2024's Top Biotech Pick?

FDA patent pending for new drug delivery device. That means smart biotech investors are chasing reality not dreams.

What is known about the sinking of a luxury yacht off the coast of Sicily and those aboard

ANDREA ROSA and MIKE CORDER
August 20, 2024

PORTICELLO, Sicily (AP) -- Specialist cave divers working in 12-minute underwater shifts were searching Tuesday for six missing passengers and crew, including British tech tycoon Mike Lynch, believed to be in the submerged wreck of a luxury yacht that was slammed by a powerful storm and swiftly sank off Sicily.

The sleek yacht, named the Bayesian, was carrying a crew of 10 people and 12 passengers when it suddenly sank near the Mediterranean island that is part of Italy at about 4 a.m. on Monday. One body has been recovered and 15 people survived.

Fire rescue officials have said the six believed to remain in the sailboat's hull will be considered missing until they are located in the wreckage.

Here's what we know so far about the sinking and those who were on board.

What happened?

Italian civil protection officials believe a sudden and fierce storm that battered the coast of Sicily in the early hours of Monday whipped up a waterspout in the exact spot where the 56-meter (184-foot) British-flagged Bayesian was moored.

Karsten Borner, the captain of another yacht moored nearby, said he saw the Bayesian during the storm but when the wild weather passed it was gone and he saw only a red flare lighting the night sky, ANSA and the Giornale di Sicilia newspaper reported.

Borner and one of his crew boarded their tender and found a lifeboat carrying 15 people, some of them injured. They took them aboard their yacht and alerted the coast guard.

Rescue authorities said the wreck was resting at a depth of 50 meters (163 feet) about a half mile offshore of the picturesque fishing village of Porticello.

Who was on board?

Among the missing is 59-year-old tech tycoon Mike Lynch, sometimes described as the British Bill Gates. Lynch was acquitted in June of all charges in a U.S. fraud trial linked to the $11 billion sale of his software company Autonomy to Hewlett-Packard in 2011.

Lynch still faced a potentially huge bill stemming from a civil case in London that HP mostly won during 2022. Damages haven't been determined in that case, but HP is seeking $4 billion. Lynch made more than $800 million from the Autonomy sale.

A Cambridge-educated mathematician, Lynch made his name running Autonomy, which made a search engine that could pore through emails and other internal business documents to help companies find vital information more quickly.

Lynch's 18-year-old daughter Hannah was reportedly among the missing. His wife, Angela Bacares, and 14 other people survived.

Among others still missing Tuesday, according to the civil protection agency, were one of Lynch's U.S. lawyers, Christopher Morvillo of Clifford Chance, and Morvillo's wife. Morvillo was regarded as an elite defense lawyer and was also a federal prosecutor in New York after 9/11.

Also missing was Jonathan Bloomer, the chairman of Morgan Stanley International, and his wife, Judy. He is the former head of the Autonomy audit committee and testified for the defense at Lynch's trial.

Bloomer was also chair of the Hiscox Group, an insurer that does business on the Lloyd's of London market.

"We are deeply shocked and saddened by this tragic event," Hiscox CEO Aki Hussain said in a statement. "Our thoughts are with all those affected, in particular our chair, Jonathan Bloomer, and his wife Judy, who are among the missing, and with their family as they await further news from this terrible situation."

Among the survivors was Charlotte Golunski, who said she momentarily lost hold of her 1-year-old daughter Sofia in the water, but then managed to grab her and hold her up over the waves until a lifeboat inflated and they were both pulled to safety, Italian news agency ANSA reported. The father, identified by ANSA as James Emslie, also survived.

The Dutch foreign ministry said a Dutch man survived. The ministry, citing privacy, did not release his identity.

One body was recovered on Monday, identified as the on-board chef.

What is the Bayesian?

The Bayesian was a luxury yacht built in 2008 by the Italian firm Perini Nav. It was known for its single 75-meter (246-feet) aluminum mast -- one of the world's tallest. Online charter sites listed it for rent for up to 195,000 euros (about $215,000) a week.

Its registered owner is listed as Revtom Ltd., based on the Isle of Man, according to online maritime database Equasis. Lynch's wife is listed as Revtom's sole owner, according to corporate registration documents from the Isle of Man.

The yacht's name is an apparent reference to "Bayesian inference," one of the two main approaches to statistical machine learning and the one that was used by Autonomy.

What is a waterspout?

Waterspouts are tornadoes that form over water and can happen when a storm moves across warm water.

According to the U.S. National Ocean Service, there are two types of waterspouts -- fair-weather and tornadic.

Tornadic waterspouts "have the same characteristics as a land tornado. They are associated with severe thunderstorms, and are often accompanied by high winds and seas, large hail, and frequent dangerous lightning," the service says on its website.

While scientists haven't attributed the specific event to climate change, average monthly surface temperatures have been at record highs for months. Hotter air can hold more moisture, making heavier storms more likely.

Sicily has been baking under intense heat this summer, and the United Nations' panel of climate change experts notes the Mediterranean is particularly vulnerable to climate change, with warming rates roughly 20% higher than the global average.

What happens next?

As the search for the missing continues, authorities already have begun trying to piece together exactly what happened.

Prosecutors from the Sicilian town of Termini Imerese have opened an investigation, as is normal in such events even when no suspects are identified. To date they have not commented publicly.

The British Marine Accident Investigation Branch said four of its inspectors were being deployed to Palermo.

___

Corder reported from The Hague, Netherlands.

Continue Reading...

Popular

Workers who assemble Boeing planes are on strike. Will that affect flights?

NEW YORK (AP) — by some 33,000 Boeing machinists has halted production of the American aerospace giant's best-selling airplanes. The workers began picketing at Boeing factories and plants in Washington, Oregon and California on Friday after their union negotiated and endorsed.

Trump Media stock jumps after former president says he won't sell shares when lockup expires

NEW YORK (AP) — Shares of Trump Media & Technology Group Corp. jumped Friday after former President Donald Trump said he won't sell shares of the social media company.

What Kamala Won't Do if She Wins the Election - Ad

She's promising to bring down housing costs and grocery prices...But the one thing she probably won't do, is make you wealthier. Ex-Wall Street Insider, Adam O'Dell has identified a simple way for any American to grow their wealth going into the 2024 presidential elections.

Uber to dispatch Waymo's robotaxis in Austin and Atlanta next year

Ride-hailing leader Uber on Friday announced it will dispatch robotaxis built by driverless technology pioneer Waymo beginning next year in Austin, Texas, and Atlanta in a deal that deepens the bond between once-bitter rivals.

Elon Musk Laughs At The Idea Of Dick Cheney Supporting Kamala Harris For President

Elon Musk humorously commented on the recent endorsement of Kamala Harris by George Bush Jr.-era former Vice President Dick Cheney.

Imminent FDA Decision Could End Obesity in America... - Ad

...and spark a 224,000% sales surge for one tiny micro-cap stock. Channelnomics says it "Could have a greater impact on the world than artificial intelligence." BMO Capital calls it "A goldmine for investors." The Wall Street Journal says it's "A Gold rush."

The 2024 Olympics were a success for Paris but a calamity for some of its businesses

PARIS (AP) — Parisian business owners and hotel managers were promised a summer like no other. Millions of tourists would flood the French capital for the and , generating huge profits for Paris and its region.

U.S. Loses to China in Shocking WAR GAMES - Ad

Pentagon says new "living missile" key to winning a future conflict. Investors stand to reap 35,960% on shares of the small defense contractor that makes powerful new weapon.

Top 2 Energy Stocks That Are Ticking Portfolio Bombs

Two stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

E. Jean Carroll Case: Appeals Court Skeptical of Trump's Bid to Overturn Sexual Abuse Verdict

E. Jean Carroll's case sees an appeals court skeptical of Donald Trump's bid to overturn a $5 million verdict for sexual abuse and defamation.

New "Living Missile" to Replace Nuclear Missiles - Ad

CBS News Reports: "It's an entirely new type of weapon." The New York Times Reports: "No existing defense can stop it." And one small company is building them for the Pentagon!

Huge payout expected for a rare coin bought by Ohio farm family and hidden for decades

TOLEDO, Ohio (AP) -- Three sisters from Ohio who inherited a dime kept in a bank vault for more than 40 years knew it had some value. But they had no idea just how much until just a few years ago.

What If Kamala Wins? The 3 Words That Will Change Everything - Ad

The same team that predicted Biden's downfall ... now warns of a new threat. Learn how to safeguard your future.

Is The Bill Gates-Warren Buffett Bond Broken?

The long-standing friendship between billionaires Bill Gates and Warren Buffett has seen a significant downturn in recent years.

Southwest shakes up board after coming under pressure from big shareholder

Southwest Airlines will revamp its board and its chairman will retire next year, but it intends to keep CEO Robert Jordan after a meeting with hedge fund Elliott Investment Management, which has sought a leadership shakeup at the airline including Jordan’s ouster.

A 10,000% Dividend?!? - Ad

Have you seen this strange oil investment? It's NOT a stock, bond, or private company...It has NO age requirements...You do NOT need to be accredited to participate... And you can get in for as little as $25.

Stellantis Fires Back At US Dealer Council's Allegation Of 'Short-Term Decision-Making:' Carmaker Says 'Public Personal Attacks' Not The Way To Solve Problems

Carmaker Stellantis NV said on Wednesday that it takes "absolute exception" to the open letter sent by the President of U.S. Stellantis National Dealer Council (NDC) Kevin Farrish to company CEO Carlos Tavares, terming it a "public personal attack."

Oil = Monthly Income - Ad

Right now, there's an unusual $25 way to collect MONTHLY income from the oil markets. It's not a stock, bond, or anything you've likely heard about... But it's by far my #1 investment opportunity for 2024.

Buffett's Big A.I. Secret (Handle With Care) - Ad

A.I. is the talk of the town...But here's what they're NOT telling you. Former investment banking V.P. Ross Givens is letting the cat out of the bag. He's leaking a revolutionary new development, which changes everything. It will kick off A.I.'s massive second wave.

Future of sports streaming market, consumer options under further scrutiny after Venu Sports ruling

With the U.S. Open tennis tournament beginning Monday and college football kicking into high gear, this was supposed to be the week when some expected the Venu Sports streaming service to have a soft launch at least.

GM delays Indiana electric vehicle battery factory but finalizes joint venture deal with Samsung

DETROIT (AP) — Production at an electric vehicle battery cell plant jointly run by General Motors and Samsung SDI has been delayed as EV sales have slowed in the U.S.

Stop Paying Full Price for Houses - Ad

Gain instant access to 1000's of houses you can potentially get for just the taxes owed. Why pay full price for properties when you can follow a few simple steps and pay just the taxes owed?

Stakeholder in Trump's Truth Social parent company wins court ruling over share transfer

DOVER, Del. (AP) — A federal judge in Delaware has ruled in favor of a firm seeking assurance that it will be able to sell its minority stake in the parent company of former president Donald Trump’s .

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Don't Tell ANYONE About This Altcoin (Until It Pops)... - Ad

Quiet now! This governance token could be the sleeping giant of the crypto world... In the next bull market, this "DeFi 2.0" powerhouse might soar 10x... 50x... perhaps even 100x.

France's Macron to visit Serbia with a possible deal to sell French warplanes in a shift from Russia

BELGRADE, Serbia (AP) — French President Emmanuel Macron starts a two-day state visit to Serbia on Thursday with the focus on the possible sale of 12 Rafale multi-purpose fighter jets to the country, which has maintained close ties to Russia despite its invasion of Ukraine.

Oil Surge Predicted...But Are You Ready? - Ad

Do you own oil and gas stocks? Or are you thinking about buying some? If so, you need to see my #1 oil play for 2024. But it's NOT oil stocks, futures, or anything you've likely heard about. Rather, it's an unusual way to potentially bank monthly income from the oil and gas markets.

Tesla CEO Elon Musk Wants To Bring Back Dogecoin As A Payment Option To Buy Company's Merchandise

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk said on Friday that he would like to have the option of paying with meme cryptocurrency Dogecoin (CRYPTO: DOGE) reinstated for the company’s merchandise.

This Is How the AI Bull Market Ends - Ad

The AI bull market as we know it right now will end...And all the big popular AI stocks investors are piling into right now will NOT be the where the biggest returns will come from. And for investors who don't know how the market is changing and where it's going...They could end up left behind.

The Dutch government is expanding export restrictions for processor chip machines

THE HAGUE, Netherlands (AP) — The Dutch government is expanding export restrictions on equipment used to make advanced processor chips that can be integrated into weapons systems, a Cabinet minister announced Friday, citing security risks.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service