Ship behind major U.S. oil disaster to be dismantled
India's Supreme Court has allowed the Exxon Valdez, which caused one of the worst U.S. oil spills, to be dismantled in the country but required the owner to pay for disposal of any toxic materials found on the ship. The 26-year-old ship, now known as the Oriental Nicety, entered Indian waters in May to be broken down for valuable parts, and the court ruled on Monday that the work could go forward. On March 24, 1989, the Exxon Valdez tanker dashed against rocks and split open in Alaska's ecologically sensitive Prince William Sound. Millions of gallons of crude oil spilled, coating the shoreline, killing hundreds of thousands of birds, causing incalculable environmental damage and demolishing the area's fishing industry. Since, the ship's ownership and name have been changed repeatedly. The current owner is Best Oasis of Hong Kong, which buys old ships solely to dismantle them, reuse salvageable material and discard the rest.
Restoration of Italy's Colosseum to cost $30M
Italian cultural officials on Tuesday announced that the $30 million restoration of the Colosseum financed by the founder of luxury leather good maker Tod's will begin in December. Officials said the work is expected to take 2 1/2 years, during which time the monument in Rome will remain open to tourists. Tod's Italian founder Diego Della Valle has urged fellow entrepreneurs to step up and help fix ailing Italian landmarks. Italy is chronically short of funds to maintain and protect its artistic and archaeological heritage.