logo
Tech tycoon Lynch's doomed Bayesian yacht lifted to surface

Tech tycoon Lynch's doomed Bayesian yacht lifted to surface

The Star21-06-2025
Seawater is pumped out of the wreckage of the 'Bayesian' yacht, owned by the late British tech entrepreneur Mike Lynch, as it is recovered by the floating crane ships HEBO LIFT 10 and HEBO LIFT 2 off the coast of Porticello, near Palermo, Sicily, Italy, June 21, 2025. REUTERS/Igor Petyx
PORTICELLO, Italy (Reuters) -Salvage experts lifted Mike Lynch's sunken superyacht to the surface and began pumping seawater out of it on Saturday, 10 months after it sank off the coast of Sicily, killing the British tech tycoon, his teenage daughter and five others.
Work resumed at first light, with one of the most powerful maritime cranes in Europe having been used to haul the 56-metre-long (184-foot) Bayesian from beneath the waves.
The upper decks appeared badly damaged while the blue hull was encrusted with mud.
The Bayesian was moored off the small port of Porticello, near Palermo, in August last year when it sank during a sudden storm. The yacht was vulnerable to violent winds and was probably knocked over by gusts of more than 117 km (73 miles) per hour, an interim British report said last month.
The vessel will be held in an elevated position over the weekend while checks and preparations are made, said TMC Marine, which has been leading the salvage operation, working with Dutch specialists Hebo Maritiemservice to lift the yacht 50 metres from the seabed over the past few days.
It is then expected to be transported to the nearby port of Termini Imerese on Monday and handed over to the authorities who are investigating the sinking.
The recovery process has been made easier after the vessel's 72-metre mast was detached using a remote-controlled cutting tool and placed on the seabed on Tuesday.
In addition to Lynch, founder of the software company Autonomy, his daughter Hannah, lawyer Chris Morvillo and his wife Neda, banker Jonathan Bloomer and his wife Judy, and chef Recaldo Thomas were killed when the yacht sank. Nine other crew members and six guests were rescued.
(Reporting by Roberto Mignucci; Additional reporting by Wladimir Pantaleone, Danilo Arnone, Igor Petyx and Rosaura Bonafardino; Writing by Keith Weir; Editing by William Mallard)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump weighs using US$2bil in Chips Act funding for critical minerals
Trump weighs using US$2bil in Chips Act funding for critical minerals

New Straits Times

timean hour ago

  • New Straits Times

Trump weighs using US$2bil in Chips Act funding for critical minerals

WASHINGTON: The Trump administration is considering a plan to reallocate at least US$2 billion from the Chips Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick's influence over the strategic sector, two sources familiar with the matter told Reuters. The proposed move would take from funds already allocated by Congress for semiconductor research and chip factory construction, avoiding a fresh spending request as it seeks to reduce US dependence on China for critical minerals used widely in the electronics and defence industries. Boosting Lutnick's role over critical minerals financing would also help centralise the administration's approach to the sector, a push sought by White House officials after the rollout of the Pentagon investment in rare earths company MP Materials last month sparked questions about the US government's minerals strategy, one source said. The White House did not respond to requests for comment. Pentagon officials were not immediately available to comment. MP Materials declined to comment. The Commerce Department oversees the US$52.70 billion Chips Act, formally known as the Chips and Science Act. The Act, signed into law by then-President Joe Biden in 2022, has provided funding so far for research while also seeking to lure chip production away from Asia and boost American domestic semiconductor production. But since taking office in January, Trump has moved to change the Chips Act – legislation he has called "a horrible, horrible thing" that amounts to a giveaway to companies – largely by renegotiating grants to chipmakers. Repurposing some funds for mining-related projects would align in part with the spirit of the Chips Act as the semiconductor industry requires abundant supplies of germanium, gallium and other critical minerals over which China has tightened its market control, said the sources, who are not permitted to speak publicly about the deliberations. "The administration is creatively trying to find ways to fund the critical minerals sector," said the first source. The plans are under discussion and could change, the sources added. Mining companies themselves could benefit, but also processing and recycling firms. Most of the minerals considered critical by the US government are not processed inside the country. Kent Masters, CEO of North Carolina-based Albemarle, the world's largest producer of lithium for rechargeable batteries, told Reuters last month that the company's stalled plans to build a US lithium refinery are "difficult now without some type of government support or partnership. " It was not immediately clear if the Trump administration aimed to use the funds for grants or equity stakes in mining companies, but Lutnick aims to "get the US$2 billion out the door" as soon as possible, the first source said, adding that the administration aims to find other funds to reallocate in the near future. A former US official said the Biden administration considered using Chips Act grants for rare earths but decided it was uneconomical, required many environmental exemptions and was best left for the Department of Energy to handle. The administration is also looking to use Chips Act-related funding to take equity stakes in Intel and other chipmakers in exchange for cash grants, Reuters reported on Tuesday. Trump moved quickly to expand US critical minerals production since taking office in January by signing executive orders to boost deep-sea mining and domestic projects. On Tuesday he met with the CEOs of Rio Tinto and BHP at the White House despite the ongoing negotiations with European leaders over Russia's invasion of Ukraine, a move aimed at underscoring his support for US mining. The Chips Act deliberations come after the Energy Department last week proposed US$1 billion in spending for some critical minerals projects, with funds tied to the 2021 Bipartisan Infrastructure Law. LUTNICK The White House aims to give Lutnick a greater role over funding decisions for critical minerals by giving him oversight of the decision-making process within the administration, the sources said. The Pentagon's multibillion-dollar investment in MP Materials and its move to extend a price support mechanism – a deal negotiated by Deputy Defence Secretary Steve Feinberg – was seen by White House Chief of Staff Susie Wiles as uncoordinated, as it sparked confusion over whether Washington would guarantee a price floor for all miners and forced the administration to clarify that it does not intend for MP to have a rare earths monopoly, the two sources said. Much of the funding for MP's deal – including Washington's equity stake, loans and purchase agreements – still needs to be allocated by Congress. Two weeks after the Pentagon announced its MP investment, administration officials rushed to meet at the White House with rare earths firms and their customers to underscore broad support for the entire sector, Reuters reported. Lutnick will now help coordinate the administration's funding decisions, taking the lead from the Pentagon and other agencies, the sources said. Lutnick ran brokerage firm Cantor Fitzgerald before he joined Trump's cabinet. Cantor is a large shareholder in Critical Metals Corp, which Reuters reported in June is under consideration for a loan from the US Export-Import Bank.

US existing home sales tick up unexpectedly in July
US existing home sales tick up unexpectedly in July

New Straits Times

time2 hours ago

  • New Straits Times

US existing home sales tick up unexpectedly in July

WASHINGTON: Sales of previously owned US homes ticked unexpectedly higher in July, but the pace of sales remains sluggish amid affordability issues for buyers due to high house prices and interest rates on mortgages. Home sales rose two per cent last month to a seasonally adjusted annual rate of 4.01 million units from 3.93 million in June, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home resales would be essentially unchanged from June at 3.92 million units. Sales edged up 0.80 per cent on a year-on-year basis. NAR Chief Economist Lawrence Yun said the data suggested some relief in the factors that have weighed on home sales – high borrowing costs and prices and limited inventory – may be in the offing. The sales pace over the last two years has averaged around 4 million units a month, a weaker rate than seen even during the 2007-2009 recession that was triggered by a collapse in the housing market. The average rate on a 30-year fixed-rate mortgage recently fell to the lowest level since last autumn at 6.58 per cent, according to data from Freddie Mac, but rates remain appreciably higher than they were coming out of the Covid-19 pandemic. With the Federal Reserve widely expected to resume interest rate reductions next month, Yun said mortgage rates may have room to fall further in the months ahead. "The ever-so-slight improvement in housing affordability is inching up home sales," Yun said in a statement. "Wage growth is now comfortably outpacing home price growth, and buyers have more choices. Condominium sales increased in the South region, where prices had been falling for the past year." Sales rose month-on-month in the Northeast, South and West but fell in the Midwest. The median sales price rose 0.20 per cent from a year earlier to US$422,400 – the 25th straight year-on-year increase – but slipped from June's record-high level. The year-on-year price increase was the smallest since June 2023, Yun said. Total inventory also edged up to 1.55 million units. At the current sales pace, that inventory would last 4.6 months, down from 4.7 months in June. The share of all-cash transactions was 31 per cent, which Yun described as unusually high. Investors made up 20 per cent of all transactions, up from 13 per cent a year ago. First-time buyers accounted for 28 per cent of sales in July, down from 30 per cent in June and 29 per cent a year ago. "Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the Covid lockdown," Yun said.

Meta signs over $10 billion cloud deal with Google, source says
Meta signs over $10 billion cloud deal with Google, source says

The Sun

time2 hours ago

  • The Sun

Meta signs over $10 billion cloud deal with Google, source says

GOOGLE has struck a cloud computing deal with Meta Platforms worth more than $10 billion, a source familiar with the matter told Reuters on Thursday. Under the agreement, Meta will use Google Cloud's servers, storage, networking and other services, the source added. Google and Meta did not immediately respond to requests for comment. The deal was first reported by the Information. The news comes after Meta CEO Mark Zuckerberg's comments in July that the company would spend hundreds of billions of dollars to build several massive AI data centers. In June, Reuters reported that OpenAI was planning to add Alphabet's Google Cloud service to meet its growing needs for computing capacity. Meta is seeking outside partners to help it fund the massive infrastructure needed to power AI by offloading $2 billion in data center assets, the company disclosed in a filing earlier this month - REUTERS

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store