Carnival: Profit Hit After Shipwreck

Who would want to go on a cruise now anyway? The Costa Concordia shipwreck is expected to cost parent company Carnival Corp. between $155 million and $175 million in income, according to company officials. The disaster, which killed 17 when the ill-fated ship ran aground near Tuscany on Jan. 13, has decreased demand for the company. Carnival slashed its marketing activities in the wake of the tragedy, but believes the incident “will not have a significant long-term impact” on its business.