South Korean Ferry Disaster: Sewol Operator Involved in Many Accidents

Family members of passengers missing after the ferry Sewol capsized clash with police in Jindo during a protest calling for a meeting with President Park Geun-hyeReuters

The operator of the South Korean passenger ferry Sewol has been involved in several accidents in recent years, it has emerged.

Amid the latest incident in which 50 people have been confirmed dead and more than 250 others are still missing, the ship's operator, Chonghaejin Marine, is under the spotlight.

The Yonhap news agency, citing earlier records, reported the vessel operator has been involved in maritime accidents at least once in every two or three years. The incidents include engine glitches or collisions with other vessels.

Prior to the present incident, one of the passenger vessels, with 141 people aboard, operated by the company rammed a fishing boat in the Yellow Sea. However, no casualties were reported following the mishap, which took place three weeks before the Sewol disaster.

In February 2013, a 6,322-tonne passenger ship belonging to Chonghaejin was delayed by several hours due to a generator glitch sparking severe protests from passengers.

Meanwhile, the relatives of the passengers of the sunken Sewol have expressed their outrage at the authorities over the rescue operation.

Up to 100 distraught family members of the victims clashed with the police when they attempted to march to Seoul from Jindo island.

A bereaved woman shouted: "Bring me the body so that I can see the face and hug my child."

The 6,825-tonne ship, with 475 passengers, mostly students, was sailing in familiar waters from the mainland port of Incheon to the southern resort of Jeju when disaster struck.

Divers are continuing their operation to enter the submerged hull to retrieve bodies. So far they have pulled out 17 bodies and 253 remain unaccounted for amid little or no hope of survival.

Archaeologists Uncover Tomb of Ancient Egyptian Writer

Panel from the Osiris temple: Horus presents royal regalia to a worshipping pharaoh.Wikipedia

Egypt's minister of antiquities Mohammed Ibrahim has announced the discovery by Egyptian and Spanish archaeologists of two tombs dating to roughly 600BC in the south of the country. One of the tombs contained the mummy of a writer along with reed pens and even a bronze inkwell. The mummy itself was said to be well preserved.

Ibrahim said the writer belonged to a priest class and as such would have had a "great impact on the intellectual and cultural life of the era".

A well-preserved wooden sarcophagus containing a mummy discovered in LuxorEgypt's Supreme Council Of Antiquities

600BC was the approximate date of Ancient Egypt's last Pharaonic dynasties – possibly from the Twenty-sixth Dynasty, possibly from the reign of Necho II. The Greek writer Heroditus claimed that Egyptian sailors from this time circumnavigated the whole of Africa, though the claim has been disputed.

When most people think of writing from Ancient Egypt they tend to think of hieroglyphics, but that dates from 5,000 years ago and took a long time to create. Several other types of script were employed and scribes like the one discovered recorded the beliefs, ideas and history of the age using reed pens on papyrus scrolls.

Archaeologists are yet to reveal what the as-yet unnamed writer was working on 2,600 years ago. It could have been a sequel to the Book of the Dead, or a shopping list – or perhaps he had writer's block.

Soaring Cost of Chocolate Threatens to Ruin Easter 2015

In the run-up to Easter Sunday experts are predicting that future Easter celebrations might be ruined by the soaring cost of chocolate, which could make the treat an "unaffordable luxury" for many.

A combination of soaring demand for chocolate in China and emerging markets and dwindling supply from the cocoa agriculture sector mean that world supplies of chocolate are not expected to keep pace with demand over the next decade.

Experts warn that if the price continues to rise at the current rate, and nothing is done to boost production in cocoa-exporting countries – this will lead to a shortage.

Next Easter chocolate eggs could be smaller and more expensive, or made with palm oil, cotton seed oil or cheaper cocoa butter equivalents as manufacturers cut their costs.

The International Cocoa Organisation estimates that this year there could be a 115,000-tonne deficit of cocoa beans. The beans are processed to make cocoa butter and powder, which are used in the manufacture of chocolate. In December the same organisation warned global cocoa companies were heading towards the biggest production shortfall in more than 50 years.

The decline has driven up the price of cocoa beans, which has risen from $2,680 a tonne in January to $3,031 at the end of March – nearly a three-year high. Prices are rising because of strong demand in Asia, in particular in China.

At the same time supply from West African countries – which supply 70% of the world's cocoa beans – has fallen as younger people shun agriculture and farming to pursue better paying urban jobs instead. Cocoa producers also fear West African countries will be hit hard by global weather patterns like El Nino, which will also have an impact on cocoa crops.

Edward George, head of agricultural commodities at the pan-African firm Ecobank, told CNBC: "Going forward it could be that chocolate becomes . . . a bit like champagne. Something which is a luxury, but not all of us can afford."

Tsunami Warning as 7.8 Magnitude Earthquake Hits Papua New Guinea

Damage caused by a tsunami that struck the Solomon Islands in February 2013.

A tsunami warning has been issued after a magnitude 7.8 earthquake was recorded off Papua New Guinea.

The quake, at a depth of six miles (10km) struck 42 miles southwest of Panguna on Bougainville Island, said the US Geological Survey.

The Pacific Tsunami Warning Centre issued a warning for Papua New Guinea and the Solomon Islands.

A 7.3 magnitude earthquake was recorded off the coast of Papua New Guinea on 11 April, but caused no injuries or serious damage.

A tsunami that struck the Solomon Islands in February 2013 killed nine people.

Brent Crude Falls as Russia and Ukraine Seek to End Violence

Oil futures witness mixed trade on 17 April.Reuters

Oil futures witnessed mixed trade on 17 April, the final trading day for the week, with a joint statement from four countries seeking an end to violence in Ukraine weighing on Brent prices and upbeat economic data supporting US oil prices.

Brent June contract finished 7 cents, or 0.1%, lower at $109.53 a barrel on 17 April. The contract struck a high of $110.19 ahead of the joint statement.

US May contract finished 54 cents, or 0.5%, higher at $104.30 a barrel on 17 April. Prices ended at their highest level since 3 March, FactSet data showed.

For the week as a whole, US futures gained 0.5%.

The US, Russia, Ukraine and the European Union issued a joint statement in Geneva that called for an immediate halt to the violence in Ukraine. The statement sucked some risk premium out of the market.

Elsewhere, US oil rose on positive US employment data. New applications for government-sponsored unemployment benefits have dropped to a near 6-1/2-year low, the latest indication the economic recovery in the US, the leading oil consumer, is gaining strength.

A stronger US dollar, against the yen and the euro, also mounted pressure on crude. Traders bought the greenback following the joint statement on Ukraine.

A stronger dollar weighs on dollar-denominated commodity prices.

South Sudan

South Sudan's army confirmed on 16 April that rebels have taken over the oil-rich hub of Bentiu.

Army spokesman Philip Aguer told AFP that troops were "moving forward to retake the town..."

The capital of the oil-producing Unity state had fallen to rebel forces in December before government troops regained it in January. The town has been retaken after a renewed offensive by rebel militias loyal to Riek Machar, the country's former vice-president.

Ukraine Uncertainty

Uncertainty over the crisis in Ukraine sent oil futures to a six-week high on 16 April

Benchmark Brent crude reached $110 a barrel on Wednesday, reversing early losses after better-than-expected growth data from China.

Meanwhile, West Texas Intermediate futures hit a six-week high, reaching $104.82 a barrel on the New York Mercantile Exchange.

Gold Prices to Drop Further Next Week

Gold prices are set to drop next week.Reuters

Gold prices are set to drop next week with the precious metal expected to log further losses following this week's selloff.

As many as 12 of 21 analysts polled in a Kitco Gold Survey said they expected gold prices to drop next week, while seven predicted that prices would rise and two forecast prices to remain unchanged.

The Ukraine crisis and economic data due from the US and China, the world's top two economies, are to influence bullion prices next week.

Traders will be tracking durable goods and new home sales figures from the US next week, alongside HSBC's April flash Purchasing Managers Index (PMI) data from China.

Daniel Pavilonis, senior commodities broker with RJO Futures, said that after bullion's sharp break on 15 April, prices have consolidated.

However, "if we get more bad data out of China next week (that could weigh on gold). The only reason why we're holding up here is because of concerns about the Ukraine," Pavilonis added.

Robin Bhar, head of metals research at Societe Generale, said: "I think the downward trend will continue into next week. I say that because the US data clearly is on an upward trend."

Ken Morrison, editor of online newsletter Morrison on the Markets, said: "April 15 has not been kind to gold each of the past two years. This year didn't produce a record volume day or a $140 decline as was the case in 2013, but it probably has put the nail in the coffin for gold's upside potential. I expect gold breaks the $1,280/75 support in the week ahead and appears poised for an eventual re-test of the $1,200 area."

Gold Ends Lower

Gold prices ended lower on 17 April, and finished lower for the week as a whole.

A stronger US dollar and accommodative US Federal Reserve monetary policy offset worries about the potency of Chinese demand, the leading gold consumer, and sales from gold-backed funds.

US gold futures for delivery in June finished 0.7% lower at $1,293.90 an ounce on 17 April.

Prices dropped 1.9% for the week.

Spot gold shed 0.6% to $1,294 an ounce.

Holdings in the SPDR Gold Trust, the biggest exchange-traded fund, fell 8.39 tons to 798.43 tons on 16, the biggest daily depletion since late December 2013.