N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R C M Y K C M Y K V olume: 106 No.297MONDAY, NOVEMBER 15, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER MOSTLY SUNNY HIGH 82F LOW 73F S P O R T S B y MEGAN REYNOLDS Tribune Staff Reporter firstname.lastname@example.org AGREEMENTS reached on the Baha Mar develop-m ent will provide an addit ional $200 million for Bahamian contractors creating thousands of additionalj obs for Bahamians, Prime Minister Hubert Ingraham announced yesterday. S peaking out for the first time since his official visit to China in an hour-long Meet the Press conference televised live from the British C olonial Hilton on ZNS at 4pm, Mr Ingraham expanded on his talks with the ChineseE xport Import Bank and China State Construction Com PM r eac hes agreements on resort plans McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM www.rbcroyalbank.com/caribbeanTrademark of Royal Bank of Canada The Lion & Globe symbol and RBC are registered trademarks of Royal Bank of Canada. Create MORE joy this holiday season.RBC gives back during the holidays!Use your RBC Visa or MasterCard this holiday season and you could win* up to $2,500 for you and $1,000for a charity of your choice. The more you use your RBC credit card between November 1 and December 17, the more chances you have to win! *Special conditions apply. Swipe and win today! Call or visit your nearest RBC branch for details. I N S I D E SECTIONINSIDE Real Estate Thousands more Baha Mar jobs By MEGAN REYNOLDS Tribune Staff Reporter mr ey email@example.com REPORTS Atlantis may be sold by owner Kerzner International were denied by chairman of the board and CEO Sol Kerzner in a meeting with Prime Minister Hubert Ingraham yesterday morning over concerns raised about the Baha Mar deal. PAYINGRESPECTS: Commissioner of Police Ellison Greenslade lays a wreath during Remembrance Sunday yesterday at the Garden of Remembrance. Government officials marked the Service for Remembrance at Christ Church Cathedral. P a t r i c k H a n n a / B I S REMEMBRAN CE SUND AY A REPORT of a bomb threat brought work to the new US departures loungea t the Lynden Pindling International airport to a standstill on Saturday. T he Royal Bahamas P olice Force bomb squad was called to the Lynden Pindling International Airport Expansion site Saturday after airport security officials were notified of a possible bomb threat at the new US departures construction site. A ccording to reports, around 1.07pm the Nassau Airport Development Companys Operations centre received a call from Airport Authority personnel about the possible bomb threat. NADs Emergency Operations Centre was activated at 1.09 pm and the construction site was evacuated immediately. A full inspection was conducted of the terminal building currently under construction. Police indicated that there were no suspicious items found in or around the terminal building and that all appeared to be in order at the construction site. By AVA TURNQUEST Tribune Staff Reporter firstname.lastname@example.org THE government has run into a substantial roadblock concerning staff redundancy in negotiations with Cable and Wireless for the sale of the majority stakein the Bahamas Telecommunications Compa ny (BTC Minister Hubert Ingraham. Speaking to members of the press yesterday, Mr Ingraham revealed that he would not agree to terms that would facilitate the firing of 30 per cent of staff at BTC, which was val ued at around $400 million. Mr Ingraham said: Cable and Wireless does want to fire one-third of the staff at BTC and the government isnt prepared to do that if they are able to come to terms with that then we will go ahead with the deal, if not, then no deal. But POLICE have launched an intense probe into the shooting incident that has two men still in hospital today, one in critical condition. Four men received gunshot injuries early Sunday morning after a hooded man, armed with a handgun, shot up a 2001 Nissan Sentra at Peardale off Wulff Road. Up to press time, one of the two hospitalized victims was said to be in stable condition, while the other was stable, but critical. Two of the men had been discharged. Shortly after 2.30am, the men were travelling north on Peardale Street when they were approached by a man wearing a dark hooded jacket who started to shoot at the car several times. A woman was also in the By AVA TURNQUEST Tribune Staff Reporter email@example.com CITING his experience, c ontacts and the current projects currently underway, Prime Minister Hubert Ingraham confirmed his plan to seek ree lection in the next general election. Responding to quest ions from the media yesterday about his future political plans, Mr Ingraham maintained t hat he will carry on as leader of the F ree National Movement and ultimately t he Prime Minister until he is replaced by BOMB THREAT REPORT HALTS CONSTRUCTION W ORK A T AIRPORT T W O MEN IN HOSPIT AL AFTER SHOOTING SEE page 16 SEE page 12 SEE page 16 Ingraham plans to seek re-election S EE page 12 BTC S ALE ROADBLOCK OVER REDUNDANCIES SEE page nine ELECTION: Hubert Ingraham Mark Knowles, Andy Ram take runners-up title at Paris Masters WEEKEND TENNISNEWS IN SECTION E KERZNER DENIES ATLANTIS SALE REPORTS SENIOR JUS TICE ANIT A ALLEN T O HEAD COURT OF APPEAL PAGETHREE PM OUTLINES GOVERNMENT INITIATIVES AGAINST CRIME P AGETWO
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 15, 2010, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T T h h e e J J a a v v a a G G a a l l l l e e r r y y T T h h e e J J a a v v a a G G a a l l l l e e r r y yWongs Plaza Madeira St. Wongs Plaza Madeira St. Tel: (242 Tel: (242 2335 2335 Soft and durable Diversatex Soft and durable DiversatexTM TMc ushion is fade and mildew c ushion is fade and mildew resistant and is available in resistant and is available in blue, green or terracotta blue, green or terracotta x xC hairs C hairsx xTables Tablesx xBenches B enchesx xUmbrellas Umbrellasx xLoungers Loungersx xD rinks Trolleys Drinks Trolleysx xCoffee Tables Coffee Tablesx xE nd Tables E nd Tablesx xCushions CushionsOutdoor Elegance O utdoor Elegance INDEX MAIN/SPORTS SECTION L ocal News...........P1,2,3,5,6,7,8,9,10,11,12 L ocal News..........P16,17,18,19,20,21,22,23 Editorial/Letters........................................P4A dvts........................................P13,14,15,24 B USINESS/INSIGHT SECTION B usiness.............................P1,2,3,4,6,7,8,9 A dvt............................................................P5 I nsight...........................................P10,11,12 S PORTS SECTION S ports....................................P1,2,3,4,5,7,8 Comics.....................................................P6 C LASSIFIED SECTION 32 PAGES R EAL ESTATE GUIDE 24 PAGES PRIME Minister Hubert Ingraham revealed yesterday that Senior Justice Anita Allen will be appointed as President of the Bahamas Court of Appeal in January 2011, with incumbent Presid ent Dame Joan Sawyer set t o retire this month. P rime Minister Ingraham revealed the intended a ppointment at a televised p ress conference at the British Colonial Hotel yesterday. S enior Justice Anita Allen w ill be made President of t he Court of Appeal in Janu ary, Prime Minister Ingraham said yesterday. The constitutional retirement age of a Court of Appeal Justice is 68, however Dame Joan will turn 70 on November 26 and comp lete the two-year granted e xtension. Dame Joan was appointed President of the Court of Appeal on September 5, 2 001. S he is the first woman to s erve as Chief Justice and President of the Bahamas Court of Appeal. S enior Justice Allen, the w ife of former Cabinet Mini ster Algernon Allen, was a ppointed Senior Justice in October, 2005. She was appointed justice of the Supreme Court in 1996. Before then she was managing partner of Allen, Allen and Company. P resently Dame Joan S awyer, Justices Christopher Blackman, Stanley John and George Newman serve as Justices of the appellate c ourt. Senior Justice Anita Allen to head Court of Appeal A LOCAL laundromat w as held up and robbed of an undetermined amount o f cash, according to police. Police say that sometime a round 9.50 pm on Friday they received a report of an armed robbery at Super W ash, Baillou Hill Road south. A ccording to reports, a short dark man, wearing a black shirt and short jeanse ntered the establishment armed with a handgun and d emanded cash. The culprit robbed the laundromat of an undeterm ined amount of cash and fled the area on foot in an u nknown direction. Investigations into the incident continue. A woman was robbed of her car by an armed gun m an in the area of Baillou Hill and Carmichael roads, according to police. Police say that sometime a round 5.30 pm on Satur d ay they received reports of an armed robbery at Baillou Hill andC armichael roads. According to reports a woman while at Carmichael and BaillouH ill roads was approached by a man wearing a white shirt and long black jeans. The man, who was armedw ith a handgun, robbed the woman of her 2006 charcoal grey, Honda Accord l icense plate number 1 60051. The gunmen fled the area north on Baillou Hill Road. Police are investigating the incident. A man was held up by two gunman while returning home Saturday night, according to police. According to reports, sometime around 11.15pm on Saturday police received information of an armed robbery at Brook Road. According to reports, a man upon arrivalat his residence was approached by two men both armed with handguns demanding cash. The gun men robbed the man of his cell phone and wallet containing an undetermined amount of cash and person al effects before fleeing the area on foot in an unknown direction. Police are investigating the incident. LAUNDROMAT ROBBED BY ARMED MAN PM reveals successor to Dame Joan Sawyer I NTENDEDAPPOINTMENT: Senior Justice Anita Allen
EDITOR, The Tribune. MY FELLOW Bahamians, what a state we are in? P lease note that I am not m aking a national address. W e have had three Bahamian Prime Ministers in our history, starting with the late the Rt Honourable Sir Lynden Oscar Pindling. Then we had the Rt Hon-o urable Hubert Alexander I ngraham. Then we had the R t Honourable Perry Glads tone Christie. Now we have the Rt Honourable Hubert Alexander Ingraham for a second round. All of these esteemed men are lawyers. But what have they done to empower Bahamians to o wn their country? Yes, w hat have they done? Are we better off now than back t hen? Arent we still workers and not owners? Lets take a closer look at who gets elected to the House of Assembly. We predominantly elect lawyers to represent us. These are m en and women who are q ualified in practising law, but what benefit has this b een to us as a nation? We d ont own a major hotel. We a re about to sell BTC to non Bahamians. We havent diversified our economy. Look at Dr Cynthia Mother Pratt. She is just an average Bahamian who has the peoples interest at h eart. No bureaucracy. No reward sought. She just helps people regardless of their political beliefs. Wen eed more members of parl iament like Dr Pratt who will do away with the pettiness that has been going ono ver the last 40 years. Someone who has lost a mother I can imagine feels a great sense of loss. How cany ou feel this same sense of loss if you have not had the same experience? My point is that there are too manyp ersons in the House of Assembly who have no idea of what the masses are feel ing and hence they cannotu nderstand what to do to m ake it better for the mass es. Bahamians must realise that you dont have to wear a coat suit or drive a luxury car to be a Member of Parliament. Wake up Bahamas. Wake up before it is too late. Bahamians are losing jobs, their cars and in some cases literally their homes. No pun intended, Mr Wilson. This cannot continue if we want to see a bright future for our country. A psychopath is d escribed as someone who c annot care. I believe that this is the dilemma that we are in. We are electing men and women to represent us who by their very nature c annot care for what the m asses are feeling. The B ible says that if the blind l eads the blind, both will fall i nto a ditch. I heard on a p opular talk show that it is irresponsible for a leader to take on a job if he has nov ision. I t is time now for Bahamians to read between the l ines and find out exactly what the government is doing so that when it is time to vote, we can make informed decisions. Rememb er that we are Bahamians f irst and not PLP, FNM, C DR or NDP. W here is the national plan f or the country? After 40 y ears, I find it a complete embarrassment that successive governments have not sought to implement this. Suppose our House of Assembly was filled with electricians. I am sure that B EC would not be in the s tate that they are in now. S uppose we had a House of Assembly filled with doctors. I am sure that the PMH would not be in the state that it is in now. Yes, too many lawyers are i n the mix and they have s uccessfully slowed the judic ial process. You see crime i s big money in this country my, fellow Bahamians. A popular song a few years ago said that There are too many guns in this land. If I wrote a song I would s ay that that there are too m any lawyers with no plan. Is this by design? W e need to start selecting a better cross section of society to represent our needs in the House of Assembly. Only then can we start to better our beloved country. D EHAVILLAND L M OSS Nassau, N ovember 12, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., ( Hon.) LL.D., D.Litt P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama AS THE Prime Minister and his government plan legislation to outwit the criminal, and a police officer declares that we have to empty all of these offices and get police officers on the streetshitting the hot spots, murder continues to escalate to a record high. Human beings seem to have lost all humanity, there is no self respect, there is no respect for others, there is no respect for the church, the pastor or the graveyard. If you have a grudge, the nearest gun will solve the problem. Thus is set in motion a vicious circle of bloody retaliation with more bodies clogging the morgue. The hospitals emergency room has been turned into a war zone with so many near death shot gun wounds that regular patients cannot get emergency treatment. The present state of the Bahamas brings to mind the cry of the Biblical angel in Revelations (18.2 Babylon: And the angel cried with a strong voice, saying, Babylon, the great is fallen, is fallen and is become the habitation of devils, and the hold of every foul spirit and a cage of every unclean and hateful bird. Frustrated citizens cry out for help. What is government going to do to stop crime? What are the police going to do? In fact they are asking the wrong question. The question is: What are we going to do? What we must remember is that the evil we see all around us today is from seeds sown by this society many years ago. They have now come to full and revengeful fruition. It started with the breakdown of family mores. When both mother and father were out to work, grandma was at home mind ing the children after school. Today the sceneof a grandma at home is fast fading she is still young enough to be out to work for herself. Today, the gangs that replaced grandma threaten society. We recall a fascinating interview with an elderly lady many years ago who was horror struck by the boldness of young unmarried mothers with little shame for their condi tion. She told of how in her time a girl wouldbe ostracised by her family and her com munity. It was as though a scarlet letter the letter A in red that Puritans required adulterers to wear had been hung from her neck and she was driven from the fold. Women in those days went to great lengths to hide their social disgrace. If an unmarried woman, who got in the family way, had a married sister, the sister would pretend that she had given birth to the child and raise it as her own. Several years ago in writing the obituary of an elderly spinster, who was highly respected in this community, it was discovered that not only did she have a daughter who was raised in the US, but she also had grandchildren. When her secret was revealed, death had taken her beyond the finger-pointers and the neighbourhood gossips. Hers was not an isolated case. In the days before the heyday of drugs when life in Nassau was simple, The Tribunes news was based on hatches, matches and dispatches in other words, births, marriages and deaths. The daily routine of a cub reporter was to visit Prince George Wharf before the days of Potters Cay to get the sailing of the mailboats, and the daily call to the Bahamas General Hospital (now the Princess Margaret Hospital record the babies that were born there each day. One day we printed that a baby boy had been born to the wife of a well known Bahamian man. When The Tribune hit the streets that night there was panic. The mans wife was not pregnant, had never been pregnant and was probably beyond child bearing age. However, he was the father of the child. That was the last time The Tribune phoned the hospital to record a birth. Times were changing. A few years ago, a doctor, after a hard day at PMH, in exhausted exasperation remarked that he was working at a factory that was daily churning out societys future problems. Unmarried mothers outnumbered the married. They were themselves children, many with offspring for different men, and most refusing to give the name of the father, a married man, often holding a responsible position. These are the men who have contributed to todays family breakdown. Then came the Commission of Inquiry into drugs. It took much time; it cost much money; the greed and evil of every level of society was laid bare; there were serious rec ommendations for further investigation, but nothing was done. Society was corrupted and there was no punishment. It seemed that crime did pay. In those years, Mr Paul Thompson, Sr, then assistant commissioner of police, warned that if something were not done about the proliferation of drugs and guns, the day would come when there would be shoot ing on our streets and open war between gangs. That day is here. In his book, Perestroika, Mikhail Gor bachev, former head of the Supreme Soviet, in discussing why nuclear warfare was not an option, likened the nations of the world to a pack of mountaineers tied together by a climbing rope. They can either climb on together to the mountain peak or fall togeth er into an abyss. In order to prevent disaster, political leaders should rise above their narrow interest and realise the drama of the situation, he wrote. Bahamians in fact the world are tired of these petty, name-calling politicians, the nations problems are too serious to entertain their yammering. The only solution for todays crime is for all Bahamians to join the police and gov ernment in fighting this social scourge. And so never send to know for whom the bell tolls, it tolls for thee. And it is thee and no one else who has to answer that call. Can lawyers run our country? LETTERS l firstname.lastname@example.org Bahamians have to solve crime problem MEETING DATES & VENUESNorthern New Providence 7 p.m.,Tuesday, November 9, 2010 at the Ministry of Health Cafeteria, Meeting Street Southern New Providence 7 p.m.,Wednesday, November 10, 2010 at C V Bethel School Eastern New Providence 7 p.m.,Wednesday, November 17, 2010 at Dame Doris Johnson SchoolRegistration forms will be available and refreshments will be served. Youre invited to attendMinister of HealthThe Hon. Dr. Hubert Minnis, M.P.and members of the Drug Plan Team will be in attendance to answer your questions.A Series of PUBLIC MEETINGSonTHE NATIONAL PRESCRIPTION DRUG PLAN EDITOR, The Tribune. PLEASEallow me to express my sincerest disgust for the way Cable Bahamas is rolling out their new digital platform. W hen the plans were first announced I was interested, and perhaps even a bit enthusiastic. I went into their offices to get my free set top box. No dice. I was told I would not be able to get it until my area went digital. Wednesday night I received a call at 6 pm. A recorded voice informed me that my area would be upgraded to digital Thursday morning and if I did not have a set top box I would not be able to receive the channels I am used to. Was that a threat? No, it was a promise; I had no signal yesterday. Today (Fri day) I have been informed that I could rent a box until the freeo ne is installed by a technician on Monday. Wow. Are these peo ple out of their minds? How difficult would it have been to give me even two days notice? I am not renting a box. I am going to celebrate Cable Hostage Liberation weekend outside! Who knows? Maybe when the technician arrives on Monday I will tell them nev er mind. Thanks for Nothing (showing on my TV ANCILLENO O DAVIS N assau, November, 2010. Disgust over new Cable Bahamas digital platform EDITOR, The Tribune. A SECTIONof our media runs today a front page storyt hat if Atlantis is unable to renegotiate their current debt Mr Kerzner would have to sell and the Vegas mogul wiz casino operator Steve Wynnn is a likely purchaser. Those kids down on Cable Beach must now be wondering is this a nightmare? Wynn would come into the market with all his US connections with all the top gamblers, create a tie-in to his loyalty programmes and on top of that his Asian connections, e specially Macao where it is happening! Having visited Steve W ynns Casino operations in Vegas and Macao even the plans and all that talk of Baha Mar will be unable to meet that competition. Prime Minister will be seen to be 1000 per cent correct ...smaller and smaller steps is just better! Remember the FNM slogan? It came to pass. JACOB WILSON Nassau, November 12, 2010. If Wynn comes to the Bahamas
By MEGAN REYNOLDS Tribune Staff Reporter email@example.com INQUESTS are being adjourned without setting dates for hearings as Magistrate William Campbell will be leaving the Coroners Court at the end of December and a replacement has not yet been appointed, well placeds ources in the Judiciary claim. As Mr Campbells three year contract comes to an end he is adjourning all inquests scheduled for October, November and December without a date as he does not know who will take over thej ob of presiding over inquests. A s more and more inquests are registered every week, concerns have been raised about added pressure to the a lready existing backlog if i nquests are not heard and t here is not a smooth transit ion from one presiding coro ner to another. A nd it is the aggrieved fami lies forced to wait for inquiries into their loved ones w ho suffer as a result. Mother Florence Facey, 63, whose son Maurice Allen, 38, was killed in a fire in Novemb er 2007 is still waiting for the i nquest into her sons death. She believes the fire was sparked by arsonists, and the police report also raises suspicion of arson. A lthough the inquest was s cheduled for December 6, the inquest will now have to be adjourned without a date. Ms Facey said Mr Campb ell told her the case would b e set for hearing on November 16 last year, and still nothing has been done. S he said: I am still waiting for some answer from them. In eed to remind them so that t hey will not forget my sons death and whoever did what they did can be brought to justice. The Judicial Commission has been charged with appointing a new magistratet o sit as a coroner full-time under a five year contract, according to the new Coroners Court Act introduced as l andmark legislation by Prime M inister Hubert Ingraham in the House of Assembly last month. Permanent Secretary at the Attorney Generals OfficeA rchie Nairn was unable to r espond to inquiries before The Tribune went to press. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 15, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
By CONSTABLE 3011 MAKELLE PINDER THEodds of you being v ictimised by crime while in a public places is low. Howe ver, your personal safety is at risk anytime you go out. For this reason you must protect yourself. Remember, criminals often plan crimes and look for the right opportunity with the easiest vict im. Your best defence is to p lan ahead. Being safer doesnt require changing your lifestyle, personality, wardrobe or to stop going out. The following crime p revention measures to are provided to increase your personal safety and security. A T HOME H ave your key in hand w hen approaching the e ntryway. W ait outside if anything looks unusual (i.e. open door or broken window). Give the hide-a-key to a trusted neighbour. No personal identification on key rings. C hange the locks if you l ose your house keys. A UTOMATED TELLER M ACHINES (ATM M emorise your personal identification number. Have everything readyb efore arriving. Be aware of people loitering and sitting in parked cars who may be watching customers transact business. Never use an ATM after d ark W HILE WALKING Avoid walking alone. Be c onfident and walk with p urpose. Choose busy, well-lit streets and avoid isolated areas, alleys and vacantl ots. W alk facing traffic to see a pproaching cars. Earphones make you less able to sense potential danger. Keep valuables in an inside pocket and hold your purse under your arm so they are h arder to snatch. PUBLIC TRANSPORTATION Locate well-lit and frequently used bus stops. D o not wait alone. Sit near the driver on busses. I mmediately report incid ents of verbal or physical h arassment to the driver or t o and to the police. W HILE DRIVING Keep your car in good running order. Plan your route in advance. Drive with the doors locked and windows rolled u p. C arpooling is a safe alternative to driving alone. D ont stop if another driv er tries to force you off t he road AT WORK G et involved with improving work place security. Walk to and from the parking areas with other people. Avoid using the isolated and deserted stairways. I f a suspicious person foll ows you into or is already i n an elevator, get out immediately.C heck rest rooms before l ocking the door. Choose well-lit parking areas. Keep valuables and pack a ges locked in the trunk. Always remove the keys a nd lock the doors. B e alert in underground or enclosed parking garages. W HEN SOCIALISING A dvise someone of your route before leaving. Carry proper identifica-t ion. Vary your route and schedule so you are not predictable. A void outdoor activities after dark. Carry the necessary tools i n case of an emergency. C arry a personal alarm. Should you be a victim of c rime, please do not resist b ut take note of the description of the culprit e.g. his appearance, clothing, height, physical details and the direction or mode of escape. Call the Police as soon as it is safe to do so. I f you come across any suspicious person(s ing around your business or have any information per t aining to any crime, please do not hesitate to contact call the police emergency at or Crime Stoppers at3 28-tips (New Providence 1-300-8476 (Family Islands C M Y K C M Y K LOCAL NEWS PAGE 6, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Royal Bahamas Police Force National Crime Prevention Office Personal Safety Tips
FREEPORT With the opening of the new Downtown Welcome Centre and Bus Tran-sit Station, officials of The Grand Bahama Port Authority, Limited are pleased with the increased police presence the facility brings to the area. Referring to the Downtown Turnaround Project launched by GBPA in April 2009, GBPA-President Ian Rolle described the new multi-purpose building as an integral part of the project. Last year, we unveiled a three-phase plan that included a full-scale clean-up of downtown Freeport, the introduction of new landscaping, signage, benches, lighting and other aesthetically pleasing features into the area, explained Mr Rolle. As we revitalize the citys centre, our focus is on encouraging business development.We want to create opportunities for greater economic activity and provide an environment in which businesses can flourish, he added. Primary aspects of the 1495 square foot handicap accessible building include a jointlyshared Royal Bahamas Police Force and Road Traffic Division satellite station, restrooms and snack shops. Mr Rolle was enthusiastic about the partnership.Onsite p resence of Police Force and Road Traffic officers bodes well for the safety of all parties involved, he said. The location of law enforcement officers in these new premises follows on the heelsof a GBPA presentation of two state-of-the art Segways to the R oyal Bahamas Police Force late last year.Donation of the new two-wheeled, self-balancing electronic vehicles greatly added to police mobility in patrolling the towns centre. Under the oversight of GBPAs Building and Development Department, construct ion on the new Downtown Welcome Centre and Bus Tran sit Station began in June of this year, by local contractors, Michael Swann and Larry Robinson of Quality Construction Limited.The building features a unique Bahamian architectural design. Present for an official walkthrough of the facilities were members of GBPA, Police Force and Road Traffic officials with representatives from the various Downtown, Bus, Taxi and Ground Operators Associations. As facets of the Downtown Turnaround Project aim to breathe new life into the city centre, Port Authority officials are already planning a holiday concert to be held on December 11, in the facilitys parking lot.The programme will feature a local high school marching band, various choirs, carolers and other musicians. Food donations also will be made to the Red Cross and Salvation Army for needy families on the island. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 15, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM %4+2674'*17)*6 PORT AUTHORITY OFFICIALS and representatives from various agencies celebrate the opening of the new Downtown Welcome Centre and Bus Transit Station. (Pictured left to right Road Traffic Department; Kelly Russell, Secretary, Downtown Association; Wilfred Seymour, President, Downtown Association; Arthur Jones, Vice President, Building and Development Services-GBPA; Ginger Moxey, Vice President-GBPA; Sr. Asst. Commissioner of Police, Quinn McCartney; Ian Rolle, President-GBPA; Basil Rahming, Deputy Controller, Road Traffic Department; Almondo Talbert, President, Ground Operators Association; Timothy Nottage, President, Bus Association; and Nakira Wilchcombe, Environmental Manager, Building and Development Services-GBPA. NEW FREEPORT DOWNTOWN W ELCOME CENTRE OFFICIALLY OPENS
agreement between the two parties networks, a move designed to delay for as long as possible the introduction of competition in this nations telecommunications market. G oing public with its frustrations, no doubt because it h as plans to enter the Bahamian fixed-line voice market and go head-to-head with BTC imminently, Cable Bahamas said in its latest submission to the Utilities Regulation & Competition Authority ( URCA) that well over three months ago it had attempted t o initiate talks with the stateowned incumbent for an agree ment on how voice traffic would flow seamlessly between their two networks. The BISX-listed company said the move had been taken i n accordance with the terms of BTCs draft Reference Access and Interconnection Offer (RAIO BTC has repeatedly failed to engage with Cable Bahamas. Judith Smith, its in-house legal counsel had sent a formal letter of complaint to URCAs then director of policy and reg ulation, Usman Saadat, now its chief executive, on September 30, 2010. URCA sent a written notice to BTC of Cable Bahamas complaint on Octo ber 1, 2010, requesting a full explanation by October 8, 2010. Yet Cable Bahamas said it had not received a copy of BTCs response, and said it understood that the stateo wned incumbent had not replied to URCAs notice. In any event, the notice has had no effect on BTCs stonewalling tactics, Cable Bahamas said. It is already clear from BTCs complete lack of respon siveness to Cable Bahamas a ttempts to initiate A&I negotiations pending completion of the consultation that BTCs strategy is to use every means available to delay for as long as possible the provision of A&I, and the actual introduction of competition. Cable Bahamas expects to a chieve compliance with its own Significant Market Power obligations shortly, and will be ready to activate its voice service at that time. A final or interim A&I solution should be available to other licensed operators by that time. Cable Bahamas also criti c ised the tone of BTCs response to URCAs initial consultation on its draft RAIO, suggesting that the state-owned incumbent appeared to be leaving in a past when there was little to no regulation or the Bahamian communications sector, or at best it was weak. The content and tone of BTCs comments demonstrate the natural resistance of a virtual monopolist to market opening, the success of which depends critically on the availability of access and interconnection on reasonable terms from the incumbent, Cable Bahamas said. Cable Bahamas urges URCA not to be swayed by the vitriol of BTCs submission. However, because BTC appears to be signalling that delayed implementation of the A&OI regime is in store, URCA should take all appropriate procedural measures to ensure that a workable interim A&I regime can be imposed, if necessary, in order to prevent further delays in bringing the benefits of vigorous fixed-line competition to the people of the Bahamas. Cable Bahamas also criticised BTCs pricing for joining circuits and similar interconnection equipment as being higher than incumbent operators in other jurisdictions. In the Jersey Telecom RAIO, the price for new ducts is approximately about 70 per cent less than the $1,646 proposed by BTC, Cable Bahamas said. Similarly, the price of shared ducts is approximately 98 per cent less than the $545/month/mile proposed by BTC. Incumbents in other jurisdictions, such as France, charge even lower prices for such services. $64 million one-time proceeds from Statoils South Riding Point purchase and a $25 million Bahamas Telecommunications Company (BTC sluggish economy was continuing to keep it below forecasts. Describing the Governments fiscal performance for the year-to-date as a mixed bag, Mr Laing said: The same time last year, in October/November we had some extraordinary receipts [worth $89 million], so when you compare year-to-year what were doing now, if you remove those receipts, without question we are pretty much doing about the same thing in terms of revenue performance. The minister added that government spending was operating in accordance with plans in the Budget, this being the one aspect of the administrations financial operations that it had complete control over. But when the Governments revenue performance for the first four months of fiscal 2010-2011 was compared to Budget forecasts, Mr Laing conceded to Tribune Business that it was significantly behind predictions. No, were not, Mr Laing replied, when Tribune Business asked whether revenue performance was on forecast. We have some lags in some areas, in particular in terms of import duties, but here again that is taking account weve not got in all the October numbers and been able to verify all the accounts for that month. But even with that consideration, were likely to be behind forecast at this point. Its a significant enough number. The minister was unable to provide any figures, since he was out of office when contacted by Tribune Business. The Government is likely to be pinning its hopes on the potential sale of a 51 per cent stake in BTC to Cable & Wireless (LIME $220 million, to bring in much-needed revenue to plug this years fiscal deficit and pay down some debt. Mr Laing seemed to allude to this, even though Prime Minister Hubert Ingraham said yesterday that talks with Cable & Wireless had hit a stumbling block over the companys plans to downsize the BTC workforce by 30 per cent, something the Government was opposed to. Speaking of the implications for the Governments finances, Mr Laing said: One of the things weve come to discover with our revenue circumstances is that almost every year there are some receipts unexpected that tend to come in, so you never know. Were not going to bank on that happening, because we cant plan on that basis, but this has happened in the last several years. Confirming the Ingraham administrations concern on the revenue situation, Mr Laing said: It is one that we have to monitor very closely because, again, we have to see how revenue is trending, and to the extent it is not trending as well as one might like, we have to take account of that. It seems that even in the US, things are not performing as theyd like, and its having an impact on our situation. We are having to ensure we keep a very close eye on revenue, thats for sure. Asked about the outlook for the rest of the fiscal year, Mr Laing told Tribune Business: Much depends on the performance of the economy next year, so at this point were operating on a conservative basis. Things may continue as is, which means the economy is still sluggish and revenue is not performing as we would like. The Central Bank last week said the Governments fiscal deficit for the 2009-2010 financial year came in at $339.4 million, but Mr Laing said he was unable to verify that because the administration was still in the process of verifying its numbers. The minister said this task was likely to be completed by year-end 2010, as the Government had to verify all the figures sent in by its various revenue collection agencies. Some of these had receivables they had not collected, but have the capability to do so. C M Y K C M Y K BUSINESS PAGE 8B, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.84Bahamas Waste2.842.840.000.1680.09016.93.17% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4710.470.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1 6.506.500.000.4220.23015.43.54% 3.651.63Consolidated Water BDRs2.051.88-0.170.1110.04516.92.39% 2.551.60Doctor's Hospital1.601.600.001,5000.1990.1108.06.88% 6 .995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 1 1.408.77FirstCaribbean Bank9.749.740.000.6450.35015.13.59% 5 .513.75Focol (S 5.465.460.000.3660.21014.93.85% 1 .001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5 .595.00ICD Utilities5.595.590.000.0120.240465.84.29% 1 0.509.90J. S. Johnson9.909.900.000.9710.64010.26.46% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029THURSDAY, 11 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,487.90 | CHG -0.18 | %CHG -0.01 | YTD -77.48 | YTD % -4.95BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%L ast 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51225.11%6.79%1.490421 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56401.4954CFAL Money Market Fund1.56403.77%4.59%1.545071 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13181.0000FG Financial Preferred Income Fund1.13183.85%5.22% 1.09691.0000FG Financial Growth Fund1.09692.71%6.44% 1.13201.0000FG Financial Diversified Fund1.13203.79%5.71% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.74584.35%5.22% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6000-1.59%4.26% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.5037-4.96%-4.96% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund8.16435.79%9.42% 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. 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By MIKE LIGHTBOURN DECIDING on an asking price for your home (or other property) is challenging e nough these days, but you need specific pricing strategies for particular scenarios, especially if youre under pressure to move quickly or your home isnt selling after being on the market for several months. Here are suggestions for both situations. I f youre facing a deadline due to loss of income, possible foreclosure or other reasons, then you need to price competitively, even more competitively than expected in todays market. Youll need to list at significantly less than your competition. Think 15 per c ent less. That may seem tough to stomach, but its better than continuing your monthly loan payments or the hassle of trying to find tenants to rent your home in a soft market. If your property has been listed for some time, but not generating interest, youll need to lower your price. Of the three elements that sell a home price, location, and condition price is the one youll have the most control over. This is why last week I said the three most important factors affecting a sale are PRICE, PRICE, PRICE. If property values have stagnated in your neighbourhood, the price you originally listed at a few months ago may have been too high at that time anyway and out of line with comparable listings. Now would be the time to have your BREA agent prepare a new Comparative Market Analysis (CMA pricing strategy. If youve got to sell, and sell now, price it like you mean it. Tip of the week: ONCE AGAIN, PRICE, PRICE, PRICE. (Mike Lightbourn is president of Coldwell Banker Lightbourn Realty) we are not prepared to fire 30 per cent of the staff at BTC. Mr Ingraham reiterated past statements that the government would provide voluntary disengagement packages f or staff who wished to leave the company at their own discretion. However, in Octoberhe noted that staff should not expect what the government previously offered when they first sought to privatise BTC, as the funds were unavailable. Although he opted not to r eveal the price tag for 51 per cent of the national telecommunications company, whose profits were said to be steadily declining, Mr Ingraham confirmed that the price was consistent with valuation reports done by the government, BTC and Citibank. T his announcement refutes claims made by opposition officials that the telecommunications company would be sold for nearly half that figure. Last week Wednesday during a speech at the Bahamas Communications and Public Officers Union headquarters, P rogressive Liberal Party (PLP Roberts alleged that the government was preparing to sell the 51 per cent stake for only $220 million. Mr Roberts also highlighted that during the last PLP term, the government had been close to completing a sale of 49 per cent of BTC to Bluewater Ventures Limited, a company which boasts expertise with the restructuring and privatisation of Media and Telecommunications companies. During yesterdays press conference, Mr Ingraham lashed out at what he called propaganda by certain groups towards the details surrounding the sale. The prime minister said: They were talking about sell ing Batelco to foreigners. Three days before elections in 2007, the PLP candidates sat down and agreed to sell Batel co to sell it to a company, called Bluewater, that had no track record in telecommuni cations a hedge fund, could have been owned by any body. He added: Monopolies are not sustainable, the profits from Batelco will continue to decline thats a reality. Negotiations for the Memorandum of Understanding between the government and the communications giant were initially estimated to reach completion by mid-November, with the actual transaction of the sale of the 51 per cent of the corporation taking place several months after that. Now at an impasse, it is unclear when the deal will be finalized, however for the final sale to go through it will have to gain the majority approval of the House of Assembly. In light of numerous infrastructural changes to the public sector, namely the massive restructuring efforts at ZNS, Mr Ingraham confirmed that there were no current plans for further restructuring of any other public service entity. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 15, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The Mercedes M-Class. Beauty, brains and brawn. TYREFLEX STAR MOTORSCall us today for your Mercedes-Benz M-Class at 325.4961Wulff Road, P. O. Box N 9123, Nassau, The Bahamas Fax: 323.4667When you think of the average SUV on the road today, you think of roadhogging, air-polluting gas guzzlers that wouldnt know the meaning of high precision and fuel efficiency if it were emblazoned on their windshields. But there is an alternative. The refined M-Class from Mercedes-Benz. Withits superior German styling utilising only high-grade materials, its robust engine power delivering exemplary turn-on-a-dime performance whilst still being frugal on fuel and its handling of pot-holed roads and 1.5 ft. flooded streets, the Mercedes-Benz M-Class is clearly the best choice in SUVs. Real Estate:Pricing under pressure FROM page one BTCsale
BySIR RONALD SANDERS (The writer is a Consultant and f ormer Caribbean diplomat) MICHAEL KIRBY, a former Justice of the High Court of Australia, drew a recent report of the Inter-American Commission on Human Rights (IACHR It confirms what Caribbean c ountries had always heard about the way people of African descent are treated in some Latin American and Caribbean countries, and it also flags-up the legal intolerance and criminalisation of homosexuals and lesbians in the countries of the English-Speaking Caribbean because of their sexual preferences. According to the report, during its 140th period of sessions from 20 October to 5 November 2010, the Commission held 52 hearings and 28 working meetings and concluded that structural human rights problems still persist in the region. These include the situation involving people of African descent, women, persons deprived of liberty, and the gay community. The Commission expressed its concern about information it received about persistent practices in the Dominican Republic whereby persons of Haitian descent who were born in that country are denied their right to nationality. The Commission believes that Dominican Republics argument that there are no stateless persons in that country, since children born to Haitians in the Dominican Republic can be registered at the Haitian consulate, is incompatible with the Inter-American Convention and case law of the Inter-American Commission and Court. Of course the Dominican Republic is not the only place in which Haitians or persons born of Haitian parents are denied basic rights. In the Turks and Caicos Islands, it was well known that the Haitian migrant c ommunity were exploited as a work force and denied the right to become belongers or citizens, and in the latter case the consideration was not racial, it was pure and unadulterated xenophobia practised against people of the same race. Sadly, this latter phenomen on has also been witnessed in the countries of the Caribbean Community (CARICOM where discrimination has been ruthlessly applied in immigration controls against people of African descent while a blind eye has been turned to Europeans and other non-black peop les. The Commission also reported excessive use of police force against Afro-descendants in Brazil. The report said the IACHR had received troubling information about the high rates of crime and police violence in Rio de Janeiro, So P aulo, Esprito Santo, Bahia, and Pernambuco, and heard petitioners' allegations regarding the close link between these violent deaths and racial discrimination. Charges of "institutional racism" was also levelled at Brazil and petitioners claim that it contributes to the high levels o f harassment, deprivation of liberty, and executions among the population of African descent in Brazil, as well as the underreporting of violent deaths perpetrated by the police. Costa Rica was also fingered in the report for poor human rights practices toward AfroCaribbean people in the canton of Talamanca. The IACHR was informed that Talamanca has the lowest index of social development nationally, along with the highest levels of extreme poverty and illiteracy in the country. As a point of general concern, the Commission received what it called sobering inform ation about the risk, threats, and the troubling number of murders of human rights leaders and defenders among the Afrodescendant population in various countries of the region. All CARICOM countries, with the exception of the British Colony Montserrat, are memb ers of the Organisation of American States (OAS entitled to seek election to the IACHR. However, of the seven members now serving on the Commission, none of them is from the Caribbean. Yet, election to the Commission presents an opportunit y for Caribbean states to be watchful of the conditions of people of African descent in Latin American countries. Their membership might also encourage more cases of racial discrimination to be brought to the fore. In these circumstances, it behoves Caribbean governm ents who are the only ones who can do it to propose Caribbean persons for election to the Commission. But, Caribbean countries also have to be aware of the moat in their own eye while they champion the cause of persons of African descent who are discriminated against. T he same Commission received information indicating that countries of the English-speaking Caribbean still have laws criminalizing sexual and intimate conduct between persons of the same sex. The Commission named these coun tries as: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, and Trinidad and Tobago. C M Y K C M Y K PAGE 10, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Stop discrimination against Blacks and Gays WORLDVIEW SIRRONALDSANDERS SEE page 11
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 15, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM r r nt According to the Commissions report, sentences range from 10 years in prison or forced labour to life imprisonment for consensual sexual conduct between adults of the same sex. The Commission received information indicating that the very existence of such laws perpetuates unwarranted stereotypes, is a cause for fear in the sexually diverse community, a nd fosters impunity for serious crimes committed against this community. Other detrimental factors that could be added to this are the spread of HIV/Aids that could result from clandestine same-sex practices, the fear of seeing doctors, and the loss of a productive people who could make a real contribution to Caribbean development in the broadest meaning of that term. There has been more than a handful of non-heterosexual Caribbean persons who have made a lasting contribution to the Caribbean civilisation and whose worth and dignity have been publicly acclaimed. It is a frightening thought that the significant contribution of these persons could have been denied because of their personal and private sexual preferences. The issue of decriminalising homosexuality between consenting adults has been confronted squarely in many parts of the world. Homosexuals and Lesbians have served in the highest councils of government, business and the arts, and they continue to do so today. In the Caribbean, the issue is linked to the doctrines of some religious groups and to their influence on people who vote in elections. Political parties have been loath to fall afoul of voters swayed by some strident religious leaders. But just as discrimination against persons of African descent must be resisted and overturned wherever it occurs, so too must discrimination against consenting people of a different sexual persuasion they are a part of our common humanity. Responses and previous commentaries at: www.sirronaldsanders.com FROM page 10 Stop discrimination
his party. He said: Firstly I think the party would like me to carry on. Secondly, there are a number of things we had hoped to undertake in our term in office that we have been unable to do largely owing to circumstances and conditions. Thirdly it would not be appropriate I think under the circumstances for me to leave with all this experi ence. I consider it my duty to the Bahamas and to my party to carry on. The FNM leader also maintained if elected he would serve his entire term, referring to comparisons drawn by media to public statements made by leader of the opposition Perry Christie, who in the past has maintained that if elected, he would not serve the full term and step down for a successor. Mr Ingraham added: When its time for me to go I will go and the party will select my replacement, but Im not going to make that kind of deal. Im not in the position where persons are at my heel and I have to tell them listen I will make space for you others have to do that. C M Y K C M Y K LOCAL NEWS PAGE 12, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE Nassau Collins Ave 242 322 2341 Thompson Blvd 242 325 87 76 Soldier Rd North 242 393 6286 Family Islands Freeport 242 352 7119 Abaco 242 367 2688 Exuma 242 336 2420www.jsjohnson.com pany in which he reached a consensus on several matters of interest. The value of construction w orks to be subcontracted to Bahamians has been doubledf rom $200 million to $400 million, creating thousands more jobs for Bahamian contractors and subcontractors who will work on elementso f the Core Project in the l argest award of contracts to Bahamian contractors on any single project in the nations history, Mr Ingraham said. And Baha Mar and China S tate Construction have a greed to establish a Training and Service Academy to provide extensive training to Bahamian workers from 24m onths prior to opening B aha Mar as well as ongoing training for new and existing staff. Such training will help to empower the Bahamian people by advancing wealth-cre-a tion opportunities for prof essionals and securing jobs and livelihoods, Mr Ingraham said. Such broad agreement will pave the way for this large-scale developmentw hich will assist our economic recovery, he said. However, the number of Chinese workers set to build the project remains at 8,150, with no more than 5,000 b rought in to work on the p roject at any one time, Mr Ingraham said. The matter of their work p ermits will be debated in the House of Assembly on Wednesday and Thursday this week, with 7.5 hours a llocated to the FNM and 5.5 hours to the PLP to discuss the labour resolution. M r Ingraham expects final approval for Baha Mar to be granted this month so contracts for Bahamian firms c an start to be issued as early as December, and prelim inary works can begin as earl y as January. Major construction by the China State ConstructionC ompany is expected to get underway sometime after March next year, Mr Ingra ham said. H owever, an outstanding concern for Mr Ingrahams government is how the 2,650 n ew hotel rooms at Baha Mar will enter into the market. H e had hoped to agree a phased entry with developers but said this has not yet been clearly agreed. Mr Ingraham explained how only 1,250 of around 2,000 existing hotel rooms in Cable Beach are currently in operation, as 450 rooms at the Nassau Beach Resort and around 300 rooms at the W yndham are closed. Introd ucing 2,650 new hotel rooms to Cable Beach will be a massive influx which remains a concern for the Prime Minister. He said: This is not the i deal position but it is at the m oment, the best that we can get, and we will continue to work towards getting a better arrangement for the Bahamas. We are delighted to get a ll of the construction jobs a nd the income in the next two or three years, but we are also concerned about what happens in 2014/15 when a lot of these rooms come on stream at one time. We are also reminded by t he China Export Bank that they are also concerned about the economics, but they are satisfied that there isg oing to be opportunity for some increase in Chinese business to the Bahamas, but its a matter that does have some concerning aspects to it from our point of view. So its not a perfect situa tion, but its a doable proposition. Baha Mar Senior Vice P resident of Governmental and External Affairs Robert Sands declined to commento n the proposition of a p hased entry as he responded to the Prime Ministers remarks. Mr Sands said: We and our partners work closely with the government toa ddress their concerns and we are pleased that the government has decided to schedule the debate next week. We are anxious to conclude the Baha Mar deal andb egin construction as soon as possible. We are prepared to q uickly award infrastructure w orks as soon as the project is approved and the final documentation is concluded. We are grateful to the government of the Bahamas for their support of the BahaM ar project. Mr Ingraham said he has been advised by Baha Mar and the Export Import Bank o f China that the Hyatt Hotel is putting $40 million towards the development, w hile two other hotel part ners are providing $10 mil lion each, and will be equity o wners in the project. The Bank of Nova Scotia is leaving the unpaid balanceo f its loan to the extent of 1 2 per cent of the project, while the China Export Import Bank provides a $2.4b illion loan for Baha Mar. If Baha Mar is unable to repay the Chinese loan, negotiations over ownership of the land will have to be addressed by the ruling government at the time, Mr Ingraham said. FROM page one Ingraham plans to seek re-election Thousands more Baha Mar jobs FROM page one
When asked by The Tribune about rumours of sale negotiations between theh otel owner and potential buyers in a press conference broadcast live from the British Colonial Hilton yesterday afternoon, Mr Ingraham said he had put the same questions to Mr Kerzner that morning and the Atlantis ownerd enied any plans to sell. However, Mr Kerzner did raise concerns over the Baha Mar deal because it appears to be more favourable to developers than that providedt o Atlantis for the construct ion of Phase Three. Mr Ingraham said he arranged to meet with Mr Kerzner to discuss these concerns, which he said will be reviewed, but he does note xpect them to interfere with p lans to go ahead with approvals for the Baha Mar project this month. There are some concerns on the part of Kerzner as to the extent to which Baha Mari s getting a deal that is more favourable to them than Kerzner got, Mr Ingraham said. In 2003 when the government of the day signed an a greement with Kerzner for phase three, it agreed that n obody get a better deal in t he Bahamas for any develo pment than Kerzner. Now they are concerned about the extent to which they had to pay huge sums of money for the property, and B aha Mar was given a gove rnment property at very low prices. Kerzner was also required t o hire Bahamians to make up 70 per cent of the workforce for construction of p hase three, while Baha Mar w ill employ 8,150 Chinese w orkers, which Mr Ingraham said was a further concern for the Atlantis owner. H e said: Thats the extent t o which they have justified the reasons for their concerns, and we will review their concerns and make determinations. In the meantime it will not interfere with our intention to approve the BM project byt he end of this month. T he impending approval for Baha Mar means Atlantis will not be able to go ahead w ith a fourth phase as it w ould be unable to compete in the same market, Mr Ingrah am said. The reality is even if they had the money the will and desire, nobody would do a nother phase four Atlantis b ecause we are going to put down in Cable Beach another 2 ,600 hotel rooms and facilities, he said. C M Y K C M Y K LOCAL NEWS PAGE 16, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM vehicle, but it was reported that she was unharmed. P ress Officer Chrislyn Skippings added: Police are inves tigating and appealing to members of the public who may have any information regarding this and any other incident to kindl y contact them at police emergency 919, CDU 502-9991, or crime stoppers at 328-TIPS. Meanwhile in other crime-related matters, police officers in G eorge Town, Exuma, are investigating the stabbing of a 19year-old man. According to police, the Bahama Sound resident was stabbed with an unknown object as a result of a fight between twom en at the fish fry by the old naval base. The victim had to be airlifted to Nassau, where he was said to be in serious, but stable condition in hospital. Kerzner denies Atlantis sale reports FROM page one FROM page one Two men in hospital after shooting
By NEIL HARTNELL Tribune Business Editor GOVERNMENT revenues for the fiscal year-to-date are a significant enough number behind the 2010-2011 Budget forecast to require the Ingraham administration to keep a very close eye on this variable, a Cabinet minister has conceded. Zhivargo Laing, minister of state for finance, said that while the Governments revenue per formance for the first four months of its fiscal year matched year-over-year 2009-2010 com parisons, once the extraordinary C M Y K C M Y K SECTIONB firstname.lastname@example.org MONDAY, NOVEMBER 15, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.36 $4.42 $4.26 By NEIL HARTNELL Tribune Business E ditor T he Grand Bahama Chamber of Commerces p resident has hit out at the aggravating new policies and procedures b eing implemented in F reeport by Bahamas C ustoms, warning that the uncertainty created isu ndermining the fight for s urvival being undertaken by the citys private sector. K P Turnquest told Tribune Business that the main concern among Freeport businesses, as it r elated to Customs d emands for a monthly report on over-thec ounter bonded goods s ales and the new link established to being cur rent with National Insur ance Board (NIB m ents, was: Where do y ou stop? The Chamber president p ointed out that the bonde d goods sales report was not required under Bahamian law, while Customs move to mandatet hat Grand Bahama Port Authority (GBPA licencees must first show they are in good standing with NIB before their ability to purchase bonded (duty free renewed, was also not mandated by statute. Referring to the Supreme Court action l aunched by Kellys (Freeport ing a Judicial Review of Customs demand for it to p roduce a monthly bond ed goods sales report, Mr Turnquest told Tribune Business: I think Kellys By NEIL HARTNELL Tribune Business Editor THEBahamas Electricity Corporat ion (BEC annum loss from $30 million in 2009 to between $5-$10 million for the recently completed financial year to end-Sept ember 2010, its chairman has told Tribune Business, before returning to profitability in 2011. M ichael Moss told this newspaper t hat while the 100 per cent state-owned Corporation was not out of the woods y et, it was expected to turn a small p rofit in its 2011 financial year, aided by the $24 million revenue increase g enerated by a combination of the tari ff rate rise and the Government paying for street lighting. T he third key component of BECs t urnaround, achieving increased operBy NEIL HARTNELL Tribune Business Editor CABLE B ahamas has dismissed the argum ent by the Bahamas Telecommunications Companys (BTC owner, Cable & Wireless, that including By NEIL HARTNELL Tribune Business Editor CABLE & WIRELESSSopposition t o the Bahamas Telecommunications Company (BTC minate inbound international calls from BEC to slash 2010 losses to $5-$10m Electricity suppliers chairman says financials to improve considerably from 2009s $30m loss, with return to small profit projected for financialy ear 2011 Corporation not out of the woods yet, but expected to shortly lift a big burden lifted from our shareholder Chairman admits perhaps naive to expect operational efficiencies so s oon, but signs of improved payment terms from suppliers, which has been really killing Three-four week hiatus in talks with Emera over BEC management contract, as several issues need to be addressed by PM SEE page 6B SMALLPROFIT: Michael Moss CHAMBER CHIEF HITS AT CUSTOMS AGGRAVATIONS Where do you stop, Customs is asked, s ince bonded goods sales report and linking bonded goods buying permission to NIB good-standing not p ermitted in law SEE page 9B Government revenues significantly enough behind Budget forecast Minister says Ingraham administration keeping a very close eye on revenue performance Matching year-over-year comparatives, once $89m from Statoil deal and BTC dividend tak en out SEE page 8B MINISTER OF STATEFOR FINANCE: Z hivargo L aing CABLE DISMISSES LIMES $2.64M CALL SETTLEMENT EARNINGS FEARS Says international call termination pay ments 4.3:1 in Bahamas favour, but more than 23:1 in Jamaicas case, so revenue fear loss on cost-oriented solution not justified BISX-listed firm expresses fears over BTC double dipping on cellular interconnection, and discrimination against other operators SEE page 7B LIME PROPOSAL WOULD TIFLE COMPETITION SRG argues high international call termination rates have unquantifiable costt o Bahamian economy, making tourism and financial services uncompetitive S EE page 4B By NEIL HARTNELL Tribune Business Editor THE Bahamas Telecommu nications Company (BTC been accused by its major Bahamian rival of a complete lack of responsiveness to efforts to negotiate an access and interconnection (A&I CABLE BLASTS RIVAL BTC OVER INTERCONNECT TONEWALLING Accuses state-owned incumbent of complete lac k of r esponsiveness to efforts to start interconnection agreement talks betw een Bahamas two major players Urges URCA to impose interim solution Says prices of interconnect equipment pr oposed by BTC 70% and 98% higher than in J er sey SEE page 8B
C M Y K C M Y K BUSINESS PAGE 2B, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By ROYALFIDELITY CAPITAL MARKETS I T WASslow week of t rading in the Bahamian s tock market. Investors traded in four out of the 24 listed securities with one decliner. EQUITY MARKET A total of 8,950 shares changed hands, representi ng a decrease of 5,980 s hares compared to last w eek's trading volume of 14,930 shares. FOCOL Holdings (FCL was the volume leader last w eek, trading a volume of 4 ,250 shares to see its share price close unchanged at $ 5.46. C able Bahamas (CAB w as the lone decliner last week, trading a volume of2 ,700 shares to see its stock f all by $0.01 to close at $10.46. BOND MARKET Fidelity Bank Bahamas S eries B Notes (FBBSB traded a volume of $100,000 a t par value. C OMPANY NEWS E arnings Releases: Consolidated Water Comp any (CWCO unaudited results for the quarter ended September 30, 2010. For the quarter, CWCO reported net incomea ttributable to shareholders of $1.3 million, a $608,000 o r 92 per cent increase in comparison to the same quarter in the prior year. G ross profits of $3.8 million declined by $1.3 million o r 25 per cent quarter-overquarter, on lower sales rev-e nues of $11.7 million comp ared to $13.5 million in the 2009 third quarter. Therew as a lower cost of revenues a t $8 million, compared to $8.5 million in the compara tive quarter. It was noted that the comp anys positive earnings were primarily due to higher equity in earnings from an affiliate company, which were reported at $777,000 in the quarter, compared toa loss of $1.6 million reporte d in the same quarter in the p rior year. C WCOs general and administrative costs of $3.3 million increased by $625,000 or 23 per cent quarter-over-quarter. CWCOs total assets and l iabilities at September 30, 2010, were $153.6 million and $25.5 million, respec-t ively, compared to $154.5 million and $28.9 million at year-end December 31,2 009. Fidelity Bank Bahamas (FBB e d financial results for the nine months ended Septem ber 30, 2010. FBB reporteda net income of $416,000, w hich decreased significantl y by $697,000 or 62 per cent compared to the $1.1 million reported in the same p eriod in the prior year. Net interest income of $ 6.3 million for the period decreased by $293,000 or 4 per cent, from $6.6 million int he prior period, while noninterest income of $4 mill ion also decreased by $88,000 in comparison to the prior year. The bank s howed improvement in its l oan losses in the period in c omparison to the prior year, with provision for loan losses of $685,000 declining by $87,000. FBB's earnings per share for the nine-month periodd ecreased to $0.01 from $0.04 in the previous year. Total assets and liabilities as at September 30, 2010,w ere $276 million and $242 m illion, respectively, com pared to $276 million and $242 million at year-endD ecember 31, 2009. ROYALFIDELITY MARKET WRAP EQUITY MARKET TRADING STATISTICS Week ending 12.11.10 BISXCLOSINGWKLYVOLUMEYTD PRICE SYMBOLPRICEPRICE CHANGECHANGE AML....................................$ 1.01..........................................$-....................................................0.........................................-13.68% BBL.....................................$ 0.18..........................................$-....................................................0.........................................-71.43% BOB....................................$ 4.90..........................................$-....................................................0.........................................-16.95% BPF......................................$ 10.63..........................................$-....................................................0...........................................-1.02% BSL......................................$ 5.01..........................................$-....................................................0.........................................-50.20% BWL....................................$ 2.84..........................................$-....................................................0...........................................-9.84% CAB....................................$ 10.46..........................................$-0.01.............................................2,700......................................4.81% CBL.....................................$ 6.50..........................................$-....................................................0...........................................-7.14% CHL.....................................$ 2.40..........................................$-....................................................500.....................................-11.76% CIB......................................$ 9.74..........................................$-....................................................0...........................................-2.50% CWCB.................................$ 1.56...........................................$-0.02.............................................0.........................................-34.74% DHS.....................................$ 1.60..........................................$-....................................................1,500..................................-37.25% FAM....................................$ 6.07..........................................$-....................................................0...........................................-6.47% FBB.....................................$ 2.17..........................................$-....................................................0...........................................-8.44%F CL......................................$ 5.46..........................................$-....................................................4,250....................................14.47% F CLB...................................$ 1.00..........................................$-....................................................0.............................................0.00% F IN ......................................$ 7.26..........................................$-....................................................0........................................-21.44% I CD......................................$ 5.59..........................................$-....................................................0.............................................0.00% JSJ........................................$ 9.90..........................................$-....................................................0...........................................-0.30% PRE.....................................$ 10.00..........................................$-....................................................0.............................................0.00% BOND MARKET TRADING STATISTICS Week ending 12.11.10 BISX SYMBOL D ESCRIPTIONVOLUMEPAR VALUE FBB13. . . . . . . . . . FBB Series C Notes Due 2013...............0........................................................................$1,000 FBB15. . . . . . . . . . FBB Series D Notes Due 2015...............0........................................................................$1,000F BB17. . . . . . . . . . FBB Series A Notes Due 2017...............0........................................................................$1,000 FBB22. . . . . . . . . . FBB Series B Notes Due 2022...............100....................................................................$1,000 INTERNA TIONAL STOCK MARKET INDEXES Week ending 12.11.10 INDEX WEEKLY% CHANGE D JIA ...........................................................................11,192.58..............................................................................-2.20 S&P 500 ......................................................................1,199.21................................................................................-2.17 N ASDAQ .................................................................. 2,518.21................................................................................-2.36 Nikkei ......................................................................... 9,724.81.................................................................................1.03
C OMMONWEALTH B ANKhas announced that William B. Sands Jr, its president and chief executive, has been elected as executive chairman of the Board o f Directors from January 1 2011, succeeding T. Baswell Donaldson who will retire as chairman and director with effect from December 31, 2010. M r Donaldson will cont inue to be available to act in an advisory role with the bank. Ian A. Jennings has been named as president of the bank, and Patrick McFall as vice-president and chief financial officer. Both o f these appointments will a lso be effective from Janua ry 1, 2011. Speaking on behalf of Commonwealth Banks Board, Rupert W. Roberts J r. said Mr. Donaldson had s erved Commonwealth B ank with great distinction t hrough the years, and the b ank was enormously thankf ul for his outstanding contribution. During the 13 years of his l eadership as chairman, C ommonwealth Bank has strengthened its position in the marketplace through prudent management, adding branches to serve B ahamians where they work a nd live, and introducing new products and services to meet their specific banking demands. During Mr Sands 14 years as president, total assets increased to $1.4 bill ion in 2010, an impressive g rowth of more than 273 per c ent. Profitability has closely paralleled the asset growth of the bank during this timeframe, and is e xpected to approximate $ 50 million in 2010, an i ncrease of 360 per cent s ince 1997. C ommenting on his a ppointment, Mr Sands said: The banking landscape continues to undergo rapid c hange, and Commonwealth B ank is uniquely positioned to bring ever greater value to our customers and shareholders, as well as other stakeholders as we continu e to reinforce our vision to e nsure that Commonwealth Bank continues to be the first choice of Bahamians for all banking services. I would also like to express my sincere gratitude to Mr. Donaldson for the g uidance and counsel he has g iven the Board during his d istinguished tenure. Under his dedicated leadership, the bank grew to be the countrys largest d omestic bank. I must also e xpress my gratitude to the e xecutive management team a nd staff of Commonwealth B ank for their ongoing supp ort over the years and the pivotal role they have played. C M Y K C M Y K BUSINESS T HE TRIBUNE MONDAY, NOVEMBER 15, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM &20021:($/ &20021/$$1'(48,7<',9,6,21 %(7:((1 ),567&$5,%%($1,17(51$7,21$/%$1. %$+$0$6f/,0,7(' 3ODLQWLII $1' /$/(($-$/(,.$.,17(+ 'HIHQGDQW 127,&($'-2851('+($5,1* 7$.(127,&( WKDWWKH6XPPRQVIRUOHDYHWRHQWUH XGJPHQWLQ'HIDXOWRI$SSHDUDQFHRQWKHWKG RI-DQXDU\DQGVHWGRZQWREHKHDUG RQ)ULGD\WKHWKGD\RI-XQHDW RFORFNLQWKHPRUQLQJZLOOQRZEHKHDUGEHIRUHWKH 5HJLVWUDU 'RQQD1HZWRQ RIWKH6XSUHPH&RXUWUG) ORRU$QVEDFKHU%XLOGLQJDQG(DVW6WUHHW1RUWK 1DVVDX7KH%DKDPDVRQ )ULGD\ WKH WKGD\ RI 'HFHPEHU $' DW RFORFNLQWKH PRUQLQJ' DWHGWKLVWK GD\RIFWREHU 5 (*,675$5 7 KLV1RWLFHZDVWDNHQRXW0HVVUV*LEVRQ5LJE\ t &KDPEHUV.,DOH[+RXVH'RZGHVZHOO6WUHHW 1 DVVDXKH%DKDPDV$WWRUQH\VIRUWKHODLQWLI ON THURSDAY, N ovember 4, 2010, Tribune Business carried an articleh eadlined Only 10 firms to p ay extra in licence fees. The article reported that: Only around "10 compa nies" will be paying "signific antly more" in Business License fees when the new Act is implemented, with most businesses paying "the s ame or less" in fees than they used to, the Minister of State for Finance said. This is not correct. The only 10 firms reference is to the fact that only 10 con s truction firms were likely to pay more in Business Licence fees, not 10 firms overall. Z hivargo Laing, minister of state for finance, subsequently informed Tribune Business that he told the same Town Meeting that there were some 30 gas station operators who would n ow have to pay Business Licence fees of $1,000 under the new Act, compared to $500 previously. T ribune Business apologises to Mr Laing for the error, and is happy to set the record straight. Donaldson steps down from bank MINISTER SETS THE REC ORD STRAIGHT RETIRINGASCHAIRMAN: TBDONALDSON
other operators on its network is akin to deliberately stifling competition, a rival operator has warned, something that would cost t his nation a golden opport unity to distinguish it from the high cost C aribbean. Paul Hutton-Ashkenny, president of Systems Resource Group (SRG operator of the IndiGo Networks brand, in his latest submission over BTCs Refe rence Access and Interc onnection (RAIO s aid that while the stateo wned incumbent and potential new owner would derive more revenue and profits if international call termination from other operators was not included, the cost to the wider B ahamian economy was unquantifiable. D issecting the position of C able & Wireless (LIME Mr Hutton-Ashkenny, on SRGs behalf, said BTCs potential new majority owner was advocating that opening inbound international call termination to c ompetition would i nevitably lower the call settlement rate, something detrimental to the Bahamian economy. In other words, the argum ent is that in this case c ompetition should be deliberately stifled, Mr H utton-Ashkenny said. The rationale of LIME i s that stifling of competition is acceptable in the case of inbound interna-t ional, because the Bahamian consumer doesnt pay. It is only the foreign consumer calling into the Bahamas who will suffer from artificially high rates to do so. And then the e conomy will benefit t hrough the influx of fore ign exchange. Arguing that this position w as short-sighted and misg uided, Mr HuttonAshkenny suggested LIMEs view was being clouded by its historical position as the incumbent Caribbean monopoly. Currently, fixed line and mobile s ettlement rates were around five cents and 19 cents in states such as Jamaica and Barbados, but had come a long way sinceL IMEs monopoly days. In contrast, Mr HuttonAshkenny said that untilr ecently the Bahamas had the lowest inbound settle ment rates in the region, h aving adopted a model s imilar to North America, where cellular and fixed line call termination rates were low. This, though, had changed recently with BTC now implementing high i nbound international call t ermination rates, similar to those in the rest of the Caribbean. The effect may be a boost to the bottom line of B TC, but SRG disputes the v iew that it is at no cost, Mr Hutton-Ashkenny said. Nothing is free, and high i nternational settlement r ates do have implications for the Bahamas. Given the past preval ence of international callback services in the Bahamas, it is ironic that today, with the proliferation of voice over Internet (VoIP SRGs Onephone, a foreign c onsumers calling into the B ahamas would be better o ff asking their Bahamian counterpart to call themb ack. In other words, it is n ow cheaper to call internationally from the Bahamas than for a call to be placed into the Bahamas. The subliminal message is that it is expensive in the Bahamas. M r Hutton-Ashkenny added: Tourists will have an immediate negative impression of high cost when calling to make ah otel reservation. Offshore financial services firms will consider that the cost fort heir clients to contact them is now uncompetitive with, say, Bermuda, where the b lended termination rate is a round three cents. Whilst BTC and its new owner may be able to accumulate more profit, the fact is that the Bahamian economy is bearing an unquantifiable cost, which raises q uestions with regard to the p roductivity of the Bahamian economy, one of the objectives of the Governments electronic communications policy......... A lowering of the intern ational inbound rate through competition would h ave the benefit of disting uishing the Bahamas from t he high cost Caribbean region, and benefiting from the adoption of more equi-t able rates in line with major international jurisdictions. Mr Hutton-Ashkenny said BTC had proposed that it alone set the rate in Miami, and that it resell i nternational inbound at a s mall margin of 1.11 cents p er minute. Blasting BTC and L IMEs positions as antic ompetitive and discriminatory, Mr Hutton-Ashkenny said SRG already provided international inbound services to its clients, with calls terminating on BTCs network, and had been d oing so for five years. Therefore, the situation BTC was trying to avoid was already in place. In addition, Vonages r etail rates for calling into the Bahamas were significantly less than BTCsi nbound international call termination/settlement rates. C M Y K C M Y K BUSINESS PAGE 4B, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM LIME proposal would stifle competition FROM page one
ational efficiencies, was b eing held back because m any of the Corporations m ain suppliers had placed it on a cash-only upfront basis when it came to purchasing much-needed equipment and spare parts. Conceding that he may have been a little naive t o expect BEC to move o n increasing operational e fficiency so soon, given its relatively parlous financial state, Mr Moss also told Tribune Business that talks with Canadian e nergy giant Emera about i t becoming the operational/management partner for the Corporationh ad temporarily halted for three to four weeks, ass everal issues required r ecently-returned Prime Minister Hubert Ingrahams attention. Asked by Tribune Business about BECs current f inancial condition, Mr M oss said it had improved considerably. He added: Compared to the September 2009 yearend loss of $30 million, when all the adjustments are in for the year-end 2010, we expect the loss to be in the range of $5-$ 10 million. Improvement Thats a significant, p ositive improvement. W ere not out of the w oods yet, but by the end o f the 2011 financial year [September 30, 2011], we expect to have turned a small profit. Asked to identify the key factors behind BECs projected improved financial performance, the chairman identified thee xtra $24 million in per annum revenue it would receive from the tariff increase and street lighting. This will be split equally between the two, since each measure is f orecast to generate $12 m illion in additional rev enues. The tariff increase is a p art of that, the Govern m ent paying for street lighting is part of that, and operational efficien c ies we are looking at introducing will be a third component of that, Mr Moss told Tribune Business. But, on the operational efficiencies, he conceded: We have not gotten as f ar as I had hoped. Perhaps we were a little bit naive about that,h aving been put on a cash b asis by so many of the suppliers, which has impaired our ability to carry out maintenance on a timely basis. M r Moss, though, said B EC was beginning to see positive signs in this area, one major supplier having restored the Corporation to a -day net payment basis, meaning it can order the goods and take delivery of them before it has to pay. H e alluded to the cash flow and liquidity problems BEC had suffered asa result of its major suppliers all putting it on a cash upfront basis, especially when equipment it w as paying for had a sixm onth delivery timeframe on it. Maintenance That is really killing, Mr Moss said. It has impaired our ability to c arry out maintenance, because if you do not have the cash right away, y ou cannot place an order a nd are not able to carry o ut maintenance in a timely fashion. If we can convince s ome of the others [suppliers] that we are now on a much healthier financial footing, hopefully some them will do likewise. If that happens, things will be much clearer much m ore quickly. It swings it from a $30 million loss to where you begin to see a degree of profitability. We see that happening at year-end 2011; we certainly expect to have positive results by year-end 2011. Well be a big burden lifted from our shareholder, where weve gone from not being able to pay our fuel bill to showing a bit of profitability. The latter statement w as a reference to last y ear, when the Govern ment had to use a $25 mil-l ion dividend from the B ahamas Telecommuni c ations Company (BTC to help make a $30 million downpayment on the$ 60 million accounts payables that BEC owed Shell for its fuel supplies. Asked about BECs immediate capital expenditure and investment needs, Mr Moss said: What were looking to d o in terms of near-term c apital expenditure is restore operational capac-i ty for existing units, as o pposed to investment in new generation plants. I believe that if we can improve reliability from the existing units, it can l ead to us deferring addit ional capital investment and putting it into operational efficiencies. While he had no current data on the number of residential and business customers currently cutoff by BEC, Mr Moss said the Corporation had 6,000m ore connected customers now than at the same time last year, a figure indicating that some, at least, had been able to get reconnected. Meanwhile, Mr Moss s aid talks between the G overnment and Emera over a potential BEC o perational/management c ontract for the latter had t emporarily halted. The talks have taken a bit of a hold, becauset here were some issues that needed to be discussed with the Prime Minister, and those issues have not been taken up with him since he returned from China, Mr M oss said, so theres b een no progress in the E mera relationship over the last three to fourw eeks. Partnership The BEC chairman, like T ribune Business on Frid ay, also suggested that the decision by the Abu Dhabi National Energy Company (TAQAw ithdraw from its Caribbean partnership with Japanese firm Marubeni, thereby relin q uishing its 27.7 per cent Grand Bahama Power Company stake, not onlyh ad implications for the l atter, but also Emera. Emera currently holds a 25 per cent stake in Grand Bahama PowerC ompany, and Mr Moss, too, suggested it may well want to take over Taqasr ole in the Marubeni partn ership. This would not only give it majority control over Grand Bahama Power Company, but also stakes in Jamaica Public Service Company (JPS and the Curacao power producer. Im advised that prior to Taqa moving into Jamaica, Emera had attempted to get a foothold there, but Marubeni preferred to have Taqa as a potential partner at that point in time, Mr Moss told Tribune Business. C M Y K C M Y K BUSINESS PAGE 6B, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM -XOLXV%DHU*URXSWKHOHDGLQJGHGLFDWHG:HDOWK 0DQDJHPHQWLVVHHNLQJFDQGLGDWHVIRUWKHSRVLWLRQ5(6,'(17$1$*(5 &25((63216,%,/,7,(6 $FTXLUHQHZFOLHQWVWKURXJKSHUVRQDOQHWZRUN ZLWKLQGHQHGREMHFWLYHVf 6XSHUYLVHH[LVWLQJEXVLQHVVERWKULYDWH&OLHQWDQG ($0V 5HSRUWUHFXUUHQWDQGDGKRFLQIRUPDWLRQWRKLVKLHUDUFK\ DQGWKH%RDUGRI'LUHFWRUVRIWKH%DQN 0DLQWDLQFRQWDFWDQGFRRUGLQDWHZLWKORFDOH[HFXWLYH RIFHVDQGUHJXODWRUVLH&HQWUDO%DQNHFXULWLHV ([FKDQJH&RPPLVVLRQ,PPLJUDWLRQ'HSDUWPHQWf 'HYHORSDQGSURPRWHWKH%DQNDVDERRNLQJFHQWUH WKURXJK-XOLXV%DHUZRUOGZLGHQHWZRUN5(48,5('.,//6 ([FHOOHQW*HUPDQYHUEDODQGZULWWHQFRPPXQLFDWLRQVNLOOV 3& OLWHUDWHZLWKVWURQJ([FHO:RUGRZHU3RLQWDELOLW\WR OHDUQQHZDSSOLFDWLRQVTXLFNO\f 6WURQJXQGHUVWDQGLQJRIZLVVULYDWH%DQNLQJLQGXVWU\ FUHHGDQGUHJXODWRU\IUDPHZRUN $ FRPPLWPHQWWRVHUYLFHH[FHOOHQFH(;3(5,(1&( 0LQLPXP\HDUVH[SHULHQFHLQULYDWH%DQNLQJ$VVHW 0DQDJHPHQWRUUHODWHGHOG('8&$7,21 $ %DFKHORUVRUDVWHUVGHJUHHZLWKFRQFHQWUDWLRQLQ (FRQRPLF%XVLQHVV$GPLQLVWUDWLRQRUHTXLYDOHQW)25(,*1/$1*8$*(67KHDELOLW\WRVSHDNDWKLUGODQJXDJH)UHQFKRU 3RUWXJXHVHfZRXOGEHDVWURQJDVVHW :HRIIHUDYHU\FRPSHWLWLYHFRPSHQVDWLRQDQGEHQHWV SDFNDJHDVWLPXODWLQJZRUNHQYLURQPHQWDQGWKH RSSRUWXQLW\WRPDNHDVLJQLFDQWFRQWULEXWLRQWRRXU EXVLQHVVZKLOHH[SDQGLQJ\RXUFDUHHU ,QWHUHVWHGFDQGLGDWHVVKRXOGIRUZDUGDFRS\RIWKHLU UHVXPHE\RYHPEHU%< %<$,/ 3HUVRQDOt&RQGHQWLDOXOLXV%DHU%DQNt7UXVW%DKDPDVf/WG+XPDQHVRXUFHV 3 1DVVDX%DKDPDV 3HUVRQDOt&RQGHQWLDO -XOLXV%DHU%DQNt7UXVW%DKDPDVf/WG+ XPDQHVRXUFHV 2FHDQ&HQWUHRQWDJXH)RUHVKRUH (DVW %D\WUHHW 3 1DVVDX%DKDPDV BEC to slash 2010 losses to $5-$10 FROM page one Shar e your news The T ribune wants to hear from people who are making news in their neighbour hoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an awar d. If so, call us on 322-1986 and shar e your story.
international call termination in the state-owned incumbents access and interconn ection offer would cost this n ation net foreign currency inflows worth $2.64 million, describing the likely impactas far less significant than in other markets. Cable & Wireless (LIME i n its response to the Utilities R egulation & Competition Authoritys (URCA t ation on BTCs reference access and interconnection o ffer (RAIO r equiring BTC to provide a cost-based international call termination service would r esult in a similar experience t o Jamaica, which lost millions of dollars in foreign exchange earnings when the market wasl iberalised. Cable Bahamas, though, blasted Cable & Wireless for o mitting significant details of t he Jamaica experience, where i t was the incumbent, arguing that this had little relevance f or the Bahamas. This is because the amount of in-bound and out-bound t raffic is far more imbalanced i n Jamaica than it is in the Bahamas. As a result, the significance of settlements revenue is far greater in Jamaica than in the Bahamas, Cable Bahamas said in its latest sub-m ission to URCA on November 12, 2010. The vast majority of inter n ational calls originating or ter minating in the Bahamas are to or from the US. Accordingt o figures compiled by the US F ederal Communications Commission, in 2008 US operators paid $3.425 million toB ahamian operators for terminating traffic that originated in t he US, while Bahamian opera tors paid US operators $ 784,422 for terminating traffic that originated in the Bahamas. This resulted in net revenues to the Bahamas of $2.64m illion. Viewed another way, the payment imbalance between the US and the B ahamas is about 4.3 to one in t he Bahamas favour. Cable Bahamas contrasted this with Jamaicas experiencei n 2008, when US operators paid $87.986 million to their Jamaican counterparts for ter-m inating traffic originating in t he US, while $3.788 million was paid to US operators for terminating traffic originating i n Jamaica. The BISX-listed utility group pointed out that whileJ amaicas population was about eight times larger than the Bahamas, the amount of money generated by international call settlements was 32 times greater in Jamaica four times as much on a per capita basis. Put another way, the payment imbalance between the Us and Jamaica is about 23.2 too ne in Jamaicas favour, Cable B ahamas said. This is more than five times greater than the 4.3 to one payment imbalanceb etween the US and the Bahamas. Thus, even if com petition puts downward pres s ure on international settlement rates, the revenue impact on operators in the Bahamas will be far less significant than t he impact on operators in J amaica. C able Bahamas also criticised BTC for making much the same demands as its potential new owner when it camet o international call termination rates, the state-owned incumbent warning of the loss o f foreign currency revenues. I ts BISX-listed rival said access to the provision of call termination on BTCs network,r egardless of where the call came from, on a cost-oriented basis was key to allow rivalo perators to compete effect ively with BTC in the retail telephone market. Elsewhere, Cable Bahamas a greed with URCAs concerns that BTCs cellular interconnection regime could result int he state-owned carrier double dipping, or gaining double recovery, of costs related to the termination of calls from fixed landlines to its cellular customers. This would occur if BTC w ere permitted to charge mobile subscribers for call termination (MPPa mobile interconnection c harge on the originating licensed operator, Cable Bahamas warned. DespiteU RCAs well-founded concern, BTC insists on applying a mobile termination rate eveni f URCA adopts an MPP regime. The BISX-listed company urged URCA to decide w hether to adopt an MPP or C PP regime for cellular traffic i n the Bahamas. It added that if an MPP regime was adopted, BTC should not be allowed to charge a fee for fixed-to-cellu-l ar call termination. BTCs insistence on charging for fixed-to-mobile interc onnection regardless of the r etail charging regime also raises a serious concern regarding discrimination, CableB ahamas warned. At the present time, BTCs retail mobile subscribers aren ot charged when they receive a call from BTCs fixed network. We understand, however, that BTC plans to charge i ts retail mobile subscribers when they receive calls from other operators networks. W arning that this would be anti-competitive, Cable Bahamas urged URCA to investigate, and called on it to ensure that BTC treated all traffic delivered to its cellular customers in the same mannerwhether it originated on its network, or those of others. C M Y K C M Y K BUSINESS T HE TRIBUNE MONDAY, NOVEMBER 15, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM : $ 1 7 ( $ S S O L F D W L R Q V I R UWKHSRVLWLRQRI$ 66,67$17$1$*(5 )25$(7$,/25( 0XVWKDYHH[SHULHQFHLQ PDQDJLQJSHRSOH 0XVWKDYHH[FHOOHQW RUJDQL]DWLRQDO VNLOOVH[FHOOHQWFXVWRPHU VHUYLFHDQGVDOHVVNLOOV 0XVWEHDEOHWRDVVHPEOH H[HUFLVHHTXLSPHQW3OHDVHPDLO HVXPHDQGSKRWRJUDSKWR $ VVLVWDQWDQDJHURVLWLRQ 3 1DVVDX%DKDPDV Cable dismisses LIMEs $2.64m call settlement earnings fears FROM page one
pretty much outlined what the basic issue is, and the issue as they have defined i t is that issue that most p eople who contacted me a re concerned about. Its not so much that t hey have to provide these reports, but a lot of them a re concerned about liab ility issues under these r eports. This, Tribune Business understands,r elates to the fact that the i nformation on customer purchases supplied to Customs could lead to the ini tiation of investigations into these clients by the Government agency. Theres the whole issue o f where do you stop? Mr T urnquest told Tribune B usiness. You start with reports n ot mandated by law. W here do they stop? We have this issue coming up where Customs are saying you have to prove youve paid NIB before you can purchase over-thecounter for 2011. This is a n ew requirement, and the feeling of the licencees is that this is not something r equired by law. We dont want to break the law, and we pay NIB, but where do you get off this, because it is not in the Customs Management Act, not in the Hawksbill Creek Agreement, not in the law. M r Turnquest suggested i t was not Customs responsibility to act as a collections agency for NIB,s ince the latter was capable of doing this on its own, and the planned linking of over-the-counter bonded g oods permission to being current with contributions could act as a restraint oft rade. Others have also sugg ested that Customs is threatening to remove ap ower it has no authority, u nder law, to take away, as the rights of a licencee to purchase over-thecounter bonded goods are granted by the GBPA not the Government. Meanwhile, Mr Turnq uest said many GBPA l icencees/Freeport compa nies had complied withC ustoms demands, since t hey did not have the legal r esources to take on the Department like Kellys h ad done, while also not w anting to see their business operations disrupted. What has happened in the majority of cases is that you will find people have complied, the Chamber chief said. We need to do busin ess, and a lot of businesse s do not have the r esources to fight City H all. Even though they do not like it, they accept it the way it is. Most people are doing what they have to do reluctantly. Customs had said 95 per cent of licencees are c omplying. Thats probably true, b ut does not necessarily m ean they want to do it. Looking at the wider impact that Customs dictates were having, Mr Turnquest said: Again, business does not like uncertainty. It does not like changes i n the rules of the game c onstantly. We need to know how, f rom year-to-year, the rules will be applied, because we base our models on that. Grand Bahama is struggling. We dont need these kinds of distractions. Were trying to survive h ere. All these disruptions a re aggravating. 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DETROIT AMONG t he banks helpi ng General Motors with its initial public stock offering next week are two identifiedb y initials only: ICBC and C ICC, a ccording to Associ ated Press. One of those banks is the I ndustrial and Commercial B ank of China, one of Chi na's four big central governm ent banks. The other, Chi na International Capital Corp., is a joint venture run primarily by Central HuijinI nvestment Ltd., an arm of the state, and Morgan Stanley. This is the first time Chi nese government banks have participated in a major U.S.-i ssued IPO, according to IPO tracking firm Dealogic. The banks are listed as co-managers in the offering, mean ing they will sell a portion of t he new shares. Chinese automaker SAIC, GM's partner in China, is finalizing plans to buy a roughly 1 percent stake, worth about $500 million, in GM's IPO, the Wall Street J ournal reported Friday. SAIC is owned by the Shanghai city government. Other foreign investors t hat are interested include several sovereign wealth f unds located in the Middle East and Asia. The Journal says those funds, which man a ge the finances of royal f amilies and some nations, could invest $1 billion in GM's IPO. T here could be political b acklash for President Barack Obama, who has s pent the past week in Asia addressing economic issues, like currency exchange dif ferences between the U.S. a nd China. Obama has argued that China artificially deflates its currency, the yuan, in an attempt to make its exports cheaper. Many Americans were u nhappy when the U.S. government bailed out GM and assumed ownership of the automaker, calling the com pany "Government Motors." G M 's Nov. 18 stock offering will reduce the U.S. Treasury's stake in the company from 61 percent to 43 percent, and will help pay back the more than $50 billion that taxpayers invested i n GM to keep it from collapsing. More stock offerings will happen in the next year or so, letting the government fully divest from the automaker. "It's a very political topic, but what Americans need to remember is that General Motors is an international company," says Rebecca Lindland, an analyst with IHS Automotive. "If we want to get our money back, we need to understand that they have to do business on a global basis." The U.S. Treasury has been clear that international investors are welcome to invest in GM, and many out side the U.S. are considering taking stakes in the company. "We expect that a large and diverse group of institutional investors will be offered an opportunity to participate, with no single investor or group of investors receiving a disproportionate share or unusual treatment," the Treasury said in a recent statement. The U.S. has become a popular haven for Chinese investors, second only to Australia in attracting Chinese stock investments, says Derek Scissors, a research fellow at conservative thinktank The Heritage Foundation. The first half of 2010 was a record year for China, Scissors says. China has sunk $45 billion into investments and engineering projects worldwide. About $1.6 billion of those investments came to the U.S. In China, businesses operate with the funding and blessing of the government, says Tim Dunne, director of global automotive operations for J.D. Power and Associates. The government behaves like an interested shareholder, ensuring companies have competent management and ensuring the companies boost economic growth in their regions. Many Chinese automakers are looking for a way into the U.S. market, he says. China is the largest car market in the world, but the U.S. is the most profitable, he says. "The amount of money changing hands here is much greater," he says. The aver age selling price of a car in the U.S. is $27,500, compared with about $17,000 in China. "Multiply that over millions of vehicles, and it's quite a difference." SAIC and GM already have a long-standing partnership in China GM could not sell cars in China without partnering with a local business and it's unclear what size stake SAIC may take in GM. The deal would need Chinese government approval. Chris Theodore, president of consulting firm Theodore& Associates, says SAIC's investment in GM is likely an attempt to strengthen its ties with the automaker. Theodore, who was part ofa group that tried to take over Volvo before it was sold to China's Geely group, says SAIC isn't the kind of company that can branch out into U.S. sales. Most of its models use GM technology and are essentially GM cars. "They rely on GM for a lot of their profitability," Theodore says. Michael Maduell, president of the Sovereign Wealth Fund Institute, a Californiabased group that watches sovereign wealth fund invest ments, says global investors are looking at the U.S. because they believe the overall market is undervalued. Other potential investors in GM include Abu Dhabi's Mubadala and Sin gapore's Temasek, which are both known for actively investing in companies, Maduell says. Investors are "looking at emerging markets, like China and India, but all those assets are overvalued," Maduell says. "America still has a lot of fantastic invest ment opportunities in real estate and smallto mid-cap stocks." C M Y K C M Y K BUSINESS PAGE 10B, MONDAY, NOVEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM -XOLXV%DHU*URXSWKHOHDGLQJGHGLFDWHG:HDOWK 0DQDJHPHQWLVVHHNLQJFDQGLGDWHVIRUWKHSRVLWLRQ6(1,25(/$7,216+,3$1$*(5 &25((63216,%,/,7,(6 $FTXLUHQHZFOLHQWVWKURXJKSHUVRQDOQHWZRUN ZLWKLQGHQHGREMHFWLYHVf $FTXLUHQHZFOLHQWQGHUV 3URYLGHQDQFLDOLQIRUPDWLRQWRFOLHQWVDVUHTXHVWHG &UHDWHDLQWDLQDSULYLOHJHGUHODWLRQVKLSZLWKQHZRU H[LVWLQJFOLHQWVSURYLGLQJDVHUYLFHRIH[FHOOHQFH 'HYHORS-XOLXV%DHU%DQNt7UXVW%DKDPDVfDV D ERRNLQJFHQWUHWKURXJK-XOLXV%DHUZRUOGZLGHQHWZRUN5(48,5('.,//6 ([FHOOHQW*HUPDQYHUEDODQGZULWWHQFRPPXQLFDWLRQ VNLOOV 3&OLWHUDWHZLWKVWURQJ([FHO:3RZHU3RLQWDELOLW\WR OHDUQQHZDSSOLFDWLRQVTXLFNO\f 6WURQJXQGHUVWDQGLQJRIZLVVULYDWH%DQNLQJLQGXVWU\ FUHHGDQGUHJXODWRU\IUDPHZRUN $ FRPPLWPHQWWRVHUYLFHH[FHOOHQFH(;3(5,(1&( 0LQLPXP\HDUVH[SHULHQFHLQULYDWH%DQNLQJ $VVHWDQDJHPHQWRUUHODWHGHOG ('8&$7,21 $ %DFKHORUVGHJUHHZLWKFRQFHQWUDWLRQLQ(FRQRPLF %XVLQHVV$GPLQLVWUDWLRQRUHTXLYDOHQW 7KHHFXULWLHV&RXUVHHULHVRUHTXLYDOHQW)25(,*1/$1*8$*(67KHDELOLW\WRVSHDNDWKLUGODQJXDJH,WDOLDQ)UHQFK 6SDQLVKRURUWXJXHVHfZRXOGEHDVWURQJDVVHW :HRIIHUDYHU\FRPSHWLWLYHFRPSHQVDWLRQDQGEHQHWV SDFNDJHDVWLPXODWLQJZRUNHQYLURQPHQWDQGWKH RSSRUWXQLW\WRPDNHDVLJQLFDQWFRQWULEXWLRQWRRXU EXVLQHVVZKLOHH[SDQGLQJ\RXUFDUHHU ,QWHUHVWHGFDQGLGDWHVVKRXOGIRUZDUGDFRS\RIWKHLU UHVXPHE\RYHPEHU%< %<$,/ 3HUVRQDOt&RQGHQWLDO-XOLXV%DHU%DQNt7UXVW%DKDPDVf/WG+XPDQHVRXUFHV 3 1DVVDX%DKDPDV 3HUVRQDOt&RQGHQWLDO -XOLXV%DHU%DQNt7UXVW%DKDPDVf/WG +XPDQHVRXUFHV 2FHDQ&HQWUHRQWDJXH)RUHVKRUH (DVW%D\WUHHW 3 1DVVDX%DKDPDV NEW YORK Associated Press T HEFed Rally is over. T he Federal Reserve took t he first step in a $600 billion p lan to boost the economy Friday. The same day, the Standard & Poor's 500 index tumbled to its worst weekly loss in three months. It wasn't just a coincidence. Stock markets are forward looking. Once the Fed began signaling in late August that it had a stimulus plan in the works, investors started to push stock pricesh igher. But over the past five days, ominous signs emerged about the global economy: Concerned deepened that Ireland's debt crisis w ould require a bailout by t he European Union. European and Asian c ountries attacked the Fed p olicy because it is resulting in a falling dollar that will help U.S. exports at their expense. Fears of a global trade war increased when President Barack Obama and U.S. negotiators failed t o reach a new trade agreem ent with South Korea. Technology giant Cisco Systems Inc. cut its revenue forecast for the rest of the year. Cisco is the world'sN o. 1 maker of computer networking equipment and a bellwether for the technology industry. Everybody was focused on the doctor without looki ng at the patient," said David Rosenberg, chief e conomist at Gluskin Sheff in Toronto, likening the Fed to a doctor and the economy t o its patient. "The patient may be out of the operating r oom, but it's still in the sick bay." T hat leaves the outlook f or stocks uncertain. Federal Reserve Chairman Ben Bernanke hinted in an Aug. 27 speech that the central bank would launch a program to buy bonds to pump money into the economy a nd spur people and businesses to spend. Economists call the tactic quantitative easing. The Standard and Poor's 500 Index closed that day at 1,064. The index then r ose nine of the next ten w eeks on its way to reaching a high for the year of 1,227 on Nov. 5, capping a 15 per-c ent gain following B ernanke's speech. B ut the index closed Frid ay at 1,199 after tumbling f our out of the last five days. It fell 2.2 percent for the week, its biggest weeklyd rop in three months. All stock market rallies occasionally slump when traders lock in some of their g ains. But the market may not rebound that quickly this time because it was driv en largely by expectations t hat the Federal Reserve's q uantitative easing policy would jolt the economy.B efore Bernanke's speech, t he S&P 500 had lost 12 percent since April on concerns about a double-dip recession. Q uincy Krosby, a market strategist for Prudential Financial Inc., says traders are returning to the nuts and bolts of the economy and will focus on unemployment r ates and home sales. Economic data are going to start to become import ant again," she says. T he economy will need to i mprove by the first part of 2011 for stocks to rise much higher, she says. Profit mar-g ins of companies in the S&P 500 are already near a record high due mostly to corporate cost cutting. Companies will have to boost revenue next year to beat this year's earnings numbers, a nd that's going to be hard unless demand improves. To make matters worse, prices f or commodities from corn to copper are soaring. Even many of those who expect stocks to move higher over the next year believe economic growth may r emain sluggish. I doubt that there will be a smooth rise from here on o ut," says Bill Stone, chief i nvestment strategist at PNC F inancial Services Inc. Nevertheless, he thinks the S&P 500 will climb because itsp rice-to-earnings ratio of 15.4 is a good value considering its 2.3 percent dividend yield is higher than many bonds. Another scenario has gone largely ignored: What i f the Fed's plan lives up to i ts promises? The central b ank bought its first batch of Treasury bonds on Friday, the first step in its latest stimulus package. In theory, pushing $600 billion into the banking system should ripple across the economy, e ncouraging banks to lend, companies to invest in equipment and employees and Americans to open up their wallets. Under this scenario, the chain reaction k nocks the unemployment r ate below the current 9.6 p ercent, and another stock market rally lifts off. E conomists call the Fed's e ffort QE2, because it tried s omething similar in the m iddle of the financial crisis. S tarting in 2007, the Fed bought $1.7 trillion in mostly mortgage bonds fromb anks, helping stave off a wider banking collapse. Studies show it also pushed mortgage rates to historic l ows, though it has not revived the housing market. The Fed expects the much s maller QE2 to end in June. A t that point, if the econ o my still looks weak, Prudential's Krosby says we'llh ave a new question to con s ider: "Will there be a QE3?" Is the Feds rally already over? INTERNATIONAL BUSINESS David Rosenberg, chief economist at Gluskin Sheff in Toronto E E v v e e r r y y b b o o d d y y w w a a s s f f o o c c u u s s e e d d o o n n t t h h e e d d o o c c t t o o r r w w i i t t h h o o u u t t l l o o o o k k i i n n g g a a t t t t h h e e p p a a t t i i e e n n t t . T T h h e e p p a a t t i i e e n n t t m m a a y y b b e e o o u u t t o o f f t t h h e e o o p p e e r r a a t t i i n n g g r r o o o o m m , b b u u t t i i t t ' s s s s t t i i l l l l i i n n t t h h e e s s i i c c k k b b a a y y . China to play role in General Motors IPO HQ: The General Motors logo is seen outside the company's headquarters in downtown Detroit. (AP
INSIGHT C M Y K C M Y K The Tribune INSIGHT MONDAY, NOVEMBER 15, 2010 The stories behind the news By PACO NUNEZ Tribune News Editor A bout a year ago, as violent crime surged while politicians insisted its effects were largely confined to the criminal underclass, INSIGHT argued that ordinary Bahamians were actually the ones coming under increasing attack. An opportunity to revisit the issue presented itself this week when hospital officials revealed they are struggling to cope with a sharp spike in cases of trauma due to violence. In a recent two week period, Princess Margaret Hospital says, it dealt with 57 assault cases among them an alarming number of stab bings and more than double the number of shootings as the same time last year. But who were the victims of these attacks? It is hard to say for certain, as the 14-day period in question was not specified. Hospital officials did how e ver suggest it was illustrative of a trend rather than out of the ordinary, and so taking them at their word let us consider the two weeks immediately preceding this article. Within the space of a single day on Thursday, November 4, a 39-y ear-old man and a 42-year-old man w ere stabbed and a 29-year-old man was shot, all in armed robberies. There were four armed robberies that day, a few over the weekend, and another three the following Monday. Before the week was out, another man was stabbed while being held up by two thugs and a young boy was injured in a drive-by shooting. There were a host of other inci dents during this period, including several fatal shootings. What the cas es recorded here have in common is that the victims were all indisputably innocent either bystanders or ordinary people targeted by crim inals. Whenever violent incidents result from domestic disputes, confrontations, or are retaliatory in nature, they can be explained away as special cases, something that only happens to "certain people" or under unusual circumstances. But if the first two weeks of November are anything to go by, the average Bahamian figures prominently among the casualties to which hos pital officials refer. Meanwhile, the government has its own statistics. According to Minister of National Security Tommy Turnquest, up to October 13, there were 3 per cent fewer armed rob beries this year compared to 2009. Not a huge improvement to be sure, but at least an indication that in a category of crime where the victim is almost always the average citizen, things are not getting worse. What Mr Turnquest did not speak to, however, is whether more victims of armed robberies are finding their way into the emergency room at PMH, even after co-operating with their assailants. This is perhaps not surprising, as the current government has made much of the argument that crime mostly happens to "certain people" or takes place in "certain places" such as gang or drug trafficking hotspots. The message has been: the average citizen is not under serious threat. But as the situation deteriorated, recommendations that individuals and businesses take extra precautions began creeping into statements by senior government and police officials. Now, the position seems to have shifted to the "few bad apples" argument, which recognises that the average citizen is indeed under threat, but holds that a handful of known violent criminals are perpetrating most of the crimes. In January, Prime Minister Hubert Ingraham spoke of an increase in crime "following decisions of the courts as to the maximum time an accused may spend on remand before being granted bail." He said: "A criminal out on bail committing new and often vicious crimes is unacceptable to law-abiding citizens. It frustrates the police. It mocks the criminal justice system and our way of life." Minister Turnquest has also blamed the crime problem on a "small minority of miscreants," while repeatedly affirming that the police have everything under control. And Commissioner of Police Ellison Greenslade stated emphatically in July that while the bloodshed is no longer confined to "hot spots", it is being perpetrated by individuals who are "in and out of the system, having been arrested and then allowed to walk freely in our communities." Undoubtedly this is a real problem and contributes significantly to the increase in crime, but it cannot be the whole story. Otherwise, what are we to make of the proliferation of beatings, stabbings and brawls on school campuses over the last two years? Surely the country's student population is not composed of hardened career criminals out on bail. What about the explosion of gangs in our schools? It seems highly unlikely that Mr Turnquest's "minority of miscreants" have infiltrated the schools to encourage this trend. What our leaders do not want to say is that this society is becoming more violent on the whole. That atti tudes and behaviours are harden ing, compassion and empathy are disappearing. In revealing the spike in trauma cases due to violence, Dr Sarah Friday, Chief of Accident and Emer gency at PMH, suggested it may be the result of socio-economic condi tions. She said: "This is probably what has been happening because of the economic crisis that we have in the Bahamas in the world and I think that this is what is happening in all emergency departments." It would be more accurate to say that hard economic times have brought to the surface a malaise which has long festered under the cover of prosperity. Some of its causes are: the failure of the education system and the breakdown of the family; the preva lence of physical and sexual child abuse and the resulting cycles of brutality; the growing community of stateless and therefore angry individuals; and a political culture that has encouraged xenophobia, a sense of entitlement and the compromise of integrity for material gain. These factors have created more than a "small minority of miscre ants" they have spawned a generation of angry, violent, maladjusted, selfish Bahamians. Leaders do not want to acknowledge this because it means admit ting they do not have the situation under control. It means that in order to bring it under control, they need to make radical, perhaps deeply unpopular decisions and spend more money than the Bahamas can afford. To be fair, it may also be the case that some politicians actually believe the rhetoric and are ignorant of how deeply troubled this society has become. Last year's Insight article told the story of a number of Bahamians killed without having been involved in an argument, feud, or domestic altercation. Without going into specifics as some of the matters are presently before the courts so far this year, one infant, two toddlers, a middleaged woman, a middle-aged man, two shop owners and a 20-year-old woman have been added to their number. Many others have been wounded by stray bullets or during armed robberies, some of them gravely. How much more suffering will we endure before demanding with one voice that our politicians acknowledge this reality? W W h h a a t t d d o o y y o o u u t t h h i i n n k k ? ? e e m m a a i i l l : : p p n n u u n n e e z z @ @ t t r r i i b b u u n n e e m m e e d d i i a a . n n e e t t The real victims of crime MURDER SCENE: A body is removed from an apartment off Cowpen Road.
Pastors beat Politicians By BRENT STUBBS Senior Sports Reporter email@example.com T hey came close to completing a Cinderella partnership, but Mark Knowles and Andy Ram will have to settle for the mens doubles runnersup title from the BNP Paribas Masters Tournament in Paris, France. Yesterday, the Bahamian-Israeli combo, who stunned the No.1 seeded team of American identical twin brothers Bob and Mike Bryan 6-3, 67(5 suffered an identical 7-5, 7-5 loss to Mahesh Bhupathi and Max Mirnyi in the final. They played a good match. Obviously, we had a big win last night (Saturday ers, which was good. It was real late and we had a quick turn around. We came out and played a good match. We didnt play great or our best match of the tournament, but having said that, we have to give them credit because they played a great match. They were solid. It was just a matter of a couple of points here or there with us coming up on the short end of the stick. Reuniting with Mirnyi since he broke up his partnership with Knowles last year, Bhupathi and Mirnyi won their first tournament for the year when they broke serve in the 12th game to clinch a one-set lead and hit back from a break down in the second set before breaking decisively in the 12th game again to seal victory in 89 minutes. Knowles and Ram were making t heir team debut and had beaten t hree seeded teams en route to the f inal, including the Bryans. But the loss gave Knowles his second runner-up finish in Paris, having lost out with Daniel Nestor in 2005, while Ram was playing the final for the first time. It was a great effort. It showed like I said that I can still play at a high level, Knowles said. I know I can still play the game at the top of the level and still be one of the best. This points that. Playing with Andy, who is a great player, for our first tournament, we had a great week. We took care of some great teams, including the Bryans, who are the number one team. So we played very well, even though we fell short today in the final. We left it all out there. It was a great week for both of us. Unfortunately, Knowles and Rams partnership is done for now as the season came to a close for both of them, having failed to qualify for the Barclays ATP World Tour Finals in London, set for November 21-28. Its a game of doubles and thats the way it is, said Knowles about not being able to keep his partnership with Ram. You have to try to find a partner. I had a great partner lined up this year in Mardy Fish. But due to injuries and other circumstances, we just were not able to play a full season. Im sure if we were able to, we would have been one of the top teams. But it is what it is. We both had a lot of injuries this year and just werent able to play that much this year. Next year, Ram has already agreed to play with Jonathan Erlich, his Davis Cup team-mate, while Knowles is set to play with Michal M ertinak. But Knowles said hes not r uling out the possibility of him and R am renewing their acquaintances next year. This is a testament that Andy and I could be a good doubles team. So you never know what the future holds, Knowles said. Hopefully we will both do well with our new partnerships. If not, then maybe we will revisit it. With his season finished, Knowles said hes now going to switch his attention to his 10th Celebrity Invitational scheduled for December 35 at the Atlantis resort on Paradise Island. Knowles said its going to be an exciting time as he intends to bring home a number of big name players, including Xavier Malisse, a No.63 ranked singles player in the world from Belgium, Bethanie MattekSands, a member of the US Fed Cup team and former Bahamas Davis C up player Ryan Sweeting. T heres also a possibility of a playe r from the World Masters Tour making a surprise appearance as well. C M Y K C M Y K MONDAY, NOVEMBER 15, 2010 THETRIBUNE SECTION E P AGES 3, 4, 7 International sports news TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Dolphins need 3 QBs to beat the Titans... S ee page 4E T i m C l a r k e / T r i b u n e s t a f f Knowles, Ram take runners-up title at Paris Masters A RESILIENT defending champion team overcame a three-possession deficit at the half and had a fortunate play bounce in their direction to claim a come-frombehind win in the Commonwealth American Football League. The Orry J Sands Pros scored three touchdowns in the second half en route to defeating the V8 Fusion Stingrays 20-18 yesterday at the D W Davis field. Pros quarterback Mike Foster hurled the winning touchdown pass to Keno Nixon deep down the left sideline which passed through the hands of Stingrays cornerback Wayde Higgs and bounced to Nixon who raced untouched for the go ahead score. The Stingrays reached the scoreboard first in the first quarter when they capitalized on an interception from George Daxon. Eldrith Smith connected with Lawrence Hepburn Jr for the first score of the game on a short touchdown pass in the redzone for a 6-0. After the Stingrays forced another turnover on an interception from Kendal Ingraham, the Stingrays scored on a long touchdown run from Jamaal Storr to take a 12-0 lead. The defence forced a third consecutive turnover when Leonardo Todd recovered a fumble. The Stingrays scored twice on the ensuing possession but had both scores called back on controversial penalties. Storr eventually scored on his second touchdown of the game from a yard out to give the Stingrays an 18-0 lead at the half. The Pros came out in the second half and pounded the ground game. Charles Edwards scored the first touchdown for the defending champs and successfully convert ed to trim the deficit 18-8. After their defence forced a three and out, Edwards ran for a second touchdown run which pulled the Pros within a single score 18-14. The final possession was shroud ed in controversy as the Pros received the ball with 6:16 left to play and were able to run out the clock while picking up just a single first down and running six plays. The Pros improved to 3-1 while the Stingrays fell to 2-2. Pros 3 TDS in 2nd half pushes them over Stingrays T T E E N N N N I I S S B B A A S S K K E E T T B B A A L L L L N N P P B B A A O O P P E E N N E E R R THE defending champions Commonwealth Bank Giants kicked off where they left off last year by winning the New Providence Basketball Asso ciations season opener at the C I Gibson Gymnasium Saturday night. The Giants prevailed with a 100-81 victory over the Real Deal Shockers as Michael Fernly Bain led the attack with a game-high 34 points. Lasario Burrows paced the losers with 23. The NPBA is scheduled to continue its regular season on Wednesday, but no games have been released as yet. There are 10 teams registered to play so far, but league president Keith Belzee Smith said they could expect at least two more to join in the next few days. B B A A S S K K E E T T B B A A L L L L C C A A T T H H O O L L I I C C P P R R I I M M A A R R Y Y S S C C H H O O O O L L S S THE Archdiocesan Prima ry Schools is all set to continue their basketball regular season 3:15pm today with another double header on tap. St Francis/Joseph will travel to Xaviers and St Thomas More will go to Our Ladys. S S O O F F T T B B A A L L L L B B A A I I S S S S C C H H A A M M P P S S . THE Bahamas Association of Independent Secondary Schools is scheduled to continue its best-of-three championships series 4pm today at Freedom Farm. B B A A S S K K E E T T B B A A L L L L G G S S S S S S A A O O P P E E N N I I N N G G THE Government Secondary Schools Sports Association is slated to open its 2010/11 basketball season 4pm today at the D W Davis Gymnasium. RM Bailey is set to play the Dame Doris Johnson (senior boys Walker will play the CV Bethel Stingrays (senior girls and CR Walker will play CC Sweeting (senior boys No schedule has been released for the junior boys and girls divisions. SPORTS IN BRIEF By BRENT STUBBS Senior Sports Reporter firstname.lastname@example.org SOME showed that although they havent played in a while, they still remembered the basic skills. Others, who havent played the game before, quickly made the adjustment. In the end, the much anticipated Pastors versus Politicians showdown in softball proved to be quite an entertaining treat for the many fans who showed up at the Bankers Field Saturday. It didnt matter as much that the Pastors prevailed in an 18-16 slug fest as it did who couldnt catch the ball, much less throw it, or who was able to hit the ball with any sort of authority as they do either in the pulpit or in the House of Assembly. It was all for a worthy cause, assisting the medical expenses of Andrea 'Gorgeous' Knowles-Charlton, and nobody was more excited that the ailing former long-time national team pitcher, who was smiling from ear to ear from the response she received. Im very pleased that they came out and supported it, said KnowlesCharlton, who received all of the proceeds at the gate. I appreciate the help and I want to thank everybody who was involved in it. I think everything should work out. As for the game, Knowles-Charl ton wished she too could have come out of her wheelchair and throw a strike or two. I think the game was wonderful, even though they aint in condition, Knowles-Charlton said. I think the Politicians could have come back and beat them if the game was a little longer. They just picked up their slack a little too late. But it was good to see the Pas tors pull it off. The Pastors did it behind the pitching combo of husband-wife team Collin and Oria WoodKnowles, former manager and player respectively, during the days that Charlton-Knowles played in the New Providence Softball Associa tion. But it was the outstanding performance of Rev Dr Anthony Carroll, president of the Bahamas National Baptist Missionary and Educational Convention, and youthful Bishop Delton Ellis, first assistant at Mt Tabor Full Gospel, who led their offensive attack. Carroll went 2-for-4 with four runs batted in and he scored once, while Ellis was 4-for-5 with five RBI and three runs scored. Rev Ken Adderley, who snagged the final out on a line-drive in the bottom of the seventh to stop the Politicians last threat in their comeback, went 2-for-4 with three runs. Co-organiser Apostle Carlos Reid had a lot of talk, but backed it up with a 2-for-5 day, driving in a pair of runs and scoring as many times, while Collin Knowles helped his own cause by going 2-for-4 with a run scored. Rev Harrison Thompson was 2for-3 with a RBI and two runs scored and Geno Campbell added a 2-for-2 appearance with a run scored. For Carroll, who is being honoured by the Baptist Sports Council with the softball classic named after him, said it was a challenge for him, but he was delighted to have made his contribution. After the first inning, I kind of got back into the groove, so it was wonderful, he stated. The win made us feel as if we did something. We had the camaraderie, we gelled and we had a wonderful time. Ellis, fresh of playing in a game earlier with Macedonia Baptist Church in the BSC league, said the game was very good. They gave us a little scare at the end of the game, but we still managed to win it. It was a lot of fun. The guys showed that they still have it. They're not just making noise in the house, but they thought they could take us on. We want to shoot darts or something net. Whatever they want to do, we will take them HOMERUN: Bishop Delton Ellis in action at the Bankers Field on Saturday. Maurice Tynes (far right S S E E E E p p a a g g e e 3 3 E E
BIG GAME: The defending champion Angels knocked off the Cheetahs 59-55. C M Y K C M Y K LOCAL SPORTS PAGE 2E, MONDAY, NOVEMBER 15, 2010 TRIBUNE SPORTS TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM New Providence Womens Basketball Association ACTION T h e New Providence Womens Basketball Association (NPWBA opened its 2010/11 season with all six teams participating in a triple header at the D W Davis Gymnasium Saturday night. The defending champion Angels knocked off the Cheetahs 59-55 as Sharel Cash scored a game-high 21 points and Suzette Sleepy McKenzie added 17 in the win. Alyse Dean had 20 and Annie Moultrie 12 in the loss. The Johnsons Lady Truckers defeated the College of the Bahamas Lady Caribs 55-42 as L atoya Rolle paced the winners with a gameh igh 18 points. A nd the Electro Telecom Cybots routed the All-Stars 65-35 as Robyn Gibson scored 13 in the win. Jackie Brown had 13 as well in a losing effort. The NPWBA is slated to continue its regular season Tuesday night. At 7:30pm, the AllStars are expected to meet the Angels and the Cheetahs are to face the Truckers at 8:30pm. P h o t o s b y T i m C l a r k e / T r i b u n e s t a f f
C M Y K C M Y K LOCAL SPORTS PAGE 8E, MONDAY, NOVEMBER 15, 2010 TRIBUNE SPORTS TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM P astors vs Politicians Softball S HOWDOWN P h o t o s b y T i m C l a r k e / T r i b u n e s t a f f SLUG FEST: The Pastors defeated the Politicians 18-16 at the Bankers Field on Saturday.