The Tribune.

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The Tribune.
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Tribune. (Nassau, Bahamas).
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v. : ill. ; 58 cm.


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Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER CRACKDOWN Volume: 107 No.255TUESDAY, OCTOBER 4, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY, T-STORM By SANCHESKA BROWN A MAGISTRATE denied bail yesterday to a man accused of having sex with two young boys, saying she was concerned for his well-being and the safe ty of the public. Kofhe Edwardo Goodman, alias Elvardo Ferguson, 36, appeared before Magistrate Carolyn Vogt-Evans in Court Six. After hearing submissions from both the prosecution and defence, Magistrate VogtEvans denied bail to Goodman, saying her decision was based on the accuseds previous con victions and the mob that had gathered outside the court room. PMpledges to raise sentences in crime fight TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM Debt $AVER LoanFidelity Bank Debt $AVER LoanBorrow & Save with Debt$AVER Fidelity-Bank-Bahamas-LtdFindUsOnFaceBook *Offer applies to government workers only By CELESTE NIXON Tribune Staff Reporter AFTER almost 40 years of negotiations, the Bahamas and neighbouring Cuba have signed an agreement outlin ing the countrys respective territories and boundaries. During a press conference held yesterday at the Ministry of Foreign Affairs at the Goodmans Bay Corporate Centre the Bahamas signed an agreement delimiting the maritime spaces between the Bahamas and the Republic of Cuba clearly defining the maritime boundaries between the two states. Describing the signing ceremony as a momentous occasion, Foreign Affairs Minister Brent Symonette TRYPHEMIA MEADOWS, the mother of 11-year-old Marco Archer, whose body was found last week, tries to break free from police to grab the police van that carries Kofhe Goodman, who was charged with unlawful sexual intercourse with twom inors. Marcos family joined the crowd thinking the court case was in connect ion with the investigation into Marcos death, but the matters were not connected, and the family is angry over the lack of communication from police Photo: Felip Major /Tribune Staff MAN ACCUSED OF SEX WITH BOYS IS DENIED BAIL BY MAGISTRATE 40 YEARS ON, DEALOVERMARITIME BORDERS IS SIGNED WITH CUBA MARCOS MOTHER JOINS ANGRY MOB OUTSIDE COURT By LAMECH JOHNSON ljohnson@ AN angry mob gathered at Parliament Street yesterday afternoon to see a man charged with kidnapping and the sexual abuse of two young boys. People tried to block off the entrance and exit of the street and waited outside of Magistrates Court Six with digital cameras and cell phones in hand as Kofhe Eduardo Goodman, 36, was brought down to face two charges of unlawful sex with under age boys and a charge of kidnapping. While Goodman was escorted into court under heavy police pro t ection and sat in the prisoners dock to await the reading of his alleged offences by Magistrate Carloyn Vogt-Evans, onlookers lined up from the traffic lights connecting Shirley and Parliament streets, as far back as the Supreme Court, hurling abuse. Police at the scene kept public order and moved the crowds on to the sidewalk. After media reporters left the court by a side SEEpage 2 SEE page 3 SEE page 8 FOREIGN AFFAIRS MINISTER Brent Symonette signs the new deal outlining the maritime borders between the Bahamas and Cuba AFTERSATURDAYHUGELYSUCCESSFULLAUNCHOFTHEBIGT . THANK YOU THANK YOU THANK YOU SEEYOUAGAINTHISWEEKEND! S O L D O U T B y PAUL G TURNQUEST C hief Reporter P RIME MINISTER H ubert Ingraham addressed the nation last night by national television and radiop romising sweeping changes in his governments approach to the fight against violentc rime. Along with amendments to Bail, the DeathP enalty, and Firearms and Dangerous Drugs A ct, the govern ment intends to introduce newl egislation for the c ontrol and regu lation of Pawn brokers and Second-hand dealers. These amendments come witha view to not only identify and shut down drug houses, but also to regulate pawnbrokers and second-hand dealers such as cash for gold and scrapmetal operators to block the onward sale of stolen proper ty. There will likewise be an increase in the number and frequency of random searches of general imports by Customs to disrupt the illegal flow of weapons into the country. In addition, the Prime Min ister pictured said they would be improving the tracking of weapons entering the coun try legitimately on visiting p leasure craft so as to ensure that each and every firearm leaves The Bahamas on thev essel on which it arrived. M r Ingraham also a nnounced that 30 days foll owing the introduction of these amendments to the Firearms Act on October 5, all citizens and other persons are requested to turn in to the Police any and allu nlicensed f irearms they may have in their pos session. After the 4th November, any one convicted of u nlawful possession of a firearm or ammunition w ill, upon convic tion, be imprisoned for a minimum of foury ears. He said:I highlight the fact that the power of magis t rates to impose sentences is being increased from five to seven years and that conviction on drug and gun related offences may attract the max imum sentence of seven years. I also advise that the penalty for the possession and sales of drugs discovered within one mile of a school will be six years, Mr Ingraham warned. For the past four years of his administration, the mur SEE page 8 HIGH 86F LOW 77 F


LOCAL NEWS PAGE 2, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE It seems like it would be in the best interest and the interest of the public to keep you behind bars. These are seri-o us charges but I do unders tand that you have rights b efore the courts. However, I feel under these circumstances, you would be safer confined in Her Majestys Prison, wherey ou can be monitored, she s aid. Because of the serious and h einous nature of the charges, t he fact that they all involve young children and because you served time for a similar offence, I am denying bail. The magistrate also told Goodman to pray because no matter what you are up a gainst, there is nothing more powerful than prayer. Goodman was charged with two counts of unlawful sexual intercourse with a minor of the same sex and one count of f orcible taking and d etaining. According to court dockets, on Saturday, March 12 Goodman held a 12-year-old boy against his will with t he intent of having u nlawful sexual intercourse with him. It is further alleged that on Wednesday,A ugust 17, Goodman had unlawful sexual intercourse with another 12-year-old boy. He was not required to enter ap lea to the charges. Goodmans lawyer, Tecoyo Bridgewater, argued that his client should be granted bail because he is innocentu ntil proven guilty. He also argued that Goodm an has a 14-year-old son that he has to take care of. B ridgewater said: My c lient will not interfere with t he witnesses and he will not leave the jurisdiction. There is no reason to remand him. You must grant h im bail. He is hardworking and r eformed irrespective of anyt hing he may have done in his p ast, he is still a law-abiding citizen. Bridgewater also told the magistrate his client has r eceived multiple threats from both prison officers andi nmates and would not be safe i n prison. M agistrate Vogt-Evan ordered Goodman be remanded to Her Majestys Prison. She also ordered that h e be kept in isolation. Goodman is expected to r eturn to court on Decemb er 16 for a preliminary i nquiry. There are 17 witnesses listed on the docket. MAN ACCUSED OF SEX WITH BOYS IS DENIED BAIL BY MAGISTRATE KOFTHE GOODMAN spits at journalists as he comes out of court yesterdayPhoto: Tim Clarke/Tribune Staff KOFTHE GOODMAN smiles as he is led a way by officers Photo: Tim Clarke/Tribune Staff FROMpage one


door, the accused exited shortly afterwards in handcuffs with senior ranking officers flanking his sides. Cameras began flashing f rom all directions, and a p hotographer attempting to g et a shot was spat on by the a ccused. As Goodman was placed inside a police van which was sandwiched between patrol cars, the crowd became aggressive and made advances but were restrained by police. W ith the van door firmly shut and the accused seated, the mini cavalcade quickly l eft the scene turning east on t o Shirley Street, the oneway double lane had been b locked off. G oodman was denied bail and remanded to Her Majestys Prison, Fox Hill, until the completion of a preliminary inquiry before Magistrate Vogt-Evans whichb egins Friday, December 16. However, the magistrate i ndicated that an inquiry is subject to change upon a status check. By SANCHESKA BROWN O UTRAGED relatives of 11-year-old Marco Archer criticised police for not keep-i ng them updated on the investigation into his rape and murder. J oining the large crowd outside Magistrates Court for the arraignment of a man on child sex charges yesterday,t he family said when they heard someone was being charged with sexual abuse, they assumed it was in con n ection with Marcos case. It turned out that the matt ers were not connected, and t he family put the confusion down to the polices failure to stay in touch with them. M arcos sister Tancia Humes said: Nobody told us anything. I got about a dozen phone calls from people telling me to get down here because they charging someone with Marco. We came here to find out it was a man for having sex with little boys, she said. M rs Humes said since her b rothers death, the only per son who has called consistently has been a former comm issioner of police. Since they find my brother dead, only BK Bonamy callsm e. I havent heard from the commissioner of police or anyone else. I left a message for Mr Greenslade asking him to call me back but he never did, she said. They didnt give us any information. He is my brother, the family is supposed to be the first to know. Marcos badly decomposed body was discovered in bushes to the rear of an apartment c omplex off Yorkshire Street, Cable Beach, around 10am last Wednesday. H e was last seen leaving his house on Brougham Street, off Baillou Hill Road, fived ays earlier between of 4pm t o 6pm. Yesterday, Mrs Humes also said her family will be tuned in to Prime Minister Hubert Ingrahams address to see what he will say about crime. She said I wouldnt miss it for the world. No one has been charged in connection with the rape and murder of Marco. However, Police say they have a man in custody and expect the matter will be solved shortly. LOCAL NEWS THE TRIBUNE TUESDAY, OCTOBER 4, 2011, PAGE 3 F ROMpage one MARCOS MOTHER JOINS ANGRY MOB OUTSIDE COURT A MEMBER o f Marco A rchers family is upset at the lack of communication for police regarding thei nvestigation into his death Photo: Tim Clarke / Tribune Staff MARCO ARCHERS mother, Tryphemia Meadows, being comforted by a family friend outside court yesterday. P hoto: T im Clarke / Tribune Staff THE CROWD outside court Photo: Felip Major /Tribune Staff FAMILY OF MURDERED MARCO HITS OUT AT POLICE OVER CONFUSION P OLICE OFFICERS t ry to keep crowds under control Photo: Tim Clarke / Tribune Staff


EDITOR, The Tribune. I AM SUREthat most Bahamians were saddened by the news of Marco Archers death on September 28, 2011. I am one oft hem. I have two daughters a nd I will not pretend to i magine the pain that family m embers must be going through. B y all accounts, Marco was an above average young man. He was smart, respectful and enjoyed going tos chool. He also appeared to come from a loving and caring family. I heard a relat ive relaying the message of h is disappearance on an early morning talk show on Monday, September 26, 2 011. There will be many persons now wanting blood.Y es, they want blood and revenge from the person or persons who will be chargedw ith this heinous crime. You see Marco was only 11 years old and a son of thes oil. But we need to allow the police to do their jobs. W e need to allow the Attorney Generals office to prepare their case. We need to a llow the presiding judge to make a decision. We need to allow justice to take its course. But will justice come? Certainly the accused or accusersw ill attain high profile d efence attorneys. Certainly, the AGs office will pres ent a voluntary bill of indict ment to fast tract the case to t he Supreme Court. Certain ly, if the perpetrator or per p etrators of this crime are found guilty in the Supreme Court, an appeal will be made to our local Court of Appeal in the Bahamas. If t his is lost certainly there will be an appeal to the Privy Council in the UK. Will this crime be consid ered the worst of the worst though? Will the family in its pain and suffering receive justice at the end of the day? Will the life of this young child become meaningless in the eyes of the law? A life for a life is on our books not to deter criminal acts. Rather it is a punishm ent for the crime committed. A life for a life actually preserves and maintains the value of the life of the victim. Marco joins 102 sons of the s oil who have lost their lives t his year to murder. Yet we continue to be disorganized i n our communities. We continue to do everything in our power not to get to know our neighbour. We continue to keep pertinent evidence away fromt he police. We continue to shield our f amily members from being p rosecuted in a court of law. We continue to stand on t he sidelines and watch the game go on without our involvement. We continue to talk. And unfortunately, we continuet o cast blame on our hardw orking police officers. H ow many more of our s ons have to die before we decide to become communi-t y-minded and say enough is enough? My deepest condolences go out to Marcos family anda ll the families of the other 103 murder victims who lost loved ones this year to murd er. DEHAVILLAND MOSS N assau, September 29, 2011. EDITOR, The Tribune. WE HAVE b een extreme ly fortunate to benefit from our lucrative Tourism andF inancial Services industries ( along with Foreign Direct Investment); the profits from these industries, much to our d etriment, have collectively masked the many inefficien cies in our nations econo my. The lack of diversity is significant, our inability to cre a te anything or feed ourselves are substantial, but p erhaps there is no greater negative contributor in our economic decline than the lack of productivity of our workforce. It seems to be a Bahamian phenomenon, the desire to breeze on the job, to do just enough not to get fired, which in the case of the civil service seems to be nothing at all. Theres nothing like that feeling you get when youre standing in a government office and the person serving you all but requests that you thank them for the favour they are presently doing for you by doing their job. It just so happens that everything has a cost, whether it be paid now or later. For the Bahamas, the time to pay for the do nothings is right now. All of the reckless, politically aligned over promoting has left us now with an overpaid, underperforming civil service. Those that are in the system that possess ability and ideas have been stepped on for so long that they are satisfied to take their salary home and not deal with the stress. Many at the top and near it, do not possess the techni cal, conceptual, or interper sonal skills to accomplish the tasks at hand. This is the very reason that the majority of those con sultants reports end up on the shelf collecting dust. Most of the time they point directly to people issues (ie staffing, management, etc.), as was the case with the recent report on BEC. The issue here though is not really whether we have enough talent, skills, or expertise in the Bahamas, but rather when will we graduate to the level of beginning to place the right people in the right situations. When will we allow our best people to fill our top positions? Are w e willing to take a look in the mirror and do the things that are necessary to build a better economy and makeo ur society productive and s afe? There must be a level of accountability that forces us t o raise the performance bar in our workforce. The big international com panies manage to keep a minimum sustainable level of productivity, mostly by theu se of pricey compensation coupled with the threat of t aking that very same compensation away. However, for the most part they are making such substantial profits that they (much like the country in days gone by) are able to just tote the dead weight. Bahamian small and medi um enterprises probably do the best job of maintaining high levels of productivity in the workplace, for the most part because if you dont perform you wont make it very far beyond the next payday. But within the public corporations, schools, and government agencies there remains no (visible mance standards and definitely no repercussions for poor on the job performance. Yes, thats right, in times like these, some heads gotta roll! In times like these, we cant afford to pay $50,000 salaries for people to sit under the tree and play dominoes. In times like these, we cant afford assistants for assistant secretaries to the administrative assistant. We need people on the job who are working and earning a salary, not just getting paid a salary. For the record, I person ally know and have encoun tered some absolutely invalu able members of the civil ser vice, including teachers, nurs es, secretaries, and even some managers and direc tors. Obviously, the many pro ductive (though I hesitate to call them a majority) workers are not part of this particular problem. In fact, many of them are the people who we should be turning to for the much needed suggestions and recommendations on ways that we can improve the services we deliver and increase the productivity of our workforce as a whole. WAYNE WILSON Nassau, September 23, 2011. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., ( Hon.) LL.D., D.Litt P ublisher/Editor 1919-1972 C ontributing Editor 1972-1991 E ILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972P ublished Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama IN HIS address to the nation last night on crime, Prime Minister Ingraham outlined his governments plans to introduce legislation in Parliament to further aid in the s hared battle we are waging against criminality. (See story page 1 He also pointed out that government and other institutions are no substitute for personal responsibility and family life. To get the whole community involved in an attempt to recapture family and social values, he announced that on November 1 a National Volunteer Register will be launched. At this time members of the community will be invited to volunteer their time to mentor young men and women, assist in community centres with after school programmes and join outreach programmesi nto urban neighbourhoods to encourage parental and child involvement in school a ctivities. Also needed are volunteers to work with existing youth organisations in their programmes and many other social activities that can help change a society. He found distressing not only the high murder count, but what those numbers represent. For all of our good fortune as a coun try, he said, we have in significant ways lost a sense of ourselves and of what is essential. He quoted one writer as reminding us that what is essential is invisible to the e H e said that Bahamians longed for something more than the outer trappings of material success. They longed for the invisible that the eye cannot see community and fellowship; peace and well-being. Remember, he said, when the old people used to tell us that all you have is your good name and your reputation and that you dont leave this Earth with any of your worldly goods. Our most precious possessions, he said, are invisible to the eye like a good con science or the service we give with no expectation of recognition or reward. This crisis of culture and community manifested in an unprecedented level of criminality requires us to deal with essentials invisible to the eye like values, attitudes, social trust and mutual respect. We will get the crime numbers down, the Prime Minister promised. But most crimes are symptoms, not root causes. Even as we relentlessly combat the crim inals, provide law enforcement and the judi ciary with the tools and resources they require and modernize our laws, there iss omething else as urgent, as essential it is urgent and essential that we renew, restore and replenish our sense of community choosing a culture of life over a culture given over to deadly violence. Mr Ingraham emphasised the fact that poverty is not an excuse for crime a rack on which many Bahamians today hang their hats as they shrug off all responsibilities. Using himself as an example of one who fought against the odds of birth and won, he said: I too grew up poor. A two-parent family is our ideal. I am the child of a single parent and I was raised by my Grandmother. Many children from two-parent families get caught up in crime while many children f rom single-parent households are good citizens and fine young people. In the end, he said, it is the quality of parenting, not the quantity that is essential. I grew up, he continued, in what was then a remote part of Abaco called Cooper's Town. I came up at a time when there were few opportunities for a poor boy like me born to a single parent. The first time I met my father was when I was 11 years old. Even though I didn't possess material wealth, I had wealth more everlasting: Mama, who instilled in me a sense of my own worth as belonging to her and as a childo f God. She schooled me in the knowledge that t he land of my birth, The Bahamas we all love, is a land of opportunity for anyone willing to work hard. As a boy, never in my wildest dreams could I ever imagine becoming an attorney, Member of Parliament or minister of government let alone prime minister. But having been given this great privilege I have dedicated my public life to providing every Bahamian boy and girl with opportunities I never had. This is why, he explained, I have neve r stopped working to make sure that every B ahamian child on every island in every settlement in The Bahamas has decent schools and access to higher education. This is why my Government ensures that everyone meeting a certain criteria and academic standards can attend the College of The Bahamas at public expense. And that is why since coming to office in 2007 we increased scholarship funding from $400,000 to $7.75 million. And this does not include bonded scholarships, the All Bahamas Merit Scholarship or Bahamas Commonwealth Scholarships. I say to you, young Bahamians: While your country may give you a hand-up, you are not entitled to hand-outs. So, even while we have much to improve as a country including the quality of our public education system, young Bahamians, men and women, you have more opportunities than any generation in Bahamian history. And so we must not throw up our hands or find easy excuses; instead let us unite to help to restore law and order and civility and community by getting involved. PM Ingraham pointed out that unless more of us get involved, none of us is trulys afe. In the end community engagement and service will be more effective in combating crime than iron bars and gated communities. Our task, he said, is not only to stop criminals from breaking into our homes and businesses. As urgently we must stop them from wanting to do so in the first place. And so, Bahamians, the task is ours. We hope that many will take up the Prime Min isters challenge and get actively involved for our sake and that of the next generation. LETTERS l PM Ingraham calls for volunteers 0,1,675<:25.6t75$163257 38%/,&,&( 632576&(17(5 5('(9(/230(17-(&7 <(//2::$< 1HZRDGZD\&RQVWUXFWLRQ *DUGLQHUV&RXUWRDGZD\&ORVXUH 'XH WR WKHRQJRLQJURDGZD\FRQVWUXFWLRQ RQWKHSURMHFWWKH*HQHUDO3XEOLFDUH DGYLVHGRIWKHWHPSRUDU\URDGZD\FORVXUH DW*DUGLQHUV&RXUWDQGDUHHQFRXUDJHGWR IROORZWKHGLVSOD\HGWUDIFPDQDJHPHQW VLJQDJHDWDOOWLPHV 7HPSRUDU\FORVXUHZLOOEHLPSOHPHQWHG VW :GRDSRORJL]HIRUDQ\LQFRQYHQLHQFH FDXVHGDQGZHORRNIRUZDUGWRWKH FRRSHUDWLRQRIWKHPRWRULQJSXEOLFVRWKDW WKHZRUNVPD\EHH[SHGLWHG Another senseless loss of one of our sons We must help those who have both ability and determination


COLLABORATION in the w ar on crime between police and business owners in the southwest New Providence has resulted in a 25 per cent drop in armed robberies, it was revealed yesterday. Minister of National Secu rity Tommy Turnquest said police statistics show that just14 of the 83 armed robberies that have taken place in the southwestern district this year occurred at business places a huge drop from last year. While the number of inci dents are still far too high, the 25 per cent reduction in armed robberies against businesses is a step in the right direction and is clearly a result of co-operation and collabo ration, Mr Turnquest said. Addressing business own ers and residents attending the Southwestern Division Business Crime Prevention Symposium yesterday, Mr Turnquest said this collaboration includes the installation of security surveillance systems and alarms. This, along with the hiring of security officers and the implementation of other secu rity measures, has no doubt gone a long way in the prevention and detection of crime and has ultimately assisted the efforts of law enforcement tremendously, Mr Turnquest said. He said the results achieved in the southwestern district highlight the need for more collaboration between the police, business owners, homeowners and residents throughout New Providence. The need for greater col laboration and shared responsibility in the fight against crime is essential, Mr Turn quest said. It is extremely important that we build and foster partnerships and relationships that will ultimately assist in reducing crime and the fear of crime within our country, particularly here on the island of New Providence. Mr Turnquest applauded the officers of the Southwestern Division and their community partners for staging t he symposium. In addition to building a stronger relationship between law enforcement and the wider community, the purpose of this symposium is to bring stakeholders together in order to identify common crime trends, Mr Turnquest said. Hopefully, you will also be able to share ideas to collectively find appropriate solutions to dealing with issues associated with inter nal fraud and general theft. It is my hope that at the end of todays symposium, you would have gained additional knowledge as well as practical initiatives and programmes that can minimise the chances of your business being target ed or, of you, as businesspersons, becoming a victim of crime. GOVERNOR-General Sir A rthur Foulkes praised the 1 20-year relationship between the Bahamas and St Johns University in Minnesota. S peaking at Government House on Sunday while accepting an honorary doctorate from St Johns presid ent, Fr Robert Koopman, Sir Arthur described the two-way relationship as one of friends hip, mutuality and collaboration in pursuit of shared val ues and the common good. H e said: This relationship i nvolves the plenitude of the Benedictine and Roman Catholic traditions. I hastent o add that it includes a longstanding relationship with St Benedicts Monastery and the C ollege of St Benedict. Sir Arthur noted that early in the life of St Johns Abbey, monks from that community b egan mission work in the Bahamas. Over the course of more t han a century, he said, many p riests and brothers came to this country. Perhaps what they exper ienced in the Bahamas, including our vibrant expressions of faith and community, helped to season their indiv idual lives and life in com mon of the abbey and the university. The Bahamian experience also came to Collegeville, Minnesota, through the moret han 650 Bahamian students w ho have attended St Johns over many years. A number of Bahamians have alsoa ttended St Johns Preparatory School. The sharing of the G ospel and the common pursuit of the protection and advancement of human dignity requires mutuality, b ecause the fullness of wis dom is not the exclusive pre serve of any one people, n ation or culture. Thankfull y, the relationship between the Bahamas and St Johns has helped to salt, leaven ands hine new light on how both of us may more fully pursue and promote the quest for justice and peace, the gove rnor general said. He listed several great men of learning and compass ion from St Johns who gave service to the Bahamas. Among them was Fr Bren d an Forsyth, whom Sir Arthur d escribed as a personal men tor with whom I was privi leged to enjoy many stimulat i ng and sometimes animated conversations. He also mentioned Fr Mag n us Wenninger, whom he described as one of the worlds foremost builders of polyhedrons and polytopes, a dding: I am told that the late Jackson Burnside, a fine artist and architect and a B ahamian cultural icon, r evered Fr Magnus and kept in touch with his teacher over the years. S ir Arthur also spoke of some of the Bahamian graduates of St Johns who played significant roles in the develo pment of this country, such as Tribune publisher the late Sir Etienne Dupuch whom h e described as my mentor in journalism and his younger brother, EugeneD upuch. Sir Arthur also thanked St J ohns for another gift that k eeps on giving St Augustines College. Presenting Fr Koopman, a n accomplished musician, with some recordings of Bahamian music, Sir Arthur asked him to relay to his b rother monks, on behalf of a grateful people, our profound gratitude for the legac y of labour and love bequeathed to the Bahamas by St Johns University andS t Johns Abbey. LOCAL NEWS THE TRIBUNE TUESDAY, OCTOBER 4, 2011, PAGE 5 By DENISE MAYCOCK Tribune Freeport Reporter FREEPORT While two m en rescued at sea on Sund ay are being treated for serious injuries in hospital, the search for a third man, 24-year-old Lorrick Russell of Bimini, continued yesterday. The men, all residents of Bimini, were reported miss-i ng at sea after they failed to arrive in Grand Bahama on Saturday. According to reports, the t hree left Bimini around 6pm that day onboard a 20ft Blue Sea craft with one 250hp engine. Asst Supt Loretta Mackey said police received a report of a boat missing at sea shortly before 11am on Sunday. U S Coast Guard and B ahamas Defence Force officers were notified and conducted a search for the vessel. A t about 3pm on Sunday, t wo men were spotted hang ing onto a capsized vessel. They were rescued and transp orted by Coast Guard offic ers to Grand Bahama. The men were taken to the Rand Memorial Hospi-t al, where doctors described the injuries they sustained d uring the ordeal as serious. Ms Mackey said Bimini P olice were directed to the a rea where the men were rescued to search for the Mr Russell, but he could not be located by nightfall. The s earch was suspended and resumed yesterday morning. SEARCH FOR MAN LOST AT SEA GOVERNOR-GENERAL SPEAKS OF ENDURING LINKS AS HE RECEIVES HONORARY DOCTORATE NEW DOCTOR: Governor General Sir Arthur Foulkes, right, is hooded after being conferred with an honorary doctor of laws degree on October 2 at Government House. The degree was conferred by F r Robert Koopmann (left president of Saint John's U niversity, Collegeville, M innesota. Photo:Derek Smith/BIS 25% DR OP IN ARMED R OBBERIES AGAINST BUSINESSES REVEALED MINISTER OF NATIONAL SECURITY Tommy Turnquest speaks at yesterdays sympo sium. Photo:Patrick Hanna/BIS


LOCAL NEWS PAGE 6, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE )25(1725/($6( &ROOLQV$YH 6WRUHIURQW ,QUHDURI 0XOWL$XWRDUWV )W0H]]DQLQH )RULQIRUPDWLRQFDOO 25ft. Blackfin, centre console, cuddy cabin. Complete refit in 2010 new:engine, shaft, prop, fuel tanks, instruments, wiring, batteries, plumbing,s wim platform, Bimini top & trailer. Minor cosmetics needed to finish. 3 boat owner Need it Sold. A steal at$25,000. Call Graham Lawrence at:393-1332 days 326-8751 evenings & weekends The Royal Bahamas Police Force Fire Department arrives to inspect the new Straw Market Photos: Felip Major /Tribune Staff Officers investigate every aspect of the Straw Markets safety measures to try to ensure no repeat of the devastating fire of ten years ago Officers from the Royal Bahamas Police Force Fire Department tour the n ew Straw Market Some of the equipment inside the new Straw Market to ensure the s afety of the building An officer investigates some of the fire hydrants at the Straw Market Officers from the Royal Bahamas Police Force Fire Department inside the new Straw Market building FIRE CHECKS AS STRAW MARKET OPENING MOVES EVER CLOSER T HERoyal Bahamas Police Fire Department has been mak i ng final checks at the Straw M arket in Nassau. Officers toured the new b uilding over the weekend to ensure that it met fire safetys tandards. T he new market contains 455 booths for vendors and 14 for w ood carvers. Vendors have been selling t heir wares on Prince George Wharf in the meantime lead i ng to some frustration on the p art of vendors previously sited there. T he new building, costing more than $11m, has beend escribed as the single biggest i nvestment in downtown in many years and follows the fire t hat devastated the previous building ten years ago.


LOCAL NEWS THE TRIBUNE TUESDAY, OCTOBER 4, 2011, PAGE 7 B y KHRISNA VIRGIL WITH the continuing rise in crime and the fear of crime looming over the country, more than 1,400 stud ents stood together to vow t hey would not resort to violence. The anti-crime youth rally, held at the Church of God Auditorium under the theme Stop. Think B4U Act, was organised by HerM ajesty's Prison, the Mini stry of National Security a nd the Ministry of Education. The rally aimed to educate students about the importance of refusing to be drawn into a life of crime and violence. The prisons co-ordinator of public affairs Dave M cKenzie said: We hope s tudents would take the message that was given and apply it to their daily living. Now in its fourth year, co-ordinators aim to keep the event exciting by handing out prizes and treating the students to perform ances by the countrys top artists. Former at-risk students who are now reformed were also given the opportunity to speak to their peers. One said: I used to always go around and look for probl ems, I always was trying to fight the teachers. He now knows how to control his anger and can see himself as a computer engineer. Musician Kirkland KB Bodie, a performer at the event, believes young people need inspiration and leadership. M r Bodie said: We need to be doing things like this at least every month to let these kids know there is more out there to reach for. Other performers at the event included Sammi Star a nd Landlord. Organisers say they have bigger and better plans for future events. MUSICIANS JOIN RALLY AS YOUNG PEOPLE VOW TO AVOID VIOLENCE SINGER S ammi Star w as among the performers at the rally W W e e h h o o p p e e s s t t u u d d e e n n t t s s w w o o u u l l d d t t a a k k e e t t h h e e m m e e s s s s a a g g e e t t h h a a t t w w a a s s g g i i v v e e n n a a n n d d a a p p p p l l y y i i t t t t o o t t h h e e i i r r d d a a i i l l y y l l i i v v i i n n g g . Dave McKenzie


LOCAL NEWS PAGE 8, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE said the event is of great national significance and has been a long time national goal since the countrys birth in 1973, determining the very notion of where the Bahamas begins and ends. He said: For any country, delimitation of its maritime boundaries are an important undertaking as boundaries express in concrete terms the space in which a country has the right to fully exercise its sovereignty. The delimitation of the maritime boundaries between the two countries is required by the United Nations Convention on the Law of the Sea (UNCLOS The agreement also has "practical importance," because of the various inter ests in drilling for oil by both the Bahamas and Cuba. In December 2008, the Bahamas successfully estab lished its straight archipel ago baselines through the UN. The proclamation defines the boundaries that enclose all of the islands inside the archipelago. According to Mr Symon ette in June 2009 technical talks between the Bahamas and Cuba resumed, culmi nating on September 7 when maritime delimitation boundaries between the bordering countries were agreed upon and thereafter approved by Cabinet last Friday. As one of his last events as Ambassador of the Republic of Cuba to the Bahamas Luis Ponce Cara ballo, who signed the agreement on behalf of his country, said it was a great privilege to be a part of the process and witness the event that was only made possible through the successful collaboration and hard work of both nations. The signing of this agreement, he said, repre sents a great moment of bilateral relations between the Bahamas and the Republic of Cuba reaf firming the goals of friend ship and mutual respect between the countries. Mr Caraballo said in accordance with the agreement the Bahamas and Cuba agree to cooperate on areas of safety, scientific research, preservation and protection of marine resources and other areas of mutual interest. Mr Symonette said the historic agreement defines what is Bahamian territory and the exclusive national rights over the mineral and biological resources within its defined territory allowing the country to exercise full national jurisdiction over maritime spaces that include significant fisheries zones and potentially significant areas for hydrocarbon exploration. He added that the agreement also has implications on national security and the effectiveness of law enforce ment in the Bahamas mar itime areas, including a management of marine resources. The agreement will facilitate further cooperation between the Bahamas and its neighbours contributing to the maintenance of peace, security and economic advancement and in partic ular future relations with Cuba, said Mr Symonette. He said indeed the agreement which the Bahamas and Cuba will sign, besides defining the maritime boundaries also affirms the bonds of friend ship, mutual respect and understanding that exist between the Bahamas and Cuba. der count in the Bahamas has i ncreased breaking record after record, with the current f igure now standing at an astonishing 104. N oting that the security, protection and welfare of the Bahamian people are among t he most fundamental duties of his government, Prime M inister Ingraham said that the country is now confronted b y a new criminal class of seasoned offenders as well a s the bloody-minded juven ile and thugs who seem to b elieve that they can evade the rule of law with little or no r egard for life and other peoples property. We know that the grant of bail to fewer repeat offend-e rs will help to reduce the number of murders, armed robberies, rapes, housebreaking and stealing, and the rate of crime, Mr Ingraham said. I ndeed, the Prime Minister e xplained that many witnesse s to crime are afraid to come f orward for fear their identity will become known to thea ccused and that the intimidation of witnesses is negatively impacting some prose-c utions. Therefore, to address this problem he explained, legislation will be put in place to authorize the non-disclosure of a witnesss identity in specific circumstances and under c ertain strict conditions. W hile Parliament is unable t o prevent the Supreme Court from granting bail, Mr Ingra ham said that Parliament may do so in respect of Magistrates Courts, and will be moved to do so in the coming days. Parliament can and Parliament will be moved in the coming days to require, by statute, that a Judge, prior to the grant of bail to a defend ant in murder, armed robbery, and rape cases, be satisfied that the accused: has not been tried within three years; is not likely to be tried within a three-year period; and w hether there are substantial grounds for believing that the defendant, if released on bailw ould fail to surrender to cust ody or appear at his trial; commit an offence while onb ail, or interfere with witn esses or otherwise obstruct the cause of justice, whether in relation to himself or any other person; or having been released on bail previously, iss ubsequently charged with a s imilar offence. And, the Court is required t o take into account the a ntecedents and character of the defendant. Where a judge is so satisfied and grants bail, the reasons for doing so must be put in writing. And, theA ttorney General may appeal such a decision, and if he doess o, the accused is not to be released on bail until thea ppeal is heard and determ ined by the Court of Appeal, Mr Ingraham explained. A s it pertains to the death penalty, the Prime Minister s aid that his government has taken into account the 2006 r uling by the Privy Council, which noted that it was unconstitutional to have a m andatory single penalty of execution for murder, and will therefore make amendments to the law. The amendment will retain the death penalty as a punishment and will add an alternative penalty of life imprisonment. Where life i mprisonment is imposed as an alternative to a death penalty, the sentence will be for the remainder of a convicted individuals natural life. For persons convicted of m urder who are not sentenced to death, the alternative penalty of life imprison-m ent will be imposed where t he victim is a witness or a party in an action (civil orc riminal), where a member of a jury or past jury in a criminal case is murdered, where the offence is in relation to the murder of more than one person, or where the convicth ad been previously convicted o f murder and when the murder was committed on thed irection of another. The sentence of death would also apply where the victim is a member of the Police Force, Defence Force, Customs, Immigration andt he Prison Services, members of the Judiciary, or where them urder occurred in the com mission of a robbery, rape, k idnapping or an act of terr orism. In other murder cases where a death sentence is nota pplicable, the penalty will be a term of imprisonment of b etween 30 and 60 years. I note that such sentences are not a pplicable to convicts who are 18 years or younger at the time of their conviction, he said. H owever, Mr Ingraham also acknowledged that with its best efforts, the govern ment alone would not be ablet o fully address the scourge of crime. Along with an additional introduction of $1 mil lion in urban renewal and social outreach projects, Mr Ingraham called for a new era of national volunteerism. B eginning on November 1st of this year, a National Volunteers Register will be created inviting members of the community to register to mentor young men and women in after school pro-g rammes; outreaches to urban neighbourhoods and a many other social activities that can positively improve a society. PMPLEDGES RISE IN SENTENCES TO CRACK DOWN ON CRIME FROMpage one FROMpage one DEALOVERMARITIME BORDERS SIGNED WITH CUBA FOREIGN AFFAIRS MINISTER Brent Symonette smiles after he and Cuban Ambassador Jose Luis Ponce present a signed agreement on the maritime delimitations between the Bahamas and Cuba. Photo: KRISTAAN INGRAHAM /BIS PRIMEMINISTER Hubert Ingraham has pledged to i ncrease the severit y of a range of sentences in a bid to c urb crime


B y JOHN HEDDEN IN MY previous article, I discussed some of the history and myths of agriculture and ended with the perception of agriculture in the modernB ahamas. This article will attempt to deal with the subject of agricultural technology and itsm eaning for improvement of agricultural production. T he original technology for f ood production through the islands would have been the most basic. It is more than likely that the Arawaks were not farm ers at all, and that produce f rom the land and sea was harvested when necessary to provide an immediate sourceof food. There would have been little need for storage because t he natural pantry was always open and access to fresh fish and fruits could not be surpassed as it cannot even today. T hese people lived in very c lose harmony with, and as part of, their natural environm ent. They reaped and never had to sow. Only in later years when E uropeans and Africans set t led on these shores did a technology arrive that was a lien to the islands. Agriculture is one of the most devastating practices toa n environment because for eign species of both plant and animal are introduced, andman actually alters the physi cal environment as much as possible to be able to get the best yields. A third reason may be considered: high yields are sought at the expense of native crops,in order to produce an excess for sale or barter. This latter was the intention of the plantation approach to farm production. Metal hand tools were used to clear large tracts, foreign species were then planted cotton is a good example and native species were cut out of the land. The production of a single species on the same tract took place without any thought of soil strengthening, fertility or field rota tions. As we would expect, the result very quickly became a succession of poorer and poorer harvests, simply because this new technology was not able to take care of the most basic concern for a reasonable yield water and soil fertility. Needless to say, the inheritors of these lands very quick ly learned that continuing har vests would require a change in technology. The system that became used throughout the islands was known as shifting culti vation with slash and burn land clearing and preparation. This allowed farmers to rough-clear a task of land and plant a succession of specific crops in order to allow a harvest of beans and peas, corn, root crops, benny (sesame Usually after two seasons, the fields were allowed to revert to bush for at least t hree years before they could be used again for crop production. T his change in farming technique did allow a subsistence type of production to take place. Any excess was u sually stored for leaner years, and of course the seeds for future planting were taken o ut first. Sometimes in a really good year, enough would be har v ested for either barter or sale to another settlement or island. Sea weed, cave earth and f ish remnants were used to help the soil. Very little water was used in crop pro d uction, and so planting was done seasonally and with the moon in order to take full advantage of soil moisture for t he young plants. Livestock production fol lowed a similar tradition with a nimals often being tethered in an area, and then moved frequently to another site. Cutting bough was the n ormal practice, with cin necord, rams horn and other legumes being the favouritef odder because of their high protein content. Large livestock were not common and sheep, goat, yard chicken, and pigs were preferred. This system of food production continued for several hundred years, and today is still practiced in many of the islands where mechanisation is not possible. Even the early commercial production of citrus and pineapples for export fol lowed this system with longer rotational times for land use being implemented. It was really only after the Second World War that agriculture in the Bahamas sawa radical change in technology. The introduction of fertilis ers, pest control chemicals and machines are what estab lished more modern farming practices, and the latter were limited to the northern pine islands and Eleuthera and Cat Island. The introduction of the crawler tractor made us fall in love with the Caterpillar D8. This made land preparation possible on a completely new scale, where the surface could be broken up and a type of rocky soil produced. However, this soil proved to be very alkaline due to its high calcium content, and plant nutrients were non-exis tent and had to be added in the form of fertilisers. This introduced a new technology for farming to the islands and along with it came expatriate farmers such as Levy, with his Hatchet Bay products. Others included the Crockett and Scott farms in Abaco, and Scott Madison in Andros. E ventually large farming companies such as Gulf and Western got involved. This p eriod saw the establishment of the Owens Illinois sugar plantation of 23,000 acres in Abaco, several large dairy o perations in New Provi dence, and fruit production in all three northern pine i slands. So what was this new tech nology? It was in fact a newer a pproach to agricultural production where all aspects of crop production, from crop grow-out to marketing, arem apped out and planned before anything goes in the ground. P erhaps the two most important aspects of this are the use of irrigation and the use of fertilisers. W ater alone can increase field harvest by 100 per cent, while a combination with fer t ility management can double the yield again. These two, along with mechanisation which reduces l abour costs, pest control which increases the marketable yield, and timely harv esting which improves quality, all make a significant cont ribution to better farm earnings. T he farmers of North Andros who are constantly f eatured in media releases are a product of a newer agricultural technology provided for them by the US AID prog ramme (BARTAD 1 970s. U nder the present assis tance provided by the gov ernment corporation BAIC,t hese farmers have been given a ccess to the inputs they have b een waiting for all these y ears. In addition, BAIC has assisted them with marketing seminars and direct access to clients through the BAICw ebsite. Other farmers on the cen tral and southern islands have never had access to the train i ng, the relatively improved s oils, available water and the markets just 25 miles away in New Providence. The very nature of the geolo gy, climate and topography almost eliminates the use of mechanised farming on these more southerly islands. It must be remembered t hat a major drawback to i mproving soil quality t hroughout the islands is the nature of the soil itself. We have no real soil prof ile. It is shallow and does not retain fertility or water. It will a lways be highly alkaline, and so makes many nutrients u navailable to the crop. Organic matter must be i ncorporated constantly because when it breaks down, it disappears without altering the chemical profile of the p arent calcium carbonate. In o ther words, no amount of s oil improvement practices will have any long-term effect. Becoming ever more popu l ar with the farming commun ity are two highly specialised t echnologies: greenhouse pro d uction and hydroponics. Both work by modifying the impact of the native envi ronment on the crops. The former modifies light, h umidity and temperature; while hydroponics seeks to modify the root zone medi um. O ver the years, several a ttempts have been made with these two systems, but seasonality improvements have usually been in the order o f four weeks on normal har vest periods. If this can be improved sub stantially, then this technolo gy will prove very useful. O n the negative side, only a bout two per cent of agricult ural land is watered and fertilised efficiently, and pest control is very poorly perf ormed throughout the islands. E fficient transportation is not available and shipping costs are extremely high. So finally, I will point out that even though the technol o gy has started to become available to the farming community, very few are able to take full advantage of it. For rapid advances in technology to take place, support i n the form of excellent exten sion services, physical infrastructure and good input sourcing must all be accessi-b le. Training for farmers is nonexistent and access to capital i s more than remote because most farmers have no collat eral. I n addition, farmers are like m ost of their fellow Bahami ans they are lousy business men and keep lousier records. B ecause of the general perception of agriculture, few locals who have capital willi nvest. Financial and property interests are much more attractive. In my next article I will a ttempt to deal with land and infrastructure. The first article in this series can be found at:h ttp:// earchresults/EP-Agriculture--1_news_pg5 AGRICULTURE SERIES, PART 2 TECHNOLOGY THE TRIBUNE TUESDAY, OCTOBER 4, 2011, PAGE 9 T he writer is a former horticulturalist with botany degrees from UWI Mona campus and the University of Reading in theU K. Mr Hedden has worked for the Bahamas Ministry of A griculture and on the USAID project, BARTAD Andros. He is now establishing a modern demonstration fruit and vegetable farm on 10 acres of Crown land in Abaco, where he has worked with farmers for the past 25 years. THE TECHNOLOGICAL REVOLUTION THE TECHNOLOGICAL REVOLUTION


INTERNATIONAL NEWS PAGE 10, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE P ERUGIA, Italy A ssociated Press AMANDA KNOXleft prison Monday, a freew oman for the first time in four years, after an Italian appeals court threw out the young American's murder conviction in the sexual assault and stabbing death of her British roommate. K nox, 24, collapsed in t ears after the verdict was r ead, her lawyers draping their arms around her in sup p ort. Her co-defendant and former boyfriend, Italian Raffaele Sollecito, also was cleared of killing 21-year-oldM eredith Kercher in 2007. We're thankful that Amanda's nightmare is over," her younger sister,D eanna Knox, told reporters outside the courthouse. "She suffered for four years for a crime she did notc ommit." The eight-member jury acquitted both Knox and Sol lecito of murder after a c ourt-ordered review of the DNA evidence cast serious doubts over the main DNA evidence linking the two tot he crime. While the court won't release its reasons for clear i ng the two for weeks, the d iscrediting of the DNA evidence was believed to have been the fatal blow to the prosecution's case in the absence of a clear motive. The jury had two options to acquit: determining there wasn't enough evidence to uphold the conviction or that the pair simply didn't commit the crime. The jury deter mined the latter, clearing Knox and Sollecito completely. Even if prosecutors appeal the acquittal to Italy's highest court, nothing in Italian law would prevent her from returning home to Seattle. An Italian lawmaker who has championed her case, Rocco Girlanda, said she was due to fly out Tuesday from Rome. About 90 minutes after the verdict was handed down a black Mercedes carrying Knox was seen leaving the prison. The jury upheld Knox's conviction on a charge of slander for accusing bar own er Diya "Patrick" Lumum ba of carrying out the killing. But he set the sentence at three years, meaning for time served. Knox has been in prison since Nov. 6, 2007, five days after the murder. The Kercher family looked on grimly and a bit dazed as the verdict was read out by the judge after 11 hours of deliberations. Outside the courthouse, some of the hun dreds of observers shouted, "Shame! Shame!" "We respect the decision of the judges but we do not understand how the decision of the first trial could be so radically overturned," the Kerchers said in a statement. "We still trust the Italian jus tice system and hope that the truth will eventually emerge." The victim's sister, S tephanie Kercher, who was i n Perugia with her mother and brother for the verdict, lamented that Meredith "has been nearly forgotten." Inside the frescoed courtroom, Knox's parents, who have regularly traveled from their home in Seattle to Perugia to visit her over the past four years, hugged their lawyers and cried with joy. Knox herself was so over whelmed with tears that two guards tugged on her arms to escort her out of the court room. Passport One of Knox's lawyers, Carlo della Vedova said he didn't know when Knox would leave the country. Knox needed to renew her passport, but it's not clear how quickly that could be done or if the paperwork was already completed. The trial has captivated audiences worldwide. Knox and Sollecito, who had just begun dating, were convicted of murdering Kercher in what the lower court said began as a drug-fueled sexu al assault. Also convicted in separate proceedings was Rudy Her mann Guede, a small-time drug dealer and drifter who spent most of his life in Italy after arriving here from his native Ivory Coast. Guede was convicted in a separate fast-track procedure and saw his sentence cut to 16 years in his final appeal. Lawyers for Knox and Sollecito charged that Guede was the sole killer, but the prosecution and a lawyer for the Kercher family said bruises and a lack of defen sive wounds on Kercher's body prove there was more than one aggressor holding her down. After the verdict, the U.S. State Department said it appreciated the "careful con sideration" the Italian justice s ystem gave to the case. Our embassy in Rome will continue to provide appropriate consular assistance to Ms. Knox and her family," spokeswoman Victoria Nuland said after the verdict. In Seattle, about a dozen Knox supporters were overjoyed. "She's free!" and "We did it!" they shouted at a hotel where they watched the court proceedings on TV. Earlier Monday, Knox tearfully told the court in flu ent Italian that she did not kill the woman who shared an apartment with her when they were both students in Perugia. Knox frequently paused for breath as she spoke to the eight members of the jury in a packed courtroom, but managed to maintain her composure during the 10-minute address. "I've lost a friend in the worst, most brutal, most inexplicable way possible," she said. "I'm paying with my life for things that I didn't do." Knox and Sollecito were convicted of sexually assaulting and murdering Kercher, who was stabbed to death in her bedroom. Knox was sentenced to 26 years in prison, Sollecito to 25. "I never hurt anyone, never in my life," Sollecito said Monday in his own speech to the jury. The prosecution's case was set back during the appeal when two court-ordered independent experts reviewed the DNA evidence that had been used to link the two to the crime during the first trial. From the start, the weak point in the prosecution's case was the lack of motive along with unreliable and at times contradictory eyewitness testimony. Therefore, much depended on the scientific evidence gathered by investigators. Prosecutors maintain that K nox's DNA was found on t he handle of a kitchen knife believed to be the murder weapon, and that Kercher's DNA was found on the blade. They said Sollecito's DNA was on the clasp of Kercher's bra as part of a mix of evidence that also included the victim's genetic pro file. But the independent review ordered at the request of the defense, which had always disputed those findings reached a differ ent conclusion. Investigation The two experts found that police conducting the investigation had made glaring errors in evidence-collecting and that below-standard testing and possible contamination raised doubts over the attribution of DNA traces, both on the blade and on the bra clasp, which was collected from the crime scene 46 days after the murder. The review was crucial in the case because no motive has emerged and witness tes timony was contradictory. Prosecutors spent several hearings and a significant portion of their closing argu ments trying to refute the review, attacking the experts as unqualified, standing by their original conclusions and defending the work of foren sic police. They also pointed to what a prosecutor, Manuela Comodi, called "gigantic, rock-solid circumstantial evidence" that contributed to the original convictions. What led the appeals court to reach its decision will be explained when the court issues the mandatory written motivation due within 90 days of the verdict. Hundreds of eager observers gathered outside the courthouse ahead of the announcement, joining tele vision vans that have been c amped out for more than a w eek. One hundred reporters were allowed into the subterranean courtroom. Observers lined the street leading to the courthouse, taking pictures as the two vans carrying Knox and Sol lecito from prison to court passed by. As the verdict was broadcast live, hundreds of reporters and camera crews filled the courtroom before Knox's address, while police outside cordoned off the entrance. Knox told the court in her final appeal that she has always wanted justice for Kercher. "She had her bedroom next to mine. She was killed in our own apartment. If I had been there that night, I would be dead," Knox said. "But I was not there." "I did not kill. I did not rape. I did not steal. I wasn't there," she said. Sollecito was anxious as he addressed the court, shifting as he spoke and stopping to sip water. He said the time before the murder had been a happy one for him. He was close to presenting his thesis to graduate from university and had just met Knox. They had planned to spend that weekend together "in tenderness and cuddles," he said. At the end of his 17minute address, Sollecito took off a white rubber bracelet emblazoned with "Free Amanda and Raf faele" that he said he has been wearing for four years. "I have never taken it off. Many emotions are concentrated in this bracelet," he said. "Now I want to pay homage to the court. The moment to take it off has arrived." A MANDA KNOX i n tears after hearing the verdict that overturns her conviction and acquits her of murdering her British roommate Meredith Kercher, at the Perugia court, central Italy, Monday. (AP TEL AVIV, Israel Associated Press ISRAELmust find a way t o resume negotiations with the Palestinians and has a responsibility to try to ease tensions with its neighbors in the region, IsraeliD efense Minister Ehud Barak said Monday amidp rodding from the United States to return to peace talks. Standing next to U.S. Defense Secretary LeonP anetta, Barak pushed back a bit on the Pentagon chief's warning that Israel is becoming increasingly isolated in the region, threatening its security. And he offered no new thoughts on the thorny issues that have stymied the peace talks,i ncluding the proposed timetable and the contested settlements in the WestB ank and east Jerusalem. M aking his first trip to I srael as defense secretary, Panetta has pressed the O bama administration's view that the two sides must restart the long-stalledp eace talks. And during a news conference with Barak, Panetta said it's time for bold action by both sides to move toward a negotiated two-state solut ion. T he visit comes amid new international pressure to reach a peace deal by thee nd of next year, fueled by Palestinian President Mahmoud Abbas' move two w eeks ago asking the U.N. S ecurity Council to recognize an independent Palest inian state in the West B ank, east Jerusalem and Gaza Strip. Those areas were captured by Israel int he 1967 Mideast war. Mideast negotiators known as the Quartet a re urging the Israelis and Palestinians to produce comprehensive proposals on territory and security w ithin three months. The Quartet the United States, European Union, United Nations and Russia is also urging both sides to avoid "provocative a ctions." T he administration opposes the Abbas' U.N. bid, and Panetta's visit wasc learly part of a broad campaign to avoid such a vote, and instead nudge the two sides back to the table. On Sunday, Panetta issued his warning that Israel risks eroding its own s ecurity if it does not reach out to its neighbors, such as Turkey and Egypt, wherer elations are eroding. "It's pretty clear that at this dramatic time in the Middle East, when there have been so many changes, that it is not a good situation for Israel to become increasingly isolated. And that's what's happening," he said. Barak offered only general agreement but made no commitments that Israel would be more receptive to discussions about the settlements. Israel has continued to build settlements in the West Bank and east Jerusalem, where some 500,000 Jewish settlers now live. Israel withdrew from Gaza in 2005. But, he added, "I fully agree that we have to look for any reasonable and proper way to ease tensions with Turkey, with Egypt, to find a way to resume negotiations in a sincere and effective manner with the Palestinians." But he also criticized Abbas' move at the U.N., saying the "events of last week in New York clearly prove that there are limitsto the Palestinians' capacity to navigate the world." And while he agreed Israel needs to reach out to its neighbors, he said thatit's clear there are others in the world "who would liketo see Israel cornered into some kind of isolation." Panetta met Monday with Barak in Tel Aviv on the first leg of a Middle East trip, then traveled to the West Bank for a meet ing with Abbas and ended the day at a session with Israeli Prime Minister Ben jamin Netanyahu. J UDGE CLAUDIO PRATILLO HELLMANN, t op centre, reads out the the verdict that overturns Amanda Knox's conviction and acquits her of murdering her British roomate Meredith Kercher, at the Perugia court, Italy, Monday. (AP BARAK: ISRAEL, P ALESTINIANS M UST RESUME NEGOTIATIONS


L OS ANGELES Associated Press M ICHAEL JACKSON was clinically dead when he arrived at a hospital and twoe mergency room doctors said t hey thought it was futile to attempt to revive him. His doctor, however, insisted thatt hey try. Both doctors, testifying at Dr. Conrad Murray's involu ntary manslaughter trial Monday, said Murray failedto tell them that he had been giving Jackson the anestheticp ropofol or when Jackson had been medicated or stopped breathing. He said he did not have any concept of time, that he did not have a watch," saidD r. Thao Nguyen, a cardiolo g ist at Ronald Reagan UCLA Medical Center, where Jackson was taken on June 25,2 009. "Dr. Murray asked that we not give up easily and try to save Michael Jackson's life," she said. "...In Dr. Murray's mind, if we called it quits, we would be giving up easily." Nguyen said Murray "sounded desperate and he looked devastated." But, she said, without knowing how much time had passed sincehe stopped breathing, resus citation was a remote hope. "It was not too little too late," she said. "It was a case of too late. I feared that time was not on Mr. Jackson's side." Murray, 58, has pleaded not guilty. Authorities say Mur ray administered the fatal dose and acted recklessly by providing Jackson the drug asa sleep aid at his home when it is supposed to be administered in a hospital. The defense argues that Jackson gave himself an additional dose of the drug when Murray was out of the room. Nguyen and Dr. Richelle Cooper, who oversaw Jackson's care in the emergency room, said Murray never mentioned that he had given the singer the propofol. They said he told them that he had given two doses of lorazepam, also known as Ativan, trying to get him to sleep. "Did he ever mention propofol to you?" Deputy District Attorney David Walgren asked Nguyen. "Absolutely not," she said in a firm voice. Before leaving the stand, Nguyen said, "I've never heard of propofol being used outside of a hospital." She said at least three medical personnel, including an anesthesiologist, should be present when the drug is giv en. Walgren asked her: "Have you ever heard of propofol being used in someone's pri-v ate bedroom?" Nguyen replied: "That would be a first. I've neverh eard of it." In cross-examination, defense attorney Michael Flanagan was able to get C ooper to say that, even if they had known about the propofol, they could not have s aved Jackson's life. "Michael Jackson had died long before he became myp atient," she said. "It is u nlikely with that information I could have done something that would have changed theo utcome." She also said that the amount of propofol which M urray has since claimed he gave Jackson would not have put him to sleep and would have dissipated from his bodyi n five to seven minutes. Murray claimed he admin istered 25 milligrams. An a utopsy showed that he died of an overdose of the drug. Hospital Cooper said Jackson was "clinically dead" by the time he reached the hospital and she had advocated pronouncing him dead at his home when she received radio calls from paramedics describing his condition. "Mr. Jackson was my patient and I didn't really have an explanation of why he was dead. I knew it would be a coroner's case," she said and suggested he should have been pronounced dead at 12:57 p.m. when the radio call came in. But she yielded to Murray and Jackson was brought to the emergency room where more than 14 people worked on the effort to revive him. "My assessment when he arrived was he was clinically dead and given the time it was about an hour I thought the attempt at rescue would be futile," Cooper said. She has said more than an hour of resuscitation efforts at the hospital did nothing to improve Jackson's condition. Cooper also told jurors about trying to speak to Jackson's children after he was pronounced dead at the hospital at 2:26 p.m. "They were crying," Cooper said. "They were fairly hysterical." Murray's phone records are a central part of the prosecu tion case. Two staffers from cell phone providers identi fied records of his calls on the day of Jackson's death. Prosecutors intend to show records of Murray's phone calls and emails from the hours before Jackson's death to show that Murray had oth-e r things on his mind getting his $150,000 a month deal to serve as Jackson's per s onal physician approved, running his medical practices and fielding calls from mistresses. O ne of Murray's former patients, Las Vegas salesman Robert Russell, detailed one o f those calls for jurors last week and the phone traced a call to his number. L ater in the case, prosecu t ors will further detail calls and messages Murray fielded that day, including several thep hysician apparently made to his girlfriend as he rode in the back of the ambulance on the w ay to the hospital. INTERNATIONAL NEWS T HE TRIBUNE TUESDAY, OCTOBER 4, 2011, PAGE 11 FARLEFT: Dr. Conrad Murray listens to testimony during his trial in the death of pop star M ichael Jackson, Monday. LEFT: Cardiologist Dr. Thao Nguyen testifies during Dr. Conrad Murray's trial. Photos/ Mario Anzuoni Pool/Associated Press ER DOCTOR: JACKSON PHYSICIAN NEVER MENTIONED PROPOFOL MICHAEL JACKSONINVOLUNTARYMANSLAUGHTERTRIAL


B y NATARIO McKENZIE Tribune Business Reporter n SUPERCLUBS Breezes yesterday told Tribune Busi n ess that the cost of hurricane restoration works at its all-inclusive Cable Beach r esort has increased to $3 million, some 130 construction workers now employedo n the project. R esponding to inquiries by Tribune Business, Jackson Weech, the resorts generalm anager, said: We estimate an expenditure of approxi mately $3 million on restora tion works at SuperClubs Breezes Bahamas. A total of three companies are engaged, perform i ng various construction works with an approximate head count of 130 employees. Works are generally proceeding as per schedule, witha view to the resort re-opening on November 1. The good news is that the resort closure is taking place during what is generally con sidered as the slow tourist period in the Bahamas. As previously reported in Tribune Business, the resort said it would pay staff a percentage of their wages to minimise the impact of its two-month closure. Apart from paying staff a percentage of their wages, SuperClubs Breezes encour aged them to take accrued vacation so they could receive full pay for two w eeks. The resort added that some staff would remain in areas such as housekeeping,f ood and beverage, engin eering, security, front office and administration. SuperClubs Breezes a nnounced in late August that its all-inclusive resort would be closed from Sep t ember 1 to October 30, 2011, to carry out repairs to the resorts roof. The hotel said it had sus t ained roof damages as a result of Hurricane Irene, resulting in water leakages in public as well as guest rooms. It said: As the damage is p rimarily roof damage, it will take some time to properly assess and effect necessary repairs. By NEIL HARTNELL Tribune Business Editor A LEADING businessman yesterday said sales for his impacted outlets slumpedb y 40 per cent at the New P rovidence Road Improve ment Projects peak, telling Tribune Business the main Argentinean contractor made a mistake in not hir ing more Bahamian supervisors and sub-contractors. D ionisio DAguilar said that while the top-line at his Superwash laundromat chains Montell Heights andR obinson Road outlets was n ow back to around 80 per cent of pre-roadworks num bers, the most heavily i mpacted location Prince Charles Drive was sufferinga further indignity because the new road was four feet b elow its entrance level. As a result, Superwash had to construct a temporary entrance to its PrinceC harles Drive laundromat, $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.32 $5.38 $5.50 T HETRIBUNE SECTIONB business@tribunemedia.netTUESDAY, OCTOBER 4, 2011 rnfnnn!'$%)%&'$#'!%!+! $!+ #'$!!&$!!f$ &+"!'*'$+%+ ) nrrr& [Learn more at] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 By NEIL HARTNELL T ribune Business Editor ALL INDICATORS for the Nassau/Paradise Island hotel industry wouldh ave shown year-over-year improvement for August had it not been for a seven point occupancy decline s parked by Hurricane Irene, the Bahamas Hotel A ssociations (BHA i dent said yesterday. Stuart Bowe said the resort sector, this nationsl argest private sector employer, had been encouraged by the ability of the 14 Nassau/ParadiseI sland resorts to margin ally increase average daily room rates (ADRs A ugust, continuing a trend By NEIL HARTNELL Tribune Business Editor A SUPREME COURT judge has c riticised a lending syndicate headed b y Credit Suisse and the holding company for the $4.9 billion Ginn development for abuse of process, finding their move to drop the formers foreclosure bid was designed to prevent protracted litigation involving r ival land claimants. I n a September 29, 2011, in-chambers ruling, Justice Neville Adderley said the court would be naive not to think the September 1 Notice of Dis-c ontinuance was filed to forestall a ruling on applications to stay, and intervene, in the proceedings by adverse claimants to the 1,476 acres t he lending syndicate was seeking to foreclose on. However, given that there were m ultiple pending Supreme Court actions in which the rival land claimants could pursue their claims, the judge decided their rights were protected and gave the Credit Suisse/Ginn parties leave to discont inue provided they paid the others costs. Tracing the matters origins, Justice Adderley noted that there were three separate claims to ownership of the land in question, two of whom had sought to stay the foreclosure actiona nd intervene in the matter involving the $4.9 billion, 2,000 acre project at Grand Bahamas West End. T wo adverse claimants, Samuel S mith and Ricardo Pratt, as administrator of the Ruel Pratt estate, were claiming ownership and title to 179a cres of land which is currently part of the Ginn project. The former had two live cases b efore the Supreme Court, while the latter had seen his case dismissed by t he Court of Appeal. In addition, Anthony Cooper, as executor of the Julia Ash estate, was claiming ownership to 960 acres of land at West End. He, according to the judgment, is seeking to set aside the Certificate ofT itle granted to Ginn-LA West End, the project holding company, and its predecessor-in-title, the Grand B ahama Hotel Company. N oting that the Credit Suisse syndicate had advanced considerable sums to develop the Ginn sur merp roject, with the loans and security documents ultimately ending up with the banks Cayman branch, Justice A dderley said the developer ultim ately defaulted on the credit advance. The original loan amount was $276 million, with the sum necessary to redeem the mortgage standing at $77.897 million. The Credit Suisse syndicate moved to exercise its security and foreclose on the land subject tot he mortgage in May 2011, an action taken with Ginn-LA West Ends consent. The rival claimants applications to intervene were heard on July 29, 2011, with the Supreme Court reserving its judgment. Four weeks later, theN otice of Discontinuance of the forec losure proceedings was filed. The rival claimants alleged that the Notice of Discontinuance should bes et aside on the grounds that it was designed to pre-empt the decision oft he court, and dismiss their attempts to intervene. I n response, attorneys for the Credi t Suisse syndicate and Ginn alleged that the rival claimants were abusing By NEIL HARTNELL T ribune Business Editor ABAHAMASB ASEDoil exploration c ompanys incoming chief executive said yesterdays signing of an agreementd etermining this nations maritime border with Cuba removed a considerable risk to its plans,t elling Tribune Business it aimed to foster wealth creation in this nation. Speaking to Tribune Business from Singapore, Simon Potter, who takes up his post as the OIL EXPLORER SEES MAJOR RISK REMOVED Bahamas/Cuba maritime borders agreement boost for Bahamas Petroleum Company Aiming to foster wealth and job creation for Bahamians SEE page 5B SUPERWASH SALES DROPPED 40% AT ROADWORKS PEAK Most impacted outlet suffers further woe, a s new road four feet below entrance Mistake made by not outsourcing more to Bahamian contractors and supervisors REFERRING TO A PHOTOGRAPH he took of numerous workers standing around on Robinson Road, seemingly doing nothing, Mr DAguilar said: There are numerous examples of lack of productivity. SEE page 4B IRENE SPARKS SEVEN POINT OCCUPANCIES FALL IN HOTELS STUART BOWE R esort industry chief indicates hopes 2012 would see return to close to pre-recession business levels could be dashed SEE page 6B JUSTICE BLASTS ABUSE BY GINN/CREDIT SUISSE Finds move to drop foreclosure action on $4.9bn West End project designed to forestallc ostly litigation by rival claimants Interest accumulating on defaulted $276m loan a t $14.5k per day SEE page 5B BREEZES INCREASES REPAIR BILL TO $3M 130 construction workers employed on storm repairs


T he Bahamas Financial Services Board (BFSB terday announced that nomi n ations for the various Finan cial Services Excellence A wards categories must be received by Friday. T he categories are: Executive of the Year C hief executive level Professional of the Year A ny level of management or supervision Achiever of the Year Junior and support levels Mentor of the Year Financial Services Development and Promotion The Mentor of the Year was introduced in 2010 to recognise professionals who have contributed to the development of persons in the industry through personal guidance/advice, whether by way of a formal or informal mentoring initiative. The Development and Promotion Award recognises a firm or individual for any entrepreneurial undertaking(s moting the viability and strength of the sector. The 2011 Financial Services Student of the Year will also be recognised at the 2011 Gala Dinner, which is sched uled for November 11 at the Sheraton Resort at Nassau Beach. By LARRYGIBSON O N APRIL 26, 2006, the American Institute of Certified Public A ccountants (CPAs press release announcing the results of their most recent pension survey. According to the release: The vast majority of CPAs serving as c orporate CEOs, CFOs, and f inancial controllers, and in o ther executive positions, b elieve American companies cant continue providing pensions that adequately cover their employees retirement years. W hen asked if US compan ies could continue providing e mployees with pensions that a dequately cover their retirem ent needs, nearly three in four (74 per cent respondents said No. More than half believed rising healthcare costs were the biggest barrier to a compa-nys ability to offer pension b enefits, while nearly a third ( 30 per cent) said the pressures to compete in the mark etplace outweighed the p ressures to provide retirem ent benefits. These findings are a wake-up call, said John Morrow, vice-president of the AICPAs division for C PAs in business and indust ry. The traditional system of r ewarding employees with p ensions after long years of s ervice is on its way out, because companies simply cannot bear the cost. Therefore, employees will have to find alternate methods of funding their retirement. I mplications The implication is that we are all going to have to become more responsible foro ur own retirements. And t he more money we have in our pocket when we retire, the more choices we have a bout that retirement. While it is good to do retirement planning, it is even better to be realistic w hile doing it. So here are some pieces of reality to include in your big picture. K nowing how much i ncome you need in retirement T he old rule of thumb s tates that you need 60-80 per cent of your pre-retirement income to maintain your current lifestyle in retirement. This assumed you had no mortgage; your children were educated and n ot living at home; and you h ave relatively little con sumer debt. M ore recent studies now s uggest that 60-80 per cent is s imply not enough, and that a more realistic number is 80-110 per cent. Wow! Howc an it be more? The rationale is: In retirement, medical expenses and certain capital expenses must be factored in. Lets assume you will live another 25 years after you retire. If you owny our own house, you will h ave periodic repairs to contend with a new roof, refur bishment of the plumbing or e lectrical wiring. This is in addition to annual expenses such as utility bills, real prop erty tax, insurance and the l ike. If you own a vehicle, h ow long will it continue to be operational? The lifespan of an average car today is less than 10 years. So you will obviously need to consider o ne or more vehicle replacem ents during retirement. I n retirement, some health insurers will automatically drop coverage once you reach a certain age. For most persons, healthcare becomes a more significant burden as we age, and it is one that many have to f und out of their available r esources if they wish to maintain the quality of healthcare they enjoyed while working. While many older retirees s pend very little, the most realistic way to calculate retirement spending needs is t o sit down and work t hrough a detailed budget. Y ou could live a very long t ime in retirement T he latest demographic studies are indicating that if you make it to 60 years-old, then on average it is not unreasonable to expect to live almost another 30 years or more if you are in good h ealth at retirement, For some, it is possible you could spend almost one-third of y our life in retirement. It is therefore important y ou do not stumble upon retirement and post-retirement life without a plan. Far t oo many people fail simply because they fail to plan. Are you prepared to deal with Involuntary Retire-m ent? While many companies p rovide for early retirement, which is usually 10 years before normal retirement, very few persons in realityc an truly retire early sim ply because they have not organised their financiala ffairs in a way to allow them to do so. Those who retire e arly typically have a small b usiness they operate, or they embark on a second career, such as real estate sales where you can basically work your own hours. H owever, there is another t ype of early retirementthe t ype that is forced upon you. Increasingly, persons in their early to mid-50s who find themselves casualties of corporate downsizing discover they are never able to land another job at a comparable level again. I t is sound advice to always e nsure you have the current market qualifications for the job you hold. It is also advisable to satisfy yourself that your job title actually reflects t he level at which you truly function. H ome equity to fund r etirement M ost people do, at some p oint. In fact, many persons r each retirement having paid o ff their mortgage in full. Some people use this as an opportunity to sell their house and buy a smaller place, using the equity they b uilt up over the years to f inance their retirement. In the US, reverse mortgages have become hugely popular among retirees. A reverse mortgage is a special t ype of loan available to equity-rich older home o wners. Repayment is not necessary until the borrower sells the property or moves into a retirement community. The upside of this type of loan is that you get to unlock your equity and use these funds t o maintain a good quality o f life. A downside to a reverse mortgage is that the old homestead no longer passes to another family member, b ut instead becomes another piece of marketable real estate in the mortgage portf olio of a lending institution. Y our investment decisions m atter I f you have $50,000 in sav i ngs, and you earn 5 per cent a year on that money, you will run out of money in 14 years if you withdraw $400 a month. I f you can earn 10 per cent a year on that money, you can withdraw $400 a month for your remaining lifetime and perhaps also leave a little something to your estate. T his means the value of l earning about investing can b e worth more than a parttime job in one of our Malls. Until next week NB: Larry R. Gibson, a Chartered Financial Analyst, is vice-president pensions, Colonial Pensions Services ( Bahamas), a wholly-owned s ubsidiary of Colonial Group International, which owns Atlantic Medical Insurance and is a major shareholder of Security & General Insura nce Company in the Bahamas. The views expressed are t hose of the author and do n ot necessarily represent t hose of Colonial Group I nternational or any of its s ubsidiary and/or affiliated c ompanies. Please direct any questions or comments to BUSINESS PAGE 2B, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE $3'/,0,7('(PSOR\PHQWSSRUWXQLW\ *DWH,QWHUFKDQJH,QVSHFWRUV HOW TO TAKE RESPONSIBILITY FOR YOUR OWN RETIREMENT FINANCIALFOCUS LARRYGIBSON T HE COORDINATING COMMITTEE f or the 2011 Awards includes representatives from the BFSB and the Professional Industry Associations. Pictured in the front Row are Anastacia Johnson (AIBT Joan Thompson (College of the BahamasBIFS Fredricka Bowe (BFSBBICASTEP m embers Charlene Lewis-Small (CFA Society of the BahamasBFSB Bodie (BIFSBACOBREABIBA Share your news The Tribune wants to hear from people who are making news in their neighbour hoods. Perhaps you ar e raising funds for a good cause, campaigning for impr ovements in the area or have won an awar d. If so, call us on 322-1986 and shar e your story. BFSB RELEASES AWARD NOMINATIONS DEADLINE


a location impacted more than most due to the presence of a competitor nearby unaffected by roadworks in the shape of Gus Cartwrights Sunrise Wash House on Joe Farrington R oad, next to Checkers Cafe. I think the light is at the e nd of the tunnel, Mr DAguilar said of the Robinson Road roadworks. Theyre working mostly on sidewalks and drainage. But someone has to keep their pedal to the metal to ensurep rogress keeps going. Theyve got a lot of labour, and a lot of unskilled, difficult to control labour that is not terribly productive. Theyre proving a challenge to the Argentinean c ompany in keeping m omentum going, given that t heyre dealing with a rough Bahamian crowd. In hindsight they should have hired Bahamian supervisors, rather than bringing in their own supervisors, and outsourced a lot more to B ahamian companies and contractors, as they have experience in controlling this type of labour and making them as productive as they can be. Having imported supervisors to control this very-difficult-to-control labour pool, in hindsight, w as a mistake. R eferring to a photograph h e took of numerous worke rs standing around on R obinson Road, seemingly d oing nothing on what is likely to be a $155 million project overseen by Argen-t inean firm, Jose Cartellones Civiles, Mr DAguilar said: There are numerous exam ples of lack of productivity. The fact everyone is so frustrated by the quantitya nd quality of roadworks, and theyre taking their time to do them, when you see someone sitting at the side of the road its annoying. The former Chamber of Commerce president cont rasted the New Providence R oad Improvement Project w ith work on the re-routed West Bay Street as part of the $2.6 billion Baha Mar project. This had gone very smoothly and to timeline. Theres no way you can compare that project with t he roadworks, he acknowledged, as Baha Mar were able to go into virgin territory. Theres no one there, theyre not impacting businesses and getting in no ones way. Theyre working in a very conducive environment, not a n adversarial environment. I ts apples and oranges, no d oubt about it, but the A rgentineans made a mist ake in not relying more on B ahamian sub-contractors or contractors. I think they would have had a betterr esult. And Mr DAguilar added: They underestimated the management they needed to expedite this, and by allowing this foreign contractor tom anage as much as theyve attempted to do. I think theyd have got a better result by apportioning sections to Bahaman contractors to provide oversight of critical components. M r DAguilar told Trib une Business that five S uperwash locations will ultimately be impacted by the roadworks. Apart from Prince Charles Drive, Montell Heights and Robinson Road, the Soldier Road/East Street location is also feeli ng the effects, while the problems have yet to start for the Blue Hill Road/Carmichael Road location. At the worst, they were down probably 40 per cent, Mr DAguilar said of the affected laundromat sites. Theyre beginning to slowl y climb back. Compared to l ast year theyre all about e ven, but theyre only back t o 80 per cent of pre-cons truction levels. He added: The most significant or painful impact hasb een the one to Prince Charles Drive. That was significantly impacted for a number of reasons, but the primary one was we had a competitor people could eas-i ly go to when they had no access to that location at all, which was completely cut off for three-four months. The Superwash president said access to his Prince Charles Drive site was now b eing impeded due to the f our-foot difference in height b etween the new road and its entrance, something that was only now being fixed. Yes, I see the final product, but its a painfully long process, and in some instances its been a year, M r DAguilar said. I can see that for many people this just destroys them. Superwash is big enough to survive this, but I can seehow its impacted the smaller guys and devastated businesses. The fact you have to c ompletely shut down vehicu lar access to your location is d evastating, for whatever p eriod of time. I understand the results a t the end of the journey, but its a long one, and its frustrating when you seei dleness on the road. These workers dont understand the pain and suffering were going through. BUSINESS PAGE 4B, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following:All THA pieceparcel or lot of land being a Portion of Tract known as Little Coco Hill Subdivision situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is a multi family residence consisting (1(3 and (22(2 and (2 Property Size: 12,000 sq. ft. Building Size: 3,989 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 4310. All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THAT piece parcel or lot of land being Lot# 63 Southern Heights Subdivision situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is single family residence consisting (5and (2 Bathrooms. Property Size: 9,500 sq. ft Building Size: 2,432 sq. ft This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 0599 . All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 4 Thompsons Subdivision situate in the Eastern district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is a single family residence consisting (32 Bathrooms. Property Size: 5,913 sq. ft Building Size: 1,645 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 4126 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** N OTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 6 Block# 1 Ridgeland Park Subdivision situate in the Southern district of the Island of New Providenceone of the islands of the Commonwealth of the Bahamas. Situated thereon is multi family residence with each Unit consisting (1 (1 Property Size: 4,200 sq. ft. Building Size: 1,040 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 2308 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** N OTICE R BC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 11 APortion of Grant A6-26 situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is single family residence consisting (32 Property Size: 7,476 sq. ft. Building Size: 1,181 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 1156 All offers must be received by the close of business 4 :00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 1 Carmichael Meadows Subdivision, a portion of Crown Allotment #28 situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is a single family residence consisting (32 Property Size: 5,894 sq. ft. Building Size: 1,220 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 1841 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** N OTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being East of Shrimp Road, Avacado Gardens Subdivision situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is single family residence consisting (3and (2 Bathrooms. Property Size : 5,379 sq. ft. Building Size: 1,223 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS L IMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 4265 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************* NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot D Halls Close off Gladstone Road situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is single family residence consisting (32 Bathrooms. Property Size : 8,450 sq. ft. Building Size: 857 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 2593 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 14 R.E Cooper Subdivision situate in the Eastern district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is single family residence consisting (32 Property Size : 5,000 sq. ft. Building Size: 1,269 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 2695 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 80 Misty Gardens Subdivision situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is multifamily residence consisting of a duplex apartment with each Unit comprising (21 Property Size : 7,119 sq. ft. Building Size: 2,196 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked Tender 2494All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** FROM page one SUPERWASH SALES DROPPED 40% AT ROADWORKS PEAK


BUSINESS T HE TRIBUNE TUESDAY, OCTOBER 4, 2011, PAGE 5B NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THAT piece parcel or lot of land being Lot # 357 Twynam HeightsSubdivision situate in the Eastern district of the Island of New Providenceone of the islands of the Commonwealth of the Bahamas. Situated thereon is an undeveloped property. Property Size: 5,000 sq. ft Building Size: 1,230 sq. ft This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 2090. All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot # 16 Canon John Pugh Estates situate in the Eastern district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is single family residence consisting (32 Property Size: 5,220 sq. ft Building Size: 1,272 sq. ft This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 3416. All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following:All THA piece parcel or lot of land being Lot# 310 Holly Road, Winton Meadows Subdivision situate in the Eastern district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is an undeveloped property. Property Size: 8,000 sq. ft This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 2956. All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following:All THA piece parcel or lot of land being Lot# 7 Citrus Meadows Subdivision situate in the Eastern district of the Island of New Providenceone of the islands of the Commonwealth of the Bahamas. Situated thereon is a single family residence consisting (32 Property Size: 5,000 sq. ft Building Size: 1,373 sq. ft This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 3528. All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011.********************************************** NOTICE RBC FINCO INVITES TENDERS All THAT piece parcel or lot of land being a Duplex Apartment off Carmichael Road situate in the Eastern district of the Island of Eleutheraone of the islands of the Commonwealth of the Bahamas. Situated thereon is a multifamily residence consisting of a duplex apartment with each Unit comprising (21 Property Size: 5,500 sq. ft Building Size : 1,866 sq. ft This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 8101. All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THAT piece parcel or lot of land being Lot# 2 Block# 5 Falcon Crest, Eastern Estates Subdivision situate in the Eastern district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is a single family residence comprising of (4 Bedrooms and (3 Property Size: 10,860 sq. ft Building Size: 2,586 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 3105 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************* NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land beingLot# 12 Blk# 9 Faith Gardens Subdivision situate in the Western district of the Island of New Providenceone of the islands of the Commonwealth of the Bahamas. Situated thereon is an undeveloped property. Property Size: 8,338 sq. ft This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 2652 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** N OTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 2 APortion of Tract West of Baillou Hill Road situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is a multi family residence comprising of a duplex apartment with (1(3and (21 Unit consisting (11 Property Size: 5,016 sq. ft Building Size: 1,847 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 2829 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** NOTICE RBC FINCO INVITES TENDERS RBC FINCO invites tenders for the purchase of the following: All THA piece parcel or lot of land being Lot# 1527 Pinewood Gardens Subdivision situate in the Southern district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. Situated thereon is a single family residence consisting (32 Bathrooms. Property Size: 5,000 sq. ft Building Size: 1,225 sq. ft. This property is being sold under Power of Sale contained in a Mortgage to FINANCE CORPORATION OF BAHAMAS LIMITED. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau, Bahamas and marked ender 1269 All offers must be received by the close of business 4:00 p.m, Friday 7th October, 2011. ********************************************** Bahamas Petroleum Companys (BPC September 17, said the agreem ent between Nassau and H avana represented another step forward in quite a long journey that the company hopes will end in the discovery of extractable, commercially viable quantities of oil. With four of Bahamas Petroleum Companys five g ranted licences on the mari time border with Cuba, d etermining the precise boundaries was vital to making further exploration progress in those areas. The company has also applied fora further three exploration licences with Statoil, one of which borders Cubas maritime boundaries. Mr Potter told Tribune Business: We cant influ-e nce those major international decisions, but an agreement between the two governments removes a cons iderable uncertainty over the jurisdiction of the waters. Its a removal of the u ncertainty, removal of the r isk, that enables us to go forw ard. He added that yest erdays agreement effectively brought to an end an i ssue that had run its course. M r Potter last night told Tribune Business he planned t o visit the Bahamas on Sept ember 23, a natural move given its position as Bahamas Petroleum Companys forward operations post and centre of future activity. Outlining his aim to build o n the foundations left by former chief executive, Dr Paul Crevello, Mr Potter told this newspaper: The most important aspect is growth. What we have to do is grow the company, grow the a sset base, and have exploration and drilling results that enable us to evaluate the p otential of the wells. The licences have tremendous potential, and w hat we want to do at B ahamas Petroleum Comp any is to definitely evaluate that. A cknowledging that recent t op-level executive changes had created some investor uncertainty, Mr Potter sought to reassure, adding: The company is in a strong position. Paul grew the company w ell, theres an existing team i n place, and its a matter of t aking those individuals and developing the company further. The latest change was confirmed yesterday, Alan Burns, Bahamas PetroleumC ompanys founder and nonexecutive chairman, stepping down from that post due to illness, although he will stay on as president and a Board member. He is being replaced by A drian Collins. Meanwhile, acknowledging the regulatory and envir onmental concerns created by the explosion of British Petroleums (BP t er Horizon oil rig in the Gulf o f Mexico, Mr Potter said the B ahamas Petroleum Company would comply withw hatever laws and regulat ions the Government devised. The firm, he added, would apply the best and highest standards that we can. Asked by Tribune Business what economic impact B ahamas Petroleum Comp anys operations would h ave if it uncovered commercially viable quantities of oil, Mr Potter said this nation could look to other countries that had made such discoveries. Its a great opportunity for wealth creation, not just in revenues for the Government, but ancillary contracts in the Bahamas, Mr Potter told Tribune Business. That starts from the m oment the first drilling rig goes in the water. Theres support services, support vess els, logistics, catering. There are all sorts of things that ought to be supplied and m aintained from the B ahamas. Theres many opportunities for wealth creation, jobc reation and for the people o f the Bahamas to enjoy the fruits of success that Bahamas Petroleum Company has as we go forward...... It would certainly be our intention to look at wider sharing of the wealth o pportunities. t he court processes and seeking collateral advantage through the other actions they had initiated despite the issues already being decided against them. They also alleged that the rival claimants had no standing to strike out the Notice of Discontinuance, and Credit Suisse and Ginn would gain no advantage themselves if the Supreme Court approved the Notice. Having reviewed the authorities in my judgment, the Notice of Discontinuance in this case is an abuse of the process of the court, Justice Adderley concluded. It would be a naive court indeed not to recognise the likelihood that the reason for discontinuance before the court handed down its decision was to avoid the possibilityt hat the court could rule in the applicants [rival claimants] s, and thereby gain the collateral benefit of ridding itself of the possibility of protracted litigation in this matter with the applicants. This was indicated by the Credit Suisse syndicates subm issions, which warned that the rival claimants cases would c ause added delay, increased costs in a situation where interest on the defaulted loan was increasing at a rate of $ 14,539 per day. J ustice Adderley said the Notices effect was to dismiss the rival claimants case, and deprive the court of the ability to make a decision on it. In my judgment it would be illogical and unfair to allow t he parties who, by their deliberate act, prevented the [rival claimants] from becoming parties to rely on the assertion that the applicants are not parties and therefore have no standingt o apply, Justice Adderley said. JUSTICE BLASTS ABUSE BY GINN/ CREDIT SUISSE F ROM page one FROM page one OIL EXPLORER SEES MAJOR RISK REMOVED


NEW YORK Associated Press THE LATEST SETBACK in Greece's financial crisis sent major U.S. stock market indexes to lows for the year Monday and put the Standard and Poor's 500 index on the verge of a bear market. The euro fell to a 9month low against the dollar, and the yield on the 10-yearT reasury note sank as investors piled money into lower-risk investments. The slump came on the first day of trading for the fourth quarter and followed the weak est quarter the market has had since the financial crisis. Stocks opened lower, turned brieflyh igher in late morning trading, then slid throughout the afternoon. The Dow Jones industrial average lost 258 points. European markets slumped after Greece said it won't be able to reduce its budget deficits as much as it had agreed to as part of a deal to receive moree mergency loans. Markets have responded nervously to head lines out of Europe for weeks, fearful that if Greece defaulted on its debt there might be another lockup in the global financial system, similar to the one triggered by the collapse of Lehman Brothers in September 2008. "The market is continuing to trade based on what is happen ing in Europe, and that is going to overshadow everything else," said Quincy Krosby, market strategist at Prudential Financial. "The math (for the Greek bailout) didn't add up a year a go, and the math doesn't add up today," Krosby said. "The market knows that and is waiting for the Europeans to acknowledge it." The S&P 500 lost 32.19, or 2.9 percent, to 1,099.23. The Dow Jones industrial average fell 258.08 points, or 2.4 percent, to 10,655.30. Indexes of smaller companies fell even more than the Dow and S&P, which are dominated by large companies. The Nasdaq composite slid 79.57, or 3.3 p ercent, to 2,335.83. The Russell 2000 index of small companies plunged 5.4 percent to 609.49. All four indexes hit their lowest level for the year. Banks, energy, and consumer discretionary stocks fell the most. The yield on the 10-year Treasury note fell to 1.78 per cent from 1.91 percent late Friday as investors piled into lowerrisk investments. The yield hit a record low of 1.71 percent on Sept. 22. T he S&P index has fallen 19.4 percent since its high for the year on April 29. A 20 percent drop would signify the start of a bear market, ending a bull market that began in March 2009. The Russell 2000 has been in a bear market since Sept. 20, and is down 30 percent from its April 29 high. The Nasdaq is down 19 percent; the Dow 17 percent. The renewed concerns about Europe's debt problems pushed the euro down to $1.32 versus the dollar, a 9-month low. The stronger dollar could hurt large U.S. companies that rely on exports by making their products more expensive overseas. Coca-Cola Co. fell 3.2 percent to $65.42. Caterpillar Inc., which sells construction equipment globally, lost 4.5 percent to $70.55. Boeing, another large exporter, dropped 3.7 percent to $58.25. "Everything that is coming out of Greece suggests that the dollar is only going to strengthen, which doesn't bode well for the international firms," said J.J. Kinahan, chief options strate gist at T.D. Ameritrade. "It's tough to be bullish on anything at the moment." The Dow briefly turned higher after 10 a.m., when the Institute of Supply Management said its gauge of U.S. manufacturing did better in September than Wall Street had predicted. The Dow and S&P turned mixed within 20 minutes, then took a sharp slide shortly after noon. Concerns that the U.S. economy is headed for another reces sion helped send the S&P 500 index down 14 percent in the third quarter, which ended Fri day. It was the worst quarter for the stock market since the fourth quarter of 2008, at the height of the financial crisis. In corporate news, AMR Corp., the parent company of American Airlines, plummeted 33 percent to $1.98 as concerns flared up again that the compa ny could be headed for bankruptcy protection. The stock hadn't closed below $2 since 2003. American is considered the U.S. airline most vulnerable to an economic downturn. Bank of America Corp. plunged 9.6 percent to $5.53, the lowest price for the stock since the financial crisis in 2008. The company has fallen 59 percent since January as investors fret that the nation's largest bank will be hit with more settlements of lawsuits over mortgage securities that lost value after the housing bust. Yahoo Inc. gained 2.7 percent, to $13.53, after the head of Chinese Internet company Alibaba Group Holdings said he would be interested in buying the company. Yahoo, which recently ousted Carol Bartz as its CEO, has been trying to decide whether to sell parts of the company. BUSINESS PAGE 6B, TUESDAY, OCTOBER 4, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1. 10.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7.504.40Bank of Bahamas6.936.930.000.2300.10030.11.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2.842.55Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 11.108.29Cable Bahamas8.478.470.000.2450.32034.63.78% 2.802.33Colina Holdings2.332.560.2341,5000.4380.0405.81.56% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.476.650.188,0000.4960.32013.44.81% 2.001.63Consolidated Water BDRs1.641.57-0.070.1110.04514.12.87% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5 .504.75Famguard5.435.430.000.4980.24010.94.42% 8.405.35Finco5.395.390.001,0000.7570.0007.10.00% 9.457.75FirstCaribbean Bank8. 6.005.00Focol (S 5.335.330.000.4350.22012.34.13% 1.001.00Focol Class B Preference1. 7.305.58ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.000.8800.64011.26.52% 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%30 May 2013 20 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%FRIDAY, 30 SEPTEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,376.14 | CHG 10.98 | %CHG 0.80 | YTD -123.37 | YTD % -8.23BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.57791.4674CFAL Bond Fund1.5779263.39%5.87%1.548717 3.02482.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.86862.5398Royal Fidelity Bahamas G & I Fund2.5730-5.41%-9.79% 13.800113.2291Royal Fidelity Prime Income Fund13.73472.82%1.94% 114.128999.4177CFAL Global Bond Fund114.09222.35%13.88%114.128861 118.4255101.6693CFAL Global Equity Fund118.42552.30%8.26%116.580785 1.17491.0000FG Financial Preferred Income Fund1.18353.32%4.99% 1.13431.0000FG Financial Growth Fund1.14202.10%4.31% 1.17641.0000FG Financial Diversified Fund1.18543.16%5.14% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.498510.5308Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.96520.78%5.70% 10.68139.4372Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.60135.75%13.20% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund8.65073.01%18.38% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-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 TERMS31-Aug-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 31-Aug-11 NAV 6MTH 1.535365 2.952663 1.580804 111.469744 115.762221 NAV Date 31-May-11 31-Aug-11 (/,(&(=$/,(1RI 7Z\QXP$RII0DFNH\6WUHHW1$66$8%$+$0$6 1$=$5(7+0,6&$/,1RI 3$YRFDGR6WUHHW3LQHZRRG*DUGHQV 1DVVDX%DKDPDV begun in April 2011. But, while the Nassau/Paradise Island resort industry was optimistic that 2011 would be an improved yearc ompared to 2010, it remained conc erned about the 2012 outlook having originally hoped it would be a year when it would be close to pre-recession performance. The data for August indicates the Bahamian hotel industry still has some w ay to go before matching preL ehman Brothers crash levels. August 2008, the last month before that seismic event, saw Nassau/Paradise Island hotels generate averageo ccupancies and ADRs of 75.3 per c ent and $229.61, respectively, compared to 64.9 per cent and $220.08 for 2011. Room nights sold along with room revenue in August 2011 were 17 per cent and 20.4 per cent below 2008 lev-e ls, a BHA statement said. For 2011 to end-August, occupancies and ADRs stand at 68.2 per cent and $248, compared to 73.6 per cent a nd $259.38 for the first eight months of 2008. Room nights sold along with room r evenue for January to August 2011 w ere 11.9 per cent and 14.6 per cent b elow 2008 levels, the BHA added. R esponding to Tribune Businesss questions, Mr Bowe said the fall in average Nassau/Paradise Island occupancy rates year-over-year, from 69.2 per cent last year to 64.9 per cent this August, stemmed largely from Hurric ane Irenes impact. T his, he added, mirrored the effects of weather-related booking cancellations from the US earlier in the year and, together, both events were responsible for Nassau/Paradise Island average hotel occupancies for the y ear-to-date dropping to 68.2 per cent f rom 69.3 per cent last year. Youll recall the weather-related cancellations and lost bookings we experienced early in the year, whent he Northeast experienced several airport closings and there was gridlock, Mr Bowe told Tribune Business. Again, in August we saw about a seven point drop in room occupancy as a result of Hurricane Irene. Without these occurrences, we would bel ooking at all indicators showing yearon-year improvement. We are encouraged by the advanced book-i ngs we are seeing to the end of the year, and are optimistic that overall 2011 will show some improvemento ver 2010. F or August, a $9.2 increase in ADR year-over-year to $220.08, compared t o $210.56 the year before, produced a 0 .7 per cent room revenue increase, more than offsetting the occupancy fall and 3.6 per cent decrease in room nights sold. Globally we have been seeing a slow increase in room rates, so we are e ncouraged that competitively we are i n a position to marginally increase our rates, Mr Bowe said. It remains a highly competitive market, and while we are seeing an increase in group and business travel, the leisure market is not improving a s quickly. A nd the BHA president added: While were pleased that the revenue side has increased, this is somewhat countered by the higher promotionalc ost to generate that revenue and higher operating costs, particularly for utilities. The uncertainty of the glsobal economy continues to make it difficult to project. While we are encouraged by the return of the group busi n ess, we are discouraged by the rise in airfares. To counter this, industry and the Ministry of Tourism have extend-e d the travel incentive programmes. Looking further ahead, Mr Bowe told Tribune Business: Before thet hreat of a longer recovery period or a d ouble dip recession, we were hoping to see 2012 as a year where we would b e close to pre-recession performance. The uncertainty of the economy, the fact that 2012 is a US election year when travel traditionally is slower, higher airfares and utility costs, these all concern us. For 2011 to end-August, the BHA s aid the average ADR for the Nass au/Paradise Island resort industry was $248, compared to $241.06. Room nights sold were down 1.2 per cent year-over-year, with room revenue up 1.7 per cent. Six of the 14 hotels ended Janua ry to August with higher room reve nues, mostly built on higher room nights sold, the BHA added. It said the Nassau/Paradise Island resort industrys performance wasm ixed, some properties doing well, others not so well. Six of the 14 hotels experienced revenue increases in August, five of which showed increases above 10 per cent, the BHA said. Five of these six saw their i mproved revenue picture generated by increases in room nights sold, with all but one showing double digiti ncreases. Six of the eight properties with impoverished revenues showedd ecreases above 10 per cent. Four of t he eight recorded declines in both ADR and room nights sold. t or has completely flatlined. T he developers are stagnant, they are having difficulties finding buyers for their lots. Its an extremely difficult and sluggish market. We have to able to c limb back up to a level of comfort that will enable banks to start lending again. We are suffering from the same maladies as the US. Its a global thing a nd we dont have the abili ty to make the change. M r Wrinkle added: The Government is the largest home builder. Getting more government housing projects underway is key to reinvigorating the domestic h ousing sector. I think what h as discouraged the Government is that in the past there have been homes with terrible workmanship. Thats why we need to pass this Contractors Bill to bring oversight to the industry. Mr Wrinkle said new and i nnovative technology in the construction sector, which c ould speed up building t ime, improve the quality of work and ultimately reduce c osts, also needs to be explored. H e added: Housing c onstruction is the driving force behind the domestic construction sector, likes mall to medium-sized b usinesses are to comm erce. While projects like Baha Mar, the airport development and Arawak C ay development are huge investments that provide hundreds of job opportu n ities, the trickle down e ffect from the domestic housing sector is farg reater. Dollar for dollar you get more bang fory our buck when you build houses. private entrepreneurs (especially in education), cut s pending across the board (except on judges, courts and police), and pay off the p rincipal on all foreign debts (so they can stop tax ing us just to make interest p ayments). F or those interested in what an economicallysound program would con s ist of, I recommend all students and professionals pickup a copy of Henry Hazlitts E conomics In One Lesson. S tudy the principles in this easy-to-read book and you will be able to judge fory ourself whether a given economic policy is sound or unsound. It is a lesson thato ur nations politicians whether they are with the FNM, the PLP, or the newcomers, the DNA evade to our nation's peril. Regards, Mark Da Cunha Freeport, Bahamas FROM page three GOVT TRAINING PLAN F AIL S TO DO REAL JOB FROM page three REIGNITE GOVT HOUSING, MAJOR CONTRACTOR URGES IRENE SPARKS SEVEN POINT OCCUPANCIES FALL IN HOTELS FROM page one STOCKS SINK, PUSHING S&P TO EDGE OF BEAR MARKET TRADERS WORK on the floor at the New York Stock Exchange in New York, Monday. The latest setback in Greece's financial crisis sent the Standard and Poor's 500 index to its lowest level of the year, putting it on the edge of a new bear market. (AP


N EW YORK Associated Press P ROTESTSagainst Wall S treet spread across the coun try Monday as demonstrators marched on Federal Reserveb anks and camped out in parks from Los Angeles to Portland, Maine, in a show of anger over the wobbly econo my and what they see as cor porate greed. In Manhattan, hundreds of p rotesters dressed as "corporate zombies" in white face paint lurched past the New York Stock Exchange clutching fistfuls of fake money. In Chicago, demonstrators pounded drums in the city's financial district. Others pitched tents or waved protest signs at passing cars in Boston, St. Louis and Kansas City, Missouri. The arrest of 700 protesters on the Brooklyn Bridge over the weekend galvanized a slice of discontented America, from college students worried about their job prospects to middle-age workers who have been recently terminat ed. Some protesters likened themselves to the ultraconservative tea party movement but with a liberal bent o r to the Arab Spring demon strators who brought down their rulers in the Middle E ast. "I've felt this way for a long time. I've really just kind ofb een waiting for a movement to come along that I thought would last and have some res o nation within the communit y," said Steven Harris, a laidoff truck driver in Kansas City. Signs Harris and about 20 other people were camped out in a park across the street from the Kansas City Federal Reserve building, their site strewn with sleeping bags, clothes and handmade signs. Some passing drivers honked in support. The Occupy Wall Street protests started on Sept. 17 with a few dozen demonstra tors who tried to pitch tents in front of the New York Stock Exchange. Since then, hundreds have set up camp in a park nearby and have become increasingly organized, lining up medical aid and legal help and printing their own newspaper, the Occupied Wall Street Jour n al. About 100 demonstrators were arrested on Sept. 24 and s ome were pepper-sprayed. On Saturday police arrested 700 on charges of disorderlyc onduct and blocking a public street as they tried to march over the Brooklyn Bridge. O n Sunday police ordered p rotesters to remove boxes and tarps they were using as shelter. O n Monday, the "zombies" stayed on the sidewalks as they wound through Man hattan's financial district chanting, "How to fix the deficit: End the war, tax the rich!" They lurched along with their arms in front of them. Some yelled, "I smell money!" Mayor Michael Bloomberg, a billionaire who made his fortune as a corporate executive, has said the demonstrators are making a mistake by targeting Wall Street. "The protesters are protesting against people who make $40or $50,000 a year and are struggling to make ends meet. That's the bottom line. Those are the people who work on Wall Street or in the finance sector," B loomberg said in a radio interview Friday. Websites and Facebook p ages with names like Occupy Boston and Occupy Philadelphia have also sprungu p to plan the demonstrations. Hundreds of demonstrators m arched from a tent city on a g rassy plot in downtown Boston to the Statehouse to call for an end of corporatei nfluence of government. The Boston demonstrators decorated their tents with hand-written signs reading, "Fight the rich, not their wars" and "Human need, not corporate greed." Debate Some stood on the sidewalk holding up signs, engaging in debate with passers-by and waving at honking cars. One man yelled "Go home!" from his truck. Another man made an obscene gesture. In Chicago, about 30 protesters beat drums on the corner near the Federal Reserve Bank of Chicago. In Los Angeles, demonstrators hoping to get TV coverage gath ered in front of the court house where Michael Jack s on's doctor is on trial on manslaughter charges. Protesters in St. Louis s tood on a street corner a few blocks from the shimmering Gateway Arch, carrying signst hat read, "How Did The Cat Get So Fat?," ''You're a Pawn in Their Game" and We Want The Sacks Of G old Goldman Sachs Stole From Us." "Money talks, and it seems l ike money has all the power," said Apollonia Childs. "I don't want to see any home less people on the streets, and I don't want to see a veteran or elderly people struggle. We all should have our fair share. We all vote, pay taxes. Tax the rich." BUSINESS T HE TRIBUNE TUESDAY, OCTOBER 4, 2011, PAGE 7B NOTICEIN THE ESTATE OF WINNIE MAYALBURY, late of Marsh Harbour, Abaco, The BahamasNotice is hereby given that all persons having any claims or demand against the above Estate are required to send the same on or before the 1st day of November, A.D., proceed to distribute the assets having regard had notice. Notice is hereby given that all persons indebted to the said Estateare requested to make full settlement on or before the 1st day of November, A.D., 2011.V.M. LIGHTBOURN & CO. Second Floor, Damianos Building Bay Street Marsh Harbour, Abaco, The Bahamas Attorneys for the Executrix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f LVLQ GLVVROXWLRQ7KHGDWHRIFRPPHQFHPHQWRIWKHGLVVROXWLRQZDV 6HSWHPEHU $OUHQD0R[H\ \ LVWKH/LTXLGDWRUDQGFDQ EH FRQWDFWHGDW 7KH:LQWHUERWKDP7UXVW&RPSDQ\/LPLWHG S \ :LQWHUERWKDP3ODFH0DUOERURXJK4XHHQ6WUHHWV J 4 1DVVDX%DKDPDV $OOSHUVRQVKDYLQJFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGWKHLUQDPHVDGGUHVVHVDQG SDUWLFXODUVRIWKHLUGHEWVRUFODLPVWRWKH/LTXLGDWRUEHIRUH /LTXLGDWRU ANTIW ALL STREET PROTESTS SPREAD ACROSS US RAFAEL FRANCO from Puerto Rico, holds up a sign on the corner of LaSalle and Jackson during an Occupy Chicago protest Monday, in Chicago. "Occupy Chicago" protests started Monday near the Federal Reserve Bank and Chicago Board of Trade, as demonstrators speak out against corporate greed and social inequality. (AP SAN FRANCISCO Associated Press E ASTMANKodak Co. s hares soared more than 57 percent Monday after the photo company tried to quash investor fears of a bankruptcy, which had caused shares to losem ore than half their value o n Friday. The stock was buoyed Monday by a statement Kodak released after the market closed on Friday, saying that it "is commit-t ed to meeting all of its obligations and has no intention of filing for bankruptcy." The photography pion eer has struggled to a dapt in the age of digital imagery. The Rochester, N .Y., company hasn't p osted an annual profit since 2004. Its shares have l ost 76 percent of their value this year alone. Investors grew increasingly concerned about the company's financialh ealth last week. In five trading days, Kodak stock l ost more than two-thirds of its value, from $2.38 per share on Sept. 23 to 78 cents per share at Friday's close. A Friday report in The Wall Street Journal said Kodak had hired JonesD ay, a law firm that dis penses advice on bankruptcies and other r estructuring alternatives. K odak confirmed the J ones Day hiring in its statement, describing the f irm as one of several advisers helping its man agement turn around the c ompany, which has lost nearly $1.8 billion since 2007. "It is not unusualf or a company in transfor mation to explore all options and to engage a variety of outside advis e rs," Kodak said. The Jones Day report followed a disclosure f rom the company last Monday that it was bor rowing $160 million from a $400 million credit line. S ome analysts were con cerned that the borrowing indicated Kodak was run n ing out of cash in its bat tle to return to profitability. Others dismissed the c oncerns, maintaining Kodak dipped into a $400 million credit line because most of its available cash i s located overseas. On Monday, the stock jumped 44 cents, or 57p ercent, to $1.23 in afteroon trading. The stock had lost 91 cents, or 54 percent, to 78 cents on Friday. But in the past 52 weeks, shares have lost 69 percent of their value. The stock peaked at $94.75 in 1997, according to FactSet. KODAK TRIES TO QUASH BANKRUPTCY FEARS