July 12: AAIB releases preliminary report on Air India tragedy

Market ended with significant losses on Friday, July 11. Trade wars and weak Q1 results caused substantial losses for the Sensex and Nifty 50.

However, Silver soared to a record ₹1.11 lakh/kg in India, fuelled by appeal as a safe-haven investment.

Both Engines (Engines 1 and 2) were ‘cutoff’ seconds after take-off via fuel cutoff switches. These switches transitioned from “RUN” to “CUTOFF” for both engines within a second of each other.

This instantaneously resulted in cutting off fuel supply to engines, decreasing take-off speeds and causing plane to lose thrust and sink down.

Ram Air Turbine (RAT), a backup power device, deployed automatically seconds after cut-off - indicating a total loss of Engine thrust.

One pilot can be heard asking the other pilot “why did you cut-off” to which the other pilot replied that he did not - voices are not specified.

The ‘cut-off’ switches were then moved to normal ‘RUN” position which automatically started the process of reigniting the engines.

While both of the engines were relit, at the time of the crash only one was able to start the process of regaining thrust and reversing core speed loss, the other engine could not.

Engines are typically cut-off when a flight lands at the destination or in emergency situations. However, the report does not mention any such emergency incident on board.

No significant fault has been found with the plane or engines yet; CCTV footage also shows no evidence of ‘significant’ bird activity in the flight path.

1:38pm and 42 seconds (IST) - Aircraft achieves maximum recorded speed of 180 Knots IAS. Immediately after this, Engine 1 and Engine 2 fuel cutoff switches transition from “RUN” to “CUTOFF”.

1:38pm and 47 seconds (IST) - Engine speeds drop below minimum idle speed, prompting RAT (backup power device) to begin supplying power.

1:38pm and 52 seconds (IST) - Fuel cut-off switch for Engine 1 moved back to “RUN” state.

1:38pm and 54 seconds (IST) - Fuel cut-off switch for Engine 2 moved back to “RUN” state.

1:39pm and 05 seconds (IST) - “MAYDAY” call by pilots.

1:39pm and 11 seconds (IST) - Final recording from the flight data system.

Decades after selling fairness, HUL brings some home: Priya Nair is set to become the CEO and MD of Hindustan Unilever Limited (HUL), succeeding Rohit Jawa starting August 2025. With this, Nair will be the first woman CEO of the FMCG giant known for brands such as Fair & Lovely, Dove, and Surf Excel. 

Glenmark’s drug expansion: Indian pharmaceutical company, Glenmark Pharma inked a $2 billion licensing deal with US drugmaker AbbVie for its cancer drug, ISB 2001, targeting cancer and autoimmune diseases. Glenmark shares hit a record high.

India’s largest clean energy IPO: Inox Clean Energy is aiming for India's largest clean energy IPO targeting a ₹6,000 crore raise at a market capitalization of ₹50,000 crore. Proceeds will fund new solar and Independent Power Producer facilities. 

India’s move amid the rare earth crisis: According to Heavy Industries Minister HD Kumaraswamy, the central government has earmarked ~₹1,300 crores to boost domestic rare earth magnet production. This move aims to reduce reliance on China, which has further curbed rare earth exports. 

Now pay less for the “blue ticks”: X has reduced its subscription fees in India across Basic, Premium, and Premium+ tiers by 30 to ~50%

Commission for your own cash in Gaza: Cash, like other necessities, such as food, fuel, and medicine, is in extreme shortage in Gaza. With nearly every bank branch and ATM inoperable, people have to rely on a network of powerful cash brokers to get their own money to meet daily expenses. Commissions on these transactions are being touted as high as 40% - squeezing the population dry.

White House reviews layoff plans: The White House is reviewing plans for mass federal layoffs, aiming for swift action. This comes as the State Department alone is laying off over 1,300 staffers, part of a wider government efficiency drive. The Supreme Court has greenlit DT’s administration to undertake job cuts across multiple agencies.

Trade drama continues: Trump just slapped a 35% tariff on Canadian imports, starting August 1. These heavy impositions are allegedly due to fentanyl smuggling and a ‘frustrating’ trade deficit, deepening the US-Canada trade spat. Meanwhile, US Secretary of State Marco Rubio met Chinese Foreign Minister Wang Yi in Malaysia on Friday, aiming to ease strained relations over trade and other global matters. 

Pakistan court lifts YouTube ban: A Pakistani court suspended an order to ban YouTube channels of over two dozen government critics, including former PM Imran Khan. The decision provides temporary relief against alleged censorship.

Kellogg’s gets a ‘sweet’ deal: Italian confectioner, Ferrero, known for Nutella and Kinder, plans to acquire WK Kellogg's breakfast cereal business in the US, Canada, and the Caribbean for $3.1 billion. This big move expands Ferrero's presence in the North American meal market. 

Tesla officially enters India: Tesla is officially rolling into India, opening its first showroom at Mumbai’s Bandra Kurla Complex (BKC) on July 15. The EV giant has imported $1 million worth of Model Ys, Superchargers, and merch, despite steep 70% import duties.

Tragedy for tennis star: Former tennis player Radhika Yadav, 25, was shot dead by her father Deepak Yadav in their Gurugram home. Despite investing ₹2 crores in her tennis academy, Deepak allegedly couldn’t handle village taunts about her independence. Police are saying the murder was driven by ego, control, and rage, not money.

Rs 49,000 crore Ponzi scam kingpin nabbed: Gurnam Singh, 69, director of PACL, was arrested in Punjab for his role in a ₹49,000 crore Ponzi-style scam that duped over 5 crore investors across 10 states. Posing as a real estate scheme, PACL ran a pyramid racket without a Non-Banking Financial Company (NBFC) registration.  

India’s first robot vasectomy reversal! PGIMER Chandigarh has performed India’s first robot-assisted vasovasostomy, a fertility-restoring surgery using the Da Vinci surgical system. The tech allows ultra-precise suturing, beating human tremors and fatigue. This breakthrough by Drs. Sharma, Bora, and Mohan put India among a handful of global centres using robotics in male infertility care.

Wimbledon updates and upsets: Jannik Sinner overran Novak Djokovic 6-3, 6-3, 6-4 in the Men’s semi-final to set up an epic final clash with defending champion Carlos Alcaraz; meanwhile 13^th seed Amanda Anisimova pulled off a stunning women’s semi-final upset, defeating No. 1 ranked Aryna Sabalenka 6-4, 4-6, 6-4 on Thursday to reach her first Grand Slam final.

New landmark for Rajasthan football: Young midfielder Martand Raina made history by becoming the first player from Rajasthan to join an Indian Super League (ISL) club. He transferred from Rajasthan United FC to East Bengal FC, in is a historic moment for the state's footballing landscape.

Bajrang Punia x Hulk Hogan collab: Tokyo Olympic bronze medallist Bajrang Punia, currently serving a doping ban, has joined Hulk Hogan's new wrestling promotion, Real American Freestyle. He's set to compete against Yianni Diakomihalis on August 30 in Cleveland. 

India becomes a shooting hub: India got the hosting rights of the shooting world cup in 2027 and the world junior championship in 2028 by the International Shooting Sport Federation (ISSF). Additionally, India is set to host the Junior World Cup in September this year and the Asian rifle and pistol championships in February next year. 

India's archery struggles: India's recurve teams were knocked out early from the Archery World Cup Stage 4 in Paris. The men's team (9th seed) lost 2-6 to Brazil, while the women's team (4th seed) was defeated 3-5 by France in the pre-quarterfinals despite leading 3-1.