N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER V olume: 107 No.82MONDAY, FEBRUARY 28, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER SUNSHINE ANDBREEZY HIGH 84F LOW 71F B U S I N E S S SEESECTIONB S P O R T S Hostile $12m AML offer is withdrawn SEESECTIONE Pacers set to face Stingers for title By MEGAN REYNOLDS Tribune Staff Reporter firstname.lastname@example.org P ETROLEUM retailers losing out on the rising costof fuel are calling on the government to give thems ome relief as they fear fur ther rises in fuel prices will put them out of business. A group of 18 retailers, braced for the impact a hefty rise in the cost of crude oil will have on their businesses, have written to the Ministry of Finance in anticipation of b eing priced out of the mar ket. Retailers are restricted to taking 44 cents for every gal l on of gasoline they sell, and 19 cents per gallon of diesel, regardless of the price theyp ay for fuel, and want the government to ease restric tions before they are driven o ut of business. O il prices stabilised on Friday after unrest in the Middle East drove the price of crude oil to more than M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM Oil price sparks fuel cost fears I N S I D E SECTIONINSIDE Real Estate Retailers call on govt for relief By AVA TURNQUEST T ribune Staff Reporter a email@example.com VICTIMS of armed robb ers are urged not to with hold their possessions following the fatal shooting of a 27-y ear-old man. According to police, a Domingo Heights resident became the countrys 17th murder after he resisted two masked armed men who entered his home demandingc ash. The robbers were armed with a shotgun and a hand gun. P olice spokeswoman Sgt Chrislyn Skippings said: PerSEE page thr ee MAN SHOT DEAD AFTER RESISTING ARMED ROBBERS THE Tribune would like to clarify that Patrick Terrence Robinson is not a PLP webmaster, nor is he affiliated with that party in any way. Both Mr Robinson and a PLP webmaster took separate videos of Wednesdays anti-PLP demonstration. He was wrongly confused with the webmaster after a PLP operative, without identifying himself as such, approached Mr Robinson about posting his video on the internet. Mr Robinson said he had no idea how his video was going to be used, and has distanced himself from any comments attached to versions of the video appearing on various websites. CLARIFICA TION SEE page 13 By NOELLE NICOLLS Tribune Staff Reporter firstname.lastname@example.org GOVERNMENT officials project the public will see visible changes to Carmichael Road shanty towns in the next year. Brensil Rolle, Garden Hills Member of Parliament and Parliamentary Secretary in the Ministry of Housing, said the work of transforming shanty towns located on government property has already begun. He said the gov ernment is using a system atic approach to dealing with the problem. Our intention is to make the community a clear and properly devel oped subdivision. One year from now there ought not to be squatters (in Pride Estates). The shanty towns there should be gone and in its place there should be a beautiful sub division with all the amenities that are in any regular subdivision. That is our By NOELLE NICOLLS Tribune Staff Reporter email@example.com THE opening of the new US departures terminal at the redeveloped Lynden Pin dling Airport will have an immediate impact on the growth and development of the tourism industry, said Robert Sands, former president of the Bahamas Hotel Association (BHA senior vice president of administration and external affairs at Baha Mar. From Baha Mars per spective we congratulate the Nassau Airport Development (NAD lous US departures terminal. We believe it will certainly go a long way in the visitor experience. It will complement the product improvements happening in the country with Kerzner, Baha Mar, the Corridor 7 road linking Thompson Boulevard to the rerouted West Bay Street said Mr Sands. Baha Mar, the BHA and Kerzner International have jointly lobbied the government on the issue of the air SEE page two SEE page 13 NEW TERMIN AL WILL HAVE IMMEDIATE IMPACT ON THE TOURISM INDUSTRY VISIBLE CHANGES T O CARMICHAEL ROAD SHANTY TOWNS IN NEXT YEAR FOR its second year, the Empty Bowls event gave members of the public the chance to buy unique art a ceramic bowl and tasty soup, while being entertained by ceramic art techniques, musical and dance performances. The proceeds will go to local charities to feed the hungry. The afternoon of family fun, food, art and entertainment was held yesterday at the Sheraton. T i m C l a r k e / T r i b u n e s t a f f EMPTYBOWLS EVENTSERVESUPARTANDENTERTAINMENT
L OCAL NEWS P AGE 2, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM p ort over the years. The industry groups share the view that a state of the art airport is an important ingredient for tourism success. One of the airports notable c ritics has been Sol Kerzner, c hief executive officer of Kerzner International. During the launch of phase three of the Atlantis Resort he called the airport one of thew orlds worst and said it was t otally out of step with the t op-end nature of the Bahamian tourism product. The official opening ceremony of the LPIA redevelopment phase one was heldo n Friday. The estimated cost of phase one was $190.8million. Phases two and three have already received Cabinet approval. Prime Minister Hubert Ingraham estimated their cost at $138.3million and $71.98million, respectively. Infrastructurally the Bahamas is transforming itself; repositioning itself tot ake advantage of tourism in t he future. I think it augurs well. It was a job well done. A first class facility and all Bahamians can be very proud, said Mr Sands. I think it will make an i mmediate impact. You cert ainly had a facility that was highly criticised. You now have one that is totally transformed, in this phase. As we complete additional phases itw ill only enhance the reputat ion of the Bahamas as a serious player in tourism industry in this hemisphere, he said. F ROM page one N EW TERMINAL WILL H AVE IMMEDIATE I MPACT ON THE T OURISM INDUSTRY S CENES f rom the opening of the new terminal.Photos courtesy/ S honalee Johnson
By AVA TURNQUEST Tribune Staff Reporter a firstname.lastname@example.org NEGOTIATIONS between the Bahamas Electrical Utility Managerial Union and Bahamas Electricity Corporation's execut ive management have improved following last weeks cordial meetings. B oth groups acknowledged the progress made by negotiating teams so far, and e xpressed their confidence t hat conditions would not d eteriorate. M ichael Moss, BEC c hairman, said: We had t wo cordial meetings between the negotiation teams, further meetings are planned during the course o f this week. We are hopefully, based on the cordial nature of the discussions so far, that we will come to a satisfactory agreement. Ervin Dean, union president, said: The numbers a re not as offensive as they w ere last week. The discuss ions have been very cordial and it appears that they are more willing now to comea nd resolve these things. Well just go though and see what happens. Mr Dean said BECs e xecutive management team were due to present their calculations after the bodies d iscussed figures at their last m eeting on Thursday. M ore than 80 per cent of the Bahamas Electrical Utility Managerial Union voted to strike on February 18. The union filed a strike request with the Ministry of Labour earlier this month d ue to the stand-off over n egotiations for a new i ndustrial agreement and salary increases. In a statement last week, t he corporation sought to defend its previous offer, a draft agreement to the union covering the initial, expired, t hree-year period. The statement read: The draft agreement provides for l ump sum payments to be m ade to union members in r espect of each of the expired years, in addition to the increment payments union members would have already received. The intention is for salary adjustments to be provided for in the seco nd, three-year agreement. T he statement also noted t hat managers received annual increases of approximately three per cent, byw ay of salary increments, despite the corporations recent history of losses totalling almost $76 million o ver a five-year period and the recent tariff increase imposed on consumers. B EUMU's last industrial a greement with the utility company expired on September 30, 2007. According to Mr Dean, a clause in the agreement, article 47, dict ates that the old agreement w ill stand until a new cont ract is signed. Last week, Mr Dean warned that if the next scheduled meeting did not g o in their favour the union m ay have to withdraw l abour. In an interview with The T ribune e arlier this month, M r Dean said that due to his union's small numbers about 100 members compared to the 1,000 line staff union BEC's executive management is "more afraid of the workers resorting to i ndustrial action and cutting o ut the lights" than strike action from BEUMU. H owever, he said the memb ership would not engage in any "sabotage." S peaking to T he Tribune y esterday, Mr Dean said: They should be providing us with some information at the next meeting. Once wed o that everything should start to fall in line very quickly. LOCAL NEWS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BEC union, executive management negotiations improve after meetings s ons who may be confronted by armed men or robbers, were asking them to comply with the request. Try to remain calm, try to get as much description as you possibly can from the culprit. The victim was discovered lying face down inside his apartment shortly after 10pm on Saturday. He wasw earing a yellow T-shirt and denim shorts. The mans identity has not yet been released by police, however it is believed he was a phone card vendor of Haitian descent. As police investigations continue, victims are urged to fully scrutinise their assailant; looking for any scars o r markings on their arms, face, and neck, in addition t o clothing, height and physical build. Sgt Skippings said: Anything that can assist the police in bringing the matter to a closure, for us toa pprehend the culprit. Dont try to fight back. Exercise s afety and preserve your life, valuables can always be replaced. She added: We want to appeal to residents, they h ave been doing a tremendous job of calling in reference to firearms and drugs. Please continue to assist us in our effort to create a safer Bahamas. A nyone with any information which may assist police investigations should call 911, 919 or call Crime Stoppers anonymously on 328-TIPS (8477 MAN SHOT DEAD AFTER RESISTING ARMED ROBBERS EMOTIONAL S CENES after Saturdays shooting. Tim Clarke /Tribune staff Share your news The Tribune wants to hear fr om people who ar e 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. CORDIAL MEETINGS: M ichael Moss Progress acknowledged by both teams FROM page one
CASE law suggests that at Privy Council level, the government would be exceeding its constitutional powers if it grants three-year exclusivity to Cable & Wireless for providing mobile service, claims Fox Hill MP Fred Mitchell. In a letter to the Utilities Regulation & Competition Authority (URCA the regulatory body not to grant approval for the sale of BTC. He said if it did, the action would make the organisation party to an unconstitutional result. At best, before making a decision, it should require the applicants to address the question as to whether or not the exclusivity arrangement offends the constitution, he said. The MP asserts there is no evidence to show the change in control of the company will result in greater benefits for consumers. The reputation of the proposed new owners suggests quite the contrary, said Mr Mitchell. I assert further that the change in control will not mean a lessening of prices for consumers, but will mean quite the opposite. There is no evidence to suggest in the Caricom region where Cable and Wireless also operates that the prices to consumers are any less than the prices that Bahamians now pay. This proposed change of control is therefore not in the public interest. Mr Mitchell said there should be public hearings to enable the optimum ability for representations to be made for or against approval. On Friday, BTC workers protested outside of URCA offices calling for "foreign" CEO Usman Saadat to "leave the country" because of his former ties with Cable & Wireless. The demonstrators, about 30 to 40 members of BTC's two unions, carried placards which read "URCA cannot be trusted" and "URCA got to go." The group marched on the sidewalk outside URCA's East Bay Street office, sang, some waved Bahamian flags and chanted "Usman got to go". They demonstrated because of Mr Saadat's "conflict of interest" he is a former C&W executive who left the company in 2008 said union leaders. They argued that the regulator's scrutiny of the sale will be "flawed" due to Mr Saadat's history with the company. Union heads want the government to create a new independent body to scrutinise the sale of BTC to Cable & Wireless, arguing that employees at the current regulator have too many "coincidental" ties with the UK-based telecommunications provider. It was recently revealed that Marsha Lewis, a human resources consultant to URCA, worked at C&W until 2009. Mr Saadat left the company in 2008. Union leaders also find it worrisome that an IT executive at BTC is also a former employee of C&W. Mr Mitchell also expressed anxiety about the involvement of Mr Saadat and Ms Lewis in the decision-making process. Each has had a relationship with Cable and Wireless which is so proximate that contaminates the entire process. I take formal objection to this matter being considered by URCA in the circumstances of those individuals being a part of URCA, he said. The Fox Hill MP pointed out that the agreement between Cable & Wireless requires a three per cent management fee to be paid to Cable & Wireless to manage the Bahamian entity. This means that the owner of the majority shares will be charging a fee and the minority shareholders will bear the costs of that fee, said Mr Mitchell. If URCA is minded to agree to the change of control to which I object, then a condition ought to be added to your adjudication by restricting the right of BTCto pass those management fee costs on to the consumer. I note further the intention of the government to extend the exclusivity period on cellular phones for an additional 12 months. LOCAL NEWS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM >Q[QWVWPM/TWZQW][IV Three-year Cable & Wireless exclusivity for mobile service would be unconstitutional FOX HILLMP Fred Mitchell has spoken out against the sale of BTC.
By NOELLE NICOLLS Tribune Staff Reporter email@example.com OWNERS of a Palmdale c omplex are working to r esolve a misunderstanding which arose over a disabled parking spot. A meeting is expected to take place today between t he owners of the complex a nd the three tenants: Starbucks, The Bahamas Foot Centre and ABC Prosthetics and Orthotics, a clinic which caters to physicallychallenged clients and offers free services for busin esses to detail their handi cap spots. The problem emerged a fter ABC Prosthetics crea ted a handicap spot for S tarbucks customers in the front parking lot. There is a large parking lot to the rearo f the building for customers of the three establ ishments, but there are only ten spots in the front. Four of them are now disa bled spots: three designate d by ABC Prosthetics and o ne commissioned by the local Starbucks branch, according to Erin Brown, volunteer amputee at ABC P rosthetics. T he Starbucks franchise h ead office was not aware o f the arrangement b etween ABC Prosthetics a nd the Palmdale branch, neither were the owners of the complex. Both were surprised to learn about complaints from some patrons. Owners of the complex s ay no one is taking responsibility for authorising the designation of the news pot. They are refuting the claim that they asked Starbucks to remove the spot. T ribune s ources claim the whole thing seems to b e a misunderstanding, because one of the owners only asked what they were doing and who authorised i t. She never said remove i t. She said she wanted to c heck into it, said the s ource. T ribune s ources say the o wners have always been sympathetic to the less fortunate in the community and are constantly involved with charitable activities, including working with the disabled. O ne Starbucks patron, who parked in the new disabled spot without a properd ecal, had a problem w hen she was asked to m ove, said a source. She was said to know the owner, and complained aboutt here being too many spots. Ms Brown said she was saddened by the response of some patrons, particularly because two of the three establishments on the complex cater to people w ith disabilities. A client at the Bahamas Foot Centre told the Tribune that medical patients h ave complained for some time about the lack of adequate disabled parking spots. She said there hasb een little to no unders tanding over the years; no sympathy, empathy, compassion, and no love. Ms Brown said she was appalled by some of the offensive comments made by patrons, andt hought it was the height of laziness that propelled s ome customers to complain about having to use the back parking lot. O wners are now working to come up with a com promise. A request was made for the owners top resent a written request asking for the spot to be removed. Tribune sources s ay the owners are not writing a letter, because they have no problem witht he spot as long as all of the tenants are in agreem ent. If it is removed it will be a mutual decision, saidt he source, and the owners will go along with whatever decision the tenants collec tively agree to. They are a sking the public to respect whichever decision is made. W ith some Starbucks patrons complaining, Tribune sources said the intere sted parties dont want to jepordise their own busin ess, while they want to show they are sympathet ic to the disabled. We are currently attempting to resolve the matter in the best interest of all concerned, said thes ource. L OCAL NEWS P AGE 6, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Misunderstanding over disabled parking spot Meeting expected between owners of complex and three tenants O WNERS o f the complex are working to resolve the misunderstanding over the disabled spot.
L OCAL NEWS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM EVENwhile lauding progress on gender equity in education and employment opportunities, Minister of S tate for Social Development L oretta Butler-Turner said t hat with the rapid advancement in information and communication technology (lCT ronment, there is still much work to do in the Bahamas to increase the level of participation by women and girls in t he fields of education, traini ng, science and technology. Mrs. Turner was addressing the 55th session of the Commission on the Status of Women (CSW vened at the UN under the theme access and participat ion of women and girls in e ducation, training, science a nd technology, including for t he promotion of womens e qual access to full employm ent and decent work. During her address, Mrs. Turner reaffirmed the commitmentof the Government of The Bahamas to globally recognized goals for access for women and girls to educat ion and employment and urged the elimination of gen der barriers in order toe mpower women and girls to f ully participate in the scien t ific and technical global environment. The minister said that the E ducational and Employment Acts of The Bahamas ensure equal educational rights for boys and girls andf ull employment and decent work for men and women. Increasingly girls are pur suing subjects that have tra d itionally been regarded as male subjects in response to the changing demands of the local labour market, she r eported. One of The Bahamas s uccess stories in promoting n on-traditional educational training and employment opportunities for young people is the establishment of The Bahamas Technical and Vocational Institute (BTVI which has seen greater numb ers of females seeking careers in agriculture, con struction engineering, elec-t ronics, and automotive and e lectrical engineering and t echnology. Mrs. Turner also pointed out that a significant numbero f women currently hold high-level administrative and faculty positions throughout the educational system ofT he Bahamas, including sev eral leading associate and assistant professors in the natu ral sciences and environm ental studies and some who h ave served as Chair of the N atural Sciences Division at the College of The Bahamas. While these are notable achievements, I am well aware that this is not enough, the minister said. With the rapid advancement i n information and communication technology (lCT shaping the global environm ent, we still have much w ork to do in The Bahamas t o increase women and girls participation in the field of education, training, sciencea nd technology. An over whelming number of female graduates are still inclined to pursue careers in the human i ties, social sciences, and judi cial fields. The Bahamas reaffirms commitment to gender equality and advancement of women MINISTER OF STATE for Social Development Loretta B utler-Turner
B y SIR RONALD SANDERS (The writer is a Consultant and former Caribbean Diplomat) T HE Caribbean will not escape the amazing events the world has witnessed in North African and MiddleEastern countries over the last few weeks. The first i mpact the region will face i s economic as both oil prices and aviation fuel escalate in price rapidly. As I write this commentary, crude oil future pricesh ave reached US$116 per b arrel with the chances that t hey will rise still further as the popular resistance a gainst Libyan autocrat Muammar Gadaffi grows and his violent response expands. The market is also jittery over worry that the mass protests that haves wept across several MiddleE astern countries will spread to Saudi Arabia which had earlier pledged to increase oil production in order to meet short-falls in demand created by disruption to outp ut in Libya, Egypt, and B ahrain. Middle-East experts are declaring themselves by no means certain that Saudi Arabia will escape social disruption. The worry is that the h eightened prices for oil will f eed its way into the worlds economies causing a leap in inflation and dragging down the still fragile recovery in the United States and European Union countries from w hich the vast majority of tourists to the Caribbean come. Apart from a decline in tourism, airlines have begunt o slap increased fuel charges on their already expensive a ir fares discouraging travel from Europe to the Caribbean. The worst effect of this will be felt by tourism travel from Britain whose g overnment already has in f orce an Air Passenger Duty t hat is higher than a similar d uty on US destinations as far away as San Francisco a nd Hawaii. Many Caribbean e conomies including those in the clutches of an Intern ational Monetary Fund p rogamme had been relying on quicker economic r ecovery in the US and E uropean Union countries t o bolster their tourism reve nues this year and so improve both their economi c growth and employment, both of which have declined. Measured by the effects ofh igher oil prices and costs of a viation fuel, a dramatic increase in tourism now l ooks unlikely this year. Worse yet, once the global increase in oil prices permeate through Caribbean e conomies, prices for food, electricity, transportation and manufacturing will all i ncrease putting pressure on p opulations that are already experiencing a decline in their earnings in real terms, increased taxes and growing unemployment. For the Caribbean, theref ore, whats happening in the M iddle-East is not simply a television drama or a distant uprising; its a disastrous development in real time that will have tough conseq uences for the regions e conomies. H igher oil prices will also create even greater reliance by some Caribbean governments on the largesse of Venezuelan strong man,H ugo Chavez. Under the Petro Caribe arrangement, the Venezuelan government p rovides oil to participating Caribbean countries under a system by which they pay ap ortion of the price upfront with the balance converted to a loan on concessionaryt erms. The problem about t his is that the debt of these countries to the Venezuelan government is rising expon entially, placing them increasingly in thrall to Chavez and his domestic andi nternational policies. I f this arrangement continues, beyond the greater influence that Chavez will be able to exercise over the Caribbean countries that are highly indebted to his gov-e rnment, the size of the actual monetary debt will become a larger burden to many of these nations. At some point, in the future the debt will have to be paid. I t may be that some C aribbean governments are operating under the expectation or hope that Chavezw ill eventually write-off the debt. If this is the thinking, it is dangerous not only because Chavez may not bei n a position to write-off the debt, but he may not even be in power and a Venezuel an government more f ocused on its domestic development could both insist on repayment, and bring the Petro Caribe arrangement to an end. The region cannot pursue itse nergy security and its debt s trategy on a policy of flying on a wing and a prayer. Chavez himself is no longer the undisputed populist leader of Venezuela. H is resort to expropriating p rivate businesses, including V enezuelan-owned small and medium-sized enterprises; his closing down of media on the claim that they oppose him; his jailing ofp olitical opponents; and his attack (not for the first time on the Secretary-General of t he Organisation of American States, Jose Miguel Insulza, over concern abouth is actions in Venezuela that contradict the spirit and letter of the OAS Charter allo f these indicate an element o f desperation and instabiliP AGE 8, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The galloping hooves of history: Lessons from strong man politics WORLDVIEW SIRRONALDSANDERS HIGHER OIL PRICES will create even greater reliance by some C aribbean governments on the largesse of Venezuelan strong man, Hugo Chavez (above
ty in the regime, and cert ainly speaks to disaffection i n the Venezuelan community not unlike the brew that had been steaming in the Middle-East for some time before it boiled over. Chavezs detention of a f emale judge, Maria Lourd es Afiuni, has caused the United Nations Working Group on Arbitrary detention to add her to its list of arbitrarily detained personsa nd the Inter-American C ommission on Human Rights has called for her to be tried or released. But, it seems that Chavez is deaf tothe hooves of history that have galloped through NorthA frica and the Middle-East t oppling those who treated civil and political rights withs cant regard. In this connection, the policy of successive Barbad os governments to stay out of Petro Caribe and to meet payments for oil as neces-s ary, may prove beneficial to that nations autonomy in policy formulation and decision-making. Trinidad and Tobago, of course, as a producer of oil and gas itself did not need to engage Chavezo n Petro Caribe and remains outside of his debt. The current volatility in oil prices caused by these p olitical developments s hould cause Caribbean countries to address the problems of energy security and the effect of high oil prices in a collective manner, and to start that process bys tudying in a rational and m ature way what they could do amongst themselves, and then how they could engage collectively in the international market. T here remains room for s ensible and meaningful discussions between Trinidad a nd Tobago and the other m embers of the Caribbean Community and Common Market (CARICOM maybe even for oil swop deals with Belize and Suriname who now produces ome oil, if there is a genu ine will for regional cooperation. What is certain is that the Caribbean region which prides itself on upholdingd emocracy and human rights c annot stand by regimes that are despotic. The tide is b eginning to turn, and not e ven the United States has been able to support its longtime allies in the face of popular revolt. Promises were made to several Caribbean countriesb y Gadaffi. I t is doubtful that he can now help himself, let alone them. Responses and previous c ommentaries at: w ww.sirronaldsanders.com THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The Mercedes-Benz C-ClassYour most enjoyable drive ever.T he Mercedes-Benz C-Class is a pleasure tobehold offering a new interpretation of driving pleasure. Its taut lines lend it an a ir of effortless superiority while the wide radiator grille and distinctive rear section announce a vehicle with a real presence and dynamic personality. Few cars can compete with its ability to adjust so many facets of its character from the interior to the drive technology so quickly and precisely in response t oexternal conditions and your own particular needs. The key to this flexible response is the standard-fit Agility Control Package which includes selective damping. The interior offers noticeably more space and a more distinctive atmosphere tosuit your taste. As you will see, the C-Class is the perfect embodiment of the Mercedes-Benz philosophy.Tyreflex Star MotorsWulff Road, P. O. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 Fax 242.323.4667OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY. ttr t $&$&,(&'brr'!#' *&)" '$!!$+' '%&+ b %&+ ( BETTYK AGENCIES L TD PARKING BAYSTREETV I C T O R I A A V E N U EWATERFRONT Lessons from strong man politics
By CONSTABLE 3011 MAKELLE PINDER JOGGINGis a great form of exercise that one c an do at their leisure, howe ver while enjoying this p articular activity, one has to take some form of precaution for their safety. A frequent error that jogg ers or runners make is that t hey become so preoccup ied in their physical activi ty; they fail to be alert and p ay attention to their surr oundings. There are precautions o ne has to take ranging f rom all topics, which are l isted below. AREA Alwaysmake sure to run in an area that you are familiar with and that is safe and do not jog or run near bushes, which can provide c oncealment. T his way you will not get lost at you know the particular area and also if it is safe the crime rate will be low. Always jog or run with a known companion. M P3s A lot of joggers carry a m usic player along with them; make sure this is hidden as possible, by putting the wires underneath clothing instead of out of it. Also do not continually get it out to change the song as this can attract thieves. F urthermore, also when j ogging keeping wires tucked inside of clothing makes the risk of tripping over wires very slim. The headphone may come out of your ears and fall to the floor thus you t rip over it, but when t ucked in it will not do this. In addition, always make s ure that you can hear b ackground noise and neve r turn up your player so that you cannot. D OGS Some runners are afraid of dogs, and may see a few dogs on their journey. If you are extremely afraid and dislike dogs, try to avoid these situations. If y ou see a dog by far take a d ifferent route or stay far a way as possible. However, inevitably s ometimes you will e ncounter dogs on your jogging expedition, so make sure to keep calm and not be tempted to run away as they may chase you or if a dog does attack, try to "Feed" it your workoutj acket or other item of clothing. Remember to also carry s ome canine repellent just i n case you are approached by a attacking dog. CLOTHING A lways make sure to wear appropriate clothing for the environment. I f it is a cold environment wear clothing that will keep you warm such as a track suit. I f it is a hot environment k eep cool with light cloth ing that will keep you cool. In addition, choose appro-p riate footwear and make sure to tie the laces prop erly as you can trip over them. WATER If you get thirsty easily or for safety, it is best to carry a water bottle with you, this will keep you hydrated. Some people may get v ery thirsty and tired during t heir run so drinking water w ill cool you down. MISCELLANEOUS I f you have asthma make sure to always carry your pump with you, even if you feel you may not need it. Also if you are carrying keys or a phone with you keep it in a safe place where i t is not likely to fall out. W hen jogging, make sure to make the experience asp leasant as possible by taki ng these precautions. Always Remember the B Three As: Be Alert, Be Aware, and Be Attentivet o your surroundings at all times. Should you be a victim of crime while jogging, please do not resist but take note of the description of the culprit e.g. his appearance,c lothing, height, physical d etails and the direction or mode of escape. Call the Police as soon as it is safe to do so. If you come across any suspicious person(s ing around your business orh ave any information per taining to any crime, please do not hesitate to contact call the police emergency at or Crime Stoppers at 328-tips (New Providence), 1-300-8476 (Family Islands) L OCAL NEWS PAGE 10, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM #66'06+1072$//&,9,/(59$176 7KDWVULJKWD/RDQDSSURYHGZLWKLQKRXUV 38%/,&:25.(56&2(5$7,9( &5(',7,21/,0,7(' 6$925,&(6 $GGDQDGGLWLRQDO-XPER&KHHVHOLFH $GGDQDGGLWLRQDO-XPERHSSHURQLOLFH $GGDQDGGLWLRQDO-XPERSHFLDOW\OLFH*(77,1*(5621$/ 7RSSLQJL]]D&KHHV\%UHDGt 7RSSLQJL]]DSF%XIIDOR%%4 7 &DOODQGDVNDERXWRXUGDLO\/LJKWDQG)LWPHQX LQLPXP'HOLYHU\&KDUJHrr $YDLODEOHVRGDV &RNHRRW%HHU 6SULWHDQG*RRPED\ $GGFKHHV\EUHDGWRDQ\RUGHUIRU $GG ZLQJV SFZLQJVWRDQ\RUGHUIRU $GG DQ DGGLWLRQDO GULQNWRDQ\RUGHUIRU /XQFK 0HQXLVDYDLODEOH IURP $OOHUVRQDODQVLQFKHVVTLQFKHVf VTLQFKHVf -XPEROLFHVVTLQFKHVf Royal Bahamas Police Force National Crime Prevention Office SAFETY TIPS FOR JOGGERS CONSTABLE 3011 MAKELLE PINDER
L OCAL NEWS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bs MORE than 150 pilots packed a room at Showalter Flying Service, in Orlan-d o to hear an instructional d iscourse by the Federal Aviation Administration (FAA navigation across the waters from the Florida coast to The Bahamas. T he seminar Lets fly to t he Islands of the Bahamas with Mark Griffin, FAA examiner for the North Florida FSDO, and an experienced Bahamian traveller, was one of the highlights of a successful Bahamas Day 2011 event. O rganized and hosted by Showalter, a Bahamas Preferred Gateway FBO, the Saturdays event drew several hundreds that included pilots and others in the avia tion industry, as well as m embers of the public interested in learning more about The Bahamas and itsc ulture. The event marked the second annual Bahamas Day the first was hosted b y Banyan Air in 2010 to p romote The Bahamas and the ease of flying there. In addition to the FAA s eminar, other seminars included "Preflighting Your Passengers for Over-w ater Flight" and Pull the C ord a live life raft demonstration with Amy Laboda. A spectacular J unkanoo performance, Bahamian food, including conch fritters cooked too rder and a fully-regaled Bahamas police officer all contributed to the event and delivered an authentic taste a nd feel of The Bahamas to the hundreds that attended. The aim of the Bahamas Day event is to educate general aviation pilots on thee ase of flying to The B ahamas as well as to promote The Bahamas to the general public. The booths at the event showcased information on accommodations, dining,a ctivities and shopping in T he Bahamas, as well as provided general aviation pilot information and equipment. Among the sponsors of this years event was AOPA, respresented on site by its vice president, pilot infor-m ation, Woody Cahill. Other sponsors included Odyssey Aviation, Pilot Publishing Pilot's Guide Pilotmall.com, Our Lucaya Resorts, Fernandez Bay V illage, Stella Maris Resort, T reasure Cay Hotel Resort & Marina, Cape Eleuthera Hotel and Resort, BiminiB ig Game Club and Hope Town Hide-away. Bahamas day is a featured marketing initiative of The B ahamas Ministry of T ourism and Aviation. Under the leadership of Greg Rolle, chief aviations pecialist and his team, the ministry has over the past f ew years launched a strateg ic marketing campaign a imed at capturing its share o f the lucrative aviation market that boasts near 50,000 general aviation pilots in the Florida market alone. Pilots attend Lets fly to the Islands of the Bahamas seminar in Orlando AN AERIAL VIEW of some of the 30 planes that flew into Showalter Flying Service, Orlando Florida's FBO, for Bahamas Day 2011. A GROUP SHOT OF VENDORS sponsors and organisers of Showalter Flying Service, Orlando, Florida's successful Bahamas Day 2011.
U .S. Embassy volunteers gathered on West beach on February 17 for their fourth weekly beach cleanup since the beginning of January.T he effort was spearheaded b y The U.S. Coast Guard ( USCG) in collaboration with the Ministry of Environment to help ensure that the Bahamas remains green, clean and pristine. U .S. Coast Guard D eputy Director, Tonya Kelley, has been the driving force behind the weekly cleanups because as she puts it she takes her role as a guest in The Bahamas very s eriously.Local beach trash increased just before Christm as when a vessel marooned off the coast of Blackbeard Cay caused c ountless items to wash up on shore. Elizabeth Parks experienced this first hand during the inaugural clean up ine arly January, which was o ne of the busiest. We moved clothes, box springs, and even two mattresses, Ms Parks said. We love The Bahamas and its beaches and we want tod o anything that we can to h elp keep them clean, she added. Cleaning the beaches of New Providence is part of the U.S. Coast Guards overreaching philosophy of e nvironmental protection and responsibility. L ouie Parks, the Director of Operation Bahamas Turks and Caicos ( OPBAT), believes that the partnership with the Ministry of Environment, which has assisted by hauling away collected trash, is pivotal. The Ministry of the E nvironments participation i n the OPBAT-USCG programme also serves to motivate and sustain the spirit of the volunteers involved, Parks added. T he U.S. Embassy volunt eers plan to continue the beach-clean-up programme on a weekly basis for the foreseeable future.They hope that their efforts will encourage other local organ izations to protect The Bahamas natural beauty by s tarting similar beach cleanup programmes around New Providence. L OCAL NEWS P AGE 12, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM US Coast Guard spearheads weekly beach clean-ups on New Providence SOME OF THE U.S. EMBASSY VOLUNTEERS who participated in the beach clean-up.From left, back row: R obert Lee Kruger; Beth Tucker, Tonya Kelley, Louie Parks. Front row: Meg Fisher and Trevor Glasgow. U.S. EMBASSY VOLUNTEER Marta Encarnacion participates in the cleanup effort.
LOCAL NEWS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 13 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM g oal and that is what we h ope to achieve, said Mr Rolle. The government is only b eginning to put in the rough infrastructure for the initial 90-lot develop ment, but once the subdivision is redeveloped it is expected to have 132 lots, which will include public open spaces, a commercialc entre, recreational centres and business opportunities, said Mr Rolle. I t will cover the area of S ous Wach, Government Yard, Mackey Yard, Mar garet Yard, and the Rastafarian Camp. There is a process that must be followed when dealing with human beings.A lthough you may come to a plot of land that is owned by the government there is a system in place that the g overnment itself must foll ow. So, yes, the vast major ity of Bahamians would like to see immediatea ction taken, to see the government roll in and bulldoze the communities, and perhaps many of them may feel justified in doing that, but I think sound and good thinking Bahamians realise a process must take place before these things can happen, which is why we have taken the position we have, starting in Pride E states, said Mr Rolle. Our discussions with the various groups in the areah ave not been contentious. They have been reasonable a nd open. The people who were squatting recognise w hat we are trying to do. Quite the opposite: people are happy we are trying to t ackle this problem that is huge in the country, hes aid. A member of the United Haitian Association in The Bahamas (UHAB there is no way of pacify i ng people who want the yards to be broken down since yesterday; peoplew ith a philosophy that says, go in there with a bulldozer and tear down the yards, because they shouldnth ave been there in the first p lace. They might not be working fast enough fors ome, but they are doing it. It is difficult to be humane, to act systematically and tobe quick, so we hope peop le can be patient, said the UHAB member. After all, it took years for the villages to grow to the scale at which they are today. We are asking for patience from the other people. The government is actually doing something, and in two, three months you will be able to drive and see some of these vil lages coming down, he said. F irst preference to buy a house on the regulated land is going to Bahamians whoh ave been squatting, permanent residents and child ren born in the Bahamas who are over 18. F ather Vilfort Roland of the Queen of Peace Parish, a Catholic church on Fire T rail involved in Haitian ministry, said leaders in thec ommunity are working w ith the government to assist in regularising the area. He said the community supported the move toi mprove the living conditions and develop a proper subdivision. G overnment officials confirmed the large presence of Bahamians factored into the government's deci-s ion to start its shanty town t ransformation programme with Government Yard. It is the first area we are r egularising on a large scale. That was taken into account that a large number of Bahamians are ont he land. We want to make sure first that persons, Bahamians in particular and others, who have lived on the land and have invested in the land, be given an opportunity to owna piece of the property if they qualify. That is the operative word, they must qualify to be able to legitimise their position on the land, said Mr Rolle. By MIKE LIGHTBOURN IF you're in the market to buy a home, take a counter-intuitive tip a nd imagine the day you'll be selli ng it. T hat's right whether you're a first time purchaser, or moving to another island, this home purchase probably won't be your last, so look for features that will pay off when the day comes to move on again. One of the biggest amenities the next buyer will look for is central air conditioning. To give you an idea, in the deep south in the US, over 90 per cent of purchasers rank central air as critically important, and three-quart ers of purchasers everywhere e lse in the US put it high on the l ist. Another often-overlooked feature is storage. Over half of purchasers desire a two-car garage and a walk-in closet for the master bedroom. Ample closets and storage space just can't be stressed enough. If at all possible, avoid costly upgrades and offer incentive down the road by purchasing an energy efficient home with newer windows, pervasive insulation, and energy saving appliances. I n the Bahamas, energy effic ient means windows that can o pen during the cooler season, but seal properly during the summer when air-conditioning is used. Also, you will be greatly rewarded with hurricane-proof windows. Imagine not having to batten down when a hurricane approaches. If the home is already wired for cable, satellite, and high-speed Internet, so much the better. It used to be all about location, location, location. This is still extremely important because of t raffic congestion, which can only g et worse. So one of our biggest c onsiderations is proximity to the things we need in life schools, food stores, work and so on. Another consideration is how relatively safe an area is. These are all matters which are to be considered. However, in my opinion, the most important factor is price, price, price. REALESTATE:How to buy like a seller $90 per barrel, but as Bahamian retailers will feel the effects of oil price rises around two months later, they want the government to take action now. Bernard Dorsett, owner of Porky's Texaco Service Centre in East Street, Nassau, has increased his overdraft to 18 per cent of his earnings in order to pay for the petroleum which has risen by around 75 cents per gallon over the last six months, and four cents per gallon in the last three weeks. He said he paid nearly $39,000 for gasoline yesterday, and will only get $26,000 in return, while 4,000 gallons of diesel will set him back over $4,000 and return only $190. We are teetering on the edge and we need some relief, Mr Dorsett said. There is no way we can continue like this. As long as it continues to go up I'm investing more money to make less mon ey." Mr Dorsett has been agitating for 24 years for government to allow retailers to base the income they draw per gallon of gasoline on a percentage of the cost, however the government has given no indication whether it will allow petroleum retailers any relief as prices increase. Prime Minister Hubert Ingraham con firmed in his mid-term budget address on Wednesday that the average retail price of gasoline and diesel rose by 23.8 per cent and 14.1 per cent respectively, to $3.68 and $4.33 per gallon, during an 11-month period monitored by the Department of Statistics. And the Bahamas Electricity Corporation (BEC by 36.8 per cent to $0.1379 per kilowatt hour, compared to a 47.9 per cent reduction in 2009. Mr Ingraham warned Bahamian house holds and businesses to implement appropriate conservation measures to minimise the impact from anticipated energy and commodity price rises and Minister of State for the Environment Phenton Neymour reiter ated the need to conserve energy yester day. The minister in charge of utilities said BEC is undertaking significant efforts to improve energy efficiency through an exten sive maintenance programme. This includes work at the Clifton Pier power plant where he said BEC will max imise the use of heavy fuel oil Bunker C over the more expensive diesel fuel. The proposed use of Bunker C at a new power plant in Wilson City, Abaco, sparked protests in the community as hundreds of locals voiced concern over its negative impact on the environment. FROM page one isible changes to Carmichael Road shanty towns in next year FROM page one Oil price sparks fuel cost fears
I NTERNATIONAL NEWS P AGE 14, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM CHRISTCHURCH, New Zealand Associated Press PARISHIONERScame together Sunday in parks ando n the lawns of churches broken in New Zealand's earthquake to pray for the dead and missing. They sought togetherness and an answer to the question on everyone's mind: Why? The randomness of the events throws up the 'why' question more starkly," the Rev. Mark Chamberlain told about 100 people who cameto hear his sermon outside St. Barnabas Anglican Church, where jagged cracksl ine the walls, stained glass w indows are shattered and the tower is sinking. Why did one person surv ive and one person die? Why did the people in the c athedral of all places perish?" Up to 22 people may be buried in rubble at C hristchurch Cathedral, most o f them believed to be tourists climbing the bell towe r for its panoramic views of t he southern New Zealand city of Christchurch when it was struck by last Tuesday's 6.3-magnitude quake. T he official death toll rose S unday to 147 as search teams uncovered more bodi es in the debris and that number was expected to rise, p olice Superintendent Dave C liff said. Prime Minister J ohn Key has said the quake, w hich decimated the city's downtown, may be the country's "single-most tragic" disaster. The churches that dot the c ity felt some of the worst of the temblor's wrath. Spires t oppled, stained glass wind ows exploded, walls cracked and masonry fell. Outside St. Barnabas, the faithful and those whosef aith has been tested by the disaster sat in chairs on the lawn with heads bowed, many wiping away tears, as leaders of the 86-year-old church tried to comfort them. "This is not called C hristchurch for nothing," the Rev. Philip Robinson said, drawing smiles from a few. "We will rise again." Many parishioners said they relished the normalcy of attending Sunday Mass amidt he heartbreak of the past w eek, even if it wasn't quite normal: where typically there are smiles, there were tears,a nd the sermon was occasionally punctuated by the wails of passing police cars and the roar of a military chopper overhead. It helps get back to normal, even if it's outside in the sunshine," said Mary Mills, 67. "But aren't we lucky to be free? To be here?" Tears N earby, Joe Oslawskyj, 41, s at next to his wife and four children, tears in his eyes. The family only moved toN ew Zealand from Manchester, England, three weeks ago, and have beens truggling to cope since the q uake. "It just means something to be with all the people," his 4 0-year-old wife Joanne Fagan-Oslawskyj said, weeping. We're all the same, and w e're all together." Staff members handed out tambourines and rattles toc hildren, and the church band played a series of upbeat songs. FaganO slawskyj wiped the tears from her eyes and smiled, picking up her 3-year-old daughter Sarah and bounc-i ng her in time to the music, as the little girl shook her rattle and grinned. Outdoor services also were held at other churches and ata library, where attendees arrived on bicycle or on foota nd sat in folding chairs. The Eucharist was performed at St. Albans Park with pita bread and a bottle of Australian port because wafers and communion wine were lost in the quake. M embers of New Z ealand's indigenous Maori community held a traditional ceremony at the ruinedc athedral to bless spirits of the dead believed buried under the rubble there. Other residents spent their Sunday morning in more sec-u lar surroundings, such as the botanical gardens, where oak trees insulate the pathways from the noise of the city's rescue and recovery operations. T he Robb family, brothers N eville and Graeme and their wives Gael and Michelle, met in the gardens,a s they do every Sunday, to walk their dogs. "You feel guilty doing s omething so normal when t here is so much suffering," Michelle Robb said. "But the dogs need walking." S ome 56 percent of New Zealanders have a Christian religious affiliation and near-l y 35 percent profess no relig ion, while religions such as Islam, Hinduism and Buddhism are growing as immigrants arrive. In other parts of the city, residents did what they couldt o help others: one family walked the dusty streets, handing out cupcakes to a construction crew repairing t he fractured roads. A group o f young men drove through t he city, hopping out of their car at stop lights to hand foilw rapped plates of food to nearby drivers. After the service at St. Barnabas, people gathered b y a table to have coffee, scones and banana bread, a nd to comfort those in pain. M egan Blakie, 45, stood in the crowd, eyes brimming w ith tears. "I just am struggling with where's God in all of this?" she said. "It's not shattered m y faith, but it's hard to keep going." B ut she came to church a nyway, she said, because she needed reassurance that i f her faith was faltering, others would carry the burden. "Even if I can't pray at the m oment," she said, "Others can." Christchurch holds prayers for victims of earthquake R ECOVERY WORKERS i nspect the earthquake-damaged Pyne Gould Corporation building in Christchurch, N ew Zealand, Saturday, Feb. 26, 2011. Tuesday's magnitude 6.3 temblor collapsed buildings, caused extensive other damage killing more than 100 people and with 200 more missing. (AP
ZAWIYA, Libya Associated Press HUNDREDSof armed a nti-government forces b acked by military defectors who control the city closest to the capital Tripoli prepared Sunday to repel an expected offensive by forces loyal to Moammar Gadhafi surrounding Zawiya. Two prominent U.S. Senat ors said Washington should recognize and arm a provisional government in rebel-h eld areas of eastern Libya and impose a no-fly zone over the area enforced by U.S. warplanes to stop attacks by the regime. U.S. Secretary of State Hillary Rodham Clinton echoed President BarackO bama's demand for Gadhafi to relinquish power. "We want him to leave," s he told reporters traveling with her Sunday to a U.N. meeting on Libya planned for M onday. "We want him to e nd his regime and call off the mercenaries and forces loyal to him. How he manages thati s up to him." Gadhafi's son, Seif al-Islam, claimed again that the country w as calm and denied the r egime used force or airstrikes against its own people. But h uman rights groups and E uropean officials have put the death toll since unrest began in Libya nearly twow eeks ago at hundreds, or p erhaps thousands, though it has been virtually impossible to verify the numbers. T here were no reports of violence or clashes on Sunday. G adhafi has launched by far the bloodiest crackdown in a wave of anti-regime uprisings sweeping the Arab world. T he United States, Britain and the U.N. Security Council all imposed sanctions on L ibya over the weekend. And P resident Barack Obama said it is time for Gadhafi to go. The regime, eager to show foreign reporters that the country is calm and under their control, took visiting journalists to Zawiya, 30 miles( 50 kilometers) west of Tripoli on Sunday. However, the tour confirmed the antigovernment rebels are in con-t rol of the center of the city of 200,000. They have armyt anks and anti-aircraft guns mounted on pickup trucks d eployed. On the outskirts of the city, they are surrounded by pro-G adhafi forces, also backed by tanks and anti-aircraftg uns. Troops There were at least six c heckpoints controlled by troops loyal to Gadhafi on the r oad from Tripoli to Zawiya. E ach checkpoint was reinf orced by at least one tank, a nd the troops concealed their faces with scarves. To us, Gadhafi is the Dracula of Libya," said Wael al-Oraibi, an army officer atZ awiya who joined the rebels. He said his decision to defect w as prompted in large part b y the Libyan leader's use of mercenaries from sub-Saharan Africa against the people of Zawiya. A key city close to an oil port and refineries, Zawiya is the nearest population centert o Tripoli to fall into the opposition hands. Police sta tions and government offices i nside the city have been torched and anti-Gadhafi graffiti was everywhere. Many buildings are pockmarked byb ullets. The mood in the city was generally upbeat, but the a nticipation of a renewed a ttempt to retake the city was c ausing some anxiety among the rebels. Meanwhile, cities in eastern Libya under the control of rebels have appointed a former minister to lead a provisional government, officialsi n Benghazi, Libya's second largest city in the east, said Sunday. But a spokesman for the new government, Abdel-H afidh Ghoga, denied that former justice ministerM ustafa Abdel-Jalil was named its leader. U .S. Democratic Senator Joe Lieberman, speaking on CNN's "State of the Union"S unday, said Washington should arm the provisionalg overnment in rebel-held a reas of eastern Libya "to f ight on behalf of the people o f Libya against a really cruel dictator." He also proposed i mposing a no-fly zone over the east to stop forces loyalt o Gadhafi from attacking. S peaking on the same program, Republican Senator J ohn McCain suggested that U.S. warplanes are used to e nforce the no-fly zone and t hat Washington recognizes t he government in eastern L ibya. Gadhafi's son Seif al-Islam denied in a TV interview that his father's regime used force or airstrikes against its own p eople. "Show me a single attack. S how me a single bomb," he t old ABC's "This Week," according to a transcript. "The Libyan air forced estroyed just the ammuni tion sites. That's it." Seif al-Islam is the most vis ible of Gadhafi's children and h as since the anti-government protests broke out nearly two weeks ago been acting as a s pokesman for the regime. "The whole south is calm. The west is calm. The middle is calm. Even part of the east," he said. Asked about Obama's call for his father to step down, h e said: "It's not an Americ an business, that's No. 1. Second, do they think this is a solution? Of course not." As for the U.S. freeze of Libyan assets, he said: "First o f all, we don't have money o utside. We are a very modest f amily and everybody knows that." Sk eletons Gadhafi Out," chanted hundreds in Zawiya's city cen-t er on Sunday. The charred s keletons of many cars litt ered the city and most streets were blocked by palm tree trunks or metal barricades. "Free, Free Libya," chantedm embers of the anti-govern ment forces at the city cent er. Down with Gadhafi, the mass murderer," read graffiti scrawled in the city. An effigy of Gadhafi hung from a light pole in the city's main square. O n its chest the words "Exec ute Gadhafi" were emblazoned. The square has now become the burial place of six of 11 rebels killed by proG adhafi forces Thursday w hen they attacked the area t o try and dislodge them. Residents reported several skirmishes between the two sidess ince Thursday. "We are all wanted," said o ne rebel at the square who d id not want to give his name f or fear of reprisals. "Zawiya in our hands is a direct threat to Tripoli." R ebels from the town and army forces who defected from the regime to join them largely consolidated control o f the town on Feb. 24, after an army unit that remained loyal to Gadhafi opened fire on a mosque where residents some armed with hunting rifles for protection had been holding a sit-in. A bout 20 miles (30 Kilom eters) west of Zawiya, some 3,000 pro-Gadhafi demonstrators gathered on the coastal highway, chanting slogans in support of the Libyan l eader. B efore Zawiya fell to rebel f orces, Gadhafi scolded the city residents on Thursday. "Shame on you, people of Z awiya. Control your children," he s aid. "They are loyal to bin L aden," he said of those i nvolved in the uprising. "What do you have to do with bin Laden, people of Zawiya? T hey are exploiting young people ... I insist it is bin Laden." On Feb. 24, local forces r epelled an attempt by militiamen and pro-Gadhafi troops to take back the town. INTERNATIONAL NEWS T HE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 15 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Libyan rebels gear for fight in city near capital RESIDENTS BECKON foreign journalists to come closer past barricades to see the situation in the main square in Zawiya, 30 miles (50 kilometers ernment forces backed by military defectors in Zawiya, the city closest to the capital Tripoli, prepared Sunday to repel an expected offensive by forces loyal to Moammar Gadhafi who are surrounding the city. (AP
B y NEIL HARTNELL T ribune Business Editor T HE hostile bidder for BISX-listed AML Foods h as expressed concern that the Securities Commissiona cted outside its statutory p owers by attempting to impose takeover guidelines on the offer as if they were laws, adding that the share s uspension implemented l ast week only hurt smaller investors. M ark Finlayson, speaking a fter he decided to with draw his $12 million, $1.50 per share offer to acquireA ML Foods at the behest o f the Associated Bahami an Distillers and Brewers (ABDAB tioned whether the capital markets regulator had acted ultra vires in seeking to i mpose guidelines that, at the moment, have no basis in Bahamian law. I think, as any first-year l aw student will tell you after doing contract and administration law, that e very government depart ment has to be very careful not to act ultra vires, MrF inlayson told Tribune B usiness. I really think the Commission acted outside its powers in suspending these shares. They justified it by Section 54, but on what basis did they exercise Section 54? Thats the question. These are [Takeover] guidelines that have not been considered by the Cabinet, the House of Assembly, the Senate, and they were acting as if these were laws. The guidelines they put forward, they were acting as if these were laws, and thats where my disagree ment with the Commission comes in. I believe they w ere acting Ultra Vires t heir powers. They should not have got the two things confused. I n the absence of a Takeover Code contained either in statute or regula-t ions, the Securities Commission had been attempting to get Mr Finlayson and AML Foods to agree on a process for his hostile o ffer, based on draft stan dards and best practices t hey will shortly issue for consultation. However, no agreement was reached, and the Secu r ities Commission last week suspended trading in AML Foods shares indefinitely, fearing that an orderly mar k et in them had been dis rupted by everything s wirling around the takeover. In particular, the regulator was said to be especially exercised byc omments such as Mr Fin layson saying he had 20 per cent of AML Foods shares locked up. But what did that achieve, Mr Finlayson questioned of the share susSECTIONB firstname.lastname@example.org MONDAY, FEBRUARY 28, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.75 $4.72 $4.69 By NEIL HARTNELL Tribune Business Editor A BAHAMIANshipping company has had oneo f its key vessels seized by US marshalls via court order and impounded in Palm Beach, after it wasa lleged not to have paid t he Palm Beach Shipping A gency $126,347.19 for shipping-related services. N assau-based Deans S hipping Company has seen its MV Legend vess el seized, and placed in t he care of US-based N ational Maritime Serv ices, due to the dispute over alleged non-payment of stevedoring, wharfage and other fees between October 18, 2010, to thep resent. Deans Shipping has s erved notice of its intent to defend the matter and rescue its vessel, although court documents obtained by Tribune Business showi t has yet to do so. In its lawsuit, the Palm Beach Steamship Agencya lleged: Since October 18, 2010, plaintiff provided necessaries to the [MV L egend], to-wit: labour, wharfage, advances and other services pursuant to an agreement between p laintiff and vessels owners, charterers, and/or authorised agents on a f ixed rate basis. The defendant vessel has failed to pay for these s ervices at plaintiffs office i n the amount of $126,347.19 despite repeat ed demand for payment s ubmitted to the defendant vessel, Legend II, and/orher owner, charterer or o perator, defendant Deans. The Palm Beach Steamship Agency is seek By NEIL HARTNELL T ribune Business Editor BUSINESSMANMark Finlayson is withdrawing his $12 million hostile takeover bid to acquire a 51 per cent majoritys take in AML Foods, after the Associated Bahamian Distillers and Brewers (ABDAB decided the companys shareholders would gain betterr eturns from City Markets o rganic expansion instead. Speaking with Tribune Busin ess following last weeks ABDAB Board meeting, Mr Finlayson said that while the directors approved the acquisition of the 78 per cent Bahamas Supermarkets stake owned by his familys 100 per cent-controlled investment vehicle, Trans-Island Traders, they feltt here was not enough value for ABDAB shareholders in his $1.50 per share offer to AML Foods investors. Mr Finlayson said that as a result, he and his father, Sir Garet Tiger Finlayson, asT rans-Islands owners decided to withdraw their bid to acquire a 51 per cent majority stake in BISX-listed AML Foods, thus bringing to an end the first hostile takeover attempt in the Bahamian capital markets his-t ory. By NEIL HARTNELL T ribune Business Editor CITY MARKETS p lans to move right away on the $12m illion transformation of three Associated Bahamian Distillers and Brewers ( ABDAB) owned properties into City Markets SuperC entres, the companies princ ipal telling Tribune Business that the two sites in Nassau could open in six-seven m onths time. Mark Finlayson, speaking after ABDABs Boarda pproved the acquisition of B y NEIL HARTNELL Tribune Business Editor A LEADINGBahamian-owned airline is looking to start service to Fort Lauderdale from Nassau and Freeport on April 1, andi s in the process of hiring more than 20 extra staff and acquiring another $1.4 million plane. Hostile $12m AML offer is withdrawn ABDAB Board turns down deal due to not enough value being contained in $1.50 per share premium Mark Finlayson instead instructed to pursue organic City Markets growth through three SuperCentre sites Board does approve share swap deal for 78% City Markets deal, pending valuation Instructions also given to explore M&A possibilities with Robin Hood, Phils Food Services SEE page 5B BUSINESSMAN M ark Finlayson Concerns Commission acted outside powers SEE page 8B B y NEIL HARTNELL T ribune Business Editor P rice decreases of at least 30 per cent on average compared to 2007-2008 levels have helped to stimulate activity in the Bahamian real estate market, a leading r ealtor believes, with selle rs no longer living in la la land and realising that current market lev e ls may be here to stay. George Damianos, president of Lyford Cay Sothebys InternationalR ealty, told Tribune B usiness that increasing realism among Bahamasbased property sellersw as helping to revive transaction volume, as they had adjusted prices and expectations to then ew economic climate, coming down to levels that would interest val ue-seeking buyers. The reason this market has picked up is that prices have come down BAHAMAS FIRMS VESSEL SEIZED ON $126K DEBT CLAIM SEE page 5B CITY MARKETS SUPERCENTRES IN SIX-SEVEN MONTHS TIME Supermarket chain to move right away on three 55,000 s q ft sites, although Freeport may take 12-13 months Staff complements per store may number 35, rather than average 50 S EE page 4B BAHAMAS AIRLINE TARGETS APRIL 1 F OR US SER VICE Adding 20 staff, and acquiring another $1.4 million plane SEE page 4B Sky Bahamas chief executive Captain Randy Butler 30% PRICES FALLS BOOST REAL ESTATE SEE page 7B
By ROYALFIDELITY CAPITAL MARKETS IT WASa slow week of trading in the Bahamian stockm arket. Investors traded in six o ut of the 24 listed securities, with no advancers and five decliners. EQUITY MARKET A total of 18,650 shares changed hands, representinga sharp decrease of 56,060 shares compared to last week's trading volume of 74,710 shares. Finance Corporation of the B ahamas (FIN ume leader, trading a volume o f 8,250 shares to see its stock fall $0.26 to close at $6.25, a new 52-week low. FOCOL Holdings (FCL was the big decliner, trading a volume of 1,000 shares to see its stock fall $0.52 to close at $5.48. B ank of the Bahamas ( BOB) traded a volume of 1,000 shares, its share price falling $0.02 to close at $4.40, a new 52-week low. Commonwealth Bank ( CBL) traded a volume of 1 ,000 shares to see its stock decrease by $0.05, closing at $6.80. FamGuard Corporation (FAM 1,000 shares, its stock falling$ 0.22 to close at $5.25, a new 52-week low. BOND MARKET No notes traded during last week. C OMPANY NEWS Earnings Releases: Finance Corporation of the Bahamas (FIN audited financial results for they ear ended October 31, 2010. F IN reported net comprehensive income of $18.2 million for the year compared to $4.6 million in the prior year, representing an increase of $13.7m illion or 298 per cent. N et interest income of $28.2 million had a marginal decline of $73,000, compared to $28.3 million in the previous year, while total non-interest expense increased from $12.2m illion in 2009 to $12.3 million during 2010. Allowance for credit losses stood at $1.3 million, a sharp decline from the $15.1 million reported in 2009. FIN management said the decline camea bout after review of its provisioning policy, whereby the provisioning ratio was reduced to 30 per cent of non-accruall oans instead of 40 per cent. Earnings per share as at December 31, 2010, were $0.68, up $0.51 when compared to $0.17 in the comparativep eriod. Total assets at year-end October 31, 2010, stood at $967m illion compared to $908 million at October 31, 2009, while total liabilities were $867 mill ion compared to $826 million a t the previous fiscal year-end. Dividend Notes: C ommonwealth Bank (CBL of $0.06 per share, payable onF ebruary 28, 2011, to all ordin ary shareholders of record d ate February 15, 2011. F amguard Corporation (FAM of $0.06 per share, payable onM arch 2, 2011, to all ordinary shareholders of record date February 23, 2011. AGM Notice: Finance Corporation of the Bahamas (FIN i ts AGM will be held at the British Colonial Hilton Hotel on March 17, 2011, at 6:30pm. B USINESS P AGE 2B, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM ROYALFIDELITY MARKET WRAP EQUITY MARKET TRADING STATISTICS Week ending 25.02.11 BISX SYMBOL...CLOSING PRICE.....WKLY PRICE CHANGE........VOLUME........YTD PRICE CHANGE AML.....................$1.04..............................$-...............................0.........................7.22% B BL......................$0.18.............................$-..............................0...........................00% BOB......................$4.40..........................$-0.02.......................1,500....................-10.20% BPF......................$10.63............................$-..............................0.........................0.00% B SL.......................$5.01..............................$-...............................0.........................0.00% BWL.....................$2.70..............................$-...............................0.........................0.00% CAB.....................$10.21............................$-............................750......................-2.39% CBL......................$6.80..........................$-0.05.......................6,150.....................-2.86% CHL......................$2.40..............................$-...............................0.........................0.00% C IB.......................$9.39..............................$-...............................0.........................0.00% CWCB..................$2.17..........................$-0.03...........................0........................18.58% DHS......................$1.40..............................$-...............................0........................-12.50% FAM.....................$5.25.........................$-0.22.......................1,000....................-13.51% FBB......................$2.17.............................$-..............................0.........................0.00% FCL......................$5.48..........................$-0.52........................1,000.....................0.37% FCLB...................$1.00.............................$-..............................0.........................0.00% FIN........................$6.25..........................$-0.26.......................8,250....................-13.55% ICD......................$7.40.............................$-...............................0.........................0.00% JSJ........................$9.82.............................$-..............................0.........................0.00% PRE.....................$10.00............................$-..............................0.........................0.00% BOND MARKET TRADING STATISTICS BISX SYMBOLDESCRIPTIONVOLUMEPAR VALUE FBB13FBB Series C Notes Due 20130$1,000 FBB15FBB Series D Notes Due 20150$1,000 FBB17FBB Series A Notes Due 20170$1,000F BB22FBB Series B Notes Due 20220$1,000 INTERNATIONAL MARKETS FOREX Rates CurrencyWeekly% Change C AD1.02320.84 GBP1.6119-0.76 E UR1.37500.45 INTERNATIONAL STOCK MARKET INDEXES IndexWeekly% Change D JIA 12,130.45-2.10 S&P 500 1,319.88-1.72 NASDAQ 2 ,781.05 -1.87 Nikkei 10,526.76 -2.91
BUSINESS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By NEIL HARTNELL Tribune Business Editor A ML Foods chairman yesterday e xpressed delight that the $12 million hostile takeover bid to acquirea 51 per cent stake in the BISX-listed food group had been withdrawn, telling Tribune Business that the company was eyeing expansion pos-s ibilities through another food store i n southern New Providence. Speaking after this newspaper informed him that Mark Finlayson and his familys Trans-Island Traders vehicle were withdrawing t heir $1.50 per share offer, Dionisio DAguilar said: I would be lying if I did not state that was a major distraction. We have to go back to our core b usiness and what we have been d oing very well. Its s difficult mark et out there. Theres always new companies in the market and situations that create anomalies in your business. Mr DAguilar highlighted the d etrimental impact that roadworks o n Robinson Road, between Blue Hill Road and the Marathon Mall area, were having on customer a ccess to the groups Solomons SuperCentre store. He added: In the short-term its had an effect on Solomons, making it very difficult to get toS olomons right now. There are i ssues that are affecting our busin ess, and now we can focus on addressing those. AML Foods is awaiting the opening later this year of its $4.5 million Solomons Fresh Market store inw estern New Providence, and Mr D Aguilar added: Were actively looking for another location, probably in southern New Providence, t o expand there. Thatll be a food store to grow the business. Were certainly not going to role over and play dead. There are a lot of people enteri ng the market. Where Mr Finlayson w as right and very astute was that t his market is becoming very crowded, and you have to think very hard about where and when you build a new location. The population is very static, and s pending on food is not increasing m uch. Youre just taking that pie and splitting it more each year. AML Foods eyes new food store in southern NP C ITY MARKETS c hief executive has w arned AML Foods c hairman, Dionisio D Aguilar, to prepare for neofights, following his characterisation of therival supermarket chains management team as neophytes over their alleged lack of food retail management experience. D escribing how she read Mr DAguilars comments with some degree o f amusements, City M arkets chief, Benita R ahming, said they were a blatant disregard for the combined profession-a l experience of this female management team and the ability of women in these respective roles. S he added: The new owners and management of Bahamas Supermarkets, the parent companyo f City Market, is very committed to creating a n ew shopping experience f or our loyal customers w hose opinions we hold i n high regard. This a pproach is evidenced by t he fact that we just don't sit in Boardrooms or in our executive offices and make decisions, but we can be found, on a daily basis, strolling through the City Market aisles s peaking with our associates and guests. The AML chairman's r esistance to connecting t he dots between 'retail a nd luxury' may be something he comes to regret, as our focus at City Mar-k et is to afford our thousands of customers nothing but the best. Mr D'Aguilar must a ppreciate the fact that numbers don't lie, and if he compares the sales figures of BSL/City Marketa nd AML during the period November 2010 t hrough January 31, he w ould find that sales at A ML declined, while s ales at City Market grew a nd continue to grow; n ot bad for a neophyte team. Ms Rahming said: I caution Mr D'Aguilar to remember that women are the chief financial officers in most househ olds and they are the g ender that does most of t he shopping...... We are proud of our e xecutive team in part icular, because they are w omen, they are mothers and they are the primary shoppers. The combined professional experience of our team is extremely sound and one that is already yielding successes f or our company. AML chief warned: Ready for neofights Shar e your news T he Tribune wants to hear f rom people who are making news in their neighbourhoods. Perhaps you are raising funds for a g ood cause, campaigning f or improvements in the a rea or have won an award. If so, call us on 322-1986a nd shar e your stor y DIONISIO DAGUILAR
Following closely behind l ast weeks start of service f rom Nassau to San Salvador, to which it plans to fly three times a week, Sky Bahamas is looking to commence service from Nassau t o Fort Lauderdale, via M arsh Harbor, and Freeport t o Fort Lauderdale, on April 1, 2011, Moving to exploit the rebound in business travel resulting from a rebounding economy, Captain Randy Butler, Sky Bahamas chief e xecutive, said the airline h ad hired nine more persons l ast week, with another five cabin attendants due to start this week. Another nine staff, including seven guest service staff and two ground staff, are also due to come on board, bringing the new r ecruit complement to a round 23 persons. Were looking for another plane for the Us route. Were hoping that airplane will be shipped by May, Captain Butler added, stating that it would be a $1.4m illion Saab-340. Based on whats going on, were really optimistic. The business has taken off, and some of it is related to new projects coming online, he added. Were seeingb usiness growing, and as these projects get going theres renewed demand for business travel. With contractors starting to increase their back and forth travel, Captain Butlers aid there was increased d emand for routes from Nassau to Freeport, Abaco and E xuma, with the latter being h eavily impacted by the Sand als Emerald Bay resort. We see Sky Bahamas really in terms of being the preferred airline for business and leisure travellers in the Bahamas, to the US and tot he Caribbean, like the Dominican Republic and Turks & Caicos, Captain Butler, adding that Sky Bahamas service to Cat Island would likely become even more important witht he likely withdrawal of Continental Airlines. We have partners in the hotel industry who keep us in the loop, tell us whats going on, he said. The business has just b een taking off. People have been enjoying the service weve been g iving them, and enjoying t he Bahamas. The only thing were lacking is this national strategic plan for aviation. Captain Butler again complained about the marketdistorting impact thatB ahamasairs March Madness promotion would have on the Bahamian private aviation market, telling Tribune Business that the national flag carrier, which last year cut prices to $79 one-way,h ad now dropped to $49 for its San Salvador route right as his airline was about to launch its new service. He added that Bahamasair had already reduced its San Salvador ticket price from$ 211 to $190, in response to S ky Bahamas $189 plans. 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acquiring, since they will be paid for via a share swap, with Trans-Island Traders receiving ABDAB shares in return. This will likely further strengthent he Finlayson familys already 7 0 per cent majority holding in ABDAB. We have make sure. We have minority shareholders in ABDAB, and have to make sure theres no question as tow hat the value is, Mr Finl ayson told Tribune Business. That [evaluation] should be done in the next two weeks. Pledging that ABDAB would not hold up on acquiring Trans-Islands City Mark ets stake, Mr Finlayson estim ated that the deal would be completed in that same twoweek timeframe. The twist was and the B oard was very strong on this that they insisted if ABDAB was to become involved with Bahamas Supermarkets and T rans-Island Traders, that we should not, and would not, buy the shares in AML at a $1.50,M r Finlayson said. Their position is that the $1.50 per share was a big premium based on the results and the time. We [Trans-Island] felt it was a premium, but a premium that was w orth taking. ABDABs directors, he indicated, had become especially concerned at AML Foods last results, which showed that profits for the nine months toe nd-October 2010 were $ 904,000, compared to $2.887 million the year before. That former figure was 68 per cent down on the $2.811 million generated from continuing operations the year before.T hird quarter profits were d own 64.1 per cent at $239,000. Acknowledging that he, too, had been disappointed with AML Foods financial performance, Mr Finlayson said: When the results came down a fter January 31, I took the p osition that we were so far into it, the top line had not changed that much, and I didnt really feel it would hurt thet ransaction from the bottom line. Having made the $1.50 per share by then, I did not want to go back on that. B ut, pointing out that most ABDAB directors came from financial backgrounds, and thatt hey were charged with looking out for all shareholders, Mr Finlayson said of the directors: In their opinion, there was not enough value in the transaction at that [$1.50 per share] p rice. Mr father and I, as Trans-Island Traders, decided to withdraw the bid to buy AMLs shares. The Board was very clear to me, and insisted we pursuep lan A, assuming the transact ion between the two companies [ABDAB and TransIsland], which is the development of these three sites into City Markets SuperCentres. They feel that is the best valuef or money for ABDAB shareh olders. No matter the route for AML, they did not think we could come to a reasonable price, and asked me not to pursue that. H e added: I shouldnt have b een surprised that the route they took; that theres more value in this, and it may take a while longer, but its better forA BDAB shareholders to take the route of meeting AML head-to-head, as it will bring more value to ABDAB shareh olders than at that $1.50 price. The three City Markets S uperCentre sites in question, the East-West Highway and JFK Drive/Bethel Avenue in Nassau, plus the Queens Highway in Freeport, are all owned by ABDAB. The estim ated cost of their redevelopment is around $12 million, the same sum it would have costs to pursue AML Foods, and ABDAB shareholders would also receive rental income asw ell as being invested in City M arkets. And, while AML Foods may not happen, Mr Finlayson said the ABDAB Board had authorised him to re-open preliminary talks he had held withP hils Food Services and Robin H ood about potential consolidation with City Markets, and report back to them if the response was positive. Adding that he was not disappointed by the ABDAB B oards decision, Mr Finlayson s aid he would pursue with the same zest their decision. We offered a very good deal to them, he added ofA ML Foods investors. From our standpoint, I think they will continue to lose value, and AML will be caught between o urselves and from all sides. Phils did $41 million in sales last year. Thats impressive in 13 months. Ive never seen Sandys [Robin Hood] numbers, but hes said $26 million, and I dont think that wasu p to the close of the year. T heres no question, either, that Rupert Roberts has stolen market share from both Bahamas Supermarkets and AML in the past. Hes very sharp, hes the guy to beat, andm ade it clear hes in for the f ight in the long run. I think, unfortunately, that AML is going to get squeezed, shareholder value will go down more and more, and the window of opportunity for shareh olders to get out will not be t here with ABDAB and Trans-Island Traders. Its an opportunity lost. If we had walked away from theH eineken deal, thats the kind of deal AML investors have missed out on. Theres not much future for t he company. Thats my opinion. However, this is not the end of Mr Finlaysons efforts to b ring much-needed consolidation to the Bahamian foodr etail industry. Apart from directing him to proceed with plans to convert three ABDAB-owned real estate holdings into City MarketsS uperCentres, Mr Finlayson told Tribune Business that theB oard had directed him to reopen talks with Phils Food Services and Robin Hood, to see if there were mergers and acquisition possibilities there. D etailing last weeks developments, Mr Finlayson said: The ABDAB Board meeting went the way I thought it was going to go, and had a little t wist which I thought was not g oing to happen. I presented a proposal where ABDAB was to buy thes hares Trans-Island Traders owns in Bahamas Supermarkets, namely the 78 per cent. Inp rinciple, the Board agreed w ith that concept. That was the plan, and the second thing that happened, w hich was also the plan, was that we decided we were going to get an independent evalua t ion done by CFAL and RoyalFidelity to determine what the true value of Bahamas Supermarkets shares is. Trans-Island Traders acquired its 78 per cent majori ty stake from the ill-fated BSL H oldings group, who were desperate to exit and find some one to save City Markets from b ankruptcy, for just $1. Bahamas Supermarkets shares, though, are currently t rading on the over-thec ounter market at $5.01, making it difficult do determine t heir true value, especially give n this markets illiquid nature. Mr Finlayson, though, said it was critical to determine a truev alue for the Bahamas Supermarkets shares ABDAB is BUSINESS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM '/3URSHUWLHV/WG&RPSDQ\fLQYLWHVRIIHUVIRUWKHSXUFKDVH RI$//7+$7SLHFHSDUFHORUSORWRIODQGFDOOHGDQGNQRZQDV LOYHU7RSFRQWDLQLQJDFUHVRUWKHUHDERXWVVLWXDWHRQ/RQJ %D\&D\RU.DPDODPH&D\EHLQJDSULYDWHLVODQGLPPHGLDWHO\ HDVWRI%ODQNHW6RXQGRQWKH(DVWHUQFRDVWRI$QGURV,VODQGLQWKH &RPPRQZHDOWKRIWKH%DKDPDVWKHURSHUW\f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t6DVVRRQ +RXVH6KLUOH\6WUHHWDQG9LFWRULD$YHQXH1DVVDX%DKDPDVWREH UHFHLYHGQRODWHUWKDQWKHFORVHRIEXVLQHVVRQWKHWKGD\RI0DUFK 127,&(2)6$/( f f Hostile $12m AML offer is withdrawn a lien over the MV Legend II so it can foreclose upon it and sell the boat to recover the sums owed to it. Deans Shipping and the MV Legend were r ecently in the news over a Customs raid at Potters Cay Dock, which seized 700 cases of beer, 30 cases of backwoods cigars, 44 pallets of cement and two pallets of gallon-sized ice c ream buckets. The goods, which were being off-loaded in the early morning hours, had not been declared. T here was nothing to suggest Deans Shipping or its employees had done anything wrong. Mario Saunders, assistant general man-a ger of Dean's Shipping, said then that the company was conducting its own investigation to determine the facts of the situation. "Customs has made their decision to seize the vessel and goods until the investigation is c omplete. It will impact us very little, because w e have another vessel, MV Legacy," said Mr Saunders. He denied that goods were "off-loading", c laiming the "truck was on the boat. He could not verify the origin of the goods or the owners, because the company was in the middle of i ts own investigation. However, Mr Saunders claimed the vessel cleared Customs at Arawak Cay on Wednes-d ay night. T he MV Legend plies between West Palm Beach, Marsh Harbour, Green Turtle Cay, Spanish Wells and Nassau. FROM page one BAHAMAS FIRMS VESSEL SEIZED ON $126K DEBT CLAIM FROM page one
S HANGHAI A ssociated Press C HINA'Spassenger car sales slowed in January as tax breaks for energy-efficient cars lapsed and cities began tightening curbs on vehicle use to help combat traffic congestion and smog,a ccording to a report Monday. The Shanghai-based China Passenger Car Association reported that sales of passenger cars fell 10.3 per-c ent in January from the m onth before to 965,238. O n an annual basis, sales rose 12.6 percent. C hinese bought 13.7 million passenger vehicles last year, up by a third from 2009. But that robust growth is forecast to coolt his year due to the expirat ion of tax incentives for some vehicle purchases and a renewed effort by cities to b ring traffic under control. "Of course the withdrawal of financial incentives would impact any country's auto market, and sales didc ontinue to grow in Janua ry, but toward the end of t he month there was a sharp cooling in sales," the Pass enger Car Association report said. It said sales in February were bound to decline duet o the usual slump followi ng the Lunar New Year h oliday, which was longer t han usual. Rao Da, head of the association, took aim at what he called a policy of "encoura ging car purchases, while restricting car use." T he explosive growth in C hinese car ownership has n urtured the rise of the domestic auto industry, but left major cities like Beijing and Shanghai jammed with traffic and choking on smog. C hina's capital has decreed it will limit new vehicle registrations to 2 40,000 this year just o ver a third of those regis tered in 2010 to try to ease massive traffic jams that have turned Beijing's streets into virtual parking lots. News that Shanghai w ould more strictly enforce existing restrictions on v ehicles with out-of-town l icense plates, often bought b y city residents to avoid paying exorbitant fees in monthly auctions, boosted the average price for a plate to 44,000 yuan ( $6,666) last month, local reports said. As of January, the gove rnment ended sales tax r ebates and subsidies for rural buyers, which initially fueled huge growth in sales of minivans in the countryside after they took effect in 2009. That is expected to dampen demand in coming months. B ut most auto manufac turers are banking on solid growth in the country's vast rural areas and inland cities,w here most families do not y et own cars and those that do are keen to trade up. Foreign manufacturers are still counting on double-d igit growth in China and other emerging markets to compensate for sluggish sales in their home markets. General Motors Co., which for the first time in its 102-year history sold m ore cars and trucks in China last year than it did in t he U.S., reported sales in C hina rose 22.3 percent f rom a year earlier in Janu ary to 268,071. Ford Motor Co.'s sales climbed 20 percent, to 53,340 vehicles. W hile domestic auto companies are growing quickly, they have yet to overtake f oreign car makers and their j oint venture partners: Six of the nine top car manufacturers by sales in January, according to the Passenger Car Association, were joint ventures, led by GM and its flagship joint venture with state-ownedS hanghai Automotive Industrial Corp., Shanghai GM. The top sellers among i ndependent domestic b rands was Chery Automo bile, which sold 49,640 vehicles in January. Just behind was BYD Auto, a batterym aker-turned-car manufac turer backed by billionaire U.S. investor Warren Buffet, which sold 49,432. B USINESS P AGE 6B, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM -$0(6(57,/86RI 67-$0(652$'3%2;1$66$8 %$+$0$6 & 20021:($/ ,1+((0(&2857& 20021/$$1'(48,7<,17+(0$77(5 RIWKH3URSHUW\FRPSULVHGLQDQ ,QGHQWXUHRI0RUWJDJHGDWHGWKHV WGD\RI2FWREHU DQGPDGHEHWZHHQ.HYLQ%HWKHODQG 'HQLVH%HWKHODV%RUURZHUVDQG)LUVW&DULEEHDQ ,QWHUQDWLRQDO%DQN%DKDPDVf/LPLWHGIRUPHUO\&,%& %DKDPDV/LPLWHGf $1',17+(0$77(5 RI WKH &RQYH\DQFLQJDQG/DZ RI3URSHUW\&KDSWHURIWKH5HYLVHG6WDWXWH /DZVRIWKH&RPPRQZHDOWKRI7KH%DKDPDV %(7:((1 ),567&$5,%%($1,17(51$7,21$/%$1. %$+$0$6f/,0,7(' IRUPHUO\&,%&%DKDPDV/LPLWHGf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eport: China auto sales slow as cities curb use A VISITOR takes souvenir photo as models show the car care products at the China International Auto A ccessories Commercial Expo in Beijing Saturday, Feb. 26, 2011. (AP CHINA INTERNATIONAL AUTO ACCESSORIES COMMERCIAL EXPO
and are more appealing, and buyers are seeking more value for their money. T hats whats making the t rade, Mr Damianos explained. M uch of the price adjustm ent, he added, had taken plane in 2009, which he d escribed as probably the w orst year for the Bahamia n real estate market in general. improved al ittle bit, and were optim istic that 2011 is going to be at least as good as 2010 or even better, Mr Damianos added. I think in 2010 we all got better at pricing properties a nd understanding the r ecession. While in 2009 many sellers were still living in la la land and maintaining prices at pre-recession levels, Mr Damianos said many had now realised that to sell real estate previously priced at $1 million, they needed to instead seek between $650,000-$700,000. Sellers are getting more sensible and realistic in their pricing, Mr Damia nos told Tribune Business. Sellers are coming to grips w ith the fact these numbers a re here to stay, and it is n ot just a passing phase. If we can get some volume going, everyone will be happy, and we will get someS tamp Tax money flowing i nto the Treasury, lawyers w ill earn some fees, realtors will earn some fees, and we will spend more money and get the economy back. Looking forward to the impact of the $2.6 billion Baha Mar project, Mr Damianos told this newspaper: I think it will put pressure on the rental market, which will be good, and it will enable the real estate market people to invest and b uy to rent out, and get a p ositive return on their p rices. It can help to shore up s ome of the pricing in the real estate market rentals and prices. In that first wave there are probably going to be construction and construction-related people, and I would imagine that the 8,000 Chinese workers are not going to have a great impact, but there will be increased focus and increased pressure on the rental market. M r Damianos said the C able Beach/western New P rovidence rental and prope rty market needed a proj ect such as Baha Mar badly, but added that the relatively low amount of available inventory meant it would not take too long to fill up. One hundred people will definitely create a lot of pressure on the rental market, Mr Damianos said. Thats been our saving grace during this recession, and weve not over b uilt like in Florida, where t heres a lot of empty buildings. Thats held us together economically as a country. We just hope the number of people needing places are able to pay Cable Beach market prices. Otherwise, they might move to other areas, and put pressure on rental prices being paid by Bahamians, Mr Damianos warned. BUSINESS T HE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.260.97AML Foods Limited1.041.040.000.1230.0408.53.85% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6 .184.40Bank of Bahamas4.404.400.000.1530.10028.82.27% 0 .580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3 .492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2 .152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.2110.210.001.0500.3109.73.04% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1 6.806.800.001500.4880.26013.93.82% 3.651.63Consolidated Water BDRs2.092.160.070.1110.04519.52.08% 2.551.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6 .995.25Famguard5.255.250.000.3570.24014.74.57% 1 0.206.25Finco6.256.250.000.6820.0009.20.00% 1 1.408.77FirstCaribbean Bank9.399.390.000.4940.35019.03.73% 6 .003.75Focol (S 5.485.480.000.4520.16012.12.92% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7 .405.00ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.82J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 9 9.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield F INDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 2 0 November 2029FRIDAY, 25 FEBURARY 2011BISX ALL SHARE INDEX: CLOSE 1,465.04 | CHG 0.07 | %CHG 0.00 | YTD -34.47 | YTD % -2.30B ISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 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%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.95270.18%1.61%2.918697 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.41640.44%-0.10% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200730-Nov-10 31-Jan-11 107.570619 105.776543 30-Jun-10 31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 31-Jan-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 31-Jan-11CFAL Securities Ltd. (Over-The-Counter Securities)31-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 62)(5,19(670(176/7' 1 RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW RI 62)(5,19(670(176/7' KDV EHHQ G LVVROYHGDQGVWUXFNRIWKH5HJLVWHUDFFRUGLQJWR W KH&HUWLFDWHRI'LVVROXWLRQLVVXHGWKH5HJLVWUDU HQHUDORQWKHWKGD\RI'HFHPEHU/XLVDULDLQH\UXDLWWDOXJD =RQDPHULFD /RFDO$ & 0RQWHYLGHR*8$< /LTXLGDWRU 30 per cent prices falls boost real estate FROM page one
p ension. I didnt see it achieving anything, to be honest with you. It hurt the smaller investor, and would not stop us talking to anyone behind the scenes. As long as we stayed behindt he scenes, we could talk to a nybody we wanted to. Once his hostile bid had formally launched via a Bid Circular, Mr Finlayson said the Securities Commission would have removed the A ML Foods share suspens ion, and added: It did not hurt us in any way. It hurt the small guy trying to use the shares as security for a loan, or who wanted to sell the shares to get liquidity n ow because he had no confidence this transaction was g oing to move forward. The Commission should have been very careful aboutt his. Mr Finlayson also suggested the Securities Commission should have looked into AML Foods alleged failure to disclose the existence of a potential bid fort he food retail group when publicly announcing its share buy back programmei n January. Suggesting the buy back was a direct response to hisi mpending hostile t akeover, with AML Foods management and existence aware it was coming, Mr F inlayson said that on Christmas Eve he had agreed with one of theB ISX-listed companys large r shareholders to buy their shares at $1.86 per share. T he larger shareholder, he then indicated, became concerned about leaving minority shareholders b ehind, and urged Mr Fin layson to make an offer that took account of all AML investors. Mr Fin layson said he was travelling to New York in early January, aware that AML Foods had a Board meeting, and that Board mem-b ers knew a $1.86 offer had b een made to some shareholders and was off the table. Emphasising that he was sure there was nothing sinister, Mr Finlayson questioned AML Foods failuret o release details of his impending offer with the share buy back announcement. He said he was then advised by his legal adviser,S enator Jerome Fitzgerald, t o release details of his hostile bid to make it clear exactly the terms he was offering, and to ensure there were no suspicions ofi nsider dealing. We mentioned it to the Commission, Mr Finlaysons aid. In my opinion, what the Commission shouldh ave been doing was focusing on the existing law, and m aking sure that was comp lied with. They should have given us a stamp of a pproval on this thing, cleared the AML Board,a nd applied the existing l aw. The Commission meant well, but took some really bad decisions on this thing. T hey took a long time to a ct. They were more panicked moves than the corr ect moves. The Commission, out of this transaction, has to go back and evaluate themselves. If they are going to push f orward this Bill to change the legislation, they should d o, and focus on that and the existing law. They should not try to push these guidelines ase xisting law. This is where they crossed the line and, as a result, ended up hurting the AML small share h older. B USINESS P AGE 8B, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM .,1*6:$<$&$'(0<&+2/$56+,3 $11281&(0(17.LQJVZD$FDGHP\OHDGLQJ%DKDPLDQVFKRROZLWK UHSXWDWLRQIRUH[FHOOHQFHLQDFDGHPLFVDWKOHWLFVDQGWKHDU FRPPLWPHQWWR&KULVWLDQYDOXHVDQGVWURQJWUDGLWLRQRISXEOLF VHUYLFHLVLQYLWLQJSXEOLFVFKRROVWXGHQWVHQWHULQJ*UDGHLQ 6HSWHPEHUWRDSSOIRU WZRf SUHVWLJLRXVHDUVFKRODUVKLSV$fKH*UDFHDWKDP.HPSFKRODUVKLS1DPHGLQKRQRXURI.LQJVZD\IRXQGHU*UDFH7DWKDP.HPS7KLV VFKRODUVKLSLVIRUZHOOURXQGHGVWXGHQWZLWKSURYHQVWURQJDFDGHPLF SHUIRUPDQFH%f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fDFDGHPLF\HDUV*UDGHVDQGWR GDWHf7UDQVFULSWVZLOORQO\EHFRQVLGHUHGYDOLGLIWKH\DUHVXEPLWWHGLQ \RXUVFKRROVVHDOHGHQYHORS 1RWH 6KRUWOLVWHGFDQGLGDWHVZLOOEHLQYLWHGWRVLWWKHVFKRODUVKLS H[DPLQDWLRQDQGDSSHDUDWDQLQWHUYLHZ'HDGOLQH&RPSOHWHDSSOLFDWLRQSDFNDJHVKRXOGEHUHFHLYHG DWWKH+LJK6FKRRO'HVNLQWKH$GPLQLVWUDWLRQ %XLOGLQJE\DU WK (QWHUWREH7UDLQHGLQWKH.LQJV([LWWREHWKH 'LIIHUHQFH Concerns Commission acted outside powers FROM page one
NEW YORK Associated Press J APANESEstocks have disappointed investors since 1990. No longer. Japan's Nikkei 225 index has climbed 15 percent since Nov. 1. The increase means Japanese stocks have done better over the past four months than they have in 1 7 of the last 21 calendar years. They are also beating t he major indexes in the U .S. and other countries. I t's new ground for the N ikkei 225, which has d one worse than U.S. s tocks in all but four years over the past two decades. Even with the gains, the Japanese index is still 73 percent below its peak, set o n Dec. 29, 1989. "I don't think this is just a one-time event," said Taizo Ishida, a portfolio manager who runs the$ 76.6 million Matthews Japan Fund and the $340.4 m illion Matthews Asia Pacific Fund. "I'm not bold enough to s ay this time is different, but it may be. The next 10 y ears won't be like the 1980s, but it will be up." To be sure, Ishida said investing in Japan can appear daunting to someone looking at Japan'sd emographic or economic d ata. Its population is aging, and Standard & Poor's lastm onth downgraded its credit rating. Last year, Japan ceded the title of world's No. 2 economy to China. But Ishida said Japanese corporate executives he talks with now are focused on growth, when a few years ago they cared more a bout keeping employm ent steady. Among other reasons to be optimistic: P rice: J apanese stocks a re some of the world's c heapest, when measured a gainst their book values. A company's book valu e shows how much it is worth after subtracting its debt and other liabilities from its assets. A lower price-to-book ratio indicates investors are getting ownership of the company's assets more c heaply. Japanese stocks a t the end of January traded at an average of 1.2 t imes their book value, according to investment a nalysis company MSCI. That's nearly 50 percent cheaper than U.S. stocks, w hich traded at 2.3 times their book value. J apanese stocks don't look that cheap when measured against their profits:T hey trade at an average of 17 times their earnings o ver the prior year, about the same as U.S. stocks. But that's much cheaper t han their average priceearnings ratio over the past 20 years, of 27 times. "People are saying, Wow, this might be too c heap for the type of growth we might be seeing,'" said DeborahM edenica, who runs the Alger Emerging Markets Fund, which launched at the end of last year. Economic strength: Economies are strengthe ning around the world. D eutsche Bank earlier this m onth raised its forecast for full-year 2011 U.S. economic growth to 4.3 percent from 3.3 percent. I nvestors can benefit from s tronger-than-expected U .S. growth in several w ays, but "Japan is the b est way," Credit Suisse s trategists wrote in a recent report. U.S. stocks may seem like the logical way, but Japanese companies that export to the U.S. will also benefit from stronger U.S. spending. A nd the Japanese stocks a re cheaper than U.S. ones. J apanese exporters also benefit from strong growth a cross Asia. Four of Japan's top five export markets are in Asia, i ncluding No. 1 China. Trade to such countries m eans Japanese companies can sell their products in yen more often, Ishidas aid. That shields them from t he yen's strength against the dollar: A stronger yen makes Japanese-made cars a nd cameras more expensive to customers paying in dollars. S afety: S tock markets in C hina, India and other developing countries have sunk in recent months onw orries that inflation will hurt growth. Protests in the Middle East have also highlightedt he risks of investing in emerging markets. That has pushed investors to yank money out of emerging market stock funds. In search of safety, many have turned to Japanesea nd other developed mar ket stock funds. Investors poured more new money into Japanese stock fundsd uring the week through Feb. 16 than in any other week in nearly four years, a ccording to fund-tracker EPFR Global. Consider Toshiba Corp., a maker of everything from nuclear reactors to televisions to vacuum cleaners. Its stock dropped 80 percent between the end of 1989 and early 2009. But it said earlier this month that strong growth in China helped it to a profit of 12.4 billion yen ($152.7 million ter, reversing a loss of 10.6 billion yen from a year earlier. Its stock has climbed 31 percent since Nov. 1. B USINESS THE TRIBUNE MONDAY, FEBRUARY 28, 2011, PAGE 13B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Japanese stocks on the rise again Share your news The T ribune wants to hear from people who ar e making news in their neighbour hoods. Per haps you are raising funds for a good cause, campaigning for impr ovements in the area or have won an award. If so, call us on 3221986 and shar e your story.
BUSINESS PAGE 16B, MONDAY, FEBRUARY 28, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM OMAHA, Neb. A ssociated Press BILLIONAIREWarren Buffett wants Americans to be optimistic about the country's future but warya bout borrowing money and the g ames public companies play with profit numbers they report. Buffett said in his annual letter to Berkshire Hathaway shareholders Saturday that he still believes A merica's best days are ahead. "Commentators today often talk of 'great uncertainty.' But think back, for example, to December 6, 1941, October 18, 1987 and Sep-t ember 10, 2001," Buffett wrote, r eferring to the days before the Pearl Harbor attack, a stock market crash and terrorist attacks in theU .S. "No matter how serene today m ay be, tomorrow is always uncertain. Don't let that reality spook you." He said a housing recovery will likely begin within the next year,w hich would help the economy and several Berkshire subsidiaries, including ones that make carpets and bricks. Buffett's letter detailed how the a cquisition of Burlington Northern Santa Fe railroad, better results at Berkshire's other subsidiaries and a $1.9 billion paper gain on investments and derivatives combined tob oost the company's net income by 61 percent to $12.97 billion on revenue of $136.2 billion in 2010. The letter was full of good news f or Berkshire investors because nearly all of its businesses, except t he ones linked to housing, perf ormed well, said Glenn Tongue, a managing partner at T2Partners investment firm. "I think his tone in this letter was more optimistic than usual botha bout the economy and the business," Tongue said. Buffett also devoted part of his message to educating investors on key business principles. Buffett saidt he financial crisis of 2008 confirmed the dangers of investing with borrowed money because even a short absence of credit can ruin a company. When leverage works, it magnifies your gains. Your spouse thinks you're clever, and your neighbors get envious. But leverage is addic-t ive," Buffett said. "Once having profited from its wonders, very few p eople retreat to more conservat ive practices." That's part of why Berkshire always keeps at least $20 billion cash on hand for unforeseen events or investment opportunities, he said.A t the end of 2010, its cash reserve totaled $38 billion. Buffett urged investors not to focus on the net income figures that companies report because they aree asily manipulated through accounting tricks or by selling investments. He said Berkshire's net income can be particularly misleading because of the large amount of unrealizedi nvestment gains or losses the company holds at any given time. He said that regardless of Berkshire's performance, it could easilya nd legally "cause net income in any given period to be almost any n umber we would like." B uffett also offered Berkshire shareholders few new details about how the company would function once he is no longer running it. The 80-year-old chairman and C EO of Berkshire said that investment manager Todd Combs will manage $1 billion to $3 billion of Berkshire's $158 billion investment portfolio. Berkshire hired Combsl ast fall, and Buffett says Combs has the risk aversion, dedication and track record he wants in an investment manager. To replace Buffett, Berkshire p lans to split his job into three parts chief executive officer, chairman and several investment managers. Buffett, however, has indicated thath e has no plans to retire, and he says he loves his work and remains i n good health. Warren Buffett remains optimistic about US future