An Italian court on Saturday accepted plea bargains for five suspects in the Costa Concordia cruise ship disaster, under which the accused will serve prison sentences ranging from six months to two years and 10 months, media reported. …read more
Source: FULL ARTICLE at Fox World News
An Italian court on Saturday convicted five employees of an Italian cruise company for the Costa Concordia shipwreck that killed 32 crew and passengers after it accepted their plea bargains.
Source: FULL ARTICLE at Fox World News
Salvage crews are working against time to right and remove the shipwrecked Costa Concordia cruise ship, which is steadily being crushed under its own weight on its granite seabed off the Tuscan island of Giglio.
Salvage master Nick Sloane said Monday that the Concordia has compressed some 3 meters (10 feet) since it came to rest on the rocks Jan. 13, 2012 after ramming a jagged reef during a stunt ordered by the captain that cost the lives of 32 people.
Sloan, an engineer for Titan Salvage, said experts would have one chance to pull the ship upright and float it away to the mainland for demolition. The attempt will probably take place in mid-September. If it fails, he said, there won’t be a second chance.
Source: FULL ARTICLE at Fox World News
An Italian court is mulling whether to hand down indictments against the captain and some crew of the Costa Concordia cruise ship for the 2012 grounding off Tuscany that killed 32 people.
Prosecutors want Capt. Francesco Schettino to stand trial for alleged manslaughter, causing a shipwreck and abandoning the ship before all passengers had been evacuated. They want four other crew members and a Costa manager to face charges of having botched the emergency
Schettino attended the preliminary, closed-door hearing Monday in the Tuscan city of Grosseto; the timing of a decision was unknown.
Schettino took the cruise ship off course and rammed it into a reef off Giglio island on Jan. 13, 2012, in a stunt. He has said he saved lives by bringing the ship closer to port.
From: http://feeds.foxnews.com/~r/foxnews/world/~3/mjM2W9XvpTE/
Carnival Corp. says all maritime interests must assist without question those in trouble at sea, a duty that would not include reimbursing the U.S. government nearly $780,000 for costs associated with the rescue of the crippled Triumph cruise ship.
Carnival released letters Friday replying to an inquiry by U.S. Sen. Jay Rockefeller, a West Virginia Democrat who chairs the Senate Commerce Committee, about the Triumph stranding and the cruise line’s overall safety record. Among Rockefeller‘s questions was whether Carnival would repay the government for Coast Guard costs in the Triumph case as well as $3.4 million to the Coast Guard and Navy from the 2010 stranding of the Carnival Splendor in the Pacific Ocean.
“These costs must ultimately be borne by federal taxpayers,” Rockefeller said in his March letter, adding that Carnival appears to pay little or no federal income taxes.
In response, Carnival said its policy is to “honor maritime tradition that holds that the duty to render assistance at sea to those in need is a universal obligation of the entire maritime community.” The cruise line noted that its ships frequently participate in rescues at the Coast Guard‘s request, including 11 times in the past year in Florida and Caribbean waters. It did not make direct reference to repaying any money.
In a statement, Rockefeller called the response “shameful” and that he is considering “all options to hold the industry to higher passenger safety standards.”
Those options could include a congressional hearing and legislation, perhaps even a closer look at taxation. Rockefeller’s letter asked Carnival whether the money it pays in taxes covers the costs of various federal benefits it receives, a question the cruise line again did not directly answer. It did mention port taxes and fees and other payments and said it paid $16.5 billion in wages to U.S. workers in 2011.
“Every state where our ships call or home port benefits from the dollars spent by cruise lines to buy products and retain services from local businesses,” Carnival added.
The exchange marked the latest chapter in the saga of the Triumph, which was disabled by an engine fire during a cruise in February in the Gulf of Mexico. Thousands of passengers and crew had to endure five days at sea with no power and under squalid conditions while the 900-foot vessel was towed to Mobile, Ala., where it continues to undergo repairs.
Rockefeller had asked Carnival for details about 90 incidents aboard its ships that were filed with the Coast Guard in the past five years. Carnival responded that 83 were not considered serious under federal regulations. Three were the Triumph and Splendor mishaps and the capsizing of the Costa Concordia off Italy‘s coast, which killed 32 people in January 2012. The others were more minor ship collisions, an illness and one passenger who jumped off a ship.
The cruise line said it takes each incident “very seriously” and undergoes reviews and corrective measures when needed, such as a review of safety and emergency response practices across all of Carnival’s brands following the Concordia
From: http://feeds.foxnews.com/~r/foxnews/national/~3/qdQDdqQ3OUA/
By Royston Wild, The Motley Fool
Filed under: Investing
LONDON — Shares of cruise ship operator Carnival have endured a torrid time in recent weeks, slipping 15% from mid-February’s near-two-year high of 2,628 pence to current levels. The company has continued to endure tough press headlines following the Costa Concordia disaster in Jan. 2012, with an engine room fire and subsequent marooning of passengers on its Carnival Triumph ship in February once again denting investor interest in the company.
However, I view recent weakness as an excellent buying opportunity. Indeed, Liberum Capital has placed a 3,000 pence price target on the stock, illustrating the stock‘s excellent upside potential.
Carnival sails back into profit
Carnival announced in last month’s first-quarter update that it swung into a net profit of $37 million from a net loss of $139 million during the corresponding period in 2012. However, the results were overshadowed by news of further mechanical failures at two of its other liners, raising fresh fears over hefty repair bills and effect on customer demand.
The firm advised that, although cumulative advance bookings for this year are behind those of the same point in 2012, bookings have picked up in recent weeks, helped by attractive price promotions. And over the long term, I expect Carnival to successfully negotiate its current travails and boost passenger numbers — Investec has penciled in a compound annual capacity growth rate of 3.7% through to 2016.
In particular, Carnival looks set to make further headway into promising emerging markets, especially in Southeast Asia, and the company announced yesterday that its Sapphire Princess ship will be based in Singapore from the end of 2014. The firm told AFP that it expects cruise liner passengers in Asia to rise from around 1 million currently to 7 million by the end of the decade.
Double-digit earnings growth anchors investment case
City forecasters expect earnings per share to bounce back in the year ending Nov. 2013 after last year’s disastrous 23% drop to 118 pence. Growth of 14% is expected this year, to 134 pence, before steaming 22% higher in 2014 to 164 pence.
The holiday specialists currently change hands on a P/E ratio of 16.6 and 13.6 for this year and next, providing a discount to a forward earnings multiple of 17.6 for the broader travel and leisure sector.
Despite Carnival‘s earnings pressure in 2012, the company still hiked its dividend 21% to 63.5 pence per share, and broker estimates expect this to continue rising in the medium term. Payouts of 73.3 pence and 82.8 pence are penciled in for 2013 and 2014, correspondingly, up 15% and 13% on an annual basis and providing yields of 3.3% and 3.7%.
Not only are dividends set to shoot above the 3.2% average yield for the FTSE 100, but this exciting dividend growth is also expected to remain well protected, with coverage of 1.8 times and two times for this year and next around the widely regarded security threshold of two times.
Bolster your investment income with the Fool
If you already hold shares in Carnival and
Source: FULL ARTICLE at DailyFinance
By Sean Williams, The Motley Fool
Last year, I introduced a weekly series called “CEO Gaffe of the Week.” Having come across more than a handful of questionable executive decisions when compiling my list of the worst CEOs of 2011, I thought it could be a learning experience for all of us if I pointed out apparent gaffes as they occur. Trusting your investments begins with trusting the leadership at the top — and with leaders like these on your side, sometimes you don’t need enemies!
This week, I have no choice but to again select the CEO of Carnival , Micky Arison.
The dunce cap
I’m not quite certain how many more times I’m going to have to do this, but Carnival’s CEO, Micky Arison, is, without question, leading the charge for worst CEO of the year in my book.
Carnival, the highly embattled cruise ship line, has a remarkable streak when it comes to mechanical problems with its ships. In January last year, the Costa Concordia crashed off the coast of Italy, tragically killing 32 people. Just weeks later, the Costa Allegra had a fire in its generator room that left the ship adrift at sea. The Allegra was later taken out of service and scrapped for parts.
Fast-forward to mid-February 2013, when passengers on the Carnival Triumph dealt with a fire in the engine room that left the ship adrift at sea near Mexico. With toilets overflowing and food scarce, it took five days for the boat to finally make it back to Alabama. On March 9 the Carnival Elation announced that it had a steering issue and was towed back into port by tugboat. On March 13, the Carnival Dream noted it was stuck in port at St. Maarten because of generator problems while passengers reported toilet and power issues. Finally, just a day later, the Carnival Legend reported that it was having sailing speed problems.
Tallying this up, that’s six mechanical problems for Carnival since January 2012 compared to zero for Disney , NCL (owner of Norwegian Cruise Lines), and Royal Caribbean . In fact, what you might anticipate would be a negative for the cruise sector as a whole has actually turned into a positive, with passengers eager for a vacation simply choosing to avoid Carnival’s fleet of disaster-prone ships in favor of the above three. Disney has benefited from advanced bookings which have shielded it from any negative sector headwinds. Royal Caribbean, which hits many of the same routes as Carnival, is bound to gain share from Carnival as it deals with this PR nightmare, as well as gain traction in emerging-market routes catering to China. Norwegian Cruise Lines followed this trend as well, tacking on $46.2 million in additional net income in 2012 compared to 2011 as its brand presence grew.
To the corner, Mr. Arison
But wait — there’s more!
If it wasn’t bad enough that Carnival has moved well beyond the “coincidence” stage of its mishaps, Micky …read more
Source: FULL ARTICLE at DailyFinance
Italy‘s caretaker government has authorized authorities to move the wrecked Costa Concordia cruise ship to the nearest port, Piombino in Tuscany, to be disassembled.
Tuscan President Enrico Rossi welcomed Friday’s decision, saying Piombino is the most economical and environmentally sound choice because of its proximity.
However, a center-left lawmaker said the choice could delay the removal of the wreck until next year because of needed port upgrades.
The Costa Concordia, carrying some 4,200 people, struck a jagged reef in January 2012 when it veered too close to the tiny tourist island of Giglio.
The damaged ship eventually came to rest on its side on the rocky seabed near Giglio. The accident killed 32 people.
Italy‘s civil protection agency is looking at September as the likely date to move the wreck.
An Italian prosecutor has formally requested a manslaughter indictment against the captain of the Costa Concordia cruise ship, which crashed into a reef off Tuscany last year, killing 32 people.
The prosecutors’ office in Grosseto also wants Capt. Francesco Schettino to be tried for causing a shipwreck and abandoning ship while the frantic evacuation of passengers and crew was still being conducted. A judge must decide whether to order a trial for Schettino and five others named in the indictment request Monday.
Prosecutors also said Costa Crociere SpA, the Italian cruise company, has asked for a plea bargain agreement which, if it was accepted, could see Costa pay a €1 million ($1.35 million) fine.
The ship went aground off the Italian island of Giglio during a publicity stunt.
The Coast Guard says it is maintaining communication with a Carnival cruise ship that is adrift off of Mexico after a fire in an engine room.
The Coast Guard said in a news release personnel aboard the Carnival Triumph extinguished the fire and no one was injured. The ship is now operating on emergency power about 150 miles off southern Mexico‘s Yucatan peninsula.
Tug boats have been dispatched to assist the ship and it is receiving supplies from another cruise ship. The Coast Guard has also dispatcheda ship to assist if necessary.
In January last year, the Costa Concordia, a luxury cruise ship operated by the Carnival Corp-owned Costa Cruises, capsized and sank off the Tuscan island of Giglio in Italy, killing 32 people. Italian investigators are looking into the vessel owner’s potential responsibility for the shipwreck.
The Carnival Triumph set sail from Galveston, Texas, on Thursday, and was due back on Monday Feb. 11. Carnival said all passengers would receive a refund and “cruise credit equal to the amount paid for this voyage.”
The ship’s next two voyages, scheduled for departure next week, were canceled, the company added.
Reuters contributed to this report.
The captain of the shipwrecked Costa Concordia has returned to court to contest his firing, and says he’ll “certainly” take command of a ship again.
Francesco Schettino is challenging Costa Crociere SpA’s decision to fire him after the Concordia ran aground off Tuscany Jan. 13, 2012, and capsized, killing 32 people. Court-appointed experts have blamed Schettino for the disaster, saying he took the ship off course in a stunt.
Schettino insists his deft steering saved lives and that the reef the ship hit wasn’t on his charts.
As he arrived Wednesday for the closed-door hearing in Torre Annunziata, near Naples, Schettino was asked if he thought he’d command a ship again. He replied: “Yes, certainly.”
A separate court is deciding whether to indict Schettino on manslaughter and other charges.
Source: FULL ARTICLE at Fox World News
AP
Source: FULL ARTICLE at AOL
Survivors of the Costa Concordia shipwreck and relatives of the 32 people who died marked the first anniversary of the grounding Sunday with the unveiling of memorials to the victims, a Mass in their honor and a minute of silence to recall the exact moment that the cruise ship rammed into a reef off Tuscany.
The first event of Sunday’s daylong commemoration was the return to the sea of part of the massive rock that tore into the hull of the 112,000-ton ocean liner on Jan. 13, 2012 and remained embedded as the vessel capsized along with its 4,200 passengers and crew.
As fog horns wailed, a crane on a tug lowered the boulder onto the reef off Giglio. Affixed to it was a memorial plaque. Survivors and relatives of the dead embraced as they watched the ceremony from a special ferry that bobbed in the waves under a slate gray sky.
A land-based memorial was being unveiled after a Mass and ceremony honoring rescue crews. A minute of silence was scheduled for 9:45 p.m., the exact moment when the Concordia slammed into the reef after the captain took the ship off course in a stunt to bring it closer to Giglio.
The captain, Francesco Schettino, remains under house arrest, accused of multiple manslaughter, causing a shipwreck and leaving the ship before all passengers were evacuated. He hasn’t been charged. Schettino maintains he saved lives by bringing the ship closer to shore rather than letting it sink in the open sea, and claims the reef he hit wasn’t on his nautical charts.
Taking part in the anniversary commemoration is Capt. Gregorio De Falco of the Italian coast guard, who became something of a hero to survivors after his recorded conversations with Schettino during the evacuation were made public. In the conversations, De Falco excoriated Schettino for having abandoned the ship before all passengers were off and ordered him to return, shouting the now-infamous order “Go on board (expletive)!”
De Falco said he wanted to go to Giglio to “embrace the victims, and the relatives of the victims.” De Falco, who has shied from all media attention since the disaster, said he did so out of respect for the victims.
“I don’t want notoriety for this tragedy. I have always avoided it,” he told RAI state television.
The Concordia remains capsized off Giglio’s port. Officials now say it will take until September to prepare the ship to be rolled upright and towed from the rocks to a port to be dismantled.
Source: FULL ARTICLE at Fox World News
By Polly Davis Doig 
Source: FULL ARTICLE at Newser – Home
Survivors of the Costa Concordia shipwreck and relatives of the 32 people who died are marking the first anniversary of the grounding with the unveiling of memorials to the victims, a Mass in their honor and a minute of silence to recall the exact moment that the cruise ship rammed into a reef off Tuscany.
The first event of Sunday’s daylong commemoration was the return to the sea of the massive rocks that tore into the hull of the 112,000-ton ocean liner and remained embedded as the vessel capsized along with its 4,200 passengers and crew. The rocks are being returned to the reef off Giglio where they belong, along with a memorial plaque.
A land-based memorial will be unveiled after a Mass and ceremony honoring rescue crews.
Source: FULL ARTICLE at Fox World News
Officials say more time and money will be needed to safely remove the Costa Concordia cruise ship from the rocks off Tuscany where it capsized last year.
On the eve of the first anniversary of the grounding, officials on Saturday stressed the unprecedented nature of the removal given the massive size of the ship — 112,000 tons — its precarious perch on the rocks off Giglio island’s port and the delicate marine environment they are trying to preserve.
Maria Sargentini, president of the environmental oversight group for the Concordia, said there is still some risk of pollution when the ship is righted, even though some 2,000 tons of fuel were already pumped out. Sewage and tons of rotten food remain and could leak.
Thirty-two people were killed in the disaster.
Source: FULL ARTICLE at Fox World News
By Mark Russell 
Source: FULL ARTICLE at Newser – Home
Passengers who survived the capsizing of the Costa Concordia cruise ship off Tuscany are still suffering nightmares, flashbacks and anxiety one year later. As if that weren’t enough, they’ve been dealt a shock that many say adds insult to injury: a letter that tells them to stay away from Sunday’s anniversary commemorations.
The ship’s Italian owner informed several passengers that they were not invited to the ceremonies on the island of Giglio where the hulking ship still rests. Costa Crociere SpA says the day is focused on the families of the 32 people who died.
Some survivors say they understood that the bereaved families deserve particular attention. But many have expressed anger, with some speculating that the letter was about keeping disgruntled passengers away from TV cameras.
Source: FULL ARTICLE at Fox World News
