Insider Finance - Business - Titanic sub search and rescue

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June 21, 2023

Hello, Insiders. This is Kieran Corcoran, an executive editor in Insider’s News division.

We are gripped today by the effort to rescue the submersible lost near the wreck of the Titanic. Our reporting so far found reason to be pessimistic: successful rescue is rare, and this was a deep, remote voyage. There are reasons to be skeptical of operator OceanGate, which in the past appeared cavalier about safety and in 2018 was accused by an employee of cutting corners.

But, at least for now, there is hope. Rescuers yesterday detected unusual noise beneath the waves, and with it the possibility of survivors.

In today’s edition:

A war between two billionaire hedge-fund founders spilled out in an alarming filing.
The most expensive cities if you want to live in luxury.
The "Car Mom" shares her picks for best family cars.

— Kieran Corcoran

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More than 14 million student-loan borrowers are set to resume payments this year under new companies. Per a watchdog, that'll further "complicate" the repayment process.

THE BIG STORY

Missing submersible

An undated photo shows the tourist submersible called the Titan.

Ocean Gate

Search-and-rescue efforts are underway to find a tourist submersible that went missing carrying five people to the Titanic shipwreck on Sunday.

Those inside the vessel are sealed in with at least 17 dead-bolts, and the US Coast Guard said the oxygen supply is likely to run out by Thursday afternoon.

Experts shared three likely scenarios of what could have happened:

The vessel may be bobbing around on the surface, waiting to be found. It’s possible that the submersible had a problem with its communication device, and has already resurfaced. This would be the “best-case scenario.”
It suffered a “catastrophic failure.” This could be due to a leak or a power failure. But, if the pressure hull was breached, then it could lead to an implosion. “It would happen quite quickly, and there would be little chance of surviving,” a professor of marine robotics said.
It has become tangled in the wreckage of the Titanic. Two other experts said the vessel could still be intact and its passengers alive, but it might have become stuck near the bottom of the ocean. In any case, a rescue from those depths would be very difficult.

READ THE FULL STORY HERE

TOP READS

Billionaire war, ‘Car Mom,’ & more

Co-Founders David Siegel and John Overdeck. Two Sigma

A war between two billionaire hedge-fund founders spilled out into the open. John Overdeck and David Siegel, the founders of the quant hedge fund Two Sigma, made billions together. Now, an alarming filing lays bare their deteriorating relationship — and could have significant consequences for their firm.
There are more homes coming soon to a neighborhood near you. Residential homebuilding soared last month, and new-home construction rose at the fastest monthly rate since 2016. And as the Fed pauses its rate hikes, mortgage rates are trending lower — and consumer sentiment is rising.
"I'm the 'Car Mom' and review family cars for a living." Kelly Stumpe has test-driven and toured 65 family cars. In a new interview, she shared her favorite models, including the Ford Expedition, and why 100,000-mile vehicles shouldn't scare you.
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"I travel with my friends instead of saving for retirement." Sophia Benoit writes that, whenever she and her friends feel they're on the edge of burnout, they travel. She knows it might be smarter to save for the future – but she returns home feeling ready to work hard again. Read her essay.
A TikToker has been duping his 400,000 fans into thinking he's a Russian special forces operator fighting in Ukraine. He often posted footage of himself with deepfake filters. However, it turned out that he was a Chinese grifter selling vodka online. Read more.
A Swiss private bank released its list of the most expensive cities if you want to live in luxury. Singapore topped the list, with its high rent, house prices, school fees, taxes on cars, and general living expenses. London and New York were also in the analysts’ top five. The full list.

TAKE A LOOK

The Titanic

Noël Leslie, countess and philanthropist

Carpathia passenger/Public domain

12 famous people who died on the Titanic — and 11 who survived. More than 1,500 people died in the maritime disaster, including the millionaire John Jacob Astor, while about 700 survived, including the socialite Margaret Brown. More here.

WATCH THIS

Missing submersible

OceanGate's submersible is missing days after it began its journey to explore the Titanic shipwreck on June 18. See video of how the submersible operates.

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This edition was curated by Kieran Corcoran, and edited by Hallam Bullock, Lisa Ryan, and J.R. Stacey. Get in touch: insidertoday@insider.com.

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Russian special forces operator two billionaire hedgefund founders deep remote voyage Access Hollywood tape US Coast Guard three likely scenarios quant hedge fund Swiss private bank fastest monthly rate two criminal charges Two other experts general living expenses TOP READSBillionaire war best family cars Trump hushmoney case

Insider Finance - Business - Titanic sub search and rescue

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