N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R Vendors demand market redesign C M Y K C M Y K V olume: 106 No.295FRIDAY, NOVEMBER 12, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER PARTLY SUNNY HIGH 82F LOW 70F S P O R T S TWOSTRAIGHTFORBRAVOTEAM ROYAL BAHAMAS DEFENCE FORCE TRACK MEET SPORTSSECTION STARTSONPAGE1E By TANEKA THOMPSON Tribune Staff Reporter email@example.com THE Straw Vendors' Association wants the design of the new Straw Market to be changed to accommodate more retailers in spaces designated for craft-making demonstra tions, according to a well-placed source. T he request was made recently, however there is no indication so far that the Government will adjust its plans for the new market. The $11.3 million project calls for several demonstration booths to be placed in the middle of the market which would showcase artisans creating crafts by hand. It is a feature Calls to scr ap cr aft-making demonstr ations McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM SEE page 10 PRISONINMATESHEARTHESOUNDOFTHUNDER R EVIVAL: P astor Allen Thunder Scott, founder of the Thunder Hearts Ministries from Mississippi, speaks to inmates at Her Majestys Prisons annual Behind the Bars Revival yesterday. SEE P AGETWO F e l i p M a j o r / T r i b u n e s t a f f By AVA TURNQUEST Tribune Staff Reporter firstname.lastname@example.org THE MORE than half a century record o f no murders was broken when the body a 39-year-old construction worker was found inside an abandoned outhouse in Inagua. According to residents, the entire island which boasts a population of a little over 1,000 people was in disbelief over the mysterious death of James Carney of Kortwright Street. Initial reports reaching The Tribune yest erday morning from residents on the island revealed that he was discovered WednesCommunity in disbelief after murder S EE page nine TWO students were rushed to the hospital yesterday after being injured in the latest in a string of school stabbings. The incident took place at around 8.45am at Doris John son High School on Prince Charles Drive. Police reported that two 16year-old students got into an argument that led to both of them being stabbed. Details remain sketchy as officers said they are still investigating the incident. School officials failed to return calls for comment up to press time last night. STUDENTS INJURED IN SCHOOL STABBINGS By AVA TURNQUEST Tribune Staff Reporter email@example.com SOCIO-ECONOMIC conditions in the country have been directly correlated to the current challenges of overcrowding faced by emergency care staff at Princess Margaret Hospital the department processed a total of 57 assaults within a two-week period. Statistical data released by the Acci dent and Emergency department also revealed that in that same period, injuries processed included 18 gunshot wounds and 32 road traffic accidents. Dr Sarah Friday, Chief of Accident and Emergency, said: In October of 2009, we had 14 patients presenting to emergency department with gunshot wounds. For October 2010, weve had up to 31 cases. That is just an example using gunshots. We are seeing increasing severity of cases presenting to the emergency department including lifethreatening stab injuries. Due to the growing trend in which persons are not consistent with med ical appointments or prescribed medication, officials said there has also been an increase in incidences of heart failBy DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT: A proliferation of fake US notes have been circulating on Grand Bahama, and police are advising the public to be vigilant. Assistant Superintendent Hector Delva said By NOELLE NICOLLS Tribune Staff Reporter email@example.com THE truth of Pinewood will never, ever come to light, according to an informed member of the Bahamas Bar Association. The matter is too complex, she said, and it is SEE page 10 SEE page nine TRUTH OF PINEWOOD WILL NEVER, EVER C OME T O LIGHT W ARNING OVER FAKE US NOTES CHALLENGES: Dr Sarah Friday, Chief of Accident and Emergency, speaks yesterday. PMH EMERGENCY STAFF PROCESS 57 ASSAULTS IN TWO-WEEK PERIOD SEE page 10 MAN DEAD AFTER LATEST SHOOTING A MANwas shot dead last night in The Grove area. The victim was taken to hospital after the incident outside of Berthas Go Go Ribs but was pronounced dead on arrival. See tomorrows Tribune for more details.
C M Y K C M Y K LOCAL NEWS P AGE 2, FRIDA Y NOVEMBER 12, 2010 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM Y E S T E R D A Y m ar ke d th e s t a r t o f H e r M a j e s t y s P r i s o n a n n ua l B e h i n d t h e B a r s Revival". Sixty pastors and lay preachers from Alaba m a i n t h e U n i t e d S t a t e s a n d f r o m F r e e p o r t Bimini and New Provi dence are participating i n t h e t h r ee d ay e ve n t held for the inmates at the pri son, in par ti cula r f o r th o se in m ax im u m security. A m o n g t h e p a s t o r s pr e a c h i n g t o t he p r i s on e r s y e s t e r da y w a s A l l e n Th un der" Scott, founder of the ThunderHearts Ministries out of Mississippi. "This is something that we have every year and it is expected that some 100 inmates will be taking part in this life-changing event," said Detrice McCardy from the prison's public affairs unit. M s M c Card y exp lain ed th at t he ev en t is on ly f or the inmates. "It is not an open invitation to friends or relatives. T h e i n m a t e s w i l l t a k e p a r t i n s i n g i n g a n d h a v e t h e i r t e s ti m on i e s he a r d a s w e l l t h i s i s on e s te p to w a r d s he l p i n g them turn their lives around," she said. L OC A L f i r e f i g ht e rs r us he d t o c on t a i n a b l a z e th a t er u p t ed o n b o a r d a m a il b o a t ti ed u p a t P o tt e r s C a y d o c k s h o r tl y a f te r 2 p m y e s t e r d a y L u c k i l y t h e r e w a s n o c a r g o o n b o a r d t h e L a d y M at h il d a w h i c h h ad ju s t c o m e o f f d r y d o c k an d was u n d erg oin g re pai rs wh en th e bl aze o c c u r r e d A cc o r d i n g to a r e p r es e n ta tiv e fo r Pi r at e' s Wel l Int ernat i o na l, t he company w hich coo w n s t h e v e s s e l w i t h fo u r o t h e r s i t i s b e l i e v e d that s par ks fro m a welder o per a tin g o n t h e d eck o f th e s h ip ign ited so me o ld co n veyo r b el t p l as ti c th a t w as o n a p a l e tt e i n t h e s h i p s c a r g o h o l e. Th ree fir e -tru ck s resp o nd ed to t h e b laze, a n d r e p o r t e d l y h a d s o m e d i f f i c u l t y g e t t i n g w a t e r i n t o t h e i r h o l d i n g t a n k s t o f u n n e l i n t o t h e s h i p s h o le A f te r a s h o r t t i m e, h o w e ve r t h e b la z e w a s b r o u g h t u n d e r c o n tr o l a n d e x ti n gu i s h ed W i t h o n l y m i n o r s m o k e d a m a g e t o t h e s h i p s h u l l a n d c a r g o a r e a t h e b o a t' s o p er a to r s s a id t h i s b l a z e w il l n o t a f fe c t th e i r s h i p p i n g o p e r a t i o n s T h e L a d y M a t h i l d a n o r m a l l y s e r v i c e s I n a g u a a n d M a y a g u a n a a n d h a s a n e s t i m a t e d w o r t h o f $ 1 5 m i l l i o n T h e v e s s e l i s i n s u r e d b y L l o y d s o f L o n d o n ABLAZE: Flames from the fire were so hot a fire-fighter hosed off the outer part of the boat in an effort to cool it down. Lady Mathilda damaged in fir e TIM CLARKE/ Tribune Staff Her Majesty' s Prison hosts Behind the Bars Revival' PRAISE TEAM: The maximum security prison praise team sings a selection yesterday. ALL EARS: Inmates listen attentively to the guest speakers at the revival. FELIPE MAJOR/ Tribune Staff
By NATARIO McKENZIE Tribune Staff Reporter firstname.lastname@example.org L A W Y E R S r e p r e s e n t i n g s e v e r a l C o l l e g e o f t h e B a h a m a s f a c u l t y m e m b e r s c l a i m e d y e s t e r d a y t h a t t h e c o l l e g e h a d a c t e d u n l a w f u l l y an d w i t h o u t a u t h o r i s at i o n i n m a k i n g s a l a r y d e d u c t i o n s f o l l o w i n g a g o v e r n m e n t s a n c t i o n e d s t r i k e i n A p r i l C O B's a ttor ne y s c ount er e d b y ar g u i n g t h a t t h e co l l e g e h ad d i s c h ar g e d i t s o b l i ga t i o n i n p r o v i d i n g f a c u l t y m e m b e r s w i t h noti c e of the consequence s of st r i k e ac t i o n a n d r e l i ed o n t h e p r i n c i p l e o f "N o w o r k n o p a y Th e case, wh i ch i nvo l ves 11 C OB f ac u l t y me m b e r s c o n t es t i n g t h e l e g al i t y o f p a y c u t s f o l low ing a thr e ea nd-a ha lf da y s t r i k e i n A p r i l b e ga n i n M a gi s t r at e' s C o u r t y es t er d ay T h e U n i o n o f T e r t i a r y E d u c at o r s o f t h e B a h a ma s ( U T E B ) c o n t en d s t h a t t h e p a y c u t s c o n f l i c t e d w i t h p a y s l i p s r e c e i v e d b y t h o s e p e r s o n s i n d i c a t i n g t h a t t h e i r a c c o u n t s h a d b e e n c r e d i t e d w i t h t h ei r n o r ma l s al a r i e s A r t u r o H u t c h i n s o n a s s i s t a n t p r o f es s o r o f t ec h n o l o g y, a d m i t t e d t h a t h e h ad p ar t i c i p a t e d i n t h e s t r i k e i n A p r i l a n d t h a t $4 4 8. 83 w a s d e d u c t e d f r o m h i s s al ar y f o r t h at m o n t h M r H u t c h i n s o n s a i d t h a t a f e w d a y s a f t e r t h e s t r i k e h e r e c e i v e d a l e t t e r f r o m t h e c o l l eg e s t a t i n g t h a t a d e d u c t i o n h a d b e e n m a d e f ro m his s a la r y a nd tha t if he c o u l d h e sh o u l d p r o v i d e p r o o f t h a t h e h ad n o t p a r t i c i p at e d i n t h e s t r i k e Un d er cr o s s ex am i n at i o n b y at t o r n ey T a r a A r c h e r w h o r e p r e s e nt s C O B Mr H ut c hin so n s ai d t h at a f t e r t h e s t r i k e h e h ad f o u n d a l e t t e r f r o m C O B i n h i s m a i l b o x a c k n o w l e d g i n g t h e s t r i k e H e s a i d t h e l e t t e r s t a t e d t h a t i f h e i n t e n d e d n o t t o s t r i k e h e sh ou ld in fo rm hi s dean o r th e l i b r ar i a n f u l f i l h i s n o r m a l o b l i g at i o n s an d h i s s al a r y w o u l d b e p a i d a s u s u al T h e l e t t e r a l s o s t a t e d t h a t f a c u l t y m e m b e r s w h o d i d n o t c o m mu n i ca t e t h ei r i n t en t t o t h e c o l l e g e w o u l d b e a s s u m e d t o b e o n s t r i k e W e n d y P o i t i e r A l b u r y d i r e c t o r o f i n d u s t r i a l a n d e mp l o y ee r el at i o n s a t CO B, s a i d t h at o n A p r i l 1 6 C O B s p r e s i d e n t i s s u e d a l et t e r t o t h e f a c u l t y n o t i f yi n g s t a f f t h a t i f t h e y p ar t i c i p a t e d i n t h e s t r i k e a d e d u c t i o n w o u l d b e m a d e f r o m t h e i r s a l a r y S h e s a i d s he wa s una wa r e whe t he r Mr Hu t c h i n s o n h a d p ar t i c i p a t e d i n t h e s t r i k e U T E B s a t t o r n e y T a m i c a F or be s a rg ue d th a t h e r c li e nt w a s n e v e r n o t i f i e d o f t h e d e d u c t i o n a n d t h at t h e c o l l e g e n ev e r ga v e an e xp l a n a t i o n a s t o h o w t h e d e d u c t i o n w a s c al cu l a t e d M r s A r c h e r a r g u e d t h a t C O B h a d d i s c h a r g ed i t s o b l i g a t i o n i n p rovi di ng n o ti ce o f t he co n seq u en c es o f t h e s t r i k e a ct i o n J an et Do n n el l y a n a s s o c i a t e p r o f e s s o r a t t h e c o l l e g e a c k n o w l e d g e d t h a t s h e h a d r e c e i v e d t w o e m a i l s f r o m t h e c o l l e ge c o n c e r n i n g t h e s t r i k e On e o f t h e emai l s, s h e sa id w a s f r o m t h e c o l l e g e s p r e s i d e n t s en t o n A p r i l 1 6, an d t h e o t h e r w a s f r o m t h e H u m a n R e s o u r c e s D ep ar t m e n t s e n t o n A p ri l 2 8 S h e t o l d t h e c o u r t t h a t $ 5 3 7 1 7 w a s d e d u c t ed f r o m h e r s a l a r y. M r s D o n n e l l y s ai d s h e w as a p a r t o f U T E B s t e a m d u r i n g n e g o t i a t i o n s w i t h t h e co l l e g e. L yn de ll D e v e a ux a s soc ia t e p r o f e s s o r i n t h e S c h o o l o f N u r s i n g a n d A l l i e d S c i e n c e s s a i d s h e a ls o pa r ti ci pa te d i n th e st ri ke a n d t h a t $ 41 1 3 3 w a s d e d u c t ed f r o m h e r s a l ar y H o w ev er s h e t o l d t h e c o u r t th at she fu lf il led h er du ties to t h e c o l l e g e a n d h a d n o t m i s s ed a n y a s s i g n m e n t s d u r i n g t h a t t i m e Mag istrate De rre n c e RolleD a v i s i s e x p e c t e d t o m a k e a d e c i s i o n i n t h e m a t t e r o n D ec e mb er 9. C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 12, 2010, P AGE 3 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM By AVA TURNQUEST Tribune Staff Reporter email@example.com G O V E R N M E N T a pp r ov a l to b e gi n th e nearl y $35 mi ll i on e x p a n s i o n p r o j e c t a t t h e P ri n c ess M arg are t Ho s p i t al h a s be e n se cur e d, it wa s r ev e a le d y e s t e r d a y Th e ren o vati o n s wh i ch wi ll see t he removal o f th e general p r ac t i c e cl i n i c, t h e e xp an s i o n o f t h e a c c i d e n t a n d e m e r g e n c y s e c ti on and t he co n str uct io n of a cri ti ca l care bl o ck are sch edul ed t o star t in t h ree mo nt h s. H e r b e r t B r o w n m a n a g i n g d i r e c t o r o f t h e P H A s a i d : T h i s is a maj o r i mp ro vemen t f o r th e P r i n c e s s M a r g a r e t H o s p i t a l be cause in a d ditio n to s ignific a n t l y i m p r o v i n g t h e l e v e l o f care w e p ro vid e, i t wi ll f ree up i n t h e h o s p i t a l s o m e v e r y m u c h need sp ace a n d as a resu lt we a r e a b l e t o i n c r e a s e o u r b e d c a p a c i t y T h e f i r s t s e r i e s o f p r o j e c t m e e t i n g s c o m m e n c e d t h i s w e e k I n t h e n e xt m o n t h t h e t e a m, l ed b y B ah am i a n a r c h i t e ct s a n d U S heal th care pl an ners, e xp ect to s o l i d i f y t h e i r f i n d i n gs a n d t r a n s l a t e d a t a i n t o s i t e s p e c i f i c s c h e m a t i c s M r B r o w n s a i d : T h e n e w cri ti ca l care b lo ck w il l in cl ud e s i x ne w o pe r a t in g t he a tr e s i t wil l al so i ncl u de a n ew u p graded I n t en si v e C ar e Un i t F o r t h e fi rst ti m e w e w il l al so see wh a t we refer t o as a s tep d o wn I CU a u n it wh ere p ati ent s wi l l go wh en th e y a r e no t si ck en o ugh to remain in ICU bu t n o t well e n o u g h t o g o t o a g e n e r a l w a r d The removal of the general p r a c t i c e c l i n i c i s e x p e c t e d t o dr am a tic a lly im prov e the se rv i c e s o f f e r e d b y t he a c c i d e nt a n d e m e r g e n c y d e p a r t m e n t d u e t o t h e i n cr eas ed sp ac e, an d f a c i l it a t e t h e t r a n s fe r of no nemergency patients off-site. Coralie Ad derle y, ch ief ho spital administrator said: "One o f t h e re a so n s t h at p er s o n s p r e sent to the hospital is because they fe el th e pub lic clin ics ma y not have everything they need su ch as l ab s, p h ar macy ser vic es s o w h e n w e o p e n t h e n e w clin ic, we wi ll h av e lab se rvices a v a i l a b l e t h e r e S o t h e y w i l l h a v e t h e a b i l i t y t o h a v e t h e same outpatient labs done." A lt h o u gh r ad i o l o gy d i agn o s t i c s w i l l n o t b e a v a i l a b l e a d m i n i s t r a t o r s m a i n t a i n e d t h e n e w b u i l di n g w i l l f a c i li t a t e a l l t h e services of a primary care clin ic. Future plans include a satel l i t e p h a r m a c y a n d a n e x t e n sion of current hours to as late as 10pm. T h e n e w w i n g w i l l b e l o c a t ed a t t h e n o r t h e r n e n d o f t h e a m b ul a t o r y c a r e b l oc k a t t h e h o sp i tal an d al s o in c lu d e a n ew laboratory, neonatal intensive care unit, and the accompany ing suppo r t se rv ice s for those departments. Mr Brown said: "As a direct r e s u l t o f t h e g o v e r n m e n t approval we have engaged the se rvice s o f Dig giss a n d A s so c i a t e s a n d h e h a s e n g a g e d health care planners out of the U S t o a s s i s t w i t h t h i s v e r y important project." T h e B a h a m i a n f i r m e x p r e s s e d g r a t i t u d e f o r t h e o p p o r t u n i t y t o s p e a r h e a d s u c h a v it a l an d c om ple x upg r a de t o p ub li c heal th care. M i c h a el D i gg i s s l ea d c o n s u l t a n t f o r t h e P H A E x p a n s i o n P r o j e c t a d d e d : O n e o f t h e c h a l l e n g e s t h a t t h e h o s p i t a l faces i s t hat it has mu l ti -p oi n ts o f en try, so i t creat es a l evel o f co nf u sio n f or t he pu b li c an d so w ha t w e re ho pin g t o do i n ad di ti on to th e up grad es i s to i d e n t i f y a d e f i n i t e p o i n t o f e n t r y fo r th e pu b li c." T h e p l a n n i n g p h a se h as b een s c h ed u l e d f o r c o m p l et i o n a t t h e e n d o f F e b r u a r y 2 0 1 1 w h e n i t i s e x p e c t e d t h a t t h e t e n d e r p r o c e s s w i l l b eg i n f o l l o w e d i mm e d i a t e l y b y t he co nst ru cti on ph ase. L a w y e r s f o r C O B f a c u l t y m e m b e r s c l a i m c o l l e g e a c t e d u n l a w f u l l y A p p r o v a l f o r m u l t i m i l l i o n PMH expansion secured S E C U R E D : ( L R ) C o r a l i e A d d e r l e y c h i e f a d m i n i s t r a t o r a t t h e Prin ce ss Margaret Hosp ital; Mi chael Dig giss, lead con sul tant fo r the PH A Expansion Pr o ject ; H erber t B rown manag ing direc to r of the PHA; Sean Wilson, health care planner and architect for the Beck G r oup; Ter r enc e C ar tw right lea d p roje ct mana ger for the C apit al Development Unit at PHA. TIM CLARKE/ Tribune Staff
E DITOR, The Tribune. Dear Sirs/Mesdames I am forced once again to raise the matter of City Mar k ets. I became a refugee shopper at Supervalue yesterday, 9 th November. The reason is that the shop shelves are bare i n City Markets at Harbour Bay. I am told that it is the same at Rosetta Street. There was simply nothing in the store: no lettuce, no tomatoes, no r azors and the list goes on. It appears that the owners have s imply abandoned the store and have no further interest in the b usiness. It has been reported and not r efuted by the company that the agreement for sale that they a nnounced on November 5th (Guy Fawkes Day a way. The company had provided no explanation for what now? This is sad but not surpris ing. The values of loyalty, faithfulness, long service and consistency are not values that are a part of the business and civic culture of The Bahamas any longer it appears. Having promised people that they would not abandon them and t his market, it appears that the Neal and Massey group are g oing to throw in the towel. All the prominent people who tout e d this deal are nowhere to be heard or seen. They appear to be standing in the tall grass out of sight. The loss of the business b ecause it is an old model is one for the Business School C ase Studies. But if the com pany fails the case study will n ot be able to describe the impact of this matter on the h uman beings in this country: the employees said to number n early 800 and the small shareholders who depended on a C ity Markets dividend to augment their pensions. This is a tragedy for all sorts of reasons. I use these emotive words because I do not want the true character of the human impact of this on the employees and shareholders of Bahamas Supermarkets to be minimized. The employees are sad and devastated and feel used and misused and without protectors. The shareholders small and large are bitter and furious and feel duped. T he question must be asked: Whoever structured this deal, did they know what they were doing? Were they in over their heads from the start? What are t he civic and criminal liabilities in this if any? B eyond venting on the issue of the tragedy in the aggregate t here is not much one can do but for the employees there is something that can be done. I am forced therefore as a representative and on behalf of my F ox Hill constituents to ask publicly once again: What is the M inistry of Labour doing in this situation? Are they prepared t o intervene at this stage to find out what will be done to protect w orkers in this situation or are they simply going to stand by a nd wait for the trade dispute to be filed if the doors have c losed and the severance money goes and if the company puts itself into liquidation and the accountants and lawyers collect the spoils? The owners of the company have a moral obligation to speak up. I again call on the Minister of Labour to act and do his job. FRED MITCHELL MP Nassau, November 10, 2010. EDITOR, The Tribune. Please, Gentlemen, please. In this perilous era of escalating crime, a disastrous econ omic downturn, untold loss of h omes, businesses, motor vehicles, human lives, and tremend ous loss of educational p rospects caused by financial difficulties experienced by a number of parents and guardians in this nation, we find our leaders the Prime Minister and Leader of the Opposition locked in a meaningless dialogue of name calling and blame casting. One would have thought that, if ever there was a timef or the collective searching of s olutions to the multiplicity of problems facing this nation, it is n ow. The hurling of accusations and casting of blame means nothing to an electorate that is in deep crisis. Gentlemen, what the electorate is crying out for is a solut ion, please. The involvement o f both political parties, FNM and PLP, in the lawless exploits by a number of Bahamians in a foreign country is inexplicable, to say the least. The only i nvolvement should have been t hat of The Bahamas Cons ulate. T he use of taxpayers money to defend Bahamian citizens who commit a crime in a foreign country is, to say the least, the setting of a dangerous precedent. A crime is a crime, whether it be a felony or misd emeanour. In this criminallyoriented era in which we are l iving, no government can afford to be seen as, or seem to be favourable to persons committing one type of crime while distancing themselves from other persons committing other types of crimes. In this scenario the Opposition was not only a participant, but faulted the government for not doing more; a ridiculous scenario, indeed. Both parties need to look beyond the gaining of political brownie points and vote catching games and collectively seek solutions to the problems facing this nation. It would appear, from media reports of the fiasco around the courts, which cul minated in the assault of two police officers and the injuringo f one of them on Bay Street o n Thursday the 4th inst., that t he criminal elements in this n ation have no respect for the l aws of this land and less for t he enforcers of those laws. A few days ago, I had occasion to write in support of an article describing an excellent episode of investigative report ing by a Tribune reporter. It is a pity we do not get more of this type of reporting, which highlighted the ineptitude or dere liction of duties by police officers in the Ft Charlotte police station. Then lo and behold, twenty four hours later, a scenario depicting a far more grievous situation erupted in the heart of the city, by all accounts, because those with responsibility for security of the courts, and indeed the city, failed to envision the possibilit ies that were staring them in the face, and to mobilize fora ny eventuality that could have arisen. When I think back in time and remember incidents like the blockading of Nassau Intern ational airport on November 13, 1957, Black Tuesday, April 1 7, 1965 and the attempt to blow up the power plant at Clifton in April of 1965 and a number of other incidents that the Bahamas Police Force had to deal with in those years, some of which were spontaneous, but were dealt with expeditiously and decisively w ithout injury to Police pers onnel, and with a force less t han 500 strong, I lament the l axity, the undisciplined and l aid back approach taken by some senior officers with r egards to their responsibility. W ith the complement of pers onnel, equipment, technology, salaries and working conditions, the Government, the Nation and indeed the Taxpayers, deserve far more than that which is being delivered by our paid protectors. It is a sad dayw hen they seem incapable of protecting themselves. ERRINGTON W I WATKINS Nassau, November, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, NOVEMBER 12, 2010 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 S IR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972Published Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising Advertising Manager (242 C irculation Department (242 N assau Fax: (242 W EBSITE w ww.tribune242.com updated daily at 2pm INAGUA the most southerly of our a rchipelago has known industrial unrest, physical violence, even vandalism, but murd er no. At least not for the past 73 years. In the past it was always said that Inagua never had a hurricane. The story was that hurricanes came near, didnt like what theys aw and moved on. However, that old wives t ale was shattered in September, 2008 when Hurricane Ike came, must have liked what it saw, and remained long enough to wreak havoc on the island. The prized flamingoes t ook flight before Ikes arrival, but those that did not make it were destroyed. A nd now to murder. Today the tiny community is in shock. Murder is the last thing r esidents expected to suffer in their midst. The whole town is shocked, said one. This is a close-knit community, who are not family, are friends, so this is ridicu lous. A s ridiculous as it might seem, the body of a 39-year-old construction worker was found i n a hole in an abandoned outside toilet on Wednesday. I t set persons counting on their fingers when the island recorded its last murder. That was in 1937, the older heads recalled, and it was during a riot. Sir Etienne Dupuch, then publisher of this newspaper and representative in the House for Inagua at the time, told us that John M unroe, an elderly farmer, was returning from his field completely unaware of the riot i n Mathew Town when he was shot in cold blood by George Duvalier, an imported agitator. Duvalier was quoted as saying after the shooting that he decided he might as well hang for something. In her book Great Inagua the late Margery Erickson, wife of Jim, the second of t hree Massachusetts brothers who pioneered the revival of the salt industry in Inagua d escribes the riot and life on the island dur ing those years. Mrs Erickson, an accom plished artist, also illustrated the book with her sketches. Jim was the first of the brothers to go to Inagua in 1934 because, said his wife, he wanted an occupation that would involve work outdoors and benefit others as well as himself. He was not interested in living an ideal life on the comfortable income he receive from his parents. Jim was later joined by brothers, Bill and Doug. However, the devil always makes mis chief in paradise. With Mathew Town and the salt pans humming with activity, the revival of Inagua w ould have seemed as certain as the weekly arrival of the mailboat, wrote Mrs Ericks on, if it had not been for the undercurrent of discontent among those Inaguans whose own livelihood was threatened by the new prosperity. S ir Etienne often talked of the few merc hants who controlled the island, and dictated who lived or starved. He spoke in particular about the wealth of Inagua derived from being on the southern shipping lanes for the D utch steamship lines, which made regular stops on their way to South America. He a lso talked of a certain merchant who traded in gold bars, kept in a chest under his counter. I n later years this merchants son came to Nassau and worked for The Tribune. However, during the Ericksons time they ran afoul of another powerful merchant, who, wrote Mrs Erickson, along with his gang of h angers-on, resented Jims efforts to improve Inagua. This merchant was the agent fort he Royal Netherlands Steamship Company. No man could get a job on a south-bound s teamer except through him, wrote Mrs Erickson. And he employed only those whose families shopped at his store. When one of these men returned home, he would find himself overwhelmed with bills for goods his family had supposedly bought at the store while he was away. His wages would be so s wallowed up by this debt, the only way the man and his family could make ends meet w as for him to steal from the cargo of the ship he worked on when it was unloaded in South America. With the revival of the salt pans, Inaguans were no longer dependent on this merchant. It was then that the merchant brought the two Duvalier brothers from Haiti to help d rive the Ericksons from Inagua. It is a story of high drama a real Wild West tale. At t he height of the riot, Jim Erickson was shot. He and his brother, Doug, escaped on a boat for Cuba, while the Duvalier brothers, after killing Monroe stole the Erickson companys boat and headed back to Haiti. They were eventually brought back, tried in Nassau, and hanged at what was then the prison on East Street, near the police barracks. There was one constable at Inagua at the time, and as the merchants son manned the wireless station, a message could not get to Nassau in time for reinforcements to be sent to prevent the uprising. This is a story about a period in our history that is well worth reading. Solutions are needed not name calling LETTERS firstname.lastname@example.org Inaguas last murder 73 years ago (9(16'8/&,2RI0DVRQ (GLWLRQF&ROORXJK&RUQHURII(DVW6WUHHW -XOLXV%DHU*URXSWKHOHDGLQJGHGLFDWHG:HDOWK 0DQDJHPHQWLVVHHNLQJFDQGLGDWHVIRUWKHSRVLWLRQ6(1,25(/$7,216+,3$1$*(5 &25((63216,%,/,7,(6 $FTXLUHQHZFOLHQWVWKURXJKSHUVRQDOQHWZRUN ZLWKLQGHQHGREMHFWLYHVf $FTXLUHQHZFOLHQWQGHUV URYLGHQDQFLDOLQIRUPDWLRQWRFOLHQWVDVUHTXHVWHG &UHDWHDLQWDLQDSULYLOHJHGUHODWLRQVKLSZLWKQHZRU H[LVWLQJFOLHQWVSURYLGLQJDVHUYLFHRIH[FHOOHQFH 'HYHORS-XOLXV%DHU%DQNt7UXVW%DKDPDVfDV DERRNLQJFHQWUHWKURXJK-XOLXV%DHUZRUOGZLGHQHWZRUN5(48,5('.,//6([FHOOHQW*HUPDQYHUEDODQGZULWWHQFRPPXQLFDWLRQ VNLOOV 3&OLWHUDWHZLWKVWURQJ([FHO:3RZHU3RLQWDELOLW\WR OHDUQQHZDSSOLFDWLRQVTXLFNO\f WURQJXQGHUVWDQGLQJRIZLVVULYDWH%DQNLQJLQGXVWU\ FUHHGDQGUHJXODWRU\IUDPHZRUN $FRPPLWPHQWWRVHUYLFHH[FHOOHQFH(;3(5,(1&( 0LQLPXP\HDUVH[SHULHQFHLQULYDWH%DQNLQJ $VVHWDQDJHPHQWRUUHODWHGHOG ('8&$7,21$%DFKHORUVGHJUHHZLWKFRQFHQWUDWLRQLQ(FRQRPLF $GPLQLVWUDWLRQRUHTXLYDOHQW 7KHHFXULWLHV&RXUVHHULHVRUHTXLYDOHQW)25(,*1/$1*8$*(67KHDELOLW\WRVSHDNDWKLUGODQJXDJH,WDOLDQ)UHQFK 6SDQLVKRURUWXJXHVHfZRXOGEHDVWURQJDVVHW :HRIIHUDYHU\FRPSHWLWLYHFRPSHQVDWLRQDQGEHQHWV SDFNDJHDVWLPXODWLQJZRUNHQYLURQPHQWDQGWKH RSSRUWXQLW\WRPDNHDVLJQLFDQWFRQWULEXWLRQWRRXU EXVLQHVVZKLOHH[SDQGLQJ\RXUFDUHHU ,QWHUHVWHGFDQGLGDWHVVKRXOGIRUZDUGDFRS\RIWKHLU UHVXPHE\RYHPEHU%< %<$,/ 3HUVRQDOt&RQGHQWLDO-XOLXV%DHU%DQNt7UXVW%DKDPDVf/WG+XPDQHVRXUFHV 3 1DVVDX%DKDPDV 3HUVRQDOt&RQGHQWLDO -XOLXV%DHU%DQNt7UXVW%DKDPDVf/WG +XPDQHVRXUFHV 2FHDQ&HQWUHRQWDJXH)RUHVKRUH (DVW%D\WUHHW 3 1DVVDX%DKDPDV What is the Labour Minister doing about the City Markets tragedy?
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 12, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM LYNDEN Pindling International Airport has bounced back to essentially the same level of passenger traffic in summer 2010 as it achieved i n 2008, Nassau Airport Developm ent Company officials said. T he months of July and August are typically peak family vacation travel months, and 2010 was no exception, with domestic travel s howing growth of approximately f ive per cent over the corresponding m onths of 2008, which were prer ecession. W hile international passenger n umbers declined by approximately 10 per cent, NAD said US passenger numbers (more than two-thirds of all traffic) remained flat with a decline o f less than one per cent, for an overall performance quite compar able to summer of 2008, which was c onsidered by many as a banner summer. LPIA continues to demonstrate that it is a popular airport, enabling vacationers easy access to and through the islands of the Bahamas. In a year where destination airports e verywhere have struggled to maint ain or grow previous performance l evels we are pleased to have performed so well, said Stewart Steeves, president and CEO of NAD, the operators of LPIA. Seats into LPIA in July and August 2010 grew by almost 17,000 versus the same months of 2008, a nother sign of confidence by the carriers serving the airport, NAD said. The increase can also be attributed to consistent marketing of the r oute to current and potential carrie rs. A demand destination needs a customer-friendly, efficient airport. Even as we work on the development of new facilities we have mana ged to make the existing facilities w ork hard at delivering a good exper ience, with better screening systems f or passengers and luggage, more f ood and retail outlets, and upgrade d restroom facilities. The result is that customers view their arrival and departure experience as pleasant. The team at NAD deserves the c redit for this turnaround, Mr Steeves said. A MAN was stabbed while being held up by two thugs on Wednesday night on Unison Road off Carmichael Road. The attack occurred at a round 6pm when the victim was walking in the area. The culprits reportedly demanded cash before robbing the man of a bag containing personal effects. They then stabbed him in the back with an unknown object. The victim was taken t o hospital where he was treated and later discharged. Police are investigating. Man stabbed in robbery Airport bounces back with passenger traffic C OURTESY CALL: C ommittee mem b ers of the Bahamas Outstanding Students Foundation make a courtesy call on Sir William Allen, Deputy to the Governor General, at Government House on Wednesday. Pictured from left: Audrey Demeritte, Otalia Pinder-Whylly, c hairperson; former senator Ricardo W hylly; Sir William; Sharon Martin, public relations officer; Greg Smith a nd Randy Cunningham. Letisha Henderson /BIS Outstanding Students Foundation members visit Government House L L P P I I A A c c o o n n t t i i n n u u e e s s t t o o d d e e m m o o n n s s t t r r a a t t e e t t h h a a t t i i t t i i s s a a p p o o p p u u l l a a r r a a i i r r p p o o r r t t , e e n n a a b b l l i i n n g g v v a a c c a a t t i i o o n n e e r r s s e e a a s s y y a a c c c c e e s s s s t t o o a a n n d d t t h h r r o o u u g g h h t t h h e e i i s s l l a a n n d d s s o o f f t t h h e e B B a a h h a a m m a a s s . Stewart Steeves, president and CEO of NAD PORT-AU-PRINCE, Haiti THEfirst portion of U.S. reconstruction money for Haiti is on its way more than seven months after it was promised to help the country rebuild from the Jan. 12 earthquake, according to Associated Press. The U.S. government will transfer $120 million about one-tenth of the total amount pledged to the World Bank-run Haiti Reconstruction Fund in the next few days, U.S. State Department spokesman P.J. Crowley said. "Having completed the process as outlined in the appropriation, we are now moving aggressively to com mit that money to Haiti's reconstruction," Crowley said. A State Department aide said money destined for the fund would go toward rubble removal, housing, a partial credit guarantee fund, support f or an Inter-American Development Bank education reform plan and budget support for the Haitian govern ment. The fund's projects must be endorsed by the reconstruction commission cochaired by former President Bill Clinton and Haitian PrimeM inister Jean-Max Bellerive. First portion of US rebuilding money is finally headed to Haiti
MINISTER of Youth, S ports and Culture Charles M aynard said Michael Pintards new play Not My Good Child is a timely commentary on the cost of violence in Bahamian soci-e ty, especially among the youth. Mr Maynard said the staff at his ministry believe their role in the crime-fighting dilemma is vital. H e said: We consider ourselves on the front line as much as the Ministry ofN ational Security or any other ministry that deals w ith this issue, because a lot of the victims and perpetrators of crimes in theB ahamas are young people. We realise that the work t hat we do, in terms of youth, cultural and sporting organisations has an impactp ositively on how people socialise in our society. The production will be staged on November 12 and 13 at 8pm at the NationalC entre for the Performing Arts on Shirley Street. Mr Maynard said the mini stry wants to use the play as a continuation of the N ational Youth Month programme, under which Bahamians were asked tog et involved in fighting the evil scourge that we are f aced with. He said: We are happy that this particular produc-t ion is coming out at what we call a vital time because as we transition out of National Youth Month, we wanted to keep the focus ont hose things that inspire Bahamians to do exactly what we do to inspire them to do during National Youth Month, and that is geti nvolved. We are hoping that the audience is so moved by thep roduction that they would want to come out of there a nd find a youth, cultural or sporting organisation of their choice to either putt heir time and energy in or to sign their children to be a part of. The play, which started in Grand Bahama and has ac ast predominantly from that island, is a departure in writing and performance for Mr Pintard, being a dramatic play. M r Pintard said that over the last couple of years he, like many others, has been deeply disturbed by the number of Bahamians who have been maimed, injured or killed in acts of I want ed, in some way, to address this through the arts, Mr Pintard said. The arts are important avenues to address key issues. I wanted to use the edu tainment medium to communicate the message that w e need to look at the root causes of crime and examine some of the possibles olutions, Mr Pintard said. I wanted to give the public a realistic picture of what is i n the minds of some of those persons who may have b een accused and convicted of murder. M r Pintard said he identified five categories of murder that appear to be preva-l ent today drug-related homicides, domestic viol ence, gay and lesbian slayings, retaliatory killings and killings in the immigrantp opulation. The production is really designed to help the society to look at itself and examine what can we all do, he said. Some folks like to blame the political directorate, narrowly though. It is not just about the political directorate, it isa bout educators, it is about us families. The cast is committed to d elivering this message. Phils Food Services, Bay Street Garage, McDonalds,F orsythes Communications and other corporate sponsors are ensuring that a number of tickets for the play are available for at-risky oung people and persons who may not be able to afford the cost. Bahamian music is showcased throughout the pro duction and one popular Bahamian artist is slated to perform live. We are happy to get this opportunity to work with the Ministry of Youth, Sports and Culture and we especially thank the ministry and other private sector agencies for reaching out, Mr Pintard said. C M Y K C M Y K LOCAL NEWS PAGE 6, FRIDAY, NOVEMBER 12, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By DENISE MAYCOCK T ribune Freeport Reporter email@example.com FREEPORT Grand B ahama Police are investigati ng the armed robbery of a woman in the Coral Reef Estates area on Tuesday. Assistant Superintendent H ector Delva said the incident occurred in the parking lot of the Food World Plaza at around 6.45pm. According to reports, t he woman was sitting in her g reen Mitsubishi Lancer with a friend when they were approached by a man armed with a silver handgun who d emanded cash. He robbed the woman of $270 and other personal items before fleeing on foot. A SP Delva said the suspect w as wearing dark clothing, was about 5 10 tall, of slim build and dark complexion. He was described as having close cut h air, a goatee beard and speaking with a Bahamian accent. Police are appealing to anyone who may have information r egarding this incident to call 9 11 or 352-9774/5. Woman robbed by armed man imely play addresses the dramatic side of crime surge TIMELYCOMMENTARY: Minister of Youth, Sports and Culture Charles Maynard (left tard at the November 10 press conference for the Nassau production of the new drama Not My Good Child. D e r e k S m i t h / B I S I I w w a a n n t t e e d d t t o o u u s s e e t t h h e e e e d d u u t t a a i i n n m m e e n n t t m m e e d d i i u u m m t t o o c c o o m m m m u u n n i i c c a a t t e e t t h h e e m m e e s s s s a a g g e e t t h h a a t t w w e e n n e e e e d d t t o o l l o o o o k k a a t t t t h h e e r r o o o o t t c c a a u u s s e e s s o o f f c c r r i i m m e e a a n n d d e e x x a a m m i i n n e e s s o o m m e e o o f f t t h h e e p p o o s s s s i i b b l l e e s s o o l l u u t t i i o o n n s s . Michael Pintard FAMILY JOURNAL Centenarian Christopher Eve (centre Myerstown, Pennsylvania with roots in the Bahamas and his wife Francis Eve (left from their family roots journal with Sir William Allen, Deputy to the Governor General, on Wednesday during a courtesy call on Sir William at Government House Raymond A. Bethel /BIS CENTENARIANAND HIS WIFE VISIT DEPUT Y T O GOVERNOR GENERAL
C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 12, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DIVIDEND NOTICE TO COMMON SHAREHOLDERS The Board of Directors of Commonwealth Bank Limited has declared an Extraordinary Dividend Payment of 0.03 cents per share, on Common Shares, to all shareholders of record November 18, 2010. T he payment will be made on November 30, 2010, through Bahamas Central Securities Depository, the Registrar & Transfer Agent, in the usual manner. Charlene A. Bosfield Corporate Secretary Leader In Personal Banking Services
impossible to piece the puzzle back together again. The senior attorney, who wished to speak on condition of anonymity, claimed that the various arguments presented by Arawak Homes Limited (AHL to bolster its case as the victim are, in her opinion, not as honourable as they might appear. Based on several Supreme Court rulings, all titles in the Pinewood Subdivision, and some documented as Nassau Village, deriving from John Sands, Thaddeus Johnson and Eleazor Ferguson are suspect. This has left hundreds of home owners without valid title to their land. One of the pivotal rulings, establishing AHLs certificate of title over some 156 acres, was presided over by Senior Justice John Lyons, whose decision some in the legal profession do not agree with. Justice Lyons is a retiree, living in Australia. Seeking compensation from the home owners, AHL is encouraging them to come in and regularise their titles. Mr Wilson said the companys policy is to sell its interest in the land to trespassers below market value to allow them to regularise their title. This includes land purchased by dozens of property owners from Dennis Dean, president of the Nassau Village Seabreeze Property Owners Association, or through companies such as C.B. Bahamas Ltd or Bahamas Variety. There are several issues that complicate the matter. One is the issue of the alleged paper subdivision known as the Nassau Village Plan. Many of the properties with invalid title are documented as being in the Nassau Village Subdivision, not Pinewood Gardens 2. The name Pinewood was changed to Sir Lynden Pindling Estates when acquired by AHLin 1983. Arawak Homes claims that two plans for Nassau Village exist: one plan being the actual Nassau Village Subdivision in the Kennedy constituency and the other being a paper sub division that was never approved. This plan was designed by a Florida based firm called Yore land Realty and contained sections of land in the Pinewood Gardens Subdivision actually owned by Arawak Homes, according to Franon Wilson, AHL president. The (paper subdivision not an accurate representation o f the true Nassau Village, even though this was the plan used as the basis of the quieting actions for Mr Sands, Mr Johnson and Mr Ferguson, according to AHL. The property Mr Sands sought to quiet was actually advertised as Nassau Village, a nd since the company had no interest in that area, executives claimed they did not know initially their property was being sought after. A senior attorney, who claims to have reviewed the various plans, said the matter of the subdivisions is not so clear cut, because the plans do not match up when they are superimposed. Various property owners, who believed they were in the Nassau Village Subdivision, and believed they possessed proper title, constructed homes in the middle of Sir Lynden Pindling Estates, sometimes inside thick bushy areas, prior to the area being developed by AHL. Now that the company has reached the area, and discov ered the hundreds of trespassers, it claims: There are more people encroaching than there is vacant land. The whole thing is wrought with confusion, said a senior attorney. She speculated whether AHL would have got any public sym pathy, if they came up clean and said, this is the position, we are like everyone else in a financial bind, we can't afford to give these people the property on slack. She said the company probably knew they would not get any public sympathy anyway, so they decided to aggressively seek compensation from homeowners, with few finan cial resources to protect their interests. I think it is a case of money against no money. If the economy was different I think this thing would have played out differently, said the attorney. She suggested the companys push for compensation is prob ably influenced by the down economy that has created cash flow and other financial challenges for many companies. O therwise, she said the company may have acknowledged other choices, such as cutting their losses. In her opinion it was unreasonable for AHL to seek any major compensation from home owners, even if below market value. Many of them, she said,p urchased property from the John Sands certificate of title, before the title was challenged and eventually overturned. John Sands had a certificate of title. People didnt have to do anything and search, becausea certificate of title is the highest form of title. You dont have tog o further than that, said the attorney. You dont have to go behind the certificate ever. That is the best form of title, she said. Short of Justice Lyons indicating in his judgment that he interviewed the various property owners, which he did noti ndicate, it cannot be known for certain. Of the unfortunate situation, the attorney said it is unfair to lump everyone in the same cat egory and assume all of the property owners had unscrupulous attorneys, because any attorney or buyer provided with proof of a certificate of title w ould have felt confident. Rightly or wrongly the sugg estion is they purchased knowing that the certificate was fraudulent. Lyons ought to have made an investigation of that before he made his ruling, she said. Based on conservative AHL r ates, any settlement with the company would likely run prope rty owners at least $50,000 or more, when it is likely the company only paid some $3,000 per lot for the disputed properties, the attorney claimed. They sell them for at least 30 times more than what they bought them for, she said. In her opinion that is a little bitd isingenuous. After the mess that was created in the area over the past several decades, it is unreasonable to financially prejudice the property owners and slap them with huge burdens, she said. Arawak Homes executives s ay they are sensitive to the fact that many people have put a lot of money in the land; however, they are burdened with a mortgage for land they have not been able to use for over 27 years. Speaking on this claim, the attorney said it is doubtful thatA HL is still paying off its original 1983 mortgage, granted to acquire 3,305 lots. According to her, banks do not do 30 year plus mortgages, no matter how many millions are being borrowed. The attorney said the companys current mortgage obligations were likely based on a r eorganisation of debt due for any number of reasons, such as a cquisitions, expansion, restructuring or liquidity challenges. Since the original mortgage would not have matched the value of the land, acre for acre, she said it was likely that the originally acquired property was n ow being leveraged for a new debt facility. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 12, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DIVIDEND NOTICE TO COMMON SHAREHOLDERS The Board of Directors of Commonwealth Bank Limited has declared an Extraordinary Dividend Payment of 0.03 cents per share, on Common Shares, to all shareholders of record November 18, 2010. The payment will be made on November 30, 2010, through Bahamas Central Securities Depository, the Registrar & Transfer Agent, in the usual manner. Charlene A. Bosfield Corporate Secretary Leader In Personal Banking Services day afternoon in a hole in the floor of an outhouse near the Old Band Hall Park, only a few blocks away from where he lived. However police remain tightlipped over the details. Chrislyn Skippings, press liaison officer, said: Police responded and discovered the lifeless body of a 39-year-old male of Kortwright Street, clad in short green pants in a ditch near the Old Band Hall Park. At present police are uncertain of the circumstances surrounding this incident. Mr Carney was described as a helpful and well-liked jack-of-all-trades, whose wife was currently in Nassau seeking treatment for an unspecified illness. One resident said: The whole town is shocked. This is a close-knit community, who are not family, are friends, so this is really ridiculous. Everybody is shocked. Nobody expected this. A team of investigators from the Central Detective Unit has been sent to the island to assist with investigations. A 43-year-old man is helping police with their investigation. Mrs Skippings added: Police are appealing to members of the public who have any information regarding this incident to contact them at police emergency 919, CDU 502-9991 or 5029930, Mathew Town Police 339-1444, crime stoppers at 328-TIPS or 1-300-8476 from the family island. The last recorded murder is believed to have taken place in 1937 during the Inagua riot. Mr Carneys unexplained death is the countrys 81st homicide for the year. FROM page one Community in disbelief Truth of Pinewood will never, ever come to light F ROM page one
C M Y K C M Y K LOCAL NEWS PAGE 10, FRIDAY, NOVEMBER 12, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM those close to the design feel will add a form of entertainment and will keep customers in the centre longer, thus increasing business. These demonstration booths will be larger than the standard three by six booth the straw vendors will occupy, and the association would like them to be replaced with areas where vendors can sell their goods, said the source. "The vendors are an association, like a union, they want to be able to say to our vendors that we are accommodating as many people as possible (in the new market They don't care about the design, they only want to be able to say to their vendors that they have maximised the n umber of people that can be there and that's been their position from day one," said the source. In December, Ministry of Works' officials revealed the new market will only have space to house about 500 vendors. The new market will span approximately 34,000 square feet at the ground level, and includes a 4,500 square foot mezzanine level. The ground floor will be open, however the air-conditioned upper level will be closed with space for after-school children's activities. Attempts to reach association President Telator Strachan last night were unsuccessful. During an earlier interview with The Tribune she said she felt affronted that tourism officials and the Bahamas Agricultural and Industrial Corporation are promoting artisans to sell their handmade goods on "prime" spots near docked cruise ships and along Bay Street. "Another injustice (to vendors) is that BAIC and the Ministry of Tourism have placed these people on Bay Street and on the (Prince George Wharf) dock," she said, questioning why those retailers are allowed to con vene on the street when Straw Market vendors are confined to one location. "I have nothing against those (new BAIC and the ministry are advertising them as if they are the only authentic straw products in the Bahamas. They are pitting those people against straw vendors. They are giving them advertising and putting them in prime spots." Ms Strachan suggested that these new crop of craft sellers be moved to Festival Place or an unused warehouse near Prince George Wharf a site where the Government had previously suggested the Straw Market vendors relocate. p olice have discovered counterfeit US $100 notes of the 2006 series. He said the notes are of poor quality and should not be accepted as legal tender. The public are asked to exercise extreme caution when accepting US currency, especially in poorly lit areas, said Mr Delva. H e stressed that people should take a very close look at the bill and the texture. An authentic US note, he said, has red and blue fibres inside which cannot be duplicated. The texture of the counterfeit note feels diff erent, and we want people to especially look at the 2006 series, he added. Mr Delva said store owners and businesses should use counterfeit detectors, such as mark-e rs, to help them detect counterfeit notes. Most businesses have them and employees should utilise them whenever any transac t ion is made in US currency, he said. Anyone in possession of any suspected counterfeit notes is asked to contact the nearest Police Station or call 911. ure, severe hypertension and diabetes, and respiratory and psychological distress. Dr Friday said: This is probably what has been happening because of the economi c crisis that we have in the Bahamas in the world and I think that this is what is happening in all emergency depart ments. What were looking at ishow do we accommodate everyone that is presenting to the emergency department. Prompted by mounting con cerns from the public towards the level of care received at the department due to the influx in violent crime, officials soughtto clarify procedures and pro vide perspective on issues raised at a press conference yesterday. Coralie Adderley, chief hospital administrator, said: We want to reassure the public of our commitment to addressing any concerns they may have and to improving the services provided to the Bahamian people despite the various chal lenges we face here at the hos pital. Upon arrival to the emergency department, patients are assessed and then categorized, or triaged, according to severi ty. The triage room serves to prioritize patients based on four categories of need, for which the length of time before they can be treated varies from immediate care, up to four hours. Patients that are not experiencing respiratory distress or risk for any life-threatening or loss of functional limb capacity are placed in Category Four and can expect to wait the longest amount of time to be seen by a physician. Dr Friday added: What has been happening in the emer gency department and at this time with whats going on economically were seeing a lot more patients presenting to the emergency department. Per sons who would normally go to the private clinic or public clin ics for coughs and colds are now coming to the emergency department. Following infrastructural improvements made to the waiting area of the department in 2010, Dr Friday acknowl edged the current challenges are in part due to improvements needed to patient relat ions services and current physician and nursing staffing levels. The department staff complement of 100 physicians, nurses and support staff, which are rostered between five teams, were said to have remained constant for the past four years. Dr Friday said: Most times w e find people do not understand why theyre waiting. What were working on is that communication so people understand what theyre wait ing for and can have greater satisfaction. Significant changes are expected to be made at the Princess Margaret Hospital in the following months (see story on page 3), which will see an expansion to the department and the construction of a critical care block. Ms Adderley said: When w e began that planning (in 2007), we did not envision now in 2010 wed have the level of demands being placed on us, so as a result there are a number of initiatives that the gov ernment of the Bahamas, through the Public Hospital Authority, will be undertak-i ng. Dr Friday added: Weve moved to higher acuity and more patients, so were look ing at implementing ways to try to accommodate these people. We realise they have nowhere else to go. They cant go to the private clinics, they cant afford to do these things. SEE STORYABOVE Vendors demand market redesign F ROM page one FROM page one W ar ning over fake US notes By AVA TURNQUEST Tribune Staff Reporter a firstname.lastname@example.org CLAIMS against the quality of service provided by staff at the Princess Margaret Hospital were said to stem from break downs in communication between patients, relatives and care p roviders, it was announced yesterd ay. The findings of investigations into the care received by two children taken to the emergency room were addressed at a press conference yes-t erday which provided an overview of t he Accident and Emergency Departm ent (see story on page 1 In both cases published in The Tribune this week it was concluded that the proper medical care and treat-m ent protocol were followed, however, it was acknowledged that concerns raised could have been avoidedt hrough increased communication. Coralie Adderley, Chief Hospital A dministrator, said: What we have a cknowledged is the key part of where w e need to focus our attention over the next two months, which is improving the communication between relatives and patients. We have been talking with our nursing and physician leadership, our patient relations offi-c ers because I think once people know why they are there they can understand. We do have times when I have been there when weve explained to patients and they stillw ant the instant stat, but on our part w e acknowledge that we need to i mprove the communication and that is what we will be working on. Ms Adderley also confirmed that improvement efforts will include establishing protocols so that the care team, persons providing care top atients will explain why they are waiti ng at each step. S he added: The reality is that you are going to wait. There are things that just take time, you cannot just go into the X-ray immediately, the labs are not just going to spit out results immediately and if youre waiting for admission there are times when you may have to wait up to 24 hours or more before we have an inpatient bed for you to be admitted to. I n an effort to increase public awareness of recourse available to concerned patients, a 24-hour Patient Relations department within the emergency room was established to provide constant support to patients and their relatives. Additionally, a C lient Feedback Unit was also created, to facilitate the timely transfer of feedback from patients and relatives towards care received and suggestions for improvement. Ms Adderley added: We as a h ospital were very grateful to our physicians, nurses, support staff, who work in the emergency room. They a re the gatekeepers of the health system, they are open 24 hours a day, s even days a week, 365 days of the y ear, and they have to serve everyone who comes here. Were working w ith them as a management team, not only in terms of the infrastructure challenges, but were committed to working with them in terms of some of the service improvement initiatives. I n terms of appropriate levels of staff, training for the staff in dealing with c lients who are in distress and who a re sometimes difficult, and improving our overall communication process. FROM page one PMH emergency staff PMHservice criticism stemmed from communication breakdowns C ORALIE ADDERLEY Chief Administrator at the Princess Margaret Hospital, prov ides an overview of the Accident and Emergency Department at a press conference y esterday. T i m C l a r k e / T r i b u n e s t a f f
H U N D R E D S o f p e o p l e o f a l l a g e s s t e a k e d o u t S a c r e d H e a r t C a t h o l i c C h u r c h r e c e n t l y t o e n j o y g r e a t f o o d a n d f u n a t t h e p a r i s h s a n n u a l e v e n t H e l d o n t h e g r o u n d s o f t h e c h u r c h a t t h e c o r n e r o f S h i r l e y S t r e e t a n d S h i r l e y P a r k t h e S a c r e d H e a r t S t e a k O u t a n d M i n i F a i r w a s a b i g h i t t h i s y e a r w i t h l o c a l f a m i l i e s Th e s t e a k -o ut a n d m i n i f a i r b r i n g s t o g e t h e r o u r parish family, f riends, neighb o u r s a n d t h e c o m m u n i t y e v e r y y e a r s a i d t h e p a s t o r of t he S ac red Hea rt Ca th o lic C h u r c h F a th e r M e l T a y l o r W e a r e v e r y h a p p y w i t h y e a r s s u c c e s s a n d g r a t e f u l t o e v e r y o n e f o r s u p p o r t i n g o u r c h u r c h O u r g o a l i s t o o f f e r e v e r y o n e a f u n f i l l e d a f t e r n o o n o f g o o d f o o d a n d f u n t h a t a p p e a l s t o t h e w h o l e f a m i l y I t w a s w o n de rf ul t o see so man y peo p le a t t e n d a n d e n j o y t h e m s e l v e s Th is y e a r' s e v ent fe a tur ed s t e a k a n d c h i c k e n d i n n e r s h o m e m a d e c a k e s a n d s w e e t s c o n c h f r i t t e r s k ar a ok e, h oop l a, f ac e pa i nt in g, b a llo o n c r eat io n s, bi n go a b o u n c y c a s t l e b o o k s a w h i t e e l e p h a n t s t a l l a n d a n i n h o u s e r a f f l e W e s o l d m a n y c h i c k e n a n d s t e a k d i n n e r s t h i s y e a r a n d w e a r e v e r y p l e a s e d s a i d A n g e l a F o x S a c r e d He art pa ris hi on e r a n d st ea kout chai rpe r son. "We w ould l i k e t o t h a n k e v e r y o n e t h a t boug ht ti cke ts a nd came ou t fo r an afterno on of d e lic i o us f o o d a n d f a m i l y f u n M a n y t h a n k s a l s o t o o u r p a r i s h i o n e r s f r i e n d s a n d g u e s t s t h a t v o l u n t e e r e d t h e i r t i m e a n d t a l e n t s t o m a k e t h i s s u c h a g r e a t s u c c e s s A l l s t e a k o u t a n d m i n i fa i r p r oce e ds b en e fi t S a cr ed H e a r t C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 12, 2010, P AGE 1 1 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U R N S H o u s e G r o u p t e a m m e m b e r s D e n s i l D ev e aux chie f wine am ba ssador; Decarlo Mcphee, New P r o v i d e n c e s a l e s m a n a g e r a n d W e n d e l l S e y m o u r c o r p o r a t e r e l a t i o n s m a n a g e r re c e n t l y g a i n e d t h e s o m m e l i e r c e r t i f i c a t i o n b y s u c c e s s f u l l y co mp l eti n g a n ad van c ed w i n e course. S o m m e l i e r p r o n o u n c e d S u m a l -y e a h i s a F re n c h t er m w h i c h m e a n s p r o f e s s i o n a l c o n noisseur or expert. The intense, five-day acad e m i c p r o g r a m m e w a s p r e sen te d b y t h e A me ri c an S o m melier Association (ASA). ASA is one of the leading w i n e t ra i n i n g an d c e rt i f i c at i o n o r g a n i s a t i o n s i n t h e U n i t e d States. S u c c e s s f u l c o m p l e t i o n r e q u i r e d d e m o n s t r a t i o n o f e x pe r t kn o wl e d g e o f c o ur s e materia l v ia dai ly ass e s smen t, blind tastings, and a compre hensive final exam. T h e r i g o r o u s a g e n d a i n c l u d ed : g rap e vari e ti es, re gu l ati o n an d l eg i sla ti o n c li ma te, geo g r ap hy, soi l, in du s try statistic s s p e c i f i c g r a p e g r o w i n g a n d w i ne m a k i ng m e t h o ds f oo d p a i r i n g a n d b l i n d t a s t i n g t e c h niques. I n a l l m o r e t h a n 2 5 w in e p ro d u c i n g r e g i o n s a n d o v e r 5 0 grape varieties were studied. Add it io nally more than 200 wines were tasted. I n a d d i t i o n t o t h i s l a t e s t c r e d e n t i a l b o t h D e c a r l o a n d D e n s i l a r e c e r t i f i e d b y t h e Wines and Spirits Education Trust, based in London. T oge the r the t h r e e newly c e r t i f i e d s o m m e l i e r s h a v e a m a s s e d a v a s t a m o u n t o f w i n e k n o w l e d g e b y v i s i t i n g v ineya r d s o f im po r t ant w ine regions such as Chile, France ( B o r d e a u x B u r g u n d y Ch a bli s Cog na c ) I t a ly a nd th e Un i ted S t ate s (C al if orn i a, Oregon, Washington), Burns House said. L e R o y A r c h e r m a n a g i n g director of the Burns House G ro u p e xt e n d ed h i s c o n g ra t ulations. I t s p a r a m o u n t t h a t w e co ntin uall y provid e the tr ain ing and other tools needed to e x c e e d t h e e x p e c t a t i o n s o f o u r i n d u s t r y t r a d e p a r t n e r s a n d r e t a i l c u s t o m e r s a l i k e M r Archer said. Decarlo, Densil, and Wen d e l l w i l l a l l b e a v a i l a b l e t o g i v e win e advice at Bu r ns House G r o u p s 2 0 1 0 h o l i d a y w i n e t a s t i n g T h e e v e n t W i n e E x p e r i e n c e i s s c h e d u l e d tonight at 7pm at in the Sher aton Grand Ballroom, Cable Beach. Hundreds steaked-out' Sacr ed Heart to make annual event a success B u r n s H o u s e w i n e e x p e r t s g a i n e s t e e m e d c e r t i f i c a t i o n P I C TU R E D ( LR ): L e Ro y A rc h e r, m a n a g i n g d i r ec t o r o f th e Bu r n s Ho u se G ro u p ; W en d el l S ey m o u r c o rporate relations manager; Decarlo Mcphee, New Providence sales manager; Densil Deveaux, chief wine ambassador. G RI LL TE AM : I t t ak es a te am o f d ed i ca ted g ri l l e rs t o co o k h u n d red s o f s te aks an d b ar be q u e ch i c ken a t the Sacred Heart Annual Steak-Out. GREAT TIME: Having fun inside the bouncy castle at the Sacred Heart Steak-Out. ALL SMILES: Enjoying the fun at the Sacred Heart Steak-Out.
C M Y K C M Y K SECTIONB email@example.com FRIDAY, NOVEMBER 12, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.25 $4.42 $4.26 retirement planningheaded in the right direction? a stable income stream post-retirement guaranteed investment returns exible payout termsall of the above invest in an annuity A MB ESTA-ExcellentFinancialStrengthRating SALES OFFICES: NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I CORPORATE CENTRE: EAST BAY STREET I www.famguardbahamas.comcall us today at 396-1300 A SUBSIDIARY OF By NEIL HARTNELL Tribune Business Editor The Chief Justice has urged that the winding-up of a Bahamian broker/dealer, which collapsed due to a $25 million trading black hole, be completed by year-end, rejecting opposition by the companys clients and creditors to the liquidators costs being paid out of a further 8 per cent of their assets. Sir Michael Barnett, while making some mild criticisms of Deloitte & Touche (Bahamas partner Anthony Kikivarakis, the court-appointed liquidator of Caledonia Corporate Management, ruled that the accountant should be paid his costs out of a further 8 per cent of fiduciary client assets he had retained, the original 2 per cent having been virtually exhausted. In a November 8, 2010, verdict that is likely to disappoint Caledonia clients and creditors, many of whom had objected to a further 8 per cent of their assets which the broker had held in trust on their behalf being used to pay Mr Kikivarakiss fees, Sir Michael ruled: In my judgment, the additional costs of the liquidaWIND-UP C OS T FEARS REJECTED OVER BROKERS $25M COLLAPSE Chief Justice s verdict that Caledonia liquidator to be paid out of extra 8% of fiduciary assets likely to disappoint many clients Court urges that collapsed brokers wind-up completed this year Sir Michael makes mild criticisms of liquidator for not approaching court when clear initial 2% of client assets not enough to cover costs, and on client segregation SEE page 5B SIR MICHAEL BARNETT By NEIL HARTNELL Tribune Business Editor AML Foods last night said it expected its $40-$50,000 investment in its Cost Right subsidiarys website to pay for itself, expanding its customer base throughout the Family Islands and New Providence, with the BISX-listed food group also set to launch online ordering imminently for its Dominos Pizza franchise. Gavin Watchorn, AML Foods chief executive, said that while the group might contemplate further e-commerce ventures in the future, it was now totally focused on recouping the investment on these two first before venturing further. Confirming that the Cost Right website had gone live, with the aim of expanding the retailers customer base in the Family Islands and New Provi dence through a more efficient, convenient ordering and delivery service, Mr Watchorn said: We had a couple of challenges, but we think weve got to the point where we can launch. We think it will certainly pay for its own investment. I would say weve probably invested $40,000-$50,000, including labour hours and what not, that weve put into it. Its a big investment for us. Weve got a commitment to $40-$50k online investment set to pay for itself Cost Right moves to maintain competitiveness and expand customer base to Family Islands through e-commerce venture SEE page 4B PLUM PROPERTY: The famous Atlantis in Paradise Island. B y NEIL HARTNELL Tribune Business Editor Grand Bahamas archaic e lectricity regulatory structure a cts as a disincentive for the i slands power company to m ake $30-$40 million in critical infrastructure investments, i ts chief executive told Tribune Business yesterday, because t here was little prospect of generating a return from such ac apital outlay. Alan Kelley, Grand Bahama P ower Companys chief exec utive, said that engineering a change in the regulatory struc ture to establish a tie between revenues and investment had b een a key focus for him in the 10 months since he took over f rom E. O. Ferrell. P ointing out that all modern electricity utility regulatory r egimes included such a tie-in, enabling power companies tog enerate a return on their capi tal expenditure and still cover f uel and operational costs, Mr K elley told Tribune Business that the companys decision to b oost its power generation capacity this June had involved a straight wealth transfer from its shareholders, 20 per cent ofw hom are Bahamian institutional and retail investors, to i ts customers. The Grand Bahama Power Company chief executive also told Tribune Business that the decision by one of its major s hareholders, the Abu Dhabi National Energy Company ( TAQA), to relinquish its i nvestment in the company would not have any impact. T aqa, which acquired a 27.7 per cent stake in GrandB ahama Power Company t hrough its 50/50 Caribbean j oint venture with Japanese f irm, Marubeni, yesterday announced that it was withd rawing from this partnership in which it invested $320 mil l ion to focus on its Middle Eastern and African interests. T his means that its 27.7 per cent interest goes back to M arubeni for the time being, Mr Kelley indicated, giving the Japanese entity majority con trol once again with a 55.4 per cent equity interest. The bal a nce is held by Canadian pow$30-$40m spends regulatory block n Grand Bahama Power Company chief says generation upgrade plans hampered by lack of tie-in between revenues and investment n Says : Im not incentivised to do the right thing n Hiring of generational rental units a wealth transfer from investors to customers, with $1.5m cost exceeded by more than $1.5m in fuel savings n Major investor exits 27.7% stake in company, placing majority control back with Japanese, who are now looking for new Caribbean partner SEE page 4B By ALISON LOWE Business Reporter firstname.lastname@example.org Construction has now begun on t he site of what will become AML Foods $4.5 million Solomons F resh Market grocery store in western New Providence, with an i nitial Spring 2011 opening now being pushed back to end-of-summer or beyond. T he store is intended to fill what AML Foods sees as a void int he Bahamian market in offerings to feed the demand for healthy f oods to fit healthier lifestyles, and it is seeking to complement this model with an energy-efficient s tore design and equipment. We were looking at Easter (to open to summer. Now we may scrape end of summer, Gavin Watchorn, AML Foods' chief executive and president, told Tribune Business yesterday, noting that construction began a couple of weeks ago. He said the slight delay in the companys initial plans for the g rocery store, previously described by Mr Watchorn as set to represent a real leap into the 21st century for food stores in $4.5m store opening is pushed back Construction starts on AML Foods Solomons Fresh Market outlet, but opening put back from Easter 2011 to probably end-of-summer S EE page 2B GAVINWATCHORN B y ALISON LOWE Business Reporter email@example.com The booking pace for r ooms at Atlantis is significantly higher for Novem ber and December this year than last, Tribune Business learned yesterday, althoughw ith marginally lower room rates. Ed Fields, Kerzner Inter national (Bahamas president for public affairs, attributed this reduction in room rates to the higher level of group bookings for the November/December perio d last year, compared to the same period in 2010. The news continues a trend for the resort, which reported higher leisureb ookings this year than last in May announcing it had seen a 35 per cent rise in 2010 over 2009 for these bookings and representsg ood news as it heads into the usually busy Thanksgiving and Christmas seasons. Kerzner International (Bahamas managing director, George Atlantis holiday booking pace much higher SEE page 5B By ALISON LOWE Business Reporter a firstname.lastname@example.org A union leader yesterday said he could kiss the foot of Bahamian businessman MarkF inlayson, his attorney and PLP Senator Jerome Fitzgerald confirming that a share purchase agreement was signed between the formers Trans IslandT raders Ltd and BSL Holdings t o acquire the majority 78 per cent stake in City Markets. Meanwhile, a source close to the buyout by Mr Finlayson w hich is expected to get government approval within days confirmed to Tribune Business that City Markets had been ont he brink of closing, with staff s et to be on the streets within a week without the cash injection Mr Finlayson will bring. The source said that once a pproval for the Finlayson deal is received, it will likely bea round two weeks before consumers can expect to see s helves at the 11 branches of the supermarket chain restored to their pre-crisis inventory lev els. Union boss could kiss City Markets saviour SEE page 7B
BY KENDRICK CHRISTIE GRANT THORNTON (BAHAMAS Companies around the world lose an estimated 5 per cent of t heir annual revenues to fraud, d efined as deception for personal gain in the workplace, according to a survey of fraude xperts conducted by the Association of Certified FraudE xaminers (ACFE It is against this backdrop t hat the ACFE is urging companies worldwide to participate in International Fraud Awareness Week, from November 713, 2010, to help cast a spotl ight on this problem. ACFE president James D. R atley, said the support of organisations around the world h elps make Fraud Week an effective tool in raising antifraud awareness. Regardless of the size of an organisation or its business model, fraud is a serious con cern and if undetected, it canh ave a measurable impact on the bottom line, Mr Ratley s aid. Once again, we want to say thank you to all of the F raud Awareness Week supporters for helping to shine a spotlight on the urgent need for fraud prevention and detect ion. Kendrick Christie, a Bahamian chartered accountant and Certified Fraud Examiner, who has conducted several fraud and forensic investigations, will b e presenting at the Bahamas Institute of Chartered Account ants (BICA I dentifying and Combating Fraud on N ovember 17 at the Sheraton. H e said business owners n eed to develop in their budg ets at the beginning of the year a realistic amount for fraud control, and use this to maintain and develop tech n iques to fight against asset theft in the workplace. T his may include bank reconciliations, camera surveill ance, hiring of auditors and beefing up physical controls over inventory, in particular.P roper screening is key, as the ACFE survey indicated that 30 p er cent of US employees falsify information on their resumes and in interviews. B usinesses should not weigh the cost of the audit, because if done properly, it will identify recommendations for improvem ent and employees will expect their work areas to be checked upon. In the absence of an audit, Mr Christie said it was tough for a business owner to maintain the right tone necess ary to combat fraud. New frauds are emerging, a nd Mr Christie expects to see schemes involving identify thefta nd con-artist schemes emerge a s economic recovery takes a l onger time to bear fruit. T his week-long campaign by the ACFE encourages business l eaders and employees to proactively take steps to min i mise the impact of fraud by promoting anti-fraud awarenessa nd education. There are some things that b usinesses can do to minimise fraud in the workplace: High risk areas, such as cash or inventory departments, a re obvious targets for routine audits. Surprise audits of those and all parts of the business are c rucial. Adopt a code of ethics for management and employees When hiring staff, conduct thorough background investigations. Check educational, credit a nd employment history, as well as references. Once carefully-screened e mployees are on the job, are t hey aware of procedures for r eporting suspicious activity by c ustomers or co-workers? A bout Grant Thornton Grant Thornton is the B ahamas member firm of Grant Thornton International.G rant Thornton Bahamas has a staff complement of 27, includi ng 10 qualified accountants, offering audit, forensic, accounting, liquidation andS AS 70 audit services. A bout the Association of Certified Fraud Examiners T he ACFE is the world's largest anti-fraud organisation a nd premier provider of antifraud training and education. Together with nearly 55,000 members in more than 150 countries, the ACFE is reduc i ngthe incidence of fraud and providing the training and r esources to fight fraud more effectively. C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, NOVEMBER 12, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM F irstCaribbean International Bank (Bahamas Moss and Stacia Williamson to the posts of country treasurer and cont roller, and chief financial officer, r espectively. Ms Moss, who served most recently as senior treasury dealer, will be responsible for the Bahamian banksb alance sheet and supporting the major product group across multiple entities. Her role will revolve around bala nce sheet management, liquidity, p roduct sales and marketing, productstructured support, governance and m arket risk. Prior to joining FirstCaribbean, Ms Moss served as a senior portfolio manager and investment adviser at a leading financial advisory f irm. She holds a BSc in Finance from K ings College in the US, and an Associate of Arts degree in the same discipline from the College of the Bahamas. Ms Williamson, formerlym anager, financial reporting, supports the bank's operations in the Bahamas and the Turks and Caicos Islands. Her responsibilities include ensuri ng, at a senior level, that the financ ial/management reporting systems, procedures, controls and policies for t he operating company are appropriate and functioning to produce timely, accurate and reliable information. Before joining FirstCaribbean, Ms W illiamson held posts including that of a udit manager at a leading assurance and business advisory firm. She worked at a major accounting firm in the US, and held the position of man-a ger, fund accounting, at a reputable agency. A Certified Public Accountant (CPA m ember of the Bahamas Institute of C hartered Accountants (BICA holds an MBA with a concentration in Finance from Crummer Graduate School of Business in the US, and a Bachelors of Business Administration in Accounting from Acadia Universit y, Nova Scotia, Canada. FirstCaribbean promotes key Bahamian executives STACIA WILLIAMSON LAKEISHAMOSS Fraud prevention key for business health the Bahamas, has been just the need to get it right. Its not something that as a company weve been forced to do. We want to do it, and wed prefer to get it planned out right correctly, rather than half way through realise we want to make changes, he added. The 38,000 square foot store will be located south of the Old Fort Bay roundabout, opposite the Charlotteville community, and will b e the anchor tenant for New Providence Development Company's new Town Centre for the western part of the island. M r Watchorn said: Its going to be a very health-conscious store with lots more variety in terms of health products. Therell bea lot of energy efficient devices and equipment. It will be a good p rototype for an energy efficient retail store. S peaking of the decision to go eco-friendly with the store, Mr W atchorn added: Theres no point being healthy if youre going to destroy the environment. Its also driven by the bottom line, the n eed to control energy costs and the fact that as a good corporate citizen we want to help lead the way in protecting the environ m ent. It is expected that between 60 and 80 new employees will be take n on to man the new location when it opens. Meanwhile, Mr Watchorn said he is hopeful that the compan y will be able to sell wine from its stores, but admitted that he has left that alone for now. AML Foods had pushed for the Government to amend the laws relating to alcohol retailing and allowf or supermarkets to sell wine inside the stores. We are seeking to sell wine, not hard liquor. We want to target t he housewife-type consumer who doesnt always feel comfortable going into a liquor store. Its a pretty narrow demographic that we w ere going to target and many say they would love it, said the AML Foods chief executive, adding that he finds comments sugg esting that the sale of alcohol particularly wine in food stores would increase alcoholism levels or drinking among teenagers ridiculous. Its a joke for anyone to say alcohol is not readily available now its everywhere in this country. Those who are crying about what w e want to do, I dont hear them saying anything about the new liquor stores that are opening up every day, he added. R upert Roberts, Supervalues owner, has come out against the sale of alcohol in grocery stores, as has the Christian Council. $4.5m store opening is pushed back F ROM page 1B
C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 12, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 4IFSBUPO/ ".*$*B"5503*"5"45*/(.&/6 4UBSXPPE)PUFMT3FTPSUT8PSMEXJEFr*OD"MM3JHIUT3FTFSWFE4IFSBUPOBOEJUTMPHPBSF UIFUSBEFNBSLTPG4UBSXPPE)PUFMT3FTPSUT8PSMEXJEFr*ODrPSJUTBGGJMJBUFT$POTVNJOHSBXPS VOEFSDPPLFENFBUTrQPVMUSZrTFBGPPErTIFMMmTIrFHHTrPSVOQBTUFVSJ[FENJMLNBZJODSFBTFZPVSSJTLPG GPPECPSOFJMMOFTT"MMJUFNTTVCKFDUUPHSBUVJUZ By DENISE MAYCOCK Tribune Freeport Reporter email@example.com F REEPORT Despite the economy, Grand Bahama-born investor Steve Savola yesterday officially opened a brand new foodstore in Freeport, bringingm uch-needed diversity to the market. A crowd of a bout 150 people waited a nxiously to get in the doors of the Savemore Food store o n West Settlers Way, which opened at 7am, following a blessing and offi-c ial ribbon cutting. Shoppers packed the 2 2,500 square foot building to take advantage of the low prices and introductory store specials on grocery items.T he store has a total of seven cash registers, including an express line. Mr Savola was very encouraged by the over-w helming turnout at the opening. We opened at 7am and a crowd of peoplew ere outside just waiting to get in. We are very overw helmed by the positive response we have gotten today, he said. Mr Savola noted that the investment in Savemore was huge (somewhere in the seven figure range), and t ook a year of a planning. Despite the current economic situation on GrandB ahama, he felt it was a good time to return home and invest in Freeport. About 50 persons are employed at the store. M r Savola has lived in Florida. He received his undergraduate and gradua te degrees at the University of Miami. After obtaining a graduate degree in law,h e opened a law practice in Miami. I was born here the year Freeport was formed, in 1958, he said. I attendedM ary Star of the Sea and St Pauls, and I went away for h igh schoolbut I have always wanted to come back here and do something inF reeport. Different Mr Savola said Savemore o ffers something different to the people of Freeport: a one stop shop grocery store with quality grocery products, and fresh produce andv egetables at competitive prices. One problem I heard p eople constantly complain about is that they have to go t o four different stores because they cant find an item they want. And when I would come back toF reeport I could not get f resh produce because sometimes, when you go in the stores, you see wilted vegetables and herbs, Mr Savola said. We want shoppers exper ience at Savemore to be pleasurable, and as long as y ou can provide quality p roducts to people and keep prices affordable on a cons istent basis, then people will continue to come in the store. D espite the failures of several major food stores in t he past, Mr Savola is confi dent that Savemore can survive in the Grand Bahama economy. T here is more space available to expand if the need arises, he said. We are currently occupying 22,500 square feet, butt here is more space availableso if everything is as well received here we willt ry to expand a little bit, but our primary concern right n ow is making sure people have a pleasurable experience, he stressed. Mr Savola also stressed that they have a strong teamo f workers. We had 1,000 people apply for jobs and so w e have gotten exactly what we want, people with the right attitude and experi e nce, he said. I think we can survive. The food business is not going away and people are not going to stop eatingb ecause the economy is bad. New food store creates 50 jobs e want shoppers experience at Savemore to be pleasurable, and as long as you can provide quality products to people and keep prices affordable on a consistent basis, then people will continue to come in the store. Steve Savola
er company Emera, which has a 25 per cent interest through its 50 per cent stake in BISX-listed ICD Utilities, the remaining 19.4 per cent being h eld by Bahamian shareholders. However, Marubeni is unlikely to retain its 55.4 per cent for long. Their strategy calls for them to have a partner, and theyre in discussions with one or two others to bring it about, so I dont expect it to have any impact on the company from an operational or financial standpoint, Mr Kelley told Tribune Business. Several observers suggested one partner likel y to be interested in partnering with Marubeni was Emera, given its enthusiasm for the Caribbean and current talks for it to become the Bahamas Electricity Corporations (BEC ating partner. It is unlikely, though, that Marubeni would want to cede control. Asked how Grand Bahama Power Company was performing, Mr Kelley said of 2010: It continues to have its challenges. This year is a tough y ear, like 2009 was a tough year. He confirmed that the company had plans to modernise and expand its generational and network infrastructure, improving efficiency and reliability, but told Tribune Business that Grand Bahamas regulatory regime provided no incentive for it to do so. Im looking at in the neighbourhood of $30$40 million. Im ready to make the investment now if we get a promise of that, if we get a regulatory structure that provides for it, Mr Kelley t old Tribune Business on the need for reform. Im not incentivised to do the right thing. We have a structure where there is no tie-in between revenues and investment. Im hopeful that we will get that turned around, so that when there is a tie between the two, we have a plan to make that investment in more efficient generation capacity. Typical utility regulatory regimes allowed power companies to recover investment and capital expenditure costs through their revenues, while also covering operational and fuel costs. But Mr Kelley said: The rate was established decades ago, and while its sometimes changed by t he Consumer Price Index, it has no tie to the companys investment levels. Thats what we have to get changed today to make the investment. Im hopeful we will get it turned around soon. The Grand Bahama Port Authority (GBPA the regulatory authority for electricity in Grand Bahama, was working with the utility monopo ly on the issue. It had hired an internationallyknown expert on utility regulation to advise it, and Mr Kelley said: He gets it, and understands the need. He told Tribune Business that Grand Bahama Power Company needed new electricity generation equipment and technology that was more efficient and reliable than the firms current generation capacity. M r Kelley said that Grand Bahama Power Companys rental of extra, more efficient power generation units in the summer had improved reliability and reduced the number of power outages. Most of the outages are generation related, and thats why we need to make investments, he explained. Mr Kelley also told Tribune Business that the rented generation units had saved Grand B ahama customers more in fuel than it had cost to obtain them, the latter expenditure coming from shareholders. The costs to rent were $1.5 million, and the fuel savings were over $1.5 million. The shareholders are helping the customers to have a more reliable service, Mr Kelley said. reach out to customers where they do not have the traditional routes to reach us, both for people in the Family Islands and businesses in Nassau that are not set up for the traditional 9am-5pm thing. We think it w ill do well. Mr Watchorn said such businesses could include restaurants a nd chefs, while individual cus t omers could include the likes o f business people, office mana gers and people who own/manage large houses and h ouseholds. All of these, he explained, might struggle to visi t Cost Right during normal opening hours on New Provi-d ence and Grand Bahama, while others might want to a void traffic. Telling Tribune Business that it was difficult to determine t he potential consumer market that might be reached by Cost R ights website, because there were so many different markets in the Family Islands, Mr W atchorn said that here the retailer would chiefly target second homeowners and Mom and Pop stores purchasing g oods for their customers. E mphasising that Cost Right was not attempting to compete with local businesses on the F amily Islands via its website, the AML Foods chief execut ive said the retailers website had been tested by a pretty big customer group over the last two months, including second home owners, persons whor un large homes and Family Island Mom and Pop stores. It encompassed all the dif ferent demographics were g oing to target, Mr Watchorn said. We think its going to appeal to a pretty broad demographic of consumers. He added that the Cost Right w ebsite, and its broad inventory, would maintain the companys competitive edge and e xpand the customer base without bricks and mortar. Cost Right is also recruiting persons in the Family Islands t o act as agents for its e-comm erce operation, helping customers to confirm and track their orders. By using an agent n etwork, it will reinforce our commitment to communities, b ecause people will have someone they speak to and deal with any concerns they have, Mr Watchorn said. The AML Foods chief exec u tive also confirmed that the BISX-listed company was pretty close to launching its Dominos Online Internet o rdering service for its pizza franchise, adding: We had some challenges, because the design was not under our control. Its more of a Caribbeang roup, and had it been it might have been quicker, but Dominos Online will follow very quickly. A sked whether e-commerce would become a bigger retailing feature in the Bahamas going f orward, Mr Watchorn said: Its difficult to say. Theres definitely a market for it. Its not really todays consumers looking at it. Its the consumer of tomorrow. Younger people areb ecoming more technology savvy. Its how much the count ry embraces technology that will determine that. C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, NOVEMBER 12, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 1 2 7 & ( (662,*(5,$))6+25((*,21$/ /,0,7(' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUV WKHUHRIWRWKHXQGHUVLJQHG3%R[ 1DVVDX%DKDPDVRQRUEHIRUHUGGD\RI'HFHPEHU ,QGHIDXOWWKHUHRIWKH\ZLOOEHH[FOXGHGIURP WKHEHQHRIDQ\GLVWULEXWLRQPDGHWKH/LTXLGDWRU 'DWHGWKHWKGD\RIRYHPEHU &DURO**UD\ /LTXLGDWRU RUWKFKDVH'ULYH +RXVWRQ 1 2 7 & ( 1 2 7 & ( (662,*(5,$))6+25((*,21$/ /,0,7(' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUV WKHUHRIWRWKHXQGHUVLJQHG3%R[1DVVDX %DKDPDVRQRUEHIRUHUGGD\RI'HFHPEHU ,QGHIDXOWWKHUHRIWKH\ZLOOEHH[FOXGHGIURP WKHEHQHRIDQ\GLVWULEXWLRQPDGHWKH/LTXLGDWRU 'DWHGWKHWKGD\RIRYHPEHU &DURO**UD\ /LTXLGDWRU RUWKFKDVH'ULYH +RXVWRQ 1 2 7 & ( (662,*(5,$))6+25((*,21$/:2f /,0,7(' B BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1 2 7 & ( ,6+(5(%<*,9(1DVIROORZV (662,*(5,$))6+25((*,21$/ 7:2f/,0,7(' LVLQGLVVROXWLRQXQGHUWKH SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV 7KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHG W K $UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHGWRDQG UHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV&DURO +$55< /2%26.<$1$*(0(17&2/7' $WWRUQH\VIRUWKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( (662,*(5,$ ))6+25((*,21$/:2f/,0,7(' B BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB & UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUV WKHUHRIWRWKHXQGHUVLJQHG3%R[1 DVVDX%DKDPDVRQRUEHIRUHUGGD\RI'HFHPEHU ,QGHIDXOWWKHUHRIWKH\ZLOOEHH[FOXGHGIURPW KHEHQHRIDQ\GLVWULEXWLRQPDGHWKH/LTXLGDWRU DWHGWKHWK GD\RIRYHPEHU &DURO**UD\ / LTXLGDWRU RUWKFKDVH'ULYH +RXVWRQ 8 1 2 7 & ( (662,*(5,$ ))6+25((1785(6f/,0,7(' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB1 2 7 & ( ,6+(5(%<*,9(1DVIROORZV (662,*(5,$))6+25((1785(6f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f/,0,7(' LVLQGLVVROXWLRQXQGHUWKH SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV &RPSDQLHV 7KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHG RQWKHWKGD\RIRYHPEHU $UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHGWRDQG UHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV&DURO **UD\ +RXVWRQ7 'DWHGWKHWKGD\RIRYHPEHU +$55< /2%26.<$1$*(0(17&2/7' $WWRUQH\VIRUWKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( (662,*(5,$))6+25((*,21$/ /,0,7(' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1 2 7 & ( ,6+(5(%<*,9(1DVIROORZV (662,*(5,$))6+25((*,21$/ )285f/,0,7(' LV LQ GLVVROXWLRQXQGHUWKH SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV &RPSDQLHV 7KHGLVVROXWLRQRIWKHVDLG&RPSDQ\ FRPPHQFHGRQWKHWK GD\RIRYHPEHU ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHGWR DQGUHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV&DURO* *UD\ 7 'DWHGWKHWKGD\RIRYHPEHU +$55< /2%26.<$1$*(0(17&2/7' $WWRUQH\VIRUWKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( (662,*(5,$ ))6+25((1785(6f /,0,7(' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUV WKHUHRIWRWKHXQGHUVLJQHG3%R[ 1DVVDX%DKDPDVRQRUEHIRUHUGGD\RI'HFHPEHU ,QGHIDXOWWKHUHRIWKH\ZLOOEHH[FOXGHGIURP WKHEHQHRIDQ\GLVWULEXWLRQPDGHWKH/LTXLGDWRU 'DWHGWKHWKGD\RIRYHPEHU &DURO**UD\ /LTXLGDWRU RUWKFKDVH'ULYH +RXVWRQ $40-$50k online investment F ROM page 1B FROM page 1B $30-$40m spends regulatory block
tor should be met in the same fashion as provided for in the original order of October 21, 2 008, out of the 8 per cent retention. The liquidators costs must be taxed as was before, and any challenges to their reasonableness should be made at taxation. Alfred Sears, of Sears & Co, who is representing Mr Kikivarakis in the liquidation, and a h ost of attorneys representing various Caledonia clients are now attempting to settle an Order reflecting Sir Michaels verdict, Tribune Business understands. The ruling effectively tells Caledonias clients, including the Client Monitoring Comm ittee that was formed to work with Mr Kikivarakis on the liquidation, that any objections they have to his fees must be raised at hearings before the Supreme Court Registrar, where the liquidator applies for court approval of the payments. Meanwhile, Sir Michael also p ushed Mr Kikivarakis to complete Caledonias almost twoyear liquidation process by year-end, ordering him to report back to the Supreme Court on November 30, 2010, on his progress in meeting this deadline. This liquidation is n earing completion, Sir Michael found. Indeed, it can b e completed before the end of the year, and I expect thel iquidator to comply with his representation to the court that i t will be completed this year. His judgment traced the origins of Caledonias demise, namely the move by its Canadian correspondent broker, Jit-n ey, to sell off some $25 million worth of client assets toc over a margin call on an overdrawn balance created by nowc onvicted securities fraudster, George Georgiou, who was running a pump and dump financial fraud scheme with self-pr0claimed Canadian mobs ter, Vince de Rosa. Noting that Mr Georgiou h ad been allowed to margin trade using other Caledonia c lients assets as collateral, Sir Michael noted: As a result, the company was unable to return to its clients 100 per cent of the fiduciary assets, pay its own o utstanding creditors and fund the companys liquidation. The clients of the company were primarily fiduciary in n ature, and their assets were not a part of the assets of the company [Caledonia]. Conse quently, the assets of the clients should not have been pledged o r used as collateral without their express consent, nor s hould assets of one client have been used to benefit another. T he company had no continu ing cash flow to fund the liqui dation going forward. Hence the difficulties in paying Mr Kikivarakis his costs. E ventually, after negotiations with Caledonias clients and c reditors, a Supreme Court order on October 21, 2008,a llowed the liquidator to retain 2 per cent of their assets to cove r his costs. This was subsequently amended in December 2 008 to allow Mr Kikivarakis to retain a further 8 per cent of c lient assets in escrow. This meant that ultimately 10 per cent of each clients assets were retained, with 90 per cent set to be returned to them by the liquidator. I am satisfied that at the time the Order was made, it was anticipated that the 2 per cent would cover the liquida tors costs in discharging his duties, Sir Michael found. Indeed, it is also apparent that w hen the Order of October 21, 2008, was amended to provide for the 8 per cent retention, it was still not anticipated that any part of the 8 per cent wouldb e used for the payment of the liquidators fees. According to Mr Kikivarakiss report to the Supreme C ourt, the extra 8 per cent withholding was necessary to cover an unexpected shortfall of at least $500,000, something he blamed on the mismanage-m ent of Caledonias former management. He therefore did not have 100 per cent of the assets under his control. There is nothing in his second report which suggests that the liquidator expected that the costs may have exceeded the 2 per cent, and that the 8 per cents hould be available to meet any excess costs. No doubt, if he did, he would have expressed that fear to the court and r eflected that concern in his report, Sir Michael said. Yet Mr Kikivarakiss costs had now exceeded the initial 2 per cent withholding, and hew as applying to be paid from the other 8 per cent asset retention, something the clients wereo bjecting to. Their reasons differed. Bria n Moree QC, the senior McKi nney, Bancroft & Hughes partn er representing the US-based receiver of the Peter Rogan Irrevocable Trust and RPP F inance Trust, one of Caledonias largest clients, said he would only accept deductions from his clients 8 per cent for work directly relating to itsa ssets. Yet veteran Bahamas-based banker, Len Davies, a member of the Client Monitoring Comm ittee, had articulated different concerns. Mr Davies, in an affidavit, said he was worried that the investigation into the $500,000 shortfall had notb een accurately evaluated for two years, and nor had 90 per cent of their assets been returned to all clients. H e alleged that Mr Kikivarakis and his agents had antagonised many of the fiduciary clients for the past two years by not providing infor-m ation on the liquidation, adding that only one meeting had been held so far this year with the Monitoring Committ ee. Alleging that Mr Kikivarakiss outstanding fees to December 31, 2009, were $800,000, and that his fees to May 31, 2010, were $350,000,M r Davies said these sums compared to $53,393 in the client security account. M r Davies had urged the court to put a figure on thes hortfall and determine who s hould suffer from this the s pecific clients involved, or all and set a timeframe for the return of the 8 per cent minus this sum. He also called on the S upreme Court to order Mr K ikivarakis to support client efforts to sue Jitney and the perpetrators of the pump and dump scheme that led to the$ 25 million collapse. Sir Michael, pointing out that no one objected to Mr Kikivarakis being paid for his work, s aid: Mr Moree rightly points out that the liquidator ought to have come to the court for further directions prior to incurring costs in excess of the 2 perc ent. I accept that Mr Moree is correct on this point, and to avoid the dispute which has now arisen, the liquidator ought t o have made application for further directions the moment it became apparent that the 2 per cent was insufficient to cover the costs of his remunera-t ion. Sir Michael said the liquidator should not be penalised for work he had done, and Mr K ikivarakis said in response to Mr Moree that while the QC was correct in theory, in the reality of this case it was not practical to segregate the workd one by him by client. The Chief Justice said that while there seems to be some merit in Mr Morees argum ent, and that client segregat ion which ought to have been d one in the first place could h ave been accomplished in cert ain instances, there was no basis for disagreeing with Mr K ikivarakis. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 12, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 1 0.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6 .184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0 .580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3 .492.84Bahamas Waste2.842.840.000.1680.09016.93.17% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4710.470.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.506.500.000.4220.23015.43.54% 3.651.63Consolidated Water BDRs2.051.88-0.170.1110.04516.92.39% 2.551.60Doctor's Hospital1.601.600.001,5000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 1 0.207.26Finco7.267.260.000.2870.52025.37.16% 1 1.408.77FirstCaribbean Bank9.749.740.000.6450.35015.13.59% 5 .513.75Focol (S)5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.90J. S. Johnson9.909.900.000.9710.64010.26.46% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7 % Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)2 9 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 P rime + 1.75% Prime + 1.75% 6 .95%20 November 2029T HURSDAY, 11 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,487.90 | CHG -0.18 | %CHG -0.01 | YTD -77.48 | YTD % -4.95BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 1 9 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51225.11%6.79%1.490421 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56401.4954CFAL Money Market Fund1.56403.77%4.59%1.545071 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13181.0000FG Financial Preferred Income Fund1.13183.85%5.22% 1.09691.0000FG Financial Growth Fund1.09692.71%6.44% 1.13201.0000FG Financial Diversified Fund1.13203.79%5.71% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.74584.35%5.22% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6000-1.59%4.26% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.5037-4.96%-4.96% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund8.16435.79%9.42% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-10BISX Listed Mutual FundsNAV Date 31-Oct-10 30-Sep-10 30-Sep-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Oct-10 30-Sep-10 30-Sep-10 5-Nov-10 31-Aug-10MARKET TERMS30-Sep-10 NAV 6MTH 1.467397 2.911577 1.528850 107.570619 105.776543 30-Jun-10 30-Sep-10 31-Oct-10 31-Oct-10 : $ 1 7 ( $ S S O L F D W L R Q V I R UWKHSRVLWLRQRI$66,67$17$1$*(5 )25$(7$,/25( 0XVWKDYHH[SHULHQFHLQ PDQDJLQJSHRSOH 0XVWKDYHH[FHOOHQW RUJDQL]DWLRQDO VNLOOVH[FHOOHQWFXVWRPHU VHUYLFHDQGVDOHVVNLOOV 0XVWEHDEOHWRDVVHPEOH H[HUFLVHHTXLSPHQW3OHDVHPDLO HVXPHDQGSKRWRJUDSKWR $VVLVWDQWDQDJHURVLWLRQ 3 1DVVDX%DKDPDV EMPLOYMENT OPPORTUNITYRestaurant managers needed for leading fast food franchiseRequirements : Please submit resume to: Human Resources DepartmentNorth F ROM page 1B Wind-up cost fears rejected Markantonis, had previously credited the free companion airfare public/private sector joint initiative funded by hotels and the Ministry of Tourism with inspiring a substantial up-tick in bookings at Atlantis and other resorts this year. Flight The programme sees one of a two-person couple offered a free flight to the Bahamas if they commit to a minimumf our-night paid stay. Meanwhile, the resort itself has focused on organising e vents that will act as an additional draw to potential visitors, a means of distinguishing Atlantis, Paradise Island, from its competitors one of the next major events being the Battlea t Atlantis, which will see mens US college basketball teams pitted against each other in a 4,500-seat capacity court converted from an Atlantis ballroom. Atlantis holiday booking pace much higher FROM page 1B
A NNE D'INNOCENZIO, A P Retail Writer NEW YORK From free shipping from W al-Mart to Sears stores open on Thanksgiving for the first time, the battle for holiday shoppers' dollars has begun in e arnest. T he early competition to break through shoppers' caution about spending promises savings for those willing to buya mid an economy that's still worrying many. It also promises convenience. Retailers are offering deals anytime, anyw here their customers want, t hrough websites, smart phones and Facebook. Black Friday, the day after Thanksgiving that typicallyk icks off holiday shopping, is not only being marketed as "Black Friday week," but for a growing number of stores, Black Friday month." A s for Thanksgiving, some retailers like Sears and Gap's Old Navy hope shoppers will h ead to stores after they finish their turkey feasts. On the Web, K ohl's Corp. and Target Corp. are among many merchants dramatically stepping up deals that day, counting on that holiday to be one of the busiestd ays of the year online. "Everything is faster and s ooner," said Dan Grandpre, editor-in-chief of D ealnews.com, which opened an office in Dublin, Ireland, a few months ago to monitor the frenetic pace of offers, particularly during the holidays. Deal n ews is based in Huntsville, Ala. Wal-Mart Stores Inc. is c learly going for the jugular in the holiday retailing fight. It a nnounced Thursday that it will offer free shipping on nearly 60,000 online items with no minimum purchase requirement. The offer, which includes m ost electronics, jewelry and toys, will run through Dec. 20. R eturn shipping is also free, or items can be returned to a local store. W al-Mart's free offer comes on top of similarly aggressivef ree shipping programs from Target and J.C. Penney. WalM art's deal adds to the discounter's Site to Store program, which lets customers buy an item online and have it shipped free to their local Walmarts tore for pickup. Walmart.com is even testing a service at nearly 800 stores that lets customers see invent ory and purchase products right from home. The online o rders are usually ready to be picked up at a store within four hours. That concept isn't new, but many stores are joining Walmart in trying to speed up t he turnaround time, says Noam Paransky, retail strateg ist at Kurt Salmon Associates. "Retailers are trying to be in f ront of customers 24/7," Paransky said. With the wider adoption of smart phones, "it'se xploding this year." Facebook.com recently l aunched its Deals program, teaming up with a number of s tores including Penney and Gap Inc. The offering allows shoppers to "check in" using smart phones to these shops and reap rewards or discounts. T he intense marketing is happening in a season in whichs hoppers are expected to spend only a little more than last year. U nemployment is still stuck close to 10 percent, and cons umer confidence has been anemic for months and months. The National Retail Federation expects a 2.3 percent increase in spending to $447.1 b illion. That would fall short of the 10-year historic average of 2 .5 percent, according to the retail trade group. Online, the p rospects are brighter. Online research firm comScore Inc. e xpects anywhere from 7 to 9 percent growth compared with a year ago, when business was up 4 percent over the previous year, according to its calculations. About 10 percent of holiday sales are made online, a ccording to Forrester analyst Sucharita Mulpuru. "You clearly have a consumer who is restrained. So you have this drive to encouragec onsumers to spend," Kevin Mansell, Kohl's president and CEO, said in an interview with The Associated Press. But a b igger factor is "retailers have to move with the consumer, and the consumer wants ultimately flexibility of buying. You have to move with her." A gainst this background, the holiday deals have come in rapid-fire succession. In the past 24 hours, Best Buy Co. a nnounced it's discounting a number of its electronics items this Friday and Saturday. For example, it has a 40-inch LCD HDTV for $399.99. Retailer Kmart said it's letting customers who buy items online pick up purchases on the same day at more than 600 locations. The retailer, owned b y Sears Holdings Corp., also a nnounced customers can now buy items through the K mart2go mobile web site or smart phone applications and s elect in-store pickup. The apps also can be used in-store forp roduct information. But many are also not waiti ng to give shoppers a sneak preview of what type of comeons they'll find the day after Thanksgiving: Target will offer discounts b oth online and in stores. It's offering a Thanksgiving Days ale online with deals including discounts of up to 50 perc ent off on electronics such as cameras, TVs, a Blu-ray player and video game console. In stores, Target will have 25 ear ly morning Black Friday bar g ains, 11 more than last year. Staples is offering deals f rom 6 a.m. to noon including a $499.98 HP Laptop with an I ntel Celeron 900 Processor marked down to $299.98. The Disney Store plans to offer 20 percent off most items until 10 a.m. It also plans to o pen 110 locations at midnight. C M Y K C M Y K BUSINESS PAGE 6B, FRIDAY, NOVEMBER 12, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 127,&(LVKHUHE\JLYHQWKDW :,/)5('&$'(7RI *29(5125+$5%285*(1(5$/'(/,9(5< (/(87+(5$%$+$0$6 LVDSSO\LQJWRWKH0LQLVWHU UHVSRQVLEOHIRU1DWLRQDOLW\DQG&LWL]HQVKLSIRUUHJLVWUDWLRQ QDWXUDOL]DWLRQDVFLWL]HQRI7KH%DKDPDVDQGWKDWDQ\ S HUVRQZKRNQRZVDQ\UHDVRQZK\UHJLVWUDWLRQQDWXUDOL]DWLRQ VKRXOGQRWEHJUDQWHGVKRXOGVHQGZULWWHQDQGVLJQHG VWDWHPHQWRIWKHIDFWVZLWKLQWZHQW\HLJKWGD\VIURPWKH WK GD\ RI 1RYHPEHU WRWKH0LQLVWHUUHVSRQVLEOHIRUQDWLRQDOLW\ DQG&LWL]HQVKLS &+5,67,$1$3$8/RI*ROGHQ ,VOHV5RDGRII&DUPLFKDHO5RDG3 127,&(LVKHUHE\JLYHQWKDW 1$75(.$6$1'5(.$ :$//$&(RI2'/(&251(5($67675((7 1$66$8%$+$0$6 LVDSSO\LQJWRWKH0LQLVWHUUHVSRQVLEOH IRU1DWLRQDOLW\DQG&LWL]HQVKLSIRUUHJLVWUDWLRQQDWXUDOL]DWLRQ DVFLWL]HQRI7KH%DKDPDVDQGWKDWDQ\SHUVRQZKRNQRZV DQ\UHDVRQZK\UHJLVWUDWLRQQDWXUDOL]DWLRQVKRXOGQRWEH JUDQWHGVKRXOGVHQGZULWWHQDQGVLJQHGVWDWHPHQWRIWKH IDFWVZLWKLQWZHQW\HLJKWGD\VIURPWKH WK GD\ RI 1RYHPEHU WRWKH0LQLVWHUUHVSRQVLEOHIRUQDWLRQDOLW\DQG&LWL]HQVKLS 3 -XOLXV%DHU*URXSWKHOHDGLQJGHGLFDWHG:HDOWK 0DQDJHPHQWLVVHHNLQJFDQGLGDWHVIRUWKHSRVLWLRQ5(6,'(17$1$*(5 &25((63216,%,/,7,(6 $FTXLUHQHZFOLHQWVWKURXJKSHUVRQDOQHWZRUN ZLWKLQGHQHGREMHFWLYHVf 6XSHUYLVHH[LVWLQJEXVLQHVVERWKULYDWH&OLHQWDQG ($0V 5HSRUWUHFXUUHQWDQGDGKRFLQIRUPDWLRQWRKLVKLHUDUFK\ DQGWKH%RDUGRI'LUHFWRUVRIWKH%DQN 0DLQWDLQFRQWDFWDQGFRRUGLQDWHZLWKORFDOH[HFXWLYH RIFHVDQGUHJXODWRUVLH&HQWUDO%DQNHFXULWLHV ([FKDQJH&RPPLVVLRQ,PPLJUDWLRQ'HSDUWPHQWf 'HYHORSDQGSURPRWHWKH%DQNDVDERRNLQJFHQWUH WKURXJK-XOLXV%DHUZRUOGZLGHQHWZRUN5(48,5('.,//6 ([FHOOHQW*HUPDQYHUEDODQGZULWWHQFRPPXQLFDWLRQVNLOOV 3&OLWHUDWHZLWKVWURQJ([FHO:RUGRZHU3RLQWDELOLW\WR OHDUQQHZDSSOLFDWLRQVTXLFNO\f 6WURQJXQGHUVWDQGLQJRIZLVVULYDWH%DQNLQJLQGXVWU\ FUHHGDQGUHJXODWRU\IUDPHZRUN $ FRPPLWPHQWWRVHUYLFHH[FHOOHQFH(;3(5,(1&( 0LQLPXP\HDUVH[SHULHQFHLQULYDWH%DQNLQJ$VVHW 0DQDJHPHQWRUUHODWHGHOG('8&$7,21 $ %DFKHORUVRUDVWHUVGHJUHHZLWKFRQFHQWUDWLRQLQ (FRQRPLF%XVLQHVV$GPLQLVWUDWLRQRUHTXLYDOHQW)25(,*1/$1*8$*(67KHDELOLW\WRVSHDNDWKLUGODQJXDJH)UHQFKRU 3RUWXJXHVHfZRXOGEHDVWURQJDVVHW :HRIIHUDYHU\FRPSHWLWLYHFRPSHQVDWLRQDQGEHQHWV SDFNDJHDVWLPXODWLQJZRUNHQYLURQPHQWDQGWKH RSSRUWXQLW\WRPDNHDVLJQLFDQWFRQWULEXWLRQWRRXU EXVLQHVVZKLOHH[SDQGLQJ\RXUFDUHHU ,QWHUHVWHGFDQGLGDWHVVKRXOGIRUZDUGDFRS\RIWKHLU UHVXPHE\RYHPEHU%< %<$,/ 3HUVRQDOt&RQGHQWLDO-XOLXV%DHU%DQNt7UXVW%DKDPDVf/WG+XPDQHVRXUFHV 3 1DVVDX%DKDPDV 3HUVRQDOt&RQGHQWLDO -XOLXV%DHU%DQNt7UXVW%DKDPDVf/WG +XPDQHVRXUFHV 2FHDQ&HQWUHRQWDJXH)RUHVKRUH (DVW%D\WUHHW 3 1DVVDX%DKDPDV 127,&( /$50$1&+&25325$7,21 ROXQWDU\/LTXLGDWLRQf NEW YORK Copper prices rose Thursday as a new report from China brought e xpectations of improving demand for the metal, which is used in everything from pipes to electronics. Other industrial metals as well as gold and silver also settled higher as world leaders worked on a plan to bolster the global econom y. T op items on the agenda at the G-20 summit in South Korea included currency manipulation, trade gaps and protectionism all concerns that have led investors to pour money into commodities, said Dave Meger, a vice president of metals trading at V ision Financial Markets. The other boost for commodities has come from the Federal Reserve's multi-billion dollar bond-buying program, which is designed to stimulate the U.S. economy. E arlier Thursday, China said its production declined across its b ase metals complex, including copper, according to a Barclays Capital report. At the same time, China said consumer inflation rose in October at its fastest pace in more than two years. "The China data underwrite a picture of a strong metal demand e nvironment, giving further credence to our view that China is aggressively running down inventory to keep pace with demand," Barclays Capital stated. Traders are speculating that could lead to stronger demand for c opper. China is a big importer of the metal. Holiday shopping battle starting to get pitched (AP Photo/Mark Duncan INLINE: Customers wait to check out in the hardware department at a Sears store in North Olmsted, Ohio Friday, Nov. 27, 2009. C opper prices jump on expectation of better demand
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t&2 &KDPEHUV 6DVVRRQ+RXVH 6KLUOH\WUHHWtLFWRULD$YHQXH 1DVVDX%DKDPDV $WWRUQH\VIRUWKHHWLWLRQHU It was suggested that this could see the reversal of the d ecision taken last week to reduce the work hours of employees, which coincided with the stores shelves and checkouts becoming increas-i ngly bare. Derek Winford, City Markets current chief executive, is expected to stay on for six months to assist with the o wnership transistion. Tribune Business exclusively revealed on Monday this week that Mr Finalyson was in talks to buy City Markets majoritys hareholding, and that the deal was to close on Wednesday exactly what happened. Elgin Douglas, president of t he Bahamas Commercial Stores and Warehouse Workers Union, which represents 380 City Market employees, said yesterday that he could kisst hat fellas foot when asked how he felt about the news that City Market may have been saved from imminent closure. H e added that he hopes a new management team will stock the stores with more products that Bahamians appreciate. I am very delighted. Its a plus for those poor workers you were talking about 700 people being off a job for Christmas, said Mr Douglas, a dding that he hoped the new owner would exercise prudent judgment in managing the 11store supermarket chain going forward. However, one industry source told Tribune Business that despite the cash held by Mr Finlayson, who, as managi ng director of Solomons Mines, oversaw the luxury retailer downsizing signficantly, and was also hit with complaints about late or non-payment of staffs salaries, that he does not have a snowballs chance in hell when it comes to saving the crisis-ridden s upermarket chain given the depth of its problems. Its not about money, its about know-how. Neal and Massey, with $8 billion of assets and $1 billion of cash, couldnt do it, the source said. They need prayers. When a business is destroyed by storm, t empest or fire the insurance companies will tell you it never comes back. A forest has to regrow from one acorn at a time, and (City Markets is too much. Its too big and theres nobody to do it. Cust omers go away and they form new habits and they change. The source also noted the significant issues regarding i nventory shrinkage at the supermarket chain, which will demand at least the re-training of staff. Mr Winford told Tribune Business in August thatt he company was incurring substantial losses and a daunting challenge as a result of inventory shrink levels that w ere three times the industry norm, with around 6 per cent of all goods lost to theft, spoiling and other factors before hitting the shelves. Staff need to be retrained and reprogrammed to correct for things like that, the industry source commented yesterd ay. Meanwhile, speaking to factors that will need to be addressed in short order by Mr Finlayson and a new management team, Mr Douglas, as well as a source close to Mr Finlaysons buyout move, both stressed the current managem ents shift away from brands that are well known and liked by Bahamians as a contributing factor in City Markets slide into financial despair, with the introduction of more West Indian and South Caribbean brands a culture shock for B ahamians which backfired. Mr Douglas said: What Id like to see is prudent judgment.I wouldnt like them to bring i n any funny stuff that Bahamians dont go for. Theres no use buying $700,000 worth of stuff just to sit there. Bahamians dont operate like in otherC aribbean islands, Bahamians operate like United States people. They dont go for that. As it relates to a retail mana gement team and plan for the supermarket chain, the source close to Mr Finlayson said the businessman is expected to put into use the same plan and the same contacts he had four years ago. Hell have a more hands on approach that he probably p lanned to four years ago, because theres a lot more at stake for family. But therell be the same management structure apart from one or two adjustments added the insider. Mr Finlayson is understood to have agreed to buy the 78 per cent per cent stake in BSL H oldings for next to nothing, as he will have to assume all of the companys debts estimated at between $15 $20 million dollars and inject $7 million in cash off the bat to restore stock levels at the stores. FROM page 1B Union boss
B y ASSOCIATED PRESS SEOUL, South Korea A strong sense of pessimism shrouded the start of an economic summit of rich and emerging economies Thursd ay, with President Barack O bama and fellow world leaders arriving in Seoul sharply divided over currency and trade policies. The Group of 20 summit, h eld for the first time in Asia, has become the centerpiece of international e fforts to revive the global e conomy and prevent future f inancial meltdowns. Failure in Seoul could h ave severe consequences. T he risk is that countries would try to keep their currencies artificially low to give their exporters a competitive edge in global mar-k ets. That could lead to a d estructive trade war. Countries might throw up barriers to imports a repeat of p olicies that worsened the Great Depression. S EOUL, South Korea South Korea and the United States failed to score a breakthrough on a longstalled free trade agreement and will keep negotiating, their presidents said. T he two sides have been h olding negotiations this week to jump-start the deal to slash tariffs and other barriers to trade that was signed in 2007 when previous a dministrations were in power. It remains unratified by lawmakers in both count ries. P rogress has been slowed b y U.S. demands that South Korea reduce its surplus ina uto trade and further open i ts market for American beef. The global financial crisis in 2008 and recession that followed also sapped momentum. LONDON The euro w as under pressure again, dropping to its lowest level since early October, amid m ounting speculation that Ireland will be forced to get a financial bailout to avoid bankruptcy. U.S. stock markets were hit by a downbeat update from U.S. network equipment maker Cisco Systems. Investors also remained j ittery as they awaited develo pments in the South Korean capital Seoul, where the leaders of the Group of 20 industrial and developing countries were discussing g lobal trade and currencies. BEIJING A jump in f ood costs drove China's i nflation to a 25-month high i n October despite government efforts to cool livingc osts, raising the possibility it m ight impose new controls that could further slow economic growth. The 4.4 percent inflation rate due mostly to a 10.1p ercent increase for food was far above the official t arget of 3 percent and a sharp jump from September's 3.6 percent, official figu res showed Thursday. The increases exceeded forecasts b y private sector analysts. BRUSSELS European Union nations and the EU parliament have failed to agree on a new budget for the 27-member bloc, amid c alls from member count ries' capitals for spending restraint at a time when they are imposing austerity at home. EU leaders balked when t he EU parliament wanted an increase of 6.2 percent. Member states want to h old the increase to 2.9 perc ent at the maximum. LONDON Europe's g overnment debt crisis i ntensified as worries grew that the continent's most financially troubled countries, mainly Ireland and Portugal, will need ab ailout to avoid bankruptcy just as Greece did earlier t his year. Ireland was the epicenter of the latest shockwave t hrough Europe's financial system, with fears growing t hat its bank bailout the world's costliest when measured per capita will overwhelm the country's finances and force the gov-e rnment to seek a financial rescue from its partners in t he shared euro currency. ATHENS, Greece G reek officials say unemployment in the debt-ridden c ountry rose to 12.2 percent in August, from 12 percenti n July, after some 46,000 j obs were lost. YOKOHAMA, Japan D emocrats and Republicans may not agree on much these days, but they are find-i ng some common ground when it comes to trade. I n an increasingly rare display of bipartisanship, top U.S. trade officials urged d eeper commercial ties with the Asia-Pacific region as a key way to bolster Americ an jobs. DUBAI, United Arab E mirates Dubai Group, part of an investment comp any controlled by Dubai's ruler, said Thursday it has begun talking with banks a bout how to meet its debt obligations. C M Y K C M Y K BUSINESS PAGE 8B, FRIDAY, NOVEMBER 12, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Pessimism at start of G20 Summit in South Korea G20: U.S. President Barack Obama, right, signs the guest book duri ng his visit to the presidential office, in Seoul Thursday, Nov. 11 to h old talks with his South Korean counterpart Lee Myung-bak, left. W orld leaders are coming together in Seoul Nov. 11-12 to discuss the state of the global economy as it emerges from the financial crisis. Y o n h a p N e w s A g e n c y / A P LONDON INVESTMENTfirms in the U.K. will be required to record cell phone conversations of their investment bankers and traders from next year, Britain's financial watchdog said Thursday, in a bid to tackle insider trading and market abuse, according to Associated Press. Existing rules requiring investment firms to tape all landline phone conversations and e-mails involving client orders or arranged transactions will extend to work cell phones starting November 2011, the Financial Ser vices Authority said. The measure, which will require firms to record and store all such conversations for six months, will provide an extra source of evidence to counter market abuse and promote cleaner markets, spokeswoman Sarah Bailey said. The watchdog could ask to hear the conversations at random or when it is gathering evidence for enforcement, she said, although firms are expected to regularly monitor the recordings themselves. An additional rule introduced Thursday will require firms to take steps to ensure that bankers and traders do not make busi ness-related calls on their personal phones or use personal e-mails for such purposes. Firms that do not comply with the ruled can be fined. Britain is the only European country to impose such explicit rules on recording work cell phone conversations, Bailey said although European investment firms do not allow employees to use mobile phones for transactions at all. UK to monitor cell phones of bankers, traders