N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R PM: Cancer link park cleaned up C M Y K C M Y K Volume: 106 No.277FRIDAY, OCTOBER 22, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER BREEZY, CLOUDS ANDSUN HIGH 85F LOW 73F I N S I D E By NOELLE NICOLLS T ribune Staff Reporter firstname.lastname@example.org AN INDUSTRIAL park at the centre of health scare claims has been cleaned up, according to Prime Minister Hubert I ngraham. He said the companies opera ting at Freeport industrial park have done so for decades, and while there may have been questionable practices in the past, it has been cleaned up. Grace Poitier-Pinder, a resident of Pinders Point, one of the affected communities, said the Prime Ministers views would run some people hot. We live this every day, where we have the scent in our nostrils and just about every household has someone with lumps in their chest or leg, and p eople with cancer, as a result of sandblasting. They dont care about the Bahamian people. That is what I have to say about that, because we live it, they dont, said Mrs Poitier-Pinder. They brush us off as if it is political. We are not PLP. This is a life and death matter. Peo But resident hits out, saying govt does not care The Tribune THEPEOPLESPAPER BIGGESTANDBEST B AHAMASEDITION McCOMBO OF THE DAY N E W www.tribune242.com FIRSTCLASS ST THOMASMOREPRIMARYSCHOOL INTHESPOTLIGHTONPAGE16 SEE page 15 By MEGAN REYNOLDS Tribune Staff Reporter email@example.com A TEACHER is calling on police to press charges against a parent who he claims tried to assault him while teaching at the Central Andros High School in Fresh Creek. English teacher McDonald Leadon claims the father of a grade nine boy accused him of failing to adequately educate GOLDEN Isles MP Charles Maynard questioned the independence of decisions made by the former Minister of Works Bradley Roberts during his tenure as a minister when the House of Assembly met yesterday. Calling upon the opposition to investigate its own chairman, Mr Maynard said that the PLP ought to question Mr Roberts, who was the minister with responsibility for BEC about his substantial shares in a company (Sun Oil Ltd, part of FOCOL) that supplied fuel to BEC while he had responsibility for the corporation. Mr Maynard asked if, while Mr Roberts was supposed to be making decisions on behalf of the Bahamian people, he MP CALLS FOR PLP TO INVESTIGATE CHAIRMAN BRADLEY R OBER T S TEACHER WANTS THE POLICE TO BRING CHARGES AGAINST PARENT SEE page 15 SEE page 10 CALLFORINVESTIGATION: Charles Maynard, Bradley Roberts By AVA TURNQUEST Tribune Staff Reporter firstname.lastname@example.org ALTHOUGH the cause of the fatal plane crash in Lake Killarney this month is not expected to be known for months, it was revealed yesterday that investigators were experiencing an unusual delay obtaining vital documents. It was also discovered that the Cessna 402C, which was headed for San Salvador when it plummeted inexplicably into the lake shortly after take-off from Executive Flight Support just after 12.30pm last Tuesday, was registered and operated by Lebocruise Air Limited. The plane was previously reported to be an Acklins Blue flight, however after Unusual delay in fatal plane crash investigation S EE page 10 A 51 PER CENTstake in the Bahamas Telecommunications Corporation (BTC unconfirmed reports reaching the Tribune news desk late last night. In addition to acquiring a 51 per cent share holding in BTC, the new owner would also gain operational control of BTC, it was claimed. Unconfirmed reports indicate that Cable and Wireless, which was reportedly the front runner to acquire a stake in BTC won the bid. Details were sketchy up to press time, however, The Tribune will continue to monitor this story. Minister of Unconf ir med reports: % stak e in BTC sold SEE page 15 WEATHER WOES: Storm clouds gather behind Atlantis yesterday. Wet and windy weather whipped across New Providence yesterday, caus ing flashflooding and damage to some Nassau communities.Trees were broken by the strong winds that also knocked down a flagpole and caused minor roof damage in Dan Nottage Estates off Bernard Road on Wednesday night. But the weather, caused by a low pressure system near Grand Cayman, appears to be improving. Meteorological office officials said rain should subside across the northern Bahamas this weekend as the weather pushes into the central and southeastern islands. However, winds are expected to reach 15 to 20 knots. DARKSKIESOVERTHE BAHAMAS PLP Leader Perry Christie last night hit out at Prime Minister Hubert Ingrahams handling of the Baha Mar project. Mr Christie, speaking at a PLP press conference held at the Sir Lynden Pindling Centre, said: We do not have a hope in hell of being taken seriously by investors, especially in these difficult times if we continue to have a prime minister who keeps on changSEE page 15 CHRIS TIE HIT S OUT A T PM OVER B AHA MAR FELIPE MAJOR/TRIBUNE STAFF
PLP MP for Elizabeth R yan Pinder has attacked the government over its record o n providing reliable public u tilities. Speaking in Parliament, Mr Pinder said a fundamentalr esponsibility of any govern m ent is to provide the neces sities essential for a society to function. He went on to highlight a number of infrastructural and supply problems that have e xisted under successive gov ernments both FNM and PLP. The MP said: We have a g overnment that cannot provide safe transportation, that cannot supply consistent and clean water, and that cannot provide a basis for consistent electricity. He pointed out that all res i dents of New Providence are daily confronted with traffic lights that are not function ing. This seems to be a growing problem, creating extremely dangerous situations all across Nassau, he said, adding t hat one day, because of t he inepti tude in pro viding the m ost basic o f services, someone will be seriously hurt. Mr Pinder went on to s ay that his constituents are always complaining that the water quality in the eastern sector of the island is deplorable. This government seems completely lost when it comes to providing the most basic requirement of water. All too frequently, Mr Speaker, the water is orange w ith rust, or many times the water pressure is so low, it is as if water is not even being provided. Mr Pinder was speaking on Wednesday during a debate on a resolution for duty free fuel concessions for the B ahamas Electricity Corporation (BEC W ells Power Company, and h e took the opportunity to highlight the deficiencies in the provision of electricityt hroughout the country. H e said: We have all lived through the frequent power outages, the surges, the loss of electronics because of it. Outages But, Mr Speaker, this concern of consistent power supply is felt most in our FamilyI slands, where islands such as Eleuthera are challenged every day with power out-a ges. As if consistent supply wasnt a bad enough problem, Mr Pinder said, the cost of elec tricity is prohibitive to many, particularly in difficult times. The MP claimed that on a recent visit to his constituen cy, five of the 25 homes he visited were without power because residents could not afford to pay their bill. Imag i ne raising children in an environment today without elect ricity, without the ability to k eep milk cold, and food pre served. This is a dangerous socie tal situation in which we find o urselves, Mr Pinder warned. THE Ministry of Public Works and Transport has announced that work has started on Market Street as part of the New Providence Road Improvement Project. Road improvements will be carried out on the new one-way couplet system on Market Street, starting from Robinson Road to Wulff Road. The improvements include milling of existing pavement, installation of new drainage facilities, utilities, asphalt pavement, sidewalks, street lighting, traffic signs and road markings, the ministry said. The public should expect partial lane closures on the eastern side of Market Street. Motorists are encouraged to follow temporary traffic diversion signs that are in place. We kindly ask that motorists follow and observe traffic management scheme and diversions in place. Dur ing the construction phases access will be granted to resi dents, motorists and pedestri ans travelling through the following streets: Palm Tree Avenue Coconut Grove Poinciana Avenue Bahama Avenue Cordeaux Avenue Palmetto Avenue White Road Andros Avenue Construction work will be carried out in different stages as the work progresses towards Robinson Road. Updates will be posted and announced through the media. Traffic management measures that have been put in place to facilitate continuing road works. These measures are intended to improve the safe movement and volume of traffic flow on the roads and channel traffic onto the appropriate roads for better management, the ministry said. Once the road works have been completed, the public can expect to see improved traffic flow, reduced user costs, improved pavement and drainage facilities, safety features, including streetlighting, signage and road markings on all of the roads under the project. The ministry takes this opportunity to apologise to the business owners, residents and the motoring public for any inconvenience that may be caused as a result of the road works. The ministry said it encourages all road users to do their part by exercising good judg ment, driving with care and caution, following the detour signs in place and being cour teous to other drivers. C M Y K C M Y K LOCA NEWS T HE TRIBUNE FRIDAY, OCTOBER 22, 2010, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By NOELLE NICOLLS Tribune Staff Reporter email@example.com THE Bahamas Electricity Corporation is the victim of some very bad policy decisions made under the former administration, according to Zhivargo Laing, State Minister for Finance. Speaking in Parliament yesterday on a resolution for the approval of duty free concessions for fuel for BEC and the Spanish Wells Power Company, Mr Laing said the Bahamian people are still paying for those decisions today. The minister said the resolution is germane to the continuing prosperity of the country. As a fundamental issue of the Commonwealth of the Bahamas, we have to fix the electricity problem. The financial viability of BEC has enormous implications for the economic growth of the country, he added. With some members of the public paying more for electricity than they do for rent or mortgage payments, and some businesses with bottom lines that are being hit so hard by electricity, Mr Laing said he appreciates that the present situation cannot be sustained. According to the minister, BECs lack of profitability is one of the profound effects of decisions made under the last Progressive Liberal Party (PLP ment. During their tenure, in 2006, BEC operated at a loss for the first time to the tune of $2.9 million according to 2007 audited financial records, Mr Laing said. Lets be very clear as to why we are here doing what we have to do. Those decisions have been profound on the corpora tion, said Mr Laing. He said BECs revenue intake suffered significant fall-off at a time when its cash outlays were increasing significantly. This was as a result of the former governments decision to cut the cost of electricity, he said. Increased At that time, Mr Laing explained, union negotiations resulted in increased pay-outs to workers; fuel costs were rising; and negotiations regarding a short term facility for a pre-existing long-term loan resulted in higher monthly interest payments. The corporation was not only put in a cash-flow dilemma, but also forced to use its generated cash for substantial capital investments, he said. BEC found itself in a position where its f uel suppliers had such substantial arrears that they were threatening with regularity to cease to supply fuel, said Mr Laing. Let me explain the implications of that. If BEC does not get fuel it cannot run its generators, and not a single soul supplied electricity by it can get electricity whether you live over, under, behind or on top of the hill, he said. S trained with its own financial challenges, the government had to find $30-40 million for BEC to meet the demands of fuel suppliers, according to Mr Laing. We must be careful and thoughtful to providing a genuine solution, he said. Despite the fact that it is not an easy problem to fix, Mr Laing said the governm ent is making progress. He was speaking as MPs debated two bills regarding exemptions for BEC. One of them, an amendment to the Electricity Act, would provide stamp duty exemption for some $50 million in loans by the corporation. With this Bill, will the cost of electricity decrease? That is what I want to know. Will this bill help Bahamians with any jobs? asked Cynthia Pratt, PLP MP for St Cecilia. The second Bill, an amendment to the fourth schedule of the Tariff Act, seeks to authorise a 12-month extension on Customs duty exemption on diesel fuel for BEC, and a three-year exemption for the St Georges Cay Power Company. Laing: BEC is victim of bad PLP decisions WORKERS in the capital have met to be trained i n how to assess and mana ge suicidal behaviour in p atients. In response to the increasing number of reported cases of suicides and suicidal behaviour, a Suicide Risk Assessment Management Workshop w as held yesterday at the P ublic Hospital Authority building. The workshop which was well attended was led by Dr Timothy Barrett, a nd sponsored by the Pan American Health Organisation (PAHO C ommunity Counselling a nd Assessment Centre. T hose attending r eceived information on k ey issues related to treatm ent of patients and the sensitisation of family and friends. Earlier this month, while addressing the PAHO 50th Directing Council, Bahamas Ambassador to t he United States CA S mith highlighted the increase in suicides per y ear and the need for an i ntegrated mental health r esponse. Mr Smith said: The number of suicides eachy ear is increasing and this highlights the need for attention to be given to this aspect of mental health/mental security and the integration of mental health programmes in the r esponse to violence. P AHO is an internationa l public health agency dedicated to improving h ealth and living standards o f the countries of the Americas. At the 50th council meeting, made up of repre-s entatives of all the Mem ber States, Mr Smith also spoke on environmental security, food security and the need for a stronger anti-HIV and congenital syphilis agenda. INCREASE IN SUICIDES PROMPTS RISK ASSESSMENT TRAINING PROGRAMME Market Street work under way By PAUL G TURNQUEST Tribune Staff Reporter firstname.lastname@example.org FORMER National D evelopment Party m ember and Elizabeth b ye-election candidate Andre Rollins called on Arawak Homes to use its political clout to get the Quieting Titles Act repealed. H e was commenting on the row between Arawak Homes Limited( AHL) and several h omeowners in the Pinewood Gardens community who were allegedly fraudulently sold land belonging toA HL. Mr Rollins said AHL has ignored its civic and corporate duty to e nsure that future Bahamian landowners i n general, and land purc hasers in particular, are n ot similarly devastated b y land fraud. Referring to a recent ly submitted position paper by AHL on the Pinewood issue, Mr Rollins said: Nowherei n its report, not even in the section entitled The Way Forward, does it p ropose the repeal of the legislation that they admit is much abused by unscrupulous individuals and entities. Opportunity Presented with an opportunity to save thousands of future Bahamians, who lack the financial and professional resources of AHL, from similar financial and emotional ruin, they seem to lack the civic, corporate and political will to protect them, by promoting, or lobbying for, a proper land registration system. Instead, their focus seems to be solely and coldly on receiving payment for the land that has been the subject of this fraud. Mr Rollins said key players in both major political parties whom, he claims, have either a direct or indirect interest in AHL have remained silent on the issue, at a time when not-so-wealthy Bahami ans would like to see the PLP and FNM look after the interests of the common man, and not exclusively after the interests of AHLs shareholders. It is not sufficient for AHL to deny any culpa bility in this matter of land fraud in Pinewood Gardens. They and their close political allies have the means and duty to fix our broken land registration system, Mr Rollins said. A rawak Homes urged t o use political clout to get Quieting Titles Act repealed Pinder accuses govt of failing to provide reliable public utilities I f BEC does not get fuel it cannot run its generators, and not a single soul supplied e lectricity by it can get electricity whether you live over, under, behind or on top o f the hill. Z hivargo Laing ANDRE ROLLINS land ROW ONTHEATTACK: Zhivargo Laing ROAD IMPROVEMENTS RYAN PINDER
EDITOR, The Tribune. Mr Christie would be seen as a wise man if he had the ability to look carefully at what he is saying or what persons ask him to say, and come to his own conclusions. Hisr ecent remarks about the secret agreement the FNM administration has with the IMF, is no secret in the Caribbean, because the IMF is pressuring every country in the world who is beholden tot hem to do something with t he size of the payroll that g oes to the Public Service. It is not difficult to unders tand why the PLP or any other opposition group in the Caribbean would use this ploy and throw a protective cover o n the Public Service. I t is through the public service and the public treasury t hat most of them are helped with their political campaigns if they are in power. How else are campaigners and party generals a ble to take time off, with pay, and hit the road on behalf of their organisations, or, as Im entioned in an earlier letter, to get one of those nice p aying consultant jobs and h ave all the free time in the w orld, because the governm ent agency where they got a job does not have space e nough for another desk and chair for you to be on the job. The PLP has to wake up. T heir news conference was seen by many as an attempt to legitimise the kind of behaviour that have us in the mess we are in now. No matter howy ou spin it, secret or not, the p ublic cannot afford to finance the Public Service at the level it has been at over the past four decades. The populace at large also has an underlying peeve in that they are not really getting what they pay for when they havet o do business with most of the government agencies, there are a few exceptionsa nd most of us are amazed w hen we experience good service. Where are the social scientists in the PLP? The days of the smart talking MP are over. You can talk smart like Mr Ingraham, buth e has the wisdom to make sure the public knows that he is saying what is real, known and accepted. If we are to survive as a nation, the Public Service will b e downsized, there will be m ore privatisation and we will learn to do things more efficiently. M ost of us are not aware of how good we are, even ino ur mediocrity. I f you compare the number o f hotel rooms we have to the other major competitors in the Caribbean, it may be a m ystery why we are a top des tination but if you look at t he product and the Bahamians who are in the industry the mystery vanishes. We cannot continue to allow politicians to sell us crap, just because they are scrapping to find a way to geti nto peoples insecurities. Are Bahamians in the Public Service content with what they see going on every day? I think not, especially if those Bahamians are pulling their weight and doing their jobs. Ik now of many who can make i t in the private sector, but t hey want to be in Public Service. But, every five years s omeone with a very big mouth shows up who answers to no one. If they have a BGCSE subject it is D or lowe r. If they have a college d egree it is from a school you have never heard of and most t elling, they want to give o rders to persons who are more qualified than they are. It is that kind of stuff that messed up the Public Schools a nd it is resident in some private schools also. However, the time that we are in pre-s ents us with a mandate, change or suffer and I am e ncouraged that Bahamians h ave always found a way to d o the right thing and make t he right choices. One way or another. EDWARD HUTCHESON N assau October 20, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., ( Hon.) LL.D., D.Litt P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES Switchboard (News, Circulation and Advertising A dvertising Manager (242 Circulation Department (242 WEBSITE www.tribune242.com updated daily at 2pm IN The Tribunes letters column Mr Edward Hutcheson has two letters one in yesterdays edition and one again today t hat should be read if one wants to get a clearer understanding of the origins of some o f our present problems. Mr Hutcheson was writing about the necessary layoffs in an overstaffed Broadcasting Corporation, and showed how over the years that staff and the civil service in general grew out of all proportions as political parties found good jobs to reward their hardw orking foot soldiers after an election. It was the public purse paying for unnecessary s taff to secure votes for the party in power. There are many stories, wrote Mr Hutcheson, about persons who show up at government agencies after their party had won and jobs were found for them even if it was just sitting in a chair all day and having numerous coffee breaks. The only t ime these persons really worked was when they took time off to get involved in party business. As Mr Hutcheson said, after a while supporters expected these kind of rewards from their party. They soon became accustomed to all the rights and privileges even though they had not done the real work. For example, in 2007, after the FNM won back the government from the Christie-led PLP, the report was that government planned to trim ZNS back to a more busi ness-like size. When The Tribune canvassed the staff for a reaction, the impression given our reporter was that they werent too concerned one summed it up when he said that staff would go quietly as long as they got a good severance package. Who will ever forget the statement of Junior Rolle to the Commission of Inquiry into gambling in 1984 when he expressedhis support of political patronage. He was happy to use his political position with the PLP, he said, to assist a drug dealer and saw nothing immoral in accepting money for his efforts. In his view, he said, membership in a political party only made sense when it p rovided financial or material benefit. In his opinion membership in the ruling party (PLP entitlement to financial and other consider ations. This is the immoral attitude that we are still wrestling with today. We vividly recall the 1992 election when after 25 years of mismanagement and intimi dation the PLP government was finally dislodged from power by the FNM with Hubert Ingraham at the helm. The morning after the victory two excited ZNS staff members burst into our news room, arms raised in jubilation, shouting at the top of their voices as they praised the L ord and introduced themselves as the new chiefs of ZNS. They had worked hard for the p arty, they said, and this was to be their reward. As they left, a dejected Tribune news room remained. Is this what we had fought so hard for just more of the same? Fortunately, their promotions were a figment of their imagination. A new day had dawned, o nly they had not yet got the message. Neither one was qualified for the positions they h ad thought were theirs as of political right. And so they did not get them. In fact they are no longer with the broadcasting corporation. It was interesting because it was in that election 1992 that the PLP warned the civil service that if they did not vote right and t he FNM won the election, their numbers would be reduced by 40 per cent. However, while the PLP were busy with their scare tactics, behind everyones back they were busily manoeuvering temporary staff into positions where they would remain in tem porary positions and could easily be fired after the election. As fate would have it, the PLP did not win the election. It was probably left to the FNM to drop them from gov ernments payroll. We recall BaTelCo staff now BTC at one time complaining that they could not get salary increases because the corporation had on its payroll too many unnecessary staff people who had no legitimate work, but were collecting a pay cheque. And who can forget how former Bahamasair chairman Philip Bethel (PLP the financially troubled airline with his con stituents most of them unqualified and unnecessary. He admitted that under him Bahamasair was almost a social service. These are the problems that we have inherited and which the world-economic disaster will force this government to solve if the Bahamas is to survive. I n October, 1988 PLP chairman Senator Sean McWeeney, in talking of the civil service, told the PLPs annual convention: The truth of the matter is that the PLP has too many dead branches and it is high time we shook up that tree good and proper to bring those dead branches down where they belong. Instead of shaking that tree for the financ ial health of the country, the PLP used it for its political purposes and kept adding dead branches. The day of reckoning has now been forced upon us. The Public Service will be downsized if we are to survive LETTERS email@example.com Jobs for the boys killed the economy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he Tribune. On my way home from the Retreat Gardens on Village R oad today after four hours on a clean up, wet dirty and tired, I stopped at the Post Office to pick up the mail. Unfortunately there was a registered letter and it requireda Customs examination. The ladies in the Registered letter department could not have been nicer I stress and called Customs in the parcel area five times to come and deal with my package. Someonew ill be there shortly they were told five times. Forty minu tes later, I stress again 40 minutes later a customs officer a ppeared. The kind ladies in the registered letter department already had me open the package to profuse apologies for keepingm e waiting, tired cold and wet the contents of a DVD from the Royal and Ancient Golf Club produced to celebrate the 150th anniversary of the Open Championship. I therefore paid $2.50 duty when the Customs Officer finally arrived. She did not address me once. By copy of this letter to the Comptroller of Customs I ask if this is their standard service level a 40 minute wait and no apology from the Customs Officer a 40 minute wait to pay $2.50 and I felt it was my fault that someone had sent a dutiable package and customs had to walk upstairs to exam ine it. I also copy the Postmaster General and hope he will commend his staff. PATRICK H THOMSON Nassau, October 5, 2010. Who sets the service standard for Government employees? E DITOR, The Tribune. Re: Baha Mar on PMs C hina trip agenda. T he Tribune, October 12, 2010. THE article states that Mr Ingraham acknowledged that China has been a generous friend to The Bahamas. Apart from China hav ing bought our votes and support in international affairs, shouldnt we be asking ourselves: Why? Furthermore, perhaps we should keep the delight-f ully pragmatic words of Charles de Gaulle in mind: No nation has friends, only interests. KEN W KNOWLES, MD Nassau, October 14, 2010. Friends or inter ests?
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, OCTOBER 22, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By PAUL G TURNQUEST Tribune Staff Reporter firstname.lastname@example.org FOUNTAIN Bay developer Ezra Russell has r epeated his plea to the D epartment of Lands and Surveys to grant him title t o 26 acres of Crown land o n Cat Island that he has b een leasing for the past 12 years. T he matter was first h ighlighted in T he Tribune in April 2009, and Mr Russell said he has now secured financing from a group of investors out of Cincinnati, Ohio, to com plete the proposed $138m illion resort project. W ith good title to the l and being the remaining h urdle for the Cat Island n ative, Mr Russell has a gain expressed his frustration with the government. He said the government has repeatedly moved the goal-posts every timehe meets their previously s tipulated requirements. Project Mr Russell said: As a y oung, 40-year-old Bahamian, I guess they never thought I was going to follow through with thisp roject. So every time they g ive me something to do, the correspondence from the government (isg overnment expects you to do A, B, and C and if you complete them, you will get all the approvals youn eed. have done A, B, and C. Now the goal post is to stand still because no onec an tell me whether or not t he government will accommodate me. But I want to ask them: I f this was their friend, or their family, would they do t his to them? With the dredging of his marina already underway,M r Russell said he has already installed all of the infrastructure for his 114unit development. The Fountain Bay Resort and Marinas pre sent design calls for 78 twot o three-bedroom villas a nd 36 rental units, along w ith a 17,000 square foot club house. H aving invested $3.5 million to date, Mr Rus sell said that he is only waiting to be granted thel and at the price that was stipulated. I am willing to pay for it. If they are unwilling tog ive it to me, then refund me my monies I have been paying all these years. I thought with the e conomy in Cat Island being so bad, I thought they would be encourag ing me as a young, blackC at Islander. I have the money to put in this project. We are hiring 212 people to cons truct this. After it is finished I am g oing to have 105 permanent employees. Can you imagine the s pin-off of this project in Cat Island? I have spoken with the director of Lands and Surveys, the deputy, and all of them have given me the run-around, he claimed. Decisions Mr Russell said that he has been informed that the matter is now out of theh ands of the Department of Lands and Surveys and that only the prime minister can make any decisions on the subject. Im hoping the govern ment will take this matter m ore seriously and if we h ave to make adjustments, lets make the adjust ments, Mr Russell said. The Department of Lands of Surveys did not return The Tribunes calls for comment. By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT A taxi driver died of an apparent heart attack while driving two tourists on Wednesday. The incident occurred around 2pm and resulted in the cab crashing into several parked vehicles near the taxi stand at the Lucayan Harbour. Asst Supt Hector Delva said the tourists were not hurt, but the cab driver was taken by ambulance to the Rand Memorial, where he was pronounced dead on arrival. Although the drivers identity was not officially released by police, The Tribune has learned that the deceased was Leon Brice. Mr Brice was a public service driver and taxi driver on Grand Bahama for many years. Grand Bahama Taxi Union president Kenneth Woodside visited with Mr Brices family members on Wednesday. He could not be reached for comment. Taxi cab driver dies of apparent heart attack with passengers in cab VILLAS: An architects drawing of the villas Mr Russell is seeking to build at the Fountain Bay Resort and Marina. Fountain Bay developer makes plea for land title LAYOUT PLANS :the Fountain Bay Resort and Marina.
By ADRIAN GIBSON a firstname.lastname@example.org UNQUESTIONABLY, school campuses have become a drug depot and a lucrative source of revenue for dope dealers, as marijuanathe drug of choice among studentsis unabatedly used and sold on school premises. The sale and use of hallucinogenic, illicit drugs on local school campuses has had a detrimental affect on the lives of numerous Bahamian students and has adversely affected their scholastic performance. By and large, the drug trade in theBahamashas had a costly impact on society, ranging from the negligence of family, pauperism and homelessness, urban/social decay, lack of investor confidence and a weakened economy, sexually transmitted diseases, an upsurge in health concerns/costs and a spike in v iolent crime. Tobacco, alcohol and illegal drug use is becoming more widespread among high school students, with the use of marijuana and other inhalants becoming increasingly popular in grades nine to 12. In theBahamas, the average age for male and female students who peddle and smoke weed/drugs is age 13 and 14, respectively. Banned drugs such as ecstasy, marijuana, cocaine, opium and heroin is often used by adolescents in their quest for otherworldly bliss and some warped form of self-transcendence, due to peer pressure a nd a need to be well-liked (group cohesion celebrities and/or older siblings/friends, hoping to escape and/or solve problems or to seek parental support and attention. Over the years, the illicit drug plague has ripped our social fabric and will unremittingly haunt the history of our island chain for many years to come. Since the boom of the d rug trade, theBahamasslithered from a quiet society where people could sleep with their doors open, to a crime-riddled, materialistic society where brotherly love has almost disappeared to be replaced by greed and the preoccupation that we must outdo the Joneses. During the drug explosion of the 1970s/1980s, theBahamasbecame the paramount staging point for the traffic of narcotic drugs and psychotropic substances, due to its situation between theUS(demand A merican drug producers. Islands such as the Exumas, the Berry Islands, Bimini, Abaco, Long Island, Grand Bahama, Inagua, San Salvador and Eleuthera soon lost their exotic glaze, becoming shadowy offshoots as rapacious natives were besieged by their zeal for quick riches. Meltdown Throughout the years, drugs coupled with alcohol have led to a societal meltdown, with crime, suicides, marital breakdowns, domestic violence, absenteeism and unwarranted accidents all the result of these uses. Here, a formerly thriving man became an utter slob. These days, press reports indicate that the use of illicit drugsparticularly marijua nahas risen among schoolchildren. Frankly, informal surveys show that young people are heavily engaged in the abuse and solicitation of banned substances. According to Terrance Fountain, deputy director designate of the Anti-Drug Secre tariat, although teenagers use other drugs, marijuana is the drug of choice among high school students. Peer pressure and a knack to escape from painful, stressful lives are two of the major reasons students resort to drug use. Furthermore, stories of chil dren as young as 10 purchasing and becoming addicted to alcohol must not be taken flippantly. These incidents are patent indications that a new generation of substance abusers is on the horizon, who are willingly sacrificing books and brain cells, and the future of our country, for a speedy high. How often are drug surveys conducted among high school students? How many students are at risk or are already using drugs? Some time ago, Fountain asserted that a 2002 survey discovered that between 15 to 20 per cent of Bahamian youngsters had experimented with marijuana at least once in their lifetime. Frankly, those who conducted that survey appear to have been grossly deceived as a more realistic impressionbased on word of mouth, eye-witness accounts and informal surveysfar exceed 15 to 20 per cent. Chronic marijuana use is prevalent among high school s tudents. It is glorified by music artists and comedians in songs or monologues about burning, lighting spliffs, gimme the weed, being a ganja farmer, da chronic, smoking marijuana on the corner, etcetera. While there are some youngsters who are experimental users of marijuana at parties or other social settings, it is of great concern in schools where it is being abused and a per centage of the student population are as high as a kite and ina perpetual state of dependency. Youngsters, if they wish to be honest, are known to boast about the euphoric feeling attained from their use of this drug and of a mental transformation from one dimension to another. Young male students are more susceptible to participa tion in prohibited activities (such as marijuana use ratio of the male to female students enrolled at the College of the Bahamas, seeking a ter tiary education, is reflective of this sad reality. Indeed, sensation-seeking, teenage drug abusers face farreaching social implications that go beyond high school. A student drug users scholastic performance is negatively impacted, which could lead to them skipping classes, falling behind and failing to complete assignments, being undisciplined, dropping-out, tardiness and truancy. The Bahamas National Drug Council claims that teenagers using drugs exhibit symptoms such as constant arguing; lying and irresponsibility; isolation, secrecy and less involvement in family activities, new interests and friends; bad grades; hyperactivity, drowsiness or forgetfulness; depression or mood swings; change in speaking patterns; weight gain or loss and junk food cravings; bloodshot eyes and the use of eye drops or incense; runny nose and coughing; carry odd, small containers in their pockets and purse; money problems and the disappearance of alcohol, drugs and other possessions from their residences (possibly for sale). Students also exhibit little motivation, a lack of concern and no desire to work regularly. The Council also asserts that the discoveries of drug paraphernalia such as pipes, papers and razor blades; needle marks; tremors and hallucinations or delusions are all indicators that a teenager is using drugs. Paranoia Youngsters who exhibit physical or emotional signs such as loss of motor controls, dizziness, unnecessary giggling, paranoia and mood problems such as an aggressive approach with peers/teachersin addition to the aforementioned behavioursshow a pattern for concern and they are most likely chemically dependent, adolescent drug abusers. While many teenage drug users may display a penchant for smoking blunts (marijuana), I am told that others prefer cold and cough medicines, nose candy such as cocaine/crack, speed uppers (amphetamines or huffing (i.e., putting an i nhalant soaked rag in the mouth) household products such as paint thinner, glue, spray paint, hair spray, correc tion fluid (white-out fluid and so on. The popularity of the chronic (marijuana u ndoubtedly due in part to its glorification in movies/music and its easy accessibility, particularly as it can be grown and distributed locally. These days, marijuana is usually laced with more potent drugs before being smoked. Ecstasy, a coloured tablet, has gained popularity among school age adolescents, partic ularly those that frequent nightspots and drinking parties. Studies show that children across all socio-economic and cultural groupings can be attracted to dope usageclass and race is of no consequence. Due to drug and alcohol abuse, scores of youngsters school age and olderare becoming intoxicated and fatally struck down by accidental deaths (i.e. overdoses, vehicular crashes, etc). Because drugs and alcohol adversely affects a persons coordination and judgment, its hardly surprising that so many youngsters are tallied among yearly traffic fatality counts after a night of reckless partying. It is this disorientation and/or impaired judgment that is the root cause of traffic mishaps, suicides, unwanted pregnancies, sexual assaults, sexually transmitted diseases and instances of high-risk sex, many times without protection and with multiple partners. There is a need for a serious drug rehab centre particularly since an institution such as the Sandilands Rehabilitation Centre is inadequate and overburdened by a variety of other cases. There is a need for a programme that is totally and solely focused upon drug and alcohol rehabilitation. Parents must seriously take into account the mind-altering effects of drugs and keenly seek to curb adolescent drug use or experimentation by developing sound relationships, instilling positive values and high standards, fostering discipline and advising youngsters about the dangers and pitfalls of drug use, establishing open communication channels and encouraging their children to excel and fulfil their ambitions. Negligent parents are more likely to produce anti-social, teenage miscreants. Youngsters using drugs must be taught that the possession, sale and use of drugs such as marijuana and ecstasy is forbidden by Bahamian laws and, beyond all the health andm ental concerns, that being arrested and convicted of drug possession can lead to a police record that may hinder college entrance, cause mistrust, limit travelling options and make them unattractive candidates for jobs, regardless of their qualifications/skills. F urthermore, the law must be enforced and it must be established that bartenders should request the IDs of patrons, thereby refusing to sell alcohol to anyone younger than 18. The discovery of any alco holic depot not complying should lead to that depot facing stiff penalties. There is no point in sugarcoating the issues without confronting the serious issues afflicting the educational system! C M Y K C M Y K PAGE 6, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The rise in drug use among nations high school students Y OUNG M AN S V IEW A DRIANGIBSON
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, OCTOBER 22, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Anentrepreneurialspirit,originalthinking,andapassiontosucceed. I f you haveit,wewant you .We are growing!F idelity Bank invites applications for the position of:ABSOLUTELY NO PHONE CALLS PLEASE SUBMIT BEFORE October 22nd, 2010 to: HUMAN RESOURCES Re:SystemAdministrator, 51FrederickStreet P .O.BoxN-4853|Nassau|F:328.1108 email@example.comD uties & Responsibilities:Reporting directly to the Group CIO, the successful candidates main duties and responsibilities will be: administering securityRequirements / Qualifications: Minimum 2 years experience in application support in a financial institution A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, h owever, only those applicants short listed will be contacted.S YSTEMADMINISTRATOR I N ANeffort to support the recycling initiative in the Bahamas, the Madeira Caf in New Providence yesterday joined in the efforts of the Cans for Kids charity. The cafs owner, Monica Knowles, said she was proud to support the Cans for Kids initiative. A s the owner of a community-minded establishment, Ms Knowles said she feels that businesses can and should have a positive impact on the communities they serve. As good neighbours we get involved with local efforts to bring people together and create positive change whenever we can. With the Cans for Kids partnership we a re finding ways to minimise our environmental footprint and are pro-actively doing our part to support a healthier, cleaner Bahamas and want to share the opportunity with others to do the same, Ms Knowless aid. The Cans for Kids charity was first formed i n 1990 to organise the collection and recycling of aluminum cans in Cyprus. To encourage people to save their cans, it was decided to use the proceeds to purchase medical equipment for the children's wards at Cypriot hospitals. N ow, the charity is also raising funds for children in the Bahamas. FROMLEFT: Owner of the Madeira Caf Monica Knowles; c af manager Kae Bell; coordinator for Cans for Kids L isa Archer and Madeira Caf head chef Tamar Cooper. T im Clarke / Tribune staff Madeira Caf joins Cans for Kids efforts
C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T HE Englerston community this week celebrated the official presentation of new instruments to the newly formed Englerston Marching Band. The constituencys MP Glenys H anna-Martin presented the band w ith clarinets, saxophones and a tuba. Present for the occasion was Ednal Minnis, pastor of Pilgrim Ministries International and president of the Englerston Pastoral A ssociation Fellowship, under w hose auspices the band is being formed. The instruments were purchased from a $5,000-donation made by Mrs Hanna-Martin from allocations of constituency funds. The formation of the band is an effort to c ombat the level of crime without direction in the neighbourhood and try to foster unity within the community, so we call on the m embers of the community to support us in this effort by sending your children to join the band, Pastor Minnis said. Mrs Hanna-Martin echoed these sentiments, stating that music pro-v ides a majestic outlet for ones h umanity and has been shown to enhance the analytical and mathematical skills of students. I am especially proud of this new beginning amongst this impressive group of young people, she said. T he band currently consists of s ome 30 members representing persons from the Englerston constituency between the ages of five and 30. They are tutored in the principles of music by volunteer teachers Reserve Cons table Patrick Minnis, Constable Tyrone N eely, ASP Livingston Bevans from Mount Ararat Baptist Church, and Corporal Omar Neely serves as band director. Englerston Marching Band is on-song with new instruments PRESENTATION: Glenys Hanna-Martin
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, OCTOBER 22, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By JOHNISSA T HEREhave been a number of news r eports that investors from Southeast Asia a nd the Arabian Gulf are trying to purchase the Atlantis and One and Only resorts from Sol Kerzner for about US$ 4 billion. Steve Wynn has also been mentioned as a possible suitor. Sol has repeated that he is nots elling out and his management has said it is b usiness as usual. A bank and a construction company from China have offered finance to the extent of US $2.6 billion for the Baha Mar project. The Aga Khan is investing in the Out Islands. The above mentioned facts clearly demons trate that the Commonwealth of the Bahamas i s considered a most attractive place to invest. Among the group being reported as interested in investing are The Brunei Royal family, the Qatar Investment Fund and Steve Wynn, t he man who reinvented Las Vegas when he d eveloped the Mirage and is now a major player in Maao. I would have to say that this is a most impressive group of investors. T he question then a rises what do these i nvestors and financiers see that we in the Bahamas dont see. Based on what one observes reported in the media it is easy to get the impression thatm any, although clearly not all, Bahamian i nvestors are in a funk and that there are few opportunities for profitable investment. We have to ask why. It is not that Bahamians do not have the savings. Most well thinking people would have to admit that Bahamians have very substantialf unds available for investment whether held h ere or elsewhere. So lack of capital is not the problem. Maybe the answer is that we are so close to the forest that we cannot see the trees. Let us not just f ocus in order to see only the trees in the fore st, but let us use our resources to plant more trees. V IEWFROM A FAR J OHN I SSA OF FORESTS AND TREES FIREFIGHTERS at Grand Bahama AirportC ompany are energeticall y participating in a s trengthening and exercise programme to better pre-p are them for any job related emergencies at the airport. Dr Shawn Thurston, A irport Operations Mana ger and Manager of Crash Fire Rescue Manager of Operations at thea irport said the pro gramme will assist the firefighters in maintaining a standard that will allowt hem to work comfortably should they be called upon in an emergency. Strength and condition i ng are key components when these employees are called into action. Shifts The hour long train ing/exercise programme is conducted for the 18 firef ighters on the two shifts a t the airport fire station daily, except weekends. Members of Crash Fire Rescue must be able to pass an endurance and strength tests, which requires them to be able to lift 200 lbs unassisted and move that weight a distance of minimum 50 meters, while fully clothed in firefighting protective gear, said Thurston. Gary Gilbert, CEO expounded on this advance level of fitness training and described it as essential for the ardu-ous tasks associated with firefighting. The members of the team are rescue workers as well, said Mr Gilbert. The Fitness and S trength Training pro gramme began July 2010 and was designed to increase the endurancea nd strength of firefight ers to improve their ability to function. All participants under went a complete physical examination and initial training will be for four to s ix months. The routine includes, weight training, running, aerobics, simulated rescue ops and other specially designed calisthenics. GBAC Director, Phil Carey explained the air field category for firefighting as Category 7. And these exercises allow us to conform to that category safety standards that are a part of an inter national framework of cooperation between agencies; and we cant begin to underscore the importance of what these men do and learn in these exercises, said Mr Carey. T IMEOUT: G BAC firefighters relax following the morning strength and conditioning exercise programme a imed at maintaining a safety standard for firefighters. Present for the programme was Airport Opera tions Manager, Dr. Shawn Thurston, standing centre. Kneeling from the left is Enoch Joseph, Doyle A dderley, and Trevor Williams; standing from the left is Navardo Gray, Harry Ferguson, Neville K emp, Dr. Shawn Thurston; Javon Knowles, and Raymond Miller. GBAC firefighters undergo strength training exercise programme GEARING UP: GBAC Firefighters demonstrate speed in putting on their gear during their daily workouts. All firefighters must be able to lift 200lbs unassisted and move that weight a minimum distance of 50 meters, while fully clothe in firefighting protective gear. G RAND BAHAMA AIRPORT (GBA) Grand Bahama Airport ( GBA) owns and operates t he Grand Bahama Airport, w hich is situated only 65 miles from Florida and capa ble of handling the largest a ircraft in the world. GBA is a joint venture between the Hutchison Port Holdings( HPH) Group and the Grand B ahama Development Com pany.
further investigation it is understood that only the planes insurance was registered in that companys name. Now two weeks after the crash, the investigation, launched by Flight Standards within the Civil Aviation Department, cannot begin to give evidence about the nature of the flight. According to Dion Demeritte, Aviation Safety Inspector, it is unclear whether this delay might be intentional. Said Mr Demeritte: I dont want to speculate as to what they were doing with the aircraft until the investigation arrives at that point, and it may never be proven because all persons involved are now deceased what we do know is that the aircraft, even though it may have been registered to Lebocruise Air Limited, the insurance on the aircraft was registered to Atlantic Blue. How thats all connected, this is what were piecing together slowly, but surely. Only Bahamian citizens or persons with standing residence can register a plane in the Bahamas, however it is possible to register that plane to a Bahamian-owned company. In an ideal and legal setting, the aircraft would have had hull insurance, which could bring financial relief to the families of the nine men killed in the crash. However, that insurance may or may not have covered commercial transport and it remains unproven as to whether the plane was engaged in the unlicensed activity. At the chilling scene on October 5, Flight Standards Inspectorate manager Hubert Adderley said Acklins Blue was not a certified commercial charter company and therefore did not necessarily meet certification criteria, including important passenger safety regulations. Mr Demeritte explained that although the plane was registered to Lebocruise Air Limited, that did not prove that the company was doing business as an aviation company. He said: Lebocruise Air Limited is who this aircraft is registered to on the certificate of registration for the aircraft, however if you visited the Atlantic Blues website youll find that they were advertising on that website the same aircraft that was registered to Lebocruise Air Limited. That is what we can prove we have to investigate to see whether or not this particular name (Lebocruise Air Limited) actually represented a trading company or a company that is actually being operated for a purpose. You will find that there are a lot of aircraft around here that are really operated for private use, but are owned by companies because perhaps the owners of those companies couldnt own the plane themselves. But the company was made only for the purpose of registering the aircraft. Meanwhile, despite the inconsistencies and absence of vital documents, the physical investigation continues. The wreckage, said Mr Demeritte, is being prepared for storage, the engines are being prepared to be shipped out to the engine manufacturer for tear down and testing, and a piece of one of those engines that has failed has been taken to the NTSB for testing and the information from that testing should be available in a few weeks. C M Y K C M Y K LOCAL NEWS PAGE 10, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Anentrepreneurialspirit,originalthinking,andapassiontosucceed. If you haveit,wewant you .ABSOLUTELY NO PHONE CALLS PLEASE SUBMIT BEFORE October 22nd, 2010 to: HUMAN RESOURCES Re:ManagerInformationTechnology, 51FrederickStreet P.O.BoxN-4853|Nassau|F:328.1108 firstname.lastname@example.orgDuties & Responsibilities:Reporting directly to the Group CIO, the successful candidates main duties and responsibilities will be: Managing the overall IT functions of the Fidelity operations in The Bahamas Working in conjunction with the regional IT departments Developing and maintaining IT procedures and security manual for The Bahamas operations Assisting the CIO in managing project plans and ensuring that project deadlines are met Weekly reviewing user profiles and passwords and deleting them as necessaryR equirements / Qualifications: Bachelors degree in Computer Science or related field MCSE certified Industry certifications such as CISSP or CCNA would be an asset or other financial institution Proven project management skills A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.MANAGER,INFORMATIONTECHNOLOGY We are growing!Fidelity Bank invites applications for the position of: was influenced in any way by his private interest in this company. Lashing back at the minister, Mr Roberts asked why the PLP should have to investigate him, as the FNM is currently the government and has access to all the records. D uring a telephone interview with T he Tribune Mr Roberts said: I believe Freeport Oil, which is a public company,a cquired Shell Corporation. That happened in the latter part of 2005. Whatever cont ract BEC had with Shell continued. Mr Roberts claimed some senior people in the FNM own more shares in this company than he does. I was not involved in the purchase of Shell, because it was a Bahamian company buying a foreign company, it didnt have to c ome to the government for approval. Mr Maynard is only raising red herrings. Hes wasting the Parliaments time, MrR oberts said. MP Tommy Turnquest, leader of government business in the H ouse, was called upon by members of the opposition to dis close his business interests. Mr Turnquest said that every year from 1992 to date, he has disclosed which companies he has shares in. In the late 1980s my father, who bought shares in Sunshine G roup of Companies, formed a company, Green Pines Investment Ltd, and placed those shares in that company. I n the late 1980s he decided he would divest himself of share holdings and put it in his wifes name and his three children. We d o have a minority shareholding in Sunshine Holdings. Also Bank of Bahamas, First Caribbean, Colina Bahamas, FOCAL. But I have no input into any of those companies; no decision making, he said. During the proceedings in the House of Assembly yesterd ay, Mr Maynard continued his attack on opposition MPs, stat ing that another issue that concerned him was the substantial n umber of solar heaters that went missing in a housing project initiated by the MP for Golden gates, Shane Gibson, when he w as Minister of Housing. Mr Gibson leapt to his feet and challenged Mr Maynard to e ither produce proof of his allegations or withdraw the comments. I challenge him to bring proof that more that 15 units were p urchased while I was minister. No more units. I challenge him today that more than 15 u nits were purchased. All 15 were installed. I dont care what they say but it is not the truth. They always bring untruths and innuendoes, Mr Gibson exclaimed. Mr Maynard then said: When Neville Wisdom took over he called for a full investigation into all activities into the Ministry of Housing before he took over and the investigation is still ongoing. However Mr Gibson responded: The investigation was not into all the activities, there were some inspectors who were accused of doing some things and that was the subject of the investigation. Unusual delay in fatal plane crash investigation F ROM page one FROM page one MP CALLS FOR PLP TO INVESTIGATE CHAIRMAN
C M Y K C M Y K LOCL NEWS PAGE 16, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
C M Y K C M Y K SECTIONB email@example.com FRIDAY, OCTOBER 22, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission f rom the daily report.$ $4.25 $4.20 $4.26 collegebefore you know itNASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I www.famguardbahamas.comcall us today at 396-1300 A SUBSIDIARY OF customized investment options guaranteed minimum interest rates exible accumulation period tuition available when hes readyall of the above invest in an annuity A MBESTA-ExcellentFinancialStrengthRating B y NEIL HARTNELL T ribune Business Editor A veteran Bahamian musicians year of total h ell is ending on a happier note after he reached agreements with several companies who violated his intellectual property rights, he told TribuneB usiness yesterday, while other settlements remain pending as he releases a new 16-track and album compilation via the Internet. Brad Lundy, the almost 50-year veteran of the B ahamian and international music scene, said the past year had been a learning experience when it came to realising how easy it was for someone to p irate his work, then sell it across the globe via the Internet. Acknowledging that he was unlikely to recover t he full value of what had been lost through infringement of his copyright works and intellectual property, Mr Lundy urged fellow Bahamian YEAR OF COPYRIGHT HELL ENDS ON HAPPIER NOTE LEARNINGEXPERIENCE: BRAD LUNDY Fifty-year Bahamian music veteran reaching settlements with companies that pirated his music and sold it in 45 countries worldwide* Eager to nurture Bahamian talent, expressing concern few will succeed as they do not understand industry* New album released this week SEE page 5B By NEIL HARTNELL Tribune Business Editor A leading wholesaler yesterday said its traditional 25 per cent Christmas season sales increase,p lus continued employment for 100 staff and a likely 50 per centr ise in Treasury duties, were in j eopardy after Bahamas Customs d etained another three of its imported containers in the escalating dispute over the bonded g oods sales report issue. Attorneys for Kellys (Freeport Business that what the company a nticipated has come to pass, after Customs on Wednesday refused to clear the companys t railers on the grounds that it had n ot paid the $50,504 due to the P ublic Treasury from its Sept ember 2010 post duty-paid product sales. Customs had earlier rejected Kellys September post-paid sales r eport and accompanying pay m ent on the grounds that the company had not bowed to its d emand for a bonded goods sales report for the same month, a request the company alleges has no basis in law, policy or any agreement with the revenue agency. Christopher Lowe, Kellys (Freeportl ast night described the latest attempt by Customs to force the c ompany to bow to its will as a b it ridiculous and ludicrous, e specially since it has obtained l eave to issue Judicial Review proceedings against the agency over the issue. Fred Smith QC, the Callenders & Co partner and attorney who is a cting for Kellys (Freeport the case, told Tribune Business: What Kellys has anticipated has come to pass. Customs are continuing to prejudice Kellys in their business. In an affidavit filed with the Supreme Court yesterday, Mr Lowe detailed the saga involving the latest detention of the com Firm fears 25% sales rise loss n Leading Freeport wholesaler renews efforts to obtain injunction against Customs after three more trailers seized, warning that jobs for 100 staff, plus 50% rise in duty to Treasury, in jeopardy n Kellys describes situation as a little ridiculous and ludicrous n Warns impasse will cause it financial hardship, plus loss of hundreds of thousands of dollars in Customs duty for Treasury SEE page 5B TOURISMLANDMARK: Atlantis in Paradise Island. By NEIL HARTNELL Tribune Business Editor Continuing down ward pressures on the US dollar could have negative conse quences for Bahamian purchasing power and inflation in the short-term, a leading Bahamas-based investment advisor warned yesterday, with the Ameri can currency likely to depre ciate by another 5 per cent over the next 12-18 months. Deno Moss, an invest ment advisor with Scotia bank (Bahamas client group, told Tribune Business that because of the Bahamian dollars one:one peg to its US counterpart via the fixed exchange rate regime, the dol lars recent deprecia tion on foreign exchange markets a trend likely to con tinue in the near term was set to erode the international purchasing power enjoyed by Bahamian consumers and businesses. This would impact every thing from the purchase of hotel rooms outside the US to autos and consumer goods sources from markets such as Europe and US dollars threat to Bahamian inflation and buying power DENO MOSS SEE page 2B B y ALISON LOWE Business Reporter firstname.lastname@example.org A tlantiss 12,000 square foot Teens Club, dubbed by Kerzner International as the coolest thing we have done, is on schedule for completion, having created 40 construction jobs at peak build, with 30 new permanent jobs to be created at opening. The Teen Centre is progressing niceAtlantis T een Club set to cr eate 30 jobs 40 construction jobs at peak build on $10-$12m facility SEE page 4B B y ALISON LOWE B usiness Reporter a email@example.com B ahamian businessmen h ave expressed concern and ire over the Governments decision to adjust t he calculation of Business Licence fees through a method which does not take account of the cost of producing revenue. Several private sector figures, at a forum held by t he Ministry of Finance on W ednesday evening, sug g ested that if the calculat ion of their business l icense fees were to shift f rom being based on gross profit to turnover, this could push their operations into the red, and called for relief from this requirement for struggling busi nesses. Perhaps the Government should put some relief in the law, given that a business could in fact be at a loss ands till be subject to a tax on Business Licence reform prompts calls for relief SEE page 2B By NEIL HARTNELL Tribune Business Editor A former finance minister yesterday expressed concern over the accelerated pace at which the Bahamas national debt had bro ken through the per cent of GDP threshold to exceed 60 per cent, as an international credit rating agency pointed out this nations 9 per cent first quarter tourism arrivals increase had been driven by lower-yielding cruise passengers. Adding that the Bahamas was set to suffer its third successive year of economic contraction, with gross domestic product (GDP Debt acceleration cause for concern SEE page 3B
revenue under the new a rrangement, said account ant Pedro Delaney, during t he event hosted by the Ministrys Business License/Valuation Unit. One contractor, who found support among the 80 or so attendees, went further, saying he found the change unconscionable, s uggesting that the Governm ent is being a bit slick if i t does not allow companies to deduct bad debts. Another commented: It doesnt seem like the Government wants to encourage p eople to do business here i n the Bahamas. You may as well close up shop and go. T heir concerns echoed those raised previously byA ML Foods chairman and f ormer Bahamas Chamber of Commerce President, Dionisio DAguilar, who called for a special category within the Business License Act for foodstores,which have a high turnover b ut low profit margins. M r DAguilar had noted t hat foodstores could end up paying as much as 25 per cent of their profit in business license fees if the new calculation based on gross revenue is applied. Stephen Wrinkle, head of the Bahamian Contractors Association, noted large construction firms would be similarly hit. During the forum, Financ ial Secretary Ehurd Cunningham said comments would be noted and considered by the Government a s they move to develop regulations surrounding the Act, which is intended to s implify both the process of doing business in the B ahamas and collecting revenue from it. Speaking with The Tribune yesterday, Mr Cunningham said the reason behind the decision to shift the way the fee is calculated for all regular businesses with the exception of insurance companies, banks and gas service stations was the fact that many businesses, in their returns to Govern-m ent for th license fee, were applying deductables that did not apply and creatinga lot of work for governm ent. Nightmare R eferring to the call for relief made by some busin ess operators, the finance official added: The probl em is that the reason we m oved away from these d eductibles in considering any business license isb ecause it becomes a bit of a n ightmare to try to determine which industry you would allow deductbiles for, and what are the category or classification of deductibles. Thats part of the problem that has existed u nder the Business License A ct now for some time, and it makes audit and verificat ion very complicated, so we w anted to simplify the whole p rocess. Mr Cunningham noted that some relief exists int he fact that the Government has granted an exemption from business licensef ees for all firms where turnover does not exceed $250,000 a year for two years until December 2011. A nd he added: Companies cannot look at inefficiencies in their operations and expect the Government to come in and compensate. One of the things we have not been very good at is informing the public about taxpayers services with regard to why there is a need for persons to pay theirt axes to government. Government has all these expenditures to meet and sometimes the public forgets that there are roads, the police, schools, hospitals... Concern was also raised d uring the forum about what financial information w ould need to be submitted to the valuation unit to obtain a licence. Mr Cunn ingham said the wording of the Act, which calls for i nformation from the preceding year, indicates that businesses can use theirf inancials from their previously ended financial year. We do not intend for b usinesses to change their financial year, he said, as o ne participant suggested t he language of the Act n eeds to be clearer on this. Others raised concerns about having to get pro jected financials certified by an accountant. It was explained that the Business License Act was intended to come into effect on January 1, 2011, with businesses being given a 90-d ay grace period to obtain t heir licenses, up to March 31. Companies will then next be due to apply for a license on December 31, 2011, then being given a one month grace period. Some forum attendees expressed their dissatisfaction over the fact they may end up in a position where they have to go through the process of applying for a licence twice within tenm onths in 2011. Larger Meanwhile, in the case of larger businesses whose financial year ends in D ecember, it was suggested t hat it would be unworkable t o have all the required i nformation for the license collated and scrutinised w ithin a month. The previo us Act allowed up to four m onths beyond the due date for this to occur. I n response to queries r aised about this, Mr Cunningham told the forum: We are seeking feedback, and if it is felt there are problems there will be some consideration. Changes could be made. H e noted that discuss ions and dialogue were had with the Bahamas C hamber of Commerce and t he Bahamas Institute of C hartered Accountants prior to the Bill going before Parliament, but conceded: I suppose, unfortunately, a lot of what is being aired tonight did not come upb efore. C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM +$//2:((1&$1'< the Far East. Even products sources through south Florida, traditionally the Bahamas largest import market, would not be immune if they, too, were originally sourced from other countries. On a global market, our purchasing power is eroded, Mr Moss told Tribune B usiness, but most B ahamian dollars go into south Florida, where most o f our imports come from. But as we start to look f or opportunities elsewhere, and start to look atC hina and Latin America for new markets, it b ecomes more of an issue for us, because those curr encies are appreciating against the US dollar and the Bahamian dollar. It d epends on where we go to s hop. T aking second-hand autos purchased fromJ apan, Mr Moss said that 1 999-2000 Honda Accord and Toyota Corolla models cost some $5,000 to purchase three years ago in 2007. By now, the value of those aged models should have dropped, but because o f the US dollars deprecia tion on foreign exchange markets, they were still c osting Bahamian cons umers $5,000. You should be looking at a much better deal now, but some cars in the sec ond hand market, theirp rices are running up because of this, Mr Moss said, adding that new card ealers who sourced product manufactured in nations such as Japan and Korea were also experienc-i ng the same problems. W ith many products purchased by Bahamiansb eing sourced from outside t he US, including the raw materials that made them, Mr Moss said: If youre paying for these in a depre-c iating US currency, the end result will be that youre paying a higher price at the end of the day. Agreeing that it would produce some inflationary p ressures here, Mr Moss s aid the US currently had low inflation and wanted some more. However, this did not account for import duties and trans portation costs to get the products here. So inflation will be higher here than in the US unless we find ways to go direct to market and cut out the middle man. But some of those fixed costs were going to have to live with. Mr Moss said the US dollar had probably over depreciated or been over sold, while emerging market currencies like Brazil and India had been over bought. Many countries were now trying to curb currency appreciation, Brazil, for instance, introducing new laws restricting foreign investment. The US was continuing to pressure China to reduce the value of its currency, in a bid to keep the US dollars value low and boost exports, but Mr Moss said the problem with this strategy was that the US economy was in no position to raise exports. He added that a further 5 per cent depreciation of the US dollar was likely over the next 12-18 months, but this situation could easily be reversed. US dollars t hreat to Bahamian inflation and buying power Business Licence reform prompts calls for relief FROM page 1B FROM page 1B On a global market, our purchasing power is eroded, but most Bahamian dollars go into south Florida, where most of our imports come fr om.
falling by 0.5 per cent in 2010, following contractions of 4.5 per cent and 1.7 per cent in 2009 and 2008 respectively, Moodys said the rising national debt was setto be held in check by the 2010-2011 Budgets recurrent spending freeze and tax increases. Adding that the Budget will begin the gradual process of containment and eventually debt reversal, Moodys said that the 2010 first quarter arrivals increase still left tourist numbers below pre-recession levels. Also, most of the increase was due to cruise ship passengers, which produce less revenue per tourist than traditional stopovers, the Wall Street credit rating agency added. M oodys projections for the Bahamian economy are more conservative than the International Monetary Funds (IMF since it only forecasts a return to growth of 1 per cent in 2011. The IMF, though, is forecasting that economic growth for the Bahamas will resume this y ear, increasing to 1.5 per cent in 2011. Moodys inflation estimates of 3 per cent for 2010 and 2011 are also higher than the IMFs, with the rating agency projecting that central government direct debt, as a percentage of GDP, will hit 49.6 per cent at t he end of this fiscal year and 51.1 per cent the following year. Meanwhile, James Smith, former minister of state for finance in the 2002-2007 Christie administration, told Tribune Business that while the national debt was now likely beyond 60 per cent of GDP,t he main problem was from where we came. Pointing out that the Bahamas national debt to GDP ratio was as low as 37 per cent as recently as 2007, Mr Smith said this had gone through 50 per cent in 18 months. He added: Its thes peed with which were getting there that is cause for concern, an accelerated move towards that level. To control the national debt and fiscal deficit, Mr Smith said the Bahamas needed to take a twin track approach raising revenues and reducing spendi ng. We have to seriously look at the antiquated use of trade tax es for the bulk of revenue, he said. It may cause recourse to VAT or a sales tax, or a combination of both to give the buoyancy and assist the business community in giving them more access to their cash flow. On the expenditure side, we have to come to grips with the huge amount of wastage in the public sector. Its easier to talk about it than do something about it, but we have to start zeroing in on that. The IMF said this week that the Caribbean contained some of the worlds most highly indebted countries, with five St Kitts & Nevis, Jamaica, Grenada, Barbados and Antigua having debt-to-GDP ratios in excess of 100 per cent. Four more, Dominica, Belize, St Vincent and St Lucia, came in above 70 per cent, with the Bahamas next in line the IMF projecting that this nations government debt-to-GDP will hit 50.1 per cent next year (the end of the current fiscal year). The Fund added that the Bahamas overall fiscal deficit would strike 4.8 per cent of GDP this fiscal year, compared to 5.3 per cent for last year, with the primary deficit at 2.2 per cent as opposed to 2.9 per cent last year. The latter figures come because, for fiscal 2010-2011, the Governments expenditure is expected to be 19.8 per cent of GDP, with revenues at 17.6 per cent of GDP. For 20092010, government spending was at 20.4 per cent of GDP, and revenues at 17.5 per cent. Although the Caribbean countries per capita GDP increased significantly in the 1970s, in the last 20 years they have lost ground to their small island peer countries and the fast-growing emerging and developing countries, the IMF said. Urging that rising government debt levels be addressed, the IMF added: The future of the Caribbean lies in its efforts to improve productivity and competitiveness in the tourism industry and the willingness of governments to reduce the high levels of debt that would create the necessary fiscal space to address future shocks to their economies. C M Y K C M Y K BUSINESS T HE TRIBUNE FRIDAY, OCTOBER 22, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 0DMRUUPLQWKHQDQFLDODQGOHJDOVHUYLFHVLQGXVWU\ ,QYLWHVDSSOLFDQWVIRUWKHIXQFWLRQRI ,7$GPLQLVWUDWRU %FLQ&RPSXWHUFLHQFH $7&&1$FDWLRQ .QRZOHGJHRIDFWLYHGLUHFWRULHV/&,6&2 6\VWHPVDQGRXWLQJ :HEDJHDQDJHPHQW \HDUVH[SHULHQFH 6DODU\FRPPHQVXUDWHZLWKH[SHULHQFH $WWUDFWLYHEHQHWV 5HSO\LQFRQGHQFHWR (PDLOLWDYDFDQF\#JPDLOFRP 1 27,&(LVKHUHE\JLYHQWKDW &$7+(5,1($1,7$ 028/75,(RI9,67$0$5,1$1$66$87+( % $+$0$6 LV DSSO\LQJWRWKH0LQLVWHUUHVSRQVLEOHIRU 1DWLRQDOLW\DQG&LWL]HQVKLSIRUUHJLVWUDWLRQQDWXUDOL]DWLRQ DVFLWL]HQRI7KH%DKDPDVDQGWKDWDQ\SHUVRQZKR N QRZVDQ\UHDVRQZK\UHJLVWUDWLRQQDWXUDOL]DWLRQVKRXOG QRWEHJUDQWHGVKRXOGVHQGZULWWHQDQGVLJQHGVWDWHPHQW RIWKHIDFWVZLWKLQWZHQW\HLJKWGD\VIURPWKH QGGD\ RI 2FWREHU WRWKH0LQLVWHUUHVSRQVLEOHIRUQDWLRQDOLW\ DQG&LWL]HQVKLS Debt acceleration cause for concern F ROM page 1B J AMES SMITH
ly, said Ed Fields, Kerzner International (Bahamas president of public affairs, yesterday, adding that a definitive date for completion can-n ot be pinned down at this time. The Teens Club formed part of the $100 million inu pgrades Kerzner Internat ional announced it had planned for the resort in the early part of 2010. Aimed at 13 to 17 year-olds, the Teen C entre was projected at that time to cost $10 million to $12 million, and lift the customer e xperience to a new level at the resort once opened to guests. G eorge Markantonis, president and managing director of Kerzner International ( Bahamas), had also revealed that $20-$25 million would be spent on the complete revamp o f some 110 suites in the Royal Towers and 60 in the Coral Towers. Mr Fields said yest erday that these suite upgrades, which primarily involve furniture, fixture and e quipment replacement, are ongoing. Upgrades Meanwhile, $10 million of e nhancements that were planned for the One & Only Ocean Clubs Crescent Wing should be completed by Thanksgiving, and alsoi nvolve mainly furniture, fixture and equipment upgrades. O ther components of the total $100 million upgrade p roject include $20-$25 million to be spent on the A tlantis casino, where plans for a high-end gaming lounge w ere revealed earlier this year. Yesterday, Mr Fields s aid designs for this revamp will most likely commence in the New Year. In late May, Mr Markantonis said Kerzner intended to move very fast on all of the enhancements, noting that most of the work would go to Bahamian contractors. S ome delay in moving forw ard with the plans to re-do several of the resorts restaur ants appear to have emerged, a s initial expectations were that designs for a newly-renovated Fathoms restaurant to be transformed into a state of the art fish restaurant wih a celebrity chef from the US would be completedb y now. Yesterday, Mr Fields said Fathoms, plus the Great Hall r estaurant, which Mr Markant onis suggested in May would be transformed into an upscale tea and beveragel ounge, with chocolates and cakes, were still in the conceptual stage. T he Waters Edge restaurant at Coral Towers is currently in the re-design process with no timeline for completion at present, he added. C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.84Bahamas Waste3.152.84-0.318,0000.1680.09016.93.17% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.2310.230.003001.2270.3108.33.03% 2.842.50Colina Holdings2.502.500.000.7810.0403.21.60% 7.005.40Commonwealth Bank (S1)6.596.55-0.047,4170.4220.23015.53.51% 3.651.63Consolidated Water BDRs1.961.90-0.060.1110.04517.12.37% 2.551.60Doctor's Hospital1.771.770.000.1990.1108.96.21% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.208.10Finco8.508.10-0.401,0000.2870.52028.26.42% 11.408.77FirstCaribbean Bank9.749.740.000.6450.35015.13.59% 5 .513.75Focol (S)5.465.460.006000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5 .595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.92J. S. Johnson9.929.920.000.9710.64010.26.45% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7 %RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029THURSDAY, 21 OCTOBER 2010B ISX ALL SHARE INDEX: CLOSE 1,501.80 | CHG -8.28 | %CHG -0.55 | YTD -63.58 | YTD % -4.06BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017F INDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%3 0 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%L ast 12 Months %NAV 3MTH 1.50561.4076CFAL Bond Fund1.50564.65%6.96%1.482477 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.55791.4920CFAL Money Market Fund1.55793.37%4.42%1.539989 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13181.0000FG Financial Preferred Income Fund1.13183.85%5.22% 1.09691.0000FG Financial Growth Fund1.09692.71%6.44% 1.13201.0000FG Financial Diversified Fund1.13203.79%5.71% 9.69389.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.69383.77%5.71% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.5308-2.23%4.10% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.4372-5.63%-5.63% 7.96644.8105Royal Fidelity Int'l Fund Equities Sub Fund7.88302.15%6.29% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Aug-10BISX Listed Mutual FundsNAV Date 30-Sep-10 30-Sep-10 30-Sep-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Sep-10 30-Sep-10 30-Sep-10 30-Sep-10 31-Aug-10MARKET TERMS30-Sep-10 NAV 6MTH 1.460225 2.911577 1.524278 107.570619 105.776543 30-Jun-10 30-Sep-10 30-Sep-10 30-Sep-10 /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQGD\RI$SULO7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV $5*26$&253 /LTXLGDWRUf /HJDORWLFH 127,&( *8&+,11,(/7' ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG GD\RI7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV $ 5*26$&253 /LTXLGDWRUf $VNHU,QYHVWPHQW*URXS/WG WKH&RPSDQ\f $OUHQDR[H\ /LTXLGDWRU 1 27,&( $%&,19(67t$'(/7' QROXQWDU\/LTXLGDWLRQ 1RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK 6HFWLRQRIWKH,QWHUQDWLRQDO%XVLQHVV &RPSDQLHV $%&,19(6775$'( / LVLQGLVVROXWLRQDVRI$XJXVW QWHUQDWLRQDO/LTXLGDWRU6HUYLFHVVLWXDWHG D U G) ORRU:LWKHOG7RZHU&RQH\ ULYH%HOL]H&LW\%HOL]HLVWKH/LTXLGDWRU /,48,'$725 BBBBBBBBBBBBBBBBBBBBB Atlantis Teen Club set to create 30 jobs FROM page 1B
panys imported trailers/cont ainers. He alleged that the first he knew of the situation came ina telephone call from Kellys brokers, Bethels CustomsA gents, at 1.30pm on W ednesday, October 20, who said entry forms submitted for the three containers had been returned by Customs with a query slip, stating that duties for September payment were due. The entry forms are for three containers destined for our Building Department, Mr Lowe alleged. This is a very busy time of year for the B uilding Department, and the containers hold much neede d lumber (some items are already out of stock, with others nearly close to being out of stock), white shingles (for which customers are waiting), windows, and some special order items for a valued cust omer. This is the Christmas seas on shopping time for [Kel lys], a time when our cust omers renovate or improve t heir homes for Christmas, a nd so our sales volume in b uilding materials, especially p aint, increases dramatically at this time of year. This is a critical time for [ Kellys], as during Novem b er and December we experience a 25 per cent increase i n sales. More importantly, for [Customs], is the fact that most of the purchases at this time are by non-licencees, with the result that Kellys d uty-paid sales payments to [Customs] are 50 per cent h igher in November and D ecember. Mr Smith said that while Justice Hartman Longley on Tuesday gave Kellys leave to i ssue Judicial Review proc eedings against Customs, he did not acquiesce to the firm s request for an interim injunction to prevent the a gency from refusing to clear i ts imported trailers. The judge had wanted the injunc tion hearing to take place next T uesday, with lawyers from the Attorney Generals Office present to act for Customs. However, in light of the lat e st developments, Mr Smith said that Tuesday hearing on the injunction application had been moved forw ard to this morning. In his affidavit, Mr Lowe said Kellys (Freeporta lways made prompt payments to Customs when it came to duty-paid sales reports, but its latest submission had been rejected. During the perio d between now and Christmas, between 40 and 50 containers/trailers of goods will be shipped to the Applicant, Mr Lowe alleged. The c ontinued refusal of [Customs] to release the Applic ants goods will cause serious financial hardship to the Applicant, with the possibili t y of forced reductions in s taff, not to mention denying the Public Treasury hundredso f thousands of dollars in Customs duty. Speaking briefly to Tribune B usiness last night, Mr Lowe s aid: Once again, three more trailers were rejected, and this is getting a little ridiculous.I ts just so ludicrous. Its obvious that Bahamas Customs, through this action, is defin itely intending for one comp any in Freeport to perish. Mr Smith added: We had applied for an ex-parte injunct ion to restrict Customs from what we anticipated would be their failure to release con t ainers because of the failure t o deliver a bonded goods sales report. We had tried to g ive a duty-paid report and payment for September, but they have refused to accept it. Justice Longley ordered that the injunction hearing should occur next Tuesday with the Attorney Generals Office present to argue whether the injunction shouldb e imposed. Lo and behold, C ustoms [on Wednesday], despite our filing and serving proceedings, haver efused to release t he three containers. As a result, Kellys (Freeport was set to go back before the courts this morning, with t he Attorney Gene rals Office present, in a bit to get that injunction. Bonded goods sales is a practice whereby Freeportbased wholesalers, such as D olly Madison, Kelly's (Freeport n ess Depot, are able to sell products to other GBPA licencees for use in theirr espective businesses only, w ithout any duty being paid to Customs/Government on their sale. It is a report on this activity that Customs is seeking, but Kelly's (Freeport and its attorneys are arguingt hat this has never been requested before, and is not included in any statute law, policy or agreement concerning their relationship. The current practice, they argue, is that on the 15th ofe very following month, Kelly's and other licencees submit a report on sales where duty is post paid such as sales to residents and nonGBPA licencees togetherw ith the relevant duty sum. A nd it was Kelly's refusal to submit bonded goods sales reports that saw Customs previously detain eight of their imported trailers, in a bid to force the company to bow toi ts demands, although these were eventually released. Kelly's (Freeport described as a business that, over the last 10 years, had grown from a 28,000 square foot store, with 25 employees and gross annual sales of $2-$ 3 million, to a firm with a 1 15,000 square foot store u nder roof, featuring 100 staff a nd $10 million in gross per annum sales. It carries an average inventory level of $3 million. artists not to make the same mistakes he did, adding that he was now looking forward to the very successful r elease of his latest album, I Need You via CD Baby, the worlds largest independent online music distributor. Tracing the infringement of his intellectual property rights back to the time he handed o ver his work to someone else, Mr Lundy said: I did something I would not think twice about at all. I gave a many my record, and did not realise what he was going to do with it. Look at what happened after that. T his person ended up copyi ng Mr Lundys work and selling it to music distributors w orldwide, many of whom s old via the Internet, without compensating Mr Lundy for i t. His music was sold in 45 different countries, and he w as none the wiser, until oth er Bahamians drew his attention to its availability on theI nternet. Aided by a US-based consultant, Lynne Robin Green, and her firm, Casualties of the Music Business, Mr Lundy has spent an exhausting year seeking to remedy the wrongsd one to him, and their efforts are now meeting some success. The episode not only highlights how critical it is for all Bahamian artists, musicians, artisans and other to p rotect their creative works f rom theft, but also shows the harm done by those who infringe copyright (the wideri ssues raised by the recent Straw Vendor arrests in NewYork immediately spring to m ind). Pointing out that his Im at the Breaking Point album wass till being sold on the Internet f or Mr Lundy said it was the web-based sales that had done most damage to me. This last year has been t otal hell and pretty rough for me. I was fed up, fed up, b ecause I couldnt sleep and couldnt keep doing this, Mr Lundy told Tribune Business. I didnt even know it wash appening, and probably never would have known, because I was never going to look until someone told me. While settlements had been achieved with many of the record companies that tookm y stuff in the beginning, and he was now feeling better about the situation, Mr Lundya dded: What I realise though is that were never going to fully realise the extent ofw hats been done to me. The last year was another learning experience for me. Ive not been down that road, but youve got to keep anopen mind, make adjustments and be ready to change. Urging all Bahamian artists to protect their intellectual works, making sure tracks and albums were protected by copyright before they were handed over to anyone else, Mr Lundy said he made sure he not only protected the music and lyrics, but the sound as well. He makes sure the latter is registered under a different patent. Mr Lundy is now in negoti ations to settle infringements of his copyright by two USbased Internet music distrib utors, responding to their requests that they be allowedto continue selling his music legitimately with doubts as to whether they can be trusted. We are in the final stages of settling that right now, he said, because once we served the cease and desist letter, they realised they did not have a leg to stand on and didnot want to go to court. I own the copyright to all my stuff. Mr Lundy told Tribune Business he was now looking to help younger Bahamian musicians and producers break into the business in a more meaningful way and, in particular, hoped to assist Chris Fox, producer and writer of 20 albums, who had established an 80-student strong music school in west ern New Providence. If youre going to be in this business you need to under stand and learn it and, believe me, few people do, Mr Lundy said. I look at whats happening in this country today with Bahamian artists, and theyre not going to succeed because they do not understand the business. We dont have a single entertainment lawyer in this country. No one knows about copyright and intellectual property. They need to learn and get outside the Bahamas b ecause thats the world. T heres no market here unless you sing and hustle. You will not make back the money you spend on a studio. Weve got a lot of talent in t his country, but they need g uidance, they need direction, a nd need help. There are a few of us left to do this, not too many. Once people show theyve got commitment, a will to succeed and have a good attitude, Im willing toh elp them. Of the deal with CD Baby, Mr Lundy said he had four c hoices in terms of distributor for I Need You, but felt most comfortable with this o ne, and its partnerships with the likes of iTunes, Amazon, e Music, Napster and MySpace. R un by musicians for music ians, Mr Lundy said it paid h igher rates to artists than a conventional record distribution or label deal, with paym ents coming at frequent intervals such as weekly, rather than when the compa-n y has made a profit from sales. It was better for me, Mr Lundy said. It gave me more freedom and control of stuff. I t gives more flexibility. My hands are not tied. I can add m usic whenever I want. He explained that he was able to upload new tracks to CD Baby whenever he wished, and customers had t he choice of perusing his work, purchasing the entirea lbum or just one or more s ongs. Describing the Internet as the future of music, Mr L undy said of his album, which was released on Wednesday: I feel very gooda bout this. There are calls that are already coming in, people already starting to down load the music, and I think itll be a very successful album. C M Y K C M Y K BUSINESS T HE TRIBUNE FRIDAY, OCTOBER 22, 2010 PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 1 27,&(LVKHUHE\JLYHQWKDW 6+(5/($1 35(0,/,(1 R I 3)$,7+*$5'(161$66$87+( %$+$0$6 LVDSSO\LQJWRWKH0LQLVWHUUHVSRQVLEOHIRU 1DWLRQDOLW\DQG&LWL]HQVKLSIRUUHJLVWUDWLRQQDWXUDOL]DWLRQ DVFLWL]HQRI7KH%DKDPDVDQGWKDWDQ\SHUVRQZKRN QRZVDQ\UHDVRQZK\UHJLVWUDWLRQQDWXUDOL]DWLRQVKRXOG QRWEHJUDQWHGVKRXOGVHQGZULWWHQDQGVLJQHGVWDWHPHQW RIWKHIDFWVZLWKLQWZHQW\HLJKWGD\VIURPWKH QGGD\ RI 2 FWREHU WRWKH0LQLVWHUUHVSRQVLEOHIRUQDWLRQDOLW\ D QG&LWL]HQVKLS 7(/86*,1(77(RI&+$5/(6 9,1&(17675((71$66$8%$+$0$6 YEAR OF COPYRIGHT HELL ENDS ON HAPPIER NOTE FROM page 1B Firm fears 25% sales rise loss FROM page 1B FRED SMITH
NEW YORK ( AP) JetBlue thinks it's found the right combination for growth in the airline industry: The Red Sox and w hite sand beaches. The airline said Thursday it will continue its rapid expansion in Boston and the Caribbean while reducing service in other places. It also said again that it will fly solo, instead of tying up with another airline. In Boston, JetBlue is looking for more business travelers who will pay higher fares. In the Caribbean, it's appealing to the customers that other airlines have pulled away from: vacationers to the Dominican Republic, Jamaica and Barbados. JETBLUE STICKING WITH BOSTON, CARIBBEAN FOCUS C M Y K C M Y K BUSINESS PAGE 8B, FRIDAY, OCTOBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM M ALCOLM FOSTER, Associated Press Writer TOKYO Toyota is recalling 1.53 million Lexus, Avalon and other models, mostly in the U.S. and Japan, for brake fluid and fuel pump problems, the latest in a s tring of quality lapses for the world's No. 1 automaker. Toyota Motor Corp. said Thursday that it will call back for repairs about 740,000 cars in the U.S. and 599,000 in Japan. The remainder are in Europe and other markets around the world. Honda Motor Co. also s aid it would recall an undetermined number of vehicles because of the same issue. Over the past year, Toyota has recalled more than 10 million cars and trucks worldwide for a variety of problems, from faulty gas pedals and floor mats that can trap accelerators, to b raking problems in its Prius hybrid. In August, Toyota recalled 1.33 million Corolla sedans and Matrix hatchbacks in the U.S. and Canada because their engines may stall. The majority of vehicles this time around need to be fixed for a problem with the brake master cylinder which could lead to weaker braking power, said spokesman Paul Nolasco in Tokyo. Some models in Japan and elsewhere but not in North America have an electrical problem with the fuel pump which could cause the engine to stall, he said. No accidents have been reported from the two defects, he said. Nolasco said the recall decision was made under Toyota's new quality control regime instituted over the last several months in response to criticism that the company was slow in dealing with the slew of safety problems earlier this year. Changes include naming a chief quality officer to head up regional quality control teams that have more autonomy and can contribute directly to decisions on whether recalls are required. Toyota received initial complaints about both problems five years ago, but that didn't mean there was documentation of a pattern that would trigger a recall, Nolasco said. "It takes a while to compile the evidence for a recall," Nolasco said. Once the evidence pointed to a need for a recall, the company moved immediately to announce one, he said. Analysts said the recall decision, coming just two months after the Corolla and Matrix recall, seems to suggest t hat Toyota is trying to be more forthcoming about safety issues. A merican regulators hit Toyota with a $16.4 million fine for failing to promptly tell the government about its car defects. "Toyota's image suffered because it was slow and so it is trying to be quick with its r esponse," said Ryuichi Saito, auto analyst with Mizuho I nvestors Securities in Tokyo. The models affected by the latest recall in the U.S. include the 2005 and 2006 Avalon, 2004 through 2006 non-hybrid Highlander and Lexus RX330, and 2006 Lexus GS300, IS250, and I S350 vehicles, the company said in a statement from its U.S. h eadquarters in Torrance, California. Toyota will notify owners around the world by mail to come for repairs at no charge, Nolasco said. Honda said it would recall certain 2005-2007 model year Acura RL sedans and Honda Odyssey minivans from the 2005 to early 2007 model year due to brake fluid leaks. The company did not immediately know how many vehicles would be covered by the recall. In a letter to U.S. regulators, Toyota said it first received reports of leaking brake fluid in February 2005, and found they involved aftermarket fluid that was different from the Toyota fluid installed in new vehicles. Toyota attributed the problems to the fluid and changed the rubber seals used in the brake's master cylinders to be the same as in other Toyota vehicles, it said. From 2006 to 2010, Toyota said it received reports of the problem "sporadically" and found in all cases that the rub ber seals had curled and the brake fluid was not the original Toyota fluid. After receiving more consumer reports, mostly from Japan, Toyota found that certain brake fluids contained only a small amount of polymers, which could cause the seal's lubrication to deteriorate, it said. More tests last summer found the amount of leakage from the brake master cylinder was "very small," it said. Even if the brake warning lamp went off, Toyota said the vehicle could be driven for another 185 miles (300 kilometersa driver noticed any difference in the brakes. If brake fluid was not added, brake performance "could begin to gradually decline," it said. NEW YORK (AP is stable but "unexciting," showing more signs of life but not recovering fast enough. Still, the world's largest package delivery company raised its full-year earnings forecast as strong demand continued for goods from Asia and U.S. businesses shipped more overseas. Businesses are also paying more to ship packages faster reversing a trend of "trading down" seen when the recession dug in its heels. Many consumers, though, are not ready to pay more for shipping. NEW YORK (AP ahead of weekend meetings of finance officials and central bank policymakers from the Group of 20 major economies. Investors are watching the meetings in South Korea to see how officials address international currency tensions. Several countries, such as Brazil, Japan and Thailand, have recently tried to slow the rise in their currencies against the dollar, and critics say China is keeping the yuan too low. There are fears that a possible "currency war," when countries devalue their currencies to gain a trade advantage over competitors, could lead to trade barriers and hamper the global economic recovery. LAS VEGAS (AP approved a gambling license for the $3.9 billion Cosmopolitan of Las Vegas hotel-casino, clearing a path for what's expected to be the last new Las Vegas Strip casino for a while. The Nevada Gaming Commission on Thursday unanimously approved the resort after an hourlong presentation that included questions for executives of the property and its owner, Deutsche Bank AG. The German lender picked up the property in August 2008 for $1 billion after its original developers entered foreclosure. Toyota recalling 1.53 million cars globally ( AP Photo /David Zalubowski, file) EMBLEM: In this April 17, 2010 file photo, a Toyota emblem is seen on a car trunk lid during the Denver Auto Show in Denver. INTERNATIONAL BUSINESS news BRIEFS UPS SAYS ECONOMY 'UNEXCITING' AS 3Q PROFIT SOARS DOLLAR PUMPS HIGHER AHEAD OF G-20 MEETINGS GAMBLING LICENSE GRANTED FOR COSMOPOLITAN IN VEGAS