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The body of a woman wearing a life vest was recovered by Italian coast guard divers Saturday from a narrow underwater corridor of the capsized cruise ship Costa Concordia, raising the death toll to 12 in the week-old accident that has sent some light fuel spilling into the Mediterranean off Tuscany.
Coast Guard Cmdr. Cosimo Nicastro told The Associated Press that the victim was found during a particularly risky inspection of an evacuation staging point at the ship’s rear.
“The corridor was very narrow, and the divers’ lines risked snagging” on objects in the passageway, Nicastro said. To permit the coast guard divers to get into the area, Italian navy divers had preceded them, setting off charges to blast holes for easier entrance and exit, he said.
The woman’s nationality and identity were not immediately known.
Before the corpse was found, 21 people were listed as missing. One of the women on the list is a Peruvian crew member, the others are passengers.
Three bodies were found in the waters near the ship in the first hours after the accident’ since then the rest of the victims have all been found inside the Concordia, apparently unable to get off the ship during a chaotic evacuation via lifeboats and later by helicopters. Some survivors jumped off and swam to safety.
The Concordia hit a reef and ran aground on Jan. 14, while passengers dined, about two hours after the ship had set sail from the port of Civitavecchia on the Tyrrhenian Sea. Costa Crociere has said the captain had deviated without permission from the vessels in an apparent maneuver to sail close to Giglio, a Tuscan island, to impress passengers aboard.
Search and rescue efforts for survivors and bodies have meant that an operation to remove heavy fuel in the Concordia’s tanks hasn’t yet begun, although specialized equipment has been standing by for days.
On Saturday, light fuel, apparently from machinery aboard the capsized Costa Concordia, was detected near the ship.
But Nicastro said there was no indication that any of the nearly 500,000 gallons (2,200 metric tons) of heavy fuel oil has leaked from the ship’s double-bottomed tanks. He said the leaked substance appears to be diesel, which is used to fuel rescue boats and dinghies and as a lubricant for ship machinery.
There are 185 tons of diesel and lubricants on board the crippled vessel, which is lying on its side just outside Giglio’s port. Nicastro described the light fuel’s presence in the sea as “very light, very superficial” and appearing to be under control.
Although attention has been concentrated on the heavy fuel oil in the tanks, “we must not forget that on that ship there are oils, solvents, detergents, everything that a city of 4,000 people needs,” Franco Gabrielli, the head of Italy’s civil protection agency, told reporters in Giglio.
Gabrielli, who is leading rescue, search and anti-pollution efforts for the Concordia, was referring to the roughly 3,200 passengers and 1,000 crew who were aboard the cruise liner when it ran into the reef, and then, with sea water rushing into a 70-meter (230-foot) gash in its hull, listed and finally fell onto its side.
Considering all the substances aboard the Concordia, “contamination of the environment, ladies and gentlemen, already occurred” when the cruise liner capsized, Gabrielli told a news conference.
Vessels equipped with machinery to suck out the light fuel oil were in the area, officials told Italian TV.
Earlier on Saturday, crews removed oil-absorbing booms used to prevent environmental damage in case of a leak. Originally white, the booms were grayish.
Divers resumed their search of the wreckage Saturday after data indicated the cruise ship had stabilized in the sea off Tuscany. Italian news reports said that the divers were also trying to locate the captain’s safe, in case it might contain documentation useful to the criminal probe.
The Italian captain, Francesco Schettino, is under house arrest for investigation of alleged manslaughter, causing a shipwreck and abandoning the ship before all were evacuated. Schettino insists he helped coordinate the evacuation from Giglio’s docks after leaving the ship when the Concordia lurched to one side.
The search had been suspended Friday after the Concordia shifted, prompting fears the ship could roll off a rocky ledge of sea bed and plunge deeper into the sea. An abrupt shift could also cause a leak in the Concordia’s fuel tanks, polluting the pristine waters around Giglio, part of a seven-island Tuscan archipelago.
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Officials say a German woman who was listed among the missing from the cruise ship grounding off Italy has been located alive in Germany, bringing the number of people still unaccounted for to 21.
The Grosseto prefect’s office says Gertrud Goergens identified herself to police. Her name was removed from the official list of missing late Wednesday.
Italian authorities released the names of the missing Wednesday as the search for passengers and crew aboard the Costa Concordia was suspended because the ship shifted slightly from its perch on rocks off the Tuscan island of Giglio.
So far eleven bodies have been recovered; 21 people remain unaccounted for.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
ROME (AP) _ The first victim from the Costa Concordia diaster was identified Wednesday _ a 38-year-old violinist from Hungary who had been working as an entertainer on the stricken cruise ship.
Sandor Feher’s body was found inside the wreck, and identified by his mother who traveled to the Italian city of Grosetto, according to Hungary’s foreign ministry.
The $450 million Costa Concordia cruise ship was carrying more than 4,200 passengers and crew when it slammed into a reef Friday off the tiny Italian island of Giglio after the captain made an unauthorized maneuver. The death toll stands at 11, with 22 people still missing.
Italian rescue workers suspended operations Wednesday after the cruise ship shifted slightly on the rocks near the Tuscan coast, creating deep concerns about the safety of divers and firefighters searching for the missing.
Jozsef Balog, a pianist working with Feher on the ship, told the Blikk newspaper that Feher was wearing a lifejacket when he decided to return to his cabin to pack his violin. Feher was last seen on deck en route to the area where he was supposed to board a lifeboat.
According to Balog, Feher helped put lifejackets on several crying children before returning to his cabin.
Italian authorities earlier released the names of 24 passengers and 4 crew still missing, a list that includes six bodies which have been pulled from the ship since Monday. The missing included 13 Germans, six Italians, four French, two Americans and one person each from Hungary, India and Peru.
Instruments attached to the ship detected the movements early Wednesday even though firefighters who spent the night searching the area above water for the missing could not detect any movement.
“As a precautionary measure, we stopped the operations this morning, in order to verify the data we retrieved from our detectors, and understand if there actually was a movement, and if there has been one, how big this was,” said Coast Guard Cmdr. Filippo Marini.
By late afternoon, officials still did not have enough data to reassure them that the ship had stopped resettling. The latest victims were discovered after navy divers exploded holes in the hull of the ship to allow easier access.
Premier Mario Monti offered his first comment on the disaster Wednesday, telling a press conference in London that it “could and should” have been avoided.
Monti also thanked the residents of Giglio, which has a wintertime population of about 900, for opening their doors to the 4,200 refugees who struggled ashore with nothing and were given clothes, food and shelter.
And he acknowledged concerns about the 500,000 gallons of fuel still aboard the ship.
“Everybody can be assured that the Italian authorities are both taking care of the prevention and limitation of any environmental negative implications of this accident, as well as in the first place providing all the necessary help to those affected.”
Passengers were still making their way home, with consistent claims that crew members were ill-prepared to handle an emergency evacuation.
“The crew members had no specialized training _ the security man doubled as the cook and bartender, so obviously they did not know what to do,” passenger Claudia Fehlandt told Chile’s Channel 7 television after being embraced by relatives at Santiago’s airport.
“In fact, the lifeboats, even the ones that did get lowered, they did not know how to lower them and they cut the ropes with axes,” she said.
Much of the focus has been on the cruise ship captain’s actions.
In a dramatic phone conversation released Tuesday, a coast guard official was heard ordering Capt. Francesco Schettino, who had abandoned the ship with his first officers, back on board to oversee the evacuation. But Schettino resisted, saying it was too dark and the ship was tipping dangerously.
“You go on board! Is that clear? Do you hear me?” the Coast Guard officer shouted as the Schettino sat safe in a life raft and frantic passengers struggled to escape after the ship rammed into a reef off the Tuscan coast. “It is an order. Don’t make any more excuses. You have declared ‘Abandon ship.’ Now I am in charge.”
The officer confronted him with an expletive-laced order to get back on board, which has quickly entered the Italian lexicon. The four-word phrase has become a Twitter hashtag and Italian media have shown photos of T-shirts bearing the command.
Schettino, later in the same exchange, denied having abandoned the ship, replying that he had tripped and fell.
“I did not abandon a ship with 100 people on board, the ship suddenly listed and we were thrown into the water,” Schettino said, according to a transcript published Wednesday in the Corriere della Sera paper.
Jailed since the accident, Schettino appeared Tuesday before a judge in Grosseto, where he was questioned for three hours. The judge ordered him held under house arrest _ a decision that federal prosecutors are planning to challenge.
Schettino’s lawyer, Bruno Leporatti, told a news conference Wednesday in Grosetto that house arrest made sense given there was no evidence the captain intended to flee. He cited the fact that the captain coordinated the evacuation from the shore after leaving the ship.
“He never left the scene,” Leporatti said. “There has never been a danger of flight.”
Leporatti added the captain was upset by the accident, contrary to depictions in the Italian media that he did not appear to show regret.
“He is a deeply shaken man, not only for the loss of his ship, which for a captain is a grave thing, but above all for what happened and the loss of human life,” the lawyer said.
Criminal charges including manslaughter and abandoning ship are expected to be filed by prosecutors in coming days. Schettino faces a possible 12 years in prison if convicted of the abandoning ship charge alone.
_____
Barry reported from Milan.
+%3Cp%3E+Former+MF+Global+CEO+Jon+Corzine+returned+to+Capitol+Hill+Thursday%2C+where+he+rejected+allegations+aired+earlier+this+week+that+he+was+aware+of+fund+transfers+from+customer+accounts.%3C%2Fp%3E%3Cp%3ECorzine%27s+testimony+came+two+days+after+Terry+Duffy%2C+head+of+exchange+operator+CME+Group+%28%29%2C+suggested+in+a+separate+Congressional+hearing+that+Corzine+may+have+been+aware+of+unlawful+money+transfers+out+of+customer+accounts+in+the+days+before+MF+Global+filed+for+bankruptcy.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3ELawmakers+have+been+probing+the+brokerage%27s+collapse%2C+and+in+particular%2C+the+revelations+that+more+than+%241+billion+in+customer+funds%2C+mostly+from+commodities+accounts%2C+are+still+missing.%3Cbr%3E+%3Cbr%3E+Corzine+has+consistently+said+he+has+no+idea+how+the+money+went+missing%2C+never+ordered+that+customer+funds+be+misused+and+did+not+learn+of+the+massive+shortfall+until+less+than+24+hours+before+the+firm+filed+for+bankruptcy.+In+the+commodities+business%2C+customer+money+at+brokerages+like+MF+Global+%28%29+is+supposed+to+be+protected+at+all+times%2C+even+in+the+event+of+a+bankruptcy.+%3C%2Fp%3E%3Cp%3EBut+Duffy+claimed+Tuesday+that+Corzine+was+aware+that+the+firm+had+tapped+customer+accounts+for+its+own+use+in+its+final+days.+%3C%2Fp%3E%3Cp%3ESuch+a+transaction+could+be+legal+under+some+circumstances%2C+and+Duffy+did+not+specifically+say+that+Corzine+himself+had+authorized+illegal+money+transfers.+He+did+say%2C+though%2C+that+the+firm+had+made+at+least+some+transfers+from+customer+accounts+illegally.%3C%2Fp%3E%3Cp%3ECorzine+denied+Duffy%27s+allegations+Thursday%2C+saying+he+%26quot%3Bdid+not+in+any+way+know+about+the+use+of+customer+funds+on+any+loan+or+transfer.%26quot%3B+In+the+firm%27s+last+hours%2C+he+added%2C+he+learned+of+the+massive+hole+in+customer+accounts+but+did+not+know+how+it+was+formed.%3C%2Fp%3E%3Cp%3EInvestigators%2C+however%2C+have+been+developing+a+clearer+picture+of+just+what+went+wrong.+Rep.+Randy+Neugebauer+of+Texas+said+at+Thursday%27s+hearing+that+a+Congressional+investigation+had+shown+that+MF+Global+moved+at+least+%24700+million+out+of+customer+accounts+in+the+days+before+its+bankruptcy+%26quot%3Bto+meet+liquidity+needs+of+the+firm%26quot%3B.+%3C%2Fp%3E%3Cp%3EThis+was+apparently+done+without+putting+the+collateral+in+place+to+make+such+a+transaction+legal%2C+according+to+Neugebauer%27s+account.%3C%2Fp%3E%3Cp%3EThe+allegations+follow+on+similar+claims+from+CME+Group%2C+which+says+MF+Global+broke+the+law+in+using+customer+funds+for+its+own+benefit+%3Ca+href%3D%22http%3A%2F%2Fpayday-loans-cheap.com%22%3Epayday+loans+guaranteed+no+fax%3C%2Fa%3E%3C%21–+.+–%3E.+Duffy+also+claimed+Thursday+that+the+firm+had+falsified+accounting+statements+to+conceal+the+shortfalls+in+customer+accounts.%3C%2Fp%3E%3Cp%3ERegulators+under+scrutiny%3A+Witnesses+also+appeared+in+the+latter+half+of+Thursday%27s+hearing+from+the+New+York+Federal+Reserve+Bank+and+from+regulators+including+the+Securities+and+Exchange+Commission+and+the+Commodity+Futures+Trading+Commission.%3C%2Fp%3E%3Cp%3ELawmakers+quizzed+them+on+how%2C+in+an+era+following+the+global+economic+meltdown%2C+regulators+could+allow+another+big+financial+institution+to+fail%2C+and+lose+more+than+%241+billion+of+its+customers+money+in+the+process.+%3C%2Fp%3E%3Cp%3EThomas+Baxter%2C+general+counsel+of+the+Federal+Reserve+Bank+of+New+York%2C+testified+on+Thursday+that+his+agency+had+scrutinized+MF+Global+for+more+than+two+years+before+giving+it+the+green+light+to+trade+U.S.+securities.+%3C%2Fp%3E%3Cp%3EBut+there+were+some+major+compliance+issues+along+the+way+which+the+brokerage+eventually+fixed%2C+he+said.+%3C%2Fp%3E%3Cp%3EBaxter+said+the+U.S.+Commodity+Futures+Trading+Commission+found+that+the+company+failed+to+supervise+traders%2C+neglected+to+transmit+accurate+prices+of+its+natural+gas+options+and+didn%27t+maintain+written+records+of+at+least+one+of+its+clients.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EFurthermore%2C+MF+Global%27s+parent+company+was+based+in+Bermuda%2C+he+said%2C+noting+that+the+Fed+requires+its+primary+dealers+to+be+domiciled+in+the+U.S.%3C%2Fp%3E%3Cp%3EBut+MF+Global+fixed+all+of+these+issues%2C+said+Baxter%2C+and+that%27s+why+the+Fed+finally+approved+the+now-bankrupt+brokerage+to+trade+in+U.S.+securities.%3C%2Fp%3E%3Cp%3E%26quot%3BThe+New+York+Fed+designated+MF+Global+as+a+primary+dealer+to+meet+our+highly+specialized+needs%2C+and+we+followed+our+primary+dealer+policy+to+the+letter+without+fear+or+favor%2C%26quot%3B+said+Baxter%2C+in+prepared+testimony+to+a+Congressional+subcommittee.%3C%2Fp%3ELame+responses+from+CEOs%3Cp%3EThe+Fed+designated+MF+Global+as+a+primary+dealer+in+February+and+conducted+due+diligence+on+the+company+through+October%2C+%26quot%3Bwhen+its+financial+condition+deteriorated+abruptly+and+quickly%2C%26quot%3B+said+Baxter.%3C%2Fp%3E%3Cp%3EMoody%27s+downgraded+MF+Global+on+Oct.+24+and+the+following+day+the+brokerage+reported+its+%26quot%3Blargest+quarterly+earnings+loss+ever%2C%26quot%3B+said+Baxter.+At+that+point%2C+he+said+the+Fed+blocked+MF+Global+from+dealing+securities.%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F15%2Fnews%2Fcompanies%2Fmf_global_fed%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+
The president of scandal-battered Olympus on Thursday called business partnerships an option for shoring up the gaping hole that the huge investment losses it hid for years have left in its balance sheet.
Olympus Corp. met its deadline to avoid being removed from the Tokyo Stock Exchange by filing correct earnings for the April-September first half and for the past five fiscal years on Wednesday.
The deception at Olympus, dating back to the 1990s, to hide 117.7 billion yen ($1.5 billion) in investment losses came to light when former President and Chief Executive Michael Woodford blew the whistle, questioning expensive acquisitions and exorbitant fees for financial advice.
Woodford, a 51-year-old Briton and a rare foreigner to lead a major Japanese company, was fired in October after confronting Olympus directors. Woodford, in town this week to meet with investors and other stakeholders to attempt a comeback, is demanding that the entire board, including President Shuichi Takayama, resign.
The battle over who will lead the camera and medical equipment maker _ embroiled in one of Japan’s worst corporate scandals _ could come to a head at the next shareholders’ meeting. Takayama said that might be held in March or April.
“Capital adequacy ratio is a big problem, and we are considering how we can overcome it,” he told reporters at a Tokyo hotel. “We are considering various options, including a capital tie-up and operational or sales tie-ups.”
Olympus appointed three outsiders to a new reform committee to beef up governance and present a plan to shareholders. The committee is in addition to an earlier panel announced by Takayama, which is investigating the scandal.
The company’s loss of 32.3 billion yen ($414 million) for the first half of the fiscal year, through September, a reversal from a 3.8 billion yen profit the same period a year earlier, was mainly from the economic downturn and losses from Thai flooding, Takayama said.
Woodford said he was opposed to tie-ups and had better ways to get capital for Olympus to shore up its hobbled balance sheet. He promised not to break it up or seek a partner, which may reduce its independence.
“I am very fearful of the current management working with parties to look for strategic alliances, which would mean in the end the loss of our independence,” he told The Associated Press on Thursday.
“Because of the strong cash flows and profitability of the medical business, we could raise funding from additional sources without losing our sovereignty,” he said at a Tokyo hotel.
Olympus should focus on core businesses _ medicine, microscopes, industrial products and cameras and other consumer products _ and stop acquiring unrelated companies, as it had in recent years, he said.
Woodford said he was talking with investors and many “influential people in the Japanese establishment” to line up support for his return at the top. He declined to give specifics, saying the discussions were “delicate.”
It is still unclear if Woodford will manage a comeback. Some people, such as former board member Koji Miyata, see him as a hero and have begun an online campaign to bring back Woodford.
The scandal has prompted soul-searching in Japan Inc. on living up to global standards in governance.
Some experts say laws need to be updated, corporate boards need more outside members and transparency needs to be strengthened. Ruling and opposition legislators met with Woodford earlier this week to hear his ideas about better corporate practices.
No one has been charged in the scandal. But Olympus management has said several top company men were involved in the scheme and has promised to investigate 70 officials, including former and current executives and auditors, to pursue possible criminal charges.
A third-party panel set up by Olympus, including a former Japanese Supreme Court judge, released the findings of an investigation earlier this month, which said top executives who were “rotten to the core” had orchestrated the accounting cover-up spanning three decades.
The fees for financial advice and overvalued acquisitions were part of an elaborate deception utilizing overseas banks and several funds to keep the massive losses off the company’s books, according to Olympus.
Japanese magazine Facta was first to report the dubious money.
Tsuyoshi Kikukawa, who was behind Woodford’s appointment as chief executive and later his firing, has since resigned as chairman. He is among several executives suspected of knowing about the scheme.
The Toronto stock market was set for a higher open Tuesday as crude oil prices rose and traders took in positive data from Europe
The financial world initial rejoiced Friday when word came of a deal by most European countries _ including all 17 that use the euro _ to allow the European Commission to oversee national budgets and impose penalties if a country’s debt grows too much.
Since then questions have emerged about the willingness of each individual country to ratify the agreement, the lack of a short-term solution to high debt in Greece, Italy and Spain, and what the future monetary policy of the European Central Bank will be.
The Associated Press spoke with four experts Sunday about the deal and what implications it will have for the markets. Here are their thoughts, edited for clarity.
Peter Tchir, founder of TF Market Advisors: It has to go and be ratified. They’re talking about doing balanced budget amendments in each of the countries. It seems like this was done very last minute. I’m highly suspicious that there’s really a full buy in. I think some of these balanced budget acts are going to take a while to implement. There was also more document space talking about being able to waive penalties than what the penalties would be.
How serious are those punishments going to be and will they ever be enforced? If you look at monetary punishments, where there’s a fine, the country already believes it’s necessary to run a deficit in the current year because their economy is stagnating, are they going to get afraid because of the fine or just lump that into part of the cost? Will they get kicked out of the euro? Clearly at this point the EU has shown anything but a willingness to kick somebody out. They became so scared of that, that they cobbled out bailout after bailout.
On Monday and Tuesday the stock market is going to be looking for the ECB to come in and say, “We can buy as much sovereign debt as we want now.” I don’t think we are going to get that statement and that’s going to put downward pressure on the stock market. It’s going to finally hit home in the U.S. that the ECB does not believe in quantitative easing in the same way that the U.S. does and they’re not going to view this pact as a reason to change their view. That is going to disappoint the market.
Brian Gendreau, market strategist at Cetera Financial Group: There’s a long-term solution in place but there’s no solution to the current crisis. There’s still the prospect of default on Greek bonds and there’s still problems faced by Italy meeting the financing obligations moving forward. It is a welcome first step. I think there’s widespread recognition that it’s going to be a long process one way or another. There were compromises in the agreement.
There are a lot of questions that still remain. One of them is the role of the European Central Bank as a lender of last resort. The ECB has made it clear that they are willing to undertake the role of lender of last resort to banks but there’s a question of to what extent will the ECB be lender of last resort to countries.
This is going to set a better tone for the market going forward. There is a lot of repressed demand for stocks. There are a lot of people who have moved into CDs and Treasurys. People are going to be looking for the green light to move out of those funds. When they do, they’re going to move into stocks. Ultimately, the big beneficiary might be stock markets, including the U.S. stock market.
Paul Zemsky, chief investment officer for multi-asset strategies for ING Investment Management: Overall, it was a very positive step in the right direction but it wasn’t this grand bargain that I was hoping for and others were hoping for earlier last week. But some very good things did happen. The member states did agree to some legislation that would be more binding in terms of the deficits and debt. It would be overseen by the European courts.
I see two problems. One is that overall growth is slowing throughout the region. Germany is the bright spot. Most economists, including ourselves, have (forecast) a mild recession for next year. With slowing growth, it’s hard to get good budget numbers. Second, the agreement has been made but the laws haven’t been passed and signed.
There’s going to need to be pressure kept on these peripheral countries to go through with this. That means you are going to have to keep walking close to the edge in terms of the markets and the threat of the euro region breaking up if these guys don’t come through. We’re still not done with this dance with death. Until these laws are passed, there are going to be scares. There’s going to continue to be volatility coming from this region.
Marc Chandler, global head of currency strategy at Brown Brothers Harriman: On the eve of the European summit, the ECB provided an incredible amount of liquidity to the market. I don’t know if the market fully appreciates that yet. They were willing to loan money to banks for three years. We’re not talking about a short-term, one-week loan. This is a three-year loan essentially. As much as they want, provided they have the collateral, which they also liberalized the definition of.
The take-away point is that the euro and eurozone survives without the ECB being a backstop for the sovereigns and without European bonds being issued. They live to fight another day. But it doesn’t change things. They’re still heading toward a recession. The ECB is still going to have to ease policy. They still have something on the magnitude of 1.8 trillion euros ($2.41 trillion) of bonds maturing, concentrated in the first half of next year.
____
Scott Mayerowitz can be reached at http://twitter.com/GlobeTrotScott.
Britain’s prime minister is threatening that he may not allow a group of 23 European Union states that plan to set up their own treaty to use EU institutions.
David Cameron says “The institutions of the European Union belong to the European Union, belong to the 27″ member states.
The 17 euro states and six other EU states early Friday agreed to create a new treaty that will allow them to introduce stricter fiscal rules in the hope of containing a worsening debt crisis payday loans.
They plan to rely on the European Commission and the European Court of Justice to enforce those rules.
Cameron said it was not in the U.K.’s interest to join the new treaty because he could not get special safeguards for the country’s financial center.
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