Thursday, April 20
2000
RINA boots
out 22 ships
Italian classification society RINA withdrew class on twenty-two
ships, totaling 394,100 gt, in the quarter ended March 31. In
the same period, seven ships that did not meet RINA standards
were refused entry to RINA class, and nine ships were scrapped.
RINA has been vigorously defending its
credibility in the aftermath of the sinking of the RINA-classed
tanker Erika and the ensuing massive pollution of French beaches.
"We said recently that we were determined
to set and maintain the highest standards, says Giuliano Pattofatto,
technical director of RINA. "Following an audit of the existing
fleet, we have tried to help owners bring ships with potential
problems up to the required standard. But where they are unwilling
or unable to reach our standards, we have had to withdraw class.
In the same three month period, thirty-nine
existing ships were accepted into RINA class, transferring from
other IACS members, and thirty-one newbuildings joined the register.
These included Princess Cruises 77,500 gt Ocean Princess.
Britain
will spread defense orders among U.K. yards
Britain's Secretary of State for Trade and Industry Stephen Byers
announced today that he is to set up a high-level meeting to
discuss with the shipbuilding industry how it improve competitiveness
and win new orders.
The announcement comes at a time when
the U.K. Ministry of Defense is set to generate orders with U.K.
yards for well over 30 major warships.
Byers told a meeting of Scottish trade
unions that all the warships will be built in the U.K. and that
the first orders will be placed by the end of the year. Last
week, he said, tenders were put out for two landing ships. Only
U.K. yards were invited to tender. One of these was Govan.
"I am giving the industry a long-term
stable platform for the next 15 to 20 years to invest,"
declared Byers.
"We shall ensure that these contracts
are rolled out in a way which ensures a viable, competitive future
for U.K yards," he continued. "We will work with the
industry and the unions to build a world class industry."
"The MoD program provides us with
an historic opportunity," Byers declared. "We cannot
afford to miss this chance. By working together we can avoid
the cycle of feast and famine that for so long has bedevilled
shipbuilding in the United Kingdom.
Byers said that, besides the defense contracts,
"possibilities" were also emerging in the commercial
sector.
Law
firm invites investors to join class action against Carnival
Cauley & Geller, LLP,a law firm which specialized in representing
shareholders in class actions has issued a release naming eleven
companies that investors have recently sued. Among them is Carnival
Corporation.
The law firm, which has offices in Little
Rock, Ark, Boca Raton, Fla. and San Diego, Calif., states:
"If you purchased common stock of
any of these companies and suffered a loss on your investment,
you may be a member of the shareholder class and should consider
contacting Cauley & Geller concerning your legal rights and
interests in these cases."
The law firm says that "Carnival Corporation
and certain of its officers and directors are charged with violating
federal securities laws by issuing a series of materially false
and misleading statements concerning the company's business,
financial condition, earnings and prospects. Specifically, the
complaint alleges that defendants failed to disclose the company's
severe and pervasive safety, maintenance and regulatory problems
associated with its Carnival Cruise Line Ships. Despite the numerous
operational problems plaguing the
Carnival Cruise fleet, the company continued to tell the marketplace
that such incidents were 'isolated.' Meanwhile, defendant insiders
unloaded their own stock during the Class Period, reaping total
proceeds of $11.5 million."
"If you purchased Carnival common
stock between February 25, 1999 and February 16, 2000, inclusive,"
says the firm, "and suffered a loss, you may be eligible
for inclusion in this action."
In its latest quarterly report filed with
the SEC on April 14, Carnival notes:
"Four complaints were filed between
February and April, 2000 against the Company and four of its
officers on behalf of a purported class of purchasers of Common
Stock of the Company, claiming that statements made by the Company
in public filings violate federal securities laws. The plaintiffs
seek unspecified
compensatory damages, attorneys' fees and costs and expert fees.
The Company's time to respond to the complaints likely will
be extended until such time as the court appoints a lead plaintiff
and lead counsel for plaintiffs and a consolidated amended complaint
is filed. It is not now possible to determine the ultimate outcome
of these pending complaints if such claims should proceed to
trial. Management believes that the Company and these officers
have meritorious defenses to these claims. Accordingly, the
Company and these officers intend to vigorously defend against
all such actions."
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