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from Events:

ICYMI: Top 10 stories, easily explained

1. Navy Yard shooting leaves 13 dead, plenty of questions
A gunman identified as Aaron Alexis, a U.S. Navy Reserves veteran with a history of mental illness, opened fire at the Washington Navy Yard on Monday, killing 12 people and injuring another dozen before being killed in one of several gun battles with police. The incident—the worst attack at a U.S. military installation since U.S. Army Major Nidal Hasan fatally shot 13 people at Ford Hood, Texas, in 2009—prompted a review of security measures at the Navy Yard and renewed the national debate over gun control just five months after the Senate defeated a gun-buyer background check bill.

2. To taper or....oh, not to? OK
Federal Reserve Chairman Ben Bernanke shocked, well, everyone by announcing that the central bank is not yet ready to scale back a quantitative easing program put in place back in 2008. The decision came just four months after Bernanke outlined a QE-reduction plan—known as "tapering"—that included trimming the bank's $85-billion-a-month bond-buying by the end of the year and ending it by mid-2014 (by which time the bank anticipated unemployment falling to 7 percent). Bernanke's announcement prompted criticism of the Fed's communication strategy, and suggested the bank may have shot itself in the foot by outlining tapering in the spring, opening the door to reactionary economic conditions that made said tapering nonviable. The move also leaves Bernanke's successor—increasingly likely to be Fed Vice Chair Janet Yellen—without a useful QE roadmap.

3.  A Whale of a fail 
Onetime Wall Street darling JPMorgan Chase & Co. will pay $920 million to four regulators in two countries to settle liabilities from its $6.2 billion "London Whale" trading loss. The settlement(s) are notable for JPM's rare admission of wrongdoing—though whose wrongdoing was left unanswered—but don't mean the end of the bank's Whale woes. JPMorgan still faces criminal probes into the scandal (plus probes related to energy trading, mortgage securities and bribery in China). Nor has the bank yet squared its Whale liabilities with the Commodity Futures Trading Commission. But JPM swears it's learned its lesson: CEO Jamie Dimon sent a morale-boosting memo to the bank's employees on Tuesday, touting measures to prevent future Whales that include increased transparency, better reporting and a bunch of new compliance officers.

4. Weapons of mass discussion
A week after the U.S. and Russia brokered a deal to put Syrian President Bashar al-Assad's chemical arms stockpiles under international control, the fate of said compromise is still TBD. The five permanent members of the U.N. Security Council—the U.S., Britain, France, Russia and China—have spent the week discussing a draft resolution, and Secretary of State John Kerry called on the U.N. to act when its General Assembly meets in New York next week. But there are still many details to be hashed out, including how much the plan would cost (Assad says $1 billion) and whether it could realistically be accomplished by the middle of next year. Nor is there consensus on culpability: A U.N. report issued Monday confirmed the use of chemical weapons in an Aug. 21 attack in Syria, but stopped short of blaming the Assad regime. Russia called the report preconceived and Assad maintains that any use of sarin gas came from the rebels.

from Photographers' Blog:

Behind the Costa Concordia timelapse

Giglio harbor, Italy

By Tony Gentile

I have always been keen on cinema and documentary video. I study and create multimedia projects and like telling stories using still photos, video and audio.

After receiving the assignment to cover the Costa Concordia "parbuckling", I had the idea to create a timelapse. Definitely not an original idea because in Giglio, there were more cameras shooting timelapses than there are island residents.

from Photographers' Blog:

Cruising to Venice

By Stefano Rellandini

Venice has always been a peculiar destination for everyone who visits. As a town built on water it appears somewhat atypical; no cars, no motorcycles, not even any bikes. The only way to travel through the city is to walk or use the gondolas, the traditional boats of Venice.

Ships are primarily used to reach Venice and in recent years these have become bigger and bigger. Every weekend seven or eight arrive at the lagoon of Venice. They then sail in front of San Marco square to reach the harbor.

from Photographers' Blog:

Costa Concordia: An incredible tragedy

By Max Rossi

4 o’clock on a Saturday morning, a confused call told me a cruise ship had run aground near the island of Giglio in the beautiful Italian region of Tuscany. My first reaction was “I can’t go!”, Pope Benedict was waiting for me to take pictures of him shaking hands with the new Italian Prime Minister Mario Monti in his private library at the Vatican. No way could I leave that event uncovered but the bad thing was that I was the only staff photographer in Rome - just 150 km (90 miles) from the ship.

A stringer photographer, Remo Casilli, was sent there immediately and he was able to get pictures of the survivors still covered in their blankets at Santo Stefano harbor and the first images of the ship lying on its side near the island. I spent the hours before the meeting with the Pope trying to get in touch with some photographers on the island, and finally, thanks to Facebook, got the phone number of a member of local news agency Giglio News to provide us with the first night images of the ship in the Giglio Harbour.

from Edward Hadas:

The cruise industry’s rough sail

The cruise industry demonstrates much of what works well in the industrial economy. The debacle of the Costa Concordia – 11 people confirmed dead and at least 23 missing, and a financial loss of as much as $1 billion – shows some of the ways that the economy can malfunction.

The loss of life from the accident off the Italian coast is tragic, and the loss of money is remarkably large for a business that has global annual revenues of around $34 billion, according to Cruise Market Watch. That is not a big business by global standards; airline revenues, as calculated by the International Air Transport Association, are 17 times larger.

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