Word: gulf
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...downturn's effects are visible everywhere: Harrah's recently halted construction of a $700 million casino project on Mississippi's Gulf Coast, leaving barely a set of pillars, and threatening the recovery of an area battered by a series of hurricanes earlier this decade. Meanwhile, bankers in Charlotte, N.C., are awaiting their walking papers: No one knows how many of Wachovia's roughly 20,000 employees there will be cut in the company's merger with Wells-Fargo. Or how many of Bank of America's 15,000 Charlotte employees will survive the company's plans to shed some...
...authorities "facilitated" negotiations between the pirates and the ship's owners, and the crew was released for an undisclosed ransom, believed to be much lower than the $6 million the pirates had initially demanded. At the same time, the Indian navy sent a warship, the INS Tabar, to the Gulf of Aden - for the first time deploying a warship in an offensive role in international waters. For close to 20 days, the INS Tabar escorted some 35 ships to safety, including non-Indian-flagged vessels, but it accidentally shot down a hijacked Thai trawler that it mistook for a pirate...
...with the Obama Administration's newfound determination to tackle piracy in the Gulf of Aden, many people expect things to improve. "This is definitely good news," says Goyal. "Hopefully someone will come to the rescue of poor countries' sailors." On Wednesday, Secretary of State Hillary Clinton announced steps including tracking and freezing assets of pirate gangs, and pressing Somali authorities to shut down pirate land bases, while also calling for a greater global response to secure the release of ships still held in the region. So far, there is little coordination between the various navies patrolling the area, which...
While international attention was riveted on the Gulf of Aden, a Singapore-registered tugboat in the South China Sea was attacked by pirates on April 7, a reminder that piracy is happening elsewhere in the world as well, underlining the need for a global response. "An American captain freed is a good example," says Nair of NUSI. "But if it remains an isolated, incidental event, it will mean nothing. Now the Somali pirates have threatened revenge; they may become more active...
That kind of terrorism may be turning many would-be sailors away from a lucrative career. After 13 years and three trips back and forth across the notorious Gulf of Aden during his last stint onboard, Vikas Kapoor quit the merchant navy last year. "It's anyway a hazardous profession, what with rough seas and accidents and homicide. Now this piracy and criminalization of sea lanes ..." he says, adding, "It's crazy out there. There'll be hundreds of big and small boats, and it's impossible to tell who's a pirate...