Latest news with #HMSTitanic
Global News
3 days ago
- General
- Global News
Why Canada declined to work with OceanGate, firm behind doomed Titan sub
Two years before OceanGate's Titan submersible imploded on a descent to the wreck of the Titanic, a Canadian government department considered working with the company and had a staff member board a vessel to observe a dive, a letter accessed by Global News shows. On June 18, 2023, the submersible went missing in the northern Atlantic Ocean during an underwater expedition to view the site of the Titanic shipwreck. Those on board include a billionaire adventurer, a wealthy businessman and his son, and OceanGate CEO Stockton Rush. Last week, a U.S. Coast Guard report investigating the incident said the Canadian government appears to have considered collaborating with OceanGate to further maritime research in 2021. 2:07 Titan sub hearing: 1st week filled with tearful testimonies over OceanGate disaster The authors cited a May 19, 2021 letter to Rush, in which Canada's Department of Fisheries and Oceans (DFO) expressed interest in the work OceanGate was doing. Story continues below advertisement A spokesperson for DFO confirmed to Global News that the department held 'a series of exploratory discussions with OceanGate' and 'was exploring the use of OceanGate's marine research systems to conduct scientific research and monitoring in marine conservation sites.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy A copy of the letter to Rush was shared with Global News and shows that a DFO employee intended to join a planned dive off the coast of St. John's, N.L. 'Based on this experience, and the outcomes of research conducted in canyons off the United States this year, DFO would like to conduct further discussions in the Fall to identify and secure opportunities to use the submersibles in priority sites off Canada in 2022 and beyond,' the letter said. The letter added that 'a contribution of 25K, plus in-kind, is being planned for at this time to support ship time costs in 2022.' The DFO spokesperson told Global News that the collaboration did not proceed after initial discussions and no funds were provided to OceanGate. 'At no point did DFO engage in joint work with OceanGate after the initial meeting in 2021, and at no point was funding provided,' the spokesperson said. The department acknowledged that 'there were conversations around having a DFO staff member to board the submersible to visit the HMS Titanic wreck site, to better understand the research and monitoring capabilities of OceanGate's equipment,' but that 'the individual did not participate.' Story continues below advertisement Instead, the individual boarded another vessel that was deployed by OceanGate while a submersible descent was taking place. 'In the summer of 2021, a DFO staff member boarded a vessel associated with OceanGate to participate, as an observer, in a mission off Newfoundland. The purpose was to learn more about OceanGate.' The spokesperson added: 'Upon conclusion of the mission, it was determined that their priorities did not align with the department's scientific objectives, and a further relationship was not pursued.' The spokesperson said the employee 'was on another ship operated by OceanGate, but not on board the Titan itself.' 2:07 Titan sub hearing: 1st week filled with tearful testimonies over OceanGate disaster The U.S. Coast Guard report said OceanGate's design and testing processes for the Titan submersible 'did not adequately address many of the fundamental engineering principles that would be crucial for constructing a hull to the precision necessary for the intended operations in an inherently hazardous environment.' Story continues below advertisement It added that OceanGate's safety culture and operational practices were 'critically flawed and at the core of these failures were glaring disparities between their written safety protocols and their actual practices.' DFO was not involved in safety assessments, the spokesperson told Global News. 'Vessel safety and regulatory oversight for submersibles do not fall within the mandate of Fisheries and Oceans Canada. The department was not involved in risk assessment or operational oversight of any of OceanGate's missions,' the DFO spokesperson said.
Arabian Post
29-04-2025
- Business
- Arabian Post
King Dollar's freefall will be vindicated by the awful payrolls data!
Matein Khalid My idea of nirvana Xanadu and Lotus Land is an emerging markets strategy bull session in the Waldorf cigar lounge with two bros who can dissect the best money making ideas in EM FX, EM sov debt and EM equities in the dozen odd countries where we see macro fairytales and masala shorts in sectors/countries on the precipice of emerging nightmares from Brazil to Hong Kong, the macro stars are aligned for 3X payoffs in the right puppies! The don't worry be happy mood on Wall Street will end with a traumatic impact for both King Dollar and the US stock market indices in the next week. Why? One, corporate toplines have mostly missed their whisper/whimper numbers and revenues cannot be fudged. So the US economy was the HMS Titanic after it hit the iceberg even though Trump compounded its woes on April 2nd or Liberation Day. Two, the end game of this decelerating economic cycle is a financial cardiac arrest, the reason the Vol Index is still at 25. Three, I am stunned by the sheer scale of household bankruptcies, 90 day credit card delinquencies, disaster in new construction leasing ratios (below 50%), Joe Sixpack inflation distress and outright deflation in Shelter Cost, the largest component of the CPI. So JayPo is a monetary ostrich who is so mesmerized by tariff price shocks and his own ego cat fight with the MAGA muppets in the White House that he is at serious risk of fiddling while Rome burns, a de facto monetary policy Nero. See also Financial panic sweeps at the speed of light Four, Powell has forgotten that he should act as the lender of last resort during times of economic distress, the liquidity Mommy or Big Daddy if you prefer of Wall Street when the plumbing breaks down and asset markets face the big Chill. The Fed funds rate should be zero and not 4.25%. Rest assured it will get there once the market digests the scary implications of shockingly weak April payrolls (thank you DOGE) and a slump in Q2 GDP. Then ex King Dollar will truly begin its fatal kamikaze dive to my eventual target of DXY 70, which I share with the intellectual clowns, economists of the MAGA brigade. Five, America is on the verge of a historic plunge in housing prices that will be no less traumatic than the events of 2008 even as office towers from San Fran to Chicago can be snapped up for 60 cents on the dollar. Those who missed my warnings to establish non-dollar hedges last autumn have now lost 10% of their wealth as the US dollar index suffered its first 10% fall in the first 4-months of a year since 1973. The human brain is genetically programmed by evolution to seek patterns and I would seriously use my brain to heed the distress signal it is sending me from the embattled ex-King Dollar. Six, Trotsky said 'revolution is unthinkable until it becomes inevitable'. His words hold as true to the international monetary regime of 2025 as they did for the fate of imperial Russia that fateful October in Petrograd 1917. See also The anatomy of Tariff Man's global financial crash! Seven, Xi Dada is not responding to Trump's come-hither overtures on a trade deal and the orange man may well have to jet to Tiananmen Square to turn cartwheels and kowtow before the Politburo. Eight, Trump's tariffs constitute the biggest tax hike in American history at a time when the economy was sputtering and corporate America and the consumer was bleeding to death with the thousand sword cuts after the Biden/Covid inflation. This is beyond dumb and dumber. I evoke the ghost of Prince Metternich after Napoleon murdered the Duc d'Enghien in 1804 – 'it was worse than a tragedy, it was a blunder'. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
