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 Pupils shock after teacher shot dead C M Y K C M Y K V olume: 107 No.40TUESDAY, JANUARY 11, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNWITH SHOWER HIGH 82F LOW 71F F E A T U R E S S EEWOMANSECTION S P O R T S You go SEESECTIONE Girl Knowles, new partner win opener By AVA T URNQUEST Tribune Staff Reporter aturnquest@ tribunemedia.net LOVED ones, c o-workers and young children received grief coun s elling yesterday following the fatal shooting of a primary school teacher. D enise Adder ley, 39, was shot six times while inside her car at the Texa co Service Station at Wulff and Kemp Roads on Sunday evening. She became the third homicide victim of the new year. Up to press time, police were questioning the 37-yearold driver of a white taxi bus which had been seen speeding off from the parking lot. Detectives confirmed the man in custody and Ms Adderley were known to each other. Ms Adderleys body was f ound by police shortly after 9pm, after witnesses w ho heard gunshots coming from two vehicles in the park ing lot raised thea larm. Patrol officers recovered a shotguna fter they appre hended the taxi bus at Monastery Park.T he driver was said to be a resident of Hillside Park. F amily members who say they were ordered by police not to speak to the press were tightlipped yes terday. However, they were visibly shaken by the tragedy. Ms Adderley, a Chipping ham resident, lived with her mother, sister and young daughter, who is a pre-school student. News of Ms Adderleys death came as a shock to administration and staff at the Uriah McPhee Primary Students and staff get counselling after gun death at gas station McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM By NOELLE NICOLLS Tribune Staff Reporter n email@example.com U NION leaders yesterday c laimed there is no collus ion between the labour m ovement and political parties opposed to the governments planned sale of BTC. Jennifer Issacs-Dotson, president of the National Congress of Trade Unions (NCTUb een no pressure or coaxing of union officials by political operatives. She said the issue was not By NOELLE NICOLLS Tribune Staff Reporter n firstname.lastname@example.org THE Bahamas Telecom munications Company has denied claims it intimidated employees who were invited to participate in a march andv oter registration drive yes terday. Robert Farquharson, gen e ral secretary of the National Congress of Trade Unions, said BTC employees received a mass email from a senior By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT A small aircraft crash landed at Grand Cay on Sunday afternoon, police reported on Monday. According to police reports, a twin engine Piper Aztec was approaching the runway around 3.15pm when the left brakes failed. The pilot and four passen gers were onboard the aircraft as it continued some 2,000ft down the runway, stopping near the beach. The pilot was able to control the aircraft and none of the passengers was injured during the ordeal, said ASP Loretta Mackey. She said investigations are continuing into the incident. POLICE have announced that persons wishing to withdraw domestic violence complaints will now have to explain their decision to a magistrate. Due to consistently high levels of domestic abuse, Assistant Commissioner Hulan Hanna has advised that the police will no longer be inserting themselves in the process. Mr Hanna explained that it was common for persons to initiate a complaint with the view of pressing charges, only to withdraw the com plaint shortly after. SEE page eight O COLLUSION BETWEEN LABOUR MOVEMENT AND POLITICAL PARTIES OVER BTC SALE SEE page eight BTC DENIES CLAIMS OF INTIMIDATION OF S T AFF OVER MARCH SEE page eight SMALL AIR CRAFT CRASH LANDS W ithdrawn domestic violence complaints ust be explained to a magistrate SEE page eight SCHOOL IN SHOCK: Students look up to a wreath at Uriah McPhee Primary School in remembrance of teacher Denise Adderley, who was shot dead on Sunday night. LORETTA SMITH act ing-principal at Uriah McPhee, said counsellors spoke during and after the assembly. BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E UPTO 500 ESTIMATED A T UNION RALL Y Police SEE PAGETWO
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM AS OFthe start of 2011, the fee increase on domestic carriers equals $0.17 per seat,t he Nassau Airport Development Company (NAD NAD is a self-funding entity, and revenue generated is 100 per cent reinvested in operating and redeveloping (including financingp ort facilities, for the benefit of all carriers and the travelling public. NADs rates areapplied uniformly across all air carriers operating at LPIA, thereby having no i mpact on the competitive l andscape among air carriers, the company said in a s tatement. NAD further said that the t otal costs to airlines and passengers at LPIA on international routes remain very competitive at eight per cent lower than the Caribbean a verage. To lessen direct fee increase s on air carriers, NAD said it agreed with carriers in 2007 that charges would be collected by airlines directly from passengers and remitt ed to NAD, in lieu of direct charges to the airlines. For the past three years t here has generally been good compliance by tenants of the airport with respect to lease t erms and conditions, rules a nd standards, fees and other c onsiderations that support the operation of a safe, secure a nd user-friendly airport, said Paul Ward, NADs vicepresident of finance and chief financial officer. Every reasonable effort is m ade to work with operators to enable them to be current with their obligations to NAD, however, we cannot allow operators to conduct business at LPIA indefinitely without meeting their obligat ions. Project T he LPIA redevelopment project begins stage two within the next several weeks.T his stage will involve the c reation of a new International Arrivals Terminal using the footprint of thee xisting US Departures Terminal. This arrivals terminal will h ouse Bahamas Immigration u pstairs and baggage claim and Bahamas Customs downstairs. I mmediately upon comple tion of stage two, work will commence on stage three,w hich will result in a new D omestic Terminal. In the meantime, obvious and necessary improvements have a lready been made to the three terminals that comprise LPIA. In the Domestic Terminal alone, NAD said there haveb een new food and beverage outlets added, renovation of all restroom facilities, enhanced screening facilities by the Airport Authority all supported by the fees and charges paid by all users of t he airport. Said Stewart Steeves, N ADs president and CEO: Upon completion of the phased redevelopment in 2 013 our rates will be in line w ith the regional average d espite being an above average facility because we will be brand new, we will be serving three distinctive sectors of traffic: US (includingU S pre-clearance), international and domestic, we will b e using state of the art techn ologies, and in fact LPIA will be without compare in the region, offering great v alue to our airline partn ers. Last September, the Inter national Air Transport Assoc iation (IATA sents 230 airlines accounting for 93 per cent of the world's c ommercial aviation traffic, warned that LPIAs increased fees could negatively impact a irlift and tourist arrivals to the Bahamas. THE extradition h earing of alleged d rug kingpin Melvin Maycock Sr is now set to open on Thursday. The hearing will take place before D eputy Chief Magist rate Carolita Bethell. In 2004, US prosec utors requested M aycocks extradit ion on allegations t hat he headed the Caribbean arm of a multi-national drug gang. US prosecutors also requested the extradition of 13 other m en, including his s on, Melvin Maycock Jr. T heir extradition h earings have already c ommenced. Maycock Sr was arrested in February2 008 and made headlines after allegedly escaping from a holding cell at the Elizab eth Estates Police Station by switching places with his son. M aycock Sr was r ecaptured on June 2 0 following a highspeed police chase inw estern New Provid ence. THE Bahamas Association for Social Health (BASH 20th anniversary. BASH an adult male residential drug dependency treatment and rehabilitation facility said the ceremony commemorating this milestone acknowledges the support by local and international government agencies, businesses, vendors, community groups, individuals, families and friends, as well as the contributions which over the years have made BASH a more sustainable programme. All this week, BASH will be celebrating its anniversary with a host of events and invites members of the public to tour the facility. The non-profit organisation is located in Earth Village off Columbus Drive. PARLIAMENTARY Commissioner Errol Bethel yesterday reminded the public that vot er registration continues on a daily basis in New Providence and in the Family Islands. Persons applying for registration must be Bahamian citizens, 18 years and older, and must have resided in a particular constituency for three months or more. Voter registration centres are open in New Providence between the hours of 10am and 4pm at the following locations: The Parliamentary Registration Depart ment, Farrington Road The Town Centre and Marathon Malls The General Post Office, East Hill Street The Sub-Post Office, Carmichael Road The Sub-Post Office, Elizabeth Estates The National Insurance Board, Baillou Hill Road Commonwealth Banks, Mackey Street and Golden Gates branches. In Grand Bahama, centres are open between the hours of 9.30am and 4.30pm at the follow ing locations: Parliamentary Registration Department, Freeport Administrators Office, Eight Mile Rock Administrators Office, High Rock (Tues days and Thursdays) In the Family Islands, registration takes place at the Administrators Offices between the hours of 9.30am to 4.30pm. The Parliamentary Commissioner also wishes to advise that the Department has commenced its mobile services with effect yesterday. Businesses and organisations with at least 20 eligible employees or members may contact the Department at telephone numbers 3252888/9 or 397-2000 to schedule an appoint ment. Airport firm:Domestic carrier fee increase equals $0.17 per seat ABOVE: Minister of Labour and Social Development Dion Foulkes yesterday at BASH 20th Anniversary Ceremony. L EFT: E xecutive Director Bahamas Association for Social Heatlh (BASH speaks. Tim Clarke /Tribune staff 20 YEARS OF BAHAMAS ASSOCIATION FOR SOCIAL HEALTH EXTRADITION HEARING OF ALLEGED DRUG K INGPIN SET TO OPEN THURSDAY Pub lic r eminded that v oter registration is still underway DOCTORS HOSPITAL CHOOSES CHARITY JUST before the holidays each year, the social committee at Doctors Hospital decides which local charity will receive the pro ceeds of the committees holiday fund-raising efforts. For 2010, Unity House, a non-profit organisation that cares for the elderly, were found the most deserving. Past fund-raising efforts have seen donations to the Childrens Emergency Hostel, the Sister Sister Breast Cancer Group, the Bahamas Red Cross Dis aster Relief Fund and the Bahamas Association for the Physically Disabled. Having found great success with their organised Ice Cream Socials, the committee decided to continue with the ever popular fund-raising event and judging from the amount raised, the decision was the right one. Taste buds were set delighted with the ever popular flavors of strawberry, rum raisin, butter pecan and vanilla combined with an array of toppings. The executive team at Doctors Hospital made a decision to match the amount raised by the social committee. The funds will be used to assist Unity House with providing care for its elder ly residents. PAUL HAVEN vice-president of human resources at Doctors Hospital (second from left matics officer, make a presentation to Unity House on behalf o f Doctors Hospitals social committee. Costs at LPIA lower than Caribbean average
THE 20th Annual Bahamas Business Outlook is all set for this coming Thursday, January 13, and conference host, Joan Albury, president of The Counsellors Ltd, promises a conference worthy of its 20-year anniversary. As this is a very signific ant year for us, we intend to make this a very significant conference, said Mrs. A lbury. We are geared up t o touch on every aspect of this countrys economy and m ore. Our slate of speakers w ill address a wide range of t opics that will bring an awareness to conferenceg oers of what is happening i n our country in terms of our economy and generally. This one day conference will take place at the Wyndham, Nassau Resort, Cable Beach and begins at 8.30 am s harp. P aul Daniel Crevello P h.D Director and Chief O perating Officer of the B ahamas Petroleum Com p any Plc., is one of the featured speakers at this years Outlook. He considers him self an explorer with a keen r egard for preservation of t he environment. He received a Bachelor of Scie nce degree from the Univ ersity of Miami, a Masters o f Science in Marine Geology and Geophysics from the Rosentiel School ofM arine and Atmospheric Sciences (Miami Doctor of Philosophy in Geology from the Colorado School of Mines and has over thirty-two years experience in global exploration. M r Crevello joined M arathon Oil Company f resh out of Rosentiel in 1 978, where he directed w orldwide carbonate explo ration research, focusing ona ncient geological carbona te banks similar to The B ahamas. In 1994, he started the first university petroleums tudies in SE Asia, at the University of Brunei, where he was a Senior Lecturer in petroleum geosciences and directed the first global reef assessment project of Brunei and east Malaysia. I n 1997 he founded P etrex Asia which develo ped into the leading exploration consultancy firm inS E Asia, with exploration i nterests extending to the Gulf of Mexico, Italy and North Africa. He has received numerous awards and distinctions from international societies for authorship and invitedp apers on carbonate and sandstone geology, was the past Huffington AAPG (American Association ofP etroleum Geologist) Inter n ational Distinguished Speaker (2001-02 Chairman of JOIDES Ocean Drilling Programme Sea Level Working Group charged with investigating the response and record of sediments to changing sea level. Crevello joined Bahamas Petroleum Company in November, 2006 when it w as a private corporation founded by Alan Burns of Perth, Australia. T he company was granted f ive exploration licences by The Bahamas in 2007, foll owed with listing on the L ondon Alternative Investm ent Market (AIM August 2008. Corporateh eadquarters is in the Isle o f Man and exploration/operation is managed from Nassau. Mr Crevello will address the topic, Petroleum Exploration in The Bahamas: Past, Present and t he Future. Over sixty years of spor adic exploration has been c onducted in The Bahamas. H owever, there has been v ery little exploration and drilling activity, with no exploratory drilling in the last 20 years, and much of the seismic acquisition activity occurred more than 20 years ago. With the benefit of modern knowledge and technologies the company i s proud to have been able t o shed light on the very g reat prospectivity of The Bahamas for world scale oil and gas discoveries. Now with the world ever hungrier for new large oil and gas provinces, particularly in democracies closet o North America, our work is set to achieve a large increase in value for the people of The Bahamas, ours hareholders and oil and gas consumers in general. Our directorate is skilled i n finding and developing n ew oil and gas fields in overlooked, forgotten and new areas and has an out standing track record of discovery and development and we look forward over the next few years to bring ing discoveries into production. Orthodontist, Dr. Lofton B arry Russel l (Barry a nother featured speaker at this years Outlook. Dr. Russell was graduated from Queens College and attended Howard Universi ty in Washington, D.C. where he received the education and practical training required to pursue his dream of providing first class Orthodontic Treat ment to Bahamians of all ages. After receiving his BS (microbiology of Dental Surgery (D.D.S. Dr. Russell spent a year at Columbia University/ Harlem Hospital in New York completing his general practice residency train ing. The following year he returned to Howard Uni versity and completed his specialty requirements in 1991. As a dental student his outstanding academic and leadership achievements culminated with his selection to Whos Who Among American Colleges & Universities. He returned home in 1991 as the first Bahamian Orthodontist and estab lished a practice. His vision was to develop a practice that was first world, providing the highest quality treatment and customer service to patients. This vision came into fruition by way of a building in Nassau designed and built specifically to accommodate the necessary stateof-the-art equipment and staff. In 1996 the practice was officially given the name, The Bahamas Orthodontic Centre. In order to maintain the excellence Dr. Russell d emands for patient care, B.O.C. has grown from a s taff of two employees in 1991 to a current staff of 18. Dr. Russell has established p ractices in Nassau and Freeport, Grand Bahama. O n June 25, 2010, The Bahamas Chamber of Commerce gave an award to Dr.R ussells Bahamas Orthodontic Centre, which was n amed Business of the Year for businesses with 50 e mployees or less. Dr. Russell is a past board member of the Bank of the Bahamas. He is a past Chairman of T he Bahamas Dental Counc il and holds membership in The Bahamas Dental Association, The National Dental Association, TheA merican Dental Associa tion, The American Association of Orthodontists,T he Caribbean Orthodontic Society and the World Federation of Orthodon tists. D r. Russell is an accomp lished vocalist, winning The Bahamas Musicians Union Song of the Year forh is single Without You. He is a founding member of The Gentlemans Club pro g ramme for high school stud ents. H e enjoys sharing success principles and helping others to maximize their poten-t ial. His topic for this Outlook 2011 is Successful Entrepreneurship in the Professional Service Sector: What will it take in this season? Dr Russell feels Bahami an entrepreneurs in the professional service sector must possess a first world global mindset if they wish to thrive in this highly competitive market place. He will demonstrate that correct thinking is critical to ones success because hard work alone will not suffice. An attitude of excellence, he said, must be consistent at all levels of organization and ordinary leadership will not get one far at all as it will take extraordinary leadership to overcome ones many challenges to rise above the competition. Unusual creativity, flexibil ity and specialized knowl edge and skills must be present because markets are so dynamic and fluid. Most importantly, change should not be feared, but rather embraced. He said to do this we must be perpetual students of our industry, always searching for new and better ways of doing things (systems, technologies, products, techniques, etc.) by staying on top of the latest research that evolves to become the first in the market with services. Other speakers and topics for Business Outlook are as follows: Prime Minister Hubert Ingraham, Keynote Address State of the Bahamian Economy. Senator Vincent Vander pool-Wallace, CMG, Min ister of Tourism & Aviation Diversifying the Bahamian Economy Fact, Fic t ion, the Real Alternative. W endy Warren Executive Director, Bahamas Financial Services Board Making the Bahamas aM ore Compelling Interna tional Business and Financial Centre. Olivia Saunders Ph.D., S chool of Business, College of The Bahamas Bahamian National Evolution K Peter Turnquest Pres ident, Grand Bahama Chamber of Commerce Grand Bahama: The RealA lternative; Dr Robin Roberts Urol ogist, Director, UWI School of Clinical Medicine & Research The Bahamas The Economic Impact of Health Tourism in The B ahamas. A lgernon Cargill Direc tor, National Insurance Board Preparing Your NIB for the Future Our No.1 Priority. Edward Fields Chairman/Founder, We The People My Bahamas. Dr Marikis Alvarez Representative, Inter-American Institute for Cooperation on Agriculture (IICA talizing the Agricultural Sector in The Bahamas and its Potential for Economic Diversification. David Shaw CEO, Cable &Wireless Caribbean/LIME Diver sification: The LIME Expe rience. Conference gifts include a massage from JEMI, a scholarship from Bahamas Institute of Financial Services, Founding Fathers: Sir Stafford Sands DVDs, Atlantis experience for two and much more. These prizes will be awarded to winners at the end of the conference day. Sponsors for the event are: BAF Financial & Insur ance, Sun Oil Ltd., First Caribbean International Bank, Bahamas First, Bahamas Petroleum Company, Cable & Wireless/LIME, Scotiabank Bahamas Ltd., The Central Bank of The Bahamas, KPMG, The National Insurance Board, Bank of The Bahamas International, Generali Worldwide and Krys Rahming & Associ ates. For information on registration call Eileen Field er, The Counsellors Ltd at (242 tclevents.com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ahamas Business Outlook to be worthy of 20th anniversary BUSINESSOUTLOOKSPEAKERS (clockwise from aboveDr. Lofton Barry Russell, Wendy W arren, Algernon Cargill O O u u r r s s l l a a t t e e o o f f s s p p e e a a k k e e r r s s w w i i l l l l a a d d d d r r e e s s s s a a w w i i d d e e r r a a n n g g e e o o f f t t o o p p i i c c s s t t h h a a t t w w i i l l l l b b r r i i n n g g a a n n a a w w a a r r e e n n e e s s s s t t o o c c o o n n f f e e r r e e n n c c e e g g o o e e r r s s o o f f w w h h a a t t i i s s h h a a p p p p e e n n i i n n g g i i n n o o u u r r c c o o u u n n t t r r y y i i n n t t e e r r m m s s o o f f o o u u r r e e c c o o n n o o m m y y a a n n d d g g e e n n e e r r a a l l l l y y . Joan Albury, president of The Counsellors Ltd, conference host
C M Y K C M Y K LOCAL NEWS T HE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM STUDENT union members are publicly criticising the handling of the relocation of the College of theB ahamas northern campus on Grand Bahama, warning that cont inued micro-management by New Providence officials will result in administrative problems in the future. The College of the Bahamas U nion of Student Northern Bahamas Campus in Freeport ( COBUS NBC) advised that the college has moved to its new Grand Bahama Highway location with the exception of the Continu-ing Education and Extension Services (college prep, basic and m ature upgrading) and the Culinary and Hospitality Management Institute (CHMI remain at the West Settlers Way Campus. H owever, classes did not begin yesterday as previously scheduled; they will instead start on Monday, January 17. In a statement yesterday, the student union said: We are not intere sted in playing the blame game as to why classes cannot begin as scheduled. Nevertheless, it must be noted that these occurrences will be perpetuated if importantd ecisions, such as the relocation of an entire college campus, are micro-managed from New Providence and proper consultation is not carried out with the parties most affected. The time has passed for the college to begin operating in the framework of the universityi t is poised to become. It has been agreed by all parties c oncerned that the new date for the start of classes will allow for necessary services to be available for the start of school. COBUS said in its view all late r egistration fees should be waived. We also wish to inform students a nd the general public that several companies have offered themselves to provide bus transportation. This service is independent of the College of the Bahamas and the student union. Additional information will be disseminated by the transportation company as to theirr outes, times, and rates, COBUS said. T he union said it also wishes to quell rumours that no provisions have been made for food on the new campus. While there is no cafeteria, t here is a state-of-the-art snack shop, operated by COBUS which w ill also provide cooked meals. The union apologised to the student body for the lack of information concerning the move and related issues. FREEPORT, GRAND BAHAMA Thanks to the tireless efforts of St. Bonaventure students and the commitment of The Grand Bahama Port Authority, Limited (GBPA computers and books donated by an American university will be distributed throughout primary schoolsin Grand Bahama in time for the new school term. The vital educational tools, including electronic and reading equipment, was donated as part of an ongoing programme instituted by St Bonaventure University in New York. And Education Minister Desmond Bannister trav elled to Grand Bahama last week to join key educational officials who received it at the official ceremony at the Freeport Primary School. Mr Bannister thanked the Grand Bahama Port Authority (GBPA itating the transfer of goods, and the university and its donors for their generosity. St. Bonaventure Univer sity has indeed been good to Grand Bahama and espe cially, Freeport Primary School, he said. He also encouraged the students to show their grat itude by taking care of the donated items. GBPA president Ian Rolle who publicly acknowledged the role of GBPAs community relations department, and other persons and agencies on the island, who assisted in bringing the exercise to fruition. As a part of our ongo ing relationship with St Bonaventure University, it was a pleasure for the Port to assist in coordinating the transport and clearance of such vital goods, he said. Any part that we could play in making sure that numerous schools on the island would receive these computers and books was well worth it, since the wel fare and development of our children were involved. St Bonaventure University has been working in the Bahamas since 2003 under its Students in Free Enterprise (SIFE SIFE is a volunteer educa tional programme that focuses on teaching the basics of entrepreneurship, tourism and the global economy. According to university professor Todd Palmer they recognized a digital divide with many of the islands primary schools having few, if any, computers. Therefore, members of SIFE have created, what we believe, is a revolutionary concept in both installing and training in the use of technology in developing countries, he said. SIFE installed 22 com puters in the Martin Town Primary School in January last year, and returned the following March to teach a week of in-service training to the teachers of Martin Town to improve the class room learning experience for over 200 students at the school. Now in 2011, another trailer load has arrived, with more computers and soft ware earmarked for Martin Town, Freeport, Bartlett Hill, Holmes Rock, West End and Freetown primary schools. And approximately six pallets of Scott Foreman readers were also shipped for use by Grand Bahama students. Accompanying the goods were four teaching profes sionals and a number of education majors from St Bonaventure University, who will offer two weeks of in-service teacher training for these products. Movement of COB northern campus criticised Student union members on Grand Bahama hit out MEMBERS of the Bahamian judiciary attended the annual Red Mass celebrated by the Catholic Church on Sunday at the St Francis Xavier C athedral. The Mass requests guidance for all who seek justice. Bahamian judiciary attend annual Red Mass BLESSING ROMAN Catholic Archbishop Patrick Pinder says a prayer and gives a special blessing to members of the legal profession on Sunday, January 9 during the annual Red Mass a t St Francis Xavier Cathedral. R ED MASS Prime Minister Hubert Ingraham a long with members of the Judiciary attend the annual Red Mass at St Francis Xavier Cathedral on Sunday, January 9. Pictured outside the cathedral in the front rowf rom left: Attorney General John Delaney, Prime M inister Ingraham, Court of Appeal President Anita Allen, Archbishop Patrick Pinder, and ChiefJ ustice Sir Michael Barnett. DONATED COMPUTERS ARRIVE Thanks to coordination and transportation efforts by GBPA, over 120 computers were successfully delivered to Grand Bahama schools. The initial delivery of 35 computers to Freeport Primary School were (left to right principal Barbara Thompson, Education Minister Desmond Bannister, vice-president of the Grand Bahama Port Authority (GBPA va Rutherford, and Grand Bahama primary schools district superintendent Sandra Edgecombe. GB SCHOOLS SET FOR COMPUTERS AND BOOKS DONATION
about party politics, while it might be a political issue, when responding toq uestions about whether the labour movement had become political in light of the march and voter regis t ration drive held yesterday. More than 30 workers marched from BCPOU hall to the Parliamentary Regis t ration Department, where they could register to vote. I came here on my lunch b reak to register to vote so I could get the Free National M ovement (FNM said a woman employee of BTC, after registering to vote. I voted for the FNM in the last election. This is not just about the BTC sale, butt he way they are treating the w orkers with total disre s pect, she said. Some union members who have political ties aret rying to use the voter registration and the labour movem ent in general as a partisan political tool, it has been claimed. Speaking about the event, R obert Farquharson, NCTU general secretary, said: We as workers have the democ-r atic right to impact policy, a nd we do so by exercising our right to vote. We are not discouraged by the numbers. We have toa ct in conformity with the law. We anticipated everyone would not be here at thes ame time. It is an ongoing process of voter registra tion. Union leaders are still adamant the government should change course on its decision to sell BTC to Cable and Wireless Communications. Denise Wilson, general secretary of the Bahamas C ommunications and Pub lic Officers Union (BCPOU that the BTC opposition is about party politics. We want to remind the workers that we have the power. The PLP should not feel that they are victorious. They, too, need to know, we will determine who says what. This is to show that the people have the power, said Ms Wilson. On a previous occasion, Bernard Evans, BCPOU president, admitted some union members have personal political affiliations with both major parties, but the union movement itself is unaligned. Ms Issacs-Dotson cautioned the Progressive Lib eral Party (PLP claim have jumped on the BTC bandwagon, not to get comfortable. The PLP need to reflect on some things they do, on whether their position would be any different if they were in government. If the government is wrong then it does not matter which party is in power, said Ms IssacsDotson. Political observers say the PLPs support of the NCTUs Bahamas for Bahamians drive seems at odds with attempts during their last administration to sell BTC to Bluewater, an entity whose principals have never been revealed, but are thought to be mostly for eigners. Rodney Moncur, leader of the Workers Party, said unionists should not be apologetic about the political nature of their advocacy. Any issue dealing with the state, discussing public policy, by its very nature is political. We have to educate people to be able to say, this is political. There are thousands of people opposed to the sale of BTC to Cable and Wireless. How else do we convince the government not to sell if you do not recognise as a citizen you have a right to apply political pressure on elected officials? said Mr Moncur. Each citizen has political power. Each citizen is a political party. Whether they support the FNM, PLP, NDP, or the Workers Party, once citizens collectively use that political power the government will either bend or be broken. That is the nature of politics. It does not matter what your personal political pref erence is, we can unite as citizens on a common issue to apply political pressure on whoever is in government. But the pressure must be consistent and sustained. This is a political issue and no one should run away from it. SEEPAGETWO C M Y K C M Y K LOCAL NEWS PAGE 8, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM S chool, where she had taught pre-school p upils for nine years. Classes were suspended yesterday, and replaced by a general assembly to inform the school body, and set up individual and group counselling sessions. L oretta Smith, acting-principal at Uriah McPhee, said: We had counsellors that came and spoke during the assembly, then after the assembly some of them went in to the pre-school and spoke to those students. Some came in the office and made themselves available to the pre-school teachers ora ny other staff members. During her time at Uriah McPhee, Ms A dderley primarily taught pre-school pupils, h owever she has taught grade one and was said to be involved with lower grades at the school. M s Smith said: We do have a team teaching school, so even if she wasnt direct-l y responsible for teaching them, they would h ave been in the centre with her. M s Smith added: Its a lesson to all of us, teachers particularly, that we plan things b ut we dont know what the future holds so y ou should always be ready live the day like its the last day. Ms Adderley worked closely with four teachers in the pre-school centre, along with several teachers aides, all of whom receivedg rief counselling yesterday. B elinda Wilson, president of the Bahamas Union of Teachers, was also present at the school to offer support to grieving members. Ms Wilson said: The entire Uriah McPhee family is broken, because if there is one thing we can boast about it is beingc losely knitted. The teachers are close and we spend a lot of time together, and you almost become like family. So today Uriah McPhee is miss-i ng one of their family members. Ms Adderl ey is going to be remembered for many years to come. Ms Wilson added: Im really saddened b y this. Every time you saw her she was a lways pleasant. Now there is another child that is going to grow up without a mother. I ts a senseless act and I just hope that individuals would learn how to resolve con flicts, because it is really sad today. vice president asking them to state the time they intended to take lunch. Workers were asked by union leaders to use their lunch hour to participate in a march from the union headquarters on Farrington Road to the Parliamentary Registration Department, where they could register to vote. Tribune sources claim the manager was Mar lon Johnson, BTC vice president, marketing, sales and business development. Mr Johnson said he would not comment on any internal administrative matters. He said the BTC administration in general would only exercise management functions to ensure the efficient operation of the company and nothing more. He said any suggestion oth erwise would be utter nonsense. Any action related to any matter of internal BTC administration would never be used in any way to intimidate anyone. There will never be any attempt to circumvent due process and/or discourage anyone from taking part in any lawful action, said Mr Johnson. The concerns of intimidation come days before workers expect to find out in their January 15 pay if any salary deductions have been applied. To date, union leaders say they have received no complaints from employees of victimisation as a result of participating in union activities. Mario Curry, vice president of the Bahamas Communications and Public Officers Union (BCPOU January 15. He said he personally expects to have two or three days deducted from his salary, which is the cost of his involvement. Mr Curry said he does not plan to protest. Denise Wilson, general secretary, said she once took home $11 for two weeks worth of work based on her involvement in union activ ity in 1982. She said that is the sacrifice necessary for the cause. Mr Hanna said: Traditionally it has been common for persons to makec omplaint and initially say they want action. However, once the complaint is taken it wont be long before they say they want to withdraw the matter. He added: In the past w e have obliged, because generally it was felt whatever their situation was, they were probably coercedi nto withdrawing the matt er. However, going forward, we will no longer be o ffering that consideration a nd persons will have to w ithdraw before the courts. W e will not insert ourselves in this process. Pupils shock after teacher shot dead B ELINDA WILSON president of the Bahamas Union of Teachers FROM page one No collusion between the labour movement, political parties over BTC FROM page one J ENNIFER ISSACS-DOTSON president of the National C ongress of Trade Unions. FROM page one BTC DENIES CL AIMS OF INTIMID ATION OF STAFF MARCH Withdrawn domestic violence complaints ust be explained to magistrate FROM page one Share your news The T ribune wants to hear from people who are 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 awar d If so, call us on 322-1986 and shar e your stor y.
C M Y K C M Y K INTERNATIONAL NEWS T HE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BRISBANE, Australia RESCUERSraced Tuesday to reach people trapped on roofs after a flash flood sent a massive wall of water through a valley in Australia 's waterlogged east, tossing c ars like toys, killing at least e ight people and leaving 72 missing, officials said, accordi ng to Associated Press. The sudden surge near the t own of Toowoomba after a s torm Monday lifted Aust ralia's 2-week-old flood crisis in Queensland state to a n ew level and brought the o verall death toll to 18. Until then, the flooding had unfolded slowly as swollen rivers burst their banks and inundated towns while moving downstream toward the ocean. E mergency services offic ers plucked more than 40 p eople from houses isolated o vernight by the torrent that h it the Lockyer Valley on M onday, thunderstorms and more driving rain hampered efforts to send helicopters to help an unknown number of other people still in danger Tuesday. Queensland state Premier A nna Bligh said four children were killed and there were "grave concerns" for at l east 11 of the missing. Many o f those still stranded or u naccounted for are families and young children, she said. "This has been a night of e xtraordinary events," Bligh told reporters. "We've seen acts of extreme bravery and courage from our emergencyw orkers. We know they're out on the front line desperately trying to begin their search and rescue efforts, a nd we know we have people stranded and people lost." She said the death toll stood at eight, but that "we expect that figure to rise and potentially quite dramatical ly." Q ueensland has been in t he grip of its worst flooding f or more than two weeks, after tropical downpoursa cross a vast area of the state c overed an area the size of France and Germany combined. Entire towns haveb een swamped, more than 2 00,000 people affected, and coal and farming industries virtually shut down. M onday's flash flooding struck without warning in Toowoomba, a city of some 90,000 people nestled in m ountains 2,300 feet (700 meters) above sea level. Bligh said an intense deluge fell over a concentrated area, sending a 26-foot (eightmeter), fast-moving torrent crashing through Toowoomb a and smaller towns further d own the valley. O n Tuesday, the water was still pushing its way down-s tream, flooding river syst ems as it moved toward the coast. Thousands were being evacuated from communitiesi n the water's predicted path a nd residents in low-lying regions of the state capital of Brisbane Australia's third-l argest city were urged to sandbag their homes. "We have a grim and des perate situation," Bligh said. This took everybody so unawares that there was no opportunity in most cases for people to get to safety." Rescue workers were battling more bad weather Tues day. Heavy rain and thun-d erstorms were forecast for t he region for most of the d ay, which could lead to more flash flooding, theB ureau of Meteorology w arned. Deputy Police Commissioner Ian Stewart said res-c ue efforts were concentrate d on towns downstream of Toowoomba, including hardest-hit Murphy's Creek andG rantham, where about 30 people sought shelter in a school isolated by the flood waters. News video from late M onday showed houses submerged to the roof line in raging muddy waters, with people clambering on top. A man, woman and child sat on the roof of their car as waters churned around them with j ust inches (centimeters s pare. A mong the dead were a mother and her two childrenw hose car was swept away in t he floodwaters, Bligh said. Two other children also were killed, she said. I n Toowoomba, the waters d isappeared almost as fast as they arrived, leaving debris strewn throughout down-t own and cars piled atop one another. The flooding in recent weeks has cut roads and rail l ines across Queensland, the s tate's coal industry has been virtually shut down, and cattle ranching and farming across a large part of the state are at a standstill. Queensland officials have said the price of rebuilding h omes, businesses and infras tructure, coupled with economic losses, could be as h igh as $5 billion. O n the other side of Aust ralia, hot, dry conditions have sparked a wildfire that has destroyed at least fourh omes. Around 150 firef ighters were battling a blaze about 70 miles (110 kilome-t ers) south of the Western A ustralia state capital of Perth on Tuesday. There have been no reported injuries. PEOPLE SURVEY the damage after a flash flood tossed vehicles down a street in Toowoomba, Australia, yesterday. (AP P EOPLE CLING t o railings and metal fences on a flooded s treet in Toowoomba, Australia, during a flash flood M onday. (AP Eight dead in new flood as Australias crisis worsens
B yGLADSTONE THURSTON AN organic farm, 1,500 acres in size, is taking shape in North Abaco. Situated on the former Key a nd Sawyer citrus operation i n the Normans Castle area, the project is headed by Texan entrepreneur Paul Baker, a resident of Marsh Harbour. Bahamas Agricultural and I ndustrial Corporation ( BAIC) officials, farmers associations, co-operatives, a nd health conscious consumers were on hand last weekend to view the newe quipment being brought in for the project. M r Baker pledged to assist f armers with workshops on o rganic techniques, farm preparation, stock acquisition and marketing of produce. T he project will include processing facilities and later dairy and poultry operations. H e encouraged Bahamian f armers and food processors to tap into the estimated $500 million spent each year to import food products for residents and tourists. Were going to be export i ng some specialty type products, said Mr Baker. But we are doing this mainly for Bahamians. Organics means that you are not using harsh chemical fertilisers and probably worse of a ll, pesticides. Pesticides being used in Mexico, a big food supplier for the Bahamas, are a bsorbed into the produce which we consume, and that is one of the biggest reasons wea re having so many cases of c ancers, for example. And so we are going back to organics using material that is natural in this country to grow the food. It is a more expensive process but at thee nd of the day it is a lot cheaper when you look at all t hose chemicals we consume and how they manifest themselves in our bodies. S outh Abaco Member of Parliament and executive chairman of BAIC EdisonK ey said he looks forward to t he project with special interest. This is a part of my life out here and just to see it come back into operation is a tremendous thing for me, h e said during a tour of the facilities. I know what can be done. We had established here one o f the largest cucumber farms in the world. And then we moved into citrus exporting,m ore than 1.2 million bushels t o Florida each year. Adjacent to the Baker pro ject are 500 acres that were transferred to BAIC. They were divided into f iveand ten-acre plots and leased for farming, particularly to persons from NorthA baco. If we can develop them as satellite farms in conjunction with the organic operation, itw ould be a very good thing especially with the facilities here to process foods, Mr K ey said. Mr Baker assured farmers that they will have access to tractors and other farm imple m ents to assist with field preparation. As the operation becomes established much of the pro duce that currently goes to waste because it did not meett he governments packing house grade will be processed into other products, he said. For example, potatoes will be used to make French fries and tomatoes will be canned or used to make ketchup, he explained. N orth Abaco Farmers A ssociation president Stafford Symonette said the p roject is a boon for the flagging agriculture industry. I am pleased with what I have heard about the project and I believe it will benefit us a ll, he said. Once I saw the kind of e quipment he was bringing in, I realised he was very serious and that he is here for the long haul. I do believe in the health advantages of organic farming and this could be a learn-i ng experience for us. Maybe w e will have to stop using all those chemicals and adopt procedures more compatible with his approach. We can work together and go for ward. We have lots of people who want to farm but farming is very costly. Mr Baker said he is going to help farmers p repare their fields. That alone would be significant. Already he is clearing f arm roads and farmers now have no problem accessing their property and so I expect to see them out in the fieldm ore. I am looking forward to it, Mr Symonette said. C M Y K C M Y K LOCAL NEWS PAGE 12, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM affordable terms swift response down payment as low as 5%*all of the above*with mortgage indemnity insuranceown the home of your dreams A MBESTA-ExcellentFinancialStrengthRating call our morgage department today at (242396-4040 (Nassau242Freeport A SUBSIDIARY OFNASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I www.famguardbahamas.com Organic farm taking shape in North Abaco INVESTOR PAUL BAKER (leftcentre S ociety president Lennie Etienne check equipment brought in for the organic farm development. ABACO ADMINISTRATOR Theophilous Cox (left ety president Lennie Etienne (centre manager (agriculture i c farm operation. Gladstone Thurston/ BIS BAIC EXECUTIVE CHAIRMAN E dison Key (left o rganic project with (from right) domestic investment offic er Ayner Cornish, South Abaco Farmers Co-operative Society president Lennie Etienne, assistant general manager (agriculturea nd South Abaco Farmers Association president Stephen K nowles.
By NEIL HARTNELL Tribune Business Editor T he Government must fix the failure to co-ordinate its message with the private sector if the Bahamas is to make inroads into the multi-billion dollar medical tourism industry, Doctors Hospitals president has told Tribune Business. Barry Rassin, in an exclusive interview with this newspaper, said that too often the Government was communicating a different message to the one delivered by the private sector when they went out to market what this nation had to offer in terms of medical and tourism facilities. Hinting that this was a potential obstacle to efforts by Doctors Hospital and others to build a competitive medical tourism niche for the Bahamas, Mr Rassint old Tribune Business: We need to co-ordinate. The Bahamas should co-ordinate the private and public sector. The Government is doing its thing, were doing our thing. So when wereg iving a message, were not C M Y K C M Y K SECTIONB firstname.lastname@example.org TUESDAY, JANUARY 11, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.60 $4.64 $4.61 B y NEIL HARTNELL Tribune Business Editor Bahamian investor confidence in equities needs to be rebuilt before there is any substantial interest among more companies in going public, a leading investment banker said yesterday, many having been discouraged by Rebuild investor confidence to encourage IPOs Depressed stock prices discouraging more Bahamian firms from going public* Analysts say share buy backs must not be initiated just to prop up share prices S EE page 4B M ICHAEL ANDERSON GOVERNMENT MUST GET ON MESSAGE IN MEDICAL TOURISM Doctors Hospital chief says it must fix failure to co-ordinate marketing with private sector if Bahamas to make inroads into what can be key industry for nation* Renews call for duty and work permit incentives, something been calling for over past 20 years SEE page 4B TOP MEDICALFACILITY: Doctors Hospital BARRYRASSIN By NEIL HARTNELL Tribune Business Editor The Government will earn a $70 million bumper tax windfall from Buckeye Partners $1.36 billion acquisition of a majority 80 per cent stake in the Bahamas Oil Refining Company (BORCO bune Business can reveal, which, when combined with the $210 million proceeds from the impending Bahamas Telecommunications Company (BTC much of this years fiscal deficit. The two one-off transactions will be music to the ears of a hard-pressed Public Treasury, which has been forced to borrow to meet civil service payrolls after tax revGovernments $70m BORCO tax windfall n Combined with $217m gross proceeds from impending B TC sale, both deals could virtually wipe out projected $302m d eficit for 2010-2011 n One-off inflows from both transactions could even leave Ingraham administration with $60m surplus on GFS measure n BORCO net debt is $279.3m SEE page 4B By ALISON LOWE Business Reporter email@example.com A young businesswoman intends to inspire Bahamian businesses to go green and ditch Styrofoam food and beverage containers in favour of an environmentally-friendly alternative. Tejada Sands, proprietor of Bioshell Bahamas, is also hoping the Government may consider reducing the import duty on the biodegradable containers which is currently higher than for regular plastic containers, at 45 per cent as a means of stimulating extra interest in the products. The idea began with a trip to San Salvador with a friend who studies the reef. The reefs are dying because of trash Entrepreneur degrades use of styrofoam E co-friendly promoter seeking duty reduction help SEE page 2B B y ALISON LOWE Business Reporter firstname.lastname@example.org The Comptroller of Customs yesterday denied claims his Department was in breacho f an undertaking given by the Attorney Generals Office by asking companies to return forms detailing their sale of bonded goods. Chris Lowe, operations manager for Kellys( Freeport), told Tribune Business yesterday that Customs informed all 3,500 Grand Bahama Port Authority Comptr oller denies undertaking breach SEE page 5B B y ALISON LOWE Business Reporter a email@example.com A Texan entrepreneur has poured $10 million to date i nto a 1,500 acre farming operation in Abaco, touted as having the potential to create to 200 Bahamian jobs, Tribune Business has learned. Four boat loads of heavy equipment reached the farm site over the Christmas season, and it is expected that Americani nvestor Paul Baker will now spend further millions bringing the farm into operation, with the hope of making a dent in the Bahamas almost $500 million annual food import bill. Fruits and vegetables such as potatoes, legumes and rootcrops as well as cattle for both beef and dairy products,w ill be farmed by the company, to be called Abaco Foods Limited. Eventually, a food processing plant that could produce products such as ketchup and tomato sauce and more jobs is envisaged. T he farm is located in the Normans Castle area of Aba co, on the former Key and Sawyer Citrus farm, owned by current Bahamas Agricultural and Industrial Corporation $10m pumped into farming operation 1500-acre project cold generate to 200 Bahamian jobs SEE page 2B
(BAIC Key and his partner, Mor ton Sawyer. Mr Baker is understood to be leasing thel and, although it is not clear if this is from the Governm ent or a private individual. Speaking with Tribune Business yesterday, Minister of Agriculture, Larry Cartwright said: The last I heard was that he had put in his application for duty concessions relating to the a gricultural materials and was setting up his operation. Ive gotten no indication when it will be up and running. He noted that Mr Key w as most intimately acquainted with the project, which is located four to five miles outside of Treasure Cay. Mr Key visited the Abaco Foods site this weekend and could not be reached up to press time as he was said to still be on the island. Tribune Business understands that Mr Baker first signed a deal to develop the farm in May 2010. Prior to this he had for some years been interested in investing in lion fish research and the development of equipment that would have the potential to capture more of the invasive species, which has threatened Bahamian fisheries. F ar ming Then Edison Key spoke to me about doing some farming and we talked and talked, and now here we are! Mr Baker was quoted as telling the Abaconian newspaper earlier this month during a site visit. Tribune Business was unable to reach Mr Baker yesterday for comment. However, in the interview with the Abaconian newspaper the investor revealed he intends primarily to sell products from Abaco Foods within the Bahamas, with the potential for a small number of specialty goods to be sold abroad. We have plans to create employment for a lot of people, and we are going to try to employ as many Bahamians as we can, he said. While it is not clear what Mr Bakers other ventures may be, Mr Cartwright told Tribune Business that by a ll reports he has been involved in farming all of his life. Sources in Abaco suggested the entrepreneur is a private individual who flies into the islands onboard his own luxurious jet, and has a number of business interests which he has been tightlipped on discussing. Nonetheless, Mr Baker has been vocal about his hope that the establishment of Abaco Foods will benefit not only his bottom line, but the Bahamas and Bahamian farmers. Bahamian farmers are to be given access to plots on 500 acres of land adjacent to Mr Bakers farm, which has been cleared. Apart from having access to heavy machinery and, eventually, food processing facilities owned by Abaco Foods for their own use, Mr Baker has said he intends to organise workshops on organic techniques, farm preparation, stock acquisition, and the marketing of produce to assist Bahamian producers. Mr Baker is also investing in the reconstruction of a badly degraded access road that will help other nearby farmers transport produce and equipment to and from their farms. North Abaco Farmers Association president, Stafford Symonette, said the project is a boon for the flagging agriculture industry. I am pleased with what I have heard about the project and I believe it will benefit us all, he said. "Once I saw the kind of equipment he was bringing in, I realised he was very serious and that he is here for the long haul. C M Y K C M Y K BUSINESS PAGE 2B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BY LARRY GIBSON Its been quite a while since this column last appeared. I am happy to say I am back, and will hopefully continue to write thought-provoking articles for the enjoyment of my readers. Let me begin by w ishing you all good health, and a safe and successful 2011. These have been challengi ng times, more difficult than most of us would have ever experienced previously in our lives, or indeed imagine. However, notwithstanding our immediate circumstances, it is important that we look to the future with a degree of optimism. Worst is over Economic indicators sugg est the deterioration in the economy has bottomed, and i mprovement is starting to become apparent. The Intern ational Monetary Fund (IMF o f the Bahamas, suggests that for 2010 we would have had economic growth of 0.5 per cent. For 2011 it is projecting growth of 1.5 per cent, and 2.5 per cent per annum thereafter through 2015. While it will be a while before the average man on the street feels the recovery, it is absolutely essential that the Government pursues policies that engender confidence for i nvestors, businesses and individuals to once again invest in the Bahamas. While most individuals are struggling to make ends meet on a day-today basis, there are many successful Bahamians who are liquid and/or have access to funding. They can make a difference. It is this group that we need to harness in the first phase if we are to get this economy flowing again. Truth be told, the Governments ability to provide additional stimulus, beyond what has already been rendered, is limited in the face of the huge deficits that have already been incurred. As at June 2010, government debt stood at 47 per cent of GDP and public corporations debt (much of which is government guaranteed) was an additional 12 per cent of GDP. For reference purposes, the IMF recommends this ratio not exceed 37 per cent. Continued government borrowing at r ecent levels is unsustainable i n the short-term and longterm. The consequence of ignoring signs of over-borrowing can be brutal and most painfuljust ask Greece, Portugal and Ireland. Instilling Confidence There are probably two dozen entities operating throughout the Bahamas who have the wherewithal to mobilise significant levels of i nvestment via business e xpansion or new projects that can make a difference in our economy. Who is reaching out to these entities (which can be companies, groups or strategic individuals) in a systematic way? What are their concerns? What would encourage them to invest? Are they in step with current policies or are they strongly opposed? Can there be a middle ground so that a win-win situation is created? I humbly submit that somebody needs to ask these persons. I also believe there is another benefit to bringing these folks together. These groups, or representatives thereof, do not necessarily naturally interact with each other or travel in the same circles. Therefore, facilitating their interaction could produce additional mutual benefits. In order for such an initiative to be successful, we must be mature enough to recognise that this group must include those with FNM leanings, PLP leanings and apolitical leanings (if such an animal exists in the Bahamas). It is time we as a nation learn to develop national goals and policies, and approach them with a national pragmatism that would see them through to completion. Sale of BTC The biggest topic of discussion nationally at the moment is the pending sale of the Bahamas Telecommunications Company (BTC confine my comments at this stage to general observations, as I have not seen the Memorandum of Understanding (MOU be released shortly. Generally speaking, I am a supporter of privatisation and competition, and I believe the longterm benefits will outweigh any short-term negatives. I am amazed by the amount of misinformation, mischief and distrust that this process continues to generate. It would be most useful, and in the publics interest, if the fulld etails of the previously proposed Bluewater transaction and the current Cable & Wireless transaction were released thus enabling objective analysis and honest commentary. Further, I am uncertain whether there is a strong parallel between the conditions that led to the 1958 General Strike and the situation today arising from the privatisation of BTC. Would there be the same level of support by workers for a general strike today? This is something that only the workers of the Bahamas can answer. However, it should be recognised that organised labour has a right to act in concert to have their voices heard, provided they do so within the parameters of the law. Many persons have expressed disappointment over the number of personal attacks and unsavoury comments being made by individuals from all sides in the privatsation process. In the final analysis, personal character attacks will have absolutely no bearing on the ultimate outcome. The sooner the MOU is placed in the public domain, the better. No doubt, there will be multiple levels of debate the official one in the House of Assembly, and others in the court of public opinion. Until next week NB: Larry R. Gibson, a Chartered Financial Analyst, is vice-president pensions, Colonial Pensions Services (Bahamas subsidiary of Colonial Group International, which owns Atlantic Medical Insurancea nd is a major shareholder of Security & General Insurance Company in the Bahamas. The views expressed are those of the author and do not necessarily represent those of Colonial GroupI nternational or any of its sub sidiary and/or affiliated companies. Please direct any questions or comments to Larry.Gibson@atlantichouse.com.bs Mobilise those who make a difference Financial Focus By Larry Gibson down there, and theres so much litter, with Styrofoam cont ainers and plastic all over the road. My friend is from California, where they have banned S tyrofoam food containers, and between the two of us we came up with the idea to introduce an environmentallyfriendly alternative into the Bahamas, said Ms Sands, who set up Bioshell Bahamas nine months ago. To date, Bioshell has attracted consistent business from two resorts in Long Island Stella Maris and Cape Santa Maria as well as from Ardastra Gardens Zoo in New Providence and a few other companies. Ms Sands hopes that in the coming year she will be successful in increasing awareness of the benefits of switching from Styrofoam the brand name for polystyrene and plastic to the disposable biodegradable alternatives, which can be made from sources such as corn, sugar cane and potatoes, and break down within months of disposal. Styrofoam, the plastic foam which most Bahamian restaurants and cafes use in the form of clamshell-style containers to place food sold to their customers in, can take up t o 500 years to degrade, clog landfills and oceans, and can c ause harm to both humans and wildlife. It is made from non-renewable petro-chemicals. T oxic The plastic foam gives off toxic fumes when burnt, and can break down when heated in a microwave, especially if in contact with fatty foods s uch as meats and cheeses, causing c hemicals to enter into the food we e at and, by extension, ourselves. If eaten by animals or sealife it will block the digestive tract. It has been banned for environ mental and health reasons in parts of California and Canada, and Port-l and, Oregon. Meanwhile, discussions are underway in other parts of the US, such as Chicago and New York, on the benefits of ditching Styrofoam. Ms Sands, a marketing major, said she hopes her company will benefit the Bahamas in the long term. I want to contribute to my country, she told Tri bune Business. Im definitely going to be working on mak ing more people aware (of the benefits of biodegradable alternatives to styrofoam/plastic containers). In this regard, Bioshell intends to again be active in the National Coastal Awareness campaign this year, and will be raising its profile through involvement in the Love Yourself and Your Health health promotion campaign, which was launched at the start of the year by DJ Chrissy Love and the SEEDlings Place. Meanwhile, having approached the Government last year about a duty reduction on the eco-friendly products the Government has previously indicated it is in favour of supporting the introduction of environmentally-friendly product alternatives into the Bahamas through tax reductions or elimination Ms Sands said she hopes she can see progress this year. Yesterday, Minister of the Environment, Earl Deveaux, said he supports the conceptual basis of the product being sold by Bioshell, and has asked Ms Sands to provide the Government with specific characteristics so that it could get a specific category in the Tariff Act to dis tinguish and support it. Ms Sands also believes the cost of the Bioshell containers can be diminished with increased demand for biodegradable products. At present, a 10 oz cup made from Styrofoam costs around seven cents to import into the Bahamas, while one made from renewable sources carries a cost of around 10 cents. Entrepreneur degrades use of styrofoam F ROM page 1B EARLDEVEAUX $10m pumped into far ming operation FROM page 1B
B y ALISON LOWE Business Reporter firstname.lastname@example.org A leading financial services stakeholder yesterday hit back at claims published in a top UK newspaper that the Bahamas remains an offshore jurisdiction rife with secre cy, corruption and intimidation, where illicit money can be deposited by anonymous sources despite a tightening of regulation over the last decade. McKinney, Bancroft and Hughes senior partner, Brian Moree QC, said it was simply not fair that such an accusation could be made considering steps taken to further legislate and regulate the sector in recent times. am surprised a respectable newspaper inLondon would just print that because we have some of the toughest laws of all countries.You can open a bank account in London or New York with half the red tape and time you have to go through in the Bahamas, Mr Moree said. In fact, many think the pendulum has swung so far the other way it is to some extent retarding business, so to suggest there is an open sesame for illicit funds is incorrect. The Guardian in London published two extracts froma book entitled Treasure Islands: Tax Havens and the Men Who Stole the Worldby author Nicholas Shaxson over the past weekend. Drawing on allegations by a former banker who claims to have worked in the Bahamas in several different financial institutions, the author sug gested that secrecy and the potential for money laundering remains rife. The banking source, who told the author she worked asa client relationship manager for the private banking armof a well-known international bank in this nation, and ultimately for a boutique private Swiss bank, suggested that although laws were tightened a little in the Bahamas in response to a feeble global crackdown in the early part of the last decade, this did not stop ques tionable banking practices. These days, offshore bankers make a big show of their Know-Your-Customer rules to keep out the bad money...That, at least, is the theory. But there are many w ays around the restrictions, the article stated. The extract claims the banker, employed as a compiance officer at the time, was supposed to check for suspicious movements through the accounts at one private Bahamas-based bank. She found many and raised many red flags, but was given unsatisfactory responses from her seniors. They (the managers would say: This was a commission. Were these bribes? Commissions on what? I went back and never got an answer, the banker alleged. One Swiss-based trust that had a relationship with her bank displayed almost nothing on its website, bar some photos of a nice fountain in Geneva. The crap they brought to us was unbeliev able. There is no way a responsible trustee should take this on. You have no idea who the trust settlors were, what the assets were or where they came from. I objected strongly but the bank took them on, the banker told the author. The book suggests that the Bahamas environment is one which tends to stifle dissent and suppress troublemak ers, with international financiers reassured that local establishments can be trusted not to allow democratic politics to interfere in the business of making money. The banker, who has now left The Bahamas, suggests she is trying to come to terms with her past life, and the author himself charges that he was told by a practi tioner in the Cayman islands that if he was to probe such allegations in the Bahamas he would need to be careful of his personal safety. In writing the book, the author purports that he had been hoping to explore a question that had been nag ging me: How do bankers who shelter the wealth of gangsters and corrupt politi cians justify what they do? But Mr Moree said the fact of the matter is that banks simply cannot conduct business with non-compliant money these days in the Bahamas. Anyone who took time to become familiar with the cur rent legislative landscape in the Bahamas with regard to financial services would, I think, agree that we have very s trict anti-money laundering rules and regulations, and very robust oversight provisions by regulators, and that non-compliant money is no longer welcome in the Bahamas, Mr Moree said. While one can never say that our system can never be abused by persons seeking to do wrong doing, our system now is tougher and more robust than in most other countries, and you simply cannot really conduct business with non-compliant money these days. The top attorney said he believes the Government, through passing additional and amended legislation and beefing up our regulatory structure, has demonstrated unequivocally its commitment to ensuring the jurisdiction isa well-regulated, premier intentional financial centre which conducts business in accordance with the best standards. I think the regulators themselves have also done that through issuing guidelines to cover the various sectors of the financial services industry, said Mr Moree. Minister of State for Finance with responsibility for financial services, Zhivargo Laing, did not return calls and e-mails seeking comment up to press time yesterday. C M Y K C M Y K BUSINESS THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 326,7,216$9$,/$%/( 63$(1,25$662&,$7(6 -RE'HVFULSWLRQ 3ULFHZDWHUKRXVH&RRSHUVKDVYDFDQFLHVIRUTXDOLHG6HQLRU$VVRFLDWHVZLWKLQRXU6\VWHPV DQG3URFHVV$VVXUDQFHSUDFWLFH$VPHPEHURIWKH63$WHDP\RXZLOOSURYLGH VHUYLFHVUHODWHGWRFRQWUROVDURXQGWKHQDQFLDOUHSRUWLQJSURFHVVLQFOXGLQJEXVLQHVV SURFHVVDQGLQIRUPDWLRQWHFKQRORJ\PDQDJHPHQWFRQWUROV 5HTXLUHPHQWV 3URYHQH[SHULHQFHLQLGHQWLI\LQJHYDOXDWLQJDQGWHVWLQJLQIRUPDWLRQWHFKQRORJ\DQGRU EXVLQHVVSURFHVVFRQWUROVKDYLQJZRUNHGLQWKHDFFRXQWDQF\SURIHVVLRQIRUPLQLPXPRI $VWURQJDFDGHPLFUHFRUGDQGKDVSURIHVVLRQDODFFRXQWDQF\TXDOLFDWLRQDQGRUWKH&,6$ TXDOLFDWLRQ 6RXQGEXVLQHVVDZDUHQHVVH[FHOOHQWFRPPXQLFDWLRQVNLOOVDQGSHUVRQDOLQLWLDWLYH 7KHDELOLW\WRZRUNDVSDUWRIDWHDPDVZHOODVLQGHSHQGHQWO\ 7KHDELOLW\WREXLOGDQGPDQDJHLQWHUQDODQGH[WHUQDOUHODWLRQVKLSV 3URFLHQWXQGHUVWDQGLQJRIVHFXULW\DQGFRQWUROIRUVRPHRIWKHIROORZLQJWHFKQRORJLHVDQG RU HQWHUSULVHDSSOLFDWLRQV8QL[:LQGRZV6HUYHU:LQGRZV6HUYHU 64/HUYHUUDFOHGDWDEDVH$3HRSOHVRIWDQG-'(GZDUGV :RUNLQJNQRZOHGJHRILQIRUPDWLRQWHFKQRORJ\JHQHUDOFRQWUROVFRQFHSWVLQWKHDUHDVRI V\VWHPVGHYHORSPHQWFKDQJHPDQDJHPHQWFRPSXWHURSHUDWLRQVDQGDFFHVVWRSURJUDPV DQGGDWD :RUNLQJNQRZOHGJHRIFRQWUROVDQGFRQWUROVVWDQGDUGVDUEDQHV2[OH\&262DQG &2%,7fDQGWHVWLQJVWUDWHJLHV 7KHSRVLWLRQVRIIHUFKDOOHQJLQJZRUNLQWKHQDQFLDOVHUYLFHVLQGXVWU\DQGRWKHUDUHDVRI LQGXVWU\DQGFRPPHUFH7KHVDODU\VFDOHZKLFKUHFRJQL]HVGLIIHUHQWOHYHOVRIH[SHULHQFH DQGVNLOOLVGHVLJQHGWRUHZDUGKLJKSHUIRUPDQFH,QDGGLWLRQWKH)LUPSURYLGHVH[FHOOHQW PHGLFDOLQVXUDQFHDQGSURYLGHQWIXQGEHQH 3OHDVHVXEPLWDQDSSOLFDWLRQOHWWHUZLWK\RXU&XUULFXOXP9LWDHWR +XPDQ&DSLWDO/HDGHU $HQLRU$VVRFLDWHRVLWLRQ 3ULFHZDWHUKRXVH&RRSHUV 3 1DVVDX7KH%DKDPDV Krys Rahming & Associates, the Bahamas-based corporate recovery, insolvency, and forensic accounting specialist firm, is changing its name to KRyS Global with effective from yesterday. The new name is intended to highlight the company's recent growth and expansion to additional international markets. "With offices in four countries, we are in a strong position to offer solutions in key offshore centres in the Caribbean," said company founder and chief executive, Kenneth M. Krys. "Our continually expanding international and cross-border experience now positions us to enter into strategic alliances with firms worldwide. We hope our coming together as KRyS Global will demonstrate our growth and expansion, as well as the cul ture of an independent organisation that is not only forward thinking but also international in breadth and highly person alised service." The newly-named KRyS Global has offices in four jurisdictions the Cayman Islands, British Virgin Islands, the Bahamas and Bermuda. "Since opening Krys Rahming & Associates, we have leveraged the firm's international network to grow the firm and add greater value to our clients. The global nature of the busi ness requires that we have a single identity across the region, particularly as the firm grows," said Ed Rahming, managing director of Krys Rahming & Associates. ACCOUNTING SPECIALIST IN KEY N AME CHANGE The Bahamas continues to have great prospects for world scale oil and gas discoveries, a senior executive with an oil exploration company believes. Dr Paul Crevello, director and chief operating officer of the Bahamas Petroleum Company, who will address Thursdays Business O utlook conference on the past, present and future of oil exploration in the Bahamas, said: Over 60 years of sporadic exploration has been conducted in the Bahamas. However, there has been very little exploration and drilling activity, with no exploratory drilling in the last 20 years, and much of the seismic acquisition activity occurred more than 20 years ago. With the benefit of modern knowledge and technologies, the company is proud to have been able to shed light on the very great prospectivity of the Bahamas for world-scale oil and gas discoveries. With the world ever hungrier for new large oil and gas provinces, particularly in democracies close to North America, our work is set to achieve a large increase in value for the people of the Bahamas, our shareholders and oil and gasc onsumers in general. Our directorate is skilled in finding and developing new oil and gas fields in overlooked, forgotten and new areas, and has an outstanding track record of discovery and development. We look forward over the next few years to bringing discoveries into production. Dr Crevello joined Bahamas Petroleum Company in November 2006, when it was a private company founded by Alan Burns of Perth, Australia. The company was granted five exploration licences by the Bahamas in 2007, followed by a listing on the London Alternative Investment Market (AIM August 2008. Its corporate headquarters is in the Isle of Man, and exploration/operations are managed from Nassau. Another Bahamas Business Outlook speaker is orthodontist Dr Barry Russell, founder of The Bahamas Orthodontic Centre, which has expanded from two staff in 1991 to its current level of 18, with operations in both Nassau and Freeport. The company was named as the Chamber of Commerces 2010 Business of the Year for firms with 50 employees or less. Dr Russell will be speaking on the topic Successful Entrepreneurship in the Professional Service Sector: What will it take in this season. Arguing that hard work alone will not suffice, Dr Russell will urge Bahamian entrepreneurs in the professional services sector to possess a first-world mindset if they want to compete. As this is a very significant year for us, we intend to make this a very significant con ference, said Joan Albury, president of con ference organisers, The Counsellors. We are geared up to touch on every aspect of this countrys economy and more. Our slate of speakers will address a wide range of topics that will bring an awareness to conference goers of what is happening in our country in terms of our economy and generally. Bahamas great prospects for oil Dr. BARRYRUSSELL DR. PAULCREVELLO Attorney hits back at corruption claims
the failure of existing stocks to reflect their true value. Michael Anderson, Royal Fidelity Merchant Bank & Trusts president, told Tribune Business that the 20012004 and 2008-present reces sions had dampened investor demand for stocks. And, with potential buyers increasingly risk averse, Bahamian companies were reluctant to come to market because they were uncertain whether they could come out at a reasonable price. He was backed by Kenwood Kerr, Providence Advi sors chief executive, who agreed that Bahamian companies had been discouraged from going to the equity markets as a result of existing stocks failing to reflect their underlying earnings and fun damentals, due largely to an illiquid market featuring a surplus of small retail sellers depressing many share prices. Speaking in the wake of AML Foods unveiling a stock repurchase programme that could see the company buy back up to 10 per cent of its outstanding stock, some 1.5 million shares, over a threeyear period, Mr Kerr told Tri bune Business that companies should not engage in such activity merely to prop up their stock price. Meanwhile, both Mr Anderson and Mr Kerr pointed out that the last true initial public offering (IPO Bahamas was Freeport Concrete, a company that has ceased trading, in 2001. The RoyalFidelity presi dent said that following the 2001-2004 fall back in Bahamian share prices, which really saw companies lose value, it took a while for companies share prices to get back to reasonable values. Investors looked for cer tainty that the downturn was over, Mr Anderson said, and confidence ultimately returned to produce three good years for the Bahamian stock market between 20052007. However, the recession saw prices and investor appetite and interest take a further nosedive from 2008 onwards. Mr Anderson said the two market recessions over the past decade had dampened institutional and retail appetites for Bahamian equities, and the resulting fall-out had been to discourage fur ther IPOs by companies who were unsure whether they would be able to float at a price that reflected their cur rent and future earnings and underlying fundamentals. We need to rebuild peoples confidence in equities before we see any substantial interest in companies coming to market, Mr Anderson told Tribune Business. Hopefully, Heineken will be the start ofb ringing good, profitable c ompanies to market. Negativ e D espite the seller surplus a nd kind of negative attitude to equities, the RoyalFidelity president said it would be interesting to see how Heineken does whenever the estimated $60-$65 million Commonwealth Brewery/Burns House IPO comes to market. Mr Anderson pointed out that it was a company that was well-understood by Bahamians with good upside potential. He added: People buy liquor, it happens every day, and it will go out with a proven business case for it. The 1994-2001 period had seen strong gains and inter est in the equity market because of the upside, and Mr Anderson said that while investors then had been buying companies with strong track records and increased future profit potential, some of the latter IPOs may have seen Bahamians buy into companies without the great potential and track record. Providence Advisors Mr Kerr agreed, telling Tribune Business: I think these kind of results to date have impacted a lot of companies deci sions not to go public, because you can never realise the true value of your earnings. Never mind that you have consistentr evenue and earnings growth, y ou never see it reflected in the share price. Mr Kerr said this was true of the likes of Commonwealth Bank, which had enjoyed a record year, plus Colina Insurance, which had seenr ecord sales and earnings for two years in a row. So whats happening? Why arent these fundamentals being reflected? Mr Kerr asked. Theres two elements. The smart money is not entering to big up these funda mentals, even for companies that have solid management and revenue and earnings growth. The retail people have no confidence and are not investing, and those people who have more shares lack the capital to buy more and probably need to liquidate. With companies increasingly cost-conscious as a result of the recession, Mr Kerr said the listing and registration fees associated with BISX listings could act as a further impediment to companies going public. Yet, referring to AML Foods share buy back plan, Mr Kerr said: You do not want companies buying back their shares for the sake of buying back their shares, just to prop up the share price, where theres no rationale for doing so. In AML Foods case, with the company set to declare dividends, by acquiring increasing amounts if its own stock, it would reclaim increasing dividend sums that could be retained in the busi ness. That money can be used to reinvest in the company, thus getting a return by buy ing back shares, Mr Kerr explained. Just to prop up a company that has no or weak fundamentals is not the right thing to do. But, in this case, the experience to date is that minor share sales have depressed market capitalisation and share values. Its dis ruptive for portfolio managers, as it creates price volatility that impacts portfo lio values. Mr Anderson added that while some Bahamian stocks had been beaten down, and a share buy back would make sense, it was not the right reason to launch one just to prop up the share price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ebuild investor confidence to encourage IPOs F ROM page 1B Ken KEN KERR giving a co-ordinated one. Thats a mist ake, and the Government should fix that. The mixed marketing/promotional message could thus confuse the large US employers, facilitators and insur-a nce companies the Bahamas must pitch to, in what Mr Rassin referred to as the fastest growing sector in healthcare in the US. J ust how competitive the medical tourism sector was, he added, was brought home to him when he attend-e d last Septembers Medical Tourism Congress in California, at event at w hich 45 different countries exhibited. Our proximity and being Englishs peaking are very big, Mr Rassin told Tribune Business. Its a known entity. P eople know the Bahamas. Its a nice place to go, and we have a lot of benefits that could make this a key industry for the country. Rather than jump in, Mr Rassin explained that Doctors Hospital had planned its entrance into medicalt ourism carefully, putting all the pieces in place. The attaining of Joint C ommission International accreditation last June a standard that signals to Americans that Doctors Hospital ist he equal of any US hospital in terms of quality care and outcomes was the f irst piece in the jigsaw, and everything e lse has flowed from that. M r Rassin said JCI accreditation a ssessed whether Doctors Hospital not o nly had the correct written policies and procedures in place, but had implem ented them. Staff have to understand them, live them, work with them every day, he explained. Were living in a culture that is not used to that type of structure, so part of it was changing the culture, which Im pleased to say weve done. S upport Asked what the Government needed to do to support Doctors Hospitals efforts, Mr Rassin replied: The ease of getting licensure in terms of surgeons coming in. The liability protection is important for us. For us to become more competit ive, and therefore increase market share, we still need these concessionst hat most medical facilities get in most countries, the Doctors Hospital president added, referring to the BISXl isted healthcare providers repeated a ttempts to obtain customs duty exemptions on imported medical equipment and technology. C urrently, Doctors Hospital pays the full duty amount, and it has also been s eeking reduced work permit fees. Mr R assin said the company spent $300,000-$400,000 in work permit fees per annum. We need concessions to reduce these costs further, he explained to Tribune Business. Weve tried to explain this to government for 20 years. If we can reduce our cost base, reduce charges, it will make us more competitive in the international market, and with the savings it will help local insurance companies. W ith major employers and insurers in the US wanting to know the exact c osts incurred in sending someone abroad for healthcare treatment, MrR assin said Doctors Hospital was working on developing package prici ng for all the treatments it would o ffer. Its High Intensity Focused Ultrasound (HIFU ment centre was already gaining 15-20 p atients per month, bringing them in at weekend, doing the surgery in two days, and then sending them home. W hile the revenues from the HIFU initiative had not been large enough to say theyve made a gigantic impact o n Doctors Hospitals revenue streams since it started in 2008, Mr Rassina dded: Its kept us going. Its a programme thats been stable throughout, w hich is always good in a recession to h ave. GOVERNMENT MUST GET ON MESSAGE IN MEDICAL TOURISM FROM page 1B enues nosedived due to the recession, and was projected to incur a total $302 million deficit for the 2010-2011 Budget year. The BORCO tax payment was revealed in the prospectus issued to potential investors in New York Stock Exchange (NYSE ment, which was issued to help finance BORCOs purchase from energy private equity fund, First Reserve Corporation. The prospectus said Buckeye Partners was paying $1.36 billion, less First Reserves 80 per cent share of BORCOs net debt totalling $223.5 million, plus estimated Bahamian transfer taxes payable in connection with the transaction of $70 million. That $70 million, combined with the $217 million the Government says will be raised from selling a 51 per cent BTC stake to Cable & Wireless Communications ($210 million in purchase price, $7 million in Stamp Tax), means the Government will enjoy a potential $287 million gross revenue windfall that it did not account for in its 2010-2011 Budget. The net return to the Treasury from both deals is uncertain given, for example, the Government needing to cover the BTC employee pension plan deficit, but there is little doubt that the two deals will cover a substantial portion of the anticipated fiscal deficit for the year to June 30, 2011. The Government projected last year in its Budget that it w ould incur a total fiscal deficit of $302 million for fiscal 20102011. Therefore, those collective $287 million proceeds could narrow this to just $15 million. And, given that the GFS fiscal deficit measurement stood at $227 million, stripping out $75 million in debt principal redemption, the $287 million proceeds could leave the Government looking at a $60 million surplus under this method. That assumes a lot, of course, but could also create the fiscal headroom for the Government to deliver an election budget this May, as it will likely be the last one before the next general election. James Smith, former minister of state for finance in the 2002-2007 Christie government, alluded to this in an interview with Tribune Business last week, telling this newspaper that unanticipated revenue flows from the BTC and BORCO transactions could artificially bump up government revenues. He warned, though, that this could disguise the weakness in the fundamental elements of the Budget. Meanwhile, revealing that it was seeking to close BORCOs purchase by April 18 this year, Buckeye Partners said it was aiming to repay all the debt held by the Freeport-based oil storage facilitys parent company. It is our intention that all of FRBCHs [BORCOs parents] outstanding net indebtedness ($279.3million as of September 30, 2010, comprised of $279.3 million of indebtedness for borrowed money, plus $19.2 million of hedges, minus $39.8 million of cash)will be repaid, which payoff will be funded by our contribution to the capital of FRBCH of an amount equal to such net indebtedness, Buckeye Partners disclosed. In connection with the closing, we intend to make a con tribution of capital to FRBCH in an amount sufficient for FRBCH to repay its net indebtedness, and to make a payment to Vopak and certain members of BORCO management that will be due five days following closing of the BOR CO acquisition. Vopak, BORCOs operating partner, has until Friday to decided whether it wants to cash out, too, and sell its 20 per cent equity stake to Buckeye Partners. Its operating agreement is until April 29, 2013, and if this is not renewed it can be terminated on every two-year anniversary from that date. In connection with the pending BORCO acquisition, we obtained a commitment from the underwriters to arrange certain senior unsecured bridge loans in an aggregate amount up to $595 million (or up to $775 million in the event we also purchase Vopaks 20 per cent interest in FRBCH, and such purchase occurs concurrently with the purchase from First Reserve), Buckeye Partners added. Governments $70m BORCO tax windfall FROM page 1B
PAUL WISEMAN, AP Economics Writer WASHINGTON Ninety percent of the work force has a job, the same as a year ago. But last year, people were still worried about getting laid off. Today, they aren't. The result is a renewed confidence that's boosted retail sales just what's needed to spark what economists call a "virtuous cycle": Higher consumer spending raises company profits, which s purs hiring, which fuels more s pending and growth. Consumer spending is critical because it powers about 70 percent of the economy. It's risen without interruption since July, and it powered the strongest holiday shopping season since 2006. Many shoppers are showing enough confidence to splurge on new cars: Auto sales rebounded 11 percent in 2010, the first increase since 2005. "The strongest showing for consumers since the peak years of the last expansion sig nals that the broader econo my is near a threshold of selfsustaining growth," analysts at Citi Investment Research& Analysis wrote last week. Federal Reserve Chairman Ben Bernanke echoed that point Friday. He told a Senate panel he sees evidence that a "self-sustaining" recovery is taking hold because con sumers and businesses are spending more. Morgan Stanley economists say 4 percent growth is "likely, perhaps even conservative" in 2011, up from an estimated 3.1 percent last year. Late this month, the government will estimate economic growth for the final quarter o f 2010. C onsumer spending is rising because the vast majority of working-age Americans are now breathing easier, despite 9.4 percent unemployment. People who had jobs feared being laid off during the recession, which ended in June 2009, and for months after. Fewer worry now, because most companies have stopped cutting staff. Workers who survived the job cuts of the past three years have begun to conclude: "If they haven't fired me by now, they're not going to," says Michael Koskuba, portfolio manager with Victory C apital Management. I n December, employers a dded just 103,000 jobs too few even to keep up with population growth. But that was mainly because they're still reluctant to hire, not because they're still cutting jobs. InO ctober, layoffs were the lowest since August 2006. The number of people applying for unemployment benefits a proxy for the pace of layoffs plunged about 15 percent in the final four months of 2010. Only six other times since 1967 have applications dropped that steeply in any four-month period, according to Goldman Sachs economists. And economists think employers will finally ramp up hiring this year. "You've got 10 percent unemployment, and you add another 5 or 10 percent" for discouraged workers or those stuck in part-time positions, b ecause they can't find fullt ime work, says Doug Hart, a retail specialist at the consulting firm BDO USA. But the remaining 80 percent, having survived layoffs, "are feeling more secure about their jobs." "The fear factor has subsided," Hart says. That's evident among consumers like Monique Aguilar, 27, of Saugus, Mass. Aguilar put off a car purchase last year after the restaurant chain where she's a manager announced layoffs. But there she was Friday at a Chevrolet dealership in neighboring Lynn, Mass., shopping for a n ew Malibu. W hat's changed? She does n 't worry so much about being let go. Her employer's sales have improved, and she's encouraged by reports of slowing layoffs and more hiring. In general, I feel like we're going in the right direction," Aguilar says. "That makes me comfortable in my purchase." Economists say consumers seem increasingly divided into "haves" and "have-nots." The haves feel secure in their jobs. Their finances are solid. So is their credit. They dominate the highestearning 20 percent of Americans, who contribute nearly 40 percent of consumer spending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fWRPDQDJHDQGXSSRUW&HQWUDO'DWDEDVH\VWHPV $GYDQFHGNQRZOHGJHRI$,;QL[DQGYDULRXV:LQGRZV RSHUDWLQJV\VWHPVWRSURYLGHKHOSGHVNVXSSRUWDQGWRWURXEOHVKRRW HQGXVHUDQGEDFNRIFHV\VWHPV .QRZOHGJHRIQHWZRUNLQJHVSHFLDOO\SURWRFROVLQXVHE\FRPSDQ\ WRWURXEOHVKRRWDQGUHFWLI\WKHVRXUFHVfRIQHWZRUNSUREOHPV $QDO\WLFDODQGSUREOHPVROYLQJVNLOOVWRDVVHVVLVVXHVDQGWHFKQLFDO LQIRUPDWLRQH[DPLQHDOWHUQDWLYHVDQGXVHMXGJPHQWWRSURYLGH UHDVRQHGUHFRPPHQGDWLRQV 0XVWEHRSHQWRQHZWHFKQRORJ\DQGDELOLW\WRSUREOHPVROYHLQ VXSSRUWRIWKHQHWZRUNDQGFHQWUDOGDWDEDVHV\VWHPV %DFKHORURIFLHQFHGHJUHHLQDFRPSXWHUUHODWHGHOGLQGXVWU\ VWDQGDUGQHWZRUNFHUWLFDWLRQVUHTXLUHGSOXVWZRfRUPRUH\HDUV RI SURYHQQHWZRUNV\VWHPVH[SHULHQFH %HQHWVLQFOXGH &RPSHWLWLYHVDODU\FRPPHQVXUDWHZLWKH[SHULHQFH DQG TXDOLFDWLRQV*URXSHGLFDOLQFOXGHVGHQWDODQGYLVLRQfDQG OLIHLQVXUDQFHSHQVLRQVFKHPH ,QWHUHVWHGSHUVRQVVKRXOGDSSO\QRODWHUWKDQ 7KH7ULEXQH 3 1DVVDX%DKDPDV DEE-ANN DURBIN, AP Auto Writer DETROIT Ford Motor Co. says it w ill add more than 7,000 workers in the U.S. over the next two years, including 750 engineers with expertise in batteries and other advanced technology, as it begins producing several new vehicles. The company plans to hire 4,000 manufacturing workers this year. Almost half those workers will be at the Louisville Assembly Plant in Kentucky that will make the new Ford Escape starting late this year. It expects to add at least 2,500 new manufacturing jobs in 2012. The 750 engineers that F ord plans to hire will work on hybrid and electric vehicles. The company said it is beginning a recruiting effort this week in Detroit and either other cities, including San Jose (California Raleigh and Durham (North Carolina). Ford introduced three future electric and hybrid vehicles Monday at the Detroit auto show, including an electric version of the Ford Focus which will go onsale in the U.S. later this year and hybrid and plug-in hybrid versions of the CMax minivan which will go on sale in 2012. Ford said the plug-in hybrid C-Max will be able to go 500 miles (800 kilometers) using a combination ofits battery and gas engine, while the hybrid version will get better fuel economy than the hybrid Ford Fusion sedan, which gets 41 miles p er gallon (17.5 kilometers per liter). The plug-in hybrid will be able to go longer distances on battery powera lone than the regular hybrid, although Ford won't release exact distances yet. The electric Focus will be Ford's first electric car on the market, although it currently sells an electric version of its Transit Connect van. Ford didn't say how much the vehicles will cost, but Chairman Bill Ford said they will be "competitive" with other electrics and hybrids on the market. The Nissan Leaf electric car, which went on sale last month, costs $32,780, but buyers are eligible for a fed eral tax credit of $7,500. "We're doing everything we can to make these vehicles as affordable as possible," President and CEO Alan Mulally said. Adding hybrid and electric systems to established vehicles instead of selling separate ones, like the Leaf is one way Ford expects to cut costs. Bill Ford wouldn't say whether Ford can make a profit on electrics and hybrids, which are more expensive to produce, but said the expense will come down as production increases. Ford eventually expects to sell 5,000 to 10,000 Focus electrics annually. "Ultimately this has to be a business for us or we wouldn't be in it," Bill Ford said. The company also said it plans to hire 6,500 U.S. man ufacturing workers over the next two years as it ramps up production of new vehicles. Ford had previously announced some of the new hires, including the 1,800 workers being hired to make the new Ford Escape at Kentucky's Louisville Assembly Plant starting late this year. Some of the workers will be new to Ford, although some will be come from other U.S. plants where Ford has laid off workers. Under a 2007 contract, new hires will make around $14, or half the wages of veteran workers, which will mean significant savings for the company. Alcoa posts 4Q profit as sales jump PITTSBURGH (AP Alcoa Inc. says its fourthquarter earnings surged on higher sales of aluminum products as manufacturing increased across a broad range of businesses from automobiles to consumer products. Alcoa on Monday reported net income of $258 million, or 24 cents a share, for the October-December quarter. That compares with a net loss of $277 million, or 28 cents a share, on revenue of $5.43 billion. Revenue rose 4 percent to $5.65 billion from $5.43 billion a year ago. The results topped analysts' forecasts for earnings of 18 cents per share, according to FactSet. It was the third consecutive quarterly profit for the Pittsburgh manufacturing giant, and an indication of improv ing business conditions. (AP Photo/ Daniel R. Patmore, File STOCKSDIP: In this April 7, 2006 file photo, large rolls of aluminum are cooled before they get cut to order size at the Alcoa Warrick Operations in Newburgh, Ind. Stocks dipped Monday ahead of the start of fourth quarter earnings season. Alcoa Inc. will release its results after the market closes. STOCKS REPORT, PAGE 8 Less worried about layoffs, jobholders start spending more USNEWS Ford plans to hire 7,000 workers by 2012 licensees that with effect from this month they are required to submit to it on a monthly basis reports on all goods they have sold bonded, or duty free, to other licensees for use in the latters business. Mr Lowe said that breached an undertaking given by the Attorney Generals Office that Customs would not demand such submissions until the substantive issues between it and his company, which are the subject of a Judicial Review action chal lenging the legal standing of a bonded goods sales report, are determined by the Supreme Court. However, Comptroller Glenn Gomez described the suggestion that Customs officers in Freeport were in breach of the undertaking as misinformation. It is an incorrect story, because officers in Freeport are not doing anything that is contrary to the arrangement we have with the Attorney Generals office pursuant to that court matter, Mr Gomez said. What is really happening is that in 2009 there were two forms passed by Parliament addressing the sale of bonded goods. Last year, the officers did not introduce them until late in the year, right after the matter had been taken to court about over-the-counter sales and the production of details on what is actually being sold in any month. After meetings with licensees, the forms were sent out by Customs advising that this was, in fact, the law; it was just delayed in being sent out in terms of Customs being advised of the sale of bonded goods in any one month and the duty due, Mr Gomez said. Prior to this Kellys thing theres been a long-standing thing over the years where we were advised of any sales at any month, and dues were collected. I must also advise that the over-the-counter letter is not in any Hawksbill Creek Agreement or Customs Law; it is simply a form agreed and used some years ago by the Port Authority, Customs and licensees. Mr Gomez said the over-the-counter letter the Customs department wants businesses to fill in is intended to be a general letter to allow businesses to sell bonded goods for that calendar year. It says in the Act that any time bonded goods are sold the licensee has to take a purchase order of what is being sold, or which they intend to sell, to Customs. Customs approves it and they go on to sell it, the Comptroller said. They felt it really was cumbersome and absorbing a lot of time, so they came to Customs to ask for a general letter to allow for a calendar year for them to sell bonded goods. But somewhere along the line thats really gotten fuzzy, and so we have all of these things about were wanting to do this and that. The only thing we are really trying to do is ensure any con cession that is bonded goods, that come into the Freeport area, are dealt with according to the Customs Management Act, the Tariff Act and the Hawksbill Creek Agreement. We cannot have goods on which nothing is paid coming into the country and being allowed to be used any which way, and we dont know what the disposition is at the end of the month, quarter or year, said Mr Gomez. The Comptroller claimed that only about two or three per sons are claiming (Customs supposed to be doing. Meanwhile, he denied that Customs is holding up any goods as a consequence of the dispute over the bonded goods sales report. FROM page 1B Comptroller denies under taking br each ALCOARESULTSEXPECTED
PETER SVENSSON, AP Technology WriterN EW YORK Verizon Wireless would seem to be a big winner after its expected announcement Tuesd ay that it will start selling the iPhone and break Apple Inc.'sm onogamous relationship with AT&T Inc. in the U.S. B ut for several reasons, the iPhone's arrival to Verizon would be poorly timed, and Verizon's gains won't be as clear-cut as one might believe. T here's no doubt a Verizon iPhone would attract millionso f buyers, and it would give the country's largest wireless carr ier a chance to catch up with AT&T in attracting high-paying smart phone customers. Since the iPhone's debut in 2007, A T&T has been its exclusive distributor in the United States. That means, for the most part, that the iPhone doesn't work with other carriers, and anyonew ho wants an iPhone needs to get service through AT&T.M any people held back because they already had service with Verizon or another carrier they liked or were apprehensive about congestion on AT&T's n etwork, particularly in New York and San Francisco. R umors about a version of an iPhone for Verizon have s wirled for years, but they have been rising in recent months. The Wall Street Journal has reported that an event Verizon is holding Tuesday is indeed for a Verizon iPhone, to go on sale at the end of the month. V erizon, Apple and AT&T wouldn't confirm that. A nalysts' estimates for Veri zon's iPhone sales this year vary widely, from 5 million to 13 million and some of that would come from what AT&T would h ave sold. The iPhone is big business for AT&T: The carrie r activated 11.1 million iPhones in the first nine monthso f 2010, the latest figures available. M any analysts estimate that Verizon would be the largest seller of iPhone in the U.S. this year, outdoing AT&T as it sat isfies pent-up demand. Verizon h as been doing its best keep up with AT&T by selling smart p hones other than the iPhone, but it's still been lagging. Y et several factors may give prospective Verizon iPhone buyers pause. Verizon is making a big deal out of its brand new, blazing-fast "4G" network. The carrier revealed the first phones and tablets for the network at the International Consumer Electronics Show in Las Vegas last week. But indications are that the first Verizon iPhone would only work on the older, "3G" network. That network has wide coverage, excellent reliability and less congestion than AT&T's, but data speeds are much lower. You also can't talk and surf at the same time with Verizon 3G phones. These factors give A T&T openings for their marketing. Also, Apple has been launching a new iPhone model every summer, and presumably an iPhone 5 is coming. But it'sn ot clear when Verizon would get it. The carrier may be ont he same one-year upgrade cycle, so Verizon may have to wait until January and leave AT&T with the advantage of a fresher model in the fall. M ost importantly, cell phone companies do their best to tie s ubscribers up with contracts and limit their mobility. AT&T e xecutives last year stressed to investors that most of their iPhone users are on family and employer plans more difficult for an individual to switch f rom. "The consensus is that AT&T is reasonably well-prep ared for Verizon's iPhone onslaught ... for now," said Sanf ord Bernstein analyst Craig Moffett. For this reason, analysts expect most Verizon iPhone buyers to be people who already have Verizon ser v ice. John Hodulik at UBS expects that 77 percent of his e stimated 13 million Verizon iPhones this year would go toc urrent Verizon subscribers. That means Verizon would b e paying heavily to upgrade its own subscribers to the iPhone. Apple charges AT&T about $600 for each iPhone 4. The carrier subsidizes thatd own to the $199 retail price, figuring it will make money b ack on service fees over the run of a two-year contract. An i nflux of iPhone buyers would have Verizon putting up a similar $400 for each one, more than it would be subsidizing, say, a BlackBerry Curve. Hodulik figures that even with the iPhone's boost to ser vice revenue, iPhone subsidies would reduce Verizon earnings this year by a net 15 cents per share, or about $425 million. Still, analysts don't expect the Verizon iPhone to affect stock prices much, reasoning that investors have already fac tored in the news. Verizon Wireless is a joint venture of Verizon Communi cations Inc. of New York and Vodafone Group PLC of B ritain. Since mid-July, Verizon Communications' stock has gained 40 percent, while AT&T's has gained 20 percent. In afternoon trading Monday,t he stock was up just 7 cents, or 0.2 percent, at $36. F or AT&T, long-term con tracts and other factors would help it retain some iPhone customers. But estimates vary on how many would flee to Veriz on. Christopher King of Stifel Nicolaus estimates as many as 6 m illion over two years. James Ratcliffe at Barclay's expects j ust 1 million this year. The true number will be a measure of how many people have soured on AT&T's network and its widely publicized problems. H odulik says AT&T would actually benefit in the short t erm from paying fewer subsi dies, saving about 10 cents per s hare, or about $590 billion, this year. The No. 3 and No. 4 carriers in the U.S., Sprint Nextel Corp. and T-Mobile USA, may have a s much to lose from a Verizon iPhone than AT&T. They w on't have iPhones of their own and would face the addedc ompetition from Verizon's model. Sprint recently started r eversing a multi-year subscriber loss, but its recovery is still tentative, and T-Mobile's subscriber figures are stagnat ing. Other potential losers are G oogle Inc. and Motorola Mobility Inc. To counter the a ttraction of the AT&T iPhone, Verizon has worked closely w ith Google to promote its Android phone operating system. Motorola was one of the main beneficiaries, having bet on Android phones to turn around a multi-year slide in its sales. Verizon now accounts for about 45 percent of Motorola's smart phone sales, according to analyst Tim Long at BMO Capital Markets. The Verizon iPhone "will be the first true test for Android," said Kaufman analyst Shaw Wu. It would demonstrate whether its share gains are real or just temporary, because of weak competition from other iPhone rivals such as the BlackBerry, he said. C M Y K C M Y K BUSINESS PAGE 6B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 326,7,216$9$,/$%/( $8',7$1$*(56 3ULFHZDWHUKRXVH&RRSHUVKDVYDFDQF\LQLWV1DVVDX2IFHIRU$XGLW0DQDJHUV ZKRVHTXDOLFDWLRQVPDNHWKHLQGLYLGXDOVHOLJLEOHIRUPHPEHUVKLSLQWKH %DKDPDV,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWV3URVSHFWLYHFDQGLGDWHVVKRXOG EHUHFHQWO\HPSOR\HGLQSXEOLFDFFRXQWLQJDQGKDYHDWOHDVWRQH\HDURI H[SHULHQFHDWWKH$VVLVWDQW0DQDJHUDQDJHUOHYHOLQPDQDJLQJSRUWIROLR RIGLYHUVHFOLHQWHQJDJHPHQWV&DQGLGDWHVDUHDOVRUHTXLUHGWRKDYHKLJK OHYHORIFRPSXWHUOLWHUDF\ 7KHSRVLWLRQRIIHUVFKDOOHQJLQJZRUNLQWKHQDQFLDOVHUYLFHVLQGXVWU\DQG RWKHUDUHDVRILQGXVWU\DQGFRPPHUFH7KHVDODU\VFDOHZKLFKUHFRJQL]HV GLIIHUHQWOHYHOVRIH[SHULHQFHDQGVNLOOLVGHVLJQHGWRUHZDUGKLJK SHUIRUPDQFH,QDGGLWLRQWKH)LUPSURYLGHVH[FHOOHQWPHGLFDOLQVXUDQFHDQG SURYLGHQWIXQGEHQH 3OHDVHVXEPLW\RXUDSSOLFDWLRQOHWWHUZLWK\RXU&XUULFXOXP9LWDHWR +XPDQ&DSLWDO/HDGHU $XGLWDQDJHURVLWLRQ 3ULFHZDWHUKRXVH&RRSHUV 3 1DVVDX%DKDPDV JEANNINE AVERSA, AP Economics Writer WASHINGTON The Federal Reserve is paying a record $78.4 billion in earnings to the U.S. government, reflecting gains from the central bank's unconventional efforts to lift the economy. The payment to the Treasury Department for 2010 is the largest since the Fed began operating in 1914. It surpasses the previous record $47.4 billion paid in 2009, the Fed said Monday. The bigger payment mostly came from more income generated by the Fed's massive portfolio of securities, which includes Treasury debt and mortgage securities. Critics in Congress have expressed concerns that the Fed's purchases could put taxpayers at risk by reducing the amount turned over to Treasury. The Fed is funded from interest earned on its portfolio of securities. It is not funded by Congress. After covering its expenses, the Fed gives what is left overto the Treasury Department. Income from the Fed's portfolio of securities came to $76.2 billion last year, up from $48.8 billion in 2009, Federal Reserve officials said. Such income rose largely because the Fed bought a greater number of securities. Increases in the value of secur ities also played a role. I n early November, the Fed launched a program to bolster the economy by purchasing $600 billion worth of Treasury debt through June. The program aims to boost the economy by lowering rates on mortgages and other loans and by lifting stock prices. Republicans in Congress and others have criticized the program, saying the Fed is printing money to pay for the U.S. government's swollen deficits and debt. To fight the financial crisis and lift the country out of recession, the Fed bought $1.4 trillion of mortgage-backed securities and mortgage debt as well as up to $300 billion worth of government debt. The Fed completed the mortgage purchases last year. The purchase programs have helped boost the value of securities held by the Fed. But the Fed could lose money if the central bank had to sell those securities and their prices were to fall. Once the economy is on firm footing, the Fed will need to mop up some of the money it pumped into the economy. The Fed could do that by selling some securities to reduce its balance sheet to a more normal size. Federal Reserve Chairman Ben Bernanke has said the Fed's goal is to eventually return the portfolio back to holdings of only Treasury securities. The Fed's balance sheet now stands at $2.4 trillion, nearly triple its size from before the financial and economic crises. The Fed's securities could lose value if low interest rates shoot up. That means the Fed would pay the government less money or none under some circumstances. "It's possible that there might come a period where we don't remit anything to the Treasury for a couple of years," Bernanke told the Senate Budget Committee last week. "That would be, I think, the worst-case scenario." Bernanke said in most cases the Fed will continue to return to Treasury "significant amounts of money." Verizon big winner from having iPhone? Not so fast (AP Photo/Julie Jacobson BIGWINNER? Verizon announced that it will start selling the iPhone and break Apple Inc.'s monogamous relationship with AT&T Inc. in the U.S. US NEWS FED PAYS US TREASURY RECORD $78.4B LAST YEAR
C M Y K C M Y K BUSINESS THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM I N THE MATTER BETWEEN EGON FRIEDRICH ROSE A NNELISE ROSE AND WILHWELM EMIL-DIETZ INELLTAYLOR-DIETZ Stella Maris, Long Island Bahamas. U PON the application of the Plaintiffs made by AND UPON HEARING Mr. Darron Ellis of Counsel for the Plaintiffs and Mr. Arthur Minnis of the Counsel for the Defendants. NOTICE OF RECEIVERSHIP TAKE NOTICE that the Public is hereby advised that the properties: Pilots Rest, Happy Landing House, Happy Landing Garage, The Grotto, Ocean Lot and The Gazebo are in Receivership. Mr. John S. Bain Shirley Street, Nassau, Bahamas, has been appointed Receiver of the Properties. John S. Bain Chartered Forensic Accountant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ssociated Press BERLIN German automakers Volkswagen AG and BMW AG both said Monday that their global sales rose by more than 13 percent last year led by strong demand from China and elsewhere in A sia. V olkswagen said it delive red more than 7 million vehicles for the first time, while BMW said it expects to sell a record number of more than 1.5 million cars in 2011. Volkswagen's group deliveries totaled 7.14 million in 2010, up from 6.29 million a year earlier, the company said. It didn't give a specific forecast for this year, but board member Christian Klingler said the 2010 figures showed Volkswagen is "forging ahead with our international growth." The group, which includes brands such as Audi, Skoda and Seat, reported an even stronger rise in December. Sales last month totaled 545,000 cars up 22.8 percent over December 2009. Worldwide sales of BMW, Mini and Rolls-Royce cars totaled 1.46 million last year, up from nearly 1.29 million in 2009. The group sold 141,358 cars in December, 14.2 percent more than a year earlier. B MW board member Ian Robertson said he expects sales to exceed 1.5 million in 2011 "setting new record highs." "While we closely watch some ongoing economicu ncertainties throughout the w orld, we are certain to continue benefiting from our young model line-up," Robertson said in a state ment. Volkswagen's full-year sales in China rose 37.4 per cent to 1.92 million. It saw a huge increase in demand in India, where sales soared 181 percent to 53,500, and deliveries across the AsiaPacific region rose by 38.5 percent to 2.14 million. The company's U.S. deliveries rose 20.9 percent to 360,300. In its German home market, Volkswagen like oth er mass-market manufactur ers suffered from comparison with 2009, when a popular government carscrapping bonus program boosted sales. Deliveries in Germany were down 16.8 percent at 1.04 million cars, but sales elsewhere in western Europe were up 11.6 percent at 1.85 million. BMW said its group sales in 2010 increased in "virtual ly all markets." In China, it said it benefited from strong demand for its high-end models. BMW's sales in China were up 59.5 percent in December, when 16,132 BMW and Mini cars were sold. For the full year, sales there were up a sharp er 86.7 percent to 168,998. Sales in the U.S. were 16.9 percent higher last month at 27,600 cars, with the company crediting full availability of its 5 series and strong demand for X5 and X6 cars produced in Spartanburg, South Carolina. For all of 2010, sales were 9.9 percent higher at 265,757 cars. BMW's December sales rose 16.6 percent at 23,550 in Germany, its biggest market. For the full year they were up 3.1 percent at 266,009 as luxury carmakers' sales were relatively unaf fected by the car-scrapping bonus. The core BMW brand sold more than 1.22 million cars worldwide in 2010 a 14.6 percent increase over the previous year. Mini sales rose 8.1 percent to 234,175 and the luxury Rolls-Royce brand notched its highest sales figures since BMW took over the automaker seven years ago, selling 2,711 cars a 171 percent increase. However, that was still short of the all-time record of 3,357 cars in 1978, RollsRoyce spokesman Andrew Ball said. BARRY HATTON, Associated Press PAN PYLAS, A ssociated Press LISBON, Portugal Borrowing rates for Portugal b riefly spiked Monday after reports over the weekend that Germany and France are pushing it to accept outside help to keep the debt crisis in Europe f rom spreading. The yield on Portuguese 10y ear bonds, a key gauge of investor sentiment, rose to 7.18 p ercent at one point, its highest since the adoption of the euro and a potentially unsustainable level, before falling back to 6.94 percent. P ortuguese officials have sought the help of China, which h as already used its foreign cur rency reserves to buy Greeka nd Spanish debt and help sta bilize those nations. T he finance minister of Portugal went to China twice late last year, and Chinese President Hu Jintao promised in November to help Portugal out o f its financial crisis. Beyond that, discussions between thet wo nations have been secre tive. O penly accepting the help of the International Monetary Fund or other European nations, on the other hand, is a less politically palatableo ption for Portugal's leaders because it would be seen as an embarrassment and a failure. The spike in yields followed a report in German newspaper Der Spiegel that Paris and Berlin are both pressing Portugal to tap a European rescue fund to keep the crisis from spreading to Spain, which has a much bigger economy. The prevailing view in the markets is that Europe may be able to support Portugal but that a bailout of Spain would test the limits of the existing bailout fund, potentially putting the euro project itself in jeopa rdy if governments don't put up more cash. S till, German Chancellor Angela Merkel said Monday d uring a visit to Malta that Por tugal has not asked for help, "and it is not being pushed into it by Germany," according to the DAPD news agency. A spokesman for the European Union's monetary affairsc ommissioner also denied that European officials were prepar i ng a bailout. Since the bailout of Greece in May, the European Central Bank has taken a more active role in Europe's debt crisis by b uying the bonds of the most imperiled eurozone countries. A s of last week it had bought $96 billion in government b onds, withdrawing the same amount of money from the economy to avoid inflation. The U.S. Federal Reserve, by con trast, can effectively create new money, a step the ECB is loath to take. "I wouldn't be surprised if the ECB is trying to stabilize m arkets, but it's a Band-Aid approach," said Neil Mackinnon, global macro strategist at VTB Capital. "All it does is that it kicks the can down the road. It doesn't resolve the underlying issues." Analysts estimate that financial assistance for Portugal, which has been dogged by low growth and rising debt levels, would cost $65 billion to $130 billion. Portugal insists it does not need a rescue, but experts note that events there echo what happened in Ireland just before it was forced to accept an $87.5 billion bailout. Before Ireland was forced to accept a rescue from its partners in the EU and the International Monetary Fund, there were numerous reports suggesting that Germany, in par ticular, was pushing Dublin to take the funds to contain the crisis. And like Portugal, Irel and at first denied that it needed help. First we have the speculation that Portugal is being pres s ured into taking funds in order to save the crisis from spreading to Spain," said Derek Halpenny, an analyst at the Bank of Tokyo-Mitsubishi UFJ. "Then w e get the denials from Portugal." S pain accounts for around 10 percent of the eurozone econ o my, while Greece, Ireland and Portugal account for only about 2 percent each. The yield on Spanish 10-year bonds rose to 5.5 percent Mond ay, while benchmark German bonds were steady at 2.9 per c ent. Germany's economy is healthy compared with Portu g al's and Spain's, but it could suffer if it has to help shore up another ailing eurozone country. Markets have brushed off the Portuguese government's repeated claims over the past year that it doesn't need financial help. The minority govern ment has introduced an austeri ty program of tax hikes and pay cuts that it says will restore fiscal health. The key to when Portugal might get a bailout could come Wednesday, when the govern ment aims to raise $1.6 billion by auctioning off 3-year and 9year bonds. Portugal must ask investors for $26 billion this year to finance public accounts. It Portugal does not get enough investor backing, or if debt offerings later in the week by Spain and Italy are affect ed, analysts think a bailout could come soon after. All eyes would turn to next week's meeting of eurozone finance ministers in Brussels. The Spain and Italy debt auctions "will be a truer test of whether or not contagion is getting a grip," said Jane Foley, an analyst at Rabobank International. Pressure on Portugal rises amid debt fears DEREK GATOPOULOS, Associated Press ATHENS, Greece Greece's bond yields touched another record high and stocks were hammered on the Athens Stock Exchange Monday, amid a broader flare-up in Europe's debt crisis. The 10-year bond yield exceeded the equivalent German yield by 10 percentage points for the first time since Greece joined the euro. Crucially, the market jitters came only a day before a ?1.5 billion ($1.96 billion sidered an important test of market sentiment. The previous auction of 26-week treasury bills, on Nov. 9, resulted in a yield of 4.82 percent. Greece has launched a major effort to cut borrowing costs and on Monday reported better than expect ed deficit reduction figures in exchange for bailout loans worth ?110 billion from the IMF and other countries using the euro. The government says it wants to return to long-term bond markets sometime this year. But the interest gap, or spread, on 10-year bonds compared with the German issue reached a worrying 10.01 percentage points on Monday amid renewed worries that austerity efforts will backfire and cause a prolonged period of slow growth across Europe. The spread later receded slightly to 970 basis points, but the uncertainty weighed heavily on the Athens Stock Market, where the general share index dropped 2.6 percent to close at 1,354.63. Banking shares were hit hardest, losing about 6.5 percent of their value. NEWS FROMAROUNDEUROPE BMW, VW sales up more than 13 pct in 2010 (AP Photo/ Francisco Seco, File ) BUDGETDEBATE: In this Nov. 2, 2010, file photo, Portuguese Prime Minister Jose Socrates, left, and Portuguese Finance Minister Fernando Teixeira dos Santos gesture during the 2011 state budget debate at the Portuguese parliament in Lisbon. Europes debt crisis looked increasingly likely to claim another victim on Monday Jan. 10, 2011, as Portugals borrowing rates spiked to euro-era highs amid reports Germany and France are pushing it to accept outside help and prevent contagion to other countries. Greece borrowing rates hit new record
DAVID K. RANDALL, AP Business Writer NEW YORK Stocks indexes were mixed Monday ahead of the latest round of corporate earnings reports. Alcoa Inc. will release its results after the market closes. The week started with news of two big corporate deals. DuPont, a major chemical company, said it would buy a Danish food maker for $5.8 billion. Duke Energy Corp. said it would buy Progress Energy Inc. in a $13 billiondeal that will create one of the nation's largest utilities. Duke fell 1.5 percent to $17.52. The Dow Jones industrial average dipped 38 points, or 0.3 percent, to 11,638 in afternoon trading. The Standard & Poor's 500 lost 2, or 0.2 percent, to 1,270. The Nasdaq composite gained 1, or 0.1 percent, to 2,705. Losses were spread across the market. Industrial, materials and information technology companies were the only members of the 10 indus try groups that make up the S&P index to rise. 3M Co. led the 30 stocks that make up the Dow with a 1 percent gain. DuPont had the largest fall, giving up 2.7 percent to $48.41. The technology-heavy Nasdaq index posted small gains thanks in part to the shares of Apple Inc., which gained 1.7 percent, and Netflix Inc., which jumped 3.3 percent. Playboy Enterprises Inc. soared 17 percent after agreeing to be taken private by a group of investors led by the company's founder, Hugh Hefner. European stocks fell after a German newspaper reported that France and Ger many are pressing Portugal to accept outside aid to keep Europe's financial crisis from spreading. Portugal has denied that it needs to do so. If the coun try requires help, it will join Greece and Ireland as the third member of the Euro pean Union to tap its neighbors for a bailout. Bonds Italy, Spain and Portugal are each scheduled to sell bonds this week. If they have to pay higher interest rates, the debt crisis could spread. "Italy and Spain are the big wildcards," said Paul Zemsky, the head of asset allocation at ING Investment Management. "If they got into troublet here's not enough money to b ail them out." No major economic reports are scheduled for Monday. On Friday, the Labor Department said that employers added fewer jobs in December than analysts expected. That report helped push the S&P down 0.2 percent. A fter the market closes, Alcoa is expected to post a fourth-quarter profit of 18 cents per share, according to estimates compiled by FactSet. The aluminum company earned 9 cents a share in the third quarter. Oil companies fell after a pipeline in Alaska was shut Saturday after a leak was dis covered at a pump station. Production of crude oil was cut to 5 percent of its normal output. Exxon Mobil Corp., BP and Chevron Corp. each fell by more than 0.5 percent. B ond prices rose slightly. The yield on the 10-year Treasury note, which moves opposite its price, fell to 3.32 percent from 3.33 percent late Friday. The yield is used to set interest rates on many kinds of loans including mortgages. The dollar lost 0.2 percent against an index of six other currencies. C M Y K C M Y K BUSINESS PAGE 8B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .260.97AML Foods Limited0.970.970.000.1500.0406.54.12% 1 0.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.1530.10032.02.04% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 1 2.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)7.007.000.000.4220.26016.63.71% 3.651.63Consolidated Water BDRs1.831.890.060.1110.04517.02.38% 2.551.60Doctor's Hospital1.601.600.000.1070.11015.06.88%6 .995.94Famguard6.076.070.000.3570.24017.03.95% 1 0.207.23Finco7.237.230.000.2870.52025.27.19% 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S)5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.405.00ICD Utilities7.407.400.000.0120.240616.73.24%1 0.509.82J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 5 2wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 20 November 2029T UESDAY, 4 JANUARY 2011BISX ALL SHARE INDEX: CLOSE 1,499.57 | CHG 0.06 | %CHG 0.00 | YTD -65.81 | YTD % -4.20BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56681.4954CFAL Money Market Fund1.56974.15%4.18%1.551550 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7108-13.03%-4.96% 13.638813.0484Royal Fidelity Prime Income Fund13.2825-0.63%-0.14% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14151.0000FG Financial Preferred Income Fund1.14154.74%5.21% 1.11011.0000FG Financial Growth Fund1.11013.94%7.60% 1.14281.0000FG Financial Diversified Fund1.14284.78%5.90% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.6635-3.37%-3.37% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund7.94422.94%6.47% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200730-Nov-10 30-Nov-10 107.570619 105.776543 30-Jun-10 30-Nov-10 NAV 6MTH 1.475244 2.911577 1.532712TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 30-Sep-10 3-Dec-10 30-Nov-10MARKET TERMS30-Nov-10 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)30-Nov-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov-10 67(3+(10$/&2/0%$,/(< 0'RI3%R[6SDQLVK:HOOV(OHXWKHUD% $+$0$6 127,&(LVKHUHE\JLYHQWKDW /$85$/($%$,/(<2)3%2; 63$1,6+:(//6(/(87+(5$%$+$0$6 LV DSSO\LQJWRWKH0LQLVWHUUHVSRQVLEOHIRU1DWLRQDOLW\DQG&LWL]HQVKLS IRUUHJLVWUDWLRQQDWXUDOL]DWLRQDVFLWL]HQRI7KH%DKDPDVDQGWKDW DQ\SHUVRQZKRNQRZVDQ\UHDVRQZK\UHJLVWUDWLRQQDWXUDOL]DWLRQ VKRXOGQRWEHJUDQWHGVKRXOGVHQGZULWWHQDQGVLJQHGVWDWHPHQWRI WKHIDFWVZLWKLQWZHQW\HLJKWGD\VIURPWKH WK GD\RI-$18$5< WRWKH0LQLVWHUUHVSRQVLEOHIRU1DWLRQDOLW\DQG&LWL]HQVKLS 37KH%DKDPDV +$52/'(8*(1( +8*+(6RI)RUWXQH3RLQW'ULYH)RUWXQH%D\ 6XEGLYLVLRQ)UHHSRUW*UDQG%DKDPD%$+$0$6 A look at economic developments and activity in major stock m arkets around the world Monday: ___ LISBON, Portugal Portugal's borrowing rates briefly spiked to euro-era highs. There were reports that Germany and France were pushing Portugal to accept outside help to avoid spreading Europe's debt crisis to still more countries. T he yield on Portuguese 10-year bonds a key gauge of investor sentiment touched a potentially unsustainable 7.18 percent. It then fell back to 6.94 percent on speculation that the European Central Bank was intervening by buying bonds. Yields drop as prices rise. ___ A THENS, Greece Greek bond yields hit another record high amid a broader flare-up in Europe's debt crisis. Borrowing costs rose despite better than expected deficit reduction figures. ___ LONDON Europe's debt crisis weighed on stocks, with reports claiming Portugal is under mounting pressure to accept a n aid package to prevent contagion to other countries. The FTSE 100 index of leading British shares closed down 0.5 percent, Germany's DAX fell 1.3 percent and the CAC-40 in France ended 1.6 percent lower. ___ BRUSSELS Belgium's King Albert II asked the caretaker government to produce a tough 2011 budget amid marketw orries that a seven-month political deadlock is hurting the c ountry's ability to cut its massive debt pile. __ BEIJING China's December exports rose by double digits, possibly fueling tension with Washington ahead of Chinese President Hu Jintao's U.S. visit next week. Hu meets President Barack Obama on Jan. 19 and the White House says Obama will press him over currency controls that c ritics say are swelling China's trade surplus and wiping out jobs abroad. Some American lawmakers want sanctions on Chinese goods if Beijing fails to ease controls that they say keep its yuan undervalued. ___ L ONDON Spending cuts, rising unemployment, dour w inter weather it's not a good time to ask voters how happy they are.But that's just what British Prime Minister David Cameron is doing as part of a pledge to improve Britons' lives b eyond pure financial gain in the wake of the global reces s ion. G overnment statisticians will this year begin measuring the nation's well-being, and on Monday they released details from initial consultations on what the new index should measure and how it should be measured. ___ T OKYO In Asia, China's Shanghai Composite index fell 1 .7 percent, Hong Kong's Hang Seng dropped 0.7 percent, South Korea's benchmark Kospi fell 0.3 percent. Financial markets in Japan were closed for a national holiday. The Nikkei 225 stock average, Asia's largest, rose Friday to an eight-month high. ___ BEIJING The U.S. Consumer Product Safety Commission announced that it will set up its first office outside the United States in China in a bid to reduce the amount of dangerous products reaching the American market. ___ B EIJING China's auto sales rose by double digits in December as buyers rushed to take advantage of expiring tax breaks. But growth weakened after a stimulus-driven surge early in the year, two industry groups reported. ___ L ONDON The leader of Britain's main opposition party called for the government to extend a tax on bankers' bonuses. ___ BRUSSELS The European Central Bank slowed down its purchases of government bonds even further in the week ended Jan. 7, when pressure on debt-ridden countries like Ireland a nd Portugal abated somewhat during the holidays. T he central bank bought government bonds worth 113 million euros ($146 million earlier. ___ BERLIN The number of German companies filing for bankruptcy fell 12.8 percent in October compared with a year earlier as Europe's biggest economy recovered strongly. ___ SINGAPORE Singapore expects food price inflation to quicken this year amid high demand from China and supply dis ruptions caused by severe weather, the top finance official said. ___ LONDON British Prime Minister David Cameron is holding talks with Chinese Vice Premier Li Keqiang, seeking to secure trade deals and cement improved relations with Beijing. ___ BANGKOK Communist Laos is set to open a stock market Tuesday, hoping it will attract capital to its largest enterprises and thus boost the economy of one of the world's poorest nations. G LOBAL E CONOMIC N EWS A SSOCIATED P RESS WORLDNEWS Stocks mixed ahead of Alcoa earnings; Europe falls AP Photo/Richard Drew DOW DOWN: Tr aders on the floor of the New York Stock Exchange Tuesday, Jan. 4, 2011. INTERNATIONAL BUSINESS
C M Y K C M Y K WOMAN THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM health B ODYANDMIND T h e T r i b u n e By ALESHA CADET Tribune Features Reporter T H E TURNING point in Janet Johnsons life came i n the middle of an unforgettable night when she woke up to a feeling feeling dizzy and faint. After being rushed to the hospital, doctors told her she had had a minor stroke as a result of her excess weight. J J a a n n e e t t J J o o h h n n s s o o n n w w i i n n s s t t h h e e L L o o v v e e Y Y o o u u r r s s e e l l f f W W e e l l l l n n e e s s s s P P a a c c k k a a g g e e That was a terrible wake up call for me, that is when I knew I had to do something. The doctors also advised me to get involve in a fitness program ASAP, she told Tribune Health in a recent interview. The only thing I could have afford at the time was exercis ing and prayer. In the process, I dropped a few pounds but I also knew I needed more than that. When the information about the Love Yourself campaign came to me, I jumped on it right away and submitted my story. She explained that she has been battling with her weight for the past four years and she is just a mere five feet. I know I had a unique story, but I also knew people had it a lot worse than I did so I was shocked when I was selected. The 42yearold told Tribune Health that her story is definitely her testimony so she feels proud to share it with others. This is the first time I took part in a campaign such as this one but I know I am going to be successful at it. Speaking on her goals that were set for her, she said: It is not at all difficult meeting my goals because it is something I wanted. I want to be able to use this as a stepping stone for me, for what love yourself set for me to do and even after, she said. Janet was recently introduced to the public at the Love Yourself and Your Health Campaign launched event at Ardastra Gardens last week. After a successful first year, which highlighted the efforts of Chrissy Love, host of the ZNS call-in show Immediate Response, organisers of Love Yourself decided to make it an annual awareness campaign. In keeping with their own nation al healthy lifestyle initiatives, the National Insurance Board is one of many groups partner ing in this campaign. Rhonda Wright, Director of Seedings Place explained that the members encouraged everyone to send in and submit their health stories. People are often embarrassed about things, we don't talk about things or we don't share what's going on with us so we encouraged people to share their stories, talk about what's going on with you, which is apart of the healing process as well and from the stories that were sent in, a winner was selected and introduced at the launch event -Janet Johnson. "We selected somebody who through the stories showed that they have made some efforts, they have done some things on their own, still has challenges, they want some help. Janet received The Love Yourself Wellness Package," she said. The Love Yourself Wellness Package includes a health assessment, one meal per day, green smoothies, natural health and beauty products and a host of health services such as, mas sage therapy, physical training, acupuncture, and chiropractic. "From the inside out she will get whatever she needs and the guides that are planned to ensure that we can get her on and to teach her lifestyle changes that she can carry on beyond the campaign. That's were we are encouraging, changing behaviour and making it a lifestyle." Ms Wright went on to say so often people are busy balanc ing so many things, especially women and a lot of times theyre doing things for people, our family, our job, our children, the community and do not take time for themselves. We wear ourselves down and the reality is we need to love ourselves, not in a selfish way but to ensure that what you are doing for every body else, you are also doing for you. This is where love yourself comes in, it's about loving yourself, making time for yourself and when you love yourself that means that you will do what you need to do in order to ensure that you are healthy and well," she said. She continued: "When we talk about health we are not just talking about the food either, wellness incorporates the physical self, the mental self, the emotional self, the spiritual self and all of those things must come into balance in order for you to have true wellness so we focus primarily on the food component, we promote and talk about and have health forums on the other components as well." The campaign hosted by Seedlings' Place, H.O.M.E.GROWN and Raw On Da Porch will continue until April and include numerous education and awareness initiatives such as free health forums, cooking classes, and a fun run walk. 1. FARMING TIPS: Patrons stop at h.o.m.e. grown's table to get some backyard farming tips from Mark Daniels. 2. LUCKY WINNER: Pictured with a green smoothie, last year it was Chrissy Love, this year it will be Janet M. Johnson, winner of the Love Yourself wellness Package. 3.ISLAND FRESH: Fresh produce from Lucayan Tropical! 4. HAPPY FACES: Rhonda Wright, Direc tor, SEEDlings' Place, presents a happy patron with a free t-shirt after she answered a trivia question correctly! 5.LINING UP FOR A SMOOTHIE: The Green Smoothie creates a buzz as patrons wait in line to get one from Raw On Da Porch. 2 3 4 5 1
(ARA Ignoring hearing loss is easier when you're alone. You can turn up the volume on the TV or radio as loud as you want, and you don't have to ask anyone to repeat what they just said. But how do you cope with hearing loss when you're in a social or business setting? The question is far from academic; one out of every six baby boomers has a hearing problem, and one in 14 members of Generation X has a hearing problem, according to the Better Hearing Institute (BHI Hearing loss affects about 10 per cent of the American population. The difficulties associated with hearing loss can be more pronounced and trou blesome when experienced in a social or professional set ting. Whether you're attend ing a holiday party, listening for your flight number to be called in an airport, or participating in a high-power board meeting, not being able to clearly hear what's going on around you in a public setting can have seri ous repercussions. Untreated hearing loss has been associated with a number of psychological and sociological problems, including depression, loneliness, diminished job perfor mance and earning power, isolation and withdrawal from social situations, and impaired memory, according to BHI. While assistive devices like hearing aids can help improve your hearing, nothing can really restore your hearing to its original, undamaged state. Fortu nately, it is possible to cope with hearing loss. ACCEPTING THE CHALLENGE It's not uncommon for people to deny or ignore their hearing loss. But the first step toward coping with the problem is to accept that it exists. The hearing assistance professionals at Starkey, suggest that if you suspect you have hearing loss or have been told by others in your life that your hearing is faulty ask yourself these questions: Do you find yourself turning up the volume on the TV or radio, especially when no one else is around to tell you it's too loud? Do you often miss hear ing the doorbell or telephone ringing? Do you frequently need to ask others to repeat what they've said? Do you misunderstand or "forget" conversations? Do you find yourself cup ping your hand behind your ear to hear better? These signs may indicate a hearing loss. Your doctor and/or an audiologist can help determine the degree of your hearing loss and establish a course of treat ment. USE ASSISTIVE DEVICES Hearing aids can help people with hearing loss reconnect with other peo ple and with everything going on around them. In the past, some people with hearing losses might have avoided hearing aids because they associated the devices with old age, or because they felt hearing aids were too bulky, visible or even ineffective. Advances in hearing aid technology have made the devices easier than ever to use. Some, like Starkey's new invisible-in-the-canal hearing aid, are virtually invisible to others because they fit entirely within the ear canal. The right hearing aid may help wearers hear better in a variety of settings, from one-on-one conversations with a loved one, to a teleconference with professionals from around the world. Not every hearing aid will be right for every person. Your lifestyle and degree of hearing loss will influence what type of hearing aid will be most helpful for you. A hearing care professional can help you determine the right style and technology level for your needs. Visit www.starkey.com to learn more about hearing aid styles and options. COPING STRATEGIES In addition to finding the right assistive device, you can take some simple steps to cope with your hearing loss in public situations: In public setting such as parties or business meetings, move as close to the speaker as possible. Choose your seating location to maximise your ability to hear. Try to sit away from high-traffic areas such as main door ways, kitchen doors or buf fet areas in restaurants, and phone banks or electronic devices in business settings. Don't be afraid to ask for accommodations. For example, ask for a seat away from the stereo at the dinner party and suggest the host wait until after the festivities to run that noisy dishwasher. In an office meeting, ask oth ers to postpone phone conversations until after the meeting is over. With the right assistive device and coping strategies, you can minimise the impact your hearing loss has on your personal and profes sional life. Coping with hearing loss when youre in a social or business setting E a rly detection of o ral cancer can be achieved by regul ar examinations of the mouth by a health care professional.Tissue c hanges in the mouth t hat might signal the b eginnings of cancer o ften can be seen and felt easily and appropria te action can be taken. The oral cavity and oropharynx has many parts. It consists of your lips; lining of your cheeks; salivary glands; roof of your mouth; back of your mouth; floor of your mouth; your gums and teeth; and your tongue and tonsils. Any of these parts can be affected by Squamous cell cancer, the second most common type of skin cancer. Squamous cell tumors can be cured if they are removed promptly. The outlook depends on a number of factors, including how quickly it is diagnosed. The diagnosis relies on patient presentation and physical examination with biopsy confirmation. Studies have confirmed that survival rates are linked to the stage (spread timing of the diagnosis and the treatment options available. Despite advances in surgical techniques, radiation therapy technology and the combination of chemotherapy and radiation therapy, the survival rates have not shown appreciable changes in decades. On average, 60 per cent of those with the disease will survive more than 5 years. Those that do survive often endure major functional, cosmetic, and psychological burden due to dysfunction of the ability t o speak, swallow, breathe, a nd chew. S eventy five per cent of all head and neck cancers begin in the oral cavity and according to the United States National Cancer Institutes Surveillance, Epidemiology, and Ends Results program, 30 per cent of oral cancers originate in the tongue, 17 per cent in the lip, and 14 per cent in the floor of the mouth. Tobacco and alcohol associated lesions tend to favour the front part of the tongue and mouth and Human Papilloma Virus (HPV lesions tend to favor the back of the oral cavity. Historically, 75 per cent of persons with oral cancer are said to be smokers or alcoholics above age 50, but recent research indicates that HPV positive disease is rapidly changing these ratios. Now, younger, non-smoking patients under the age of 50 are the fastest growing segment of the oral cancer population. The infection of the mouth with HPV occurs as a result of a large number of males and females performing oral sex acts. In reality, any person using tobacco and alcohol or has had head and neck cancer before, or has had more than 3 oral sex partners, has a significant risk of developing an oral, head and neck cancer. A thorough, systematic examination of the mouth and neck need only take a few minutes and can detect these cancers at an early and curable stage. Alcoholics and smokers without a doubt require frequent examinations to ensure that they are cancer free. In fact, everyone should have frequent examination because 1 out of 4 oral, head and neck cancers (especially in patients over the age of 50) are detected in patients who do not smoke or drink alcohol.All patients, therefore, regardless of their history, need to be screened at least once a year by their physician or dentist. Two mouth changes that could be precursors to cancer are leukoplakia (white lesions) and erythroplakia (red lesionsLeukoplakia is commoner than erythro plakia, but erythroplakia and lesions with erythroplakic components have a much greater chance for becoming cancerous. Any white or red lesion that does not resolve itself in 2 weeks should be examined by a heath care professional and considered for biopsy to obtain a definitive diagnosis. Patients may also complain of a lump or thickening in the oral soft tissues, soreness or a feeling that something is caught in the throat and difficulty chewing or swallowing. Other common complaints are ear pain, difficulty moving the jaw or tongue, hoarseness, numbness of the tongue or other areas of the mouth and swelling of the jaw that could cause dentures to fit poorly or become uncomfortable. If any of the above problems persist for more than 2 weeks, thorough clinical examination and laboratory tests are necessary and should be performed to obtain a definitive diagnosis. If a diagnosis cannot be obtained, referral to the appropriate specialist is indicated. The American Cancer Society advises that dentists and doctors examine the mouth and throat as part of a routine oral cancer related examination. This is to ensure early detection of any suspicious changes. Please visit your dentist or doctor if you have one or more of the risk factors mentioned above or if you desire to have a comprehensive oral cancer screening. This article is for informational purposes only. It is not intended and may not be treated as a substitute for professional medical/dental advice, diagnosis, or treatment. Always seek the advice of a physician or dental professional with any questions you may have regarding a medical/dental condition. Never disregard professional medical/dental advice or delay in seeking it because of a purely informational publication." Dr Andr R Clarke Specialised Medical Dentist C M Y K C M Y K WOMAN PAGE 10B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Oral Cancer B y ANDRE CLARKE KEEPING YOUR M OUTH ALIVE (ARA When you start to sneeze or cough, the first thing you probably do is head to your medicine cabinet looking for something that can relieve your symptoms. But side effect warnings, expi ration dates and possible drug interactions can make you think twice about what's in that cabinet. You may need a medicine cabinet makeover. Here are six ways you can make over your medicine cabinet this winter: 1. CHECK EXPIRATION DATES on both over-thecounter (OTC tion drugs. Medicines lose their potency over time, so remove them if expired. Check to see if the medication has changed colour, con sistency or smell. 2. START PURCHASING SINGLE-DOSE DROPS whenever possible to avoid contamination, or having the preservatives break down in the medication. 3. SCAN THE DRUGS for warnings about potential risks from certain ingredients. Vis it the Food and Drug Administration's website, www.fda.gov/drugs, for spe cific drug information and warnings. Remove any med-i cations that don't have labels or are not stored in their original containers. 4. RE-STOCK YOUR MEDICINE CABINET with essential homeopathic medicines like Boiron's Oscillo coccinum for flu-like symptoms, Coldcalm for cold symptoms and Chestal for coughs. These medicines are safe and don't cause side effects like drowsiness. They also won't interact with other medications or mask symptoms that might indicate a more serious condition. 5. REORGANISE THE MEDICATIONS in the cabinet so that those you use more frequently are within easy reach. Group together similar medications, and keep an emergency contact information list naming the medications, known drug allergies and other important information on the inside of the cabinet. Here it can be accessed quickly by paramedics and other emergency personnel. 6. WHEN DISPOSING OF UNWANTED OR EXPIRED MEDICATIONS, DON'T DUMP THEM DOWN THE TOILET, unless the patient information tells you to do so. Instead, mix pills with unde sirable matter like kitty litter or coffee grounds before plac ing in a sealed plastic bag for the trash. Also, remove all personal information from the bottles. Contact your local government to see if the com munity has a drug take-back program. "Since you never know when the first sneeze or cough will strike, it pays to be pre pared," says Dr Bernardo A Merizalde, former presidento f the American Institute of Homeopathy and attending physician at the Myrna Brind Center for Integrative Medicine at Thomas Jefferson University Hospital in Philadelphia. "Reviewing the contents of your cabinet and restocking it with safe homeopathic med icines can make it much easier for you and your family when cold and flu-like symptoms appear." Give your medicine cabinet a makeover LOOK CAREFULLY: Side effect warnings, expiration dates and possible drug interactions can make you think twice about what's in that cabinet. DEALING WITH HEARING LOSS: Whether you're attending a holiday party, listening for your flight number to be called in an airport, or participating in a high-power board meeting, not being able to clearly hear what's going on around you in a public setting can have serious repercussions.
C M Y K C M Y K WOMAN THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM (ARA Taking care of the family and home is a main priority for moms; however, what they don't often admit is that 68 per cent enjoy cleaning their homes. According to the Scrubbing Bubbles Dirty Work Index, a comprehensive national study; more than half of women (55 per cent also clean to control germs and keep the home healthy.In addition, it was discovered that women today clean for their own emotional wellbeing and benefit. The Dirty Work Index found that women report feeling accomplished (91 per cent), relieved (87 per cent) and proud (81 per cent cleaning their homes, giving them a sense of calm and happiness. "I connect with thousands of women each day and constantly hear that having a clean home gives them confidence and peace of mind. Knowing their homes are healthy and clean eases the stress of preparing for last minute guests," says Colleen Padilla, founder of ClassyMommy.com. "As a busy mom of two, I want to help women find solutions to get the job done quickly and easily." Padilla has partnered with Scrubbing Bubbles to help women form habits that can keep their homes healthy and happy this year. She offers five tips to help keep the home clean and clutter-free. Fifteen minutes a day or less. Make cleaning a quick and efficient part of your dai ly routine. Rather than letting clutter build up, clean five minutes each day so it is nev er a huge to-do. Products like Scrubbing Bubbles Antibacterial Bathroom Wipes are a must to keep the germs at bay in a five-minute sweep of the bathroom. Lastly, spend five minutes putting away toys and other knick-knacks. Waking up to a clean home helps start the day on the right foot. Out with old, in with the new. Now that the holidays are over, get rid of old toys, clothes and books that have accumulated over the past year. When faced by a sea of toys and clutter, it's sometimes hard to ever feel organ ised. Donate the outgrown items, and you'll be surprised how much space has cleared up, in your home and your head. Check with your local school or Salvation Army for locations and drop-off times. Pick products that work for you. Why scrub away when you don't need to? According to the Dirty Work Index, one third of women clean their bathrooms daily. Scrubbing Bubbles Automatic Shower Cleaner does the cleaning for you and elimi nates odours with just the touch of a button, ensuring that your shower stays clean on your days off. Two for one. If you can't get to the gym, there are plenty of ways to burn calories and get your heart rate up. For example, cleaning your home for one hour can burn roughly 200 calories or more, depending on your height, weight and level of exertion. Cleaning never sounded so good. Be spontaneous. Goals and resolutions are important to help stay on track and form healthy habits. However, nothing beats a last minute trip to the skating rink with the family or catching a movie with your best friend. Kicking back and letting loose is important for keeping stress low and spirits high. For more time saving tips and cleaning techniques, visit ScrubbingBubbles.com. Study reveals a cleaner, healthier home leads to a happier mom C LEANING THE BODY AND SOUL: I t was discovered that women today clean for their own emotional well-being and benefit. (ARA Cold temperatures and dry air can make it difficult to keep your skin clear, hydrated and looking beautiful during the winterm onths. After dealing with the pain and embarrassment, the last thing you want to do is to head into spring with dry skin and breakouts. With these easy winter skin care tips, you'll feel more confident and proud to show off your clear, beautiful skin: Don't scrub dry, sensitive skin during the winter months. According to the American Academy of Dermatology (AAD than normal during the cold months and vigorous washing can irritate skin, making issues like acne even worse. For those who suffer from acne, try the MaxClarity Acne Management System to kill acne-causing bacteria beneath the skin and exfoliate dead and damaged skin cells. The system's combination of benzoyl peroxide and salicylic acid will promote new skin growth and let your healthy, clear skin shine through. Made with VersaFoam technology, MaxClarity is a three-step process that includes: Deep cleanser that cleans and treats acne on the face, chest and back. Advanced acne treatment that dries quickly and fights acne during the day. Rejuvenating toner, a leave-on foam that exfoliates dead skin cells overnight to reveal a healthier, glowing complexion. Don't assume you can trade the swimming pool for a tanning bed while it's cold just because the sun isn't shining. Continue to keep your skin healthy by avoiding UV radiation indoor tanning can lead to premature skin aging according to the AAD. Be sure to use moisturizers when treating acne in winter months. In order to effectively treat your skin, dermatologists recommend gently washing your face first, applying acne medication and moisturizer and finally applying make-up. Approaching your skin with gentle care during the cold, dry months is sure to help tackle your break outs and allow you to happily expose your fresh skin just in time for warmer weather. (ARA It's hard to believe the holidays are over and 2011 is already here. If you are fortunate enough to have received a trove of goodies from friends, family and colleagues, there is no better way to show appreciation than with an old fashioned or new fashioned "thank you" note. Before too much time passes, take a few minutes to thank those who remembered you. Thanks can come in all shapes and sizes, so here are a few tips to help get you started. TRADITIONAL THANK YOU NOTES Even in the digital age, it's still fun to receive a handwritten note. When thanking friends and family for gifts, include specifics about what you received and how you plan to use the gift. Including details like these help make thank you notes more personal. For example, if you received a kitchen gadget, let the giver know the first meal you plan to make with it. If you received a picture frame, let them know who you'll be commemorating. A thank you note may be especially appreciated if the gift giver let you pick what you wanted. If you received a gift card, shop soon and be sure to let the giver know what you used the card for. Cards featuring a payment network logo, like a Visa Gift card, that are accepted at millions of locations can be used in many different ways from the practical to the special indulgence. In fact, according to a recent Visa survey, when survey respondents were asked how they would use a Visa Gift card if they were to receive one this holiday sea son, the top three responses were: To indulge in something they might not normally be able to afford, such as a special dinner, jewelry, clothing or personal electron ics To get what they didn't receive from their holiday wish list To buy "life essentials" such as groceries or household products, or to pay bills Whether you use your gift card to stock up on groceries or to indulge in a new pair of shoes, the giver will be glad to know their gift is appreciated. DIGITAL THANKS For the tech savvy, or if you simply don't have the time to sit down and pen a handwritten note of thanks, a digital thank you is another option There are a variety of online choices that allow you to craft a free or low-cost thank you note that can be digitally delivered. Even an e-mail can be used to express your thanks. Sending an online thank you offers great potential for personalization. Include a digital image of yourself using or wearing the gift to show just how much it is appreciated. If you received a gift card, show the gift giver how you used the card. Include a photo or even a video of your purchase or shopping trip. Don't forget to think beyond the gifts you unwrapped as well. Many people go above and beyond to host the perfect holiday party or dinner. Show your appreciation for the time and effort spent on the special event by sending a note of thanks to your host. Include details such as your favorite part of the meal or how much you enjoyed visiting and meeting the other guests at the par ty. Whether it's a handmade card or a digital greeting, a personal "thank you" can go a long way in letting your family and friends know you are grateful for their thoughtfulness and generosity. A little 'thanks' goes a long way SAYING THANK YOU: If you are fortunate enough to have received a trove of goodies from friends, family and colleagues, there is no better way to show appreciation than with an old fashioned or new fashioned "thank you" note. Tips for fresh, clear skin even during the harsh winter months
C M Y K C M Y K THETRIBUNE S S E E C C T T I I O O N N B B HEALTH: Body and mind T UESDAY, JANUARY 11, 2011 By JEFFARAH GIBSON T ribune Features Writer W HEN Amber Whyley left home to attend Saint Marys University in Halifax, Canada she had every intention of completing a Bachelors of Arts in Commerce. Alongside her diploma, which she obtained last year after successfully com pleting the marketing program will sit sil ver, bronze, and gold medals. The medals did not come from her participation in any sporting event, but rather are products of an outstanding artistic representation of traditional and modern Halifax. Amber snagged the opportunity in April 2010 to design medals for the upcoming Winter Games to be held in the province next month, when her friend and colleague Marlon Solis who hails from Malaysia, heard of the competition through a coop erative program at the college. Taking into consideration that most of the time she found herself drawing sketches of almost anything impressionable and moving, she responded with a lets do it to the excited Solis, who also viewed the competition as simply constructivet ime for art. Marlon found out about the competi tion through a cooperative program at the school and he came to me because he knew I love to draw and he knew that I have a fine art background. When I am not doing school work, I am always drawing. So he asked me if I wanted to workw ith him on the project and I accepted the offer, she told Tribune Woman Their skills acquired from the marketing program provided them with the versatility they needed. One key component outlined for the competition was that designs should por tray modern as well as traditional aspects of Halifax. Given that the two of them were inter national students, it was a challenge incorporating these aspects on the medals. And in order to capture the spirit of the province and translate that spirit in a way that it was understood and felt required more work than the piles of sketches that laid on the floor. We actually went walking around old Halifax, the part of the province with old colonial buildings similar to the ones downtown. We took pictures of old stone buildings, and pictures of anything that inspired us on our walk. Whatever wew ere inspired by on our walk we allowed i t to inspire us during the designing process, she explained. After applying an elimination method, and intertwining both of their ideas they came up with a wave sculpture which sym bolises the ocean heritage of the province, the Celtic knot taken from the Celtic cross,w hich paid homage to the original Irish settlers, the Maple Leaf, mesh work that depicted the spirit of the athletes, the providential flag and the main gate to the Victorian styled Public Gardens. Amber admitted that at the start of the projects, clinching the gold was not on her mind. However she used the project as time to hone her skills. It was funny because at first we didnt think we had a serious piece. But after our piece started coming together and we saw how it looked, we thought this is very decent and we thought that if we didnt win we would at least place with our designs, she said. However, suspense diminished their confidence. After not hearing from the committee members of the competition we thought we didnt win. And I said to Marlon man you think they couldnt even send us a letter just to say thanks for entering the competition. And when I checkedm y e-mail the next day I got a message s aying that we beat out over 90 entries. I was excited, Amber said. I really felt we collaborated well. We did our homework, and we did our research and that is how we came up to win, she said. The dynamic duo will present the first s et of medals at the Winter Games which is set to begin on February 11-27 in Halifax. They will also get their own commemorative set of medals. She said her entire experience goes to show that while students may go off to school for a degree they can bring back much more. I hope my experience can show Bahamians that they can go abroad for a degree and bring back home much more. They can put the Bahamas on the map. After the games she will be home in March to continue practicing her art. To Amber Whyley You Go Girl! Do you know another talented young lady who deserves recognition? Send us an email at email@example.com and she may just be our next You Go Girl Amber Whyley A M B E R W H Y L E Y TASTY MEDALS: Cookies made in the form of the medals designed by Amber Whyley and Marlon Solis. MAKING HEADLINES: Amber Whyley discusses her idea for the designs with members of the Canadian press. ALL SMILES: Marlon Solis and Amber Whyley. TASTY: A sweet bite of gold.