Boeing 787 Bound for London Crashes in India

Summary

WSJ What’s News: Detailed Summary of “Boeing 787 Bound for London Crashes in India” – June 12, 2025

Host: The Wall Street Journal

Release Date: June 12, 2025

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Introduction

In this episode of WSJ’s "What’s News," host Luke Vargas delivers a comprehensive update on the day’s most pressing headlines. Covering a tragic aviation accident, escalating Iran-US tensions, significant legal battles in California, shifts in the IPO market, and promising developments in HIV prevention, this episode provides listeners with in-depth analysis and expert insights to understand the implications of these events on global markets and political landscapes.

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Aviation Tragedy: Air India Boeing 787 Crash

Breaking News:
At [01:01], Luke Vargas announces a tragic incident involving Air India flight AI171:

• Details of the Crash:

  • Aircraft: Boeing 787, 11 years old (source: FlightAware).
  • Flight Path: Bound for London, crashed shortly after takeoff from Ahmedabad, India.

• Casualties:

  • Total Onboard: 242 people.
  • Nationalities: 169 Indian nationals, 53 British, 7 Portuguese, and 1 Canadian.

• Immediate Response:

  • Local television footage captured heavy plumes of smoke.
  • Injured passengers are being transported to nearby hospitals.

This tragic event has sent shockwaves through the aviation community and affected numerous families worldwide.

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Escalating Iran-US Tensions Over Nuclear Enrichment

Geopolitical Developments:
At [01:01], Vargas shifts focus to Iran’s announcement of plans to establish a new nuclear enrichment facility amidst rising tensions with the U.S.

• International Atomic Energy Agency (IAEA) Vote:

  • Outcome: Iran declared non-compliant with its nuclear obligations.
  • Proposed by: U.S., France, Germany, and the UK.
  • Opposed by: Russia and China.

• Consequences:

  • Iran intends to set up a new nuclear facility in a secure location despite the negative vote.
  • The U.S. has ordered the withdrawal of all non-essential personnel from Iraq, Bahrain, and Kuwait in response to heightened tensions.

Expert Insight with Benoit Foucault ([03:01] - [05:56]):

Benoit Foucault from the Wall Street Journal provides deeper analysis:

• Deterioration of Relations:

  • Recent aggressive stance from U.S. President Donald Trump regarding nuclear talks.
  • Iranian Defense Minister warned of potential attacks on U.S. bases if negotiations fail ([03:01]).

• Current Situation:

  • Despite heightened rhetoric, both sides are employing pressure tactics rather than engaging in direct conflict.
  • Upcoming talks scheduled for the weekend indicate a possibility to de-escalate tensions ([03:53]).

• Market Impact:

  • Oil Prices: Rose by 5% due to concerns over the security of the Persian Gulf, a critical oil route ([04:51]).
  • Maritime Security: UK-US joint forces have increased vigilance in the Persian Gulf, advising shippers to stay alert for suspicious activities.

• Risk Assessment:

  • Though not on the brink of war, the situation remains volatile with significant risks for regional stability and global markets.

Notable Quote:

“The risk of conflict in the region... is very high.” – Benoit Foucault ([04:31])

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Legal Battle in California: Governor Newsom vs. Trump Administration

Domestic Conflict:
At [05:56], Vargas reports on the legal showdown between California Governor Gavin Newsom and the Trump administration over the deployment of National Guard units and Marines to aid in deportation efforts.

• Federal Justification:

  • Authority Cited: Militia Act of 1908, permitting federal deployment during emergencies like foreign invasions or rebellions.

• California’s Argument:

  • Legal Standing: California contends that the current situation does not meet the criteria for such federal intervention.
  • State Response: Emphasis on maintaining peace, despite isolated incidents of violence and vandalism.

• Impact of Federal Deployment:

  • Protests: Recent protests in Los Angeles led to looting and vandalism, prompting the imposition of curfews.
  • Curfew Enforcement: Mayor Karen Bass stated that the curfews “will go on as long as they are needed” ([07:08]).

Governor Karen Bass on Emergency Declarations ([07:08]):

“The emergency declaration that I signed yesterday does not have a time limit to it, and so the curfews will go on as long as they are needed.”

Business Impact:

• Increased security measures have affected downtown Los Angeles businesses, with some establishments reducing operating hours to comply with curfew regulations.

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Changes in the Advisory Committee on Immunizations Practices

Health Sector Update:
At [07:30], Health Secretary Robert F. Kennedy Jr. announces the selection of eight new members to the Advisory Committee on Immunizations Practices (ACIP).

• Background:

  • Previously, all 17 members of the ACIP were dismissed.

• New Appointments:

  • Inclusion of individuals with ties to vaccine skeptic groups.
  • Kennedy asserts the new panel will “apply gold standard science to both new and existing vaccine guidelines.”

Controversy:

• Critics argue that the new members lack the necessary scientific expertise on vaccines, potentially undermining the committee’s credibility and effectiveness.

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IPO Market Signals Revival

Market Dynamics:
At [08:XX], Vargas highlights emerging signs of recovery in the Initial Public Offering (IPO) market following earlier disruptions caused by trade tensions.

• Notable IPOs:

  • Voyager Technologies:

    • Sector: Space and defense technology.
    • Performance: Shares climbed during their New York Stock Exchange debut.
    • Collaborations: Working with Airbus, Mitsubishi, MDA Space, and Palantir on the Star Lab space station project.

  • Circle Financial:

    • Sector: Stablecoin (cryptocurrency).
    • Performance: Recorded significant stock price increases post-IPO, signaling strong investor interest.

Analysis by Alex Frankos ([09:32] - [10:03]):

Alex Frankos, Finance Editor, provides insights into the current state of the IPO market:

• Market Sentiment:

  • Recent positive performances from Voyager and Circle Financial indicate renewed optimism among investors.

• Volume and Growth:

  • Despite these successes, overall IPO activity remains “pretty anemic,” with limited volume and fewer companies going public compared to previous market cycles ([09:32], [10:03]).

Notable Quote:

“We haven't seen that kind of thing in a while, and so that's giving people a sense that the market is open again.” – Alex Frankos ([09:32])

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Gilead Sciences and HIV Prevention Breakthrough

Biotech Advancement:
At [10:03], Vargas discusses the potential approval of a groundbreaking HIV prevention injection by the U.S. Food and Drug Administration (FDA), which is generating significant investor excitement.

• Company Spotlight: Gilead Sciences
  • Dominance: Leading player in HIV treatment.
  • Recent Developments: Shares have surged following the announcement that just two annual shots of their drug prevented all HIV infections in a study involving women and girls.
  • Future Outlook: A follow-up study in men is expected to conclude by late 2025 or early 2026.

Expert Commentary by David Wehner ([11:04] - [11:53]):

David Wehner, a Journal columnist, analyzes the implications for Gilead Sciences:

• Growth Prospects:

  • Historical Performance: Previously experienced significant growth with hepatitis C cures but later faced stagnation.
  • Current Opportunity: The new HIV prevention shot represents a "breakthrough" that could restart Gilead’s growth engine.

• Market Impact:

  • Encourages investors to view Gilead as poised for substantial growth after a decade of limited stock movement ([11:04]).

Notable Quote:

“This is a chance to finally grow and to finally break through this range that its stock has traded over the last ten years or so.” – David Wehner ([11:04])

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Conclusion

In today’s episode, "What’s News" provides listeners with a thorough overview of significant events shaping the global and domestic landscape. From the tragic Boeing 787 crash in India to the intensifying Iran-US tensions, legal disputes in California, tentative recovery in the IPO market, and promising advancements in HIV prevention, each segment offers valuable insights into how these developments impact markets and societal dynamics. The inclusion of expert analysis and notable quotes enhances the understanding of these complex issues, making the episode an essential listen for anyone seeking to stay informed on current events.

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Notable Quotes:

• Benoit Foucault on Regional Conflict Risk:
  “The risk of conflict in the region... is very high.” ([04:31])

• Governor Karen Bass on Emergency Curfews:
  “The curfews will go on as long as they are needed.” ([07:08])

• David Wehner on Gilead Sciences’ Growth Opportunity:
  “This is a chance to finally grow and to finally break through this range that its stock has traded over the last ten years or so.” ([11:04])

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This detailed summary captures all key points, discussions, insights, and conclusions from the WSJ’s “What’s News” episode, providing a comprehensive understanding for those who have not listened to the original podcast.

Transcript

[Reba McEntire]

Isn't home where we all want to be? Reba here for realtor.com the Pro's number one most trusted app Finding a home is like dating. You're searching for the one with over 500,000 new listings every month. You can find the one today. Download the realtor.com app cause you're nearly home. Make it real with realtor.com Pro's number.

[Luke Vargas]

One most trusted app based on August 2024 proprietary survey. Over 500,000 new listings every month based on average new for sale and rental listings.

[Benoit Foucault]

February 2024 through January 2025.

[Luke Vargas]

Iran plans to establish a new nuclear enrichment facility amid rising tensions with the U.S. plus, Health Secretary Robert F. Kennedy Jr. Names new members to a key immunization committee, including vaccine skeptics. And we'll look at signs of an improving IPO market.

[Alex Frankos]

IPOs are debuting and the share prices are up. That's not something we've seen in a while and so it's given people a new sense of optimism that there could be a lot more coming.

[Luke Vargas]

It's Thursday, Wednesday, June 12th. I'm Luke Vargas for the Wall Street Journal and here is the AM edition of what's news, the top headlines and business stories moving your world today. We begin with some breaking news as an Air India plane carrying 242 people has crashed near an airport in the western Indian city of Ahmedabad. According to Air India, 169 of those on board are Indian nationals, 53 are British. Seven Portugues and one Canadian flight, AI171, which was bound for London, crashed shortly after taking off with local television channels showing heavy plumes of smoke rising into the sky. The airline added that the injured are being taken to the nearest hospitals. According to data from flight tracking website FlightAware, the jet was an 11 year old Boeing 787. Iran says that it plans to establish a new nuclear enrichment facility in a secure location following a vote against it this morning by members of the International Atomic Energy Agency who found that the country is not complying with its nuclear obligations. The U.S. france, Germany and the UK put forward the resolution, which Russia and China opposed. The vote marks the first time in two decades that Iran has been declared out of compliance with provisions of the Nuclear Non Proliferation Treaty. It comes amid rising tensions between the US And Iran, with the State Department ordering all non essential personnel to withdraw from Iraq and saying that all non essential staff and their families can leave Bahrain and Kuwait as well. With more on the situation, I'm joined by the Journal's Benoit Foucault Benoit, explain for us what appears to have been a very rapid deterioration of relations between Tehran and Washington of late.

[Benoit Foucault]

Yeah, I mean, what happened really in the past, I would say two days was an incredibly sort of increasingly bearish view from U.S. president Donald Trump about the outcome of the U.S. iranian talks over Tehran's nuclear program. And in response, the Iranian side, the Iran defense minister said, well, you know, we know people are saying that if the deal isn't struck, then an attack will come next and we will respond by attacking U.S. bases. So that's kind of a variable escalation from what I hear from US Officials were the key factor in deciding what is a relatively limited piece of action in terms of withdrawing. Like you say, non essential stuff. But the big picture, though is we're still at the moment in pressure tactics. We're not on the cusp of war as far as I've heard from U.S. officials and Iranian officials.

[Luke Vargas]

And we should note, more talks are scheduled for this weekend. So things aren't so bad that the two sides aren't able to meet.

[Benoit Foucault]

Absolutely. I mean, if we were in a danger zone, I mean, they'd pull out from the talks. And yes, U.S. special envoy Stephen Wyckoff is going to fly to Muscat in Oman to meet his Iranian counterpart. Obviously, that's going to happen in a very tense context. What is at stake now is going to look much more significant. You know, the risk of conflict in the region. Obviously, Israel has promised so far to President Trump not to carry a strike. But obviously if the talks collapse, the risk of strike from Israel, possibly with US Assistance becomes very high.

[Luke Vargas]

You mentioned earlier Iran threatening strikes on US Bases if these talks go sideways or fall apart. But putting posturing aside, it does seem as if markets are indicating to us that investors see an increased geopolitical risk truly is present here.

[Benoit Foucault]

Yeah, I mean, number one, after two months of talks, the talks are completely deadlocked. Right. The Iranian side wants to continue enrichment in its nuclear program. The US Says it should be zero enrichment. So they are nowhere near an agreement. So that's one aspect. Now, there is a concrete element that followed the pullout of the personnel, and that was a UK US Sort of joint force on maritime security in the Persian Gulf said that the risk was now at an elevated threat and that shippers and crews should be very careful about any suspicious movement. They should increase their awareness and security. So the oil price Yesterday rose by 5% on the back of these concerns about regional escalation and knowing that one of the biggest oil routes is the Persian Gulf and an economic actor. You think, well, there's going to be a physical risk and it's taken seriously.

[Luke Vargas]

I've been speaking to Wall Street Journal correspondent Benoit Foucault. Benoit, thank you as always for the update.

[Benoit Foucault]

Thank you. You're welcome.

[Luke Vargas]

Back in the U.S. california Governor Gavin Newsom is set to face off with the Trump administration in a San Francisco courtroom today over the president's deployment of National Guard units and Marines to the state in order to aid in deportation efforts. The administration is leaning into the president's authority under the militia act of 1908, which enables units to be called into federal service during specified emergencies, including the threat of foreign invasion or rebell against the US Government. However, California argues in legal papers that nothing close to those conditions exist, noting that most demonstrators have been peaceful and that state and local leaders condemned incidents of violence and vandalism. So far, around two dozen businesses in downtown Los Angeles have been looted and hundreds more vandalized after daytime protests in recent days turn violent at night. The imposition of a curfew starting Tuesday night has helped to tamp down criminal activity, though it's also forced some establishments, including restaurants and theaters, to limit their hours. Despite that impact, Mayor Karen Bass suggested yesterday the measures would remain in place. Here she was courtesy of ABC7 Los Angeles.

[Reba McEntire]

The emergency declaration that I signed yesterday does not have a time limit to it, and so the curfews will go on as long as they are needed. But you know, it's really kind of interdependent on what the response is from the federal side. If there are raids that continue, if there are soldiers marching up and down our street, I would imagine that the curfew will continue.

[Luke Vargas]

We've left a link to Reporting from the Journal's Ben Fritz on how LA business owners are faring during protests in our show notes. And Health Secretary Robert F. Kennedy Jr. Has announced eight new picks for a key vaccine panel, some with ties to vaccine skeptic groups. The move comes two days after he abruptly dismissed all 17 prior members of the Advisory Committee on Immunizations Practices, which advises on vaccines and when children and adults should receive them. Kennedy says the panel will apply gold standard science to both new and existing vaccine guidelines, though critics warn the people have no scientific expertise related to vaccines. Coming up, we'll look at signs that the IPO market could be finding its footing again after the tariff shock earlier this year. And investor excitement builds ahead of the expected approval of a new shot to prevent hiv. We've got those stories and more after the break. This message comes from Viking, committed to exploring the world in comfort. Journey through the heart of Europe on an elegant Viking longship with thoughtful service, destination focused dining and cultural enrichment on board and on shore. And every Viking voyage is all inclusive with no children and no casinos. Discover [e-mail] turning to markets now There are signs the IPO market is finding its footing again after President Trump's trade war earlier this year prompted several companies to cancel their plans to list yesterday, shares in space and defense tech company Voyager Technologies climbed in their New York Stock Exchange debut. Voyager is working with companies including Airbus, Mitsubishi, MDA Space and Palantir on the Star Lab space station planned for low Earth orbit. Finance editor Alex Frankos has more.

[Alex Frankos]

We had this Voyager IPO yesterday and then recently Circle Financial, the stablecoin company, which had a kind of blockbuster IPO in that the stock price has just gone absolutely ballistic. We haven't seen that kind of thing in a while, and so that's giving people a sense that the market is open again, and that's something that's been missing for a very long time. It's been a real winter for IPOs, so people are hoping to see a return to that kind of dynamism. That said, the actual volume of IPOs, the amount of money raised, the number of companies, is still pretty anemic.

[Luke Vargas]

Shares in Oracle jumped after hours on expectations for dramatically higher revenue growth in its cloud applications and cloud infrastructure businesses. This as the company logged double digit revenue growth in the most recent quarter at almost $16 billion. And finally, it is shaping up to be a breakthrough month for HIV prevention, with the US Food and Drug Administration widely expected to approve a groundbreaking injection to ward off the once devastating disease. That is raising investor excitement around Gilead Sciences, the dominant player in HIV treatment, whose shares have surged since reporting last June that just two annual shots of the drug prevented all HIV infections in a study of women and girls. A further study in men is to be completed late this year or early next. Journal columnist David Wehner says Gilead is hopeful the shot can restart its growth engine.

[David Wehner]

This is a chance to finally grow and to finally break through this range that its stock has traded over the last ten years or so. About a decade ago, the company launched breakthrough hepatitis C cures essentially that were seen as fantastic growth opportunity, and the stock soared initially on them. But the stock then fell back after most patients had been treated and the market essentially dried up. The company then really fell into this value trap territory for a long time, weighed down by sluggish growth and a string of underwhelming deals as it tried to break into the cancer market with moderate success. Gilead for years tried to move beyond hiv, but it's really the HIV prevention market that's really helping investors see this long opportunity.

[Luke Vargas]

And that's it for what's news for this Thursday morning. Today's show was produced by Kate Bullivant and Pierce Lynch. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

[Reba McEntire]

Isn't home where we all want to be? Reba? Here for realtor.com, the Pro's number one most trusted app. Finding a home is like dating. You're searching for the one with over 500,000 new listings every month. You can find the one today. Download the realtor.com app cause you're nearly home. Make it real with realtor.com Pro's number.

[Luke Vargas]

One most trusted app based on August 2024 proprietary survey. Over 500,000 new listings every month based on average new for sale and rental.

[Benoit Foucault]

Listings February 2024 through January 2025.