1. ITV Report

Billionaire builds Titanic II

Titanic in Southampton Docks 1912 Photo: Unknown

An Australian billionaire has announced plans to build a replica of the Titanic that will make its maiden voyage from England to New York in 2016.

Weeks after the 100th anniversary of the sinking of the original Titanic, Clive Palmer announced he had signed a memorandum of understanding with state-owned Chinese company CSC Jinling Shipyard to build the "Titanic II".

Mr Palmer said in a statement: "It will be every bit as luxurious as the original Titanic, but ... will have state-of-the-art 21st-century technology and the latest navigation and safety systems."

He announced plans to build "Titanic II" on the same day that he announced plans to contest the federal election in Queensland, Australia.

More than 1,500 people died in the sinking of the Titanic, which at the time was the world's largest and most luxurious ocean liner.

It is going to be designed so it won't sink. But, of course, if you are superstitious like you are, you never know what could happen.

– Clive Palmer