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 C M Y K C M Y K V olume: 106 No.283FRIDAY, OCTOBER 29, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY, T-STORM HIGH 86F LOW 73F B U S I N E S S S EEBUSINESSFRONTPAGE Robin Hoods $30-$40m growth plan By AVA TURNQUEST Tribune Staff Reporter email@example.com THE Cancer Society of the Bahamas issued an urgent warn ing to all potential donors last night after it was discovered that unauthorised persons might be representing the organization, and fraudulently collecting money. This type of fraud was said to be a serious problem for the not-for-profit organization because the society relies heavi ly on donations to support its numerous initiatives. The warning sought to inform the public on how to properly identify an approved representative after a woman was caught over the weekend soliciting funds outside a local supermarket. Sources close to the matter admitted there is no way of con firming exactly how long the woman had been accepting mon ey on behalf of the organization without authorization. The woman was discovered on Sat urday when the wife of an affiliate of the organization donated money. Using the pink ribbon that represents breast cancer, the woman allegedly told shoppers and passersby that she was collecting funds on behalf of the cancer society. After discussing her donation with her husband, it was revealed that the solicitor had not received permission from the cancer society. Tammy Sands, administrator, said: We are non-profit and we rely on the general public to donate to us, so when you have people out there soliciting funds on our behalf and were not actually benefitting from that its a serious problem, whether your intentions are good or bad. The woman reportedly returned funds to the society on Monday, and the matter is being resolved internally. However, the organization decided not to reveal the amount that had been returned, as it hoped not to discourage future donors. In a press statement yester day, President Earle Bethell The Tribune THEPEOPLESPAPER BIGGESTANDBEST BAHAMASEDITION McCOMBO OF THE DAY N E W www.tribune242.com SEESTORYONPAGEFIVE ZNS accused of re-hiring terminated staff Fraudster hits cancer charity Organisers issue alert By PAUL G TURNQUEST Tribune Staff Reporter firstname.lastname@example.org FORMER MP for South Andros, Whitney Bastian, confirmed with The Tribune last night that he intends to run as an Independent in the next general election and regain his seat in the House of Assembly. Lambasting the areas current MP Picewell Forbes, Mr Bastian claimed that Mr Forbes is not representing the people in the area. Mr Bastian says Mr Forbes is losing significant support in the Mangrove Cay area, and if the South Andros seat is cut the way he thinks it will be, he will win the seat hands down. When you look at it, everytime a PLP MP gets up to speak, Picewell is sitting behind them. He is the only floating MP in the House, said Mr Bastian. Claiming to have more support in the area now than he even had when he was elected to Parliament in 2002, Mr Bastian added that Mr Forbes cannot continue to cry poor mouth when it comes to being able to at least visit his people. WHITNEY BASTIAN SET TO RUN AS INDEPENDENT INVESTIGATIONS con tinue into two separate shooting incidents involving police on Wednesday. In one incident, a man was shot by police in the Montagu foreshore area. Police were reportedly conducting a routine road block on East Bay Street near the Nassau Yacht Club at about 10am when they opened fire on an occupant of a grey coloured Nissan Sunny who was reportedly armed with a handgun. Witnesses said the man had got out of the car and drawn a 9mm pistol. According to police reports, the man had pointed the gun in the direction of police, who opened fire in response. The man was wounded and taken to hospital. According to police press liaison officer Sgt Chrislyn Skippings, he is in stable condition. A second man, who was shot by police on Wednesday, is also listed in stable condition, according to Sgt Skippings. He had reportedly been arrested with two others for allegedly having an unlicensed firearm and stolen goods. The man was reportedly shot in the buttocks and leg as he fled from the East Street South Police Station while being escorted to a waiting car to be taken to Central Detective Unit headquarters. INVESTIGATIONS INT O T WO POLICE SHOOTINGS By MEGAN REYNOLDS Tribune Staff Reporter email@example.com AN EXUMA activist has criticised the Bahamas National Trust for not opposing dredging and excavation at Bell Island in the Exuma Cays Land and Sea Park as he calls for devel opment in all national parks to be banned. Terry Bain, spokesman for Save The Exuma Park (STEP committee, is outraged at the granting of permission to dredge and excavate more than 13 acres of land and seabed around Bell Island in the Exuma park and the apparent compliance of the Bahamas National Trust (BNT Mr Bain spoke out on behalf of STEPs 180 members at a public meeting called by the BNT in Great Exuma last Thursday to discuss the Bell Island development with memSEE page eight SEE page eight Call for ban on development in national parks SEE page 15 B AHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E ABOVE: Downtown Nassau was full of activity last night as Breitling launched their new watch collection and made a landmark presentation on the history of Bahamian aviation. LEFT: Jerome Gray, a level II Breitling watchmaker, keeps a steady hand as he works on a watch at the Breitling store. KEEPINGAWATCHONBAYSTREET F e l i p M a j o r / T r i b u n e s t a f f C M Y K C M Y K S E C T I O N B b u s i n e s s @ t r i b u n e m e d i a n e t F R I D A Y O C T O B E R 2 9 2 0 1 0 T H E T R I B U N E $ 4 .6 8$ 4 .5 1$ 4 .6 9T h e i n f o r m a t i o n c o n t a i n e d i s f r o m a t h i r d p a r t y a n d T h e T r i b u n e c a n n o t b e h e l d r e s p o n s i b l e f o r e r r o r s a n d / o r o m i s s i o n f r o m t h e d a i l y r e p o r t $ 4 2 5 $ 4 2 0 $ 4 2 6 w o r r y f r e eg r o u p p e n s i o n s s o u n d i n v e s t m e n t m a n a g e m e n t i n d e p e n d e n t c o r p o r a t e t r u s t e e o v e r s i g h t i n d e p e n d e n t c o r p o r a t e c u s t o d i a n d i v e r s i e d i n v e s t m e n t p o r t f o l i oa l l o f t h e a b o v ec a l l u s t o d a y a t 3 9 6 4 0 8 0F A M I L Y G U A R D I A N C O R P O R A T E C E N T R E : A T T H E J U N C T I O N O F V I L L A G E R O A D S H I R L E Y S T R E E T & E A S T B A Y S T R E E T I w w w f a m g u a r d b a h a m a s c o m A S U B S I D I A R Y O F B y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o rC a b l e B a h a m a s i s a r g u i n g t h a t t h e B a h a m a s T e l e c o m m u n i c a t i o n s C o m p a n y ( B T C ) s h o u l d r e d u c e t h e p e r d a t a e n t r y c h a r g e u n d e r i t s R e f e r e n c e A c c e s s I n t e r c o n n e c t i o n O f f e r ( R A I O ) b y a f u r t h e r 4 6 4 p e r c e n t f r o m $ 1 9 1 t o $ 1 0 2 a n d h a s c a l l e d o n t h e r e g u l a t o r s t o m a n d a t e z e r o b a s e d i n t e r c o n n e c t i o n r a t e s f o r l o c a l c a l l t e r m i n a t i o n R e s p o n d i n g t o t h e U t i l i t i e s R e g u l a t i o n & C o m p e t i t i o n A u t h o r i t y s ( U R C A ) p u b l i c c o n s u l t a t i o n o n B T C s d r a f t a c c e s s a n d i n t e r c o n n e c t i o n o f f e r t h e B I S X l i s t e d c o m m u n i c a t i o n s p r o v i d e r s a i d B T C s c o n s u m e r p r i c e s f o r l o c a l f i x e d l i n e v o i c e c a l l s a p p e a r t o b e s e t a t a l e v e l t h a t i s b e l o w c o s t a n d s u b j e c t t o f l a t r a t e p r i c i n g e v e n t h o u g h a s u b s t a n t i a l p o r t i o n o f t h e c o r r e s p o n d i n g c o s t s a r e t r a f f i c s e n s i t i v e A r g u i n g t h a t t h i s c o u l d a c t a s a n a n t i c o m p e t i t i v e b a r r i e r t o o t h e r t e l e c o m s o p e r a t o r s ( s u c h a s i t s e l f g i v e n t h a t C a b l e B a h a m a s i s e a g e r t o e n t e r t h e f i x e d l i n e v o i c e m a r k e t e s p e C a b l e u r g e s 4 6 % f a l l i n B T C d a t a e n t r y c o s t sS E E p a g e 7 B B y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r T h e B a h a m a s T e l e c o m m u n i c a t i o n s C o m p a n y ( B T C ) h a s s l a m m e d a s f l a w e d t h e i n d u s t r y r e g u l a t o r s b e n c h m a r k s t u d y o f i t s t e r m i n a t i o n r a t e s a r g u i n g t h a t t h e c o n c l u s i o n s d r a w n o v e r i t s f i x e d l i n e v o i c e s e r v i c e s a r e i n v a l i d a t e d b e c a u s e n o n e o f t h e o t h e r j u r i s d i c t i o n s t u d i e d w e r e c o m p a r a b l e t o t h e B a h a m a s 4 2 i s l a n d a r c h i p e l a g o I n i t s r e s p o n s e t o t h e U t i l i t i e s R e g u l a t i o n & C o m p e t i t i o n A u t h o r i t y s ( U R C A ) c o n s u l t a t i o n o n i t s d r a f t R e f e r e n c e A c c e s s a n d I n t e r c o n n e c t i o n O f f e r ( R A I O ) t h e s t a t e o w n e d i n c u m b e n t w h i c h i s i n t h e m i d d l e o f a p r i v a t i s a t i o n e x e r c i s e a s t h e G o v e r n m e n t a n d i t s a p p o i n t e d c o m m i t t e e n e g o t i a t e w i t h C a b l e & W i r e l e s s s a i d i t w a s h i g h l y i n a p p r o p r i a t e t o c o m p a r e B T C s p r o p o s e d i n t r a i s l a n d t e r m i n a t i o n r a t e s w i t h t h o s e l e v i e d i n t h e j u r i s d i c t i o n s a m p l e s e l e c t e d T h e o t h e r t e r m i n a t i o n r a t e s r e p r e s e n t t a r i f f s f o r c a l l t e r m i n a t i o n o n a s i n g l e i s l a n d o r s m a l l g r o u p o f i s l a n d s B T C a r g u e d T h i s i s o b v i o u s l y n o t c o m p a r a b l e t o a s i t u a t i o n w h e r e c a l l t e r m i n a t i o n i s p r o v i d e d a c r o s s 4 2 i s l a n d s i n t h e B a h a m a s u s i n g a n e x t e n s i v e u n d e r s e a c a b l e n e t w o r k T h e v e r y f i r s t r e s p o n s i b i l i t y w h e n c o n d u c t i n g a b e n c h m a r k s t u d y i s t o e n s u r e t h a t s e r v i c e d e f i n i t i o n s f o r t h e p e e r g r o u p a r e c o m p a r a b l e a n d U R C A h a s f a i l e d i n t h i s i m p o r t a n t f i r s t s t e p T h i s i s s u c h a f l a w i n t h e c o m p a r i s o n t h a t i t i n v a l i d a t e s a n y c o n c l u s i o n s p r e l i m i n a r y o r o t h e r w i s e r e l a t i n g t o t h i s b e n c h m a r k s t u d y A s f o r i t s c e l l u l a r t e r m i n a t i o n r a t e s B T C s a i d t h e p r o p o s e d c h a r g e w a s l o w i n c o m p a r i s o n w i t h o t h e r r e g i o n a l r a t e s T h e B a h a m a s r a t e o f $ 0 0 7 2 4 p e r m i n u t e i t a d d e d w a s l o w e r t h a n t h e $ 0 0 7 4 6 c h a r g e d i n T r i n i d a d t h e $ 0 1 1 8 4 l e v i e d i n A n g u i l l a $ 0 1 4 4 1 i n t h e e a s t e r n C a r i b b e a n a n d t h e $ 0 2 2 5 1 c h a r g e d i n t h e C a y m a n I s l a n d s I t i s c l e a r f r o m t h e g r a p h t h a t B a h r a i n i s s u c h a n o u t l i e r c o m p a r e d w i t h C a r i b b e a n b e n c h m a r k s t h a t a m o r e r e a s o n a b l e c o n c l u s i o n w o u l d b e B T C s l a m s a f l a w e d U R C A s t u d y S t a t e o w n e d c a r r i e r s a y s c e l l u l a r c a l l t e r m i n a t i o n r a t e s 4 7 % b e l o w i n d u s t r y a v e r a g e S E E p a g e 5 B B y A L I S O N L O W E B u s i n e s s R e p o r t e r a l o w e @ t r i b u n e m e d i a n e t A m a j o r E x u m a d e v e l o p e r h a s s e e n a 2 0 p e r c e n t i n c r e a s e i n p r o p e r t y r e n t a l p r i c e s a n d a g o o d y e a r f o r s a l e s c r e d i t i n g t h e r e o p e n i n g b y S a n d a l s o f a n c h o r t e n a n t t h e E m e r a l d B a y p r o p e r t y f o r i m p r o v i n g b u s i n e s s c o n d i t i o n s R a n d y H a r t m a n a g i n g d i r e c t o r o f F e b r u a r y P o i n t a h i g h e n d b o u t i q u e r e s o r t c o m m u n i t y i n G r e a t E x u m a s a i d h e b e l i e v e s p a r t o f t h e i m p r o v e m e n t i n p r o s p e c t s f o l l o w i n g t h e d a r k a g e s w h e n t h e s k y w a s f a l l i n g d o w n e c o n o m i c a l l y d u e t o t h e c l o s u r e o f t h e E m e r a l d B a y p r o p e r t y w a s b e c a u s e h i s r e s o r t w a s a l r e a d y r e l a t i v e l y w e l l e s t a b l i s h e d i n c o m p a r i s o n t o o t h e r s i m i l a r d e v e l o p m e n t s H i s c o m m e n t s o n t h e i m p a c t S a n d a l s h a s h a d o n b u s i n e s s f o r F e b r u a r y P o i n t s t a n d i n c o n t r a s t t o t h o s e f r o m E x u m a C h a m b e r o f C o m m e r c e p r e s i d e n t F l o y d D e v e l o p e r s e e s 2 0 % r i s e i n r e n t a l p r i c e s S E E p a g e 4 B B y A L I S O N L O W E B u s i n e s s R e p o r t e r a l o w e @ t r i b u n e m e d i a n e t T h e C u s t o m s D e p a r t m e n t i s p r e p a r i n g t o d e m a n d t h a t n u m e r o u s B a h a m i a n a i r l i n e s a n d c h a r t e r o p e r a t o r s h a n d o v e r w h a t a m o u n t s t o m i l l i o n s o f d o l l a r s i n u n p a i d C u s t o m s a n d S t a m p d u t i e s a l l e g e d l y o w e d o n p r e v i o u s l y i m p o r t e d a i r c r a f t o r f a c e h a v i n g t h e i r a i r c r a f t s e i z e d G l e n G o m e z C o m p t r o l l e r o f C u s t o m s s a i d h i s d e p a r t m e n t s m o v e c o m e s a f t e r a n i n v e s t i g a t i o n l a s t i n g s e v e r a l w e e k s w h i c h c u l m i n a t e d i n t h e d i s c o v e r y t h a t a f a i r a m o u n t o f a l l B a h a m i a n o p e r a t o r s o w e t h e d e p a r t m e n t m o n e y f o r p l a n e s $ 7 0 0 0 0 0 i n t h e c a s e o f o n e u n n a m e d l o c a l a i r l i n e A i r c r a f t a r e d u t i a b l e a t 1 0 p e r c e n t n o t e d M r G o m e z w h o f u r t h e r r e v e a l e d t h a t t h e d e p a r t m e n t i s s t i l l d e t e r m i n i n g w h e t h e r a i r l i n e s a n d c h a r t e r o p e r a t o r s w i l l p a y a p e n a l t y o n t h e a l l e g e d l y o v e r d u e d u t y p o t e n t i a l l y a d d i n g t o t h e f i n a n c i a l b u r d e n R a n d y B u t l e r c h i e f e x e c u t i v e o f S k y B a h a m a s s a i d h e h a d b e e n i n f o r m e d b y a s e n i o r C u s t o m s o f f i c e r t h a t t h e d u t y w a s t o b e d e m a n d e d o f h i s c o m p a n y i n a r e c e n t m e e t i n g H e t o l d T r i b u n e B u s i n e s s i t i s l i k e l y t h a t s e v e r a l o p e r a t o r s m a y b e a s k e d t o p a y o u t s e v e r a l h u n d r e d t h o u s a n d d o l l a r s e a c h i f t h e d e p a r t m e n t g o e s a h e a d w i t h c o l l e c t i n g t h e d u t i e s T h e G o v e r n m e n t h a d o n t h e b o o k s t h i s 1 0 p e r c e n t S t a m p t a x o n p l a n e s c o m i n g i n t o t h e B a h a m a s b u t i t w a s n e v e r c o l l e c t e d N o w t h e y w a n t t o g o b a c k t o a l l t h e o n e s w h i c h h a v e b e e n h e r e f o r y e a r s s a i d M r B u t l e r w h o s u g g e s t e d i t w a s a n o v e r s i g h t o n t h e p a r t o f C u s t o m s A i r l i n e s g r o u n d e d b y C u s t o m s o v e r a i r c r a f t s u m s o w e d G L E N N G O M E Z D e p a r t m e n t s a y s o n e a i r l i n e o w e s $ 7 0 0 0 0 0 i n u n p a i d C u s t o m s a n d S t a m p d u t y o n i m p o r t e d p l a n e s O p e r a t o r s b e l i e v e d e m a n d f o r e x t r a t a x e s w i l l k i l l u s a l l S E E p a g e 4 B E X P A N D I N G : N e w R o b i n H o o d s h o p p i n g s t o r e a n d c e n t r e o n P r i n c e C h a r l e s D r i v e B y A L I S O N L O W E B u s i n e s s R e p o r t e r a l o w e @ t r i b u n e m e d i a n e t A c o m p a n y t h a t g r o c e r y i n d u s t r y s o u r c e s l a s t n i g h t s a i d w a s a f f i l i a t e d w i t h B a h a m a s F o o d S e r v i c e s a n d i t s p r i n c i p a l B e n F r i s c h h a s s i g n e d a p r e l i m i n a r y a g r e e m e n t t o p u r c h a s e t h e m a j o r i t y 7 8 p e r c e n t s t a k e i n C i t y M a r k e t s h e l d b y t h e B S L H o l d i n g s i n v e s t o r g r o u p i n a d e a l w h i c h i f i t g o e s t h r 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r k e t s s h a r e h o l d i n g D e a l f o r u n d i s c l o s e d s u m s e t t o c l o s e b y N o v e m b e r 5 U n i o n f e e l s 7 0 0 j o b s s a f e w h a t e v e r h a p p e n s W h o l e s a l e r s p l a n s t o i n t e g r a t e r e t a i l e r l i k e l y t o s h a k e u p B a h a m i a n w h o l e s a l e / r e t a i l i n d u s t r y S E E p a g e 6 B B y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r R o b i n H o o d s p r i n c i p a l y e s t e r d a y s a i d h e w a s l o o k i n g a t i n v e s t i n g a f u r t h e r $ 3 0 $ 4 0 m i l l i o n o v e r t h e n e x t f o u r y e a r s t o e x p a n d t h e r e t a i l e r s t o t a l B a h a m i a n s t o r e p o r t f o l i o f r o m t h e c u r r e n t t w o t o s i x a s h e p r e p a r e s t o s t a r t h i r i n g m o r e t h a n 1 0 0 p e r s o n s o v e r t h e n e x t f e w w e e k s f o r t h e 4 4 0 0 0 s q u a r e f o o t n e w P r i n c e C h a r l e s o u t l e t S a n d y S c h a 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c e C h a r l e s s i t e f o r p r e C h r i s t m a s S E E p a g e 3 B I N S I D E REPORTS reached The Tri bune late last night of a triple shooting which resulted in the death of one man. The incident happened on Eden Street off Farrington Road in the Chippingham area. There were no further details up until presstime. See tomorrows Tribune for more infor mation on this story. REPORTS: MAN DIES IN TRIPLE SHOOTING
EAGER public and private school students filed into the Kendal Isaacs Gymnasium this week for the third annual National Career Awareness Month fair. The event is a collaboration between the Ministry of Education, corporate sponsors and civic organisations. This year, the focus is on the technical and vocational trades, as well as entrepreneurship. The organising committee said they wanted to help young people identify the country's "evolving employment needs" and encourage them to compete on the global stage. Education Minister Desmond Bannister, who viewed the exhibition, said he is working to alleviate some of the challenges facing graduating students hoping to enter the work force. He told the students to pay careful attention to the information provided at the fair. The minister said the country needs young people who are creative and capable of responding to today's serious challenges. He said: "Utilise your wings and brain power to make choices that will make a difference in the Bahamas." C M Y K C M Y K LOCAL NEWS PAGE 2, FRIDAY, OCTOBER 29, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The Centre for Digestive HealthWhat are you waiting for? Call for a Consultation 242.328.5550 I digestivehealthbahamas.com h e e d i d d i t . f o r r h e r if youre 40 to 100 pounds overweight and have tried cutting back, dieting even skipping meals, but still not losing the kind of weight you should, give us a call and learn about The Gastric Balloon treatment.This revolutionary outpatient procedure takes about 30 minutes to perform. It uses a flexible balloon that reduces your stomachs capacity, so you eat less
and finally lose that unwanted weight! Fair held for National Career Awareness Month ENCOURAGEMENT: Minster Desmond Bannister poses with a young participant at the fair.
EDITOR, The Tribune. On September 23, 2010, Delaporte Point owners s igned a document demanding that ALL Delaporte P oint Limited (DPL t ors vacate office. A defiant Board notified o wners that they would not v acate office as requested b y a majority of owners. Following is a notice sent to owners from the incom-i ng Board: In accordance with Article 46 (d of Association, the Board ofD irectors of DPL, comprisi ng Shonel Ferguson (Chair man), Gloria Factor (Secretary), Graham Garner( Treasurer), Joe Stanley ( Director), Templeton Hutchinson (Director Sue Kimball (Directorb een ordered to vacate their offices effective September2 3, 2010. T he Directors have been served through the regis-t ered office of The Compa ny with this request in writi ng by members of the Company holding and representing over one-half in value of t he subscribed and issued s hares of the Company. The o utgoing Board and its Directors have beeni nstructed to immediately c ease to act as representatives of the Company, not t o enter into any agreements or contracts on behalf of the Company and to return alla ssets in their possession to t he registered office of The C ompany. Owners have been trying t o get rid of the DPL Board s ince April 2010 when the Board, apparently fearing they would be ousted, adjourned an Annual General Meeting before the required election of new Directors could be held. Owners are also angry at t he former DPL Directors regarding a certain financial matter for which they can-n ot get answers, a $124,000 lawsuit against the DPL B oard by apartment owners, the Boards refusal to r elease financial statements, h old the required annual election of new Directors, t heir refusal to step down as p rescribed by company law and other allegations. The Boards attitude towards the community has m any owners wondering if t here might possibly be s omething to hide? So, what should owners do to force the formerB oard to vacate office so t hat a new Board can shed some light on the issues that a re troubling owners about t heir investment? DELAPORTE R ESIDENTS Nassau, October 27, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, OCTOBER 29, 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 WEBSITE www.tribune242.com updated daily at 2pm LONDON (AP chief stepped out of the shadows with an unprecedented public address, defending the need for secrecy to counter growing terror threats such as Iran's nuclear proliferation. MI6 chief John Sawers said Thursday even though Cold War-era secrecy has been lifted and intelligence agencies were working to become more accessible, keeping intelligence material secret was vital to protect people against terror attacks. "Secrecy is not a dirty word. Secrecy is not there as a cover-up," Sawers told a select group of journalists in London. "Without secrecy there would be no intelligence services, or indeed other national assets like our special forces. Our nation would be more exposed as a result." The question of secrecy has dominated world news in the last week, after the whistleblowing group WikiLeaks published nearly 400,000 U.S. intelligence logs detailing daily carnage in Iraq since the 2003 U.S.-led invasion. In July, the same group published 77,000 secret U.S. documents on the war in Afghanistan. Some of the leaked documents show that coalition forces handed over terror suspects to Iraqi security services even after abuse was suspected, or continued with interrogations despite visible injuries to suspects. There has been no clear mention of MI6 involvement in the logs, however. Sawers' speech also comes as two government inquiries probe whether MI6 and other agencies were complicit in the abuse of terror suspects allegations that Sawers denied Thursday, adding that MI6 agents are oblig ated by law to stop and avoid torture. "And we do even though that allows terrorist activity to go ahead," he said, adding that although his agency hasn't been specifi cally accused of torture it has been accused of being too close to it." Sawers also known by the codename "C'' as all MI6 directors have been known since the first chief Mansfield Cumming said progress had been made in Afghanistan and Pakistan, but new terror threats were growing in Yemen, Somalia and North Africa. The new threats come amid severe budget cuts ahead. "We get inside terrorist organi zations to see where the next threats are com ing from," he said. "What we do is not seen." He said while a "typical" terror attack would not bring down Britain, the dangers of nuclear proliferation as well as chemical and biological weapons had the potential to alter the political balance of power in the region. "The revelations around Iran's secret enrichment site at Qom were an intelligence success," he said. "They led to diplomatic pressure on Iran intensifying, with tougher U.N. and EU sanctions which are beginning to bite. The Iranian regime must think hard about where its best interests lie." But using intelligence poses anguished choices for agents especially when faced with the possibility that intelligence could be tainted by abuse or torture. "Suppose we received credible intelligence that might save lives, here or abroad. We have a professional and moral duty to act on it," he said. "We also have a duty to do what we can to ensure that a partner service will respect human rights. That is not always straightforward. If we hold back, and don't pass that intelligence, out of concern that a suspect terrorist may be badly treated, innocent lives may be lost that we could have saved," he said. "Sometimes there is no clear way forward." In a court case that drove a wedge between U.S. and British intelligence, British High Court judges last year ordered the government to release secret U.S. intelligence exchanges on the treatment of former Guantanamo Bay detainee Binyam Mohamed, who claimed British authorities knew he was beaten and had his genitals sliced with a scalpel while being interrogated in Morocco. Sawers said the release of such information risked intelligence sharing and undermined the "Control Principle," a rule in the intelligence community that says the agency that gets the information first has the power to decide how the information is used. "So if the control principle is not respected, the intelligence sharing dries up," he said. The U.S. and Britain have often taken dif ferent approaches to terror threats, most recently seen during a European terror plot that was unveiled last month and is still con sidered active. While the United States issueda travel advisory warning citizens to be aware of potential threats in Europe, British offi cials downplayed the specifics of the plot. There was also a striking difference during the trans-Atlantic bombing plot in 2006, where militants tried to down several airliners with e xplosives contained in soft drink bottles. Prosecutors said American officials wanted to crack the plot and round up the suspects quickly whereas British officials wanted to wait and gather more information. MI6, known as the cloak-and-dagger employer of the fictional James Bond, has tried to become less secretive. It has started posting recruitment ads in Britain's media, hired press officers, and last month released its first-ever official history. The CIA took a similar path years ago. Sawers has already revealed more than any previous MI6 chief. Shortly after his appointment was announced last year, a newspaper ran some of the spy's holiday snapshots, taken from his wife's Facebook page. The images showed Sawers posing with his children, wearing a Santa hat and playing Frisbee on a beach. The Facebook pictures and other personal details were removed after the newspaper told the government about them. Some politicians called the details a security lapse. (This article was written by Paisley Dodds, Associated Press writer). Delaporte Point Directors asked to vacate office LETTERS l firstname.lastname@example.org UK spy chief defends secrecy in 1st speech EDITOR, The Tribune. My name is David Thompson, a former m ember of The Vanguard Nationalist and S ocialist Party. The next General Election is just around the corner. All political parties are busy making preparations. Mr. Christie, leader of the PLP, has indicated that he will lead his party in the 2012G eneral Elections. I f Mr. Ingraham decides not to lead his party, the FNM, who will? Tommy was rejected in 2002 by the voters, Dion, and Carl do not have leadership qualities. Branville is undisciplined...and is trying to build himself up as a leader, which to me is a big mistake. Leaders are not built, they are born, which brings me to the point of this letter. For the past several weeks, Ive been talking to people from different walks of life, and the majority along with myself have come to the conclusion that only one person in the FNM party has the ability to lead, if Mr. Ingraham decides not to. The person is Dr. Duane Sands. He was robbed in the by-elections in Elizabeth, by Mr. Ryan Pinder, who is only warming up that seat for Dr. Duane Sands until next elections. W ord is that those undecided voters who d id not vote in the by-elections, have now made up their minds. As a result of Dr. Sands continuous work in the constituency, the majority will now vote for the FNM. Im going to make a prediction based on my experience and the sip-sip that is goinga round. Dr. Duane Sands will become the n ext Prime Minister of The Bahamas. COMRADE DAVID THOMPSON, Nassau, October 19, 2010. Dr. Duane Sands will become the next Prime Minister of Bahamas Shar e your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, OCTOBER 29, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE Royal Bahamas Police Force is promising "games, prizes and surprises" at the annual Safe Halloween event tonight. There will be face painting, costume contests, goodie bags, eats and treats, a haunted house, games, prizes, karaoke and fire engine rides. The event, to be held at the Police Training College on Thompson Boulevard beginning at 6pm, is a crime prevention initiative that aims to provide a safe environment for parents and children to enjoy Halloween. All members are invited and the entrance fee is only $1.RBPF hosts annual Safe Halloween AFTER terminating more than 80 staff members, management at the Broadcasting Corporation of the Bahamas has been accused of re-hiring some of the employees they let go not more than two weeks ago. A number of staff members who accepted the government's voluntary package told The Tribune yesterday that it appears as if more persons were let go by the corporation than was wise. One former staff member told The Tribune that persons have been re-hired to work on the radio and news production teams, and that a number of other persons are still in talks with management at this time. The source alleged that several changes can be expected at the BCB in the coming weeks. For one thing, ZNS TV news anchor Jerome Sawyer will reportedly no longer be presenting the nightly news at 7pm. Mr Sawyer, the source said, is being asked to host a one hour "daily news show" which will air between 9pm and 10pm. Messages left for BCB general manager Edwin Lightbourne seeking comment were not returned before press time last night. When word first leaked out about the intended cuts at the BCB, it sparked outrage among the staff and led to a series of protests. At one point, staff members even marched to the Churchill Building on Bay Street to demand answers from Minister of National Security Tommy Turnquest, who has responsibility for the Broadcasting Corporation. The opposition PLP criticised the downsizing, however Prime Minister Hubert Ingraham said the governement acted honourably, paying the laid-off staff more money than they were entitled to. ZNS accused of re-hiring terminated employees FIRE services had to be called to Paradise Island yesterday when a sewage container burst into flames. The blaze caused a huge black smoke cloud that could be seen billowing from the island around noon. Fire services were called to the scene and found the aluminum container, which was housed in a utilities storage area on the opposite side of the island from the Atlantis resort, engulfed in flames. According to the information given to responding officers, the container was being demolished when it caught fire. Fire fighters were able to extinguish the blaze within a short period of time. There was no damage to Atlantis or any other property on the island.Sewage container erupts in flamesABLAZE: A FIRE truck refills at a fire hydrant extinguishing an aluminum sewerage container on Paradise Island.Tim Clarke /Tribune staff
By ADRIAN GIBSON email@example.com W ITH the government set to provide yet another multimillion dollar bailout to it, its clear that the Bahamas Electricity Corporation (BEC proving to be a financial alba-t ross around the necks of B ahamian taxpayers. It has evolved into a haemorrhaging utility company that has become grossly indebted and appears to be severely mismanaged. A s it stands, Bahamians continue to shell out more and more monies on bloated electrical bills, while enduring subs tandard service. Further, e ven with its monopolistic stat us on most islands, it has become yet another failed g overnment experiment. F rankly, BEC is a corpor ation whose wastefulness was s hown when it collected 800 gallons of spilled oil from g rounds around Clifton Pier station a few years ago. It is h ardly fuel-efficient and envir onmentally-friendly, continu ously leaving a large carbon f ootprint and, in addition to facing financial woes, persistently incurring maintenance issues. The privatization of B EClike BTCwould undoubtedly lead to e nhanced, cost-effective services. In the July 24, 2008 edition of The Tribune, Prime Minister Hubert Ingraham e xpressed the notion that he expected the process to privat ize BEC to be easier than t hat involving BTC. According to the Prime Minister, the state can no longer continue to provide the kind of generation capacity that is required for the operations of BEC. He asserted that the multim illion dollar subsidies handed out by government on an annual basis to governmentrun entities are, going forward,u naffordable on a continuing b asis. The Bahamas can increase its energy security by exploring its alternative energy options, especially with greater awareness as to thel imitations of fossil fuels. It is high-time that Bahamian policy-makers strategically plan for the long term and examine the new sources of energy that can be applicable to this count ry. P oliticians releasing press statements and talking about alternative energy is mere hota ir, and environmentally-conscious Bahamians are wondering when the talk of biof uels and green energy will e volve into more than pie-inthe-sky pipe dreams. When will citizens be granted perm ission to use solar panels and/or to explore alternative energy sources? W hen will a windmill be i nstalled at Clifton Pier? When will a water-to-energy facility be demonstrated at New Providence? When will wave technology be deployed? When will the 27 BEC p ower plants be revamped to facilitate the incorporation of alternative energy? Moving forward, what will be the fuelh edging strategies being util ized by BEC? With oil prices fluctuating, the value of the dollar plummeting, high food costs and an economic downturn, the government must swiftlyd evelop an energy policy and offer incentives and support in proposing and driving renewable energy legislation. In recent times, because of high freight rates and the d emand for corn, wheat and s ugar cane for ethanol products, food prices have also risen. A ccording to Wikipedia, an online encyclopaedia: Renewable energy effectivel y uses natural resources such a s sunlight, wind, rain, tides and geothermal heat, which are naturally replenished. R enewable energy technolo gies range from solar power, wind power, hydroelectricit y/micro hydro, biomass and biofuels for transportation. Due to the absence of geysers or large agricultural enterprises, geothermal power ore ven the production of e thanol fuel would not be feasible in the Bahamas. According to the online encyclopaedia, Brazil has the worlds largest renewable energy programme, deriving ethanol f rom sugar cane which prov ides 18 per cent of that nations automotive fuel. Because of an abundance of sunshine, wind and water, we can explore renewable energy technologies such as solar p ower, wind power and wave energy. A few years ago Jerome Elliott, then president of the Bahamas Society of Engineersa nd head of the governments R enewable Energy Committee said: Its important for us to consider renewable energy options as, because most of us a re aware, hydro carbon or oil b ased energy is finite. Its not going to last forever. Mr Elliott also noted that t he Bahamas will inevitably have to switch to alternative energy, with the most practic able being wind, wave and s olar energy. Locally, there are offshore sites with strong, continuous w inds that would be fitting locations for wind turbines to be set-up. Additionally, thes trong currents flowing t hroughout the archipelago are ideal for power derived f rom waves/tides. Our sub-tropical climate, with the sun as an omnipresent feature, is a suitable locale for solar power sys-t ems which we are currently f ailing to capitalize on. Presently, Japan is the worlds leader in the solar energy industry, with Kenya holding the record for the worlds highest solar ownership rate w ith roughly 30,000 small (201 00 watt) solar power systems sold per year (Wikipedia In Eleuthera, the Island Schools innovative approach has resulted in that institution being able to convert used c ooking oildonated by cruise shipsto fuel and t hereby produce their own electricity. There are some Family Islanders who haveb een experimenting with solar p ower for several years. Moreover, while some may o bject, consideration should be given to the feasibility of installing a mini-nuclear react or to provide cheap energy. O f late, the septic tank-sized nuclear reactor has been hailed internationally as a nov-e l means of generating power in an age where countries are becoming increasingly conc erned about moving away f rom dependence on oil. According to its developers, the septic tank-sized power m odule will likely be buried in the ground and run by operators from the local utili t y company. It has been said t hat this form of alternative energy is around five to 10 t imes cheaper to produce than solar or wind power. Furthermore, waste-toenergy initiatives are considered as one of the countrysg reatest opportunities for harn essing renewable energy. The waste-to-energy method purportedly creates energy in the form of heat or electricity from a waste source. Undoubtedly, the production o f energy from waste would a lso reduce the amount of waste treated in the Harrold Pond area. What happened to the drafts for a national energy policy that was submitted by N ational Energy Policy Committee and was purportedly b eing reviewed by the government? What happened to the finalization of an agree m ent with a renewable energy p rovider that State Minister of the Environment PhentonN eymour promised would be completed by the end of 2009? With China and Indias i ncreasing industrialization, oil s hortages will continue and the price will further increase with the greater demand. As an ation, we must begin exploring the use of cheaper, biodiesel fuels! W ith the record-setting p rices at the countrys pumps and skyrocketing energy costs, in the interim the government s hould consider reducing the hefty fuel tax, which would immediately lower the costst o consumers. A consumer e ducation programme must be undertaken to teach B ahamians how to conserve energy and lessen the hit to their pocketbooks, especially as salaries have remained stag n ant amidst a recession and mounting living costs. C HARLES MAYNARD: GOOD SPORT! This week, the ZNS newscast yielded a humorous, s eemingly heartfelt clip of Minister of Culture Charles Maynard dressed in thec olourful, psychedelic garb usually worn by businessman Frank Hanna during his endorsement and promotion of the Frank Hanna October Fest in North Androstak ing place this weekend. Mr Hanna is known for his participation and sponsorship of cultural events, particularly those in Andros. Moreover, Mr Maynard has shown that hes a good sport with his consistent participation in the pastors versus politicians basketball game at the Nelson Cooper Basketball Tournament, which is held to discourage gang violence and raise funds to assist troubled youths. Frankly, for those lightheartedeven self-depreciat ing gesturesin pursuit of the greater good, Mr Maynard is to be commended. C M Y K C M Y K PAGE 6, FRIDAY, OCTOBER 29, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BEC is an albatross around necks of Bahamian taxpayers Y OUNG M AN S V IEW ADRIANGIBSON
C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, OCTOBER 29, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T he Anglican Church of the Epiphany will hold its annual fair on Saturday, O ctober 30, at the church on Prince Charles Drive. T he event starts at 6am with a souse out, patio sale a nd plant stall. It then con tinues from noon to 8pm with chicken and steak dinners, home cookery, conch fritters, pastries, games, b ouncing castle, Halloween competition and fireworks ton ame a few attractions. There will also be a prayer s tall, for those persons who desire prayer. FREEPORT Two men are expected to be arraignedo n Friday in the Freeport Magistrate's Court in connection with Monday's shooting at Garden Villas. A SP Hector Delva said police have also withdrawn the All Points Bulletin issued on George Alexander Ferguson, who surrendered toa uthorities around 10am Thursday. Ferguson, 29, was wanted for questioning in connect ion with Mondays shooting of a Bimini man. Also wanted was Rodnell Octavien, 25, of No 24 Imperial Gardens, East AtlanticD rive. T wo expected in court over shooting bers of the community. He said it was not made clear at the meeting that the Departm ent of Physical Planning had already granted permission to excavate 4.32 acres of upland area for a yacht basin, 2.56 acres o f seabed for an outer channel, 4 .28 acres of marine area for a barge landing and a further 1.9 acres of seabed for the outer area of the barge landing on Septemb er 21. Local tour boat operators spoke out at the meeting claiming dredging is already being done a t Bell Island; claims flatly denied a t the meeting by BNT executive director Eric Carey. Conditions of the permit state an Environmental Management P lan (EMP Impact Assessment (EIA be approved by the Bahamas Environment, Science and Techn ology (BEST b efore work can begin, and the EMP is expected by Mr Carey this week. Plans were submitted by I slands of Discovery Ltd after Islamic spiritual leader and billionaire Prince Karim Aga Khan IV bought the island last year. D etails of the development e merged as Environment Minister Earl Deveaux confirmed he had accepted the offer of free transportation in the Aga Khans helicopter to travel to Abaco with h is wife and two friends to attend a public event before going on t o Bell Island to conduct a land assessment the next day. In answer to his critics, Minister Deveaux said that in no way did this courtesy by the Aga Khant o make it possible for him to attend the two meetings one in Abaco, the other in Bell Island influence his decision on the Bell Island application. It was also alleged by Tribune s ources that the Aga Khan donated $1 million to the BNT after he purchased the island. Mr Carey has issued no comment on the donation claim, however a BNT statement on the development maintains: Every landowner in the park has contributed generously to the fundi ng of the BNT. Mr Bain said: The Trust has gone along with every development in the Exuma Cays Land and Sea Park, and I have been trying to save the Trust from themselves by trying to keep development out of the parks. STEP has been lobbying for a n amendment in the BNT Act to prevent development in the Exuma park and all national parks across the Bahamas since the group was founded 17 years ago. But recent amendments passed in Parliament do not include such changes, and STEP n ow continues to fight a battle Mr Bain says the BNT should fight for itself. The activist of Farmers Cay, Exuma, further stated how locals and fishermen find development in the 176 square mile park hard to accept as they are prohibited from taking anything within its boundaries. I n an editorial column published in The Exuma Breeze thism onth, Mr Bain called on all Bahamians to speak out against d evelopment in the Exuma park and all national parks. SIXTY-FOUR suspected illegal immigrants were apprehended yesterday by officers from the Royal Bahamas Defence Force and the Department of Immigrat ion. The apprehension exercise began at 6am, with officers setting up road blocks onn umerous roads in western New Providence. A mong those apprehended were 57 Haitians, three P eruvians and one Jamaican man. Suspected illegal immigrants are apprehended Anglican Church of the Epiphanys annual fair F ROM page one Call for ban BASTIAN SET TO RUN AS INDEPENDENT FROM page one I would have thought that since he doesnt have a headquarters that if the government is paying him $18,000 a year (to manage it s hould have some money somewhere because he never created an office. So if you look at his MPs salary of $28,000 and then he gets at ravel allowance to visit his constituency they even give him a per diem. So he cant find no excuse. A nd when it comes to campaigning for the next general election, Mr Bastian said he will in no way be spending the amounts of mon ey that he has spent in the past on the last two general elections. I dont have intentions of spending the money I spent before. If the people want me they will vote for me. If they vote for me, I will s erve to the best of my ability. In terms of spending what I spent in the last two elections you dont have to worry about that ever again. We have to break that habit in South Andros. Because people who do things like that feel like they dont owe the people anything. But p eople on the Family Islands only need assistance. They only want you to point them in the right direction to get things done. They dont need you to put ya hand in your pocket. But the only way to understand the needs of the people is to sit down an talk with them.
C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, OCTOBER 29, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE Bahamas Society of Engineers (BSE) has donated $40,000 to a fund at the College of the Bahamas to ensure that a scholarship opportunity will be available to engineering majors. This fund, the Peter Gordon Memorial Bursary, is named in honour of the former Director of Public Works who contributed significantly to the development of the engineering profession, said COB president Dr Earla Carey-Baines as she thanked the BSE for the financial gift during a press conference on Wednesday. Speaking of Mr Gordon, Dr Carey-Baines said: "His mentorship has been invaluable to many who have followed his professional footsteps," she said speaking at the Chapter One Bookstore. "The bursary will be awarded to a student enrolled in a full-time undergraduate degree programme in engineering at COB who has a demonstrated financial need." Engineering is one of COB's most highly subscribed programmes in the School of Mathematics, Physics and Technology; in fall of this year, approximately 80 students were enrolled in this programme alone, Dr Carey-Baines said. "This most generous gift demonstrates that the Bahamas Society of Engineers recognises the critical importance of supporting our students and fostering opportunities through which they can attain a high quality tertiary education," said the college president. Through the gift, the BSE joins a long list of private donors and friends who have supported the college and its students through their philanthropy, she added. Chairman of the BSE scholarship committee Robert Deal Jr explained that Mr Gordon, who was born in the United Kingdom, left a legacy in the Bahamas where he mentored many engineers through their professional development. Mr Deal also thanked the 45 sponsors and those within the BSE who assisted in the collection efforts of the scholarship committee. He said the committee exceeded its collection target by more than $5,000. President of COB's Union of Students Antonio Butler said: "For some fortunate students studying engineering, this gift and the endowment that will result will mean the difference between having a dream and being able to bring that dream to fruition." The prevailing economic conditions, coupled with financial challenges facing many families, place the dream of having a quality college or university education out of reach for some students who aspire to become contributing members of the society. "But through this gift, and others like it, private donors are ensuring that this is no longer an obstacle to accessing tertiary level education," Mr Butler said. LIEUTENANT Commander Herbert Bain returned home with a new degree and insight for the Bahamas' maritime sector. He anticipates using his new skills to help form national maritime regulations that complement international maritime legislation. "Most countries do not have the capacity to police their borders so that is a reality that we are aware of and international cooperation and collaboration can fill some of the gaps when it comes to your limitations as a country," said Lt Commander Bain. "We are the third largest ship registry in the world, so when it comes to ship safety we have a major responsibility and obligations for safety to life at sea as well as all the other conventions related to ships in international trade. So, all maritime issues become very important to us." On October 10, he graduated from the World Maritime University in Mamao, Sweden with a Masters degree in Maritime Affairs. The awards were presented by the Secretariat General of the International Maritime Organisation (IMO), EE Metropoulos, Chancellor of the University. The Masters in Maritime Affairs programme is an intensive 17-month long programme, endorsed by the United Nations. Lt Commander Bain anticipates his knowledge would be used to assist in drafting maritime legislation and policies that coincide with the international Law of the Sea. He also looks forward to paving the way for young Bahamian cadets to get exposure with working on private yachts. "Opportunities are available within the industry. There's a lot of things we can do as a country to attract young people to the industry. With the number of ships we have out there we need to get our young cadets on ships and get them exposed," said Lt Commander Bain. "Along with the commercial shipping industry, we have the most cruise ships on our register and yachts are considered passenger ships as well. We have other commercial ships, such as tankers, where we could also get Bahamians on board (these ships). The key is for us to start somewhere and create that avenue." Lt Commander Bain specialises in maritime safety and environmental administration and concentrated on international maritime law and policies, port management, maritime ocean management, environmental administration, as well as other areas in the maritime sector. He was the former International Ship and Port Security (ISPS) coordinator for the Bahamas. He also served as the Bahamas' 24-hour single point of contact for the IMO. "I am convinced that numerous opportunities exists within the maritime field for young Bahamians. Also, I am committed to assisting in the growth and development of the industry", said Lt Commander Bain. Lt Commander Bain began his maritime career in 1984 when he joined the Royal Bahamas Defence Force and was sent to Britannia Royal Naval College at Dartmouth, England to complete the Royal Navy's International Midshipman's Course. Since then, he has qualified himself in several other maritime related areas which include inter alia port operations and management, marine surveying, Commercial Ship Master/Chief Mate Certificate, IMO member state auditor and marine pilot training. Bahamian graduates from the World Maritime University BSEdonates $40,000 to the Peter Gordon Memorial Bursary ACCOMPLISHED: LIEUTENANT Commander Herbert Bain earned the degree of Master of Science in Maritime Affairs with the prestigious and award of "distinction" from the World Maritime University, Malmo, Sweden. DONATION: THE Bahamas Society of Engineers presented the College of the Bahamas with a $40,000 gift to fund the Peter Gordon Memorial Bursary at Chapter One Bookstore on Wednesday, October 27. Pictured from left: Dr Robert Reiss, president of the Bahamas Society of Engineers; College president Dr Earla Carey-Baines; widow of the late Mr Gordon, Linelle Gordon; COBUS president Antonio Butler, and chairman of the BSE scholarship committee Robert Deal Jr. BISPhoto Patrick Hanna/ BIS Photo
C M Y K C M Y K SECTIONB firstname.lastname@example.org FRIDAY, OCTOBER 29, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.25 $4.20 $4.26 worry freegroup pensions sound investment management independent corporate trustee oversight independent corporate custodian diversied investment portfolioall of the abovecall us today at 396-4080FAMILY GUARDIAN CORPORATE CENTRE: AT THE JUNCTION OF VILLAGE ROAD, SHIRLEY STREET & EAST BAY STREET I www.famguardbahamas.com A SUBSIDIARY OF By NEIL HARTNELL Tribune Business Editor Cable Bahamas is arguing that the Bahamas Telecommunications Company (BTC should reduce the per data entry charge under its Reference Access Interconnection Offer (RAIO per cent, from $1.91 to $1.02, and has called on the regulators to mandate zero-based interconnection rates for local call termination. Responding to the Utilities Regulation & Competition Authoritys (URCA consultation on BTCs draft access and interconnection offer, the BISX-listed communications provider said BTCs consumer prices for local fixedline voice calls appear to be set at a level that is below cost and subject to flat rate pricing, even though a substantial por tion of the corresponding costs are traffic-sensitive. Arguing that this could act as an anti-competitive barrier to other telecoms operators (such as itself, given that Cable Bahamas is eager to enter the fixed-line voice market, espe Cable ur ges 46% fall in BTC data entry costs SEE page 7B By NEIL HARTNELL T ribune Business Editor The Bahamas Telecommunications Company (BTC slammed as flawed the industry regulators benchmark study of its termination rates, arguing that the conclusions drawn o ver its fixed-line voice services are invalidated because noneof the other jurisdiction studied were comparable to the Bahamas 42-island archipelago. In its response to the Utilities Regulation & Competition Authoritys (URCA t ion on its draft Reference Access and Interconnection Offer (RAIO incumbent, which is in the mid dle of a privatisation exercise as the Government and its appointed committee negotiate with Cable & Wireless, said it was highly inappropriate toc ompare BTCs proposed intraisland termination rates with those levied in the jurisdiction sample selected. The other termination rates represent tariffs for call termi nation on a single island or small group of islands, BTC argued. This is obviously notc omparable to a situation where call termination is provided across 42 islands in the Bahamas using an extensive under-sea cable network. The very first responsibility when conducting a benchmark study is to ensure that service definitions for the peer groupa re comparable, and URCA has failed in this important first step. This is such a flaw in the comparison that it invalidates any conclusions, preliminary or otherwise, relating to this benchmark study. As for its cellular termina tion rates, BTC said the pro p osed charge was low in com parison with other regional rates. The Bahamas rate of $0.0724 per minute, it added, was lower than the $0.0746 charged in Trinidad, the $0.1184 levied in Anguilla, $0.1441 in the eastern Caribbean, and the $0.2251 charged in the Cayman Islands. It is clear from the graph that Bahrain is such an outlier compared with Caribbean benchmarks that a more reasonable conclusion would be BTC slams a flawed URCA study State-owned carrier s ays cellular call termination rates 47% below industry average SEE page 5B By ALISON LOWE Business Reporter a email@example.com A major Exuma developer h as seen a 20 per cent increase in property rental prices and a good year fors ales, crediting the re-open ing by Sandals of anchor tenant, the Emerald Bay prop-e rty, for improving business c onditions. Randy Hart, managing director of February Point -a high-end boutique resort community in Great Exuma said he believes part of the i mprovement in prospects foll owing the dark ages when the sky was falling down eco nomically, due to the closure o f the Emerald Bay property, was because his resort was already relatively well estab lished in comparison to other s imilar developments. His comments on the impact Sandals has had onb usiness for February Point stand in contrast to those from Exuma Chamber ofC ommerce president, Floyd Developer sees 20% rise in rental prices SEE page 4B By ALISON LOWE Business Reporter a firstname.lastname@example.org The Customs Department is preparing to demand that numerous Bahamian airlines and charter operators hand over what amounts to millions of dollars in unpaid Customs and Stamp duties allegedly owed on previously imported aircraft, or face having their aircraft seized. Glen Gomez, Comptroller of Customs, said his departments move comes after an investigation lasting several weeks, which culminated in the discovery that a fair amount of all Bahamian operators owe the department money for planes $700,000 in the case of one unnamed local airline. Aircraft are dutiable at 10 per cent, noted Mr Gomez, who further revealed that the department is still determining whether airlines and char ter operators will pay a penal ty on the allegedly overdue duty, potentially adding to the financial burden. Randy Butler, chief executive of Sky Bahamas, said he had been informed by a senior Customs officer that the duty was to be demanded of his company in a recent meeting. He told Tribune Business it is likely that several operators may be asked to pay out several hundred thousand dollars each if the department goes ahead with collecting the duties. The Government had on the books this 10 per cent Stamp tax on planes coming into the Bahamas but it was never collected. Now they want to go back to all the ones which have been here for years, said Mr Butler, who suggested it was an over sight on the part of Customs Airlines grounded by Customs over aircraft sums owed GLENN GOMEZ Department says one airline owes $700,000 in unpaid Customs and Stamp duty on imported planes* Operators believe demand for extra taxes will kill us all SEE page 4B EXPANDING: New Robin Hood shopping store and centre on P rince Charles Drive. By ALISON LOWE B usiness Reporter email@example.com A company that grocery industry sources last night said was affiliated with Bahamas Food Services and its principal, B en Frisch, has signed a preliminary agreement to purc hase the majority 78 per cent stake in City Markets held by t he BSL Holdings investor group in a deal which, if it goes t hrough, will shake-up the Bahamian retail and wholesale sectors. D erek Winford, City Markets chief executive, confirmed in a statement yesterday afternoon that a Bahamian com-p any, Associated Grocers of the Bahamas, had signed a M emorandum of Understanding (MoU Holdings 77.782 per cent interest in the troubled 11-store supermarket chain, adding that the buyer had the necessary tools and resources to reengineer and revitalise Bahamas S upermarkets operations to make it a viable, competitive and profitable company. No purchase price was disclosed, BFS affiliate buys majority City Markets shareholding Deal for undisclosed sum set to close by N ovember 5 Union feels 700 jobs safe whatever happens Wholesalers plans to integrate retailer likely to shake up Bahamian wholesale/retail industry SEE page 6B By NEIL HARTNELL Tribune Business Editor Robin Hoods principal yesterday said he was looking at investing a further $30-$40 million over the next four years to expand the retailers total Bahamian store portfolio from the current two to six, as he prepares to start hiring more than 100 persons over the next few weeks for the 44,000 square foot new Prince Charles outlet. Sandy Schaefer, in an interview with Tribune Business, told Tribune Business that the expansive retailer was looking for a third Robin Hood site for next year, with its second outlet the converted former PepsiCola manufacturing facility Robin Hoods $30$40m growth plan n Retailer eyeing growth from two to six stores in four years, with expansion to Abaco and Freeport n Hundreds of jobs to be created within next 10 months, with hiring for 100-plus at Robin Hood set to begin in three weeks n Fixtures/furnishings costs drop by 60-70% as result of recession n F ifty-five-65 contractors and tradesmen working to ready Prince Charles s ite for pre-Christmas SEE page 3B
C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, OCTOBER 29, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The Bahamas Financial Services Board (BFSB ed the 10th anniversary of its Industry Excellence Awards programme last week at a Gala Dinner. The recipients for the 2010 Student of the Year, Achiever of the Year, Professional of the Year and Executive of the Year were announced. Also recognised at the awards ceremony were the recipients of the 2010 Development and Promotion Award, and the new BFSB Mentorship Award. The latter was introduced this year to commemorate the anniversary celebration. The 2010 Recipients are: Achiever of the Year: Dominique L. Glinton, legal administrator/office man ager, Glinton Sweeting O'Brien Professional of the Year Veronica Moncur-Sher man, team head, Asia Desk, UBS Trustees (Bahamas Executive of the Year John M. Lawrence, chair man, Windermere Corporate Services Student of the Year Edmund T. Bain BBA Accounting: The Bahamas Financial Ser vices Board (BFSB Pamela L. Klonaris for its 2010 Development & Promotion Award in recognition of her development of the SMART(c Eve M. Burrows-Poitier, CFA (Retired, Head of Economics, Banking & Finance Department, College of the Bahamas) was chosen as the recipient of the first Mentorship Award. BFSB introduced the Indus try Excellence Awards Pro gramme in 2001 in collabora tion with the FSI Industry Associations to recognise excellence in performance among industry practitioners. This year, the Association of International Banks & Trust Companies in the Bahamas (AIBT BFSB to enhance the profile of the annual Financial Ser vices Industry Excellence Award. LEADING FINANCIAL WORKERS HONOURED STUDENT OF THE YEAR: L to R BFSB chairman Paul Winder, Societe Generale Private Banking's Renee Barrow, Deputy Prime Minister Brent Symonette, Edmund T. Bain, and CFAL's Sophia Thurston and Pamela Musgrove. EXECUTIVE OF THE YEAR : L to R BFSB chairman Paul Winder; John M. Lawrence; Deputy Prime Minister Brent Symonette. PROFESSIONAL OF THE YEAR : L to R Deputy Prime Minister Brent Symonette and Monalisa Stubbs of UBS Trustees Bahamas, accepting the award on behalf of Veronica Moncur-Sherman. A CHIEVER OF THE YEAR: L to R BFSB chairman Paul Winder, Deputy Prime Minister Brent Symonette, Dominique L. Glinton, AIBT chairman David Thain. DEVELOPMENT AND PROMOTION AWARD: L to R BFSB chairman Paul Winder, Pamela L. Klonaris, Deputy Prime Minister Brent Symonette. B B F F S S B B C C E E L L E E B B R R A A T T E E S S 1 1 0 0 T T H H A A N N N N I I V V E E R R S S A A R R Y Y O O F F I I N N D D U U S S T T R R Y Y E E X X C C E E L L L L E E N N C C E E A A W W A A R R D D S S P P R R O O G G R R A A M M M M E E A RoyalFidelity Merchant Bank & Trust pensions manager was the guest speaker at the monthly Society of Trust and Estate Practitioners (STEP the British Colonial Hilton on 21st Octo ber, 2010. Cleora Farquharson presented on pen sion trusts in the Bahamas, focusing on the social and financial imperatives for pension scheme development. She also gave informative statistical comparisons to underscore her main points. STEP Bahamas awarded one Diploma scholarship each for the 2010-2011 year to George Carey and Clement Penn. FIDELITY EXECUTIVE ON PENSION STEPS ALL TOGETHER: Pictured left to right: Dianne Bingham, Tanya Hanna, Anita Bain, Samantha Symon ette, George Carey Clement Penn, Nicole Pratt-Rolle, Timothy Colclough, Paul Winder, Dena Andrews, Samuel Haven.
C M Y K C M Y K BUSINESS T HE TRIBUNE FRIDAY, OCTOBER 29, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 'U/LX=HOLQ/HRf+DV 029('IURPLOODJHRDGWR :LQFKHVWHUWUHHWDOPGDOH0 LUDFXORXV&KLQHVHHGLFDO'RFWRU 6WRSDLQ,Q$LQXWHV The 32-room Peace and Plenty boutique resort in Exuma remains up for sale, but has attracted little interest so far,its general manager said yesterday. Charlie Pflueger said renovations have been undertaken on the property including a new roof, replaced windows and a paint job to enhance its attractiveness to would-be investors. Plans to formally market the hotel, which overlooks Elizabeth Harbour in Great Exuma, have yet to be put in motion, but its availability has been made known by word of mouth, said Mr Pflueger. The property has been available since its owner died over a year ago, and his two sons determined that they would sell the asset. Mr Pflueger said he believes a price tag of around $8.5 million would be attached to the Peace and Plenty, although this has not been pinned down. The mini-resort has been closed for its seasonal renovations since mid-August and has yet to re-open. Well be closed a little longer this year. Business is a little light, so were not in any hurry. Were doing painting and repairing, and well probably re-open around December, said the general manager. Resort remains on the market still on target for a pre-Christmas 2010 opening. Were looking for another four to five acres to build our own shopping centre, probably somewhere in the south, Mr Schaefer said of plans for a third Robin Hood store in New Providence. I think theres a great market unexplored down there. I have a couple of options were looking at,and if anyone has land theyre looking to sell cheaply, give me a call. Beyond that, were looking for a fourth store and then will consider New Providence totally developed. Our logical next step will be Abaco over Freeport, and then we will do Freeport, all in the next three to four years. Asked how much investment this would involve, Mr Schaefer told Tribune Business: If you look at everything involved the cost of acquiring the land, building the shopping centre, fixturing it and stocking it, youre looking at a minimum for another four locations of anywhere from $30-$40 million. Some 55-65 contractors and tradesmen are working feverishly to get Robin Hoods Prince Charles store ready for a pre year-end opening,and Mr Schaefer added: I would say that as far as the building is concerned, were better than 50 per cent of the way there. Were actually going to start stocking the store in the next three-and-ahalf to four weeks. Fixtures and the refrigeration equipment were set to be installed from yesterday, and Mr Schae fer said Robin Hood had invested around $1.7 million in upgrading the building it inherited from Pepsi-Cola in what was a $2.05 million transaction. He revealed that the drinks manufacturer had rejected a higher $3 million offer from the retailer some 12 months before. Apart from $2-$2.5 million in inventory need e d to stock the Prince Charles store, Mr Schaefer said Robin Hood was spending less than $1 million in fixturing and outfitting the property, explaining to Tribune Business that the recession had depressed furnishings/fixtures prices by some 60-70 per cent compared to what he would have paid three years ago. Apart from the new Robin Hood store itself, Mr Schaefer confirmed that he also plans to construct -beginning in December or the New Yeara $4-$4.5 million, 44,000 square foot, two-floor shopping centre on the same four acre property. It will be located in front of Robin Hood, closer to the actual roadway itself. Im sure youre looking in the hundreds, he said, when asked about the number of jobs set to be created by his expansion venture. Theres hundreds of jobs to be created within the next 10 months. Robin Hoods $30$40m growth plan FROM page 1B
that led to the situation. He said the move would bring further hardship and undue burden on an industry w hich is trying to grow at a time when they are being or may soon be squeezed by increases in other Customs duties, Civil Aviation andB usiness Licence fees, as well as a lowering of rates by their main competitor, Bahamasair, which is government-subsidised. But Mr Gomez said: We are seeking to collect whats houldve been paid before. A sked whether the airlines will be asked to pay in one lump sum or can pay in phases, the Customs chief said the department is not unreasonable. If thats what needs to be done we can look at that, he said. Mr Gomez would not reveal which airlines have so f ar been found owing duty, h ow many of them there are or exactly what they may be deemed to owe. He said that in some cases the aircraft on which duty was outstandingh ave been in the country for several years. As for the penalty that could be imposed, the Comptroller said: Everybody would more than likely bet reated similarly, but once we have sat down with everybody then it will be determined, understanding and appreciating that some people may have done what they did in ignorance, although thats not t he case with everybody. If you were ill-advised we could take that into considera tion, but there are others who have been in business for q uite some time and are well aware of rules and regulations g overning planes coming into the country. Mr Gomez said the Departm ent intends to step up its vigilance regarding planes being brought into the country. Asked how Customs has overlooked the planes on which duty should have been levied until now, he said: Some people go and purchase a plane and then have a foreign pilot carry it into the country. Some may bring ina plane and they may tell us that theyre looking at using the plane for a short time to see if they like it before deciding if theyre going to purchase it. Often times the person c hecking in that person may not see that plane being flown inter-island. Different offices d o different tasks. Andrew Kelly, of Abaco A ir, said he believes Bahamian airlines should be given s pecial consideration when it comes to duty. They are an important p art of the Bahamas because of the geographics. We need them to help move Bahamians and tourists around, and anything the Government can do to assist with this would be great. The aviation business is a very regulated business. We have a lot of expenses, insurance, fuel, landing f ees, so many regulatory things to deal with. Probably, if youre lucky, yoiu mightm ake 10 per cent at end of y ear. If they do this they might as well close us down. Right now, were just strug-g ling to pay staff. If they impose that on operators it w ill kill us all. A rmbrister, who told Tribune B usiness two weeks ago that E xumians were disappointed a t the lack of trickle-down impact from Sandals on the islands economy, which he connected with its all-inclus ive model. M r Hart said that since the re-opening of Sandals and the i ntroduction of increased airlift to Exuma, such as direct flights from Toronto, exposure for the development is up, although potential i nvestors are more cautious. People have become more discerning now they are notb uying into every start-up project or every dream on the island they are looking for things they know are stable and will be there in a couple of years, and I think thats one of the selling points for our d evelopment. We have the critical mass of infrastructure in place, said Mr Hart. Mr Hart described the business environment in recent years as a survival of the f ittest. A few years ago we wouldve had dozens of comp etitors. Now theres a very short list of developments in the Family Islands in terms of planned high-end boutique resort communities. Theresa short list of survivors, excluding Nassau and Grand Bahama, said the managingd irector of the 80-acre community, which offers rentals, fractional ownership and custom homes. N onetheless, Mr Hart spoke up at the Exuma Busi ness Outlook seminar on W ednesday to question Min ister of State for Finance, Zhivargo Laing, on how much o f the millions in stimulus the Government has sought to inject into the Bahamian economy through capital works projects had benefited Exuma, suggesting theres a long shopping list of outs tanding infrastructural needs on Great Exuma that need to b e addressed for the benefit of locals and visitors if growth is to be maximised. Primary among these, according to both Mr Harta nd Chamber of Commerce president Mr Armbrister, are the medical facilities or lackt hereof. Mr Hart and Mr Armbrister suggested that the inadequacy of the health clinic at a time when Exumas population has been recorded as having more than doubled int he last decade is costing the island. Speaking at the Outlook s eminar, Mr Armbrister said: Exumas economy again is experiencing significant setb acks because of the fact we d ont have adequate medical care. A young lady said to me her child was experiencings eizures on an ongoing basis. They had to take a flight to Nassau and it cost them $ 5,000. Then, when they got t o Nassau, they looked at the child, gave the child a shot, and said: This is what you came for?. If the economy of Exum a is to be restored and sustainable then a number of things need to happen somep rivate sector, some by government and I think infrastructure improvement is one o f those things we need. M eanwhile, Mr Hart told T ribune Business that when he recently broke a bone in h is foot, he had to fly to Nas sau because of a lack of x-ray facilities or even a pair ofc rutches on the island. The population has effect ively doubled in a decade but the infrastructure has declined, said Mr Hart, speaking more generally of infrastructural conditions. Georgetown is in dire need, he added, echoing director-general of tourism D avid Johnson, who earlier told the seminar that the dilapidated government dockm ust be replaced, a heavy cleaning of Georgetown should take place and a halt ing of emissions of untreated s ewage into local harbours must stop. C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, OCTOBER 29, 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 $P/EYield 1.261.00AML Foods Limited1.011.010.002,0000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.84Bahamas Waste2.842.840.005000.1680.09016.93.17% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.2410.470.2314,7901.2270.3108.52.96% 2.842.36Colina Holdings2.362.360.000.7810.0403.01.69% 7.005.40Commonwealth Bank (S1)6.596.50-0.0934,6370.4220.23015.43.54% 3.651.63Consolidated Water BDRs1.861.890.030.1110.04517.02.38% 2.551.60Doctor's Hospital1.771.770.000.1990.1108.96.21% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.29Finco7.297.290.001500.2870.52025.47.13% 11.408.77FirstCaribbean Bank9.749.740.000.6450.35015.13.59% 5 .513.75Focol (S)5.465.460.005400.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5 .595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.92J. S. Johnson9.929.920.000.9710.64010.26.45% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ 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, 28 OCTOBER 2010B ISX ALL SHARE INDEX: CLOSE 1,488.77 | CHG -2.14 | %CHG -0.14 | YTD -76.61 | YTD % -4.89BISX 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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page 1B Developer sees 20% rise in rental prices Airlines grounded by Customs over aircraft sums owed FROM page 1B RANDYBUTLER
C M Y K C M Y K BUSINESS T HE TRIBUNE FRIDAY, OCTOBER 29, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM -RE9DFDQF\$QHVWDEOLVKHGDVVDXEDVHGFRPSDQ\VHHNVWROOWKHSRVLWLRQRI $ VVLVWDQW)LQDQFLDO&RQWUROOHU $OODSSOLFDQWVSRVVHVVWKH IROORZLQJ 3DVVLQJJUDGHVRQDOOSDUWVRIWKH&3$H[DPLQDWLRQ \HDUVH[SHULHQFHZRUNLQJZLWKDQ$FFRXQWLQJUP 6WURQJDQDO\WLFDOVNLOOV 6WURQJRUJDQL]DWLRQDOVNLOOVZLWKWKHDELOLW\WRZRUNLQGHSHQGHQWO\ $ WKRURXJKZRUNLQJNQRZOHGJHRILFURVRIW([FHO 7KH DELOLW\WROHDUQTXLFNO\ ([FHOOHQWFRPPXQLFDWLRQDQGWHDPZRUNVNLOOV 7KH DELOLW\WRPDQDJHPXOWLSOHWDVNVDQGUHVSRQVLELOLWLHV VLPXOWDQHRXVO\,QWHUHVWHGSHUVRQVVKRXOGVXEPLWWKHLUHVXPHV YLDHPDLOWRDVVWQDQFLDOFRQWUROOHU#KRWPDLOFRP$ OOUHVXPHVPXVWEHUHFHLYHGE\ W K 1 RYHPEHU 2QO\SHUVRQVPHHWLQJ$// RIWKHUHTXLUHPHQWVDERYHQHHGDSSO\ that Bahrain may not provide a relevant comparison, BTC s aid. If the non-Caribbean tariffs were removed from URCAs sample, the Bahamas would have the lowest cellular termination rate, well below the regional average of around $0.14 per minute. We suggest that based on t he above comparison, the first indication (and indication only is that BTCs suggested rate for mobile termination rates are low by regional standards, BTC argued. In fact, they are 47 per cent lower than the straight average presented (BTCs 7.24 cents per minute v ersus a regional average of $13.6 cents per minute, excluding the proposed Bahamas tariff). URCA had argued that the cost base used by the Bahamas Telecommunications Company (BTC connection offer was effectively over-valued by 70 per cent, resulting in it significantly reducing the tariffs the stateowned incumbent proposed to levy on rival operator. URCA said that prior to the interconnection costs adjustment, a benchmarking exercise showed that BTC's per minute charges for calls terminating on its fixed-line network were "significantly higher than those in any of the competitor countries". BTC's initial 3.35 cents per minute for terminating interisland calls was "twice as high as the sample average", but the revised fixed-line termination rates were "more in line" with rivals, below the likes of Malta, Trinidad and Anguilla. However, even the revised fixed-line termination rates were higher than the sample average. As for network transit charges, BTC's proposals were described as "very high compared" to the other sample countries, with the sample average excluding the Bahamas standing at 0.61 cents per minute well below the four charges proposed by BTC. The revised charges imposed by URCA brought BTC more into line, but transit services using two interconnection points would still be "the highest". While BTC's on-island cellular call termination charge of 7.24 cents per minute was lower than other Caribbean jurisdictions, its call charge for the emergency services was the second highest even with the URCA-imposed reductions. FROM page 5B B TC hits out at a flawed URCA study
although it will be substantially less than the $54 million t hat BSL Holdings paid Winn-Dixie in 2006. The deal between BSL Holdings which is majority owned by Trinidadian conglomerate Neal and Massy and Associated Grocers of the Bahamas Limited (AGBL subject to regulatory approval and due diligence, and is expected to close on or before November 5, 2010, said Mr Winford. He did not name who was b ehind Associated Grocers of the Bahamas, describing this as an interesting question when contacted by Tribune B usiness, but this newspapers inquiries revealed that it is at least affiliated with Bahamas Food Services and Mr Frisch. I t is possible that the company is Bahamas Food Services by another name, but that c ould not be confirmed at p ress time last night. If the deal is concluded, it w ill create the Bahamas first integrated wholesaler/supermarket retail operation, and c ould upset the apple cart in both industries. Mr Frisch, w ho owns Jacksonville-based Beaver Street Fisheries, parent of Bahamas Food Services, and his management team were yesterday said toh ave contacted their other Bahamian retail customers to see if they could continue to buy from the Bahamian wholesaler if the City Markets deal went through. Concerned It would thus appear that B ahamas Food Services/Mr F risch are concerned about following the example of Solomons, who lost numer-o us retail customers when it w ent into retailing. However, Bahamas Food Services is the dominant player in supplying meats and other produce to the Bahamian restaurant andh otel sector, including Atlantis, and would thus have a cushion if it lost any retail customers. And the company now has a direct retail outlet through w hich is can distribute its products, with the integrated r etail/wholesale model allowing it to obtain better margins, control costs and sell exclusive product lines. Bahamas Food Services leading position in the wholesalem arket was recently strengthe ned through its acquisition o f Prime Bahamas, adding 1100 stockkeeping units (SKUs existing 8,000, creating a company with 8,000 SKUs. It may be too much of a c ontrolling interest in one pers ons hands, a source said, s uggesting that Bahamas F ood Services and Mr Frisch were now doing their due diligence. T he Bahamas Food Serv ices/Frisch purchase of City Markets, if it goes through, is likely to cause some consternation among other wholesalers/grocery retailers. Manyi ndustry observers had privately questioned to Tribune Business why the wholesaler would be interested, given City Markets immense problems and $27 million in col-l ective losses suffered in the four years under BSL Holdi ngs ownership. They queried why anyone would want to take the company over, given the union, pension fund and staff separation package issues, plusa ssociated costs. Many groc ery industry observers had s uggested the obvious course would be to let City Markets slide into administration/receivership, letting interested parties cherry pick the assets they w anted. T he deal shows that Neal & Massy has been rapidly s hopping City Markets around to a variety of buyers. Apart from AML Foods, Tri-b une Business understands t hat both Robin Hoods Sandy Schaefer and Supervalues Rupert Roberts were approached to see if they were interested, with the price said to range from $10-$25 million. The latter two had no interest, Tribune Business understands. Yesterdays statement from Bahamas Supermarkets added that after closing the transaction, it is expected that the company under its new ownership will continue to operate City Market stores while it develops a rationalisation plan. Mr Winford said: The Bahamas food retailing landscape has changed dramatically over the last few years, and Associated Grocers brings the necessary tools and resources to reengineer and revitalise BSLs operations to make it a viable, competitive and profitable company. Preserved We expect that after the transformation a significant n umber of jobs will be preserved and this was the main m otivation behind the transa ction. An unidentified spokespers on for Associated Grocers said: City Markets has a long history of food retailing in the B ahamas and is part of the fabric of the community. We a re confident that the compan y will thrive under our stewardship and regain the prominence it enjoyed in years past. Mr Winford noted that the 22.238 per cent of Bahamas Supermarkets owned by the B ahamian public is unaffected under the transaction. He added that he was optimistic the company would be restored to profitability quickl y, and shareholder value would soon reflect the improvement in the compan ys financial position. Elgin Douglas, president of the Bahamas Commercial Stores, Supermarket and Warehouse Union, which represents around 300 of City Markets employees, held a m eeting yesterday with Mr Winford prior to the announcement of the deal, in which he said he felt assured t hat employees jobs would be safe whatever happens. The first priority is the w orkers, said Mr Douglas. A lthough the wording of Mr W infords later statement i ntroduced a level of uncert ainty into the equation, the u nion president said that he w as under the impression e mployees will not be laid off whatever happens. C M Y K C M Y K BUSINESS PAGE 6B, FRIDAY, OCTOBER 29, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 127,&( &20021:($/7+)+(%$+$0$6 ,1+((0(&2857 (TXLW\ 127,&( 7KH3HWLWLRQRI /(<921$1'-2<&(/<1 0,//(5 LVLQUHVSHFWRIWKHIROORZLQJSDUFHORI ODQG $//7+$7 SLHFHRUSDUFHORUWUDFW RIODQGFRQWDLQLQJWRWDODFUHDJHRI6HYHQ 7KRXVDQG6L[+XQGUHGDQG(LJKW VTXDUIHHWVLWXDWHLQ6XEGLYLVLRQFDOOHGDQG N QRZQ DV (QJOHUVWRQ6XEGLYLVLRQLQWKH&HQWUDO 'LVWULFWRIWKH,VODQGRI1HZ3URYLGHQFHRQH R I WKH,VODQGVRI7KH&RPPRQZHDOWKRI7KH &RSLHVRIWKHSODQPD\EHLQVSHFWHG G XULQJWKHIRUPDOKRXUVDW 7KHHJLVWU\RIKHXSUHPH&RXUW $QVEDFKHU+RXVH(DVWWU 1RUWKDVVDX%DKDPDVDQG 7KH&KDPEHUVRI.LQJGRP $ GYRFDWHVt$VVRFLDWHVRVHWWD 6WUHHWDOPGDOHDVVDX%DKDPDV 1RWLFHLVKHUHE\JLYHQWKDWDQ\SHUVRQ KDYLQJULJKWWRGRZHURUDQ\DGYHUVHFODLP QRWUHFRJQL]HGLQWKH3HWLWLRQVKDOOZLWKLQ WKLUW\GD\VDIWHUWKHODVWGD\RQZKLFKWKH DSSHDUDQFHRIWKH1RWLFHKHUHLQLQWKH 5HJLVWU\RI7KH6XSUHPH&RXUWDQGVHUYHRQ WKH3HWLWLRQHURUWKHXQGHUVLJQHGVWDWHPHQW RIVXFKFODLP)DLOXURIDQ\VXFKSHUVRQWR DQGVHUYHVWDWHPHQWRIVXFKFODLPDQG UHTXLVLWHGRFXPHQWVZLWKLQWKLUW\GD\V KHUHLQZLOORSHUDWHDVDEDUWRVXFKFODLP 'DWHGWKLVWKGD\RI-XO\ <2/$1'$.-//( $WWRUQH\IRUWKHHWLWLRQHU Have you heard the good news? You CAN save money!Ask NIBA for a motor insurance quote! Not only do you pay less with NIBA,you receive cover thats hard to beat and a claims service that doesnt keep you waiting! Its time to pay less for insuring your car!Tel.677-6422 or visit www.nibaquote.com NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Tel.677-6422 www.nibaquote.com rrnt nt t ntn FROM page 1B BFS affiliate buys majority City Markets shareholding e expect that a fter the transform ation a significant number of jobs will b e preserved and t his was the main motivation behind t he transaction.
cially if its System Resource Group (SRG through), because they would find it impossible to replicate a competing service to BTC, especially if the latter charged other operators an interconnection tariff, Cable Bahamas urged URCA to mandate zero-based interconnect rates for local termination. These, it added, should be maintained until BTC proved its local fixed-line voice tariffs were cost-based and not predatory. Cable Bahamas said: In order to allow other licensed operators (OLOs replicate BTCs local voice service offering, URCA should require that, until such time as BTC proves that its local voice tariffs are not predatory, BTCs rates for local call termination must be set at, or close to, zero. Elsewhere, Cable Bahamas said it was essential for URCA to determine whether BTCs cellular services would be priced according to whether the caller or receiver pays prior to approving the state-owned incumbents RAIO. Without this, the BISX-listed operator said it would be impossible to determine whether the RAIO, and fixed-line to cellular interconnection rates, were rea sonable and not anti-competitive. Calling for BTC to establish a direct point of interconnection with its cellular network, Cable Bahamas also expressed concern that requiring other o perators to be routed via a transit service would allow BTC to anti-competitively increase its rivals costs and, potentially, to degrade another licensed operators service quality. And Cable Bahamas also described as unacceptable B TCs plans to provide only two interconnection points with its network, one in New Providence and the other in Grand Bahama. Railing against BTCs proposal to charge national interconnection rates for islands where there was no point of interconnection, Cable B ahamas urged that these be provided for fixed-line and cellular traffic in Abaco and Eleuthera as well. For example, in the case of local calls in Eleuthera or Abaco from a Cable Bahamas subscriber to a BTC subscriber, Cable Bahamas would have to c onvey traffic to BTCs point of interconnection in New Providence or Grand Bahama, and then BTC would have to convey the traffic back to Eleuthera/Abaco to terminate the call, Cable Bahamas alleged. In such a configuration, C able Bahamas would have to support the cost of carrying the traffic on its network up to BTCs point of interconnection in New Providence or Grand Bahama, and pay for a national, inter-island, interconnect rate. It also called on URCA to mandate that BTC provide IP ( Internet Protocol) interconnection on New Providence, G rand Bahama, Abaco and Eleuthera within three months after the latters Next Generation Network (NGN deployed on those islands. Then, with one eye on its plans to enter the fixed-line voice market and the SRG integration, Cable Bahamas renewed its calls for URCA to prioritise an industry consultation on number portability, arguing that this was a key barrier to competition in the sector. Without some form of number portability in place, the development of competition in the voice market will be seriously impeded because consumers will find the inability to port their numbers a major barrier to switching providers, Cable Bahamas argued. C alling on URCA to determine interim arrangements for all licencees offering fixed-line voice services at the earliest technically feasible date, Cable B ahamas added: In light of BTCs near monopoly in the provision of fixed telephony services, its cooperation will be essential to achieving the efficient roll-out of an interim local number portability solution....... URCA should further make clear that adoption of local n umber portability is a first step towards implementation, at a later date, of geographic number portability. 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NEW YORK Retailers at the mall may be bracing for a tough holiday season, but their online counterparts are feeling more optimistic. Nearly two-thirds of retailers, or 64 percent, expect their companies' online revenue to increase by at least 15 percent compared with last year, according to a survey by the National Retail Federation's Shop.org online arm. That's up from 45.8 percent that expected an increase that size last year. The survey, based on interviews with 51 top online retailers Sept. 1-Sept. 27, also found that e-commerce companies are thinking early when it comes to Christmas marketing. Forty percent of online retailers will begin holiday marketing by Halloween, with another 40 percent planning to begin the week of Nov. 1. Still, despite solid sales prospects, merchants are not going to dump some of the Web's most alluring incentives, particularly free shipping. Four out of the five online r etailers said they'll offer free shipping at some point during the season, and nearly one-third said these offers will begin earlier this year than a year ago. Shoppers might even see more free shipping deals this year as almost 37 percent said their budget for free shipping is higher than last year; 57 percent said it would be about the same while 6 percent said it would be somewhat lower. Forecasts for online holiday sales are just trickling in. But online research firm comScore Inc. expects anywhere from 7 to 9 percent growth this holiday season compared with a year ago, when business was up 4 percent over the previous year, according to its calculations. Forrester Research is slated to come out with its forecast in the next week or two. In comparison, many economists and other groups expect holiday sales for physical stores to be up no more than 3 percent. C M Y K C M Y K BUSINESS PAGE 8B, FRIDAY, OCTOBER 29, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM GN 1124 3$5),1$,19(67256*5283,1& ,QROXQWDU\/LTXLGDWLRQ RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW RI 3$5),1$,19(67256*5283,1& LVLQ'LVVROXWLRQ 7KHGDWHRIFRPPHQFHPHQWRIGLVVROXWLRQLVWKH GD\RIFWREHU 'LOLJHQWLD/WG 7ULGHQW&KDPEHUV 5RDG7RZQ 7RUWROD %ULWLVK9LUJLQ,VODQGV /LTXLGDWRU *2/'(1&5(67 ,17(51$7,21$//,0,7(' 1RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFH ZLWK6HFWLRQRIWKH,QWHUQDWLRQDO%XVLQHVV &RPSDQLHV$FWRI *2/'(1&5(67 ,17(51$7,21$//,0,7(' KDVEHHQGLVVROYHG DQGVWUXFNRIWKH5HJLVWHUDFFRUGLQJWRWKH &HUWLFDWHRI'LVVROXWLRQLVVXHGWKH5HJLVWUDU *HQHUDORQWKHWKGD\RIFWREHU -HDQLFH/DP UDGH&HQWUH %RQKDPWUDQG +RQJ.RQJ /LTXLGDWRU */(16,'('(9(/230(176/,0,7(' 1RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFH ZLWK6HFWLRQRIWKH,QWHUQDWLRQDO%XVLQHVV &RPSDQLHV$FWRI */(16,'( '(9(/230(176/,0,7(' KDVEHHQGLVVROYHG DQGVWUXFNRIWKH5HJLVWHUDFFRUGLQJWRWKH &HUWLFDWHRI'LVVROXWLRQLVVXHGWKH5HJLVWUDU *HQHUDORQWKHWKGD\RIFWREHU -HDQLFH/DP UDGH&HQWUH %RQKDPWUDQG +RQJ.RQJ /LTXLGDWRU BEIJING A leading Chinese research center has built the world's fastest supercomputer, underscoring the country's rise as a science and technology powerhouse. The Tianhe-1 machine housed at the National Center for Supercomputing in the northern port city of Tianjin is capable of sustained computing of 2.507 petaflops, the equivalent of 2,507 trillion calculations, per second. An official listing of the world's fastest supercomputers, the semiannual TOP500, is due to be issued Friday. If verified, Tianhe-1 would be faster than the U.S. Department of Energy's Cray XT5 Jaguar in Oak Ridge, Tennessee, which topped the list issued in June at 1.75 petaflops per second. China lays claim to fastest supercomputer title Holiday Shopping Notebook: Online sales to gleam NEW YORK Halloween hasn't even passed, but stores already are hoping the words "Black Friday" can work their sales magic. Retailers are offering an array of discounts, often touted as deals for an early Black Friday, the day after Thanksgiving that's one of t he biggest shopping days of the year. They're designed to get people spending early in hopes of a selling season that's better than last year's, when consumers were still spending sparsely on non-necessities during the recession. Toys R Us' annual 80-page holiday toy catalog is set to arrive at customers' homes on Sunday, and many items will be on sale through Nov. 24, the company said. The toy s eller is offering a $10 gift card for spending $75 or more and other incentives. Kohl's Corp. is unveiling a holiday campaign touting its savings programs. "Give, save and save again with the Kohl's charge," one ad reads. The department store operator will offer extended hours during the holiday season and offer shoppers $10 in store credit for purchases of $50 or more. Sears plans to offer weekly early morning sales, offered on Black Friday, beginning Friday and continuing every Friday and Saturday t hrough Nov. 20. The department store operator is also planning two-day sales during the season. Deals for this Friday include $70 off a RCA 40-inch LCD TV that retails for $569.99 and $39.99 Covington women's boots for $19.99. Sears offered similarly pitched discounts on holiday items early last year; this year it expanded the sale to two days per week. And online merchant Amazon.com is a lso offering what it is calling "Black Friday" deals beginning on Friday, on electronics such as Blu-ray players, HDTVs, video games and other products. IT'S HALLOWEEN MUST BE THE START OF BLACK FRIDAY SALES! ( AP Photo /Seth Wenig, file ) HOLIDAYCAMPAIGN: In this Feb. 24, 2010 file photo, shoppers exit a K ohls store in Paramus, N.J.
C M Y K C M Y K INTERNATIONAL BUSINESS T HE TRIBUNE FRIDAY, OCTOBER 29, 2010, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A look at economic developments and activity in major stock markets around the world Thursday: ___ LONDON World stock markets mostly rose as traders put aside uncertainty about the size of the Federal Reserve's economy-boosting bond purchase plan to sort through a raft of earnings reports. Britain's FTSE 100 index was up 1 percent at 5,699.84 and Germany's DAX was up 0.9 percent at 6,626.35. France's CAC-40 was 1.1 percent higher at 3,857.79. Earlier in Asia, Japan's benchmark Nikkei 225 stock index closed down 0.2 percent to 9,366.03. ___ BRUSSELS Germany and France sought to convince skeptical EU partners to back new rules on state spending, which they say are needed to prevent another government debt crisis in Europe. German Chancellor Angela Merkel and French President Nicolas Sarkozy arrived at a two-day EU summit in Brussels seeking a permanent crisis resolution mechanism, which would force private creditors to bear some of the cost of bailing out a highly indebted country. They also called for stripping EU voting rights from repeat overspenders a radical measure that some say will not pass. ___ DUBLIN The interest rate on Ireland's national debt reached a new euro-era high as investors sold off Irish bonds on skepticism that the country can meet a European Union deadline for reversing its deficits. The yield on Ireland's 10-year bonds rose above 7 percent for the first time since the euro's launch 11 years ago. That broke a previ ous high of 6.9 percent reached last month as doubts swelled over Ireland's ability to tame its deficit, which is forecast this year to reach 32 percent of GDP, a modern European record. ___ BERLIN The number of Germans out of work sank below 3 million in October for the first time in two years, a sign of the country's resilient labor market. The unadjusted jobless rate sank to 7 percent in October from 7.2 percent in September, with 2.945 million people out of work, the Federal Labor Agency said. That was down 86,000 from September, a drop the agency credited both to a traditional seasonal improvement and economic recovery. ___ ATHENS, Greece Contract workers at Greece's Culture Ministry have staged another protest at the ancient Acropolis, in an effort to press the government to extend their shortterm work agreements. ___ PARIS More nationwide street protests and strikes caused travel woes even though parliament has already approved President Nicolas Sarkozy's unpopular plan to raise the retirement age. ___ LONDON A major British mortgage lender says that average house prices fell 0.7 percent in October, continuing a modest downturn since the start of the summer. ___ BEIJING China's leaders are promising to narrow its huge trade surplus and curb surging emissions of climate-changing greenhouse gases in an ambitious five-year plan to make its economy cleaner and more high-tech. The Communist Party plan also promises to encourage consumer spending to reduce reliance on exports to power growth. The plan was approved last week by party leaders. ___ TOKYO Japan's central bank cut its economic growth forecasts and kept interest rates near zero, as the export-reliant nation confrontsa strong yen and waning overseas demand. In its October outlook report, the Bank of Japan forecast the world's No. 3 economy to grow 2.1 percent in the year through March 2011 and 1.8 percent the following year. Its July assessment projected growth of 2.6 percent and 1.9 percent respectively. ___ BEIJING China said it will not use exports of rare earths, exotic minerals required by hightech industry, as a diplomatic "bargaining tool" while Washington pressed Beijing to clarify its policy following its de facto ban on supplies to Japan. ___ SHANGHAI China and the European Union have agreed to pursue jointly financed research focused on sharing and developing technologies for cleaner, less polluting and safer aircraft. GLOBAL ECONOMIC NEWS ASSOCIATED PRESS ANGELA DOLAND, A ssociated Press PARIS Strikes caused hassles for air travelers in France on Thursday, but nationwide street protests over a plan to raise the retirement age to 62 failed to draw the massive crowds of w eeks' past a sign of slackening resolve among the bill's opponents. Parliament has already approved raising the retirement age from 60 to 62, but union leaders insist they will not give up their fight until conservative President Nicolas Sarkozy actua lly signs the bill. Still, fewer protesters followed them into the streets this time, and strikes by train and oil workers have been tapering off in recent days. In Paris, demonstrators waved union flags and set off flares, while in southern Marseille, they beat drums and bleww histles. Past demonstrations h ave drawn more than a million protesters into the streets: This time, the Interior Ministryput the figure at 560,000 nationwide. The hard-line CGT union contested that number, putting turnout at 2 million. "It's true you could say the anti-reform movement is slowi ng down, but you need to ask why," Serba Germain, a 67year-old retired police officer marching in Marseille, told Associated Press TelevisionNews. "People are disappointed, they are frustrated" because the government hasn't listened. Unions and opposition part ies urged Sarkozy not to sign the law, which polls show is unpopular. He is expected to do so by mid-November, after it is cleared by France's constitutional watchdog. Socialist leader Martine Aubry urged Sarkozy to listen to the people. "We will fight until the end," she said. But Sarkozy has refused to back down, even amid two weeks of strikes that canceled trains, shut down oil refineries and left drivers struggling to find gasoline. A small number of trains were canceled Thursday, but the problem was bigger for airlines. A third of flights at Paris' Charles de Gaulle airport and half of those at the city's smaller Orly were canceled. Flights were expected to run as normal Friday. Though the strikes are tapering off, the fuel shortages they caused lingered because of refinery strikes. Some 85 percent of gas stations are now open, the government said Thursday night, but added that the Paris region and central France continued to face some difficulties. Seven of the nation's 12 refineries have voted to return to work. French protests weaken but still disrupt flights ( AP Photo /Claude Paris) STILL PROTESTING: Aerial view of oil tankers and other vessels waiting off the coasts of Marseille where oil terminals are blocked by striking workers, Tuesday, Oct. 26, 2010.
LAYUP: Our Ladys Blue Flames player drives to the basket. DRIVE: Blue Flames Enrique Forbes drives to the basket in front of the Crushers Michael Brennen. C M Y K C M Y K FRIDAY, OCTOBER 29, 2010 THETRIBUNE PAGE 12 P AGES 13 &14 International sports news TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM B B A A S S K K E E T T B B A A L L L L E E D D D D I I E E R R A A H H M M I I N N G G T T O O U U R R N N E E Y Y DAY three (Wednesday Deacon Eddie 'Marker' Rahming Basketball Tournament was played at Freedom Park in Fox Hill. In the opener, a continuation of a game that started Tuesday night, the New Breed Warriors knocked off the Galilee Academy Crusaders 3327. Patrick Brice finished with 14 and Dino Flowers had 12 in the win. Bradshawn White had nine and Jeremy Neely five in the loss. The second game saw the Winton Stars pound the Galilee Academy Crusaders No.2 44-34. Dejan Smith scored 18 and Charles Walker had 14 in the win. Demetrius Forbes scored 12 and Savant Laing added 11 in the loss. In the feature contest, host St Paul's Baptist held off New Dimension 29-26. McClain Higgs scored nine and Tunde Davis chipped in with seven in the win. Donovan Rolle had eight and Gregory Lock hart six in the loss. T T R R A A C C K K R R E E V V S S M M I I T T H H M M E E E E T T THE Baptist Sports Council is scheduled to hold its 2010 Rev Ellerston Smith Track and Field Classic on Saturday at the Thomas A Robinson Track and Field Stadium. The meet is expected to have an official opening ceremony at 9:30am and the first event is slated to begin at 10am. The meet has been sanctioned by the Bahamas Association of Athletic Associations (BAAA Bahamas Association of Certified Officials will officiate. Competitors from at least 10 different churches and the two Baptist schools Jordan Prince Williams and Charles W Saunders are expected to participate in the under-7, under9, under-11, under-13, under-15, under-17 and open male and female divisions. There is also expected to be a race for the pastors and ministers. V V O O L L L L E E Y Y B B A A L L L L N N P P V V A A R R E E S S U U L L T T S S ON Wednesday night at the D W Davis Gymnasium, the Scottsdale Vixens took to the court and defeated the Lady Techs in three straight sets 25-23, 25-20 and 25-18. Anishka Rolle led the Vixens with seven points in the win. In a losing effort, Rochell Henfield scored six for the Techs. In mens action, Tony Simons game-high 18 points led the Scotia Defenders over the Saints in four sets 25-20, 25-18, 27-29 and 25-16. Chauncey Cooper finished with a side high 15 points for the Saints. The league is scheduled to continue tonight with another double header set for 7pm. N N E E W W S S N N E E W W R R A A D D I I O O S S T T A A T T I I O O N N O O P P E E N N I I N N G G AFTER much anticipation, the Grand Opening Tailgate Party of Sports Radio 103 will be held at noon until on Saturday at the Dew gard Plaza, Palmdale. The station will feature such per sonalities as Marcellus Hall, Denaz Jones, Jean Bubbles Minus and Ivan Showtime Francis as they broadcast sports on a 24hour basis. S S O O F F T T B B A A L L L L E E X X U U M M A A S S O O F F T T B B A A L L L L A A C C T T I I O O N N THE Exuma Church League is expected to continue its softball action Saturday with the following games on tap: 6pm Church of God Ferry vs Soul Winners 7pm Mt Carmel vs St Margaret's Stuart Manor 8pm St Peters vs Church of God of Prophecy 9pm Gilead Full Gospel vs Palestine Baptist C C A A F F L L F F O O O O T T B B A A L L L L THIS weekends Commonwealth American Football League schedule is expected to feature a matchup of undefeated teams with the V8 Fusion Stingrays taking on the Jets, while the Orry J Sands Pros are all set to face the Sunburners. B B O O W W L L I I N N G G CONSIDERED a fringe sport, bowling looks to raise its profile in the capital now that the proper facil ities exist. Marios Bowling and Entertainment Palace seeks to part ner with schools throughout the country. So far, Garvin Tynes Primary has been the lone school to take advan tage of the programme and has brought dozens of young new players to the game who previously did not have the opportunity. SPORTS IN BRIEF N ational F ootball League Picks: Week 8... See page 14 By BRENT STUBBS Senior Sports Reporter firstname.lastname@example.org I t was payback time for Our Ladys Blue Flames yesterday as they avenged their sweep by the St Bedes Crushers in the Catholic Diocesan Primary Schools basketball championships. In a game that was delayed Wednesday because of rain, the Blue Flames routed the Crushers 23-9 to hand the defending champions St Bedes their first loss in two games. It was Our Ladys third win in four games, but coach Rohan Parks is already looking past the regular season and has his team eying the championship title this year. We had a rivalry going from last year. They beat us by one point in the first game of the final before they won the title in the second game, Parks painfully remembered. We have a fairly young team this year, but its very balanced. We just have to stay mentally tough and once we can establish our game around our star player, any thing but the championship would be a failure. With so many of the top players graduated from the league, Deangelo Mackey, who quietly assumes the role as the leading player this year,i gnited the Blue Flames with a game-high 15 points. Although he single-hand edly did the damage against St Bedes on their home turf, Lucentre Paul chipped in with two points. The Crushers, who havent p layed since they won the season opener against the St Thomas More Sparks on October 18, got five from Makarios Russell to lead a balanced scoring attack. We practiced almost every day, but what we practiced, the guys didnt come out here and executed, said coach Ricardo Freemantle, who works along with Donnie Culmer. I think if we had passed the ball a little more, rather than hogging it, we would have played a lot better than we did. But we had some guys who played well and some who didnt. Despite not having played a game in over a week, Freemantle said it shouldnt be any excuse because we practiced. We just didnt execute what we did in practice, he added. Last year with the go-toman in Kyle Flash Turnquest, the Crushers always found a way to rally from a deficit. This year, they dont have that leader who can take over a game. That was what Deangelo Mackey did for Our Ladys. The Blue Flames opened a 3-0 lead and they were able to hold on for a 6-3 advan tage as Mackey paced the way with four points, including 2of-4 free throws. It turned out to be a defensive battle in the second quarter as both teams held the other scoreless, despite the fact that they both had numerous opportunities to score. But to start the third, it was Deangelo Mackey, who once again came up big. He opened up with a lay-up and Our Ladys went on a another 6-3 spurt to post a 12-6 margin at the half, thanks to two consecutive jumpers from Paul. Just like he did in the third, Mackey opened the fourth on a jumper and Enrique Forbes added another to extend their lead to 16-6. St Bedes got on the score board in the quarter on Michael Brennens jumper for a 16-8 deficit. But that was the closest they came the rest of the way. Mackey was unstoppable down the stretch as he did just about everything it took to win rebound, pass and score as Our Ladys celebrated at St Bedes. Payback time! Blue Flames avenge sweep with rout of Crushers TOP PLAYER: Blue Flames Deangelo Mackey handles the ball yesterday. Our Ladys won 23-9. P h o t o s b y F e l i p M a j o r / T r i b u n e s t a f f BLOCK: Crushers Stevejay Whylly gets a block. BALL HANDLER: Crushers Makarios Russell in action.