The US Coast Guard has officially wrapped up its search and recovery efforts in the North Atlantic for the Titan submersible that went missing last Sunday.
A marine board investigation will now hope to better understand what caused the van-sized Titan to suffer a catastrophic implosion, which killed all five people on board.
“The discovery of the Titan submersible wreckage marked the conclusion of the search and rescue aspect of this incident and the Coast Guard has officially convened a Marine Board of Investigation into the loss of the submersible and the five people on board,” Coast Guard Admiral John Mauger told a news conference.
Debris from the submersible was found on Thursday less than 500 metres from the wreck of the Titanic at a depth of 3,800 metres.
The Titanic site is about 1,450km east of Cape Cod and 644km south of St John's, Newfoundland.
The Titan was first reported missing last Sunday evening, prompting a massive international search and rescue operation spearheaded by the US Coast Guard.
The search for the Titan gripped the world, with news outlets providing near constant coverage.
The US Coast Guard devoted significant resources to the operation including 11 surface vessels, five subsurface vehicles and four planes, which completed 39 sorties, and covered over 33,0000 square kilometres, said Admiral Mauger, who led the operation.
The investigation has already begun at the site of the wreckage.
“The MBI (Marine Board Investigation) is currently in its initial evidence collection phase, including debris salvage operations at the incident site and evidence collection in co-ordination with Canadian authorities in the port of St John's, Newfoundland,” said Captain Jason Neubar, who is leading the investigation.
While the board itself cannot file charges, it can recommend to the relevant authorities to pursue “civil or criminal sanctions” if it deems it necessary.
Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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Killing of Qassem Suleimani
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
More from Rashmee Roshan Lall
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
