Costa Concordia owner reports first quarter loss

The owner of the Costa Concordia, the cruise liner that capsized off the coast of Tuscany killing at least 25 people, reported a loss in the first quarter. Carnival, which runs Costa and other cruise operators, posted a loss of $139m (£89m) compared with a profit of $152m in the same period last year. The Costa brand was hit again this month when another of its ships was stranded in the Indian Ocean for three days after a fire in the engine room, with more than 1,000 people on board and without electricity or functioning toilets. Carnival said the Costa brand would recover within a year or two.