Search for Malaysian plane may extend to Indian Ocean: US

March 14, 2014

Malaysian_plane_mysteryKuala Lumpur/Washington, Mar 14: A new search area for Malaysia Airlines Flight 370 may be opened in the Indian Ocean, the White House said, significantly broadening the potential location of the plane, which disappeared nearly a week ago with 239 people on board.

Expanding the search area to the Indian Ocean would be consistent with the theory that the Boeing 777 may have detoured to the west about an hour after take-off from the Malaysian capital Kuala Lumpur en route to Beijing.

"It's my understanding that based on some new information that's not necessarily conclusive — but new information — an additional search area may be opened in the Indian Ocean," White House spokesman Jay Carney told reporters in Washington.

Carney did not specify the nature of the new information and Malaysian officials were not immediately available to comment.

The disappearance of the Malaysia Airlines plane is one of the most baffling mysteries in the history of modern aviation. There has been no trace of the plane nor any sign of wreckage despite a search by the navies and military aircraft of more than a dozen countries across Southeast Asia.

Satellites picked up faint electronic pulses from the aircraft after it went missing on Saturday, but the signals gave no information about where the jet was heading and little else about its fate, two sources close to the investigation said on Thursday.

But the "pings" indicated its maintenance troubleshooting systems were switched on and ready to communicate with satellites, showing the aircraft was at least capable of communicating after losing touch with air traffic controllers.

The system transmits such pings about once an hour, according to the sources, who said five or six were heard. However, the pings alone are not proof that the plane was in the air or on the ground, the sources said.

Malaysian authorities have said the last civilian contact occurred as the Boeing 777-200ER flew north into the Gulf of Thailand. They said military radar sightings indicated it may have turned sharply to the west and crossed the Malay Peninsula toward the Andaman Sea.

The new information about signals heard by satellites shed little light on the mystery of what happened to the plane, whether it was a technical failure, a hijacking or another kind of incident on board.

While the troubleshooting systems were functioning, no data links were opened, the sources said, because the companies involved had not subscribed to that level of service from the satellite operator, the sources said.

Boeing and Rolls-Royce, which supplied its Trent engines, declined to comment.

Earlier Malaysian officials denied reports that the aircraft had continued to send technical data and said there was no evidence that it flew for hours after losing contact with air traffic controllers early last Saturday.

"It's extraordinary that with all the technology that we've got that an aircraft can disappear like this," Tony Tyler, the head of the International Air Transport Association that links over 90 percent of the world's airlines, told reporters in London.

MILITARY DEPLOYMENT GROWS

Ships and aircraft are now combing a vast area that had already been widened to cover both sides of the Malay Peninsula and the Andaman Sea.

The US Navy was sending an advanced P-8A Poseidon plane to help search the Strait of Malacca, separating the Malay Peninsula from the Indonesian island of Sumatra. It had already deployed a Navy P-3 Orion aircraft to those waters.

US defense officials told Reuters that the US Navy guided-missile destroyer, USS Kidd, was heading to the Strait of Malacca, answering a request from the Malaysian government. The Kidd had been searching the areas south of the Gulf of Thailand, along with the destroyer USS Pinckney.

India's defence ministry has ordered the deployment of ships, aircraft and helicopters from the remote Andaman and Nicobar Islands, at the juncture of the Bay of Bengal and the Andaman Sea. An Indian P8I Poseidon surveillance plane was sent to the Andaman islands on Thursday.

China, which had more than 150 citizens on board the missing plane, has deployed four warships, four coastguard vessels, eight aircraft and trained 10 satellites on a wide search area. Chinese media have described the ship deployment as the largest Chinese rescue fleet ever assembled.

WRONG IMAGES

On the sixth day of the search, planes scanned an area of sea where Chinese satellite images had shown what could be debris but found no sign of the airliner.

Malaysian transport minister Hishammuddin Hussein told a news conference the images were provided accidentally, saying the Chinese government neither authorized nor endorsed putting them on a website. "The image is not confirmed to be connected to the plane," he said.

It was the latest in a series of contradictory reports, adding to the confusion and agony of the relatives of the passengers.

As frustration mounted over the failure to find any trace of the plane, China heaped pressure on Malaysia to improve coordination in the search.

Premier Li Keqiang, speaking at a news conference in Beijing, demanded that the "relevant party" step up coordination while China's civil aviation chief said he wanted a "smoother" flow of information from Malaysia, which has come under heavy criticism for its handling of the disaster.

Malaysian police have said they were investigating whether any passengers or crew on the plane had personal or psychological problems that might shed light on the mystery, along with the possibility of a hijacking, sabotage or mechanical failure.

The Boeing 777 has one of the best safety records of any commercial aircraft in service. Its only previous fatal crash came on July 6 last year when Asiana Airlines Flight 214 struck a seawall with its undercarriage on landing in San Francisco, killing three people.

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Agencies
March 1,2020

Washington, Mar 1: Beginning April 1, Indians wishing to immigrate to America will now have to pay an additional $50,000 for the EB-5 or the US investor visa, a media report said.

Although, this additional tax would impact all visa categories, it will predominantly create a barrier for people investing in the EB-5 visa programme, the American Bazaar daily said in the report on Friday.

In 2019, the EB-5 investor visa programme, for the first time since the 1990's, increased the minimum investment amount to $900,000.

With this increase in minimum investment, the new 5 per cent additional tax would mean that applicants would have to pay the extra $50,000, when they move money to an escrow account in the US to fulfil their application criterion.

"The changes to the tax on remittances is a reminder to Indians to carefully plan their tax position before making the move to the US," the American Bazaar quoted Mark Davies, Global Chairman, Davies & Associates LLC, as saying.

"People seeking to emigrate who do not wish to pay this tax at source and rather account for it later may wish to move their money ahead of the new rules coming into effect.

"It is possible to pre-emptively move money into an escrow account in the US until such a time as they are ready to proceed with emigration process," he added.

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News Network
February 18,2020

Washington, Feb 18: The upcoming visit of President Donald Trump to India later this month has the potential to usher in a new era of bilateral ties between the two countries, a top American business advocacy group has said.

President Trump will pay a state visit to India on February 24 and 25 at the invitation of Prime Minister Narendra Modi. He would be accompanied by First Lady Melania Trump.

This would be the president's first bilateral visit in the third decade of the 21st century and also the first after his acquittal by the Senate in the impeachment trial.

"I believe President Trump's upcoming visit to India has the potential to usher in a new era of our bilateral ties," Mukesh Aghi, President of the US India Strategic and Partnership Forum (USISPF) said in a statement on Monday.

On the sidelines of the visit, the USISPF, in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the ORF, has announced to organise a program entitled "US-India Forum: Partners for Growth".

The full-day discussion will focus on the key pillars defining India and the US' strategic, economic, and cultural partnership over the next decade.

"We have an opportunity before us to make real progress on multiple aspects of the relationship— whether it is upholding peace and security in the Indo-Pacific region; building upon an already strong energy partnership; developing co-production and co-development opportunities in the defense space; or strengthening bilateral trade," Aghi said.

"We look forward to an extremely successful visit and some concrete outcomes from the visit," he said.

The day-long programme on February 25 in New Delhi, will bring together over 500 senior business executives, members of the US-India think tank community and leading figures of the Indian diaspora to set the agenda for this strategic partnership.

Discussions during the day will touch upon areas, including the Indo-Pacific Strategy and Maritime Security; the US-India Defence Partnership, the US-India Energy Partnership, Elevating US-India Trade and Investment and Role of the Indian Diaspora in US-India Relations.

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News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

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