in Greensboro, North Carolina, ultimately investing nearly $5 billion. The company said that the factory will employ more than 14,500 workers, making it North Carolina's largest-ever jobs announcement. It puts Jet Zero on track to start rolling out a spacious, fuel-efficient airplane for commercial use by 2032.
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