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 Govt braced for Baha Mar clash C M Y K C M Y K V olume: 106 No.299WEDNESDAY, NOVEMBER 17, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER CLOUDS ANDSUN HIGH 86F LOW 73F S P O R T S SEESPORTSINSECTIONE Hurricanes sweep senior divisions B y TANEKA THOMPSON Tribune Staff Reporter tthompson@ t ribunemedia.net T HE Government is expected to be taken to task over its Baha Mar labour resolution and Prime Minister Hubert Ingraham's v isit to China when Parliamentarians meet today. Opposition leader Perry Christie yesterday said the present labour resolution does not sufficiently answer his party's concerns. Dr Bernard Nottage, who will be the Progressive Liberal Party's lead speaker in the debate, is expected to lay out a myriad of guidelines the PLP wants addressed in the paper before the House of Assembly. The PLP will call on Mr Ingraham to detail the expanded scope of work brought on by the additional $200 mil lion in contracts the Prime Minister said he was able to negotiate for Bahamian contractors when hem et with Chinese officials last month. Baha Mar has not informed the public about any expanded scope of work, new design, or redesign of the project and certainly the Chinese just didn't agree to pay $400 million for works that were originally valued at $200 mil lion," Mr Christie said at a press conference at the PLP's headquarters. Mr Christie also criticised the changes in the deal that Mr Ingraham was able to secure as "not substantive" adding it was "unusual that a Prime Minister purports to interfere in the affairs of a PLP set to seek answers overr esort concerns McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM ALL NEW WOMENS WEARcollection 2011be the first to shop the latest styles 242.394.4111 www.bahamahandprints.com Located on Ernest & Mackey Streets Open Mon-Fri 10am-4pm, Sat 10am-2pm BAHAMAS BIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SEE page 10 By PAUL G TURNQUEST Tribune Staff Reporter email@example.com PLP LEADER Perry Christie reconfirmed his com mitment yesterday that if he was re-elected as Prime Minister he will not serve out his whole term in office, but hand over the countrys leadership to a successor. Noting that leaders of polit ical organisations would not normally get themselves caught into such a position, Mr Christie told reporters yesterday it was a realistic assessment for anyone to make that he could not possi bly continue as leader of the party after the next term. That is my view, and people advise you that you dont say things like that, Mr Christie remarked, but look around me (motioning to his fellow PLP MPs). I happen to believe that the difference between the PLP and the FNM is that we have leaders in depth. You can look to my left and you can look to my right and you can see the distinction to be drawn by those persons who surround me and to know that we have the security of knowing that we have by far in my estimation and mean CHRISTIE CONFIRMS HE WOULD N O T SER VE FULL TERM IN OFFICE SEE page 10 B y TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org OPPOSITION Leader Perry Christie believes Prime Minister Hubert Ingraham has a "paranoid" p reoccupation with him based on his r ecurring public comments about the P rogressive Liberal Party leader. R ecently, Mr Ingraham told the p ress that his former law partner c ould not look him in the eye while both men attended an ordination service for PLP St Cecilia MP Cynthia Mother Pratt. According to Mr Christie, the reported snub is a figment of the Prime Minister's imagination. I think Mr Ingraham has some CHRISTIE: PM HAS PARANOID PREOCCUPATION WITH ME SEE page nine POLICE are asking for the publics help in capturing the arsonist who they believe set fire to a strip club in the western district of New Providence early yesterday morning. Sometime after 5.25am, police reported that Magic FIREDAMAGE: Firefighters at the scene of yesterdays early morning fire at Magic City. SEE page two Felip Major /Tribune staff S TRIP CLUB FIRE BELIEVED TO BE ARSON CONCERNED citizens gathered last night for the launch of a new group that aims to galvanise public interest and involvement in the countrys development. Expanding on the basic premise that it will take the collective effort of all concerned to effect the social, economical and infrastruc tural change needed, the citizens action group We The People (WTP heralded as a step towards joining Bahamians for a national purpose. At last nights meeting, the groups chairman Ed Fields, senior vice president for Communications at Kerzner International, said: What I have learned and what has given me the inspiration to carry on is the realization of how we have thwarted our national development by our unwill ingness to know one another. If we took the time to talk to each other, there is one thing we would surely come to understand that the clich which states we have more in common than not does not do justice to our cause. The non-partisan and WE THE PEOPLE GROUP AIMS TO GALVANISE BAHAMIAN PUBLIC SEE page 10 CONCERNS: Perry Christie
OPPOSITION leader Perry Christie met with top officials of the Royal Bahamas Defence Force yesterday to discuss the challenges facing the organisation. The meeting is part of Mr Christie's strategy to gauge issues affecting the country's national security agencies and the public at large as the Progressive Liberal Party gears up for the general election race. The group discussed issues plaguing the RBDF such as poaching, human smuggling and border control. The meeting also provided insight on changes within the RBDF over the last three years. "We're very happy with our meeting. I indicated to the Commodore that as the Opposition party we're doing two things, one we're meeting the new Commodore and finding out from him the extent to which changes are being brought into play here at the Defence Force. "And two, we are demon strating our support for the Defence Force as an important institution in our coun try. That support goes to everything that is done to strengthen the force and enable it to carry out it's man date in guarding the heritage of our country," Mr Christie told the press minutes after meeting with Commodore Roderick Bowe, Commander of the Defence Force. "We want to make sure going forward that the issues facing the country are dealt with around the table in a coordinated, integrated fash ion by all of the relevant insti tutions in our country Bahamas police force, Customs, Immigration, he said. C M Y K C M Y K LOCAL NEWS PAGE 2, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM INDEX MAIN/SPORTS SECTION Local News..........P1,2,3,5,6,7,8,9,10,11,12 Editorial/Letters........................................P4 BUSINESS/AR TS SECTION Business............................P1,2,3,4,5,6,7,8 Taste....................................................P9,10 Arts....................................................P11,12 SPORTS SECTION Sports.....................................P1,2,3,4,5,7,8 Comics....................................................P6 CLASSIFIED SECTION 28 P AGES C ity, in the Westridge Shopp ing Plaza received extensive fire damage to its upper level, with its lower level being damaged by water. Eyewitnesses at the scene i nformed T he Tribune t hat fire f ighters discovered a hole in the roof of the building which they believe was created to pour some flammable liquid down to later ignite. As a result of the fire, New Oriental Cleaners receiveds moke and water damage and the Sleep Gallery received smoke damage as well. While police investigations into thef ire are continuing, they have e xpressed concerns that this latest incident could be linked in some way to another arson attempt at Club Illusions earlier this month. T he Westridge Shopping P laza is owned by Super Value C EO Rupert Roberts and is insured with Cole Insurance Company. According to police Magic City is occupied by Craig Wells. The contents oft he nightclub were not insured, p olice have confirmed. Christie discusses challenges with Def ence F orce officials Strip club fire FROM page one C LUBBLAZE: P ictured are firefighters on the scene of yesterdays fire at the Magic City s trip club. Police are asking for the publics h elp in capturing the arsonist they believe is responsible. F e l i p M a j o r / T r i b u n e s t a f f
By LLONELLA GILBERT THE local government for a 21st century Bahamas must be able to understand, willing to participate and prep ared to function within a g lobal economy, Minister of S tate in the Ministry of Lands and Local Government Byran Woodside said. S peaking at the opening o f the Annual Local Gove rnment Leadership Workshop for Family Island Administrators on Monday,M r Woodside said the country is a member of a global market and every arm of government must be cognisant of the impact of globa lisation on the economy a nd people of the Bahamas. H e told the Family Island administrators that they must be fully prepared toa ssist local communities in managing the effects of globalisation, as it is not going away. Mr Woodside added that local government, as it is constituted today, seeks to d evolve power from the a dministrators as the central g overnments agents, and instead turn authority to thel ocal councils. However, he said, over the past 14 years this system of governance has been challenged by the relationshipb etween the role of the Family Island administrator and that of the elected local offi c ials. In addition, there have been a number of incidences where chief councillors, councils and town commit t ees have made questionable decisions that have proven not to be financially or developmentally sound and thus not in the best interest of the communities which they serve. M r Woodside explained t hat to build the capacity of the administrators, this years theme, Fiscal Disci p line and Efficient Service in a Global Economy, will be presented during the four-day workshop to equip t hem with the skills and k nowledge necessary to strengthen their leadership role within the various dis tricts. There are several objectives of this years workshop. The workshop is intended to help the administrators gain an understanding of new and amended legislation impacting upon the delivery of services in the Family Islands. It is intended to also equip the administrators with the knowledge and skills necessary to strengthen their administration of the vari ous democratic processes, thereby allowing them to provide more efficient ser vice in a contracting economy. It is also designed to make the administrators aware of the role of international and local agencies in energising economic development, and to facilitate the exchange of information ideas and dis cussions among the practising officials. In addition, the workshop will assist the administrators in understanding their new role as principle revenue officers, developmental leaders and strategic visionaries. Mr Woodside noted that the government will continue to hold workshops to bring government closer to the people. These interventions provide the opportunity for oth er senior central government public officers and stakeholders to have constructive dialogue and exchanges with you, he said. The overall goal would be to not only enhance our development of local government in the Family Islands, but also to guide your learning about devel opment issues, Mr Wood side said. C M Y K C M Y K LOCAL NEWS PAGE 6, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T HEBAHAMAS VERYOWNSTREETPHILOSOPHER Local Government must be able to function in a global economy M INISTER OF STATE i n the Ministry of L ands and Local Government Byran Woodside opens the Annual Local Government Leadership Workshop for Family Island Administrators 2010 at the Wyndham Nassau Resort and C rystal Palace Casino on Monday. Letisha Henderson /BIS
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By MATT MAURA THE Government is m oving to secure further a cademic, professional and technical training opportunities for officials of Her Majestys Prisonu nder the Caribbean Basin Security Initiative (CBSI National Security Tommy Turnquest said. Mr Turnquest said the move is part of the Gov-e rnments ambitious, but v ery necessary prison reform agenda that is expected to retool Her Majestys Prison into a facility that is even more adequate to deal with the n ew manifestations of c rime, in addition to prov iding custodial care of inmates. The National Security Minister said those new manifestations of crime and criminality require responses on many fronts, including from Her Majestys Prison which as part of the law enforcement and national security network of the country must play a greater role. The additional academ ic, professional and tech nical training currently being sought by the government, he said, will pro vide officials with the training necessary to make the transformation an effective one. Gone are the days when confronting crime was seen as a police problem, Mr Turnquest said. Today, the nature of crime, particularly violent crime, requires effective responses on many fronts. The prison reform agenda in which we are engaged is ambitious, but it is necessary as Her Majestys Prison is an integral part of the nations security forces which daily responds to matters ranging from prevention, detection and investigation of crime, to apprehending criminals and bringing them to justice; from custody and rehabilitation of offenders to their reintegration into society following their release from prison. The new direction the prison is taking in rehabilitating and reorienting inmates, mainly young men in the prime of their lives, enhances the prospects that they will become responsible citi zens upon their release, Mr Turnquest added. The National Security Minister said the Government is consulting its international partners, i ncluding the United States, regional institutions and professional business entities with regards to the provision of even greater opportunities for academic and skills training for prison officers as part of the initiatives being undertaken within CBSI. Let me emphasise that this training we seek to organise is to benefit all prison officers, Mr Turnquest said. In keeping with this new direction, we have developed a strategic plan to offer further opportu nities to officers to upgrade their academic qualifications and profes sional and technical skills. The focus of this plan is on prison management and other disciplines required for an efficiently functioning institution. Mr Turnquest said a new Bahamas Department of Corrections Bill is being revised to give legal underpinning to what we have accom plished in prison reform and to give direction to prison services in the long term. Prison officials will be allowed to view the Bill before it is introduced to parliament, he said. What we are witness ing is the progressive development of a new mindset at Her Majestys Prison. This new mindset will better position the institution to function more effectively, includ ing as a disciplined force that can be expected to respond to matters of national security, Mr Turnquest said. B yLLONELLA GILBERT M INISTER of State in the Ministry of Labour and Social Development Loretta Butler-Turner on Mon-day recognised the Department of Rehabilitative/Wel-f are Services for its work in helping those offenders of the law who choose to become rehabilitated. Speaking at the Rehabilitative Week Church Serviceat Antioch Baptist Church, M rs Butler-Turner said the Departments mission is to develop and provide mechanisms that will control offenders inappropriate b ehaviour and assist them in functioning as law abiding citizens, thus contribut-i ng to the protection of socie ty. One of its several goals is to plan, co-ordinate and implement rehabilitative programmes for offenders. This addresses the aforementioned offender who recognises the need to change his criminal lifestyle. The Department is a lways willing and prepared to assist persons in this area, she said. Functions The Department also fulf ills other vital functions in h elping to confront or interv ene in situations before they can spiral out of control, she said. Mrs Butler-Turner explained that the ChildP rotection Act of 2007, which came into force on O ctober 1, 2009, includes s ome new provisions for the benefit of children and young persons. These include the requirement for parents/guardians to seek intervention from the Department of Rehabilitative/Welfare Services beforeh aving their children rend ered uncontrollable. This helps in the diversion of juveniles from criminal justice proceedings, she said. Parents can also now be m andated by the court to p articipate in the National Parenting Programme offered by Rehabilitative/Welfare Services, Mrs Butler-Turner said. While this occurs on a r egular basis, given the perceived number of un-supervised young persons in the community and the behav iour that they exhibit, it is f elt that more parents require parenting training. In addition to the two s egments of the programme offered at the Department, sessions are also held at PACE (Providing Access to Continuing Education) for teenage mothers, HerM ajestys Prisons and U rban Renewal Centres in New Providence, the Minister of State noted. The programme was launched in Exuma, Abaco a nd South Andros this y ear, and the Department s staff in Grand Bahama in conjunction with the Ministry of Education also provides training for individuals and teenagers inh igh schools. M rs Butler-Turner said the programme will continue to be expanded to reach the entire Bahamas. Activities for the week i nclude the Department of Rehabilitative/Welfare Services staff appearing on r adio shows discussing the theme Changing Lives Through Rehabilitation and informing the public of the services available at the Department; a seminar r elating to male health to be held at Her Majestys P risons and training works hops planned for technical and support staff to enhance t heir job performance. I n Grand Bahama there will be a speech and video competition for high school students and two town meetings, one in Pinders Point and the other in Eight M ile Rock, on Challenges of Parenting Parenting w ith a Purpose. T he week will end with a youth forum and the topic t o be addressed is Youth a nd Crime. Government to secure additional training for prison officials Minister recognises work of Dept of Rehabilitative/Welfare Services MINISTER OF STATE in the Ministry of Labour and Social Development Loretta Butler-Turner brings remarks at the Department of Rehabilitative/Welfare Services Rehabilitative Week Church Service at Antioch Baptist Church on Monday. L etisha Henderson / BIS TRAININGOPPORTUNITIES: T ommy Turnquest
By LARRYSMITH EXPERTS say that to a ddress the skyrocketing c osts of modern medicine, we have to rely more on preventive and primary care rather than costly hospital treatment. A ccording to Health Minister Dr Hubert Minnis, about two thirds of public s pending on healthcare goes t o treat diseases that are c aused by poor lifestyle c hoices. And half of all d eaths in the Bahamas are a ttributed to these same illnesses. For example, there are tens of thousands of diabetics in the Bahamas, and complications from the disease include kidney failure, heart d isease and blindness. It c osts taxpayers $60,000 a year to treat each of the m ore than 200 people with k idney failure who are cur r ently undergoing dialysis at the Princess Margaret Hospital. B ahamians spend about half a billion dollars on public and private healthcare today (some 7 per cent of GDP). This represents an incredible transformation from the early years of the 2 0th century, and it is intere sting to take a historical p erspective on this subject. Back then, there were o nly three doctors outside of Nassau at Inagua, Harbour Island and Green Turtle Cay to serve 42,000 people livi ng in the widely scattered o ut islands. According to Dr Harold Munnings in his 2005 history of the Princess Mar-g aret Hospital, out islanders "obtained what care they could from untrained mid wives, clergymen and herbal i sts." The PMH began life as a poorhouse in 1809 and entered the 20th century as ap lace of last resort for those in need of medical care. According to a 1905 accountit had four sections for the sick, indigent, lepers and insane. Treatment was free, but patients were referred to a s "inmates", and those who c ould afford it arranged for medical care at home quite the opposite to current prac tice. In 1925 several American visitors contracted typhoid fever in Nassau a killer disease transmitted by dirty food and water, so the B ritish authorities dispatched a senior public health expert to investigate. H e deplored the filth of heavily populated communities not included in the city's new water-works and s ewerage system, then under construction. He also noted the prevalence of tuberculos is, venereal disease, gast roenteritis and tetanus, and s trongly criticised public i ndifference to Nassau's d readful sanitary and housi ng conditions. Unfortunately, these conditions did not begin to change until the middle of the century, when a British official was still able to write that "Behind Nassau's pict uresque old-world streets a nd the princely mansions along the East and West s hores are slums as bad as a ny West Indian Colony, a nd far worse than anything Bermuda can show." In 1953, two thirds of the h omes on New Providence still had no running water. And preventable diseases were due mostly to overcrowding, ignorance, poor nutrition, and lack of public hygiene. A n unpublished medical m emoir written by Dr Mal colm Hale about a year before his death in 2003 att he age of 77 offers an inter esting perspective on this period of modern history. Hale arrived in Nassau in1 954 on a three-year contract a s a medical officer for the new Bahamas General Hos pital (which was renamed after a visit by Princess Margaret in 1955), and stayed on in private practice. "I arrived by boat from E ngland on December 16," h e recalled. "We anchored outside the bar and a tender came out to carry us in. On it was a reporter from the Guardian to interview the new doctor, and a photographer to take his picture...the effort hinted at the state of medical needs of the community." He identified the new Emerald Beach Hotel on Cable Beach, the redevelo ped Bahamas General Hospital and the first City Market food store ase mblems of changing times for Bahamians. They represented a dramatic break with the economy of the past, he s aid, and were a sign that prosperity was beginning to trickle into the general popu lation. S hortly after his arrival D r Hale was put in charge o f the TB and geriatric w ards at the Prospect Hosp ital, as well as the Lazaretto off Carmichael Road, which was no more than a narrow dirt track. This was in addition to his out-patient and casualty duties, as well as occasional out island clini cs. P rospect Hospital was a collection of wooden buildi ngs on Prospect Ridge built f or the American and British a ir forces who trained in the Bahamas during the Second World War. Like Windsora irfield it was handed over to the Bahamian government in 1945. "The general health of the population was poor," Dr Hale recalled. "Tuberculo sis was rife; new cases were d iscovered almost daily, m any from out island settle ments, some of which like Rolleville (ExumaM oores Island (Abaco were heavily infected. For tunately, my entry to the medical profession coincidedw ith the discovery and avail a bility of a whole range of effective medications ...Now patients came to be cured, not to die." He described the geriatric wards as pathological muse ums. "Especially impressivew ere cases of elephantiasis a nd the whole spectrum of tertiary syphilis. The leprosarium was a collection of small wooden cottages (with when I took over, most in advanced stages of disfig urement, especially of hands and face. "The few new cases I admitted were diagnosed in the early stages and so far as I know all were cured and r eturned undisfigured to s ociety. The old cases stayed at the Lazaretto and died off over a period of several years. Most of the cases were white." In the out-patient clinics, Dr Hale treated many maln ourished children with intestines bloated with Ascaris worms. Vermicide w as probably the most heavi ly prescribed drug at the t ime, and he credited it with making the greatest single contribution (except forp enicillin) to the health of the community. Dysentery was also com mon, as were sexually transm itted diseases like gonorrhea and syphilis. But the popular remedy for VD at the time, Dr Hale noted, wast o have sex with female infants. "It took a major edu cational effort by the pro f ession to disabuse the popu lation of this idea, and I wonder today if we fully suc ceeded." Although HIV-AIDS was u nknown at the time, Hale suspected that "the occasional cases of multipatholo g y which responded to no treatment, and which were unsolved diagnostic puzzles, and invariably fatal, mayh ave been AIDS. Interesti ngly, as AIDS increased, the other STDs declined and have become rare." Epidemics of whooping c ough were devastating, Hale said. "I remember Kenneth Eardley, an older private physician, telling me he had signed two or three hundred death certificates due to this illness in one out break just a few years previ ously. And how many times h ave I heard older women s ay 'I born 13 but I bring up t hree'?" In the 1950s there was relatively little obesity and much less diabetes than now, Dr Hale reported. But one serious health condition has remained constant. High b lood pressure was, and is, a common problem amongst Bahamians of all ages, t ogether with its deadly comp lications of stroke and heart d isease. In fact, while he was a resident at the PMH, Dr Halea nd others contributed data to a US hypertension study. In their 1958 report, the American researchers not-e d that: "Almost everyone on the Islands has a relative that has 'the high blood,' died ofh ypertension, or has had a stroke...An analysis of the water supply in Nassau ands everal of the outer island g roups revealed that the well water was significantly high in sodium content." The study reported salt l evels of less than a milligram per millilitre in the drinking water of major USc ities, whereas drinking water at the PMH contained 129 milligrams and on Eleuthera 210 milligrams.T his meant that Bahamians w ere ingesting up to 10 grams of salt per day from water alone. And that was in addition to the sodiumf ound naturally in foods, or added in cooking. Nor did it account for the fact that salt pork was a common ingredient in most dishes at the time. Currently, the American Heart Association recom mends an intake of less than 2.5 grams of salt per day for the general population that's about a teaspoon and even less for high-risk individuals. I can testify from personal experience that this guideline is as difficult to achieve in today's fast fooddominated diet as it was back in the 1950s when we all drank salt water. H ale was one of a growi ng band of doctors who participated in the vast expansion of medical skills and services in the Bahamas over the past half century. His a ssessment of how things had changed over that time? "Today the general health o f the population is excell ent," he wrote in 2002, except for self-inflicted cond itions, principally obesity ( and its complications), H IV-AIDS, and gunshot wounds." In fact, the current level of violent crime is straining our healthcare system. There were 51 cases of knife and gun attacks treated by the P MH in October alone, and E R doctors treated more than 160 other assault cases, a s well as 94 traffic accident v ictims last month. A part from these walking wounded, most of the patients who crowd theP MH emergency room don't need to be there they just don't know any better. Pre ventive medicine and affordable drugs are important, but public education to improve compliance or avoid probl ems in the first place is just a s critical. T here is a growing awareness in government that we w ill never have enough money to solve our healthcare challenges using costly ter tiary care approaches. Canc er, AIDS, diabetes, hyper t ension and stroke, heart attack and kidney failure top the list of modern medicalp roblems in the Bahama and they all are preventable with education, diet and drugs. F or the time being plans have been shelved for a new $600 million public hospital, which surveyors were stak i ng out only months ago on acres of prime forested land at Prospect Ridge. The enormous investment that would be required to build a new hospital has led successive governments to content t hemselves with redevelopi ng the PMH at its present site. "I would love to work in a new, state-of-the-art hospi tal," Dr Munnings told me recently, "but a properly funded programme to prevent chronic disease has to be the priority." What do you think? Send comments to email@example.com Or visit www.bahamapundit.com C M Y K C M Y K PAGE 8, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A historical perspective on health issues in the Bahamas HEALTHCONCERNS: High blood pressure was, and is, a common problem amongst Bahamians of all ages
ANNALSof history have vividly recorded the recollections and adventures of f ervent abolitionists who w orked to systematically e nforce the dismantling of t he detestable practice of s lavery and the transAtlantic slave trade. But B ahamian scholars and stud ents of history know very l ittle of the adventures and experiences of Captain Per-cy Grace, a career British n aval officer. However, intriguing information researched by Dr Daphne Grace, Assistant P rofessor at The College of The Bahamas, shows the extent of Captain Graces s eafaring exploits and just h ow important they were in h elping to end the slave t rade. D r Grace will share her w ork at the 10th Anniversary of Research Edge, a College forum that show cases scholarly research, tobe held at The Colleges Performing Arts Centre, Oakes Field Campus on Frid ay, November 19th at n oon. Her research is titled, Sailing against Slavery: The s tory of one mans pivotal r ole in the prevention and s uppression of the Atlantic slave trade. This story is especially r elevant to The Bahamas s ince many transported A fricans were released by the Navy in Nassau to create part of the new world of lib e rated slaves, said Dr Grace, who won The Colleges Stanley Wilson Award for excellence in research in 2 009. While any discussion of the topic of slavery in the Caribbean must inevitably r emain contentious, this pres entation will attempt to s how how bravery, goodwill and perseverance could beu tilised for ends other than r uthless imperialism. In 1807, Britain changed from being the worlds major nation involved in the slave trade and the transportation of millions of Africans across the Atlantic t o the Caribbean islands to b ecoming dedicated to a global crusade against s lavery. With the end of the w ar against Napoleon in 1 815, the British Navy engaged in an all-out war against slavery that lasted almost 60 years. Percy Grace was one of the captains of an anti-slave shipw ho had joined the British N avy at the age of 12 and a lmost immediately saw action at the Battle of Copenhagen, one of theb loodiest battles in all the Napoleonic wars. By 13 years of age he was serving as midshipman on a ship stat ioned in Jamaica, and is mentioned in Lady Nugents famous journal of her stay ( 1801-1803). P romoted to Captain by t he age of 25, he was given command of HMS Cyrenef or anti-slavery work, interc epting ships bound for the Caribbean islands from the Gold coast of Africa. As Commander of the Preventive squadron, his adventurous career was dedicated to the eradication of slavery in t he Atlantic. He waged a r elentless campaign against slave-traders on land and s ea: including destroying the s lave factories and negotiat i ng with the slave trading African kings. In placing the results of her research into perspective, Dr Grace was of the opinion that the debate overt he involvement of the British in this aspect of history is still very much alive. While this story is inspiri ng, it is simply one of the m any thousands of men who served in this task of abolit ionover six decades the s mall fleet seized 1,600 slave s hips, liberated 150,000 Africans and lost 17,000 of its own men, she said. Yett he controversy still rages over the British motivation in thus policing the Atlantic and even Captain Graces story is difficult to comprehend in many ways since paradoxes and conflicts of interest abound in his life. Students, scholars, researchers and the general p ublic are invited to attend t he Research Edge presentation at The Colleges O akes Field Campus to l earn more about what Dr G race has uncovered. Dr Grace received her Ph.D. in English literaturef rom the University of Sussex, England, and has taught in English and the Humanities at universities in the UK, Europe and the USA, and at The College of The Bahamas since 2005. She has presented at many international and national conferences on a variety of topics i n the fields of post colonial l iterature, womens studies, and ethics. S he has published widely, i ncluding several articles in s cholarly peer-reviewed journals and two monographs: The Woman in theM uslin Mask: Veiling and Identity in Post colonial Literature (Pluto Press 2004 and Relocating Consciousness: Diasporic Writing and the Dynamics of Literary Experience. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM kind of paranoia about me, quite frankly it's amusing because I know that I am some one who sells The Punch. "But Mr Ingraham creates these things, quite frankly the church service that he referred to, we were on different sides of the room. I was sitting with Mother Pratt and members of her family, he was sitting with Parliamentarians on the other side andwhen I spoke I looked at him and I spoke about him and how Mother Pratt tries to have balance by praying for both of us," Mr Christie said. Despite being "amused" by Mr Ingraham's comments, the Farm Road MP said it is imperative for politicians not to get caught up in individual egos and to realise that leaders are responsible for crafting polices that will push the country forward. "I think it was an amusing aside and some times he gets carried away when he talks about me. At the end of the day this is about the Bahamas and what's best for the Bahamas not what's best for Hubert Ingraham, not what's best for Perry Christie, we have to get beyond that. "This is about policies that are necessary to make the Bahamas a better country, and that's what we're addressing," said Mr Christie after he met with Royal Bahamas Defence Force officials at the Coral Harbour base yesterday. During a press event on Sunday, Mr Ingraham put speculation to rest and confirmed he would seek re-election as the Free National Movement's leader setting the stage for another general election face off between the two leaders. Despite a beating at the polls three years ago, Mr Christie is confident he and his party will regain the majority of available seats in the House of Assembly in 2012, adding he was not surprised by the Prime Minister's announcement on his political future. "I anticipated (it know each other, I anticipated that there was no other person around the way he runs the FNM who would in fact challenge him. To me, it's something that we expected but we are preparing to form the next government not really in effect to beat Mr Ingraham and the FNM this is part of a process of our demonstrating and understanding that the next government of the Bahamas has tremendous work to do," said Mr Christie. "If you look at the candidates that I will run, you will see why I'm confident and that the people in turn have confidence in those people who we are running. I expect to form with me the next government of the Bahamas. "The fact that Mr Ingraham is running is just another part of the democracy of the Bahamas. He too will be a victim of being defeated." When asked why he felt confident of a victory in the next election when the PLP lost just three years ago to the FNM, Mr Christie said voters are dissatisfied with the nation's chief. "He had a test where he had all of the resources of the state (at his disposal by-election and we beat him in Elizabeth. We are very confident that that reflected the changing mood in the country. If we were able to do that, be satisfied of one thing that the evidence is well on our side that we are able to beat him in a gener al election." Captain Percy Graces seafaring exploits and their importance in helping to end the slave trade Christie: PM has paranoid preoccupation with me FROM page one Shar e your news The Tribune 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 ar ea or have won an award. If so, call us on 322-1986 and share your story. Slavery, passion and grace: COBs edge on research
C M Y K C M Y K LOCAL NEWS PAGE 10, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM private company without, in fact, informing or consulting the privatec ompany." According to the PLP leader, Mr I ngraham misrepresented the Baha M ar deal from the beginning of his t erm in office. "He misstated the project at Baha Mar at the start of this exercise anda ttempted just after he came to office to persuade the public that somethingw as wrong with the project and that he would change it. He then went off to China with g reat promises of change but he came back with the same deal only now he states what the true deal was from t he start, but in the process now wants t o be seen as the saviour." On Sunday, Mr Ingraham said he was able to double the value of con-s truction works to be subcontracted to Bahamians from $200 million to $400 m illion during discussions with Baha M ar's Chinese financiers in Beijing l ast month. T his will create thousands more jobs for Bahamian contractors and s ubcontractors who will work on elem ents of the Core Project in the largest award of contracts to Bahamian contractors on any single project in t he nation's history, Mr Ingraham s aid. Baha Mar and China State Construction have also agreed to establisha Training and Service Academy to provide extensive training to Bahamia n workers from 24 months prior to o pening Baha Mar as well as ongoing t raining for new and existing staff, s aid the FNM leader. The PLP has said it favours a final B aha Mar deal which maximises the p articipation of Bahamian construction and related labour and ensures training and skills transfer for B ahamian workers throughout the p roject. The Opposition has always maintained that Baha Mar's success is keyt o the country's economic recovery. Yesterday Mr Christie wondered w hether the FNM's "dilly dallying" o n the project will sour potential fore ign investors from operating in the B ahamas. ing no disrespect to those persons on the other side of the democratic wing of our country but I am very confidenta bout the quality of the manpower around me, and therefore am very confident about the PLP have a secure future when I demit office, he said. This process, Mr Christie said, will be one he believest he party will have to look forward to and one that will be done in the right way. On Sunday, Prime Minister H ubert Ingraham revealed that once again he will be leading his party into the next general election, and used the opportunity to criticise the PLP leader who, in the past, has maintained that if elected,h e would not serve the full term and step down for a successor. 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 thep osition where persons are at my heel and I have to tell them listen I will make space for you others have to do that, Mr Ingraham laughed. Answering the Prime Minister, Mr Christie said he didn ot have to make any such deal. And let me make one point about Mr Ingraham and his invective. I dont know why he has this paranoia, and thats a physiological condition about Perry Christie; and the factt hat he has just witnessed my going into convention, my coming out with 86 per cent of the vote to say that I have to do a deal because I am threatened. I mean, at any given time t here has never been in the history of politics in the Bahamas where a leader has been tested by those persons who make the decision and come out of that test, so clearly there is no threat on my part. And the fact that I have some real roosters around me can testify to that. So I dont have to do that. My decisions are decisions personally arrived at, and I dont even know if my familya grees with me in that regard, but these are personal decisions that I make as leader of the PLP, he said. SEEPAGETHREE not for profit organisation will seek to originate, advocate and promote progressive action through the collective efforts of its members. Mr Fields said: Generally if asked the question, most of us would list crime, education, the judicial system, employment, e tc, as the source of our problems. We would spend hours debating how a nd what we should do to c hange things in those respective areas. Indeed w e have done exactly that o ver the many years, but t o little or no avail. So what then is the answer?W hat is the cause of the dilemma we find ourselves i n? He added: The answer: We are the cause. Quite simply, while there are those among us who make t he effort to effect change, i t is a woeful few. Genera lly as a people we are not engaged. We hold to theb elief that we are empowe red once every five years to make a difference. The reality is we can be empowered every single day if we are willing to commit ourselves to the process of change. T he groups founding m embers, titled The First Thirty, consisted of wides pread mix of Bahamian p rofessionals and philant hropists from various industries and sectors. Among those who pledged their commitment to theo rganisations principles were Bishop Neil Ellis, leader of the Full GospelB aptist Fellowship of Churches in the Bahamas; Philip Simon, former Executive Director of TheB ahamas Chamber of C ommerce; Nancy Kelly, president and CEO ofK ellys Home Centre Ltd; a nd Antonio Butler, pres ident of the College of the Bahamas Union of Students. M r Fields said: Mem bers will have an opportu nity to pinpoint the location of a particular issue that impacts them, whether it is a pothole, or an unkempt park, or a t raffic light. Through the u se of google maps, the location of the problem can be highlighted. Members can then exchange ideas with respect to solu tions and finally successes to the problems can be recorded. The solution can take the form of self help projects or through making certain that the neces sary authorities are made aware of the problem and pressure applied until it is corrected once a solution is identified. Persons interested in learning more about the citizen action group, membership and initiatives are encouraged to visit their website at www.wethep eoplebahamas.org Mr Fields added: Are we a third party? Absolutely not. We might be called the Bahamian tea party. Our answer will be the tea party is about idealogy, We the People is about ideas. Some will classify us a think tank. Thats okay too, except that in addition to think ing, we will be about doing. Others will say we are an advocacy group, our response will be that we will advocate civility and constructive means of arriving at solutions, and then there are those that will define us as a pressure group. Our mission will be to pressure our people to engage for the national good, rather than to depend on others for the quality of our collective welfare. Call us any of these things, but most of all call us concerned citizens Bahamians. WE THE PEOPLE GROUP AIMS TO GALVANISE THE BAHAMIAN PUBLIC FROM page one Christie confirms he would not serve full term in office FROM page one FROM page one Government braced for Baha Mar clash PORT-AU-PRINCE, Haiti AN OUTBREAKof c holera has killed more than 1 ,000 people, the Haitian government said Tuesday asit sent top officials to the c ountry's north in hopes of quelling violent protests against U.N. peacekeepers accused of spreading the dis e ase, a ccording to Associated Press. As the barricades burned, the disease continueds preading across Haiti and potentially the island of His paniola. Authorities in the Dominican Republic reported their country's first con firmed case of cholera in Higuey, near the tourist m ecca of Punta Cana. T he man was a Haitian citizen who had recently returned from a 12-day vacat ion in neighboring Haiti. The news alarmed Dominicans, but the spread of the disease is easily prevented with good hygiene and sanitation, and no locally originated cholera cases have been reported. Haiti's police chief, the health minister and other Cabinet officials headed to Cap-Haitien, the country's second largest city, where protesters erected barricades of flaming tires and other debris and clashed with U.N. troops. At least two demonstrators died, one of them shot by a member of the multinational peacekeeping force that has been trying to keep order since 2004. A U.N. World Food Program warehouse was looted and burned. The cholera outbreak that began last month has brought increased misery to the entire country, still struggling with the aftermath of last January's earthquake. But anger has been particularly acute in the north, where the infection is newer, health care sparse and people have died at more than twice the rate of the region where the epidemic was first noticed. The health ministry said Tuesday that the official death toll hit 1,034 as of Sun day. Figures are released fol lowing two days of review. Aid workers say the official numbers may understate the epidemic. While the min istry of health says more than 16,700 people have been hospitalized nationwide, Doctors Without Borders reports that its clinics alone have treated at least 16,500. On Tuesday, during a sec ond day of rioting throughout northern Haiti, local reporters said a police station was burned in Cap-Hai tien and rocks thrown at peacekeeping bases. In the town of Limbe, west of Cap-Haitien, the unrest carried through the night Monday as screams and chants filled the streets, said Beth Macy, a reporter for The Roanoke Times who accompanied a Virginia medical mission to Haiti. The group hunkered down in the hospital as protesters pelted the gate with stones, she said in a newspaper blog post. President Rene Preval called for the violence to stop Tuesday as rumors cir culated of possible Wednes day protests in Port-auPrince. He said barricades were keeping people from getting needed care, and admonished that looting would not help stem the tide of the disease. The U.N. canceled flights carrying soap, medical supplies and personnel to CapHaitien and Port-de-Paix because of the violence, the U.N. Office for the Coordi nation of Humanitarian Affairs said. Oxfam suspended water chlorination projects and the World Health Organization halted training of medical staff, the U.N. humanitarian office added in its news release. The violence has com bined some Haitians' longstanding resentment of the 12,000-member U.N. military mission with the internationally shared suspicion that the U.N. base could have been a source of the infection. Health experts have called for an independent investi gation into whether Nepalese peacekeepers introduced the South Asian strain of cholera to Haiti, where no case of cholera had ever been documented before late October. The U.N. denies responsibility, and a mission spokesman said the protests were politically motivated. Haiti's national elections are scheduled for Nov. 28. Cholera is transmitted by feces and can be all but pre vented if people have access to safe drinking water and regularly wash their hands. But sanitary conditions don't exist in much of Haiti, and the disease has spread across the countryside and to nearly all the country's major population centers, including the capital, Portau-Prince. There are concerns it could eventually sicken hundreds of thou sands of people. Haitis cholera death toll grows, fueling riots UN PEACEKEEPERS from Brazil patrol in the Cite Soleil slum in Port-au-Prince, Haiti, Monday. (AP UN PEACEKEEPERS from Brazil patrol at an earthquake survivors refugee camp in the outskirts of Portau-Prince, Haiti, Monday.
LONDON Associated Press PRINCE WILLIAM finally became engaged to longtime girlfriend Kate Middleton, giving her his late mother's sapphire and diamond engagement ring, as Britain looked forward to its biggest royal wedding since Prince Charles married Lady Diana Spencer almost 30 years ago. Royal officials announced Tuesday that the couple will marry next spring or summer in London, ending years of rumored splits, reconciliations and will-they, won't-they speculation. William is second in line to the British throne after Charles, his father. Kate and William's first child would move ahead of his younger brother Prince Harry to become third in line to the throne. William, speaking in a joint TV interview, discussed marriage with Middleton for more than a year before he proposed during a vacation in Kenya last month. "As every guy out there will know, it takes time, a certain amount of motivation to get yourself going," William said."It just felt really right out in Africa and was beautiful at the time." He gave Middleton the engagement ring once worn by his late mother, Diana an oval blue sapphire surrounded by diamonds from the jeweler Garrard. "This was my way of making sure that my mother didn't miss out on today," William said as the couple posed for photogra phers in the state apartments at St. James' Palace. Middleton acknowledged that being queen was "a daunting prospect." She declined to say whether the prince had pro posed on bended knee. Thr one Clarence House said that while William's bride-to-be is commonly known as Kate, her official name is Catherine Eliz a beth the style used by her close family. She will be named Queen Catherine if William, as expected, eventually takes the British throne. Many in Britain welcomed the royal engagement as a rare piece of good news in a time of economic uncertainty and cut backs a time much like 1981, when millions watched Charles and Diana's fairy-tale wedding. Their marriage eventually end ed in divorce but no one was dwelling on that detail Tuesday. William's grandmother, Queen Elizabeth II, and her husband Prince Philip "are absolutely delighted for them both," Buckingham Palace said. Prince Charles said he was "absolutely thrilled," and his wife, Camilla, duchess of Cornwall, said her stepson's engagement was "the most brilliant news." "It's wicked," said the duchess, who had just attended an event at the theater where the musical "Wicked" is playing. Prince Harry said he was "delighted that my brother has popped the question!" He added that Middleton would be the sister "I have always want ed." Middleton's parents, Carole and Michael, welcomed the prince to their family. "We all think he's wonderful, we're extremely fond of him," Michael Middleton said. "They make a lovely couple." Prime Minister David Cameron wished the couple "great joy in their life together," and said when he announcedthe news during a Cabinet meeting it was greeted by cheers and "a great banging of the table." Cameron, who said he had camped out on the street the night before Charles and Diana's wedding procession, predicted this royal wedding would be a "great moment for national celebration" that would unite Britain. Charles' Clarence House office said he was "delighted to announce the engagement of Prince William to Miss Catherine Middleton." It used Twitter as well as a news release. Few were surprised. Their engagement was the safest bet in Britain, an event so certain that bookies had stopped taking bets on a 2011 wedding. The date avoids London's Summer Olympics and the queen's Diamond Jubilee, both being held in 2012. "Kate has been waiting for so long, I expected her to find someone else," said London tour guide Gabrielle Sullo, 53. "The media had called her 'Waitey Katie,' so it's about time that she stopping waiting." No venue has been announced yet. For pomp, the ceremony is likely to fall between the extraordinary spectacle of the wedding of Charles and Diana in St. Paul's Cathedral and Charles' subdued second marriage to Camilla at Windsor Guildhall in 2005. Patrick Jephson, Diana's for mer secretary, said her son's nuptials would be "a master class" in wedding planning. The formal engagement is likely to turn the poised, brunette Middleton already depicted approvingly in the fashion pages into a global icon. With her confident good looks and long brown hair, Middleton has already become one of the most photographed women in Britain. The palace will be hoping that she combines Diana's glamour and charm with a more commonsense approach to life. At 28, Middleton is con siderably older than Diana was when she wed at 20 and has had greater life experiences and longer training in dealing with the media. "She seems quite compe tent," said approving 22-yearold student Sarah Madden, "and seems to be just as wonderful as Diana." William and Harry have spent a lifetime in the spotlight, with their drunken nights out and female friends the subject of constant tabloid gossip. William, who turned 28 in June, once told an interviewer he wouldn't marry "until I'm at least 28 or maybe 30." But since joining the military, both have kept a lower profile. Middleton met William at the University of St. Andrews in Scotland. They shared a house along with other students in the seaside university town, where William initially studied art history before switching to geography. In 2002, William paid 200 pounds to sit in the front row ata charity fashion show where Middleton was modeling in a daring outfit. They are thought to have started dating the next year. St. Andrews congratulated the couple Tuesday, pointing out that the school has a repu tation as "Britain's top matchmaking university." A wealthy commoner rather than an aristocrat, Middleton is the daughter of self-made millionaires. Her father worked for an airline and her mother was a flight attendant before they started a mail-order business specializing in children's parties, run from their house in southern England. She attended Marlborough College, an elite private school, where she played tennis and field hockey, before studying art history at St. Andrews. After graduating in 2005, Middleton worked as a buyer for the fashion chain Jigsaw. She is now employed by her family's party-planning business. The couple's relationship became public with a joint photo on a Swiss skiing holiday in 2004. Middleton then became a media darling especially after both graduated, which ended a British media agreement to leave William alone while he was at university. Middleton was there when William was commissioned as a British Army officer after graduating from Sandhurst military college in 2006. She was photographed attending public events, going to work, even getting a parking ticket a level of atten tion that evoked the romance of William's parents. Media But William was determined that Middleton would not suffer the same media hounding endured by his mother, who died in a Paris car crash in 1997. He appealed through his office for the media to leave her alone. I n 2007, Middleton filed a harassment complaint against a British newspaper. She accepted an apology and admission of error from the Daily Mirror. At the time, an engagement was so expected that the retail chain Woolworths even com-m issioned mugs, plates and other Wills-and-Kate memorabilia. The chain has since gone out of business. Yet only weeks later in 2007, media reported and Clarence House did not deny that the couple had broken up. N ewspapers pored over the a pparent end of the relation ship in long stories sourced to anonymous "friends." William's army training kept them apart, said some. The media pressure was too much for her, said others. Still others murmured that senior courtiers felt Middleton's middle-class background wasn't royal mate rial. Soon, however, the same newspapers were reporting that the pair had rekindled their romance. They were photographed leaving a London nightclub together, and Middleton was snapped on a stag hunting expedition at the royal family's Balmoral estate in Scotland alongside Charles. When William graduated from his first flying course in spring 2008, Middleton applauded from the sidelines although his training was not without incident. The Ministry of Defense confirmed that William had landed a helicopter on Middleton's parents' lawn during a training flight and flewa Chinook to a friend's stag party on the Isle of Wight earning him a drubbing in the press for his perceived sense of entitlement. William later served a twomonth deployment with the Royal Navy before training to become a Sea King search-andrescue pilot with the Royal Air Force. He recently completed that training. The pair have recently seen each other mostly on weekends, with William a frequent visitor to the Middleton family house in the affluent village of Bucklebury, 50 miles (80 kilometers west of London. Earlier this month, Middleton's parents were invited to join members of the royal family for a shooting holiday at Balmoral, another milestone on her road to acceptance into the r oyal family's inner circle. Clarence House said after the wedding, the couple will live in north Wales, where William is based with the RAF. M iddleton has rarely, if ever, spoken about William in public. "I love the uniform. It's so, so sexy," her a ssessment at William's graduation from Sandhurst was a rare slip. Not everyone was happy about the expected extrava g anza. Graham Smith of the anti-monarchy group Republic said a lavish state-funded wedding amid a time of cutbacks w as inappropriate. "They need to pay for this event entirely themselves and not try to use it as some sort of PR exercise for the monarchy,"S mith said. C M Y K C M Y K INTERNATIONAL NEWS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Prince William gives the UK long-awaited royal wedding BRITAIN'S PRINCE WILLIAM and his fiancee Kate Middleton pose for the media at St. James's Palace in London after announcing their marriage, London, Tuesday, Nov. 16, 2010. The couple are to wed in 2011. (AP June 21, 1982 Prince William is born at St. Mary's Hospital in London at 7 pounds, 1 1/2 oz. Aug. 4, 1982 Prince William Arthur Philip Louis is christened by the Archbishop of Canterbury, Dr Robert Runcie, in the Music Room at Buckingham Palace. July 1995 Prince William begins his studies at Eton College, the exclusive school founded by King Henry VI in 1440. Aug. 31, 1997 Prince William's mother, Diana, Princess of Wales is killed in a Paris car crash. Sept. 6, 1997 Prince William and his younger b rother Prince Harry walk behind their mother's cortege at her funeral. Late 2000 After finishing his studies at Eton, Prince William works on volunteer projects in Chile, takes part out exercises with the Welsh Guards in Belize and rises at dawn to milk cows on a dairy farm in England. September 2001 Enrolls at St. Andrews University in Scotland, where he meets Kate Middleton a fellow art history student. She persuades him to stay at university after he admits finding it difficult to settle. Prince William later switched to a geography course. September 2002 Prince William and Kate move into a shared student house with two other friends. May 2003 Prince William and Kate are pictured deep in conversation at a rugby match, sparking rumors of a romance. June 2003 Kate is a guest at Prince William's 21st birthday party at Windsor Castle, but in an interview he denies he has a steady girlfriend. December 2003 Prince William and Kate are rumored to have become an item around the Christ mas period March 2004 Prince William and Kate's romance becomes public when they are pictured together on a Swiss skiing holiday. April 9, 2005 Kate does not attend the wedding of Prince William's father the Prince of Wales and Camilla Parker Bowles in Windsor. June 2005 Prince William and Kate both graduate in the same ceremony at St. Andrews and attend a celebratory lunch together with their families. December 2006 Prince William is commissioned as an army officer in front of the Queen at Sandhurst and joins the Household Cavalry as a sec ond lieutenant. Kate attends the ceremony. April 2007 British newspapers report that Prince William and Kate have split up. Prince Charles' Clarence House office refuses to comment, but does not deny the report. July 2007 Media in the U.K. report that Prince William and Kate have rekindled their romance. April 11, 2008 Kate is seen at Prince William's side at his graduation ceremony from the Royal Air Force, taken as a signal by royal watchers that their relationship is now serious. June 16, 2008 Kate attends the Order of the Garter service at Windsor Castle, the first time she has appeared at a formal royal public event. February 2010 Asked by a member of the public about the prospect of a royal wedding, Prince William says: "You'll have to wait a while yet." October 2010 Prince William proposes to Kate Middleton on a private holiday in Kenya. Nov. 16, 2010 Clarence House officially announces the engagement of Prince William andK ate Middleton. A timeline of key events in the life of Britain's Prince William, who announced he will marr y girlfriend Kate Middleton in 2011. PRINCEWILLIAMTIMELINE Couple to marry next spring or summer
C M Y K C M Y K SECTIONB firstname.lastname@example.org WEDNESDAY,NOVEMBER17, 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 ALISON LOWE Business Reporter a email@example.com T HERE has been a 20 per centi ncrease in the hiring of accountants during 2010, something BahamasI nstitute of Chartered A ccountants (BICA i dent, Reece C hipman, yesterday said appears to b e proof of a greater need for assurance from stakeh olders about companies finances due to the recession. T he added demand for the industrys services c omes at a time when the Bahamas Institute of Chartered Accountants (BICA i s pushing for amendments to the law governing the p rofession to increase its regulatory powers in line with international stand ards for accountants, which have also evolved in light of the recent crisis. M r Chipman said BICA has submitted proposed amendments to the Public Accountants Act 1991 tot he Attorney Generals office in the past six months. The amendments are i mportant if BICA is to be in compliance with stan dards set out by the Inter national Federation ofA ccountants (IFAC which it is a member, and if it wishes to gain cross-bor-der recognition of its a ccountants qualifications under the recently signed Economic Partnership A greement (EPA E urope, suggested Mr Chipman. The financial crisis has brought to the fore the issue of corporate governance and the audit framework, and whether we are in compliance with international standards, so thats an international issue for the accounting profes sion, said the BICA pres ident. The proposed amendments include an increase in the number of hours given to continuing profes sional education by Bahamian accountants each year if they are to remain licensed to practice; the power of BICA to register and monitor not only individual accountants but accounting firms; and the introduction of insurance indemnification requirements for accounting firms. Mr Chipman said: Hopefully something will happen very soon, because we want to start taking an aggressive approach in terms of making sure our members are meeting the international standards. Its really up to (BICA By NEIL HARTNELL Tribune Business Editor SOME$188 million in loans to Bahamas-based businesses, representing 18.11 per cent of all bank credit to the private sector, were non-performing as at September 30, 2010, Tribune Business was told yesterday, one senior banking industry executive describing this as horrendous and reflective of how poorly many companies were performing due to the recession. With $188 million out of some $1.047 billion in outstanding Bahamian commercial bank loans to the private sector more than 90 days past due, the banking i ndustry executive, who requested anonymity, said the overhang on his industry from the bad loans was going to be around for a while. Data provided to Tribune Business showed that the picture on Bahamian dollar mortgage loans and consumer credit was little better. Some $287 million worth of mortgage loans were nonperforming (over 90 days past due and upon which banks have stopped accruing interest) as at September 30, 2010, an amount equivalent to 9.76 per cent of the total $2.917 billion in mortgage credit outstanding. Taking $250,000 as the average mortgage loan amount in the Bahamas, the banking industry source and Tribune Business did a crude calculation and, dividing the $287 million in non-performing mortgages, came up with the figure of 1,148. That suggests that the same number of Bahamian homes could be in danger of being sold out from under struggling homeowners by banks exercising their powers of sale under the mortgage contract, although many institutions have been reluctant to do this due to the shortage of buyers with the wherewithal to purchase them. That 1,148 figure, though, is not a reliable estimate, and could be smaller or higher, depending on whether the homes covered by those $287 million worth or mortgages were priced lower or higher than the $250,000 figure used. The banking industry executive described this as a sobering statistic, a nd said: The newspaper advertisements you see are reflective of the homes in trouble. He added that the Bahamian commercial banking industry would be unable to work out this volume and amount of troubled mortgages within a year. As for consumer loans, such as auto credit, some $154 million worth equiva lent to 7.34 per cent of the $2.134 billion in such outstanding loans were more than 90 days past due as at September 30, 2010. Focusing on the problems many Bahamian businesses were having in meeting their debt repayment obligations, the banking industry executive s aid these were reflective of the depressed wider economy, in which he By NEIL HARTNELL Tribune Business Editor THEGovernment is very close to signing a Memorand um of Understanding ( MoU) for the $200 millionplus sale of a 51 per cent stake in the Bahamas Telecommu-n ications Company (BTC Cable & Wireless, highlyplaced sources confirmed to T ribune Business last night, some suggesting that it could be sealed in a matter of aw eek or so. D espite Prime Minister Hubert Ingrahams comments at his weekend press confer e nce that the privatisation p rocess had run into a sub stantial roadblock due to C able & Wirelesss plan to slash BTCs estimated 1,150strong workforce by 30 per cent once it acquired majorityc ontrol, Tribune Business has b een able to confirm that n early all the key issues have been finalised in negotiations b etween the regional tele coms operator and the Government and its privatisation By NEIL HARTNELL Tribune Business Editor THE Bahamas Telecommunications Company (BTC regulators that they may have to "constrain" Cable Bahamas to prevent it from "abusing its market posi tion", alleging that the BISX-listed company had refused to give it access to its data centre. With negotiations between the two companies over an interconnection agreement seemingly set to become increasingly contentious, given Cable Bahamas' plans to enter the By NEIL HARTNELL Tribune Business Editora nd ALISON LOWE Business Reporter firstname.lastname@example.org A CREDITbureau for the Bahamas could be launched within 18 to 24 months, the Central Bank of the Bahamas governorr evealed yesterday, telling Tribune Business that starting costs were likely to be around $2 million and that the facility would mean ah uge change for Bahamian borrowers who had been less than forthright. about their credit histories Explaining that it would help in containing risks to the overall financial sector and "improve the efficiency" of lending decisions By ALISON LOWE Business Reporter email@example.com WHILE the rate of growth in the Bahamas national debt slowed to roughly half of the previous years value this year, this did not stop this figure swelling to $4.1 billion or 55 per cent of projected gross domestic product (GDP of September 2010, the Central Bank governor said yesterday. Wendy Craigg said debt servicing cur rently constitutes around 25 per cent of all BTC CALLS FOR ONSTRAINT OVER C ABLE Warns that BISX-listed company could abuse market position through control over its access network, and alleges it has already denied BTC access to its data centre Brands Cable Bahamas concerns over free local calls and non-zero interconnection rates as selfserving, urging instead f ocus on access deficit and univ ersal service Rebuts Cables calls for mor e interconnection points besides Ne w Pr ovidence and Grand Bahama SEE page 2B GOVERNMENT VERY CLOSE TO BTC LIME DEAL Tribune Business told Memorandum of Understanding to sell 51% Cable & Wireless c ould be signed in matter of a week or so PMs press conference comments designed to ease fears about mass forced redundancies, withg overnment wanting to make sure process goes properly through early retirements, voluntary departures SEE page 2B Horrendous $188m bad business loans Some 18.11% of the more than $1bn in commercial bank loans extended to Bahamian private sector now at least 90 days past due, reflecting impact recession and2 0-30% consumer demand drop has had on many Some $287m or 9.76% of total mortgage loans non-performing, indicating that more than 1,000 homes in danger of being sold under banks power of sale Consumer loans 90 days or more past due worth $154m SEE page 2B ACCOUNTANT HIRING INCREASES BY 20 PER CENT National debt strikes $4.1bn CREDIT BUREAU IN 8 TO 24 MONTHS Hits 55% of GDP, although growth slowed to half of 2009s figures, as Governor says she would like to see more debt consolidation Sa ys debt le vel not critical and Bahamas doing w ell compar ed to Car ib b ean, but g overnment borrowing needed to keep public sector employment levels Pr iv ate sector credit contracts 0.5% in 2010 Mortgage disbursements down nearly 50 per cent fr om last y ear, and commitments fall in number and value by some 15 and 35 per cent WENDYCRAIGG Centr al Bank g overnor says facility will cause hug e c hange for Bahamians who ha ve been less than forthright a bout cr edit history, impairing their access to shor t-term credit Suggests start-up costs will be around $2m, and could held reduce lending rates to g ood bor rowers and assist banks with r isk mana gement SEE page 4B REECE C HIPMAN SEE page 2B SEE page 3B
C M Y K C M Y K BUSINESS PAGE 2B, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Tel.677-6422 www.nibaquote.comThe best value home insurance has a surprisingly calming effect!Do not underestimate the cost of storm damage and make sure your insurance cover will meet the bills.NIBA can help assess your insurance needs so that you are adequately protected.And the calming effect? That comes when you see the price.Home insurance costs less with NIBA.Its time to pay less for insuring your home! Tel.677-6422 or visit www.nibaquote.com Open Saturdays10.00am2.00pm committee. M r Ingrahams comments seem to have largely been designed for public consumption, sending a mes sage to the electorate that his gove rnment will tolerate no forced redundancies at BTC, knowing that if this were to happen and more bodies be added to the lengthy unemployment line it could be especially damaging given the cur r ent point in the political cycle, s ome 16-17 months away from a general election. Your understanding is quite cor r ect, one highly-placed source told T ribune Business, when this news paper sought confirmation both about the likely imminent MoU signing and the context of Mr Ingrahams comments. I think if its going to happen, its going to be pretty quick, the s ource said of an MoU signing with Cable & Wireless. It shouldnt be more than a matter of a week ors o. We really need to do this. W hile the Government is undoubtedly sensitive to the social, economic and political implications of any move to downsize BTCs workforce by some 300-400 personnel, its main concern is under stood to be that the process is handled correctly. Rather than engage in forced redundancies and lay-offs, it is look ing for Cable & Wireless (LIME r educe headcount through natural attrition early retirements for elderly workers, plus voluntary dis e ngagement packages. W ell-placed sources have con firmed that the average age of BTCs workforce is in the late 40s,w ith many other staff aged in their early 50s. Only around 100 BTC staff are said to be aged 30 years-olda nd below, and Tribune Business has been told that many older workers would be willing to accept early retirement or voluntary dis e ngagement packages if the price was right. One source said of the privatisation: Theres a great opportunity for re-positioning the workforce of that company. A sked about the prospects for concluding a deal with Cable & Wireless (LIMEi ar with the process said: It would be a great tragedy if it didnt con clude, but it doesnt seem likely that will be the case. You should be reasonably optimistic that things will be OK. The Government is resolved. It is absolutely determined to get it done. The Prime Minister commented on it on Sunday in his remarks: The longer we wait, the less we have to sell, so lets be thankful a serious buyer is still interested. That refers to the inevitable cut in BTCs profits and revenues that will occur once the Bahamian commu nications market is liberalised and f ully opened up to competition. Cable Bahamas is already planning to go head-to-head with BTC in thef ixed-line voice telecoms market, p ossibly as soon as next year, once it satisfies regulators it has complied with its Significant MarketP ower (SMP BTCs financial position is kept afloat by its cellular monopoly,w hich accounts for two-thirds of its revenues, and once this segment is opened to competition there could be a dramatic impact on the com p anys profitability. However, the Prime Minister has previously indicated that the Government could extend BTCs cel lular exclusivity beyond the two years immediately post privatisa-t ion, in return for Cable & Wireless not slashing such a huge per centage of its workforce. That, Trib une Business understands, has not pleased Cable Bahamas and rival operators. One source told this newspaper yesterday: BTC is still a very, very interesting resource. Its got infra s tructure that can be leveraged very significantly in broadband, Internet and can add on quite significantly to the mobile services it offers. And the Bahamian economy is poised to rebound and grow significantly over the next five years, so when you take that into account BTC is still a very good business proposition, even though its worth a couple of hundred million dol lars. fixed-line voice telecoms market, BTC called on the U tilities Regulation & Comp etition Authority (URCA t o prevent the BISX-listed company from using its dominance in the provisionof cable TV and Internet services to exert control over its access network. Describing Cable Bahamas as more than just a new entrant to the Bahamian communications market, BTC said URCA would need to regulate theB ISX-listed firms access network control, especially given that its market sharewas set to increase with its p lanned entrance into fixedline voice services. Coupled with its existing presence in the cable TV, I nternet and broadband sectors, BTC said of Cable B ahamas: Control over the a ccess network, and an expansion of its market share, may provide Cable Bahamas with market powe r which URCA may need to regulate sooner rather than later, especially if the p lanned merger between Cable Bahamas and Systems Resource Group goes ahead. Cable Bahamas is already showing this power, for example by initially r efusing to provide BTC w ith access to the Cable B ahamas data centre. As a result, BTC expects t he forthcoming interconn ection negotiations between Cable Bahamas will demonstrate that botho perators have substantial negotiating power, and that s ome regulatory constraint may be necessary on Cable B ahamas so that it does not abuse its market position and, in particular, controlo ver its access network. BTCs warnings were contained in its latest comments on URCAs consultation process over its draft Reference Access and Interconnection Offer (RAIO which it also took a swipe at C able Bahamas for advoc ating zero-based call term ination/interconnection f ees, given the state-owned i ncumbents current practice o f providing free same island calls. Cable Bahamas position o n a number of material issues is largely self-serving, a nd would not ensure the development of sustainable c ompetition in the Bahamas nor would it provide benefits to its citizens, BTC said. I t urged URCA to place its free same island calls regime into context, focusing on issues such as BTCs universal service obligations, w hich mandate that it prov ides telecoms services throughout the Bahamas, and the net costs it incursf or the provision of such service. In a country like the Bahamas, such net costs are likely to be substantial and may require funding to ensure that the development of efficient competition is not impeded, BTC added. Affordability BTC currently incurs a s ignificant access deficit as a consequence of its historic p ricing practice [free local calls], aimed at ensuring affordability of telecommunications services for all citizens in the Bahamas. Cable Bahamas casually s uggests the removal of any d eficits through increases in c orresponding retail tariffs, but this is clearly inappro priate without a detaileda nalysis of the consequences a nd would potentially result in making basic telephony s ervices unaffordable for vulnerable customer groups. A more appropriate approach would be a gradual reduction of the access deficit over time, combined with appropriate reductions i n corresponding sources of cross-subsidisation. Margins, BTC said, were a lso likely to be squeezed as a result of multiple operators each owning their own infrastructure providingb undles of services to B ahamian subscribers. As a result, BTC concluded: The suggestion by C able Bahamas that BTC s hould provide zero-based interconnection rates is t otally inappropriate in these circumstances. International experience w ould rather suggest that, a t this stage of the liberalis ation cycle, universal service funding and access deficit contributions [by othe r Bahamian operators] are more appropriate topics of d iscussion. E lsewhere, BTC also rebutted Cable Bahamas call for it to provide more points of interconnectionw ith rival operators networks than just those it p lanned in New Providence and Grand Bahama. BTC has designed its Next Generation Network with two switches, one on New Providence and one on Grand Bahama, as the most efficient network layout in order to reduce BTCs costs a nd its prices for cons umers, BTC said. T raffic BTC closed the point of interconnection at Marsh Harbour, Abaco, in July 2009, and the traffic is nowr outed to New Providence. BTC has no plans for active equipment on Eleuthera orA baco, where levels of traffic do not justify additional investment. It added that this was cons istent with URCAs position, which was that inter connection should be avail-a ble at any point other than t hose not economically fea s ible. There are no technically f easible points on Eleuthera o r Abaco, and it would not be economically feasible to construct them unless Cable Bahamas is willing to pay all of BTCs costs, BTC said. BTC calls for constraints over Cable F ROM page one estimated that consumer demand had dropped by 20-30 per cent. Thats just horrendous, the banker said of the $188 million in non-per forming loans owed by the Bahamian private sector to commercial banks. Commercial loans are typically to businesses, many of whom are small businesses, so when the economy nose dives they feel it almost immediately. Its a reflection of how poorly theyre performing. Small businesses, the banker added, were unable to service their various Lines of Credit and overdrafts due to depressed top-line sales resulting from the reduction in consumer demand. Many were also poorly capitalised, and unable to absorb the blows from a recession in which they had no safety net. During September 2010, delinquent loans between 31-90 days past due fell by $9.7 million or 1.8 per cent to $522.4 million, reducing these as a percentage of the commercial banking industry's total loan portfolio by 0.21 percentage points to 8.3 per cent. Non-performing loans, which are 90 days past due and upon which Bahamian banks stop accruing interest, fell by $9.3 million or 1.5 per cent to $6309.7 million, a figure equivalent to 10.1 per cent of total loans meaning that more than one in every 10 loans to Bahamian consumers and businesses is non-performing, or at least 90 days past due. Mortgage delinquencies fell by $9.2 million or 1.5 per cent to $622.6 million in September, "following g five con secutive months of expansion", due to a $9.6 million or 2.8 per cent fall-off in mortgages 31-90 days past due. This offset a minor $0.4 million or 0.1 per cent rise in the non-performing mortgage loan segment. For September, consumer loan arrears fell by $8.8 million or 3.1 per cent to $276.2 million, as the 31-90 day past due and non-performing seg ments fell by $2.7 million (2.2 per cent) and $6.1 million (3.8 per cent) respectively. Commercial bad loans also fell by $0.9 million to $254.3 million, with a $2.6 million or 4.2 per cent rise in the 31-90 days past due component cancelled out by a $3.6 million or 1.9 per cent reduction in the non-performing category. to monitor and regulate the profession as best we can. However, there are i nstances where, because the law hasnt given us the teeth to do so, we are unable to push for certain changes that wed like to because the law would prohibit us from extending ourselves in that regard. I would hope most (accountants H owever, we have had some cases and there have been reports of instnaces where there would seem to be an issue of non-compliance. Its not overwhelming at this time but it could be, added the BICA Presi d ent. B ICA currently has 450 members and 220 licensees. FROM page one Horrendous FROM page one Accountant hiring increases by 20% Govt very close to BTC LIME deal F ROM page one
government spending, and the Central Bank of the Bahamas would ideally wish to see moredebt consolidation by the Government. H owever, she noted that the G overnment has determined it would continue to borrow, give n that the only way to reduce expenditures is to shed (public sector) labour. The debt indicators are not moving in the right direction. We would wish to see more debt consolidation, but the G overnment has to borrow to close the gap [between reve nues and expenditures] or it sheds labour. Its a decision government has taken. [The national debts] not at a critical position countries incur 100 per cent [debt-to-GDP ratios] and theyre still func t ioning, but it means the pressures are even greater for your e conomy to grow and for you to meet those obligations in the future, said the Governor. Mrs Craigg added that despite the growth in the national debt, the Bahamas is still very well placed vis-a-vis our Caribbean counterparts such as Barbados, Guyana, Trinidad and Jamaica when it came to the debt-to-GDP ratio. The Bahamas international credit rating is still above the minimum which is considered investment grade, said the Governor. The debt level is not critical, she stated, adding, however, that the International Monetary Fund (IMF a debt-to-GDP ratio of over 50 per cent something you wantt o watch very closely. The 2009-2010 fiscal year, w hich came to a close last June, brought with it a marginal improvement in the overall deficit to some $340 million or roughly about 4.5 per cent of GDP, but the Governments need to find a variety of financ-i ng sources to bridge the gap between its revenue and its expenditure nonetheless contributed to a significant increase in the national debt, said Mrs Craigg. The direct charge, the debt incurred by the central government, surged from $2.7 billion or about 37 per cent of GDP at the end of 2008 to $3.3 billion, which approximates about 45.6 per cent of GDP, at the end of 2009, she added. The national debt has also increased thats the direct charge plus government guaranteed debt by $700 million to $3.9 billion, or from about 42.5 per cent of GDP to almost 54 per cent over the same peri od (end of 2008 to the end of 2009). The debt has continued to increase under the very soft economic conditions in the Bahamas, although we have seen that the rate of growth slowed to roughly half of the previous years value, and at the end of September it stood at an estimated $4.1 billion, or roughly 55 per cent, of 2010s projected GDP, Mrs Craigg said. The Governor expressed hope that the Bahamas will see some reductions to the debt through growth in the economy, noting that in the short term payments [to the Government] from privatisation [of BTC] could help. Providing an insight into the health of the economy at this time and prospects going forward, Mrs Craigg said recent months have shown some stabilisation of domestic econom ic activity and local conditions from very marked downward adjustments in 2008 and 2009, which saw contractions of 1.7 per cent and 4.5 per cent respectively. Improving circumstances in some of our real sector indica tors underlie expectations for the Bahamian economy to grow at a modest half a per cent in2 010, although we dont expect to see any notable decline in unemployment from current rate in the short term, said Mrs Craigg, noting that the loss of around 9,000 jobs saw this rate rise to around 14 per cent in New Providence in 2009. Tourism has seen increases in both the higher value stopover visitors and, more so, in sea arrivals this year, but the former of these still remains some 12 per cent below precrisis levels, leaving the industry nowhere near where we were prior to the crisis. Although data from hotels up to August this year indicate increases in occupancy levels and room rates, Mrs Craigg said the fact there has been no meaningful reengagement of persons who were laid off underscores the difficult business environment that the hotels, restaurants and other enterprises that depend on tourism continue to confront. With regard to another key sector, construction, Mrs Craigg reiterated that this has remained anemic in 2010. The global crisis continues to have a dampening affect on foreign direct investment inflows, which constitute the major component of project financing. The pace of domestic building activity has also decelerated, she said. According to data from banks, mortgage disbursements for new construction and repairs are down nearly 50 per cent from last year, and mortgage commitments a forward looking indicator decreased in number and value by some 15 and 35 per cent respectively. Lending by banks, which figures very importantly in the growth dynamics of the domestic economy, has remained constrained by a combination of weakened balance sheets, reduced income and the difficulty of consumers to qualify for loans due to tighter standards for new credit, as banks contend with deterioration in credit quality. Theres a reduced appetite for debt in this enviornment, so its a combination of supply and demand factors, she said. What we have seen in the firstnine months of this year is that credit to the private sector, which averaged some 10 per cent in 2004 to 2008, and moderated to 0.9 per cent in 2009, actually contracted this year by a further half a per cent. This decline was broadly based across consumer loans, mortgages and commercial loans. By NEIL HARTNELL Tribune Business Editor THEBahamas Chamber of Comm erces president yesterday called f or immediate approval by the Government of the $2.6 billion Baha Mar project, arguing that following Prime Minister Hubert Ingrahams successful China negotiations, therew as no reason to delay given that m any Bahamian businesses were hurting. Questioning whether the Prime Ministers China trip, during whichhe met with Baha Mars partners, China State Construction and theC hina Export-Import Bank, plus the B eijing government, was necessary suggesting such discussions could have been held with Baha Mar here, Khaalis Rolle nevertheless expressed happiness that Mr Ingraham was able to increase the worth of contracts for B ahamian contractors by $200 mill ion. Im happy he was able to get more of the construction work, get Bahamians more involved in the construction part of the deal, but I dont know if the trip to China was necessary for that, Mr Rolle told Tribune Busin ess. That discussion could have been had right here with Baha Mar. While construction contracts to be awarded to Bahamian contractors h ad increased from $200 million to $400 million, Mr Rolle said that outside this, I dont know if there was anything materially different about the deal that made it indescribably better than it was before. T he Chamber president said he h oped Mr Ingrahams Sunday press conference brought the Baha Mar project closer to a construction start, adding: If his trip was successful andhe got what he wanted, immediate approval of this project is necessary. I think immediate approval is nece ssary, and I dont think there should be any delay, any debate. Referring to todays Paraliamentary debate, during which MPs will debate the C hinese demand for several thousand work permits, Mr Rolle said: I dont see what we hope to achieve by the debate now. I dont see where we need to go beyond that. In the words of Dionisio D Aguilar, lets get on with the project. Businesses are hurting, and we need economic activity. We dont need any reason to delay activity. I hear it every day. I get people on my doorstep every single day complaining about how bad it is for them, a nd that theyre struggling to keep their doors open, so whatever we need to do to encourage economic activity we need to do it. C M Y K C M Y K BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Chamber president urges immediate Baha Mar approval FROM page one National debt KHAALISROLLE
DETROIT I NVESTORdemand for G eneral Motors stock has been so strong that the company will expand its initial public offering by 31 percent, to 478 million common shares, a personb riefed on the sale said T uesday, a ccording to A ssociated Press. T he move, coupled with an expected stock price of $33 per share, brings the U.S. government closer to getting back the $50 billion it spent bailing out GM last y ear. If the government sells i ts 412 million shares on T hursday for $33 each, it w ill get $13.6 billion. It will s till have about 500 million shares, or about 33 percent of GM. It would have tos ell them for about $53 a share, or $26.4 billion, for taxpayers to get their $50 billion back. Shares T he increased number of shares could make GM's I PO the largest in history f or a U.S.-based company. I f GM's sale of preferred shares is included, the offering could have a total value of over $22 billion, topping Visa Inc.'s $19.7 billion IPO in 2008, accord i ng to the IPO tracking firm Dealogic. It could even grow to become the world's largest IPO. G M is expected to a nnounce the final price of the IPO on Wednesday and shares will start trading the following day, accordi ng to the person, who asked not to be identified b ecause he is not author ized to speak publicly about the sale. M ost of the additional shares will be sold by theU .S. government, said the p erson. A union health care trust would sell a small part of the added shares, the person said. I n addition, bankers han dling the GM sale will take an option to sell another 72 million shares. That would b ring the total value of the 550 common shares for sale i n the IPO to $18.1 billion. Deal G M will sell preferred shares worth $4 billion, bringing the total value oft he deal to just over $22 bil lion. GM's bankers stopped taking orders for the saleo n Tuesday afternoon after essentially running out of s hares to sell, the person said. G M spokesman Selim B ingol and U.S. Treasury Department spokesman M ark Paustenbach would not comment. E arlier Tuesday, GM r aised the expected price range for the common shares to $32 to $33, from $26 to $29, and it added 20m illion preferred share total, bringing it to 80 million. C M Y K C M Y K BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM GM raises common stock price range in IPO Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
BRUSSELS AN ANXIOUSLYawaited meeting of European finance ministers ended Tuesday without an agreement to bail out debt-stricke n Ireland. But EU officials s aid they have "intensified" p reparations for potential support for the country's troubled banking sector, according to Associated Press. Concerns that Ireland will b e unable to pay the cost of rescuing its banks which ran into trouble when the country's real estate boom collapsed has worsened Europe's government debt crisis. Markets have pushed up borrowing costs for other v ulnerable nations such as P ortugal and Spain and t hreatened to destabilize the common euro currency. There was speculation that Ireland's government itself might be forced to take a bailout like the one that s aved Greece from defaulting on its bonds in May. A 750 billion euros backstop stands ready from other countries that use the euro. But the government in Dublin says it doesn't need one, although there has b een discussion of help for i ts banks. The Irish authorities are committed to working" with the EU, the European Central Bank and the International Monetary Fund to "to determine the best way top rovide any necessary support to address market risks,e specially as regards the t roubled banking sector," said EU monetary affairs chief Olli Rehn. "This can be regarded an in intensification of preparations of a potential pro gram in case it is requesteda nd deemed necessary." I reland is making "signifi cant efforts" to deal with its b udget deficit, said JeanC laude Juncker, who heads t he group of 16 nations that use the euro. "However market conditions have not normalized yet and pressure remains," Juncker said, adding that "we will take action as the e urogroup ... to safeguard the stability of the euro if that is needed." C M Y K C M Y K BUSINESS PAGE 6B, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 127,&( 6815,6(+,33,1*%$+$0$6f/7' 7DNHQRWLFHWKDWZLWKHIIHFWIURPWKHWKGD\RI 2FWREHUDFFHSWHGDSSRLQWPHQWDV/LTXLGDWRURI WKHDERYHFRPSDQ\SXUVXDQWWRDQ([WUDUGLQDU\ 0HHWLQJRIWKH'LUHFWRUVKHOGRQWKHWKGD\RI 2FWREHUDWZKLFKWKHIROORZLQJ5HVROXWLRQV ZHUHSDVVHG 7KDWXQULVHKLSSLQJ%DKDPDVf/WGEHZRXQGXS YROXQWDULO\ 7KDW*HRUJH&OLIIRUG&XOPHUEHDSSRLQWHG/LTXLGDWRU RI WKHFRPSDQ\IRUWKHSXUSRVHVRIVXFKZLQGXS 'DWHGWKLVWK *(25*(&/,))25'&8/0(5 /LTXLGDWRURIWKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( 6815,6(6+,33,1*%$+$0$6f/7' 9ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWDOOSHUVRQVKDYLQJFODLPV DJDLQVWWKHDERYHQDPHG&RPSDQ\DUHUHTXLUHGRQRU EHIRUHWKH67GD\RI'HFHPEHUWRVHQGWKHLU QDPHVDQGDGGUHVVHVDQGSDUWLFXODUVRIWKHLUGHEWVRU FODLPVWRWKH/LTXLGDWRURIWKH&RPSDQ\DW3%R[ 1DVVDX%DKDPDVRULQGHIDXOWWKHUHRIWKH\ PD\EHH[FOXGHGIURPWKHEHQHWRIDQ\GLVWULEXWLRQ PDGHEHIRUHVXFKGHEWVDUHSURYHG 'DWHGWKLVWKGD\RIRYHPEHU *(25*(&/,))25'&8/0(5 /LTXLGDWRU 127,&( )85(%$+$0$6f/,0,7('7DNHQRWLFHWKDWZLWKHIIHFWIURPWKHW KGD\RI 1RYHPEHUDFFHSWHGDSSRLQWPHQWDV /LTXLGDWRURIWKHDERYHFRPSDQ\SXUVXDQWWR DQ([WUDUGLQDU\0HHWLQJRIWKH0HPEHUV KHOGRQWKHWKGD\RI1RYHPEHUDW ZKLFKWKHIROORZLQJ5HVROXWLRQVZHUHSDVVHG 7KDW)XUH%DKDPDVf/LPLWHGEHZRXQGXSYROXQWDULO\ 7KDW*HRUJH&OLIIRUG&XOPHUEHDSSRLQWHG/LTXLGDWRU RIWKHFRPSDQ\IRUWKHSXUSRVHVRIVXFKZLQGXS 'DWHGWKLVWK *(25*(&/,))25'&8/0(5 /LTXLGDWRURIWKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( )85(%$+$0$6f/,0,7(' 9ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWDOOSHUVRQVKDYLQJFODLPV DJDLQVWWKHDERYHQDPHG&RPSDQ\DUHUHTXLUHGRQRU EHIRUHWKH67GD\RI'HFHPEHUWRVHQGWKHLU QDPHVDQGDGGUHVVHVDQGSDUWLFXODUVRIWKHLUGHEWVRU FODLPVWRWKH/LTXLGDWRURIWKH&RPSDQ\DW3%R[ 1DVVDX%DKDPDVRULQGHIDXOWWKHUHRIWKH\ PD\EHH[FOXGHGIURPWKHEHQHWRIDQ\GLVWULEXWLRQ PDGHEHIRUHVXFKGHEWVDUHSURYHG 'DWHGWKLVWKGD\RIRYHPEHU *(25*(&/,))25'&8/0(5 /LTXLGDWRU European officials: No bailout yet for Ireland THE OFFICES of a branch of the Anglo Irish Bank in central Dublin, Ireland, Tuesday, Nov. 16, 2010. Europe's debt crisis reached a critical juncture Tuesday, as finance ministers sought to keep Ireland's market turmoil from triggering a domino effect that could topple other vulnerable nations like Portugal and fray the region's economic unity. (AP IRISH FINANCE MINISTER Brian Lenihan arrives for a Eurogroup meeting at the EU Council in Brussels, Tuesday Nov. 16, 2010. (AP AN EMPTY BUILDING SITE were the remaining apartments of the Belmayne development were to have been built on the outskirts of D ublin, Ireland, Monday, Nov. 15, 2010. Debt-burdened Ireland is talking with other European Union governments about how to handle its troubled finances, officials said Monday as the continent's debt crisisp lagued markets and policymakers across Europe. (AP
A look at economic developments and activity in major stock markets around the world Tuesday: L ONDON World m arkets dived as investors waited to see if Ireland will end up requesting a financial lifeline from its partners in the eurozone. The FTSE 100 index of leading British shares c losed down 2.4 percent, G ermany's DAX fell 1.9 percent and the CAC-40 in France ended 2.6 percent lower. S EOUL, South Korea South Korea raised its key interest rate for the s econd time in four m onths as higher inflation f orces Asian central banks t o increase borrowing c osts. I t also adopted a more aggressive stance, suggesting that interest rates willcontinue to rise after two years of super-low borrowing costs. South Korea's Kospi c losed down 0.8 percent. E lsewhere in Asia, Japan's Nikkei 225 stock average l ost 0.3 percent, Hong K ong's Hang Seng slid 1.4 p ercent and Australia's S&P/ASX 200 gained 0.3 percent. BEIJING China's government is trying to cool double-digit food price rises by releasing stockpiled pork and sugar to boost supplies in mark ets. W ASHINGTON China, the biggest buyer ofU .S. Treasury securities, b oosted its holdings for t he third straight month, t he Treasury Department reported Tuesday. China's holdings of Treasury debt rose to $883.5 billion in September, the Treasury Department said in a report. T hat's a 1.7 percent i ncrease from August. For m uch of this year, China h as been increasing its h oldings of Treasury debt. T he report shows that China and other countries still have a robust appetite for Treasury debt even as the U.S. government is running annual budget deficits topping $1 trillion. O verall, foreign governments increased their purchases of Treasury securit ies by $39.5 billion in Sept ember, a record high. A s ustained drop in foreign demand for Treasury debt could lead to higher U.S.i nterest rates, slowing the economy. BEIJING Foreign investment in China accelerated for a second month in October despite slowing growth, government figures showed. P ARIS Greek Prime M inister George Papand reou insists his country won't default on its 298 billion euros ($406 billion in debt because doing so would be a "catastrophe" for Greece, Europe and the euro. V IENNA Austria is balking at paying its share of Greece's financial bailout. Finance Minister Josef P roell says that the December tranche of Austria's contribution 190 m illion euros ($258 mill ion) will only be paid o ut if Greece can show t hat it has raised the a mount of money it pledged to take in through taxes. If Austria balks, and other countries follow suit, t he Greek bailout package c ould unravel. Athens is r eceiving 110 billion euros ($150 billion loans from the International Monetary Fund and other eurozone countries. MADRID Spain has h ad to pay increased intere st rates to raise nearly 5 billion euros ($6.81 billion) in a sale of 12and 18-month bills as investors remained uncertain over w hether the country will be affected by debt crises in Ireland and Portugal. B ERLIN German i nvestor confidence has r ecovered slightly after a s teady six-month slide, thanks to optimism about the ongoing recovery in Europe's biggest economy and elsewhere, according t o a survey. L ONDON Britain's stubbornly high consumer inflation rate rose to 3.2 percent in October from 3.1 percent in September, driven by higher prices for motor fuel, financial serv ices and games, toys and h obbies. TOKYO Japanese lawmakers approved funding for a new $61 billion s timulus package, seeking to keep Japan's fragile economic recovery alive. B UENOS AIRES, A rgentina Argentina's d esire to pay what it owes t o the Paris Club nations next year sends a good signal to foreign investors and should facilitate the country's re-entry into g lobal credit markets a d ecade after its worldr ecord $95 billion default, analysts said. But President Cristina Fernandez still has some work to do before Argentina will be able to b orrow at competitive i nterest rates. NICOSIA, Cyprus International credit ratings agency Standard and P oor's downgraded Cyprus' long-term sovereign credit rating from A p lus to A with a negative o utlook amid concerns o ver its financial system's e xposure to debt-ridden G reece. C M Y K C M Y K BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM n A SSOCIATEDPRESS COMMODITYprices s ank Tuesday amid concerns about inflation in China anda possible European bailout of Ireland's banks. S ome of the steepest d eclines came in agriculture products and industrial met als as traders worried thatd emand may diminish because of the ongoing issues in other parts of the w orld. I n addition, the dollar g rew stronger against other currencies. Since commodities are priced in dollars, a stronger dollar makes them less attractive to buyers who use currencies other than the dollar. Traders opted to sell holdings at a profit and reduce their overall risk, Lind-Waldock senior market strate gist Rich Ilczyszyn said. China's economy has been robust for much of the year but the pace of inflation hit a 25-month high of 4.4 percent in October. China's government is releasing stockpiled pork and sugar to boost supplies in marketsin an effort to slow down increases in food prices. In the United States, wholesale prices rose in October for the fourth straight month but the increase was blamed pri marily on higher gasoline costs. Excluding volatile food and energy categories, the "core" index fell by 0.6 per cent, largely because of low er prices for new automobiles and trucks. The report measures price pressures before they reach the consumer. It showed that companies have rela tively little ability to pass on the higher costs they're paying for grains and other commodities. For example, wheat prices have risen 16.9 percent this year; corn, up 28 percent; and soybeans, up 16.5 percent. Coffee prices have sky rocketed 45.5 percent while cotton is up nearly 77 percent. Major packaged food makers, including Kraft Foods Inc., General Mills Inc., Sara Lee Corp. and Kellogg Co., have said they have raised prices to cope with higher costs of somer aw ingredients. T hat's put a squeeze on supermarkets because they're paying more for the products, but can't alwaysp ass on the increases to shoppers, who are concen trating on value. Meanwhile, European leaders were considering ways to help Ireland solve its debt problems. Similar p roblems in Greece earlier t his year also pressured commodities. Agricultural commodities all fell by at least 5 percent, which Northstar Commodi ty analyst Jason Ward attributed to the China develop ments. "There's enough people in this market that are speculating, that are betting it's going to go higher, that they're taking their positions off for fear that China actu ally does not buy as much," he said. "If you sit back and look the market, you see the selloff, you see the liquidation," he said. "What I don't see is, I don't see a slowdown in usage." Corn for March delivery lost 29 cents, or 5.1 percent, to settle at $5.40 a bushel. January soybeans plummeted 66.75 cents to settle at $12.1975 a bushel while March wheat gave up 47.75 cents to $6.6475 a bushel. In December metals contracts, gold for December delivery fell $30.10 to settle at $1,338.40 an ounce, silver lost 85.9 cents to $25.233 an ounce and palladium gave up $35.40 to $645.90 an ounce. March copper fell 19.35 cents to settle at $3.7310 a pound and January platinum dropped $40.10 to $1,645.70 an ounce. In energy trading, bench mark crude for December delivery fell $2.52 to settle at $82.34 a barrel on the New York Mercantile Exchange. In other December Nymex contracts, heating oil rose 6.19 cents to settle at $2.3090 a gallon, gasoline slipped 3.93 cents to $2.1557 a gallon and natural gas lost 2.7 cents to $3.818 per 1,000 cubic feet. C OMMODITIES SINK ON CHIN A AND EUROPEAN CONCERNS INTERNATIONAL BUSINESS WORLDBUSINESSNEWSINBRIEF
NEW YORK OILprices fell again as investors took profits amid renewed concerns about the global economy. A three-day decline has e rased most of the gains for the month of November, according to Associated Press. Benchmark oil for December delivery fell $2.52, or 3 percent, to settle at $82.34 a barrel Tuesdayo n the New York Mercantile Exchange as traders considered Ireland's ongoing debt problems and worr ies about higher inflation i n Asia. Oil prices have fallen 6.1 percent since Thursday,w hen speculation arose that China would take steps to control its economic growth. On Tuesday, South Korea's central bank raised i nterest rates to curb growi ng inflation. Add in some concern about Ireland's impact on Europe's eco-n omic recovery and investors found good reason to secure some recent p rofits. A s of Thursday, oil had risen 7 percent for the month and 23 percent fromt he end of August, hitting a t wo-year high above $88 a long the way. I n the U.S., the Labor Department said retail gas prices jumped 9.8 percent in October, and diesel and home heating oil costs also rose, contributing to a 0.4p ercent increase in the Producer Price Index. Yet, there was little sign of inflat ion as the cost of food, cars and computers fell. Excluding the volatile food and energy categories, the so-called core index fellb y 0.6 percent, the most in m ore than four years, primarily because of lower prices for new cars and t rucks. While inflation remains low, the report supports the Federal Reserve's belief t hat it's because economic g rowth in the U.S. remains sluggish. That view prompted the Fed's multibillionb ond-buying program in an effort to push interest rates lower and help stimulate t he economy. The economic bad news has been sort of giving us water torture, you know, ad rip from Ireland, a drip f rom China, a drip off from p roducer prices," said M ichael Lynch, president of Strategic Energy & Economic Research. "It's making people feel like the runup in oil prices was overdone." I n other Nymex trading in December contracts, heating oil fell 6.19 cents t o settle at $2.3090 a gallon, gasoline lost 2.93 cents to $2.1657 a gallon and natural gas fell 2.7 cents to $3.818 per 1,000c ubic feet. I n London, Brent crude gave up $1.97 cents to settle at $84.73 a barrel on the I CE Futures exchange. C M Y K C M Y K BUSINESS PAGE 8B, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.842.70-0.144,0000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1 6.556.560.0139,4610.4220.26015.53.96% 3.651.63Consolidated Water BDRs1.831.80-0.030.1110.04516.22.50% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 11.408.77FirstCaribbean Bank9.749.740.000.6450.35015.13.59% 5.513.75Focol (S 5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.90J. S. Johnson9.909.900.000.9710.64010.26.46% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield B ISX 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 2029T UESDAY, 16 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,490.45 | CHG 0.17 | %CHG 0.01 | YTD -74.93 | YTD % -4.79BISX 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%Last 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 1.56551.4954CFAL Money Market Fund1.56553.87%4.48%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. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-10BISX Listed Mutual FundsNAV Date 31-Oct-10 30-Sep-10 30-Sep-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Oct-10 30-Sep-10 30-Sep-10 12-Nov-10 31-Aug-10MARKET TERMS30-Sep-10 NAV 6MTH 1.467397 2.911577 1.530224 107.570619 105.776543 30-Jun-10 30-Sep-10 31-Oct-10 31-Oct-10 EMPLOYMENT OPPORTUNITYR estaurant managers needed for leading fast f ood franchiseRequirements : Please submit resume to: Human Resources Department North 5 (6,$-26(3(8*(1( R I 0DUVK+DUERXU$EDFR1 DVVDX%DKDPDV3%R[ (1/<)(5*8621 5 2%,16213,(55(RI'81'$6 7 3%2;$%$&2%$+$0$6 ( 00$18(/(8*(1(RI0$56+ + $5%2853%2;$%$&2%$+$0$6 Oil prices slide on fresh global economic concerns Three-day decline erases most gains for November NEW YORK Associated Press STOCKSthat moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE General Growth Properties Inc., down $1.09 at $14.31 The shopping mall operator is selling up to 155.3 million shares of common stock at a discount to Monday's closing stock price. Home Depot Inc., up 32 cents at $31.71 The home-improvement products retailer said its profit rose in the third quarter despite weak sales growth, and it raised its earnings outlook. Scorpio Tankers Inc., down $1.23 at $9.80 The petroleum shipper Scorpio Tankers narrowed its thirdquarter loss and boosted sales, but warned of higher operating expenses. Dick's Sporting Goods Inc., up $3.59 at $33.51 The sports products retailer raised its profit forecast for the year as a key sales measure improved. Dynegy Inc., up 39 cents at $5.02 Asset manager Blackstone Group LP said it will increase its takeover bid for the power plant company to $5 per share. NASDAQ Urban Outfitters Inc., up $3.90 at $36.63 A lower tax rate and stock buybacks helped the retailer's third-quarter profit beat analyst expectations. Mattel Inc., up 78 cents at $24.33 The toy maker raised its dividend by 11 percent in 2010, to 83 cents per share, and is increasing stock buybacks by $500 million. Mela Sciences Inc., down $3.45 at $2.92 A Food and Drug Administration panel was sharply critical of the companys melanoma detection device, MelaFind. HOME DEPOT, DYNEGY, URBAN OUTFITTERS BIG MOVERS
C M Y K C M Y K TASTE THE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T h e T r i b u n e Just a few images of what we the Bahamas looked like 40...50...60... years in the past. By Roland Rose Those infamous Casurianas... Most people only r emember one line on the noth side of the r oad, ther e was a complete tunnel in 1952. The new look, top left will show the unique benches of Antonius Rober ts, with landscaping of sea grape, palms and gr oundcover by Four Seasons. By TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org I LOVE Chinese food. The flavours, the variety of vegetables used and the many optionsf or vegetarian dining make Asian takeout and at home stir frys a staple in my dinn er menus. So when I got the opportunity to travel to China l ast month for a three week training programme in Beijing, sponsored by China's Foreign Affairs University, I was giddy with happiness. Not only would I be able to experience a rich culture which dates back more than 5,000 years I would be able toi ndulge my cravings for eastern cuisine. My first meal in China was a buffet breakfast p repared by the cafeteria staff at CFAU. The spread was enormous and varied but bore little resemblance t o the morning meals the 20 Caribbean journalists taking part in the programme were familiar with. F a v our ite There were cold noodles served in a tomato sauce, h ard boiled eggs, chopped spinach, an eggplant dish, watermelon, orange slices, sliced bread, beef, friedr ice and my favourite light, fluffy steamed bread the size of my fist. F or lunch there was a similar spread and the same for dinner, with a few variations. Chinese food is different depending on which area of the country you visit. In Beijing where I spent the majority of my time roast duck, w hite rice, noodles and an assortment of vegetables were dining staples. In Chengdu, the capital city of the Sichuan province, hot and spicy food were the order of the day. Sichuan cooking incorporates dried and fresh red chilies, Szechuan pepper, ginger, and garlic a perfect blend of spices for those that like food with a kick. Even from my short time there I could see that the people of Chengdu are serious about food. T he open markets were bursting with an assortment of food meat on sticks, what appeared to be d ried duck heads and wings, and even deep fried ice cream topped with a spicy sauce. One thing that took me by surprise was how little tofu, or bean curd, dishes were served in Beijing and Chengdu. Still as a vegetarian, I had more famili ar dining options than my Caribbean counterparts but more often than not I noshed contentedly on rice,n oodles and sauted vegetables. ICECREAM: Fried ice cream served at a market in Chengdu! DUCK HEADS: Exotic bird meat for sale at a market in Chengu in China's Shichuan province. A flavour of China CHINESEFOOD: Savory tofu, bamb oo shoots, rice and vegetable rolls at a restaurant in Beijing.