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Last Survivor Of Titanic Dies At 97

Did Weak Rivets Help Do In The Titanic?

(AP)  The visitor that has exclusive rights to salvage the Titanic is planning a in posse expedition to the world’s most famous shipwreck in 2010.

The in the beginning expedition to the North Atlantic wreck site since 2004 is revealed in a filing ~ dint of. RMS Titanic Inc. in U.S. District Court, where four days of hearings are scheduled to arise Monday on the company’s claim for a salvage award.

Lawyers towards RMS Titanic Inc. confirmed the expedition plans but declined to consider them in detail.

“That is something that is being looked at not oblique now but it’s not in any way a done deal,” factor Robert W. McFarland said in an interview. He said the body would have more to say at this week’s hearing.

U.S. District Judge Rebecca Beach Smith, a marine jurist who considers the wreck an “international treasure,” will preside c~ing the hearings. They are intended to determine a salvage award and settle legal guarantees that thousands of Titanic artifacts remain intact as a gathering and forever accessible to the public. Some pieces have ended up in London cant houses.

The 5,900 pieces of china, ship fittings and private belongings are valued in excess of $110 million and are displayed encompassing the world by Premier Exhibitions Inc., an Atlanta company. RMS Titanic is a adjuvant of Premier.

The Titanic sank on its maiden voyage in between nations waters on April 15, 1912, and has been subject to competing legal claims since an international team led by oceanographer Robert Ballard erect it in 1985. Since then, RMS Titanic has retrieved artifacts for the time of six dives.

Courts have declared it salvor-in-possession – meaning it has exclusive rights to salvage the Titanic – but have explicitly stated it does not have the 5,900 artifacts or the wreck itself.

At the hearings this week in Norfolk, lawyers in opposition to RMS Titanic will essentially seek title to the artifacts and a pecuniary award for its salvage costs. More than a dozen experts enjoin be called to support the company’s claim, according to a court filing.

(AP Photo/Richard Drew)

In seeking a salvage award, RMS Titanic will have to document the labor it devoted to its prior expeditions, the risks incurred during the 2 1/2-mile trips unbecoming the Atlantic to the Titanic wreck site, and the preservation efforts and antiquarian value of the wreck and its contents, among other factors.

(Left: John Zaller, creative manager of Premier Exhibitions, discusses objects from the Titanic’s Verandah Cafe forward display in the “Titanic: The Artifact Exhibition,” in New York, June 24, 2009.)

Smith, the decide, has drawn upon the government to help craft covenants to stronghold the artifacts preserved, intact as a collection and available to the general. She is mindful of the Titanic’s place in history and the 1,522 commonalty who died when it went down after it struck ice stingily a century ago, based on her previous statements from the bench.

“I am concerned that the Titanic is not solitary a national treasure, but in its own way an international funds, and it needs protection and it needs to be monitored,” the umpire told lawyers in the case nearly one year ago.

If the court agrees to RMS Titanic’s asking, the company could sell the entire collection to a museum with court approval. The company has said it has no plans to cozen so.

The judge will also consider a competing claim.

Douglas Faulkner Woolley, a British burgess, challenges RMS Titanic’s legal claim to the wreck site and plans his confess salvage operation.

Lawyers for RMS Titanic declined to discuss the competing demand.

International protections have been sought for the Titanic almost since the desolation was discovered.

For more info:
Titanic: The Artifact Exhibition
The Titanic Historical Society

By Associated Press Writer Steve Szkotak
© MMIX The Associated Press. All Rights Reserved. This substance may not be published, broadcast, rewritten, or redistributed.

NEW DELHI: Mobile phone maker Sony Ericsson Wednesday launched three new smartphones in the Indian market, priced between Rs.16,950 and Rs.35,950.

The phones, "Satio", "Aino" and "Yari", will set the trend for the new age smart phones, said Anil Sethi, president of Sony Ericsson Mobile India.

He said the company would focus on the smartphone category for the next two-three years to boost sales.

"Once the 3G spectrum allocation happens, we can roll out more features with better network," Sethi said.

Built on Sony Ericsson’s strengths in music, imaging, gaming, applications and content services, the new phones bring alive entertainment on the go for consumers, the company said.

The Satio, priced at Rs.35,950, comes with a 3.5-inch screen and offers a 16:9 widescreen format with 12.1 megapixel camera.

The Aino offers services to access content stored on a PlayStation 3 from anywhere in the world through a Wi-Fi connection.

It also gives remote play access to videos, television shows and photos. The mobile has an eight megapixel camera and is priced at Rs.28,950.

Yari debuts Gesture gaming that enables users to make the moves in front of the screen and play games without even touching the phone. The Phone comes with a five megapixel camera and is priced at Rs.16,950. 

©IANS

By Alistair Osborne and Helia Ebrahimi
Published: 1:10AM GMT 29 Oct 2009

The company said last night that following a meeting between advisers to both transport groups, it decided that it would not be feasible to conclude a successful deal this year, potentially putting its financing in jeopardy. The decision was taken at a board meeting yesterday.

National Express, which has £977m debts, has to refinance around £490m of its loans by next September, and if it fails to launch a rights issue by the end of the year risks breaching banking covenants.

Brian Souter, the Stagecoach chief executive, approached National Express the weekend before last following the collapse of a £765m cash bid by private equity company CVC and Spain’s Cosmen family – National Express’ biggest shareholder with 18.5pc of the stock. Stagecoach proposed National Express shareholders taking no more than 40pc of any combined group.

Last night, however, it emerged that the National Express board, led by chairman John Devaney, had concluded it was “unlikely that a combination with Stagecoach could be successfully executed in 2009, even if appropriate terms could be agreed”.

It added: “Accordingly, to avoid any further disruption to the business and to allow the group to secure the additional equity funding it requires before the end of 2009, all discussions with Stagecoach have now ceased.”

The Stagecoach approach had the backing of the Cosmens but had been characterised by National Express as “highly preliminary”.

National Express warned on profits last week partly due to the performance of its North American operations – a significant factor in the withdrawal of the CVC bid. In that process, the company secured an undertaking from the Cosmens to support any rights issue if its consortium with CVC walked from its proposed 500p offer. The Spanish family would now be expected to back the rights issue – unless another bidder, such as FirstGroup, emerges.

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(10-28) 11:27 PDT WASHINGTON (AP) –

The Obama administration’s “pay czar” who reduced pay for executives at seven major corporations doesn’t want broader powers over the rest of the financial sector.

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“I am troubled at the notion that it could be expanded,” Kenneth Feinberg said Wednesday of his role overseeing pay at the largest recipients of government bailouts. “That is a mistake.”

But Feinberg, who ordered cutting top executive compensation at the seven companies in half, told a congressional committee that the standards he used should guide the broader marketplace.

“I’m hoping that the report that I issued and the recommendations that I made as to these seven companies will have some effect, voluntarily, in influencing how the private sector goes about establishing compensation practices,” he said.

His testimony comes as Congress continues to struggle with what role government should play in determining top executive pay at companies that are so large and intertwined that their failure can ripple throughout the economy.

The House earlier this year voted to tie compensation to performance in hopes of reducing risky behavior. The limits would apply to any financial firm with more than $1 billion in assets. The Senate has yet to act on pay regulations.

Feinberg last week set pay for the top 25 executives at Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial — all seven received billions of dollars in government bailouts.

At the same time, the Federal Reserve proposed that it would monitor pay packages at nearly 6,000 banks, including those that have not received government aid, to make sure they don’t encourage high-risk gambles. The Fed would not set pay, but could veto pay policies.

Feinberg told the House Committee on Oversight and Government Reform that he rejected compensation plans by six of the seven companies because they were contrary to the public interest. That the companies submitted such proposals, he acknowledged, indicated a lack of understanding over the public outrage over high pay at bailed out firms.

“I found that the submissions did not adequately address the major concerns expressed by the American people,” he said. Feinberg said Chrysler Financial had unique circumstances that justified their pay plan.

Feinberg became pay czar earlier this year as Congress was responding to outrage about huge bonuses being paid to AIG. Lawmakers wanted to curb executive compensation at companies getting exceptional assistance. Feinberg has been reviewing compensation packages since August.

Feinberg said that in some instances his compensation scheme increased the monthly salary received by executives at the seven companies. But he disputed a Wall Street Journal report Wednesday, saying he dramatically cut the overall cash payments to those executives.

“My definition of base salary is not only what you get twice a month, but also draws that may be provided during the course of the year, guaranteed commissions, guaranteed bonuses,” he said.

Feinberg must now deal with the compensation structures for the next 75 most highly paid executives at the seven companies and then determine 2010 compensation for senior executives.

He said he expects to have to renegotiate some past retention contracts with several of those company officials.

Republicans cautioned that while it was proper to rein in compensation of executives at recipients of government money, the practice set a dangerous precedent.

“One person, one single person is deciding what people make,” said Rep. Jim Jordan, R-Ohio. “That is a dangerous, dangerous place we’re going.”

Democrats said they wondered whether Feinberg’s work would have a broader effect.

“When they talk about multimillion dollar bonuses, it’s like shoeshine money to them,” Rep. Elijah Cummings, D-Md., told Feinberg. “I can’t see, with all your fine work, that is going to be turned around.”

By James Hall
Published: 7:01PM GMT 28 Oct 2009

Lord Harris of Peckham, Carpetright’s founder, said that like-for-like sales in its UK and Ireland stores rose by 5.6pc over the three months to October 24. The figures came on top of a 1.4pc rise over the 13 weeks to August 1.

“I think things are a lot better than they were and we are not unhappy,” he said.

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Lord Harris was cautiously optimistic about the economic outlook, although analysts said the sales increase came on the back of a double-digit decline last year.

“While we remain cautious about the retail market in the balance of the financial year, we have made a solid start,” said Lord Harris.

The Tory donor said that he is “hopeful” the Conservative Party will win the general election next year. “I do not think anything’s a given but I am hopeful. There will still be a fight on our hands even if the Tories win,” he said, adding that he speaks to Tory leader David Cameron regularly and offers him advice. Carpetright fell 14 to 886p.

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By James Hall Retail Editor
Published: 5:29PM GMT 28 Oct 2009

The announcement came on the morning that the European Union approved plans for Northern Rock to be split into two.

Tesco said that recruitment for its customer service centre will start early next year and the first 500 roles are to be created by the end of 2010.

Lord Mandelson, the Business Secretary, welcomed the announcement: “The jobs created by this investment will be invaluable to the North East, and to the wider UK economy,” he said. “It is hugely encouraging that Tesco has chosen to invest here.”

Tesco’s new centre will be based at the city’s Quorum Business Park, and will manage sales and service for Tesco Bank’s home and motor insurance customers.

Andy Higginson, Tesco Bank’s chairman, said: “Tesco is building a different kind of bank – one that listens to customers, offers simple and transparent products and rewards loyalty.”

Last month Tesco appeared to distance itself from speculation it could bid for Northern Rock’s high street chain. The retailer said that it already has a store network in which to open bank branches.

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JONES Lang LaSalle, the second-biggest publicly traded commercial property broker, increased its profit in the third quarter as the company cut expenses.

The Chicago-based company reported a rise in net income to $US19.8 million, or US46c a share, from $US15m, or US43c, a year earlier.

"We are pleased with our performance during the third quarter, particularly in our annuity businesses, and with the results of our continued focus on cost control," chief executive Colin Dyer said. "While real estate fundamentals remain generally weak, we see initial signs of recovery in some markets and industry sectors."

The group said earnings at its Australian business continued to improve, with the third quarter for 2009 tracking above last year’s levels.

The company’s Australian chief executive, Stephen Conry, said the group’s result each quarter for the year was encouraging, with the business maintaining slightly higher revenue and profit compared with last year. "Based on our earnings results to date, we are shaping up to achieve a strong finish to the year," he said.

Bloomberg

By Rupert Neate
Published: 10:34PM GMT 27 Oct 2009

However, the shares gained ground later in the day to close up ½p – almost 1pc – at 52½p as investors gained confidence that the publisher of the Yellow Pages is getting closer to agreeing terms with its 300-plus lenders.

The shares, which lost 10pc on Tuesday, have fallen by 29pc since it announced the plan to refinance its £3.8bn debt in September.

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Yell said it had extended the deadline for lenders to agree to its proposals to 5pm today, after it failed to secure a deal by its original deadline of 5pm on Monday.

The media group, which is advised by Deutsche Bank and JP Morgan Cazenove, said the deal has been delayed by the difficulty of securing the backing of such a large lending syndicate. It is understood that the process has been complicated further by about 1pc of lenders being legally required not to vote in favour of the plans.

The company will be forced to ask the courts to enforce its plans if lenders do not agree to its proposals.

Bankers advising on the refinancing said they expect the final remaining lenders to sign up to the scheme before today’s deadline.

Paul Richards, an analyst at Numis, said: “Having delayed for a week, to then come out and say, ‘We are delaying for two days’ is very specific. I think the group must have very high confidence that it will get there on Wednesday.”

Yell, which has been hit by a slump in advertising, plans to reduce its debt to £3.3bn with a £500m equity raising. It then hopes to pay off a further £300m within 18 months.

The directories publisher is offering its lenders a more favourable interest rate on the debt in exchange for their consent to extend its debt maturities until 2014.

Many of Yell’s debts result from a spree of acquisitions, including the €3.3bn (£2.3bn) spent buying its Spanish directories business in 2006.

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The Apple logo is seen on an Apple store in San Francisco Monday, Oct. 19, 2009. Apple Inc. is expected to release fourth-quarter earnings after the closing bell.

(Russel A. Daniels/AP Photo)

Wall Street knew Apple Inc.’s results for the most recent quarter would blow past the company’s conservative guidance, but investors clearly weren’t prepared for the 47 percent jump in profit that Apple delivered.

Shares leaped 5.4 percent Tuesday on news that Apple sold more iPhone and Mac computers than ever.

Apple’s financial report, released after the markets closed Monday, “reinforces my view that Apple is hands down the best technology company on the planet,” said Broadpoint AmTech analyst Brian Marshall.

Apple unveiled a faster iPhone in June and cut the price of the previous generation of the phone to $99. Those moves boosted iPhone sales from July through September to 7.4 million devices, half a million more than in the same period of 2008, despite shortages of the newest iPhones that persisted through the quarter.

Apple weathered the economic meltdown better than other computer companies, giving it a running start when PC sales grew in the quarter. Apple had also updated its Mac operating system and refreshed its MacBook Pro line. Apple sold 3.1 million Macs, a 19 percent rise from the same period a year ago.

As Apple’s iPhone, which has iPod features built in, has grown in popularity, Apple’s regular iPod music player business has suffered. The company sold 10.2 million iPods in the quarter, 8 percent fewer than last year, even though Apple unveiled a new iPod Nano with a video camera in September.

But even with the number of iPods dropping, iPod revenue rose in the quarter. That means people are trading up, Marshall said — buying a Nano to replace a Shuffle, or an iPod Touch to replace a Nano. Revenue for the iPod Touch, which is like an iPhone without the phone, doubled from a year ago.

Apple is rumored to be working on a tablet-style computer that’s a cross between a laptop and an iPhone or iPod Touch, but the company is notoriously secretive about new products. On a conference call, Apple executives boasted vaguely about the company’s “amazing” future offerings and dropped a tantalizing indication of something new for holiday shopping.

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