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- ✈️ Air India Crash: 290 Dead, 1 Survivor
✈️ Air India Crash: 290 Dead, 1 Survivor
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☕️ Good morning comrades!
Here in Shanghai, we have a small circle of friends we call the Baijiu Sommeliers. We sample the clear spirit from various Chinese provinces and do our part to help Maotai’s market valuation (US $260 billion) climb even higher.
But since lavish state banquets have been banned under President Xi, China’s “champagne” has been suffering. We’ll be trying to bring it back to life soon….
🔢 Facts & Figures
20%
Share of gold in global foreign exchange reserves in 2024; for the first time, the precious metal has overtaken the euro (16 %) to become the world’s second-largest reserve asset.
24%
Year-on-year increase in global sales of electric and plug-in hybrid vehicles in May 2025.
US$ 700 million
Size of Japan’s immediate-action package to recruit foreign researchers, aiming to capitalize on talent outflows from the US.
🚀 Benchmarks
| Index | Current | 24 h | YTD | 52 W High |
|---|---|---|---|---|
| 🇩🇪 DAX | 23.771,40 | –1,07 % | +17,44 % | 24.479,42 |
| 🇺🇸 NASDAQ | 19.662,50 | –1,30 % | +0,65 % | 20.204,58 |
| 🇰🇷 KOSPI | 2.920,03 | –0,87 % | +20,66 % | 2.934,31 |
| 🇯🇵 Nikkei | 38.173,10 | –0,89 % | –3,75 % | 42.426,77 |
| 🇭🇰 Hang Seng | 24.035,40 | –0,59 % | +21,76 % | 24.874,39 |
| 🇨🇳 Shanghai | 3.402,66 | –0,75 % | +3,51 % | 3.674,41 |
Top Bit: ✈️ Air India Crash: 290 Dead in Ahmedabad
What happened?
An Air India Boeing 787-8 Dreamliner (flight AI 171) crashed into a doctors’ quarters in Ahmedabad just seconds after takeoff. Of the 242 people on board, only one passenger survived. Hotel residents were also among the victims, bringing the official death toll to over 290. An international investigation led by India is now under way.
Details
🛫 Crash after 30 seconds: The aircraft reached only 190 m altitude; the pilots broadcast a Mayday, and the landing gear remained extended.
👤 Casualties & survivor: 230 passengers and 12 crew on board; nationalities included 169 Indians and 53 Britons. All perished except Vishwash K. Ramesh (seat 11A), who sustained minor injuries.
💰 Aid & compensation: The Tata Group will pay each bereaved family approximately $117,000; condolences have come in from Prime Minister Modi, Labour leader Starmer, King Charles, and others.
What it means
Worst loss of a Boeing 787 since its 2011 debut, dealing another blow to Boeing’s safety reputation.
Strains Air India’s expansion and modernization plans.
Sparks a global debate on pilot training, emergency procedures, and airport infrastructure.
Background
The ill-fated 787 (built 2013) was Air India’s oldest Dreamliner. Early videos show an unusual takeoff configuration—landing gear down and flaps up—despite clear weather. Investigators are examining possible engine failure, bird strike, or misconfiguration.
This crash comes amid intense scrutiny of Boeing, following the 737 MAX disasters of 2018/19, known fuselage quality issues, and the 737 MAX door-plug incident.
Another major accident will only increase pressure on Boeing to reform its production and supply-chain processes.
Further Reading: CNN, The Straits Times
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Head Of The Day
Olivia Lum
💧 From abandoned infant to water pioneer: As a baby, she was left at a foundling home and adopted by a single mother. At seven, she began selling toys and by her teenage years was already a real hustler. She went on to earn a chemistry degree at the National University of Singapore—and founded Hyflux in a tiny workshop with just SG$20,000. Her company became a publicly listed water icon of Asia.
In 2021, the firm was placed into court-ordered liquidation, and Lum now faces legal proceedings.
Market Bit: 🪙 Ant Group Applies for Stablecoin License in Hong Kong
Details
⚖️ License application: Ant International will apply for a fiat-backed stablecoin license in Hong Kong once the new stablecoin law takes effect on August 1.
🌍 Global strategy: Parallel filings are planned in Singapore and Luxembourg to establish a broad, cross-jurisdictional stablecoin ecosystem.
📅 Regulatory timeline: Hong Kong’s framework imposes strict capital and risk-management requirements; applications will be accepted starting in August.
Why it matters
Financial hub boost: This move cements Hong Kong’s position as a leading digital-currency center and attracts global crypto investors.
Regulatory race: With Singapore and Luxembourg following suit, Ant is setting the standard for cross-border stablecoin rules.
Payments evolution: Licensed stablecoins could speed up cross-border transactions and deepen integration of the Alipay ecosystem worldwide.
Further reading: Caixin Global, Reuters
Top Reads
👩👧 Single Mothers Gain Acceptance in China: As the birth rate declines, the marriage dogma is loosening; more women are choosing to have children without a marriage certificate—authorities signal openness to counteract demographic decline. More on this.
🔌 Nvidia CEO Warns of Huawei: Jensen Huang says Nvidia’s AI chips are a generation ahead, but with ongoing US export bans, Huawei could supply the home market—and beyond—with Ascend processors simply by stacking and clustering more chips. More on this.
🚗 Tesla Battles in China: After the public fallout between Trump and Musk, Musk’s influence in Beijing is in question. At the same time, Tesla must face a relentless price war in the world’s largest EV market. More on this.
Optional Reads
North Korea: Kim praises restored 5,000-ton destroyer and announces plans to build two more next year. More on this.
China: Approves 10 new universities, including two research institutions with over ¥100 billion in investment. More on this.
Japan: Mitsubishi begins LNG imports from Canada for the first time, securing 2.1 million tonnes annually. More on this.
Chai Xiaoying, professional travel buddy
👯♀️ China borrows friends: More and more solo travelers in China are booking “travel buddies” to explore Shanghai Disneyland with them. It costs roughly $11 to $165 per day (possibly including a glass of Maotai?). They navigate the lines faster, snap perfect photos, and chat over hotpot.
The companion economy is booming: Revenue is expected to reach ¥50 billion by the end of 2025. China suffers from high youth unemployment but certainly not from a lack of imagination to combat it.
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Thomas, Michael & the Team of asiabits.
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