The Tribune.
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Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 1/14/2011
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
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Source Institution: University of Florida
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Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:01779


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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 V olume: 107 No.43FRIDAY, JANUARY 14, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER CLOUDY, ASHOWER HIGH 73F LOW 63F By TANEKA THOMPSON Tribune Staff Reporter CABLES released by Wik iLeaks reveal the United States has been monitoring the grow ing ties between the Bahamas and China, and expressed con cern that developments such as Baha Mar will "leave the Bahamas indebted to Chinese interests for years to come." One US Embassy communication noted the high-profile visit of top Chinese politician Wu Bangguo, chairman of the Standing Committee of the National Peoples Congress, in late 2009 and outlined the details of China's investments in Baha Mar and the National S tadium. "Wu Bangguo, the highest ranking Chinese official ever to have visited the Bahamas, praised the Bahamas on multi ple occasions for its adherence to the 'One China' policy," said the cable titled Chinese offer golden opportunities to the Bahamas. "The Chinese appear committed to establishing a firm financial hold on projects, such as the Baha Mar, that will have a major impact on the Bahami an economy and leave the (Bahamas interests for years to come," said the cable written by US Deputy Chief of Mission Timothy Ziga-Brown. A statement released by the M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM US concerns over Bahamas-China ties I N S I D E MOTHER PRATT REFLECTS ON HER CELEBRATED CAREER S EEPAGETWO FREETODAY: YOUR SPORTS WEEKLY SECTION SEE page eight P OLICE plan to bring severa l charges against persons found in possession of illegal weapons this week, one of whom is ap araplegic. Officers found an illegal 9mm pistol in the handicapped mans pants pocket on Wednesday evening. The gunman, who was confined to a wheelchair, came u nder the scrutiny of officers f rom the Selective Enforcement U nit (SET New revelations in WikiLeaks cables THE badly decomposing body of a man was found in an efficiency apartment off Carmichael Road yesterday. Police, who had been alerted by concerned neighbours, had to break down the door of the one-room unit after discovering the apart ment had been locked from the inside. Upon entry, they found the body of 48year-old Andrew Miller. Reportedly, there were no obvious signs of trauma to his body. According to neighbours, Mr Miller was last seen some time on Monday. A crime scene officer told The Tribune : Because he was not seen in a few days, his neighbours came to check on him. In check ing, they discovered there was an odour. Although officers discovered some blood on the ground around the body, they believe it could be as a result of the decomposition, and as yet, no classification has been made on how Mr Miller met his death. The officer added: We cannot say at this time. Once an autopsy has been done, I guess we can say exactly what happened. But at this point we dont want to speculate. DECOMPOSING BODY OF MAN FOUND IN APARTMENT ABOVE: Police at the scene after a man was found dead in an apartment off Carmichael Road. RIGHT: Family of the man were emotional at the scene. By NATARIO McKENZIE Tribune Staff Reporter A MAN alleged to have com mitted the years second murder claimed yesterday he was brutally beaten while in police custody. Winston Gibson, 21, is charged with gunning down Rudolph Forbes on the porch of a house in Bishop Way, Windsor Place, off MAN A CCUSED OF MURDER CL AIMS HE W AS BEA TEN BY THE POLICE SEE page nine ILLEGAL GUN FOUND ON MAN IN WHEELCHAIR SEE page nine By TANEKA THOMPSON Tribune Staff Reporter A US diplomat pressured officials at the Ministry of Foreign Affairs to reveal specifics of high-level trips to China during the Christie administration, according to a WikiLeaks cable. SEE page eight US DIPLOMAT PRESSURED MINISTRY OFFICIALS FOR CHINA TRIP DETAIL T i m C l a r k e / T r i b u n e s t a f f


By CELESTE NIXON Tribune Staff Reporter MOTHER Pratt has been a woman of many firsts first female deputy prime minister, first female ministerof national security, first female to read the annual budget and first woman acting prime minister, to name just a few. Many would argue that her legacy and contribution to the Bahamas has been unparal leled. Sitting down with The Tri bune, Mother reflected on her accomplished career as a nurse, teacher, politician and community activist. Born in 1945, Cynthia Moxey came from humble beginnings. She learned the meaning of dedication and perseverance early on, often assisting her mother who worked as a ven-dor in the straw market on Bay Street. Growing up in hardship as the 13th child in a large fam ily of 16, Mother learned atan early age what it takes to survive. It started a drive in me to represent the poor, as I am the poor, she said. During adolescence and ear ly adulthood, Mother Pratt pursued sports in a way to not only excel but also impact others, and played volleyball, basketball and softball, competing locally and on the international level. Mother Pratt entered Princess Margarets School of Nursing in 1960, was graduated and spent the next 17 years in the field. I always wanted to passionately serve the people, I just never thought it would lead me into public service, she said. Moving into the educational field, Mother Pratt concentrat ed on children from the heart of the inner city and was able to impact and touch the lives of many. She described her life as one of giving and stressed how important it was for her to make a difference to people around her. Driven to further her academic career, Mother Pratt enrolled at St Augustine Col lege in Raleigh, North Carolina where she received a Bachelor of Arts degree, majoring in health and education with a minor in sociology. In February, 1995 she was awarded an honorary doctorate degree from the university. For more than 20 years, Mother Prattsingle-handedly secured schol arships for numerous Bahamians at her alma mater, giving inner city youths an opportunity that changed their lives. Speaking affectionately about the youths of the St Cecilia community, where she lives and which she represented in parliament, Mother Pratt said: I want to be able to say that I made a difference in the life of my people. I never saw myself as a politician, I still dont. Mother said that when she was first approached by the late Sir Lynden Pindling to run as a candidate for St Cecilia, she was very apprehensive. Thats why we need you, was the former PMs reply when she expressed her fears. Its because you are not a politician think about how many of the masses you can help. She was first elected in March 1997, re-elected in the general election of 2002 and was appointed the first female deputy prime minister and min ister of national security in the same year. Mother Pratt explained that she has not achieved everything she wanted, but has certainly made an impact. I hope people remember me as a person of humility. No matter what my position, I remained in touch with my people and served to the best of my ability. I hope I am remembered as one who loved God and was destined to bring about change for the better. My thought was, if we address inner city issues, other problems will be eliminated. It is my hope that our country sees the need to use people for their views and not political persuasions. People need to care about the country and not get caught up in the politics. When asked about her proudest moments, Mother Pratt listed the United Nations Humanitarian award she received in 2004 and her induc tion into the Bahamian Hall of fame in October of last year. With the end of her political career approaching, Mother Pratt wanted to thank the many who have assisted her over the years, and the sponsors without whom all her community projects, building repairs and assistance programmes would not have been possible. She said she especially want ed to thank former prime minister Perry Christie for allowing her to serve in his government. She said: Perry Christie had the confidence in me, granting me the opportunity to serve. I thank him from the bottom of my heart for permitting me to be a part of his Cabinet and his deputy. Recently ordained as a Pas tor, Mother intends to continue serving the community through the church, primarily focusing on at-risk youths. She said: I will still serve in some capacity but I will no longer be on the front-line of politics I want to continue being a voice for the poor; that voice will never die I was involved with the community long before I entered politics and thats whatI am going back to, it is where my heart is. Mother Pratt will also be launching her autobiography, No Equal to Gods Chosen: A leaders rise from poverty to destiny, in the early part of this year. L OCAL NEWS P AGE 2, FRIDAY, JANUARY 14, 2011 THE TRIBUNE A LIFE OF GIVING T im Clarke / Trinune staff ACHERISHEDLEGACYANDCONTRIBUTION: Cynthia Mother Pratt speaks to Tribune reporter Celeste Nixon one on one yesterday and reflects on her celebrated career. INTERVIEW WITH CYNTHIA PRATT Member of Parliament and for mer PLP d eputy leader Cynthia Pratt, affectionately known to many as Mother for her decades of generosity and service to the community, will be stepping out of the political arena after 14 y ears of service. She took the time to sit down with The Tribune this week to look back on her celebrated career and life. T i m C l a r k e r / T r i b u n e s t a f f I hope people r emember me as a person of humility. No matter what my position, I remained in touch with my people and served to the best of my ability. I hope I am remembered as one who loved God and was destined to bring about change for the better


By DENISE MAYCOCK T ribune Freeport Reporter d F REEPORT Two persons were killed and a third was seriously injured when two vehicles collided and erupted into flames on the Grand Bahama Highway onW ednesday night. The badly burned bodies of a Haitian man and Bahamian woman were discovered ino ne of the vehicles, a Cherokee Jeep. Their deaths have been c lassified as the first and sec ond traffic fatalities on Grand Bahama for 2011. A lthough police have not y et released the identities of the deceased, The Tribune has learned that the victims are Maure Noel, 28, of No 26C N ansen Avenue, and Jacinta Colebrooke of No 2 Columbus Drive. The male driver, who was injured in the second vehicle,a Ford Expedition SUV, is detained at the Rand Memorial Hospital. His identity and condition were not known up to press time yesterday. Police liaison officer Asst S upt Loretta Mackey report ed that police received a report around 10.15pm on Wednesday that two cars,w hich had been involved in an accident, were on fire. Upon arrival at the scene n ear Gold Rock Construction, firefighters and police found a Ford Expedition anda Cherokee Jeep engulfed in f lames. The driver of the Ford was t aken to hospital by ambulance while the remains of Mr Noel and Ms Colebrooke were removed from their Jeep and taken to the morgue. A rsene Dieugste said he received the news of his brothers death from police yesterday morning. I feel very, very bad when police called me and tell my b rother died in car accident, he said. Mr Dieugste said his broth er, who was the father of a y oung child, has been in the Bahamas for 13 years and was employed part-time. M s Colebrooke was the mother of two teenage daugh ters. W hen T he Tribune v isited t he Colebrooke residence on Columbus Drive yesterday, t wo policewomen from the Police Victims Care Unit were counselling the two daughters. ASP Mackey said investi g ations are continuing into the incident. LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 14, 2011, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM P ROSECUTORS yesterday presented a Voluntary Bill of Indictment in the caseof three men accused of a r obbery at First Caribbeans Sandy Port location last July. G arth Hall, Sean Lightb ourne and Theodore Ash w ere arraigned before D eputy Chief Magistrate Carolita Bethel yesterday. T he men were charged with two counts of armedr obbery, two counts of possession of a firearm with the intent to endanger life, one count of damage, one count o f stealing and one count of receiving. It is alleged that the men o n Wednesday, July 28, w hile armed with a handgun and an AK 47 assault rifle, r obbed the First Caribbean B ank branch of a total of $30,317. It is also alleged that the two men were in possessionof firearms with intent to endanger the lives of WPC2 040 Gardiner and PC 9 Burr ows. Prosecutor Basil Cumber b atch yesterday presented a Voluntary Bill of Indictment so that the case can be fasttracked to the Supreme Court. The men who are currently on remand are expect ed to be arraigned beforeS enior Justice Jon Isaacs on April 1. REPORTS that the PLP is seeking to run BCPOU pres ident Bernard Evans as their next candidate for the NorthA ndros constituency were d enied yesterday by the areas current MP. Describing the reports as utter nonsense, Vincent P eet told T he Tribune t hat M r Evans brother is one of his top generals and that the union leaders relatives are among his biggest supporters. It cant happen. People just enjoy mischief making thats all that is, he said. As he is one of party leader Perry Christies strongest supporters, Mr Peet said, there may be some in the party who want to pick him off but these efforts will ultimately fail as his support in North Andros is stronger than ever. Even if (Prime Minister Hubert) Ingraham went in there, I would beat him, the MP said. His comments came after sources in the PLP suggested that there was a plan afoot within the party to remove Mr Peet and replace him with Mr Evans in the run-up the2012 general election. This move, one of them said, could spark an all out war in the party. Obviously Mr Evans is very vocal in the BCPOU, but that is the BCPOU. This is the PLP; this is politics. This is us dealing with the lives of the Bahamian people and obviously this contradicts everything that we are about in the PLP, he said. Another source said cer tain senior party officials are continuing to meddle and move people into places where they think they can just walk into the party and go into an area having done no work. These people have no connection with the residents there, and in my opinion they are minority candidates. Itsas if they are deliberately seeking to make the PLP an opposition party once again. Repeated attempts to reach Mr Evans for comment on the matter were unsuccessfulup until press time last night. North Andros MP denies reports about Evans being next PLP candidate Voluntary Bill of Indictment presented in robbery case V a n d y k e H e p b u r n / P h o t o Vehicles erupt into flames in fatal crash on Grand Bahama Highway WITNESSES called to testify in Bishop Earl Randolph Frasers trial yesterday admit ted that they could offer no evidence relating to the unlawful sex claims against him. A pastor at Pilgrim Baptist Temple on St James Road, Bishop Fraser has pleaded not guilty to having sex with a 16-year-old girl between July 2005 and February 2006. Four witnesses were recalled yesterday for cross-examination by lead prosecutor Franklyn Williams. Witnesses Carmel Penn, Ruth Edgecombe, Leroy Major and John Forbes, who is Bishop Frasers brother, all said that they could offer no evidence concerning the charges. Also taking the witness stand was Sabrina Woodside, a deaconess and chief protocol officer at Pilgrim Baptist Temple. She recalled that while attending the worship service on Palm Sunday in 2006 she heard a commotion. I figured it was a scene of a play, she said. She told the court that a woman and a man stormed into the church and proceeded to the altar. Mrs Woodside said the woman pointed towards Bishop Fraser shouting, See him there. She told the court that Bishop Fraser got up and walked to his office. Kenneth Brice was also called to the witness stand yesterday. He admitted that he could offer no evidence clarifying why semen was found on the carpet in the Bishops office. The trial resumes before Deputy Chief Magistrate Carolita Bethell today. Bishop Fraser remains on $10,000 bail. He is represented by attorney Wayne Munroe. Witnesses admit they could offer no evidence in Bishop Frasers trial HORRIBLE CRASH: Pictured are the remains of the Jeep Cherokee involved in the fatal crash that claimed the life of two people. One of the victims, Maure Noel (inset badly burned in the crash. court NEWS


E DITOR, The Tribune. In their advertisement for a meeting at R M Bailey Park the unions said that their agenda was to educate Bahamians on the real issues as hereunder: I do not know who drafted this notice but it seems that they a re blind or are deaf. ) National development through liberalization and com petition. As far as I am aware, Cable and Wireless is a well-known telecommunications company with partners throughout the Caribbean and elsewhere. They a re in a better position than the unions to develop The Bahamas old telecommunica tions functions. Liberalization and competition my understanding is that the BTC will be upgraded first in order for it to better compete with the newer operat ions because after an agreed period competitors will be allowed to enter the market. BTC only makes money while it is protected from other companies. ) The privatization of BTC in a manner that supports national development. T his is the same as No 1 above where C&W will set about to upgrade BTC to world standards and make it a viable entity to compete with the newer emerging telecommunications companies. ) Bahamian ownership of BTC through the purchase of s hares. This has been widely publicized from the outset that shares will be offered to the public. Are these people blind or deaf? ) The empowerment and advancement of Bahamian workers. A general statement which probably sounds good. However, how can workers advance if they do not learn? C&W is in a better position than the unions to train Bahamians in the modern tech niques than the unions who are accustomed to the old systems n ow being employed. Finally, the best thing about C&W is that there will be low er charges to customers and better management. Now, why would Bahamians of any stripe or visitors not prefer better service? Anyone who does not want t his for Bahamians must be against the welfare of Bahamians because we all want to save money and obtain optimum telecommunication services. So the crux of the argument is that Cable and Wireless means better service for all at lower costs with dividends for our national coffers and opportunities for entrepreneurs. Why would anyone not want this? ADVOCATE FOR Bahamas Telecommunications for Bahamas Nassau, January 12, 2011. EDITOR, The Tribune. There is a lot of noise comi ng out of many mouths on the BTC issue, and many of those barrels have lost their c redibility to speak on the issue, because they are onlyr eacting. The politicians who were trying to do worse than what the government is doing now, the union leadership whoh ave not held their members responsible for the way that t hey discharge their duties to a paying public, and all of this b eing carried out under the cloak of Bahamianisation. Y ou cannot Bahamianise what you already own, and if you want to privatise a busi n ess you cannot use the government as a surety of any s ort. A s an aside, I listen to the story of the local air charters w ho have to struggle with the increases that Bahamasair d oes not have to deal with and we begin to see how costl y it is to be in private business, and these companies h ave to compete with Bahamasair, a company that has direct access to the public treasury. Some may be wondering w hy the BTC squabble is not g etting the publics support? The public understands moret han the people making noise that this culture has not matured enough to make d ecisions that are fair to all a nd sundry, and we have sort of jumped the gun on the wanting to privatize anything in this country because there i s a glaring absence of effective Conflict of Interest and Anti-Trust Legislation to prot ect those who would enter b usiness arrangements. The f act that lawyers and politic ians seldom go to jail is evid ence of this. B ahamians would prefer Bahamians to possess and own the instruments that gen-e rate wealth for Bahamians, but we are caught between a rock and a hard place as we try to sort out what is needed. D arron Cash is right but only i n the sense that sometimes you have to take your mess age beyond the point that y ou want to make if you want to make a point, but we have to realise that effective priv atisation requires an atmosphere that is alien to this very y oung socio-political culture. We are still looking out for our mothers, sisters, uncles,n ephews child and this thing a bout who you know is still causing pain for many. However, a move has to be made. The news from the north, tells us of the struggleV erizon had to get into a market that ATT had a stranglehold on for many years, and t he amount of rejoicing that happened when thea nnouncement was made that Verizon had brought competitiveness, resounded all over the US and to think that this struggle took place in ane nvironment that has a culture of privatisation gives us a n indication that it is going to take more than talk, and stirr ing up the publics emotions about our things. W hat remains to be seen is that those who are speaking for Bahamians really have t heir interest at heart and that this exercise will not result on a run on the Public Treasury o r the funds at NIB. The reality is this. I f privatisation happens and the money does not come f rom private entities in combination with the government, m ost of it will have to come from the two aforementioned s ources. The absurd possibility of the Bahamian public having to pay this bill should not be seen as far fetched. E DWARD HUTCHESON N assau, January 12, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, JANUARY 14, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES Switchboard (News, Circulation and Advertising A dvertising Manager (242 Circulation Department (242 Nassau Fax: (242 F reeport, Grand Bahama: 1-(242 WEBSITE updated daily at 2pm WASHINGTON Politicians of all stripes are bound to be haunted by Rep. Gabrielle Giffords' warning, 10 months before she was shot, to cool the rhetoric. It's been a year or more of raw politics, with anger spilling over on both sides and gun-related metaphors coming loosely from the lips of some candidates and activists. Giffords, a figurative target of the right, on Saturday became the actual target of a gunman who shot her through the head and killed at least five others. She was critically wounded. The gunman's motive is not known. But in Pima County, Ariz., Sheriff Clarence Dupnik suggested "all this vitriol" in recent political discourse might be connected to Saturday's shootings. "This may be free speech," he told reporters, "but it's not without consequences." Whatever the motive, the toxic tone of the national debate is certain to draw greater scrutiny. "We do know that politics has become too personal, too nasty and perhaps too dan gerous," said Jonathan Cowan, president of the centrist Democratic group Third Way. "Perhaps out of this senseless act some sense can return to our public discourse." In the aftermath of the rampage, the House's newly installed Republican leaders postponed Wednesday's scheduled vote to repeal the new health care law, the issue at the centre of the harshest criticisms of Gif fords and many other Democrats for the past two years. Lawmakers from both parties were deeply shaken. Many lawmakers, especially Democrats, felt the 2009-2010 debate over health care sometimes got out of hand. It began with emotional town hall meetings in the summer of 2009, when some critics warned of government "death panels." Giffords, 40, was among lawmakers who reported 42 threats or acts or vandalism in the first three months of 2010, a big increase over the previous year, law enforcement officers said. Nearly all the threats dealt with the massive health care bill that Giffords and other Democrats enacted over fierce Republican opposition. In March, someone kicked in or shot out a glass door and side window at Giffords' office in Tucson, a few hours after the House passed the health care measure with her help. Giffords also was among about 20 Democrats opposed in last fall's elections by Sarah Palin, the 2008 GOP vice presidential nominee. Palin's Facebook page in March posted a U.S. map with the crosshairs of a gun scope imposed over each of the 20 Democrats' districts. Gun imagery appeared in various ways in the campaign, often not connected at all with gun rights. "We're on Sarah Palin's targeted list," Giffords said at the time. "The way that she has it depicted has the crosshairs of a gun sight over our district. When people do that, they've got to realize there are consequences to that action." Palin's Facebook page had the following comment in the hours after the shooting: "My sincere condolences are offered to the family of Rep. Gabrielle Giffords and the other victims of today's tragic shooting in Arizona." Ferocious comments, and even occasional violence, certainly animate American politics from time to time; witness the bloody drive for racial equality and desegregation, and the anti-war protests, of the 20th centu ry. The question now, and again, is how much is too much, and how hot is too hot, in political discourse. "Anger and hate fuel reactions," said Democratic Rep. Raul Grijalva, whose Arizona district also includes parts of Tucson. He said he was not assessing blame, and Saturday's shootings might be the work of "a single nut." But he said the nation must assess the fallout of "an atmosphere where the political discourse is about hate, anger and bitter ness." The Jewish Council for Public Affairs said in a statement: "While we do not know the motives for today's attack, we do know that it cannot be viewed apart from the climate of violence and the degradation of civ il society that are anathema to democracy." The suspected shooter, Jared Loughner, complained about the government in online diatribes that also spoke in scattered ways of currency, terrorism and "mind control." But what might have driven him to violence has not been established. "We don't yet know what provoked this unspeakable act," President Barack Obama said from the White House. "We are going to get to the bottom of this." (This article was written by Charles Babington of the Associated Press). A lot of noise on BTC issue LETTERS l Tucson rampage casts light on toxic tone Why would Bahamians of any stripe or visitors not prefer better service? EDITOR, The Tribune. A new catch-word of Medical Tourism is being said quite often but unless the government pro-active ly initiates and includes the Medical Tourism projects so they receive the same incentives as an hotel time-share this will just pass and yet again because of red-tape, lack of vision will have missed the proverbial boat. The Prime Minister as Minister of Finance has to include this sector where a facility is developed to provide rental rooms and medical services will receive all the duty-free incentives offered to the Atlantiss Baha Mars of this world. If we dont then we will have yet again missed the ship. ABRAHAM MOSS Nassau, January 11, 2011. Medical Tourism catch-word


THE Ministry of Public Works and Transport is advising the motoring public that a temporary road closure and traffic diversions will be carried out on sections of East Street to allow for the completion of drilling works starting on Monday, January 17, and continuing for approximately three days. Motorists are asked to observe the traffic management signs in place and travel with caution while the work is being carried out. Detours will be clearly marked to allow for the safety for pedestrians and motorists, the ministry said. The Ministry of Public Works and Transport takes this opportunity to thank the public for their continued support and patience during the construction period. We apologise for any inconvenience that the closure may cause and request that the public use the alternate routes provided. ROAD DIVERSIONS: East Street South Motorists travelling northbound should divert through Zion Boulevard, use Antonio Drive and Victoria Boulevard as alternate routes and continue on East Street South to their destination. Zion Boulevard Motorists travelling eastbound should use Antonio Drive and Victoria Boulevard as alternates. Bamboo Boulevard Motorists travelling westbound should use Zion Boulevard, Antonio Drive and Victoria Boulevard as alternates. LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 14, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Consumer Guide Best Buy!The restyled Honda Civic is what every driver looks for. Interior comfort, good looks and superior safety make Civic one of the worlds most popular compact sedans and a Consumer Guide Best Buy. Features: 4-cylinder engine 26 mpg city, 34 mpg hwy Security system, remote entry Anti-lock brakes Electronic Brake Distribution System Power windows & door locks Child-proof rear door locks AM/FM/CD audio system Anti theft Fold-down rear seat Air conditioningCivic Sedan* Civic Coupe**Also available in Si Models SuperSpecialso n p r e v i o u s y e a r m o d e l s By DENISE MAYCOCK Tribune Freeport Reporter FREEPORT Following the murder of an educator this week in the capital, a Grand Bahama scholar is calling on Cabinet and the Bahamas Christian Council to collaborate in observing a national moment of silence for murder victims. Leslie Minnis, principal of Alpha O mega Christian Academy, said the death of Uriah McPhee teacher Denise Adderley should act as a spur for a different and more sensible response to murders. would like to ask all bishops and pastors to retake every street of our nation, especially on the island of New Providence on a day to be determinedb y the Bahamas Christian Council, in the form of a signing and praying procession. would also like to ask the Cabinet under the leadership of the prime minister to proclaim a two-hour work stoppage on a day of their choosing so that the citizens, residents, and visitors could observe 120 minutes of prayer and reflective respect for all of the Bahamians who have been murdered across our beautiful archipelago, he said. Denise Adderley, 39, was shot and killed while in her car at the Texaco Service Station at the corner of Wulff and Kemp Road on Sunday evening. She became the third homicide victim of the year. On Wednesday, taxi driver John Manuel Adderley, 37, was arraigned, charged with her murder. I have been following this homicidal activity for quite a while when the young lady was killed in Sea Breeze sitting in her car. I felt there should have been a national outcry to really put this trend in regression, but it continues to escalate and it appears as if we are getting some euphoric response from counting the numbers, Mr Minnis said. He added: There has to be different ways for persons to resolve their differences other than killing one another. Mr Minnis noted that the homicide rates in our neighbours Jamaica and Trinidad are out of control, with rates sometimes in the thousands. ONE year after a devastating earthquake struck Haiti, Brent Symonette, Deputy Prime and Minister of Foreign Affairs and Immigration, says he is satisfied with the Bahamas support to the recovery efforts. On January 12, 2010, a powerful earthquake struck Haiti, killing more than 200,000 and leaving more than one million homeless. The Bahamas joined with the Caribbean Community (CARI C OM) through the Caribbean Disaster Emergency Management Agency (CDEMA assisted in the worldwide recov ery efforts. I am satisfied that the Bahamas and the Caribbean have done as much as could be done against the backdrop oft he recession and other issues. Its a vast problem, thousands died and many properties were destroyed. We need to continue to keep them in our prayers, Mr Symonette said. He said the Bahamas has never experienced such devastation, to the point where hundreds of thousands of people died. Outcry To the public outcry when the government decided not to repatriate apprehended Haitians following the earth quake, Mr Symonette said that it was the humanitarian thing to do. Millions of dollars were pledged in relief aid and rebuilding efforts, and the inter national community also wrote off millions in debt Haiti owed. However, recent elections have posed a challenge to the whole recovery and rebuilding efforts. They unfortunately have had one challenge after the other. We here in the Bahamas have never had that to any great extent, Mr Symonette said. He said many Haitians are coming to the Bahamas to find a better way of life. If there are jobs here, obviously Bahamian dollars can be converted into the American currency. Its big money they are coming here to make a better way of life for themselves and their families, he said. The government appointed Commodore Clifford Scavellaa s Ambassador to Haiti, from where he provides reports on the progress of recovery efforts. It is very useful for us to understand what is happening and we look forward to contin ue fostering relations with Haiti, Mr Symonette said. Cholera A n issue following the earthquake was the outbreak of c holera, which has posed some difficulty regarding the issuance of visas to Haitians wanting to travel to the Bahamas. The government is also monitoring this situation. The ambassador is doing an excellent job, Mr Symonette said. He also credited the Royal Bahamas Defence Force on the role it plays in protecting the country from either illegal poachers, illegal migrants and in some cases, those involved in drugs and arms trafficking. We have seen a steady flow of illegal migrants. I dont think the number of persons who came right after the earthquake could have been predicted. There were possibly reasons for that the increased vigilance on behalf of the Bahamas, the United States and others to make sure that vessels were i dentified. There will constantly be a stream of people. We have looked at that, Mr Symonette said. Meanwhile, the government will continue with its repatriation exercises to all countries whose nationals land here ille g ally, he said. TEMPORARY ROAD CLOSURE AT EAST STREET, ROBINSON ROAD JUNCTION Government satisfied with its help towards Haitis earthquake recovery Teachers murder prompts call for national moment of silence MURDERVICTIM: Uriah McPhee teacher Denise Adderley.


By ADRIAN GIBSON WHILE 2010 was a roller coaster year, featuring a myriad of sleaze, an upsurge in violentc rimes, mediocre national exam results and, in other instances, nationally recognized accomplishments and highlights, 2011 provides the nation with yet another blank slate in determining its future and proposes to also be an eventful year of high drama in the political arena as a general election draweth nigh. Last year, the country was beleaguered by crime and an influx of illegal immigrants and saw an upsurge in the unemployment rate. This new year, Ive decided to state a few of my wishes and desires for the Bahamas moving forward. Firstly, the Bahamas educational system desperately needs to be revamped. The government, parents and educators must all begin to thinko utside of the box, particularly since our current educational s et-up is producing hordes of arithmetically-challenged, illiterate graduates who are soon expected to manage our coun trys affairs. This New Year, we must make a conscious, courteous, curt effort to assist and encourage our student population in a u nited thrust to strive to increase the national GPA from a D to a C. Frankly, I am not an advocate of standard ized tests. I firmly believe that while some students may perform well academically, standardized tests cannot measure the full range of the multiple i ntelligences. Standardized tests are also criticized for tending to be outdated as a curriculum changes, failing to assess an adequate sample of skills and for failing to meet the standards of their own field, among several other criticisms. The ministry musta lign the curriculum with the development needs of the country in order to imbue a strong sense of self, speak to nationbuilding, address the question o f self-reliance and entrepreneurship, teach the Constitution, etcetera. Only the most scholarly of students, in my opinion, should be permitted to sit the BGCSE/BJC exams. To truly diversify and establish a more comprehensive educational syst em, the government and private entities should also construct technical and vocational schools to teach the less bookish, academically-disinclined students a trade/skill. It is a misconception to assume that every Bahamian is studious enough to become a d octor, lawyer, educator, or to attend university. There will always be a need for repairmen, handymen, plumbers, masons and so on. At grade nine, teachers and administrators should be able to gauge a students abilities, and thereby separate t he more scholarly students from those with technical and vocational leanings. Furthermore, consideration should be given to establishinga pilot programme, where male and female students are educated at separate schools/class es. This possibly will revolut ionize education and lead to greater productivity, as students of both sexes would have fewer distractions and spend less time seeking to impress one another. Moreover, classrooms must be outfitted with cable tv/internet to foster interactive learning! O ne wish is that this new year, a greater number of parents positively become involved in their childrens lives, whilst also constructively reinforcing the lessons learnt at school. This year, with a newly instated president, the evolu tion of the College of theB ahamas (COB ty must be at the vanguard in advancing the national educat ion system. The transition of the college to university will not only foster academic and intellectual leadership but also assist the country with small island sustainability issues and foster economic diversification. Indeed, a university is a living system and grows in r esponse to, or alongside, national development. Will crime escalate to the point that the US blacklists the country as Jamaica has been done? Going forward, Bahamians must strive for greater social cohesion and partake in comm unity drives to reduce violent crimes. The past year was the third consecutive record-break ing year for murders and rapes, resulting in the Bahamas being listed high atop the listing of countriesper capita where rapes and heinous murders are f requent. We must return to being our brothers keepers. The government must formally articulate its position on capital punishment. There appears to be a lack of political will relative to the reading of death warrants, which would usher in the finalization of legal a ppeals so that convicted murderers can receive their courtordered, just desserts. After a suspect is convicted of murder and sentenced to death, the Police Commissioner should immediately be summoned to read his death warrant, particularly if he has exhausted all a ppeals. As it relates to capital punishment, the law as entrenched in the Constitutionmust be carried out. Moreover, a witness protection programme must be estab lished to protect state witnesses who are being bumped off which, as a result, has left manyB ahamians afraid to testify about crimes seen. Much more must also be d one to combat human trafficking. Regardless of the noble fight of drug enforcement officers, is it ever possible for the Bahamas, considering our geographic location, to be removed from the majors list (top 20 countries) of illicit drug-prod ucing or drug-transit countries? In the fight against crime and other social ills, the Bahamas Christian Council must lead by example, focusing more upon community outreach programmes in helping to curb crime, assisting the p oor, socializing our people and playing an active role in the lives of citizens, instead of the usual utterances, self-aggrandizing gambits and apparent politically driven mandates. (This does not apply to Rev CB Moss, who is in the trenches and doing a commendable job). I continue to await any serious, long-term proposals for sustainable tourism. Our tourism product must be reinvigorated to highlight the distinction and indigenous nature of this country's tourism product when compared to any othe r country in the wider Caribbean, targeting new mar kets and nurturing wider market share and by incorporatinga focus on regional and Latin American tourism. Considering the spate of violent crime and other social issues, in 2011 more emphasis m ust be placed on implementing mental health programmes and a plan to confront rampant alcoholism and drug abuse. Furthermore, I look forward to the broadening of the healthcare coverageparticularly for the elderly and indigentof the national prescription drug plan! This year, when electioneer ing is sure to spring into in high gear, I trust that both major political parties would move forward with the peoples agenda, scrupulously working towards bettering the Bahamas instead of squabbling over semantics and other trivial, rather foolish barbs. Will there be an early elec tion called this year or will the election go on as scheduled for 2012? In the 2008, both parties should begin looking towards the future and start preparing the next generations leaders to succeed the current head honchos, as no party presently seems to have any plans in place to ensure a smooth tran sition from one leader to anoth er without there seeming to bea leadership void. Greater efforts must be made to diversify the economy. We must gradually begin shifti ng from tourism to other industries or we will become a nation of overly dependent, virtual slaves. The government must encourage the local entrepre neurial spirit and foster eco nomic diversification through a variation of different indus tries such as farming, fishing, gaming, research and development, manufacturing and so on. I was pleased to see that the Ministry of Agriculture and Marine Resources recognition of the urgent need to resurrect agriculture and fisheries has, in conjunction with FAO consul tants, led to the creation of the first five-year development plan for agriculture and fisheries. In 2011, it is expected that the initial phases of this plan will materialize! Indeed, this year it is hoped that the rate of unemploymentwhich skyrocketed dur ing the economic recession and the countrys national debt be reduced. With a general election on the horizon, it is my fervent hope that the government maintains its position relative to the new straw market, ensuring that the products sold at the market should also be 100 per cent Bahamian-made and the markets occupants are either Bahamian or legally allowed to work in this country. Moreover, regardless of the political pressure, the government must maintain its position to no longer subsidize vendors, but instead require each purveyor to pay a fair rent and a maintenance fee. The influx of illegal immi grants, particularly Haitians, must be more vigorously tack led. Since yesterday was the commemoration of the one year anniversary of the tragic earthquake in Haiti, Im anxious to hear the governments account of what happened to those illegal Haitian immigrants who were released from the Detention Centre for a six month P AGE 6, FRIDAY, JANUARY 14, 2011 THE TRIBUNE T O DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM My wish list for the Bahamas in 2011 Y OUNG M AN S V IEW ADRIANGIBSON SEE page seven


LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 14, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE Ministry of Public Works is asking the publ ics cooperation as the h ouse/building numbering e xercise in New Provid ence resumes. Public Works and Transport Minister Neko G rant is requesting that p roperty owners allow the m inistrys staff to access t heir property to install a ssigned numbers to buildi ngs. The objective of this exercise is to take remedial action based on recently completed field surveys that identified deficiencies to numbering systems w here buildings had either n ot yet been numbered or were wrongly numbered in t he past, he said during a p ress conference on W ednesday. An official numbering system has been imple m ented north to south or east to west with even numbers on the right side of the street and odd numbers on the left side of the street, Mr Grant explained. The employees a ssigned to install the numb ers on houses/buildings will bear an identification c ard clearly indicating that they are part of the Ministry of Public Works and Transports housing/build-i ng numbering team, he s aid. Due care will be taken not to damage an owners property during the numb er installation process, Mr Grant stressed. In addition, the street n aming exercise will cont inue concurrently. The street naming and house numbering that were undertaken duringt he six-month temporary employment programme (February to August 2010 focused on streets and buildings on the island of New Providence in the project area identified as P hase I, he said. The boundary for Phase I extended west of Fox Hill Road, south fromt he sea to Prince Charles D rive, then continuing west to East Street, and proceeding southwards to the sea in the area ofS outh Beach. The government is moving to Phase II, and the b oundary for Phase II is bounded on the north by Carmichael Road, Baillou R oad and East West Highw ay, east by East Street S outh, west by Coral Harbour Road and south to the sea. T wenty-three persons will be offered temporary employment to assist the ministrys staff in the process of installing street signs and numbering houses/buildings, Mr Grant s aid. A public notice was published during the latter part of 2010 advising of theg overnments plans to con t inue these exercises under Phase II; additional notices will be published as necessary to keep the publici nformed of the works progress, he said. By LLONELLA GILBERT M INISTER of Public Works and Transport Neko Grant s igned a contract with the Ran Mar Precision Development Company on Wednesday for the construction of the new National Emergency Operations Centre. The company was awarded the contract for the base sum of $1,735,503, and it is expected that construction will span a 36-week period. The centre, to be built on Gladstone Road, will consist of a single-storey building of approximately 6,981 square feet to provide office accommodation for the National Emergency Management Agency (NEMA Minister Grant said. The building will also feature overnight emergency sleeping quarters along with shower/bath and kitchen facilities tof acilitate the centres operation on a 24-hour basis by key e mergency management personnel, he added. Ran Mar was selected as a result of a tender exercise that was conducted during the latter part of 2010. The construction of the National Emergency Operations Centre will complement additional works to be executed at strategic locations in other Family Islands to strengthen dis-a ster preparedness and response nationwide, Mr Grant said. A disaster relief warehouse will be constructed on Grand B ahama to assist response efforts in the northern Bahamas and one will be built in Inagua to assist disaster response efforts in the southern Bahamas, Mr Grant said. A lso present at the signing were Captain Stephen Russell, director of NEMA; permanent secretary in the Ministry of Public Works Colin Higgs and project manager of Ran Mar Terrence Dean. Captain Russell said the project has been ont he drawing board since 2003, and when he came into office in 2008 the documents were already there, so his aim was just to advance the project. He said NEMAs regional partner, theC aribbean Disaster Emergency Management Agency, would be pleased to note that the Bahamas is strengthening its capabilities through the construction of the operations centre. House/building numbering project is set to resume NEW NATIONAL EMERGENCY OPERATIONS CENTRE TO BE BUILT T T h h e e o o b b j j e e c c t t i i v v e e o o f f t t h h i i s s e e x x e e r r c c i i s s e e i i s s t t o o t t a a k k e e r r e e m m e e d d i i a a l l a a c c t t i i o o n n b b a a s s e e d d o o n n r r e e c c e e n n t t l l y y c c o o m m p p l l e e t t e e d d f f i i e e l l d d s s u u r r v v e e y y s s t t h h a a t t i i d d e e n n t t i i f f i i e e d d d d e e f f i i c c i i e e n n c c i i e e s s t t o o n n u u m m b b e e r r i i n n g g s s y y s s t t e e m m s s w w h h e e r r e e b b u u i i l l d d i i n n g g s s h h a a d d e e i i t t h h e e r r n n o o t t y y e e t t b b e e e e n n n n u u m m b b e e r r e e d d o o r r w w e e r r e e w w r r o o n n g g l l y y n n u u m m b b e e r r e e d d i i n n t t h h e e p p a a s s t t . Public Works and Transport Minister Neko Grant amnesty following the catastrophic event. T his year, the implementation of more stringent laws/regulations to manage the construction of future projects along beachfronts is imperative. Furthermore, more work must be done to protect coral reefs, mangroves and wetlands; greater moni toring must be undertaken relative to developments on private islands/cays, of cruise ships and the disposal of waste products in our territorial waters; attention must be paid to national parks and those foreign sports fishermen who enter under the guise of gaming, but purportedly leave the country with coolers filled with an illegal catch; and there must be more of a concerted effort to address the environmental impact of climate change, particularly as the Bahamas is one of the most vulnerable countries in the world. Lets face it, one way or the other, BTC must be sold! Even more, corporations such as BEC, Water and Sewerage and Bahamasair should be privatized and demonopolised as well as they are (particularly the latter three) pecu niary albatrosses and a bur den to taxpayers. It is time to end all monopolies afforded to local service providers to encourage competition and better services! Will Cable Bahamas ever fulfil its contract for cable television/internet to the Family Islands since many islands do not yet have cable or only has its services in certain areas? When will Cable Bahamas bring its services to the residents of north Long Island? Lastly, when will the Family Islands, which are in desperate need of economic upliftment, be a greater priority on the governments agenda? WISHES FOR THE BAHAMAS MOVING FORWARD IN 2011 FROM page six


Chinese Embassy yesterday said officials had "no comment" on the contents of the cables but stressed that the C hina/Bahamas relationship "is based on equality, mutual respect, mutual benefits and win-win. "It is open, transparent, nonexclusive and non-detrimental to other countries' interests. Developing China-Bahamas cooperative relationship is in the fundamental interests of the two countries and has brought and will surely bring, substantial benefits to both peoples," said the statement. In a 2004 cable, former Charge dAffaires at US Embassy Robert Witajewski noted that Bahamian dignitaries were "frequent flyers" to China and claimed that government officials were tightlipped over details of these trips. "(Then ry Christie is scheduled to visit Beijing and Shanghai from August 14 21, 2004," wrote Mr Witajewski, in the cable Prime Minister Christie's China trip, the latest in a string of visits. "The Bahamian Foreign Ministry has been unwilling to provide details about the delegation's itinerary, schedule or meetings, or the purpose of the trip. The prime minister's trip to China is the latest is a stream of high-level Bahamian visitors to China since the PLP's electoral victory in May 2002," the cable continued. Noting that at the time, political and economic ties between the Bahamas and China were "modest" the embassy official speculated that Bahamian officials were trying to capitalise on its relationship with the Chinese to "push for kinder WTO accession terms, and to pick up whatever spare trade and investment projects a country of over one billion people can offer." The official wrote that the Chinese's presence in the Bahamas may be "a strategic move preparing for a post-Cas-t ro Caribbean." Mr Witajewski said that although the two countries are "separated by two oceans and a continental land mass," China is one of four countries to have an ambassador living in the Bahamas. In July, 2010, a US official said the country welcomes the growth of Chinese interest in making investments in the Bahamas. At the time, Dr Arturo Valenzuela assistant secretary of state for Western Hemisphere Affairs said increasing ties between China and the Bahamas will not impact USBahamas relations. We welcome the fact that China is interested in the Caribbean and is interested in this particular area because I think it benefits everybody, said Dr Valenzuela, who heads the Bureau of Western Hemi sphere Affairs. The cables are confidential documents obtained by whistle-blower website WikiLeaks. They were published by the British newspaper, The Guardian The document, written by former charg d'affaires at the US Embassy RobertW itajewski, noted that duri ng meetings with foreign affairs officials Patricia Rodgers, Marco Rolle and CARICOM Ambassador Leonard Archer the Bahamians were "deliber-a tely ambiguous" about o fficial visits to China. The cable added that Bahamian officials hesitated to discuss the details of their relationship with the C hinese and had to be p ressed on reasons for an upcoming "whirlwind tour o f Asia". "At a meeting with Mrs Patricia Rogers, the chargi nquired about the upcoming Bahamian high-levelv isit to China," said the c able, referring to a schedu led visit to China by then Foreign Affairs Minister Fred Mitchell, MrsR odgers and Bahamian Ambassador to Japan SirS ydney Poitier. Framing it as simply a follow-up to an invitation', M rs Rogers attempted to minimise the significance o f the official trip. But after further probing, shea dmitted that one of the p urposes of the trip was to reassure China of the Bahamas' commitment to their bilateral relations hip." At the time the Bahamian government felt it need e d to bolster Chinese conf idence due to "lingering distaste" because the Bahamas maintained diplo-m atic relations with Taiw an until 1999, wrote Mr Witajewski. When asked by the charg as to what the Bahamian officials had arranged with their Chi n ese counterparts for the visit, Mrs Rogers paused and said that the visit was to be very informal and d enied that any agenda of discussion topics had been agreed to. Responding to t he chargs scepticism that a major visit beginning in only two days remained sou nfocused, Mrs Rogers reluctantly admitted that it was 'feasible' that some trade and cultural agree ments might be signed, but insisted that the Bahamian delegation only planned to speak about general bilateral issues." Mr Witajewski also questioned the basis for a grow-i ng relationship between China and the Bahamas, two countries with few common concerns. "The interest of the Chinese is more complex howe ver and we defer to E mbassy Beijing for its analysis of Chinese strategic goals underlying its major presence in a country where apart from geography, there would seem tob e few mutual cultural, t ourist, economic, or politi cal interests," said the c able. Yesterday, Mr Mitchell said it was not uncommonf or the US officials to request information about t rips overseas, the B ahamas was not mandate d to brief them. The US has a very aggressive diplomacy. T hey, and every country, wants to know what the other country is doing in i ts diplomatic missions, to find out what another c ountry is thinking, what i ts plans are. "The Bahamas is a very transparent country but we a re under no obligation to t ell them (anything I'm not sure what the bit about 'ambiguity' means,c ertainly Ms Rodgers was under no obligation to (disclose anything to the US),"s aid Mr Mitchell. A fter being contacted by The Tribune the US E mbassy released a statem ent reaffirming its confi dence in ties with the Bahamas. T he statement said: "The US Embassy does not comment on materials, includ i ng classified documents, which may have been leaked. We have an open and continuing dialogue w ith the government. We are fully confident that the US/Bahamas rela t ionship will continue to be excellent. Our common commitment to democra c y, the rule of law, shared strategic interests and geographic proximity make the Bahamas one of ourc losest partners in the western hemisphere and we expect that our strong a nd deep ties will continue to grow." 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LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 14, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Soldier Road, around 6.40pm on Saturday, January 8. Gibson, whose face was v isibly swollen, was escorted to Court One, Bank Lane yesterday afternoon,f or the arraignment. Represented by attorney Dion Smith, Gibson was n ot required to enter a plea t o the murder charge. Mr Smith told Chief Magistrate Roger Gomez t hat Gibson was beaten while in police custody. He told the court Gibson h ad informed him he was h it in his chest, face and right ear. Mr Smith claimed his client had been taken to hospital on Wednesday, and while X-rays showed he had suffered no brokenb ones, bruising was evident. Mr Smith said his client had requested pain killers but police had told him they did not have time to wait for them. Mr Smith a lso noted his clients hands were swollen from handcuffs and that a plasticb ag had been placed over h is clients head, nearly suf focating him. The attorney further con t ended his client had been in fear for his life and as a r esult, the statement he made was not of his free w ill. According to Mr Smith, police picked up his clientf rom the Central Police S tation yesterday and brutalised him again, inquiring o n the location of a gun. Chief Magistrate Gomez ordered that Gibson, ofB ishop Way, Windsor Place R oad, be taken to see a doctor. H e was also remanded to Her Majestys Prison, with the case adjourned to Jan-u ary 19. o f the Arundel Street area. Also on Wednesday, officers from the D rug Enforcement Unit (DEU t hree men and recovered a shotgun during a s pecial operation in the Farrington Road area. The officers led by the commander of D EU conducted a search at a home in the area after they noticed a man standing in front of the residence who appeared uncom-f ortable by their presence. A ccording to police, another man emerged from the house as they were questioning the first man but ran back inside on seeing the officers. P olice press liaison Chrislyn Skippings said: Officers then followed the suspect into the house where a search was conduct e d and a shotgun with the serial number erased was found under a bed. Three suspects were arrested. The matter was turned over to the Central Detective Unit for further investigation. E arly yesterday morning, police recove red two pistols and 23 rounds of ammunition after searching a man while on routine p atrol in the Sunset Park area. T he culprit was initially found to be in p ossession of a black Glock .40 pistol with 8 live rounds of hollow tip ammunition. However, officers discovered a second black Glock .40 pistol and 15 live rounds ofh ollow tip ammunition after he was taken to Carmichael Road Police Station. Police also expect to bring charges a gainst a man they arrested today in connection with a rape that happened on Monday. The rape suspect was arrested at Palm T ree Avenue. FROM page one Man accused of murder claims he was beaten by the police FROM page one Illegal gun found on man in wheelchair BRISBANE, Australia PARTSof Australia's third-largest city reopened Friday as deadly floodwaters that had swamped entire neighborhoods receded, revealing streets and thousands of homes covered in a thick layer of putrid sludge, according to Associated Press. G arbage trucks moved through Brisbane's muddy streets and some residents dragged ruined furniture out of their homes as the massive cleanup began following one of Australia's worst natural disasters. In towns upstream of Brisbane, soldiers picked their way through debris looking for more victims. Weeks of flooding across Australia's northeast have caused 25 deaths, and 55 people were still missing. "There is a lot of heartache and grief as people start to see for the first time what has happened to their homes and their streets," Queensland state Premier Anna Bligh said. "In some cases, we have street a fter street after street where every home has been inundated to the roof level." The muddy waters swamped 30,000 homes and businesses in Brisbane. One man drowned Thursday when he was sucked into a storm drain as he tried to check on his father's home in an inundated neighborhood of the city. Officials expected to find more bodies farther upstream as they finally got access to hamlets struck by flash flooding on Monday. Most of the people still unaccounted for are from around Toowoomba, a city west of Brisbane in the Lockyer Valley where a sudden downpour caused a flash flood likened to an inland tsunami. Police C ommissioner Bob Atkinson said Friday that officials may never be able to find everyone swept away by the raging torrent. "We would certainly hope they would find them all," Atkinson said. "Regrettably, we could not exclude completely the possibility that some may never be found." Heartache and grief: Australias flood damage AN ENTIRE SUBURB is submerged outside Ipswich, west of Brisbane, Australia, Wednesday, Jan. 12, 2011. Emergency sirens blared across Australia's third-largest city Wednesday as floodwaters that have torn a deadly path across the northeast poured into an empty downtown, swamping neighborhoods in what may be Brisbane's worst flooding in 100 years. (AP


SECTIONB FRIDAY, JANUARY 14, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held responsible for errors and/or omission f rom the daily report.$ $4.60 $4.64 $4.61 secure future leave your children nancially secure provide a safety net for your loved ones ensure a bright future for your familyall of the above A MB ESTA-ExcellentFinancialStrengthRating call us today at (242396-1300 A SUBSIDIARY OFNASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I QUESTIONTIME: A file photo of C&Ws David Shaw (left interview with Tribune Business Editor Neil Hartnell. By NEIL HARTNELL Tribune Business Editor C able & Wireless Commun ications (CWC much completed its five-year b usiness plan for the Bahamas Telecommunications Company ( BTC), Tribune Business was told yesterday, its regional chief executive acknowledging that there would be a good two or three years of work ahead to m ake sure the business is ready for competition. S peaking to Tribune Business at the Bahamas Business O utlook conference yesterday, David Shaw, head of LIME, LIMEs BTC plan pretty much done n BTC cost base too high and needs to come down if company is to meet challenge of competition n Cable & Wireless executive says excessive costs why Bahamians p aying $0.30-$-0.40 per minute for cellular, compared to low double digits in rest of region n Jobs to transfer in and out of Bahamas n wo to three years hard work to ready BTC for competition SEE page 5B B y NEIL HARTNELL Tribune Business Editor T he Bahamas Telecom munications Company (BTC the economies of scale as a standalone entity that arer equired to pass on the best technology, services and pricing to Bahamian consumers, the regional Cable & Wireless (CWCs aid yesterday, pointing to the 50,000 iphones minimum order value. Making the case for why B TC needed to be part of a much larger international telecoms operators, such asC WCs Caribbean sub sidiary, LIME, David Shaw told the Bahamas Business Outlook that the minimum order value issue would ulti-m ately prove to be a stumbling block for a standalone carrier. To purchase iphones, the manufacturer would note ven talk to you unless a minimum 50,000 order was STANDALONE BTC UNABLE TO ACHIEVE VITAL ECONOMIES SEE page 4B By NEIL HARTNELL Tribune Business Editor The Grand Bahama Chamber of Commerces president yesterday questioned whether Bahamians were prepared to invest in diversifying their economy, pointing to the $40 million price tag attached to the estimated cost of setting up a logistics hub in Freeport. K P Turnquest told the Bahamas Business Outlook conference yesterday that a tremendous opportunity exists for us in Grand Bahama in the logistics industry, given the islands infrastructure, but when a delegation he was part of attended a major US conference on the sector last year, almost everybody approached had never heard of the island or the Bahamas generally apart from being a tourist destina tion. Meetings with the Massachusetts Institute of Technologys (MIT determined that it was a sustainable, feasible opportunity for Grand Bahama, with help available to make it happen, and a $40 million price tag was placed on the start-up costs. Mr Turnquest acknowledged this was a lot of money, but noted that at least the same was being spent currently in Nas sau alone on the Arawak Cay $40M PROJECT EXPOSES WILL F OR INVES TMENT Chamber chief questions if Bahamians want to invest to diversify economy citing logistics centre plan Grand Bahama residents caught in cross-fire and under attack on tax exemption renewal, bonded letter Hits at insane increases in bank fees Says tourism and financial services must be adjusted SEE page 4B K P TURNQUEST By NEIL HARTNELL Tribune Business Editor The nations economic model is oppressingB ahamians, a senior College of the Bahamas lecture r charged yesterday, failing to develop this nations human capital and provid-i ng for a persistently high unemployment level. S uggesting that we have milked our economic model dry, Dr Olivia Saun-d ers, of COBs School of Business, told the Business O utlook Conference yesterday that the Bahamian economy followed a typi-c al dependency model, designed to relieve Bahamians from managing i ts resources and ownership. Instead, the role of the r esidents is to provide labour and act as con s umers, while capital and ownership of companies and productive assets wasr elegated to foreign investors and a small group o f Bahamians. The economic model we follow in the Bahamasi s to ensure the underde velopment of its people, Dr Saunders said, adding that because the economy did not require manyw orkers with a high educa tion level, we dont need to really be serious about education. Too often, she added, Bahamians oppressed by economy structure SEE page 2B By ALISON LOWE Business Reporter The Bahamas must take all efforts to push itself up in the World Banks Doing Business report rankings, since this feeds into determinations its competitiveness as a financial services centre, the Bahamas Financial Services Boards (BFSB yesterday. Even unfair assumptions are assumed to be a reality, said Wendy Warren,, who told the Bahamas Business Outlook conference that the Government must focus on these benchmarks, as no major c orporate entity makes a decision to go into a country when i ts ranked poorly. M s Warren identified some of the opportunities and chal lenges that presently confront the Bahamas second most sig nificant economic sector. She suggested that the Bahamas financial services indus try cannot rest on its laurels and expect business to come to Bahamian shores, as traditional competitors are taking major steps to fulfill their goals and objectives, transforming Make all efforts to improve rankings SEE page 3B W ENDY WARREN B y ALISON LOWE Business Reporter a Diversification of the Bahamian economy can be achieved by taking advantage of opportunities staring us in the face to create businesses that feed into and off the tourism industry, the Prime Minister said yesterday. Hubert Ingraham said huge opportunities exist for Bahamians to further max imise the economic benefits that accrue from tourism by better tapping into the demand for goods and ser vices that tourists bring with them. Most other economic activities do not offer any greater resilience than tourism, and given the continued potential for growth and diversification still provided by tourism activity, it seems quite reasonable that we should continue to devote our scarce resources toward the maximising of growth in this industry, said Mr Ingraham. He also charged that while the Government has and will continue to play its part to facilitate business by offer ing incentives, advancing legislation and developing infrastructure, entrepreneurs must step up to the plate if new business activities are to be introduced. Addressing the Bahamas Business Outlook, Mr Ingra ham acknowledged it was commonly stated that the Bahamas would be wise to diversify its economy away from its heavy reliance on tourism and financial services, integrating more manufacturing and agriculture into its economic mix. It seems to me that the dis cussion around diversification arises from our desire to see this economy achieve higher Diversification pursuits staring us in the face SEE page 2B


l evels of growth and, perhaps more importantly, to become less vulnerable to shocks in the global economy. For many, tourism leaves us too open to t he vagaries of international economic fluctuations, said MrI ngraham. However, Mr Ingraham took t he position that while the desire to see more growth and resilience is legitimate and one that my government shares, it should be considered within the context of the reality of theB ahamas This reality, he added, includes the fact that examples of primary, secondary and tertiary industries, which include m anufacturing, agriculture and s ervice industries such as tourism, already exist in the Bahamas, albeit in an imbal anced ratio. R eflecting such imbalances that also exist in some of the worlds most developed, high income and high wage economies, Mr Ingraham not e d that the Bahamian econo my is 84 per cent service based, 15 per cent industrial based and about 1 per cent agriculture reliant. In the face of an impulse to diminish the resilience of tourism as an economic sector, as well as a failure to recogniset he opportunity for diversification which exists within the sec tor itself, Mr Ingraham said it must be recognised that the industry has consistently been one of the fastest, if not the fastest growing in the world. The Prime Minister charged that the Bahamas most signifi cant chance of success in growing its economy lies in tapping into the demand for goods and services that tourists bring with them. The reality is that the remarkable growth and devel o pment we have achieved through services present huge opportunities for further integration of the $7.5 billion economy of the Bahamas by adding v alue and exploiting natural r esources, he said. Certainly, some of our best prospects for the expansion of agriculture and fisheries lie int heir link as food suppliers to our hotel sector, and to the domestic market. Our tourism industry is a natural outlet for a well-organ i sed, consistent production of the abundant variety of fruits and vegetables grown in the Bahamas. Opportunities for diversifi cation abound in non-hotel related leisure and entertain ment offerings, said Mr Ingra ham. It should not be lost on us that the vast majority of fine dining experiences in the Bahamas are still connected to major resorts. This is not the case in Barbados, a competitor warm weather tourism destination in our region. Similarly, opportunities exist for wider retail distribution of reasonably priced, quality straw, shell and turned-wood products, another area where some of our regional competit ors have made tremendous s trides. These products, readily s een at specialty arts and craft fairs, deserve wider and more convenient availability to the broader tourism and domestic trade. All these segments of our e conomy are ripe for growth a nd expansion, with measur able benefit toward increased diversification in our economy, said the Prime Minister. Responding to claims commonly made that tourism is toov ulnerable to declines in the face of shocks in the global e conomy, Mr Ingraham charged that when such condi tions do arise, which result in fewer tourist arrivals, other sectors are usually not spared either. A nd he sought to emphasise that the profile the economy takes cannot solely be a consequence of government action. The Government, working with the business community, might incentivise, promote and f acilitate such pursuits, but ultimately it is the entrepreneurs that make the actual economic enterprise or sector a reality. However, the extent to which creativity and innovation o ccur will largely depend on the ambitions, capabilities and pursuits of the entrepreneurial community itself. And, to the extent that businesspeople pursue various forms of enterprise in the soci ety is the extent to which the economy will take on the profile of those pursuits, said Mr Ingraham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skilled Bahamian professionals such as architects and e ngineers were expected to play second fiddle to experts brought in by foreign developers, and graduates from COBs School of Business were questioning whether they needed to make such an investment in their education, g iven the limited roles available to them in the economy. It seems skills and talents have not place in the economy, Dr Saunders said. She added that the Bahamian economic model did not provide for its general citizens to ownc apital in the wealth generating sectors, and said: The most technologically advanced and efficient businesses in the country today are the illegal gaming houses operated by B ahamians. Foreign investors, Dr Saunders added, were not intere sted in developing Bahamians workers beyond their specific needs, something that helped to stifle the skills and aspirations of Bahamians. Our country is crumbling, she said. Our nation has deteriorated to a place, and is at a point, that we cannot imagine. Economic policymakers needed to focus on nation-building, Dr Saunders added, stating that the Bahamian econom y was not doing as well as we think. Statistics such as g ross domestic product (GDP probably the most skewed income distribution in the Weste rn Hemisphere, plus one of the widest boom and bust swings in the world. S he added that 69 per cent of unemployed Bahamians had been jobless for three months, and 35 per cent for 12 months. If discouraged workers were included in unemployment measures, the latter figure would rise by some three percentage points, Dr Saunders said. Bahamians oppressed by economy structure F ROM page 1B FROM page 1B By ALISON LOWE Business Reporter Spiralling oil prices were acknowledged by the Prime Minister yesterday as a poss ible cloud on the horizon that may have significant implications for a recovering Bahamian economy in 2011. Despite stating that he has every expectation 2011 will be the beginnin of an economic turnaround for the Bahamas, Hubert Ingraham suggested rising oil pricesand predictions of further increases this year will require a proactive response f rom government and the public. Mr Ingraham told the Business Outlook Conference that the Bahamian economy is expected to grow by 2-2.5 per cent in 2011, a marked improvement on previous outcomes, with unemployment decreasing slightly, then more significantly in 2012. However, Mr Ingraham said he should acknowledge a possible cloud on the horizon. Economists are predicting that crude oil prices will trend upward this year, surg-i ng from about $80 per barrel to about $106 per barrel by July. This trend has obvious i mplications for the price of gasoline, the cost of electricity, the current account, the Government's fiscal operations and the broader economy, he added. The Prime Minister said the Govern m ent will be watching this trend closely and will seek to take appropriate measurest o minimise the financial fallout. Such measures relate to adopting vario us conservation measures to minimise cost, something that both business and indi vidual households should also do, said Mr Ingraham. Speaking with Tribune Business last week, former minister of state for finance, James Smith, described rising oil prices as the pound gorilla in the room that threatens to "derail" econ omic recovery in the Bahamas and wider world in 2011. Meanwhile, president of the Bahamas Chamber of Commerce, Khaalis Rolle, suggested that Bahamian businesses should begin to plan for the inevitable, with conditions comi ng together to create a "perfect storm" of high oil prices that could constrain the Bahamian economic recovery. His comments came after former president of the Shell Oil Company, John Hofmeister, said in an interview in the US press that he predicts gas prices in the US could rise to $5 per gallon 64 per cent higher than the average today by 2012. Restrictions on oil drilling in the US, c oupled with rising demand from emerging economies such as China, India and others,h ave been largely blamed for the likelihood of oil prices increases, which saw spot p rices rise 34 per cent from May to December 2010. Yesterday the price of a barrel of oil rose to $92. In his address, Mr Ingraham described the state of the Bahamian economy overt he last 12 months and its short-term prospects. In 2010, the economy labouredu nder the weight of the residual effects of the global economic and financial downt urn, though to a lesser degree than in the previous year. Domestic economic conditions stabilised during 2010, Mr Ingraham added, with this primarily driven by improvements in the tourism sector and, most particularly in the high-value stopover segment of the market, which saw a 5 per cent increase in arrivals over 2009. In contrast, consumer spending remained relatively weak, and output in t he construction sector was constrained by muted levels of foreign investment inflows, he said. In the external sector, the estimated current account deficit narrowed, due primarily to higher tourism earnings, while the surplus on the capital and financial account declined, reflecting a decline in direct investments and reduced public sector inflows. W ithout official employment statistics for 2010, the Prime Minister said that anecdotal evidence exists to suggest a marginal improvement in the unemployment situation, but it is a painful fact that unemployment in the country remains far too high. Growth in 2011 will result in large part from increased inward direct investment, resulting from a re-start of some stalledi nvestment projects, new investment inflows and significant scheduled publici nfrastructure investment. A further increase in visitor arrivals and spending, a nd growth in domestic credit leading to more commercial and residential con struction, are also anticipated, he said. Such public works include the Lynden Pindling International Airport develop m ent, the new Port at Arawak Cay and its associated works; massive infrastructuralu pgrades in New Providence; expanded health care infrastructure at Princess Marg aret Hospital, the Rand Memorial Hospital and elsewhere; new ports and bridges in some Family Islands, and public sector office complexes notably in Abaco, Grand Bahama and New Providence. Ingraham spots oil prices cloud Diversification pursuits staring us in the face HUBERT I NGRAHAM


By ALISON LOWE Business Reporter a The Bahamas best prospects for economic growth involve opening up 98 per cent of itse xisting land mass through better communications and transportation linkages, the Minister of Tourism said yesterday. A ddressing the 20th B ahamas Business Outlook at the Wyndham Nassau Resort, Vincent Vanderpool-Wallace suggested the economic lives ofB ahamians could be transformed with cheaper, more convenient access to many Family Islands from abroad, for p otential visitors, and within t he Bahamas for both residents and visitors. The Minister said that such enhanced linkages, whichw ould include cheaper flights to and within the Bahamas, more ferries between islands,and communications-based serv ices including tele-medicine a nd e-learning opportunities in the Family Islands will be key to keeping more talented B ahamians in the Bahamas. Infrastructure development i n an archipelago depends as much on connections between islands as it does on infrastructure on islands, the Minister said. That is the necessary prerequisite to facilitate the easya nd low-cost movement of people, goods and services for the d evelopment of the entire country. In order to give a mis sion to the moon kind of focus, suppose we declared that in five years Bahamians will live onE leuthera and Andros and commute to work in Nassau d aily, as we begin to reduce the overpopulation of New Provi d ence and develop the remaining 98 per cent of our nation of i slands more completely. Those kinds of commutes a re done every day in hundreds o f places around the world. Why not The Bahamas? Ouro verall mission must be to go Back to the Islands. F ollowing sentiments expressed by Prime Minister H ubert Ingraham on the theme of diversification earlier in thes eminar, Mr Vanderpool-Wall ace told the Business Outlook he believes that rather thand iversification into a wider vari ety of sectors, it is important f or the Bahamas to leverage its areas of comparative advantage a nd maximise opportunities that already exist within t ourism. This, he suggested, means recognising the fact that the Bahamas is a country which has geographic proximity to major e conomies such as the US and Brazil, and at least 16 islands which have the beaches, waters a nd other features that are a ttractive to visitors and Bahamians alike. Yet this had not been exploited because of the cost associated with visit-i ng, living in or getting to and from them. Many people in our region are surprised, shocked and a stonished by some simple stat istics: If New Providence & Paradise Island were a separate country in our region, it would rank fifth in the number ofs topover visitors, secondin the number of total visitors and first in the number of cruise passengers in the entire Caribbean, M r Vanderpool-Wallace said. This 2 per cent country of New Providence and Paradise Island would be the third wealthiest independent coun-t ry in the western hemisphere in terms of per capita income, behind only the United of America and Canada. Is it not, therefore, abund antly clear that in a region where islands are major assets for tourism development, we h ave substantially underutilised tourism assets in The Bahamas? I f we want to diversify, why not diversify that? Mr Vanderpool-Wallace suggested that the Bahamas has nearly overdeveloped the p er cent that Nassau and Paradise Island represent over thep ast 40 years without developing the necessary sea, air and I CT infrastructure for interisland transportation and com munication throughout the Commonwealth of the Bahamas. H e said the Ministry of Tourism was currently focusi ng on reducing the cost and time of travel to the OutI slands, and allowing more electronic booking of flights, fer r ies and accommodation as a means of stimulating tourism. The entire concept of anchor projects as conceived b y some, and as perceived by many, is externally focused. It relies largely on foreign investment for much of its success.A ll that is required for Bahamians to be successful in tourism are Bed & Breakfast facilities that can be viewed and b ooked electronically from anyw here in the world, along with the air and sea transportation that might be required to deliver the visitor to their accom-m odations. My Ministry is in the final stages of negotiations to acquire the software to put such a system in place, Mr V anderpool-Wallace said. There is clear evidence that warm weather vacationers dream of their own villa or private and intimate home neart he water in the Bahamas, but those dreams are deferred once the difficulty of accessing those facilities and purchasing them w ith confidence are encount ered. When those difficulties are overcome, we can enable hundreds of Bahamians to e nter the tourism business immediately all over the B ahamas. Right now we have more vacant rooms available in private homes and villas throughout the Bahamas than ther ooms to be brought on stream by Baha Mar. No need to wait,w e can start the day that the transportation and booking syst ems are in place. Mr Vanderpool-Wallace sug gested this economic expansion would help avert what currently represents, he said, theg reatest risk to our future the potential that educated y oung people will leave and seek opportunities elsewhere. The Bahamas (with the obvious exception of Cuba) h olds the distinction in the Caribbean as that independent country from which the fewest n umber of its citizens leave to l ive elsewhere in search of better economic opportunities. It was an axiom in recent times that Bahamians leave home reluctantly, only for training and development, but they r eturned on completion. That i s no longer as true as it once was and is the greatest risk to our future, he said. their platforms to reflect current market opportunities. Meanwhile, new players are entering the market, such as Jamaica and Barbados. These jurisdictions are seeking to use their new statusto demonstrate relevance to the business community and, in some cases, the costs are more competitive. In the caseof Jamaica, they certainly have more human resources to fuel their industry, said Ms Warren. Our competitors are trans forming their business propo sitions, moving away from single product focuses to providing a platform for business,a platform for capital flows rather than just services. In light of new challenges and the limited resources available to the sector from the Government, Ms Warren said the BFSB this year undertook an initiative whichit called SCRIPT (the name representing elements which the BFSB considers critical to the future success of the industry: strategy, coordination, regulation, infrastructure, stakeholders, talent) to determine which potential new areas of business repre-sent the greatest opportuni ties for the Bahamas in terms of revenue and jobs. We know the market, the Americas, but we wanted to define realistically what was required to secure opportunities, and what benefits were available both in terms of revenue and jobs, said Ms War ren. In our view, this confirmed the view that the game plan was forthe Bahamas to become the preeminent centre for structured capital flows between companies seeking to do business with the major economies in this region. Pursuing this largely underdeveloped opportunity will strengthen our position in wealth management. After all, many of the businesses today are owned and controlled by families, and these families seek wealth manage ment services. Ms Warren said the BFSB determined, based on the SCRIPT initiative, that we want to integrate our financial services with actual bricks and mortar activities, and business and trade flows that occur between these economies (with services geared towards people engaged in these busi nesses. Perhaps most importantly, she said, the linkages and abilities to leverage the transshipment, logistics and commercial activities on tap in Grand Bahama could seal the deal for the Bahamas in being the regional winner in international business and finance. Evidence for this, said the executive director, lay in the key assets the Bahamas has history, location and fiscal resources. These assets, we believe, give us a comparative and compelling advantage over other centres in the region, said Ms Warren. She added that there are many assets in Brazil that could be managed in the Bahamas through investment funds, but the crucial step is the Brazilian regulator has to approve the Bahamas as an acceptable jurisdiction. She said the Securities Industry Act tabled in Parliament late last year should allow this money to now flow into the Bahamas, and allows us to secure a greater foothold in such an important market. However, Ms Warren not ed that there are other challenges that need to be addressed going forward if the industry is to thrive. Among these are the fact that insufficient lawyers in the Bahamas are focused on our industry, and the need to find ways to allow capital to come into this nation from other countries without having higher penalties attached than if it went elsewhere. In addition to addressing the Bahamas position in reports such as the Global Financial Centres Index, which benchmark this nation against other centres, Ms Warren noted that attracting new business to this nation depends on good management of existing clients. We must ask why are people coming into the Bahamas and why are people leaving.We have to take seriously the management of our existing clients. They are the ones that are key to whether we can get more, she said. The executive director said the global market is changing rapidly, and the Bahamas must also become better acquainted with the charac teristics of new potential business partners, who may come from countries that would have previously been considered risky or emerging economies. We must be focused in 2011 on resolving and unraveling barriers to bringing cap ital into the Bahamas. If it takes more effort to do busi ness in the Bahamas than elsewhere we are not a compelling financial services jurisdiction, said Ms Warren. We have not scratched the surface of the opportunity in the financial service industry, and if it goes elsewhere its extremely difficult to bring it back. 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fDQGWHVWLQJVWUDWHJLHV 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 PKF BAHAMASQualied and Trainee Accountants RequiredThe Nassau ofce of PFK, an International Accounting Firm, seeks to recruit the following: (1 Professional qualied persons with recognized accounting qualications. They must be eligible for membership in The Bahamas Institute of Chartered Accountants and must have at least two (2 three (3years post qualication experience. Only Bahamains need apply. Preference will be given to applicants with proven audit and assurance experience. (2 Trainees with an accounting degree and eligible to write a professional examination. Only Bahamians need to apply. In all cases, salary and benets subject to negotiation. Apply in writing to Human Resources Partner, PKF. P.O. Box N-8335, Nassau Bahamas. placed, something Mr Shaw suggested was beyond the r each of a standalone operator. Yet, if BTC was part of a larger entity, we can probably do that together. If the BTC privatisation process was concluded as is, with a 51 per cent majority stake in the company sold to CWC for $210 million, Mr Shaw said the company and, by extension, Bahamian consumers, businesses and the Government would get access to economies of scale it would not get access to as a standalone provider. These economies of scale would come into play on technology, services and better pricing, and Mr Shaw later told Tribune Business in an exclusive interview: I dont know of almost any business of BTCs size left as an independent entity. In telecoms, scale is important. As a fixed-asset business, it was critical for telecoms o perators to attract volume, and Mr Shaw told Tribune B usiness that BTC also needed to be able to tap into best p ractices from other countries and markets, so it can rapidl y develop things consumers are looking for. P ointing out that telecoms operators were today investing billions to keep pace with consumer demand for new products and services, Mr Shaw again highlighted advantages for BTC if it was part of LIME, adding: Doing it on youro wn in a global environment is tough; being part of a larger group is much easier. P ointing to LIMEs recently launched Mobile TV product in Jamaica, which this weekend will deliver Buju Bantons comeback concert in Florida live to Jamaican cell phones in digital quality, Mr Shaw unveiled the companys plans to deliver TV services to the remote Family Islands. Youve got some good TV services already. We think we c an improve on that, Mr Shaw said. In some of the smaller islands today, the choice is pretty limited. We think we canb ring 16-20 channels of good quality TV into smaller mark ets, so consumers can have more choice about what they w atch not in five years time, but the weeks and months ahead. Opportunity Outlining CWC and LIMEs vision, Mr Shaw said the company saw itself working alongside governments in the territories it operated in to develop telecommunications infrastructure vital to economic growth and opportunity, social development and labour productivity. We see BTC, we see telecommunications as an opportunity to help with the economic, social and political development of the Bahamas and its economy, he added. We dont think its five years away; its in the weeks and months ahead. Focusing on LIMEs work in St Vincent, Mr Shaw said provision of enhanced Internet bandwidth had created new e mployment opportunities by attracting DiscoveryWorks Legal to the island. This serves as a legal call centre and data storer/retriever, providing electronic discovery and other lit igation support services to US attorneys, government enti-t ies and corporate legal departments. Why cant it be that the Bahamas is not providing this service to the US market, which is 45 minutes away, Mr Shaw asked. In another CWC market, Guernsey, four of the worlds t op five e-gaming companies were based, attracted to the c ompanys high speed, controlled Internet infrastructure. Guernsey, Mr Shaw said, had more bandwidth than South Africa on an island smaller than New Providence. He added: Were trying to help that economy and these providers create employment and wealth for that market. CWC had also been instrumental in the provision of telemedicine and CCTV (Closed Circuit Technology P anama crime hot spots, Mr Shaw said, and enabled Ross Universitys Dominica campus to access education pro grammes online. STANDALONE BTC UNABLE TO ACHIEVE VITAL ECONOMIES FROM page 1B Container Port, roads and the harbour dredging. Are we prepared to invest in the diversification of our economy, Mr Turnquest said, the next pillar, or are we still stuck in the loop, doubling d own our bets on Nassau to carry the weight of the B ahamas, even though we know its not sustainable. The Grand Bahama Chamber touted the benefits of economic diversification as having spared the island an even worsetime during the past six years, saying he shuddered to think what would have happened had Freeport been reliant on just tourism and financial services. While Freeport and Grand Bahama had endured somewhat painfully the past six years, with unemployment unacceptably high due to tourism sector weakness, the e xistence of the Container Port, the South Riding Point and B ORCO facilities, Bradford Marines yacht repairs, and pharmaceutical and styrofoam manufacturers, Mr Turnquest said the island was still a net revenue source to the Government today, despite what they like to say about us. Still, the Grand Bahama Chamber chief said Freeport businesses and households were currently caught in the crossfire, and felt under attack and unsupported as a result of two recent moves by the Governm ent. A part from the controversy o ver the bonded letters, Mr T urnquest said Prime Minister H ubert Ingrahams recent announcement that the Government would not discuss the extension of Freeports business licence and real property tax exemptions, due to expire in 2015, until 2013 had sent shockwaves throughout the local community, and investors and potential investors. Everyone wants to know what happens five years down the road, not two-three years, and everyones concerned that in two to three years they may be faced with a real propertyt ax increase no one planned for, Mr Turnquest said. He added that when the Prime Ministers announcement w as made, one potential Freeport investor placed a call, stating: What exactly is meant by that? C ross-fire Pointing to the possible damage done to the second home market and business expansion by the prospect of a real prope rty tax rise, Mr Turnquest said: Grand Bahama residents ought not to be caught in the cross-fire. Apart from urging the Government to review the bond-e d letter situation, warning that this was bad social policy that could result in more unemployment and higher taxes, Mr Turnquest also called on it to assess the insane increase in b anking fees imposed on the b usiness community. He argued that the rise was likely a response to the increased bank licence fees imposed in the 2010-2011 Budget, and while it was not the Governments intention for the banks to pass these on to clients, this was what had happened. Mr Turnquest said this was heavily impacting Bahamian businesses that generated high revenues, but low profitability. The Grand Bahama Chamber chief said key adjustments would have to be made to the Bahamas tourism and financial services models, with the former being dominated by low-yielding cruise passengers at the expense of land-based hotels, and the latter underi ncreasing pressure from the G20/OECD. Mr Turnquest said the BTC p rivatisation had sparked a d ebate about increasing B ahamian ownership in the e conomy, but in a way that did n ot see the usual families and groups doing all the deals. T he current economic model, he added, had stifled creativity a nd innovation, and resulted in too much political interference and too much taxation to support it. F ROM page 1B $40M PROJECT EXPOSES WILL FOR INVESTMENT


said BTCs existing cost structure was too high and needed to be reduced to prepare for competition, hence the need tor estructure the companys workforce. With BTC and the Bahamas set to become one of LIMEs t hree regional hubs, alongside Barbados and Jamaica, Mr Shaw added that while it was too soon to determine precise details, this structure meant thatw hile some jobs would leave this nation, other posts would also be transferred here. Emphasising that CWC and L IME remained committed to addressing the concerns harboured by the two unions representing BTCs staff, Mr Shaw said of the five-year businessp lan being developed for the state-owned incumbent: Were pretty much there. Weve been working on it w ith the BTC management team for the past couple of months, and Im pretty comfortable with where were at internally on it. Were almostt here. Were in good shape. Declining to go into specifics, Mr Shaw said LIME was also receiving input from the Government and its privatisation c ommittee, allowing them to c ritique the proposals, Mr Shaw a dded: Its a five-year plan. It d eals with pretty much every aspect of this, how were going t o improve service through to how were going to expand and i mprove the retail and distribution network, and to delivern ew products and enhance capacity for consumers, busin esses and the Government. Underlying the main business plan were documents such as technology, IT and support services plans, and Mr Shawa dded: Its a pretty comprehensive piece of work. The b usiness plan also dealt with the right level of capital investment, and how this varied from year to year, the industry average being 12-14 per cent of reve nues for this purpose per annum. T he LIME chief executive said CWCs experience as the i mcumbent monopoly through out the Caribbean, in 13 markets that had liberalised, would s erve BTC well in terms of preparing it, and transforming its internal culture, to prepare for competition. Noting that 49 per cent of B TC would remain in the hands of the Government and Bahamian investors, Mr Shaw said: If you get that wrong, y ou destroy all the value in it. We know from experience, know from our mistakes, that you have a long way to come back. If you get it right, in the long run you create a business t hat employs people, creates great value for customers, and d elivers a decent return for shareholders. Reducing BTCs cost structure will be critical to readying the business for competition, M r Shaw said, adding: The cost base is too high. It needs to c ome down. Currently, BTCs staff salary and benefit costs a re running at $90 million, e quivalent to almost one-quarter or 25 per cent of its per annum revenues, and the LIME chief executive indicated t hat Bahamian consumers were supporting this by paying a bove-market cellular phone rates, something BTC was able t o levy due to its monopoly in this segment. The reason that consumers are paying $0.30 or $0.40 centsa minute is because there is no competition today in mobile, and in any other market in the Caribbean, theyd be paying in the low double digits or high single digits, Mr Shaw explained, depending on fac-t ors such as time of day the call was made. You have to have a cost base able to withstand passing t he pricing benefits on to consumers. Competition arrives, and if you do not anticipate the competition, do not get ready for it, and do not adjust yourp ricing, the business loses market share and profitability, and in the long run employs less people than would have been e mployed in the first place. LIME was currently discussing BTCs cost base with the Government and privatisation committee, while the issuew as part of the debate we need to have with the unions, since it linked directly to the staff restructuring to come via e arly retirement/voluntary separation. Committed We always remain open and committed to talking with the u nions, Mr Shaw said. Im hoping that very soon we will s it around the table to talk about how they feel, all and anyc oncerns and issues they have. When it came to opposition t o BTCs privatisation and the $210 million sale of a 51 per cent stake to CWC, Mr Shaw t old Tribune Business he sensed some of it was political, w hich he and the company could do nothing about, and then there are some real and genuine concerns about the priv atisation among BTCs staff. This, he added, was very understandable, and LIME w ould love to have more dialogue about it with the unions. M r Shaw acknowledged that with LIMEs regional structure, a nd desire to gain economies of scale through consolidation of some services, some jobs would leave the Bahamas postprivatisation, yet BTC would gain in other areas as one of three hubs. We run two regional cent res today; one in Barbados, one in Jamaica, Mr Shaw explained. The Bahamas will become a third regional centre. W hat that means in practice, in reality, is that some jobs will transfer out of this centre, and some jobs will transfer in. The exact puts and takes a re still pretty much a work in progress. While initial competition would come from Cable B ahamas (possibly merged with Systems Resource Group) and other niche players and startups, Mr Shaw said the big one would come three yearsa fter privatisation with the arrival of a second mobile player in the Bahamian market. This, he added, could attract a third, and possibly a fourth, cellular player, although this could be limited by the size of the market. Its a good two or three years of work ahead to make sure the business [BTC] is ready for competition, Mr S haw said. The business has been on a journey of improving service, according to comments from businesses and consumers. Weve got to continue that andu p its pace, delivering a whole new suite of products and services. For consumers, we have to deliver real value and new t hings. Competition will change the landscape fundamentally and forever, and the business needs to be ready for that. Im hopingw e can run towards it and embrace it, and have a business that builds on its promise. Mr Shaw said he would be very disappointed if Bahamia n businesses and consumers did not see a good difference in the first year of a post-privatisation BTC, adding that delivering new products, buya nd top up ease, value proposition and ensuring the network was equipped to deal with data were high on the agenda. I think within the first year that consumers need to be able to look back and see a number of differences. If we have not made a good first impression, itw ill be hard to recover, Mr Shaw said. Shrugging off the writs filed by the BTC unions to block the s ale, Mr Shaw said he was highly confident that CWC would complete the 51 per cent majority stake purchase of BTC. T he company was running as hard as we can to support the Governments schedule, and Mr Shaw said: Im pretty o ptimistic. We certainly have the cash, the capacity and the wherewithal to get the deal done. BUSINESS THE TRIBUNE FRIDAY, JANUARY 14, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 326,7,216$9$,/$%/( 6(1,25$662&,$7(6 3ULFHZDWHUKRXVH&RRSHUVKDVYDFDQFLHVIRUTXDOLHGDFFRXQWDQWVZKRVH TXDOLFDWLRQVPDNHWKHPHOLJLEOHIRUPHPEHUVKLSLQWKH%DKDPDV,QVWLWXWHRI & KDUWHUHG$FFRXQWDQWV3URVSHFWLYHFDQGLGDWHVVKRXOGKDYHDWOHDVWWKUHH UHFHQW\HDUVRISXEOLFDFFRXQWLQJDQGDXGLWLQJH[SHULHQFHDQGEHFRPSXWHU O LWHUDWH 7KHSRVLWLRQVRIIHUFKDOOHQJLQJZRUNLQWKHQDQFLDOVHUYLFHVLQGXVWU\DQG R WKHUDUHDVRILQGXVWU\DQGFRPPHUFH7KHVDODU\VFDOHZKLFKUHFRJQL]HV GLIIHUHQWOHYHOVRIH[SHULHQFHDQGVNLOOLVGHVLJQHGWRUHZDUGKLJK S HUIRUPDQFH,QDGGLWLRQWKH)LUPSURYLGHVH[FHOOHQWPHGLFDOLQVXUDQFHDQG SURYLGHQWIXQGEHQH 3OHDVHVXEPLWDQDSSOLFDWLRQOHWWHUZLWK\RXU&XUULFXOXP9LWDHWR +XPDQ&DSLWDO/HDGHU 3ULFHZDWHUKRXVH&RRSHUV 3 1 DVVDX7KH%DKDPDV FROM page 1B LIMEs BTC plan pretty much done DAVID SHAW


RYAN NAKASHIMA, AP Business Writer LOS ANGELES S top the presses completely. The world's first iPad newspaper, The Daily, is prepping for launch. Journalists have been hired and are in place at multiple U.S. bureaus, including Los Angeles and New York. The formal announcement of t he digital publication owned by News Corp. will be made at an event at the San Francisco Museum of Modern Art on Jan. 19, according to two people familiar with the matter. The people said the event will be attended by Steve Jobs, chief executive of iPad-maker Apple I nc., and Rupert Murdoch, CEO of News Corp. The people were not authorized to speak publicly and spoke on condition of anonymity. Details are scant, including how much a subscription to the tablet-only paper will cost, if there is indeed a fee, but the n ame at least implies it will come out once a day. It will cover general news, culture and e ntertainment and will include v ideo. The publication is a bold a ttempt by Murdoch to rewrite t he business of journalism, as revenue from print circulation a nd advertising has plunged and growing advertising saleso n websites have not made up the difference. A t an investor's conference last month, News Corp. Chief O perating Officer Chase Carey called The Daily a "small bet"b ecause costs were limited m ainly to a modest editorial staff. By contrast, printed news-p apers also have such costs as newsprint, ink and delivery. C arey touted the benefits of tablet computing technology. "We didn't want it for a PC," he said. "We think the tablet, y ou know, is a unique experience. You can design something that takes advantage of that experience, takes advant age of the multimedia capabili ties of it, the technological capabilities of it. I think it couldbe an interesting product." News Corp.'s other digital i nitiatives are setting the pace in a struggling industry. The Wall Street Journal's w ebsite has required a paid subscription for 14 years and now has nearly 450,000 electronic subscribers, according to the latest report by the AuditB ureau of Circulations. The newspaper charges $3.99 per week for an iPad subscription, which includes access to its w ebsite. News Corp. won't say how many people are paying, but more than 1 million have downloaded the app for free (itc ontains some preview materia l, but full access is restricted). In Britain, since July, News Corp.'s The Times of London and Sunday Times require at least a one-pound payment to access content beyond the front p age online. While online visitors have plummeted, Carey has been upbeat about the financial prospects of the new m odel, though he acknowle dged the businesses will take years to build. The company's push toward paid content comes as its MySpace entert ainment site, which is free to users, has lost hundreds of millions of dollars annually and moved this week to slash half of i ts staff, or about 500 people. N ewspaper publishers view the iPad and other tablets as a golden opportunity because they can sell ads and subscript ions at higher prices than they have been able to get on websites, though those rates are still lower than for print. User behavior so far has indicated that reading on the iPad i s more of a "lean back" experience akin to perusing a print newspaper. Apple is the clear leader of the tablet makers, selli ng an estimated 13 million i Pads since its launch in April, but a bevy of electronics makers including Motorola Mobility Inc., Toshiba Corp. and Dell I nc. showed off their tablets last week at the International Consumer Electronics Show in Las Vegas. Technology research f irm Gartner Inc. expects that 5 5 million tablet computers will be shipped this year. The New York Times offers a free iPad version of its newsp aper. Installed on about 1.5 million tablets, the app will require a subscription later this year. BUSINESS THE TRIBUNE FRIDAY, JANUARY 14, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM .,5./$1'-(5(0,$+ 6 0,7+RI%HUQDUG5RDG)R[+LOO1DVVDX%DKDPDV 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .260.97AML Foods Limited1.001.000.004,0000.1500.0406.74.00% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.1530.10032.02.04% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2. 12.509.62Cable Bahamas10.2110.210.001.0500.3109.73.04% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7 .005.40Commonwealth Bank (S1)6.856.850.000.4220.26016.23.80% 3 .651.63Consolidated Water BDRs2.112.07-0.040.1110.04518.62.17% 2 .551.60Doctor's Hospital1.601.600.000.1070.11015.06.88% 6.995.94Famguard6. 10.207.23Finco7. 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73%5 .513.75Focol (S)5.515.510.002000.3660.21015.13.81% 1.001.00Focol Class B Preference1. 7.405.00ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.82J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% I nterest 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%20 November 2029THURSDAY, 13 JANUARY 2011B ISX ALL SHARE INDEX: CLOSE 1,490.63 | CHG 0.05 | %CHG 0.00 | YTD -8.88 | YTD % -0.59BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)M aturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.94742.8300CFAL MSI Preferred Fund2.94742.10%2.09%2.918697 1.57431.4954CFAL Money Market Fund1.57404.44%4.44%1.555464 3.20252.8522Royal Fidelity Bahamas G & I Fund2.720212.72%4.63% 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 Fund8.39798.82%8.82% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200730-Nov-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov-10 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 31-Dec-10 31-Dec-10 31-Dec-10MARKET TERMS30-Nov-10 NAV 6MTH 1.475244 2.919946 1.538692 107.570619 105.776543 30-Jun-10 30-Nov-10 30-Nov-10 31-Dec-10 7 KH(QWUDQFH([DPLQDWLRQIRU V WXGHQWVZLVKLQJWRHQWHU*UDGH 6 HYHQ D W $XJXVWLQH&ROOHJHIRU 6 HSWHPEHUZLOOEHJLYHQ ) ULGD\ W K 'HDGOLQHIRUUHJLVWUDWLRQIRUWKLVH [DPLQDWLRQLV )ULGD\-DQXDU\VW (OLJLEOHVWXGHQWVPD\UHJLVWHUDW WKHLU3ULPDU\6FKRROVRUDW $XJXVWLQH&ROOHJH 21/< 6WXGHQWVLQ*UDGH6L[ZLOOEH DOORZHGWRVLWWKH(QWUDQFH([DP CHIP CUTTER, AP Business Writers DAVID K. RANDALL, AP Business Writers NEW YORK Stocks dipped Thursday after a report found that more people applied for unemployment benefits last week. The Labor Department said first-time applications for unemployment benefits rose 35,000 from the week before to 445,000. Itwas the highest level since October and above what economists had predicted. "It was a disappointing number," said Kim Caughey Forrest, an a nalyst at Fort Pitt Capital. Merck & Co. fell 6.6 percent to $34.69 after announcing that clini cal trials of its cardiovascular drug vorapaxar would be discontinued for some patients. Merck fell the most among the 30 stocks t hat make up the Dow Jones industrial average. Home Depot Inc., which gained 1.3 percent, led the index. The Dow fell 23 points, or 0.2 percent, to 11,731.9. The Standard and Poor's 500 lost 2, or 0.2 percent, to 1,283.76. The Nasdaq composite lost 2, or 0.1 percent, to 2,735.29. L osses were spread across the market. Seven of the 10 company groups that make up the S&P 500 fell. Materials companies hadt he largest move, falling 0.8 percent. Whole Foods Market Inc. jumped 4.6 percent to $52.31 after an a nalyst said that the company's shares would continue to rise because its customers are willing to pay higher costs for food. T he company is up nearly 80 percent over the last year. The Labor Department also reported Thursday that wholesale prices in December rose by the largest amount in nearly a year, asa result of higher energy and food costs. Most other prices rose only slightly, suggesting inflation isn't spreading through the econom y. A decline in the dollar helped limit stock losses. The dollar lost 1.1 percent against an index of six currencies after successful bonda uctions by Spain and Italy pushed the euro higher. The dollar's slide helps U.S. companies that rely on exports by making their p rices more competitive overseas. After the market closed, Intel Corp. reported that its income rose 48 percent last quarter. That easily beat analyst estimates. Bond prices rose, pushing their yields lower. The yield on the 10year Treasury note fell to 3.30 percent from 3.35 percent late W ednesday. That yield is used to set interest rates on many kinds of loans including mortgages. F our shares rose for every three that fell on the New York Stock Exchange. Consolidated volume came to 4.4 billion shares STOCKS DIP AS MORE APPLY FOR UNEMPLOYMENT BENEFITS Journalists to launch News Corp's iPad newspaper LOOKINGFORWORK: Angela Harrington waits in line to attend a job fair, Dec. 8, 2010 in New York. A P P h o t o / M a r k L e n n i h a n INTERNATIONAL BUSINESS


BUSINESS PAGE 8B, FRIDAY, JANUARY 14, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM MATTHEW DALY, Associated Press WASHINGTON The Obama administration is considering ways to increase civil penalties for companies that violate rules for offshore drilling, a senior regulator said Thursday. Michael Bromwich, director of the Interior Department's Bureau of Ocean Energy Management, said current fines of up to $35,000 per incident per day are "patently inadequate to deter violations." In a speech at the Center for Strategic and International Studies, Bromwich said legislation likely would be required to make meaningful changes. Bromwich praised a report this week by a presidential panel investigating the BP oil spill, and said his agency has already begun many of the reforms the report urges. "The Deepwater Horizon tragedy has shaken government and I hope industry out of a complacency and overconfidence that had developed over the past several decades," Bromwich said. Increased dangers of ultra-deep water drilling "were not matched by increased vigilance and concern for the safety of those operations." Bromwich said he understands the frustration of the oil and gas industry a nd its supporters, who accuse the Obama administration of moving too slowly to allow new drilling in the Gulf of Mex ico. But he said new rules were needed to keep pace with technological advances and industry ambitions to drill in ever deeper waters. "A retreat on drilling safety is simply not an option," he said. Carlton Carroll, a spokesman for the American Petroleum Institute, the oil industry's chief trade group, said industry and the government have worked hard to improve offshore safety since the BP spill last April. "While continued vigilance on safety is essential, the time has come to get back to work producing the ener gy the nation needs," Carroll said. "Too many people remain out of work, and too much future energy and revenue production are at risk should delay continue." Bromwich said new permits for deepwater drilling are likely to be issued in the first half of the year, but probably at a slower rate than before the spill. "I would be stunned if we wait until the third or fourth quarter" of 2011 to issuea new deepwater permit, he said. DAVID KOENIG, AP Airlines Writer DALLAS American Airlines says ITA Software Inc. will provide tools to help the airline sell more individualized offerings to passengers. A top official at the airline says American wasn't swayed by search giant Google Inc.'s pending acquisition of ITA, a deal thats pooked some travel companies. American's chief information officer, Monte Ford, said Thursday that new software will help the airline better manage its inventory and sell additional products and services. A s an example, Ford said, it would let American target a passenger whose flight is canceled with offers for first chance at seats on later flights, priority booking and hotel rooms. AMR Corp.'s American is fighting with travel data provider Sabre and online travel agencies over how its tickets will be dis-p layed and sold. Orbitz and Expedia no longer list American flights, and Sabre buried American flights in information it provided to travel agents until the airline got a judge to temporarily block Sabre's move. F ord said the ITA software will be used regardless of who sells the ticket, and won't affect the dispute with Sabre. He said Sabre and other data providers, called global distribution systems, bid against ITA. Contract terms were not disclosed. ITA, which provides technology to run airline reservations, has a greed to be acquired by Google for $700 million. A group of travel companies led by Expedia Inc. oppose the deal, fearing that Google could use ITA to unfairly manipulate online travel searches and hurt competitors. American has not taken a position on the Google-ITA deal, which is being reviewed by federal antitrust regulators. A MR shares rose 2 cents to $8.46 in afternoon trading. Drilling chief seeking higher fines for offences (AP Photo/Gerald Herbert, File DISASTER: This April 21, 2010 file photo, the Deepwater Horizon oil rig burning after an explosion in the Gulf of Mexico, off the southeast tip of Louisiana. AMERICAN AIRLINES HIRES ITA SOFTWARE FOR UPGRADE J ORDAN ROBERTSON, AP Technology Writer S AN FRANCISCO Intel Corp. said Thursday that fourth-quarter net income rose 48 percent and revenue rose 8 percent, as sales of server chips have helped offset weakness in sales in chips for consumer PCs. A s the world's No. 1 maker of computer processors, Intel has a pulse on consumer and corporate spending on technology. Itsr esults help set the tone for other tech companies' quarterly results. Net income was $3.39 billion, or 59 cents per share, for the last t hree months of 2010. In the same period in 2009, it was $2.28 billion, or 40 cents per share. According to FactSet, analysts expect e d 53 cents per share. Revenue rose 8 percent to $11.46 billion. Analysts predicted $11.38 billion. In a statement, Intel CEO Paul Otellini says 2010 "was the best year in Intel's history." Intel's 4Q net leaps 48 pct in sign of PC strength

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