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 Lunchtime protest on menu for BTC C M Y K C M Y K V olume: 107 No.21WEDNESDAY, DECEMBER 15, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER ABUNDANT SUNSHINE HIGH 73F LOW 64F F E A T U R E S S EETHEARTSSECTION S P O R T S SEESECTIONE Lustre Jewellery Fox wants to fight Mackey By NOELLE NICOLLS Tribune Staff Reporter n email@example.com IN an effort to step up their opposition to the saleo f BTC to Cable and Wire less, union leaders yesterday called on all workers to support two mass protests scheduled for today. The National Congress of Trade Unions (NCTU leading the charge. At a press briefing yesterday, leaders from at least four trade unions supported N CTU president Jennifer Isaacs-Dotson in a stand against the impending sale. The meetings planned for t he Archdeacon William T hompson Park and Parlia ment Square today, are the first initiatives of a national campaign launched yesterday. The Bahamas for B ahamians campaign is a imed at persuading the Union leaders in call f or suppor t McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM MAKE THE SEASON BRIGHTwith c o l o u r f u l gift items only from... 242.394.4111 www.bahamahandprints.com Located on Ernest & Mackey Streets Open Mon-Fri 10am-4pm, Sat 10am-2pm OPEN ON CHRISTMAS EVE, 10AM 2PM SEE page nine CRASHSCENE: Two women were taken to hospital last night after their car ended up in Lake Killarney after a traffic accident. Details were sketchy at presstime, but the car had reportedly swerved to avoid a trailer that came detached from a truck. BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E C AR ENDS UP IN LAKEKILLARNEY FELIPE MAJOR/TRIBUNE ST AFF O NE man has been confirmed dead after a privateU S registered aircraft crashed i n the ocean about seven miles south west of New Providence yesterday afternoon. The search will continue today for a second person, believed to be a Caucasian woman who was reportedly a lso onboard the plane. D etails surrounding the crash were still sketchy up to press t ime last night, however, it w as confirmed that the body S EE page 12 MAN DEAD AFTER PRIVATE PLANE CRASH By PAUL G TURNQUEST Tribune Staff Reporter firstname.lastname@example.org A FORMER Fox News producer who tried to pass himself off as a Bahamian diplomat in Washington, DC, is facing charges of unlawful possession of a congressional pin, a symbol that allows members to bypass Capitol security. Nelson Lewis, 26, of Savannah, was charged with improperly wearing the pin and can face up to six months in jail and a $5,000 fine. According to court documents, police were called around 1am on November 17 for a reported assault. When the police arrived, 26-year-old Nelson allegedly told them he was Representative Jack Kingston, a Georgia Republican. ClaimF ORMER F O X NEW S PRODUCER CLAIMS TO BE BAHAMIAN DIPLOMAT SEE page nine By NATARIO McKENZIE Tribune Staff Reporter email@example.com A SUPREME Court injunction restricting any unlawful industrial action against BTC remains in effect. Following a court hearing before Justice Bernard Turner yesterday it was unclear whether a march in protest of the INJUNCTION IS STILL IN EFFECT AGAINST UNLAWFUL BTC INDUS TRIAL A CTION SEE page 12 By TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org THE threat of a national public service strike would be "disastrous" for the sluggish economy, said Labour Minister Dion Foulkes as he cautioned union leaders to put the country's best interests ahead of their own. "A national strike is always bad news for the country because basically everything stops. Given our economy that would be disastrous ... and I would entreat the trade union movement to act in a very mature fashion and to think about the interests of the public and the consumer," Senator Foulkes told The Tri bune before heading into Cabinet yesterday. Last week, union leaders hinted at an impending shut down of operations at government agencies over the looming sale of 51 per cent of SEE page nine THREAT OF NATIONAL PUBLIC SERVICE STRIKE WOULD BE DISASTROUS
MOST employees at the Morton Salt company on Inagua are now working on a rotation system, said Labour Minister Dion Foulkes. The news comes weeks after company officials announced plans to temporarily send home 50 per cent of its staff in the first week of December because excessive rainfall in Inagua had halted salt production. "With respect to the rotation system, an amicable solutionhas been reached, the majority of the persons at Morton are working on rotation so most persons are gaining some type of income," Mr Foulkes told reporters before heading into Cabinet in the Churchill Build ing yesterday. In late November, Morton Salt Bahamas Limited's gener-al manager Glen Bannister said the company was set to send home 72 of its 144 employeesdue to low salt production. Mr Bannister added that the company expected to rehire those laid off, hopefully early in the new year, once production levels return to normal. Morton Salt relies on the arid weather conditions of Inagua to produce salt by allowing the saltwater in ponds to evaporate, which in turn stimulates the formation of salt crystals at the bottom of the pond. Excessive rain reverses this process, the company said, and dissolves the salt crystals in the ponds, leaving the facility without a product to harvest. By CELESTE NIXON T ribune Staff Reporter c email@example.com POLICE officers and civilian personnel were honored b y the Royal Bahamas Police Force yesterday for their dedication, service andc ontribution to the country. R etiring officers were recognised and presented with the Pinnacle Award at ac eremony at Police Head Quarters on East Street. The honorees "have w eathered the storm and done their families, this insti tution and the country proud," said Assistant Com m issioner Hulan Hanna. Cpl Frederick McPhee, Sgt Philip Clarke, Ms Madel ine Ferguson, Sgt Danny Reckley, PC Perry Picker ing, Sgt Perry Taylor, PC C ecil Bain, PC Perry Knowles, Ms Shelia Hep burn, Sgt Jarvis Jones, PC E rick Bowles and Paul Woodside were among the honorees. Commissioner of Police E llison Greenslade remarked that it is an "important ceremony and af itting tribute to our people". He went on to congratulate and thank the awardees for their service, and for "giving so much of themselves to the force". The Civilian of the Year award was introduced this year to acknowledge outstanding contributions by civilian employees of the f orce. Deputy Commissioner Marvin Dames said the award recognises those who h ave performed admirably". Evelyn Whyms, winner of the award, was presented w ith a gift basket and a round trip ticket to a desti n ation of her choice in Florida, as well as $300. "It is a beautiful award and I am very proud to ber eceiving it" said Ms Whyms. Bianca Adderely, the run ner up for the Civilian of the Year honour, received a gift basket and a two night, three day stay at Breezes Resort on Cable Beach. Mr Dames, together with a Sr Asst Commissioner Quinn McCartney, were alsor ecognised for recently receiving the Queens Police Medal (QPM guished service in lawe nforcement. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 3 pc Queen Sleigh Bed 3 pc Queen Sleigh Bed 1 pc Dresser 1 pc Dresser 1 pc Mirror 1 pc Mirror 2 pc Nightstands 2 pc Nightstands 1 pc 5 Drawer Chest 1 pc 5 Drawer Chest Queen 8 Pc Queen 8 Pc $3,440 $3,440 King 8 Pc Set King 8 Pc Set $3,600 $3,600Solid Wood Solid WoodT T h h e e T T h h e e J J a a v v a a G G a a l l l l e e r r y y J J a a v v a a G G a a l l l l e e r r y yWongs Plaza Wongs Plaza Madeira Street Madeira Street (242 (242 2335 2335Financing Available Through Commonwealth Bank P P i i n n e e C C o o t t t t a a g g e e P P i i n n e e C C o o t t t t a a g g e e B y AVA TURNQUEST Tribune Staff Reporter firstname.lastname@example.org DEMANDING that the consumer p erspective be recognised in the debate o ver the sale of Bahamas Telecommunication Company, a new consumer advocacy group has been formed. The group of concerned Bahamians met at the Fox Hill roundabout yesterday to mark the launch of Consumer Voices B ahamas (CVB p erspective of consumers on national matters. David Jordine, former FNM candidate and the organisations treasurer, said: Its eems as though the consumer is being l eft out of the debate. Many personalities a re involved, a lot of politics, but the consumer how we are affected, how o ur households are affected, how our businesses are affected its time the consumers voice be raised and the con s umers needs and concerns be reviewed and looked at. Citing cheaper rates, improved techn ology and managerial experience all of which were highlighted in the informat ion released to the public on the gove rnments sale agreement with Cable and Wireless (CWC the sale of BTC would be in the best interests of consumers. Marlene Minus, chairperson, said: As consumers we can be better served. Web elieve that there is a better quality of t echnology that is available to us that were presently not experiencing so on that perspective its fair to say that weve been exhausted in terms of what the unions have to say on this. Weve heard what the politicians have said both governing and opposition in regards to thiss ale. M s Minus added: We are saying lets not forget the consumer who is adversely affected by the services. The consumers, who are paying the high prices for cellular services, who are experienci ng the inconsistencies in their services, w ho are in some cases experiencing disr uption in both their cellular and internet services. From a consumer perspective we are driving the point that at the end oft he day as the employees are forefront and important in this, we believe that t he consumers are equally as important t o the sale of BTC. Ms Minus explained that while they respect and appreciate contributions made by BTC employees and acknowledge past successes at BTC, the partnership with the international telecommu-n ications giant would bring greater bene fits for not only consumers but employees as well. Bahamian consumers wishing to voice their opinion on the BTC sale, highlight another consumer issue or are interested in learning more about the group, are encouraged to email email@example.com. M s Minus added: When customers c annot receive services then you put them at a disservice we dont want to be put at that disservice. We dont want to know that when were doing business with a company in China, in the middle o f the transaction the page flashes to page cannot be displayed or we get a d isruption in our long distance service. We dont want to know were waiting on that important call but the system isb usy. New consumer group supports sale of BTC Most Mor ton Salt staff orking rotation system Officers and civilians are honoured by police force HONOURED: Commissioner of Police Ellison Greenslade and Evelyn Whyms. HONOURED: Commissioner of Police Ellison Greenslade and Bianca Adderly. 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.
E DITOR, The Tribune. W e live in a country where the level of government ser-v ices is e xpected t o be dysfunc t ional and slow. This should not b e the case. However, if the Ministers would take the time to one by one improve each d ivision under their ministry, in time we would see improve ment, rather than year after year accepting a level of ser vice so despicable, and that seems to deteriorate as the years go on, because we the people have come to expect the inane practices that take place in government offices. I refer to my experience of having my car inspected at the Clarence A. Bain building in December 2010. Normally I go to the inspection centre onW est Bay but because I had to renew my license I thought its ensible to do both at one place. Big mistake! I arrived and saw the sign 'Car Inspection' and pulled up to the little building and was told I had to drive up and come down the other way fair enough but there was no signage to explain this to a newcomer. Then the person doing the inspection, who was not wearing a visible uniform, told me to signal left, right, horn, lights, and windshield wipers so fast that I think I may have succeeded in completing 2 of those items when he told me to pull around to the parking lot. I am not even sure he was watching. And there was not a line of cars so there was no need for him to be in such a rush perhaps b ecause it was cold? I followed another car into a parking lotw here a man dressed in everyday sloppy clothes proceededt o take my license disc off my c ar. As a staff member does this o n West Bay all I thought was it was very unprofessional how this guy that worked there was d ressed. He told me to go in the little office to get my slip and from there I was instructed over to the main building to pay. Again it was very unclear of the process, there was no one to give instructions yet customers were filling out forms. As this is not done at West Bay I didn't know if I needed to fill out a form, so asked and another customer in the line said yes, and gave me a form. Then another customer in the line said we didn ot need to fill out a form, but to be safe, I filled out the form.I t was very unclear and unpro fessional in my opinion. There should also be a schedule of fees due clearly displayed on the wall. My driver's license experi ence was not too bad, although again I walked in the door into a crowd of people and had to ask someone in the crowd what the process was to get your license renewed as there was no signage or order to the process. I received my new license and I departed and headed to my car. When I got to my car the same person that I thought was an employee was around and when I got INTO my car, he opened my passenger door m uch to my alarm I was not sure if I was about to get robbed or what as he had made no explanation of what he intended on doing. As heo pened my door and I yelled, What are you doing? and he leaned over and started scrap ing off my old registration tags.I told him to stop and to leave m e alone. Turns out he isn't an employee and was just looking for some money from me. The fact that at a government office there is no one there to regulate these actions to protect the cit izens that are required to come t here to license their cars is unacceptable. I felt very vulnerable and unprotected whenI realized this man was not an e mployee of Road Traffic. O bviously I will never be r eturning to have my car licensed at that location. I c ould just leave it at that and n ot speak out, but I choose to try to make the necessary people aware of my experience because The Bahamas requires change. The entire operations of this location could be improved with a few signs and increased professionalism of the staff. I am resentful of the fact that I am forced to pay $195 to have my car licensed and inspected and to have received that sort of experience. Licensing and registration costs increased this year, but not the level of service. Anyone can say, Oh it doesn't matter, you're just licensing your car once a year, but the bottom line is the atti tude instilled in both citizens and government workers needs to change. The lack of professionalism at Road Traffic exists in every government office. Every aspect of the Bahamian government is viewed as a joke, the street lights don't work, its O.K. to break traffic laws, the new seatbelt law is a joke, anything that has to go through government offices is delayed with so much red tape, so the government does not earn themselves any respect and the citizens feel no obligation to obey laws and the cycle contin ues and we are going backwards as a nation. Hence the state we are in today. Crime is at an all time high, because the citizens have no respect for the government. The Citizens of this country need to demand more from the Government. This letter will be going to the Ministry of Public Works & Transport, my MP, and the new group, We The People, as this Bahamian would like to see The Bahamas move in a for ward direction. DISILLUSIONED BAHAMIAN Nassau, December 13, 2010. EDITOR, The Tribune. Just as he did with Baha Mar, Prime Minister Ingraham negotiated an exceptional deal in privatizing BTC by selling a majority stake to Cable and Wireless. The BTC deal is not simply a good one, it is very good. It achieves broad objectives and holds fast to core principles. The broad objectives are the B ahamian national interest, t he interest of consumers and t he interest of workers in the long, medium and short term. First, The Bahamas gets a very good international strategic partner with the capital, technology, purchasing power and know-how needed to better connect the stand-alone BTC to the global telecommunications network. Second, even as we are getting such a strategic partner, we are retaining a 49 per cent stake in the company as our new partner makes the invest ments The Bahamas could not afford by itself. This is in the Bahamian national interest. The Bahamas will still have a critical say in decision-making at the new BTC. Moreover, in time, 25 per cent of the shares of BTC will be sold to Bahamians, and this will be an excellent opportunity for many to share the wealth which the PLP want to hog for themselves. Third, the Public Treasury will benefit greatly from the sale immediately, and longterm through tax revenues. We will get a huge amount of the funds which are now held by BTC. Prime Minister Ingraham is a man of wide experience. He has studied and seen other privatizations around the world. In helping to negotiate this deal he has avoided the mistakes made by other countries and has also pressed for a world-class deal for The Bahamas. Just as he rescued The Bahamas from many of the mistakes the PLP made with Baha Mar, the PM has saved us from the Bluewater deal that the PLP and Perry Christie were pushing hard and fast. Thank God Mr. Ingraham is in the chair. If Perry Christie was there BTC would have turned into a disaster, the same way that Bradley Roberts and the PLP turned BEC from a profitable corporation into one that has to borrow money to pay its fuel b ill. I sn't it interesting and g alling that the same Bradley Roberts who messed up one government corporation is now giving advice on another one. As the Bluewater deal went down he sat on the Cabinet committee recommending the sale of BTC to that phantom company. As is always the case, Mr. Ingraham has had to clean upa PLP mess and protect the country from the question able practices of that party and its greedy and grabbali cious cronies. TIRED OF PLP GREED Nassau, December 14, 2019. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 S IR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972Published Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising Advertising Manager (242 C irculation Department (242 WEBSITE w ww.tribune242.com updated daily at 2pm ACCORDING to unionists todays demonstrations, called to protest the saleof 51 per cent of BTC to Cable & Wireless (LIME stration. Then what is it? It is certainly not a walk in the park on the unions lunch hour to avoid the court injunction to prevent it from taking unlaw ful industrial action against the Bahamas Telecommunications Company. If it is not a strike and it is not a demonstration, then are we to take the words ofn ewly-elected National Congress of Trade Unions president Jennifer Isaacs-Dotson seriously? She is reported to have told unionists that it is now time for a revolution. The people now have to rise up. Its time to take our country back. We elected the members of Parliament to represent our interests. Not a strike, not a demonstration, but a revolution? Mrs Isaacs-Dotson holds an influential position at the College of the Bahamas. Is this the kind of anarchy being encouraged at the College among the next generation of Bahamians? As Labour Minister Dion Foulkes pointed out there is order in our democratic government, even in resolving dis putes. Employees as veteran unionist Leo Douglas pointed out last week face serious consequences for an illegal strike. Workers cant just jump up and walk off the job without there being penalties to face by both workers and union leaders. He warned them against their present hotheaded actions for which in the end they will have to pay dearly. "A national strike is always bad news for the country because basically everything stops. Given our economy that would be disastrous ... and I would entreat the trade union movement to act in a very mature fashion and to think about the interests of the public and the consumer," Senator Foulkes told a Tribune reporter on his way to the Cabinet yesterday. So far Bernard Evans Communica tions and public Officers Union (BCPOU and William Carrolls Public Managers Union (BCPMU National Congress of Trade Unions, the Bahamas Union of Teachers, the Bahamas Hotel Catering and Allied Workers Union, and the National Congress of Trade Unions. Mr Foulkes told them that no one was preventing them going on strike provided they follow the rules. This is a democratic country, he reminded them. The process to have a legal strike entails filing a trade dispute and having three or four hearings. If their grievances are not resolved by the end of that process, then they can apply for a strike vote. If they do that, he said, he would authorise and supervise it, and if voted on by the majority of members, they would have to wait out a cooling off period of from three to four weeks. If by then their ardour is not cooled and no agreement reached, the strike will be on. The agreement between government and Cable and Wireless is a bad deal, the union has declared, forgetting, of course, that union executives refused to even sit down with Cable & Wireless to explore the deal. Yes, echoed Mrs Isaacs-Dotson, it is a bad deal because BTC is a cash cow, and the government will have reduced recurring revenues from the cash cow. Itc ertainly is a cash cow, but those milking that cow for all it is worth are its employees. Some years ago when these same unionists were kicking their heels for more pay at the expense of the taxpayer, The Tri bune did a survey of salaries and overtime of employees of these corporations. The figures were all out of the ball park especially in the gravy being ladled on by overtime. In fact it was scandalous. If we did the same survey today, we would soon under stand why Bahamians have to pay such high rates for their telecommunications and are still talking about e-commerce, but have nothing to show for the talk. BTC, might be a cash cow now, but it will not be for much longer. When it is no longer protected by its present monopoly and it has to get out and compete on its own, its collapse will not only be swift, but complete. Mr Evans said that when his union informed the government that it would be willing to buy the corporation with the Bahamian people they laughed us to scorn. Of course, he was laughed to scorn. If he and his executives were serious they would have put together a proper business plan and submitted it to the bidding process. If they do not even know how to bid, how, in heavens name are they going to build a telecommunications company with the best technology available? Julian Francis, chairman of BTC, who sat with union representatives on the pri vatisation committee, both under the PLP and the FNM, is in the best position to assess the most beneficial partner for BTC, its employees and its consumers. He fully supports the 51 per cent sale to Cable & Wireless. People will be impressed with the plan for BTC, said Mr Francis. They are exciting plans, delivering what the Bahamian public want and placing the Bahamas where it needs to be. We highly recommend that the staff of BTC read Mr Neil Hartnells interview with Mr Smith in todays Business and also the interview in Tuesdays Business. BTC staff who look forward to a prosperous future, should seek their own answers and not follow emotional union leaders. Also think of the consumers who deserve better. Ingraham negotiated exceptional BTC deal LETTERS firstname.lastname@example.org No demonstration, or strike, but revolution? 'U/LX=HOLQ/HRf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espicable level of government services
By NATARIO McKENZIE Tribune Staff Reporter email@example.com SEVERAL more witnesses gave their account of what transpired at Pilgrim Baptist Temple on Palm Sunday 2006, when Bishop Earl Randy Fraser was confronted with sex abuse allegations. Bishop Fraser has pleaded not guilty to having sex with a 16-year-old girl between July 2005 and February 2006. According to witnesses, Bishop Fraser had offered to counsel the girl, who attended his church. Ruth Edgecombe, a senior a djutant to the bishop and a m ember of Pilgrim Baptist T emple on St James Road since 1983, recalled that she was sitting on the pulpit on Palm Sunday when she heard a commotion. Mrs Edgecombe said that she saw a woman walking with a man behind her, disrupting the service. Everyone began to focus on what they were doing, she told the court. Mrs Edgecombe said that she did not know who the man was but recognised the woman as being a member of the choir. According to Mrs Edgecombe, the woman shouted, You are going to pay my mortgage. Leroy Major, youth pastor at Pilgrim Baptist Temple, said he was also in church on Palm Sunday, and heard a woman shouting. He said he thought it was someone in the church putting on a performance. I thought it was a play because we normally do things like that, Mr Major said. He said he was disappointed that his friend and youth director at the time, Dorothy Lynn Gibson, had not informed him about the alle gations against Fraser. Mr Major said that he told Bishop Fraser he did not feel comfortable working with her after the incident, and she was subsequently dismissed. John Forbes, a minister at Pilgrim Baptist Temple, told the court that the incident occurred during the 8am service on Palm Sunday although several witnesses have testi fied that it was at the 11am service. He recalled that he was sitting on a bench at the front of the church when the scene unfolded. Mr Forbes said he recalled seeing one of the deacons come down from the pulpit and take hold of a man who had rushed into the church. He said that he assisted tak ing the man to the office area of the church. Mr Forbes said that about two minutes later, Bishop Fraser and a group of people also came to the office area. Mr Forbes recalled hearing Dorothy Lynn Gibson say, It aint supposed to go like this, as she stormed out of the office. Mr Forbes said that Bish op Fraser, a woman he recog nised, and members of her family, were all in the bishops office. According to Mr Forbes, some of the women were acting in a disorderly manner. I heard one of the ladies say, He is going to pay for my house, Mr Forbes said. The witness said Bishop Fraser denied the allegations against him. I told him not to say anything, he said. Mr Forbes told the court he also heard Bishop Fraser repeatedly ask the alleged victim, Why? but got no response. Carmell Penn, executive secretary at Pilgrim Baptist Temple, recalled that on Palm Sunday, she was sitting three benches from the churchs entrance when a a man and a woman stormed into the church. Mrs Penn said she thought that it was someone seeking refuge. The witness said she then stood up to lock the front entrance. She said that the commotion continued to the office area of the church. Frasers trial is expected to resume next year, but a date is yet to be fixed. His lead attorney Wayne Munroe was not present in court yesterday. According to his associate Jiaram Mangra, who led Bishop Frasers defence, Mr Munroe was in another court. Attorney Basil Cumberb atch told the court the lead p rosecutor Franklyn Williams was out of the jurisdiction and made an application to reserve the prosecutions cross-examination until he returns. Fraser remains on $10,000 b ail. He is expected to take the stand when his trial resumes. C M Y K C M Y K LOCAL NEWS THE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Witnesses recount events when Bishop Fraser faced sex abuse allegations THE COURT of Appeal yesterday quashed the double murder conviction and death sentence of Frank Alphonso Pinder. Pinder, 33, was convicted last November of killing Glenwood Neely Jr and Mitchell Smith Jr in October 2006. The two men were reported missing almost two weeks before their bodies were discovered in a remote area of the Bluff, South Andros, in an advanced state of decomposition. The prosecution had contended that Pinder was one of the three men last seen with Neely and Smith before they were reported missing. Pinder was sentenced to death by then Senior Justice Anita Allen. Attorney Murrio Ducille, who appeared on Pinders behalf yesterday, argued that Pinder should not have been allowed to answer the prosecutions case as there was no evidence at all to suggest that Pinder had killed the victims. The Court of Appeal upheld Pinders appeal yesterday. The court will deliver a written judg ment on the appeal at a later date. Justices George Newman, Stanley John and Abdulai Conteh presided over the appeal hearing. By DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT: The fuel saving alone from the proposed $35 million generating plant will pay for most,i f not all, the capital investment required to build it, according to Grand Bahama Power CompanyC EO Alan Kelly. Mr Kelly said the facilit ies the Power Company currently operate to produce electricity is fourt imes the cost of the new plant. C onstruction on the new plant will commence in January. I t is expected to provide a more reliable and efficient power supply. The project will take 10-12m onths to complete. Once the new plant is in o peration, it is hoped it will stabilise the cost of electricity for consumers whoh ave experienced a power rate increase of more than 1 0 per cent some months as a result of fluctuating monthly fuel costs. T he high cost of electricity and frequent power outages have impacted several major investments on t he island. Sir Jack Hayward, one of the principal owners of theG rand Bahama Port Authority, said the electricity cost and inefficient power service are hinder ing major investment in F reeport. Sir Jack said the new generating station is a step forward for the powerc ompany, which provides service to around 19,000 c ustomers. Mr Kelly said with the new plant, residents wouldn ot expect to see in the future monthly fuel swings that for some months take its rates up to 15 per cent over the preceding month. We hope to make those go away, he said. Emera CEO Chris Huskilson said the compa ny is looking at others b ringing options, including renewable energy sources, to the island, such as wind energy. Emera has purchased 55.4 per cent of MaruEnergys (a Japanesebased company) interest in the Power Company, mak ing it the majority owner with a total interest of 80.4 per cent. Mr Huskilson said they want to make the islands electrical system less reliant on fossil fuel and less susceptible to variable fossil fuel prices. The company will instal two, one megawatt wind turbines early next year. The work will lead in the right direction. I think what was missing in the past was the investment required and the backing the company needed to make investment that it needed to be made. We are here to invest in Grand Bahama and in the Power Company. We think diversity is a very impor tant part of the solution. So we will be searching for and looking at the option of bringing other fuel sources to the island, he said. Mr Kelly believes that LNG would be a great energy resource for the island. It cost today about a third less on a per unit of energy basis than the oil we burn today. That is an alternative we will continue to explore going forward, trying to put together a consortium of folks interested in bring ing it here. The key here is government support, he said. Mr Kelly said Emera also has a lot of experience in the gas industry It is something they would like to explore too and they would be a part of that process, he said. Fuel-saving from proposed power plant will pay for capital investment Double murder conviction and death sentence quashed ACCUSED: Bishop Randy Fraser COURT NEWS
By GENA GIBBS A NDROS Central A ndrosians organised a masquerade ball for an evening of caring, sharing, and remembering those who suffered in the fight against cancer. The proceeds from the t icket sales and auction went to help cancer survivors get treatment to battle the disease. The problem of cancer i n the developing world is s o huge, it is difficult to find t he right way to measure it, said Minister of Health Dr Hubert Minnis. For public health the complexity of cancer control increased enormously following the shift of thed isease burden from wealthy to less affluent countries, he told the audience at the ball. According to the World Health Organisation (WHOc auses around 7.9 million deaths worldwide each year. Of these deaths, around 70 per cent, about 55 million, are now occurring in the developing world. A disease once associated with wealth is now mainly a burden on poor, disadvantaged populations. On December 11, under the patronage of Dr Minnis,t he Central Andros Cancer Society held its first fundraising event at the Mayeu Centre in Fresh Creek, Andros, to raise awareness of prostate, colon and breast cancer. All threea re identified as the second leading cause of death in the Bahamas for the last 12 years. The risk factors for cancer are the same as those f or heart disease, stroke and diabetes which are the leadi ng causes of premature d eath amongst our people. These risk factors are unhealthy diets, lack of physical activity and tobacco use, said Dr Minnis. B etween 1998 and 2008, s tatistics show that for every 100,000 cases, breast and prostate cancer deaths comp rised 29 per cent of all can c er deaths in the nation. Out of a total of 41 per cent o f cancer related deaths, these numbers also include the mortality rates of those who have suffered with colon cancer. Though many cancers develop slowly, lifestyle c hanges are taking place rapidly. This is why strate gies for prevention include public education, screening and early detection, reduction of dietary fat intake, as well as avoidance of exces-s ive alcohol consumption a nd smoking, said Dr Min nis. You must also perform regular breast self-examinations and follow up on test results in a timely man ner. All of these efforts and a ctions that you, the indi v idual, must make. The organisation attracte d support and donations from local residents, second home investors, and AUTEC employees to pass on the message that knowle dge is the key to prevention and treatment of can c er. Non-governmental and non-profit organisations like the Cancer Society are involved in raising public a wareness of cancer. Other o rganisations include the Sister-Sister group, and the B ahamas Breast Cancer Ini tiative, said Dr Minnis. The Ministry of Health supports the efforts of these a nd other groups and a pplauds the successes they have achieved. O n January 15, 2009, the government commissioned Princess Margaret Hospitals Oncology Centre equipped with state-of-thea rt technological advances in optimum cancer inp atient and out-patient care. T he centres services include diagnostic imaging, surgery, cytology, hematology, pathology, surveillance, p ediatric oncology, gynecol ogical oncology, pharmacy and counseling. Radiation s ervices are referred locally and overseas, said Dr Minn is. PMH has also implem ented a cancer registry, d esigned to gather data for cancer patient statistical i nformation. Oncologist Dr Judith Hurley of the University of Miami, in collaboration with Bahamian oncologists Dr J ohn Lunn, Dr Theodore Turnquest, and Dr D uvaughn Curling are cond ucting research for improved cancer treatment, particularly in studies on womens breast cancer. D r Minnis commended t he Central Andros branch of the Cancer Society and i ts committee as they part ner to fight and conquer c ancer. C M Y K C M Y K LOCAL NEWS PAGE 6, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Masquerade ball held in aid of cancer survivors PRESENTATION: President of the Bahamas Cancer Society Earle Bethell presents Minister of Health Dr H ubert Minnis with a plaque of appreciation. PRIME Minister Hubert Ingraham and a ministerial team toured North Andros agriculture projects last weekend. The prime minister was very pleased with the progress being made, said Edison Key, executive chairman of Bahamas Agricultural and Industrial Corporation (BAIC the event. We are on the right track. Mr Ingraham was accompa nied by ministers Larry Cartwright, Dr Hubert Minnis, Earl Deveaux, Phenton Neymour, and Desmond Bannister. Also present were North Andros and the Berry Islands Member of Parliament Vincent Peet and Golden Gates Member of Parliament Shane Gib son. They were shown green houses in production at the agri-industrial park, fields of winter crop, the North Andros High School agriculture project, the packing house system, and the quality livestock being made available to breeders. During a meeting between North Andros producers and wholesalers, Mr Key called for frank and honest negotia tions. I must say how grateful we are to buyers who have expressed overwhelming support for Bahamian products, he said. It is because of you we know that our labour is not in vain. As training is very impor tant we are putting in place programmes to teach our people what is needed to move the agricultural sector forward. To that end, we have brought together food producers from Exuma, Eleuthera, New Providence, Abaco, Grand Bahama and Andros in the first of a series of workshops on greenhouse and drip fertigation technologies. It was a huge success. Farm ers were hungry for informa tion about new and innovative, yet safe ways of increasing pro duction, Mr Key said. PM TOURS NORTH ANDROS FARM PROJECTS GREENHOUSETOUR: BAIC executive chairman Edison Key (right ( centre) and his team on a tour of a greenhouse at the North Andros Agri-Industrial Park. In the foreground is Health Minister Dr Hubert Minnis. D e r e k S m i t h / B I S
A WORLD freediving record was set this week in the Bahamas as New Zealander William Trubridge dove 100 metres into Dean's Blue Hole onL ong Island with a single breath of air and only his hands and feet to propel him down and up. Mr Trubridge, 30, on M onday became the first p erson to dive 100 metres without fins and weights. T his historic depth, also k nown as one hectometre, w as first reached in 1980 by J acques Mayol, famous for being portrayed in the movie The Big Blue. However, Mr Mayol used a weighted sled to descend a nd an inflated lift bag to r eturn to the surface. M r Trubridge wore no weight for his attempt and s wam underwater breast stroke next to a descent line, which he could use as ag uide only. At 100 metres he collected a tag as proof of depth the depth was also validated by a Suunto depth gauge he wore on his wrist before swimming back to the sur f ace. I entered the water at 11am in the morning and i mmediately started shiver ing. At the end of my breathe-up, as I turned tos tart the dive, some of the air in my lungs was forced into my mouth, and from there into my stomach. For a split-second I contemplated continuing, but it would have been foolhardy, s o I aborted and rolled back onto the surface with a groan of dismay, said Mr Trubridge. There was still a glimmer of hope to save the day, and I quickly went ashore, climbed into my car and turned the heating up to the m aximum setting. After roasting myself for 20 minutes, I returned to the platform. This time I spent less time breathing up in the water, and turned carefullyt o start the dive. After that moment I have few memories as my body was operating on autopilot, as it has become accustomed to do ind eep dives. I remember r elaxing as I entered the free fall, and telling myself to relax even the potential for c ontraction. I remember my d epth alarm going off and p ulling the tag from the bottom plate, 100 metres below t he surface. I remember keeping my eyes half-closed a nd telling myself to 'relax' a nd 'flow' as I set off on the l ong swim back towards the l ight. I remember coming to t he surface, reminding myself to concentrate on doing the protocol correctlyi n order to ensure a valid dive. And I remember erupting into celebration with my team the moment the judges displayed their white cards. It has been a long road to t his magical depth, and I could not have done it without the support of an incredi ble team, he said. The dive attempt, called Project Hector, was dedicat-e d to the Hector's Dolphin. It is the smallest dolphin in the world, and the only one that is endemic to NewZ ealand, but the species is threatened with extinction and a bill being considered b y the countrys Minister of Fisheries could determine its fate. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE EYE clinic at the Princess Margaret Hospital will be closed for 11 days this holiday season. The clinic will begin half-day operating hours on December 20 through 23 from 8am until noon. Services will be suspended on December 24 and are expected to resume on January 4. Persons with scheduled appointments that conflict with the above dates are advised to contact the clinic at 328-6360 or 328-6362. New free diving world record set in the Bahamas R ECORD-BREAKER: W illiam Trubridge descends to the historic d epth of 100 metres in Deans Blue Hole. Next to him is the descent line which he was only allowed to use as a guide. PMHEYE CLINIC T O BE CLOSED FOR 11 DAYS MADRID THE Spanish government Tuesday asked Parliament to extend an airport emergency measure that will keep the country's air traffic control under military control over the busy Christmas holiday period, according to Associated Press Deputy Prime Minister Alfredo Perez Rubalcaba said the government wants Parliament to approve an extension of a previous decree until Jan. 15. The measure first came into force Dec. 4, a day after air traffic controllers staged a 24-hour wildcat strike that forced the closure of Spain's airports and left 600,000 travelers stranded. The measure put the military in charge of air traffic control, and obliged controllers to return to work or face possible jail. It was the first time Spain had implemented the "state of alarm" measure since the coun try returned to democracy in 1978. The decree was due to expire Sunday. Parliament is expect ed to extend the measure on Wednesday or Thursday. "It's the government's duty to guarantee our airport system, and that our air traffic con trol returns to absolute normality," Rubalcaba said after a specially convened Cabinet meeting. Legal proceedings have begun against the 440 con trollers who staged the strike. SPANISHGOVTSEEKS AIRPOR TEMERGENCY MEASURE EXTENSION
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM government to reverse its decision on C&W and top rivatise BTC by other means including an initial public offering (IPO unions plan to educatet he public on the viable a lternative to C&W. Union leaders insist the planned meetings are nota strike and not a d emonstration. Workers are being asked to join the grouping during their lunch hour. We believe C&W is bad for the Bahamas. This is a bad deal because the gov ernment is receiving less from the sale than it spent on the sale. This is a bad deal because BTC is a cash cow, and the government will have reduced recurring revenues from t he cash cow, said Mrs I saacs-Dotson. The full outlay of gov ernment revenues on privatisation since the 1990s is in the millions said the NCTU. They cited the $60 million down-sizing exer c ise, the millions spent on preparing BTCs books for privatisation and other infrastructural costs. Thes ale price of BTC to C&W is $210 million for a 51 per cent stake. B ernard Evans, president o f the Bahamas Communications and Public Officers Union (BCPOU government is assuming responsibility for almost $100 million in pension fund debt, on top of funds already spent. Even after the sale of BTC, the government p lans to assume liability for t he pension fund, which is $67 million in debt, accord ing to Mr Evans. The government has also commit ted to injecting $39 million into a feeder trust, he said. T he government has yet to provide the unions witha copy of the memorandum of understanding, accord i ng to Mr Evans, and he claims it has also failed to show a genuine interest in o wnership by Bahamians. D espite the governments claim that Bahamians have not bid to buy BTC, the BCPOU said it informed the government that the union would be willing to buy the corporation along with the Bahamian people. They laughed us to s corn. The Bahamian peop le on the whole do not enjoy the confidence of the Prime Minister and the cabinet, said Mr Evans. The unions met with political officers of the Free National Movement,y esterday, as a part of a round robin with all the political parties. The meet ing was said to be cordial a nd frank. Bahamians own no part in tourism, in the banking i ndustry. When they sell t elecoms, what will we own? Will we sell our seaport, our airport, everything else. What next will be for sale? asked Mrs Isaacs-Dotson. This is a bad deal because after three years, only one competitor will be allowed in the market. We w ill be laughed at in the C aribbean. More Bahami an land and buildings will be sold to foreigners and our children and grand children will be put at a disadvantage, she said. The Trade Union Con g ress, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU and the Bahamas Commu n ications and Public Manager Union (BCPMU all supporting the NCTU. The TUC is supporting t he NCTU, the BCPOU and the workers in their struggle. We support them 100 per cent, unequivocal ly, said Cleola Hamilton, TUC president. SEEEDITORIAL ONPAGEFOUR BTC to telecoms provider Cable & Wireless. The threat came at a r ecent mass rally hosted by Bahamas Communications and Public Officers Union (BCPOU leaders of the Bahamas Union of Teachers ( BUT), the Bahamas H otel Catering and Allied Workers Union (BHCAWU Bahamas Public Service Union (BPSU National Congress of Trade Unions of The Bahamas (NCTUB attended. BCPOU Presid ent Bernard Evans is reported to have called t hese unions to stand with h is organisation in solidarity. Newly-elected President of the NCTUB Jenn ifer Isaacs-Dotson is r eported to have told the c rowd of supporters that i t was time for a revolu tion in the country. The people now have t o rise up, she is reported a s saying. It's time to t ake our country back. We elected the members of Parliament to represent our interests. Y esterday Mr Foulkes s aid the unions have the democratic right to take s trike action once they go through the proper legal process. "This is a democratic c ountry. The process to h ave a legal strike entails filing a trade dispute and having three or four hear-i ngs, explained Mr Foulkes. If it's not resolved they c an apply for a strike vote which I will authorise and supervise, and if that strike vote is passed by t he majority of members of the union then there's a cooling off period, and t hat normally can be any where from three weeks to four weeks." T he trade unions have a protest planned for tomorrow outside of Par liament and have invited m embers to convene dur ing their lunchtime on bleachers outside of the House of Assembly. L ast week, on Tuesday and Wednesday, hundreds of BTC workers walkedo ff the job, forcing the closures of BTC stores in New Providence, in what the Government called illegal work stoppage. ing he did not have identification, police soon discovered Nelsons true identity and arrested him. Since then, a number of Nelsons other exploits have come to light. According to international reports, he even went as far as to pass himself off as His Excellency Nelson Lewis, Minister Plenipotentiary for Artistic Endeavours at the Embassy of the Commonwealth of the Bahamas. According to his business card, Mr Lewiss office was located at the Abaco Consulate General on Elbow Cay Sea Star. There is no Consulate General on Elbow Cay. Yesterday, the Bahamas Embassy in Washington, DC, issued a statement, clarifying the official position of Mr Lewis credentials with the Bahamas. It has been brought to the attention of the Embassy of the Commonwealth of the Bahamas that one Nelson Lewis is representing himself as a diplomat from the Common wealth of the Bahamas. The Embassy of the Bahamas wishes to inform that Mr Lewis is in no way connected to the Embassy of the Bahamas nor to the Government of the Bahamas. Mr Nel son Lewis has never been accredited by the Government of the Bahamas. He is not known to the Embassy or its staff and is in no way authorised to represent the Government of the Bahamas. When this matter was first brought to the attention of the Embassy of the Commonwealth of the Bahamas in October, 2010, steps were taken to notify the appropriate officials. In light of recent information, further steps are being taken to notify the relevant authorities, the Embassy said. Former Fox News producer claims to be Bahamian diplomat FROM page one Lunchtime protest on menu for BTC BERNARD EVANS president of the Bahamas Communications and Public Officers Union, speaks to the media yesterday at the BCPOU hall. F e l i p M a j o r / T r i b u n e s t a f f FROM page one THREAT OF NATIONAL PUBLIC SERVICE STRIKE WOULD BE DISASTROUS F ROM page one
C M Y K C M Y K INTERNATIONAL NEWS PAGE 10, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM R OME SILVIO BERLUSCONI pulled off another astonishing escape from the political dead, scraping through two confidence votes Tuesday in ad ramatic parliamentary showdown. But the Italian leader's hold on power remains precarious as his razor-thin victory makes political gridlock a near certainty and violent s treet protests show growing unease with his rule, accordi ng to Associated Press. M asked protesters torched c ars and trash bins, smashed s hop windows and clashed with police. Clouds of white tear gas and orange flares engulfed streets, as shops full o f Christmas goods hurriedl y closed down. Employees at one bank cowered in fear as a group of stone-throwingy ouths swept by. Police Protesters rampaged in the the area around parliamenta nd Berlusconi's residence, which had been cordoned off by heavy police presence. By sundown, almost 100 people, both protesters and police, were reported injured, includi ng about two dozen hospitali zed. About 40 were reportedly taken into police custody. The chaos followed specul ation in recent weeks that the end of the Berlusconi era was near. Weakened by sex scandals a nd a bitter breakup with his one-time closest ally, Berlusconi seemed destined to be s ent packing. The split with Gianfranco Fini had eroded the premier's once comfort-a ble parliamentary majority and left him vulnerable in the lower house. But Berlusconi battled back, as he has countless times when his political career s eemed to be on the ropes. T uesday's drama confirmed h is status as the ultimate politi cal survivor but he emerges from the battle s everely weakened and one top opposition lawmakerc alled his success a "Pyrrhic v ictory." I n the most dramatic and c losest of the two tests, Berlusconi survived the noc onfidence motion in the low er house by just three votes. Scuffles between lawmakersf orced a brief suspension in the voting session. Earlier in the day, Berlusconi had secured a more comf ortable victory in a confid ence vote at the Senate. The vote's slim margin m eans Berlusconi can no longer count on a secure parliamentary majority for passing legislation. Some experts predict he might resign in upcoming weeks, a move that could lead to early elections, which he hopes to win again. Berlusconi survived Tuesday's challenge by exploitingr ifts inside Fini's camp at t he moment of truth, three defected and managed to sway a handful of undecided lawmakers to his side. In the process, he drew accusationso f vote-buying, amid claims of cash changing hands and favors lavished. Berlusconi's allies reject the allegations. "I'm not a survivor I'm strong, robust," a smiling B erlusconi joked after the v ote. P ressing his case before l awmakers on the eve of the showdown, the premier a rgued that his government had successfully worked top rotect Italy from becoming e ngulfed in the eurozone's d ebt crisis. He warned that p olitical instability would hurt Italy as it fights for its econ omic future. Debt I taly is plagued by a high p ublic debt level and slow growth. The country is still widely viewed as low-risk due to the low level of private debt, a relatively sound banking system, and experience ind ealing with high public debt levels. Still, markets were closely monitoring the results of the votes; Italy's main b ourse closed little changed on Tuesday. B erlusconi said after the v ote that he would press ahead despite his uncertain majority in the lower house." Even (President d oesn't have the majority in one of the chambers," Berlusconi said. One of the biggest casualt ies of the vote was Fini who had staked major politic al capital on toppling Berlusc oni. Fini's chances of replacing Berlusconi as conservative leader now appear slimmer, at least in the short term. I ronically, it was Fini in his c apacity as speaker of the l ower house who announced t he result: 314-311 in favor of the government. Applause b roke out and Fini quickly ended the session. I taly must now brace for a p eriod of deep uncertainty. Pierluigi Bersani, the leader of the opposition Democratic Party, called the result a "Pyrrhic victory" for Berlus c oni. And even Berlusconi ally Roberto Maroni, the interior minister, said new elec t ions may be necessary unless the government secures a broader majority. Berlusconi is halfway t hrough his five-year term and the next parliamentary elec tion is scheduled for 2013. "From the political and parliamentary point of view, Berlusconi scored a clear victory," said Stefano Folli, one o f the leading Italian analysts. "But on the other hand, the g overnment was weak before t his vote and will be weak after it." The down-to-the-wire vote capped hours of tension inside a nd outside parliament. Applause Three pregnant women w hose presence had been in doubt until the last minute showed up and were amongt he first to cast their votes, all a gainst Berlusconi, to the a pplause of their allies. One of them arrived by ambulance, another in a wheelchair. As undecided lawmakers were called to cast theirv ote, some in the house cheered them on, while others jeered. T he scuffles that forced the brief suspension of voting broke out as one of Fini'sd efectors announced her vote i n favor of Berlusconi. Outside parliament, thousands of people had descended on Rome for protests t imed to coincide with the votes on a variety of causes. A core group of people s oon turned violent, with aggression escalating after Berlusconi won the second vote. H undreds of students, some o f them downing beers as t hey marched, smashed shop w indows, destroyed bank ATMs and set vehicles on f ire. Near Berlusconi's resid ence, police fired tear gas to d isperse the approaching crowd. The pavement of the central Piazza del Popolo was pocked by holes after pro t esters ripped out cobblestones to hurl. Police hit some protesters w ith clubs. "What happened today depended on the rage that was felt after the vote of con f idence," said Dalila Parrano, a student who said she had taken part in more peaceful protests. Berlusconi wins confidence vote in Italy barely I TALIAN PREMIER S ilvio Berlusconi, left, reacts as he sits beside Economic minister Giulio Tremonti at the Chamber of Deputies in Rome, Tuesday, Dec. 14, 2010. Premier Silvio Berlusconi has survived a confidence vote in the Italian Senate, but another, riskier vote follows in the lower house. Berlusconi had been expected to win the Senate vote on a motion in support of the government that had been brought by his allies. The vote Tuesday was 162-135. The showdown in parliament follows a dramatic fallout with his onetime closest ally, Gianfranco Fini. The breakup potentially deprives Berlusconi of a majority in the lowerh ouse, and that vote later Tuesday will hang on a few undecided lawmakers. (AP Violent street protests after premier holds onto power Cable & Wireless Communications (CWC) / LIME wishes to clarify the facts on statements made recently about the Company. About Cable & Wireless Communications Cable & Wireless Communications is a full-service global telecoms business managed through four regional units in the Caribbean, Panama, Macau Financial Performance Aga Khan Meeting with Unions A STATEMENT FROM PAIDADVERTISEMENT
C M Y K C M Y K LOCAL NEWS PAGE 12, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE IN THE TRIBUNE EVERYSATURDAY. . GET YOUR FREE SPORTS WEEKLY MAGAZINE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM of a Caucasian male was pulled from the ocean following the crash. His nationality has not yet been confirmed. Accord ing to the Royal Bahamas Defence Force officials, air traf fic controllers reported that shortly before 3 pm, a small aircraft disappeared from their radar four miles south of Gaulin Cay. The plane was reportedly travelling from Florida. Aviation safety Inspector Philip Romer told TheTribune last nightthat investigations into the incident are in the preliminary stages so it is unclear as to what may have led to the crash We dont have any paper work in terms of car go manifest or whatever was on the plane. Everything is just preliminary. We dont have a flight plan as yet, but it is presumed that there were two persons onboard. The Defence Force called off the search due to darkness and the weather, Mr Romer said. The search and rescue efforts were to continue at first light today. government's plan to sell 51 per cent of the Bahamas Telecommunications Company (BTC less Communications (CWC will still take place today. Union leaders had called for a ll workers to stand with them today at the House of Assembly. The unions have been successful over the past week in gathering the support ofa ffiliated public service unions to join them in protest of thes ale of BTC to CWC. Unions representing BTC employees will attempt to have the injunction liftedw hen they return to court on Friday. The court order was issued last week after a successful petition by BTC, which claimed the unions were responsible for an "illeg al work stoppage." The i njunction restricted the unions involved from, "inducing employees of BTC tob reak their respective contracts of employment by taking part in any unlawful indust rial action against BTC." U nion leaders maintain howe ver that they did nothing illegal. B ernard Evans, president of the Bahamas Communications and Public OfficersU nion (BCPOU M anagers Union (BCPMU President William Carroll were both present at yesterdays hearing, however, did not comment on the matter and their attorney AnthonyM cKinney appeared to have no knowledge of a march intended for today. M r McKinney told reporters, Because of certain procedural requirements, them atter has been adjourned to F riday at 11 am. The initial order has been varied slightly to allow the unions the d efendants to take part in a ny action that is within the confines of the Industrial Relations Act which means i n laymans terms, they can discuss anything the union needs to discuss in order toa chieve its legitimate entitlement in agreement with the plaintiff and that is the extent of it right now. Mr McKinney went on to state, We will be back on Friday to argue as to whether orn ot the injunction ought to remain in place or ought to be discharged. We will be arguing that the injunctions s hould be discharged. BTC is being represented by attor ney Tara Cooper Burnside of t he firm Higgs and Johnson. FROM page one MAN DEAD AFTER PRIVATE PLANE CRASH B ERNARD EVANS i s shown going into the Supreme Court yesterday. FROM page one INJUNCTION IS STILL IN EFFECT AGAINST UNLAWFUL BTCINDUSTRIAL ACTION
C M Y K C M Y K SECTIONB email@example.com WEDNESDAY, DECEMBER 15, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.30 $4.45 $4.34 [Learn more at royaldelity.com] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 By NEIL HARTNELL Tribune Business Editor The initial frontrunner to acquire a majority stake in the Bahamas Telecommunications Company (BTC because it was unwilling to structure a transaction where Vodafone, the worlds largest cellular operator by turnover, had a significant equity inter est in the bid, Tribune Business can reveal. Explaining how the Govern ment-appointed privatisation committee ultimately ended up negotiating with, and selecting, Cable & Wireless (LIME BTCs 51 per cent strategic partner, Julian Francis told this newspaper that even until as late as June this year the committee had still been hopeful it could conclude an acceptable deal with the One Equity Partners/Vodafone consortium. One Equity Partners is the private equity arm of international investment bank, J P Morgan Chase, and, together with Vodafone as its operating partner, had been the leading contender to acquire majority control at BTC from among the four bids that emerged from the beauty contest process begun in mid-2009. Two of those bids, from Digicel and Trilogy International Partners, fell away quickly, but Mr Francis confirmed that it NO VODAFONE EQUITY STAKE LED TO BTC BID REJECTION Privatisation committee rejected leading bid by J P Morgans One Equity Partners because not willing or ready to structure deal where worlds leading cellular operator had significant ownership Management contract unacceptable to government, although hopes for deal had remained until June* CF AL/Atlantic Tele-Network rejected because BTC bigger than them and unable to provide anchor company needed* Cable & Wireless entered formal talks in July after all other options rejected, informal contacts having started early in New Year SEE page 4B JULIAN FRANCIS B y NEIL HARTNELL Tribune Business Editor The Bahamas will still have a deal it feels gooda bout in 10 years time if the Government goes through with selling 51 perc ent of the Bahamas Telecommunications Comp any (BTC Wireless (C&W mers chairman said yester d ay, adding that the privatisation had shown again that Bahamian capital is not willing to take the risk of investing in bricks and mor BTC SALE STILL GOOD IN 10 YEARS TIME BTC chair says absence of local participation shows Bahamian capital is not willing to take the risk of investing in bricks and mortar* Says both government and Cable & Wireless got a lot of what they wanted, both being tough negotiators* $210m sales price reflects future risks facing BTC from competition* Defends Cable & Wireless management fee and rejects foreign sell-out claim SEE page 4B By NEIL HARTNELL Tribune Business Editor The Bahamas initial goods (market access World Trade Organisation (WTO binding tariff rates possible in a bid to protect Bahamian manufacturers, this nations chief negotiator has told Tribune Business, pointing out that far more small and medium-sized firms rely on the tariff struc ture for competitive advantage than many think. Raymond Winder, the Deloitte & Touche (Bahamas managing partner, told Tribune Business that Bahamian com panies would have to radically alter their mindset once this nation acceded to full mem bership in the WTO, becoming proactive in both developing existing business lines and acquiring new ones, as opposedto the current reactionary posture many adopted. Pointing out that discussions on the impact that WTO and other trade agreements would have on the Bahamas import tariff system had largely been confined to the Governments possible revenue losses, Mr Winder pointed out that many in the private sector especial ly producers and light manu facturers also relied on the same structure to help them maintain a competitive edge versus imports. We will be committed to protecting the existing Bahamian businesses, Mr Winder told Tribune Business. As I go through the country and talk Bahamas to offer highest binding tariff rates possible Chief negotiator outlines WTO goods offer strategy, pointing out that far more firms rely on tariffs for competitive advantage than thought Bahamian firms urged to be less reactionary, and become more involved with developing minimum standards for their industries as dumping safeguard Proper labelling also required SEE page 2B By NEIL HARTNELL Tribune Business Editor R oyalFidelity Merchant Bank & T rusts president yesterday expressed d isappointment that its latest international mutual fund offering had raised just $1.5 million, only 30 per cent of the $5 million target, from Bahamian investors after several key institutions decided not to buy in. While expressing pleasure at the level of Bahamian retail investor buy-in to the TIGRS 4 offering, Michael Anderson told Tribune Business he was still trying to get further insight as to why leading Bahamian institutions had decid ed not to come in, explaining that they had been the backbone of previous international fund offerings. Suggesting that there may have been timing issues with regard to institutional investors, some having difficulty in get ting investment committees together in the run-up to ChristRoyalFidelity fund raises 30% of target Merchant bank head disappointed at just $1.5m take-up of $5m offering, seeking greater i nsight into reasons why more institutions did n ot participate Simultaneous offering in Barbados took RoyalFidelity TIGRS 4 to US$5m target SEE page 5B By ALISON LOWE B usiness Reporter firstname.lastname@example.org A group of eight Bahamians i n San Salvador are in talks with a Bahamas-based devel opment company to become the general contractor on a $25 million, 60-condominium pro j ect on the island, which could employ up to 200 construction workers. Sand and Ocean Investments Ltd, owned by Montreal real e state developer, Jean-Marc Daigle, is partnering with ClubM ed in the development, which $25m condo projects 200 construction jobs Eight-strong Bahamian contractor group believes it is frontrunner to build The Residences at Columbus Isle, next to Club Med on San Salvador SEE page 5B AMBITIOUS: A conceptual drawing of the development. MICHAEL ANDERSON By NEIL HARTNELL Tribune Business Editor City Markets new majority shareholder said the mutual agreement to exit its second store location within a week could be a collective $7 million blessing in disguise for both its former landlord and itself, enabling the supermarket chain to deploy resources to better locations where it will make more than weve lost in terms of sales. Mark Finlayson, principal of City Markets in $7m blessing in disguise n E xit from Village Road store second in a week -reduces it to nine strong chain, but saves company and landlord spend of at least $6.5m on upgrade n Jobs of 50 impacted staff, plus same number from Oakes Field, to be saved by 24-hour shopping move at Harbour Bay and Cable Beach n Both stores borderline in profits, with Village Road having fallen to a round $4m annual sales, as City Markets assesses liquor store near headquarters as possible new outlet n S ales jumped up 20% at weekend, with $9m store restock about 90% complete S EE page 3B
C M Y K C M Y K BUSINESS PAGE 2B, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Colonial Group International:Insurance,Health,Pensions,Life Colonial Group International is rated A-(Excellentby AM Best. Lifestyle ProtectionHealth,wealth and happiness cover.insurance,health,pensions,lifeI f you protect your lifestyle with a CGI company,you can pay less for motor and home insurance,and enjoy firstr ate business cover too.From health insurance,rich in benefits and offering global coverage,to pensions and family p rotection,CGI companies offer flexible products to make the most of your budget.Insurance326-7100 for an agent Health326-8191 (Nassau351-3960 (Freeport) Pensions502-7526 Life 356-5433www.cgigroup.bm Colonial Pension Services (Bahamas Tel.502-7526 Atlantic Medical Insurance Tel.326-8191 F reeport Tel.351-3960 Security & General Insurance T el.326-7100 Cable & Wireless Communications (CWC) / LIME wishes to clarify the facts on statements made recently about the Company. About Cable & Wireless Communications Cable & Wireless Communications is a full-service global telecoms business managed through four regional units in the Caribbean, Panama, Macau Financial Performance Aga Khan Meeting with Unions A STATEMENT FROM t o various businessmen, Im finding that a lot of small and medium-sized businesses that rely on tariffs for competitive advantage are not on ther adar. He added that he was seeking to gather data to determine how many businesses rely on the tariff regime for t rading advantage, and said: Far m ore rely on it than you think. Were making sure we identify as many as possible, so that they come forward and share with us the kind of positionsi nvolved, the kind of employment being generated, and the drivers making their businesses go, apart from tariffs and legislation. W hen it comes to drafting the B ahamas initial goods offer, which is likely to be submitted to the WTO in time for June 2011s meeting in Geneva with the working party negotiatingt he terms of this nations accession, Mr Winder told Tribune Business: Our strategy on the first goods offer i s to basically capture, take into consideration, all the various businesses that are currently relying on tariffs as a competitive advantage. We want to have all the information on them, because our general belief is that we will do all we can to protect our busin esses. Skills Much, Mr Winder said, would d epend on the skills of Bahamian negotiators, and prior to presenting its goods offer the Bahamas is scheduled to have bilateral meetings with t he US, Canada and the European U nion (EU so they can express concerns they have on particular products, and where they would like to see more trade lib-e ralisation. Still, giving further insight into the Bahamas goods strategy, Mr Winder said it aimed to offer the highest bindi ng rates possible to protect Bahamian manufacturers or, at the very least, offer tariff rates in line with what is currently imposed on rival foreign i mports. Its our intention to have our binding rates at the highest rate we can charge on a particular product, or atl east meet the minimum requirements for our product manufacturers, Mr Winder said. Our binding rates will be even higher ensure they are not lost in t he negotiating process. T he Deloitte & Touche (Bahamas managing partner also urged the Bahamian private sector to get more involved in developing minimums tandards for their industries and products, so as to prevent the Bahamas from being used by foreign firms as a dumping ground for inferior produ cts of a lower standard. B ahamian companies, he added, needed to identify minimum standards they wanted to see in the marketplace or in their products that were compati ble with WTO standards. Mr Winder also called upon Bahamian companies to do a better job of labelling their products, pro-v iding details on ingredients and processes used, since this would be increasingly important as consumers became more discerning. T his could make a difference b etween consumers buying or not selecting their products, and Mr Winder said: A number of Bahamians get a sense from time to time thatB ahamian products are not up to par, but when local manufacturers provide the proper information, you may find the Bahamian product is superior to an o utside product. F ROM page 1B Bahamas to offer highest binding tariff rates possible RAYMONDWINDER
C M Y K C M Y K BUSINESS THE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T rans-Island Traders, which acquired the 78 per cent majority interest in City Markets for $1 from BSL Holdings, told Tribune Business that todays closure of its Village Road store, which follows closely on the heels of the Oakes Field outlets end, would result in a further 50 staff being redeployed. Emphasising that no jobs would be lost at City Markets, Mr Finlayson said the 100 staff impacted by the Oakes Field and Village Road locations would be needed to implement his plans for 24-hour shopping at the companys two flagship locations, Harbour Bay and Cable Beach. He is now in negotiations with landlords and other affected parties to put this into place for the week before Christmas. And, although City Markets has for the moment been reduced from 11 to nine stores, with just six of those in New Providence, Mr Finlayson said sales jumped 20 per cent chain-wide at the weekend, compared to last week, with the $9 million re-stocking of all outlets now per cent complete. The Village Road store closure will come as little surprise to many City Markets observers, given that the propertys landlord is Neil MacTaggart, who also locked the company out of the now-closed Oakes Field store which he also owns for alleged non-payment of rent. In both cases, Mr MacTaggart was seeking to increase the rent paid by City Markets to $16 per square foot, as opposed to being based on a percentage of sales, something Mr Finlayson said the supermarket chain could not afford. The Trans-Island Traders principal described the Village Road exit as a mutually agreed situation, saying he was convinced Mr MacTaggart had a new tenant lined up, and he did not want City Markets to get in the way by hanging around. To ensure Village Roads 50 staff did not hit the unemployment line, Mr Finlayson said: Were going to extend the hours of two of our stores, the one in Harbour Bay and the one in Cable Beach, and were going to need some extra staff for that. Were looking at going to 24-hour shopping in those two locations. Asked about the impact that the Oakes Field and Village Road store losses were having on City Markets short-term performance, Mr Finlayson replied: It isnt having any negative effect at all, because those stores in any case were borderline stores break even at best. It would have taken a lot of money on our side and the landlords side to bring them up to scratch, and now we dont have to focus resources on those stores. Its not exactly how we planned it, but it could work out for the best. Mr Finlayson said it would have cost $3 mil lion for Mr MacTaggart to upgrade the Village Road buildings shell, and taken City Marketsa $3.5-$4 million investment to re-fit the inte rior of the store. As a result, it would have cost the two sides a collective $6.5-$7 million. The Village Road store, which generated $8 million per annum in sales at its peak, had fallen to a level about half of that when City Markets it tough times, and was trending in the $4 million range back in June 2010. The Oakes Field outlet also peaked at $8 million as a historical high, but had not fallen off as badly as Village Road. While City Markets was assessing a replacement store site in the Village Road area, Mr Finlayson said the companys management team had come firmly to the conclusion that between the existing Rosetta Street and Harbour Bay outlets, plus the Bethell-Robertson wholesale wines and spirits store next to the supermarket chains headquarters, which is also being eyed for a food store, the company would be able to pick up the slack lost on Village Road. If we take those same [$7.5 million] resources, put them into the locations were talking about, I think the other stores will benefit even more, frankly, making more than we have lost in terms of sales if we do the right thing in those locations, Mr Finlayson. Describing last weekends sales performance as absolutely fantastic, with the top-line up 20 per cent chain wide compared to last week, Mr Finlayson said this varied from store to store. He added that City Markets $9 million restocking was about 90 per cent complete. Mr Finlayson said City Markets was also assessing the Burns House building, next to the Royal Bank of Canada branch on JFK Drive, as an alternative to the Oakes Field store site. He and his management team had assessed the site yesterday afternoon, and there was a bit of work to do to make it ready. By ALISON LOWE Business Reporter a email@example.com Bahamas Wastes biodiesel production has been delayed after the c ompany discovered used cooking oil donated for conversion was in far worse shape than expected. H aving expected the first batch of biodiesel to be produced at its $750,000 Gladstone Road plant in late September, managing director Francisco DeCardenas yesterday said the company is now hope-f ul the plant will begin biodiesel production in short order. It is also set to participate in meetings this week to discuss thep ossibility of whether Bahamas Waste will be able to access so-c alled carbon credits financial incentives available internationally for companies which take steps to green their operations, paid for by other companies which want to offset their own emissions asa consequence of its biodiesel production. While discussions are at a very early stage, Mr DeCardenas said he expects that if such funding is made available to Bahamas Waste for its biodiesel production activities, the company will donate thes ame to the Cape Eleuthera Institute (CEI The CEI, an environmental research and education centre setu p by former Navy Seal Christopher Maxey, helped Bahamas Waste develop the biodiesel concept after becoming the first entity i n the Bahamas to produce biodiesel in 2002. S peaking of the delay in biodiesel production at Bahamas Wastes facility yesterday, Mr DeCardenas said: The major issue was the quality of the waste oil. It was in far worse shape than a nyone ever anticipated the free fatty acid (FFA a lot higher than they originally e ver thought, so we had to put in a whole new pre-wash system tol ower the free fatty acid level. Biodiesel While engineers had anticipated that the waste oil supplied w ould have around a 2-3 per cent FFA level adequate for conversion to biodiesel the oil donated by a number of restaurants throughout New Providencet urned out to have an average FFA level in the low teens. Waste cooking oil that is low in FFAs and containing minimal moisture is optimal for biodiesel production. Mr De Cardenas said the installation of the pre-wash system required not much extra investment by the company. We had to get some extra tanks, piping and pumps. It wasntt hat big of a deal and it makes our facility more versatile. We also bought a tank to try to process used motor oil, whichw e will use to fuel our boiler and generator, added Mr De Cardenas. Once fuel is produced, Mr De C ardenas said Bahamas Waste will begin testing for the best blend of b iodiesel and regular fuel to use in the 50-truck fleet, which collects w aste from throughout New Providence for disposal its primary business service. We are thinking we will try three different blends 100 per cent biodiesel, 50 per cent,a nd 25 per cent. Well learn what has to change and what we have to do differently, and slowly decide on what works best, said Mr De Carde-n as. U ltimately, Bahamas Waste is aiming to convert some 300,000400,000 gallons of the estimated 500,000 gallons in waste generated in this nation per year intob iodiesel. The company intends to eventually have its entire fleet of trucks running on the green fuel,a llowing it to contribute to a reduct ion of carbon emissions and mitigate against the oil price fluctuat ions that can eat into its revenues through increasing the cost of fuel for its large vehicle fleet. Bahamas Waste biodiesel hit by poor oil quality Company in talks on carbon credits F ROM page 1B City Markets in $7m blessing in disguise M ARK FINLAYSON
tar. Julian Francis, the former Central Bank governor whop layed a leading role on the BTC privatisation commit-t ee, told Tribune Business that the Memorandum of U nderstanding over the $210 million sale had been heartily negotiated by both the Government and Cable & Wireless (LIME so much so that there were s everal times when he believed a deal might not be possible. These negotiations took long, because the Government was being tough and Cable & Wireless was beingt ough, Mr Francis told this newspaper. There were times when I felt we would not be able to conclude a transaction. Both sides defended themselves very well. The Government got a lot of what it wanted, andC able & Wireless got a lot of what it wanted. When you reflect on this deal, its not a bad deal. We have been, over the last couple of days, going over the business plan, which has to be approved by the Government, and when all the noise has quietened I can assure you of one thing: People will be impressed with the plan for B TC. Exciting M r Francis added: They a re exciting plans, delivering what the Bahamian public want and placing the Bahamas where it needs to be. It [BTC] will be a majorp art of LIME and be recogn ised as such. This company will be managed by Bahamians; they are absolutely committ ed to Bahamian management of BTC and maintaining BTCs integrity. T he former Central Bank governor pointed out that the privatisation committ ee/government had been advised on the BTC privatisation and Cable & Wirel ess agreement by KPMG a nd Citigroup, both of w hom had conducted valuations of the company. The positions of the Government of the Bahamas and the people oft he Bahamas are well prot ected, Mr Francis told Tri bune Business. This is not some kind of back of the envelope nego-t iation behind closed doors. This has taken months. I am a bsolutely convinced that this deal will stand the test of time. That in 10 years time the Bahamas will still h ave a deal it feels good about, its interests are prot ected through having a balanced partnership with a m ajor company, and well be continuing to enjoy goodd ividends from this joint venture. It just goes without saying that we absolutely havet o have the best technology a vailable. The $210 million purchase p rice has been attacked by b oth the BTC trade unions a nd the Opposition Prog ressive Liberal Party (PLP a s short changing the B ahamas, but David Shaw, LIMEs chief executive, ina previous interview with T ribune Business, explained that this struck a balance between BTCs current worth and what happens to the business going forward. Its a fair reflection of the value of the business, but also the risk the business isf acing, Mr Shaw said, pointing out that BTC was trading at a lower level in 2010 compared to 2009. He pointed out that BTCs future value would erode in line with its revenues and p rofits as competition e ntered the marketing, with C able & Wireless having to a ssume the risks associated w ith downsizing the compan y, then transforming its business model and culture in preparation for competi tion. Meanwhile, on the lack of, o r absence, of significant Bahamian interests in the BTC bidding process, and the selling to foreigners f renzy, Mr Francis said the episode also indicated the u nwillingness of Bahamian institutional capital to invest i n bricks and mortar businesses, something also seeni n the hotel industry. There are parties in the B ahamas that would be credible in a transaction oft his size, and they would h ave to ally with a credible operator from outside thec ountry, Mr Francis told T ribune Business. The record is clear that o ur capital is not willing to t ake that kind of risk...... Its t he same kind of thing we see in the hotel sector. Bahamian capital is not will-i ng to invest in bricks and mortar. They invest in services businesses and companies where it is not that difficult to get a return on investment. Only CFAL, the investment advisory arm of A. F.H oldings (the former Colina Financial Group), participated in the bidding process in partnership with Atlantic Tele-Network, and Mr Francis said: I take my hat off to them. B ut apart from CFAL, no o ther Bahamian interest came to the table despite having every opportunity a s contenders had several m onths following formal announcement of the BTC privatisation process to decide whether to submit a bid. Addressing complaints that the Government was selling out to foreigners, Mr Francis said it was still retaining a significant holding of 49 per cent, while the Memorandum of Under-s tanding stipulated certain t hings that LIME could not do without government approval, too. If the Government decided to sell down its 49 perc ent stake, Mr Francis said s hares would go to the Bahamian public or institut ional investors, not Cable & Wireless or another foreign entity. H e added that no buyer w ould invest the kind of capital BTC needed, or provide t he necessary technology a nd resources, without possessing a major stake such as 51 per cent and management control. And while declining to go into detail on the management fee Cable & Wireless will earn, Mr Francis defended this, pointing out that despite running BTC d ay-to-day, and providing all the branding, marketing, commercial expertise, technology, products and invest-m ent, the strategic partner w ould only be entitled to 51 per cent of the profits. T he Government will still o btain 49 per cent of the divi dends while doing nothing i n terms of the day-to-day operations, hence the need for Cable & Wireless to receive extra compensation for the management exper tise it will provide. C M Y K C M Y K BUSINESS PAGE 4B, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM was not until July 2010 that the privatisation committee recommended to the Government that the final two pretenders One Equity Partners/Vodadfone and a rival consortium featuring Atlantic Tele-Network/CFAL (the investment advisory arm of A. F. Holdings) be rejected. Simultaneously, the privatisation committee recommended to the Government that it be allowed to open formal negotiations with Cable & Wireless, which had contacted it early in 2010 to see if there was any possibility that it could participate in the privatisation process. Cabinet subsequently approved this action, after both the rejection and negotiate with Cable& Wireless recommendations had been passed through both the privatisation committee and the advisory committee. The latter committee, chaired by minister of state for finance, Zhivargo Laing, also contained representatives from BTCs two unions, indicating they were fully aware of what was happening at all times and knew of Cable & Wirelesss involvement from as far back as this summer. David Shaw, chief executive of Cable & Wireless Caribbean (LIME Business in an exclusive interview last week that the initial contact between the company and the BTC privatisation committee had been initiated by himself. Explaining why Cable & Wireless did not participate in the initial beauty contest bidding process, Mr Shaw said it was a case where the timing did not work. The day he took office as LIME chief executive, August 1, 2009, was also the day on which the company had to decide whether to participate in the BTC privatisation process, and Mr Shaw said it decided not to do so given how much we had on our plates with the existing company. However, progress in transforming Cable & Wirelesss existing Caribbean business went much faster than expected between August-December 2009, and Mr Shaw added: By December, we had a clear feel for our business and what we needed to do. He then asked the Cable & Wireless Communications (CWC to approach the BTC privatisation committee and see if LIME could become involved. The initial indications did come from Cable & Wireless that they would be interested, if the opportunity presented itself, in talking with the privatisation committee, Mr Francis, BTCs chairman and a leading member of the privatisation committee, confirmed to Tribune Business. The committee did have some exploratory d iscussions on a completely informal basis with them in the early part of the year. The informal nature was necessary, the former Central Bank of the Bahamas governor explained, because the privatisation committee and the Government were still committed at that stage to negotiating with the One Equity Part ners/Vodafone combination and Atlantic TeleNetwork/CFAL. Mr Francis said the privatisation committee had been seeking to develop further with those groups their indicative offers. We went through a process of seeking to discuss with those entities how their bids could be strengthened, the information required under the bidding rules still to be submitted......, he added. Once the committee was in a position to make a full analysis of those proposals, it came to the conclusion they were not acceptable given the criteria established by the Government...... It was not until July that those bids were rejected. Of the two rejected bids, Mr Francis said: Even until as late as June or thereabouts we were still hopeful we might be able to extract an acceptable transaction with the One Equity Part ners committee. We thought theirs was by far the more inter esting proposal, given the financial resources provided by One Equity Partners, and the operating resources and expertise which Vodafone brought to the table. Ultimately, that particular consortium was not willing or ready to structure a proposal in accordance with the Governments criteria. The Government insisted that the operator have a significant ownership interest in the consortium; they were not willing to have an operator with a management contract, with One Equity Partners financing the transaction. The Governments concern on this score is understandable, because without an equity interest in the bid questions would arise as to how committed and focused Vodafone would be to BTC, and providing the necessary resources and technology as required. If it had just a management contract, there would be nothing to prevent Vodafone from suddenly walking away from BTC, leaving the company rudderless. As for the Atlantic Tele-Network/CFAL proposal, Mr Francis said the former, despite being a regional telecoms operator, was smaller than BTC, so it should have been BTC acquiring it, rather than the other way around. BTC is bigger than them..... They did not bring anything to the table required to anchor BTC and take the company forward, Mr Francis added. FROM page 1B NO VODAFONE EQUITY STAKE LED TO BTC BID REJECTION QUESTION TIME: C&Ws David Shaw in last weeks interview with Tribune Business Editor Neil Hartnell. BTC SALE STILL GOOD IN 10 YEARS TIME F ROM page 1B
mas, Mr Anderson said the TIGRS 4 had enjoyed a much stronger reception in Barbados, where it was also solddue to RoyalFidelitys pres ence in that jurisdiction. Together with the $1.5 million generated in the Bahamas, the contribution from Barbados took the total raised from the TIGRS 4 offering to $5 million, which was RoyalFidelitys initial target. We ended up with just over the $1.5 million mark out of the $5 million, because a couple of institutions did not come in that we expected to come in, Mr Anderson told Tribune Business. We were a little disappointed. We had a good turnout from retail investors, but not the institutions, and theyve been the backbone of previous offerings. Its good to see the individuals come in, but it would have been nice to geta couple of institutional players. We got a better reception down there in Barbados than we did here, largely because it was driven by institutions there, and we did not have the same pick-up here. Im trying to get further insight into why the institutional players did not come in. Going forward, Mr Anderson said: I hope the people that have invested get a good return on their money, and people who have not yet determined this is a good investment see the history that it is a good investment alternative. He added that Bahamian investors still seemed to be taking a wait and see approach to investing internationally through RoyalFi delitys mutual funds, given concerns about the sustainability of the global recovery and the recent economic and financial crises. RoyalFidelitys TIGRS 4 fund is structured to provide 60 per cent equity exposure to emerging market economies such as China, Brazil, Taiwan, Korea and Singapore, balancing this with 20 per cent exposure to the S&P 500 Index and the MSCI European, Australasian and Far East Indices. This reflects RoyalFidelitys belief that emerging mar kets will provide better growth and investment return opportunities over the next five years than developed country economies, growing at 6-8 per cent as opposed to 2-3 per cent, something already recognised by most multinationals. In a previous interview with Tribune Business, Mr Ander son argued that any Bahami an who had built a portfolio o f securities investments should invest in RoyalFideli tys TIGRS funds, describing these as an essential part of a portfolio whether for an institutional or retail investor. And while not wishing to give the impression that there were no or limited opportu nities in the Bahamian capital markets, there were only so many places domestically where investors could place their funds, and the domestic market had been in a twoyear slump. Questioned as to why Bahamian investors had not bought into the concept of investing internationally more, even though their principal in RoyalFidelitys funds was 100 per cent protected, Mr Anderson suggested it stemmed from a combination of wariness and uncertainty over the unfamiliar TIGRS products, and having been long-induced into a comfort zone by the exchange control restrictions imposed on all residents. C M Y K C M Y K BUSINESS THE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM FROM page 1B RoyalFidelity fund raises 30% of target will see one, two and three-bedroom condominiums built adjacent to Club Meds Columbus Isle Village resort on San Salvador. Simultaneously, Club Med intends to undertake $4 million worth of renovations to the resort itself, which will include work on the roof, pool and restaurant areas. Construction is set to begin i n 2011 on the project, and B ahamians Everette Jackson, K evin Williams, Tony Williams, Nicklus Pitt, Ian Green, Birthel L ightfoot and Phillip Sands are hoping that the construction company they have formed will win the bid to act as general contractor for the project, to be named The Residences at Columbus Isle. The men travelled to Mont real, Canada, last month to a ttend the official press confere nce held by Club Med and S and and Ocean Investments t o announce the project, and Mr Jackson said the men, each of whom have worked individ ually as contractors in San Salvador and elsewhere in the Bahamas, are confident they are the front-runners in the negotiations over who will build The Residences. We have been in talks (with Sand and Ocean) for about three months, Mr Jackson told Tribune Business yesterday. We got together with the intention of negotiating for this project and going beyond. We hope to complete the work in a t imely manner and then move o n with the continued developm ent of San Salvador. Skills Mr Jackson said it is anticipated that construction labour a nd technical skills for the pro ject would come from San Salvador, elsewhere in the B ahamas, and potentially a broad. We would start in San S alvador, he noted. In a statement received from Club Med, the resort operators told Tribune Business that TheR esidences at Columbus Isle will cover 7.28 hectares neighbouring Club Meds Columbus Isle 4 Trident Village, on San S alvador. Construction of the one, two or three-bedroom condo minium is due to start in Sep tember 2011. With an area r anging from 538 square feet to 1,076 square feet, the 60 condominiums will blend into their natural surroundings and offer splendid views of the turquoise w aters of the Caribbean. Prices will vary between $375,000 and $1 million per c ondo, and owners and visit ors alike of the Residences will benefit from the facilities of the 4 Trident Village, with its wide range of activities and its generous all-inclusive service. Owners will have the opportunity of letting Club Med manage their property during their a bsence, so as to generate some revenues and benefit from all of Club Meds amenities four weeks per year, either at the R esidences or another of its vill ages, throughout the world. In their absence, owners m ay leave their keys with Club Med who will ensure that their property is properly maintained a nd operated, thus generating some rental revenues, said thes tatement. BAHAMIAN CONTRACTORS hoping to win the right to build The Residences at Columbus Isle meet with Club Med executives in Montreal. FROM page 1B $25m condo projects 200 construction jobs INSIDELOOK: More conceptual drawings of the development.
WASHINGTON A strong start to the holiday season is raising confidence that the consumer is back and that 2 011 could be a better year for the economy than expected. Retail sales are rising, boosted by the best month for department stores in two years. Inflation remains tame. Businesses are restocking their shelves in anticipation of more consumer demand. And a surv ey of CEOs at America's biggest companies suggests hiring will pick up in the next six months. The latest government data, combined with an emerging package of tax cuts and longterm unemployment benefits, are prompting economists to r amp up their forecasts for growth in the months ahead. "We could be on the verge of a period of economic activity that will surprise everybody b y how strong it is," said J onathan Basile, a vice president for economics at Credit S uisse Securities. "That tends to happen in recoveries when e verything starts to ignite at the same time." Hiring A t the same time, the economy will need more hiring and higher pay to sustain the latest spending gains. The Federal Reserve singled o ut high unemployment on Tuesday while saying it plannedt o maintain the pace of its $600 billion Treasury bond-buying p rogram. The bond purchases are intended to lower long-term i nterest rates, lift stock prices and encourage higher spending. But after the Fed issued its statement, Treasury pricess ank, pushing their yields to their highest level since May.T he yield on the 10-year note helps set interest rates on many k inds of loans including mortgages. Bond yields have been rising over the past two months as investors have raised their e xpectations for growth and inflation. Higher interest rates c ould threaten the gains the economy has made. Retail sales jumped 0.8 percent in November, the Commerce Department said Tues d ay. It was the fifth straight monthly gain. Department s tores led the way with a 2.8 percent gain, the biggest for this c ategory since a 3 percent increase in November 2008. Retailers have been particularly aggressive in their holiday sales promotions this year, p utting many consumers in the mood to spend despite high u nemployment and weak job gains. The holiday shopping s eason accounts for as much as 40 percent of annual revenue and profits for retailers. "It seems there were Black Friday sales, pre-Black Friday sales and post-Black Friday sales," said Joel Naroff, chief e conomist at Naroff Economic Advisers. B est Buy Co., which decided against discounting as deeply a s retailers such as Wal-Mart Stores Inc., ended up paying for it. The largest U.S. electronics chain said its quarterly net income, covering a three-m onth period ending Nov. 27, fell more than expected as that i t lost sales of TVs and laptops to competitors. T he Minneapolis-based chain also reduced its full-year outlook. Best Buy's shares fell nearly 16 percent in mid-after noon trading. Other retailers got a boost not only from holiday sales but from the weather. A cold November, following two months of unseasonably warm weather, helped boost sales of coats and other winter gear in much of the country. Consumer spending is closely watched because it accounts for 70 percent of total econom ic activity. A drop in retail sales i n May and June had raised fears that the economy could be in danger of slipping back into recession. November's better-thane xpected sales figures are prompting many economists tor evise their forecasts for consumer spending growth in the O ctober-December quarter. Basile has upgraded his forecast by a full percentage point, to 3.2 percent from 2.2 percent, because of the retail data and l ast week's report that the trade deficit narrowed in October. Bleak One important statistic that remains bleak is the unem ployment rate, which rose to9 .8 percent last month. Many economists caution that the e conomy won't take a leap forward without more hiring and h igher pay. That may not be too far away, according to a new survey of executives of America's largest companies. It found that 4 5 percent plan to hire within six months the highest perc entage for that group in eight years. T he Business Roundtable survey was released a day b efore President Barack Oba ma is to meet with a group of corporate executives to discuss job creation and making the U.S. more competitive. I t also comes as Congress is on the verge of passing legisla-t ion that would extend the Bush-era tax cuts for two years, l ower payroll taxes for workers and extend unemployment b enefits through the end of 2011. The one-year cut in Social Security taxes could mean an extra $2,000 in 2011 to someone earning $100,000. M ark Zandi, chief economist at Moody's Analytics, said thet ax cut plan has the potential to lift economic growth to 3.9 p ercent, instead of the 2.8 percent that is in his current forecast. He also said stronger growth would double the number of j obs the economy creates next year. His current estimate is 1.3 m illion jobs, which would leave unemployment unchanged at 9.8 percent. But with growth from the tax cut plan, he anticipates 2.7 million new jobs, w hich would push the unemployment rate down to 8.7 perc ent. Among other economic r eports: Wholesale prices rose 0.8 percent in November, mostly because of a jump in energy prices. Core inflation, which e xcludes volatile energy and food prices, ticked up only 0.3 p ercent. A report on consumer prices is scheduled to be r eleased Wednesday. Businesses are continuing to replenish their stockpiles a trend that helped lift the country out of the recession. Inventories rose 0.7 percent in October. It was the 10th s traight monthly gain. And sales by manufacturers, whole s alers and retailers rose 1.4 per cent in October, the best showi ng in seven months. Stronger rebuilding of stockpiles and sales suggest factories will see rising orders in coming months. C M Y K C M Y K BUSINESS PAGE 6B, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 127,&( ,17+((67$RI%(77<)5$1&(6 + (''(1 G RPLFLOHGDQGODWHRI -RH&UHHN6XEGLYLVLRQ$EDFR7KH % DKDPDVGHFHDVHG 1RWLFHLVKHUHE\JLYHQWKDWDOOSHUVRQVKDYLQJDQ\ FODLPRUGHPDQGDJDLQVWRULQWHUHVWLQWKHDERYH (VWDWHVKRXOGVHQGVDPHGXO\FHUWLHGLQZULWLQJWR W KHXQGHUVLJQHGRQRUEHIRUH-DQXDU\ D IWHUZKLFKGDWHWKH$GPLQLVWUDWRUZLOOSURFHHGWR G LVWULEXWHWKHDVVHWVRIWKH(VWDWHKDYLQJUHJXDUG R QO\WRWKHFODLPVGHPDQGVRULQWHUHVWVRIZKLFK K VKDOOWKHQKDYHKDGQRWLFH$1'DOOSHUVRQV LQGHEWHGWRWKHDERYH(VWDWHDUHDVNHGWRVHWWOH VXFKGHEWVRQRUEHIRUHWK-DQXDU\ 0,&+$(/ $ WWRUQH\VIRUWKH$GPLQLVWUDWRU &KDPEHUV 'RQDFNH\%OYG 3 0DUVK+DUERXU$EDFR 7 KH%DKDPDV NEW YORK Crude oil prices settled lower on Tuesday after the Federal Reserve said the economy is recovering, but not fast enough to bring down unemployment. Benchmark oil lost 33 cents to settle at $88.28 a barrel on the New York Mercantile Exchange. The Fed held its last scheduled meeting of the year on Tuesday. No major announcements were expected and none were issued. Fed policymakers said they'll keep the $600 billion bond-buying stimulus program in place to help the sluggish economy recover. The Fed's decision to buy government bonds is meant to encourage Americans to spend more which, in turn, would boost the economy. Since the program was announced in early November, oil prices have risen an average of 4.6 percent and last week hit a twoyear high of $90 a barrel. Some analysts expect oil to reach $90 a barrel again before year-end and push toward $100 a barrel by next spring as the peak summer driving season approaches. Improving The economic news on Tuesday pointed to improving demand for oil and gas in the coming months. The Com merce Department said retail sales rose for a fifth straight month in November. A Business Roundtable survey found 45 percent of executives polled expect their companies to add more workers and spend more in the next six months. And the Labor Department said wholesale prices rose in Novem ber. While the economic data was positive, energy traders are concerned about inflation and want more clarity on what the government will do to keep the economic recovery going, according to PFGBest analyst Phil Flynn. The wintry weather that blasted the Midwest and the Northeast in the past few days is helping to keep oil prices in check for now, according to Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. He said the bad weather kept drivers off the roads and slowed demand for gasoline. Even before the weekend blizzard, drivers put off pulling up to the pump as prices rose. The weekly SpendingPulse report showed retail gasoline consumption in the U.S. for the week ended Dec. 10 dropped 1.3 percent from a year ago. It was the biggest decline since early November. In other trading on the Nymex, heating oil added 0.27 cent to settle at $2.4679 a gallon. Gasoline lost 2.20 cents to settle at $2.2964 a gallon. Natural gas fell 16.5 cents to settle at $4.255 per 1,000 cubic feet. In London, Brent crude rose 2 cents to settle at $91.21 per barrel on the ICE Futures exchange. Good signs: Retail sales up, CEOs in hiring mood (AP Photo/Susan Walsh BARGAINHUNTING: Shoppers take advantage of sales while shopping at the Pentagon City Mall in Arlington, Va., Friday, Nov. 26, 2010. ( AP Photo/Michael Dwyer, file) STOCKING UP: In this file photo, a shopper leaves a Target store in Boston. Discount retailer Target Corp. said Thursday, Dec. 2, 2010. OIL SETTLES LOWER AS FED STAYS THE COURSE
GABRIELE STEINHAUSER, A P Business Writer BRUSSELS Despite calls for bolder a ction to quell the government d ebt crisis that has been smoldering in the shakier corners of the continent, European leaders for now are counting on s top-gap measures to keep bond market turmoil at bay. A meeting of European Union heads of state and gove rnment Thursday and Friday i n Brussels appears set to revolve around the wording ofa small change to EU treaties to set up a new crisis mechanism a greed almost two months ago. Proposals to flash the eurozone's financial might by increasing the its euro750 bill ion ($1 trillion o r creating pan-European bonds have little chance of success after they were rejected by Germany, Europe's biggest e conomy which has been dictating the currency bloc's strategy in recent months. Against this background, it is hard to imagine that the EU summit could deliver important conclusions," analysts at ING wrote in a note. I nstead, Europe's policy makers are working to fight thec risis with smaller, localized attacks. In Berlin, a German g overnment official said Tuesday his country would be will ing to boost the European Central Bank's capital base a move that would allow theE CB to buy more government bonds and thereby support gov-e rnments with shaky finances. Portugal's finance minister, m eanwhile, boasted China's commitment to invest in its d ebt issues as a sign that Lisbon can master the current market turmoil without following Greece and Ireland in seeking an international bailout. A nd Spain sold euro2.5 billion ($3.3 billion b ills to help refinance is debt load, accepting much higher i nterest rates than only a month ago. But even though markets have calmed down in recent weeks, many economists warn that such stopgap measures will o nly buy European leaders time. What is necessary, they s ay, is to target the crisis at its roots, where undercapitalized b anks, mounting borrowing costs and weak economic growth are making some countries' debt burdens look increas ingly unsustainable. Just passing the bucket around between the financial sector, governments and the ECB will not empty the bucket," the ING analysts said. I n his most open call for further action yet, ECB President Jean-Claude Trichet Monday night said eurozone nations n eeded to boost their portion of the region's financial backstop, the euro440 billion European Financial Stability Facility. On the EFSF I can say we are calling for maximum flexibility and I would say maximum capacity quantitatively and qualitatively," Trichet told jour-n alists in Frankfurt. The ECB has been reluctant t o play a more active role in resolving the debt crisis, saying i t was ultimately up to politicians to get their fiscal houses in order. In contrast to the U.S. Federal Reserve and the Bank of England, which have been ready to flush their economies with cash to spur growth, the E CB's government bond buyi ng program has been rather modest. The billions of euros the central bank has investedin the bonds of vulnerable gove rnments such as Greece, Ireland or Portugal in recent months have nevertheless strained its balance sheet. If those bonds were to fall furtheri n value, it could quickly diminish the ECB's capital base. Trichet might bring up the issue of a capital increase for t he ECB at his dinner with EU leaders on Thursday, the German government official said. "If there was such a request, we would assess it positively," he added. The official was speaking on condition of anonymity because he wasn't authorized to comment publicly o n the issue. The final meeting of the ECB's monetary policy committee for this year is also on Thursday. A spokeswoman for the central bank declined to comment on whether the b ank's board was discussing a c apital increase. S hould the ECB seek a capital injection, it would be the f irst time the Frankfurt-based bank asks for more money in i ts almost 12-year history. Through their central banks, all 16 countries that use the euro a re shareholders in the ECB, a nd Germany, as the euroz one's largest economy, has the biggest stake. C M Y K C M Y K BUSINESS THE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM &20021:($/7+)7+(%$+$0$6 ,17+((0(&2857 (48,7<,'( ,17+($77(5 7KHXLHWLQJ7LWOHV $1' ,17+(0$77(52)7+$7 WUDFWRIODQGFRQWDLQLQJ DFUHVVLWXDWHDSSUR[LPDWHO\PLOHVVRXWKRIWKH VHWWOHPHQWRI*RYHUQRU+DUERXU$LUSRUWDQGLPPHGLDWHO\ RQ WKHVRXWKVLGHRIWKHPDLQ(OHXWKHUD+LJKZD\RQWKHVDLG ,VODQGRI(OHXWKHUDRQHRIWKH,VODQGVRIWKH&RPPRQZHDOWK RI 7KH %DKDPDV $1' ,17+($77(5 RI 7KHHWLWLRQRI-RKQ/LHJH%XUURZV DQG7KHOPD9LFWRULD%XUURZVRI*RYHUQRUV+DUERXU (OHXWKHUDRQHRIWKH,VODQGVRIWKH&RPPRQZHDOWKRI7KH %DKDPDV 7KH3HWLWLRQRI-2+1/,(*(%8552:6$1'7+(/0$ 9,&725,$%8552:6LQUHVSHFWRI 127,&( $ //7+$7 W UDFWRIODQGFRQWDLQLQJDFUHVVLWXDWH DSSUR[LPDWHO\PLOHVVRXWKRIWKHVHWWOHPHQWRI *RYHUQRU+DUERXU$LUSRUWDQGLPPHGLDWHO\RQWKHVRXWK VLGHRIWKHPDLQ(OHXWKHUD+LJKZD\RQWKHVDLG,VODQGRI (OHXWKHUDRQHRIWKH,VODQGVRIWKH&RPPRQZHDOWKRI7KH %DKDPDV -RKQ/LHJH%XUURZVDQG7KHOPD9LFWRULD%XUURZVFODLP WREHWKHRZQHUVRIWKHXQHQFXPEHUHGIHHVLPSOHHVWDWHLQ SRVVHVVLRQRIWKHVDLGODQGDQGKDVPDGHDQDSSOLFDWLRQWR WKH6XSUHPH&RXUWRIWKH&RPPRQZHDOWKRI7KH%DKDPDV XQGHU6HFWLRQ7KUHHRIWKH4XLHWLQJ7LWOHVWR KDYHWKHLUWLWOHWRWKHVDLGODQGLQYHVWLJDWHGDQGWKHQDWXUH DQGH[WHQWWKHUHRIGHWHUPLQHGDQGGHFODUHGLQ&HUWLFDWH RI 7LWOHWREHJUDQWHGWKH&RXUWLQDFFRUGDQFHZLWKWKH SURYLVLRQVRIWKHVDLG$FW &RSLHVRIWKH3HWLWLRQDQGWKH3ODQRIWKHVDLGODQGFDQ EH LQVSHFWHGDWWKHIROORZLQJSODFHVGXULQJQRUPDORIFH KRXUV 7KH 5HJLVWU\RIWKHXSUHPH&RXUW$QVEDFKHU +RXVH(DVWWUHHWRUWKDVVDX%DKDPDV 7KH &KDPEHUVRI&RPPRQZHDOWK/DZ$GYRFDWHV 'XQFDQVRQ+RXVHRQWURVH$YHQXHDVVDX %DKDPDV 1RWLFHLVKHUHE\JLYHQWKDWDQ\SHUVRQKDYLQJGRZHURUULJKW WRGRZHURUDQ$GYHUVH&ODLPRUFODLPQRWUHFRJQL]HG LQWKH3HWLWLRQVKDOORQRUEHIRUHWKHH[SLUDWLRQRIWKLUW\ GD\VDIWHUWKHSXEOLFDWLRQRIWKHVHKHUHSUHVHQWV LQWKH6XSUHPH&RXUWRUVHUYHRQWKH3HWLWLRQHURUWKH XQGHUVLJQHGVWDWHPHQWRIKLVFODLPLQWKHSUHVFULEHGIRUP YHULHGE\DQDIGDYLWWREHOHGWKHUHZLWK )DLOXUHRIDQ\VXFKSHUVRQWRDQGVHUYHVWDWHPHQWRI KLVFODLPRQRUEHIRUHWKHH[SLUDWLRQRI7KLUW\GD\V IURPWKHSXEOLFDWLRQRIWKHVHSUHVHQWVVKDOORSHUDWHDV D EDUWRVXFKFODLPV 'DWHGWKLV WK GD\RI'HFHPEHU &20021:($/7+/$:$'92&$7(6 'XQFDQVRQ+RXVH 0RQWURVH$YHQXH 1DVVDX%DKDPDV $WWRUQH\VIRUWKHHWLWLRQHU LONDON Industrial production in the 16 countries that use the euro rose by around h alf the rate anticipated in the markets. ___ BRUSSELS A German government official said Germany would be willing to support the European Central Bank with more capital if the bank said that was necessary. __ LONDON Standard & Poor's warned that Belgium may have its credit rating downgraded within six months in light of the count ry's ongoing political deadlock. ___ LONDON European stocks got a lift from p ositive U.S. economic data. The FTSE 100 index of leading British shares closed up 0.5 percent, France's CAC-40 index rose 0.3 percent while Germany's DAX dipped less than 0.1 percent. __ T OKYO Earlier in Asia, Japan's Nikkei 225 stock average added 0.2 percent, Hong Kong's Hang Seng climbed 0.5 percent, China's benchmark Shanghai Composite Index gained 0.1 percent and Australia's S&P/ASX 2 00 advanced 0.2 percent. ___ LISBON, Portugal China has pledged i ncreased support for Portugal's efforts to climb out of a financial crisis and avoid a bailout, the Portuguese finance minister said. ___ MADRID Spain raised 2.5 billion euros ($3.3 billion h ad to pay higher interest rates, despite strong investor demand, due to uncertainty over its d ebt load. ___ SHANGHAI The prolonged weakness in the U.S. and Europe may be the least of Asia's troubles in 2011, economists say, as the region fights potentially destabilizing inflationary press ures. ___ R OME Premier Silvio Berlusconi won back-to-back confidence votes in the Italian parliament, narrowly surviving one of the toughest fights of his political life. But violent protests greeted his victory, as rioters torched cars, smashed windows and clashed with police. ___ S EOUL, South Korea South Korea's economy could grow about 5 percent next year amid a steady global recovery and increase in domestic demand, the government said. __ T OKYO Japan's government announced that it will cut the country's hefty corporate t ax rate by 5 percentage points in a bid to stimulate the economy and help Japanese busi nesses stay competitive. ___ L ONDON Britain's stubbornly high consumer inflation rate rose to 3.3 percent in N ovember from 3.2 percent the month before, driven by a surge in food and clothing costs. ___ ATHENS, Greece Escalating strikes halte d public transport and caused traffic jams in Athens as lawmakers prepared to vote on far-r eaching labor reforms demanded as part of Greece's 110 billion euro ($146 billion l oan package. ___ BEIJING China regrets a World Trade Organization ruling that the United States acted within its rights when it raised import taxes on Chinese tires by as much as 35 percent and w ill file a complaint, an official said. __ BERLIN Investor confidence in Germany rose for the second month in a row and a new economic forecast predicted continuing strong growth as Europe's largest economy benefits from increasing domestic demand, two think tanks said. G LOBAL E CONOMIC N EWS A SSOCIATED P RESS A look at economic developments and activity in major stock markets around the world Tuesday: MONEYTALK: People talk in central Londons City financial district, Monday, Nov. 15, 2010. A P P h o t o / L e f t e r i s P i t a r a k i s EU counts on stopgap measures to contain crisis INTERNATIONAL BUSINESS
C M Y K C M Y K BUSINESS PAGE 8B, WEDNESDAY, DECEMBER 15, 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 $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2 .842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.956.950.000.4220.26016.53.74% 3.651.63Consolidated Water BDRs1.821.830.010.1110.04516.52.46% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.23Finco7.237.230.000.2870.52025.27.19% 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S)5.465.460.000.3660.21014.93.85% 1 .001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.82J. S. Johnson9.829.820.000.9710.64010.16.52%1 0.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 9 9.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029TUESDAY, 14 DECEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,487.82 | CHG 0.01 | %CHG 0.00 | YTD -77.56 | YTD % -4.95BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56681.4954CFAL Money Market Fund1.56974.15%4.18%1.551550 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7108-13.03%-4.96% 13.638813.0484Royal Fidelity Prime Income Fund13.2825-0.63%-0.14% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14151.0000FG Financial Preferred Income Fund1.14154.74%5.21% 1.11011.0000FG Financial Growth Fund1.11013.94%7.60% 1.14281.0000FG Financial Diversified Fund1.14284.78%5.90% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.6635-3.37%-3.37% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund7.94422.94%6.47% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200730-Nov-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov-10 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 30-Sep-10 3-Dec-10 30-Nov-10MARKET TERMS30-Nov-10 NAV 6MTH 1.475244 2.911577 1.532712 107.570619 105.776543 30-Jun-10 30-Nov-10 30-Nov-10 30-Nov-10 NOTICE is hereby given that KAYSTALCAMPBELLOF 982 LISKEARD AVE., FREEPORT, GRAND BAHAMA, BAHAMAS is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of DECEMBER, 2010 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas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old pushed above $1,400 an ounce Tuesday as improving retail sales sparked interest in the precious metal as a hedge against inflation. Gold prices stayed within a narrow range after the sales details were released. IG Markets Inc. CEO Dan Cook said t here seems to be growing optimism about improvement in the e conomy, which could drive near-term metals prices higher. In other trading, the yield on the 10-year Treasury note reached its highest level since May, which tempered gold's gains. At the same time, gold was supported by rising stock mar kets and a dollar that grew weaker against other currencies. Since commodities are priced in dollars, a weaker dollar makest hem more of a bargain for traders who buy with foreign currencies. Nonetheless, lingering worries about inflation means that "nobody really wants to sell the gold," said George Gero, a senior vice president with RBC Global Futures in New York. Gold for February delivery rose $6.30 to settle at $1,404.30 an ounce. Silver, platinum and palladium all settled higher amid expec t ations for improving demand. In contracts for March delivery, s ilver rose 16.4 cents to settle at $29.788 an ounce, palladium added $15.75 to $768.20 an ounce and copper gained 0.2 cent to $4.2015 a pound. January platinum settled up $16.60 at $1,713.90 an ounce. Energy prices were mixed after economic news pointed to improving demand for oil and gas in the coming months. The Commerce Department said retail sales rose for the fifth straight month in November. A Business Roundtable survey found 45 percent of executives polled expect their companies to add more workers and spend more in the next six months. The Labor Department said wholesale prices rose in November. Benchmark oil for January delivery slipped 33 cents to settle at $88.28 a barrel on the New York Mercantile Exchange. In other Nymex trading in January contracts, heating oil added 0.27 cent to settle at $2.4679 a gallon, gasoline slipped 2.2 cents to $2.2964 a gallon and natural gas fell 16.5 cents to $4.255 a gallon. F RANK JORDANS, Associated PressG ENEVA Airlines will show betterthan-expected earnings of $15.1 billion this year as investors f avor shares of carriers in Asia, where travel is expected tog row strongly, the International Air Transport Association said Tuesday. Based on its market value, Air China is now worth twice what investors are valuing either Delta in the U.S. or Germany's Lufthansa, highlighting the industry's shift away from t he U.S. and Europe to higher-growth countries, IATA said. "The world is changing in aviation, and it's changing very, very quickly," IATA Chief E xecutive Giovanni Bisignani told a news conference in G eneva. "Rapidly developing markets are shifting the industry's center of gravity to the E ast." A ir China has seen its market capitalization surge to $20 billion, followed by Singapore airlines with $14 billion and H ong Kong-based Cathay P acific with $12 billion. China Southern has a market cap of $11 billion, as does LATAM, the Latin American airline recently created from t he merger of Chile's LAN and TAM of Brazil. U.S. carrier D elta and Germany's Lufthansa follow with market capitalizations of $10 billion each. By passenger miles flown a common measure of airline size Delta still ranks as the world's number one, followed by American Airlines a nd United, with Air China outside the top ten. But burgeoning demand in the East will likely see Asian carriers rise up the table in terms of passenger miles too, especially if airlines there merge like U.S.-based carriers have in recent year. I ATA said passenger traffic a cross Asia outstripped that of North America for the firstt ime in 2009. Together, the two r egions are largely responsible for the industry's recovery this year, with weak economic conditions in Europe and low margins acting as the biggest drag on profits, the group said. Airlines will see net profits of $15.1 billion in 2010, IATA s aid. This marks a massive turnaround from the $10 billion industry loss in 2009 and $16 billion loss in 2008. Asian carriers will contribute $7.7 billion to the global total, while North American airlines will earn $5.1 billion. Europe, with estimated net profits of $ 400 million, lags behind the M iddle East ($700 million Latin America ($1.2 billionA frican carriers will earn $100 m illion this year, IATA said. Airlines to earn $15B in 2010; Asia carriers surge (AP Photo/Anja Niedringhaus INVESTMENTBOOST: IATA chief executive Giovanni Bisignani during a press conference in Geneva, Switzerland, Tuesday, Dec. 14, 2010. GOLD TOPS $1,400 ON STRONG ECONOMIC REPORTS INTERNATIONAL BUSINESS
AFRICAN BEEF S TEW 1-1/2 llbs stew beef cut into 1 cubes 2 tbsp peanut oil 2 large onions sliced 2 cloves garlic chopped 2 large carrots cut into 1 /2 slices 2 tbsp t omato puree 1 bay leaf Dash of ground cloves Hot pepper to taste 1tsp freshly squeezed lime juice 1-1/2 cups of water 2 b eef bouillion cubes 2 tbsp creamy peanut butter 2 tbsp all purpose flour 2-3 tbsp water Bake at 350 F Heat the peanut oil in a large skillet and fry the beef, onion, garlic and carrot for about 5 minutes. Stir in the tomato puree and add thebay leaf, spice and season ings together with the lime juice, water and bouillon cubes. Turn into a covered 3quart sized casserole dish. Cover; place into the oven and cook for about 1-1/2 hours. In a 1 quart saucepan, mix together the peanut butter, flour and water until well blended. Cook over low heat for 5-6 minutes, stirring continuosly. Remove the stew from the oven, and stir in the peanut butter mixture blending well. Return the casserole dish to the oven and bake for an additional minutes. Serve over hot mashed potatoes or rice. A FRICAN CHICKEN STEW Prepare the same as African Beef Stew except substitute one 1 1/2 pound chicken cut into 1 1/2 pieces for the beef. W i th the temperature a bit cooler, now is the perfect opportunity to enjoy a steaming bowl of tasty s oup. Rather than serving the traditional s ouse or bean soup, Lady Ingrid Darling has a wonderful recipe in her cookbook Many Taste of the Bahamas for African S tew which is sure to delight your p alette. So grab some homemade bread, a few close friends and bring some warmth to a cold winters night. Baby, its cold outside, whats for dinner? C M Y K C M Y K TASTE THE TRIBUNE WEDNESDAY, DECEMBER 15, 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 J ust a few images of what we the Bahamas looked like 40...50...60... years in the past Agent 007 (Sean Connery Bahamas to begin shooting Thunderball, the second major James Bond thriller. Fans could not keep their hands off the man. Flash Back B Y ROLAND ROSE GANACHE tarts are elegant, decadent and the epitome of chocolate love. B est yet, they are easy to make, can be prepared ahead of time and transport well. In other words, they are perfect for the holidays. Our dressed up version is flavored with peppermint extract a nd topped with festive snowflake cookies, but you could just as easily flavor it with orange, almond or vanilla extracts and top it with whatever cookie shapes inspire you. Holly leaves would be pretty and elegant, and snowmen would be fun. CHOCOLATE PEPPERMINT SNOWFLAKE TART S tart to finish: 1 hour 15 minutes, plus cooling S ervings: 8 FOR THE CRUST: 1 1/2 cups all-purpose flour P inch of salt 2 tablespoons cocoa powder 1/2 cup sugar 3/4 cup (1 1/2 sticks FOR THE GANACHE: 1 1/4 cups h eavy cream 8 ounces semisweet chocolate 1 1/2 teaspoons p eppermint extract Powdered sugar, for dusting H eat the oven to 375 F. In a food processor, combine the flour, salt, cocoa powder a nd sugar. Pulse to combine. Add the butter and process until t he mixture forms a dough, about 30 seconds. R emove the dough from the processor and break off about a third of it. Set this aside. P ress the remaining dough into the bottom and up the sides of a 9-inch tart pan with removable bottom. Use a fork to prick t he bottom of the crust all over. Freeze for 15 minutes, then bake for 25 to 30 minutes, or until the center of the bottom feels firm. Meanwhile, make the snowflake cookies. Roll out the reserved dough between 2 sheets of parch m ent paper to 1/8 inch thick. Move the dough to a baking sheet, including the parchment paper, then refrigerate until f irm, about 15 minutes. Use 1to 2-inch cookie cutters to cut out 8 to 10 snowflakes ( of multiple sizes, if desired). If the dough becomes too soft, you may need to chill it in the refrigerator as you work. Once all of the cookies are cut, transfer them to a parchment paperlined baking sheet and refrigerate for 10 minutes. Bake the snowflakes for 10 to 15 minutes (depending on size of the cookies), or until firm. Cool the cookies on the baking sheet. T o make the ganache filling, in a small saucepan over medium, heat the cream until simmering. Add the chocolate and lets it off the heat for 2 minutes. Stir until smooth. Stir in the peppermint extract, then pour into the baked tart shell. Refrigerate u ntil firm, about 2 hours. When ready to serve, dust the snowflake cookies with powdered sugar, then arrange them on the top of the tart. Chocolate and mint together in a festive tart
C M Y K C M Y K ENTERTAINMENT PAGE 10B, WEDNESDAY, DECEMBER 15, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T h e T r i b u n e things 2 DO DEC 15 WEDNESDAY N ADIA CAMPBELL J EWELRY SHOW: LUSTRE Nadia Campbell presents Lustre, a seasonal showing of new work and a web launch, which will be showing at PopOp Studios Centre for the Visual Arts f rom at 5.30pm-9.30pm. For private viewing and for more information call 4451962. EVERY WEDNESDAY MIC CHECK 1242 Da Bridge on East Bay Street hosts Mic Check 1242, a weekly showcase for artists with comedy, poetry, music, games, trivia,p rizes and good food and drink specials. For more information call 393-5728. DEC 17 FRIDAY BNYO: SHOWCASING T HE VERY YOUNG The Bahamas National Youth Orchestra, under the direction of Duke Errol Strachan, presents its 15th annual concert at the The atre for the Performing Arts at 7pm. Tickets: $20/available at the door. For more information contact 3934180. DEC 18 SATURDAY BATTLE AT ATLANTIS UNIVERSITY BASKETBALL Watch as Division I teams Richmond, Georgia Tech, Virginia Tech and Mississippi State battle at Atlantis, 5pm and 8pm. Pre mium seating: $45/per game; $75/both games. Reserved Seating: $30/per game; $45/both games. Student rates: $20/per game; $30/both games. ID required for student rates. For more information contact 3636601. DEC 18 AND 19FRIDAY AND SATURDAY TENNIS INVITATIONAL INTERNATIONALS The Bahamas Lawn Tennis Association holds its Invitational Nationals at the National Tennis Center. Devin Mullings is the favourite in the post-Roger Smith and Mark Knowles era. Other players include Timothy Neilly, Marvin Rolle, Rodney Carey and Justin Lunn. Female players include: Nikkita Fountain, Kerrie Cartwright, Elanqua Griffin, Gabrielle Moxey, and Larikah Russell. Call: 323-3933. B y A LESHA CADET Tribune Features Reporter O N CE again the nightlife fades to black for the sixth time ever, this upcoming Saturday, December 1 8 as KO Productions, BTC and A bsolut Vodka present The B lack Out 6 at the Club Luna Night Club, West Bay Street, Saunders Beach. A member of KO Productions, who wished to remain anonymous, told Tribune Entertainment that every year the group tries to offers omething new and different. "We try to give people a different expe rience every other year, hence the venue change, last year it was held at Fort Charlotte. This year would make six years since KO productions has been hosting the black out party." A s it relates to preparing for the event, Tribune Entertainment was told it was a very tedious process but the main focus was to find out what the people want and deliveri t. "One of the hype things we did was the voting of Miss Blackout and the winner of that was Sharon Rolle, a very talented dancer of Nassau. We also did an official music video called fade to black performed by Sammi Star, SosaMan and Sketch, the video also features Miss Blackout. The source added: "We used to do the sexiest lady in black, but this year we are giving away different prizes. BTC will be giving away a ton of gifts and also vouch ers for patrons to sign up for Blackberry service for free and more. According to KO productions, Absolut will be launching its new premium Vodka in the Bahamas called Absolut 100, affectionately named by KO productions: The Black. There will be separate entry points to ensure smooth traffic flow for each category. "Every platinum person will get a black bottle of free Absolute. The VIP area offers an open bar, drinks free all night, while the black lounge is inclusive of drinks and gourmet cuisine with access to VIP and General. The entry fees for the event are $20 for general admission, this gives access to the courtyard. The VIP entrance fee will be $50, allows access to the upstairs balcony, as well as access to the courtyard. The Black Lounge fee will be $100 with access to the inside of the Luna Night club. This area also offers a coupon at purchase which allows you a complimentary bottle of Absolut 100, it can also be upgraded to a VIP Patron. Promoters would like to reiterate that,"There will be absolutely no entry without some form of black attire." Interested persons can find tickets now on sale at The Juke Box (Mall at Marathon (formally Bally's Total FitnessSandyport). KO Productions, BTC and Absolut Vodka present... The Black Out 6! By ALESHA CADET Tribune Features Reporter PREZIDENTIALPromotions invites everyone to come out and Listen to some of Nassau's most talented poets as they run the third and final week of the brand new open mic show called Listen at The Hilton this upcoming Thursday. According to event organisers since its conception Listen at The Hilton lent a warm hue onto the bleak canvas of the city's social scene, catering to all audiences from the curious twenty-something to the experienced poetic connoisseur. Christopher Adderley of Prezi dential Promotions explained that the poets touch on topics such as politics, relationships, strength, lifestyles and more in a creative, lively and soulful atmosphere. This captivating show also features live art paintings on select nights, songs from the heart, and comedy to make you laugh all night long! Last weeks' first show was visited by the legendary P Anthony White along with several other local talents. Listen is one of the many events that Mr Adderley had lined up for the year 2010. Under Prezidential Promotions, the creative young man started a show called "MIC CHECK 1,2,4,2" which features live performances weekly by Bahamian enter tainers well known for their original songs and poetry, dance and other artistic expressions. In a previous interview with Tribune Entertainment Tuesday White, his manager, said that it's been more than a year since Chris started to draw curious minds and needy ears to this Open Mic emporium of tormented minds and lyrical tongues. He previously hosted Tom Brown Media's "Express Yourself" open mic show at Da Bridge Bar and Grill on East Bay Street. Each week the show features new artists with their renditions of old favourites and creative new pieces. Listen at The Hilton is held in the @ 1 Coffee Bar in the Hilton lobby and allows for one and all to present their talents in an enigmatic, vibrant envi ronment free of demeaning critics and naysayers. This Thursday, the doors open at 7:30 with the show running 8pm10pm. Lets all listen for a final time at the Hilton LISTEN: Poets transform the Hilton into a platform of creativity and they express themselves. FEEL THE BLACK: Guests enjoy the night out at last years Black Out 5!
C M Y K C M Y K ENTERTAINMENT THE TRIBUNE WEDNESDAY, DECEMBER 15, 2010, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By JEFFARAH GIBSON T ribune Features Writer I H AVE attended parties where the only thing g uests did was eat food and listen to the melodious sounds of crickets! The party was unimpressive, boring, the host was nowhere to be found and everyone just stood around instead of joining the one man congo line started by a party guest who was doing his best to spruce things up. It was not a party,it was a wake for a dead relative or friend though the deceased was unknown. I thought if throwing an engag ing party was this difficult then dur ing the holidays (the time when peo ple usually have parties) the only thing I want is some ham and turkey, a glass of egg-nog, some holiday pastries and ABC's annual Christmas basketball game. However, after speaking to Horatio Smith owner of Nelly's Deli and an event planner, I was convinced that a Christmas soiree does not have to be something tedious or expensive. He said that by planning well in advance and ensuring that the three main aspects of hosting a good party are taken care of, the party will be just as enjoyable for the host as well as party guests. Mr Smith said deciding which food will be served as well as how it will be served should be established first. "Food preparation is the first thing that should be taken into consideration. You have to decide whether or not you will be cooking the food or if you will be having potluck. But if you decide that you are going to be preparing the food then prepare the food that you are most comfortable cooking," Ms Smith said. He said having a potluck can make things much easier, because you won't have to worry about pur chasing or preparing the food. Before making any decisions on food, take into account who is com ing to the party as that may have some bearing on the menu you serve ieif there are any vegetarians coming to the party. Whether the party is outdoors or indoors, decorations are another thing that should also be considered. If the party is outdoors then setting up a tent with tables that are beau tifully decorated with lights, balloons as well as a table cloth can make the venue of the party more inviting. "When it comes to the decor for your partyalot of times it is about making sure your expression shines through. Its about making sure that you are comfortable where you are. "Simple things like flowers can add that needed pizzazz. Even using colours or colorful table cloths can be utilised. Even if you don't want to spend extra money on decorations, you can use what you have around your house. For instance I hosted a party one time ago and I had some cool colourful dishes andI didn't want to go out and purchase a centerpiece, so what I did was take the same plates put chips in them and aligned them on the table and they were nice as centerpieces," Mr Smith explained. To avoid having a party like the one I attended, Mr Smith said make sure there are activities for party guests to engage. "People are getting into things like karokee, taboo, and nintendo wii. Dominoes is also a fun party game. However you don't want to bring out too many games at once because guests can be involved in a game without actually playing," she said. A word of advice to the party host is to make sure you are not consumed with too much that you don't get the opportunity to greet or reconnect with friends and family. "It is important to get out there and greet your party guests. You must also keep your cool as well because if they feel like you are uncomfortable or getting stressed over what is going then they will begin to feel the same way. But the key to any party is to not be a dic tator but allow people to do want they want and give them options," he said. By JEFFARAH GIBSON Tribune Features Writer AS part of its revitalisation, the Ministry of Tourism has taken the 16th annual Authentically Bahamian Christmas Craft Festival from indoors to the streets of downtown Nassau. This change in the festival venue has played to the benefit of Bahamian artisans, allowing their work to be viewed by more individuals. This years craft show is more interesting because itis now outdoors. With the festival taking place outdoors, visitors have immediate access to the products that are on display. We have had a lot of traffic coming from passengers off the cruise ships, said Cleveland Williams acting head of the authentically Bahamian department at the Ministry of Tourism. This years craft festival is longer than the previous and gives visitors the ultimate island experience. The craft show is a way to increase revenue. But is also something for the tourist to do as well. It is our job at the Ministry of Tourism to get visitors to come to the island as wellas ensure that they have things to do. We want the visitors to come to the island but we dont want when they get here, they dont have nothing to do. So it is our job to find things for them to do and find ways in which they can spend their money and this craft show does that and creates a wonderful experience for them, he said. Not only is the craft show longer, it also features more than 35 stalls with a wide selection of high-quality authentic gifts and craft items. On display will be many Christmas ornaments and accessories, conch shell jewelry, soaps and candles, straw craft, Androsia, Junkanoo dolls, Bahamian Christmas cards, scenic paintings, plants and gift foods. And the entertainment will be provided by live bands as well as a school caroling choir. Other stalls will have finger foods including conch salad, conch fritters, jellies, jams, and Christmas pastries just to name a few. The majority of individuals that attended the shows last week were tourists. However this weekend, which is the last, organisers of the event are hoping to garner more attention from locals. We hope this weekend we get to see more locals come out. We know that Bahamians are last minute shoppers so we are appealing to them to come out and support the event, he said. Entertaining Easily Venue change for Authentically Bahamian Christmas Craft Festival W ASHINGTON Associated Press RETAIL sales rose for a fifth straight month in November, suggesting a strong holiday shoppings eason and raising hopes that consumers will boost the economy in the coming months. The best month for department stores in two years helped lift retail sales 0.8 percent last month, the Commerce Department said Tues-d ay. November's sales figures were b etter than economists had expected, prompting many to revise their forecasts for consumer spending growth in the October-D ecember quarter. Still, many cautioned that the economy needs more hiring and higher pay to sus-t ain those spending gains in the new year. T hat may not be too far away, according to a new survey of executives of America's largest comp anies. It found that 45 percent p lan to hire within six months t he highest percentage for that group in eight years. The Business Roundtable survey was released a day before President Barack Obama is to meet with a group of corporate e xecutives to discuss job creation a nd making the U.S. more comp etitive. It also comes as Congress is on the verge of passing legislation that would extend the Bushera tax cuts for two years, lowerp ayroll taxes for workers and extend unemployment benefits through the end of 2011. The economic news Tuesday was not all bright. Best Buy Co. s aid its quarterly net income, covering a three-month period ending Nov. 27, fell more than expected. The company, the largest U.S. electronics chain said it lost sales of TVs and laptops to competi tors. Best Buy also reduced its full-y ear outlook. Its shares fell nearly 1 4 percent in midmorning trading. A big benefit for shoppers is that inflation remains tame. The Labor Department said wholesale prices rose 0.8 percent in Novem ber, reflecting a jump in energy p rices. But core inflation, which e xcludes volatile energy and food p rices, ticked up only 0.3 percent. And businesses are continuing to replenish their stockpiles a trend that helped lift the country out of the recession. Inventories rose 0.7 percent in October. It was the 10th straight monthly gain. S ales by manufacturers, wholes alers and retailers rose 1.4 per cent in October, the best showing in seven months. Stronger rebuild ing of stockpiles and sales suggest factories will see rising orders in coming months. Consumer spending is closely w atched because it accounts for 7 0 percent of total economic activity. A drop in retail sales in May and June had raised fears that the economy could be in danger of slipping back into recession. But since then, sales have post ed five straight increases. Several economists said the improvement in retail sales and the pending taxcut package making its way through Congress were prompting them to revise up their esti mates for consumption spending for the October-December quarter and the first part of 2011. Theresa Chen, senior economist at Barclays Capital, said that the strong retail sales in both October and November had pushed her tracking estimate for consumer spending and overall economic growth up to 3.5 percent for the fourth quarter. That's up from 3 percent prior to the strong retail sales report. Consumer gives holiday shopping season a big start SETTING THE TABLE: Deciding which food will be served as well as how it will be served should be established first.