All posts tagged: collapse

Archeologists discover what caused the collapse of the Mayan civilization

Archeologists discover what caused the collapse of the Mayan civilization

[ad_1] The role of climate change in the collapse of Classic Maya civilization is somewhat controversial, partly because previous records are limited. (CREDIT: Creative Commons) The drought severity during the collapse of the Maya civilization about 1,000 years ago has been measured, offering more evidence to understand the downfall of this ancient society. Nick Evans, a PhD student in Cambridge’s Department of Earth Sciences and the paper’s first author, mentioned, “The role of climate change in the collapse of Classic Maya civilization is somewhat controversial, partly because previous records are limited to qualitative reconstructions.” This implies that previous research lacked quantitative data. Researchers from the University of Cambridge and the University of Florida conducted the study at Lake Chichancanab in Mexico’s Yucatán Peninsula, where the Maya civilization flourished. They used a novel method to measure different isotopes of water trapped in gypsum, a mineral formed during droughts when water levels drop. Their findings, published in the journal Science, indicate a significant decrease in annual precipitation by 41% to 54% compared to present-day levels during the …

US House Panel to Hold Hearing on Maryland Bridge Collapse

US House Panel to Hold Hearing on Maryland Bridge Collapse

[ad_1] WASHINGTON (Reuters) -The U.S. House Transportation and Infrastructure Committee will hold a May 15 hearing on the federal government’s response to the collapse of a Baltimore bridge. The Dali cargo ship crashed into the Francis Scott Key Bridge on March 26, killing six people. The hearing will include Federal Highway Administrator Shailen Bhatt, National Transportation Safety Board Chair Jennifer Homendy and senior officials with the U.S. Coast Guard and Army Corps of Engineers. The NTSB is expected to announce preliminary findings from the investigation next week. Last month, Homendy said investigators had conducted interviews with key cargo ship personnel in the investigation including the pilots, the second officer – who was the man on watch at the time of the crash – and other key personnel, as well as U.S. Coast Guard personnel. The NTSB has downloaded the voyage data recorder and brought in the manufacturer of equipment in the engine room to closely examine the electrical power system work. The NTSB is also looking at the circuit breakers and has tested the fuel …

FTX will return money to most customers less than 2 years after catastrophic crypto collapse

FTX will return money to most customers less than 2 years after catastrophic crypto collapse

[ad_1] FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%. That may be a diminished consolation for investors who were trading cryptocurrency on the exchange when it collapsed. When FTX sought bankruptcy protection in November 2022, bitcoin was going for $16,080. But crypto prices have soared as the economy recovered while the assets at FTX were sorted out over the past two years. A single bitcoin on Tuesday was selling for close to $62,675. That comes out to a 290% loss, a bit less than that if …

Body of the 6th Baltimore bridge collapse victim recovered in the river

Body of the 6th Baltimore bridge collapse victim recovered in the river

[ad_1] Workers remove wreckage of the collapsed Francis Scott Key Bridge, Thursday, April 25, 2024, in Baltimore. Matt Rourke/AP hide caption toggle caption Matt Rourke/AP Workers remove wreckage of the collapsed Francis Scott Key Bridge, Thursday, April 25, 2024, in Baltimore. Matt Rourke/AP The body of the last missing construction worker following the collapse of the Francis Scott Key Bridge in March has been recovered from the Patapsco River, officials say. In a news release Tuesday, the Baltimore County Police Department confirmed the identity of the sixth victim — José Mynor López, 37, of Baltimore — after salvage teams located his body. All six construction workers who were missing and presumed dead following the incident have been found. “With heavy hearts, today marks a significant milestone in our recovery efforts and providing closure to the loved ones of the six workers who lost their lives in this tragic event,” Colonel Roland L. Butler, Jr., superintendent of the Maryland Department of State Police, said. The discovery comes days after salvage workers recovered the body of a …

FTX Customers Poised to Recover All Funds Lost in Collapse

FTX Customers Poised to Recover All Funds Lost in Collapse

[ad_1] Customers of the failed cryptocurrency exchange FTX are poised to recover all of the money they lost when the firm collapsed in 2022 and receive interest on top of it, the company’s bankruptcy lawyers said on Tuesday. The announcement was a landmark in the attempt to track down the $8 billion in customer assets that disappeared when FTX imploded virtually overnight, setting off a crisis in the crypto industry. Under a plan filed in federal bankruptcy court in Delaware, virtually all FTX’s creditors, including hundreds of thousands of ordinary investors who used the exchange to buy and sell cryptocurrencies, would receive cash payments equivalent to 118 percent of the assets they had stored on FTX, the lawyers said. Those payments would flow from a pool of assets that FTX’s lawyers have pulled together in the 17 months since the exchange collapsed, the lawyers said. They tapped a wide range of sources, including digital currencies that FTX still owned when it filed for bankruptcy and company assets like shares in start-ups, which could be sold …

Who were the enigmatic Sea Peoples blamed for the Bronze Age collapse?

Who were the enigmatic Sea Peoples blamed for the Bronze Age collapse?

[ad_1] Ramesses III was one of Egypt’s great warrior pharaohs. A temple he built at Medinet Habu, near the Valley of the Kings, highlights why. On its walls, carvings tell the story of a coalition of fighters that swept across the eastern Mediterranean 3200 years ago, destroying cities, states and even whole empires. “No land could stand before their arms,” this account tells us. Eventually, the invaders – known today as the Sea Peoples – attacked Egypt. But Ramesses III succeeded where others had failed and crushed them. In the 200 years since hieroglyphics were first deciphered, allowing us to read Ramesses III’s extraordinary story, evidence has come to light to corroborate it. We now know of numerous cities and palaces across the eastern Mediterranean that were destroyed around that time, with the Sea Peoples often implicated. So widespread was the devastation that, for one of the only times in history, several complex societies went into a steep decline from which they never recovered. Little wonder, then, that this so-called Late Bronze Age collapse has …

Dozens Still Missing After Monday’s South Africa Building Collapse. 7 Confirmed Dead

Dozens Still Missing After Monday’s South Africa Building Collapse. 7 Confirmed Dead

[ad_1] GEORGE, South Africa (AP) — Nearly 40 construction workers were still missing Wednesday in the rubble of a building that collapsed in South Africa on Monday as rescue teams continued to search for survivors for a third day in the wreckage of the unfinished five-story apartment complex. Seven workers have been confirmed dead, while authorities in the city of George on South Africa’s south coast released new information on the injuries, saying 16 of the 29 people rescued from the debris were in a critical condition in hospitals and another six had life-threatening injuries. They said 39 workers were still unaccounted for and buried in the rubble of concrete and mangled metal scaffolding. The collapse of the building that was still under construction sparked a desperate rescue effort that has seen specialist disaster response teams brought in from other towns and cities to help. A total of 75 construction workers were at the building site when it came down, the George municipality said. More than 200 rescue personnel continued to search for survivors using …

At least six killed and dozens buried by South Africa building collapse | News

At least six killed and dozens buried by South Africa building collapse | News

[ad_1] Rescuers make contact with 11 survivors buried under rubble after building collapses in George, Western Cape province. At least six people have been killed and dozens of others are unaccounted for after a building collapsed in South Africa. Rescue teams said on Tuesday that they had made contact with 11 survivors buried under the rubble after the five-storey building, which was under construction, collapsed on Monday afternoon At least 28 people have been pulled from the debris at the site in the coastal city of George, in South Africa’s Western Cape province, municipal authorities said. There were 47 others unaccounted for, including the 11 with whom contact had been established. “We are in contact with 11 people” trapped under rubble, Colin Deiner, head of rescue operations, told a news conference in Cape Town. Life had been detected under three areas of the site. “They’ve been down there for more than 24 hours now, that’s a long time,” provincial premier Alan Winde said at the same news conference. George Municipality confirms that as of 9am …

Credit Smacks Of Complacency As Spreads Collapse

Credit Smacks Of Complacency As Spreads Collapse

[ad_1] By James Crombie, Bloomberg Markets Live writer and strategist Wafer-thin spreads on corporate debt don’t matter — until they do. There are several potential triggers for risk premia to flare, denting credit portfolios. Spreads have collapsed across the board, from investment-grade and junk bonds to collateralized loan obligations. The extra yield investors get for owning US high-grade corporate debt instead of government bonds is the lowest in two-and-a-half years. At less than 90 bps, that’s far below the five-year average of about 120 bps. As a percentage of all-in yield, it’s the least since 2007. Such narrow risk premia reflect booming demand for limited net new supply of corporate bonds, plus a general lack of concern about the macroeconomic outlook. And since the Federal Reserve bailed out corporate bonds during Covid, there’s a perceived central bank backstop underpinning the debt. Buyers have been lulled into thinking this is the new normal, but such a paltry yield pickup doesn’t adequately reflect rising corporate credit risk. So when volatility returns to jolt investors from their slumber, expect credit risk premia to flare, slamming portfolios. Credit …

Search continues for survivors of building collapse in South Africa

Search continues for survivors of building collapse in South Africa

[ad_1] The search continued Tuesday in South Africa for workers trapped in the collapse of a multi-story building under construction outside of Cape Town that left at least four people dead. About 75 construction workers were at work when the building collapsed Monday afternoon in the town of George, located about 400 kilometers east of Cape Town. A statement from city officials said more than 20 people were pulled from the rubble, while at least 50 construction workers remained unaccounted for. The statement said “three teams of rescue personnel are working on three different areas within the site of the collapsed building.” Several sniffer dogs have also been deployed to help in the search for any survivors. Relatives of the missing workers are gathering at nearby city government offices to wait for news. The cause of the collapse is under investigation. Some information for this report came from The Associated Press, Reuters, Agence France-Presse. [ad_2] Source link