N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Volume: 107 No.239WEDNESDAY, SEPTEMBER 14, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER PARTLY SUNNY HIGH 90F LOW 78F By LAMECH JOHNSON l firstname.lastname@example.org AN ARGUMENT over parking led to the stabbing death of a father in September 2008, according to a witness testimony in the Supreme Court yesterday. Two minors testified that 2 8-year-old Jason Smith was intoxicated when he got intoan argument with the three men accused of his murder. The key witnesses for prose cutor Jillian Williams, told Senior Justice Jon Isaacs and a twelve member jury, that Smith had told a driver of a vehicle that he could not park in front of his property. Edney Burrows, 26, of Deveaux Street; Daryl Rolle, 35, of Palm Avenue; and Andre Dieujuste, 27, of Windsor Lane are accused of stabbing Smith, who died of his injuries in hospital on September 13, 2008. Smith had appeared drunk when a car pulled up in front of his property that night, according to the first minor. The young relative, who was 13 at the time of the argument, told the court that she and Smiths wife had returned from a friends house when she saw Smith approach the car. Smith left the porch to approach the driver of the vehi cle who went across the street to converse with the accused men under a tree. S mith then spoke with Daryl Rolle on the side and eventually walked away. The relative then said that a statement from Edney Burrows caused the vic tim to stop, turn around and ask Burrows three times, Its a wibe? Burrows, according to the m inor, had snatched Smith by his shirt then put him a headlock and appeared to be punching him. It was at this point that Andre Pepsi Dieujuste ran off and came back with a cut lass and used it to chap Smith in his shoulder. The witness said that anoth er relative, who also lived with Smith, had tried to get Smith away from the men, but retreated after being spanked with the cutlass. It was also during this time that the wife was drop kicked by Burrows after attempting to pull Smith away from the scuf fle. Burrows faces an additional charge of attempted murder of the victim's wife, Tamara TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM Row over parking ended in murder Witnesses testify in stabbing death trial FASHIONWEEK D D O O U U B B L L E E D D O O S S E E BRONZEMEDALLIST B B A A R R R R Y Y E E N N J J O O Y Y I I N N G G S S U U C C C C E E S S S S SEESECTIONC SEESPORTSSECTIONE SEE page two T ATHOMPSONSTUDENTSAREFIRSTCLASS HARYNUISHA DOLCE of T A Thompson class 7B is all smiles on her return to the classroom for the new term. See First Class on page 12 for more pictures of the class. T i m C l a r k e / T r i b u n e s t a f f B y SANCHESKA BROWN BAHAMIANS now have access to hundreds of thousands of movies with a click of a button, thanks to a wellknown movie subscription company expanding to the C aribbean. Netflix, a North Ameri can-based DVD and Inter-n et movie subscription serv ice company, made their s ervices available to the Bahamas on Monday, giving Bahamians an alterna-t ive to DVDs and Pay Per View movies. But despite the ability to download an unlimited By AVA TURNQUEST Tribune Staff Reporter a email@example.com FRUSTRATED consumers, angered over high fuel charges set by the Bahamas Electricity Corporation, have been told by p ower chiefs that rising oil costs are to blame. BEC customers have hit o ut at recent bill statements that indicate that fuel charges were significantly higher than energy consumption costs. W oody Turnquest, an Exuma realtor, said: I think its ridiculous. How could a gov ernment corporation charge By TANEKA THOMPSON Deputy Chief Reporter firstname.lastname@example.org A FORMAL consensus on whether life begins in the womb is needed before law makers can amend the penal code to allow for double murder charges to be brought against a killer of a pregnant woman, former Cabinet Minster Janet Bost wick said. Her comments came in the wake of the murders of two pregnant women and subseSEE page eight SEE page eight ONSENSUS ON WHEN LIFE BEGINS NEEDED BEFORE PREGNANT MURDER LAW CHANGE RISING OIL C OST TO BLAME FOR HIGHER BEC BILL S MOVIE SUBSCRIPTION SERVICE EXPANDS TO THE BAHAMAS SEE page eight NETFLIX NOWAVAILABLE C USTOMERSHITOUT
LOCAL NEWS PAGE 2, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE S mith. She told the court Rolle began to throw rocks at Smith who eventually escaped the fight and ran past her bloodied. At this point she walked to her mothers house on another street to tell her about what h ad happened and then returned to the scene. She said it took 10 minutes. When she arrived she saw Smiths wife on the floor being assisted by EMS. She told the court that she saw EMS putting her uncle on a stretcher and putting him into the ambulance. D efence attorneys, which includes Elliot Lockhart, Terrel Butler and Christina Galanos,asked the witness about the wifes involvement in the incident, and suggested that the wife was in possession of a bottle. She insisted that the wife had none, repeating that the w ife had tried to pull Smith away from the fight and pushed Burrows away from Smith and was jump-kicked into a parked car. However, in a statement to the police after the incident occurred, the defence revealed t hat the statement read that the deceased wife was pushed and not drop kicked as claimed by the minor. She was also asked if she threw a bottle at any of the defendants she said that she c ould not recall, when asked to clarify she said could not remember throwing the bottle. The second minor and relative of the wife told the court that the deceased had come from a funeral a little intoxicated and she was on the porch with Burrows when he instructed her to go inside and turn on the air conditioning at the same time the car pulled up. She went inside but came back out after hearing the argument and saw Smith being stabbed by Burrows and chapped by Pepsi. She too testified that Rolle had come behind Smith with a block after he got away from the fight and attempted to burst him with the block. She was unable, however, to say where about the body Smith was struck because she h ad turned her back while assisting the deceased who was bloodied. The defence then questioned if the minor, who had testified in court had thrown a bottle that was in her possession at the time of the fight. Yes, s he replied. Additional witnesses included the responding officer who took photos of the scene in question, Burrows father, and Michael Thompson, a relative of Rolle who was in the area at the time of the incident. His testimony was that he only heard voices, one he reco gnized as his relative, giving the impression of an argument, but he indicated to the defence that he saw none of the fight. The case resumes today at 10 am. ABOVE: Daryl Rolle RIGHT: Edney Burrows and Andre Dieujuste ROW OVER PARKING ENDED IN MURDER FROM page one
E DITOR, The Tribune THE NASSAU INSTITUTEhas kindly forwarded to me the letter commenting on my talk tot hem which you published o n August 26th written by I nterested Spectator. I n it, the author was critical of my suggestion that the Bahamas should break its tie with the US dollar and offers two scenarios to support his (or her) view. I n the first scenario the U S dollar fell against the Bahamian dollar. T his certainly will happen if the Bahamas makes t he changes to the banking system that I suggested and this fall will make i t more expensive for US tourists to visit the B ahamas. That does not mean that US tourists will stop visiting the Bahamas as the author seemed to suggest,t hreatening ,000 jobs. The Bahamas has a lot m ore to offer than cheap t ourism. Recently the UK Pound, t he Euro and the Canadian Dollar have all risen a gainst the US dollar not because any of themc hanged their banking syst em. They have risen because t he US has a policy of d epreciating the dollar against other currencies for two basic reasons: to make their products m ore competitive on the world markets and to reduce their debt v ia inflation. Nevertheless, these increased costs have not stopped ordinary USt ourists from visiting t he UK, Europe or Cana da. The second scenario suggests the US dollar could rise against the Bahamian dollar. This could occur in the a bsence of the changes I h ad previously suggested be made before I suggested breaking the tie: Return title to their deposits to depositors, Restore enough cash to the banks to ensure every deposit is fully covered and all withdrawals c an be met in full at any t ime. F ollowing those changes, banks could nol onger lend depositors f unds and would thus stop creating new money out of thin air. Then, so long as the Bahamian government did not create any new money itself, the number of B ahamian dollars in exist ence would not increase a nd the market would b egin to establish its real e xchange value. It would n o longer continue to depreciate. In the absence of the US government making similar changes, the US government would continue its policy of letting the d ollar fall against other currencies. It would continue to d epreciate. T herefore, the Bahamia n dollar could not fall against the US dollar. So,t his scenario is not a real p ossibility. In two small paragraphs near the very end of my talk, I did say the Bahami a n government, if it so wished, could then adopt the gold standard. However, this is not n ecessary if sufficient measures are in place to keep the government and the Central Bank fromp rinting new money and increasing the money sup ply. One of the great advant ages of the gold system is that it soon exposes any government that depreci a tes its paper currency. T he thrust of what I said in my talk was that the Bahamas should change its banking system to pro-t ect depositors and the banks from the next major banking and currency col-l apse and make it safe for f uture generations. This change was a precondition of everything else that followed. Many people seem to believe that we are experiencing just another eco nomic cycle and that, as the downward movement of the cycle ends, the val u e of US dollar will again rise as it is the worlds number one reserve currency. It certainly was the worlds number oner eserve currency. I t is now very suspect a nd US credit ratings have b een reduced. Investors are now seeking something of more realistic value. Thats why the price of gold has gone up. Further, I believe a m ore realistic scenario is t hat what we are experiencing is not just another e conomic cycle. Its more like the 1930s w here, to save the paper money system, a meeting of the world monetary a uthorities was held at Bretton Woods and the w orld monetary order was rearranged. However, now there is little more such rearranging that can be done.I nstead of another cycle, I believe we are living t hrough the end of the p aper money system as we know it. B anks and governments have been printing mone y excessively. The question investors a re now asking is: what is p aper money worth? Paper money is backed byg overnment promises and g overnments making these promises are now virtual ly bankrupt. Thoughtful and sensible i nvestors are now shun ning paper money in favour of something withr eal intrinsic value not promises. Unless and until gov ernments and banks stop p rinting new money and r emove their burden of debt as I have recommended to the Bahamas there is little hope for a sustained return to confi dence in paper money. If the Bahamian authori ties adopt the programme I suggested, then all of the other benefits to the Bahamas which I outlined in my talk will accrue to the Bahamas and to the Bahamian people, includ ing shopping being even less expensive in Florida. JOHN TOMLINSON Portugal, August 30, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES S witchboard (News, Circulation and Advertising) 322-1986 A dvertising Manager (242 C irculation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 Freeport fax: (242 W EBSITE w ww.tribune242.com updated daily at 2pm Bahamas and the USdollar LETTERS email@example.com 'XPHUF\0HUHRI0DUVK +DUERXU$EDFR%DKDPDV EDITOR, The Tribune. I WISH for you to settle a matter of social correctness. I was having breakfast at McDonalds with my two bud dies Oswald Greenslade and Al Sherman the other morn ing, when I shared with them the joy and pleasure I experienced baby-sitting my grandson Jalen the other day! I left him in a room playing with toys when I heard him shout, Well mutha sic! I shouted to him to stop saying that. My breakfast partners, burst out laughing and told me my three-year-old grandson was learning how to curse! This view enraged me as I wondered where he picked up this language and realised that he heard this slick talk on the radio. This sass is made popular by actress Claudette Cook ie Allens in one of her commercials for Super Wash. I then thought of what dynamite daisy says about being Clean, Green and Pristine...and you know what I mean; this confirmed to me my friends were correct. I am sure my friend Cookie, parishioner, vestry member and lay reader at St Matthews Anglican Church, meant no harm when she phrased that slick saying; but now look what has happened. Please Madam, tell me in your considered view, whether she might have meant something else! I stand by with the soap and water; to use it if necessary. TONY FERGUSON Nassau, September 3, 2011. Clean, green and pristine... you now what I mean! W ASHINGTON America's top t wo intelligence officials said Tuesday that al-Qaida is weaker and U.S. intellig ence agencies are smarter since the Sept. 11 attacks 10 years ago, but the terrorists are nowhere near giving up. I n his first week on the job, CIA director David Petraeus told members of C ongress that al-Qaida's recent losses of Osama bin Laden and others have o pened "an important window of vuln erability." Petraeus predicted that al-Qaida leade rs may even flee to Afghanistan or leave South Asia altogether to escape the CIA, w hich has quadrupled covert drone strikes against al-Qaida under the Oba-m a administration. He testified at a joint congressional intelligence committee hearing. P etraeus and the director of national i ntelligence, James Clapper, both said al-Qaida's Yemeni offshoots and others are growing more daring and dangerous, a sentiment shared by lawmakers. T he chairman of the House of Rep resentatives' intelligence committee, Rep. Mike Rogers, warned against dis m issing new al-Qaida leader Ayman alZawahiri as "feckless" and dismissed suggestions that "the threat of terrorism has significantly waned." He said hef eared that Americans might become c omplacent. "Are we safer today? I say yes," said Democratic Sen. Dianne Feinstein, the head of the Senate's intelligence com mittee. Tuesday was the first combined hearing since Congress' joint inquiry into the 2001 attacks. "More than one-halfo f al-Qaida's top leadership has been e liminated. ... Virtually every major alQaida affiliate has lost a key leader." Feinstein warned, however, that "there is a metastasizing set of groups," including militants in Pakistan and Yemen, that uses everything from small arms to explosives disguised in printer cartridges. A t a separate event Tuesday at the N ational Defence University, the Pentagon's undersecretary for defence intell igence, Michael Vickers, agreed that the U.S. was safer, thanks to what he called "the most precise campaign in the histor y of warfare" against al-Qaida. He said eight of the group's top 20 l eaders were killed this year alone, chief among them, bin Laden. H e predicted that with sustained count erterrorist operations, "within 18-24 months, core al-Qaida's cohesion and o perational capabilities could be degraded to the point that the group could fragm ent and exist mostly as a propaganda arm." V ickers has been key to helping coordinate the covert war carried out by special operations forces togetherw ith the CIA, FBI and other e lements of U.S. intelligence and law enforcement. That close cooperation raised eyebrows regarding another issue that wasd iscussed at the omnibus intelligence hearing, namely, the CIA's assistance to the New York Police Department thatw as the subject of an eight-month inves tigation by The Associated Press. Petraeus disclosed that the CIA's inspector general is investigating whethert he CIA broke any laws, saying they w anted to "just ensure that we are doing the right thing." Petraeus faced questioning on the use of harsh interrogation techniques like waterboarding, used by the Bush admin istration. He said while he did not support such t echniques, he indicated it was time to s top investigating CIA interrogators who had employed them. "Now it is time to take the rear mirror off the bus and look forward ... and move on," Petraeus said. (Kimberly Dozier, AP Intelligence Writer). Petraeus, Clapper: Al-Qaida far from defeated
BAHAMAS Speed Week Revival organisers announced yesterday that one of the world's leading international private financial institutions, Pictet Bank, has signed on as the offi c ial sponsor of the event's gala banquet to benefit four Bahamian charities. "Pictet's presence adds further prestige to a series of events already promising to be the sporting and social highlight of the year Bahamas Speed Week Revival," said spokesperson Jimmie Lowe. Set for November 30 to December 5, Speed Week is expected to attract $100 million in classic race and exotic cars to Nassau. Veteran racer and star of Speed Weeks past Sir Stirling Moss is returning some 50 years later to serve as patron of Revival Week, lending what British organiser David McLaughlin dubbed "even more glamour to a scene that is brim ming with star-studded settings, racing celebri ties and activities." The week's events will include exhibitions, a sprint at Arawak Cay, a hill climb at Fort Charlotte, a Pad dock Club, a Con cours d'Elegance, a gala banquet and an auction. An evening when all par ticipating cars will be on display under lights and tight security on Bay Street is likely to be among the most popular events. Bay Street will be closed to traffic during that time. Carlo M ilano is sponsoring that evening. For Pictet, with a presence in 19 countries, sponsorship offers the opportunity to invite special guests to Nassau to witness the historic event and enjoy the interaction with drivers and guests. "We are very proud to be an integral part of Bahamas Speed Week Revival," said Yves Lourdin, managing director of Pictet Bahamas. "This series promises to bring a contemporary touch to the glamour and excitement reminiscent of days gone by and its charitable component holds great appeal to us as an international leader in private wealth and institutional asset manage ment." The December 3 gala benefit and Auction of Promises is set to benefit the Cancer Society, the Ranfurly Home for Children, Teen Challenge and the AIDS Foundation. According to the organisers, Bahamas Speed Week has attract ed top level sponsors. "We are extremely pleased with the inter est by sponsors and are in talks with what we believe will be the last two gold sponsors this week," said Mr Lowe. "In this economic climate, it is a testament to what people believe Bahamas Speed Week Revival means to t he economy and to the culture of the Bahamas that sponsors have been so eager to get in on the starting line." Pictet joins sponsors Carlo Milano, Graycliff, Bahamas Ferries, the Ministry of Tourism and Aviation; the Ministry of Youth, S ports and Culture and EFG Financial Services. LOCAL NEWS T HE TRIBUNE WEDNESDAY, SEPTEMBER 14, 2011, PAGE 5 By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@ t ribunemedia.net FREEPORT Tragedy has struck the well-known Penn family once again with the tragic death of Anne Penn i n a car crash. Mrs Penn, the wife of late Grand Bahama b usinessman Frank Penn, was involved in a serious accident with a p olice cruiser on Saturd ay afternoon. S he sustained serious injuries and was takent o hospital, where she l ater died. The incident has been classified as the islands sixth traffic fatality for the year. F amily and friends were shocked to hear t he news. M rs Penn leaves behind a daughter, D enika Penn-Bootle, w ho is believed to live in t he US. She is expected to arrive in Grand Bahamasome time this week. In addition to her husband, Mrs Penn is pre deceased by her second daughter, renowned local singer Kristin Penn-Davis, who also d ied in a car accident in 1 999. Mrs Penn is originally from Canada. H er husband, former owner of GBI Record ing Studios, died at the age of 68 in 2009 after al ong illness. His contribution to the development of the music and televisioni ndustry in Grand Bahama is widely recognised as having beeni mmense. P olice say they are still investigating the accident. According to initial r eports, the incident occurred at the intersection of South Mall andEast Atlantic Drive just before 5pm on Saturday. Mrs Penn was driving a Mitsubishi Lancer w est on East Atlantic Drive and the police cruiser was travelling south on South Mall Drive when both vehi cles collided. Two police officers were also injured andhad to be taken to hospital for treatment. One of them, the dri ver, sustained serious injuries and had to be airlifted to New Provi dence for further medical treatment. His condition was not known up to press time last night. THE Bahamas will play a promin ent role in a high-level climate change conference organised by the United N ations Educational, Scientific and Cultural Organisation. The conference, to be held in Nassau a t the Sheraton Resort from September 21 to 23, will focus on the dangers t o Small Island Developing States ( SIDS) from sustained changes in global climate patterns. Local scientist Philip Weech, director of the BEST Commission and internationally renowned environm ental scientist, will be among the e xperts participating in the conference. He will also conduct a public lecture on the Bahamas perspective on climate change on Thursday, Septem-b er, 22, at 6.30pm at the College of the Bahamas performing arts centre. At a press conference on Tuesday, Elma Garraway, Permanent Secretary in the Ministry of Education, said theB ahamas was honoured to be chosen by UNESCO to host the conference, which is expected to attract nearly 100d elegates from around the world, including several heads of state. Besides the economic impact that this conference will have on the Bahamas and the international spotlight that it will place on us for the duration of the conference, it will be an opportune time for us to learn how w e can protect ourselves from the i ncreasing threat of global warming which has precipitated a serious shift in weather patterns across the world and i ndeed the Bahamas, Mrs Garraway said. Impact Also addressing the press confere nce was Mr Weech, who noted that the Bahamas is the most studied coun try in the world when it comes to the impact of climate change because its land mass is almost eighty per cent coastal. Mr Weech also pointed out that the Bahamas is the most vulnerab le country in the Caribbean and sixth o r seventh in the world in terms of c oastal flooding. According to a UNESCO press s tatement, the conference is an essential event for a number of reasons. I t will allow UNESCO to build upon and further the objectives set out by its Programmes on Climate Change Educ ation for Sustainable Development, as well as recommendations from the I nternational Seminar on Climate C hange Education in SIDS, held in Paris in 2009. The conference will also mark a defining moment in UNESCOs work on climate change for sustainable d evelopment, setting the stage for the o rganisations action in support of SIDS for the remaining year of the Decade of Education for Sustainable Development and beyond. A daptation to climate change requires individuals to be aware of potential changes in the climate and understand the implications for their lives. I t requires them to assess the risks such changes hold for their identity and future, and to make informed deci-s ions on how their family, home and community should adapt. B ecause information is key, the con ference will focus on the challenges that climate change poses to education systems in SIDS and aim to create a road map on how to effectively disseminate knowledge about climate c hange and its effects. Actor Academy Award Winning actor Forest Whitaker, UNESCOs Good will Ambassador, is expected to make an appearance at the conference. M r Whitaker won the Oscar for his portrayal of Ugandan dictator Idi A min in the movie T he Last King of Scotland. The Bahamas own Dr Davidson Hepburn, president of the 35th General Session of UNESCO, will also attend. The Bahamas hosting this conference is one of the final highlights of his t enure, as he will demit office at the 3 6th general session in Paris in Octo b er. MEMBER OF WELL-KNOWN PENN FAMILY DIES IN CAR CRASH EDUCATION PERMANENT SECRETARY Elma Garraway announcing the UNESCO meeting on Climate Change. Also pictured are director of the BEST Commission Philip Weech, Deidre Bevans and Terry Archer. Share your news The T ribune wants to hear fr om people who ar e making news in their neighbourhoods. Perhaps you ar e raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and shar e your stor y. BAHAMAS AT CENTRE STAGE IN UNESCO EXPERTS MEETING ON CLIMATE CHANGE ONE OF THE WORLD'S LEADING INTERNATIONAL PRIVATE FINANCIAL INSTITUTIONS SIGNS ON AS THE OFFICIAL SPONSOR BAHAMAS SPEED WEEK REVIVAL REVS UP YVES LOURDIN managing director of Pictet Bahamas, the official sponsor of Bahamas Speed Week Revival's gala banquet and Auction of Promises.
THE ongoing replacement of deteriorated water mains in New Providence will help fight mosquitoborne diseases such as dengue fever, officials say. In a statement issued yesterday, the government noted that the new water mains help the Bahamas meet a key long-term recommendation of the Pan American Health Organi sation and World Health Organisation (WHO fighting such diseases. The initiative is part of the New Providence Road Improvement and Infrastructure Project. PAHO/WHO officials last week said the government should ensure that there is a continuous water supply to all houses, which would help to prevent people collecting water in their back yards for daily use. They say the end result will be a reduction in the number of mosquitos and therefore in the number of mosquito-borne cases of disease. Local officials say poor water supply needs to be addressed in a number of areas, particularly in eastern New Providence, where water mains have not been replaced since the 1940s. Water and Sewerage officials are also installing additional service lines in a number of areas to improve water pressure. The PAHO/WHO recommendations were based on the findings of officials from the Ministry of Health, the Ministry of the Environment a PAHO/WHO team. Others included: An annual review of the dengue prevention and control programme. Improved surveillance and data analysis, and the use of the data to improve the vector control response. Assessment of the effectiveness of the insecticides currently in use. Strengthening the monitoring of the impact of fogging activities by tracking mosquito popula tions, and embarking on aggressive preventative measures in the Family Islands. We further recommend that the Ministry of Health, the Ministry of the Environment and the Department of Environmental Health Services, continue to work closely together. This is not the fight of one department; this is not the fight of one ministry, this is a collective fight and not only of the gov ernment, but also of all the people in the country, said Dr Gerry Eijkemans, PAHO/WHO representa tive to the Bahamas. We have to continue to improve surveillance, data analysis and the use of the data to support effective control response, and so all the information we have, we have to use it to do the right interven tions, Dr Eijkemans added. He said embarking on aggressive, preventative measures in the Family Islands would help to prevent dengue from occur ring there. We can prevent it, she said. Dr Eijkemans said offi cials at the Ministry of the Environment are currently addressing another of the teams recommendations assessing the effectiveness of insecticides currently in use. The PAHO/WHO representative applauded the Ministry of Health, Min istry of Environment and the Department of Environmental Health Services (DEHS have been doing to com bat the mosquito problem, especially over the past month. The PAHO/WHO recommendations were based on all the work by the Ministry of Health and the Ministry of Environment which has been done excellently over the past month, Dr Eijkemans said. INTERNATIONAL NEWS PAGE 6, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE By THE CANCER SOCIETY OF THE BAHAMAS It takes about $750,000 a year to operate the Cancer Society of the Bahamas. T he majority of this is used t o meet the societys core objectives: serving cancer p atients, survivors and their f amilies and persons at risk t hroughout the Bahamas through various screening and education programmes;a nd providing residential care; advocacy and financial aid. While the Society depends to a large extent on donations and grants, it also coordinates a number of fundraising activities e ach year. One of these is t he Stride for Life Walk. T HE Stride for Life walk w as first introduced in 2004, under the chairmanship of Terry Fountain, immediate past president of the Cancer Society. The annual walk serves not only as a major plank in t he Cancer Society of the Bahamas (CSOB ing arsenal, but also as a means of raising publica wareness about cancer in g eneral and breast cancer in particular as well as mobilising public support fort he ongoing work of the CSOB. The event is generally staged in early October, buti t was held as late as midNovember one year. This year, it is scheduled to beginon Saturday, October 1. THE PLANNING PROCESS T he planning process for the walk begins from as early as mid-January each year with a team of committed, highly motivated volunteers f rom both the private and the public sectors, ranging in age from 22 to over 60. T his team consists of both c ancer survivors and friends o f survivors. Most are also a ctively involved in other a reas of the CSOB. T his committee is co-ordinated by Gennie Dean, who h as been at the helm from 2009. Bishop Laish Boyd of the A nglican Diocese and Erin Brown, both of whom are c ancer survivors, serve as h onorary co-chairpersons of the committee. W HO CAN P ARTICIPATE? All segments of the comm unity are invited/welcome to participate in this event. There are seven categories in which individuals may register and participate. These include: 6 12 years old 13 20 years old 21 30 years old 31 40 years old 41 50 years old 51 60 years old 61 and over Each category is further g rouped by gender, as well a s according to whether or not a participant is a cancer survivor. T he cost of registration for persons younger than 13 is $10. For those 13 and older, it is $15. E ach registrant will receive a free t-shirt, and at the conclusion of their walk,a tote bag filled with gifts. THE ROUTE There are two distinct r outes one for the younger, able-bodied participants (Group 1 f or cancer survivors and olde r, less able-bodied particip ants (Group 2 B oth routes will begin and e nd at the CSOBs headq uarters on East Terrace, Centreville. W hile both groups will travel the same route to East Bay Street, Group 1 will w alk north over the new Paradise Island bridge to the g olf course and back over t he old bridge to Mackey Street. G roup 1 will continue s outh to Shirley Street, trav e lling west to Collins Avenue and south to the CSOB. G roup 2s route will omit the walk across the two PI Bridges. Instead, the group will continue to walk east on East Bay Street to Mackey Street, and will proceed south to Shirley Street and follow a similar route toC SOBs headquarters. SPONSORS OF THE W ALK The business community has been extremely gener-o us as always in their s upport of this years event, and the co-ordinating com mittee is extremely grateful f or their support. Some of the major spon sors include Bahamia, which is underwriting the cost oft he t-shirts (around $3,000 and the Shoe Village, which is funding the tote bags. Other companies that have donated a minimum of $ 1,500 include: Aquapure Atlantic Medical BAF Financial and Insurance Bahamas Food Services ( BFS) Bank of the Bahamas Chevron Colina First Caribbean Internat ional Bank Island Games JS Johnson Nautilus Water Phils Food Service Scotiabank Additionally, a number of companies have generously p aid the registration fees for their employees to partici pate in the walk. I n addition to local spons ors, the international Susan G Komen Foundation will again be participating. T ROPHIES AND PRIZES A trophy will be awarded to the winner of in each category of each group. Additionally, a special tro p hy will be awarded to the c ompany with the most employees participating int he walk. A spokesperson from the committee said they are very excited about the wide range of attractive prizes that will b e available for eligible part icipants to win on walk day. Among these are airline t ickets from American Airlines, trips on Bahamas Fast Ferries, gift baskets fromJ ohn Bull and the Perfume Shop, gift certificates from F ashion Hall and Dolphin E ncounters, and dinners for two at Lucianos of Chicago a nd the Sheraton Resort. O n the day of the walk, a n umber of tents will be erected on the grounds of the CSOB to house various ven dors who will be displaying their wares and offering free samples to participants and visitors. P articipating vendors include: BWA, Hard Rock Cafe, Lightbourn Trading,M ilo B Butler and Sons, and T hompson Trading. There will also be a special Survivors Tent, dedicated to participating cancer sur v ivors. A miniature breakfast cafe will be established on thew estern balcony of the CSOBs headquarters, where chicken and pigs feet souse and conch stew will be ons ale. REVENUE IN 2010 AND P ROJECTIONS FOR 2011 In 2010, the walk brought in more than $21,000. The target for 2011 has been set at $ 26,000. D espite the ongoing recession and increases in the price o f many things, the committee is confident that this target will be met. CLOSING OUT A t the conclusion of the walk, a brief ceremony will b e hosted on the grounds of t he CSOB. The main speaker w ill be the Minister of Health Dr Hubert Minnis. Also, a cancer survivor will share her or his experience with the crowd. The guest artist scheduled to perform at the ceremony is M iss Bodine Johnson. The Stride for Life Walk i s a very successful and funf illed event that is suitable for the entire family. Registration forms for all categories and groups are now availablef rom the societys headquar ters on East Terrace. The forms can also be d ownloaded from the CSOBs website, www.cancersocietybahamas.org. For more information call t he Cancer Society of the B ahamas at 323-4441 or 3234482. This column is brought to you as a public service of the CSOB and The Tribune. TRIDE FOR LIFE WALK IS HELPING CANCER PATIENTS T HE PLANNING COMMITTEE w ith the two honorary chairs. Seated from the left are: Bishop Laish Boyd, honorary chair (cancer survivorcancer survivor M ichelle Pratt-Meronard, Jackie Gibson, Katherine Gibson and Christopher Rahming. A NNUALEVENTONSATURDAY, OCTOBER 1 NEW WATER MAINS WILL HELP FIGHT MOSQUITO BORNE DISEASES W W e e h h a a v v e e t t o o c c o o n n t t i i n n u u e e t t o o i i m m p p r r o o v v e e s s u u r r v v e e i i l l l l a a n n c c e e , d d a a t t a a a a n n a a l l y y s s i i s s a a n n d d t t h h e e u u s s e e o o f f t t h h e e d d a a t t a a t t o o s s u u p p p p o o r r t t e e f f f f e e c c t t i i v v e e c c o o n n t t r r o o l l r r e e s s p p o o n n s s e e , a a n n d d s s o o a a l l l l t t h h e e i i n n f f o o r r m m a a t t i i o o n n w w e e h h a a v v e e , w w e e h h a a v v e e t t o o u u s s e e i i t t t t o o d d o o t t h h e e r r i i g g h h t t i i n n t t e e r r v v e e n n t t i i o o n n s s . Dr Gerry Eijkemans, PAHO/WHO representative to the Bahamas. NEW DELHI Associated Press A PASSENGER train traveling through southern India collided with another train stopped at a signal on Tuesday, killing eight people and injuring dozens more, a government official said. Shalendra Babu, a senior police official, said late Tuesday that five train cars derailed in the accident, about 50 miles (80 kilometers west of Chennai, the capital of Tamil Nadu state. Rescuers have taken at least 80 injured passengers to nearby hospi tals, Babu told reporters. Nagarajan, the district administra tor, said five people died on the spot and another three succumbed to injuries in a hospital. Rescue efforts, initially hampered by rains, were over with all the injured shifted to hospitals, said Nagarajan, who uses one name. The accident's cause was being investigated, said Railways Minister Dinesh Trivedi. India's railroad network is one of the largest in the world and carries about 14 million passengers each day. Accidents are common, with most blamed on poor maintenance and human error. POLICE: INDIA TRAIN CRASH KILLS EIGHT INTERNATIONALNEWS
LOCAL NEWS T HE TRIBUNE WEDNESDAY, SEPTEMBER 14, 2011, PAGE 7 THE Bahamas Electricity Corporation said it is close to f ully restoring power in Cat Island and Eleuthera, the islands hardest hit by Hurri-c ane Irene. In a statement issued yes terday, BEC said its teams on those islands have made tremendous progress in the aftermath of the storm. In Cat Island, BEC teams i n conjunction with a team from Carilec, a Caribbean association of electrical companies, have been able to restore supply from Orange Creek in the north to Old B ight. S o far, more than 1,000 customers on that island have had their electricity servicer estored. About 20 per cent of customers on the island remain w ithout supply, BEC said. T eams were working in the areas of Bain Town, Port Howe, and Greenwood on T uesday. The teams will move on to Hawks Nest and DevilsP oint, the areas which sust ained the most infrastructural damage, t oday. BEC anticipates complete restoration in Cat Island by next week, well ahead of the suggested three week timel ine, the statement said. In Eleuthera, five teams have nearly completed ther estoration of electricity supply to the entire island, BEC said. With the exception of the areas listed below, all customers affected by Hurricane Irene, have h ad their supply restored: Governors Harbour 75 per cent restored. Windermere Island 70 per cent restored. James Cistern, Palmetto P oint, Savannah Sound, T arpum Bay and Rock Sound all 99 per cent restored. The statement said: At p resent, the area that requires the most work is Rainbow Bay. BEC teams are presentl y working in the area. BEC officials expect to have complete restoration in Eleuthera by the end of the w eek. The corporation thanks the small number of cus t omers who remain without s upply for their patience and is confident t hat nationwide restoration will be completed within days. CAT ISLAND AND ELEUTHERA CLOSE TO FULL POWER RESTORATION TREMENDOUSPROGRESS INSTORMAFTERMATH CAT ISLAND was hit hard by Hurricane Irene. THEBAHAMAS VERYOWNSTREETPHILOSOPHER
NIAMEY, Niger A ssociated Press A SONof Moammar Gadhafi and three of his generals were trying to gain political asylum Wednesday in this poor, landlocked nation at Libya's feet, after a more than 1,000-mile (1,600-kilometer drive across the vast desert that separates the two count ries for what could be their only shot at refuge. The generals are trying to pave the way for other Gadhafi supporters to follow, but one regime loyalist doubted that Gadhafi himself ever will, saying he would be comfort able enough living in the Sahara to stay there indefinitely. "I know the Guide well, a nd what people don't real ize is that he could last in the desert for years," Aghaly Alambo said, referring to Gadhafi. "He didn't need to create a hiding place. He likes the simple life, under a tent, sitting on the sand, drinking camel's milk. His advantage is that this was already his preferred lifestyle." He added, "He is guarded b y a special mobile unit made up of members of his family. Those are the only people he trusts." Convoys carrying regime loyalists began arriving in Niger last week. The three generals, including the head of Gadhafi's air force and two of his regional commanders, reached Niamey, the capital, overnight Monday. They were joined Tuesday by al-Saadi Gadhafi, government spokesman Marou Amadou confirmed shortly after mid night on Wednesday. Alambo, a rebel leader from Niger who fought for Gadhafi and who led the first convoy across the desert, said the commanders were pushed to leave Libya after a total breakdown in communication with the ex-ruler. Gadhafi was last in contact with his mili tary leaders 3? weeks ago and his whereabouts are not known, he said. "It's been difficult because for some time now, there's been no communication in Libya especially with our Guide. Maybe it's for his own safety. But for those of us in his entourage it's very difficult to know where he is? How he is? What is happen ing?" Alambo said at his home on the edge of this arid capital. "This has created a source of destabilization for his entourage." The regime that Gadhafi tightly controlled for nearly 42 years unraveled once he was forced into hiding and no longer in touch with his field officers. Government officials say around 30 Libyan nation als including members of the fallen regime and their fami lies are now in Niger. Alambo, a member of the Tuareg ethnic group who b ecame close to Gadhafi and is believed to have helped recruit dozens of Tuareg youths to fight during Libya's civil war, said there is no longer any coordination between the arms of the loyalist army. He blamed last month's fall of Tripoli, the turning point of the civil war, on a betrayal by one of Gadhafi's trusted commanders. He said the head of security for Tripoli had defected to the rebel camp weeks earlier, even as he continued to lead the city's defense. Instead of fighting, the commander ordered Gadhafi's troops to withdraw when the rebels were in sight, then passed on the GPS coordinates of remaining loyalist positions so NATO airstrikes could take them out, Alam bo said. "It was at the very last minute that we realized there was no defense there was nothing," he said. Now, Alambo said, proGadhafi forces are just hoping to save themselves. He said members of Gad hafi's inner circle initially took cover in pro-Gadhafi bastions like Bani Walid and Sabha, but bolted for the border when they heard reports of brutal reprisal killings by former rebels, and when it became clear that Gadhafi could be in hiding for years. Gadhafi's wife, daughter and several of his sons crossed into Algeria, prompting that country to close its border. The roads to Tunisia, Egypt, Chad and Sudan were too risky because portions are controlled by rebel forces. The only exit became Niger, through an ocean of white dunes, guided by Tuaregs like Alambo. LOCAL NEWS PAGE 8, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE number of movies for a small monthly fee, it seems the expansion o f Netflix to the Bahamas may not b e as good as it seems. T he TV shows on Netflix are limited to past seasons, HBO programing is not available, there is no sports and Netflix movies will not b e new releases. D espite these shortcomings, Steve S wasey, vice-president of corporate c ommunications at Netflix, said the c ompany is still confident Bahamia ns will enjoy their services. With Netflix you have access to more movies than you can watch in lifetime. You can watch yourf avourite TV shows and do so in the comfort of your own home. Its a small fee of $7.99 and all you need to get started is an internet connection a nd a credit card. Its that simple. O nce you get signed up, you can start downloading movies instantly and the best part about it is, its all legal. Right now, we cant offer new movies and HBO shows because it is so expensive and we wanted to keep the price low. But we will offer those services eventually, he said. Y ou can download the movies ad shows straight to your desktop, laptop or television. It is also compati-b le with Playstation 3 and certain Blueray DVD players. If you own a Nintendo Wii, an Ipad or a X box 360, you will have to w ait a little longer before the service is available to those game systems. M r Swasey said Netflix does not s ee itself as competition for Cable B ahamas but rather as a complem ent to their existing services. We will complement existing cable companies because we still arent able to offer programming they can. We dont have new events, movies or sports. Because our price is so low, users can afford both services and be twice as happy. We are offering the first month free of charge. So all you have to do now isl og on, sign up, push play and try us out. You can cancel at anytime, its a month-to-month commitmentw ith no penalties involved. So its easy to still have Cable and Netflix on the side. Cable Bahamas Director of Mark eting David Burrows said the company is not worried that Netflix will decrease their customer numbers. They will need a robust broadb and internet structure to run their s ervices and only we provide that. So y ou cant have Netflix without havi ng us, unless you have Batelnet. As far as us being concerned they launched here, we are not concerned at all. Netflix cant sell their services to a customer without that person being our customer. Mr Burrows also said before the end of the year, Cable Bahamas also will be offering the same services asN etflix. We just negotiated a deal with Video on Demand (VODw e will get first releases as soon as they get out of the theatre. Netflix doesnt have that, we will still dominate in that aspect. Customers will b e able to stop, pause and play back movies and TV shows in our first phase. In our second phase of VOD w e will be able, just like Netflix, to d ownload programmes on to other d evices and systems. s o much money on fuel? How can the government defer the c ost to consumers? He added: How is the average man supposed to be able to afford it? I dont con-s ider myself poor, but Im not a wealthy person so Im thinking of persons less fortunate than myself how can theym ake it in this economy? Last months fuel charges, a s indicated on Mr Turnq uests monthly statement from BEC, accounted for 65 per cent of the total bill. M r Turnquest said: I d ont see why we should be paying that fuel charge. Its ridiculous. Were selling from the pump, the reason its so high is because of the taxes. (In BECs caset he government sell fuel and then add taxes to it and defer the cost to the consumer? Fuel charges reflect the d irect cost the corporation pays out to oil companies, M ichael Moss, BEC chairman, said yesterday. Mr Moss said the stark dif f erence between the itemised charges portrays how little the utility gains to deal with its operations, and the majorp ortion of the bill used to pay the fuel supplier. Phenton Neymour, state m inister for the Environment, was off the island yester day, according to ministry o fficials, who said the agenc ys energy officer was also on leave. Mr Moss explained the dis t inction between fuel charge and surcharge with engineers in Grand Bahama last month. He said the surcharge was implemented to enable utility companies to recoup from the unusual and unanticipated m ajor hike in the cost of fuel. Utility companies petit ioned for a fuel surcharge, which would reflect the dif ference between the fuel cost e mbedded in base tariffs and the actual price paid for fuel, after a spike in oil prices in the 1970s. B EC made the switch from fuel surcharge to fuel charge last year, Mr Moss s aid, in a bid to provide con sumers with a clearer picture of operational costs. H e explained that the corp oration removed the total cost of fuel from its base tar iffs and decided to present its b ills as an energy charge. As a result, Mr Moss said the corporations tariffs were decreased in June and remain the lowest service charge in two decades. However, he admitted that fuel tariffs have increased proportionally to a bsorb the recategorised cost. "The first part covers s alaries, maintenance, BEC's investment in new plants, it covers everything that BECh as to do except for fuel, Mr Moss said yesterday. "The second part of the bill, the fuel charge, goes outf rom BEC to pay the oil com pany for the fuel that BEC would have had to burn to p roduce that amount of elec tricity for that particular cus tomer." T ariffs at the Grand B ahama Power Company still reflect a fuel surcharge, Mr Moss said. Do you pay too much for your electricity? Have your say by logging on to www.tribune242.com. quent calls for Parliament to amend the criminal c ode. U nder the present law, a p erson cannot be charged with the murder of a foetus because the unborn child is not yet considered a life. Still abortions are illegal in this country. There has to be some f ormal decision on when d oes life begin. I myself believe, and there has been much in recent medical (findings t o support the belief, that l ife begins in the womb. "I think it is far more i nvolved than (what i mmediately meets the e ye. It may be time for greater dialogue on the b eginning of life," said M rs Bostwick, a lawyer and former minister of foreign affairs. St Cecilia MP and former National Security Minister Cynthia Mother Pratt believes the gove rnment needs to quickly a ddress the law to keep up w ith changes in criminal b ehaviour. S he said: "There are m any laws that I believe we need to amend in our country but a lot of times it's not until something happens then it brings it to our awareness that maybe we need to do s omething. "Now that we have had two women in a short period of time (killedw ere expecting, that's a life, they were carrying a life. You can't say it's just the woman that was mur-d ered, the child was murdered as well the law does not address that. Once that child is in t he womb, it's a soul, it's a body. Suppose a mother goes and aborts her child, isn't she guilty of some t hing according to our laws? Mrs Pratt said she d oubted parliamentarians will have a problem creat ing a law to address the new trend. I really don't think t here will be any objection to it by the lawmakers," she added. Bareshalee Lewis, 30, a pregnant mother of three, was shot in front of her y oung son while visiting her security guard hus band at a construction site on Beatrice Avenue in August. She was six months pregnant and the second pregnant woman murdered this year. Have your say on this story by logging on to www.tribune242.com. ONSENSUS ON WHEN LIFE BEGINS NEEDED BEFORE PREGNANT MURDER LAW CHANGE FROM page one FROM page one MOVIE SUBSCRIPTION SERVICE EXPANDS TO THE BAHAMAS RISING OIL COSTS TO BLAME FOR HIGHER BEC BILLS FROM page one MICHAEL MOSS GADHAFI'S SON, THREE GENERALS IN NIGER ASK FOR ASYLUM
LOCAL NEWS T HE TRIBUNE WEDNESDAY, SEPTEMBER 14, 2011, PAGE 9 TOKYO Associated Press Japan's prime minister promised Tuesday to restart n uclear plants that clear s afety checks ordered in the w ake of the country's nuclear disaster, but alsos aid the nation should r educe its reliance on atomic energy over the long term. Addressing parliament in his first policy speech since taking office two weeks ago, Prime Minister Yoshihiko N oda also said he would p ress ahead with the recov ery along the tsunami-bat-t ered northeastern coast, c alling on his fellow citizens n ot to forget "the spirit of dignity of all Japanese that was displayed despite the hopelessness of this giant disaster." Noda's predecessor Naot o Kan was criticized as i neffective for his handling of the March 11 earthquake and tsunami and the ensu ing nuclear crisis, thew orld's worst since Chernobyl. The crisis saw three reactors at the Fukushima Dai-ichi nuclear complex goi nto meltdown after their backup generators were destroyed by the tsunami. I n the wake of that emerg ency, the government ordered safety checks on all nuclear reactors. More than 30 of Japan's 54 reactorsw ere idled over the summer, causing electricity shortages amid the sweltering heat. A uthorities haven't set a clear date for completing the safety checks, but Noda's statement sends a clear signal that he intends to resume Japan's heavy reliance on nuclear plants for its energy needs, at least for the time being. Before the tsunami, Japan's nuclear plants produced 30 percent o f its electricty. S till, Noda made it clear h e would be sensitive to the concerns of local residents living near the plants. We will move ahead with restarting those nuclear plants whose safety has been thoroughly checked a nd confirmed, and with the condition that a relationship of trust is built with the local c ommunities," Noda said. H e said he will fight to e rase fears in the public about illnesses in childrena nd pregnant women, work t o ensure food safety and to compensate farmers and others who suffered damage from the massive radiation leak at Fukushima. He also promised to care fully review the nation'se nergy policy, exploring n ew technology and sources of sustainable energy. Dir ection In the long and medium term, we must aim toward a direction of reducing our reliance on nuclear powera s much as possible," he said, without giving specifics. Noda, known as a propon ent of raising Japan's sales tax, did not outline a tax program in his speech, buth e said that the burden of t he recovery costs from the disaster should not be left to future generations. He said various options w ill be considered after carefully studying the economy and systems of one-t ime taxation. Japan's sales tax stands at 5 percent. Noda promised to continu e with building homes, r emoving debris and aiding disaster victims in northeastern Japan, where entire coastlines have been wiped out and turned into mud and rubble. H e expressed his sympat hy with people who had l ost their families and homes in the tsunami and quake, and those who hadt o evacuate because of the nuclear crisis. He also reminded the nation to remember those who were f ighting to bring the nuclear plant under control and to help disaster victims. There is something else w e must never forget. That i s the love for the homeland the victims of the disaster,e specially the people of F ukushima, hold in their hearts," said Noda. Noda's relatively successful start, with support ratings at about 60 percent, ran afoul this past weekend when he was forced to r eplace his trade minister, Y oshio Hachiro, because of a gaffe. Hachiro lasted just eight d ays on the job, offending the public by calling the area around Fukushima a "town of death." FormerC hief Cabinet Secretary Y ukio Edano was tapped to replace him Monday. T he disaster hit at a time w hen Japan's economy had been stagnating for more than a decade, its public debt ballooning and its pop u lation shrinking and aging. Exports, corporate invest ment and consumer spend i ng have all been falling in recent months. Japan, which lost its place as the world's No. 2 econo-m y to China last year, is also b attling deflation, or falling prices, and a surging yen, which has recently tested record highs against the dollar. A strong yen reduces the v alue of Japanese companies' foreign earnings and makes Japanese goods more expensive in overseas mar kets. T HE IKATA n uclear power plant and its compound operated by Shikoku Electric Power Co. in Ikata, w estern Japan. (AP NEW PM: JAPAN SHOULD AIM TO REDUCE NUCLEAR POWER FIRST POLICY SPEECH SINCE TAKING OFFICE SANAA, Yemen Associated Press YEMENImilitary airstrikes on anti-government tribesmen killed seven civilians, med ical officials said, as hundreds of thousands of people took to the streets across the country on Tuesday to protest the latest attempt by their president to evade pressure to step down. The attack in the mountainous region of Arhab is the latest by Republican Guards targeting tribes that support the protests. Tribes in Arhab have announced an alliance with the protesters and are trying to prevent forces loyal to President Ali Abdullah Saleh from controlling the area. The government claims the tribesmen are linked to al-Qaida. Saleh, who has ruled Yemen for 33 years, has maintained his grip on power though he is in Saudi Arabia, recuperating from wounds sustained in a June attack on his compound in the capital Sanaa. Residents and medical officials say at least 60 people have been killed in Arhab, north of Sanaa, in government attacks this year. The medical officials spoke on condition of anonymity because they were not authorized to speak to journalists. In southern Yemen, the military, backed by support from the United States and Saudi Arabia, has used ground attacks and airstrikes in its fight against militants with suspected links to al-Qaida. The government acknowledged Tuesday that an airstrike last week on Jaar, in Abyan province, killed seven civilians and 12 militants. The airstrikes destroyed a hospital, school, two mosques and residential buildings. The battles in Arhab and Abyan have forced thousands of residents to flee their homes. On Tuesday, the U.N. called for an inquiry into the government's use of lethal force against protesters. A team of officials from the U.N. Office of the High Commissioner for Human Rights called Tuesday for an international probe into the killings of hundreds of Yemeni protesters earlier this year, saying they were "met with excessive and disproportionate use of lethal force by the state". According to a Gulf-brokered deal that would have the president transfer powers to his vice president, Saleh would be guaranteed immunity from investigations into the use of lethal force against protesters. Saleh has come close to signing several times, only to back away at the last minute, infuriating his opponents. Protests Tuesday took place under the slogan: "No deal, no maneuvering, the president should leave." Saleh authorized his vice president to negotiate with the opposition on his behalf and sign a deal to transfer executive powers to him. However, Saleh retained the right to reject the deal in the end. The opposition charges that Saleh's agreement is a tactic aimed at stalling and not a genuine move toward turning over power. This prompted Yemen's Student Union and university professors to defy a call by the Education Ministry to resume classes, saying they would continue anti-Saleh protests instead Thousands of Yemenis also took part Tuesday in the funeral procession of an influential tribal chief's son, who was assassinated Monday in Sanaa by masked gunmen still at large. The tribal chief had recruited youth in the fight against al-Qaida-linked militants, who overran parts of southern Yemen in April and May. Military officials said militants attacked gov ernment forces in the southern city of Zin jibar, killing three soldiers and wounding five on Tuesday. The officials were speaking on condition of anonymity because they were not authorized to speak to journalists. Witnesses say militants still control the center of Zinjibar, in Abyan province, and that the military is battling for control of eastern parts of the city. SEVEN KILLED IN YEMEN AIRSTRIKES NORTH OF CAPITAL
CAIRO A ssociated Press T URKEY'Sprime minister presented his countrya s a model for an Arab world in turmoil, giving advice on everything fromb alancing secularism and I slam to challenging Israel during a high-profile visit to Egypt on Tuesday aimedat advancing his growing s tatus as a regional leader. Prime Minister Recep Tayyip Erdogan received ah ero's welcome among Egyptians, impressed by his tough stance against Israel and searching forf irm direction in a post-revo lution period that has turned muddled and con fused. His celebrity stood out in even greater contrast as the head of the Arab League admitted Tuesdayt hat the pan-Arab body w as "impotent" in the face of the Middle East's uprisings. But the visit fueled a debate among Egyptians whether the Turkish model he touted with an Islamic-based political party gov erning a secular democracy was really applicable h ere. Many are skeptical that Egypt's powerful MuslimB rotherhood, which often cites Erdogan's party as a model and is likely to gain significant power, cana ccept Turkish-style secularism. A Brotherhood spokesman, Mahmoud G hozlan, praised Erdogan as "a respectable leader who preserves the dignity of his country and who shares similar position with Israel." But he insisted Egyptians want an Islamic state. "In Turkey, when a man finds a woman in bed witha nother man, he can't puni sh her by law because it is permitted there. It means that Turkey ... violatesI slamic Shariah law," he told The Associated Press. Erdogan has sought to leverage the Arab upris-i ngs into greater influence for Turkey in a region where, as the seat of the Ottoman empire, it oncer uled for centuries. He has grown critical of the regime in Syria, with which Turkey has close ties, for its bloody crackdown on protesters. The fall of Hosni Mubarak has opened the way for Turkey to get closer to Egypt, and Erdogan a rrived with a host of officials to sign cooperation d eals. On his tour, he will a lso visit Tunisia and Libya, where popular uprisings have ousted autocratic leaders. K ey to Erdogan's rising popularity has been his confrontation with Israel. Once an ally of the Jewishs tate, Erdogan suspended military ties with Israel and expelled top Israeli diplomats in protest over itsr efusal to apologize over deaths during a commando raid on a Turkish flotil la trying to break the b lockade of the Gaza Strip last year. He said he had hoped to visit Gaza duringh is tour but "circumstances d id not permit." Brotherhood members rallied at the airport late Monday for the Turkishl eader's arrival, cheering and hoisting a banner, reading "Egypt and Turkey together are one hand for the sake of the future. Erdogan is a hero." Big billboards lined up the airport road, showing Erdogan smiling with his hand on his heart. Erdogan met Tuesday with Field Marshal Mohammed Hossein Tantawi, Egypt's military ruler, then addressed Arab foreign ministers at the Arab League. There he sought to embody a new regional policy for Israel to moderate its behavior. "Israel must respect human rights and act as a normal country and then it will be liberated from its isolation," said Erdogan, interrupted several times by applause. He backed recognition for a Palestinian state in a U.N. vote that the Pales tinian leadership is push ing for this month, saying "this is not an option but a necessity." In a later speech at Cairo's Opera House, he warned of increasing steps against Israel unless it compensates victims of the flotilla raid and lifts its remaining restrictions on Gaza. Israel "has lost a great chance, and ties have been lowered with Turkey, the region's biggest democra cy." Israeli Foreign Ministry spokesman Yigal Palmor refused to comment on Erdogan's comments. Israel has defended its raid on the flotilla, saying its troops were defending themselves against passengers who attacked them as they boarded. Last week, I srael expressed regret for the loss of lives and said it w as time for the two count ries to restore their former ties. As part of Erdogan's media blitz, he was inter-v iewed on Egypt's most popular political talk show, "10 o'clock," where he defended the concept ofs ecularism a term taint ed as "anti-Islamic" in the eyes of many Egyptians. "To Egyptians who view s ecularism as removing religion from the state, or as an infidel state, I say you are mistaken," Erdogans aid. "It means respect to all religions. ... If this is implemented, the entires ociety will live in safety." Turkish secularism respects atheists because in the end Turkey is a state that believes in the rule ofl aw," he said. Since Mubarak's fall on Feb. 11, Egypt has seen its revolution turn chaotic on multiple fronts. Anger at Israel burst into a riot last weekend outside the Israeli Embassy during which protesters broke in and threw documents into the street. There are growing worries over the power of the Brotherhood, which stands to gain in upcoming elections, and growing criticism of the military's muddled handling of the transition. Amr Shobaki, a colum nist in the independent daily Al-Masry Al-Youm, wrote that while Egypt can't copy Turkey, it should be "inspired" by its experience. "Erdogan doesn't call secularists extremists in Turkey," he said. "He hasn't called on Turkish women to put on the veil." On Israel, "Turkey had the guts to take a real deci sion despite its consequences, like expelling the ambassador, but it didn't storm an embassy and throw its papers in the air." But Nabil Abdel-Fattah, at the Al-Ahram Center for Political and Strategic Studies, said Egypt's Brotherhood won't follow the example of Erdogan's Justice and Development Party, which has avoided pushing a religious agenda to focus on building the economy. "The Muslim Brotherhood is trying is to put on an Erdogan mask ... to reassure liberal sectors in Egyptian society," he said. "The Muslim Brotherhood opposes secularism and hates to hear Erdogan talking" of one. INTERNATIONAL NEWS PAGE 10, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE EMAIL: firstname.lastname@example.org WEBSITE: friendlymotorsbahamas.comFRIENDLY MOTORS CO. LTDTHOMPSON BOULEVARD TEL.: 356-7100 FAX: 328-60942 2 0 0 1 1 1 1 F F O O R R D D M M U U S S T T A A N N G GIntroducing The All NEWan American IconShop & CompareAll new, all new, nothing like it available in The Bahamas, a true American Sports car. With the new 3.7L, 305 HP, V6 with Automatic Transmission, custom 17 inch alloy wheels, power windows, locks and mirrors, side curtain air bags, plus leather interior and the all new Sync System and all standard features, PLUS 3 years/36000 mile warranty assistance, 3 years rust protection, licence and inspection to birthday, full tank of gas, floor mats, first five services Reserve yours now available at I I f f y y o o u u a a r r e el l o o o ok k i i n n g gf fo o r r t th he eb b e e s s t t v v a al l u ue e a av v a a i il l a ab b l l e e Y Y o o u u o o w w e ei i t t t to oy yo o u ur r s s e e l l f ft t o ob b u u y y o o n n e e EGYPTIAN PRIME MINISTER Essam Sharaf, right and Turkish prime minister Recep Tayyip Erdogan attend a press conference following their meeting at Sharaf's office in C airo, Egypt Tuesday. Turkey's prime minister told Arab foreign ministers Tuesday that Israel has isolated itself and must "pay the price" after refusing to apologize for its raid on a Gaza-bound aid flotilla last year, as he launched a high-profile visit that underscored his nation's rising standing in the Arab world. (AP TURKEYS PRIME MINISTER PRESENTS COUNTRY AS MODEL FOR ARAB WORLD I I s s r r a a e e l l m m u u s s t t r r e e s s p p e e c c t t h h u u m m a a n n r r i i g g h h t t s s a a n n d d a a c c t t a a s s a a n n o o r r m m a a l l c c o o u u n n t t r r y y a a n n d d t t h h e e n n i i t t w w i i l l l l b b e e l l i i b b e e r r a a t t e e d d f f r r o o m m i i t t s s i i s s o o l l a a t t i i o o n n . Turkish Prime Minister Recep T ayyip Erdogan TEHRAN, Iran Associated Press IRAN'Spresident p redicted Tuesday that t wo Americans arrested w hile hiking along the Iraq-Iran border and sentenced to eight years in jail on espionage-related charges could be freed "in a couple of days" after a c ourt set bail of $ 500,000 each. T he events appeared timed to boost the image of President Mahmoud Ahmadinej ad coinciding with his v isit to New York next week for the U.N. Gene ral Assembly session. L ast year, a third A merican was released on bail around thes ame time. I n Washington, Secretary of State Hillary Rodham Clinton said the United States was "encouraged" by Ahmadinejad's comments about freeing S hane Bauer and Josh F attal. We obviously hope t hat we will see a posit ive outcome from what a ppears to be a decision by the government," Clinton said at the State Department. The families of Bauer and Fattal said in a statement that they are overjoyed" by the reports from Iran. Lawyer Masoud S hafiei said the court w ould begin the process to free Bauer and Fattal after payment of the bail, which must bea rranged through third parties because of U.S. economic sanctions onI ran. The timing of the c ourt's decision is simi lar to last year's bail deal mediated by the Gulf state of Oman thatf reed a third American, Sarah Shourd. "They accepted to set b ail to release," Shafiei told The Associated Press after leaving court. "The amount ist he same for Sarah." A hmadinejad, in an interview aired on NBC's "Today" show,p redicted the Americans could be freed "in a couple of days." He d escribed the bail offer a s a "humanitarian gesture" and repeated complaints about atten tion for Iranians held in U.S. prisons. I RAN'S PRESIDENT: TWO AMERICANS COULD BE FREED SOON
INTERNATIONAL NEWS T HE TRIBUNE WEDNESDAY, SEPTEMBER 14, 2011, PAGE 11 KABUL, Afghanistan Associated Press TEAMSof insurgents firi ng rocket-propelled g renades and automatic weapons struck at the U.S. Embassy, NATO headquarters and other buildings in the heart of the Afghan cap-i tal Tuesday, raising fresh d oubts about the Afghans' a bility to secure their nation as U.S. and other foreign troops begin to withdraw. Seven Afghans were killed and 15 wounded int he coordinated daylight a ttack, which sent foreigne rs dashing for cover and terrified the city from midday well into the night as U.S. helicopters buzzed o verhead. No embassy or NATO staff members were hurt. L ate Tuesday, at least two gunmen remained holed upo n the top floors of an a partment building from w hich they and other militants had attacked the heavily fortified embassy. T he militants' seeming ability to strike at will in the most heavily defended parto f Kabul suggested that t hey may have had help from rogue elements in the Afghan security forces. The a ttacks also coincided with suicide bombings elsewhere in the capital the firstt ime insurgents have organized such a complex assault against multiple targets in separate parts of the city. The Taliban claimed responsibility for the attack,t hough Kabul's deputy police chief said he thought an affiliated organization, t he Haqqani network, carr ied it out. The Taliban and related groups have staged moret han a dozen assaults in Kabul this year, including three major attacks since J une. That represents an increase from years past andis clearly intended to offset U.S. claims of weakening t he insurgents on southern battlefields and through hundreds of night raids by special forces targeting their commanders. The Obama administrat ion declared that it wouldn 't allow Tuesday's attack to deter the American mis sion in Afghanistan, warning the attackers that they would be relentlessly pursued. Even so, the U.S. Embassy in Kabul canceled all trips in and out ofA fghanistan for its diplomats, and suspended all travel within Afghanistan. Sandbags High blast walls ring the embassy compound, and there was little damage to the reinforced concrete buildings, many of which are surrounded by sand-bags. Four Afghans were wounded when a rocketpropelled grenade hit the original U.S. Embassy building next to the new embassy, CIA Director David Petraeus told lawmakers on Capitol Hill. Among them was a young girl who was with a group waiting for visas outside the embassy, he said. Afghan officials said the violence around Kabul resulted in the deaths ofthree police officers and four civilians. Four of the wounded were caught up in attempted suicide bomb ings. Six insurgents were also killed, police said. According to Afghan offi cials, the attack began just after noon when a car packed with insurgents was stopped at a checkpoint at Abdul Haq square, which is about 300 yards (meters from the U.S. Embassy. There were a series of large explosions and the insur gents entered a nine-floor building that was under con struction overlooking the embassy and the nearby NATO headquarters complex. Four to five insurgents opened fire on the complex. T here was a simultaneous barrage of explosions around the Wazir Akbar K han area, near the U.S. Embassy and home to a number of other foreign missions. Explosions shookt he neighborhood. Three other insurgents attempted to carry out sui cide attacks and all were killed. One was shot on the road leading from the capi tal to the airport, and the two others when they tried to attack Afghan police buildings in western Kabul, across the city from the embassy. The bullets detonated one of the militants' explosives vest, wounding two police officers. Another militant detonated his vest at a near by building, wounding two civilians. Afghan security forces raided the nine-story build ing and killed two insur gents, but at least two others remained on the top floors late into the night. U.S. Army helicopters flew over the building and an Afghan army MI-35 attack helicopter opened fire on it with its gatling gun. It was unclear how much weaponry the insurgents had, but one eyewitness said they were equipped with heavy machine guns, rocketpropelled grenades and possibly a mortar. Western security officials, speaking on condition of anonymity for security rea sons, speculated that the insurgents may have had help smuggling so many weapons into Kabul and the area near the embassy. There have been numerous instances of insurgents infil trating the Afghan army and police to carry out attacks. Afghan police Gen. Daoud Amin, deputy police chief of Kabul, said the Haqqani insurgent network was likely behind the attack. The Haqqani network is a P akistan-based group affiliated with both the Taliban and al-Qaida. It has e merged as one of the biggest threats to stability in Afghanistan. "This is the first time that w e had four suicide bombers in four different places. This is new as previ ously we had one or maximum two attacks," said Haroun Mir, director of the Afghanistan Center for Research and Policy Studies, a Kabul-based think tank. "The Haqqani network has the full support of al-Qaida and has the capac ity to execute sophisticated attacks. It's the only group with this capacity." The U.S. Defense Department blamed the Haqqani network for a truck bomb that blew up outside an American base over the weekend, wounding 77 U.S. soldiers and killing five Afghans. The attack occurred in eastern Wardak province, an hour's drive from Kabul. V iolence The violence carries an unsettling message to West ern leaders and their Afghan allies about the resilience and reach of the Taliban and related organizations. It is also an indication the militants may not be interested in pursuing peace talks with President Hamid Karzai's government or the United States. White House press secre tary Jay Carney said the U.S. would continue to move toward removing sol diers sent in as part of the 2009 troop surge and would keep training local forces. "This will in no way deter our commitment to the mis sion, which is to provide for security in the country as we work to transition a security lead to the Afghan national security forces," Carney said. NATO Secretary-General Anders Fogh Rasmussen echoed this, saying in Brus sels that the "enemies of Afghanistan" were trying to disrupt the handing over of security responsibility to the Afghans. Karzai said the attacks would not deter Afghan security forces from taking full responsibility for secu rity by the time the inter national community with draws all its combat troops. "By carrying out such attacks terrorists cannot stop the transition of secu rity from international to Afghan forces," Karzai said in a statement. The U.S. and other for eign troops intend to with draw from the country by the end of 2014. President Barack Obama has ordered the withdrawal of 33,000 troops by the end of next summer, and some of America's international partners are making plans to remove some of their forces. There are now about 131,000 foreign troops in Afghanistan, with 90,000 from the United States. The expansion of the Afghan army and police is critical to NATO's exit strategy. Earlier this summer, the alliance handed over responsibility for secu rity in seven areas, including two provinces. But violence has increased in some of those places. The U.S. hopes to have 325,000 Afghan army and police in the field by the end of 2014. But the Afghan forces have been plagued by desertions. And on Tues day, the Pentagon announced it will try to cut the multibillion dollar cost of training the forces. A FGHAN WOMEN workers of the health ministry, call their families during firing between the militants and Afghan security forces in Kabul, Afghanistan on Tuesday. Taliban insur g ents fired rocket-propelled grenades and assault rifles at the U.S. Embassy, NATO headquarters and other buildings in the heart of the Afghan capital Tuesday in a brazen attack t wo days after the United States marked the 10th anniversary of the Sept. 11 terror attacks. (AP SEVEN KILLED, 15 WOUNDED IN DAYLIGHT ATTACK AN AFGHAN POLICEMAN takes position near the building which is occupied by militants, unseen, in Kabul, Afghanistan on Tuesday. (AP AN AFGHAN SOLDIER takes position near the building which is occupied by militants, unseen, in Kabul, Afghanistan on Tuesday. (AP
T A THOMPSON Grade 7B students at TA Thomp son went back to school for the new term and are pictured here hard at work in the classroom. LOCAL NEWS PAGE 12, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE T A THOMPSON GRADE 7B STUDENTS AND THEIR TEACHER MS. PRATT POSE FOR A PICTURE. CHEV AN A SIMMONS MIAHIKA FARRINGTON SHAMAR FRAY GENEV A AUB AS SIMON BRICE T i m C l a r k e / T r i b u n e s t a f f
By NEIL HARTNELL T ribune Business Editor THE B ahamas Interna tional Securities Exchange ( BISX) is hoping to add two investment fund listings this week with the addition of RoyalFidelitys latest TIGRSp roducts, its chief executive warning that the exchanges growth could be really hind ered unless the Bahamas fosters a greater savings and investment culture. E xpressing confidence that t he Bahamian capital markets have no choice but to grow in line with the broader economys development, Keith Davies confirmed to Tribune Business that BISX hoped tocomplete the listing of RoyalF idelitys TIGRS 4 and 5 international investment subfunds this week. Acknowledging that this would provide BISX with a modest boost in listings and activity, the exchanges chief executive said that while he wanted to see more fund list ings from international spon sors and providers, the global environment was working against this. Its a boost in the sense that we have new listings. Were looking for that to hopefully be completed by this week, Mr Davies said of the RoyalFidelity funds during an interview with Tribune Business from Canada. The market is going in the direction its supposed to go. Its slow progress, but its progress. I appreciated that from the beginning, and people are beginning to see that the market is going to steadi ly grow and expand. As the c ountry develops new indus t ries and expands with new development, youre begin ning to see expansion in the c apital markets. Mr Davies added that the continuing global financial cri sis, and associated uncertain ty, had prevented BISX from attracting more internationalf und listings from sponsors/investment man agers based either outside the Bahamas or in its so-called offshore sector. The absence of consistency had contributed to a gen eral lack of confidence in international financial markets, and not just among the funds industry. Mr Davies acknowledged: The one thing I would like to see would be more interna tional funds looking to list on the exchange. Saying he was not disappointed about this aspect of BISXs listing business to date, he added: Its being realistic. If youre realistic about where the country is and where the world is, its not shocking. Its not disappointing. Its more frustration with the situation in the world. Mr Davies said he would be disappointed if BISX was not continuing to receive fund listing inquiries, and told Tri bune Business the Bahamas was still viewed by the industry as an attractive new domi cile. You have people talking about if this happens, theyll move forward, if that happens, theyll consider it, he explained. Things are not occurring in the way they want, so people are not pro ceeding with the establishment of funds. When persons look for growth and development, they reach for new services, new locations, and the Bahamas is one of those places. But the activity is not there right now. I know of a number of providers who By NEIL HARTNELL Tribune Business E ditor BISX-listed AML Foods yesterday told TribuneB usiness that sales for the key Back to School shop ping season were up 8-10 per cent overall comparedt o 2010, with the retail group now hoping to maintain this momentum going into the Christmas season. G avin Watchorn, AML Foods president and chief executive, said: It wentw ell for us. Overall, and w ere up 8-10 per cent over last year. We were quite pleased with it given everything that was going on,a nd everything happening in the marketplace. The Solomons Super Centre and Cost Right owner said the week ite xpected to be busiest for Back to School traffic was not the one that saw mosta ctivity, although this was influenced by buying associated with preparations for Hurricane Irene. T here were indications t hat Bahamians used funds originally earmarked for Back to School and billp ayments for Irene sup plies, and Mr Watchorn said: There was some impact. People had to make emergency purchases, and used funds available to them to do that, but gen e rally we didnt see to much of an impact. B y NEIL HARTNELL Tribune Business Editor Electricity costs on Grand B ahama need to be in the b all park with Floridas if the island is to attract industrial and light manufactur-i ng investors, its Chamber president urging that duty rates on all renewable energy-related equipment bec ompletely eliminated. K P Turnquest said some Grand Bahama and Freeport businesses had recently seen their power bills reach almost double the normal level, and described energy costs as still a very significant issue. For most of us, weve seen a significant increase inp ower bills over last year, and some people have reported almost double theirn ormal levels, Mr Turnq uest told Tribune Business. We understand these things work with oil prices, but theres got to be some wayo f hedging to even out these peaks, because its hard to plan for businessmen. Our information says that power is a major con sideration for a lot of the $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.32 $5.18 $5.38 T HETRIBUNE SECTIONB email@example.comWEDNESDAY, SEPTEMBER 14, 2011 [Learn more at royaldelity.com] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 PersonalPensionPlanStrong investment performanceFlexible StructureCompetitive feesEfcient administration B y NEIL HARTNELL Tribune Business Editor A FRENCHmultinational e nergy company was yesterd ay said to have been identif ied as the preferred nine figure buyer for Texaco (Bahamast ers parent while confirming that bids were being assessed said no sales agreement had been signed. S ources familiar with the bidding process, speaking to Tribune Business on condit ion of anonymity, said they understood that RUBIS, a petroleum products distributor and operator of bulks torage facilities, had at l east for the moment won the bid to acquire Texacos Bahamian assets, as well as those in the Cayman Islands and Turks & Caicos. However, while confirmi ng that Texacos Bahamian operations are in the midst of being sold, a spokesman f or its parent, multinational e nergy giant Chevron Corp oration, said no final sales agreement had been signeda s yet. Chevron is currently in the process of assessing bids f or the sale of its fuels marketing and aviation business in the Bahamas. However,w e have not signed any agreements to sell as of yet, t he Chevron spokesman said in response to Tribune Businesss e-mailed questions. Our assets in the B ahamas currently for sale i nclude 20 Texaco branded service stations, 2 fuel termi-n als and interest in four avia tion facilities. The same line was repeate d by Chevrons Bahamas country manager, Ryan Bain, in returning Tribune BusiBy NEIL HARTNELL T ribune Business Editor A FORMERChamber of Commerce president yesterday b lasted Bahamian commercial banks for imposing astron omical and outrageous hidden fees that he took four months t o pick up on, and urged the Government and regulators to implement greater oversight of an industry he described as a cartel. D ionisio DAguilar, president of the Superwash laundromat chain, told Tribune Business that he was outraged by the 2 per cent excess penalty fee CIBC FirstCaribbean International Bank (Bahamas overdraft even for one day a month and had established no such facilities with the bank. This fee, Mr DAguilar said, was on top of the normal 17 per NINE FIGURE TEXACO SALE IN PROCESS Parent says still assessing bids, amid suggestions French multinational the winning bidder Purchase likely to be over $100m, as Bahamas packaged with Cayman and Turks Esso backs off same route, say sources SEE page 2B OUTRAGEOUS BANK FEES SLAMMED Former Chamber chief says it took 4 months to pick up CIBCs 2% excess penalty fee Says amounts to effective annual interest of 730% for one-day loan Urges greater got oversight SEE page 4B DIONISIO DAGUILAR president of the Superwash laundromat chain BISX TO ADD NEW LISTINGS Aiming to bring on two RoyalFidelity funds t his week Exchange chief warns lack of savings and i n v estments could really hinder growth But conf i dent capital mar k ets have no choice but growth SEE page 4B KEITH DAVIES AML FOODS SEES 8-10% B ACK TO SCHOOL SALES RISE SEE page 4B SEE page 2B ELECTRICITY COSTS MUST HIT FLORIDA BALL PARK SUMS Chamber head urges total elimination of all d uties impeding renewable energy Says approval of Freeport LNG project past time
BUSINESS P AGE 2B, WEDNESDAY, SEPTEMBER 14, 2011 WW T HE TRIBUNE ,Q$FFRUGDQFHZLWK &RQVWLWXWLRQ7KH%DKDPDVXEOLFHUYLFHV 8QLRQZLOOKROGWKH7UL$QQXDO*HQHUDO 0HPEHUVKLSHHWLQJRQ $XGLWRUVHSRUWVZLOOEHSUHVHQWHG $OOPHPEHUVDUHXUJHGWRDWWHQG DQGEHRQWLPH 5HIUHVKPHQWVZLOOEHVHUYHGDIWHUWKHPHHWLQJ C IBC FirstCaribbean International Bank n ew group chief executive spent his first day on the job this Monday. Douglas Rik Parkhill has taken over from John Orr, who hasr eturned to CIBC in Toronto. Mr Parkhill joins CIBC FirstCaribbean from i ts parent company, CIBC, where he was the m anaging director and global head of CIBCs c apital markets sales and cash equities in the wholesale banking unit. With more than 20 years of experience in the g lobal financial services industry, before join ing CIBC in 2008 Mr Parkhill was co-chief executive of the Toronto Stock Exchange. M ichael Mansoor, CIBC FirstCaribbean I nternational Banks chairman, described Mr Parkhill as a seasoned financial services exec u tive known as a skilled leader and for havi ng a strong employee and client focus He has the right combination of leader ship and industry experience to lead our bank a t the current stage of our company's development and in the present economic environ-m ent, Mr Mansoor added. M r Parkhill added: Despite the ongoing c hallenges facing the economies of the region, and indeed the world, there is still considerable scope for growth for our company. We intend to position ourselves to work alongside our clients to ensure they, in turn, are positioned to take advantage of the opportu-n ities that are sure to present themselves as the r ecovery of the world economy progresses. Its an interesting and exciting time to be here. FIRSTCARIBBEANS NEW GROUP HEAD ARRIVES ByKIMWELCOME IF YOUare in a position that r equires you to get the cooperat ion of others, you will be able to p erform more effectively if you increase your ability to influence them. Here are some tips. Developing rapport is crucial when you are trying to sway otherst o be receptive to you and your ideas. Rapport comes easily when you can find areas of common ground. Once someone feels that you are more like them, they begin to let their guard down and are more open to what you say. Learning to skillfully phrase questions can be a powerful tool. A lways phrase your question to g et the answer you want. F or instance, as a manager, instead of asking your staff if they will work overtime, ask them when they would like to work overtime? In other words, assume they are a lready in agreement with you. Sincere compliments make people feel good about themselves and, in turn, good about you. Take the time to notice something to admire about someone else. Everyone wants to feel like they have good looks, great style, admirable taste or outstanding tale nt. T he key, however, is to be sinc ere. Being a good listener also strengthens your power to influence. Everyone likes to talk to someone who actually listens. W hen you listen, others get the sense you care. A good listener will eventually learn whats important to the other person, and will know what to say to lead them to their way of thinking. Use the word because. Why? Because it gives the perception of credibility and precedes an explan ation, which often moves people i nto compliance. S ometimes simply offering an explanation can create buy in from the person you are trying to persuade. N B: Kim Welcome is chief executive of Influential Voice, a communication trainer and coach. She is committed to helping professionals polish their vocal image. For more info www.influentialvoice.com CREATING BUY-IN FROM COLLEAGUES TALKINGTIPS KIMWELCOME ABACO BUSINESS OUTLOOK IS SET THE2011 Abaco Business Outlook (ABO p lace as scheduled on W ednesday, September 21. This years theme is Shaping t he Future: Investment, I nvention, Integration. Joan Albury, president of T he Counsellors, organizers of the conference, said: We are truly pleased that Abaco was spared the worst of the r avages of Hurricane Irene, b ut knowing the resourcefulness and cooperative n ature of Abaconians, we are hardly surprised that they have pledged to continue their support of the eighth Abaco Business Outlook. One of the absolute highlights of this years Abaco Business Outlook will be a presentation on Arawak Port Development (APD designer, builder, owner and o perator of the new Nassau C ontainer Port and Gladstone Freight Terminal, w hich are under developm ent. Most exciting is that this project represents a hist oric investment opportunity, of which Michael Maura, chief executive of APD, and Kenwood Kerr, chief execut ive, Providence Advisors, w ill provide details. Mrs Albury said two gov e rnment representatives would take part to address two highly topical and sensitive topics. As infrastructure projects a re top of mind in our country today, we are pleased that Neko Grant, minister of public works and transport, has agreed to be our keynote speaker, she added. Edison K ey, South Abaco MP and c hairman of BAIC, will also present, as will David Johns on, director-general of t ourism. Michael Albury, president o f the Abaco Chamber of Commerce, will present the Outlook and Vision segment.He is owner of the C onch Inn & Marina. O ther presenters include Algernon Cargill, director of t he National Insurance Board;Jeremy Sweeting,chiefcouncillor for the Hope Town district; Carter Redd, general man a ger of Bakers Bay; and Eric Carey, executive director of the Bahamas National Trust. n esss phone calls after the parent companys statement was sent to this newspaper. We are in the process of assessing bids, but have not selected a bidder or signed any agreement as yet, Mr Bain added. However, at one stage in the conversation, when pressed as to whether RUBIS was the pre f erred buyer, Mr Bain said we dont know at t his point indicating the deal is likely being handled at a regional or higher level within Chevron. In revealing last November that Texacos wholesale and retail operations in this nation were up for sale, Tribune Business reported that Chevron had sold its fuels marketing a nd aviation businesses in the eastern C aribbean to a RUBIS subsidiary, Vitogaz, for a purchase rumoured to be around $300 million. Thus the French energy conglomerates interest in the Caribbean is clear. While no purchase agreement has been sealed, sources with contacts inside Texaco and the Bahamas petroleum industry suggested that the process may have reached the stage of seeking regulatory approval from the Governments Investments Board and National Economic Council (Cabinet understood that losing bidders were informed of their fate around a month ago. They are still going through the process, one contact told Tribune Business. The regulatory part of the process. Texaco Bahamas name has also been changed to Caribbean Fuels Services Ltd, the name given on the companys phone sys tem when Tribune Business attempted to contact Mr Bain yesterday. It appears likely that the name change was effected to facilitate the companys sale, enabling Chevron to retain rights to the original name, and paving the way for a share transfer. Sources familiar with the bidding process, speaking on condition of anonymity, indicated the way it was structured made it very hard for interested Bahamian investor groups to participate, unless they found an international partner with deep capital pockets to join them. Chevron is seeking to exit its upstream wholesale and retail operations in 20 jurisdictions in the Caribbean and Central/LatinA merica, but rather than sell them as individual territories it packaged them into four different packages. As a result, the Bahamian operations were placed into a package including the Cayman Islands and Turks & Caicos. This dramatically raised the purchase price and logistical/sup-p ort capacity required, impacting the ability o f Bahamian groups to participate. They lumped the Bahamas with the Cay man Island and Turks & Caicos, and it was a package, one source confirmed. They [Chevron] made it clear that those who bid for all four packages would be given an advantage over those who bid for just one. Tribune Business, though, understands that BISX-listed FOCOL Holdings was interested and did participate in a joint bid for all four Texaco packages as part of an international alliance with major regional petroleum industry players. Had their bid been successful, it is likely FOCOLs reward would have been the Bahamas package. This is nine-figure money, one source said of the likely purchase price for the Bahamas package. This was well over $100 million, and anyone bidding for this had to do serious due diligence. If you were prepared to bid on this seriously, it would have cost hundreds of thousands of dollars to do due diligence. FOCOL Holdings might have run into antitrust/competition concerns over the Tex aco deal due to the market share it would control, already owning the Shell brand. The $53 million it paid for Shell some five years ago give an indication of the worth of Texa co Bahamas Bahamian operations. All three oil majors are thought to have assessed disposing of their Bahamas-based wholesale and retail operations, selling them to local operators with management deci sion-making on the ground, and instead con centrating solely on the supply of petroleum products. However, multiple sources yesterday con firmed that the third oil major, Esso, having looked at following the same route as Texa co and Shell, had backed away from this for the moment. AML Foods, he added, was focused on trying to control our own destiny, and if you look after your customers and yourself, gener ally youll be OK. Mr Watchorn said the Back to School shopping season warrants the atten tion we give it, as customer spending and yields are larger than normal. General merchandise also got a boost from back pack sales and the like during what is the second busiest shopping season for retailers behind the Yuletide season. It does set you up for Christmas if you can build momentum from Back to School, and hopefully weve got an opportunity to carry that through to the Christ mas season, the AML Foods chief executive said. Increased employment is the key to an improved performance for the retail sector, Mr Watchorn said, adding: The thing that impacts the average person in the country most is: Do you have a job? Are you getting 40 hours a week? While I think people are starting to save more there are indicators showing that once they have a job and can take care of their responsibilities, their spend ing stays the same good or bad. NINE FIGURE TEXA CO SALE IN PROCESS FROM page one AML FOODS SEES 8-10% BACK TO SCHOOL SALES RISE FROM page one
M O ODYS Investors Service is one of the three major international credit rating agencies, the others b eing Standard and Poors a nd Fitch Ratings. These r ating agencies perform financial and economic research on governments and large businesses. They derive their ratings using a standardised rating scale that allows comparisons across countries and busin esses. T he rating agencies are r equired to be unbiased and dispassionate in their analysis and reporting. Investors and lenders who s ubscribe to, and pay for, the services of these rating agencies rely on the indep endence of the ratings w hen making decisions on w hether to invest in, or l end money to, a business o r country. These ratings a re also key to the terms of these investments or loans. It is therefore in the commercial interest of these ratings agencies to be completely neutral in t heir work and reporting. T hese rating reports give us in the Bahamas an o pportunity to see our e conomyand our prospects through the e yes of independent outsiders with no particular prejudices. O n August 31, 2011, Moodys Investors Service, a nnounced in a press release that while it was affirming the Governmento f the Bahamas A3 bond rating, it was downgrading t he outlook for the Bahamian economy from stable to negative. Most of the subsequent a ttention has been focused on the downgrade of the outlook from stable to neg a tive, and rightly so, b ecause it gives us an idea of what lies ahead if we do not address the issues athand. T he reasons given by Moodys for the revisionof the economic outlook w ere, for emphasis, clearly stated in point form at the beginning of the release as: The significant run-up i n government debt levels i n recent years The countrys limited growth prospects The challenges that the Government is likely to face in raising revenues In the body of the release, Moodys goes on to detail some other areas that should cause real con cern for policymakers and citizens alike. What might startle most Bahamians is the revelation by Moodys that the national debt has increased by 40 per cent in the past two years alone. Moodys further reveals that the economy of the Bahamas has grown a totalof only 6 per cent over the past 10 years, the growth in the early years of this decade having been wiped out by the shrinkage of the economy over the past four years. When we fact or in the increase in the cost of living, the reality is that our economy has s hrunk and the standard of l iving has fallen. In effect, w e have gone backward e conomically. M oodys opines that the l imited growth prospects for the Bahamian economy mean we will be severely challenged to simply grow out of this quagmire. As a result, there is little prospect that the reve nue the Government n eeds to pay the interest on its debt will show any s ignificant growth. W e are challenged, t herefore, to address the persistent, large Budget deficits in order to haves urplus funds that that can go towards paying down some of our national debt. Debt M oodys concludes: A failure by the Government to reverse the recent trend o f rising debt would likely r esult in a downgrade of the Bahamas rating. In order for the outlook to return to stable, the Gov-e rnment would need to demonstrate a credible plan not just for stabilisingd ebt, but for reducing it to a level more consistent with the current A3 rating. There is therefore no c onsolation in the fact that the credit rating is unchanged. Without ac redible plan to address the ballooning national debt, a downgrade of the credit rating is sure toc ome. I n summary, the release by Moodys forces us to recognise that the level of government debt has grown to levels that are simply unsustainable. W hile we presently have the ability to make the payments, the steady increase in the amount of funds required to make these debt payments means there will be a steady decrease in funds available to provide other government services. The more money we are required to pay to support the national debt, the less money will be available for national security, health, education and other essen tial services. In its response, the Government gave its standard and now familiar recitation: The recent global economic and financial crisis profoundly impacted t he Bahamian economy, and required extraordinary levels of spending on the p art of the Government to s afeguard the financial syst em, boost economic activi ty and provide assistance t o Bahamians badly in n eed of help in these trying times when government revenue experienced pre cipitous declines. Well written for sure, and it sounds good, but does it hold water. What m oney did the Governm ent spend to safeguard the financial system? W hat programmes were i nvolved? We know the G overnment borrowed money in US dollars to increase the level of for-e ign reserves, but this claim of spending money to safeguard the financial system is a mystery. We also know the unemployment benefits programme is being funded by t he National Insurance B oard, through a payroll l evy, and therefore did not involve money coming d irectly out of the Consoli dated Fund. Information in the public domain sug gests the amount of money borrowed directly by, org uaranteed by, the Government to fund infrastructure projects is a com b ined $350-$400 million. This is what is presumably meant by spending aimed at boosting economica ctivity. Y et the Central Bank of the Bahamas shows government debt rising from $2.887 billion at the end of 2006 to $4.268billion at the end of 2010, an increase of $1.381billion. W hat this is telling us, and what the Government appears to be reluctant to tell us directly, is that weh ave actually been bor rowing money to pay recurrent expenses. We have been borrowing money to pay salaries, rents and interest on the national debt. This is a situation where a nation has to actually borrow money to pay interest on the national debt, which in economic terms is called running a primary deficit. This is very concerning to ratings agencies and the Interna tional Monetary Fund (IMF To appreciate the seriousness of this situation, imagine an individual havi ng to go to one bank to borrow money to pay the interest on a loan at another bank. This is clearly unsustainable and very dangerous. In addressing Moodys c omments on the high debt l evels, the Government s aid: Despite this, we m aintain in the circums tances a debt-to-GDP r atio that is one of the lowest in the region. Programmes Another one of its standard responses, which is totally inadequate. When we look at the region, we h ave Jamaica, which is in t he middle of an IMF restructuring programme, a nd Barbados, which has g one through two IMF restructuring programmes and may be looking at another. Then there isG uyana, a Highly Indebted Poor Country (HIPC the Organisation of East e rn Caribbean States. All are in various stages of negotiation with the IMF on structural adjustmentp rogrammes. The only e xception in the region is Trinidad and Tobago with its abundant reserves of natural gas. So the boast that we are better off than our region al neighbours is no com f ort at all. We should really be comparing ourselves to countries with similar ratings. In fact, Moodys p lainly says as much when they say: As a result, the Bahamas debt levels, which were at the median for its rating range until 2006, are now nearly 40 per cent higher than the median. Its relatively high wealth levels theB ahamas GDP/capita is nearly twice the median for the rating range enable the Bahamas to support a somewhat higher level of debt at a given rating level to other count ries, but not 40 per cent h igher. S imply put, when compared with our ratings peers, our debt levels are just too high. So, has the Government gotten the message that things mustc hange? From its responses, apparently not. W hat must be done? First, we must admit we have a problem and stop pretending that everything will work itself out as soon as the US economy turns around. Second, we must get a h andle on spending. The G overnment spends over $1.5 billion every year. W hose job is it to ensure that we, the Bahamian p ublic, get value for the money spent? If we can save 10 per cent of thisa mount through improved procurement processes and quality control, that would translate into $160 million saved. The Department of Statistics in its latest employm ent survey pointed to a s ubstantial increase in the n umber of discouraged w orkers and workers m igrating to the informal s ector. The Central Bank, in its Monthly Economic and Financial Indicatorsf or July 2011, pointed to considerable slack remaining in the job mar ket. B ottom line: Fewer Bahamians are working.So we must stimulate the creation of good, perma-n ent jobs. One way to do this would be for the Government to commit to building five new, state-of-t he-art schools across the country, fully equipped with the latest technology. Other schools would ber enovated to bring them up to the new standard. Of course, the work would be done by locals. The objec t ive should be to promote standards of excellence in academic and vocationalt raining. I mmediately, hundreds of Bahamians would be put to work. In addition, we begin to better prepare our students for success in the 21st century workforce.A Private-Public Sector Partnership can be explored to address the issue of cost. Such a part-n ership would ensure that employers have some input into educating and training the future workforce. Going forward we must be serious about financial m anagement, particularly w hen it comes to deficits a nd debt management. How serious are we? Not too serious, Im afraid. Earlier this year the Government amended the Financial Administrationa nd Audit Act to, among other things, require gov-e rnments, when a budget d eficit is forecast in any particular year, to provide Parliament with a plan on how that deficit will be eliminated. A positive step indeed, except that just before breaking for the summer t he Government brought a nother amendment, whereby the coming into f orce of that particular provision can be delayed i ndefinitely. So the whole purpose of the initial amendment is defeateda nd the way is clear to continue with business as usual. We dodged a bullet this past budget period. Had it not been for the sale of BORCO in Grand B ahama, and Baha Mars t ax payments, which nett ed a $114 million windfall i n stamp taxes for the Publ ic Treasury, and the sale o f BTC for $210 million, we would have been looking at a one-year budgetd eficit of over $500 mill ion. While the sale of BTC helped to plug a hole this year, the sale of thisp ublic asset is equivalent to selling a piece of prop erty to pay the rent. This budget period, t here is no BTC to sell, and we may not be so lucky in having such a huge Stamp tax windfall. I n conclusion, there is no magic formula to cure our debt woes. Many of our problems are structurala nd have become entrenched over many years. To work our way back to economic andf inancial health will take hard work and sacrifice. The first step, however, ist o admit that we do have a v ery serious problem. We should use this warning from Moodys as an oppor tunity to build a national consensus and begin the reform process. To do nothing is not an option. BUSINESS T HE TRIBUNE WEDNESDAY, SEPTEMBER 14, 2011, PAGE 3B GETTING MOODY ON DEBT INACTION PLP Senator Michael Halkitis warns that it cannot be businessa s usual when it comes to the B ahamas public finances. The r ating agencys recent report, he says, shows that doing nothing is not an option for any government
BUSINESS PAGE 4B, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE (VWDEOLVKHGZKROHVDOHFRPSDQ\LV DFFHSWLQJUHVXPHVIRUWKHSRVLWLRQRI *HQHUDODQDJHU 'ULYHDQGDPELWLRQDUHPXVW 6XFFHVVIXOFDQGLGDWHVKRXOGKDYHDW OHDVW\HDUVH[SHULHQFHLQWRSOHYHO PDQDJHPHQW &RPSHQVDWLRQZLOOEHFRPPHQVXUDWH ZLWKH[SHULHQFHDQGWLHGWRSHUIRUPDQFH ,QWHUHVWHGSHUVRQVKRXOG VHQGWKHLUUHVXPHWR ZKROHVDOHFDUHHUV#JPDLOFRP NOTICEIN THE ESTATE OF NEVILLE MINUS late of Caravel Beach in the City of Freeport in the Island of Grand Bahama one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same GXO\FHUWLHGLQZULWLQJWRWKH8QGHUVLJQHGRQ or before the 31st day of October, A.D. 2011, after which date the Co-Executors will proceed to distribute the assets having regard only to the claims to which they shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. MERIDIAN LAW CHAMBERS Attorneys for the Co-Executors Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas. cent that he as a businessman had to pay on an overdraft, and amounted to an effective annual r ate of 730 per cent per year if f unds were borrowed for one day. H e questioned whether its CIBC parent had such fees in Canada. Calling for greater government and regulatory oversight of commercial banks, Mr DAguilar described the Central Bank of the Bahamas as useless when it came to supervising the fees they charged. He called on the Government to create a new regulatory agency, if necessary, and ensure there was some sort of approval process for commercial bank fee increasesfocusing on whether they were fair and reasonable. The banks, having taken a killing on their bad loans, are implementing outrageous and a stronomical fees to try and recoup s ome of the losses theyve incurred on those loans, Mr DAguilar c harged. For example, CIBC FirstC aribbean have decided to impose a 2 per cent fee on a one-day loan. If you happen to go into overdraft, and lets say you go into overdraft for $30,000 for one day, they will charge you $600 for that one day. That equates to an annualised rate of 730 per cent. They dont call it interest, and on top of that they charge you the 17 per cent interest they normally charge you for an overdraft if you dont have an overdraft facility fee i n place. This is when they impose t his fee. Why would you charge such an outrageous fee. M r DAguilar said that while C IBC FirstCaribbean ultimately reversed the excess penalty fees it h ad levied on Superwash, totalling $ 955 during one month, this only h appened after he vehemently complained about it. Im a large and reputable cust omer, and Im not sure theyre doing it for everyone, he added. I had to complain, and now t heyre trying to drive me to set u p an overdraft facility with them. My concern is that I dont know whether theyve contacted all their customers about this, and if people know theyre being charged these fees. It took me four months to pick this up. The former Chamber president said that by charging the 2 per cent in the form of a fee, and FirstCaribbean applying it in the manner it was, there was no link with the traditional determinants of i nterest perceived risk, plus durat ion and size of the loan. He explained that if a client w ithout an overdraft fee went into t his position for more than one day in a given month, FirstC aribbean would levy the 2 per c ent excess penalty fee based on t he maximum overdraft amount on the account statement. What they do, in the course of a month, is they look at the highest negative balance you have and m ultiply it by 2 per cent, charged M r DAguilar. They pick the h ighest negative number, and multiply it by 2 per cent for the month.I think thats absolutely outrageous. Mr DAguilar said he was charged $955 in excess penalty fees for July as a result of two different accounts going into overdraft for two and three days respectively. In a letter to FirstCaribbean executives, he wrote: The excess penalty charge is 2 per cent per d ay, which equates to an effective a nnual rate of 730 per cent per year if you borrow money for one d ay, or 384 per cent per year if you b orrow for two days, or 243 per cent per year if you borrow money f or three days or 24 per cent per y ear if your borrow for 30 days. T his is, of course, on top of the regular interest rate of 17 per centt hat I already have to pay on an o verdraft. Mr DAguilar told Tribune Busin ess that Bahamian businesses and c onsumers were at the mercy of t he six banks Royal Bank of Canada, CIBC FirstCaribbean, Fidelity Bank (Bahamas monwealth Bank, Scotiabank and Bank of the Bahamas who had the ability to operate as a cartel. As a result, there was very little option for Bahamian consumers, while changing banks overnight was not an option for many businesses given that they often had existing credit lines and properties mortgaged as collateral with one p articular lending institution. There should be full disclosure of fees. People should see and view t hem, Mr DAguilar added. A l ot of businesses are not aware of what is going on. I was shocked w hen I saw $500-$600 of fees for o ne month. The Minister of Finance should focus on this issue, and not allowt he banks to do what they want to d o. have closed their funds as o pposed to opening new ones. Thats the reality that we have right now. T he domestic market is t he one that continues to drive BISX. Apart from the imminent fund listings, the$ 8 million Arawak Cay Port and $37 million Bahamas Telecommunications Comp any (BTC o fferings (IPOs ther main board equity issuers. Bahamas First has a lso pledged to list on BISX, as has Fidelity Bank (Bahamase rence share issue. W hen first established in 2000, BISX ramped up its s cale and business plan immediately in anticipation of a listings boost from the planned privatisation of BTC a nd other governmentowned entities. The listing of government bonds and Treasury Bills had also been anticipated, but neither ofthose hopes came to pass. Now, more than a decade l ater, it appears as if BISXs original dreams are moving closer to realisation. Refer-r ing to BTC and the whole concept of privatisation, Mr Davies added: We talked about going down this track for many years, and are expect to see growth and development for many yearst o come. Which is why Im confi dent the capital markets will s till grow. They have no choice. The above causes there to be expansion. Privatisation, Mr Davies added, would likely spur a wave of innovation, with entities broken up and sold off, all developments that would stimulate the capital markets. W hile the exchange and wider economy were expected to benefit from the $2.6b illion Baha Mar developm ent and other foreign direct investment projects, the BISX chief executive s aid where the trickle down effect was directed would be key. The question is to what extend those funds are going to be diverted into productive activities and expansion of the capital markets, Mr Davies said. Wed like to see the c ountry engage in savings and investments, as opposed to spending on consumerism. If we see a bump, is it going t o be people doing things that do not benefit them? Thats the concern we have. Its not grown to the levels it ought to. The market has a lot more room fore xpansion. The Bahamas has a long way to go in building longterm savings, with onlya round 25 per cent of the population covered by a pension scheme. M r Davies said current capital markets players, espe cially retail investors, were t hose who had a history of s aving in their families or businesses. Apart from their companies, the only othert raditional savings and investment sources had been the bank or real estate, but t he latest Bahamian generation was now growing up with a stock exchange. Thats something we as a country need to continue to foster and grow, Mr Davies said of savings, because thats something that will really hinder us in the future. The word is out. People are hearing the message. Asa country, this is not going to happen overnight, but it has gotten better. investors considering light manufacturing, industrial and other businesses on the island. Were told that if we can get the power rates down to somewhere comfortable like Florida, these businesses will become more viable, so it is vital. Mr Turnquest said that as an offshore, small-scale island jurisdiction, Grand Bahama would have to pay a premium for its petro leum products. Yet its power rates needed to be in the ball park. That may mean we have to look at alternative fuel sources, he added. Its past time we approved the liquefied natural gas (LNG posal. Its past time we look at alternative energies in terms of solar, wind and encouraging them through duty concessions. Im not talking about reducing duty rates to 10 per cent; Im talking about totally eliminating them. Elimi nate it, because the pay back at the end of the day will be much more significant to the country in terms of foreign exchange savings. OUTRAGEOUS BANK FEES SLAMMED FROM page one BISX TO ADD NEW LISTINGS F ROM page one ELECTRICIT Y COSTS MUST HIT FLORIDA ALL PARK SUMS FROM page one NEW YORK A ssociated Press DON'T expect much elbow room on flights this fall. Planes have never been so full. There was barely a spare seat this summer, and the next few months should be the same. To the list of things airl ines have taken away hot meals, blankets, headphones you can add personal space. For airlines and the people who invest in them, it makes sense. Because of consolidation, partnerships and a push to eliminate unprofitable routes, airlines can adjust schedules to match demand and charge more. But customer comfort is an afterthought. Not to mention space in the overhead bin. "There are some days on some flights when there are simply no physical seats left," says Jim Reichart, vice presi dent of marketing and sales for Frontier, which sold 91 percent of its seats in July and August. Frontier and US Airways both had their best August for per centage of seats filled. The figures shouldn't come as a surprise to anyone who fought over an armrest this summer. With 130 million people flying, little perks like empty middle seats or flying standby were hard to come by. Airline executives used to add flights and routes to protect market share. This often meant there were more seats than travelers. "In the past we had the prob lem of people operating airlines based on ego," says airline consultant Michael Boyd. "Now they're operating on the basis on how much money they can make." Overall, 86.4 percent of seats were filled by paying customers in July and August, according to an Associated Press analysis of preliminary data reported by 16 major U.S. airlines. That edges last summer's record of 86.3 percent. Add in seats occupied by offduty airline staff, who often fly free, and passengers who redeemed frequent-flier miles, and there was hardly any room this summer. Analysts say there may be more space this fall, but not much, if the economy slows further. Either way, flights around Thanksgiving and Christmas will be packed. And fuller flights anytime mean you're less likely to get a seat if your flight is canceled. Airlines generally lose mon ey on empty seats because they are already paying for fuel, pilots and flight attendants. But how many seats are filled is only one factor in airline prof itability. Airlines have to make enough money from fares and fees to cover fuel and labor costs. "The question then becomes whether fares paid to fill those seats are sufficient enough to not only cover our costs but also generate a return for investors, repair balance sheets and invest in the product," says Steve Lott, spokesman for the Air Transport Association, the industry's trade and lobbying group. All the major airlines except American have made money this year. United charged about 8 percent more for each seat in July than last year, and 11 percent more in August. Until 1978, regulation limited airline competition, allowing them to make money even when planes weren't full. In more recent years, technology has allowed airlines to routine ly schedule full flights and cutthroat competition has forced them to. In the early 1970s, before air lines were deregulated, about half of seats were sold. In the first decade after deregulation, airlines sold about 60 percent of seats. That number slowly increased over the decades. In 2008, faced with high fuel costs and falling demand in a reces sion, airlines ended hundreds of money-losing flights. A IRLINE PASSENGERS g o through the Transportation Security Administration security checkpoint at Hartsfield-Jackson Atlanta Intern ational Airport in Atlanta. Dont expect much elbow room on flights this fall. With the busy summer travel season over, airlines are cut ting seats available in the U.S. by about 2 percent this fall. (AP ARMRES T W ARS: FLIGHT S ARE FULLER THAN EVER
ASSOCIATED PRESS GOLD PRICES rebounded Tuesday on mounting concerns about how the Greek financial crisis could affect the European economy. Greece faces the prospect that it could run out of money if it does not get another round of bailout funds. There have been signs that European leaders will take steps to help Greece avoid default. German Chancellor Angela Merkel indicated Tuesday that Greece is making progress in complying with the requirements of its international creditors. The uncertainty about what direction the Greece crisis will take and the slowing global economy have been driving gold prices higher for weeks. Investors consider the precious metal a relatively stable asset to hold when there the outlook for the economy is unclear. "People are ... sitting and waiting for further developments out of the eurozone," Kingsview Financial analyst Matt Zeman said, referring to the countries that use the euro currency. Zeman and other analysts expect gold to continue to climb. Gold for December delivery rose $16.80 to finish at $1,830.10 an ounce. The price is up 47 percent in the past year. December silver rose 97.6 cents to end at $41.193 an ounce, a little more than double what it was a year ago. The silver market is smaller and more volatile than the one for gold, which can result in wider price swings. In other trading, wheat fell 3.5 percent as U.S. producers are facing more competition from overseas growers. The U.S. Agriculture Department on Monday predicted global wheat supplies will be about 194.6 million metric tons by the end of next summer. That was an increase of 5.7 million metric tons from an estimate issued in August. In addition, U.S. producers will be hurt if the dollar grows stronger against the euro. Since commodities are priced in dollars, a stronger dollar makes them more expensive for buyers who use other currencies such as the euro. December wheat fell 25.25 cents to end at $7.02 a bushel, December corn fell 22.5 cents to $7.23 a bushel and Novemb er soybeans fell 4.25 cents to $13.9175 a bushel. In other metals trading, December copper rose 0.45 cent to finish at $3.97 a pound, October platinum rose $4.10 to $1,813.50 an ounce and December palla dium rose $17.15 to $728.50a n ounce. Oil prices rose on expecta tions that the government will report on Wednesday a decline in supplies after some oil platforms and refineries w ere shut down temporarily when Tropical Storm Lee hit the Gulf Coast region earlier this month. Benchmark oil rose $2.02 to finish at $90.21 per barrel on the New York Mercantile Exchange. Heating oil fell 1.14 cents to finish at $2.9361p er gallon, gasoline futures rose 0.42 cent to $2.7424 per gallon and natural gas rose 9.5 cents to $3.98 per 1,000 cubic feet. NEW YORK A ssociated Press GENERAL ELECTRICand other industrial companies are pushing stocks higher Tuesday in another day of choppy trading. The Dow Jones industrial average was up 25 points, or 0.2 percent, to 11,086 at 2:55 p.m. The Dow dropped as many as 73 points in t he morning. General Electric Co. rose the most of the 30 Dow stocks, gaining 2.3 percent to $15.36. The Standard & Poor's 500 index was up 8, o r 0.7 percent, to 1,170. J PMorgan Chase & Co. rose 1 percent to $32.77. Analysts at Stifel Nicolaus put a "buy" rating on the stock, saying it was undervalued. O ther large banks also rose. Wells Fargo & Co. gained 2 percent to $24.57. The Nasdaq rose 31 points, or 1.2 percent, t o 2,526. Apple rose 1.6 percent. Morgan Stanley analysts said the tech giant was more likely than ever to reward investors with a dividend or through buying back its stock. Best Buy Co. plunged 7 percent to $23.20, the biggest loss of any S&P 500 stock, after the electronic retailer reported a fall in quarterlyp rofit. Sales in stores open a year or longer dropped 2.8 percent. Trading has been uneven so far in Septemb er as investors struggle with uncertainty over the European debt crisis and questions over w hich way the U.S. economy is going, said R yan Detrick, senior technical strategist at S chaeffer's Investment Research. That fear of the unknown has made markets especially volatile, he said. Traders seem to beh anging on every piece of news or rumor out of Europe. The market has closed higher only two days this month. "It's a difficult environment for a long-term i nvestor," Detrick said. "Any news can take y ou significantly higher or lower. There's just so much volatility." Detrick says the uncertainty has started to drive retail investors out of stocks. Americans pulled $36 billion out of U.S. stock funds in August, according to preliminary data fromt he Investment Company Institute. That's second only to the $47 billion withdrawn from U .S. stock funds at the height of the financial crisis in October 2008. A weak reading of business sentiment kept the market's gains in check. An index of small business conditions from the National Federation of Independent Business dropped to a 1 3-month low in August. The NFIB said comp anies surveyed had weaker expectations for sales and a bleaker view of the overall economy. E uropean markets rose Tuesday after Italy's finance minister confirmed that officials hadm et with China's sovereign wealth fund about b uying Italian bonds. Italy's FT-SE MIB index r ose 2.2 percent. Germany's DAX closed 1.9 percent higher. A report that China may buy Italian gove rnment bonds helped U.S. stock indexes eke out slight gains Monday. All of the gains came in a sudden burst of buying in the last 15 min-u tes of trading. T he Dow and S&P 500 have lost 4 percent this month amid worries that Europe's debt crisis could knock the U.S. into another recess ion. The U.S. economy is already slowing, and unemployment remains high at 9.1 percent. 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E VANSVILLE, Ind. A ssociated Press A DUTCH COMPANY that designs and makes w ind turbine blades will open its first U.S. facility at a former refrigeratorp lant in Evansville that W hirlpool Corp. closed l ast year, company and local officials said Tues day. G lobal Blade Technolog y executives joined Gov. Mitch Daniels and city officials in the announcing that the company wouldl ease and equip a portion of the factory for offices and production lines for making wind blades, molds and tooling. The Netherlands-based company said it expects to hire 40 employees in the coming year and plans to start a manufacturing facility in the area by 2014 with potentially 400 total workers. "Evansville is an ideal location to serve the indus try as it is centrally located to the massive wind farms of the Midwest and the flurry of offshore activity to the east and south," said Dan Oberle, general man ager of GBT USA. Evansville officials have been working to transform the factory site into an industrial park to replace the 1,100 jobs that were lost when Whirlpool shut down the plant and shifted its work to Mexico. Whirlpool is based in Ben ton Harbor, Mich. Debbie Dewey, president of Growth Alliance for Greater Evansville, said it would be difficult to find a single company to fill the 1.2 million square-foot plant on the city's north side near Evansville Regional Air port. She said the group was working to attract startup companies and expanding businesses to the site. About half of the factory is now occupied by com panies that have some 200 workers and negotiations are ongoing with other businesses, said Chuck Harper, a vice president of The Kunkel Group devel opment firm that bought the plant this year. 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'DWHGWKLVWKGD\RIHSWHPEHU '256(77 &KDPEHUV 6XLWH-(0/$=$ 1DVVDXWUHHW 1DVVDX%DKDPDV $WWRUQH\VIRUWKHHWLWLRQHU WIND TURBINE COMPANY MOVING INTO EVANSVILLE PLANT WASHINGTON Associated Press M EMBERSof a special House-Senate d eficit-cutting "supercommittee" urged their colleagues Tuesday to go beyond the panel's minimum spending-cut target of $1.2 trillion over the coming decade, but the price tag on President Barack Obama's $447 billion jobsp lan is complicating the panel's work. We need to 'go big' and reach savings of more than $1.5 trillion to address long-term deficits," said Sen. John Kerry, D-Mass. "We need to 'go long' and address our long-term budget issues. And most importantly of all we need to 'go smart' and address the budget without preconceived dogmas or political agendas." A s the panel convened its second session, it also got a sobering message about the budget deficit's toxic effect on the economy over the long term from economist Douglas Elmendorf, director of the nonpartisan Congressional Bud-g et Office. E lmendorf warned that spiraling interest paym ents could swamp the government's ability t o pay for its operations and could spark a f inancial crisis if nothing is done: "Under current policies, the federal budget is quickly heading i nto territory that is unfamiliar to the United States and to most other developed countries as well." "The nation cannot continue to sustain the spending programs and policies of the past with t he tax revenues it has been accustomed to payi ng," Elmendorf said in a statement. "Citizens w ill either have to pay more for their government, accept less in government services and benefits, or both." O bama's jobs plan calls for a temporary boost in spending on roads, schools and blightedn eighborhoods combined with cuts to the Social S ecurity payroll taxes paid by workers and their e mployers. He would pay for the initiative with a tax increases on wealthier workers, oil com panies and hedge fund managers all prop osals that are opposed by the GOP. Elmendorf, a former Brookings Institution scholar initially named to the CBO post byD emocrats, said that Obama's jobs plan which combines tax cuts with spending stimulus was well within mainstream economic thought which holds that it doesn't make sense t o raise taxes or impose sharp spending cuts in periods of slack economic growth. "If policymakers wanted to achieve both a s hort-term economic boost and medium-term and long-term fiscal sustainability, a combination of policies would be required: changes in taxes and spending that would widen the deficitn ow but reduce it later in the decade," Elmendorf said. But every dollar spent stimulating the econ omy makes the supercommittee's task that much more difficult. Co-chairman Rep. Jeb Hensarling, R-Texas, is clearly irked. This proposal would make the already arduo us challenge of finding bipartisan agreement on deficit reduction nearly impossible, removing our options for deficit reduction for a plan that won't reduce the deficit by one penny," Hensarling said recently. "It's not the role of this committee to spend more money we don't haveo n jobs we don't get." And the top Senate Republican, Mitch McConnell of Kentucky, weighed in with a broadside Tuesday that labeled Obama's jobs plan a transparently political exercise. "Despite the president's calls to pass this bill immediately, the real plan is to let it hang outt here for a while so Democrats can use it as an issue on the campaign trail," McConnell said,n oting Democratic opposition to Obama's proposals to increase taxes on charitable tax deductions taken by the wealthy. "The central tax hike included in this bill ... was already dismissed by a filibuster-proof, Democrat-con-t rolled Senate in 2009." The supercommittee is charged with finding at least $1.2 trillion in deficit cuts over the coming decade, which would come on top of about $900 billion in savings wrung from the operating budgets of Cabinet agencies over the same peri-o d. Recent CBO studies say the recent budget pact is just a starting point on the more dra-c onian changes that would be needed to stabilize the national debt so it doesn't spiral out of control and drag the economy down with it. N umerous lawmakers and deficit hawks outs ide the government are pressing the panel to e xceed the $1.2 trillion goal and perhaps pick up elements of the $4 trillion "grand bargain" that O bama and House Speaker John Boehner, ROhio, were working on this summer. It combined higher tax revenues with sharper spend-i ng cuts. E lmendorf didn't offer an opinion as to how m uch the panel should try to cut the deficit. But he said that simply meeting the 10-year, $1.2 trillion goal wouldn't be enough because the national debt will continue to grow relative to the size of the economy. That growth, hes aid, likely will crowd out the ability of the government to keep pace with the new obligations. "At a minimum, federal debt cannot continually increase as a share of the economy because the interest payments on that debt would then continually grow relative to the size of the tax base that would be available for generating rev e nues to cover those payments, and all of the other activities of the government," Elmendorf said. "Let's not duck those realities," said Rep.C hris Van Hollen, D-Md. "Go big." There's considerable scepticism in Washing ton that the panel will be able to agree on serio us cuts, especially with next year's elections approaching. Most Democrats are ardently against cuts in expensive benefits like health care for the elderly, while Republicans area damantly against higher taxes the two most plentiful sources of potential deficit reduc tion. PRESIDENT OBAMA'S JOBS PLAN COMPLICATES TASK OF DEBT PANEL
W ASHINGTON Associated Press THE RANKS of Ameri ca's poor swelled to almost 1 in 6 people last year, reaching a new high as long-termu nemployment left millions o f Americans struggling and out of work. The number of uninsured edged up to 49.9 million, the biggest in more than two decades. The Census Bureau's annual report released Tuesday offers a snapshot of the economic well-being of U.S. households for 2010, when joblessness hovered above9 percent for a second year. It comes at a politically sensitive time for President Barack Obama, who has acknowledged in the midst of a re-election fight that the unemployment rate could persist at high levels through next year. The overall poverty rate climbed to 15.1 percent, or 46.2 million, up from 14.3 percent in 2009. The official poverty level is an annual income of $22,314 for a family of four. Reflecting the lingering impact of the recession, the U.S. poverty rate from 20072010 has now risen faster than any three-year period since the early 1980s, when a crippling energy crisis amid government cutbacks contributed to inflation, spiral ing interest rates and unem ployment. Measured by total numbers, the 46 million now living in poverty is the largest on record dating back to when the census began tracking poverty in 1959. Based on percentages, it tied the poverty level in 1993 and was the highest since 1983. Broken down by state, Mississippi had the highest share of poor people, at 22.7 percent, according to calculations by the Census Bureau. It was followed by L ouisiana, the District of Columbia, Georgia, New Mexico and Arizona. On theo ther end of the scale, New Hampshire had the lowest share, at 6.6 percent. The share of Americans without health coverage rose from 16.1 percent to 16.3 percent or 49.9 million people after the Census Bureau made revisions to numbers of the uninsured. That is due mostly to con tinued losses of employerprovided health insurance in the weakened economy. Congress passed a health overhaul last year to deal with rising numbers of the u ninsured. While the main provisions do not take effect until 2014, one aspect tak i ng effect in late 2010 allowed young adults until age 26 to be covered under their parents' health insur ance. Brett O'Hara, chief of the Health and Disability Statistics branch at the Census Bureau, noted that the uninsured rate for adults ages 18 to 24 declined last year from 29.3 percent to 27.2 percent. It was the only age group which posted a decrease. "For the change in uninsured, the law change cer t ainly could be a factor," he said. The median or mid p oint household income was $49,445, down 2.3 per cent from 2009. The latest numbers, which cover Obama's second year in office, offer political fod der for both parties as Obama seeks to push a new $447 billion plan for creating jobs and stimulating the economy. The plan includes a pro posed payroll tax cut and an extension of unemployment benefits. Obama is urging Congress to pay for the new spending largely by increasing taxes o n the wealthy, which Republicans have rejected emphatically. O n Tuesday, the Census Bureau noted the impact of government safety-net programs on the poor. It esti mated that new unemployment benefits passed in 2009, which gave workers up to 99 weeks of payments after a layoff, and did not run out for most people until this year, lifted 3.2 million above the poverty line. Social Security kept about 20.3 million, seniors as well as working-age adults receiving disability payments, out of poverty. BUSINESS T HE TRIBUNE WEDNESDAY, SEPTEMBER 14, 2011, PAGE 7B 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .190.95AML Foods Limited1.191.190.000.1550.0807.76.72% 1 0.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7.504.40Bank of Bahamas6.926.930.015,0000.2300.10030.11.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2 .842.55Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 11.108.29Cable Bahamas8.478.470.000.2450.31034.63.66% 2 .802.35Colina Holdings2.552.550.000.4380.0405.81.57% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.886.880.000.4960.26013.93.78% 2 .001.63Consolidated Water BDRs1.651.650.000.1110.04514.92.73% 1.771.31Doctor's Hospital1.371.370.000.0740.11018.58.03% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 8 .505.35Finco5.395.390.001,0000.7570.0007.10.00% 9.747.75FirstCaribbean Bank8.218.210.000.4940.35016.64.26% 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% 10.0010.00Premier 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) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00FINDEX: YEAR END 2008 -12.31%3 0 May 2013 20 November 2029 7 % RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 2 9 May 2015BISX LISTED & TRADED SECURITIES AS OF:7% I nterest 1 9 October 2022 P rime + 1.75% P rime + 1.75% 6.95%TUESDAY, 13 SEPTEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,393.63 | CHG 0.12 | %CHG 0.01 | YTD -105.88 | YTD % -7.06BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)M aturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320 5 2wk-Hi52wk-LowSymbolBid $ A s k $Last PriceDaily Vol.EPS $Div $P/EYield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.57791.4674CFAL Bond Fund1.5779263.39%5.87%1.548717 3.02482.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.86862.5398Royal Fidelity Bahamas G & I Fund2.5730-5.41%-9.79% 13.800113.2291Royal Fidelity Prime Income Fund13.73472.82%1.94% 114.128999.4177CFAL Global Bond Fund114.09222.35%13.88%114.128861 118.4255101.6693CFAL Global Equity Fund118.42552.30%8.26%116.580785 1.17491.0000FG Financial Preferred Income Fund1.17492.48%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% 11.498510.5308Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.96520.78%5.70% 10.68139.4372Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.60135.75%13.20% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund8.65073.01%18.38% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Jul-11 31-Jul-11 31-Jul-11TO 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) BISX Listed Mutual Funds30-Jun-11 30-Jun-11 NAV 6MTH 1.535365 2.952663 1.580804 111.469744 115.762221 NAV Date 31-May-11 30-Jun-11 W ASHINGTON A ssociated Press THE LARGESTU.S. banks will be required to show regulators how they would break up andsell off their assets if t hey are in danger of f ailing. The Federal Deposit Insurance Corp. voted 30 Tuesday to approve the rules, which were m andated under the financial overhaul passed by Congress last year. T hey are designed to r educe the chances of a nother government bailout of Wall Streetb anks in the event of a nother financial crisis. The rules require banks with $50 billion or more in assets to submit so-called living wills to the FDIC, the Federal Reserve and the Financ ial Stability Oversight Council and send revised plans annually. A mong the banks affected are Bank of A merica Corp., Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. The biggest banks of t he group would have to start filing their plans n ext July. The others w ouldn't be due until 2013. T he FDIC says that 124 financial firms plus will be subject to the requirements, 26 ofw hich are U.S. banks or f inancial firms. The rest are U.S. subsidiaries ofb anks based in foreign c ountries. The rules would also apply to 37 federally insured banks andt hrifts. Those institutions have about $3.6 trillion in deposits, or nearly 60p ercent of all federally insured deposits, according to the FDIC. Regulators would have t he power to seize and d ismantle banks that threaten the broader financial system. They also have the power to designate other firms as potentially threatening t he financial system and r equire them to submit plans. The plans must include detailed information ona bank's businesses and operations, structure, assets and liabilities, cap-ital cushion held against risk, and how much they owe other big financial institutions. If their operations change, the banks would have to submit revised plans within 45 days. Based on their review of the plans, the regulators are empowered to order banks to make changes to their operations, such as selling assets or divisions. They also can reject the plans and order banks back to the draw ing board. LARGE US BANKS MUST SHOW HOW THEY WOULD WIND DOWN CENSUS: US POVERTY RATE SWELLS TO NEARLY 1 IN 6 THE NUMBER OF UNINSURED EDGED UP TO 49.9 MILLION Shar e your news The T ribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for impr ovements in the area or have won an award. If so, call us on 322-1986 and shar e your stor y DETROIT Associated Press T HE UNITED AUTO WORKE RSand Detroit's three car companies are likely to miss a Wednesday night deadline to agree on new contracts, three people briefed on the bargaining said Tuesday. There are many issues to settle, m ost involving pay, before the curr ent four-year contracts expire at 1 1:59 p.m. Wednesday, said the p eople, who asked not to be ident ified because the talks are private. Union employees at General Motors Co., Chrysler Group LLC and Ford Motor Co. are expected to keep working indefinitely under the old contracts, which is normal procedure in national contract t alks with the UAW. In 2007, when t he last contracts were signed, bargaining stretched into October and e ven November at Ford. Bargainers One of the people briefed on the talks said bargainers at GM could s till reach agreement by the deadline, but much work remains. The contract talks will determine w ages and benefits for 111,000 u nion workers at the companies, a nd they also set the bar for wages at auto parts companies, U.S. fac-t ories run by foreign automakers a nd other manufacturers, which employ hundreds of thousands more. Bargainers at Ford are far behind the other two companies and have barely begun discussing pay issues. W orkers at GM and Chrysler c an't strike over wages under the terms of the companies' government bailouts. Ford workers haven o such restriction. Chrysler CEO Sergio Mar chionne told reporters at the Frankfurt Auto Show in Germany Tuesday that bargainers are not close to an agreement. D isputes between the union and GM and Chrysler could go to binding arbitration, although neither side is expected to call for that any t ime soon. Both sides bargained through the weekend, and UAW President Bob King was involved in the talks with GM and Chrysler, two of the people said. They returned to bargaining Monday, ending around 9:30 p.m.a t GM and went into the early morning hours at Chrysler. Kristin Dziczek, labor and industry group director for the Centerf or Automotive Research, and industry think tank in Ann Arbor, Mich., said she expects the union to extend contracts beyond mid night Wednesday. Bargaining so far, she said, hasn't gone around the clock, which was typical of previous negotia-t ions. "There are really pragmatic, practical people working on tough issues. In the past, it was an attitude of, 'I'm tougher than you. I can wear you down.' This time you have people working on concerns for both sides," she said. AP SOURCES: AUTO CONTRACT TALKS MAY MISS DEADLINE AN ASSEMBLYMAN works on the line building Chrysler 200 vehicles at the Sterling Heights Assembly Plant in Sterling Heights, Mich.
BUSINESS PAGE 8B, WEDNESDAY, SEPTEMBER 14, 2011 THE TRIBUNE ROME Associated Press I TALY CONFIRMED it held talks with Chinese officials amid speculation Rome is looking to per s uade Beijing to buy its bonds or invest in its com panies, while premier Sil v io Berlusconi flew to Bruss els Tuesday to discuss the market turmoil. The eurozone's thirdlargest economy is tryingt o convince investors that it can manage its debt load, find buyers for its bondsa nd avoid becoming the n ext victim of Europe's debt crisis. News of the talks with China sent the Milan stock market higher on the open, following market tensions across Europe. But the rebound was shaky, with stocks fluctuating. Bond prices likewise received little support from the news especially after the country had to pay a euro-era high interest rate in a five-year bond auction. Though the Italian Treasury raised 3.86 billion ($5.27 billion of five-year bonds, it hadt o pay an interest rate of 5 .6 percent. That was the highest rate it has had top ay since the euro was e stablished in 1999 and marked a fairly hefty rise from the previous auction's equivalent of 4.9 percent. U niCredit bank gave a mixed review to the auction. Pricing While in terms of pric ing we regard the auction as disappointing, demand was fine in our view, considering the current market environment and the high amount sold," said Chiara Cremonesi, a fixed-income strategist at UniCredit. In Brussels, Berlusconi discussed the governmen t's austerity package with European Union President Herman Van Rompuy, ahead of a key vote in the Italian parliament. The austerity measures seek to slash spending by more than 54 billion ($70 billion) over three years. They will be put to a voteo f confidence in the lower h ouse of parliament for final approval Wednesday,B erlusconi said. The Sena te has already cleared them. The European Central Bank has bought Italianb onds in the open market to keep down their yields, which indicate the rates at which the country would be able to borrow on the mar ket. But Rome appears to be l ooking farther away, too. A spokesman for Finance Minister Giulio Tremonti confirmed the meeting with t he chairman of China Investment Corp., Lou Jiwei, but declined further comment. The Wall Street Journal and the Financial Times said the meeting took place last week in Rome, without citing sources. Reports said the meeting also included officials of China's foreign currency regulator and the Cassa Depositi e Prestiti, an Italian government investment vehicle. CIC was created in 2007 to invest a portion of Bei-j ing's $3.2 trillion in foreign r eserves, the bulk of which are held in safe but low-e arning assets such as U.S. T reasury debt. The fund says it has assets of $409.6 billion, which includes stocks in a wide array ofm ajor Western companies. Mar kets "Europe will continue to be one of China's maini nvestment markets," said Foreign Ministry spokeswoman Jiang Yu at a regu lar news briefing. "We will also expand financial and economic cooperation and investment cooperation with European countries to jointly address the financial crisis." Beijing hopes eurozone countries will "take effective measures to ensure the safety of China's investments," Jiang said. Fiat and Chrysler CEO Sergio Marchionne, speak ing from the Frankfurt Auto Show, said the possible involvement of China could be read in two ways:o n the one hand, were Beij ing to absorb some of Italy's debt, it would be av ote of confidence in Italy; o n the other, the fact that Rome "had to go there, in and of itself is not a good sign." A nalyst Romeo Orlandi, an expert on China, echoed that assessment, saying the development was positive for Italy, but not without dangers. "In principle it's a winw in situation: Italy needs money, China has the world's largest reserves. But this means that we m ust sell pieces of Italy to China," Orlandi said, adding that the talks may be an indication of how serious Italy's financial troubles are. Orlandi said Beijing is usually cautious in its investment, and that the solution to Italy's woes does not lie in China. "But we are in a situation where even a little crutch can be helpful," he said. ITALY'S PRIME MINISTER SILVIO BERLUSCONI left, hands a wrist brace to a delegation member to shake hands with European Council President Herman Van Rompuy, prior to a meeting, at the European Council building in Brussels, Tuesday. (AP ITALY CONFIRMS CHINA TALKS AMID B OND HELP REPORTS PHILADELPHIA Associated Press THEowner of P hiladelphia's two major n ewspapers is offering discounted tablet computers in an effort to attract more digital subscribers. Philadelphia Media Network, which owns T he Philadelphia Inquire r, Philadelphia Daily N ews and Philly.com, says it is the first major news company in thenation to offer such a package to consumers. P ublisher Gregory O sberg said the pilot proj ect will offer 5,000 t ablets running Google's A ndroid operating system for $99 to customerswho buy a two-year digit al subscription, which costs $9.99 a month for both newspapers. The 10inch 4GB tablet is $129 w ith the purchase of a one-year digital subscription at $12.99 a month. A new website, p hillytablet.com, has i nformation about how to purchase the tablet ands ubscription package; the n ewspapers' downtown Philadelphia headquarters will have tablets in the lobby for potential buyers to test out. Orders are being filled by elec tronics retailer TigerDi-r ect, which also will prov ide customer assistance and technical support. We fully expect them t o be sold in the first w eek," Osberg said Monday. The Arnova 10 G2 w ireless tablets will be o ffered first-come, firstserved and come pre-l oaded with apps that o ffer page-by-page repli cas of each paper's print edition, a philly.com app and an Inquirer appm ade for Android. The different versions are included to cover the variety of formats that consumers use when reading news, Osberg said. We intend to utilize a v ariety of platforms and methods to reach our customers, ranging from philly.com to traditional hard-copy subscriptions as well as our new digital subscriptions," Osbergs aid. "Our goal is to be t he most innovative company in the industry." The Wi-Fi-only tablet, made by French consumer electronics company Archos, offers email and web access, high-definition video playback, video chat and all the other functions that regu lar tablets have, Osberg said. Daily versions of the newspaper can be either manually or automatically downloaded based on user preference. The deep discount is possible through financial sponsorships with cable giant Comcast Corp., financial services firm Wells Fargo & Co. and regional hospital network Main Line Health. The companies did not release information on how much funding was provided to the venture. The Arnova 10 G2 was just released in Hong Kong but isn't yet avail able in the U.S. retail market, so no official price tag has been released. Earlier versions have sold for around $150 to $200. If the initial "beta test" phase with 5,000 tablets proves successful, the second phase will begin the day after Thanksgiving Black Friday, the unofficial start of the hol iday shopping season with pricing structure and number of tablets avail able to be determined. "We're going to be doing focus groups and surveys with the first group to get feedback about what they think," Osberg said. "Then we'll decide how to continue." PHILLY PAPERS KICK OFF ANDROID TABLET INITIATIVE WASHINGTON Associated Press THEUnited States narrowed sanctions applied over an oil tanker sold to Iran last year by affiliates of an Israeli holding company, saying Tuesday that the affiliates should have known better. The sale caused an outcry in Israel, which counts Iran as its mortal enemy and has urged strong international trade and financial sanc tions to restrict Iran's lucrative oil business and international trade. The State Department issued a brief notice Tuesday clarifying culpability for the 2010 sale. A family conglomerate run by billionaire brothers who were probably Israel's most recognizable tycoons is no longer listed. However, three corporate entities indirectly owned by the group are subject to U.S. sanctions for their role in a deal that sullied the family name. The surprise U.S. move Tuesday followed months of lobbying on behalf of two Israeli brothers who were among that nation's richest men. The Ofer family firm said the $8.5 million deal, small for their massive conglomerate, was conducted unwittingly with an Iranian shell company. Nonetheless, the company said it was embar rassed. "This action clears our name," a statement from the Ofer firm said. The brothers did not live to see the news. Sammy Ofer died in June at 89, Yuli Ofer died last week at 87. The Romanian emigres built a sprawling business empire that included holdings in international shipping, real estate, chemicals and banking. They divid ed up their assets in recent years, but media have reported their joint worth ranged from $4 billion to $10 billion. Word of the move came on the day of Yuli Ofer's funeral. Action U.S. officials said the action was meant to provide guidance to banks and companies that did not want to run afoul of U.S. sanctions. State Department spokeswoman Victoria Nuland said the original sanctions announcement in May "led to the conclusion by some banks and companies that we had intended to sanction all Oferowned companies. Our intent was to sanction the specific entities in the Sammy Ofer shipping organization that were responsible for providing a tanker to Iran." The sanctions caused an outcry in Israel, whose national security policy is heavily organized around Iran's declared intention to extinguish the Jewish state. The sanctions drew calls in Israel for an investigation when media reports suggested that the Ofers' ties with Iran might have been authorized by the Israeli government or linked in some way to Israeli intelligence operations. Prime Minister Benjamin Netanyahu's office denied that the government had authorized the company's dealings. The new action removes penal ties on the "Ofer Brothers Group,"a corporate name the State Department applied to the brothers' vast holding company. In its place the State Department added sanctions against two other enti ties directly involved in the sale of the tanker Raffles Park. It left in place sanctions against a third affiliate. In all cases the State Depart ment said the entities should have known who was actually buying the ship The original sanctions had banned the Ofer brothers and their Singapore affiliate Tanker Pacific from obtaining U.S. export licens es and American bank loans top ping $10 million. Confusion The sanctions cast a pall on Ofer businesses around the world, in part because of confusion over the corporate name applied by the State Department. The Ofer family says there is no such entity. "We are relieved that the U.S. State Department has made this important clarification," a state ment from the Ofer family said Tuesday. "This is an important step forward." Sammy Ofer, a shipping magnate and philanthropist, was listed last year by Forbes magazine as Israel's richest person and No. 109 in the world. US N ARR OWS SANCTIONS ON ISRAELI FIRM IN IRAN SALE
GSSSA RECEIVES SOFTBALLS FOR SEASON B y BRENT STUBBS Senior Sports Reporter firstname.lastname@example.org F o r Trevor Barry, the reality of being the 13th IAAF World Championship high jump b ronze medallist still hasnt settled in. But, in the aftermath, hes enjoying his success on the international scene. For the second time in his postWorld Championship experience in Daegu, South Korea, on September 1 Barry has soared to a second place f inish with his latest feat coming at the ISTAF Athletics Meeting. On Sunday in Berlin, Germany, Barr y duplicated his second place finish at the Zurich Diamond League meet inS witzerland with another leap of 2.30 m etres or 7-feet, 6 1/2-inches. It was pretty similar. We had pretty much the same field as Zurich, Barry told The Tribune on Monday. But once again, Im feeling very con fident approaching the heights, really relaxed. I think Im ready to go to then ext level pretty soon. T he 28-year-old Barry, who has achieved a personal best of 2.32m (7-7 1/4) to claim the only medal for theB ahamas at the World Champi onships, said his aim is now to jump around the 7-8 (2.33m2.36mb arrier. I think this part of the season, Im really tired, said Barry, who is prepar ing for his final meet on the European c ircuit on Thursday when he competes in Slovakia. I think right now, I have to count m y jumps. I have to come in later at a higher height and go from there. A part of the fatigue that Barry is e xperiencing right now is the constant m ove from one country to another to compete on the circuit as his full-time job. Im really exhausted, said Barry, whose success at the colourful Daegu Stadium has increased his appearances i n the much bigger meets. Im just moving on. Plus my train i ng time has been cut down. Its pretty m uch non-existent now. You go to the track and get a shake down. Thats about it. Right now, you have to havea short memory about the mistakes and focus on the positive and go from t here. C redit his consistency on the circuit to the level of competition that hes encountering meet after meet. The By BRENT STUBBS Senior Sports Reporter email@example.com THE Government Seco ndary Schools Sports Association, which will see some f amiliar faces in new coachi ng capacities this year, were the recipients of a number of softballs for their upcoming season. T he New Providence Softball Association, through its junior developmental league,i n conjunction with the Bahamas Softball Federation, made the presentation to G SSSA president Alfred F orbes at the Bankers Field, B aillou Hills Sporting Complex. C alling him a man he respected as his mentor and initial softball coach, juniorl eague director Martin Pork B urrows said he was delighted t o present the balls to Forbes as a sign of their partnership with the league. Next year, we want their participation with us so wec an make it bigger and better, said Burrows of the junior developmental league t hat he started this year to enhance the performances of the young NPSA players. J effrey Henfield, the assist ant treasurer of the BSF, told Forbes that they are grateful for the opportunity to workw ith the NPSA in establishing the junior league. If we dont get the juniors g oing, then we are looking for the sport to die, he stated. So this is a big step in the right direction and I would c ontinue to support Mr Burrows with the BSF in ventures like this to come. In response, Forbes said he was elated to receive the balls on behalf of the GSSSA. Hes aid hes sure that they will go a long way in the further THETRIBUNE SECTIONEWEDNESDAY, SEPTEMBER 14, 2011 INSIDE TRAK T T U U R R N N T T O O 4 4 E E . . . T T U U R R N N T T O O 5 5 E E . . . T T U U R R N N T T O O 7 7 E E . . . NBA LOCKOUT: TALKS FAIL TO PROGRESS ARSENAL HELD 1-1 BY DORTMUND IN CHAMPIONS LEAGUE OPENER TOUGHER CROWD CONTROL COMING AT RUGBY WORLD CUP JANIKOWSKI TIES FG MARK AS RAIDERS BEA T BRONCOS 23-20 IN OPENER T T U U R R N N T T O O 8 8 E E . By WINSTON MARSHALL Special to The Tribune O O v v e e r r v v i i e e w w The competition at the 13th IAAF World Championships has concluded. This article is intended to provide a summary analysis of the performance of Team Bahamas as a whole, while assessing the strengths of various area groupings, (Africa and NACAC) and the extent to which reigning champions, who had a free pass, have performed. There is often a misperception that it is very easy to gain a medal, and if you are a champion from the previous games, it is easy to repeat. The record would clearly reveal that this is nothing more than a mis perception. The reigning champion for the previous competition was easily identified with a gold bib. The competitions at the World Championship level placed the six continental areas against each other, and then intra area competition. The observer would not only note a spread or distribution of medals earned, but a pattern of areas of specialization from region to region. R R u u l l e e s s t t o o a a d d v v a a n n c c e e t t o o t t h h e e f f i i n n a a l l s s There are a limited number of events in the competition, where no heats or preliminaries are required. Events such as the marathons, long race walks, and long distances such as 10,000 metres and steeplechase are exceptions, and the athletes go directly to the final. In the other cases, whether jumps, throws, sprints, hurdles or relays, the athletes can be expected to fun rounds. Advancing through the various rounds qualifies the successful athlete or team for the final of the event. In the sprints, such as the 100 and 200 and 400 metres, given the number of entrants, a qualifying round has been added. These include either non-qualifiers or B standard qualifiers. Athletes advancing from these pre-qualifying rounds join the other participants, who go directly into the heats. As a result of this rule, some athletes must run a total of four rounds to compete in the finals while others run only three rounds. It should be noted therefore that, individuals attempting to compete in more than one individual event, could be forced to run up to six rounds, excluding the two relay rounds. All members of team manage ment must be aware of the schedule of the entire competition, so that athletes entered for events are not disadvantaged due to lack of proper consideration of adequate recovery time. A A n n a a l l y y s s i i s s o o f f c c o o m m p p e e t t i i t t i i o o n n i i n n v v a a r r i i o o u u s s e e v v e e n n t t s s Without doubt, the two continental areas that provide a significant level of competition and excitement for the Championships were Africa in the middle and long distances and the North America, Central America and the Caribbean region in sprints, jumps and relays. The old rivalries in distance running were revisited with Kenya dom inating with seven gold medals. Africa, as an area, with the athletes performing well in the sprints from time to time, showed domi nance in events from the 800 metres to the marathons, including steeplechase along with 3000, 5000 and 10,000 metre events. The East Africans, particularly Kenya and Ethiopia, have had an ongoing rivalry in a number of dis tance events. W W o o m m e e n n s s M M a a r r a a t t h h o o n n The Kenyans, known for team running, got off to an excellent start on day one of the competition with a medal sweep in the first event. Results were as follows: GoldEdna Kiplagat (KEN 2.28.43 13TH IAAF WORLDS: ANALYSIS FROM THE TRACKSIDE S S E E E E p p a a g g e e 3 3 E E S S E E E E p p a a g g e e 2 2 E E S S E E E E p p a a g g e e 2 2 E E Barry ready for final European circuit meet O N THE CIRCUIT: 1 3th IAAF World Championships bronze medallist Trevor Barry is getting ready to compete in Slovakia Thursday in his final meet on the European circuit.
SPORTS PAGE 2E, WEDNESDAY, SEPTEMBER 14, 2011 TRIBUNE SPORTS COLLEGE SCRIMMAGES: FALCONS ROUT RATTLERS, 96-63 ABOVE THE RIM: SeattleP acific University Falcons blew away CI Gibson Rattlers (blue 96-63 Monday night in the first o f a three-game series in the return of the Bahamas Basketball Federation's College Scrimmages at the Kendal I saacs Gymnasium. development of their league and also enhance the performances of the players. Martin said earlier that I was one of his coaches. Actually, I was not only his coach, butI was the man who gave him his nickname, said Forbes, noting that he was so impressed with Burrows agility around the field at his size that he named him Porkman. The GSSSA, which has seen a transforma tion in the coaching department at various schools, is expected to start its new calendar year with volleyball on September 26. Among the changes in personnel are Fritz Grant, the former head of department at CH Reeves, who has been moved to Government High as the Senior Masters. Grant, the head coach of the Bahamas team at the 13th IAAF World Championships in Daegu, South Korea, was one of the longest serving physical education teachers in the same school. Other changes saw Antonio Saunders transferred from SC McPherson to CR Walker, Chris the General Grant from DW Davis to Anatol Rodgers, David Ferguson from Anatol Rodgers to Government High as the head of the department, Edna Forbes from LW Young to CV Bethel and Donnette Martin from Gov ernment High to DW Davis. Also, Torsheka Cox, the former head of department at Government High, resigned and is now in the US while Dexter Cambridge has left Dame Doris Johnson and is back at home in Eleuthera. Cambridge, a former NBA player with the Dallas Mavericks, worked part of his summer as an assistant coach on the mens national basketball team that finished as the runners-up to the US Virgin Islands at the Caribbean Basketball Championships. GSSSA RECEIVES SOFTBALLS FOR UPCOMING SEASON level is up from the World Championships, so its more of a confident thing for me. Theres no more second guessing, he said. I have to be ready to compete every meet. Once hes done in Slovakia, Barry said he intends to take a well-deserved break from competition. He will use some of his time to enjoy his success with his family and friends. But he knows that wont be long because theres still the Pan American Games to get ready for. Those games will be held in Mexico in October and Barry said he would like nothing better than to secure another medal. Im trying to hang in there, but Im really missing my family, he said. Its my job, so Im just trying to stay focus and make the best of it. Im doing a little bit of sightseeing. As the new Worlds thirdbest jumper, Barry said it has pushed him into a whirlwind where he has just been going and going. I havent had a chance to let it sink in yet, even though there are a lot of people con gratulating me wherever I go, said Barry, who wasnt surprised at how knowledge able the people in Europe have been about the sport. I havent really felt the significance of it yet. Maybe it will all crash down on me when I get done competing and Im at home enjoying it with my family. In the meantime, Barry said hes looking forward to some fierce competition from the field of competitors, includ ing Williams, Russian Ivan Uhkov and Dimtrios Chon drokokis of Greece. Aleksey Dmitrik, the Russian silver medallist, has shut down his season and Barrys local arch-rival Donald Thomas will skip Thursdays meet after returning to the US following his fourth place finish in Berlin. Normally when were out there, its a rivalry to an extent, Barry said of his relationship with Thomas. But if I dont win, I would rather see him win. Thats the same way he feels. Were pretty close. We hang out whenever we are at the same meet. F F R R O O M M p p a a g g e e 1 1 E E F F R R O O M M p p a a g g e e 1 1 E E TREV OR BARRY READY FOR FINAL MEET ON EURO CIRCUIT P h o t o s b y T i m C l a r k e / T r i b u n e s t a f f
S ilver..Priscah Jeptoo (Ken 2.29.00 Bronze.Sharon Cherop (Ken 2 .29.14 I n the evening competition, with the only other final for the day, the b attle between the East Africans continued.Kenya vs. Ethiopia. Again, Kenya mounted the medal podium with a sweep of medals in thew omens 10,000 metres, dethroning the Ethiopians. 8 8 0 0 0 0 m m e e t t r r e e s s O n day 4, Kenya struck again with gold by David Rudisha in the 800 metres in a time of 1.43.91.He wasf ollowed by Kaki Abubaker of Sudan i n 1.44.41 and Yurily Berzakovskiy of Russia in 1.44.49 4 4 0 0 0 0 m m e e t t r r e e s s f f e e m m a a l l e e B otswana, who had never won a medal at the World Championships, entered the medal count with gold, after the 400 metres female was won by Amantle Montsho in 49.56 seconds. 5 5 0 0 0 0 0 0 m m e e t t r r e e s s f f e e m m a a l l e e I n the 5000 metres women event, Kenya won the gold and silver with Vivian Cheruit and Sylvia Kibet respectively, and Meseret Defar (Ethiopia Incidentally, this is the same order in which they finished at the 12thI AAF World Championships in Berlin in 2009. S S t t e e e e p p l l e e c c h h a a s s e e I n the steeplechase, the Kenyan Ezekiel Kemboi defended his title. It is important to note that his coach was the well-decorated Moses Kiptanui, who was world champion in Tokyo in 1991, Stuttgart in 1993 and Gothenburg in 1995. 1 1 5 5 0 0 0 0 m m e e t t r r e e s s In a change of tide, and a classic case of taking the lead, positioning, and sprinting the final 600 metres, Kenya for the first time won the 1500 metres for men. Asbel Kiprop finished in first, with Silas Kipligat (Kenya second and Matthew Centrowitz of the US third. M M e e n n s s m m a a r r a a t t h h o o n n In the mens marathon, Kenya completed the mastery of distance run ning with a systematic escalation of the pace in installments of five metres. For the first 25 metres, five Kenyans led the way, running excellent teamwork. After that distance, the defend ing champion Kirui ran away from the pack, and completed the race in 2hours 7 minutes and 38 seconds (2 minute and 26 seconds ahead of his team mate, Vincent Kipruto). Kirui had won the event in 2009 in Berlin, in a time of 2 hours 6 minutes and 54 seconds. Kenya also won the World Marathon Cup, which combines the times of the fastest three team-mem ber finishes. N N A A C C A A C C North America combined with Central America and the Caribbean, (NACAC in sprints, hurdles, jumps both horizontal and vertical and specialized throws in javelin, hammer, discus and javelin, and relays. It should be noted that this area includes the Bahamas, US, Canada, Jamaica, Trinidad & Tobago, Barba dos, St Kitts & Nevis and Grenada. Grenada had never won a medal at this level, but came up with gold in the 400 metres with Kirani James easily winning that event. Tim Collins of St Kitts & Nevis, at the age of 35, returned to the podium with a bronze medal, (having won the gold in 2003) and a bronze as a member of the 4x100 metres relay. 1 1 0 0 0 0 m m e e t t r r e e s s s s p p r r i i n n t t With American Tyson Gay and Jamaicas Asafa Powell missing due to injury, there was an expectation that Usain Bolt would very easily repeat as champion. The 13th IAAF World Champi onships suffered its first major surprise when Bolt, the three-time world and Olympic champion, fell victim to the IAAFs no false start rule. Yohan Blake, a 21-year-old Jamaican, who is Bolts training partner, went on to win and lead the NACAC sweep of the event in 9.92 seconds. Walter Dix (US place in 10.08 seconds and Tim Collins (SKN The womens event resulted in a NACAC sweep with Carmelita Jeter, (US ica Campbell-Brown (Jamaica 10.97 seconds for silver and Kelly-Ann Baptiste (Trinidad for bronze. 2 2 0 0 0 0 m m e e t t r r e e s s s s p p r r i i n n t t The female event had three Amer icans, three Jamaicans, one Bahamian and one Ukranian in the finals. In another medal sweep, Veronica Campbell-Brown (JAM torious with Carmelita Jeter (US second and Allyson Felix (US third. On the mens side, 25-year-old Usain Bolt went on to win in 19.42 seconds, the 4th fastest time ever. Walter Dix (US Lemaitre (France seconds. 4 4 0 0 0 0 m m e e t t r r e e s s s s p p r r i i n n t t This female event was won by Montsho of Botswana in a time of 49.56 seconds, with Allyson Felix (USA seconds. In the case of the mens event, NACAC continued mastery of the short sprints and was led by Kirani James of Grenada in a time of 44.60 seconds, with second place going to the reigning champion Lashawn Merritt (US with third place going to Kemu Bolle of Belgium. 1 1 1 1 0 0 h h u u r r d d l l e e s s When the event was over, Cubas Dayron Robles was in first with a time of 13.13 seconds, with American Jason Richardson second in 13.16 seconds and Chinas Xiang Liu in third in a time of 13.27 seconds. There was a protest and Robles was disqualified and the declared winner was Richardson, with Liu ending up in second place. The female event saw Sally Pear son of Australia winning and setting a Championship record time of 12.28 seconds, followed by Caruthers (US in second with a personal best time of 12.47 seconds and in third, Harper (US seconds. L L o o n n g g j j u u m m p p Dwight Phillips (US for the NACAC area with a leap of 8.45 metres. He entered as a wild card after placing 10th in the US trials. This was his fourth time winning the gold. R R e e l l a a y y s s In the third match-up of the competition, Veronica Campbell-Brown and Camelita Jeter were pitted against each other on the anchor leg of the 4x100 relay. The event saw a change in victors. Team USA was victorious this time with Jamaica finishing in second and the Ukrainian team completing the event with the bronze medal. In the case of the mens 4x100 relay, the Jamaican team of Carter, Frater, Blake and Bolt set a world record time of 37.04 seconds. In second place was the French team in a time of 38.50 seconds and the bronze medal went to St Kitts & Nevis in a time of 38.49 seconds. The American mens team did not finish. 4 4 x x 4 4 0 0 0 0 m m e e t t r r e e s s r r e e l l a a y y The Americans set up their 4x400 relay mens team in such a way that 4 00 metres silver medallist Lashawn Merritt anchored and brought in the gold. This team utilized two hurdlers. South Africa, with a great team effort, was second while Jamaica was third for the bronze medal. N ACACs Team USA, in the 4x400 f emale relay, was represented by Sanya Richards-Ross, Allyson Felix, Jessica Beard and Francine Nicore.T hey combined for a 3.18.09 victory. NACACs Team Jamaica was second with a new national record of 3.18.17. Russia finished in third place. C C O O N N C C L L U U S S I I O O N N We recognise that the decision as t o who should run which leg or not at all in a relay is a decision made by the coaches. It should be noted that in thep ast, Relay Team Bahamas has been known to produce successful results. However, when a decision produces a disappointing or inexplicable result, t he public has a right to question. The failure of Team Bahamas 4x400 mens team to advance out of the qualifying round is one such event and has been the topic of discussion throughout the sporting community since the event. The decision to not run your most experienced veterans (Chris Brown nor one of your A qualifiers in the 200 metes and a veteran quartermil er Michael Mattieu, nor your athlete with the best time for the year, Demetrius Pinder, does indeed beg the question as to what really went into the decision-making process. Additionally, the misfortune on the second baton exchange in the female 4x100 metres qualifying round left the silver medallists at the Berlin 2009 IAAF World Championships out of the finals. But we understand that these things happen. Given the composition of the teams utilized, and the individuals available for inclusion, the public quite rightly, in my view, should ask the question as to what went wrong. Closer analysis would reveal that all of the other teams took what seemed quite logical a position, that is put in your best team, to get you to the finals and then you have the luxu ry to make changes, if necessary. It should be noted that this propo sition is based on the premise that you have sufficient depth. In the case of Jamaica, Bolt did not run until the final round of the 4x100 metres relay and his team went on and set a world record. We congratulate Team Bahamas (team management, officials, medical personnel, athletes) on their performances and national service. Certainly, special praise goes out to Trevor Barry on his medal-winning performance. We congratulate the other team members who just did their best and those who made it to the next round or to the final. Know that an excited and support ive Bahamian public looks forward to Team Bahamas performance at the London Olympics in 2012. SPORTS TRIBUNE SPORTS WEDNESDAY, SEPTEMBER 14, 2011, PAGE 3E N N P P S S A A ( ( S S O O F F T T B B A A L L L L ) ) T HE New Providence Softball Association double header Monday night was not played. In the womens opener, the P roper Care Pool Lady S harks won by default over the Sea Star Pheonis. The mens feature contest saw the Johns Buccaneers win by default over the Mighty Mitts. S S C C H H E E D D U U L L E E T hursday 7 pm Proper Care Pool Lady Sharks vs Wildcats (L 8:30pm New Breed vs Johns Buccaneers (M Friday 7 pm Pheonix vs Sigma B rackettes (L 8 :30pm Dorsey Park Boyz v s Miller Rams (M Saturday 7pm Sigma Brackettes vs W ildcats (L 8:30pm Truckers vs Dorin United Hitmen (M B B A A S S E E B B A A L L L L E E A A B B L L P P O O S S T T S S E E A A S S O O N N POSTSEASON action in t he Ed Armbrister Baseball League is slated to continue at Windsor Park Friday when t he Hawks (blue team p lay the Eagles (green team at 5pm in the Little League championship series (age 9-1 1). The Senior League championship series between the R eds and Buttons Formal W ear is expected to start sometime next week. The Junior League champ ionship series got started Tuesday when the Bears (maroon teamT igers (orange team T igers took a one-game lead into the series. No results were available up press timel ast night. The Ed Armbrister Baseball League is named afterB ahamian former Major League Baseball player Ed Armbrister who played five years for the Cincinnati Redsi n the mid-1970s, winning two World Series titles. Ed Armbrister is one of five Bahami a ns to play in the MLB. C C Y Y C C L L I I N N G G N N P P C C A A S S E E R R I I E E S S T HE New Providence Cycling Association is all set to continue its Cycling forH ealth and Fitness in 2011 series today with a Mid Week Track Time Trial Series, start-i ng 6pm at the one mile national cycling track at the Baillou Hills Sporting Com-p lex. On Saturday, the NPCA is scheduled to hold a Road Race at 8am that starts and finishes at the Clifton Heritage Park. Its a 32-mile race for all categories, including juniors, novice, seniors and masters. Special prizes will be presented to the top finishers. And starting 5:30pm Sun day, the NPCA is set to hold a Sunday Family Fun bike ride, starting at 5:30pm at the national cycling track. S S O O F F T T B B A A L L L L / / T T R R A A C C K K B B S S C C A A C C T T I I V V I I T T I I E E S S THE Baptist Sports Coun cil has announced the dates for the final two events on its sporting calendar. The 2011 Bishop Neil C. Ellis Softball Classic is scheduled to start on Saturday, October 1 at the Baillou Hills Sporting Com plex. It will feature competition in the men, co-ed and 19and-under divisions. And the Rev Enoch Backford Track and Field Classic will follow on Saturday, October 22, at the Thomas A Robinson Track and Field Stadium. Persons interested in more details are asked to contact league president Brent Stubbs at firstname.lastname@example.org or secretary Jonique Webb at email@example.com C C O O N N C C H H M M A A N N R R E E G G I I S S T T R R A A T T I I O O N N U U N N D D E E R R W W A A Y Y THE 25th annual Conchman Triathlon is scheduled for Saturday, November 5 in Freeport, Grand Bahama. It will comprise of a one-kilometre swim, a 25k bike ride and a 5k run. Interested persons can reg ister by logging onto the Facebook Event Page, e-mail organiser Bert Bell at firstname.lastname@example.org or calling him at 727-5886 or 7275381. SPORTS IN BRIEF 13TH IAAF WORLDS: ANALYSIS FROM THE TRACKSIDE F F R R O O M M p p a a g g e e 1 1 E E CHRIS BROWN (right congratulates Kirani James of Grenada who won the 400m at the 13th IAAF World Championships in Daegu, South Korea. IC president and team captain Kit Spencer says theB ahamas can be very proud o f its IC Junior team who c ould well have been the winner of the event. The team had two great wins over the US and Mexico. O ur juniors competed strongly throughout all their matches, giving 100 per cent efforta nd were a credit to the Bahamas both on and off thec ourts, he said. S pencer said the whole e vent was played in the great s pirit of the IC motto: Hands across the net, friendship a cross the ocean. TEAM BAHAMAS NETS 2ND PLACE JUNIOR TENNIS STARS SHINE AT THE IC NORTH AMERICAN CHALLENGE G OOD SPIRIT: S hown (l-r