N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER HOURS of madness Volume: 107 No.214FRIDAY, AUGUST 12, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY WITH SHOWER HIGH 91F LOW 81F By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org AN OUTBREAK of violence over a 12-hour period left five people in hospital with gunshot and stab wounds yes-t erday. As the murder count contin ues on course for yet another record breaking year, police are appealing to the public for help in locating those respon sible for the latest series of attacks which began with a triple shooting on Market Street at around 11pm on Wednesday. According to police, the victims were inside Luckys Bar on Market Street and Ross Corner when they were approached by three men armed with handguns. The gunmen opened fire on the customers, hitting one in the leg, another in the ankle and the third man in the thigh. The victims were rushed to hospital by paramedics and were last night reported to be in stable condition. Police also report that a Flamingo Gardens man is being questioned in connection with an attack that left the male victim suffering from multiple stab wounds. The incident reportedly occurred at around 2.40pm on Wednesday at the Texaco Service Station on the corner of East Street and Soldier Road. Preliminary reports indicate the victim was at the service station when he was approached by a group of men in a black Honda. The driver got out of the car and stabbed the man several times. The victim was taken to hospital where he remains in serious condition. Another shooting occurred off Soldier Road early yesterday morning. Shortly after 1am, a 40-yearold man was standing outside of his home in Ideal Estates, off Soldier Road, when he was Five in hospital after shooting and stabbing spree TRY OUR McFLURRY SNICKERS The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM INSIDE TODAY BACK 2 SCHOOL PREPAREFORTHENEWTERM CARIBBEAN POLICECHIEFSVISITNEWPROVIDENCE POLICE CHIEFS from around the Caribbean enjoy a light moment yesterday during their visit to New Providence as part of the First Regional Community Based Policing Conference. SEE PAGE TWO F e l i p M a j o r / T r i b u n e s t a f f SEE page nine By TANEKA THOMPSON Deputy Chief Reporter email@example.com THE London-based Privy Council overturned another convicted murderer's death sentence this time ruling that Earnest Lockhart's crime was not "the worst of the worst" and ordered for him to be resentenced. In a written judgment, the Council also said there was not sufficient evidence present to sway the board that Lockhart could not be reformed of his transgressions. Lockhart was convicted of the June, 1999 murder of 23-year-old Caxton Smith. Smith was killed on June 8 from a single bullet to the back. According to the judgment, Lockhart killed Smith because the victim refused to sell drugs for him. Both ANOTHER CONVICTED MURDERERS DEATH SENTENCE OVERTURNED BY PRIVY COUNCIL SEE page nine By TANEKA THOMPSON Deputy Chief Reporter firstname.lastname@example.org THE National Insurance Board is struggling to collect backdated contributions from straw vendors, most of whom are said to be in arrears. The Tribune was told nearly 80 per cent of the 605 straw vendors registered with NIB are behind on their contributions. The vendors must have business licences in order to operate stalls in the new $11 million facility on Bay Street and have to prove they are up to date in NIB contributions, or engaged in a payment plan, in order to renew their business licence. One angry vendor told The By LAMECH JOHNSON A MAN was yesterday found not guilty of murdering a bul ly who trespassed on his prop erty. Simon Mackey, 34, who had been charged with the December 11, 2009, stabbing death of Noel Pratt at Cape Eleuthera Resort and Marina, was acquitted when a 12-member jury delivered a unanimous not guilty verdict. On the question of manslaughter, the other possi ble charge, the jury delivered an 11-1 not guilty verdict. Prosecutor Basil Cumberbatch, in a closing statement prior to the verdict, said Mackey used excessive force in defending himself in a situation which did not necessitate stabbing, and as a result, his actions counted as murder. THE liquidators who oversaw the dissolution of Banco Ambrosiano entities in the Bahamas have moved to set the record straight on their efforts to recover funds from the 1982 collapse of a financial institution notorious for its Mafia and drug cartel links. This comes after a series of articles in The Tribune highlighted claims in the Italian and UK media that up to $200 mil lion was still unaccounted for. The statement, released by the law firm Callenders & Co yesterday, does not list the indi viduals on whose behalf it was issued, but the original liq uidators were Clifford Culmer, Sir Geoffrey Johnstone and John F Smith. EVIDENCE from Bahamian whistleblowers has led FIFA to charge 16 Caribbean soccer officials with violating their code of ethics in an ongoing probe into a bribery scan dal. FIFA's ethics committee yesterday started proceedings against 16 members of the Caribbean Football Union (CFU ing the organisation's ethics during a CFU meeting in Trinidad & Tobago on May 10 and 11 of this year. A statement posted on FIFA's website said more charges could be forthcoming as the investigation continues. Vice-president of the Bahamas Football Association SEE page nine SEE page nine SEE page nine SEE page nine BAHAMIAN WHIS TLEBLOWERS EVIDENCE LEADS TO FIFA CHARGING 16 SOCCER OFFICIALS LIQUID ATORS SET REC ORD STRAIGHT ON FUND RECOVERY EFFORTS FROM BANK COLLAPSE MAN N OT GUILTY OF BULLYS MURDER NIBSTRUGGLING TO C OLLECT BACKDATED CONTRIBUTIONS FROM STRAW VENDORS COURTNEWS
LOCAL NEWS PAGE 2, FRIDAY, AUGUST 12, 2011 THE TRIBUNE *Subject to certain terms and conditions. *Trademark of The Bank of Nova Scotia, used under licence (where applicable SCOTIABANK INVITES YOU TO VISIT OUR AUTO FAIR BRING THIS AD IN AND RECEIVE Extra Savings Rates As Low As 2.99%*WHERE: Thompson Boulevard Branch NOW: Saturday, August 13, 2011 TIME: 12:00 4:00 VENDORS: P OLICE chiefs from around the Caribbean take a tour of New Providence as part of the First Regional Community Based Polici ng Conference. The event, organised by the US Embassy, is part of US President Barack Obamas commitment to supporting Caribbean security institutions in combating transnational crime through the Caribbean Basin Security Initiative (CBSI CARIBBEAN CONNECTION U S CARIBBEAN LAW ENFORCEMENT CONFERENCE Photos by Felip Major /T ribune staff
LOCAL NEWS T HE TRIBUNE FRIDAY, AUGUST 12, 2011, PAGE 3 By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT Nearly 50 Bahamians on Grand Bahama will be out of work by the end of this month when Freeport Flight Services loses its contract at the Grand Bahama International Airport. The company will cease operations on August 31 after providing services at the airport for more than 40 years. The closure will affect about 45 employees, someof whom have been with the company for 37 years. Freeport Flight Services, which is jointly owned and operated by ASIG and D BA Aviation, provide g round handling and FBO services, including baggage handling, front desk, sanita tion services and aircraft services. The Grand Bahama Airport Company (GBAC which is owned by the Hutchison Group, will resume those services onS eptember 1. A ccording to sources, services had been steadily withdrawn from FFS, including the distribution of fuel to the airlines which was taken over last year by the GBAC. A young local attorney is speaking out on the matter and the impending unemployment of FFS workers. I wish to state firstly my s adness and disappointment at what I have become aware is taking place with the employees of Freeport Flight Services, said Osman R C Johnson. The company is set to lose its service contract at the end of this month, after45 years of faithful services to the airport and to the people of this island. By next month there will be 45 families on this island and in this country w hichwill face uncertain futures, Mr Johnson said. What is most worrying about all of this is the fact that the contract is being taken away from a company which employs dozens of Bahamians and will be given instead to a foreign owned entity, which already domi nates this island economi cally. FFS has given 90-days notice to staff that it will cease its operation at the airport. The workers are expected to begin receiving severance pay, starting A ugust 28. Management had informed staff at a meeting that the company which had already lost some of its contract for services was losing money. Although the FFS contract comes to an end on August 31, sources say that the airport company has hired new employees for training and will begin han dling services for Delta Air lines on Saturday. There are reports that the GBAC has rehired 15 per cent of the workers at FFS. The Tribune contacted public relations officials at Hutchison on Wednesday, but our call was not returned up to press time. According to reports in a local newspaper, Management at Freeport Flight Services, confirmed that the office will be closing at the end of this month. They were also quiet on the cause of their closure, but said only that due to certain challenges they face presently, they will have to close their doors. It was clear that the company did not want to leave, but had foundno other way out, reported the Freeport News. One worker who wished to remain anonymous felt that FFS employees should have been given first preference to jobs instead of new workers being brought in. FFS has invested a lot of time and training in us at the airport and many more persons had hoped to be rehired. AS the outbreak of dengue fever i n New Providence continues, memb ers of the public have expressed c oncern that not enough is being done to fight the cause of the virus. Government said it has increased pesticide fogging efforts in an attempt to kill off the mosquitoss preading the disease, but a number of Tribune readers remain scept ical. A concerned caller said: I have b een hearing about this fogging but I have yet to see anything. Not a single truck passed my home or work not even once. Also, while the government has s aid it is fogging densely populated areas, what about the lakes and p onds on the golf courses? Mosquit os breed in fresh water, so these a reas should be target number one. In Trinidad, one former resident of that island said, they spray chemicals religiously. Everyone would see the truck pass their housea t least once or twice a week. They used to use crop dusters as w ell to treat the lakes and other b reeding grounds for mosquitos. T he Bahamas government could get crop dusters from South Florida, probably overnight. If they kill off CONCERNS THAT NOT ENOUGH BEING DONE TO FIGHT DENGUE FEVER CAUSE TEEN, MINOR ARRAIGNED IN CONNECTION WITH SHOOTING INCIDENT By LAMECH JOHNSON A TEENand a minor were arraigned in Magistrates Court yesterday afternoon in connection with a shooting ata family island police station. G overnors Harbour resid ents Javaughn Saunders, 19, and a 17 year old were both charged with possession of af irearm with intent to endang er the life of a police officer, unlicensed firearm possession and damage to the Rock Sound Police Station. They are accused of shoot ing from a southern glass win d ow at a female officer who was at the front desk of the station. The incident, which o ccurred on Sunday, August 7, took place around 3.15 am. Magistrate Carolita Bethel o f Court Eight told the young men that they were not allowed to enter a plea to the first charge due to the nature of the offence, a preliminary inquiry or the service of aV oluntary Bill of Indictment c ould be the next step. Calvin Seymour, appearing on behalf of the minor, toldt he court that his client was a bused by police, and ridges on his shoulder and neck were there to prove it. Davard Francis, representing Saunders, also claimed that police abused his client. T he prosecution objected to bail due to the serious nature of the charge. Howev er, both attorneys argued thei nnocence of their clients, indicating they had no previ ous convictions before the c ourts and were both gainful ly employed with a construction company on the island, helping to support their respective families. The two were remanded t o prison until August 15 and w ere ordered to be examined by a doctor at Her Majestys Prison. T he matter was stood down t o Court 9, Nassau Street where a bail hearing to deter mine if GPS ankle bracelets could be placed on the defendants to monitor them. A decision also will be m ade as to whether there will be a preliminary inquiry into the shooting matter or the prosecutions intent to pro c eed with a Voluntary Bill of Indictment. COURTNEWS SEE page five C HARGED: J avaughn Saund ers, 19, and a 17-year-old outside of court. They were both charged with possessiono f a firearm with intent to endanger the life of a police officer, unlicensed firearm possession and damage to t he Rock Sound Police Station. T IM CLARKE/ T RIBUNE STAFF NEARLY 50 JOBS TO GO AS FREEPORT FIRM CEASES OPERATIONS SEE page five
By DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT Although there are several cases of dengue fever reported in New Providence, an official here at the Department of Environmental Health confirmed that so far none has been reported in Grand Bahama. Chief Health Inspector Bertha McPhee said that medical facilities are bound by law to report if they receive an individual who is infected with the disease. She noted that there are protocols that must be followed once a case has been reported on the island. If there was a caseby law it is reportable, and so they should report it to us so we could take the necessary precautions and put in place our standard oper ating procedures to administer intense treatment to the area in which the infected persons lives. To my knowledge, we have not had any cases in Grand Bahama, Ms McPhee said. She noted that not every mosquito has the disease. The mosquito by itself does not have the disease; it has to bite an individual who is infected with dengue and thats how it is transmitted, Ms McPhee explained. Symptoms Dengue fever is a potentially d eadly mosquito-borne infection that causes severe flu-like symptoms often accompanied by a rash. Since June of this year, the Department of Environmental Health has been conducting fogging exercises on Grand Bahama. Ms McPhee reported that two sets of fogging have taken place in West Grand Bahama. We have fogged from Eight Mile Rock to West End and back from West End to Eight Mile Rock, and certain areas in Freeport, she said. She stated that fogging was also carried out in the Pinders Point area from Mack Town to Seaco Town, and in East Grand Bahama from Sweetings Cay to Freetown. Fogging is also conducted at ports of entry, Ms McPhee said. The four stages in the life cycle of a mosquito occur in water. The Aedes Aegypti mosquito is a domestic mosquito that lives close to homes where water is present. Ms McPhee stressed that the public must also do its part to prevent mosquito breeding. She stated that residents should keep their environment clean and free of standing water. The department will be diligent in spraying, but if we can keep our environment clean, free o f cans, bottles, and other containers and vessels which can hold water, and make sure to change the water in our house plants every two days, it will make a difference because it takes about 48 hours for a larva to mature to an adult mosquito, she said. Spray Ms McPhee said residents should spray aerosol insecticide in their closets, under the bed, chairs and sofa where mosquitoes tend to harbour. She also advises that persons wear long sleeves and pants when venturing outside late at night or early dusk. Residents, she said, should make sure that their homes are protected with window screens. She encouraged persons to open their windows when fogging is taking place to allow the insecticide to come into their homes. It is not harmful. We have b een using it for a very long time and none of our officers have become ill as a result of working very closely with the insecticide, so it is relatively safe, Ms McPhee said. However, she said the insecticide is not good for bees and warns persons in the bee/honey business to securet heir bees during fogging. The main thing I want to reemphasise to the public is to keep the immediate environment free from water holding containers to eliminate the growth of adult mosquitoes, Ms McPhee said. LOCAL NEWS T HE TRIBUNE FRIDAY, AUGUST 12, 2011, PAGE 5 THIS WEEK, the Immigration Department repatriated 115 illegal Haitian migrants to Portau-Prince, Haiti on a Bahamasair charter flight. Included in the group were 76 men, 32 women and eight children. Eighty-six of those repatriated were among the group which landed illegally in the Yamacraw area on Monday, August 1. The remaining 29 had been taken to the Carmichael Road Detention Centre after being found without proof of status. This repatriation exercise represents the first such exercises for this fiscal budget year. The Department of Immigration has $1,000,000 in this item for the period July 1, 2011 to June 30, 2012, said Immigration Director Jack Thompson in a statement. the larvae cycle, they can get a handle on this. After an outbreak of dengue fever in early 2010, the Florida Keys Mosquito Control District (FKMCD began releasing an eco-friendly, nont oxic larvicide from a helicopter over Key West. As a result, no new cases of Dengue have been reported there this year. According to Minister of State for the Environment Phenton Neymour, t he government is doing all it can t o combat the virus. He noted that few people see evi d ence of the g overnments efforts because the fogging t rucks operate between 4am and 7am, when mosquitos are most active. Mr Neymour said that since the outbreak b egan two weeks ago, the entire island has been fogged on two occasions with densely populated areas being targeted an additiona l two or three times a week. H e did note that on occasion, high winds or rain can hamper the fogging efforts. As to why large bodies of fresh water have n ot been treated using crop dusters or heli copters, Mr Neymour said the particular breed of mosquito in question tends to lay itse ggs in small pools of standing water such as plant pots or bird feeders. For this reason, he said, while the govern m ent will continue to do all it can, the role of the public in removing such containers from their property is of the utmost importance. the DNA candidate for Pineridge, said Bahamians continue to lose jobs in Grand Bahama. We have recordbreaking levels of unem-p loyment currently and there appears to be a lack o f care and attention by the government, he said. FFS, which employ Bahamians, has been forced out (of business We will witness 45 families that will be put to hardship and loss because of the decision that was taken, and our govern-m enthas not responded a t all. It is a travesty that we are allowing in these economic times for more jobsto be taken away from Bahamian people, he said. The question that needs to be asked is whatis the response of this FNM government to the genuine needs of its people? Management at the local office refused to comment on the situation,but they did confirm that the office will be closingand so far has laid off four employees with more to g o in July and the remaining to go with the closure at the end of August of this year. They were also quiet on the cause of their closure,b ut said only that due to certain challenges theyface presently, they will have to close their doors. It was clear that the company did not want to leave, but had found no other way out. NEARLY 50 JOBS TO GO AS FREEPORT FIRM CEASES OPERATIONS FROM page one NO REPORTED DENGUE FEVER CASES YET IN GRAND BAHAMA CONCERNS THAT NOT ENOUGH BEING DONE TO FIGHT DENGUE FEVER CAUSE F ROM page one M INISTER OF STATE f or the Environment Phenton Neymour 115 HAITIAN MIGRANTS REPATRIATED THIS WEEK C hief Health Inspector:public must do its part to prevent mosquito breeding
LOCAL NEWS PAGE 6, FRIDAY, AUGUST 12, 2011 THE TRIBUNE T HE Royal Bahamas Defence Force Annu al Summer Youth Camp came to an exciting end as campers put on a song, dance and drama show at the Coral Harbour Base. T he camp, which got underway on July 12, is now in its fourth year and is organised by the Defence Force in an effort to keep children from spending the long summer vacation in idleness. The theme for this years camp was All Things Bahamian. Participants ranged in age from five to 18, and took part in a variety of activities including straw work, art and craft, c arpentry, swimming and various sports. The Defence Force said the activities were designed to improve the childrens awareness of and appreciation for the uniqueness of B ahamian culture. Participants were also treated to field trips to the movies, a bowling alley, the circus and several historical sites. Commodore Roderick Bowe thanked the participants and their parents for making this years camp a success. He also commended the leaders and instruc tors for a job well done. By K QUINCY PARKER Bahamas Embassy W ashington, DC W ASHINGTON, DC After participating in the US State Department sponsored International Visitor Leadership Programme, veteran educator and junkanoo propon ent Arlene Nash Ferguson s poke about the importance of such professional exchanges to the preservation of our culture. It is very important, she said. It demonstrates our eagerness to be a part of the world community and work with other nations toward c ommon goals. Programmes such as this broaden our horiz ons, exposing us to new ideas a nd thinking in international circles, and this inspires us to b ring new ideas home and adapt them where applicablea nd where needed to our local c ircumstances. Lessons The experience also deepe ns our appreciation of what w e do have in the area of cult ural heritage, and serves to underline the critical importance of preserving it. The programme, she added, also allows us toe stablish links not only with p ersons in the same area in t he United States, but also around the world: there were 18 participants in my prog ramme and only three nations from the Western Hemisphere were represented Mexico, Guyana and the B ahamas. The IVLP is funded and administered by the US D epartment of States Bureau of Educational and Cultural Affairs, and is designed to build mutual u nderstanding between the US and other countries through carefully designed visits that reflect the participants professional interests and support US foreign policy goals. The focus of the IVLP in w hich Mrs Ferguson participated was cultural heritage preservation. Mrs Ferguson and her colleagues visited four cities:W ashington DC; St Louis, Missouri; New York City; and Savannah, Georgia. In all of these locations, Mrs Ferguson said, we met with persons in positions ofa uthority and various areas of expertise, in a variety of i nstitutions like the US N ational Committee of the International Council on Monuments and Sites [USIC OMOS]in Washington, D C; the Missouri History Museum in St Louis, Missouri; the MetropolitanM useum of Art in New York City and the Sapelo Island Cultural Revitalisation Soci-e ty in Georgia. Asked about the lessons s he imparted and what she learned, Mrs Ferguson said: I think I taught that despite being less than 50 miles from the US mainland at our clos e st point, the Bahamas has a unique culture, and we are serious about preserving it. I learnt that we can do quite a bit to preserve our cultural heritage, notwithstanding f inancial constraints. As with Mrs Ferguson and STRAW Inc director Terri Cunningham, who is cur-r ently engaged in another IVLP project, participants are individuals the US con siders established or potential foreign opinion makers i n government, public policy, media, education, labour, the arts and other key fields. Mrs Ferguson and Miss Cunningham were selected by the US Embassy in Nassau to meet and confer with their professional counterp arts and gain an appreciation of the ethnic, cultural, political and socio-economic diversity of the United States. Commitment A ccording to Mrs Ferguson, the IVLP demonstrates the commitment of the Unite d States to partner with othe r countries in areas of mutual interest, like cultural heritage preservation. It alsod emonstrates their generosity in underwriting the cost of the entire experience. I think it was an honour f or the Bahamas to have been i nvited to participate, and certainly a nation that has been independent for 38 years can learn much from a nation that has enjoyed independence for2 35 five years. Our participation demonstrates that the Bahamas appreciates thee fforts of the United States to partner in important areas and also the opportunity to b enefit from their years of e xperience in various areas. Almost 300 IVLP alumni are current or former headso f government or chiefs of state, including Nicolas Sarkozy of France, Hamid K arzai of Afghanistan, Alvaro Uribe Velez of Colombia, Mwai Kibaki of Kenya,A bdullah Gul of Turkey, G ordon Brown of the UK and Helen Clark of New Zealand. A RLENE NASH FERGUSON c alled on Bahamian Ambassador CA Smith while participating in a US D epartment of State sponsored professional exchange programme. US-BAHAMAS PROFESSIONAL EXCHANGE HIGHLIGHTS CULTURAL PRESERVATION FOREIGN PROGRAMME STRENGTHENS LINKS BETWEEN COUNTRIES RBDF ANNUAL SUMMER YOUTH CAMP COMES TO AN END PASS THE BALL: Some of the youngsters playing a game of basketball. TAKING A DIP: Some of the younger students enjoying a dip in the pool at the Coral Harbour Base.
WITH the ATL Automotive Audi TT DTM in tip-top shape, Doug 'Hollywood' Gore went with all guns blaz i ng to dethrone 'King' David Summerbell Jr and set a new Dover track record of 1.18.114 minutes with a breathtaking performance at the Indepen dence of Speed race meet held in Jamaica. The previous record of 1.18.47 minutes, held by Sum-m erbell since 2009, was almost effortlessly cast into the annals of history when Gore showed the genius of German engi neering on the sixth lap of the grueling 12-lap Thundersport race. "The ATL team and myself, we were all motivated andb oosted to give our best performance and that's exactly what we did we beat the track record and beat Sum merbell," said Gore. The record-breaking race was the pinnacle of an impas sioned rivalry between the two motor racing giants, Gore and Summerbell, after what had become a day of fierce encoun ters. Both drivers started the day with an episode titled 'Crash of the Titans', when Gore's Audi and Summerbell's Evolution exchanged blows during a rumble at the mouth of the chicane in the first MP 4 race. This incident rendered the Evolution incapable of continuing the race with a damaged front end and tyres while the ATL Automotive sponsored Audi shook off its minor injuries and rejoined the race to place second behind Heath Causewell in the MP 4 class. Both stalwarts returned to the battlefield for the second MP 4 race with Summerbell chasing Gore all the way to checkered flag, as the Audi earned another stripe on its road to the track record. Then for the grand Thundersport 2 race, Gore unleashed the big guns. Summoning all the Audi TT-R's horses, its aerodynam ic advantage, its braking superiority, Gore sped to the fin ish line unchallenged as the clear victor. So optimally prepared and unshakeable was the Audi that the crew did little else but the requisite tyre changes to ready it for its record breaking per formance. Supporters of the ATL Rac ing Team and Team Summberbell were drenched with emotions as the rivalry burned the tarmac under the blazing sun, amidst shouts of "Go Daddy Go" from the Gore and Summerbell offspring. With 'Daddy Doug' emerging victorious in the Thunder sport 2 race and 'Daddy David' placing second, Summerbell agreed that Gore did a marvellous run and said he believes the competitive fac tor is good for the sport. "I think it's a very good time, Doug definitely raised the bar. I think we can be competitive in racing, but I'd like to get back the track record for sure, we want it back. Doug breaking the record is a good thing, it certainly makes all of us motivated to get more out of the team," said the former record holder. LOCAL NEWS PAGE 8, FRIDAY, AUGUST 12, 2011 THE TRIBUNE B yINIGO NAUGHTY ZENICAZELAYA A FTER MUCHnegotiation we have the NFL back in order. Football season in my opinion is the best time of the year. As we speak there are fantasy football drafts going on. Work schedules are being readjusted around game time. Tools are being banished to the shed and weekly household chores are transferred to youngerm embers of the family for an allowance an allowance that will only last as long as football season does (dont come the week after the Super Bowl looking for a chore list and money). Loyal, learned football fans such as myself and others use this time of year to resume existing football rivalries while aiming to create new ones. Running bets from previous seasons carry over to this year with new parameters. Gargantuan, flat screen HD TVs needt o be mounted on the wall and their corresponding remote controls refilled with fresh batteries. Every possible NFL pre-game show, with the best games of the week already programmed, are penciled in to viewing time. Not to be forgotten is the weekly tailgate party one must plan or attend (or crash in some cases, if your team is kicking the living daylights out of your rivals). N ovice football fans please take note of s ome of the above mentioned rituals of football. If you do, as a rookie fan, you will see there is much to be done to bring you up to par as a bona fide fan. Its a fraternity that has been here long before many of us and will remain long after. It is dedication to team (and how hard you pull for said team) that separates real fans from casual observers. The hottest buzz on the street right now is t he Philadelphia Eagles, who signed practically every available star free agent they could. As with the Miami Heat fiasco, we all remember how that story started and ended. The same circus atmosphere seems to be taking shape with the Eagles. In the middle of this season Im sure you rookie fans who have decided to jump on the Eagles bandwagon will have lots to say, especially to us veterans in an attempt to gain stripes. So as not to slow down the process of talking smack about your team (and others is a little check-list every rookie fan must s tudy thoroughly before engaging us football gurus: 1 Pick a team to root for and stick with them. Good, bad or ugly. 2. Know the names of at least five players on your favourite team. 3. Dont bring up the Dolphins perfect season. There are far too many longtime Dolphins that use that statistic as a crutch. 4. Dont make up stats or spit out false football facts just to be a part of the conversa-t ion. It will make you look and sound bogus. 5. If you didnt put in on the tailgate fare ( or add to the cooler) dont be a hog and clean up duty is all yours. Finally, guys, number six is definitely for you: 6. If you find a woman that likes and understands football... marry her. I followed rule number six, nine years ago. I must say my wife turned out to be a first ballot Hall of Famer, even though she doesnt pull for my team, the greatest team in all the land, the Dallas Cowboys its okay... we all have our little imperfections. P lus I know my Cowboys will win another Super Bowl long before her Tennessee Titans win their first. (Im sleeping on the sofa tonight once she reads this). In closing, football season is not just watching the game; its a way of life! With that being said, see you all this football s eason my fellow football fanatics. Im back to my preseason football work outs DOLPHINS SUCK, THE DOLPHINS SUCK, THE DOLPHINS SUCK. Wow, looks like Im in mid-season form already! PHILADELPHIA EAGLES wide receiver DeSean Jackson. The Eagles are the hottest buzz on the street right now. JAMAICAN RACER DOUG GORE TRUMPS COMPETITION IN MOTORSPORTS MEET JAMAICAS DOUGLAS 'HOLLYWOOD' GORE powers ahead in his ATL A utomotive sponsored Audi TT DTM to beat long time champ David Summerbell in all three motorsports match-ups held at the Dover Raceway in Jamaica last Sunday. In addition to copping first place honours in all his races, Gore also smashed the track record, dethroning previous holder Summerbell. COMICS VIEW I NIGO NAUGHTY ZENICAZELAYA BEFOREWEGETUNDERWAY...
LOCAL NEWS T HE TRIBUNE FRIDAY, AUGUST 12, 2011, PAGE 9 F red Lunn was one of the first to be offered a cashstuffed envelope containing $40,000 by a Caribbean Football Union (CFU cial at the May 10 meeting in Trinidad by FIFA presidential candidate Mohamed Bin Hammam, according to e vidence heard in a July ethics hearing. That meeting was called to encourage the 25 Caribbean union officials to vote for Mr Hammam's candidacy as FIFA president. Yesterday Mr Lunn said he did not wish to comment o n the investigation until "the smoke clears." "We can't comment on it right now because they are still investigating," he said. However, in an affidavit presented to the committee,Mr Lunn said he was stunned when he opened the e nvelope and US $100 bills fell on to the table during that May meeting. After initially stating he did not have authorisation to accept the funds four packs each of $10,000 Mr Lunn said he decided to hold on to the money and contact the BFA's president after he was urged to accept the money by the CFU official. He immediately sent a text message to BFA Chief Anton Sealey, who replied: "I'm disappointed but not surprised. It is important that ( we) maintain our integrity when the story is told. That money will not make or break our association. Youcan leave with your head high." Mr Sealey later "led" a group of Caribbean football officials to expose the alleged bribery attempts, according to international reports. Mr Bin Hammam, with former FIFA vice-president Jack Warner, was subsequently suspended as a leaked report revealed four CFU associations were either offered money, or saw the offence occur, during the meeting. The report said there was "comprehensive, convincing and overwhelming" proof that bribes had been paid to officials to support Bin Hammam's campaign for the FIFA presidency, and that Warner had facilitated this. The 16 officials who are being investigated are: David Hinds, Mark Bob Forde (Barbados ing, Aubrey Liburd (British Virgin Islands); David Frederick (Cayman Islands Osiris Guzman, Felix Ledesma (Dominican Republic Colin Klass, Noel Adonis (Guyana (Haiti (St Kitts and Nevis Mathurin (St Lucia Delves, Ian Hypolite (St Vincent and the Grenadines) Richard Groden (Trinidad and Tobago) and Hillaren Frederick (US Virgin Islands). Mr Klass, an official from Guyana, has been provisionally suspended from any football-related activity by the chairman of FIFA's ethics committee, the group said. Tribune the demands are unfair and places too heavy a burden on vendors, most of whom, she said, are struggling single mothers. "They're not allowing us to come in the new straw market unless you pay every dime you owe National Insurance. They playing hard ball and we talkin' about hundreds of people who don't have it to pay," said a 50year-old vendor. "I can't believe the government will be that hard to take jobs from poor people, we talkin' about single parents. I can't believe the Prime Minister know whats going on because that's a serious thing you take jobs from hundreds of people. They telling some of us we owe from 2002 and you talking thousands and thousand of dollars. Where you ga get that kind of money from?" The mother-of-three claimed she was told she owes about $4,000 in back National Insurance payments which has to be paid before she can move into the new market, set to open in September. However, officials from NIB and the Ministry of Works said they have been working with the vendors for several years to show them lapses in payment and get their fees up to date. Greg Collie, senior manag er of inspectorate and compliance at NIB, said about 80 per cent of vendors registered with NIB are behind on contributions. "On our system we have 605 vendors registered. Out of the 605 straw vendors, we are averaging about $10,000 in contributions a month, that's how much we are col lecting (that's of arrears and current payments that's very, very small." A few straw vendors have been prosecuted for non-pay ment, but he said the agency is still willing to work out payment plans for those who cannot pay a lump sum. He said 40 per cent of the outstanding payments must be paid up-front before a payment plan can be agreed to. However, he said: "If we find persons who are unable to pay that, we try to work with them. Elizabeth Keju, under-secretary at the Ministry of Public Works, said: "We have a problem with the fact that many of our straw vendors are not up to date with business licences and NIB." She said approximately 200 straw vendors have current business licences. "Our job is to make sure that people understand what their status is (with NIB for the record, if our records are wrong then come in and give us the proof that our r ecords are wrong," she said. Both officials stressed the vendors, and all selfemployed persons, need to ensure NIB payments are up to date so they can claim benefits in hard times. Mr Collie said: "A lot of persons who work within the s traw industry, and the taxi cab drivers, are under the impression they can evade NIB and at the end of their work life collect an old age pension. "However, anyone who is self-employed, earning an i ncome is obligated to make contributions so they can ( qualify) to receive a retirement benefit. "Straw vendors have also been able to collect industrial benefits if they are injured on the job, once they have paid on time we have juste xtended that to all selfemployed persons," said Mr C ollie. Defence attorney Terrell Butler pointed out that Mackey assisted police with their investigation throughout the entire process, after immediately turning himself in and presenting the screwdriver used to stab Pratt. Testimony during the trial suggested that Pratt had bullied Mackey throughout the year he had worked at the resort. On Tuesday, in an unsworn statement from the dock, Mackey told the jury and Justice Roy Jones he was threatened by coworker Pratt five days before the incident. Before giving testimony, Mackey was given three options by Justice Jones: decline to give evidence and let the jury make a decision; give an oathless statement and not be questioned by prosecution; or take the stand and testify about the incident under oath. Mackey chose the second option and told the court he was at home in his yard getting ready to feed his dogs and pigs when the incident occurred. He recalled that he heard Pratt calling at him no less than 10 feet away from where he was standing, and said Pratt proceeded to enter his property without permission. He demanded to have my dog and he curse me out and tell me he ga chap me up and kill me, Mackey said. Mackey told the court he used a cellular phone belonging to his father to report the threat to the police and went to the police station the following day (December 7 found his complaint had not been filed. On the morning of December 11, minutes prior to the stabbing at the resort and marina, Mackey said he told a supervisor, Prince Miller, he would be unable to work that day as he had to report the death threat made by his co-worker to police. He asked for a ride to the station from another co-worker, Kevin Richards. Pratt attempted to confront Mackey during the morning but was initially restrained by a relative on the job, he said. Mackey said Pratt pursued him to a parking lot on the property, after he announced he was going to the police. Pratt then pushed and punched him in the chest several times, threatening to kill him, Mackey told the court. I was scared, he said. It was at this moment, Mackey said he saw Pratt reaching for a stone and thats when I grabbed the screwdriver from the tool bag and jook him. The tool bag, on the roof of a car at the time of the stabbing, belonged to Richards. After the verdicts were announced yesterday, Mackeys family members shed tears and praised God. Defence attorney Ms Butler said she was happy that her client was free to go home to Eleuthera after being in prison on remand for nearly two years. A story of murder, Mafia plots, international money laun dering schemes and clandestine Masonic sects, the collapse of B anco Ambrosiano placed the Bahamas branch, Banco A mbrosiano Overseas Limited, at the very centre of the scandal. Italian prosecutors are looking for funds allegedly squirreled away by former bank chairman Roberto Calvi, known as "God's banker" because the Vatican Bank was the largest shareholder. In years leading up to the col lapse, Calvi set up companies in the Bahamas and South Amer ica to which he funnelled hundreds of millions in bank funds. It is claimed that $800 million in total went missing. While the liquidators do not provide figures, based on this estimation, their assertion that they recovered .5 cents in the dollar to date, would mean that only $4 million is still missing, not $200 million. The statement goes on to claim that no evidence has been produced by Italian Magistrates to suggest any of the money remains in the Bahamas, and that the request for co-opera tion from officials in Italy amounted to a mere fishing expedition that could not suc ceed under Bahamian law. The Italian press had claimed requests for co-operation from Bahamian officials had fallen on deaf ears, but Attorney Gener al John Delaney told The Tribune the government is in active discussions with the investiga tors. The liquidators statement can be read in full below: An article has appeared twice in the local media (The Tribune, August 8, 2011 and August 9, 2011) which reported on an article appearing in the press in Italy and notably in The Observer in the UK These arti cles speak of the disappearance of several hundred million dol lars through the machinations of those in control of the Italian based Banco Ambrosiano SPA in Milan and its subsidiaries in Luxembourg, the Bahamas and Peru dating back to periods before 1982. In 1982 independent Liquidators and Receivers were appointed in the respective jurisdictions to take control of the several banking institutions within the group and preserve the remaining assets and taking all immediate steps to try and trace and recover those assets misappropriated by those in control of the respective enti ties. This preservation and recovery effort was a massive operation on the part of all of the Liquidators and Receivers, including the Court Appointed Liquidators of the Bahamian entity, Banco Ambrosiano Overseas Limited (BAOL uidators, as Officers of the Bahamian Court, took every effort to recover all of the monies rightfully belonging to the creditors of the Bahamian Bank. To date 94.5 cents in the dollar has been recovered and distributed to creditors of BAOL. Recovery efforts required the co-operation of all Liquida tors and Receivers in the sever al jurisdictions involved which allowed them to pool informa tion (some of which was protected by the bank secrecy laws, were it not for the sanction of the respective Courts) and thereby expedited recovery efforts. This effort was achieved by a global Recoverable Funds Agreement under which the respective Liquidators exchanged information leading to the pursuit and recovery of hundreds of millions of dollars. In the Bahamas the local Liquidators have exhausted every effort to trace and recover all of the funds transferred through the Bahamian subsidiary and return those funds to the creditors. Despite asser tions by the Italian investigators made to the press that they have traced several hundred million of the missing funds to assets in the Bahamas, no tan gible or other evidence has been brought to the attention of the Bahamian Liquidators which would identify any assets remaining in this jurisdiction or, for that matter, in any other jurisdiction which might be pursued in the interests of creditors. In 2008 the Italian Magis trates did initiate a proceeding before the Bahamas Supreme Court in accordance with the provisions of, inter alia, the Criminal Justice (International Co-Operation) Act and obtained an Order for the examination on oath of the Liquidators as well as an employee of the Liquidators who had carried out the majority of the research on their behalf regarding the dis appearance of the assets of the Bank and its related entities. That individual was examined by the Italian Magistrates via the powers of the Attorney Generals Office and a 37-page sworn deposition was delivered to the Italian Magistrates. This process involved the re-exami nation of documents, many of which were over 30 years old. Throughout the process of this deposition no evidence was produced by the Italian Magis trates which would suggest that there were any funds remaining in this jurisdiction, or indeed any other funds which were not pursued by the Bahamian Liquidators. A subsequent request for further information was made by letter to the Office of the Attorney General (copied to the Attorneys for BAOL in 2010) and that request was couched in such terms that, in the opinion of the Attorneys for the Official Liquidators, it amounted toa mere fishing expedition and could not succeed under the provisions of the laws of the Bahamas and the Italian Magis trates were so informed. FROM page one LIQUID ATORS SET RECORD STRAIGHT 1 2 HOURS OF MADNESS FROM page one F ROM page one BACKDATED CONTRIBUTIONS FROM page one MAN NOT GUILTY OF BULLYS MURDER SIMON MACKEY FROM page one men had been drug dealers. Said the judgment: "The trial judge found that the murder had been carried out by Lockhart in order to protect his 'turf', in other words, the territory on which he plied his trade of drugs supply. He had threatened the deceased some time previously. And, although it was not expertl y executed, the killing had been planned by Lockhart with others. "The appellant had said to Caxton Smith something to the effect that 'if (he the deceased thought that he had come out of prison to take bread out of his (Ernest Lockharts would be killed. Evidence given during Lockhart's trial revealed he had threatened to kill Smith six months before t he deed was done. Vanessa Woodside, the victim's girlfriend, also testified that about two weeks before the killing Lockhart and another individual came to the home that she shared with Smith. "On that occasion, she said, the second man spoke to the deceased outside the house but she could hear what was being said. This man askedMr Smith to sell drugs for him and Lockhart, b ut Caxton had replied that he was not into that. At that point, according to Ms Woodside, Lockhart, who had been lurking by a coconut tree, said something to the effect that as Caxton did not wish to sell drugs for them, he could die like oth-ers before him," said the judgment. Lockhart was 21 years old at the time of the killing. On Wednesday the Council ruled that Lockhart's crime did not warrant an execution. "In the present case, it is the Boards firm view that, callous and brutal though this murder was, it simply cannot be described as the worst of the worst," said the judgment. The Privy Council has ruled that a death sen tence should only be upheld when the crime is considered to be the "worst of the worst" or "rarest of the rare" and there must be no meansof reform for the offender. At the age of fourteen years Lockhart had been sentenced to serve a period of detention for six months at the Boys Industrial School for housebreaking and theft. In 1994 he was sen tenced to three months in prison for causing damage to property and in March 1996 he was fined $3,000 for possession of dangerous drugs. Before being found guilty of Smiths murder, he had no convictions for violence to others, the judgment said. approached by another man armed with a gun. The assailant opened fire, hitting the victim several times in the stomach. He is now in hospital, also reported to be in serious condition. Anyone with any information regarding these incidents is asked to contact the Central Detective Unit at 502-9991, 502-9910 or Crime Stoppers at 328-TIPS. FROM page one ANOTHER CONVICTED MURDERERS DEA TH SENTENCE OVERTURNED B Y PRIVY C OUNCIL BAHAMIAN WHISTLEBLOWERS
By DANICA KIRKA and JILL LAWLESS Associated Press LONDON (AP Minister David Cameron said T hursday that Britain would look to the United States for solutions to gang violencea fter nights of riots and looti ng, and promised authorities would get strong powers to stop street mayhem eruptinga gain. Cameron told lawmakers he was "acting decisively tor estore order on our streets," a s police raided houses to round up suspects from four nights of unrest in Londona nd other English cities. Steve Kavanagh, the deputy assistant commissioner of London's Metropolitan Police, admitted the force initially did not deploy enough officers to control the outbreak of vio lence, saying "it is clear we did not have enough numbers on duty to deal." Cameron also acknowl edged that police had been overwhelmed by mobile groups of looters in the first nights of the rioting and said authorities were considering new powers, including allowing police to order thugs to remove masks or hoods, evict ing troublemakers from subsidized housing and temporarily disabling cell phone instant messaging services. He said the 16,000 police deployed on London's streets to deter rioters and reassure residents would remain through the weekend. "We will not let a violent few beat us," Cameron said. Lawmakers were summoned back from their sum m er vacations for an emer gency session of Parliament on the riots as governmenta nd police worked to regain control, both on the streets and in the court of public opinion. Calm prevailed in London overnight, with a highly visible police presence watching overt he capital, but a sense of nervousness lingered across the country. D uring a session lasting almost three hours in which he faced 160 questions from lawmakers, Cameron promised tough measures to stop further violence and said "nothing should be off the table." He said that included water cannon and plastic bullets though senior police have said they don't feel the need to use those at the moment. He also said officials would look at "whether there are tasks that the army could undertake that would free up more police for the front line." Cameron said he would seek American advice on fighting the street gangs he blamed for helping spark Britain's riots. He told lawmakers that he would look to cities like Boston for inspiration, and mentioned former Los Angeles, New York and Boston Police Chief William Bratton as a person who could help offer advice. Bratton said in a statement he'd be "pleased and honoured" to provide services and c ounsel in any capacity, adding that he loves London and has worked with Britishp olice for nearly 20 years. Cameron told lawmakers he wanted to look at cities that had fought gangs "by engaging the police, the voluntary sector and local government." "I also believe we should be l ooking beyond our shores to learn the lessons from others who have faced similar prob-l ems," Cameron said. He said the government, police and intelligence services were looking at whether there should be limits on the use of social media sites like Twitter and Facebook or services like BlackBerry Messenger to spread disorder. BlackBerry's simple and largely cost free messaging service was used by rioters to coordinate their activities, Cameron's office said. Britain's Home Office said it planned to hold talks with police chiefs, Twitter, Facebook and Blackberry manu facturer Research In Motion Ltd. Facebook looks forward to meeting with the home secre tary, the company said in a statement, adding that it has taken steps in recent days to ensure that any credible threats of violence are removed from the social networking site. Government officials said they were discussing with spy agencies and communications companies whether messag i ng services could be disabled in specific areas, or at specific times. A uthorities are considering "whether it would be right to stop people communicating via these websites and services when we know they are plot ting violence, disorder and criminality," Cameron said. C ameron said that, in the future, police would be able to order people to removem asks, hoods or other face coverings when they suspect them of concealing their identity to carry out a crime. Cur rently, police must seek approval from a senior officer. Communities Secretary Eric Pickles confirmed that powers that allow authorities to evict convicted criminals from government-subsidized housing will be strengthened. Authorities have the power to eject someone from social housing if they commit a crime, but only if the offense is in their own neighborhood. Pickles said he hoped the power would be more widely used, and that it would apply to crime committed anywhere. A programme that can ban gang members from meeting together, loitering in certain places, or displaying gang insignia will also be extended, he said. Some lawmakers urged Cameron to take even tougher measures. Conservative Par ty lawmaker Peter Tapsell said he recalled law enforcement officers in Washington, DC in 1971 rounding up anti-Vietnam war demonstrators and imprisoning them in a sports stadium. Tapsell asked Cameron if London's Wem bley Stadium, the country's showpiece soccer arena, could be used. Cameron insisted the stadium would be used only for "great sporting events." Parliamentary authorities confirmed Thursday that a petition calling for those convicted of offenses during the riots to lose welfare payments could be debated by lawmakers. Earlier this month, Britain began an initiative under which online petitions which collected at least 100,000 signatures will be considered for debate in the House of Commons. Authorities said the petition crossed the threshold on Thursday the first to do so and would now be studied by a committee which decides on Parliament's business. B ritain's riots began Satur day when an initially peaceful protest over a police shooting in north London turned violent. That clash triggered wider lawlessness that police struggled to halt. A cross London, and then in cities throughout England, riot ers set stores on fire and looted s hops for sneakers, bicycles, electronics and leather goods. For the first couple of nights there were too few police on the streets to challenge them. That changed Tuesday, when 16,000 officers were deployed on London's streets almost three times the number of the night before. Police swooped on houses across London Thursday, detaining suspects and retrieving stolen goods. The number of people arrested since Sat urday rose to 1,009, with 464 suspects charged. Wednesday night was large ly quiet in London and other cities where looters had rampaged earlier this week. Tensions flared in Birming ham, where a murder probe was opened after three men were killed in a hit-and-run incident as they took to the streets to defend shops from looting. Police on Thursday arrested three more men on suspi cion of murder a 16-yearold, a 17-year-old and a 26year old. A 32-year-old man arrested a day earlier was released on bail. Scenes of ransacked stores, torched cars and blackened buildings have frightened and outraged Britons just a year before their country is to host next summer's Olympic Games, bringing demands for a tougher response from law enforcement and calls for the government to scrap plans to cut police budgets. Cameron's Conservative-led government is slashing 80 bil lion pounds ($130 billion public spending by 2015 to reduce the country's swollen budget deficit measures that include curbing police budgets.A report last month said the cuts will mean 16,000 fewer police officers by 2015. Normality was being restored in London Thursday, although soccer authorities announced that Tottenham Hotspur's season-opening match against Everton on Sat urday was being postponed. Nine other Premier League matches due to be played this weekend across the country are due to go ahead. As authorities attempted to dispense swift justice to riot ers, there were chaotic scenes at courthouses, several of which sat through the night to process scores of alleged loot ers and vandals, including an 11-year-old boy. The defendants, mostly young but otherwise diverse, included a teenage ballerina,a university English student from a prosperous commuter town and Natasha Reid, a 24year-old university graduate who admitted stealing a TV from a looted electronics store in north London. Her lawyer said she had turned herself in because she could not sleep because of guilt. Also due to appear in court were several people charged with using Twitter and Face book to incite violence. M EXICO CITY (AP An accused drug trafficker can't be extradited to the US on a charge for which she was acquitted in Mexico, a Mexican federal c ourt panel has ruled, d ealing a blow to efforts in both countries to prosecute the woman known as "Queen of the Pacific." In a separate ruling also made public Tuesday, an appeals court upheld a j udge who acquitted Sand ra Avila Beltran on drugtrafficking, money-laundering and organised-c rime charges in December, citing lack of evi dence. Avila, who was arrested 2007 and has been held since then, faces an unrelated money-launderingc harge. She remained in prison after her acquittal becauseo f the US extradition request in connection with the 2001 seizure of more t han nine tons of USb ound cocaine aboard a fishing vessel in port of Manzanillo on Mexico'sw est coast. The federal court told Mexico's Foreign Ministryt hat it must refile the e xtradition request and include new grounds for which she would be prosec uted in the United States. The US Embassy and Mexican prosecutors hadn o comment on the rulings a nnounced Tuesday. At the time of her a rrest, prosecutors said Avila had spent more than a decade working her way to the top of Mexico's d rug trade, seducing sev eral notorious kingpins and uniting Colombian and Mexican gangs. A vila is the niece of Miguel Angel Felix Gal lardo, "the godfather" of Mexican drug smuggling who is serving a 40-year sentence in Mexico ford rug smuggling and the murder of DEA agent Enrique Camarena in Mexico's western Jalisco state. Another uncle, Juan Jose Quintero Payan, was extradited to the US on d rug-trafficking charges. Prosecutors have said Avila's romance withC olombian Juan Diego Espinoza Ramirez, who also was absolved in December, brought together Mexico's power ful Sinaloa cartel with Colombia's Norte del Valle. Espinoza was extradited to Florida in December 2008 on charges related to the cocaine shipment. Avila has proclaimed her innocence from prison, saying she made her money selling clothes and renting houses. INTERNATIONAL NEWS PAGE 10, FRIDAY, AUGUST 12, 2011 THE TRIBUNE Mexican court blocks extradition of Queen of the Pacific By JENNIFER PELTZ A ssociated Press NEW YORK (AP declined to force an investigation into whether an Army psychologist devel-o ped abusive interrogation techniques for detainees at Guantanamo Bay and s hould be stripped of his license. The move halted what advocates have called the first court case amid a push to shed light on psychologists' role in terror suspects' interrogations. In a ruling filed Thursday, Manhattan Civil Court Judge Saliann Scarpulla said the case doesn't meet New York legal requirements for challenging state government actions, namely that the complainant another psychologist doesn't have legal standing to bring the case. R ights activists and some psychologists have pressed regulators in several states unsuccessfully so far to explore whether psychologists violated professional rules by designing or observing abusive interrogations. In New York, rights advocates focused on John F Leso, saying he developed "psychologically and phys-i cally abusive" interrogation techn iques for use on detainees at Guantanamo Bay, Cuba. He holds a New York psychologist's license. The state Office of Professional Discipline, which oversees psychologists, declined last year to look intoL eso. The agency said that his Army w ork is outside its purview and that the agency isn't in a position to address larger questions about the appropriateness of detainee interrogation methods. T he decision spurred the San Franc isco-based Center for Justice and A ccountability and the New York Civil Liberties Union to sue the agency last fall and ask the judge to force a review of techniques developed by Leso. A lawyer for the California center h ad no immediate comment Thursday. Representatives for the state agency didn't immediately return a call. No contact information was immediately available for Leso. W hile leading a behavioural scie nce consultation team at Guantanamo in 2002 and 2003, Leso recommended interrogation tactics such as exposing detainees to severe cold, depriving them of sleep and forcing liquids into them intravenously, andh e participated in at least one interr ogation that used some of those methods, the Center for Justice and Accountability says. It said it based its allegations on government documents, some of them r edacted, as well as academic journal a rticles and other sources. T he group and Steven Reisner, a psychologist who specializes in addressing the effects of trauma, say Leso's alleged activities amount to professional misconduct and need tob e explored. The violation of ethical standards is obvious," Reisner said after a hearing in April. The case was filed on Reisner's behalf. As a psychologist licensed inN ew York, he had a personal interest i n preserving the field's reputation and the value of his license, he and the advocates said. The American Psychological Association voted in 2008 to ban members from taking part in interrogations att he Guantanamo prison and other m ilitary detention sites where the professional group believes international law is being violated. But psychologist licensing boards in California, Louisiana, Ohio and T exas also have rejected complaints a bout other military psychologists w ho were said to have played a role in abusive interrogations of detainees at Guantanamo and elsewhere. Some activists in Ohio also have turned to a court to seek to force ani nvestigation of a retired Army psyc hologist there. Judge wont order Guantanamo doctor probe British PM: UK will seek anti-gang ideas from the US ANTI-GANG IDEAS: Britains Prime Minister David Cameron leaves Downing Street in London to attend Parliamnet Thursday. Parliament has been recalled in the wake of widespread rioting. An emergency session of Parliament was held yesterday to discuss the rioting and looting which has caused devastation across England and left three men who attempted to protect their community from the violence dead. (AP A FIRE IS SEEN during civil disturbances in Salford near Manchester, England, Tuesday. (AP
$4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.55 $5.39 $5.55 T HETRIBUNE SECTIONB email@example.comFRIDAY, AUGUST 12, 2011 By NATARIO McKENZIE T ribune Business R eporter firstname.lastname@example.org Z ONING will play in i mportant part in the future development of the city ofN assau, according to C harles Klonaris, co-chairman of the Downtown Nassau Partnership. I think we have to rethink our zoning laws and we have to really look in terms of how do we accomm odate, especially the comm ercial side of doing busi n ess in the Bahamas, Mr K lonaris said. I think as we go forward, t he city has the ability, it has the space, it has the capacity to accommodate a lot of commercial growth going f orward. Once the containe r ports are relocated we are going to open up about 40a cres of space that really is p rime in terms of facilitating residential, commercial, marinas and what have you, Mr Klonaris said. An inland terminal is to be built on Gladstone Road and will be the new home f or local shipping compan ies, such as Betty K and Tropical Shipping, thatt ransport and store internat ional freight. The port relocation is expected to ease heavy Bay Street container traffic and allow shipping companies to operate from one location at the mouth of the Nassau H arbour. M ike Maura, CEO of Arawak Port Development (APDe xpected that by January all of the less than container load (LCL would have moved to Glads tone Road. Mr Klonaris said: The other issue important that h as to change, especially w hen we look at the develo pment downtown, is our height restrictions. Im a firm believer that it i s important that we try to accommodate, especially when we talk about residential, how many people can we get in a certain area. Again we are a small island and we have to look a t this very logically in terms o f how we zone these areas s o I think height restrictions e specially when we go east to the bridge, that in those areas, 45 feet is not suffi-c ient I think. If you have a major developer who wants to come in and invest a huge a mount of money into those areas, hes going to look at height as being an important a spect of developing these p roperties. If you have 45 f eet and he wants to invest millions of dollars, its a turnoff. Its not just about a ppeasing developers but also accommodating this small island as we continue to grow. I think zoning is going to play a very important part in going forward. Mr Klonaris said density By NATARIO McKENZIE Tribune Business R eporter n mckenzie@ t ribunemedia.net R ESPONSE to Cable Bahamas recentlylaunched REVTV pack-ages has been tremendous, according to David Burrows the companys director of marketing who s aid the offering has been o ne of its strongest performers this year with r egard to subscriptions. Mr Burrows said: REVTV is exciting, our subscribers are running to t he product. We are getting growth in our premium services as a result of our REVTV offering. The response has been tremendous. Its one of the strongest performers this year with regardt o growth of subscriptions. We're very excited and h appy about the product, the direction its going, the growth of HD services and s o on. Its very exciting obviously because we also have a reduction in prices r egarding our boxes, we h ave additional options, we've added over 60 HD c hannels but really thats o nly the beginning of the REVTV packages becausewe will be launching video on demand services. M r Burrows added: While we have a small suite of video on demand services today with our HBO product, I think they have about 100 to 120 hours of programming, wew ill be launching in the n ext few months our video on demand offering with over 4,000 hours of video on demand programming including over 800 hoursof high definition programming and over 400h ours of free video on d emand programming. We will also be offering early release windows of movies which means that the same day they hit video stores in the US wewill have them. This is going to be quite a watershed for us in terms of the availability of program ming that we are going to be able to offer. All major studios have been signed in this deal so we're very excited about this up and coming project. Mr Burrows said Cable Bahamas is preparing to launch REVOICE phone services for residential and business customers in the next few weeks. We are finalising all of our launch plans and you will be hearing about it very soon, Mr Burrows said. Cable Bahamas recordTREMENDOUS R ESPONSE TO CABLE BAHAMAS REVTV PACKAGES SEE page two GROWTH IN PREMIUM SERVICES ZONING TO PLAY IMPORTANT PART IN CITY OF NASSAU DEVELOPMENT CHARLES KLONARIS, CO-CHAIRMAN OF THE DOWNTOWN NASSAU PARTNERSHIP: I I t t h h i i n n k k w w e e h h a a v v e e t t o o r r e e t t h h i i n n k k o o u u r r z z o o n n i i n n g g l l a a w w s s a a n n d d w w e e h h a a v v e e t t o o r r e e a a l l l l y y l l o o o o k k i i n n t t e e r r m m s s o o f f h h o o w w d d o o w w e e a a c c c c o o m m m m o o d d a a t t e e , e e s s p p e e c c i i a a l l l l y y t t h h e e c c o o m m m m e e r r c c i i a a l l s s i i d d e e o o f f d d o o i i n n g g b b u u s s i i n n e e s s s s i i n n t t h h e e B B a a h h a a m m a a s s . NEW YORK Associated Press LURCHING HIGHER in its week of whiplash, Wall Street recorded one of its biggest gains of all time Thursday after investors seized on a few signs that the economy might just be able to avoid a new recession. The Dow Jones indus trial average soared 423 points. It had already fallen 634 points Monday, risen 429 Tuesday and fallen 519 Wednes day. Never before has the Dow had four 400point swings in a row. The pieces of news that sent Wall Street rocketing higher were not exactly blockbusters: Cisco Systems said its profit was better than expected, the job market got a little better, and France tried to raise con fidence in its shaken banking system. But this is a week in which any move by the market higher or lower seems to touch off an investor stampede. So it was on Thursday, when stocks shot higher at the opening bell and never turned around. Carlton Neel, who manages about $2 billion as a senior portfolio manager at Virtus Investment Partners, said investors are so scared of being late to a rally or a sell-off that they are trading in herds. "Fear tends to be a much more powerful emotion, and the sell-offs SEE page two SEE page thr ee TRADERS CROWD the post of specialist Patrick Mur p hy, right, on the floor of the New York Stock Exchange yesterday. (AP DOW UP 423 AS WALL STREET WHIPSAWS AGAIN
By SIMON COOPER Res Socius THE news of the positive assessment by the IMF of the Bahamas economy in T he Tribune o n August 8, came as a breeze of fresh air in the fug created by recently depressing world economic events. I for one must admit to being decidedly unimpressed by the Americ an Presidents snide r emarks directed towards S tandard and Poor who had been warning him for months. From where I sit, Barack O bama almost sounded like a Republican himself. He a ppeared disinterested in the fact that at least someA mericans are questioning t heir countrys credit worthiness, and unconcerned with the way the markets went into free-fall when it turned out that America the Free no longer has an openended budget. A ll feedback works the s ame way in terms of what m ight be done with it. One can learn from it, reject it,or put it into ones m etaphorical pocket to think about it later. Perhaps the President of the Worlds richest nation will think a gain about the poor assessment his country just received? Perhaps he wont? Time will tell, as it invaria bly does. I personally think Ameri ca woke up to a whole new world this week. It no longer has an unlimited credit card,a nd its Asian creditors are no doubt seeing it in a whole new light too. Given that Republicans in power are u nlikely to tax the companies more that contribute to campaign funds, they will r emain more inclined to cut b ack on expenses. Obama has blocked meaningful domestic cuts. To my way of thinking, this leaves the option of cutting back on Americas paternalistic role b eyond its borders, no doubt t o the delight of some. F ortunately for the Bahamas we are reasonably well-insulated from the current mess, and for this we have to thank Hubert Ingraham for his foresight (for the record I am a political athei st). Our plans to jump-start o ur island economy are f unded by improving fiscal revenues, as opposed to American handouts with proverbial stings often in t heir tails. But America may also cease receiving the free l unches that the western w orld has been serving it. W e have perhaps been too long prepared to follow its l ead wherever it would go, a nd to jump as high as it required. This is good news in the sense that for longlasting world stability, no single nation should be too powerful. Think of the chaos w hen the USSR imploded. I f the American economy is o n the wane, it needs to be let down gingerly. I wrote this controversial column not to knock America or Americans for whom I have the greatest respect. I wrote it to point out that our i sland nations glass is at l east half full, and I guestim ate far more than that. We are on the right track as the IMF has said. As a businessman I say bravo for the b usiness opportunities that must follow. R es Socius was founded b y Simon Cooper in 2009, a nd is a Business Brokerage authorised by the Bahamas Investment Authority. He has extensive private and p ublic SME experience, and was formerly chief executive o f a publicly traded investm ent company. H e was awarded an MBA with distinction by LiverpoolU niversity in 2005. Contact him on 636-8831 or write to email@example.com BUSINESS PAGE 2B, FRIDAY, AUGUST 12, 2011 THE TRIBUNE Bravo for business I I p p e e r r s s o o n n a a l l l l y y t t h h i i n n k k A A m m e e r r i i c c a a w w o o k k e e u u p p t t o o a a w w h h o o l l e e n n e e w w w w o o r r l l d d t t h h i i s s w w e e e e k k . I I t t n n o o l l o o n n g g e e r r h h a a s s a a n n u u n n l l i i m m i i t t e e d d c c r r e e d d i i t t c c a a r r d d , a a n n d d i i t t s s A A s s i i a a n n c c r r e e d d i i t t o o r r s s a a r r e e n n o o d d o o u u b b t t s s e e e e i i n n g g i i t t i i n n a a w w h h o o l l e e n n e e w w l l i i g g h h t t t t o o o o . ed $47.2 million in revenue f or the first six months of t he year, representing a 6.5 p er cent increase from the same period last year. A ccording to its financial r esults for the quarter end ing June, revenue for the quarter grew by 10.8 per cent to $24.6 million. T he company says the increase in revenue for the first six months of 2011 is primarily due to the success o f its video product suite. I nternet revenue increased by 3.5 per cent to $ 14.4 million for the period e nded June 30 2011 and now accounts for 30.4 per cent of total revenue. The company said yeart o-date data revenue increased to $7 million, representing a 2.3 per centi ncrease compared to 2010 results. This increase was due to growth in private line reve nue, web hosting and d isaster recovery business es. C able Bahamas operati ng expenses increased by 21.4 per cent for the quarter and by 13.2 per cent yearto-date, primarily due toi ncreases in signal fees, sig nificant rises in business and licensing fees as comparedt o the prior year, and increased staff costs. a nd diversity were also important to the citys future development. If a city is going to be successful, two things are a part of it. One is diversity and the other is density. Unfortunately we dont have density in the city. Over t he past 20 years a lot of corporations have left the city and it has had a significant impact on how things function d owntown. Density is important. It brings all the elements together and we dont have it right now, he said. Zoning to play important part in city of Nassau development FROM page one Response to the new Cable Bahamas REVTV packages tremendous FROM page one ASSOCIATED PRESS THEfinancially strapped U.S. Postal Service is considering cutting as many as 120,000 jobs. Facing a second year of losses totaling $8 billion or more, the agency also wants to pull its workers out of the retirement and health benefits plans covering federal workers and set up its own benefit systems. Congressional approval would be needed for either step, and both could be expected to face severe opposition from postal unions which have contracts that ban layoffs. The post office has cut 110,000 jobs over the last four years and is currently engaged in eliminating 7,500 adminis trative staff. In its 2010 annual report, the agency said it had 583,908 career employees. The loss of mail to the Internet and the decline in adver tising caused by the recession have rocked the agency. Postal officials have said they will be unable to make a $5.5 billion payment to cover future employee health care costs due Sept. 30. It is the only federal agency required to make such a payment but, because of the complex way government finances are counted, eliminating it would make the federal budget deficit appear $5.5 billion larg er. If Congress doesn't act and current losses continue, the post office will be unable to make that payment at the end of September because it will have reached its borrowing limit and simply won't have the cash to do so, the agency said earlier. In that event, Postmaster General Patrick Donahoe said, "Our intent is to continue to deliver the mail, pay our employees and pay our sup pliers." Postal officials have sought congressional assistance repeatedly over the last few years, including requests to be allowed to end Saturday mail delivery, and several bills have been proposed, but none has been acted on. In addition the post office recently said it is considering closing 3,653 post offices, stations and other facilities, about one-10th of its offices around the country, in an effort to save money. Offices under consideration for closing are largely rural with little traffic. And in June the post office suspended contributions to its employees' pension fund, which it said was overfunded. In its 2010 annual report the post office reported a loss of more than $8 billion on revenues of $67 billion and expenses of $75 bil lion. And even while total mail volume fell from 202 billion items to 170 billion from 2008 to 2010 the number of places the agency has to deliver mail increased by 1.7 million as Americans built new homes, offices and businesses. The latest cutback plans were first reported by The Washington Post, which said a notice to employees informing them of its proposals stated: "Financial crisis calls for significant actions, we will be insolvent next month due to significant declines in mail vol ume and retiree health benefit prefunding costs imposed by Congress." POSTAL SERVICE CONSIDERS CUTTING 120,000 JOBS
tend to be more violent than the rallies," he said. "But people are worried about missing the bottom, so you will have a few melt-upsa long the way." The four days of trading this week have been the wildest for the market since t he financial crisis during the fall of 2008. Each day has instantly taken a place i n Wall Street history. The D ow's losses on Monday a nd Wednesday were its sixthand ninth-largest byp oints, and its gains on Tuesday and Thursday were t he 10thand 11th-largest. The Standard & Poor's 500 index has risen or fallen at least 4 percent each day. That has not happened onf our consecutive days since November 2008, the depths o f the crisis. It's only the third time since 1934, said Kevin P leines, an analyst at Birinyi Associates. The first was O ctober 1987 including the day known as Black Monday, when the S&P p lunged more than 20 percent. O n Thursday, American i nvestors got an encouraging report before the mar ket opened when European stock markets turneda round their losses and had one of their best days in recent weeks. T he leaders of Germany and France, the biggest economies of the nations that use the euro currency,a nnounced they will meet T uesday to discuss the financial crisis on the continent. The stocks of French banks have been hammered because of concerns they will be hit with massive loss e s from European sovereign d ebt they hold. One Euro pean nation after another has struggled with debt, with Spain and Italy the lat est. France is trying to assure financial markets that it will not be downgraded from AAA, as the United States was. All three leading credit rating agencies reaffirmed the top rating for France. American investors have worried about a chain reac tion that hurts the United States because large U.S. banks have loans to Euro-pean banks. An hour before the U.S. markets opened, the gov ernment reported that the number of people filing for unemployment benefits fell below 400,000 for the first time since April. When the opening bell rang, technology stocks led the market higher. Cisco Systems, the world's largest maker of computer equip ment and a tech bellwether, rose more than 15 percent after it reported profit that was better than Wall Street expected. It also said its rev enue this quarter would be better than expected. The Dow finished at 11,143.31, up 423.37 points,or about 4 percent. The S&P 500 finished up 4.6 per cent and the Nasdaq com posite index 4.7 percent. It was three weeks ago, on July 22, when the stock market began a long losing streak. Investors were wor ried mostly about the show down in Washington over whether to raise the nation's borrowing limit. Then came one sign after another that economic growth was much slower than analysts had thought, in addition to growing wor ries about the debt crisis in Europe and the stability of European banks. During those three weeks, the Dow is down almost 1 ,600 points, or about 12 percent. It is still up 70 percent since March 9, 2009, its lowest point after the 2008 financial crisis. President Barack Obama acknowledged this week's wild market swings and made another attempt to c alm Americans who have w atched their retirement a ccounts and other investm ents shrivel since midJ uly. T he president toured a plant in Holland, Mich., that makes batteries for hybridc ars and trucks and said he understands that the volatility "makes folks nervous" and has hammered savings a ccounts. He reeled off a list of challenges for the economy u nrest in the Middle East, an earthquake in Japan that d isrupted American manufacturing, the European financial crisis and lingering d amage from the Great Recession. B ut he declared: "There is nothing wrong with our country. There is something w rong with our politics." Standard & Poor's cited d ysfunction in the American political system, not just the nation's long-term debt, when it stripped the United States of its top-flight AAA c redit rating last Friday. E ven after the downgrade, investors have found U.S. T reasury bonds and bills i rresistible, seeing them as a haven of safety during an u ncertain time. The demand has pushed up the price ofU .S. debt, which has lowe red yields. On Thursday, the Treas ury sold $16 billion worth of 30-year bonds at a 3.75 percent yield, the lowest borrowing rate for the gov ernment on that securitys ince March 2009. Y ields for shorter-term American debt rose, but t hat appeared to be a r esponse to the huge rally i n stocks. Yields usually rise when the stock market has a big day. Gold fell $32.80 per ounce to $1,751.50 Thursday. It had rocketed above $1,800 per ounce for the first time on Wednesday as stock markets tumbled around the world. BUSINESS T HE TRIBUNE FRIDAY, AUGUST 12, 2011, PAGE 3B DOW JONES UP 423 AS WALL STREET WHIPSAWS AGAIN F ROM page one TRADERS ROBERT VELLA l eft, and Peter Tuchman work o n the floor of the New York Stock Exchange. (AP T HE LATEST RICOCHET: T he Dow Jones indus trial average rose 423.37 points, or 3.9 percent, to 11,143. During a calm market, such a large movew ould rank as the Dow's biggest in months. For this volatile week, it's more than 100 points off the average. The Dow plunged 634 points Monday, soared 429 points Tuesday, and dove 519 points Wednesday. It'st he first time the Dow has ever had four straight 400p oint days. THE CAUSE FOR CELEBRATION: Fewer Americans joined the unemployment line last week, and technology bellwether Cisco Systems Inc. said revenue could grow faster this quarter than analysts expected. THE COLLATERAL DAMAGE: The 10-year Treasury note's price fell, as investors felt less need to put their money in investments safer havens. The 10-y ear note's yield, which moves in the opposite direc tion of its price, rose to 2.33 percent from 2.11 percent late Wednesday. Gold fell $32.80 per ounce to $1,751.50. SUMMARY U S PRESIDENTBARACK O BAMA t oured a plant in Holland, Mich., that makes b atteries for hybrid cars a nd trucks and said he u nderstands that the volatility "makes folks nervous" and has hammereds avings accounts. (AP
BUSINESS P AGE 4B, FRIDAY, AUGUST 12, 2011 THE TRIBUNE W ASHINGTON Associated Press THREE YEARS AGO, a financial crisis triggered by bad mortgage investments spread from U.S. banks to Europe. Panicky financial markets tanked. Now, fear is running in the o pposite direction. Worries about toxic government debt held by European banks have hammered U.S. stocks and threaten to freeze credit on both sides of the Atlantic. And traders are wondering: Could Europe's government-debt crisis spread through the U.S.f inancial system? No one's sure because no one knows how much toxic debt European banks hold or how much risk that debt poses to U.S. banks. But investors are worried. The 2008 financial crisis left countries like Greece, Ireland and P ortugal holding huge debts. The three have required bailouts from the European Union and the International Monetary Fund totaling $520 billion. Italy and Spain, which are much bigger economies, might need bailouts, too. As the crisis has intensified, S panish and Italian interest rates have surged. Escalating rates could throw their economies back into recession which would worsen their debt loads. This week, the European Central Bank started buying Italian and Spanish debt to try to drive rates back down. S hould Italy or Spain default, European banks that hold their bonds would suffer. Wall Street's fear is that the contagion would imperil U.S. banks that do business with those European banks. French banks, with huge amounts of Italian and Greek government debt, are especiallyv ulnerable. Shares in Societe Generale, France's No. 2 bank, plunged nearly 15 percent Wednesday on rumors it was tee tering under the weight of debts tied to troubled Eurozone economies. The bank rejected the rumors as unfounded. French regulators on Thursday banned short-selling of bank and insurance company stocks, preventing speculators from betting against them and driving their prices down when rumors flare. Societe Generale's stock recovered 3.7 percent Thursday. But most other European banks fell sharply. Using data from European Union stress tests on 91 European banks, Fitch Ratings said losses of 50 percent on Greek bonds and 25 percent on Portuguese and Irish bonds wouldn't have made any of four big French banks flunk the test. Still, investors were rattled this week by rumors that a credit rating agency was about to downgrade French government debt. Without France's AAA credit rating, Eurozone countries might be unable to raise enough money to bail out their weaker neighbors. What most frightens investors is the worst-case scenario the one that struck Wall Street in 2008: That banks would stop lending to each other because they're worried about each other's solvency. Since July 21, JPMorgan Chase's stock price has dropped 13 percent. Citigroup's has sunk 25 percent. Major international banks are so intertwined that once they lose confidence in each other, fear spreads rapidly. And once it does, investors tend to panic and send stock markets plunging. Rumors like the ones that pummeled Societe Generale and raised concerns about France's creditworthiness are "what panics are made of," says William Long brake, former chief financial offi cer at Washington Mutual and now executive in residence at the University of Maryland. In 2008, "Banks were sudden ly afraid to lend to each other because they had no trust in ... other institutions," Longbrake said. "What happened yesterday in France is indicative of the same situation." "It's starting to feel like it did in 2008," says Peter Tchir, who runs the hedge fund TF Market Advisors. "Someone says something about a bank, and boom shares are down ... and people are panicking." That said, 2011 isn't 2008. U.S. banks are sturdier now. They're holding more capital than in 2008, when collapsing home prices and mortgage-backed securities crushed Lehman Bros. and forced the government to rescue insurance giant American International Group. The toxic investments that are spooking markets this time are straightforward government debts, not exotic mortgage investments. And U.S. banks have limited direct exposure $39 billion to the riskiest European countries, Portugal, Ireland, Italy, Greece and Spain, according to first-quarter U.S. government data analyzed by SNL Financial. That figure, a small fraction of U.S. banks' total assets, includes holdings of government debt and loans to banks and corporations. But many worry that European governments aren't prepared to solve their crisis. Germany and other healthy countries, for instance, are balking at putting enough money in the European Union's rescue fund to rescue one of the larger countries. The broader fear is that one of them, such as Italy, will default and damage European banks whose reach extends to the United States. All that "could trigger a chain reaction whose final repercussions would be very difficult to predict," says Domenico Lombardi, senior fellow at the Brookings Institution. Complicating the problem is that indebted European countries have tried to reduce debt by cut ting spending. Those spending cuts tend to weaken their economies. The result is that their debt can get bigger, not smaller. US FEARS A FINANCIAL CRISIS FROM ABROAD WORRIES ABOUT TOXIC GOVERNMENT DEBT HELD BY EUROPEAN BANKS
S AN FRANCISCO A ssociated Press A MERICANSare still s pending money at casinos, amusement parks and concerts. Some are even shopping at Bloomingdales and looking at new homes. Even as the stock market's w ild swings heighten fears of a nother recession, many business executives see bright spots. Worrisome signs abound, too, especially for companies struggling to recover. But for a lot ofc orporate leaders, the general s tate of the economy has not c hanged much in the past three weeks of upheaval. E xecutives addressed the turmoil this week during earni ngs conference calls and in interviews with The Associated Press. From their vantagep oint, the economy looks less troubled than major stock indi-c ators like the Dow Jones I ndustrial average, which has t umbled by 12 percent since J uly 21. "Overall, it's kind of busin ess as usual," said Michael Rapino, CEO of concert promoter Live Nation Entertain m ent Inc. He expects all of the company's shows to go on this fall after seeing North American attendance rise by 13 percent in the April-June period. Executives at rebounding companies still sound upbeat.D espite the confusion and uncertainty, they aren't pan icking at least not yet. In some ways, the recent market upheaval has been easi er for business leaders to endure because it's not entirel y surprising. The outlook in corporate America had been darkening even before thes tock market's harrowing plunges began to evoke memories of the recession's nadir in late 2008. A survey of 1,200 senior executives taken last month by the Corporate Executive Board p roduced the lowest level of confidence since 2009. The same poll found only 38 per-c ent planned to expand payr olls in the next year, down from 58 percent six months ago. T hat doesn't bode well for a U.S. economy that lost as many as 8.6 million jobs and has only regained 1.7 million since the recession officially ended two years ago. Unemployment remains above 9 percent. Jobless Rate However, the jobless lines probably won't get much longer right away because companies are unlikely to lay off workers as quickly as they did during the financial calami ty of late 2008 and early 2009. Businesses are leaner and, even more important, in a stronger financial position than they were three years ago. The companies in the Standard & Poor's 500 nowhave nearly $1 trillion in cash, up from $648 billion in September 2008. With more money in the bank, companies won't be as apt to take drastic measures. "We are in a much different situation than we saw in 2008," said Michael Griffin, executive director and headof global research for the Corporate Executive Board's finance division. "The recent market volatility has heightened some of the concerns we had already been seeing, so executives may be starting todo some stress testing of their plans. But I don't think weare going to see as many knee-jerk reactions as we sawin 2008." In another reassuring sign, people are spending money in search of a good time, even though about $2 trillion in wealth has evaporated on paper in the past 15 trading sessions. MGM Resorts Internation al CEO Jim Murren said the Las Vegas strip was still bustling last weekend, and all signs point to his company'shotels being near capacity through the rest of the month. The lines are still long at Walt Disney Co.'s amusement parks, and management does not expect to lower prices to reach attendance targets for the traditionally slower fall season, CEO Robert Iger said Tuesday. BUSINESS T HE TRIBUNE FRIDAY, AUGUST 12, 2011, PAGE 5B Executives see bright spots, no reason to panic IN THIS May 19, 2011 file photo, MGM China Co-chairperson and E xecutive Director Jim Murren attends a news conference ahead of its IPO in Hong Kong. Wild swings in the stock market have left business leaders wondering whether the gut-wrenching turbulence is a sign of another painful recession or the setting off of false alarms. (AP
F RANKFURT, Germany Associated Press TWENTY-ONEmonths a fter Greece triggered financ ial and political turmoil by admitting it was broke, the eurozone still can't fix its debt crisis. The reasons: intractable disputes over who will ultimately pay the costs of saving it, and the still-unadressed vulnerability that comes fromh aving a single currency with multiple governments. One after another, troubled European countries have asked for bailouts: Greece, Ireland, Portugal. Late-night meetings produced hasty statements and new crisism easures, like Sunday's rushed decision by the European Central Bank to buy Spanish and Italian bonds and ward off financial collapse there. Bond markets steadied, b ut by midweek the cloud of f ear simply moved to France, with panic selling of French bank stocks. T he 17 countries who must s olve the crisis remain deeply divided over how to distribute the potentially astronom i cal costs of available fixes. It took months, for instance, to reach agreement on a relat ively modest reduction in Greece's debt by persuading bondholders to take less than 100 cents on the euro. A s a result, expect more debate and more crisis head lines. T he basic problem is sim ple: Some of the euro countries have too much debt.M arkets wonder if they can pay it back. As a result, lenders are demanding inter est rates that would quickly g rind government budgets down to insolvency, in a selffulfilling death spiral. But how to fix that problem is far from straightforward. Much depends on thea nswers; the euro debt crisis poses a serious risk for an economy that, taken as a whole, ranks behind only the United States in size and remains a major trade partn er for the U.S. and China. T he turmoil has sent stocks down and fed fears over global growth just as the U.S. debtd ispute did. T he fractures go back to the creation of the euro in 1999, as a stable currencyw ith low inflation and interest rates, but no effective way to restrain multiple legislatures f rom undermining that with too much spending. Joining meant smaller countries could suddenly bor r ow almost as cheaply as sol id industrial giant Germany. At the time, that was celeb rated as a major achieve ment. Less money for interest payments, more for schoolsa nd roads. But some countries, notoriously Greece, misused the unaccustomed access to cheap credit, paying for ab igger government with lots of jobs to give people. As they did that, wages and prices rose, making the economy less efficient. Credit flooded into Spain and Ireland for reale state booms. Lenders went along. They assumed euro membership meant nothing could go wrong. Some had seen the danger, however. The EU wrote rules t o limit debt and deficits. But e urozone heavyweights France and Germany later tore them up when theyw anted to run deficits over t he limit of 3 percent of gross domestic product. Bondholders The complacency ended in l ate 2009, when Greece admitted its finances were much worse than official sta-t istics had shown. Default fears sent interest rates soaring and left Greece and two other indebted countries,I reland and Portugal, unable to pay. To avoid the disruption of a default, they were rescued by hastily arranged bailout loans Greece ?110 andt hen again ?109 billion, Irel and ?67.5 billion, Portugal ?78 billion from the other eurozone countries and the International Monetary Fund. Now Germany and other financially solid countries,a fraid of compromising their own finances to help others, are balking at putting more money in the European Union's rescue fund, saying ?440 billion is enough. Yet t hat is clearly too small to resc ue a larger country such as Italy, which would need ?665 billion to stay afloat for threey ears, and which has dangero us levels of debt. Meanwhile, indebted countries have tried the obvious:r educe debt by cutting spending. But the spending cuts make economies shrink. The d ebt gets bigger, not smaller. Greece has been cutting like mad, but its debt is rising toward 160 percent of eco n omic output, behind only Japan among rich countries. Countries could default, t he way poorer nations have for years, often giving creditors half what they're owed,o r less. Greece is in effect doing a modest version of that, asking investors to take new bonds worth 21 percentl ess. BUSINESS PAGE 6B, FRIDAY, AUGUST 12, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .190.95AML Foods Limited1.171.170.000.1550.0807.56.84% 10.639.05Bahamas Property Fund10.6310.630.00-0.6400.080-16.6 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 .842.70Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 1 1.108.30Cable Bahamas8.488.29-0.194,0000.2450.31033.83.74% 2 .802.35Colina Holdings2.552.550.005000.4380.0405.81.57% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7 .006.04Commonwealth Bank (S1 6.886.880.000.4960.26013.93.78% 2 .001.73Consolidated Water BDRs1.631.690.060.1110.04515.22.66% 1.901.31Doctor's Hospital1.371.370.000.0740.11018.58.03% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 8 .805.35Finco5.395.390.001,3300.7570.0007.10.00% 9.747.75FirstCaribbean Bank8.298.290.000.4940.35016.84.22% 6.005.00Focol (S 5.755.750.000.4350.22013.23.83% 1 .001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD 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 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 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%THURSDAY, 11 AUGUST 2011BISX ALL SHARE INDEX: CLOSE 1,396.40| CHG -1.75 | %CHG -0.13 | YTD -103.11 | YTD % -6.88BISX 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 1 0.065.01Bahamas 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 3.01602.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.86862.5730Royal Fidelity Bahamas G & I Fund2.5730-5.41%-9.79% 13.734713.2291Royal 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 Fund1.17492.48%5.16% 1.13431.0000FG Financial Growth Fund1.13431.41%5.17% 1.17641.0000FG Financial Diversified Fund1.17642.38%5.39% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.498510.0324Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.96520.78%5.70% 10.68139.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.60135.75%13.20% 8.85647.5827Royal 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 30-Jun-11BISX Listed Mutual Funds30-Jun-11 30-Jun-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 TERMS30-Jun-11 31-Jul-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)31-Jul-11 31-Jul-11 31-Jul-11 .DWKOHHQ0DULH6HDOH\RI 30RQWDJX$YHQXH 1DVVDX%DKDPDV No quick exit for eurozone from debt crisis FRENCH President Nicolas Sarkozy, left, speaks during a special meeting on the financial crisis with head of the French Central Bank Christian Noyer, right, Finance Minister Francois Baroin, second from right, and Prime Minister Francois Fillon, third from right, at the Elysee Palace in Paris, Wednesday Aug. 10, 2011. Sarkozy is interrupted his vacation to hold an emergency government meeting about the uncertainty on world f inancial markets. (AP
WASHINGTON Associated Press A MERICAN producers sold fewer industrial engines, e lectric generators and farm products to the rest of the world in June, pushing the trade deficit to the highest level since 2008 and dealing another blow to an already struggling economy. The deficit rose 4.4 percent to $53.1 billion in June, the largest imbalance since Octo ber 2008, the Commerce D epartment reported Thurs day. Imports fell 0.8 percent to $223.9 billion as crude oil prices fell for the first time in n ine months. Exports dropped 2 .3 percent to $170.9 billion, the biggest decline in more than two years. The drop in exports, the sec ond in a row, was a blow to hopes that rising overseas demand will boost the fortunes of American manufacturers in the face of a slump in spendingb y U.S. consumers. The concern now is that a global slowd own will hobble a U.S. economy that is in danger of stalling out. The deficit through June is running at an annual rate of $576.6 billion, 15.3 percent higher than the 2010 imbal a nce. A higher trade deficit s ubtracts from overall econ omic growth because it means consumers are purchasing more foreign-made goods and fewer products made by U.S. workers. The big rise in June's deficit came as a surprise to econo mists who had been forecasting an improved deficit based ont heir belief that oil prices w ould fall, lowering imports, while exports would recover from a May decline which hadb een the first setback after 10 m onthly gains. Instead, exports tumbled by the largest amount since a 5.1 percent plunge in January 2009 a s the global economy was in the grips of a deep recession. The weak June trade report was the latest in a string of dis appointing economic statistics raising concerns that the U.S. economy could be in dangero f toppling into another reces sion. The economy slowed to an annual rate of just 0.8 per-c ent in the first six months of the year, the slowest period of growth since the recession offi cially ended two years ago. In June, consumers cut spending for the first time in 20 months and saved more while wages were barely growing and unemployment remained above 9 percent. BUSINESS T HE TRIBUNE FRIDAY, AUGUST 12, 2011, PAGE 7B %HUOLQGD-HDQRI%URXJKDP 1DVVDX%DKDPDV 9 HUGHOOH3DWULFH6WXEEVRI /LJKWERXUQ6WUHHW *UDQG%DKDPD%DKDPDV W ASHINGTON Associated Press AFTER calamitous losses on Wall Street and fears of a nother recession, the U.S. e conomy got a dose of good news Thursday: The number of Americans applying for unemployment benefits fell below 400,000 for the first time since April. L ayoffs are easing in most s tates, and some economists are predicting mild improvement in job growth. The brighter outlook was enough to catapult stocks. The Dow Jones industrial a verage closed up 423 points. B roader indexes also ended the day higher. Weekly unemployment applications fell to a seasonally adjusted 395,000, the Labor Department said. They had been above 400,000 for the previous 17 weeks. The four-week average, a less v olatile figure, fell to 405,000. That's the lowest level since m id-April. S teven Wood, chief economist at Insight Economics, s aid the declining trend in applications is an encourag-i ng sign for the job market. Although the labor mark et also hit a 'soft patch' along with most of the rest of the economy during the spring and early summer, it now appears to be strengthening, at least a little, again," Woodw rote in a research note. Still, analysts responded with some caution. Applications would have to fall below 375,000 to signal healthy job g rowth, a level not seen since F ebruary. And other data s how the economy is struggling to grow. The latest evidence of a s lowdown came Thursday in a g overnment report that the U.S. trade deficit grew in June to its widest point since Octo b er 2008. The reason was that exports fell the most in more than two years. The reportw ill likely lead the govern ment later this month to lower its estimate of 1.3 percent annual growth for the AprilJ une quarter. Gregory Daco, an economist at IHS Global Insight, said he expects the estimate will be closer to 1 percent. A decline in exports follows r ecent reports showing consumers trimmed spending in June for the first time in nearly two years, manufacturersa nd service companies are struggling to grow, and the unemployment rate remains high at 9.1 percent. The Federal Reserve warned this week that theU .S. economy could be in for two years of weak growth. A dimmer outlook in the U.S. and growing worries Europe may not be able to contain its debt crisis have shaken global markets. 4-month low in unemployment claims eases fears IN THIS Aug. 4, 2011 photo, job seekers line up to register as they arrive at the Career job fair in Arlington, Va. The number of people seeking unemployment benefits decreased last week, a sign that the job market is improving slowly after a recent slump. (AP US trade deficit widens in June to $53.1 billion
BUSINESS PAGE 8B, FRIDAY, AUGUST 12, 2011 THE TRIBUNE DALLAS Associated Press THE PARENTof American Airlines is one step closer to spinning off regiona l airline American Eagle as a separate company. AMR Corp. described terms of the spin-off to AMR shareholders in a regu latory filing Thursday. It e xpects to complete the deal b y year-end. AMR tried to sell or spin off Eagle in 2007 but dropped those plans a year later when record-high fuel p rices and the recession cut t he value of regional airlines. It revived the plans last year. Company officials declined to say Thursday whether they received any offers to buy Eagle. Eagle operates shorter f lights and connects passeng ers from secondary airports to American Airlines flights a t hub airports. AMR thinks i t can save money by putting t hat service up for bidding between Eagle and other regional airlines. E agle would operate regional flights for American for nine years after the spin-off, according to an AMR filing with the Securities and Exchange Commission. E agle had revenue last y ear of $1.2 billion, a tiny p art of AMR's total of $22.2 billion. It operates 281p lanes and 1,650 daily f lights. AMR says Eagle would transfer jets to American and lease them back. AMR would keep nearly $2 billion in related debt. Eagle woulds tart with no long-term debt, AMR officials said. W hile American uses an in-house company for regional flying, most other l arge U.S. airlines contract with independent operators such as Pinnacle Airlines Corp. and SkyWest Inc. Dan Garton, the longtime A MR executive now leading Eagle, said consumers w on't notice a difference from the Eagle spinoff. He said American will still pick r outes and set fares and service. "The vast majority of the regional airline business already operates in thism anner," Garton said. "When you walk on an a irplane, it says, 'United Express operated by' and some fine print (naming the o perator). That's the direction we're going." As an independent company, Eagle should bes tronger because it will be able to bid for work with o ther airlines besides American, Garton added. Ray Neidl, an analyst with M axim Group LLC, said expensive jet fuel has hurt regional airlines and made Eagle a growing financial burden on AMR. He saids hedding the regional operation was long overdue. S hares of AMR rose 11 cents, or 3.1 percent, to $3.62 in morning trading. They hit a 52-week low of $3.28 on Monday. AMR MOVES CLOSER TO EAGLE SPINOFF AN AMERICAN EAGLE jet taxis at Boston's Logan International Airp ort. The parent company o f American Airlines says i t will spin off its regional carrier American Eagle into a separate publiclytraded company. (AP