The implosion was preventable, the chair of the U.S. Coast Guard Marine Board of Investigation said
Footage from a remotely operated vehicle shows, what the Coast Guard Marine Board of Investigation says is the debris of the Titan submersible that imploded while diving to the wreck of the Titanic, on the seafloor, September 17, 2024, in this still image from video. U.S. Coast Guard video courtesy of Pelagic Research Services/Handout via REUTERS/File Photo
International News via Reuters:
A U.S. Coast Guard investigative board concluded Tuesday that the “inadequate design” of the Titan submersible was a primary contributing factor in its implosion in 2023 that left five people dead.
The Titan was on a tourist expedition to the wreckage of the Titanic – a British passenger liner that sank in 1912, killing at least 1,500 on board – when it lost contact with its support vessel during descent. Its remains were found four days later, littering the seabed about 1,600 feet (488 meters) from the bow of the Titanic wreck.
The implosion was preventable, the chair of the U.S. Coast Guard Marine Board of Investigation, Jason Neubauer, said as a 300-page report was released following a two-year probe.
“There is a need for stronger oversight and clear options for operators who are exploring new concepts outside of the existing regulatory framework,” he said in a statement.
A media spokesperson at OceanGate, the U.S.-based company that managed the tourist submersible and suspended all operations after the incident, was not immediately available for comment.
The board determined that the primary contributing factors were OceanGate’s “inadequate design, certification, maintenance and inspection process for the Titan.”
It also cited “a toxic workplace culture at OceanGate,” an inadequate regulatory framework for submersibles and other novel vessels, and an ineffective whistleblower process.
The report added “for several years preceding the incident, OceanGate leveraged intimidation tactics, allowances for scientific operations, and the company’s favorable reputation to evade regulatory scrutiny.”
The board found that OceanGate failed to investigate and address known hull anomalies following its 2022 Titanic expedition. It said data from Titan’s real-time monitoring system should have been analyzed and acted on during that expedition.
It also criticized OceanGate for failing to properly store the Titan before the 2023 Titanic expedition.
Reporting by Shubham Kalia in Bengaluru and David Shepardson in Washington; Editing by Andrew Heavens and Bernadette Baum
OBA pinpoints where funds should be directed to boost visitor numbers
Dwayne Robinson: “Government must do its part to ensure the success of the National Tourism Plan; the experience must match the marketing.”
Statement from Shadow Tourism Minister Dwayne Robinson: The One Bermuda Alliance welcomes the recently announced changes to be implemented by the Bermuda Tourism Authority and the imminent search for a new CEO. The commitment to restructuring and re-organizing will provide a glimmer of optimism and hopefully show tangible results. Now that the Bermuda Tourism Authority has publicly pledged to get itself back on the right track, where is the Government’s plan for the necessary financial investment to support the growth of our tourism industry? There was very little mention of tourism between the last two throne speeches, which I raised as a concern previously. The tourism investment orders passed by the Government in the previous session are going to provide much needed additions to our tourism product and have been supported by the OBA in the house. However, tourism investment orders alone while waiting for Fairmont Southampton to re-open is not a comprehensive plan to support the growth of our tourism industry. The Government should: – Invest in our meetings, incentives, conference, and exhibitions infrastructure to boost business tourism; – Attract additional hotel developers to Bermuda to increase our bed capacity on top of Fairmont Southampton; – Properly maintain our amenities such as beaches, public bathrooms, railways, and roads. Expand our sports tourism opportunities; – Start producing a separate investment plan that supports the National Tourism Plan managed by the BTA.
One of the most cited issues by hotels is transportation, which has also frustrated the Bermudian public. Multiple members of the industry have come forward with their suggested fixes to the issues plaguing transportation which shows a willingness from stakeholders to remedy the issues. However, the Minister has yet to come forward with a comprehensive plan of his own to address the woes of transport. With no set date for the Ridesharing Legislation to be brought before the House of Assembly, the Minister cannot simply sit on his hands. Now is the time to work with the transport operators you currently have, to provide a short-term solution, while a longer-term collaborative solution is developed. If this is currently ongoing it would be excellent for the Minister of Tourism, Transport, Culture, & Sport to provide a public progress update to the people of Bermuda. The Bermuda Tourism Authority can attract tourists to our shores but if we aren’t investing in our tourism product, how can we ensure that our tourist have a top tier experience and become repeat visitors? Government must do its part to ensure the success of the National Tourism Plan; the experience must match the marketing.
Bermudian duo Nkenge Durham and Aunde Todd have helped their Binfield FC teammates advance in the prestigious Emirates FA Cup after a convincing 4-1 victory over Winslow United.
The win in the Extra Preliminary Round sees Binfield progress to the next stage of the competition. The Moles were in fine form, with a hat-trick from striker Ethan Lindo and a goal from Amari Fashanu sealing a comfortable win.
Both Durham and Todd were part of the squad that delivered the strong performance, which will be a major confidence boost for the team as they look to build on this early success.
Binfield will now await the draw for the Preliminary Round, with dreams of a deep cup run.
U.S. services sector activity unexpectedly flatlined in July with little change in orders and a further weakening in employment
International News via Reuters:
Wall Street stock indexes were lower on Tuesday following weaker than expected U.S. economic data, as equities in Europe and Asia gained ground.
U.S. services sector activity unexpectedly flatlined in July with little change in orders and a further weakening in employment even as input costs climbed by the most in nearly three years, highlighting the uncertainty over the impact of Trump’s tariff policy on businesses.
The Dow Jones Industrial Average fell 40.08 points, or 0.09%, to 44,133.14, the S&P 500 fell 0.71 points, or 0.01%, to 6,329.23 and the Nasdaq Composite rose 39.72 points, or 0.19%, to 21,093.99.
The U.S. dollar steadied as investors raised bets the Federal Reserve would act to prop up the world’s largest economy.
Gold prices fell from two-week highs, and oil retreated on rising OPEC+ supply and worries of weaker global demand.
On Monday, U.S. shares had rallied on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday.
The pan-European STOXX 600 index rose 0.35%, echoing the strength across Asia markets, where MSCI’s broadest index of Asia-Pacific shares outside Japan closed up 0.77%.
European earnings season was in full swing, with Diageo jumping 4.55%.
“The removal of the uncertainty is one factor that is helping European markets, even if the tariff rate is probably a bit higher than what market participants or European politicians would have expected or hoped to see,” said Amelie Derambure, senior multi-asset portfolio manager at Amundi.
“The question is whether bad news is bad news (economy slowing down) or it’s good news (Fed moving towards rate cuts). Our view is that it depends on how bad is the data and what’s priced in,” Jefferies strategist Mohit Kumar said.
“A modest weakening of the economy would be good news as it should be more easing from the Fed. However, a sustained and sharp rise in unemployment rates would be a negative as it would raise concerns over growth and earnings,” he said.
The dollar index, which measures the U.S. dollar against a basket of currencies, including the yen and the euro,rose 0.36% to 98.99. The euro was 0.29% at $1.1536.
Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year.
News that Trump could fill a governorship position at the Fed early added to worries about politicization of interest rate policy.
Trump again threatened to raise tariffs on goods from India from the 25% level announced last month due to its Russian oil purchases, while New Delhi called his attack “unjustified” and vowed to protect its economic interests.
“Whether the threat of secondary sanctions on India’s financing of Russia is the core goal remains to be seen,” strategists at ING said. “Or indeed, this move may be increased U.S. leverage on India to open up its domestic economy to agricultural imports or commitments to buy U.S. energy instead.”
Oil prices dropped for a fourth day, with concern mounting about economic growth and the potential for oversupply. Brent crude futures were down 1.21% at $67.93 per barrel and U.S. crude down 1.33% to $65.41.
The second-quarter U.S. earnings season is winding down, but investors are still awaiting results this week from companies including Walt Disney and Caterpillar.
Data on Tuesday showed business activity in the euro zone grew at a slightly faster pace in July than in June, but remained sluggish.
A separate UK survey showed British businesses recorded their largest drop in new orders in almost three years in July and cutting staff by the most in six months.
Data from Asia’s two biggest economies showed resilience in their service sectors. In Japan, the S&P Global final services purchasing managers’ index (PMI) climbed to 53.6 in July from 51.7 in June for the strongest expansion since February. China’s services activity last month expanded at its fastest pace in more than a year.
Spot gold prices were last down 0.04% to $3,371.59 an ounce, and spot palladium fell as much as 3% to $1,169.50 before paring losses.
Additional reporting by Rocky Swift in Tokyo, Twesha Dikshit and Medha Singh; Editing by Lincoln Feast, Bernadette Baum, Giles Elgood and Jane Merriman
Bermuda’s Nicholas Pilgrim is gearing up for his next international test, as he prepares to compete in the Men’s Elite race at the 2025 Americas Triathlon Cup in Kelowna, Canada.
Pilgrim, who will be wearing bib number 32, is set to face a demanding course on August 9th. The race will begin with a 750m swim in Lake Okanagan, followed by a 20km bike course and a 5km run.
The event provides a valuable opportunity for Pilgrim to compete against a strong international field. His participation is a key part of his development as he continues to climb the world rankings and build on his recent form.
Pfizer shares have lost more than half their value from their pandemic-era highs
International News via Reuters:
Pfizer raised its full-year profit forecast on Tuesday while reporting second-quarter results that topped Wall Street estimates, and said it expects to benefit from further cost-cutting across its research and manufacturing operations.
The New York-based drugmaker’s shares jumped 4% to $24.49 in early trading.
Pfizer shares have lost more than half their value from their pandemic-era highs as it deals with waning revenue from COVID products and looming patent expirations for key drugs. In response, the company launched a major cost-cutting program.
Pfizer said it was on track to deliver $7.2 billion in net savings by the end of 2027, about $4.5 billion coming by the end of 2025.
J.P. Morgan analyst Chris Schott said the quarterly beat and forecast raise did not come as a surprise given the company’s better-than-expected cost management, and that Pfizer could further raise its profit target as the year progresses.
The company now expects adjusted earnings of $2.90 to $3.10 per share, up from its prior view of $2.80 to $3.00. The forecast includes a one-time charge of 20 cents per share related to its licensing deal with China’s 3SBio for an experimental cancer treatment.
“Pfizer continues to lean on cost management as the main lever to drive performance going forward,” said Daniel Barasa, portfolio manager at Gabelli Funds, which owns Pfizer’s shares.
The pharmaceutical industry is facing intense pressure from U.S. President Donald Trump to lower prices Americans pay for prescription medicines, while preparing for 15% tariffs on imports from the European Union.
Pfizer shares had fallen over 11% this year, compared to a 1.7% decline for the broader NYSE Arca Pharmaceutical Index.
The company said its forecast also absorbs the impact of currently imposed tariffs on goods imported from China, Canada and Mexico, as well as potential price changes this year based on the letter it received from Trump on July 31.
“We continue to be actively engaged with policymakers as we navigate a complicated and rapidly evolving geopolitical environment,” said CEO Albert Bourla in prepared remarks.
Pfizer has said it has enough manufacturing capacity across its 10 U.S. sites to mitigate any tariff impact and is open to shifting some production to those facilities.
Total quarterly sales of $14.65 billion topped analysts’ estimates by over $1 billion, according to LSEG data, and included a $22 million favorable impact from foreign exchange.
‘NOT A GOOD SIGN’
Despite the beat, Pfizer maintained its full-year sales forecast of $61 billion to $64 billion. Two investors said the company was being conservative.
“I think that they’re just trying to balance the outlook over the next 12 to 18 months from where they grow revenue as it starts to fall off as some of those more popular drugs turn generic,” said Brian Mulberry, portfolio manager at Zacks Investment Management.
The blood thinner Eliquis, which Pfizer shares with Bristol Myers Squibb, could start facing U.S. generic competition in 2028. It had sales of $2 billion for the quarter, while analysts were expecting $1.94 billion.
Sales of antiviral COVID-19 treatment Paxlovid of $427 million for the quarter far exceeded analysts’ expectations of $244.4 million.
COVID vaccine Comirnaty, which Pfizer makes with German partner BioNTech, brought in sales of $381 million. Analysts were expecting $188 million.
Quarterly sales of the heart disease treatment sold under brand names Vyndaqel and Vyndamax were $1.62 billion, slightly above estimates of $1.59 billion.
On an adjusted basis, Pfizer earned 78 cents per share for the second quarter, topping analysts’ expectations by 20 cents.
David Wagner, portfolio manager at Aptus Capital Management, said that while the company should be credited for its near-term execution, concerns about long-term growth remained.
“It’s just not a good sign where you’re cutting costs because there’s a lack of growth in the future for your company,” he said.
Reporting by Bhanvi Satija and Mrinalika Roy in Bengaluru and Michael Erman in New York; Editing by Anil D’Silva and Bill Berkrot
Bermuda’s Aaron Lugo Jr and Cyril Whitter III have delivered impressive performances at the sold-out JiuJitsu World League 2025 Pan Americans in California.
Competing under the BDA BJJ banner, Lugo Jr earned a silver medal in the Juvenile White Belt Male Under 134lbs Division. He secured a dominant 25-0 victory in his first match before a narrow loss in his second.
Whitter III, fighting in the Masters 2 Blue Belt Male Under 168lbs Division, advanced through a tough 11-man bracket. In a double-elimination format, he secured two dominant wins by points, showcasing his skill on the international stage.
The results at the largest JJWL event of the summer highlight the growing strength of Brazilian Jiu-Jitsu in Bermuda and are a testament to the dedication of the local athletes and their coaches.
ICAO’s Gender Equality Programme seeks to advance equality in the sector
International News via Reuters:
The United States wants to rename and defund a UN aviation agency’s “gender” program that promotes participation by women in aviation, as President Donald Trump’s administration takes on diversity policies ahead of a fall gathering of high-level aerospace regulators.
The International Civil Aviation Organization (ICAO) should rename its Gender Equality Programme as the Empowerment Program for Women, “in order to remove the ideological term of ‘gender,'”, the U.S. wrote in a working paper ahead of the U.N. agency’s triennial assembly which starts on September 23.
It also asked the agency’s secretariat to confirm that “no regular budgetary contributions” would be used for the program under the current name.
ICAO’s Gender Equality Programme seeks to advance equality in the sector, where the vast majority of pilots and aerospace mechanics, for example, are male.
“The United States recognizes anticipated future personnel shortages in the global aviation industry, including the future need for highly trained professionals,” according to the paper dated July 30.
“However, we do not support programs that grant preferences based on sex or other characteristics other than individual merit.”
The Republican president has made a hallmark of his administration the sweeping away of any policy aimed at supporting diversity, with aviation now included in those efforts.
The paper comes as Trump is nominating former Delta Air Lines (DAL.N) pilot Jeffrey Anderson to serve as U.S. ambassador to the Montreal-based agency, in a move opposed by a major airline pilots’ union.
Earlier this year, Trump issued an executive memorandum directing his administration to assess and undo diversity initiatives in aviation safety roles.
Under Trump, the Federal Aviation Administration also reinstated the “Notice to Airmen” term, reversing an earlier decision by former President Joe Biden who had renamed the acronym NOTAM to be more “inclusive of all aviators”.
The Trump administration is asking to rename the ICAO program “in order to focus on the needs and perspectives of women,” the paper said.
The Federal Aviation Administration directed requests for comment to the U.S. Department of State, which did not immediately respond.
ICAO declined comment. The agency, which seeks to use consensus to set standards on everything from runways to seat belts, was created after the United States invited more than 50 allies to agree in 1944 to a common air navigation system.
Allison Lampert in Montreal; Additional reporting by David Shepardson in Washington; Editing by David Holmes
Prime Minister Keir Starmer has pledged to “smash the gangs” of people smugglers to try to reduce the number of arrivals
International News via Reuters:
Britain said it will start work within days to implement a deal to return some migrants who arrive on small boats to France, a key part of its plans to cut illegal migration, after a treaty on the arrangement was ratified on Tuesday.
Under the new “one in, one out” pilot scheme agreed in principle last month, France will accept the return of undocumented people arriving in Britain by small boats, in exchange for Britain agreeing to accept an equal number of legitimate asylum seekers with British family connections.
More than 25,000 people have come to Britain on small boats so far in 2025, and Prime Minister Keir Starmer has pledged to “smash the gangs” of people smugglers to try to reduce the number of arrivals.
Starmer, whose popularity has fallen since winning an election landslide last year, is facing pressure to stop small boats from Nigel Farage’s Reform UK party, which leads national opinion polls.
In recent weeks in England, there have been protests near hotels housing asylum seekers who have arrived on small boats, attended by both anti-immigration groups and supporters of immigration.
French Interior Minister Bruno Retailleau said on X that the deal has a “clear objective” to break up the people-smuggling networks.
His British counterpart, Yvette Cooper, would not say how many people would be returned under the scheme.
“The numbers will start lower and then build up,” she told Sky News on Tuesday, adding that the scheme would return new arrivals, rather than people already in Britain.
The treaty text said there would be a target timeframe of no more than three months from someone’s arrival in Britain to transfer to France, and Britain’s interior ministry said it expected detentions to begin within days.
Britain must make the request to return an individual within 14 days of their arrival, and France does not have to accept unaccompanied minors or people who pose a pre-existing security threat, the treaty said.
Government sources previously said the agreement would involve about 50 returns a week, or 2,600 a year, a fraction of the more than 35,000 arrivals reported last year.
Critics of the scheme have said its small scale will not act as a deterrent, but Cooper said the agreement was just one part of a wider plan.
The government has also used sanctions, measures against social media adverts and coordination with delivery firms to tackle people smuggling.
Reporting by Alistair Smout; Additional reporting by Sarah Young and Sudip Kar-Gupta;Editing by William James and Helen Popper
Bermuda’s Under-15 national team has kicked off their 2025 CONCACAF Boys’ Under-15 Championship campaign with a hard-fought goalless draw against Antigua and Barbuda in Aruba.
The young side, managed by coach Vashun Blanchette, battled hard in their opening Group B match at the Stadion CD Jose Wever. Despite a number of attacks, they were unable to break the deadlock against a determined opposition defence.
The result is a solid start for Bermuda, who will now turn their attention to their next group match against Barbados. The team will be aiming for a top-two finish in their group to advance to the semi-finals.
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