The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/03105
 Material Information
Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 09-26-2011
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:03105


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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Volume: 107 No.249MONDAY, SEPTEMBER 26, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUN, T-STORMS HIGH 88F LOW 79F By SANCHESKA BROWN PRIME Minister Hubert Ingraham announced yester d ay that a week from today he will make a major address on crime and the judicial system. Returning to the nations capital last night after speaking at the United Nations, Mr Ingraham was greeted at the Lynden Pindling International Airport by National Security Minister Tommy Turnquest and Police Commissioner Ellison Greenslade. With the murder count at a record high of 103, the Prime Minister said he will make a public address regarding crime on October 3. The Prime Minister, howev e r, opted not to respond to questions regarding Minister Turnquests recent criticism regarding the judiciary. (See stories on this page) Last week, Minister Turn quest said that while he has no wish to encroach on the independence of the judicial system, in his opinion some judges have been far too "liberal" when it comes to grantiTRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM YOURNEWSPAPER YOURWEEKEND SEEPAGE17 FORDETAILS 5 D A Y S T O G O PM to address nation on crime Ing r aham sta ys tight-lipped on Minister s r emarks TRAGIC MOTHERANDDAUGHTERLAIDTOREST TREVOR BURROWS husband of Amanda Seymour-Burrows, 32, and father of fiveyear-old Taja, pays his last respects at St Georges Anglican Church over the weekend. The bodies of the mother and daughter were pulled from waters behind Elizabeth and Bay Plaza by Defence Force officers on September 6. Autopsy reports confirmed that the pair had drowned. SEEPAGETWO F e l i p M a j o r / T r i b u n e s t a f f A TEENAGE boy is recovering in hospital today after being shot early yesterday morning. Police say the incident occurred around 4.30 am in the Yellow Elder Gardens area. Details of the incident are still sketchy, but police say the victim was taken to hospital where he is listed in serious condition. In other crime related news, three men are fighting for their lives in hospital after being stabbed in sepa rate incidents over the week end. TEEN AGE BOY IN HOSPITAL AFTER BEING SHOT CRIMENEWS By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net THE Democratic National Alliance is calling for the immediate resignation of Minister of National Securi ty Tommy Turnquest over his recent public comments with regard to the judiciary and the countrys consecutive record murder count. If allowed to continue at the top post, the third party alleged Mr Turnquest will only exacerbate national security matters as his repeated failure to accept responsibility for the epidemic of murders and violent crimes signals unfit SEE page 12 SEE page 12 DN A C ALL S FOR RESIGN A TION OF TURNQUEST CRITICISM OFRECENTCOMMENTS By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT Minister of National Security Tommy Turnquest has said that a package of Bills dealing with the Criminal Justice System will be the first order of business when the House of Assembly reconvenes on October 5. As much of the serious crime and violence are committed by repeat offenders, we must find ways to con vince the courts to keep the criminals in prison, the CRIMIN AL JUSTICE BILL S WILL BE FIRST ORDER OF BUSINESS SEE page 11 By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net FNM senator Michael Pintard said he is narrowly considering one of two constituencies for candidacy in the upcoming general elections. The senator said a $50,000 shipment of FNM SEN A T OR CONSIDERS TWO CONSTITUENCIES FOR CANDIDACY SEE page 12 SEE page 11 FNM SENATOR Michael Pintard


LOCAL NEWS PAGE 2, MONDAY, SEPTEMBER 26, 2011 THE TRIBUNE 3F &RPER 25 0HJDHDO HQWULHVZLWK 3FSXUFKDVHf*5$1',=(75,3)25WRDOOLQFOXVLY %HDFKHVHVRUXUN &DLFRV,VODQGV$LUIDU FRXUWHV\RI%DKDPDVDLU%X\DQ\ 3FRU3F&RPER RU 3F 0HJ0HDO DQG HQWHU WR ZLQ EDFNSDFNZLWK VFKRROVXSSOLHVFHOOSKRQHVDQGODSWRSVWR JHWWKHVFKRRO\HDURIIWRJRRGVWDU)LOO RXW\RXUUHFHLSWDQVZHUWKHVNLOOTXHVWLRQ DQGSODFHLWLQWKHHQWU\ERSURYLGHGIRU FKDQFHWRZLQLQZHHNO\GUDZLQJV(17(52:,1 Shar e your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. LOVED ONES gathered to pay their last respects to Amanda Seymour-Burrows and her daughter Taja at St Georges Anglican Church over the weekend Felip Major /Tribune staff


LOCAL NEWS T HE TRIBUNE MONDAY, SEPTEMBER 26, 2011, PAGE 3 P LP Chairman Bradley Roberts renewed calls for a permanent solution to potable water issues on Grand C ay yesterday. R ecent complaints from residents mark the third t ime concerns have surfaced over the quality of water in the settlement, Mr Roberts said. Phenton Neymour, state minister for Public Works, s aid the Water and Sewerage Corporation had sent a qualified team to properly test and evaluate what was happening when the issue of the water at Grand Cay was first raised. Responding to Mr Roberts claims earlier this year, Mr Neymour said the team collected a number of sam ples from various areas and compiled their report pro-f essionally on the quality of the water and that the PLP c hairman sought to raise public alarm where none e xists. Yesterday, Mr Roberts said reports from residents indicate that the water issue has escalated to ad isgrace. T he Tribune was unable to contact Mr Neymour last night. By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@ tribunemedia.net F REEPORT Police a re cracking down on speeders, ticketing 37 pers ons for driving in excess of the speed limit during a weekend road check in t he Lucaya area. A sst Supt Loretta Macke y, press liaison officer, r eported that police from t he Traffic Division cond ucted a road check exercise between 8am and 9.30am on Friday at East Sunrise Highway and Sergeant Major Road. M s Mackey said that the ticketed motorists were c locked with a speed laser gun driving at speeds of 72mph, in excess of thel egal speed limit of 45 mph ( for cars) and 30mph (for t rucks) on that thoroughfare. Additionally, she said t hree motorists were issued fixed penalty notices. ASP Mackey said police are encouraging the motoring public to adhere t o the speed limit on highw ays, particularly in s chool zones where the speed limit is 15mph. The speed limits are enforced during school h ours between 7.45am to 9 .15am and in the aftern oon between 2.45pm and 4 pm, Monday through Frid ay. Motorists should be mindful of pedestrians and to be courteous to other road users, she said. Ms Mackey said persons should refrain from texting and using cell phones w hen driving. This can result in serio us accident, she said. G RANDBAHAMA ARRESTS D uring the weekend, Police here on Grand Bahama Island, arrested 21 adults, including 19 men and two women for v arious offences such as housebreaking, stealing, causing harm, threats of h arm, possession of dang erous drugs, armed robbery, fraud and assault. Ms Mackey said that six o f the 19 men arrested w ere as a result of warr ants of apprehension issued by the Magistrates Courts and one of the men was arrested for breach of a court order. Investigations are continuing into some of the i ncidents, however, some p ersons were charged and w ill appear in the Magistrates Courts in Freeport and Eight Mile Rock sometime this week. POLICE CRACK DOWN ON SPEEDING DRIVERS POLICEare seeking the publics help in locating a missing 11-year-old boy. M arco Archer of Brougham Street and Baillou Hill Road was last seen o n Friday, September 23 a round 6pm. He was weari ng a grey Bob Marley shirt and long brown kha-k i pants. A nyone with any inform ation on Marcos where a bouts can contact police on 911, 919, the Southern Police Station on 322-3 337, 356-0228, the Central Detective Unit on 502-9991, 502-9910 or Crime Stoppers on 328TIPS. SEARCH FOR MISSING BOY MARCOARCHER MARCOARCHERNOTSEENSINCEFRIDAY PLP CHAIRMAN HITS OUT OVER POTABLE WATER ISSUES BRADLEYROBERTS PHENTONNEYMOUR 37 TICKETED FOR DRIVING IN EXCESS OF SPEED LIMIT EVEN T HE HEAVY RAINc ouldnt dampen t he spirits of beer drinkers at the weekend. Once again, Sandyporth osted the International Beer Festival,s howcasing brews from around the globe. P hotos/ Richard Rae INTERNATIONAL BEER FESTIVAL


EDITOR, The Tribune. I WRITEthis in response to Rick Lowe who is part oft he right wing Nassau Instit ute and an FNM activist who published a letter accusing me of asking the government to spend tax dollars to save City Markets. I examined the r eport of my remarks in The T ribune of 15th September,2011. N owhere did I make any such suggestion. Mr. Lowes characterizing m y calling for the government to intervene and his morphing that into using tax dollars t o save City Markets is a feat o f magic that even Houdini cannot beat. I make two points about t his City Markets matter which I think is of grave concern for the country becausei ts failure will put 800 people out of work.I happen to agree generally with the libertarian argument that if the market cannot bear a business that it should then go out of business. T here are some human costs, however. The main con cern is jobs and saving jobs. My point to The Tribune was a simple one. The mandate of the Minister of Labour i samongst other things to s ecure a high level of employment in The Bahamas. M y point was that were the PLPi n office, our Minister of Labour would have been working with the company in seeking to find ways to savei t rather than let it f ail so as to keep people gainfully employed.Further, if the c ompany were downsizing the PLPs Minister of Labour would have ensured that thew orkers got all the severance p ay they deserved and that they were treated properly in law and in equity. I t seems to me that Dion Foulkes who is the FNM's Minister of Labour got the p oint after my intervention and he told The Nassau Guardian that he was in touch with the owner. S ome people are trying to link this with the PLP because the assumption is that Mark F inlayson, who is the major shareholder, is PLP and so the PLP wants to save Mark Fin l ayson. Well this is not about Mark Finlayson and the PLP: this is about the general principle of saving jobs and keeping a business going rather than seeing them fail. This would apply to any large busin ess facing these issues.Abaco Markets is another example where the government should have been more proactive. I read this morning that union leaders have met with the company and that they ares atisfied with the state of play f or the workers.My constituents have concerns about t heir pensions. That too is a legal issue which is governedb y a set of rules which are e nforceable.I have been in t ouch with the company.A p ublic announcement has now been made about the fund. T he issue then for me is not the PLP.The issue is the workers being properly served by the government elected to run this country. Do the work-e rs have attorneys? I am a dvised that they do. Do they have a case in constructive dismissal? Have they been treated properly?These are issues for the Minister of Labour. H ave their union leaders a cted to protect their interests?These are issues for the g overnment. I call on the government to assist. I believe that workers rights ought tob e protected. Iwill continue to keep the matter under review. T hat is what Icall interv ention. FRED MITCHELL, MP N assau, September 21, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, MONDAY, SEPTEMBER 26, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972EVERYONE in authority has been creeping around on cats paws evading a subject that is agitating Bahamians. Despite escalating crime, career criminals are being released on bail by the courts many of them contributing to the rising crime figures by retaliatory murders. Finally, National Security Minister Tommy Turnquest had the guts to call a spade a spade. Speaking at a West Nassau Rotary meeting on Thursday, Mr Turnquest said,w hile not wanting to encroach on the independence of the judicial system, it was his opinion that some judges were far too liberal when it came to granting bail to career criminals and those accused of serious offences. He believed that this practice contributed greatly to the countrys escalating crime problem. He is correct in this belief and he has the support of both the police and the public. H ow can any government control a crime s ituation when as quickly as an accused person with a violent criminal record is taken before the courts he is given bail and returnedto the streets looking for trouble and, in some cases, the elimination of witnesses who might testify against him. Pushed under questioning about bail by a Tribune reporter, Mr Turnquest was pro voked into uttering a statement that he later regretted. Liberally they have administered that it concerns me greatly if we had a s ystem as they do in New York, where judges are elected, many of them would have been chased out of town. Although he retracted these words, Bahamians would not have done so they would have agreed with him. We also agree with Chief Justice Sir Michael Barnett that these particular words were unfortunate. Im always concerned, said Sir Michael, when people attack the judiciary because persons have to be careful in what they say, so as not to undermine the public confidencein those of us who serve in judicial office. We also agree with this statement, but only in so far as the judiciary understands that it too has to be responsible in its judg ments to protect a community in crisis. We agree with the community that many judicial officers have failed them. The courts are not responsible for the countrys crime t here are many causes going back many years however, no one can deny that there are times when the courts have been part of the problem. It is true that the judiciary should not be criticised, but on the other hand they should be careful not to give legitimate cause for criticism. The legal fraternity should certainly understand that responsibility is not one-sided. However, what is most unfortunate in all of this is that a serious matter has become political. This certainly does not help. In criticising Mr Turnquest in Fridays Tribune the PLP statement said: By its own yardstick, the FNM has compromised the independence of the judiciary by failing in the past two years to review judicial salaries as is required by the Judges Remuneration and Pensions Act. Is the PLP perchance insinuating that until judges salaries are raised they are not going to perform satisfactorily? If so, this statement is the highest insult that can be made to the Bench. What is interesting is that when the PLP was the government, its attorney general and minister of legal affairs was making the same complaint as Mr Turnquest. This is what Minister of Legal Affairs Allyson Maynard Gibson in her fight for swift justice had to say on May 19. 2006: Today I reiterate that the Swift Justice initiative, the assurance that offenders and would be offenders will be swiftly caught, swiftly tried and swiftly punished, will greatly contribute to breaking the back of crime and the fear of crime. Law-abiding people in The Bahamas have every right to expect that they will be safe in their homes and as they go from place to place on our streets. A nd then she said: The Commissioner of P olice has already indicated his concern about the disturbing trend of serious offences being committed while people are out on bail. In conversations with Magistrates, those before whom most Bail applications are made, they said they are often shocked to see how many people whose request for bail was denied by them (Magistrates before them requesting bail for another offence committed while out on bail. These people had gone to the Supreme Court and b een granted bail. Here we have lower courts pointing the finger of blame at a higher court. We dont recall hearing at that time that Mrs Gibson was undermining the court system by her revelations. Why now that the tables of gov ernment have been turned? Mrs Gibson then gave examples of persons on bail who had gone on to commit other crimes while awaiting their day in court. She also shared statistics on crimes using firearms. As a result she proposed an amendment to the Criminal Law Miscellaneous (Amendment) Bill, 2006, to take care of the magistrates complaints against Supreme Court judges. She proposed that there be a new section 8A to provide for a right of appeal to the Court of Appeal by the prosecution or a person (accused or convicted may be where bail has been granted or refused to that person by the Supreme Courto r where an application by the prosecution to r evoke bail has been denied. This right of appeal by the prosecution, she said, is particularly important as statistics have shown that persons, while on bail take not only the opportunity to abscond but more importantly to commit further crimes.The police have indicated that persons out on bail sometimes interfere with witnesses either by themselves or through their acquain tances. This was the opinion of the PLP when it was the government. This is also the position of the Ingraham government. The difference is that Mr Turnquest had the temer ity to express the problem in blunt terms on Thursday. Prime Minister Ingraham will now address the issue in a state broadcast on Monday, October 3. Main concern of City Markets issue is jobs LETTERS letters@tribunemedia.net Public supports Turnquests comments on judiciary EDITOR, The Tribune. IT ISthe place that we call when we need help in any emergency; criminal attack, fire, accidents and any other emergency requiring immediate attention. The Centre is staffed by mostly female officers, with good communication skills, who are computer literate and have a good understanding of the laws of The Bahamas and police duties. Some of them can speak and understand a second language. The officer in charge of the Control Centre has to be experienced in police duties, the laws of The Bahamas as he is expected to give directions to police personnel proceeding to scenes of crimes or fires, etc. On occasions he has to act as a counsellor giving advice to persons who call for same. He is the man, who con trols the movement of patrol vehicles. He has to ensure that prop er records are maintained and that the senior management of the force is kept informed. I have suggested on previous occasions, that the commanding officer there ought to be of the rank of Assistant Superintendent of Police. It is notable, that whenever the Police is able to respond rapid ly to calls for help the criminals or intruders are captured at the scene or nearby. It would be an asset if the police can develop its rapid response initiative and be able to respond within three min utes, which was the goal set by Mr Paul Farquharson years ago. It would be a major accomplishment, which would enhance the capability of the force to respond promptly to calls for help and to act on information. Public confidence in its police force would also be enhanced. It is my opinion, that the rapid response initiative could only be accomplished if the Commander in the Control Centre can be aware at all times of the exact location of all police vehicles. The Commander will be able to direct the nearest vehicle to the location. There is technology available to provide the equipment required. I had the opportunity to visit Police Control Centres: in Detroit and Chicago. The Commander has a large map on the wall. On the map there are lights indicating the street location of all of the police vehicles. He can direct the nearest car to the scene and also set up road blocks with other vehicles if deemed to be neces sary. There is available in The Bahamas alarm companies that can provide merchants, businessmen and even householders with a panic button, which is very useful in communicating information in the event of a situation such as an armed robbery. The victim does not need to use a telephone just press the panic button, which alerts the alarms company, who calls the police. The panic button can be carried in the holders pocket and can be activated by just pressing the pocket. The system of which I speak is well known to the Commissioner of Police, who is very knowledgeable in technology. I call it the GPS system. In addition to rapid response it would eliminate the misuse of police vehicles, eradicate the practice of personnel leaving their assigned patrol areas and could reduce gas consumption as patrol vehicles would not have to be on the move all the time. The officers can park and move in their assigned areas. PAUL THOMPSON Sr Nassau, September 23, 2011. The Police Control Centre


LOCAL NEWS T HE TRIBUNE MONDAY, SEPTEMBER 26, 2011, PAGE 11 minister said on Friday in Grand Bahama. Mr Turnquest was speaking at the graduation ceremony for the new police recruits of A Squad 2011 at the Gerald Bartlett Police Headquarters here on Grand Bahama. Some 30 new recruits completed seven months of intense training at the Police College and officially became members of the Royal Bahamas Police Force. There was a large turnout at the Passing-Out Parade held at police headquarters at 5pm where the recruits performeda series of drills. It is my distinct pleasure this afternoon to be in Grand Bahama to participate in this passing out parade in honour of the men and women of A Squad 2011 who today, become official members the Royal Bahamas Police Force, Minister Turnquest said. The last Passing-Out Parade here in Grand Bahama was in June 2008, so I am pleased that we are able to recruit additional officers from the northern Bahamas. I am also pleased that of the three recruit squads for 2011, Grand Bahama was able to begin first a nd have the distinction of A Squad. While addressing the newest group of police officers, Minister Turnquest said that he, along with the government and citizens of the country, has high expectations of them. You are entering a new role now, one that is subject to intense scrutiny and demands. I am confident, however, that the rigorous training you have just completed will greatly assist you in carrying out your duties. I urge you to bring your professionalism, character, and training to all the challenges you will undoubtedly face during your policing career, he s aid. He told them that they have joined the Royal Bahamas Police Force at a very important time in the development of the country. Mr Turnquest noted that one of the major challenges facing society today is the fight against crime and its impact on public safety and security. He said that the government of The Bahamas sees it as a priority and intends to keep the fight against crime at the forefront of its agenda. As you will be on the frontline in our fight against crime, it is important that I share with you some of the initiatives taken by the Government in addressing the crime situation in our country, the minister told the recruits. He pointed out that the considerable resources have been p rovided to the Police to assist in the fight against crime. Minister Turnquest said that $8.5 million have been invested in new equipment, technology and crime fighting tools, inclusive of manpower and vehicles. He noted that government has implemented an effective E lectronic Monitoring System, which currently monitors some 174 offenders who have been outfitted with ankle bracelets. This is also proving to be an effective crime-fighting tool and as police officers you must ensure that you have a full understanding of its usefulness, he said. Mr Turnquest said the Ministry of National Security is also launching a major drugs and crime Public Awareness Campaign, and is working in collaboration with former gang leaders who want to see a transformation in the country. Additionally, he stated that g overnment will upgrade the existing Emergency 911 system with enhanced features. A major contract in this regard will be signed next week. An important feature of this enhanced E-919 system will be the efficiency with which police and other officers are able to respond in addressing safety needs, he said. The government is taking the lead in the fight against crime, and we have implemented many initiatives that we expect to yield positive results once you as police officers do your job by properly utilising the resources that have been provided. Mr Turnquest told graduates that while they may be assigned to different postings, they will be responsible for upholding the law and protecting all citizens, residents and visitors. H e noted that the media often carry articles and reports that criticise the Police Force, its personnel and its actions. Most of these criticisms may be unwarranted but they underscore that perhaps the most important quality of a professional Police Force is to b e trusted and respected by the people they serve. Mr Turnquest stressed that it is the duty of every police officer to take complaints when persons come to them. Once a member of the public comes to you to lodge a complaint, you must never send that person elsewhere to have the complaint registered. You are the Police, and once they come to you, it is then your duty to take their complaint and if necessary, pass it on to the relevant authority within the Force. Further, as the Police Force has been adequately resourced with vehicles, and manpower, the public cannot be truthfully told that a vehicle, or an officer, is not available for you to deal with their matter. The entire Police Force and all of its vehicles are available to you to get the job done. It is the responsibility of the Force to ensure that the resources are properly deployed and managed and the Government will not shun from its responsibility in ensuring that this is the case. Mr Turnquest told recruits that they must not do anything to ruin the good name of the Force. It is the actions which you as police officers demonstrate every time you deal with the public that will build trust in, and respect for, the Police Force. I urge you graduates to always be guided by the desire for self-improvement. You must be proactive, and take advantage of the many professional training opportunities that will come your way. I encourage you to use your initiative to improve knowledge in your field and whenever possible, seek to gain additional academic qualifications. Your personal achievements will reflect on the quality of your service to your organisation and to our country, he said. hurricane relief goods, organized through private sector donations, will set sail for Cat Island on Tuesday. As he also entertains the possibility of a chairmanship post, Mr Pintard said he will continue his philanthropic efforts to serve the Bahamian peo-ple regardless of his political future. We're still trying to make a determination with respect to my offering but it is my intention to participate on the front-line in this coming election, Mr Pinder said. "Ultimately, the party makes that determination along with constituents. I'm a team player. I'm interested in supporting my team. Mr Pintard explained that his active presence in several constituencies on New Providence and the Family Islands has unearthed insecurities in the official opposition. I have been attacked through clandestine means (on the Internet more times than I have been in the last 10 years, which is another indication (of insecurities Pintard said. What we should be focusing on as public servants is how do we meet the needs of per-sons who invest their trust in us, as opposed to seeking to destroy other nation builders. Mr Pintard denied reports that he had been shopped around by the Free National Movement, and said his speaking engagements in various constituencies were done to assist with energizing his partys base. No amount of attempting to create an impression that I am not viable is not going to change the fact that the persons claiming to be the most viable, or holding the seat, are the least equipped to serve the people, Mr Pintard said. Some politicians are so preoccupied with their own ambitions that they are not serving with distinction where they are right now. Mr Pintard said that he had a vested interest in Cat Island as his birthplace and mothers home. The senator added that San Salvador was also significant due to the tremendous number of friends, family and community support he enjoyed there. I have spent a great deal of time working on initiatives in Cat Island and San Salvador. Mr Pintard said: Grand Bahama is the place where I have been working really for the last five years. No matter where I run, I expect to playa part of a team working to create greater opportunities for Grand Bahama. I have a clear vision in terms of what is required to help rejuvenate the Grand Bahama economy. F ROM page one FNM senator FROM page one TOMMYTURNQUEST C RIMINAL JUSTICE BILLS WILL BE FIRST ORDER OF BUSINESS


Police say the first incident took place sometime around 3 .47am on Saturday. Officers of the mobile division were on routine patrol on Kemp Road when they discovered a man with multiple stab wounds lying in the street. The victim told police he was attacked and stabbed by a group of men. H e was taken to hospital where he is listed in serious condition. A few hours later, around 11.30am, police say a 30-yearold man was walking on Windsor Lane when he was approached by a group of men who attacked him and stabbed him multiple times in his back and shoulder. The victim was taken to hospital in a private vehicle where he is also in serious condition. Police got reports of another stabbing around 5:30 am Sunday. According to police they received information that a male was in the area of the Baillou Hill Road roundabout suffering from multiple stab wounds. They responded and discovered the man with multiple injuries to his body. The victim was taken to hospital. He is also listed in serious condition. Police are investigating and appealing to members of the public who might have any information regarding any of these incidents or any other incident to contact police at 911, 919, 322-3333, the Central Detective Unit at 502-9991, 5029910 or CRIME STOPPERS at 328-TIPS. A security guard at the countrys leading tertiary institution was taken into custody on Friday for allegedly stealing from the college. Police have arrested a security guard for allegedly stealing a laptop and other paraphernalia from the College of the Bahamas. The 27-year-old male of Baillou Hill Road south was taken into custody around 5:30pm on Friday. Active police investigations continue. Two wanted men also surrendered to police over the weekend in connection with assault and armed robbery. A 33-year-old man of Allen Drive turned himself into police after causing injuries to another man. According to the police some time around 12.20pm on Saturday two men were at Allen Drive off Carmichael Road when they got into an argument. This resulted in an 18-year-old youth being chopped multiple times about his body. The victim was taken to hospital where his condition is unknown. Deon Brice, 35, also turned himself into police. Last Monday, police issued a wanted bulletin for Brice in reference to armed robbery. Active police investigations continue in both of these matters. Police are also awaiting the results of an autopsy to determine what exactly caused the death of an infant on Friday at a local daycare centre. According to police, they received a call around 10am Friday from Loving Care Daycare centre off Carmichael Road. It is understood that a baby boy was found unresponsive in a crib by a member of staff who went to check on him. Nursery staff called the police and an ambulance but despite all their efforts the baby died on the way to the hospital. Police Superintendent Stephen Dean said police do not suspect foul play in this incident. At present we do not know what caused the death of the child. An autopsy will have to be performed to know exactly what happened. At the outset, there is no indications of foul play, he said. We have to do a thorough investigation before we can go pointing fingers, we have to find out if the baby was sick, get medical records and get testimony in addition to the autopsy to fully understand what happened. But by the way things are looking there seems to be no foul play. Last April, four-month-old Joeshua Swaby died while at his daycare. According to his parents, they went to collect him from the daycare centre, but he was in an unresponsive state. He died on arrival at hospital. The cause of Joeshuas death is still unknown. In 2003, two-month-old Justin Aranha died while at Hosanna House daycare centre on Prince Charles Drive.D octors at the Elizabeth Estates clinic told his parents J ustin may have died as a result of choking on milk. LOCAL NEWS PAGE 12, MONDAY, SEPTEMBER 26, 2011 THE TRIBUNE 2 __ZgVcdRcj 2 __ZgVcdRcj 4 2 4 2 4 __ZgVcdRcj 4 __ZgVcdRcj V]VScReZ`_ 4 V]VScReZ`_ )RRWZHDU $QG$FFHVVRULHV RPHQ $QG&KLOGUHQVKRHV bII&ODUNVDQGLPEHUODQGUR:RUN%RRWV $OO%DJVDQG$FFHVVRULHV $OO)DVKLRQ-HZHOU\ bRIIDOOPHGLFDOVFUXEVDQGDFFHVVRULHV 3OXVHOHFWHGW\OHVDUNHG'RZQ%\b WK VW FW $//$/(6$5( 12/$< $:$<6 -2+1 6+2(6$1'$&&(6625,(6 5 26(77 6 7 5 &$50,&+$(/ leadership. DNA Leader Branville McCartney accused the National Security minister of insulting the Bahamian public during his remarks at a Rotary Club of East Nassau meeting last week. The Ministers comments and actions in recent days show that he is both frustrated and overwhelmed, Mr McCartney said. His repeated public gaffes continue to highlight and reinforce what many in the Bahamian society have come to recognize in his performance over the past four years: He is too ill-informed on the real issues and matters of National Security to speak expertly on them; he is too ill-prepared to offer any real practical assistance and solutions to the countrys security issues and efforts, and he is too ill-equipped to lead and effectively guide the National Security agency, its expert personnel, and their security efforts. Last week, Mr Turnquest criticised the judiciary for its willingness to grant bail to repeat violent offenders, which he said contributed greatly to the countrys escalating crime problem. Mr Turnquests comments were labelled as "ill-conceived and untrue by the Progressive Liberal Party, who condemned the National Security Minister for criticising the judiciary. The official opposition said Mr Turnquest had admitted the FNM government's paralysis in dealing with the crime crisis. Mr McCartney accused Prime Minister Hubert Ingraham of covering up for Mr Turnquests incompetence as the state of the countrys crime worsens. In a recent statement, the party leader said that the prime minister was not daring enough to relieve Mr Turnquest of his post. Mr Turnquest needs to stop running, ducking and dodging, and casting blame, Mr McCartney said. He needs to own up, accept responsibility for his incompetence and let the chips fall where they may. Bahamians want to feel safe and secure in their own society, and they no longer have confidence that the present National Security Minister can provide them with the necessary assurances. Mr McCartney said Mr Turnquests suggestion that Bahami ans are reaping what they sowed is a slap in the face to hardworking families. Mr McCartney added: The only thing that Bahamians are reaping, right now, is the fruits of 20 years of repeatedly sowing seeds that have produced the same old unproductive, unre sponsive and visionless leadership that they have gotten from the Ingraham and Christie administrations on social issues. ng bail to career criminals and those accused of serious offences and he believes the police and the public agree with him. He has been widely criticised for his comments in both the legal and political spheres. Mr Turnquests comments came after Police Commissioner Ellison Greenslade called for sterner punishment for hardened criminals and appeals by the public for those accused of murder to be denied bail. Mr Greenslade said police officers are arresting the suspects, but after a person is charged it was out of their hands and up to the courts. I am not sure that a core group of serious, serial prolific offenders are truly taking us seriously in respect of the pun ishment and I want to be care ful and not go much further than that, the commissioner said. Last week, The Tribune revealed that in the space of five days in July, 39 people w ere released from prison. Of 22 accused granted bail and released from prison in a five-day period, six were charged with murder and at least three of those six went before the magistrate's court with a well established criminal record. Prime Minister Ingraham said his government intends to bring before Parliament a set of Bills to deal with the question of bail, and the imposi tion of the death penalty and the specific categories of murder to which that will be a pplied. FROM page one Teen in hospital after being shot FROM page one PM TO ADDRESS NATION DNACALLS FOR RESIGNATION FROM page one


B y NEIL HARTNELL Tribune Business Editor B UILDING a good-qual ity inventory of companies for sale has been the great est challenge for a newlyf ormed business brokerage, w hich says it has a phe nomenal ratio of buyers to sellers. S imon Cooper, who owns Bahamas-based Res Socius together with his wife, toldT ribune Business that while h e had potential buyers lined up, the major issue since becoming active in April 2010 has been finding businesses for sale that are priced correctly and not distressed. Explaining that the nature of his business saw peaks and troughs in activity, Mr Cooper said Res Socius had successfully worked on a number of deals during its first 18 months, another challenge being sellers who had unrealistic expectations over their firms value. While we got registered in 2009, we did not become active until April last year, Mr Cooper told Tribune Business. Weve done a number of deals in that peri od. $4. 68 $4. 51 $4. 69The information contained is from a third p arty and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.32 $5.38 $5.50 T HETRIBUNE SECTIONB business@tribunemedia.netMONDAY, SEPTEMBER 26, 2011 Safety is Our Culture and Service is Our Passion. Goodbye Summer Hello Savings .$99. 99one way .Experience Sky .* Terms and Conditions Apply Offer Valid For October 2011 Only .Nassau Ft. Lauderdale Route By NEIL HARTNELL Tribune Business Editor BAHAMIANand Caribbean management consultants are capturing just 7 per cent of development contracts flowing into the region, the interim head of a newly-formed Bahamas sector body urging: The grass is green, but we need to start mowing and cut ting now. Unveiling the Caribbean Institute of Certified Management Consultants (CICMC B ahamas Chapter, its interim president, Don Demeritte, said t hat among the latters goals were for the Bahamas to become a Centre of Excellence for consultancy services B y NEIL HARTNELL T ribune Business Editor WHILE PAYINGout some $34.649 mill ion in unemployment benefits over two y ears since the initiative was started in 2009, the National Insurance Board (NIB seen a significant decrease in the number of new claims every week during 2011. Interpreting this as a sign the recession hit the Bahamas hardest during 2009, Algernon Cargill, NIBs director, told the A baco Business Outlook conference that o ver the past two years the social security system had awarded unemployment benefit t o some 22,900 Bahamians. M r Cargill said some 15,690 Bahamians had submitted unemployment benefit claims during 2009, of which 14,208 were approved, representing a 91 per cent payo ut rate. T he approval rate then r educed to 85 per cent in 2 010, with 5,692 claims a pproved out of 6,826 s ubmissions. While the reduced number of claims, and approved claims, indicates fewBUSINESS BROKERS INVENT OR Y CHALLENGE Deal matc hmak er s phenomenal ratio of buyers to sellers Finding right fit, and seller valuations, are issues S IMONCOOPER SEE page 5B BAHAMIAN CONSULTANTS RETAIN 7% OF WORK FLOWS Chapters president urges: Reap plentiful harvest at home Calls for entire value chain gamut to be enhanced INTERIM PRESIDENT Don Demeritte P hoto/Dominic Duncombe SEE page 3B COKE BOTTLER % OF WAY TO VISION By NEIL HARTNELL Tribune Business Editor CARIBBEAN BOTTLING COMPANY (Bahamas 85 per cent of the way to realising its vision of always being the first name called for non-alcoholic drinks, having easily doubled production capacity through the move to its new Sir Milo Butler Highway plant and offices. W alter Wells, president and chief executive of the Coca-Cola bottler and producer, told Tribune Business in an exclusive Production capacity easily doubled at new plant Talks to buy Freeport base from BISX-listed fund Owners take minimal dividends, reinvesting all p rofits back in Caribbean Bottling Product lines double in five years SEE page 4B FELIPEMAJOR/TRIBUNESTAFF By NEIL HARTNELL T ribune Business Editor T HE WATER & SEWERAGE CORPORAT IONS water purchase costs have increased by $20 million in a decade due to its increased reverse osmosis reliance, it has been revealed, with non-revenue WATER CORPS BUYING COSTS JUMP $20M Corporation losing $26.6m annually on lost water Barging phase-out to save $7.7m, as reverse osmosis p urchases soar 450% Food and water tests compromised by plumbing leaks and condemned building, says IDB SEE page 6B $35M IN JOBLESS BENEFIT PAYOUTS SEE page 5B ALGERNON CARGILL


B y NEIL HARTNELL Tribune Business Editor THE INTER-AMERICAN D EVELOPMENT BANKS ( IDB) Bahamas representative has called for potential conf licts of interest to be a ddressed up front, saying it was really distressing when such situations arose in the m iddle of procurement negotia tions. S peaking at the launch of the Bahamas Chapter of the Caribbean Institute of Certified Management Consultants ( CICMC), where she backed the organisations Code of Ethics, Astrid Wynter also urged the Bahamas and other C aribbean nations to do better on knowledge transfer and r etention, calling for repositor ies to be established to effect this. M s Wynter said the B ahamas Chapters Code of E thics reads like the IDBs h andbook on general procurement guidelines. Alluding to the difficulties experienced by the bank in contract tendering and bid awarding, she said it w as really distressing to uncover conflicts of interest, such as a company bidding to execute something it has d esigned. Its always in our interests t o mutually discuss when any a pparent or perceived conflicts of interest arise, Ms Wynter s aid, saying it was really dist ressing when this did not happ en and the IDB was unable t o proceed with a contract award. Describing management consultants as the bedrock for generating practical and t heoretical knowledge, and advancing the development o bjectives of our countries, M s Wynter said that while there was a great demand for their skills and infrastructure development throughout the C aribbean, too much talent w ent away to college and never came back. A s a result, it was really vital for the Bahamas and w ider Caribbean to establish a m echanism where knowledge could be stored and made available to all. I mportant studies, and their r esults, tended to remain with their authors or key personnel in certain agencies, rather thanb e shared and made available for knowledge transfer. Someone has to have access t o a repository, the IDB exec utive said. It allows for that knowledge to have a home, and be available to others. H arold Davis, a member of the CICMCs Jamaica Chap ter, told the newly-launched Bahamas organisation that it was vital to develop standards that were internationally-recog-n ised to ensure they won a significant share of available con sulting contracts. As an industry we have to o rganise ourselves so that we have standards that are inter nationally recognised, and earn a piece of the pie a substantial piece of the pie, he said. Management consultancy, we think, is so important to the development of the countries of the region. Its the bedrock foundation, and oftentimes is a neglected and not thought about factor so critical for our economic development. He added that management consultants were a central ingredient in any small and medium-sized business development strategy, and told the Bahamas Chapter: Its not an easy road, but I believe a road you must take. Its the way to go. BUSINESS PAGE 2B, MONDAY, SEPTEMBER 26, 2011 THE TRIBUNE Be upfront on really distressing conflicts HAROLDDAVIS ASTRIDWINTER P hotos/ D ominic Duncombe


and a premier non-governmen tal organisation. Warning that too many Bahamian and Caribbean management consultants view our home base as too small, and a result we are not minding the things we should be minding, Mr Demeritte said developing legislation to increase the industrys standing was already being discussed. Calling for a renewed focus by management consultants on small and medium-sized enter prise (SME the Bahamas and wider region,and giving this effort real teeth, Mr Demeritte said professionals in the industry needed to be at the forefront of efforts to boost the tourism val ue chain. Current membership of the Bahamas Chapter was about per cent of the database of management consultants in this nation. Mr Demeritte expressed hope that with the Chapter seeking full CICMC status by the 2012 second quarter, mem bership numbers would increase and at least 50 per cent obtain the internationally-recognised Certified Management Consultants (CMC qualification. We only manage to hold on to 7 per cent of any developments flowing through the region, Mr Demeritte said. The grass is green, but we need to start mowing and cutting our own grass. A lot of us view the home base as too small, and as a result were not minding the things we should be minding. An October 2010 CICMC survey had shown that the management consulting industry faced stiff competition from non-Caribbean firms. The sector faced "a twotiered market with a weak mid dle", as the survey found that 63.4 per cent of the industry's clients spent less than $100,000 per annum on such services, accounting for just 10.1 per cent of the market. And just 12.9 per cent of the Caribbean management con sulting industry's clients spent $500,000 or more per annum on the sector, accounting for 62.3 per cent of the overall market. Talks last week with the Bahamas Chapters CICMC partners and the Caribbean Export Development Agency (CEDA enacting legislation, not just in the Bahamas but harmonised laws across the region, which would help put management consultants at the table. The main thrust for us is a legislative framework, Mr Demeritte told Tribune Busi ness. We need to put this in a formal context. A Code of Ethics was also being devel oped, he added, in a bid to pro tect Caribbean management consultants and the consumer in terms of foreign parties allowed to come in and practice. W ith an Inter-American Development Bank (IDB vey showing small businesses in the Bahamas account for 90 per cent of all companies, but just 5.3 per cent of gross domestic product (GDP said assisting this sector should be the driving force for management consultants. Pointing out that 3,000 small firms each employing 10 staff created 30,000 jobs, he added that if just 10 per cent closed down, unemployment figures increased by a collective 300 persons. We need to think about enriching this SME programme, giving it real teeth, Mr Demeritte said, linking this to improved efforts to enhance the tourism industrys value chain. The Bahamas focus on tourism and financial services as its economic foundation had spawned positive and negative effects, the interim Bahamas Chapter president added. We need to look at the entire gamut of the value chain, and need to move away slowly from these two pillars being everything, he argued. Mod ernising and retooling, and we intend to be at the table for that. With the Bahamas enjoying a 60 per cent return visitor rate, Mr Demeritte said this nation needed to go after the low hanging fruit through a greater focus on domestic handicrafts, souvenirs and attractions to keep these tourists coming. Noting that there was a huge chasm between expand ing these products and the $0.6$0.8 out of every tourist dollar spent in the Bahamas that eventually left this nation, Mr Demeritte said: How do you work that value chain, devel op more cultural things that visitors like. Increasing the repeat visitor rate from 60 per cent to 80 per cent would be a huge impact to the value chain in jobs and dollars. Meanwhile, Mr Demeritte said the Bahamas Chapter wanted to introduce a Nationa l Proposal Writing Team, aiming to enhance the ability of Bahamian small businesses to obtain grant funding through mechanisms such as the Euro pean Unions (EU pean Development Fund. We know the Bahamas is at the back of the pack in terms of getting good quality projects out there, Mr Demeritte said. We are way in the back. Apart from driving membership numbers, Mr Demeritte said the interim Bahamas Chapter would oper ate as a group, providing strength in numbers to get work on larger projects. Other goals included involvement in private-public partnerships (PPPs strategic partners and matching opportunities to individuals. One such opportunity had been exposed by a project Mr Demeritte himself was involved with, the Bahamas Virtual Plat form. Designed to provide an Internet-based tool to increase Bahamian artisans handicraft sales, when asked by the InterAmerican Development Bank (IDB the industry, such as number of vendors and revenue base, he was unable to because they did not exist. Statistics gathering thus pro vided one opportunity for management consultants. Mr Demeritte said the Bahamas Chapter had so far achieved at least 50 per cent of its outlined goals, and hoped to have two Bahamians with the CMC qualification by December. B y DENISE MAYCOCK T ribune Freeport R eporter d maycock@tribunemedia.net F REEPORT The B ahamas Telecommunicat ions Company (BTC investing $43 million in building a 4G network, with new wireless services to come on stream by December. Geoff Houston, BTCs c hief executive, said some equipment has already arrived in the Bahamas for t he 4G Phase One, which w ill cover New Providence a nd Grand Bahama. Our first foray is to build a 4G network right across t he islands, and what that needs to get going is an additional $43 million invest ment. We have started to build already, Mr Houston told the Grand Bahama Chamber of Commerce lunc heon at Ruby Swiss Restaur ant. We expect to have (4G services here live in GrandB ahama by Christmas, so you will be able to connect your ipad to the 4G network, and the data speed we expect to achieve is 20 to 30 times faster than what youre currently seeing on a mobile p hone. M r Houston said the new w ireless infrastructure will a llow Bahamians access to t he kind of connectivity and i nteraction which is happening elsewhere with ipads, laptops, Iphones, Ipods andn ow Xbox live, playing games with someone in a foreign country. Thats what we feel the B ahamas needs to get to, he said. Looking at the future of t elecommunications, Mr H ouston said that by 2020 a bout 80 per cent of all access to the Internet will bev ia wireless devices. So that really says to us that a big part of our play in the Bahamas is to build that wireless infrastructure, whichw ill enable people, businesses and communities in the Bahamas to really start to participate in that whole new communications revolution coming at us. So our first foray is to really start to ree stablish a new communicat ion for the Bahamas it is a h uge undertaking for us, he a dded. M r Houston said that d espite what some may feel or think, BTC was financially sound, and had a signifi-c ant customer base with a lot of growth opportunities. He added that Cable and Wireless Communications ( CWC) chose the Bahamas because the country fits in with not just its regional b usiness, but with its other b usinesses in 13 to 14 C aribbean islands. The BTC business feels v ery similar to a lot of the b usinesses on those islands, which are island economies very heavily dependent on tourism, with strong financ ial services, the BTC chief s aid. Mr Houston said the B ahamas has a strong econo my and really good p rospects for the future. He explained that CWC was not obsessed with stick-i ng to its name or trying to force a particular model on the Bahamas. We normally take our t ime getting to know what the needs of the communit ies are that we are doing b usiness with, and to find out w hat is best for them, he said. Mr Houston said BTC h ad made quite a few good strategic moves in the past. One of those was to start b uilding out a new high speed broadband network, a nd up to date the business h as invested over $50 mil l ion in that infrastructure that is bringing high speed data connection to homesa nd business, he said. BUSINESS T HE TRIBUNE MONDAY, SEPTEMBER 26, 2011, PAGE 3B %$+$0$6&+,1$ &+5,670$6+233,1* $Q\DQGHYHU\SURGXFWVPDOORUODUJHTXDQWLWLHVVWRFNJRRGV UHDG\WREHVKLSZLWKLQ3ULFHVORZHUWKDQWKHIDFWRULHV DOOLQRQHORFDWLRQ7KHZRUOGODUJHVWVKRSSLQJFHQWHUIRUVPDOO EXVLQHVVHQWHUSULVHVSULFHVJXDUDQWHHGOHVVWKDQ86$SULFHV *RRGVWDNHZHHNVWRDUULYH%DKDPDVYLD%HQ/LQH6KLSSLQJ RIFHORFDWHGDW7URSLFDO6KLSSLQJ%D\6WUHHW/HWXVKHOS\RX ERRN\RXUWULSWRGD\SUHSDUH\RXUYLVDZHDUUDQJHKRWHOJURXQG WUDQVSRUWDWLRQ\RXUSHUVRQDOWUDQVODWRUXHQWLQERWK(QJOLVKDQG &KLQHVHDQGDOORXU,QWHUSUHWHUVDUHXQLYHUVLW\JUDGXDWHVDQG YHU\SURIHVVLRQDOZHKDYHKLJKHIIHFWLYHTXDOLW\FRQWUROWHDP ZDUHKRXVLQJIRUDQ\DPRXQWRIJRRGVDQGZHGRSURSHURIFH GRFXPHQWDWLRQDQGZHKDYHRXUYHU\RZQVKLSSLQJGHSDUWPHQW 2XUVHUYLFHIHHVDUHDVORZDVb &$//($1$*$(5672'$< $1* &$///2&$/%$+$0$)),&(&$5.)5$1&,6 FFD#FRUDOZDYHFRP %DKDPDVRIFHf ($,/$7 FKLQDLQYHVWPHQW#KRWPDLOFRP RU &KLQDIFHf BTC INVESTING $43M IN 4G INFRASTRUCTURE G EOFF HOUSTON BTCs chief executive.Photo/ D erek Carroll FROM page one BAHAMIAN CONSULTANTS RETAIN 7 PER CENT OF WORK FLOWS


interview that in a single shift the company could now produce 12,000-15,000 cases of drink, compared to the 8,000-10,000 case output with overtime thrown in at its former Thompson Boulevard site. Explaining that Caribbean Bottling had been completely retooled and re-equipped over the past five years via a multimillion dollar investment, Mr Wells said himself and the other members of the investor group who acquired the business in 2006 had taken out minimal dividends, re-investing all profits in the anticipation of future gains. Adding that the post-acquisition years had gone far better than expected, Mr Wells said it was critical that Caribbean Bottling with all its investment in new machinery and equipment went from leasing its New Providence home to owning it. He told Tribune Business that the company now wanted to follow suit in Freeport, and had been in discussions with its land lord there, BISX-listed investment firm, Premier Commercial Real Estate Investment Corporation, about acquiring the premises from it. No deal has been worked out, though. The increased production and efficiency gains from the new plant, with all 135 Nassau-based employees now on one site, combined with the end of lease payments to its Thompson Boulevard landlord in 18 months, are designed to lower costs and enable Caribbean Bottling to maintain margins/profitability, the company having not increased its wholesale prices for six years. Significant overtime costs have also been eliminated. Weve easily doubled our production capacity, Mr Wells told Tribune Business. We previously ran two shifts at the old plant, between 7am to 11pm. Now, starting at 7am, we never run beyond 7-8pm at night. We are very capable of producing, in a single shift, anywhere between 12,000-15,000 cases per day easily without any overtime or stretching the shift. Stretching it with overtime, production used to be in the range of 8,000-10,000 cases. Boosted by the 50 per cent increase in output capacity, Mr Wells said Caribbean Bottling was enjoying really great effi ciencies in production. What took us 16 hours to do previously is now going to take us eightnine. Instead of running two shifts its done in one. We no longer have to split the supervisory and management employees; theyre here at one time, so weve got a much greater handle on whats going on. Its much more userfriendly, not doing things in three-four buildings. Caribbean Bottling moved into its new head offices and plant on July 31, almost two years after it broke ground on land acquired from the late Basil Johnsons estate. The move has enabled it to consolidate all key operations on one site, although it is still using its former Thompson Boulevard head office for storage. Our plant today is one of the most modern youd find, Mr Wells told Tribune Business. Id go as far to say as any youd find in the world, certainly the Caribbean. Ninety per cent of the equipment has been purchased in the past three years. This equipment has a life expectancy of anywhere between 15-20 years. If our business continues to grow, we can expand on this site without having to go elsewhere. We have 11 acres of property, and weve built on eight of them. The building does not take up eight acres, and we can double the size of our warehouse. Caribbean Bottlings new facilities cover 90,000 square feet, the production plant accounting for 55 per cent of the space, compared to the 40,000 square feet the company enjoyed at Thompson Boulevard. The extra space is critical, given that Caribbean Bottling has pretty much doubled our SKUs (stockkeeping units) over the past five years. Mr Wells said the company now has 70 different product lines or SKUs, some 75 per cent of which it produces itself, the balance being brands it imports for local distribution. We outgrew Thompson Boulevard many years ago, Mr Wells said. We still have over a year-and-a-half left on the lease, so were using those premises as storage, as we were not able to move all the equipment we have to here. That property is also owned b y BISX-listed Premier Commercial Real Estate, and Mr Wells added that Caribbean Bot tling was fortunate to get out of a second lease on another Thompson Boulevard property then owned by the same landlord. That building was subsequently sold to RoyalStar Assurance. Pointing out that there were control issues in having two separate sites, Mr Wells said the need to consolidate at one premises and the companys anticipated growth prompted the search for real estate that eventually alighted on the Sir Milo Butler Highway site. The key is owning your own home, he explained. Not having to pay rent when the lease expires is a huge incentive to do what weve done. You dont rent 40,000 square feet of prime commercial property cheaply. We are well positioned, certainly from a premises standpoint. Weve got space to grow. We did not only build for our current needs, but what our anticipated needs will be five years down the road. In the same vein, Mr Wells revealed to Tribune Business that Caribbean Bottling had broached the possibility of purchasing its Freeport property, the only one of three buildings owned by Premier Commercial Real Estate that it now occupies. Weve had some discussions about purchasing that property, he said. Nothing definitive has been agreed to, but we desire to own our own base. If that does not happen, we will look elsewhere. There is no need to keep paying rent if you can afford not to. When youre a substantially privately-owned company, real estate is not a bad investment. To finance Caribbean Bottlings growth and strategic positioning, Mr Wells said of himself and his fellow investors: Everything weve earned weve substantially pumped back into the business., because were committed. To have acquired a company of this magnitude, and substantially change all of the equipment was a very substantial outlay. Asked about Caribbean Bottlings targets, Mr Wells told Tribune Business: Our vision has always been that wed like to get to the point where, if someone says they need to buy a non-alcoholic drink, be it water, a juice, carbonated beverage or isotonic drink, theyll ismmediately think Caribbean Bottling. Thats where we want to be. W ere not there yet. Were close, but theres still a lot of work to be done to realise what the long-term vision is. I would say were probably 85 per cent of the way there. BUSINESS PAGE 4B, MONDAY, SEPTEMBER 26, 2011 THE TRIBUNE THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bs COKE BOTTLER PER CENT OF WAY TO VISION F ROM page one


It goes through spikes like jitneys; three or four come along at the same t ime. The real problem is n ot finding people to buy businesses Ive got them lined up. Its finding businesses to sell to them. The number one problem is lack of inventory. W e have some inventory, but its not always the required fit for the buyer. B ut you cant be too picky about inventory. Its better to have some inventory t han none at all. Deal A s a business broker, Mr Cooper attempts to find buyers for establishedB ahamas-based companies whose owners are seeking an exit, matching the firms with the buyers of best fit. He then works to bridge any gaps between buyer and seller as all parties a ttempt to close a deal. The services offered by M r Cooper are likely to be valuable to many Bahamian business owners, espec ially the family-owned and run companies that have no s uccession plans, and would otherwise close down without some form of buyer i ntervention. My ratio of buyers to s ellers is phenomenal, he added. The last transaction we did, because we have such a large pool of buyers, the day from thec lient signing to sell to the day we signed to close was five weeks. That timescale would be exceptional, but the point is that when you get the right business its not hardt o find buyers. The chall enge is to find the right inventory. Mr Cooper said real estate agents often had the opposite problem to him,namely more inventory (propertiesa vailable market demand. We have some invento ry, but dont have enough of the right inventory, he added. We have a good measure of what people are looking for, and a good s tock of businesses, but p eople will not pay over the odds for them. Mr Cooper explained that some sellers had a ridiculous expectation of what to charge for their businesses, which made it d ifficult for them to meet i n the middle with prospective purchasers. While valuations of twothree times cash flow werea typical norm when determ ining a companys sales price, Mr Cooper said some sellers were seeking six-10 t imes cash flow a sum he l abelled as a ridiculous v aluation. The buyers do not mind p aying multiples once they s ee the potential; the returns, he told Tribune Business. Its getting the right quality of inventory that is good enough, sensibly prices and not distressed. The buyers are out t here. I have a huge database and people calling me constantly. Were happy with the business results for t he first year, and have seen a nice strong pattern of g rowth. Were now in our second year, and going into our third year. Its not a quick-win situation, but unless we get bulldozed into doing something we do not want to do with the real e state people, its progressi ng well and is well-established, which is good to see. Probe That last comment is a r eference to the Bahamas R eal Estate Associations (BREA i nto Mr Coopers business a ctivities to determine w hether he, in its opinion, should be licensed as a real estate broker to conductt he transactions he is doing. BREAs position is that the law, namely t he Real Estate (Brokers and Salesman A ct 1995, covers any transaction involving the sale of all estate and interest in a p iece of land, be it freehold or l easehold. A s a result, anyone engaged in such activities and receiving f inancial compensation should b e licensed as a real estate brok er. BREAs concern is that this covers Mr Coopers activities, as he is selling companies that have real estate interests either as tenants or landowners. The Res Socius owner, t hough, promised to chall enge at every level BREAs initiative. Arguing that he was not a realtor, and had no intention of entering a saturated market, M r Cooper suggested that BREA was being protectionist and attempting to elimi nate the competition he prov ided. BUSINESS T HE TRIBUNE MONDAY, SEPTEMBER 26, 2011, PAGE 5B THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bs THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bsA pplications arecurrently being accepted to the Masters in Social Work Degree Programme atBARRY UNIVERSITY S CHOOL OF SOCIAL WORKi n collaboration withTHE COLLEGE OF THE BAHAMASApplications can be obtained and resubmitted to: The College of The Bahamas The Office of Research, Graduate Programmes and International Relations Oakes Field Shopping Centre, Thompson Blvd.Application Deadline: September 30, 2011 For more information call: 3 97-2602 or send emails to: swisdom@cob.edu.bs e r Bahamians were being made redundant, it is unlikely that all those who lost their jobs were able to find new work. Focusing on Abaco, Mr Cargill said that while NIB paid out $561,586 in unemployment claims to the islands inhabitants in 2009, this figure dropped to $425,959 in 2010 and $93,791 for 2011 to date. We see a decline in claims over the three-year period, s uggesting amelioration of employment conditions, Mr C argill said. The figures seem to suggest two things. Either the effects of the recession are lessening in the Abacos or Abaconians have found compensatory, informal employment. Further, we consider that, given that n ew claims are also decreasing, one of these two scenari os is probably true. H owever, Mr Cargill warned that NIB compliance r ates, especially among the self-employed, were still far t oo low. $35M IN JOBLESS BENEFIT PAYOUTS FROM page one Business brokers inventory challeng FROM page one


w ater losses costing it a staggering $26.6 million per year. The Corporations continuing grim financial status was detailed in an Inter-American Developm ent Bank (IDB o n a proposed $71 million l oan to overhaul New Providences water supply and sanitation systems, the document noting that water purchase costs had increased in line with a 450p er cent expansion in supp ly from reverse osmosis plants since 2000. Of more significance, though, is the Corporations non-revenue water situation, as the IDB report indicates losses from this source actually exceeded its $23.6 million operating loss for 2008. Noting the limited availability of fresh water resources, the IDB report, which has been obtained by Tribune Business, said: Where demand for water exceeds the limits of these resources, Water & Sewerage Corporation expands supply through very expensive reverse osmosis and barging sources. As a result, supply f rom reverse osmosis has grown by over 450 per cent since 2000, increasing W ater & Sewerage Corporations cost of water purchase by $20 million over the same period. In the context of limited supply and high cost of expansion, the implicit cost of non-revenue water is enormous. For example, if Water & Sewerage Corporation were to reduce non-revenue water by 29 per cent in New Providence it would no longer need to barge any water. T he estimated cost of barging water in 2008 was $7.7 million. Barging f rom Andros is due to cease this year. Non-revenue water is w ater that is lost from the W ater & Sewerage Corpor ations system, usually via leaks and the like, beforei t reaches the end cons umer. The Corporation therefore earns no revenue from this source, w hile still incurring the purchase and production costs. D oing the math from the IDBs figures, namely that t he $7.7 million barging costs are equivalent to 29 per cent of the non-reve nue water lost, then the Corporation is seemingly l osing $26.6 million from its top-line per annum a sum greater than its 2008 o perating loss. Water & Sewerage C orporations financial performance has deteriorated significantly over thep ast 12 years the Corporation has not earned an o perating profit since 1997, and suffered an operating loss of over$ 23.6 million in 2008, the I DB report said. This deterioration results from a failure to account for a number of key challenges, namely fragmented service area; limited water supply; poor governance framework; lack of an integrated information management system; over-sized staff; and inadequate tariffs. Given all this, it is not surprising that $50 million of the proposed $71 million IDB loan has been a llocated towards reducing non-revenue water losses on New Providence t o 2.5 million gallons per day within five years, and maintain associated savi ngs for 10 years. W hile the Corporation h as selected a winning bidder from the 2010 tenderd esigned to find a private c ompany to deal with the non-revenue water situation, the IDB warned it w as reviewing the contract terms, and this could ultimately involve renegoti-a tions, or going to the next bidder, or even redoing t he procurement. The implications of the Corporations financial c ondition for the Government and, by extension, t he Bahamian taxpayer, are obvious, especially at a time of fiscal austerity. But e ven more concerning, is the IDBs assessment of t he Department of Environmental Health Services unit that is supposed tot est food, water and wastewater to ensure they are u p to quality and pose no health risks. Noting that the Envi r onmental Monitoring and R isk Assessment Division (EMRAD from insufficient resources and low morale, the IDBr eport appeared to indicate that its food and water testing results were being compromised by the condition of its physical facilities. The EMRAD main offices and laboratory on New Providence are housed in a condemned building, where plumbing leaks from the second floor compromise the accuracy of bateriological t esting results in the laboratory, the report added. I t said EMRADs testing capacity was limited, and that neither of its labo ratories was accredited. There is no initiative to a ttain accreditation given the primitive lab condi-t ions and lack of equipm ent and budget, the IDB. As a result, water testing had been handed b ack to the Water & Sewerage Corporation. While the Corporation s erved some 66,000 customers across 13 islands, i t supplied only 38 per cent of New Providence due to issues with the level of s ervice and lack of a regulatory regime. A s a result, many customers have ceased to be customers and have made a lternative arrangements for their supply, and the I DB report said: With respect to sewer collection, 20 per cent of the capitalN assau benefits from sewer connection; the remaind er uses septic tanks. Past studies have reported high levels ofc ontamination of ground w ater by fecal coliform in New Providence. The sewerage network is frag mented and dispersed,w ith several lift stations and treatment and dispos al systems that are poorly maintained, and have operational problems, with environmental and healtha ssociated risks. S ome $15 million from t he IDB loan facility is being set aside to rehabilitate the Water & Sewerage Corporations wastewater and sewerage treatm ent plants, and create a w astewater treatment masterplan. A major concern related to the sewerage system is that infrastructure conditions have declined sign ificantly over the years, d ue to lack of mainten ance and investments, the IDB report said. Investments are needed to address this issue. Another $3 million from t he IDB loan will be e mployed to upgrade the l egal and regulatory f ramework for the B ahamian water industry. This will include a multiyear performance agreement between the Gov-e rnment and Water & Sewerage Corporation, including benchmark standards, to prepare the latter f or regulation by the Utilities Regulation & Comp etition Authority (URCA The existing governance framework for the w ater and sanitation sect or lacks provisions for a dequate accountability a nd autonomy of the Water & Sewerage Corporation, the IDD report said. Apart from the regulatory framework and lack of sufficient autonomy for t he management of the Water & Sewerage Corporation, the IDB report d escribed the mechanism o f financing the Corporat ion through government subsidies as not efficient and effective. I t added: The poor operational performance and financial performancea re linked by a feedback l oop that exists due to Water & Sewerage Corpo rations poor governance framework. )LQDQFLDO$QDO\VW 7KH%XUQV+RXVH*URXSRI&RPSDQLHVLVVHHNLQJWRHQKDQFHLWV)LQDQFH'HSDUWPHQW W KURXJKWKHDGGLWLRQRI)LQDQFLDO$QDO\VW7KHVXFFHVVIXOFDQGLGDWHZLOOKDYHPDLQ UHVSRQVLELOLW\IRUWKHSURFHVVLQJRIQDQFLDOWUDQVDFWLRQVDQGUHSRUWVIRU%XUQV+RXVH *URXSRI&RPSDQLHVDQGLWV3DUHQW&RPSDQ\&RPPRQZHDOWK%UHZHU\SXEOLFO\ OLVWHGFRPSDQ\RI%,6;f -RE'HVFULSWLRQ 5HVSRQVLEOHIRUDOOGDWDXSORDGDQGUHSRUWLQJWRWKHUHJLRQDOFRUSRUDWHRIFH YLD&RPSDQ\,QIRUPDWLRQ/RJLVWLFVf 3UHSDUDWLRQRIPRQWKO\FRQVROLGDWHGQDQFLDOVWDWHPHQWV 5HVSRQVLEOHIRUWKHEXVLQHVVDQDO\VLVUHSRUWVRINH\EXVLQHVVXQLWV URGXFWLRQ:KROHVDOHtHWDLOf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isit our website at www.cob.edu.bsCOURSE OFFERING: BEGINNING OCTOBER 3, 2011CONVERSATIONAL HAITIAN CREOLE I & II CONVERSATIONAL FRENCH I CONVERSATIONAL SPANISH I, II & III ENGLISH AS A SECOND LANGUAGE I & II PRICE: $ 300.00 per course LOCATION: CEES Bldg. Moss Road REGISTRATION FEE: $40.00 PLEASE CALL US TO CONFIRM DAYS AND TIMES FOR THE COURSES TELEPHONE: 302-4584 or 325-5714/328-0093 E-MAIL: ilci@cob.edu.bs Water Corps buying costs jump $20m FROM page one



LOS ANGELES Associated Press AFTER EIGHT MONTHSof contract-wrangling and negotiations that dragged past a strike deadline, supermarket workers in Southern California will stayo n the job and shoppers won't have to rely on Whole Foods or their corner liquor store for groceries. M embers of the region's United Food and Commerc ial Workers voted to ratify a new contract with three major grocery chains, unionl ocal spokeswoman Ellen Anreder said, averting a strike of more than 60,000 workers that could have crippled the industry and left shoppers scrambling. U nited Food and Comm ercial Workers local spokeswoman Ellen Anred er said Saturday that after t wo days of voting, members agreed to a deal struck Monday with Vons, Ralphs and Albertsons. Exact vote totals were not released. We're all very grateful to our customers for their sup-p ort over this eight-month process, and are very grateful that we can continue to serve them," a tired-but-relieved Anreder said after the vote. U nion officials had urged t heir rank-and-file to ratify t he contract, which they said addressed concerns about funding for the employees' health plan, the main stick-i ng point during months of negotiations. "This package protects our m embers' access to afford able comprehensive health care for themselves and their f amilies," the union said in a s tatement. "That was our top p riority throughout the negotiating process." T he supermarkets, meanwhile, said after agreeing to the deal that it would allow them to remain competitive. Messages left for grocery representatives after the votew ere not immediately returned. D etails of the agreement were made available to members for the first time as they filed into their union locals' headquarters or other votingl ocations to cast their ballots o n Friday and Saturday. There was a sense of relief when people had an opportunity to really look over the new contract and see whatw as in it," Ralphs clerk and union member Mario Frias said. T he deal ended months of sometimes testy discussions between union officials and r epresentatives of The Vons C os.; Ralphs Grocery Co., a s ubsidiary of The Kroger Co.; and Albertsons, which is o wned by Supervalu Inc. The three-year contract affects about 62,000 workersf rom central California to the b orders of Mexico and Arizona. Ralphs had indicated it would initially close all 250 of its stores if there had been a strike; Albertsons had said it could shutter up to 100 locations, while Vons had said its stores would remaino pen. T he prospect of shuttered s tores and tense picket lines brought fears of a repeat of t he four-month strike in 2004 that cost the industry $2 billion and created a mess fors hoppers. This time around, w ith unemployment at 12.1 percent in California, workers evidently feared that they would find little public sympathy if they voluntarily walked off the job. T he market chains, meanwhile, were likely reluctant to invite shutdowns and picket lines that might alienate shoppers already spending l ess due to the economic d ownturn. U nion leaders and the markets announced in July that they had reached a tentative agreement on the employers' contributions to pension benefits, but remained far aparto n payments to the union h ealth care trust fund. U nion members voted overwhelmingly last month t o authorize their leaders to call a strike. Those leaders said they were responding tow hat they characterized as t he chains' delaying tactics when they issued the required 72-hour notice Thursday evening to cancel the contract extension under which they had been working sinceM arch. But after the Sunday evening deadline passed with neither a strike nor a deal, store employees returned to w ork. Union officials a nnounced Monday that the t entative deal had been reached. BUSINESS PAGE 8B, MONDAY, SEPTEMBER 26, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.191.190.003000.1550.0807.76.72% 10.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7.504.40Bank of Bahamas6.936.930.000.2300.10030.11.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00%2 .842.55Bahamas Waste2.702.700.000.0300.09090.03.33% 1 .961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 11.108.29Cable Bahamas8.478.470.000.2450.31034.63.66% 2.802.33Colina Holdings2.582.33-0.2518,1270.4380.0405.31.72% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7 .006.21Commonwealth Bank (S1 6.886.880.002,7000.4960.26013.93.78% 2.001.63Consolidated Water BDRs1.551.620.070.1110.04514.62.78% 1.771.31Doctor's Hospital1.371.370.000.0740.11018.58.03% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 8.405.35Finco5.395.390.000.7570.0007.10.00% 9 .747.75FirstCaribbean Bank8. 6 .005.00Focol (S 5.335.330.000.4350.22012.34.13% 1.001.00Focol Class B Preference1. 7.305.58ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.000.8800.64011.26.52% 1 0.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 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 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.001 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%FRIDAY, 23 SEPTEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,384.16 | CHG -2.87 | %CHG -0.21 | YTD -115.35 | YTD % -7.69BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/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 Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.57791.4674CFAL Bond Fund1.5779263.39%5.87%1.548717 3.02482.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.86862.5398Royal Fidelity Bahamas G & I Fund2.5730-5.41%-9.79% 13.800113.2291Royal Fidelity Prime Income Fund13.73472.82%1.94% 114.128999.4177CFAL Global Bond Fund114.09222.35%13.88%114.128861 118.4255101.6693CFAL Global Equity Fund118.42552.30%8.26%116.580785 1.17491.0000FG Financial Preferred Income Fund1.18353.32%4.99% 1.13431.0000FG Financial Growth Fund1.14202.10%4.31% 1.17641.0000FG Financial Diversified Fund1.18543.16%5.14% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.498510.5308Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.96520.78%5.70% 10.68139.4372Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.60135.75%13.20% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund8.65073.01%18.38% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX 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 7/11/2007NAV Date 31-May-11 31-Aug-11BISX Listed Mutual Funds30-Jun-11 31-Aug-11 NAV 6MTH 1.535365 2.952663 1.580804 111.469744 115.762221TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Jul-11 30-Jun-11 31-Jul-11 5-Aug-11 30-Jun-11MARKET TERMS31-Aug-11 31-Jul-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. 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GROCERY WORKERS OK DEAL, STRIKE AVERTED GROCERY WORKERS count ballots at the union headquarters in Buena Park, Calif., Saturday. Southe rn California shoppers should soon learn whether grocery stores will remain open as another wave of supermarket employees votes on a deal to stave off a strike. (AP P ARIS A ssociated Press THE GOVERNORof the B ank of France is quoted as saying that French banks are "very solid" and capable ofc oping with a potential Greek debt default. Christian Noyer made the comments to the weekly Journal du Dimanche, which publ ished them Sunday. He says French banks "can c onfront the Greek risk with less than six months of profits." Moody's downgraded the credit ratings of French banks S ociete Generale and Credit A gricole Sept. 14 after a perio d of market volatility. It low e red SocGen's long-term debt rating by one notch to Aa3 a nd Credit Agricole's by the s ame amount. Investors wonder if banks can absorb losses shouldG reece default the nightmare scenario. REPORT: FRENCH BANK CHIEF SOUNDS OPTIMISTIC NOTE Shar e your news The T ribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for impr ovements in the area or have won an awar d. If so, call us on 322-1986 and share your story.


WASHINGTON Associated Press T HE INTERNATIONAL bank lobbying group that has been leading nego t iations on giving debt-ridd en Greece easier terms for its bonds on Sunday rejecte d calls to impose larger l osses on private investors. Forcing private creditors to write down their Greek bond holdings by more t han the 21 percent tentatively agreed to in a July deal would quickly cause a domino effect" that would s ee the crisis spread to othe r parts of Europe, warned Josef Ackermann, the out-g oing chairman of the Instit ute of International Finance. Such a move would ultimately cost taxpayers much more than just bailing out Greece and erode confidence in the euro, said Ackermann, who is also theC EO of Germany's Deutsche Bank, a major lender to Greece. G ermany and other rich e urozone nations have been pushing for a re-nego tiation of the July deal, arguing that the economics ituation in Greece has significantly deteriorated since then and may require as teeper cut in the country's debt load. However, Ackermann q uickly rejected that push, saying that the agreement w as fair and already placed a heavy burden on banks a t a time of major market turmoil. If we now start reopeni ng this Pandora's box we will lose a lot of time and I'm not sure people would be willing to participate," Ackermann told a newsc onference on the sidelines o f the annual meeting of t he International Monetary Fund. Investors Under the July deal, Greece is asking banks and other large private investors to swap their e xisting Greek bonds for ones with longer repayment deadlines, a lower face valu e or lower interest rates. T he IIF says the deal would save Greece some euro54 billion by 2014 and euro135 billion by 2020. H owever, most analysts say that those savings are far too small to makeG reece's massive debts w hich amount to some 160 percent of economic out put sustainable again. At the same time, there haveb een growing doubts that investors will agree to swap 90 percent of their bondh oldings, a minimum threshold that Athens set t o make the deal worthw hile. G etting private creditors t o agree to the deal comes at a heavy cost for Greece. Apart from temporarily being rated in "selective default" a first for a eurozone nation the country has to spend some e uro42 billion on setting up a collateral fund that would secure the remaining value o f the bonds. I f at some point Athens d ecides that a steeper cut in its debt was necessary, that money would go to theb ondholders. "If the July deal goes ahead, Greece would bel ocked into this perpetually," said Sony Kapoor, managing director of ReDefine, a Brussels-basede conomic think tank. G reece has been relying on euro110 billion in res-c ue loans from other euroz one countries and the International Monetary Fund since May 2010. In July, when it became cleart hat Athens needed more help, eurozone leaders agreed on a second, e uro109 billion bailout, a lthough several aspects of t hat deal still need to be f inalised. Taxpayers T o make the second aid package acceptable for their taxpayers, several richc ountries led by Germany pushed for banks and big i nsurance companies to share some of the pain of bailing out Greece d espite opposition from the European Union and the E uropean Central Bank, the central bank for the 17n ations that use the euro as a common currency. But since July, the eurozone's debt crisis has sig-n ificantly worsened, partly because investors now fear that they may also face losses on bonds froma lready bailed-out Portugal and Ireland as well as struggling Italy and Spain. The Greek economy is n ow set to shrink 5.3 percent this year, up from a June estimate of a 3.8 per c ent decline, followed by a f urther contraction in 2012. 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(AP LINCOLN, Nebraska Associated Press ENVIRONMENTALISTS hoping to block a proposed underground oil pipeline that would snake 1,700 miles (2,700 kilometers) from Canada to the Gulf of Mexico have pinned their hopes on an unlikely ally the conservative state of Nebraska. Few states are as Republican as Nebraska, which hasn't supported a Democratic presidential candidate since 1964. But opposition to the Keystone XL pipeline has risen steadily since the project was proposed three years ago. The reason: Fears of contaminating the Ogallala Aquifer, a vast subterranean reservoir that spans a large swath of the Great Plains and provides water to much of Nebraska, as well as seven other states. Opponents have grown to include Nebraska's conservative governor and two U.S. senators, a Republican and a con servative Democrat. Many in the public are hostile to the idea, too. When a pipeline company logo was displayed on a stadium screen during a recent Nebraska Cornhuskers game, boos rained down from the crowd of 85,000. The university agreed to stop running the ads. Damon Moglen, a spokesman for the Washington-based envi ronmental group Friends of theEarth, called Nebraska "the key battleground" over the propos al. Both sides of the debate will have a final chance to make their case this week, when public hearings are held in Lincoln and Atkinson, a small town in northern Nebraska. Similar meetings are scheduled in other states that would be crossed by the pipeline. "We're in the fourth quarter of this game," Moglen said. "The question is, can the home team up its game and win?" OIL PIPELINE OPPONENT S PIN HOPES ON NEBRASKA