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QQQ   278.89 (+1.07%)
AAPL   116.24 (+1.88%)
MSFT   210.17 (+1.40%)
FB   263.40 (+0.61%)
GOOGL   1,474.63 (+0.59%)
AMZN   3,187.63 (+1.36%)
TSLA   429.14 (+2.40%)
NVDA   540.86 (+2.24%)
BABA   291.79 (+5.37%)
CGC   14.41 (-0.62%)
GE   6.25 (+2.12%)
MU   47.45 (-6.43%)
AMD   81.93 (+0.20%)
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NFLX   500.14 (+1.35%)
DIS   124.75 (-0.52%)
BA   169.36 (+3.52%)
BAC   24.28 (+2.15%)
S&P 500   3,383.17 (+1.43%)
DOW   27,959.08 (+1.84%)
QQQ   278.89 (+1.07%)
AAPL   116.24 (+1.88%)
MSFT   210.17 (+1.40%)
FB   263.40 (+0.61%)
GOOGL   1,474.63 (+0.59%)
AMZN   3,187.63 (+1.36%)
TSLA   429.14 (+2.40%)
NVDA   540.86 (+2.24%)
BABA   291.79 (+5.37%)
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Salvagers working to repair leak on oil tanker off Sri Lanka

Friday, September 11, 2020 | Bharatha Mallawarachi, Associated Press


This photo released by Sri Lankan Air Force shows ships fighting fire on the MT New Diamond, about 30 nautical miles off the coast of Sri Lanka, Tuesday, Sept. 8, 2020. Ships and aircraft from Sri Lanka and India intensified efforts to extinguish a new fire on an oil tanker off Sri Lanka's coast on Tuesday, two days after the previous three-day blaze was doused, the navy said. (Sri Lankan Air Force via AP)

COLOMBO, Sri Lanka (AP) — Expert salvagers have begun working on a fire-stricken oil tanker off Sri Lanka’s coast after an Indian coast guard aircraft sprayed dispersants to contain an oil slick coming from the vessel, the Sri Lankan navy said Friday.

The MT New Diamond, which is carrying nearly 2 million barrels of crude oil, was damaged by two fires in a little over a week.

After the second fire was extinguished Wednesday, salvage experts climbed on board on the ship Thursday for inspections. They have now begun salvage work, giving priority to repair a leak in the ship’s fuel tank, said navy spokesman Indika de Silva.

The 17 experts include British and Dutch professionals — rescue operation specialists, disaster evaluators and legal consultants. They have been sent by New Shipping Ltd., the commercial owner of the New Diamond in Athens, Greece.

The oil slick near the ship is about 10 to 30 meters (yards) wide and about a nautical mile long and an aircraft from the Indian coast guard on Thursday sprayed dispersants on the slick, the navy said.

The patch is likely to be heavy fuel oil from the ship, it said. The ship has about 1,700 tons of heavy fuel oil to power its engines.

The navy said the initial fire began in an engine room boiler but did not spread to where the oil is kept.

It also said the ship’s engine and pump rooms have been flooded with seawater, stabling in trim by aft condition. Therefore, it is suspected that the fuel slick was caused by sludge oozed with water, and is not a cargo leak.

Water samples taken from the site are being examined by government analysts as the Sri Lanka’s Marine Environment Protection Authority has said it plans to take legal action over the fire.

The tanker was transporting crude oil from the port of Mina Al Ahmadi in Kuwait to the Indian port of Paradip, where the state-owned Indian Oil Corp. has a refinery.

The initial fire killed one Filipino crew member and injured another, while 21 other crew members escaped uninjured.

7 Tech Stocks to Buy Now For a Post Coronavirus Economy

The Covid-19 pandemic has created a new “tech wreck”. But unlike the broad selloff at the end of 2018, this downturn has been more selective. Some stocks that looked like they were a little overbought have seen their share prices lowered.

In some cases, there was a legitimate reason for this. However, in other cases, it was likely a result of profit-taking disguised as something else. That’s the nature of a crisis. It gives investors the cover to do what they wanted to do anyway. But once investors start to sell, it can trigger a herd mentality.

And that’s when savvy investors start to look for opportunities. Because as Warren Buffett famously said, “Be greedy when others are fearful.” Tech stocks will lead the way back when the pandemic is over. Because if there’s one thing this moment in time is teaching us, it’s that we’re not going to be less dependent on technology. Businesses aren’t going to be doing less digital advertising. Consumers aren’t going to do less e-commerce.

But the fundamentals still matter. That’s why one of the common traits of many of these companies is that they have rock-solid balance sheets.

View the "7 Tech Stocks to Buy Now For a Post Coronavirus Economy".

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