B y NATARIO McKENZIE Tribune Staff Reporter firstname.lastname@example.org A MOTHER was jailed for 15 years for her part in the beating death of her 19-m onth-old son. Makeisha Brown, now the mother of a five-month-old g irl, left the courtroom in t ears yesterday while family members shouted words of encouragement. L eroy Rolle, her former l ive-in boyfriend who inflicted the injuries on the child, was jailed for 25 years yes terday. Brown, 25, and Rolle, 20, were both convicted of manslaughter in the death of Levano Brown in midSeptember. The child had reportedly suffered blunt force trauma to the head and abdomen, lacerations to the head and bruises about the body on March 7, 2007. Evidence suggested that the injuries were inflicted by a belt and tennis shoe. Brown and Rolle, of East Street South, were acquitted of murder but convicted on the alternative charge of manslaughter, reflecting the jurys view that while Rollew as the one who actually inflicted the injuries, Brown had encouraged him by doing nothing to stop himo r even seeking help for the c hild. In her ruling, Senior Justice Anita Allen said: Thisc hild was slaughtered in the p resence of, and with the acquiescence of, his mother. The brutality of this crime and the callous disre gard shown for human life are aggravating factors. The judge, in sentencing Rolle, stated that she took into account the fact he wasa young person at the time of the offence with no pre vious convictions and appeared to show some contrition immediately after the event in seeking help for the child; albeit it was too late. In respect to Brown, Senior Justice Allen said she took into account Browns age, previous good character and the remorse she had expressed on more than one occasion. 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 Baby killers get 40 years C M Y K C M Y K V olume: 107 No.5FRIDAY, NOVEMBER 26, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY AND WARM HIGH 85F LOW 71F I N S I D E By NOELLE NICOLLS Tribune Staff Reporter n email@example.com THE mother who was f ound in an apparent a ttempt to burn her two c hildren alive has denied endangering their lives, according to polices ources. The 26-year-old mother of Fire Trail Road was arrested on charges of attempted murder and attempted arson on Wednesday morning after p olice found her infant c hild had been rescued from a burning car, and Mother f ormer boyfriend jailed McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM SEE page eight MOTHER DENIES ENDANGERING HER CHILDRENS LIVES SEE page eight By AVA TURNQUEST Tribune Staff Reporter firstname.lastname@example.org REVOLUTIONARY in its design, construction and services the first stage of the $409.5 million redevelopment project at the Lynden Pindling International Airport (LPIA ed to go live by March 2 next year. Executives at the Nassau Airport Development Company (NAD announced that travellers and visitors could expect to enjoy innovative features like grade separation for incoming passengers, barrier-free access, and a state-of-the-art pre-clearance baggage system early next year. Stewart Steeves, president and CEO of NAD said: We really believe this will be a best in class airport for the number of passengers that we handle. Its a US departures facility, and when we compare to other US departure facilities, we will have leading technology like the ability to drop your bags right at check-in that exists in no other US pre-clearance facility anywhere SEE page nine FIRST STAGE OF AIRPORT DEVELOPMENT GOES LIVE IN MARCH ABOVE: The$409.5 million redevelopment project at the Lynden Pindling International Airport LEFT: The press are given are a tour of the building. By NATARIO McKENZIE Tribune Staff Reporter email@example.com THE former boyfriend of a mother who was stabbed to death in Adelaide earlier this week was arraigned before a magistrate yesterday. Douglas Brian Pratt, 23, of Jellyfish Lane, Yamacraw Estates, is charged with the murder of Shande Cartwright, 22, of Johnson Road. According to court dockets, Pratt intentionally caused Ms Cartwrights death sometime during the evening of Monday, Novem ber 22. Represented by attorney Krysta Smith during his arraignment before Chief Magistrate Roger Gomez Pratt was not required to enter a plea to the murder WOMANS FORMER BOYFRIEND CHAR GED WITH HER MURDER SEE page eight DONT forget to get your copy of The Tribune tomor row for a FREE new and exciting monthly magazine. Body & More is our health and well-being publication which is a must-read for every family. The first of its kind in The Bahamas, Body & More gives you the top trends and latest news in medicine, fitness and nutrition. Its everything the healthconscious family needs to live better lives. Body & More is FREE in your Tribune tomorrow. And look out next week for something new and exciting for the younger members of the family. The Tribune is the peo ples paper, the biggest and the best. DON T MISS Y OUR FREE NEW MA GAZINE IN T OMORROWS TRIBUNE BUSINESS REVIEW S TARTINGONPAGE16B: CITYMARKETS:FROM $54M TO $1 THEMONTHINREVIEW TEA PARTY SHOWS WAY TO INVIGORATE BAHAMAS T i m C l a r k e / T r i b u n e s t a f f
P R I M E M i n i s t e r H u b e r t I n g r a h a m s a i d h e d o e s n o t b u y i n t o t h e a r g u m e n t t h a t t h e a p p r o va l f o r d r ed g i n g at B ell Is land is a sign t h e E xum a L a n d a n d S e a P a r k i s b e i n g p o o r l y m a n a g e d A d d r e s s i n g t h e a u d i e n c e o f t h e E x u m a B r e e z e r a d i o s t a t i o n y es t e r d a y Mr I n gr a h a m s a i d t h a t t h e g o v e r n m e n t h a s a t e a m o f p r o f e s s i o n a l s t o a d v i s e o n s u c h m a t t e r s w h e n n e c e s s a r y He sa i d: "The gov ernment h as i n p la ce t h e B ES T C o mm i s s i o n w h i c h i s c o m p r i s e d o f a n um ber o f p rof es sio nal s w h o f r o m t i m e t o t i m e a r e a d v i s e r s t o t h e g o v e r n m e n t W e h a v e a M i n i s t r y o f t h e E n v i r o n m e n t w h i c h i s h e a d e d b y a m i n i s t e r w h o I h a v e c o n f i d e n c e i n E a r l D e v e a u x W e h a v e a N a t i o n a l T r u s t w h i c h i s a n i n s t i t u t i o n w h i c h I h a v e g r e a t c o n f i d e n c e i n a l s o w h i c h i s m a d e u p o f a n u m b e r o f p r i v a t e s e c t o r a n d o t h e r i n t e r e s t e d p a r t i e s a l l o f w h o m w o u l d h a v e h a d a n o p p o r t u n i t y t o r e v i e w w h a t i s b e i n g p r o p o s e d a n d t o b e a b l e t o m a k e r e c o m m e n d a t i o n s A n d I u n d e r s t a n d t h a t a mo ng st t h e t hi n gs t h at t h ey h a v e d e t e r m i n e d i s t h e q u a n t i t y o f d r e d g i n g t h a t w a s p r o p o s e d w a s i n e x c e s s o f w h a t t h e y f o u n d a c c e p t a b l e T h e y h a v e n o w d e t e r m i n e d w h a t i s a c c e p t a b l e f r o m a n e n v i r o n m e n t a l p o i n t o f v i e w I c a n n o t s u p p o r t t h o s e w h o w i t h o u t s u c h a n a l y s i s w i t h o u t k n o w i n g s u c h f a c t s j u s t s i m p l y s a y i n g t h e r e s h o u l d b e n o d r e d g i n g H o w a r e p e o p l e g o i n g t o get int o t he par k? How have t h e y b e e n g e t t i n g i n t h e p a r k a l l t h e s e y e a r s ? W h a t e l s e i s t h e r e i n t h e p a r k ? A r e t h e r e a n y a i r s t r i p s i n t h e p a r k ? A n y o t h e r d r e d g i n g e v e r t o o k p l a c e i n t h e p a r k ? L e t u s n o t m a k e a m o u n t a i n o u t o f a m o l e h i l l h e s a i d M r I n g r a h a m a d d e d t h a t t h e B ah a m as i s v er y p l e as e d t o h a v e a t t r a c t e d t h e A g a K h a n t h e o w n e r o f B e l l Is la nd who wo uld h a ve be e n w e l c o m e d i n m a n y o t h e r p l a c e s a r o u n d t h e w o r l d S o i t i s m y h o p e t h a t t h e p e o p l e i n t h e E x u m a c a y s a n d e l s e w h e r e i n t h e B a h a m a s w o u l d t a k e ac c o u nt o f t h e re al it y, w h i ch i s th at we have p rof es sio nal s w h o k n o w h o w t o m a n a g e t h e p a r k a n d w h o h a v e m a n a g e d t h e p a r k a l l o f t h e s e y e a r s a n d h a v e d o n e s o i n a v e r y s u c c e s s f u l w a y A n d w h y t h e n s h o u l d a n y b o d y t h i n k t h a t a l l o f a s u d d e n t o d a y t h e y n o l o n g e r h a v e a n i n t e r e s t i n m a i n t a i n i n g t h i s g e m c a l l e d t h e E x u m a L a n d a n d S e a P a r k ? I t i s n o t f a i r i t s n o t r i g h t i t i s n o t a c c e p t a b l e a n d n o I d o n o t b u y i n t o t h o s e a r g u m e n t s I a c c e p t t h e a d v i c e t h a t I h a v e b e e n g i v e n a n d I a m s u p p o r t i v e o f w h a t i s b e i n g p r o p o s e d h e s a i d By PAUL G TURNQUEST Tribune Staff Reporter firstname.lastname@example.org W H I L E t h e B o u n d a r i e s C omm iss ion h as yet t o meet a h e a d o f t h e 2 0 1 2 g e n e r a l e l e c t i o n P r i m e M i n s t e r H u b e r t I n g r a h a m d e c l a r e d yest erd ay t hat no ad di ti onal p a r l i a m e n t a r y s e a t s w i l l b e c r e a t e d A s a s p e c i a l c a l l i n g u e s t o n t he Exum a B reeze r adio s t a ti o n y e s te r d a y P r i m e M i n i s t e r I n g r a h a m s a i d h e s e e s no nee d to in crea se the numb er o f s eats i n th e Hou se of A s s e m b l y I n f a c t w h e n a n s w e r i n g c o n c e r n s t h a t t h e s i z e a n d d i s b u r s em e n t o f t h e i s l a n d s i n t he E xuma c hai n req uir e an ad dit io nal seat t o b e c reated t h ere, Mr In gra ham sai d h e i s a c t u a l l y o f a m i n d t o d e c r e a s e t h e nu m b e r o f s e a ts H e s a id : "I n t e rm s o f t h e c on fi gurat io n o f seat s, w hen y o u t a k e i n t o a c c o u n t t h e p o p u l a t i o n o f N e w P r o v i d e n c e t h e p o p u l a t i o n o f G rand Bah ama, th e po pu lat i o n o f A b a c o t h e p o p u l a t i o n o f Eleu t hera, an d t h en E xum a o n e h a s t o d e t e r m i n e h o w m a n y o f t h e 1 6 s e a t s t h a t a r e n o t i n N e w P r o v i d e n c e c a n b e g i v e n t o a n y o n e i s l a n d Wh e n we c a m e i n to of fi ce w e m e t A b a c o w i t h t h r e e s e a t s a n d d e t e r m i n e d t h a t Aba co cou ld n ot ju sti fy th re e seat s i n r e l at ion t o t he to t a l T he s a m e th i ng a p pl i e d t o Lo ng Is land B imi ni and th e B erries and so, no I d o n ot t h i n k i t i s r e a s o n a b l e f o r E x u ma t o expec t t o get anot h er seat i n t he Hou se o f As semb l y. I t h i n k i t i s r e a s o n a b l e f or E xum a t o m ake it s lo cal g o v e r nm e n t wo r k, a n d w he r e it t h ink s it o ugh t t o be d eleg a t e d a d d i t i o n a l a u t h o r i t y f rom t he c e n tral g o ve rn ment so th at t hes e mat ters can b e han dl ed by loc al aut ho rit i es i n E x u ma i t o u g ht to do th a t. "B ut in t erms of repres e n t ati on in parl iamen t, no on e seat is enou gh f or Exum a in t er m s o f i t s p o p u l a t i o n a n d s i z e n o t w i t h s t a n d i n g i t s geogr aphy," he sai d. Th e B o un d ari es C o mm i ssi on wil l be comp ris ed o f fi ve p e r s o n s : t w o g o v e r n m e n t r e p r e s e n t a t i v e s M P s C h a r l e s Maynar d and Tom my Turn qu est ; a P LP r epresen tat ive, P hi lip D avis; a sen io r j udge; and Speak er of th e H ou se o f A ssemb ly Al vin S mit h w ho w ill ch air th e grou p. C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 26, 2010, P AGE 3 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM S O M E T I M E a r o u n d 1 4 0 p m y e s t e r d a y t w o a rm e d m e n e n t e r e d A s u e D r a w W e b Shop Boiler Av enue off Poinc i a n a D r i v e a n d d e m a n d e d c a s h T h e cu l p ri ts ro b b ed t h e s h o p a nd t hr e e pa t r o ns o f a n un de t e r m i ne d a m o un t o f c a s h a n d ce l l p h o n e s an d f l ed t h e a rea i n a si lv e r c ol our e d M its ubi sh i i n a n un kn ow n d ir e c ti on P o l i c e a re i nv e s ti g a t i ng G R A N D B a h a m a P o r t A ut h or i t y C h a i r m a n Si r J a c k H a y w a r d i s b e i n g s u e d b y m e m b e r s o f h i s f a m i l y w h o c l ai m h e i l l eg al l y r em o v e d t h ei r names from various trusts. H i s s o n R i c k H a y w a r d d a u gh t e r S u s a n H e a t h h e r h u s b an d Ro d n ey, an d ei gh t gra nd children are suing the 87-yearol d head o f t he famil y. Si r Jack has denied their claims. Fol lowin g a brief h e aring on W e d n e s d a y S i r J a c k s a t t o r n e y s a n d t h o s e r ep r e s e n t i n g t h e complainants spent more than an hour trying to reach a set t le men t b u t w er e u n s u c ces sf u l S i r J a c k i s r e p r e s e n t e d b y attorney Andre Feldman, QC. Rep r es en t i n g t h e co mp l a i n an t s a r e T e r e n c e M o w s c h e n s o n Q C a n d l o c a l a t t o r n e y F e r r o n Bethell. A t r ia l h a s be e n s c h e d ul e d f o r M ay 2 2 01 1 an d i s ex p e ct ed to last 10 working days. T wo men rob Asue Draw W eb Shop Port Authority Chairman sued by family members FRE E IN T OMO RR OW 'S TR I BUNE BODY & MORE, YOUR VER Y OWN MONTHL Y 24-P AGE GUIDE TO A HEAL THIER LIFESTYLE. BE SURE YOU GET YOUR COPY P M : N o n e e d t o i n c r e a s e p a r l i a m e n t a r y s e a t s I n g r a h a m d o e s n t b u y i n t o a r g u m e n t s against dredging at Bell Island I n t e r m s o f t h e c o n f i g u r a t i o n o f s e a t s . o n e h a s t o d e t e rm i n e h o w m a n y o f t h e 1 6 s e a t s t h a t a r e n o t i n N e w P r o v i d e n c e c a n b e g i v e n t o a n y o n e i s l a n d Hubert Ingraham PRIME MINISTER HUBERT INGRAHAM
B y PAUL G TURNQUESTT ribune Staff Reporter p turnquest@ tribunemedia.net PRESIDENT of the Bahamas Contractors Association Stephen Wrinkle yesterday congratulate d Prime Minister Hubert I ngraham and his team for s ecuring $400 million w orth of work for local contractors on the $2.6 bill ion Baha Mar project. Calling the negotiations b etween the prime minister and the Chinese principles historic, Mr Wrink le said that this gesture proves the governments c ommitment to their industry, local businesses, and the Bahamian popula-t ion as a whole. Victory This was no easy task; the Chinese are shrewd negotiators and our prime minister is one of a verys elect group to have come away with such a significant victory, the BCAp resident said yesterday at a press conference. With the government having essentially done itsp art to ensure that local contractors have their fair share of work on the massive hotel project, Mr Wrinkle said the onus is now on all the relevant s takeholders to ensure that t he Bahamas is successful i n this project. The stakes are high a nd Bahamian contractors w ill need to call on all their collective experience and skills to successfully com-p lete their responsibilities a nd performance during the build-out phase of Baha Mar. Today we pledge that the BCA will do everything within its power to realise the commitmento ur prime minister has made to the Baha Mar team and the Bahamian p ublic. In our continued leadership role, the BCA will focus on the training a nd support that form the e ssential components of o ur initiative. Through those endeavo urs we seek to ensure the s uccess of the Baha Mar project and firmly establ ish a national policy of significant Bahamian contractor participation in allf uture capital construction projects. Opportunity H owever, Mr Wrinkle a lso took the opportunity to stress that the BCAsp osition is one of advocati ng for all Bahamian construction contractors and that they are not lobbying for one political party or the next. To the best of my knowledge, no member of t his, or any BCA council h as ever solicited, received, or been party to any solicitation, bribe, payoff or promise of workf rom any contractor, devel oper, or government department or minister during my term as presi dent. I, Stephen Wrinkle, personally have never s olicited, received or been asked to take anything from anyone while acting i n the capacity of president o f the BCA. I hold this o ffice in the highest regard and would never jeopar-d ise or permit to be comp romised the integrity of this office and the trust p laced in either myself, the BCA council, or the BCA itself. No member of this BCA council has ever alluded to or promised to secure jobs for any contractor, sub-contractor or tradesman. What we do pledge is that through the e ducational and profess ional programmes the B CA provides, our memb er contractors will be in a b etter position to compet i tively bid and, if successful, manage their contracts, he said. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A 34-YEAR-OLDman charged in a murder which occurred at Bacardi Road over the weekend was arraigned in a Magistrates Court yesterday. Police have charged Pinedale resident Rony Joseph in the murder of Jean Jeanty. Mr Jeanty was reportedly gunned down in the Bacardi Road area around 5am last Sunday. Joseph, who was arraigned before Chief Magistrate Roger Gomez, was not required to enter a plea to the murder charge. He was remanded to Her Majestys Prison and his case was adjourned to November 30. MAN CHARGED WITH MURDER Contractors chief congratulates PM on Baha Mar work STEPHENWRINKLE Negotiations with Chinese principles historic MEXICO CITY MEXICO'Scensus shows the population has grown more quickly than expected, in part due to a drop in the number of people leaving to seek work, according to Associated Press Preliminary data released Thursday by the National Institute for Statistics and Geography says Mexico had 112.3 million i nhabitants as of July. That was 3.6 million more than experts had projected. The head of the institute, Eduardo Sojo, says the bigger-thanexpected increase was likely due to a rise in births and a fall in migrants leaving the country. Sojo says Mexico had been losing about 500,000 people a year to international migration but that number has likely fallen by about half. The global economic crisis, particularly the U.S. slump, has cut into the jobs available for migrants. MEXICOS POPULATION GROWS
B y USAMBASSADOR T OTHEBAHAMAS NICOLEAVANT AROUND the world today, we are already seeingt he damaging effects of clim ate change, from increasi ng temperatures and melting glaciers to rising sea levels and lengthening droughts.The toll on our planet will only get worse if the international community does not strengthen its e fforts to address this probl em.The upcoming United Nations climate conference in Mexico offers an opportunity to take an important step forward and we musts eize this moment together. The United States is comm itted to working with The Bahamas and our other international partners to meet this great global challenge. A t Cancun, we must work to build on the progress made last year in Copenhagen and move forward on all key elements of the nego-t iationsmitigation of emissions, transparency of a ctions, financing, adaptation, technology, and protection of our forests.As we press ahead on these issues and seek a balanced out-c ome, we must also avoid undermining what we achieved in Copenhagen, where leaders from around the world took a meaningfula nd unprecedented step in our collective commitment t o meeting the climate change challenge.Attempts to back away from commitments in the Copenhagen Accord or to renegotiate itsu nderpinning would only deepen the danger for our planet, our people and our future. As part of the Copenhagen Accord which is supported by approximately 140 countries, including TheB ahamas for the first time all major economies committed to take actions to limit their emissions and to do so in an internationally transparent manner.The agreement also includes landmarkp rovisions for financial assistance to support clean technology development, adaptation, and forest protection in those countries most in need.These provisions cons ist of a pledge for fast start funding by developed c ountries approaching $30 b illion over the years 20102012 and a commitment to a g oal of mobilizing $100 bill ion annually from public and private sources by 2020 i n the context of meaningful mitigation and transparency. The United States is delivering on our fast start comm itment to help developing c ountries reduce emissions and adapt to the adverse e ffects of climate change. This year alone, the United States has significantly increased its climate finance to a total of $1.7 billion, $1.3 b illion of Congressionallyappropriated assistance and $ 400 million of development f inance and export credit. The United States is also working hard to reduce its own emissions and transition to a clean energy econo my.President Obamas R ecovery Act provided more t han $80 billion in investments, loans and incentives to support a range of initia tives that are vital to this goal. We have put in place the most ambitious U.S. fuele conomy and tailpipe emis sion standards ever. We are taking important steps to reduce emissions from our l argest polluting sources. And President Obama remains committed to pass i ng domestic energy and cli mate legislation. As I travel throughout T he Bahamas I see broad c oncern about the current impacts and the potential threats of changing climate concerns that Americans share. But I am encouraged by the actions that are being t aken here and around the world to work toward a clean energy future that promotess ustainable economic growth for all. Just as no nation can escape the effects of climate change, no nation alone can solve this problem. In support of the Energy and Climate Partnership of the Americas (ECPA Organization of American States will use a grant from the U.S. Department of State to launch a programme to facilitate regional dialogue and assist Caribbean governments, including The Bahamas, to promote and implement sustainable ener gy policies and programmes. Through this programme, short term legal counsel and technical assistance is provided to support commercialization of government endorsed energy projects consistent with ECPAs focus areas of renewable energy, energy efficiency, energy poverty, and infrastructure. Furthermore, the pro gramme will facilitate regional dialogue on long-term sus tainable energy solutions. The risks posed by climate change and the difficulty of containing it pose challenges to every country, and we must overcome those obstacles. Our global efforts to build a sustainable, clean energy economy will lift people out of poverty, deliver energy services throughout the world, and preserve our most precious environmental treasures. The Copenhagen Accord is, and the upcoming climate change meeting in Cancun should be, an important step in our collective commitment to speed this transition, leav ing a cleaner, healthier planet for all. C M Y K C M Y K PAGE 6, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Opportunity to take step forward on climate change O PINION NICOLEAVANT
By GLADSTONE THURSTON T HE Inter-American D evelopment Bank (IDB h as executed a $500,000 g rant to launch the Bahamian handicraft industry into cyberspace. S igned between the IDB and Bahamas Chamber of Commerce in partnership with Bahamas Agricultural a nd Industrial Corporation (BAIC sans to do business online. We see on a daily basis the significant improvement i n the quality and variety of products produced by the Bahamas National Craft A ssociation members, said IDB country representative O scar Spencer. We therefore had to find a way to channel resources f rom the private sector arm of the Bank through the C hamber of Commerce and BAIC to the membership of the Association. We are pleased that we have been able to find that mechanism. The strategy of the project is to develop a pro-g ramme that complements the Governments effort to rally the industry around a structured approach to the e stablishment of industry standards, marketing, and addressing the over-reliance on imports. I ts primary focus will be the development and l aunch of a virtual platform w ith functionalities to support and facilitate the mark eting, sales, and distribution of Bahamian manufactured handcraft souvenirs v ia the internet. This project is going to m odernise the way we sell our products to the world, s aid Chamber president K haalis Rolle. The ability for us to sell our products o nline is a significant coup for the Bahamas. We thank the IDB for b eing so generous with this d onation. A lso attending the press c onference were BAIC e xecutive chairman Edison Key, assistant general manager in charge of the Hand icraft Development and Marketing Department Donnalee Bowe, BNCA president Martha Smith, S outh Andros Handicraft Association president Emi ly Rahming, Ministry ofT ourisms Visitor Experie nce director Geneva C ooper, and project manager Don Demeritte. These are exciting times t o be a part of the growing Bahamian handicraft indust ry, said Mr Key. Many doors of opport unity are opening for us t o tap into those many m illions of dollars used to import craft products for our tourists and resi dents. It is our hope that in short order the vast major ity of those millions of dol-l ars will be flowing directly into the pockets of our arti sans instead of out of thec ountry. H e underscored the timel iness of the project coming when the multi-million dollar craft centre downtownN assau is nearing completion. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM JOB VACANCYCable Bahamas Ltd. Nassau Bahamas Robinson Rd. at Marathon www.cablebahamas.com Job Objective: Responsible for all sales activities, from lead generation through close in an assigned territory. Responsibilities: Oerings within assigned territory in New Providence business owners and decision makers. and clients of the various solutions the company oers to their business issues. including sales calls, presentations, closed sales, and follow-up Tools to maintain accurate records to maximize territory potential. Job Specifications: requirements. Outlook). Please e-mail your resume to email@example.com Closing Date: Cable Bahamas Ltd is looking for vibrant and energetic Sales Executives for its Commercial Sales Segment IDB grant to launch Bahamian craft industry into cyberspace OFFICIALS gather to witness the launch of the IDBs $500,000 project for the Bahamian handicraft industry. Pictured from left are BAIC executive chairman Edison Key, Bahamas Chamber of Commerce president Khaalis Rolle, IDB country representative Oscar Spencer, and IDB senior operations officer Sharon Miller.
C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM her older child seeking refuge amongst neighbours. Police are expected to arraign her today. The woman told police s he was not responsible f or putting the infant in t he car, according to T rib une s ources. H owever, police s ources say they have many leads and witnesses who say they saw a woman putting the 4year-old baby boy into the burning vehicle. A passing truck driver s aw the car ablaze on Firetrail Road, used his fire extinguisher to out the fire, and rescued thei nfant. Inspector Warren John son said it appeared that a piece of cloth was insert-e d into the open gas tank of the 1998 Toyota Vista and set ablaze. There waso nly fire damage to the c ars interior. When police arrived on the scene, the infant was safe in the arms of theg ood Samaritan. After receiving treatment for minor injuries at the hos-p ital, the infant was released into the custody of the Department of Social Services. The mother was appre hended inside the home, located directly in front of the smouldering vehicle. Inside, police found a pile of clothes that was also set ablaze. The other child, believed to be between seven and nine years, was not injured. Police reported that the child ran across the road into the neighbouring Haitian Village to seek refuge. The older child is also in the custody of child protective services. The judge said: I have considered the effect of any sentence on her young child and although that may be considered a mitigating factor, given the seriousness oft his offence and the nature of the crime, it is difficult to give it full weight in as much as young mothers must be given the message that they have a duty to defend and protect and not hurt the children entrusted to their care. This is indeed a sad case, as another c hild will suffer as a result of this tragedy. I am troubled by the fact, however, that M akeisha Brown has another infant so soon after this tragedy. Senior Justice Allen noted that Brown must be punished for the part she played in h er sons horrific death. charge. Ms Smith told the court her client had been severely beaten by police and forced to sign a statement, the contents of which did not reflect what he claimed he had told police. She asked that Pratt be taken to a see a doctor. The chief magistrate acceded to the request. Pratt was remanded to Her Majestys Prison. His case has been adjourned to November 30 and transferred to Court 10, Nassau Street. Ms Cartwright, a bank employee and mother of two, was stabbed to death near a beachfront property called The Farm. She had moved to Nas sau from Long Island just over a year ago, and worked as a teller at the Palmdale branch of the Royal Bank of Canada. MOTHER DENIES ENDANGERING HER CHILDRENS LIVES F ROM page one WOMANS FORMER BOYFRIEND CHAR GED WITH HER MURDER FROM page one SENTENCED: Makisha Brown, 25, and Leroy Rolle, 20 Baby killers get 40 years FROM page one
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM in the world today. Eighty per cent of the project has been completed, ande xecutives announced yesterday that the redevelopment efforts are ahead of schedule and under budget. Other noted upgrades to the current airport facility infrastructure included withint he $11.7 million capital improvement phase are a 50 per cent increase in passenger capacity, energy-efficient building systems, an isolated service loading dock, and a f ood court with rooftop outdoor seating. M ore than 15,000 sq ft of s pace has been allocated for retail and food concessions, a nd all spaces have been allocated to Bahamian operators. At the final press tour before its completion, executives highlighted the progress ion of airport facilities in the B ahamas since the first term inal was constructed 70 y ears ago. The new terminal will p rove to be a huge asset to t he countrys tourism indust ry, and also a source of n ational pride for Bahamians, according to Vernice Walkine, NADs vice president of marketing and communications. M rs Walkine said: I think what is particularly important f or a lot of us is the fact that this terminal will be very representative of the Bahamas. In terms of the colours that a re used, in carpet and tile, t hat will be reminiscent of the sand and the waters of the Bahamas, the art installationsw hich are going to be very large and therefore make a bold statement about who wea re as a people those kinds of things I think are going to be very important. Im sure that Bahamians are going to b e very proud of this facility. In the first stage, Bahamia n contractors were awarded $46.4 million in construction contracts. T he entire project, which will span over three stages and was touted as the largest single capital project under t aken by the government, currently hosts 700 workers on site 70 per cent of whom are Bahamian. M r Steeves added: As soon as this is complete we will begin stage two, which isc onverting the existing US departures terminal into a new international arrivals ter minal with immigration upstairs, and customs downstairs. The international arrivals terminal and departures pier is on target for a 2012 opening, with the new domestic and international departures and domestic arrivals termi nals set to open in 2013, marking the completion of a 571,000 q ft airport complex with one million square feet of aircraft operating surface. FROM page one FIRST STAGE OF AIRPORT DEVELOPMENT LIVE IN MARCH Share your news The T ribune wants to hear fr om people who ar e making news in their neighbour hoods. Per haps 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. VERNICE WALKINE NADs vice president of marketing and communications, speaks to reporters yesterday at the airport development. AT THE final press tour before its completion, executives highlighted the progression of airport facilities
By MEGAN REYNOLDS Tribune Staff Reporter firstname.lastname@example.org M O R E t h a n a d o z e n f i l m s b y B a h a m i a n f i l m m a k e r s h a v e been selected from hundreds o f in tern ati onal su bmis sion s t o b e s c r e e n e d b e f o r e i n d u s t r y pro fes si ona ls at th e Bah am as I n t e r n a t i o n a l F i l m F e s t i v a l (BIFF) next week. Among the 14 films select e d f r o m m o re t h a n 2 0 lo c a l submissions, and over 300 in t otal, are f e at ures and short s t o r i e s s e t i n t h e B a h a m a s focussi ng o n loca l iss ue s su ch a s c r i m e t h e e n v i r o n m e n t a n d Junkanoo. But in a dditio n to Ba ham ia n w r i t e r a n d d i r e c t o r Ma tthew McCo y's 4 0-m inute f e a t u r e T h e L i o n f i s h I n v a sion' about the threat posed b y t h e m i gr at io n o f li o n f i sh to the Bahamas, and Jordan D a r v i l l e s T h e S p e r r i t w h i c h q u e s t i o n s t h e f u t u r e o f Bahamian culture in a docu m e nt a r y a bo u t J u n ka n o o th e B a h a m i a n f i l m m a k e r s e x p l o r e unive rs al s ubjects a nd s t or ies s e t o u t s i d e o f t h e w a t e r y Bahamian borders. D i r e c t o r R e b e c c a V a l r e j e a n s s h o r t f i l m T r i b u t e focuses on the Vietnam war a n d i t s a f f e c t o n t h e A m e r i c a n people. A n d B a h a m i a n d i r e c t o r a n d s c r e e n w r i t e r G u s t a v i u s Smith's short Contact Zone' is set in a New York City art g a l le r y wh e r e t he c u r a to r a n d a j a n i t o r e n g a g e i n a o n e n i g h t s t a n d d u r i n g t h e o p e n i n g reception for an exhibition. T h e K i n d l y O n e s m a d e b y w r i te r a n d d i r e c to r R u p e r t M i s s i c k J r T h e T r i b u n e s c h i e f r e p o r t e r e c h o e s a G r e e k t r a g e d y i n i t s p r e s e n t a t i o n o f a c a n d y c o a t e d m u r d e r b y t h r e e women at a tea party. S m o k e S i g n a l s b y M i c h a e l Mu nni ngs, i s ab ou t a youn g ma n's ba ttle wi t h drug a ddict i o n a n d T r a v o n P a t t o n s R e d i a l S u n s h i n e i s a n i m p r e s s i v e f i l m a b o u t t h e m y s t e r i o u s r e d i a l i n g o f a young man's past and future, BIFF founder and executive d i r e c t o r L e s l i e V a n d e r p o o l said. In con f ir ming t h e s ele ct i on o f 66 f il ms t o be show cased at the festival next week, Ms V a n d e r p o o l s a i d s h e w a s i mpr essed b y th e B ah amian talent evident this year. E ver y ye ar w e ha ve h ad Bahamian f ilms a nd as t ime g o e s o n w e h a v e h a d m o r e because they realise they are n o t j u s t m a k i n g i t f o r t h e i r l o c a l c o m m u n i t y t h e y a r e looki ng to branch out int e rn ati on all y," Ms Vand erp ool said. T he f es t iva l al so p ro vi de s e m e r g i n g d i r e c t o r s w r i t e r s actors and produce rs wishing to break into the film indus try, the opportunity to meet ke y i ndus t r y pla ye rs at a ho st o f e v e n t s a n d p a n e l d i s c u s sions. Y ou ca n le a r n h ow to p itc h f ilm ide as in a panel discuss i o n a t G a l le r ia C in e m as i n J F K D r i v e o n S a t u r d a y D e c e m b e r 4 o r q u e s t i o n i n du s t ry f i n an c i er s w ho w i ll be br ou g h t to g e the r fo r a d is cussion about how to finance i n d e p e n d e n t o n S u n d a y December 5. Master classes for actors, s c r e e n w r i t e r s a n d d i r e c t o r s w i l l h e l d b y H o l l yw o o d t al ents Raymond Forchion and Wil Shriner at the College of th e Ba h a m a s on M o nd a y a n d Tuesday at 5.30pm. A n d t h o s e w h o s e s c r i p t s h a v e b e e n a c c e p t e d b y t h e F i l m m a k e r R e s i d e n c y P r o g r a m m e m a y b e n e f i t f r o m connections to be made with some of Hol lywood's lea ding producers with the power to make their films succeed. Writer and director Maria G o v an s u b m i t t ed h e r s c r i p t f or Rain' t o the Filmmaker R e s i d e n c y P r o g r a m m e b e f o r e it pre mie red at BIFF in 2 00 8, a n d B a h a m i a n f i l m m a k e r K a r e e m M o r t i m e r h a s e n j o y e d i m m e n s e s u c c e s s w i t h C h i l d r e n o f G o d s i n c e h i s film opened BIFF last year. W i t h s o m a n y B a h a m i a n f i l m s b e i n g s u b m i t t e d a n d screened this year, Ms Van de rpool hope s othe rs will s ee th e i r w or k a n d co n s id e r m a k i n g s u b m i s s i o n s f o r f u t u r e f e s tivals. Each f i lm a t the fes t i va l is a star, and at just $8 a ticket for screenings at the Galleria i n J F K D r i v e t h e y a r e s o ac c es si bl e, M s Van d erp o ol said. I h o p e e v e r y o n e w i l l c o m e out and support their fellow B a h a m i a n f i l m m a k e r s a n d m a y b e f i n d a g e m l i k e J u n o o r P r e c i o u s f i l m s t h a t w e w i l l g e t t h e o p p o r t u n i t y t o s e e b e f o r e t h e y a r e r e l e a s e d i n t h e a t r e s A n d y o u g e t t o m e e t t he fi lmmak e r s, t he pro duc ers and the actors. T h i s is Ho l l y wo o d co m i ng t o t h e B a h a m a s a n d t h a t i s very rare. W e a r e a y o u n g f e s t i v a l that has got a lot of traction a r o u n d t h e w o r l d a n d t h e l o c a l c o m m u n i t y n e e d s t o re ally embra c e the opportunities." B I F F w i l l a l s o b e e v a lu a te d b y t h e A c a d e m y o f M o t i o n Picture for accreditation this y e a r w h i c h c o u l d g i v e t h e f e s tival even more kudos. To find out more about the festival and details of screenings, events and pan els, log on to www.bintlfilmfest.com or call 356 5939. HERE IS THE SELECTION OF BAHAMIAN FILMS AT BIFF FOR 2010: AT TH E E ND OF TH E W O RL D B ah am a s / 20 10 / 5 mi n s D i rec t or J an B ed n ar z T he s m al l i s la n d o f B i m i ni i n t h e B ah a ma s, h a s at t r ac t ed ex pl o re rs an d t r av el l er s f r o m al l o v er t h e w o rl d r es ul t i n g i n a r ic h hi s t o ry an d a un i q u e t ap es t ry o f t a le s t h at l iv e o n t h ro u gh i t s i n ha b it a n t s. Th i s sh o r t d o c u m en t ar y exp l o re s i t s m o st f a mo u s an d po p u l ar s t o ry o f h o w No b el P r i z e w in n i n g au t h o r E r ne st H em i ng w ay c ap t u r ed t h e h ea rt s an d m in d s o f t h e B im i n i r es id en t s o ve r 65 y ear s ag o T hr o ug h i n t er vi ew s an d re c o ns t r uc t io n w e' l l m ee t 96 ye arol d le ge nd P i c co l o P et e an d d i sc o ve r w h y P ap a H em i ng w ay c al l ed B im i n i t h e E n d o f t he W o r ld S h o w t i m e s : S at u r da y, D ec e mb e r 4/ 1p m S at u r da y, D ec e mb e r 4/ 8p m B E N E A T H T H E B L U E U S / B a ha m as / 2 01 0 / 10 2 m i n s D i re ct or M ic h a el D Se l ler s; sc r een w r i t er W en d el l Mo r ri s ; p ro d u c er s, P a u l W es l ey, Ca i t l in W ac h s, D avi d Kei t h Do l p h in ex pe rt s c on f r o n t t h e U S Na vy w h en i t s so n ar p r ogr am m e is su s pe c t ed of c au s in g t h e an i m al s' d eat hs S h o w t i m e s : S u nd ay D ec em b er 5 / 1p m G al l er ia J F K C i n em a Th e at r e 1 B RE A KI NG N E W S B ah am as / 20 10 / 1 8 m in s D i re ct or S i d ne y Ro l le ; sc r ee n wr i t er D ar sh a ni q u e Mi l l er ; p ro d u c er A l exa n d ra e Tu r nq u es t W i nn e r o f t h e 2 010 B I F F G re en R eel D oc u m en t ar y C o m p e t i t i o n T he t e am a t Br ea k in g N ew s ar e i nv es t i gat in g t h e i n vasi o n o f t h e B ah am as w h et h er it b e l an d o r s ea. C as u ar in a P o t c ak e, L i o nf i sh W h a t w i l l t h ey f in d o u t ? S h o w t i m e s : S at u r da y, D ec e mb e r 4 / 1 2 3 0 p m G al l er ia J F K C i n em a Th e at r e 3 C ON TA C T Z O NE U S / B ah am as / 2 010 / 1 4 m in s D i re ct or G u st a vi u s S mi t h ; sc r ee n wr i t er G u st a vi u s S m i t h D ur i n g an o p en i n g re c ep t i o n at a ar t gal l er y i n N ew Yo r k C i t y t h e c ur at or an d j an i t o r h ave a o n en i gh t s t a n d S h o w t i m e s : F r id a y, D ec e mb er 3/ 7p m G al l er ia J F K C i n em a Th e at r e 3 C RA Z Y LO VE B ah am as / 20 10 / 7 2 m in s D ir ec t o r C l ar en c e Ro l le ; sc r ee n wr i t er C l ar en c e Ro l l e; p r od u c er C l ar en c e Ro l l e & C ra i g Le ni h an W h en h e r h us b an d Li o n el se em s t o lo s e t h e ro m an t i c sp a rk C h ar l en e se ek s w ay s t o r ev i ve t h ei r p as si o n W h en t hi s d o es n o t w o rk h o we ve r, h e r f ri e nd s s h ar e w i t h h er t he i r vi ew o n d at i ng r om a nc e an d t h e o b l ig at i o n s o f m e n t o w ar d s t h ei r w o m e n Th i s s et s C h ar l en e o n a c o u rs e f o r d is as t er S h o w t i m e s : S u nd ay D ec em b er 5 / 3p m G al l er ia J F K C i n em a Th e at r e 1 G RA ND PA S Q U E ST A ck lin s / C ro oked Isl and, Bah amas / 2010 / 6 mi ns D irec to r, Kevi n C urt i s In th is wo nder fu l f ami ly t ale, grand pa' tel ls his grand ch il dren th e st or y of ho w h e w as given f avour to begi n d ati ng t hei r gran dmo th er. I t w as n o easy tas k! S h o w t i m e s : F rid ay, Dec emb e r 3/3p m Gal leri a JF K C in e m a Th eat re 3 Sat ur day, D ecemb er 4/ 9pm Gal leri a JF K C in e m a Th eat re 3 G U S O U T D O O R S L IZ A RD T O W N Bah amas / 2010 / 30 mi ns Di rec to r, S ean Ni ght ingal e; sc reenw rit er, Sean Night in gale; pro duc er, S ean N i g h t i n g a l e Si x-year -o ld nat ural ist an d ho st Gu s Nigh ti ngal e goes on a qu est t o t he Bah amas t o m eet s ome of t he c ou nt ry's many s pec tac ul ar cr eat ures. Ch il dren wi ll be c apt ivat ed as Gus explo res t he isl and s of t h e Bah amas i n searc h o f liz ard s, i guanas and snak es. T o c oo l o ff G us pl un g es in to t he gem -l ike wat er and snor kels wi t h t he beau ti f ul and biz arre l oo kin g cr eatu res o f th e sea. G us Ou td oo rs i s an ad vent ur ous mi x of ani mal iden t if ic ati on and pers onal enc ou nt ers t hat aim to del iver an en tert aini ng, yet ed uc ati on al p resent at io n t hat w il l gi ve ch ildren a resp ect f or nat ur e. S h o w t i m e s : Sat ur day, D ecemb er 4/ 11 am Gal leria JF K C inem a Theat re 3 OP E N YO U R E YE S B ah am as / 20 10 / 6 m i n s D ir ec t o r Ro b i n S c h mi d t Q ue n t on i sn t rea l ly i n t er es t ed in h is t o r y o r c u l t u re b ut w h en he f al ls as le ep in sc h o o l h e' s t r an s po r t ed t h ro u gh a ma gi c d o o r t o t he l an d o f t h e Is l an d G en i e. T h e ge ni e t a ke s h im o n a m agi c al w hi s t l es t o p t o u r o f Lo n g I sl an d o p en i ng h i s ey es t o a w or l d h e' d b e en o bl i vi o u s t o b e f o re Ta ki n g i t s c u e f ro m t he g re at c om e d y mu s ic a l n u mb e rs o f t h e c l ass i c D i sn e y an i ma t ed f i l ms t h e sh o r t f eat u r es a n o ri gi n al ra ke a n d s cr ap e so n g w ri t t en d u ri n g t h e 14 d ays t he f il m m ak er s p en t o n t h e i sl an d S h o w t i m e s : S un d ay D ec em b er 5 / 5p m G al le ri a J F K C i n em a Th e at r e 3 RE D IA L S U NS H IN E B ah am as / 20 09 / 2 3 mi n s D ir ec t or T ra vo n P a t t o n ; sc r ee nw r i t er T ra vo n P a t t o n ; p ro d u ce r, Tr avo n P at t o n a nd W il l i am M ar k C a r t w r i g h t Ia n ( P at r i c k D ev eau x) a w i t hd r aw n f r es h o u t of c o l l ege t e c h ni c al as si s t an t h as b een d ow n la t el y b u t g et s an un e xp ec t e d c al l f ro m h i s ex gi rl f r i en d S as h a (T o n ya La ra mo r e) w h o h ad n t c al l ed h i m s i n ce t he y br o k e u p t w o w e ek s ag o Th i s s u rp ri s in g d ev ia t i o n f r om h is ea rl y m or n i ng r o u t in e u n ex p ec t ed l y r ed i al s h is p as t .. .a n d h i s f u t u re S h o w t i m e s : S un d ay D ec em b er 5 / 5p m G al le ri a J F K C i n em a Th e at r e 1 S MO KE SI G NA LS B ah am as / 20 10 / 8 m i n s D ir ec t or M ic h ae l A Mu n n i ng s an d R o be rt o O t e r o A yo u ng m an f ac e s st r u ggl es in li f e an d p e er p r es su r e l ead s h i m t o dr u g ad d i c t io n H e b ec o m es i so l at ed f r om f ri e nd s l o ses hi s j ob g o es t o pr i so n l o se s h is gi r lf r i en d a n d l i ves a l i f e o f d es pa i r. E v en t u al l y, G o d 's w o rd get s hi s a t t en t i o n a nd c h an ges hi s l i f e f o r t h e b et t e r S h o w t i m e s : F r id a y, D ec em b er 3/ 5. 30p m G al le ri a J F K C i n em a Th e at r e 1 S at u r da y, D ec e mb e r 4 / 3 3 0 p m G al le ri a J F K C i n em a Th e at r e 1 TH E KI ND LY O NE S B ah am as / 20 10 / 1 0 mi n s D ir ec t or Ru p er t Mi s si c k J r; s c r een w r it er Ru p er t Mi s si c k J r P r o du c er s Ma rg ar et Gl y n at s is R up e rt Mi s si c k Ta n ek a Th o m ps o n Th r ee w o m en m u rd e r a m an d u ri n g a t ea p a rt y a f t er c on v ic t i n g' hi m of m at r i c i d e S h o w t i m e s : F r id a y, D ec em b er 3/ 1p m G al le ri a J F K C i n em a Th e at r e 3 S at u r da y, D ec e mb e r 4 / 7 3 0 p m G al le ri a J F K C i n em a Th e at r e 3 T H E L I ON F IS H I N V A S I O N B ah am as / 20 10 / 4 0 mi n s D ir ec t or M at t h ew Mc C o y; sc r een w r it er Ma t t h ew Mc C o y ; p r o d u c er s, Li n d sey M c C o y, Kr i st i n W i l l i am s, C r ai g L aym a n Th e L i on f i s h I nv as i on st a rs G ary R i c ha rd s on an d Th o m as B e t h el t w o B ah am i an s w h o a re l ea rn i ng a b ou t l io n f i s h an d d em o ns t r at i n g w ays t o t a ke ac t i o n U si n g un d er w at e r f o o t age t h e f i l m ex pl o r es w h at w e kn o w a b ou t t h es e n on n a t iv e i nv ad er s, or i gi n al l y f ro m t h e I n do P ac i f i c re gi o n o f t h e wo r l d, w hi c h ar e n ow a m aj or t h re at t o n at i ve j u ve ni l e f i sh an d i nv er t eb r at e s in t h e C M Y K C M Y K LOCAL NEWS P AGE 10, FRIDA Y NOVEMBER 26, 2010 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM M o r e t h a n a d o z e n B a h a m i a n f i l m s s e l e c t e d f o r upcoming Bahamas Inter national Film Festival
B a ha ma s. It al s o d o c um en t s s o me o f t h e n ov el r es ea rc h b ei n g d o ne i n t he i s l an d s t o d o c u me nt i t s i m p ac t S h o w t i m e s : S at ur d ay De c em b er 4 / 1 1 a m G al l er i a J F K C in e ma T h ea t re 3 T H E S P E RRI T Bahamas / Canada / 2009 / 16 mins Director, Jordan Darville, Producer, Jordan Darville Few Bahamian cultural expressions have taken as many forms as Junkanoo has. Throughout the country's history it has been a vehicle for a slave's rebellion, a celebration of local businesses and an expres sion of cultural solidarity. But as the country grows and cultural development is left behind, could that solidarity be waning? The Sperrit chronicles a month of struggles and breakthroughs for Junkanoo team "One Family" and asks tough questions about the future of Bahamian culture. Showtimes: Sunday, December 5/3pm Galleria JFK Cinema The atre 1 T RI B U TE B a h a m a s / U S / 2 0 1 0 / 9 m i n s D i r ec t o r, Reb ec c a V al re j ea n A d i st u r bi n g an d em ot io n al r ev ie w o f t h e Vi et n a m w ar a nd i t s ef f ec t on t h e po p u l at i o n o f t h e U ni t e d S t at e s. S h o w t i m e s : T h ur s da y, D ec e mb e r 2/ 2p m G al l er i a J F K C in e ma T h ea t re 3 F r i d ay, De c em be r 3/ 9p m G al l er i a J F K C in e ma T h ea t re 3 C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 26, 2010, P AGE 1 1 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM E v e r y y ea r w e h a ve h a d Ba h a mia n fil ms a nd a s ti me g oe s on we h a ve ha d mor e b e c a us e t h ey r ea l is e t h ey a r e n ot j us t ma k in g it f or t he ir l oc a l c om mun ity t h ey a r e lo ok ing to b r a n c h o ut i nt e r n a t i o n a l l y Leslie Vanderpool
C M Y K C M Y K INTERNA TIONAL NEWS P AGE 12, FRIDA Y NOVEMBER 26, 2010 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM BAGHDAD Associated Press I N C U M B E N T P r i m e M i n i s t e r N o u r i a l M a l i k i c e m e n t e d h i s g r i p on power Thur sday bring ing an e nd t o n e a r l y n i n e m o n t h s o f p o l i t i c a l deadloc k aft e r he was asked to form t h e n e xt g o v e rn m e n t H e n o w f a c e s t h e d a u n t i n g t a s k o f b r i n g i n g t o g e t h e r I r a q s S h i i t e Sunni and K urdish factions in a g ove r n m e n t t h a t c a n o v e r c o m e e n d u r i ng t ensio ns as t he c ou nt ry st ruggles t o d eve lo p it s ec o n om y a nd p rev en t a r e s u r ge n c e o f v i o l e n c e a s t h e l a s t A m e r i c a n t r o o p s a r e d u e t o l e a v e b y t h e en d o f n e xt y ea r T h e l o n g a w a i t e d r e q u e s t f r o m P r e s i d e n t J a l a l T a l a b a n i s e t s i n m o t i o n a 3 0 d a y t i m e l i n e d u r i n g w h i c h a l M al i k i m u s t p i c k h i s C ab i n e t A l M a l i k i a s t e e l y p o l i t i c i a n k n o w n m o r e f o r h i s a b i l i t y t o al i e n a t e t h an u n i f y sa i d h e w a s a w a re o f t h e c h a l l e n g e s a h e ad "I ca ll upon t he gr eat Ir aqi people f ro m a l l se c t s r el i g i o n s a n d et h n i c i t i es a n d I c al l u p o n m y b r o t h e rs t h e p o l i t i c i a n s t o w o r k t o o v e r c o m e a l l differ en ces ," the pr ime min iste r de si g n a t e s ai d d u ri n g t h e c e r em o n y a t t h e p r e s i d e n t s p a l a c e T h e n e w go v e r n m e n t i s e xp ec t e d t o i n c l u d e a l l t h e m a j o r f a c t i o n s i n c l u d i n g t h e K u r d s S h i i t e p o l i t i c a l p ar t i es al ig n ed w it h I ra n a nd a S u n n i b a c k e d b l o c t h a t b e l i e v e s i t s h o u l d h a v e b e e n t h e o n e l e a d i n g t h e n e xt g o v e rn m e n t In ma ny wa y s i t is lik el y to be si mil ar to the pr e v io us g ov e rn me n t. T he p r esi d en c y a gai n w il l b e h el d by t h e K u r d s t h e p a r l i a m e n t s p e a k e r b y t h e S u n n i s a n d t h e p r i m e m i n i s t er s o f f i c e w en t t o t h e c o u n t r y' s d o m i n a n t s e c t t h e S h i i t e s T h e b r e a k d o w n i s a r ef l e c t i o n of t h e s ec t ar i an in te r e s ts th a t s ti l l d i v id e th is c ou n tr y s e v e n y ea r s a f t e r t h e U S l ed i n v a s i o n A l Ma l i k i w i l l h a v e t o f i n d o t h er s ub s t an t ia l r ol es f o r al l of t h o se f ac t i o n s o r r i s k h av i n g t h e m l e a ve h i s go ve rnm ent, a d es t a bil izing blo w f o r a c o u n t r y s t r u g g l i n g t o o v e r c o m e y e a r s o f v i o l e n c e a n d e c o n o m i c s a n c t i o n s Th e p r esi d en t 's re qu e st T hu r sd ay w a s l a r g e l y a f o r m a l i t y f o l l o w i n g T a l a b a n i s r e e l e c t i o n o n N o v 1 1 T a l ab an i a K u r d t h e n h a d 1 5 d a y s i n wh ic h to for ma l ly e x ten d th e offe r a n d s t a r t t h e 3 0 d a y c l o c k T h e a n n o u n c e m e n t u n d e r s c o r e s wh at h as b een a st u nn in g c om eb ac k f o r a l M a l i k i w h o s e S t a t e o f L a w c o a l i t i o n c a m e i n a c l o s e s e c o n d i n t h e M a r c h 7 el ec t i o n t o t h e S u n n i b a c k e d b l o c l e d b y f o r m e r P r i m e M i n i s t e r A ya d A l l a w i B u t n e i t h e r b l o c g a i n e d t h e 1 6 3 s e a t m a j o r i t y n e c e s s a r y t o g o v e r n l e a d i n g t o a n i n t e n s i v e p er i o d o f p o l i t i c a l j o c k e yi n g A l M a l i k i 6 0, t h en m e n d e d r i f t s w i t h h i s h a r d l i n e S h i i t e r i v a l s t o c o n s o l i d a t e h i s p o w e r b a s e A k e y que s ti on w il l b e who g et s to c o n t r o l t h e s e c u r i t y m i n i s t r i e s i nte ri or an d de fe ns e H ai de r a l -Aba d i a Sh ii te la w m a ke r a n d a n a l -M a l i ki ally said those posts were e xpecte d t o go t o i n d e p e n d e n t p o l i t i c i a n s n o t a f f i l i a t e d w i t h an y o f t h e m ai n p o l i t i c al b l o c s S u c h a m o ve w o u l d avo id an y ri sk of u si n g t he po we rf u l m i n i s t r i e s t o s et t l e f e u d s T h e K u r d s m e a n w h i l e a r e p u s h i n g t o h o l d o n t o t h e f o r e i g n m i n i s t r y w h i l e A l l a w i s S u n n i b a c k e d I r a q i y a l i s t h a s d e m a n d e d t h e o i l m i n i s t r y F i n d i n g a r o l e f o r I r a q i y a i s a n i m p o r t a n t c h a l l e n g e. S u n n i d i s c o n t en t w it h t h e Sh i it e do m in at i o n t h at ar o se f rom t he A merican overthrow o f S a d da m H us s e i n wa s a k e y r e a s on fo r th e bloo dy in surgency t hat just a f e w y ea r s a g o r e s u l t e d i n h u n d r e d s o f p eo p l e d e a d ea c h d a y. Vio len ce h as sh arp ly d ecl in ed b ut a t t ac k s c o n t i n u e. A b o m b w e n t o f f in a pe t s t ore Thursday in the northe r n c i t y o f T a l A f a r k i l l i n g at l e as t t h r e e p e o p l e a n d w o u n d i n g 1 6 p o l i c e an d h o s p i t a l o f f i c i a l s s a i d A l l a w i w h o d i d n o t a t t e n d t h e m ee t i n g w as e xp e c t e d t o b e n am e d t h e h e a d o f a c o u n c i l t h a t w o u l d h av e a m b i gu o u s p o w e r s o v e r m a j o r g o v er n m en t d e c i s i o n s a c c o r d i n g t o a po w ersh ari ng d eal t hat p aved th e w a y f o r a l M al i k i t o k e e p h i s j o b Thanksgiving sales bring shoppers, grumbles I n b r i e f NEW YORK Associated Press N O T a ll Am e r ic a ns tu ck e d i nt o t u r k ey w i t h t h ei r f am i l i e s o n T h an k s g i v i n g. S o me w e r e o u t s h o p p i n g h i t t i n g s a l e s a h e a d o f t h e c r o w d s expec ted F rid ay. A f t e r a y e a r o f c a u t i o u s spen di ng and w or ry over an un cert ain ec on omy and h igh un emp loym ent m ore st ores this ye a r ex ten ded h ours into T h a n k s g i v i n g D a y a d a y wh en st ores are t radi t ion ally c l o s e d M a n y g r u m b l e a b o u t t h e relen tl ess m arch of c omm ercial ism cree ping into the holid ay. B ut at least so me s hop pers t ook t he b ait W h i l e c r o w d s a p p e a r e d r e l a t i v e l y l i gh t c o m p ar e d w i t h t h e w e e k e n d a h e a d t h e e x te n d e d h ou r s d r e w in ov e r seas visi to rs, t hos e w ho h av e t o w o r k F r i d a y a n d s o m e w h o co ul dn' t resis t a good deal S e a r s K m a r t a n d s o m e S po r t s A u t h o ri t y G ap Ol d Na vy an d B an a na Re p ub l i c s t o r e s w e r e a m o n g t h o s e op en Th urs day. A t a n O l d N a v y i n L u t h e r v i l l e M d B r e n d a T a r v e r 6 5 a r e t i r e d p o s t a l e m p l o y e e f r o m B a l t i m o r e wa s d ra g ge d ou t o f th e ho us e b y h e r d a u g h t e r s b u t w a s f ind in g go od d e al s on c lo th i n g T h e y v e g o t go o d p r i c e s and a variet y of i tem s. A lo t of t hi ngs are 50 p ercen t o f f," she said W i l l y G e r e l b e s t 4 5 a c o u n s e l o r f r o m B r o o k l y n w a s s h o p p i n g a t K m a r t i n N e w Y or k for s ne ak er s on sa le f o r $ 9 9 9 "I saw t he ad vert isi ng and ju st w ant ed t o chec k it ou t," h e s a i d T o m o r r o w I h a v e t o w ork ." Epic battle over Iraq PM must form new government IN THIS ph ot o rel eased by th e Iraq i G o vernm ent Iraq i P r esi d ent Jalal Ta lab ani ri gh t, an d Ira q i P ri m e M i n i s te r N o u ri a l -M a l i ki l e ft a re se en d u r i n g a ce rem o n y o f a sk i n g a l M a l i k i t o f o r m t h e n e x t g o v e rn m e n t i n B a g h d a d I r a q T h u r s d a y N o v 2 5 2 0 1 0 a l -M a l i ki appealed to the country's warring political factions for unity after formally accept i n g o n T h u r s d a y N o v 2 5 2 0 1 0 a r e q u e s t b y t h e p r e s i d e n t t o f o rm t h e n e x t g o v e r n m e n t p a r t o f a d e a l t o e n d a n e i g h t m o n t h d e a d l o c k o v e r w h o w o u l d l e a d t h e c o u n t r y t h e n e x t four years. Iraqi Government/ AP Photo
Y E O N P Y E O N G I S L A N D South Korea Associated Press SOU TH Ko re a' s p re si de nt o r d e r e d m o r e t r o o p s t o a f r ontl ine is land and dumped h i s d e f e n s e m i n i s t e r T h u r s d a y as the country grappled with l a p s e s i n i t s r e s p o n s e t o a d e a d l y N o r t h K o r e a n a r t i l l e r y strike. I n s c e n e s r e m i n i s c e n t o f t h e K o r e a n W a r 6 0 y e a r s a g o d a z e d r e s i d e n t s o f Y e o n p y e o n g i s l a n d f o r a g e d th r ou g h bl a ck e n e d r ub bl e f or p i e c e s o f t h e i r l i v e s a n d l u g g e d t h e i r p o s s e s s i o n s d o w n ee ri ly de se rte d s tre ets str ewn w i t h b en t m et al af t er T u es d a y s h a i l o f a r t i l l e r y T h e b a r r age d a rk en ed sk i es, se t o f f f i e r c e b l a z e s k i l l e d f o u r S o u t h Ko rean s and r aised fear s of an escalation that could lead to full-scale war. "It was a sea of fire," resi de nt Le e I n-ku s ai d, r ec al li ng t h e fl a m e s th a t r o l l e d t h r o u g h t h e s t r e e t s o f t h i s i s l a n d t h a t i s h o m e to m i l i t a r y b a s e s a s w e l l a s a f i s h i n g c o m m u n i t y fa m o u s f o r i t s c a t c he s o f c r a b The spit of land is just seven m i l e s ( 1 1 k i l o m e t e r s ) f r o m N o r t h K o r e a b u t h a d o n l y s i x pieces of artillery. D e s p i t e w a r n i n g s f r o m N o r t h K o r e a t h a t a n y n e w p r o v o c a t i o n w o u l d b e m e t with more attacks, Washing ton and Seoul pushed ahead wi th plans f or milit a ry drills s t a r t i n g S u n d a y i n v o l v i n g a n u c l e a r p o w e r e d U S a i r cr a f t car rie r i n wa t e rs so uth of this week's skirmish. T h e e x e r c i s e s w i l l l i k e l y a n g e r t h e N o r t h t h e r e g i m e cite d S outh Ko re a n d ril ls this week a s the impe t us be hin d it s a t ta c k b u t t he pr e s id e n t s a i d t h e S o u t h c o u l d l i t t l e a f f o r d t o a b a n d o n s u c h p r e p a ration now. W e s h o u l d n o t e a s e o u r sense of crisis in preparation for the possibility of another p r o v o c a t i o n b y N o r t h K o r e a s p o k e s m a n H o n g S a n g p y o q u o t e d P r e s i d e n t L e e M y u n g b a k a s s a y i n g A p r o v o c a t i o n l i k e t h i s c a n r e c u r a n y time." Wa s hi ng t on a nd S e ou l a l s o r a tc h e te d u p p r e s s u r e o n C h i na, North Korea's main ally a n d b i g g e s t b e n e f a c t o r t o restrain Pyongyang. C h i n e s e P r e m i e r W e n J iab a o respo nd ed by cal lin g o n a l l s i d e s t o s h o w "m a x i m u m r es t r ai n t a n d p u s h ed a g ai n to r e s ta rt t he s ix -n a tio n t a l k s a i m e d a t p e r s u a d i n g North Korea to dismantle its n u c l e a r p r o g r a m s i n e x c h a n g e f o r a i d F o r e i g n M i n i s t e r Y ang Ji ec hi, me an whil e, ca nc e l e d a t r i p t o S e o u l t h i s week. T h e h e i g h t e n e d i n t e r K o r e an anim osit y i s t akin g pl a c e as North Korea undergoes a d el i c at e t r an si t i o n o f p ow e r f r o m l e a d e r Ki m J o n g I l t o his son Kim Jong Un, who is in hi s la te 2 0 s a n d i s e x p ec te d to eventually succeed his ail ing father. O n T h u r s d a y L e e a c c e p t e d hi s d e fe n s e mi n is te r' s o ffe r t o r e s ig n a f t e r l a wm a k e r s l a s h e d o ut a t th e g o v e r nm e n t cl a i m ing offi cia ls wer e unpr e par e d for T ues day 's a ttack a nd tha t the mi lita r y re sp ons e wa s to o s lo w. Ev e n th o se in L e e s r ul ing party demanded the dis m i s s a l o f D e f e n s e M i n i s t e r Kim Tae-young. A t a n e merg ency mee t ing i n S e o u l L e e o r d er e d r e i n f o r c e m e n t s f o r a b o u t 4 0 0 0 t r oo p s o n t en s e Yel l ow S ea i s l a n d s t o p l e v e l w e a p o n r y a n d u p g r a d e d r u l e s o f e n g a g e m e n t t h a t w o u ld c r e a t e a n e w c a t e g o r y o f r e s p o n s e w h e n civilian areas are targeted. S k i r m i s h e s b e t w e e n t h e K o r e a n m i l i t a r i e s a r e n o t uncommon, but North Kore a s h e a v y b o m b a r d m e n t o f Ye on p yeo ng I sl an d w as t h e first naval skirmish since the Korean War to kill civilians. S o u t h K o r e a n t r o o p s ret urned fire and scrambl e d f i g h t er j et s i n r es p o n se b u t t w o S o u t h K o r e a n m a r i n e s a nd t w o c on s t r uc t io n w o rk e r s we r e k il l e d a n d a t l e a s t 1 8 o t h e r s w o u n d e d S o u t h K o r e a h a s s a i d c a s u a l t i e s o n t h e N orth K or ea n sid e we re l ike ly significant, but none were immediately reported by the secretive regime. Marine Lt. Col. Joo Jongw h a ac k n o w l e d g ed t h a t t h e i s l a n d i s a c u t e l y s h o r t o f a r til l e ry s a y i ng i t h a s o nl y s ix pieces: the howitzers used in Tuesday's skirmish. C M Y K C M Y K INTERNA TIONAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 26, 2010, P AGE 13 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM South Kor ea' s defence chief resigns after North Korea attack SO UT H K OR E AN Pr es i d en t L e e M yu n g b ak ce n te r, a rri v es w i t h De fe n se M i n i s t er Ki m T ae -yo u n g se co n d rig h t, at th e Jo i n t C hi ef s o f S taf f as th e m i li t ary w as p u t o n to p al ert aft er No rth Ko rea' s a rti ll ery att ack o n South Korean island of Yeonpyeong, in Seoul, South Korea, Tuesday, Nov. 23, 2010.
C M Y K C M Y K LOCAL NEWS P AGE 14, FRIDA Y NOVEMBER 26, 2010 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM C HRISTMAS was in the air at Kelly's House and Home as Toyland was opened in grand style on November 13. Hundreds of children and adults made their way to Kelly's at noon for the arrival of Santa and Snowbear. K e l l y 's st a r t e d t he f e st i v i t i e s i n t h e so ut h pa r ki ng l o t a r ou nd 1 1 a m. w i t h a l iv e l y p er fo r m an c e b y th e R o y al B a h a m a s D e f e n c e F o r c e B a n d W h i l e c u s t o m e r s e n j o y e d t h e p e r f o r m a n c e a n d w a i t e d f o r t h e a r r i v a l o f S a n t a a n d S n o w b e a r t h e r e w e r e m a n y o t h e r a c t i v i t i e s t o k e e p t he l it t l e o ne s bu sy Ke ll y 's gav e ou t fr e e po pco r n an d b a l l o o n s C h i l d r e n c o u l d a l s o g e t t h e i r f a c e s p a i n t e d b y f a ce pa in t er s T a ma ra Don a l d s o n a n d T a n i q u e C a p r o n T h e re we re a ls o t w o bo un c i ng c a s t l e s. T h e l i n e t o v i s i t S a n t a i n s i d e t h e s t o r e s t a r t e d t o f o r m a r o u n d 1 1 1 5 a m C e l i n e S c o t t 1 1 E t h a n S c o t t 1 a n d R e n d e i s h a S a n d s 9 w e r e t h e f i r s t t o h a v e t h e i r p i c t u r e t a k e n w it h S a nt a a n d Sn ow be a r in F a nt a sy F ore s t, K e ll y 's f u ll y an i m ate d f o r es t an d h om e to S an ta an d S no w be ar. T h e p a r a d e s t a r t e d a r o u n d 1 1 5 0 a m w i t h a g r a n d p er f o r m a n c e b y t h e C R W a l k e r M a r c h i n g B a nd, dir e ct e d by M r Os ca r D am es The b an d was fo ll o we d b y Th eo d o r e E l yett s M i s s T e e n B a h a m a s As h lee Bai n Next cam e a t ru c k wi th a D e e j a y f o l l o w e d b y S a n t a a n d S n o w b e a r T h e c h i l d ren wer e so exci ted to s ee S a n t a a n d S n o w b e a r t h a t m a n y o f t h e m r a n u p t o t h e m t o h u g t h e m a s t h e y m ade th eir w ay i n to Fan tas y Fo r es t. A c c o r d i n g t o D e n i s e D ar vil le, a rea m an ager fo r t h e t o y d e p a r t m e n t t h e o p e n i n g o f T o yl an d w a s a h u g e s u c c e s s T h e t o y d ep ar tm en t w as extr e me ly b u s y a n d o u r c u s t o m e r s w e r e r e a l l y t a k i n g a d v a n tage o f the to y s al e." W h e n a s k e d w h a t t h e ma j or se ll er s we re th is y e a r, M r s. Da rv i l le s a i d, t h e t oy s t h a t h a v e r e a l l y b ee n s e l l i n g a r e H o t W h e e l B a t t l e F o r c e 5 D o r a P o w e r Whe e ls, Ba by A li ve e duc a ti on al t oys l ik e VTech l apt o p c o m p u t e r s a n d o f co u r se, b ik es ." S ant a an d S n ow b ear w il l b e a v a i l a b l e o n S a t u r d a y s fr o m no o n to 5 p. m. at K ell y s F a n t a s y F o r e s t u n t i l D ecem b er 4. P ic tur es c an b e tak en fo r o nl y $5 a nd al l pro ce e ds go t o v a rious l oca l c h a r i t i e s K e l l y s F a n t a s y F o r e s t i s o p e n e v e r y d a y u nti l D ecem b er 4. Kelly's Toyland opens in GRAND STYLE GOOD STUFF: Santa's Helpers prepare bags of free popcorn under the tent as the crowd waits in anticipation. ALL SMILES: Celine Scott, 11, Ethan Scott, 1, and Rendeisha Sands, 9, were the first to have their pictures taken with Santa and Snowbear in Fantasy Forest. GREAT TIME: Bouncing Castle where little ones enjoy the fun as the festivities go on.
By IAN JAMES Associated Press CARACAS, Venezuela (AP vast natural gas discovery off its coast, a project that President Hugo Chavez says will help turn the oil-exporting country into a major global gas producer. Venezuela's oil minister, Rafael Ramirez, said the latest exploratory drilling has confirmed "extraordinary results", with about 15 trillion cubic feetof gas under the sea floor in a place where experts once thought there was only a fraction of that amount. Italian energy company Eni SpA, which is a partner in the project, announced the drilling results last week, calling it the biggest natural gas deposit in Venezuela and one of the most significant finds in recent years. Energy analysts caution that Venezuela, which already leads Latin America in proven gas reserves, remains far from being able to sell its gas internationally and is still working on trying to meet its domestic demand. Yet Eni chief executive Paolo Scaroni expressed optimism based on what his company saw drilling at the well known as Pearl 3 in 230 feet (70 metres of water off western Venezuela. "In the past weeks, it has proven more important than we had thought," he said at an event launching a separate $17 billion oil project involving Eni and the state oil company, Petroleos de Venezuela SA, or PDVSA. Mr Scaroni said the oil and gas projects together mean that Venezuela "is going to be a truly strategic country for our development. Eni is involved in the offshore gas project along with Spanish energy company Repsol-YPF, and Mr Chavez has been talking up the project for some time. In March, he called it a "super well" and said it could hold up to 14 trillion cubic feet. Celebrating the latest results last week, Mr Chavez declared: "We're turning into a world gas power." Venezuela's proven gas reserves have been growing. In August, PDVSA said the country's proven reserves had reached 185 trillion cubic feet, making the country No. 9 in the world and first in Latin America. Yet some of Venezuela's neighbours have done more with less. Nearby Trinidad and Tobago has 14.4 trillion cubic feet of proven reserves of natural gas, and its current production is 4 billion cubic feet per day, according to the country's energy ministry. The two-island nation is the largest supplier of liquefied natural gas (LNG the US, accounting for 57 per cent of all cargos in September. A large portion of Venezuela's natural gas, in contrast, has traditionally been reinjected into oil wells to help produce crude. of $25-$30 million abound), decided to quit the game within six months. Seeing no prospect of a r eturn on such a colossal outlay, the Trinidadian conglomerate quietly began shopping City Markets to potential buyers this summer. The urgency reached a peak in the fall, as Neal & Massy pulled the plug o n any further financing and, within days, the supermarket chain was sold to Ben FrischsA ssociated Grocers of the Bahamas, only for the Bahamas Food Services prin c ipal to pull out, enabling the last man standing, Mark Finalyson, to accomplish the dream snatched from his graspi n 2006 and become City Mar kets apparent saviour. Aided by the multi-million dollar windfall the Finlayson family received from the sale of their Associated BahamianD istillers and Brewers ( ABDAB) stake in Commonwealth Brewery/Burns House to Heineken, Mr Finlayson at f irst glance appears to have the deep pockets to do what is necessary to turn the ailingp achyderm around. B ut management expertise will be critical, especially in a business with so many moving parts, and which is acknowledged to be in the most difficult industry in the Bahamas. In interviews with Tribune Business, Messrs Chatrani and Winford appeared to be stunned, rabbit in the headlights like, by the level of pilferage they had encountered at City Markets, some three times what they were used to in the southern Caribbean. While Mr Finlayson may have bailed out both City Mar kets 700 employees and the Government (which would have had to deal with 700 middle class and grassroots Bahamians being added to the unemployment lines), many in the retail industry have saidhe is merely delaying the inevitable, meaning the demise of City Markets. For the company will have to do something special to win back all the customers that have deserted it in a food retailing landscape that has changed beyond all recognition since Messrs Finlayson a nd Fitzgerald first plotted t heir City Markets acquisition. If they are relying on their 2006 business plan, that couldb e a mistake, as the whole world and his wife appear to have entered grocery retail, including upstarts Robin Hooda nd Phils Food Services, whose aggressive practices are impacting prices and the trad itional retailer/wholesaler relationship. Then there is the business t rack record of the new owne rs, which does not scream: Resounding success. Mr Finlaysons last foray into retailw as luxury goods, where he presided over the dramatic downsizing at SolomonsM ines, a process punctuated with frequent complaints from staff over salaries being lateo r not paid. Tribune Business also raised questions this year over the lack of information made available to ABDABm inority shareholders over the Heineken deal, and whether they would receive a dividend,p rompting the company to rush out newspaper advertise ments to show all was in order. Long-suffering Bahamian minority shareholders, who collectively own a 22 per cent stake in Bahamas Supermar kets, would be well advised to closely monitor the company in which they have invested, as it endures its third owner in five years. Not only have their dividends dried up, but the value of their investment has shrunk to just $1 the price Mr Finlayson paid, in addition to assuming all the companys liabilities. They have also seen the company censured by the Securities Commission and fined for its consistently late financials, and had to put up with, in many instances, an information vacuum. Partici pants in the Bahamian hotel industry pension funds, too, should be demanding answers from one of the key BSL Holdings investors, particularly on how much money they have had to write-off. Other p articipants in the ill-fated d eal, including RoyalFidelity, the Symonette Group (Craig Symonettes family vehicle)a nd Milo B. Butler Investments will also be looking closely at the drop of red ink they will be forced to take ont heir income statements and balance sheets, as will Neal & Massy. The saga does not say m uch for the supposed Trinidadian/Barbadian business expertise. B ahamian suppliers, too, w ill want answers as to what will happen to the more than $9.5 million in accountsp ayables owed to them. They are unlikely to be happy if, as sources suggest, the new CityM arkets owners are offering them a $0.50 of every $1 deal. So, after writing-off more t han $42.5 million ($25 million in equity and $5 million in preference shares, plus $12.577 million in loans), BSL Hold i ngs has less-than-gracefully handed the baton over to Mr Finlayson and his team. Outo f the frying pan and into the fire? For the sake of City Mar kets employees, suppliers and wider society, Tribune Business hopes not. C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM :$17(' BUSINESS REVIEW F ROM page 16B From $54m to $1 VENEZUELA PRESIDENT Hugo Chavez Chavez hopes gas find not all hot air
By BARRY HATTON Associated Press LISBON, Portugal (AP Portugal is bracing for an i ncrease in speculative trades a gainst it, as some investors expect it to be the next European nation to need a bailout now that Ireland is taking a massive loan to prop up its banks. During the past decade of m eagre economic growth of around 1 per cent a year, the Portuguese have been living beyond their means, borrow-i ng money to finance sacred w elfare entitlements and private spending while protecting jobs through outdated labour laws that ignored changes in market conditions. I nternational investors, s pooked by the scale of Greece's bailout requirements in May and Ireland's bankingf ailures, are taking a closer look at the finances of eurozone countries and they don'tl ike the look of Portugal's a ccounts, says Emilie Gay, an analyst at Capital Economics in London. Investors are "looking for t heir next target" and Portug al fits the bill, Gay said on Monday. Capital Economics predicts Portugal will have to ask for help by early next year, when it has to begin refinancing billions of euros in government bonds. Othersp redict the crunch may come sooner. Deficit Portugal's state budget deficit how much more the g overnment spent than it r eceived reached 9.3 per cent of gross domestic prod u ct (GDP f ar above the 3 per cent limit for countries using the euro currency, a rule repeatedly b roken even by the biggest e conomies, and the fourthh ighest deficit in the eurozone after Greece, Ireland and Spain. The jump in deficits during t he crisis, however, is not the w hole story. Portugal's debt load, amassed over years of o verspending, is high and increasingly costly to sustain as borrowing rates have risen d uring the recent months' d ebt crisis. Some analysts claim that accumulated debt money owed by the state, by stateowned companies, by private corporations and householdsis way over the country's a nnual GDP of 160 billion euros ($218 billion ernment, by contrast, puts it at 86 per cent of GDP this year. P edro Passos Coelho, leader of the centre-right Social Democratic Party, them ain opposition party, has a ccused the centre-left Socialist government of shifting d ebt off the books. He said "a good portion of our (offi-c ial) figures is fiction", and e stimated public debt at 112 p er cent of GDP and the d eficit at 9.5 per cent. Such allegations are serious b ecause they echo what happened in Greece, where the revelation that it had hiddent he size of its debts caused markets to rapidly lose confidence in the government and triggered a funding crisis. O ver the longer term, Por t ugal's core problem is how to generate wealth that might p ay for its lifestyle part of a malaise hurting western Europe, as countries cope with an aging population and competition from Asia and other regions. W hen Ford and Volkswag en spent almost 2 billion euros to set up a huge new manufacturing plant near Lisbon in the early 1990s, it appeared to be the prelude for a mass arrival of highgrade industry that wouldp ower Portugal forward. It also looked like an endorsement of Portugal's ambition to become a modern western European nation after lang uishing under four decades of dictatorship and political turmoil following the 1974C arnation Revolution. B ut in many ways it was a false dawn. Unions P ortugal did not shed the p ost-revolution labour laws t hat made it hard to fire workers as trade unions stood in the way of attempts to modernise. Laying-off workers is a b ureaucratic entanglement, a nd entails hefty compensation payments, while workers c an refuse proposed changes to their working hours. That turned foreign investors away from Portugal. Civil servants, meanwhile, c annot be fired except in cases of extreme misconduct, l eaving the public sector b loated. Education levels among Europe's lowest and a cultural reluctance to taking risks o n new work methods have k ept productivity low it stands at around two-thirds o f that in neighbouring Spain. P ortugal stuck too long with traditional industries such as textiles and footwear, which have been unable to c ompete with Asian imports. And, being locked into the e uro, Portugal can't devalue i ts currency to make its exports cheaper. S tate-owned companies are a mong the most inefficient, a nd their total debts are estim ated at more than 15 billion euros. P art of the reason is politi ca: in a country where the average monthly wage isa round 800 euros a month, and where hundreds of thous ands earn the minimum wage o f 475 euros a month, the gov ernment forces public transport companies to keep ticket prices artificially low and pays t hem compensation for their losses. Those low earners, meanw hile, have used the cheap loans that came with euro membership to finance pur c hases of cars and houses. Portugal, a country of 10.6 million people, remains one of western Europe's poorestn ations, and the outlook is gloomy. The Bank of Portugal pre d icts growth of 0.9 per cent this year, after a contraction of 2.7 per cent last year, andm any analysts predict another r ecession in 2011 due to a government austerity pro gram devised to drive down t he country's debt. Some Portuguese are despairing of their country ever attaining average European standards of income. Emigration to Portuguesespeaking countries such as A ngola and Brazil, whose e conomies are flourishing, has soared in recent times. A lvaro Santos Pereira, a r esearcher at Canada's Simon Fraser University, estimated in a recent study that between 1998 and 2008 some 700,000 P ortuguese left their country. From 2008 to 2009, he said, P ortuguese visas issued for A ngola more than doubled to 46,000. V asco Costa, a 48-year-old f ather of three who owns a c hain of shops in Portugal, s ays he's seriously considering moving his family to B razil, where economic growth is expected to reach 7.5 per cent this year. We're going backwards while Brazil is growing more t han 7 per cent a year," he s aid as he waited to catch a Lisbon subway train. "I only see a brutal period of stagnation here." C M Y K C M Y K PAGE 10B, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM *UHDW*XDQD&D\$EDFR 7KH%DKDPDV(03/2<0(17,7<
By LANDON THOMAS JR. c.2010 New York Times News Service@ D UBLIN Ireland has f inally taken its medicine, accepting the financial resc ue package European offic ials have been pushing for s everal weeks. But even as Europe moved to avert this latestd ebt crisis, economists and p olicy experts are increas ingly debating whether it would be better, and fairer,f or the Continent's weakest economies to default on payments to lenders. Many experts now say t hat bailouts only delay the inevitable. Instead of further wounding their economies with drastic budget slashing,t he specialists assert, gov ernments should immedi ately start talks with bondholders and force them toa ccept a loss on their investments. The risk, of course, is an i nvestor panic that would s eize financial markets at a time when the global econ omy remains on tenterh ooks. B ut an organised restructuring of debt that would reduce the amount of money troubled countries owed, especially in conjunction with a financial aid package, might provide a quicker path to recovery and avoidthe trauma of a forced default down the road, some economists argue. Decision To be sure, it is easier to propound solutions from the comfort of a think-tank as opposed to actually makinga decision when not just a country's financial future is at stake, but the broader euro zone could be affected as well. ''Policymakers face the same dilemma as in any cri sis with respect to haircutting bonds, and the real-life decisions are always extremely difficult," said Robert E. Rubin, the former Treasury secretary, who faced just such a quandary in 1994, when he helped arrange a $47 billion rescue package for the Mexican government as it teetered on the verge of default. "Holding bondholders harmless contributes to moral hazard and increases risks elsewhere," Mr Rubin added. "But imposing bond haircuts can make future market access expensive or impossible for an extended time, and can create serious contagion effects else where." The term "haircuts" refers to the loss an investor takes when a borrower fails to pay back its loans. One signal that the policy pendulum may be swinging away from bondholders came earlier this month when the German chancellor, Angela Merkel, supported by President Nicolas Sarkozy of France, tried top ersuade other European l eaders that bondholders needed to accept some of the risk in future bailouts. T he move spurred a bond market rout, and Mrs Merkel had to retreat. But her argument has taken hold in the debate over how best to handle debt crises as Europe turns its attention from Ireland which will r eceive $109 billion to $123 billion in loans as part of the rescue package to the shaky economies of Portugal and Spain. Proponents of a default say that Argentina and Russia, in 2002 and 1998, found life after a debt restructur ing. Both reneged on their foreign loans and, after devaluing their currencies, were able to recover. Even so, any talk of default or a debt restruc turing, the term that bankers and technocrats prefer remains anathema in capi tals like Athens and Dublin. Their leaders fear that they would be put in a financial penalty box and denied fresh access to funds. Complicating matters is that, unlike Argentina and Russia, Ireland and other troubled European countries that use the euro as a common currency cannot devalue their currencies. Thus, they lack this tool to help nurse their economies back to good health by improving their competitive position and increasing exports. In Ireland, which has an external debt 10 times the size of the economy and bank losses that jeopardised the country's solvency, there is little sympathy for those who lent to the country's faltering banks. "The people who provid ed the funds to these banks should take the consequences," said Peter Math ews, a banking consultant in Dublin. Mathews estimates that making senior bond holders take an appropriate loss on their bank holdings of 18 billion euros would save the country about 15 billion euros. Those who favour restruc turing say it is only fair that l enders absorb losses and s hare the pain. A loss of this a mount for lenders would be roughly the same as theg overnment is planning to e xtract from its citizens over the next four years in the form of spending cuts and tax increases, so as to bring its deficit down from 32 per cent of gross domestic product to 3 per cent. There is just no escaping d ebt restructuring for Greece and Ireland," said Kenneth S. Rogoff, a Har-v ard professor and expert o n sovereign debt crises. But if it is inevitable as many financial analysts and mainstream economists sucha s Rogoff and Nouriel Roubini are now saying why not do it now? T hat is not easily done, says Professor Rogoff, who was a senior economist at the International MonetaryF und when Argentina d efaulted. He points out that the IMF executive board, which must approve all aidd isbursements, is controlled b y the main creditor bank ing nations like the US, Britain, Germany and France, whose investors stand to lose the most in a default. ''The IMF never comes in and says: 'We will give you money but you have to restructure," he continued. "Restructuring only happens at the end of a failed program." Earlier this year, the IMF made clear its position on default when it issued a staff paper defiantly titled Default in Today's Advanced Economies: Unnecessary, Undesirable and Unlikely Authors of the report say the views are their own and not the Fund's. Yet, in arguing that indebted economies like Greece and Ireland will not follow in the path of Argentina, they echo a view that the IMF has long embraced. Debt Unlike Argentina before it went belly up, Greece and Ireland have large primary deficits, which means that even without paying inter est on their debt they still spend more than they col lect in taxes. The deficit is about 10 per cent of GDP in each case. So abandoning their debt obligations would not eliminate the need for cash, which would become all the more acute because their default would deny them access to international debt markets. The authors also take on what they call the "soak-therich argument. In the case of Argentina and Russia, for example, the debtors were largely US. banks. In the euro zone, more than 2 trillion euros in sov ereign debt belonging to Greece, Ireland, Spain and Portugal is held largely by G erman, French and British b anks and, in the case of G reece, local banks and pension funds. S o the investor pain would b e felt throughout Europe and could well ignite a systemic panic as banks across the Continent suddenly found themselves with big losses. Here in Ireland, people a re doubtful that default is t he answer. ''Ireland is in the business of paying back its debts,"P rime Minister Brian C owen said as he cam paigned on tiny Arranmore Island off Ireland's north coast this weekend. C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bsNOTICE PREQUALIFICATION OF CONTRACTORS FOR THE CONSTRUCTION OF THE COLLEGE OF THE BAHAMAS SMALL ISLAND SUSTAINABILITY FACILITY GLADSTONE ROAD, NASSAU, BAHAMASThe College of the Bahamas is seeking applications of interest from contractors for the proposed GTR Campbell Small Island Sustainability Facility on Gladstone Road. Total Square Footage of the facility is 15,245. The facility will consists of 3 Main Buildings, 2 of Single storey construction and one of 2 storey construction. The proposed facility will be LEED certified. The project will include associated parking and site improvements. Interested Contractors can collect Pre-Qualification Documents from the Offices of Bruce LaFleur & Associates at2 Nassau Court, P .O. Box F.H. 14-435 Nassau, Bahamas T el: 1 (242 F ax: 1 (242 325-7963 E: email@example.com. Documents areto be submitted by 5:00 pm on Friday 10th D ecember. BUSINESS REVIEW Should bondholders go to barbers shop? S INN FEIN SUPPORTERS p rotest outside Irish government buildings, in Dublin, Ireland, Wednesday. The Irish government has unveiled a range of tough austerity measures designed to help solve the country's debt crisis, among the spending cuts and tax rises are a reduction in the minimum wage, a new property tax and thousands of public sector job cuts. (AP I RISHPROTESTS A TAXI DRIVER protests as he drives past the offices of the Irish P rime Minister Brian Cowen, Dublin, Ireland, Wednesday. (AP G ERMAN CHANCELLOR Angela Merkel (AP
By KEN THOMAS A ssociated Press WASHINGTON (AP P laying defence on the US e conomy, President Barack Obama may have found a potent "I told you so" argum ent in the rescue of Gen eral Motors. But will he get any credit for it? O bama visited a Chrysler auto plant in Kokomo, Indiana, on Tuesday with vice-president Joe Biden, reprising similar trips he m ade last summer to GM, Ford and Chrysler plants in M ichigan and Illinois. His stewardship of the auto bailout begun under Pres-i dent George W. Bush in t he waning days of his term could weigh heavily on the minds of voterst hroughout the industrial Midwest. Obama picked up key electoral votes there in 2 008 but recently watched s tates such as Michigan and Ohio elect Republican governors and members of C ongress. General Motors launched one of the largest initialp ublic offerings in US hist ory last week, more than a year after it was pushed into bankruptcy by the Obama administration at a taxpayer cost of about $50 billion. The rescue of GMa nd Chrysler was roundly criticised by many Republicans and conservative tea party candidates who saidt he government should not have intervened to save the c armakers. Does anyone really b elieve that politicians and b ureaucrats in Washington can successfully steer a multinational corporation t o economic viability?" asked House Republican Leader John Boehner whenG M filed for bankruptcy in J une 2009. Debate GM might prove Mr Boehner wrong, giving Obama a stronger hand int he debate over how the government handled the auto meltdown. The bailout s till remains unpopular with many Americans and the futures of GM andC hrysler are far from certain but GM's return to the New York Stock Exchange and an expecteds tock offering from Chrysler in 2011 could give Democrats a vivid example of economic recovery. "The critics said this would never work. But the critics were wrong," saidA ustan Goolsbee, Obama's top economist, in a video released last week by theW hite House. Ron Bloom, one of the leaders of thea uto task force, said in an i nterview that the rescue a verted "a swath of economic devastation that would have remained as as car on our nation for a long, long time if the pres ident had not done what he did. G M, which posted three straight profitable quarters before the stock offering, h as buffed up the auto bailout's exterior in several ways: The government's ownership stake is expected to decline from nearly 61 per cent to about 33 per cent ( once all shares are sold by investment banks underwriting the deal). The shift t o a minority stakeholder role helps bolster Obama's case that he's not interested in running car compa n ies. The government could collect about $13.6 billion from the sale. GM had previously paid back $9.5 bil-l ion, so taxpayers will have received nearly half of what they provided to the company. GM received $13.4 b illion from the outgoing Bush administration and $36.1 billion from Obama's W hite House. The Center for Automotive Research, an Ann Arbor, Michigan, firm that r eceives funding from automakers, reported last week that the auto bailoutss aved 1.1 million jobs in 2009. It estimated the Trea sury Department avoided l osing billions in pension fund receipts and personal income taxes. The report supports Obama's argu m ent that allowing the companies to liquidate would have devastated the economy; since the bank ruptcies, automakers have added more than 77,000 jobs. Process "Nobody could have seen t hings playing out quite as nicely as they did," said J eremy Anwyl, chief executive of Edmunds.com, an automotive website. "There's lots to quibble about but when you step back and look at it overall, you have to say the task force, the bailout, the bankruptcies, that whole process has played out pretty well." Plenty of questions remain, however. Obama, discussing the GM IPO last week, said taxpayers were "now positioned to recover more than my administration invested in GM. The operative term is "my administration." For taxpayers to recoup all $50 billion of their GM investment the total amount given under both the administrations the Treasury Department would need to sell its remaining 500 million shares at about $53 a share. GM was trading at more than $34 per share on Monday. If the stock stayed in that range next year and the government sold its shares at that price, the proceeds would exceed the amount that the Obama administration sank into the auto giant. Some of the tensions over the bailouts still sim mer. Many car dealers protested efforts by GM and Chrysler to shutter dealerships and accused the auto task force of meddling in the closures, a charge the Treasury Department denies. Some conservatives saw it as a sellout to the United Auto Workers union, and bondholders and shareholders complained that the bankruptcy wiped out most of their investments. 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Playing defense on the economy, President Barack Obama may have found a potent "I told you so" argument in the rescue of General Motors. But will he get any credit for it? (AP INTHEDRIVINGSEAT? PRESIDENT BARACK OBAMA and Vice President Joe Biden focus on the recovery of the U.S. auto industry as they tour Chrysler'sI ndiana Transmission Plant II in Kokomo, Ind., Tuesday. (AP But move still unpopular with many Americans
OPINION SOL KERZNERis right. The man who put the B ahamas back on the tourist m ap has every reason to be c oncerned about the wider consequences the $2.6 bil-l ion Baha Mar project might have for the market if it is n ot handled and managed c orrectly. Fear of competit ion does not come into it, but why did he wait until the1 1th hour to voice his conc erns? We wish them luck, was how George Markantonis, Kerzner International (Bahamas managing director, respond ed to press conference quest ions on the Atlantis owne rs view of Baha Mar. With r espect to Mr Markantonis, T ribune Business had to stif le a smile at the time, b ecause it knew Kerzners position had not changed since Paul ONeill effective-ly blew the gaffe at a Bahamas Chamber of Commerce luncheon to admit the companys concerns over w hat was proposed for Cable Beach. Yet these concerns have since been shielde d from public view until the p ast week. Loan W hy did Mr Kerzner and his executives take so long? Probably because they and others, who possibly includ-e d the Prime Minister, neve r thought Baha Mar would get the financing in the firstp lace, nor resolve the $200 m illion Scotiabank loan issue. While the 11th hour press release, timed to coincide with the debate on theC hinese work permits, was a smart move, followed by veiled warnings of Paradise Island job losses and no Phase IV, this time Kerzner appears to have left it too late. F or Mr Ingraham has a lready come back from B eijing a conquering hero, presenting an agreement to the Bahamian public thatw as touted as being better than the PLPs original Heads of Agreement. No matter that the terms of the d eal with China were proba bly largely worked out before he left, there is no w ay that Mr Ingraham can r everse course now without s ome serious egg being left on his face. T he bit about the opening o f Baha Mars four new hotels opening in phases was p robably an attempt by Mr Ingraham to assuage Kerzners fears. The devil, though,r emains in the details as to exactly how this will happ en. And it is here that Mr Kerzners concerns resonate m ost strongly. The alleged b reach of his Most Favoured Nation clause c an probably be resolved through negotiation with the Government, and a bumper deal on his next Bahamian investment. He is also bango n with his comments on the Chinese involvement, pointi ng out that this is not simply a pure loan/construction contract for them, but morea play to put their huge foreign currency reserves and unemployed/underem ployed construction worke rs to work. There are no f ree lunches in this world. Yet can the Bahamian h otel industry and tourism m arket absorb the 2,0003,000 new rooms that Baha Mar plans to construct? If brought on all at once, Tri-b une Business would say no, at least not until the demand is proven to be there. This is why Kerzner expanded Atlantis in phases, each step of the way being confident that it would not be left holding the bag of empty inventory and forced to layoff workers. Can the Bahamas absorb t wo mega-resorts? Maybe, and maybe not. Will Baha Mar and Atlantis, going head-to-head, cannibalise t he market for high-end, luxu ry visitors, leaving each with a smaller piece of the p ie rather than an expanded p ie? Dont know. Will this r esult in a race to the bottom when it comes to roomr ates, due to an oversupply o f Bahamian hotel rooms? Could be. Competition W ill the competition r esult in neither property b eing able to employ 8,000 B ahamian workers? Perh aps. There you have it. Baha Mar is a journey into a brave new world. Whether you think it will grow or split the Bahamian tourism market may depend on which cons ultancy study you read. Should we protect the goose that laid the golden egg that is Atlantis or, as the Bahamas Chamber of Commerces president said, f ocus on the upside, not always the potential downside risks? Hindsights wonderful, but we do not have the luxury of possessing it. Yes, the Bahamas could become the Las Vegas of the Caribbean, but Tribune B usiness remains troubled b y the seeming lack of produ ct differentiation between B aha Mar and Atlantis. The f ormer appears to be mirr oring the latters waterbased theme park attractions and going for the samea menities, although this newspaper was previously told that Baha Mar was targeting the casino and childless couples/singles market, as opposed to Atlantiss families. T he positive thing is that B aha Mar will be built. The C hinese will ensure that happens, and that it does notb ecome a white elephant. M r Ingraham is right in that the crucial period will be post-construction. It will be fascinating to watch and, lets hope, bring long-lasting economic and social benefits to the Bahamian peop le. Baha Mar brings brave new world C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 13B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW Union, and decided to run a grass-roots campaign in the 2009 Republican primary against the official party candidate, the Kentucky Secretary of State. He won, and went on to defeat his Democratic opponent in 2010 and became probably the lead ing Tea Party spokesman in the new Senate, while sitting as a Republican. If outsider Rand Paul could do it in Kentucky, why not, say, the articulate Dr John Rodgers in his home con stituency in Nassau? He could choose the FNM, or probably the PLP, which seems more open to renegade candidates. If elected to the House of Assembly, the platform of a committed Tea Partier would hit the obvious, though long-evaded, high points: speed up the endlessly delayed privatisation process. Put not only BTC on the block, but BEC, Water & Sewerage, ZNS, Bahamasair, Paradise Island Bridge Author ity, and any other public companies. Dont agonise about get ting the best price: Just Do It, as Nike would say. The elimination of Government subsidies would soon compensate for any pricing shortfalls. Establish and enforce the principle that merit, not longevity, will govern retention and promotion of public employees, including teachers and resist the howls of complaint. Compel efficiency, by dismissal if necessary, in the myriad places where taxes and fees are collected, and often lost. Elim inate non-essential activities why do we need a Prices Commission to control prices? Or a business licensing department? Specialised financial or health-related enterprises can be regulated by existing agencies that have the know-how. Other businesses need not be licensed, simply registered and charged a tax (not a hypocritical fee These are just starting points for an imaginative Tea Parti er. Not all of these proposals could be accomplished at once, perhaps some never. But they would provide the basis for shifting away from reliance on the welfare state and towards individual responsibility, which is the bedrock Tea Party principle. While not endorsing all the extreme Tea Party positions, which would virtually abolish government, or its vitriolic attacks on President Obama, I do believe that adopting its spirit would invigorate our political and economic thinking. KERZNERCONCERNS S OL KERZNER INATLANTIS: T he Kerzner CEO has every reason to be concerned about the wider consequences the $2.6 billion Baha Mar project might have. THEALANTIS ROYALTOWERS: Can the Bahamas absorb two mega-resorts? FROM page 14B TEA PARTY SHOWS W A Y T O INVIGORA TE THE BAHAMAS
C M Y K C M Y K PAGE 14B, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW By RICHARD C OULSON During the recent US Congressional elections, when the Republicans threw o ut the Democrats f rom the majority p osition in the House of Representatives, much of the talk was not about the Republican Par-t y or the Democrati c Party but about the Tea Party. This was unprecedented, for the Tea Party is not a political party at all in the traditional sense, but simply the name taken from the famous 1773 heaving ofc rates of tea into Boston harb our by colonists enraged at n ew taxes imposed from distant London. It ran no cand idates under its own name; it had no official leaders, no staff, no headquarters, no s tructure, no budget. It took s hape simply as an amorphous group of politicians (often brand new to the g ame), pundits and followers around the country who shared some by no meansa ll political and philosophi cal views and promoted them vigorously. The main spokesman was the irrepressible Sarah Palin, who was a candidate for nothing, except probably for electiona s president in 2012. Yet this unpromising agglomeration had enormous influence, far more than any official Third Parties, which have had little s uccess in American politics. T he most significant, Ross Perots creation, won 19 per cent of the popular vote in1 992, less in 1996, and then v anished from the scene, although its aging founder still lives. T he Tea Partiers followed a different strategy: they attached themselves like leeches to the existing Republican Party and forced it to change its spots. They ran tirelessly in Republican primaries in state after state, and usually won, often to the discomfiture of party bosses backing more conventional candidates. Their individual success was mixed: in Ken tucky, the attractive Rand Paul went on to defeat his Democratic Senatorial opponent; in Nevada, newcomer Sharron Angle gave a strong challenge to Senate Democratic leader Harry Reid, while in Delaware the eccen tric Republican Tea Partier, Christine ODonnell, lost decisively. In general, the victorious Republican candidates for the House, the Senate or Governorships were those who followed Tea Party principles. Amid the welter of ideas put forwards, sever al strong common threads emerged. Keep government out of our hair! Private enterprise knows best! End deficit spending! Run a balanced budget! Dont bail out big companies or banks! These axioms were not new; they had been the battle cry of far-right conservatives for over a century. Why did they suddenly gain traction with wide swathes of angry bluecollar voters and middleclass housewives, not simply rich Wall Streeters, captains of industry and a few egghead economists? Clearly, it was not just the recession, the worst since the 1930s, when the nation went solidly Democratic. Although the problem was inherited, not created, by Barack Obama, the voters saw, rightly or wrongly, his solutions as inept andm isguided. US u nemployment r emains stubbornly close to 10 per cent, and mortgage foreclosures increased as billions of federal stimulus funds h ad no visible impact except to balloon the deficit and the national debt. Meanwhile, Mr Obama tried to impose barely understood health-c are legislation and other reforms that appeared close to socialism the fw ord in American politics. We in the Bahamas, so dependent on the US econ-o my, are in much the same b oat. The question is: what will be the political reaction as we approach the 2012e lection? Will voters trust Hubert Ingrahams FNM to lead the country out of reces s ion, or turn the job over to Perry Christies PLP? We already know that Mr Ingraham has increased the public d ebt and the Government deficit while imposing new taxes and fees tough but necessary steps, he claims. While the PLP naturally snipes at these measures, itsn ot clear that their approach would be much different if they came to power. F or it is part of the ele mental, in-grained thinking of both parties to rely on statist solutions for the national welfare. Indeed, with laudable exceptions, the Bahamian public itself relieso n Government, not the private sector, to ensure wealth and security as seen by the view of public employment as a life-time sinecure. But in this recession, we may be seeing a slow ground-swell of opinion that opposes the traditional assumptions. It is by no means certain, but there may be a growing body of citizens who feel like the Tea Partiers in the US that we cannot continue with business as usual. But any such movement cannot go far without vigor ous spokesmen. How are they to be found, and how are they to gain any political clout? At present, the only vocal Tea Party force is the well-meaning but spe cialised think-tank, the Nassau Institute, whose mem bers do not aspire to any elective position and are largely ignored by the leaders of the FNM and PLP. As in the US, the founding of an effective third party here seems a lost cause. Serious promoters of Tea Party prin ciples will have to insert themselves into one of our two main parties and bore from within. Our parties do not hold formal primaries, but any determined resident can work hard to become known to the voters within a constituency, and be selected by the con stituency assembly for for mal recommendation to the partys candidate selection committee. The task will not be easy and will be subject to plenty of competition from more established names. That is similar to the course followed by newlyelected Senator Rand Paul in Kentucky. A successful career ophthalmologist, he became well known as head of the Kentucky Taxpayers TEA PARTY SHOWS WAY TO INVIGORATE BAHAMAS O PINION RICHARD COULSON THEIRREPRESSIBLE Sarah Palin SEE page 13B OPINION ODD FELLA, that King Canute. You know, the legendary king who, just to show his subjects he was not allpowerful, took everyone for a trip to the beach to show them that he could not hold back the tide. Tribune Business recites this fable because it is reminded of the Bahamas own King Canute, PLP chairman, Bradley Roberts, the King Canute of Bahamian telecommunications, who as minister of works and utilities between 2003-2007 (and ever since seemed to be engaged in a one-man crusade (assisted ably by Leon Williams) to hold back the tide of industry liberalisation, even though it had washed over most global s hores with the exception of the Bahamas. His recent pronouncements on the FNM governments plans to sell a 51 per cent stake in the Bahamas Telecommu nications Company (BTC Cable & Wireless provided further evidence of the d inosaur-like approach some who aspire to high office take towards the communications industry, an incredibly dynamic, technology-driven sector that has left them in its wake. Much was made (in some quarters) of the lack of media coverage given to Mr Roberts N ovember 10 address. Yet Tribune Business could almost have scripted the main themes in advance: Bash Hubert Ingraham and the FNM government; Bash Cable & Wireless (LIME ers (no doubt your writer, too,w ill be bashed as a foreign interloper); Play to the deep-rooted nationalist streak in many Bahamians (an admirable quality most of the time) by suggesting BTC should remain under 100 per cent Bahamian ownership and control; Pander to the two BTC unions for political gain; Take personal credit for every ray of sunlight coming from BTCs backside while he was the minister responsible. In the interests of disclos ure, Tribune Business must point out that an affiliate has a minority stake in a BTC competitor. Yet Mr Roberts address, in common with many politicians, was notable more for what it did not say than what it did say. For he omitted two key terms: Competition a nd cellular monopoly. While the Government stands accused of giving away at a fire sale price the Crown Jewel of the Caribbean, as Mr Roberts called BTC, this description bears closer scrutiny. True, BTC is one of the few government-owned agencies to turn a consistent, multim illion dollar profit, and Messrs Roberts and Williams have frequently sought to take the plaudits for this during their years in charge as minister and chief executive respectively. Yet what they inevitably ignore, and never remind the B ahamian people, is that m ore than two-thirds of BTCs revenues come from its cellular monopoly Yes, thats right, monopoly. BTC has no competition in this area, meaning that it can mine the gold in the pockets of more than 300,000 Bahamian consumers, who h ave no choice and are forced to put up with whatever prices and service quality the monopoly charges. It is therefore quite easy for BTC to make a profit, given the absence of competition (yes, that other key word omitted by Mr Roberts), on the backs of the Bahamian people. Mr Ingraham got it spot on the other day when, responding to claims that a $220 million price for a 51 per cent stake in BTC representeda fire sale price, pointed out that the opening up of the market to competition from the likes of Cable Bahamas, Digicel et al would immediately cut into the companys revenues and profit streams. In other words, it is impossible for BTC to be as profitable ina liberalised market. There are many other issues one could pick on from Mr Roberts address: He cited that 50 per cent of BTC was worth $325 million; does that mean the $260 million that the PLP proposed selling a 49 per cent stake to Bluewater for was a fire sale price? True, the status quo of 100 per cent Bahamian ownership and control could be maintained. But while this is a laudable aim, BTCs interests and ability to compete going for ward in a brave new world are likely to be better served by being part of a major telecoms operator, since this would give it access to the latest technology at the best possible prices. Hopefully, the assertions by the Prime Minister and BTC privatisation committee that Cable & Wireless has changed are true, and that Bahamians will continue to play a key role in its management, holding the majority of executive posts. There seems a good chance this may happen, given that Cable & Wirelesss manage ment team in Panama, for instance, is 100 per cent Pana manian. The Government should also seek to sell down a sig nificant portion of its remaining 49 per cent stake in BTC (perhaps half this amount quickly as possible. Again, noises on this are encouraging, suggesting it might happen in 18-24 months. Opportunities to create wealth for Bahamians, and make them owners of their own economic assets, should not be passed up, and Tribune Business hopes that besides BTC management and staff, a portion of such an offering is reserved for middle class and ordinary Bahamians (not just the institutions). The time is long past for BTC to be privatised. The cost to the economy and Bahamian consumers from this protracted effort has been incalculable. While Mr Ingraham at least admitted that his failure to privatise BTC was one of the biggest knocks against his first 10 years in office, no such sentiment was heard from Mr Christie. As one investment banker told Tribune Business in 2003: Theyre (the PLP sionate believers in it (privati sation). If so, they need to wake up and smell the coffee. Govern ment needs to get out of busi-n ess, and the Bahamas is late catching the train, with a huge amount of commerce left in public sector hands. Just why the Bahamas needs to get on the outsourcing bandwagon was highlighted by KPMG (Bahamas Townend earlier this week,w hen he identified some $2.3 billion in infrastructure needs that this country needs to urgently address. This sum, he said, was more than a years revenue for the Government, and 10 times the capital expenditure budget for 2010-2011, which came in at $228 million, meaning that it would take 10 rather than five years to fund all of these areas based on the Governments current capacity. Lets hope the fiscal deficit and national debt dynamics prod the Government to make the hard but necessary choices: Eschew big government, and finally get the hell out of business! No holding back the telecoms tide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radley Roberts SENATE WIN: Rand Paul
By ALISON LOWE Tribune Business Reporter SANDALSchief executive Adam Stewart respond-ed to claims the all-inclusive r esort may not be the right f it for Exuma, releasing a slew of figures representing t he impact that the re-opening of the former Four Seasons Emerald Bay hotel hashad including a "whop p ing" 83 per cent arrivals i ncrease since last year. A s evidence of the company's commitment to the r esort and, by extension, Exuma, he said Sandals will b e devoting 30 per cent of its entire promotional budget (despite having 21 otherh otels worldwide) on marketing Sandals Emerald Bay. And he touted Sandals' role in arranging the arrival of the first jet service to Exuma (or the Bahamas for t hat matter), which began i n mid-November and is o perated by American Airlines. P rime Minister Hubert I ngraham told Exumians "not to look a gift horse in the mouth" as far as San dals was concerned. Meanwhile, Mr Stewart revealed Sandals expects to have to expand the proper-t y to generate a return on our investment. Mr Ingra ham went on to confirm Tribune Business reports thatt he Jamaican-owned resort operator is interested in purchasing the Grand Isle Villas Resort near theE merald Bay property. One of the countrys major new entrants to thef ood retail sector a nnounced plans to expand its operations. Phil Lightbourn, owner of Phils Food Services, willi nvest $2.5 million come early 2011, creating an estimated 50 new jobs andg rowing his produce section, i n particular. Mr Lightbourn denounced claims that he is able to keep prices low through customs duty eva sion or affiliation with Craig Flowers FML Group, say ing he is a man on a mis-s ion with a vision to feed the Bahamas. When the Bahamas was revealed on November 8 to have fallen six places in an annual World Bank/International Finance Corporation (IFC ease of doing business globally, president of the Bahamas Chamber of Com merce, Khaalis Rolle, warned that this countrys slippage could turn off i nvestors in an increasingly c ompetitive foreign direct i nvestment market. Receiving a ranking overall of 77 out of 183 nations assessed, the Bahamas fell i n every category among t hem starting a business, d ealing with construction permits and registeringp roperty apart from the e nforcement of contracts. M inister of State for Finance, Zhivargo Laing, s aid that rather than it becoming more difficult to do business in the Bahamas,t he slippage may be more due to reforms in other c ountries making it easier there. He expects reforms taken by the Government t o speed up business in the B ahamas, with changes in a reas such as the Business License Act to be reflectedn ext year. But he added the g overnment is not list watching. The Institute of Bahamian Architects released a report on November 24, though, which said the delays in obtaining cons truction permits the B ahamas ranked a particularly low 107 out of 183 in t his area are costing the B ahamian economy millions of dollars and jobs. Inspired by ultra-efficient Singapores gains in this field, Zhivargo Laing, Minister of State for Finance, announced on November 9 that the Government will launch its first e-government portal in July 2011, allow ing those living in the Bahamas to begin applying for and paying for a number of key government services including business license f ees online. T he move will mark a sign ificant step towards a "fundamental" shift in "the culture of doing business in the Bahamas and providing p ublic services in our n ation, suggested Mr L aing, forecasting that this is just the beginning of whati s to come, following recent c onsultations with the Sing aporean governments information technology a rm, IDA International. Compromises On November 14, Prime Minister Hubert Ingraham confirmed what well-placed T ribune Business sources h ad told this newspaper on N ovember 1 that he was a ble to negotiate comprom ises with the Chinese on B aha Mar during a trip to China to meet with representatives of Baha Mar financiers, the China Export-Import Bank, and the general contractor, Chi na State Construction andE ngineering company. He announced that an extra $200 million in fundi ng from the China Ex-Im B ank would go to Bahami a n contractors, creating thousands of extra jobs for Bahamians. T his prompted Bahamas Contractors Association president, Stephen Wrinkle,t o express his elation at the news, along with a call for the Government to pass and implement the Con t ractors Bill, which would h elp Bahamian contractors gain the recognition they m ay need to win the cont racts. T elecoms industry sources confirmed in midNovember just how closet he Government is to signing a memorandum of understanding with Cable& Wireless (LIME a $220 million, 51 per cent stake in the Bahamas Telecommunications Comp any (BTC v atising the state-owned i ncumbent. Prime Minister Hubert I ngraham suggested a subs tantial roadblock in the negotiations, however, were plans by LIME to fire 30 per cent of BTCs workers upon privatisation. Highlighting the extent of the challenges being f aced by a significant proportion of businesses, Tri bune Business revealed on N ovember 17 that over 18 p er cent of all bank credit extended to the private sector was non-performing as of September 30, 2010, as ituation one senior banking executive described as horrendous. The value of loans to Bahamas-based b usinesses in this predicam ent amounted to $188 m illion. On the same day, Central Bank of the Bahamas Gov e rnor Wendy Craigg told the Bahamas Institute of Chartered Accountants conference that the national debt reached 55 per cent of gross domestic product by the end of September 2 010. Favourable S he said the Bahamas debt-to-GDP ratio was still favourable compared with i ts Caribbean counterparts and not critical, adding t hat the International Monetary Fund deems a ratio of over 50 per cent something you want to watch very closely. M rs Craigg also announced that the Bahamas could see a cred it bureau established "withi n 18 to 24 months." Starting costs were likely to be a round $2 million, said Mrs Craigg, adding that the f acility would mean "a h uge change" for Bahami a n borrowers who had been "less than forthright" about their credit histories, ands hould help reduce the rate of loan delinquency or defaults. Kerzner International chairman Sol Kerzner accused the Government of violating the companys a greement with the compan y by giving "more f avourable" terms to Baha Mar, specifically as it relatest o the much higher foreign t o Bahamian labour ratio that is set to be involved. He suggested 8,000 jobs at Atlantis could be at stake if Baha Mar was approved in its current form, and said Phase IV of Atlantis would n ot go ahead if Baha Mar does. Former Bahamas Chamb er of Commerce president, D ionisio D'Aguilar, sug gested Mr Kerzner is playing a "high stakes poker game. C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 15B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.006700.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1 6.856.850.0050,0000.4220.26016.23.80% 3.651.63Consolidated Water BDRs1.851.850.000.1110.04516.72.43% 2.551.60Doctor's Hospital1.601.600.005000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S 5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.82J. S. Johnson9.829.820.000.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%3 0 May 2013 20 November 2029T HURSDAY, 25 NOVEMBER 2010B ISX ALL SHARE INDEX: CLOSE 1,483.20 | CHG 0.00 | %CHG 0.00 | YTD -82.18 | YTD % -5.25BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 1 9 October 2017 7 %RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-23201 9 October 2022 Prime + 1.75% P rime + 1.75% 6.95%B ISX LISTED & TRADED SECURITIES AS OF:7 % Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51225.11%6.79%1.490421 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56551.4954CFAL Money Market Fund1.56553.87%4.48%1.545071 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13671.0000FG Financial Preferred Income Fund1.13674.30%5.21% 1.09741.0000FG Financial Growth Fund1.09742.75%6.87% 1.13631.0000FG Financial Diversified Fund1.13634.18%5.78% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.74584.35%5.22% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6000-1.59%4.26% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.5037-4.96%-4.96% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund8.16435.79%9.42% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-10 31-Oct-10 107.570619 105.776543 30-Jun-10 31-Oct-10 NAV 6MTH 1.467397 2.911577 1.530224TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Oct-10 30-Sep-10 30-Sep-10 12-Nov-10 31-Aug-10MARKET TERMS31-Oct-10 30-Sep-10CFAL Securities Ltd. (Over-The-Counter Securities)31-Oct-10BISX Listed Mutual FundsNAV Date 31-Oct-10 31-Oct-10 .(7/(59(51,6(RI35,1&( &+$5/(6'5,9(=,5&21,$&28571$66$8 %$+$0$6 5(6,$-26(3+(8*(1( RI0DUVK+DUERXU$EDFR1DVVDX%DKDPDV3%R[ 67(5/,1(6(5$3+,1 RI%$&$5',52$' 127,&( &$05<+2/',1*6/,0,7(' 3XUVXDQWWRWKH3URYLVLRQVRI6HFWLRQRIWKH ,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FWQRWLFH LVKHUHE\JLYHQWKDWWKHDERYHQDPHG&RPSDQ\KDV EHHQGLVVROYHGDQGVWUXFNRIWKH5HJLVWHUSXUVXDQW WR&HUWLILFDWHRI'LVVROXWLRQLVVXHGWKH5HJLVWUDU *HQHUDORQWKH UG GD\RIRYHPEHU /<1'(1$<&2&. /LTXLGDWRU RI &$05<+2/',1*6/,0,7(' BUSINESS REVIEW Month in Review Business Review recaps the events making headlines over the past month PRIME MINISTER Hubert Ingraham, Central Bank of the Bahamas Governor Wendy Craigg and Kerzner International chairman Sol Kerzner M INISTER OF STATE FOR FINANCE Zhivargo Laing
F rom $54 million to $1. There can have been few more rapid descents in value, over a four-year period,t han what Bahamas Superm arkets and its 11-store City Markets chain suffered under the disastrous majority ownership of the BSL Holdings g roup. The saga, which has r esulted in the likely write-off of more than $40 million, will long feature in economics textb ooks as an example of how not to execute a successful acquisition. So what wentw rong? How did it go from turning a steady $6-$8 million annual profit, and regular dividends to shareholders, to annual losses that matched, and in one case exceeded, those profits? I t all looked so good to start with. The BSL Holdings consortium, put together byR oyalFidelity Merchant Bank & Trust, beat out the BK Foods group, headed, ironic ally, by City Markets new o wner, Mr Finlayson, and his attorney, Senator Jerome Fitzgerald, by trumping theiri nitial $50 million bid with a $54 million offer. Legal, advisory and closing fees took the ultimate spend by BSL Hold i ngs to around $56 million, and it was here that the prob l ems seemed to begin. Trib une Business will begin its analysis from here. 1 ) It is hard to escape the s uspicion that BSL Holdings massively overpaid for its 78 p er cent stake in City Mark ets. Entry price is key on any acquisition, since it will determine the subsequent rate of r eturn on investment. BSL Holdings and RoyalFidelitys valuation models,e valuating City Markets on a c ash flow basis and multiple of earnings, may have seemed secure at the time, but ultimately proved fatally flawed because they were acquiring a company that owned none ofi ts real estate. Its only real assets, apart from cash in the bank, were inventory and store equipment. Tribune Business recalls an early 2006 conversation with S upervalue president and o wner, Rupert Roberts Jnr, in which he confided to this newspaper that, yes, he hads ubmitted to bid to acquire City Markets when US grocery chain, Winn-Dixie, put it on the market, but he con s idered it a low ball offer designed to pick up the pieces if all others melted away. He f elt the rival supermarket chain was worth $35 million at t he top-end, almost $20 mill ion below BSL Holdings bid, precisely because it owned none of its real estate. I ndeed, the real winner at the time of the initial purchase was Winn-Dixie, whichw as laughing all the way to t he bank as a result of obtaining a price that enabled it to get out of Chapter 11 bankruptcy in the United States. BSL Holdings bankers, Royal Bank of Canada, which lent$ 24 million to finance the purchase, were soon far from laughing. 2) BSL Holdings underestimated the extent to which B ahamas Supermarkets was r eliant on Winn-Dixies head office in Jacksonville for almost everything fromp roducts and a significant number of brands sold instore, to back office IT and accounting systems. Theyl eft nothing, one BSL Hold ings insider said of Winn-Dixie, after the one-year Transi t ion Services Agreement with the supermarket chain was t erminated, of which more later. 3 ) BSL Holdings also underestimated the amount of investment that was r equired to upgrade City Mark ets 11 stores. The revamped, flagship Cable Beach store was finally opened under the n ew owners watch, but many outlets and the equipment in them needed serious revitali-s ation and replacements, City M arkets having in the past simply made money because it was there and Bahamianc onsumers had few alternatives apart from Supervalue and the neighbourhood foods tores. That would soon change. 4) Once the Transition Serv ices Agreement with WinnDixie was terminated, no marketing campaign indeed, n o effort of any kind was undertaken to explain to Bahamian consumers why theU S chains well-known b rands, which they had come to like, suddenly disappeared to be replaced with unknown p roducts favoured in the southern Caribbean. This development occurred p artly because BSL Holdings had chosen to entrust man agement of City Markets dail y operations to operating partner, Barbados Shipping& Trading, which had also invested $10 million in theW inn-Dixie buyout as an unsecured loan. It was, as the last chief exec utive under BSL Holdings ownership, Derek Winford, confirmed to Tribune Business earlier this year: A huge mistake. It also confirmed the doubts many Bahamians harboured at the time as to whether West Indians would understand the nuances of the Bahamian grocery market, and consumers fondness for US brands. 5) The decision to terminate the Transition Services Agreement with Winn-Dixie six months early, in order to save $500,000, without a replacement back office, IT and accounting system in place. Many insiders told Tribune Business this was the key event in setting the supermarket chain on the road to ruin, one describing the decision as: Penny wise, pound foolish. Anthony King, Bar bados Shipping & Tradings chief executive, defended the move to Tribune Business at the time, arguing that there was a substantial risk that Winn-Dixies legacy comput er system could be switched off suddenly, and that there was a high turnover of personnel in Jacksonville who operated it. Mr King described Bahamas Supermarkets as being deficient in IT systems prior to the 2006 acquisition by BSL Holdings, but he acknowledged that in the transition to new software and accounting systems, a lot of controls went by the wayside. A lot of things seemed to go by the wayside, Mr King conceded to Tribune Business on September 19, 2008. On a more optimistic note, he added: Theres no reason why the business, properlyr un and with proper cont rols stopping money going out the door cant make decent money. If only. S tephen Boyle, the companys then-chief executive, was more frank the same day over the systems and controls break down: This company completely broke down ine very area, and we have to put it back together. T hey never did, and are still struggling to, as evidenced by the almost $27 million in net losses incurred in the 20082 010 financial years. Recriminations and fingerpointing quickly followed. Management sources claimed they had warned the Board about the total breakdown that would result if the WinnDixie Transition Services Agreement was terminated without a replacement back office system being in place. The Board, for its part, alleged that it had been misled by managements inac curate financial reporting which masked the companys true financial position. Profit Speaking at the companys annual general meeting for 2007 (held some 15 months after year-end), and warning that City Markets could suffera $10 million loss for fiscal 2008 it actually ended up being more than $13 million chairman Basil Sands said that as recently as February 2008, the Board had been assured that the financials for year-end 2007 would show a $4.7 million profit. Far from it. City Markets 2007 financial year to endJune ultimately generated an $8 million-plus swing from the black into the red, with a $189,000 loss. During 2007, and for much of 2008, what did occur at City Markets was a breakdown in controls and procedures, par ticularly in the area of the recording of goods received, Mr Sands told stunned shareholders at that September 2008 annual general meeting (AGM In 2007, our gross margin eroded by some $5 million due to shrink and controlrelated issues. In the absence o f timely and accurate financial information, this situation was not remedied for 2008. T here was also, though, something of a mea culpa from Mr Sands, who acknowle dged that with hindsight, t he City Markets/Bahamas Supermarkets Board could have moved more rapidly and questioned management more aggressively, in addition to pushing operatingp artner, Barbados Shipping & Trading, for more resourcs and greater involvement in the Bahamian supermarketc hains affairs. Of course, the recrimina tions were not just confined t o a Board versus manage ment spat. One BSL Holdings member described Barbados Shipping & Tradings b ehaviour as akin to absen tee landlords, implying they were not fully and properly engaged in City Markets day-to-day operations to prevent the meltdown. Ownership Management changes b ecame the norm. In about five years, City Markets went through five different chief executives. After Bruce Soud er was removed by the former ownership, under BSL Holdings the post went from K en Burns, a Winn-Dixie holdover, to Stephen Boyle, Sunil Chatrani and, finally, Derek Winford, who was holding the reins when TransIsland Traders moved in to save the company. Such constant churn is never good for a company, especially one in such deep trouble. In fairness, Mr Chatrani, ably assisted by Evangeline Rahming, was able to stabilise Bahamas Supermarkets, sort ing out the back office chaos and putting systems in place. The net result was that the companys $13.429 million loss for 2008 was slashed by some 55 per cent to $6.069 million in fiscal 2009, still a long way short of profitability. By now, Neal & Massy had inherited the hot seat at City Markets, via its acquisi tion of Barbados Shipping & Trading. Preoccupied with closing that deal, it seemed as if the Trinidadian conglomerate took some time to come to terms with the nature and extent of its new Bahamian investments problems. Only in late 2009 did BSL Hold ings multi-million dollar refinancing of City Markets (and its Royal Bank credit facilities) close, and Neal & Massy take control of the majority shareholder. Mr Winford replaced Mr Chatrani, an accountant/troubleshooter by background, his retail experience seen as vital to winning back customers who, disappointed by lack of inventory and the products they wanted, had long deserted City Markets in droves. But it was too late. Neal & Massy, realising that City Markets had no assets to sell for cash, and that it would need a multi-million dollar capital injection to turn the company around (estimates C M Y K C M Y K TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Offer Period Nov 29 Dec 10 Invest in the countries expected to LEAD THE WORLD in growth over the next decade with TIGRS 4 LinkedtoEmergingMarkets,US, EuropeandFarEastIndices InvestB$butgetglobalexposure EMERGING MARKETS:the Worlds Fastest Growing Economies!$5MLIMITEDOFFERING BUSINESS REVIEW TEA PARTY SHOWS WAY TO INVIGORATE BAHAMAS SEEPAGE14B THETRIBUNEBUSINESS MONTHINREVIEW SEEPAGE15B PAGE16B FRIDAY, NOVEMBER26, 2010 From $54m to $1 Tribune Business kicks-off its Business Review section with ani nside, blow-by-blow account of h ow the once-proud City Markets f ood store chain was brought to its knees, and the prospects for a revival under new ownership S PARSESHELVES a t one of Nassaus City Markets stores. T im Clarke / Tribune staff RAPIDDESCENT SEE page 9B C ITY MARKETS NEW O WNER: Mark Finlayson