When the SS Gairsoppa was torpedoed by a German U-boat, it took its huge silver cargo to a watery grave. Seventy years later, US divers said they are working to recover what may well be the biggest shipwreck haul ever. Florida-based Odyssey Marine Exploration on Monday confirmed the identity and location of the Gairsoppa and cited official documents indicating the ship was carrying some 219 tons of silver coins and bullion when it sank in 1941 in the North Atlantic some 490km off the Irish coast. That's worth about $200m today, which would make it history's largest recovery of precious metals lost at sea, Odyssey said. "We've accomplished the first phase of this project -- the location and identification of the target shipwreck - and now we're hard at work planning for the recovery phase," Odyssey senior project manager Andrew Craig said in a statement. "Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be well suited for the recovery of this silver cargo." Recovery is expected to begin next spring. After a tender process the British government awarded Odyssey an exclusive salvage contract for the cargo, and under the agreement Odyssey will retain 80% of the silver bullion salvaged from the wreck. The 125m Gairsoppa had been sailing from India back to Britain in February 1941, and was in a convoy of ships when a storm hit. Running low on fuel, the Gairsoppa broke off from the convoy and set a course for Galway, Ireland. It never made it, succumbing to a U-boat's torpedo in the contested waters of the North Atlantic. Of the 85 people on board, only one survived. The Gairsoppa came to rest nearly 4 700m below the surface, but Odyssey is insisting that won't prevent a full cargo recovery. "We were fortunate to find the shipwreck sitting upright, with the holds open and easily accessible," Odyssey chief executive Greg Stemm said. "This should enable us to unload cargo through the hatches as would happen with a floating ship alongside a cargo terminal." Odyssey, a world leader in deep-ocean exploration, recently conducted remotely operated vehicles from its main ship, the Odyssey Explorer, to inspect the shipwreck. It said it acquired still and video imagery from the site which were used to confirm the identify and evaluate the condition of the Gairsoppa.
Alexa Chung's latest range for Madewell caused the retailer's website to crash. The British beauty announced her partnership with the label last year, creating a line that was popular amongst fashionistas. Alexa launched her second collection with the US brand yesterday and celebrated with a star-studded bash in Los Angeles. The 27-year-old star tweeted her excitement before the party. "It's my Madewell collection launch party tonight in LA. Very Exciting," she wrote, before later letting her fans know how popular the launch had been. "Congrats! You crashed the @madewell1937 website with the purchase onslaught. Glad you like it! Xxxx (sic)," she added. Guests at the fashion launch included Kate Bosworth, Elle Fanning, Amanda Seyfried and Dianna Agron. Alex donned a gorgeous Madewell mini dress for the party, while Elle also opted to wear the designer. The young actress chose a lacey shift, while Amanda wore a polka dot Madewell blouse. Diana also chose to sport the label, and opted for a tan-coloured shirt dress. Alexa's range includes vintage-inspired tea dresses, skirts and lace tops. The star's advertisements, which were shot in Austin, Texas, were recently revealed last month. "We were all so in sync," Madewell's Head of Design, Kin Ying Lee said of the process. "Since it's the second collection, it was like old friends getting together and creating something - and having a great time in the process.
Located on the Southern Spanish Costa del Sol, in the heart of the 'Golden Mile' only 5 minutes to Old Town Marbella and Puerto Banús, with 320 days of sunshine and a mild year round average temperature of 21ºC). Open year round, the renowned Marbella Club Hotel, was once the private residence of Prince Alfonso von Hohenlohe. The 121 luxury bedrooms and suites, spread over the beach front resort, harmonize with 14 Andalusian-Style villas throughout 42,000 square meters (452,083 sq. ft.) of lush subtropical gardens. Each guest room is decorated with the finest fabrics and Mediterranean interior design, reflecting the surrounding elements and has furnished balcony / terrace and spacious luxurious bathrooms with separate shower and bath. The 14 charming villas are in the unmistakable style of the Hotel, faithful replicas of traditional Andalucían architecture, blending harmoniously with their surroundings, and are ideal for families and guests seeking to enjoy more space and privacy. The 2, 3 or 5 bedroom villas have their own private garden and heated pool, providing guests with both comfort and privacy during their stay. Both of the 2 outdoor heated swimming pools, one with seawater invite you to relax in the surrounding gardens or to enjoy the views of the Mediterranean through the palm trees of the famous beach club.
Maserati SpA’s new sport-utility vehicle was one of the most sought-after models at the Frankfurt car show this week and Ferrari SpA predicted record sales as executives said ultra-luxury remains recession-proof. “If you go to the Ferrari stand, there aren’t any customers worried about the recession,” Fiat Chief Executive Officer Sergio Marchionne said at the International Motor Show. “The last Ferrari customers I saw at the show weren’t crying.” Fiat’s two upscale brands may help the Turin, Italy-based carmaker weather a decline at its main business as Europe’s credit crisis worsens. Even without the Kubang SUV, Maserati aims to boost deliveries by almost eightfold to 45,000 cars in 2014 as it increases dealers by 150 percent worldwide. Lamborghini SpA’s new Aventador model is sold out for 18 months and Rolls-Royce Cars announced a 10 million-pound ($15.8 million) expansion at its Goodwood, England plant. Ferrari expects to deliver 7,000 cars in 2011 on demand for its first family car, the $356,000 four-seat FF that came to market this year. Fiat’s most profitable unit plans to cap sales at 7,000 going forward to maintain exclusivity. Ferrari targets “significant” results this year after earnings before interest and taxes rose 23 percent in 2010 to 302 million euros ($414 million) on revenue of 1.92 billion euros, Chairman Luca Cordero di Montezemolo said. “I’m not worried because we have quality, exclusivity, a strong brand and innovative technology,” Montezemolo said in an interview when asked about the effect of the economic slowdown. Mixed Fortunes The ultra-luxury optimism stands in contrast to concern voiced from volume carmakers that a worsening debt crisis in Europe is prompting consumers to rein in spending. PSA Peugeot Citroen CEO Philippe Varin said this week that Europe is facing a possible recession, while Ford Motor Co. said sales in the region next year will be little changed. Bayerische Motoren Werke AG, the world’s biggest maker of luxury cars, is the best performer in the Stoxx 600 Automobiles & Parts Index this year. BMW stock has slipped 6.4 percent, compared with a 24 percent loss for the index. Fiat, which also owns Chrysler Group LLC in the U.S., is the worst performer on the index, with a 42 percent decline. Sales of the main high-end European luxury brands -- Maserati, Lamborghini, Ferrari, Bentley, Rolls-Royce and Aston Martin -- will rise 19 percent this year to 28,090 vehicles, and gain another 13 percent in 2012, according to a forecast from industry analyst IHS Automotive. “The rich have gotten richer and the number of millionaires in emerging countries is really growing so the demographic trend is very positive” for the ultra-luxury carmakers, said Erich Hauser, a London-based Credit Suisse automotive analyst. “Things would have to get very nasty before they face a problem.” Rolls-Royce Record Rolls-Royce, owned by BMW, expects in 2011 to break last year’s sales record of 2,711 cars, Chief Executive Torsten Mueller-Oetvoes said, adding that China may overtake the U.S. as its top market. The German executive said he’s ”optimistic” about the prospects for the super-luxury segment and that his company so far has not been affected by the slowdown. The ultra-premium segment is likely to weather this downturn better than the previous crisis, Mueller-Oetvoes said. Along with the factory expansion, Rolls-Royce may boost its dealerships to 100 from the current 85 and add a coupe version of its best-selling Ghost model, he said. The carmaker debuted an extended-wheelbase version of the Ghost in Frankfurt. Lamborghini, owned by Volkswagen AG, unveiled the 189,000- euro Gallardo LP 570-4 Super Trofeo Stradale at the show, the most powerful addition to the Gallardo series. The 570- horsepower vehicle comes with matte black finish on the large rear spoiler, engine hood and front air intakes and surges to 100 kilometers (62 miles) in 3.4 seconds. Limited Edition Deliveries of the model, which has a top speed of 320 kilometers per hour, will be confined to 150 and start in December, Chief Executive Officer Stephan Winkelmann said in an interview. The Volkswagen division also announced production of the 1.6 million-euro Sesto Elemento. No more than 20 will be built with deliveries due in early 2013. Lamborghini sales may advance from last year’s 1,302 on the back of the Aventador LP 700-4, which will hit showrooms in October and is sold out for 18 months, Winkelmann said. “The super-luxury market has been in steady recovery from its low in 2009,” Winkelmann said in an interview, adding that order books at Lamborghini are showing no declines. “We’re aware that there are risks.” Bentley Motors Ltd., whose customers include Queen Elizabeth II and the Sultan of Brunei, rolled out an updated version of the Continental GTC convertible with deliveries of the 575-horsepower model starting before the end of the year. Powered by revamps of the Mulsanne and Continental models announced over the past year, full-year deliveries may top the 7,000 mark which would mark a 40-percent gain on 2010, CEO Wolfgang Duerheimer said in an interview. An SUV that the Crewe, England-based VW unit is considering may help more than double sales to 15,000 by about 2018, he said. “We’re very optimistic, our business is developing extremely soundly and the order situation is looking good,” Duerheimer said. “We mustn’t talk up a crisis. Growing debt problems in Europe and the U.S. are giving enough reason for concern, but the underlying economic picture remains positive.”
