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 Police confident of solving murders V olume: 107 No.46TUESDAY, JANUARY 18, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 82F LOW 68F F E A T U R E S S EEWOMANSECTION S P O R T S An eye for fashion SEESECTIONE 11 qualify for Carifta W ITH four mur ders occurring over the weekend, Com m issioner of Police Ellison Greenslade assured the publicy esterday that the police are doing all they can to find the killers. M eanwhile, late last night police released the identity of recent murder vic tims. Calling a snap press conference at t he Paul Farquharson Conference Centre, Commissioner Greenslade said thath is team of officers have successfully cleared up several matters for the year thus far and are confident that they will bring a successful conclu sion to the remaining homicides, including many of those that occurred toward the end of 2010. Allow me to also say once again that while we are always saddened by the tragic death of our people the compelling evidence in many of these matters that we see is that they are occurring among persons involved in various lifestyles, including intimate r elationships; persons involved in the drug culture, revenge, ando ther contributing vices are major fac tors. Therefore, at the beginning of this year I wish to renew my call to all of our peo-p le to come together and help stem the tide of lawlessness, which, if not checked, has the potential to engulf segments of our communities and f urther erode the peace and safety of our country, he said. T he men killed in Sundays double homicide in the Kennedy Sub-division area were identified as Kevin Russell, 34, and Eamonn Hep burn, 21. Mr Russell, of Deliverance Way off Malcolm Road, was gunned down at Gilda Street and Mr Hepburn, of Baillou Hill Road, was killed at Gilbert Street. Police identified the man shot down at a Nassau bar on Friday as Terrence Williams, 36, of Flint Street. Mr Commissioner speaks out after weekend killings M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM www.fidelitygroup.comCall 356.7764today! Get out of Debt Fast with a Fidelity Fast Track Debt Consolidation loan. Decisions Fast Money Fast Plus Visa Credit Card FastGetoutofdebt Fast! BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SEE page 10 A THIRD person has been charged with the attempted murder of a Canadian tourist. Police have now charged Dino Price, 24, of Armbrister Street in Fox Hill, for attempting to murder Mitch Nimi. Nimi was reportedly stabbed several times in the chest, back and abdomen early on Christmas morn ing. Patrickedo Rose, 20, of Pine Barren Road and a 17-year-old boy of Springfield Road have already been charged with attempting to kill Nimi. Price, who was arraigned before Chief Magis trate Roger Gomez in Court One yesterday, is also accused of robbing Mintez Armbrister of a gold chain, valued at $1,000. The case was adjourned to January 25 and trans ferred to Court 5, Bank Lane. Price has been remanded to Her Majestys Prison. CHARGED: 24-year-old Dino Price at court yesterday. T i m C l a r k e / T r i b u n e s t a f f By TANEKA THOMPSON Tribune Staff Reporter email@example.com T HE United States have officially relaxed their travel r estrictions into Cuba, and while this will not affect the Bahamas' tourism industry int he short-term they are preparing for competitionf rom the eventual opening up o f its regional neighbour, T ourism Minister Vincent V anderpool-Wallace said. His comments came after U S President Barack Obama announced looser travel restrictions to the Communist Caribbean nation. T he new travel rules will allow American religious US RELAXATION OF CUBAN TRAVEL ONT AFFECT BAHAMAS IN THE SHOR T TERM SEE page 10 GRAND BAHAMA and Abaco residents braced themselves for heavy rains as weather officials posted a severe thunderstorm warning yester day. The Department of Meteo rology sounded the alarm for the two northeastern islands shortly before 4pm, due to a cluster of thunderstorms and showers over southeast Florida which were moving towards the area. Thunderstorm cells were said to have covered Grand Bahama, and residents report the entire island had been affected by torrential rain since 1pm. In Abaco, affected areas were said to be mostly north and central Abaco. Initially, the storm system Residents braced for severe weather SEE page 10 By DENISE MAYCOCK Tribune Freeport Reporter d firstname.lastname@example.org FREEPORT The trial o f Andre Birbal opened on Monday in the Supreme Court with emotional testimony from one of the two male students who broke down in tears as he described the painful sexual ordeal he endured for some eight years at the hands of his art teacher. Godfrey McMasters said Birbal had sexual intercourse with him in his art classroom at the Eight Mile Rock High School, at his apartment, and in his car in remote locations. He said the alleged sexual MALE STUDENT GIVES EMO TION AL TES TIMONY IN TEACHER SEX CASE SEE page 10 THIRD PERSON CHARGED WITH ATTEMPTED MURDER OF TOURIST CONFIDENT: Commissioner G reenslade
THE Anglican Diocese of the Bahamas and the Turks and Caicos Islands yesterday held a special thanksgiving service as parto f its 150th anniversary celebrations. Preaching at yesterday evenings service held at Christ Church Cathedral was Rev Alfred C Reid, Bishop of Jamaica and the Cayman Islands. The presence of the Anglican Church in the Bahamas can be tracedf rom the early beginnings of Bahamian history. After 1647, the Eleuther an Adventurers made the first settlement of the English after the islands had been more or less abandoned by the Spaniards who had eliminated the ear ly Lucayan population. It is said that the Eleutheran Adventurers included two Anglican priests who had left the church. At that time the church in all British overseas (colonial) territories came under the Bishop of London. In 1824, the Dioceses of Barbados and Jamaica were formed. The territories of the Bahamas and the Turks and Caicos Islands came under the Diocese of Jamaica. In 1861, the Bahamas and the Turks and Caicos Islands became a separate diocese called the Diocese of Nassau. Queen Victoria issued Letters Patent establishing the same on November 4, 1861. Dr Charles Caulfield was consecrated bishop on November 30, 1861. With the issuing of the Letters, the Parish of Christ Church was declared the Cathedral and the towne of Nassau was elevated to the status of city. In the British civil sys tem a towne could only become a city if it had a bishop and a Cathedral. Since its creation as a Diocese in 1861, the Diocese said it has intensified its ministries of pastoral care and education in con veying its mission in the Bahamian islands. From its earliest years, the church has established primary and secondary schools. The latter ones continued until the early years of the 1930s. On June 24, 1971, Michael Hartley Eldon was consecrated suffragan bishop with the title Bishop of New Providence. Less than a year later on April 20, 1972 the Diocesan Synod unanimously elected him as 11th Bishop of Nassau and the Bahamas, including the Turks and Caicos Islands and the first Bahamian Bishop of this Diocese. Similarly, September 1, 1996 the Rev Drexel Gomez, former Bishop of Barbados, succeeded Bishop Eldon as Diocesan Bishop; Bishop Gomez had been Bishop Co-adjutor of the Diocese prior to his elevation. Bishop Laish Boyd was elected Co-adjutor on June 29, 2006 and became Dioce san Bishop on February 8, 2009. To date, the Diocese has had 13 diocesan bishops. There have been two Suf fragan Bishops; two other Bahamians have been elevated to the episcopacy: the late Donald Knowles, Bishop of Antigua, and Rev Cornel J Moss who cur rently serves as Bishop of Guyana. L OCAL NEWS P AGE 2, TUESDAY, JANUARY 18, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM GOVERNMENT has signed a $325,120 contract for the refurbishment of Exumas George Town dock. A ddressing a contract signing c eremony in Exuma on the weeke nd, Minister of State for the Environment Phenton Neymour praised the Ministries of Works and Environment for putting t ogether the challenging project. M r Neymour said the projects e xisting risks were not recognised by many. In putting together the project s cope the Ministry of Works and the Ministry of the Environment have done their best to address those existing items. For example, we are going to put in place five 60-tonne bollards that are essential for the docking of large vessels so t hat the vessels can come directly n ext to the dock. We will also be including the d redging of silt away from the d ock that has diminished the availa ble draft of the vessels for the docking of this facility, he said. Additionally, a wall will be con s tructed that has the ability to withstand great forces that large vessels can exert, which result in damageto the existing facility, he said. M r Neymour was among a delegation, including Public Works and Transport Minister Neko G rant, who were in Exuma on the w eekend to sign a $325,120.30 con t ract with Reg McKenzie of R & F McKenzie Construction Co Ltdf or the refurbishment of the dock i n George Town. Minister Neymour said in 2007 he along with marine experts from a fuel company travelled throughout the Bahamas to perform a marine risk assessment to review t he safety of delivering fuel to various communities. During that assessment a number of items were recognised that were essential to improving the existing docking facility in Exum a, he said. Mr Neymour said he is happy that a native of Exuma has been awarded the contract because it is critical to continue to develop the skill base of Exumian contractors. We have the ability to perform great works here but we need the opportunity to do so, said Mr Neymour. We all recognise that there is a greater need in Exuma to expand our docking facilities and i mprove our existing ports. $325,120 contract signed for dock refurbishment PHENTON NEYMOUR Minister of State for the Environment, speaks to residents of Exuma during a contract signing ceremony for the George Town dock. Also pictured is the Public Works a nd Transport Minister Neko Grant, (seated from left; front row C olin Higgs, permanent secretary, Anthony Moss, MP for Exum a, and in the back row from left John Canton, director. P a t r i c k H a n n a / B I S Anglican Diocese holds anniversary thanksgiving service REV ALFRED C REID Bishop of Jamaica and the Cayman Islands, was welcomed at the VIP Lounge of the Lynden Pindling International Airport yes terday afternoon by Reverend Laish Zane Boyd, Sr, Bishop of the Bahamas and the Turks & Caicos Island Bishop Reid last night preached at the thanks giving service at Christ Church Cathedral for the 150th anniversary of the Anglican Diocese of the Bahamas and the Turks and Caicos Islands.
By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT Claiming that the rights of the countrys workers are being vio lated, president of the Trade Union Congress Obie Ferguson is calling on labour to present a united front and support the umbrella union. If you dont have a union in the Bahamas today, you are on your own because it is expensive for workers to fight the accused. So my simple message is that we need to unify, we need to identify what we are going to fight for, and we need to support every union in this country, whetherunder the TUC, NCTU (National Congress of Trade Unions), whatever. Whenwe fight for issues those labels must become sec ondary, said Mr Ferguson. He added: The right to work is a sacred thing. How can a fella come from the US and say you cant join a union, and say if you join they will fire you. What kind of nonsense is that? And then, government officials, ministers, they accept those things. Mr Ferguson, who is also president of the Bahamas Hotel Managerial Association (BHMA ically important for workers to support the labour movement. Employers in the Bahamas are all working together against one union.So when youre fighting the employer for any benefits, I want you to understand that you are not fighting that employer alone; you are fighting the employer in Nassau, Freeport, Andros wherever they are. That is the deal. So we have to work together in 2011 as a team, as a block. That is the only way you get attention by the government of the day. Mr Ferguson said the TUC has thrown its support behind the Bahamas Telecommunications Company (BTC Bahamas Communications and Public Officers Union (BCPOU Bahamas Communications and Public Managers Union (BCPMU against the sale of BTC to regional telecoms powerhouse Cable and Wireless. Visiting Grand Bahama this week, Mr Ferguson also revealed there is a tentative agreement for a new industrial contract for middle managers at the Our Lucaya Resort. He said the agreement was reached on November 19, and is now awaiting ratification by the hotels owners in Hong Kong. The agreement is framed and structured along the lines of the agreement that is in effect at the Sheraton Cable Beach in Nassau, he said. We are waiting on them to ensure that the workers get the agreement they are entitled to. And it is my intention to put it to them for ratification. LOCAL NEWS THE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By PAUL G TURNQUEST Tribune Staff Reporter p firstname.lastname@example.org COMMISSIONER of Police Ellison Greenslade denied reports yesterday of an impending shake-up within the senior rankso f the force. Late last year, reports had been circulati ng that a number of top officers were set to leave their posts for more lucrative jobs as the heads of security at either the LyndenP indling International Airport or the luxurious gated community, Albany. Amongst those persons rumoured to be leaving were Deputy Commissioner of Police Marvin Dames, and three assistantc ommissioners John Ferguson, Willard Cunningham and Glen Miller. Addressing the matter at the Paul Farqharson Conference Centre at Police Headq uarters yesterday with his senior command present, Commissioner Greenslade said that h e and his team do not have the time or luxury to be concerned about rumours. Let me assure you, just as you see us assembled here this morning, we have a syne rgistic team despite what anybody else will tell you. And if you would wish to test it, you are free to do so. You may turn up at Police Headquarters at any given day and do some g ood investigative journalism. We fellowship often; we tell a lot of j okes, but we work hard. As the Commissioner of Police of the R oyal Bahamas Police Force I do not have any concerns today that I can express to y ou with respect to any disaffection among the members of this team. We are all brothers, and that is the way it will remain, he said. Deputy Commissioner Dames acts as Deputy to the Commissioner of Police and has specific responsibility over discipline, the forces inspectorate, district co-ordination and a list of other areas. M r Dames was rumoured to be considering a lucrative position at the Nassau Airport Development company as the new heado f the security unit there. ACP Ferguson, the head of the National P olicing Support Services, was said to be retiring at the end of January. However, Mr Ferguson is not yet of retirem ent age, as he will only be turning 56 on January 29, and has so far only served 37 years on the force; not the required 40. ACP Miller is in charge of the Forces Crime Management and Operations; andA CP Willard Cunningham has responsibility for the management of the forces Family Island Districts. Senior ranks shake-up is not impending Rights of workers being violated TUC president POLICE FORCE Police Commissioner scotches reports After producing Genera tions of Bahamian Culture, the 2010 corporate calendar featuring familiar personalities alongside new faces of The Bahamas visual and per forming arts scene, Colina Insurance Limited releases its 2011 calendar under the theme The Art of Charity. The calendar highlights the work of 12 local charitable organisations who, through service, have contributed greatly to nation building. From humanitarian aid and disaster relief to music edu cation and animal rights, the organizations featured in the calendar bring to light the diversity of non-profit groups at work to alleviate suffering in The Bahamas. Each organisations mission statement was used to inspire a graphic illustration by artist Theo McClain of local branding and advertising firm Kar ma Design The illustration was then paired with a quote that draws attention to the plight that the organization is helping to alleviate. Beyond its aesthetic appeal, the cal endar was also designed as a promotional tool for the featured organizations, and lists the dates of each organizations major fundrais ing events in order to boost interest, support and donations for their key initiatives. The calendar launched in December with a showing of the featured artwork and a silent auction of limited first edition prints. With art enthu siasts and patrons of the respective charities on hand, funds raised from the sale of the 12 pieces totalled $8,000 and were donated to each of the charities just before Christmas. This programme was an important opportunity for Colina to continue its celebration of key service orga nizations that make a difference in the lives of Bahami ans, says Melanie Hutcheson, Corporate Communications Officer at Colina. For the past 17 years our pivotal role in corporate social responsibility has been as organizers and presenting sponsors of the annual Red Ribbon Ball the largest fundraiser for the Bahamas AIDS Foundation. We proudly undertake The Art of Charity calendar as an avenue to provide organizations like the AIDS Founda tion and others with another opportunity to raise aware ness about the work they are doing in the community. The calendar features Rotary Clubs of Nassau (vol unteerism); Zonta Club of Nassau (advancing the rights of women); the Bahamas Scout Association (youth development); REACH (autism awareness); Bahamas Humane Society (ethical treatment of animals); Ranfurly Homes for Children (aban doned and neglected children); Bahamas National Trust (envi ronmental sustainability); Nassau Music Society (music appreciation and education); Bahamas Historical Society (historical preservation Bahamas AIDS Foundation (HIV/AIDS treatment, research and support); The Salvation Army (humanitarian aid); and The Bahamas Red Cross (disaster relief on the cover. Sales of first edition prints of artwork featured in The Art of Charity raise $8,000 for worthy causes POLICE COMMISSIONER Ellison Greenslade. OBIE FERGUSON CALENDARHIGHLIGHTSCHARITYWORK THEO MCCLAIN
EDITOR, The Tribune. While I concede that the j udicial system is available t o bring the appropriate r elief to viable litigants, I m ust state, off the bat, that I hold that the announced litigation which has been comm enced on behalf of the u nions of The Bahamas T elecommunications Cor p oration, is premature and may well prejudice the goodwill of the general pub lic towards them. Litigation has its place in the scheme of things but at w hat stage? No Memorandum of Understanding has been presented to the gen eral public or pro-offered, so far, to Parliament for debate. Until this is done, there can be no legal basis for a Judicial Review. It is being argued, bogusly in my opinion, that the government of the day has no p ower to sell or to offer for sale The Bahamas Telecom m unications Corporation and/or its assets. There is a strict assumed s eparation of powers between the three estab lished branches of our system of governance: the executive; the parliament and the judiciary. Parliament is able, both by the Constitution and constitutional conventions to make any law that it seesf it and such laws, while they may be reviewed by the judiciary, cannot be chall enged, successfully, in a court of law. Yes, the imple mentation and the mode thereof may be subjected to review but not the sub stantive law itself. In the USA the Supreme Court has vastly different powers and may actually declare that a law passed by Congress and approved by the President of the day is unconstitutional. Such a scenario cannot happen in our system of jurisprudence. I do believe that the impacted unions and their hapless executives are being taken for a proverbial ride down the garden path. I would have advised the union, as I have done, to bide their time; cease and desist from inflammatory remarks; tone down their rhetoric and modify their public posture until the socalled MOU is presented to the House of Assembly. In t he meantime, if they are s erious, they should seek to put together a viable conglomerate with the appropriate proven resources to make a counter offer to pur chase majority control of BTC. I support some of the u nions positions but the tenor of their opposition is fast becoming one of regime change of the FNM and its leader. Has it now become a conflict between political opponents or what? In a few short months, those who oppose the FNM will have an opportunity to vote them out. In the meantime, however, dont seek to use the BTC fiasco as a means towards an end. To God then, in all things, be the glory! ORTLAND H BODIE JR Nassau, January 13, 2011. EDITOR, The Tribune. Everyone is well aware that we have an education problem here in the Bahamas. This issue strikes a chord with me personally as I am e xtremely passionate about children receiving good quality education. The blame game persists but who really is to be blamed? I believe wholeheartedly that education is not a one way street. Parents share a lane, teachers share a lane and the government shares another lane. Parents : Research has proven time and time again that a childs behaviour often reflects what they are learning in the homes. Children do learn what they live. They often imitate what they see and hear. Like sponges, they absorb things in their surroundings and apply them throughout the course of their l ives. Parents must take responsibility for their children and teach them morals so as to prevent them from becoming a nuisance to society. They ought to unleash potentials in their children and take time to teach them right from wrong, reprimand them when they stir up trouble and reward them when they excel. Education is key. Parents are the ones who ought to ensure that homework and studying takes place. They are the ones who must ensure that when darkn ess falls, all their children a re inside and not on some b asketball court playing or some corner wall smoking. It is when parents today become lackadaisical that the childrens education suffers. Parents must do their part. Teachers : I am currently enrolled at the College of the Bahamas and I believe beyond the shadow of a doubt that teachers do play a factor in this education dilemma. Knowing your subject is one thing and teaching it is another. Many teachers lack the ability to properly explain the lesson and sometimes the care to monitor the childrens progress. Mathematics has proven to be challenging subject, not only for children here in the Bahamas, but children all over the world. Most teachers do not know how to teach this subject. Mathematics is like a ladder in that you must climb one step at a time. W hen students do not understand one step and the teacher moves on to another, it is only creating a disadvantage for that student and many times interest in that subject will continue to decline. Teachers must do their part. Government : While one must concur that the government cannot be in the homes with parents to test their parenting skills and they cannot be in the classrooms to evaluate the teachers capability, they can implement programmes for educationally challenged students. Investing in human capital will fuel the engine of this economy. The government must do their part. FUTURE AMBASSADOR FOR EDUCATION Nassau, January 14, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, TUESDAY, JANUARY 18, 2011 THE TRIBUNE The Tribune Limited N ULLIUS ADDICTUS JURARE IN VERBA MAGISTRI B eing 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. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 E ILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972P ublished Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama W EBSITE www.tribune242.com updated daily at 2pm PORT-AU-PRINCE, Haiti Former Haiti an dictator Jean-Claude "Baby Doc" Duvalier ensconced himself Monday in a high-end hotel f ollowing his surprise return to a country deep i n crisis, leaving many to wonder if the oncef eared strongman will prompt renewed conflict in the midst of a political stalemate. D uvalier met with allies inside the hotel in the hills above downtown Port-au-Prince and s poke publicly only through emissaries, who gave vague explanations for his sudden andm ysterious appearance nearly 25 years after he was forced into exile by a popular uprising a gainst his brutal regime. Henry Robert Sterlin, a former ambassador who said he was speaking on behalf of Duvalier, portrayed the 59-year-old former "president for life," as merely a concerned elders tatesmen who wanted to see the effects of the devastating Jan. 12, 2010, earthquake onh is homeland. Duvalier who assumed power in 1971 at age 19 following the death of his father, Franois "Papa Doc" Duvalier still has some support in Haiti and millions are too y oung to remember life under his dictatorship. But his abrupt return Sunday still sents hock waves through the country, with some fearing that his presence will bring back the e xtreme polarization, and political violence, of the past. State Department spokesman P.J. Crowley said in a Twitter post that the U.S. was surprised by the timing of Duvalier's visit. "It a dds unpredictability at an uncertain time in Haiti's election process." H is return comes as Haiti struggles to work through a dire political crisis following the p roblematic Nov. 28 first-round presidential election, as well as a cholera epidemic and a troubled recovery from an earthquake. Three candidates want to go on to a second round meant for two. The Organization of A merican States sent in a team of experts to resolve the deadlock, recommending that P reval's candidate be excluded and the arrival of Duvalier has at least briefly over s hadowed speculation about how the government might respond. State Department spokesman Mark Toner said Washington's focus "continues to be a resolution of Haiti's elections crisis that reflects t he will of the Haitian people and that ensures reconstruction and humanitarian efforts pro c eed unabated." President Rene Preval, a former anti-Duval ier activist, made no immediate public statements on the former dictator's re-emergence, though he told reporters in 2007 that Duvalier would face justice for the deaths of thousands of people and the theft of millions of dollars if he returned. Human rights groups urged Haiti to prosecute Duvalier for widespread abuses. Prime Minister Jean-Max Bellerive said he i s aware of the accusations but that an arrest is unlikely anytime soon. At the moment, at l east, there are no pending charges against the f ormer dictator. T he government of France, where Duvalier has spent most of his exile, said it had no a dvance notice of the trip. Bobby Duval, a former soccer star who w as starved and tortured during the 17 months he was held without charge by Duvalier in then otorious Fort Dimanche, was outraged that Haitian authorities didn't immediately arrest t he former dictator. He recalls seeing people beaten, tortured and executed by being clubbed in the back of the neck. Duvalier formed part of a father-and-son dynasty that presided over one of the darkestc hapters in Haitian history, a period when thuggish government secret police force theT onton Macoute stifled any dissent, torturing and killing opponents. He came back on an Air France jet in a jacket and tie to hugs from supporters, waving to a crowd of about 200 as he climbed in an S UV and headed to a hotel with Veronique Roy, his longtime companion. L ater, Duvalier appeared on a balcony of the Karibe Hotel and waved to supporters a nd journalists outside. Roy told reporters at one point that "Baby Doc" would stay only three days in Haiti and was asked why he had returned now. "Why not?" she replied. Once a teenage ruler, Duvalier is now a l arge, stocky man with graying hair. He sometimes seemed disoriented as he faced thec rowd, as if he were struggling to keep his eyes open. A long with the electoral crisis, Haiti is also dealing with a cholera outbreak that has killed more than 3,500 people since October and more than 1 million people are living in crowded, squalid tent encampments after their h omes were destroyed from the Jan. 12, 2010, earthquake. At one of those camps, there was s ome enthusiasm for Duvalier's return. "I don't know much about Jean-Claude D uvalier but I've heard he did good things for the country," said 34-year-old Joel Pierre. "I hope he will do good things again." But the human rights groups Amnesty International and Human Rights Watch issued s tatements urging Haiti to hold Duvalier accountable for the torture and killing of civil i ans during his 15-year rule. "The Haitian authorities must break the c ycle of impunity that prevailed for decades in Haiti," said Javier Zuniga, a special adviser at Amnesty International. "Failing to bring to justice those responsible will only lead to further human rights abuses." (This article was written by Jacob Kusgner and Jonathan M. Kaz of the Associated Press). Education is not a one way street LETTERS email@example.com Baby Doc adds new twist to Haiti woes Genuine protest or regime change? EDITOR, The Tribune. Fellow Bahamians, Greetings. I am grateful to have been given this very small opportu nity to speak with all of you future leaders of our country, school children, students, via these several lines courtesy of The Tribune newspaper, thank you. Children as you embarked upon another school year, I entreat you citizens of this great country, The Bahamas, to buckle down and give your school work the kind of attention it deserves/needs and the kind of attention you are capable of, to get the kind of results that are not only expected of you by your teachers/parents, but yourselves. In other words, aim for the skies and you will not be disappointed. Finally, herein lies the concept: Children, you will attend high school only once in your life time... Questions: How do you wish to remember it? Would you like to remember it as having wasted precious time and failed? Would you want to remember it as having done your best... and thus, succeeded. Better prepared for the future? The size of your efforts now, will determine what becomes of your high school life and beyond. The Bahamas needs you, leaders of tomorrow. My cheers/a shout of approval or encouragement/is with you all the way students. You make me proud to be Bahamian. FRANK GILBERT Nassau, January 13, 2011. Aim for the skies and you wont be disappointed
BAHAMIANS are being e ncouraged to use a newly launched online application to apply for their passportsa nd make an appointment through e-mail for enrolment. I would strongly advise persons to use that systemb ecause it would free up the waiting time at the office, it would allow staff to pull the f iles, said Deputy Prime Minister and Minister of Foreign Affairs and Immi g ration Brent Symonette. The online application c an be found at the website https://epassport.bahamas.go v.bs/ecalendar/PreReq.aspx S ince the introduction of machine readable passports and ePassports three years ago, the Passport Office in Nassau has issued 126,000p assports. Mr Symonette said this number represents a great achievement. The staff at the Passport O ffice should be compli mented; theyve done an excellent job, he said. B ahamians anywhere in the world can apply for their passports through the For-e ign Missions in Washington, DC, Atlanta, New York, Miami, Canada, the United Kingdom and China. M r Symonette also addressed the question as to why applicants need to subm it their birth certificates when renewing their passport. One of the things we are doing is updating our files t o make sure we have the right birth certificate and the right documents on file.S ome persons who have passports should not be in possession of a Bahamian passport, he said. Meanwhile, another a spect to the ePassport programme is the introduction of the mobile unit which travels throughout the coun try processing renewals and n ew passport applicants. The unit is headed to Exuma, and residents there are b eing urged to have all the necessary documents for processing. T o date, the unit has processed approximately 1,200 applicants. Enrolled Once the applicants are enrolled and payment received, the application will g o to the Data Entry Department for document s canning and then on to approval and production of the passport. T his process takes 12 days to complete. So far, the mobile unit has visited Eleuthera, and still on the itinerary are Exu m a, Long Island and Andros. There are three members of the mobile unit team two enrolment offi cers and one IT officer. T he International Civil Aviation Organisation (ICAO Bahamas is a member, has mandated that by 2010, all c ountries must begin issuing machine readable passports or ePassports. T he modern passport is being upgraded from a simple paper document to a more secure one with biometrics features, includingf acial characteristics, and fingerprinting. LOCAL NEWS THE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Bahamians are urged to use online passport application ECONOMIST DR Olivia Saunders has labelled the countrys economic model an oppressive system that fails to empower and develop Bahamians and warned of disastrous consequences if it is retained. Dr Saunders, associate professor in COBs School of Business, delivered this assessment as one of the presenters at the 20th Bahamas Business Outlook on Thursday, January 13 at the Wyndham Nassau Resort. She said: Our economic model perpetuates an economic apartheid. We operate in a world capitalist system and operate an economic model that hinders, nay restricts, our general citizenry from owning capital in the key wealth generating sectors, while fostering capital ownership from within the Bahamas by non-Bahamians. The Bahamian economy is primarily servicesbased, with the bulk of government revenue earned through customs duties, taxes on inter national trade and indirect taxes. Responsibility Classifying this as a dependency model, Dr Saunders said it causes the Bahamas to relin quish responsibility for its resources and therefore control of its economy. Under this structure, she said, residents are limited to being labour providers and consumers, while the owners of the economy foreign nationals and a small minority of locals amass great wealth. Dr Saunders also characterised the current tax regime, which places the burden of revenue gen eration primarily on consumers, as oppressive because of its reliance on foreign investment. It is now time for us to put aside our religious devotion to this economic model we had in place for well more than a century. An economic model is only a model of how an economy functions. The Bahamas is much more than an economy. The Bahamas is a nation. This nation comprises human beings. The entirety of focus for any policy-maker has to be the evolutionary progression of the nation the evolutionary progression of its people and those institutions which serve the people. The professor acknowledged, however, that Majority Rule brought changes through investment in social institutions, especially education, which engendered a higher quality labour force and in turn allowed for broader and deeper par ticipation in the economy. Mapping a course of action on the way for ward, Dr Saunders urged the adoption of an inclusive, dynamic economic structure that embraces the talents of the Bahamian people. Within the College of the Bahamas community alone faculty, students and graduates can be found persons who can find solutions to any problems facing the country today. The capacity to design any physical or organisational structure for developing the country exists within the Bahamas and its people. Bahamians are endowed with the aptitude, the expertise to own and operate any organisation we decide is vital to our progress, our develop ment and for nation building, she said. Dr Saunders delivered her presentation just hours after Prime Minister Hubert Ingraham told the same audience he understands the impulse of some to downplay the resilience of tourism, but said there is also a failure to recognise the opportunity for diversification which exists within the sector itself. He added that tourism is one of the fastest growing industries globally one which industrial economies were benefitting from long before island economies recognised its enormous potential. The prime minister said the extent to which creativity and innovation can occur, will largely depend on the ambitions, capabilities and pursuits of the entrepreneurial community. College professor warns of economic apartheid THE judicial review hearing of veteran prosecutor Cheryl GrantBethell began in Supreme Court yesterday. Mrs Grant-Bethell is seeking judic ial review on two matters. The first is a decision taken by the Judicial and Legal Services Commission (JLSC to appoint her to the post of Deputy Law Reform Commissioner. The s econd relates to the proceedings regarding her application for the post of Director of Public Prosecu-t ions. Her attorney Wayne Munroe said yesterday that when former Directoro f Public Prosecutions Bernard T urner gave notice of his intention to demit office, he had recommended that Mrs Grant-Bethell succeed him. M rs Grant-Bethell wrote the Attorney General on October 29,2 009, informing him of her expectation be appointed to the DPP post upon Mr Turners resignation. Mr Munroe further told the court t hat on November 2, Mrs GrantBethell began acting as DPP assuming the responsibility of the sub-s tantive post although no immediate appointment had been made. M r Munroe noted that the position was subsequently advertised. He said Mrs Grant-Bethell submit-t ed her application for the post. He said that on December 31, 2 009, she met with the prime minister, who assured her he had advised that she be appointed to the post of DPP. On Janaury 7, 2010, she was told that she would be appointed to the post for a period of one year. She met with JLSC on Janaury 11, 2010 and they determined that she would serve as Acting DPP. M r Munroe argued that the JLSC h ad failed to comply with regulat ion five of its rules, having kept no m inutes of any of the meetings with M rs Grant-Bethell. He told the court that on April 20, 2010 Mrs Grant-Bethell again met with the prime minister, at which time an ambassadorial appointment was offered to her. Mr Munroe said that on May 4, his client was advised of her appointment to the post of Deputy Law Reform Commissioner, although she never applied for the post. H e said that Mrs Grant-Bethell v iewed the appointment as a lateral m ove and not a promotion. The case continues today. Grant-Bethell judicial review hearing begins in Supreme Court By NATARIO McKENZIE Tribune Staff Reporter firstname.lastname@example.org A 23-year-old man was arraigned in Magistrates Court yesterday charged with the New Years Eve murder o f Maxene Metellus. Police have charged Torriano Tucker, 23, of St James Road, with the murder of Mr M etellus, 44. M r Metellus was shot and killed on New Years Eve when armed gunmen broke into his home early that morni ng. His death was the 96th homicide for 2010. Tucker, who was arraigned b efore Chief Magistrate R oger Gomez was not required to enter a plea to the murder charge. He has also been charged with two counts of burglary. It is alleged that h e broke into Metellus home and robbed his wife of $ 760.15. It is further alleged that on the same day he broke into the home of Lorriano Moxey at Culmers Alley. It is alleged that when he wast here he made death threats against Moxey and assaultedh im with a handgun. Tucker pleaded not guilty to the c harges. His case was transferred to Court 6, Parliament Street, for a preliminary inquiry despite his protest that hew ould not get a fair hearing there. The case was adjournedt o January 26. S EEKINGJUDICIALREVIEW: C heryl Grant-Bethell. BRENTSYMONETTE MAN CHARGED WITH NEW YEARS EVE MURDER COURT BRIEF
L OCAL NEWS P AGE 6, TUESDAY, JANUARY 18, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DUNDAS TOWN, Abaco The tele-medicine programme between the Princess Margaret Hospital in New Providence and the Marsh Harbour Clinic in North Abaco received a major vote of confidence this week when one of its first patients proclaimed he would not have been alive today if the programme had not been implemented. Charles Bartlett made the statement during a town hall meeting at the Friendship Tabernacle Church in Dundas Town, Abaco last week. The meeting was held to inform residents of the proposed expansion of the programme to includea dermatology clinic. Minister of Health Dr Hubert Minnis led a delegation of health officials from New Providence to Abaco. They included specialist physicians Dr Her bert Olander, a dermatolo gist, and Dr Colin Bullard, an emergency medicine specialist who serves as the coordinator of the telemedicine programme. The tele-medicine pro gramme saved my life. I would not have been here today without it, Mr Bartlett proclaimed to a round of applause. I am alive, well and healthy today because of the programme. Dr Minnis said that because of its early success es, the programme will be expanded to include a teledermatology clinic. That expansion will take place on Friday, January 21, 2011. The Health Minister said the expansion of the pro gramme into dermatology will go a long way in treating and reducing the num ber of skin disorders that are affecting Bahamians. Abaco, he said, is the starting point for the project. As with the initial telemedicine programme, Aba conians with skin disorders will now be able to be assessed by Dr Herbert Olander and his team of dermatology professionals at the clinic in Abaco thereby reducing their need to travel into New Providence for dermatology consultations/treatment. Dr Minnis said medicines for various skin disorders are already on location to facilitate any prescriptions written by Dr Olander and his medical staff. The purpose of the programme is to ensure that every Bahamian, on every island within the Commonwealth has access to the same kind of quality healthcare treatment as those residing in New Providence and Grand Bahama, Dr Minnis said. There is no doubt that small-island states such as the Bahamas face challenges in constructing fullscale, specialist medical facilities on every island and every cay because of our archipelagic make-up. Tele-medicine will allow us to overcome those chal lenges, and once the infra structure is put in place, Bahamians and visitors alike in far-flung islands such as Inagua and Mayaguana will be able to receive the same kind of specialist care and attention as those in New Providence and Grand Bahama, Dr Minnis added. He said the programme has positively impacted the provision of quality health care services to mainland Abaco and its surrounding cays by increasing access to emergency and other care, helping to reduce the need for air ambulatory services for critically injured persons who can now be assessed on the ground in Abaco, and by reducing the need for travel into New Provi dence for consultations. Similar successes, he said, should be attained in the other islands of The Bahamas. What the tele-medicine programme has done is that it has allowed medical per sonnel in New Providence led by Dr Bullard and his team to liaise with medical personnel in Abaco to assess, examine, diagnose and treat patients, the Health Minister said. This has helped to expand the healthcare services provided into Abaco as specialist physicians are able to review cases in real time and provide examinations as if they were actually on location reviewing the patients themselves the system is just that good. Dr Minnis said health officials will expand the programme into a number of other Family Islands within the near future. T HE countrys tele-medicine programme will be further expanded to include a tele-ambulatory component to help deal with the increase in trauma cases, Minister of Health Dr Hubert Minnis said Friday. A ccording to the National Emerg ency Medical Services Department, t he estimated 44 per cent increase in gunshot victims in 2010 compared to the previous year and an overall rise in trauma cases is taking a major toll on the health care syst em. To help combat this problem, a t ele-ambulatory programme will be l aunched in New Providence. D r Minnis said the programme, which will start with at least one emergency medical service vehicle att he Princess Margaret Hospital (PMH medicine capability in its initial stage, will play a major role in e xpanding critical care to victims at the scene of traumatic events such as shootings, knifings and road traffic c rashes. E mergency medicine physicians a t the Accident and Emergency Department of the Princess Mar garet Hospital led by Dr ColinB ullard, an emergency medicine s pecialist and coordinator of the t ele-medicine programme will be able to diagnose and commence treatment of trauma patients on sitev ia video-conferencing. Dr Minnis said this capability will not only significantly reduce the time between trauma and treatment, but will also have a domino effect on the management of trauma and other cases at PMH as increased d emand for bed space is one of the n egatives associated with increased trauma cases. T he tele-ambulatory service is part o f a wide-scale initiative by officials of the Ministry of Health, the Department of Public Health and the Public Hospitals Authority toa ddress treatment of the rising number of trauma cases either presenting, or being transported to, the Accident and Emergency Depart-m ent of the Princess Margaret Hospital, Dr Minnis said. Health officials have developed a n umber of other initiatives to address the issue, including expanding the Accident and Emergency Department of PMH and beginning w ork on the construction of a new treatment facility at the former City Market building on Market Street. A n education and training prog ramme has also been established with a number of teaching and medical facilities throughout the United States and Canada wherebyB ahamian emergency medicine personnel can share experiences and best practices with their interna-t ional and regional counterparts via v ideo-conferencing. Trauma cases, including those related to shootings, knifings and traffic crashes, have dramaticallyi ncreased the need for bed space in the Accident and Emergency Sec tion of the PMH, Dr Minnis said. The whole idea is that trauma physicians in the emergency room will be able to commence treatment of the patient at the accident site or roadside and that will improve the q uality of care and improve the outcomes of those patients, he said. Additionally, our emergency r oom doctors can continue to moni tor and treat the patient while enroute to the hospital, which will improve the quality of critical care to the patient. There is no doubt thatt he introduction of the tele-ambulatory service will have great impact not only on the quality of life of vic-t ims of trauma, but also reduce some o f the costs associated with the treat ment and care of trauma patients. Dr Minnis said trauma cases involving gun shot and stab wounds,a nd injuries from road traffic crashes, are on the increase and are hav ing great impact on PMH as trau m a cases take precedence over a lot of cases because they are such an emergency or life and death situation. He said in addition to requiring l arge amounts of bed space, the cases carry significant external, internal, psychological and financial burdens o n the victims and indeed the h ealthcare system of the Bahamas. Dr Minnis said while the external injuries are obvious, the internal and psychological ones are less obviousa nd involves a wide range of care. Trauma cases have great impact because those cases not only takeu p quite a bit of bed space, but they a lso increase demand on the Inten sive Care Unit which is thousands and thousands of dollars, in addi tion to placing a high level ofd emand on the human resources of the healthcare facility insofar as sur gical and medical staff are con c erned, Dr Minnis said. Tele-ambulatory service to help combat trauma cases increase Tele-medicine programme for Family Islands g ets vote of confidence MINISTER OF HEALTH Dr Hubert Minnis speaks to the media on Friday. MINISTER OF HEALTH Dr Hubert Minnis in Abaco. TUNIS, Tunisia Associated Press TUNISIAtook a step t oward democracy and reconciliation Monday, promising to free political prisoners and opening its government to opposition forces long shut out ofp ower but the old guard h eld onto the key posts, angering protesters. Demonstrators carrying signs reading "GET OUT! demanded that the former ruling party be banisheda ltogether a sign more troubles lie ahead for the new unity government as security forces struggle to c ontain violent reprisals, s hootings and looting three d ays after the country's longtime president fled u nder pressure from the s treets. "We're afraid that the p resident has left, but the powers-that-be remain," said Hylel Belhassen, a 51year-old insurance salesm an. Even before the new g overnment was a nnounced Monday, secur ity forces fired tear gas to repel demonstrators who see the change of power as Tunisia's first real chance at democracy. P resident Zine El Abidine Ben Ali fled Frid ay to Saudi Arabia after a month of protests over unemployment and corruption led to his downfall after 23 years in power. T he government announced Monday that 78 civilians have died in them onth of unrest an announcement that under lined the depth of the vio l ence in the usually placid Mediterranean tourist des tination. Under autocratic Ben A li, Tunisia was effectively under one-party rule. The new government named M onday includes three ministers from the opposition a first in Tunisia b ut members of Ben Ali's RCD party held on to most of the jobs, including the most important posts. S ecurity forces have gotten an image makeover in the public mind. The oncef eared police have been fighting snipers and armed groups widely believed to be Ben Ali loyalists. N earby nations, mean while, faced a wave of selfimmolation attempts Mon d ay, apparently influenced by the desperate Tunisian man who set himself on fire a month ago, sparking t he protests that brought his president down. In Tunisia, hundreds of stranded tourists were still being evacuated and for eign airlines gradually resumed flights that were halted when Tunisian airspace closed amid the upheaval. Besides the 78 civilians killed in the monthlong protests, Interior MinisterAhmed Friaa said 94 civilians were injured a jump from the previous official death toll of 23. The new figure does not include members of security forces, some of whom also died, Friaa said. Among victims of the violence was a French pho tojournalist who died Monday after being hit in the face with a tear gas canister three days earlier. The French Foreign Ministry said Loucas Von Zabiensky-Mebrouk, 32, was the "victim of a delib erate homicidal act." The troubles have reverberated to the touristbased Tunisian economy, which Friaa said has lost$2 billion because of the unrest. Resort towns like Ham mamet are boarded up and under police control, said Norredine Gohdbani, who worked in a restaurant there and has returned to stay with his family in Tunis. Friaa told reporters that 85 police stations have been damaged around the country, along with 13town halls, 43 banks, 11 factories and 66 stores or shopping centers. TUNISIA ANNOUNCES NEW GOVT
LOCAL NEWS THE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE Lyford Cay Foundation (LCF made an emergency gift of $10,000 to the Salvation Army of the Bahamas and Great Commission Ministries to help underwritet heir efforts to provide shelter, food, clothing and other supplies to the victims of the devastating B oxing Day fire which left h undreds of people in the area known as Mackey Y ard homeless. The Foundations aim is t o lend assistance that is likely to have a long-termb enefit, but we also recognise the critical nature of s hort-term need and decided to act immediately to try t o help the many men, women and children displaced by this tragedy,s aid Kylie Nottage, chair of LCF's Gifts and Grants C ommittee. We have worked extensively with the Salvation A rmy of the Bahamas and Great Commission Mini stries in the past, and we know that they are able to reach out quickly and effect ively to get help to people in need in the community. T he LCF said it has given a total of $139,968 to the Salvation Army and $25,718 to Great Commission Ministries over they ears to fund their various philanthropic projects. These two groups along with other non-prof its, faith-based organisations and government agencies mobilised right away to lend humanitarian assistance to the victims of the fire, primarily by providing them with food,w ater, clothing, blankets, pillows, cots and a host of personal care items. Given their limited funds a nd the increasing demand f or their services at this economically challenging t ime, neither organisation w as sure how long it would b e able to keep up this work. The Foundation gift was very timely, as we were c hallenged with serving both our regular clients and t he disaster victims, said Minalee Hanchell, executive director of Great Com-m ission Ministries, which provides emergency shelt er and counselling, and feeds hundreds of people daily. We will continue to r each out to the victims and their families. M arsha Kanady, community relations and development associate at the Salv ation Army, expressed similar sentiments. The Lyford Cay Foundation's gift will make a huge difference in our relief efforts for the fire survivors, she said. Disaster supplies are not cheap, and it takes funding to purchase these items. With this gift we will be a ble to assist more surv ivors with more of their immediate needs. The Boxing Day fire d estroyed 120 shanties in w hat is believed to be one o f the oldest Haitian vill ages in New Providence. A bout 350 people were d isplaced in the tragedy. Lyford Cay Foundation makes donation to the Mackey Yard fire victims C OOK MARIE ROLLE p repares a h ot meal at the Great Commission M inistries Feeding Centre. H ANDS FOR HUNGER d elivers f ood donated by Atlantis to Great Commission Ministries at #16 Wulff Road.
By RALPH J MASSEY UNFORTUNATELY ...the failure of public education in both the U. S. a nd the Bahamas ranks c lose to jobs and budget d eficits as one of the most difficult public policy issues of the day. The evi-dence of the public educat ion failure in the U. S. and t he Bahamas is clear. However, the average citiz en cannot help but be c onfused about what is w rong and what should be done. The evidence is clearer with respect to theU S, but it is relevant to the Bahamas. Explosive Documentaries The level of academic achievement in the U. S., t he long-standing s tatus quo promises catastrophic l ong-term economic and s ocial consequences. The 20th Century world superp ower ranks 24th behind virtually all advanced A sian and European countries in international academic rating systems. A cademically it is underachieving; and two recentl y released full-length film documentaries deal with this. Waiting for Superman is in limited public distribution; and in late February it is expected tow in the Oscar for Best F ilm Documentary. It focuses on a particularly successful type of schoolt hat flourishes in urban low-income neighbour hoods. The Cartel: education + politics = $ i s about New Jersey, the state with the highest expenditures per student in America and an unacceptably low academic achievement ranking. O ne should note that N ew Jersey has three types of public schools: Regular public schools with teachers in teachers' unions, Magnet public schools t hat have a specialized curriculum also with teachers in teachers' unions, and Charter schools that a re publicly owned but priv ately operated with teachers who are not in teache rs' unions. T he New Jersey Reality Show T he latter documentary a rgues that in New Jersey there is a Cartel made up of unions, school boards, the New Jersey Department of Education and politicians that collude systematically for their gain a t the expense of students a nd the state's tax payers. T he immediate losers a re the students as meas ured by what they don't k now and cannot do on leaving school and a state financial budget that has been out of control. The documentary describes and illustrates how the Cartel works with i nterviews and hard data...a simply fascinating one hour and thirty-two m inute t our de force O ne example is a new $30 million football stadium at Shabazz High School located in a lowi ncome district where only 14 per cent of the students get a passing grade inm ath...a startling contrast o f wasteful spending and academic failure. The Obsolete Paradigm T he obstacle to education reform in large measure is the political powero f the New Jersey Education Association (the NJEA, the teachers union). T he issue is not the quali ty of 60 to 70 per cent of public school teachers; rather it is the 30-40 perc ent that are not and can n ot be fired for cause. T eachers achieve tenure after three years and one day of service; and they are protected against u nlawful discharge by a liti gation process that the NJEA zealously uses to b lock 99.7 per cent of all p roposed separations. B ecause of the costly litigation hurdle, it is virtual-l y impossible to fire a t eacher. And...guaranteed employment-for-life has disastrous consequences: 1. Learning Impairment. Students who get more e ffective teachers have an e xtreme advantage while t hose with poor teachers e xperience a near-perman ent retardation of academ ic achievement. Strong evidence supports the conclusion that a good teacher will produce a student gain of one and a half grade-level equivalents during a single acade mic year; whereas a bad teacher will produce a gain of only a half year...and...it i s likely that the typical s tudent will get a run of bad teachers. 2. Picking Good Teach e rs. I t is extremely difficult to identify those teaching candidates that will pro d uce superior studentl earning gains. Unfortu nately, teacher-education courses taken or a teacher's Intelligence Quo t ient are not good indicators of future teaching success. I t helps if teaching candidates have under-gradu ate degrees in specific aca demic fields; however, Eric H anushek, the leading e ducation economist, concludes that what happens after a teacher is hiredr eveals more valid indica t ors of teacher effectiveness; and he strongly reco mmends that teacher rewards and promotions should be tied to the measured academic gains registered by a teacher's stud ents. S uch a policy means t hat a school district must e ngage in a continual p rocess of hiring, evaluat i ng and firing to acquire a stable of quality teachers in order to avoid trappingu nfortunate students in a series of poor teachers...thus creating a life-time learning impair-m ent. In this case the best practice is the polar opposite to employment-f or-life. The Inconvenient Truth The Cartel documentary, however, identifies ag enuine road map to extract New Jersey from the present quagmire ..namely, the unleashing of its existing charter school programme and combining it with studente ducation vouchers given t o all students who redeem them at the public or pri vate schools that accept t hem. T he past performance record of charter schools m aybe viewed differently depending on the analyst. Up until now the New Jersey Charter Schools have been approved and regul ated by the C artel; a nd it i s no surprise that the total n umber of charter school s tudents is very small. This c reates an excess number o f students applying to charter schools; in this situation the state mandatest he use of lotteries to determine who gets admitted. Teachers unions are diam etrically opposed to charter schools since they allegedly drain financialr esources from unionized t o non-unionized schools; and thus their objective is to limit their success. Progressives and liberals g enerally favour existing U.S. Government voucher programmes like the GIB ill and Pell Grants that support college atten dance, food stamps and housing vouchers; but theya bhor school vouchers. T he inconvenient truth is that education vouchers split the funding of educa t ion from the delivery of e ducation services. The New Jersey charter schools m ay produce higher academic achievement and/or a safer learning environment; but TheCartel prefers to fund regular and m agnet public schools. T hat's the Inconvenient T ruth. H owever, the newly e lected Governor Chris C hristie is on a mission to change this. T he Bahamas What do we know about public school reform in the Bahamas? T he good news is that the nation has a Minister of Education who is deal-i ng with the Department o f Education in an effec tive way. The bad news is that he inherited the New Jerseyg ood teacher/bad teacher problem; and he must deal with long-standing andd eeply-ingrained beliefs that are hostile to the New Jersey reform programme. And...there is a need for a new ten-year plan with a c onvincing Bahamian strategy. There is nothing easy a bout this task. P AGE 8, TUESDAY, JANUARY 18, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Education + politics = illiteracy + waste O PINION A NEW entrance scholarship valued at $20,000 has been established by the Lombard Odier bank as a result of its relationship with the College of the Bahamas. According to COB, the bank one of the oldest private banking firms in the Bahamas has created this scholarship to help cultivate a new cadre of professional talent in the financial services sector. The Lombard Odier Darier Hentsch Private Bank and Trust Limited Entrance Scholarship makes $5,000 per year available to a student with demonstrated academic excellence pursuing a full-time undergraduate degree at the College in banking and finance with a for eign language, COB said in a statement. Young adults would agree that tourism is great, but private banking is another great option, said Christian Coquoz, senior vice-president of Lombard Odier. We want to provide an opportu nity for students who are interested in the banking arena to have the funds necessary to pursue higher education. Graduates of COBs School of Business have through their profes sional pursuits made vast contribu tions to the development of the finan cial services sector. Many of them hold leadership positions across the industry and have developed valu able innovations, the college said. Dr Betsy Boze, College president, lauded Lombard Odier as a gener ous benefactor committed to the development of future Bahamian banking and finance leaders. This is an outstanding gift which demonstrates that Lombard Odier recognises the critical importance of supporting high achieving students and fostering unique opportunities for student development in the bank ing and finance sector," she said. In addition to COB Entrance Scholarship, the bank said it has also developed an innovative programme which identifies an academically promising seventh grade student for mentorship throughout high school and then provides a scholarship for tuition. In this way, the bank said it is acting on its commitment to education from the secondary to tertiary levels. Rather than just make a donation, we really want to associate ourselves with said Mr Coquoz. At one stage, that student will perhaps do a summer internship here and then receive a scholarship. Basically this is a ten-year commitment. New $20,000 scholarship f or those wishing to enter the financial services sector T T h h i i s s i i s s a a n n o o u u t t s s t t a a n n d d i i n n g g g g i i f f t t w w h h i i c c h h d d e e m m o o n n s s t t r r a a t t e e s s t t h h a a t t L L o o m m b b a a r r d d O O d d i i e e r r r r e e c c o o g g n n i i s s e e s s t t h h e e c c r r i i t t i i c c a a l l i i m m p p o o r r t t a a n n c c e e o o f f s s u u p p p p o o r r t t i i n n g g h h i i g g h h a a c c h h i i e e v v i i n n g g s s t t u u d d e e n n t t s s a a n n d d f f o o s s t t e e r r i i n n g g u u n n i i q q u u e e o o p p p p o o r r t t u u n n i i t t i i e e s s f f o o r r s s t t u u d d e e n n t t d d e e v v e e l l o o p p m m e e n n t t i i n n t t h h e e b b a a n n k k i i n n g g a a n n d d f f i i n n a a n n c c e e s s e e c c t t o o r r . Dr Betsy Boze
LOCAL NEWS THE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BAHAMAS National Trust Discovery Club Members from Oakes Field Primary and St Andrews School participated in their first camping activity just before the Christmas. Club members took Camping 101 where they were introduced to pitching a tent, rollinga sleeping bag and how to manage good personal hygiene with very little water. Campers were able to practice their newly acquired skills immediately as they travelled deep into the Retreat gardens, their campsite for the evening, to pitch their tents and get acquainted with their tent mates. Most of the campers had a good laugh as they accepted the challenge of cleaning up for bed with only two baby wipes each. Despite an evening rain, the campers spirits were not dampened as they gathered together for songs and ghost stories led by Discovery Club leaders Matt Holten and Hilary Lockhart. Once the rain ended the group gathered around the camp fire for the traditional roasting of marshmallows and more stories. The campers arose at 6am to make breakfast, wash dishes and clean up their campsite. According to Shacara Lightbourne, BNT Discovery Club coordinator, the camp was a great success. We are always pleased when two different clubs decide to camp together. It allows young people from different backgrounds to experience fellowship and share experiences while learning to appreciate their natural environment. BNT Discovery Club members experience the great outdoors CAMPING101: Marshmallow roasting at the camp. F AMILY and friends of Millie Lleida have made an urgent p lea for blood donations. Mrs Lleida is in the Intensive Care Unit at Doctors Hospit al after undergoing surgery. A nyone with the blood type O is asked to visit the hospi tal urgently and ask to donate blood to Mrs Mildred Lleida. Ur gent plea for blood donations JAPANESE maritime representatives paid a courtesy call on Environment Minister Earl Deveaux to introduce their choice for the International Maritime Organisations Secretary General post, Koji Sekimizu, the current director of the Maritime Safety Division. Mr Sekimizu campaigns on the mission of ensuring safety at sea and the emerging issues of anti-piracy solutions. The Bahamas is the third largest ship registry in the world, following Panama and Liberia, and holds an influential position on the IMO. Pictured from left to right are Ronald Thompson, Environment Permanent Secretary; Mr Deveaux; Nori fumi Idee, director general of Japans Maritime Bureau; Yasuhisa Mitani, director general of Japan Ship Centre (JETRO Gena Gibbs /BIS A MNESTY International yesterday urged the Haitian authorities to bring former president Jean-Claude Duva lier also known as Baby Doc to justice for human rights abuses committed during his regime in the 1970s and 80s. The widespread and systematic human rights violations committed in Haiti during Duvaliers rule amount toc rimes against humanity. Haiti is under the obligation to p rosecute him and anyone else responsible for such crimes, said Javier Zuiga, special advisor at Amnesty International. Jean-Claude Duvalier returned to Haiti on Sunday a fter nearly 25 years in exile in France. He fled Haiti in 1986 after a popular uprising which was violently repressed by the former Haitian Armed Forces and a local militia known as the tonton macoutes after the boogeymen said in local childrens fables to walk the streets after dark. Throughout his 15 years in power (1971-1986 ic torture and other ill-treatment were widespread across Haiti, Amnesty International said. Hundreds of people disappeared or were executed, the organisation said. Members of Haitis armed forces and the National Security Volunteers militia also known as the tonton macoutes played a primary role in repressing prodemocracy and human rights activists. The tonton macoutes were disbanded in 1986 after Jean-Claude Duvalier went into exile. The Haitian authorities must break the cycle of impunity that prevailed for decades in Haiti, said Mr Zuiga. Failing to bring to justice those responsible will only lead to further human rights abuses. Amnesty says Baby Doc must face justice f or Haiti r ights violations HAITI'S FORMER DICTATOR Jean-Claude Baby Doc Duvalier, center, waves to supporters from a hotel balcony after his arrival in Port-au-Prince, Haiti, Sunday Jan. 16, 2011. (AP J APANESE MARITIME REPRESENTATIVES P A Y COURTESY CALL ON MINISTER ASUNCION, Paraguay A LEFTIST guerrilla group has claimed respon sibility for a bomb thati njured five people as Paraguay's third bombing ina week raised alarm about increasing activity by the self-styled Paraguayan Peo ple's Army, according to Associated Press. A handwritten letter left nearby vowed to continue anti-government attacks and to show no mercy for police shootings of their comrades. Interior Minister Rafael Filizzola flew to the scene Monday hours after the bomb exploded just before midnight. He vowed no retreat in the effort to jail the guerrillas and dismantle their organization, known by the Spanish initials EPP. The latest homemade bomb was left in a backpack outside a police station in Horqueta, a small town in northern Paraguay that is home to fugitive members of the EPP. Someone deto nated it by remote control as four officers sat in a police vehicle nearby. All four were expected to recover, although one had serious eye damage, special forces commander Elizardo Rojas said. A fifth victim a motorcyclist passing by sought treatment for hear ing damage at a hospital and was being sought as a witness. PARAGUAY: FIVE INJURED BY GUERRILLA B ACKPACK BOMB
incidents started while he w as in the seventh grade and c ontinued up to the 12th grade, and once after he had g raduated. J ustice Hartman Longley p resides over the case, which is before a jury of seven mena nd two women. A mbrose Armbrister and E rica Kemp of the Attor n ey Generals office are appearing on behalf of the Crown. B irbal, a Trinidadian, is charged with two counts of unnatural sexual intercourse with two male students u nder the age of 18 between January 1, 2002, and June 2007, and again between S eptember 1, 2001 and Febr uary 28, 2007. C arlson Shurland is representing the 48-year-oldf ormer school teacher of the E ight Mile Rock High School. McMasters told the Court t hat Birbal was one of two art teachers at the school. He said Birbals classroom was located in the back of t he school campus near the basketball court. He said there was wallpaper on the windows in Birbals classroom. The windows were never opened and you couldnt see outs ide. McMasters also r ecalled that the heavy w ooden door of the classr oom had one lock on the o utside and three additional l ocks on the inside. McMaster said the first encounter occurred in the classroom during the last period when he was alone finishing his work. He said Birbal asked him t o open his mouth. He said Birbal held his jaw and asked him, Why after all t his time you aint get your m outh fix? A ccording to McMasters, Birbal went to his car andg ot a big camera out of the t runk. He returned to the classroom, locked the doors, and starting taking pictures of him smiling. H e said Birbal then started unbuttoning his shirt. Birbal moved his hand away and continued to take off M cMasters shirt, his undershirt, and then his pants. He said the art teacher took more pictures of him. After the sexual encounter, McMasters said he blacked out and remembers waking u p after being wet up. M cMasters was very emot ional, pausing, and even s haking at times while giving h is testimony in the witness b ox, prompting Justice Longley to ask whether he needed a break. At one point he bent down behind the witness box, and was told several times by the judge and prose cutor to speak up. McMasters said after waking up he ran home and w ent to the bathroom. My h ip was wet and sat on the t oilet to stool because my belly was hurting, but Ic ould not stool, he recalled. H e wiped himself with tissue and saw some white stuff and blood, and felt a burning in his hip. M cMasters said after the first ordeal Birbal put $50 in his hand. He said Birbal continued t o have sex with him over the years and he became used to it. Birbal would force sex on him when he tried to resist. McMaster testified that Birbal sometimes used cond oms. He also used lubric ants. M cMasters said he was a fraid to tell anyone because o f the embarrassment of b eing called a sissy, and getting cut ass from his mother. Birbal gave McMasters money, and had even got his church folks to donate monies for braces for M cMasters teeth. He also bought him an MP3, and would give him groceries f rom his apartment to take h ome. M cMasters said one time Birbal picked him up for ad entist appointment and t ook him to Deadmans Reef in West End. He said Birbal parked his car on a track road. He hold my hand and zip down his pants and tell me to suck his things, he told the court. W hen asked by Mr Armbrister what he meant by things, McMasters explained. H e also recalled an inci dent at Birbals apartment. Birbal went to the bathroom and came out naked andh ad sex with him. While there, he said Bir bal showed him some boys h aving sex on the compute r. He also saw photographs of other boys, including himself, that were stored on a computer memory card. McMasters said when he asked Birbal who the boys were, Birbal told me that t here were other boys he was seeing, but he could not tell him who they were. H e said sexual intercourse w as very uncomfortable, and p ainful especially to his stomach and hip. There was also the feeling of not beinga ble to stool. When Armbrister asked McMasters if he could rec o gnize Birbal, McMasters said Birbal was sitting in the court, wearing green trousers, white striped shirt,a nd jacket. U nder cross-examination, Carlson Shurland askedM cMasters when he first r eported the incident. McMasters said he reported the incident to police after he had graduated froms chool in 2007. He said he also told his father that Birbal had raped him. Mr Shurland asked McMasters if Birbal was the only persons he had sexual intercourse with, and he replied, Yes. He said Birbal had sex with him one time after he had graduated, and he destroyed his cellular phone s o that Birbal could not have contact with him anymore. Do you have HIV? asked S hurland. McMasters said h e did not, but that he t hought he had the disease and had told the police officer Brown that he had HIV. H e said he also told the principal, but Birbal denied it. He said the principal didn ot believe him and so he said he lied because he was fed and people were telling him what to say. In 2009 you met Troy G arvey who told you you could make a lot of mon-e y? asked Shurland? Not that I recall, McMasters replied. It is your intent to bring a civil suit against the Ministryo f Education? Shurland continued. No, I dont, answered McMasters. The trial continues on Tuesday. L OCAL NEWS P AGE 10, TUESDAY, JANUARY 18, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM groups and students to travel to Cuba. How ever, the US still maintains its long-held trade embargo with the Communist island. "It's in humanitarian interest and something that has been talked about for a long period of time. I have no concerns to those kinds of developments, but it is something that is obviously, were it to go much farther than that, will have a significant impact on our business in the short-term," the tourism minister said when contacted by The Tribune for comment yesterday. "I don't think it will (have an impact short-term because it's really limited to a spe cific category of travel." The new relaxed measures are seen as part of the inevitable opening up of Cuba for American travel, a future possibility that could increase competition for the US market. Currently Americans account for more than 80 p er cent of the Bahamian tourist market. Mr Vanderpool-Wallace said this is one of the reasons that his ministry is focused on branding each of the family islands as different destinations in an effort to make the Bahamas more appealing. "In very simple terms, part of the reason that we are developing the Bahamas to go beyond Nassau and Paradise Island is to provide more products for the travelling product as opposed to them perceiving us as having just a singular product in the Bahamas. "So the faster we can get the air connections to all the other islands and get those other island destinations established, we then find ourselves with many more products to sell to be more competitive compared to where we are today. That is all related to us being more competitive for that eventual day." Last week, Mr Obama said he would instruct the relevant American government agencies to allow certain groups religious and students freedom to travel to Cuba. was forecast to affect Bimini, however the tiny island was later dropped from the weather advisory. Residents in affected areas were warned to stay indoors and away from windows as a precaution against possible water spouts, small tornadoes, hail, and localized flooding. Boaters were also advised to remain at port until weather conditions improved. Up to press time, meteorological officials had extended the warning to 7.50pm, when the last of the system was expected to pass into the Atlantic Ocean. Male student gives emotional testimony in teacher sex case FROM page one CHARGED: Andre Birbal Williams was found near the OK Bar on East and Hay streets sometime before midnight with multiple gun shot wounds. At yesterdays press con ference, assistant commissioner Leon Bethel, who heads the Central Detective Unit told the media that they are probing a number of leads into the shooting death of Inderia Barry, who was shot in the head on Sat urday morning. He said that they have obtained the help of a pathologist and a forensic scientist to assist them in their investigation. The two other murders on Sunday, he said, are expected to be wrapped up very shortly. Commissioner Greenslade commended his officers for their hard work and commitment to their jobs, pointing out that in 2010 they charged 87 persons and con tinue to make arrests every day. It is our intention to maximize to the fullest all of the resources entrusted to our care. You can expect to see a more robust and presence response from the police force in the future, he said. FROM page one P olice conf ident of solving murders Residents br aced for severe weather FROM page one US r elaxation of Cuban travel wont affect Bahamas in the short ter FROM page one
SECTIONB email@example.com TUESDAY, JANUARY 18, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held r esponsible for errors and/or omission from the daily report.$ $4.70 $4.72 $4.61 [Learn more at royaldelity.com] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 rb !n&!! !" #!&$!& '-))"*$"*+-$))*')+**"&'*!'(("& ))+*&&+"'&)(')rfn! r By NEIL HARTNELL Tribune Business Editor A leading Freeport attor ney yesterday said he had been approached by various Grand Bahama Port Author ity (GBPA ate Judicial Review proceedings against Customs over the bonded letter controversy, telling Tribune Business the revenue collection agency does not have a leg to stand on based on his review of existing statute law. While noting that his opinCUSTOMS DOES NOT HAVE A LEG TO STAND UPON F RED SMITH Leading attorney approached to initiate action against revenue collector over NIB bond letter* Argues Freeport being subject to regulatory strangulation and thrown into chaos at worst time* Calls for more efficient Judicial Review process SEE page 4B B y NEIL HARTNELL Tribune Business Editor M arathon Bahamas gen erated a significant 2,500 e xtra room nights for the Bahamian hotel industry during one of its slowestp eriods, the events lead organiser said yesterday, telling Tribune Business it had just scratched the surface of its commercialp otential. Franklyn Wilson, who is also chairman of Sunshine Insurance, told this newspa per the Bahamas had an o pportunity to get tremen Marathons 2500 nights put hotels on fast track n Sunshine chief says significant boost for tourism industry at one o f slowest periods n Says Marathon Bahamas has just scratched the surface of economic potential, and skys the limit n R ace and Susan Komen event get really influential and impactful people thinking about the Bahamas for economic spin-offs RACINGFINISH: A scene from Sundays marathon. SEE page 5B By NEIL HARTNELL Tribune Business Editor T he Bahamas International Securities Exchange (BISX complete the implementation of its Central SecuritiesD epository (CSD 2011 first quarter, its chief executive told Tribune Busi n ess yesterday, adding that it would go a long way to raising this nations finan cial profile. We have set a target date f or the substantial work to be completed, and have it functional, if not near func-t ional, during the first quarter of this year, Mr Davies told Tribune Business of the BISX TARGETS FIRST QUARTER FOR SECURITIES DEPOSITORY END Facility to go a long way in raising Bahamas financial profile SEE page 4B B y NEIL HARTNELL Tribune Business Editor and TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org The Government is expecting to earn a net $300,000 rev-e nue increase from reforms to the Business Licence Act and i ts taxes, a government minister said yesterday, confirming that the rates for industries such asc onstruction and the hotels had been adjusted downwards by 0 .25 percentage points to reflect their concerns. Govt nets $300k through Business Licence reforms Reduces tax rates to 0.5% for construction, hotels, petroleum and food wholesalers, meeting concerns but giving up $2m inrevenue Amends Act to give statutory appeals process Removes collected occupancy taxes from turnover definition Pledges seven-day response to licence applications ZHIVARGOLAING SEE page 4B By ALISON LOWE Business Reporter Alowe@tribunemedia.net T ourism officials have welcomed news that the Bahamas will host theC aribbeans biggest tourism trade show C aribbean Marketplace in 2012, with the expectation that it will not onlyb ring around 1,500 extra visitors to Nassau but also g ive the country a chance to showcase its tourism offerings to buyers andg lobal media. The Bahamas was conf irmed as the venue for Caribbean Marketplace 2012 as the 2011 evento pened in Montego Bay, Jamaica, on the weekend, where stakeholders from the Bahamas and across the Caribbean gathered tod o deals in the tourism industry and assess the current environment. I n an area with 3,000 hotel rooms in the immedia te vicinity of the event, which is taking place at the brand new Montego Bayc onvention centre, and 2,500 rooms in the sur r ounding areas, president of the Jamaica Hotel and Tourism Association,W ayne Cummings, said the decision to host the event in the tourism-dominated province has ensured that every hotel bed of note iso ccupied at present in Montego Bay. Around 1,300 delegates have registered for the event, and up to 2,000 peo-p le in total have come to the area due to some level Bahamas eyes 1500 visitor boost in SEE page 5B
The Bahamas Financial Services Board (BFSB Banks & Trust Companies (AIBT ship with Deloitte & Toiuche, Ernst & Young, KPMG and PricewaterhouseCoopers will host a half-day roundtable today on key US tax initiatives impacting cross border financial services. A particular focus will be the Foreign Account Tax Compliance Act (FATCAa part of the US HIRE Act. FATCA is a major move in the US tax enforcement focus on so-called offshore issues, requiring information reporting about offshore assets that is backed up by penalties. Foreign banks must either agree to disclose information about US investors or be subject to a statutory withholding regime. Focused The Internal Revenue Service (IRS the 2001 Qualified Intermediary (QI not without its limitations, being focused mainly on ensuring that withholding tax relief is appro priate, and with almost no detailed information flows from the QIs to the IRS about the identity, income or overall tax position of any account holder. Not all foreign financial institutions choose to be a QI. IRS commissioner Douglas Shulman has described FATCA as "the most important development in international information reporting in a generation. It is a big step forward in our efforts to reduce tax evasion by creating transparency and accountability in the offshore finan cial markets. The four majort accounting firms are jointly coordinating the BFSB roundtable discussion that will focus on compliance implications in the new environment. The BFSB hopes members will be empowered to review/grow services to non-US persons who have a US connection, as well as US clients who increasingly are looking at diversification of portfolio and currency positions, and overall risk management. The Presenters will be representatives from the sponsoring firms: Lawrence Lewis, partner, Deloitte (Bahamas Jun Li, tax senior manager, Ernst & Young Joy Tegtmeyer, director-international tax services practice, PricewaterhouseCoopers Melinda T. Schmidt, director, KPMG LLP Lawrence Lewis has more than 16 years of professional experience in public accounting, risk advisory and management consulting services. He leads Deloitte's enterprise risk services prac tice, and serves as the FATCA programme leader for the Bahamas. Jun Li Jun is a New York-based senior manager in Ernst & Young's national financial ser vices asset management tax practice. He has experience in the financial services industry, serv ing asset management clients in the areas of hedge funds, private equity and international banks. Melinda T. Schmidt provides advisory services to domestic and foreign financial institutions with a focus on US tax information reporting and withholding requirements. Joy Tegtmeyer practices in the firm's New York office. She has been with PwC for over six years, serving primarily financial services clients msuch as banks, broker dealers, alternative investment funds, mutual funds and investment managers. She advises clients in addressing international tax matters such as tax planning for cross-border acquisitions, dispositions, and reorganisations, withholding taxes, permanent estab lishment issues, treaty interpretation, global effective tax rate planning, controlled foreign corporations, passive foreign investment companies, and effectively connected income. The event will be held in the Governor's Ball room of the British Colonial Hilton Hotel. B Y LARRY GIBSON E a rly Saturday morning, I had the opportunity to drive through the Oakes Field area and was c aptivated by the imposing presence of two structures. The first was the Harry C. Moore Library and Information Centre on the grounds of the College of the Bahamas (COB and the second was the National Stadium virtually next door.M y mind readily concluded that these two superstructures will form the foundation of our educational and sports policies, respectively, for many years to c ome. Importance of COB I fundamentally believe that growth and the transformation of our economy is inextricably t ied to our ability to produce a well trained workforce. A workforce that not only poss esses the skill-sets required by i ndustry today, but a workforce t hat is sufficiently trained to be adaptable and capable of being r etrained for future demands. Studies have long confirmed t hat a trained and educated workforce leads to increased productivity and innovation in t his new economy. It is no longer about producing bodies for the workforce but, rather, it is about producing productivew orkers who provide valuea dded benefits to employers. These are the shoes that COB and, to a lesser extent, o ther fully accredited tertiary i nstitutions must fill. I would encourage my readers to visit COBs website: http://www.cob.edu.bs/ and download and review the document entitled College to University Strategic Plan 20092019 It is an excellent and comp elling document that outlines how a University of the Bahamas (UOB make its contribution to national development. The following excerpt from the strategic plan sums up COBs proposition: Across the world, prosperity is increasingly linked to national capacity to meet global challenges, to innovate and develop new products and services. Nations now look to their universities as places where talented researchers, students and entre-p reneurs work together to develop products and services,w hich later become new busin esses and new social policies. I n Latin America and the Caribbean, it has been estimat-e d that 85-90 per cent of knowl e dge is generated by universities. The University of theB ahamas will be a driver of innovation, developing produ cts and processes which lead to a substantial improvement i n those products and processes, to the benefit of public and pri-v ate sectors. Concern H owever, one significant concern I have is the fact that o ur basic education system at the primary and secondary lev e l is in need of a major overhaul. For COB/UOB to suc c eed, we need a public educa tional system that produces quality feedstock. Are we prepared to open COB to large numbers of foreign students a nd provide financial aid in order to maintain the required q uality of incoming classes? Diversity is a desired quality in c ollege environments, and we seem to understand this argument well when it comes to our children getting spaces, financial support and other oppor t unities at institutions abroad. But have we opened our minds t o the benefits of international students at COB? Simply put, we must produce sufficient high school graduates who can meet the requirements to gain admission into ands ucceed at COB or any quality tertiary level institution. We all know that our basic educational system is broken, yet we continue to deny this and are quite content to apply bandaids to a gaping and very infected wound every couple of years. This is not good enough. I dont want to give the impression that I am being u nfair on the public system. For m any years now, I have quest ioned why the parents of so many private school students have to pay for extra-tutoring in mathematics, sciences, lan guages (including English so forth, on top of the $4,000 to $17,000 per annum that private high schools charge. We really need to ask ours elves some very fundamental q uestions about the state of e ducation in our country today. N ational Stadium T he enormity of this complex caught me by surprise. When the entire Queen Eliza beth Sports Centre (QESC completely developed, we will have something that is truly amazing for a country of our size. However, what is needed to augment QESC is a dormitory/residential complex. I understand that a key component of the master plan is the hosting of regional and international events. However, we are not ad estination that has an abundance of $50 per night rooms. The business plan for the Atlantiss and Baha Mars of this world does not contemplate the four to a room, $50 per r oom, per night crowd, hence m y call for a residential complex. The obvious operator of such a complex would be COBs School of Hospitality, which in addition to being adjacent toQ ESC, already has the restaur ant facilities and commercial kitchens in place. Therefore, it may be necessary to make additional public investment before the existing project has a chance of being financiallyv iable, notwithstanding the Chinese donation of the facility. F urthermore, I reckon that the annual upkeep/maintenance b ill alone will be about $2-3 million per year. Where is the revenue going to come from to support the operating cost of this facility? How much revenue can we reasonably expect to generate from the stadium?A lso, nobody is talking about the cost of infrastructural develo pment that the Government m ust bear in and surrounding the stadium. Do we have a final cost on these? These are but af ew questions that readily come to mind. Until next week NB: Larry R. Gibson, a Chartered Financial Analyst, is v ice-president pensions, Colo nial Pensions Services (Bahamass ubsidiary of Colonial Group International, which owns Atlantic Medical Insurance andi s a major shareholder of Secur ity & General Insurance Com pany in the Bahamas. The views expressed are t hose of the author and do not necessarily represent those of C olonial Group International or any of its subsidiary and/or affiliated companies. Pleased irect any questions or comm ents to Larry.Gibson@atlantichouse.co m.bs BUSINESS PAGE 2B, TUESDAY, JANUARY 18, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM ?D? $OOODQWVbRI :LQFKHVWHUWUHHWDOPGDOHEHWZHHQHDUVGDQG+DZNLQV+LOOf 3/$17(&+1,&,$1 Major investments that need right foundations Financial Focus B y Larry Gibson W ORKIN PROGRESS: P rogress continues on the construction of the n ew national stadium. VITALTOTHEFUTURE: The front entrance of the College of the Bahamas. BFSB hosts tax seminar COLLEGEOFTHEBAHAMAS N ATIONALSTADIUM JOY TEGTMEYER MELINDA T. SCHMIDT JUN LI JUN LAWRENCE LEWIS
By ALISON LOWE Business Reporter Alowe@tribunmedia.net M ONTEGO BAY, Jamaica The Prime Minister of Jamaica threatened the possibility of a trade battle between the Caribbeana nd the United Kingdom on Sunday evening in the latest development over a passenger tax that has threatened British tourism a rrivals. The Air Passenger Duty (APD Minister of Tourism, Vinc ent Vanderpool-Wallace has previously condemned as unfair, went into effect earlier this year as the UK g overnment sought to find ways to collect much-needed revenue. Under the tax, different regions have been grouped i nto different bands, and t he Caribbean including t he Bahamas and Jamaica h ave found that passengers coming to the islands are now being asked to pay more tax to the British gov ernment than those visiting the US. N ew APD rates came into effect on 1 November, rais ing the duty from ( US$77) to (US $115) f or economy-class travellers t o the Caribbean, and from (US$154 (US$291 economy, business and firstclass passengers. The Bahamas and the Caribbean have been lobbying the UK g overnment to reconsider t he tax, saying it will hit hard UK tourist bookings to their islands. Speaking at the opening ceremony of the CaribbeanM arketplace tourism trade show in Montego Bay, Jamaica, on Sunday evening, Prime Minister of Jamaica, Bruce Golding said his gove rnment still maintains (the APD) is manifestly unjust to the countries of the Caribbean and has worked hard to impress on the UK government that it is not fair. Mr Golding himself, along w ith other regional leaders, have personally travelled to the UK to lobby the British government on the issue. Making supplications a nd going to London pleadi ng are not the only options w e have. There are other o ptions the Caribbean may have to consider against something which we believe may be in conflict with established global trading standardsNo option willb e left off the table. Let it be understood, we will secure justice in this matter o ne way or another, said M r Golding, in comments w hich most took to mean the Caribbean could lodge a complaint with the World Trade Organisation (WTO against the tax on the basis that it is discriminatory. Mr Vanderpool Wallace had no immediate comment when asked to respond toM r Goldings statement that e vening, but he has previo usly said the Bahamas supp orts Caribbean efforts to push the UK government to r econsider the matter. T he Bahamas is not as r eliant on UK tourist a rrivals as Jamaica, but such visitors do traditionally spend longer in the country t han American visitors, m eaning that those who do c ome generally spend more money in the country. In an interview with Tri bune Business yesterday, Jamaican Minister of Tourism, Edmund Bartlett, sought to downplay his P rime Ministers comments, t elling this newspaper the UK is expected to make an announcement on a review of the tax in March. We dont want to go in with the big stick first, he quipped. I think we want to go easy on that because It hink the UK government is looking at a review. They are expected to make a s tatement on APD reforms i n March, and there is quite a bit of speculation as to whether APD will still be in existence or it will be somet hing else. What is clear is that their desire to have .8 billion pounds remains. What we h ave been tying to drive towards is a design change t hat will allow the destinations to be re-banded so thatt he destinations of the C aribbean will not be put at a disadvantage, lets say, against the US, while at the same time recognising the need the UK has to reduce the debt. BUSINESS T HE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM &RPIRUWDEOHRRPVDW&RPIRUWDEOHDWHV5RRPVIURPMXVWSHUQLJKW S OXVJUDWXLW\5HVWDXUDXQWDQG%DU 5HFUHDWLRQRRPHHWLQJRRP6 $OEDQV'ULYH T axation policy as it relates to International Financial Centres (IFCs o ne of the key areas of discussion at the Bahamas Financial Services Boards (BFSB a l Business & Finance Summit, scheduled for January 21-23 in Freeport. Panelists involved in the tax developments s ession will discuss the main principles that drive the tax policy and negotiation of Double Taxation Agreements (DTAs countries. Comparing and contrasting DTAs, they will review the benefits that are on the negotiation table for small IFCs, what this promises for the next 10 years, and what action should be t aken by IFCs today. Panelists include Simon Beck and Brian Segal, partners at Baker & McKenzie, along with Melinda Schmidt, director of KPMG. They will look at these issues from the perspective of Latin Amer-i ca, Canada and the US. Baker & McKenzie partner Simon Beck is an international tax and trust lawyer with vast experience working in the world's trust and financial centres. His practice also includes US federal and international securities and banking regulations. H e advises financial institutions and governments on regulatory, legislative and strategy issues, and regularly conducts training sessions for executives on trust, tax, banking and securities issues. B rian Segal is a partner with the law firm of Baker & McKenzie, practising in the firms Toronto office. His specialty is income tax m atters, particularly in the cross-border area. He has been involved in transfer pricing strategy and dispute resolution, handling all phases of pricing matters over the years, including planning, documentation and audit defense. Melinda T. Schmidt is a tax director at KPMG where she prov ides advisory services to domestic and foreign financial institutions, with a focus on US tax information reporting and withholdingr equirements. Her focus includes the QI program and FATCA, and withholding and reporting requirements for tax-favoured accounts, s uch as IRAs and education savings. The Summit has been designed to encourage and empower business development in the Bahamian financial services industry. It will also profile the Bahamas to international advisors and clients attending the event, providing them with an opportunity to m eet a variety of Bahamian service providers. BFSB chief executive Wendy Warren said that having determ ined the W ay Forward t hrough its strategy development process, the organisation is encouraging industry stakeholders to work t owards creating the environment required to be a jurisdiction responsive to client and market requirements. Ms Warren said of IBFS: It serves to achieve the two primary roles of BFSB: the development and the promotion of the Bahamas as a leading international centre for business and finance,. IBFS, as its precursor event, spurs discussion and debate about the industry with a focus on trends and the future. Armed with this knowledge, the Bahamas is better positioned to be nimble and responsive. With clarity of objectives, the jurisdiction has a better opportunity to succeed, said Ms Warren. Tax policy focus for BFSB summit SIMON BECK BRIAN SEGAL Trade dispute hint over UKs air tax
CSDs status, when questioned by this newspaper. That is my stated plan, and were still on target. We have a plan, the plan is being implemented precisely, and so far so good. We are continuing. The CSD, which is jointly owned by BISX, RoyalFidelity and CFAL, each hold ing one-third of its equity, is a vital back office component to the integrity and smooth functioning of the Bahamian capital markets, providing clearing and set tlement services for all share trades, and maintaining all shareholder registers. It will do this electronically. Emphasising that the CSD would reduce system risk associated with the clearing and settlement of all listed securities traded in the Bahamas, Mr Davies said of its benefits: For me to speak about increased efficiency and speed, that is not something the average investor will immediately notice. Settlement The thing the CSD brings to the forefront is a finality of settlement, so when a transaction occurs you are assured that the securities go from person A to person B. You are assured the monies related to the transaction go from account A to account B. A CSD essentially reduces system risk in the marketplace. Once you have that finality, it reduces the risk and speeds up the manner in which transactions occur. At the end of the day, there is no argument; the trade just settles. Mr Davies told Tribune Business the CSD would also provide higher securi ty for the beneficial owners of securities, maintaining their definitive ownership. Shareholders have their names appear on the regis ter, and there is no dispute over who owns the shares, the BISX chief executive said. It makes the overall market better for everyone. He added that it also supported other financial trans actions, such as the pledging of securities as collateral to banks or other financial institutions to obtain loans. This would be recorded by the CSD, protecting both banks and share owners, reducing their risk. These are the things that countries are rated on internationally, and having something that is secure, modern and electronic goes a long way to increasing the financial profile of a country, Mr Davies told Tribune Business. Describing the CSD as one of BISXs major projects for early 2011, Mr Davies said others included the further development of BISXs Rules and the listing facility for small Bahamian businesses with a market capitalisation of less than $1 million. As for other activities, Mr Davies said: We do believe that this year will see some activity we have not seen in the past, so we look forward to that in due course. The BISX chief executive said the CSDs implementation involved software, hardware and database issues, with the process aimed at ensuring all three arrived smoothly at the same place. BUSINESS PAGE 4B, TUESDAY, JANUARY 18, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM CUSTOMS DOES NOT HAVE A LEG TO STAND UPON ion was subject to any changes the Government might seek to make to existing laws, and of which he was not aware, Fred Smith QC, the Callenders & Co attorney and partner, told this newspaper that Freeport was being subjected to regulatory strangulation at the worst possible time given its economic condition. Arguing that Customs move to link approval of GBPA l icencee bond letters to production of National Insurance Board (NIB into chaos, Mr Smith said the move had deprived licencees of their legitimate rights to buy bonded or duty-exempt goods, depressing sales for Grand Bahama retailers and wholesalers. He added, though, that many businesses were reluctant to turn to the courts for redress because of the often-lengthy proceedings involved in Judicial Review hearings. While the case was being heard, many feared continued damage to their firmsin the absence of a bond letter. Efficient Calling for a more efficient Judicial Review process in the Bahamas, Mr Smith said he was pleased to see the Grand Bahama Port Authority stepping up to the plate and supporting the rights of licencees, following Tribune Businesss publication last week of a letter by Ian Rolle, its president, to the Prime Minister urging that the NIB/bonded letter situation be resolved. This is a partnership between the Government, the Port Authority and the licencees, and Im very pleased the Port Authority reached out in this fashion to the Government, Mr Smith said. I do hope between the three partners there can be some resolution to the total chaos that exists in Freeport. Freeport continues to be in the economic doldrums, and we need flexibility for our businesses to continue to survive, not regulatory strangulation. Analysing the legal basis for Customs decision to tie bonded letter issuance to NIB Good Standing, Mr Smith told Tribune Business: From a legal perspective, Customs does not have a leg to stand on. There is no provision in the Customs Management Act, no provision in the Hawksbill Creek Agreement, and no provision in the National Insurance Act that allow Customs or NIB to act in this way. It is a complete breach of the Hawksbill Creek Agreement, and something serious needs to be done. can say that I have been approached by a number of licencees to bring an action against Customs on this issue. Some are concerned about political intimidation and do notwant to be at the forefront, and others are uncomfortable issu ing proceedings. The problem with the inherent delay in the judicial system is they fear that if they do not obtain an NIB letter, their businesses will be affected. This highlights the need for a more efficient process in the judicial system. Mr Smith added: I have already been critical of delays in the Judicial Review process, which have been so prejudicial to theh earing of matters such as Save Guana Cay or Responsible D evelopment for Abaco on the BEC Wilson City issue. was very glad to see Mr Glinton was able to obtain a speedier Judicial Review for the Heasties and the other people involved with the matter in Nassau. I hope Judicial Review is given the priority in the Bahamas as it is elsewhere. Asked about the problems the NIB/bonded letter issue had created for Freeport, Mr Smith said: First of all, it createsu ncertainty in doing business and it throws everything into chaos. Secondly, it is depriving legitimate licencees of the oppor tunity to purchase duty exempt goods that are much needed at this time in Freeport for their businesses. Third, it is depriving retail sellers Dolly Madison, Kellys and Bellevue Business Depot from earning income on duty exempt sales. All around, it is a very bad and illegal thing that Customs has engaged in, and the challenge for Freeport businesses is that without an effective recourse to the courts, this raw abuse ofpower by the executive, which interferes with licencees, goes unchecked. The Callenders & Co QC added: Despite victory after vic tory against Customs and its abuses, Customs continues to ignore the judgments rather than treat them as applying across the board to licencees. The further negative repercussion for Freeport is that prospective investors see that the rule of law does not exist in Freeport. Justice delayed is justice denied, and for Customs to hold people to ransom is regrettable. It continues to create uncertainty in the business environ ment, and that is always bad for business. F ROM page 1B FROM page 1B BISX TARGETS FIRST QUARTER FOR SECURITIES DEPOSITORY END KEITH DAVIES Govt nets $300k through Business Licence reforms Zhivargo Laing, minister of state for finance, said that in adjusting the Busi-n ess Licence tax rate downwards from 0.75 per cent to 0.5 per cent for four i ndustries construction, the hotels, petroleum wholesalers and food wholesalers the Government would foregoa projected $2 million increase in taxes. Speaking to Tribune Business after a p ress conference to announce the latest Business Licence Act amendments, which were unveiled to the businessc ommunity at a Town Meeting last night, Mr Laing confirmed that among t hese were adjustments to the rates we were determined to levy on four industries that expressed about thei mpact. We have made some adjustments to these rates, so there are no increases of any significance whatso ever. The construction industry has already indicated its pleasure. M r Laing said the Government had moved to reduce the Business Licence taxes that would be paid by the fouri ndustries to what most of them would have been paying under the old r egime. Emphasising that the Governments intention behind the BusinessL icence Act reforms was not primarily to increase revenues, Mr Laing said: The result of the new calculation means that some people will be paying less, some people will be paying more,b ut we always intended it to be revenue neutral. In the totality of the exer cise, I think it came down on a net $300,000 positive for the Government. The minister also confirmed that the G overnment had amended the Act to allow for a clearly defined appeals process, whereby a business denied a licence could take the Revenue Secretarys decision to either the BusinessL icence Review Board or the Supreme Court. Were proposing amendments that w ill ensure people can appeal to the Board in one instance, to the Supreme Court in one instance, and decision of the Secretary for Revenue, yes, Mr Laing told Tribune Business. Thatw as one of the concerns that there appeared to be no appeal of his decis ion, at least in law. Sharlyn Smith, an attorney with S haron Wilson & Company, told Tri bune Business last year that Section 7 in the Business Licence Act gave seem-i ngly "extremely wide" powers to the Revenue Secretary to cancel, revoke or s uspend a company's Business Licence. Expressing fears that this could be used as a 'victimisation' tool, Ms Smitha dded that the Act did not stipulate for what period a company's licence could be suspended, and pointed out that the legislation's wording appeared to not permit any appeal to the Busi n ess Licence Review Board. While this Board was to be formed to hear all appeals against a decision made by the Revenue Secretary, the Act's wording only allows appealsu nder sections four, five, 11 and 21 of the legislation not section seven, which is what gives the Revenue Sec retary the power to suspend, cancel and revoke a company's businessl icence. Meanwhile, Mr Laing told Tribune Business the Government had alsoa mended the Acts definition of t urnover to remove occupancy taxes collected, a key concern of the hotel industry. There is an amendment to the definition of turnover that takes account o f the fact that occupancy taxes collected not be counted as turnover. That was one of them, he added. M r Laing reiterated that the Governments overriding objective was to m ake it easier to do business, pledging that under the reforms, once the application form was completed and all oth-e r necessary permits (health, environmental) were obtained, a new Business Licence applicant would hearf rom us at the Ministry of Finance within seven days. B usinesses did not need to apply for a licence renewal every year, instead just file their annual returns, and mul-t i-licence bureaucracy, such as the Liquor Licence, Shop Licence and M usic and Dance Licence had all been eliminated. We think were bringing some order t o the process, Mr Laing said. We have a much simpler way to calculate the taxes. I think we have made some progress. The Government has also had some s uccess in its revenue collection strategies, finding decades of arrears in business licenses fees and real property taxes. "We think we're making progress in a reas where we believe we were not as focused and as efficient as we could be, not as much progress as we need tom ake but we've been making some progress. Next month we are going to h ave the mid-year Budget exercise and we are going to have a full-disclosure," said Mr Laing. H e noted that revenue collecting officers recently put in place have had success in netting the government outstanding real property taxes on properties that were listed as vacant butr eally had $14 million homes built on them in some instances. The team has also been successful in tracking down businesses who have not paid license fees in "decades". F ROM page 1B The result of the new c alculation means that s ome people will be paying less, some people will b e paying more, but we a lways intended it to be revenue neutral. In the t otality of the exercise, I think it came down on a net $300,000 positive fort he Government. Z hivar g o Laing
dous benefits from the now-annual marathon, sug-g esting that it was up to Bahamians to now maximise its potential, one way being to attract some of the 28,000 field that attends the Miami Marathon to these shores. Detailing the economic b enefits Marathon Bahamas had created, Mr Wilson told Tribune Business that, ina lliance with the Susan G. Komen Bahamas Race for t he Cure that was also held on Paradise Island on Saturday, the two events hadg ot some really influential and impactful people thinki ng about the Bahamas in ways that can only help us. The Sunshine Insurance c hief said Marathon Bahamas had gone from an inaugural one-day event toa full Thursday to Monday event, with runners andt heir friends/relatives arriving last week and going home yesterday. Some 1200-1500 visitors were estimated to have c ome to the Bahamas as a result of the marathon and Race for the Cure. Thats good for all the hotels, Mr Wilson told Tri bune Business. Satisf ied We are satisfied that Marathon Bahamas generated 2,500 room nights, at least, which at this time of year is significant to Bahamian tourism. This time of year is a very slow p eriod. Looking at the wider impact from Marathon Bahamas, Mr Wilson said there was evidence it hada ttracted additional wedding business for this nation, given that the winner got married in this nation the day before. Theres reason to believe the marathon played some role in where he decided to get married, Mr Wilson said, noting that evidence of the positive publicity benefits the marathon accrued for the Bahamas came from the fact that both mens and womens winners were from Germany. He added that last year, German journalists present at the inaugural event hadp roduced immense press for the Bahamas, and this w as a sign such coverage had borne fruit. And, while Marathon B ahamas last year had to incentivise merchants to e xhibit at the pre-race Expo, the 25 present this year paid t o be part of it, Mr Wilson said, with those involved ranging from spas to med-i cal doctors and health food providers. The range of persons exhibiting at the Expos is also evidence of growth,M r Wilson said, pointing to additional sponsors such as Royal Bank of Canada, Scotiabank and Robin Hood. There were also a wholel ot of people who joined us as sponsors who were not there last year. Thats a very healthy sign. When you look at the array of sponsors MarathonB ahamas had this year, its very difficult to find any oth er event with such a broad sponsor base. Very seldom do you see that in theB ahamas, the private sector coming together with that degree of breadth and depth. Other sponsors included Atlantis, Emera,S pirit, Diamonds International, Colombian Emeralds, P harmachem and BORCO. Pointing to the awesome power of the Susan G.K omen brand in its field, Mr Wilson said its entire leade rship had been here and were going back with posit ive vibes about the Bahamas. Spin-offs Asked about the potential e conomic spin-offs, he replied: Youve got to use your imagination as to where it could lead........ Weve already started somet alks with the Komen organisation. We will be the first Komen walk in its 30th year anniversary. Its up to us to decide w hat we make of it. From a b usiness point of view, we genuinely have a platform h ere that could impact the entire country....... We are very optimistic that nexty ear the trajectory could grow even higher. Apart from the corporate sponsorship and community group fund-raising potential, Mr Wilson said that 45 tops cientific minds on Friday addressed the issue of breast c ancer, why 300-500 women were diagnosed every year with this, and why the aver-a ge age in the Bahamas was 42 compared to 61 in the U S. He added that he had met L ee Moffett, who ran some of Floridas top cancer centres, for dinner, and Godk nows where that can lead. We have managed this w eek to get some really influential and impactful people thinking about theB ahamas in ways that can only help us, Mr Wilson told Tribune Business. Tonnes of people came here who did not run. The national president of t he Links organisation was here. Theres an opportunity here for this entire country to get tremendous benefits,b ecause weve just scratched the surface. There are a number of things the Bahamas has g oing for it, which causes us to be very optimistic about where we could go. Its a platform for anyone doing business in the B ahamas to work with us, because the skys the limit. One such project, he sugg ested, would be to attract those runners who went to Miami to the Bahamas. BUSINESS THE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 6W$OEDQV'ULYH %HDXWLIXOVSDFLRXVVWXGLRDSDUWPHQW )XOO\IXUQLVKHG SOXVHOHFWULFLW\ PRQWKVPLQLPXPVWD\ 7 Marathons 2500 nights put hotels on fast track F ROM page 1B FRANKLYN WILSON CROWD-PULLER: Sundays Marathon Bahamas drew big crowds. of involvement. Josef Forstmayr, president of the Caribbean Hotel and Tourism Association said that more buyers will be meet ing with more hoteliers at this years Caribbean Marketplace than in 2010, something he said indicates that the business is coming back in the industry. In a speech at the opening ceremony on Sunday, Mr Forstmayr said he hopes the region will strive for stronger advocacy of tourism, greater regional integration to help remove barriers to tourism within the destinations for Caribbean nationals who can, in turn, help to fuel the industry, and the creation and launch of a sustainable marketing fund for Caribbean tourism. He said such a fund is over a decade overdue. Stuart Bowe, newly-elected president of the Bahamas Hotel Association, who was in Montego Bay to attend the event this weekend, said the move to have the Bahamas host the event next year will augur well for the country as a destination. Being the host of a very prestigious event like this will be good for the Bahamas and the Caribbean, and its yet another opportunity for us to partner with the rest of the Caribbean on some of the key issues, he said. The Bahamas last hosted the Caribbean Marketplace in 2008 at the Atlantis resort. Hoteliers also welcomed the decision to have the Bahamas again host the event. Andrew Neubauer, director of aales and marketing at the Sheraton Nassau Beach Resort on Cable Beach, told Tribune Business he hopes the hotel will be able to lock in a considerable number of room nights at the resort through securing stays from delegates and media associated with the event. FROM page 1B Bahamas eyes 1500 visitor boost in
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RANDALL, AP Business Writer NEW YORK Orange juice isn't the only thing at your supermarket that's been squeezed. Rising food prices mean grocery store chains must absorb extra costs on items like meat, seafood, and produce, or they try to pass them along to customers. But many of those consumers are unemployed or have less money to spend, even on essentials. For n ow, the big chains are mostl y choosing to absorb. As a result, profits are falling, and so are their stocks, making them one of the few dim lights in the market in 2011. On Tuesday, Supervalu was the first of the grocers to report quarterly results, and the numbers for its fiscal third quarter were ominous: A loss of $202 million, or 95 cents a share, compared with a profit of $109 million, or 51 cents, in the same period a year earlier. The company, which operates Albertsons, JewelOsco, Acme and other chains, also cut its forecast for the year. "This is going to be a challenging year going forward to manage inflation," Supervalu CEO Craig Herkert told analysts Tuesday. "It's just a factand we believe these infla tionary measures are going to impact consumers." The result: "Investing in (grocers for the faint of heart," says Philip Gorham, an analyst at Morningstar. The pressures supermarkets are dealing with are felt elsewhere, too. Soaring commod-ity prices help energy and agriculture companies that produce raw materials. But there are plenty of losers fromt he commodity boom stuck trying to pass on higher costs to customers whose wages are not rising as quickly. Evidence of that came in the government's inflation report on Fri day. The Consumer Price I ndex rose 0.5 percent in D ecember, the largest increase in 18 months. Mostof that was due to higher gasoline prices. Food prices increased just 0.1 percent, suggesting grocers still aren't passing along higher costs on most items. Forty million Americans now rely on foods stamps, up 50 percent from four years ago, and the aver age price of gas now costs 12 percent more than it did at this time last year. That's one reason why middle and lower income consumers are increasingly going to super centers that offer less selec tion but cheaper prices than traditional grocery stores. Grocery sales at stores like Walmart, Target, and Costco grew at a rate of 10 percent a year over the past five years, according to Packaged Facts,a market research firm. Sales at traditional grocery stores are growing closer to 4 percent. For the first time last year Wal-Mart Stores Inc. generated more than half of its U.S. sales from groceries. The c ompany can offer cheaper produce than a supermarket because it can use its enormous purchasing power to buy complete crops of apples in Washington and sell them i n the U.S, Japan and South America, says Bernard Sos nick, a retail analyst at Gilford Securities. Not every grocer is feeling a pinch from higher commodity costs. Whole Foods Market,w hich caters to shoppers who don't mind paying extra for organic lettuce, isn't as sensi tive to the 2 to 3 percent bump in food prices this year predicted by the U.S. Department of Agriculture. WholeF oods' stock is up 88 percent in the past 12 months. "If you are an upscale operator your ability to pass on inflation is much greater, but the middle-income stores are up against tough competition," says Karen Short, an analyst at BMO Capital Markets who covers grocery stores. "The high-end con sumer is feeling better, but the middleand lower-income levels are feeling much worse." Traditional grocers already operate with low margins. The squeeze they are facing now is threatening those already slim margins. In D ecember, Kroger Co., the largest grocery chain, lowered its full-year profit forecast. Kroger, Supervalu Inc. and Safeway Inc. each lagged the Standard and Poor's 500 stock i ndex over the past six months. Supervalu was trad ing close to 18 in April. Now, after falling another 15 percent last week to $7.39, the stock is at its lowest point in nearly a quarter century. S upervalu trades at 6.3 times its estimated earnings, about a third of its five-year high. Kroger and Safeway each trade at around 12 times estimated earnings, well below their five-year highs.E ach offers a dividend yield of about 2 percent or greater, with Supervalu paying a 4.7 percent yield. The good news for grocers is that some value investors, who pick stocks they think are undervalued, are starting to wade in. Some 20 mutual funds added Supervalu over the past six months, according to FactSet. More than 40 bought Kroger or Safeway. Of course, nearly three times as many fund managers bought Whole Foods. ROB GILLIES, Associated Press TORONTO Canada is tightening mortgage rules over concerns Canadians are taking on too much debt, the country's finance minister announcedM onday. Finance Minister Jim Flaherty said the maximum amortization period for government-insured mortgages will be shortened to 30 years from 35 years. Ottawa is also lowering the limit on how much money Canadians can borrow using their homes as equity to 85 percent of the value, from 90. The new rules go into effect March 18. Flaherty said some Canadians are "borrowing to the max at low interest rates." Canada's central bank and the government have been urging Canadians for months to be wary of taking on too much debt. Household debt was a record 148 percent of disposable income in third quarter last year, exceeding the U.S. level of 147 percent. The government wants to ensure there is no mortgage meltdown in Canada when rates go up. "We do not want to facilitate excessive debt assumption by some Canadians at very low interest rates because that will lead to trouble in the medium and longer term," Flaherty said. Flaherty said he consulted with the top executives of Canada's major banks. In Canada's concentrated banking system, five major banks dominate the market and regulators know each of the top bank executives personally. JESSICA MINTZ, A P Technology Writer SEATTLE Apple Inc. CEO Steve Jobs, the charismatic frontman for the c ompany that overturned the smart phone industry and invented a new category of tablet computers, is taking a second medical leave o f absence in two years. In the last decade, Jobs, 55, has survived a rare but curable f orm of pancreatic cancer and undergone a liver transplant. The news that he will again step down from his day-to-day role raises serious questions about the CEO's health. But analysts believe the company Jobs shepherded from garage startup to a $65 billion technology trendsetter is in good hands witht he current slate of talented executives even as Apple, now the Silicon Valley player to beat, faces increasing competition. Jobs has played the role of industry oracle, seeming to know what consumers want even before they do. He is also known as a d emanding and hands-on leader who is involved in even the smallest details of product development. Investors have pinned much of t heir faith in the company on Jobs himself, sending shares tumbling on every bit of news or rumor of his ailing health. F or now, very little is known about Jobs' current condition. Apple did not provide any information beyond a six-sentence note from Jobs to employees announcing his leave, leaving unan swered questions about whether the CEO is acutely ill, whether the leave is related to his 2009 liver transplant or whether he is at home o r in a hospital. Unlike Jobs' 2009 leave of absence, when he vowed to return to w ork in just under six months, Jobs did not say in the note made public Monday how long he would be on leave this time. He said h e will continue as CEO and will be involved in major decisions. Chief Operating Officer Tim Cook will be responsible for all dayto-day operations. "I love Apple so much and hope to be back as soon as I can," Jobs wrote. "In the meantime, my family and I would deeply appreciate respect for our privacy." The company announced Jobs' leave a day before the company i s set to report quarterly earnings. U.S. stock markets were closed for the Martin Luther King Jr. holiday. I n Europe, investors reacted sharply and Apple's shares closed in Frankfurt a staggering 6.6 percent lower at 243 euros ($323.02 While some analysts expect Apple shares to sink Tuesday in the U.S., many believe the company can function successfully even without Jobs in the corner office full-time even with Apple at the forefront of a new revolution in personal computing. In 2010, investors seemingly grew accustomed to Jobs' extreme t hinness, focusing instead on the early success of the iPad with consumers. Shares increased 53 percent last year to top $300. With A pple no doubt polishing the second version of the iPad and com petition among tablet makers expected to heat up this year and next, some stockholders may fear that without Jobs, Apple could lose its lead to tablets running Google Inc.'s Android software or Microsoft Corp.'s Windows. Analysts believe Apple has plans for several years' worth of products in the pipeline. And Cook, who is seen as a logical event ual successor to Jobs, is no stranger to investors. He ran the Cupertino, Calif.-based company for two months in 2004 while Jobs battled pancreatic cancer, and again in 2009 during Jobs' most recent medical leave. Apple chugged along smoothly then, releasing a new version of the iPhone and updated laptops on schedule. Since Cook, 50, began with Apple in 1998, he has been credited with tuning Apple's manufacturing process to solve chronic product delays and supply problems. "Steve is clearly still the visionary behind Apple," said Tim Bajarin of Creative Strategies, who has been covering Apple for decades. But, Bajarin said, Cook "understands the way Steve thinks, how Steve manages. He understands Steve's vision and probably more important than anything else, he understands Apple. And I don't see any changes in direction or vision or execution even though Steve's not day-to-day." Apple's products can command a premium in part because of the design and the materials, choices made by Jonathan Ive, Apple's top design executive, and his team. Ive has been with Apple since 1996 and has overseen the industrial design of the iPod, the aluminum-body Macbook laptops, the iPhone and the iPad. "He's responsible for the look and feel of the stores, the products, the software. And no slight to Tim (Cook he's the most important person in the company," said Shaw Wu, an analyst for Kaufman Bros. Without more information about Jobs' medical condition, it's impossible to say when the CEO might be able to return to work if at all. Apple has a history of extreme secrecy when it comes to the iconic CEO's health, disclosing major illnesses only after the fact. The company waited until after Jobs underwent surgery in 2004 to treat a very rare form of pancreatic cancer an islet cell neu roendocrine tumor before alerting investors. That type of cancer can be cured if diagnosed early, unlike the deadlier and more common adenocarcinoma. By 2008, Jobs had lost a noticeable amount of weight, but Apple attributed his gaunt appearance to a "common bug." In January 2009, Jobs issued a statement saying the weight loss was caused by a hormone imbalance, and that the treatment was simple. He backtracked less than two weeks later, however, announcing a six-month medical leave. During that time, he received a liver transplant that came to light two months after it was performed. Methodist University Hospital Transplant Institute in Mem phis, which performed Jobs' 2009 transplant, said Monday that he is not a patient. It declined to comment on his current condition. Medical experts who do not treat Jobs can make some educated guesses. Dr. Michael Poryako, medical director of liver transplantation at Vanderbilt University Medical Center in Nashville, listed a slew of conditions that might be affecting Jobs, including jaundice and kidney and vascular problems not to mention side effects from the immunosuppressant drugs patients take following an organ transplant. However, he said it's unlikely Jobs' body is rejecting his liver two years after the transplant. "If the liver is functioning appropriately, people tend to return to normal muscle mass and normal physiologic functioning, which makes them feel better and look better," he said. (AP Photo/Paul Sakuma MEDICALLEAVE: Apple Computer Inc. chief executive Steve Jobs gestures as he unveils the first new Apple mini store in Palo Alto, Calif., Thursday, Oct. 14, 2004. Jobs attended a press conference, his first public appearance since he underwent cancer surgery in July. The 49-year-old executive took a month-long leave to recuperate and quietly returned to work full-time in September. Why supermarket stocks are getting squeezed (AP Photo/Tony Gutierrez FOODFORTHOUGHT: Shopping at theFamily Dollar store Tuesday, Dec. 14, 2010, in Waco, Texas. Apple CEO Steve Jobs takes medical leave INTERNATIONAL BUSINESS Canada enacts tougher mor tgage r ules
BUSINESS THE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM PABLO GORONDI, A ssociated Press Oil prices dropped to near $91 a barrel on Monday as the dollar gained against the euro, and after China's latest curbs on lending r aised the prospect of weaker demand for crude. B y early afternoon in Europe, benchmark oil for February d elivery was down 39 cents at $91.15 a barrel in electronic trading o n the New York Mercantile Exchange. The contract rose 14 c ents to settle at $91.54 a barrel on Friday. Floor trading was closed in New York due to the Martin Luther K ing holiday. The euro fell to $1.3312 from $1.3385 late Friday making crude, w hich is bought and sold in dollars, more expensive for investors holding the European common currency. C hina, the world's biggest energy consumer, on late Friday raised the amount of money banks must keep on reserve for the s eventh time in a year its latest move to curb lending and tame inflation. That suggested China's economic growth could slow further, denting demand for imported oil, which is trading near a twoyear high, and other fuels. D emand in the U.S. is also weaker at this time of year as New Year holidays are over and Americans are driving less. But any pos-i tive economic news from the U.S., the world's No. 1 economy, could lift oil to near $93 a barrel, energy consulting firm Cameron Hanover said in a report. Oil prices received some support from the monthly report from the Organization of Petroleum Exporting Countries which raised s lightly the forecast for demand for its crude. "In 2011, the demand for OPEC crude is expected to average 2 9.4 million barrels a day, an increase of 0.4 million barrels a day over the 2010 level and an upward revision of 0.2 million barrels a d ay over the previous assessment," the Vienna-based group said. In other Nymex trading in February contracts, heating oil fell 1.19 cents to $2.6333 a gallon and gasoline dropped 0.52 cent to $2.4894a gallon. Natural gas futures lost 0.7 cent to $4.473 per 1,000 cubic feet. MATTHEW PENNINGTON, Associated Press W ASHINGTON Chinese President Hu Jintao's high-profile visit to Washington this week comes as newl y elected Republican lawmakers are itching to act against what they see as an undervalued Chinese currency that is c osting American jobs. B ut they could run into resistance from their own party. In fact, Congress may be less likely to pass legislation on the i ssue than it had been last year, when both chambers were under Democratic Party control. A bill to give U.S. compan ies a means of challenging w hat they view as an unfair export subsidy sailed through the House of Representativest hen, but died in the Senate. Three Democratic senators Charles Schumer, Debbie Stabenow and Bob Casey p lan to introduce legislation this week to address the currency issue. "The American dream is imperiled" by China, Schumers aid in a conference call Monday with reporters. I f passed, the legislation would impose stiff new penalt ies on designated countries that misaligned currency in a way that unfairly harmed U.S. trade. Penalties would include tariffs on exports and a ban on any companies from those countries from receiving U.S. g overnment contracts. The new House speaker, R ep. John Boehner, voted against the bill. Rep. Dave C amp, now chairman of the House Ways and Means Com mittee that would screen any such legislation, voted in favor, but has appeared unenthusiast ic about focusing strictly on currency while ignoring trade b arriers and other issues. Without the support of such senior R epublicans, the bill may never reach the House floor for a v ote. S till, with unemployment at 9.4 percent and a presidential election looming in 2012, the issue won't go away. It is a prio rity for many lawmakers from both parties, including some new ones from the ultraconservative tea party movement thath as reinvigorated the Republic an Party and isn't afraid to challenge its leaders. C harles Freeman, a former U.S. trade negotiator with Chin a, was struck by the eagerness of new lawmakers to act whenh e participated in a recent brief ing for them. "This is a crowdt hat is anxious to do something," he said. U.S. manufacturers say the Chinese government intervenes in currency markets to hold d own the value of the yuan against the dollar by as much a s 40 percent, making Chinese products cheaper for Americ ans while increasing the price of U.S. goods in China. Since C hina announced it would a llow more flexibility in its exchange rate last June, the yuan has appreciated just 3 percent against the dollar. China's l eaders say relaxing currency controls too abruptly would damage its financial system, hurt its exporters and wipe outC hinese jobs. Ahead of his visi t, Hu said in written responses to questions from the Washi ngton Post that China has adopted a "managed floating e xchange rate regime" deter mined by the balance of inter n ational payments and supply and demand. He gave no indic ation that a major shift in the exchange rate was imminent. Currency is just one of many critical aspects of the U.S.-Chi na relationship. The economieso f the two giants are deeply intertwined. Trade between t hem is worth $400 billion, up from around $100 million 30 y ears ago when the U.S. formalized diplomatic relations with the communist government. The U.S. relies on China's purchase of Treasury secu-r ities to help breach the yawning budget deficit. The Obama administration also needs Beijing's cooperat ion on combating climate change, in dealing with reclusive North Korea which has recently unveiled a new means of making material for nuclearb ombs and bolstering the international pressure Iran on its nuclear program. The administration has tried t o strike a balance between pressuring China on currency while not undermining its relationship in other areas. U.S. Treasury Secretary Timo thy Geithner last week critic ized China for moving too slowly on allowing the yuan to a ppreciate, and said it was pursuing an untenable economicp olicy. But he still appears to favor a lower-key approach of c ontinuing to engage China on t he currency issue rather than using the blunt instrument of t he law, said Nicholas Lardy, senior fellow at the Peterson I nstitute for International Economics. Lardy said he expectsO bama would likely veto any currency legislation passed by C ongress, though the president has not taken a public stand. That is unlikely to deter lawm akers from trying again. Lindsey Graham, a veteran R epublican senator, said he planned to reintroduce a bill e arly this year to give the Trea sury more tools to act against China's currency "manipulation." Graham, who has for years joined forces on the issue w ith Democrat Sen. Charles Schumer, acknowledged "faultl ines" in his own party on whether to push currency leg i slation. New US lawmakers want action on China currency (AP Photo/Jeff Chiu OILPRICESSLIP: A man puts gas in his car at a Shell Station in Palo Alto, Calif., Thursday, Jan. 13, 2011. Oil prices fell to near $90 a barrel Friday as a disappointing U.S. jobs figure and a move by China to cool off economic growth dampened expectations of higher crude demand. Oil slips to near $91 after China tightening move (AP Photo/Susan Walsh GREETINGS: In this April 12, 2010, file photo, Chinese President Hu Jintao is greeted by President Barack Obama during the official arrivals for the Nuclear Security Summit in Washington. Jintaos high-profile visit to Washington this week comes as newly elected Republican lawmakers are itching to act against what they see as an undervalued Chinese currency that is costing American jobs.
BUSINESS PAGE 8B, TUESDAY, JANUARY 18, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.260.97AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.1530.10032.02.04% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.2110.210.001.0500.3109.73.04% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.856.850.000.4220.26016.23.80% 3.651.63Consolidated Water BDRs2.102.100.000.1110.04518.92.14% 2.551.60Doctor's Hospital1.601.600.000.1070.11015.06.88% 6.995.94Famguard6.076.070.000.3570.24017.03.95% 10.207.23Finco6.516.510.000.2870.52022.77.99% 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S)5.475.470.000.3660.21014.93.84% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.405.00ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.82J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029MONDAY, 17 JANUARY 2011BISX ALL SHARE INDEX: CLOSE 1,480.07 | CHG 0.00 | %CHG 0.00 | YTD -19.44 | YTD % -1.30BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%L ast 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 67(3+(10$/&2/0%$,/(< 0'RI3%R[6SDQLVK:HOOV(OHXWKHUD %$+$0$6 +$52/'(8*(1( +8*+(6RI)RUWXQH3RLQW'ULYH)RUWXQH%D\6 XEGLYLVLRQ)UHHSRUW*UDQG%DKDPD%$+$0$6 GABRIELE S TEINHAUSER, AP Business Writers PAN PYLAS, AP Business Writers B RUSSELS (AP ters of the 17 countries that use the euro are pressing aheadw ith an overhaul of their financial firefighting tools, but said a deal will require more debate over the coming weeks. F ollowing their first meeting of the year in Brussels on Monday, the currency union's top financial policymakers said they discussed "all the ingredients"o f a comprehensive package to deal with the region's crippling debt crisis, which already has forced Greece and Ireland to i mplement painful budget cuts in exchange for multibillion e uro bailouts. "All the ingredients of the s olutions we have to form are on table," said Jean Claude J uncker, who heads the eurogroup. "The discussion was broad and will be narrowed in the next couple of weeks." T he centerpiece of any p rospective deal will likely be an overhaul of Europe's euro750 billion ($1 trillion bailout fund, which was set up l ast spring alongside the euro110 billion bailout of Greece to soothe financial markets anxious over some coun-t ries' mounting debt levels. So far, it hasn't really convinced, with Ireland following Greece in the bailout club and mount ing fears that the debt crisis c ould spread to Portugal and Spain. B oth the European Union's executive Commission and the E uropean Central Bank have said that the fund needs more powers and more funds at its disposal to deal with any emer gency that may arise. Such new p owers could include the right to buy government bonds ont he open market to support their prices and keep vulnerab le countries' funding costs in check. "We shall improve our current existing financial backstops so that the so-called market f orces cannot even have the slightest doubt about our capac i ty to act even in the most stressed scenarios," said the E U's Monetary Affairs Commissioner Olli Rehn. Germany, the eurozone's effective paymaster, has so far ruled out any substantial increase of the fund's size. But German Finance Minister W olfgang Schaeuble indicated that his country would be prep ared to bolster the eurozone's contribution to the fund so it c an actually lend out the full headline amount. Eurozone governments make their euro440 billion contribution to the region's bailout fund b y guaranteeing bonds issued by the so-called European F inancial Stability Facility. The remaining euro310 billion come f rom the European Commission and the International Monetary Fund. However, to get a triple-A credit rating for the EFSF's bonds and make them attractive to investors gov e rnments had to guarantee 120 p ercent of their value, while b ailed out countries have to deposit a certain portion of the l oans they receive "as a cash buffer." T hat takes the EFSF's lending capacity down to only about euro250 billion, which most analysts say is insufficient to deal with a bailout of Spain, if it e ver arises. Spain's economy makes up about 10 percent of t he eurozone economy, more than Greece, Ireland and Port ugal combined. But discussions Monday went beyond boosting the fund's size, with the Commission pressing to give it powers t hat would allow it to do more than provide emergency loans f or countries. Rehn and Juncker declined t o elaborate of the details of ministers' discussions, but J uncker said ministers had also debated potentially lowering the interest rates charged in the Irish and Greek bailouts a move that would make it easier f or the two countries to repay their emergency aid even ast heir economies are shrinking. "We were discussing in gen e ral terms the question of lowering the interest rates we charge for countries, but we did not discuss this point in suffi cient detail to give you the likel y outcome," Juncker cau tioned. G iving the bailout fund the p ower to buy government b onds would reduce the load on the ECB, which has recentl y stepped up its role in the debt crisis by buying the bonds of t he more imperiled European countries. Not all the bank's governing council are convinced that it should be buying bonds at all so they would welc ome handing off all, or a large chunk, of that duty. F igures on Monday confirmed speculation that the E CB ramped up its bond buying last week, a clear indication it tried to help Portugal in the run-up to a crucial bond auction. D ata from the ECB showed the central bank spent e uro2.313 billion ($3.1 billion buying government bonds in t he markets, up sharply from the previous week's euro113 m illion. That took the total since the bond-buying program began in May to euro76.5 billion. Last week's total was the highest s ince the week to Dec. 10, when it spent around euro2.7 billiont o shore up confidence following the bailout of Ireland. D espite the lack of decisions on the bailout fund, the finance ministers did agree on one thing: In 2012, they will issue a special 2-euro coin to celebrate t he 10 years that the euro has been in European wallets. ROBERT BARR, Associated Press LONDON Shares in oil major BP rose Monday as the market welcomed its deal with Russia's Rosneft to explore the Arctic seabed, though key partners complained about being left out and U.S. politicians warned about national security risks. While the deal hedges BP's production options as it faces new restrictions in the United States following the disastrous Gulf of Mexico well blowout, analysts noted it is unlikely to yield results for years. Still, BP shares shot up 2.4 percent as the London Exchange opened on Monday before retreating to stand 1.5 percent higher at 507 pence ($8.06 which traded at about 655 pence before the Gulf of Mexico disaster, climbed back above 500 pence only last week. The stock was also helped Monday by news that BP had won exploration rights in the Ceduna Sub Basin off the south coast of Australia. The Russian deal gives Rosneft a 5 percent stake in BP, which in turn takes 9.5 of Rosneft shares. Rosneft shares were up 4 percent on the MICEX exchange in Moscow. Analysts in London say the move is a bold on by BP, but it will have to wait years for a payoff assuming that significant oil reserves are found. "The deal looks like a typically bold BP move accessing a new region considered highly prospective," Evolution Securities said in a research note. However, "this is an exploration opportunity so while it may be a good mediumto long-term strategic investment, delivery is years away." While the resources in the Arctic are potentially huge, analysts at Collins Stewart said BP's profit margin would be squeezed by the high costs of operating in the South Kara Sea and other Arctic waters. "While any production arising from the new agreement is still likely to be many years away, BP's commitment of significant additional capital to Russia is likely to be seen as a material negative shift in its risk exposure by many observers," Collins Stewart said. Alfa-Access-Renova, BP's partners in the joint venture TNKBP, protested that they were supposed to be the exclusive gateway for any BP deals in Russia, according to the Financial Times. "All new business opportunities in Russia and Ukraine must be pursued through TNK-BP," AAR's Chief Executive Stan Polets was quoted as saying. TNK-BP now provides about a quarter of BP's production, but a lower proportion of income, Collins Stewart said. Jonathan Jackson, head of equities at Killik & Co. in London, said the Rosneft deal is likely to hit opposition in the United States, which is seeking a moratorium on Arctic exploration. Europe debates overhaul of debt crisis response GREG KELLER, A P Business Writer TOULOUSE, France Airbus said Monday it took in 574 net new aircraft orders last year, beating rival Boeing Co. for the third year running as the international aviation market rebounded more strongly than expected from the steepest drop in its history. The Toulouse-based plane-making consortium said 2010 orders were worth $74 billion at list prices, that it delivered a record 510 aircraft last year, and predicted even more deliveries this year. A year earlier, Airbus took in just 271 net orders as the global economic slowdown led airlines to cancel or delay existing ordersa nd stop making new ones. Boeing this month reported that it took in 530 net orders in 2010 a nd delivered 462 aircraft. Airbus' 2010 order book was boosted by a late-December order by Richard Branson's Virgin America for 60 A320 single-aisle aircraft. Airbus said half of the order is for its new version of the aircraft, the A320neo, which is being designed to save carriersm oney by being more fuel efficient. Airbus CEO Tom Enders said the European jet builder will d eliver between 520 and 530 aircraft this year, and said orders will be higher than that. We've made tremendous progress, it makes me more optimistic on 2011 than I was for 2010," Enders said in a statement. Airlines that cut back during the downturn are now scrambling t o add jets to handle rising traffic as the international economy rebounds. Soaring jet fuel prices are also forcing carriers to look forn ewer, more efficient planes to replace gas-guzzling older models. Speaking to reporters ahead of the company's press confere nce Monday, Airbus top salesman John Leahy said fuel prices were "a small negative on the horizon" for Airbus. He called Airbus' planned A320neo "the solution," saying the upgraded version of the workhorse single-aisle A320 is planned to launch in 2016, offering 15 percent better fuel efficiency than the c urrent model. Airbus delivered 18 of its A380 superjumbo last year. It expects t o deliver between 20 and 25 this year before ramping up production to three per month in 2012. L ast year Airbus took in 32 new orders for the A380. Airbus says it tops Boeing in plane orders in 2010 (AP Photo/Manuel Blondeau NEWORDERS: Airbus CEO Tom Enders listens during the Airbus Annual Press Conference, in Toulouse, southwestern France, Monday, Jan. 17, 2011. CRISISTALKS: French Finance Minister Christine Lagarde, left, speaks with Spanish Finance Minister Elena Salgado during a meeting of eurogroup finance ministers at the EU Council building in Brussels, Monday, Jan. 17, 2011. Finance ministers of the 17 euro countries are locking horns Monday over how to fight their crippling debt crisis amid evidence that the European Central Bank has so far been taking on the burden of calming jittery bond markets. INTERNATIONAL BUSINESS BP shares rise on Arctic deal despite complaints A P P h o t o / V i r g i n i a M a y o
WOMAN THE TRIBUNE TUESDAY, JANUARY 18, 2011, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM health BODYANDMIND T h e T r i b u n e YOUdon't have to be a doctor to save lives. You can simply be an indi vidual with a heart, regardless of age, gender, race or socio-economic back ground who wants to bring hope, health and happiness to others impacted by heart diseases, particularly children. Recently, two young Bahamians, who are philanthropists at heart, decided to follow the pattern set by Lady Sassoon and help to repair the hearts of children. Channing and Sean-Ryan Thomas, 6th and 8th grade students respectively, made the decision to donate the profits earned from their gumball machines, located in their father's office, over the past year to help a child receive heart care. These young entrepreneurs are the children of Dr Carlos and Loretta Thomas. Their decision came after they watched an ad about Joe DiMaggio Children's Hospital in Florida and noted the persons who come into their father's office needing financial support for medical care. Also, the children read their parents invitation to the heart ball and decided that this was where they wanted to donate money. They wanted to help children who need heart surgeries locally in The Bahamas. Channing came up with the idea on how to raise the funds. They were very excited about donating. Channing hopes to one day become a pediatrician or a veterinarian. Sean-Ryan says, I'd like to follow in my dad's footstep and become a pediatrician and a neona tologist. I can't think of a better way of starting to help children than donating to children needing heart surgeries. Loretta Thomas described her childrens decision as independent and inspiring. I think we ought to encourage our children. Children learn from their environment. Children learn from us. They mimic us. They emulate us. As parents, my husband and I try to pro vide the best nurturing, loving and teaching environment for our children. No matter how small or insignificant we may think the amount is, we should always encour age our children to be grateful receivers and heartfelt givers giving from the heart. One can give financially: every penny counts, every dollar counts. Or one can give of one's time or talent. Under the theme Saving little hearts for 50 years, one beat at time, the Heart Ball Committee will host the 47th Annual Heart Ball, Saturday, February 19, at Sheraton Nassau Beach Resort. This particular ball marks a significant milestone in the life of The Sir Victor Sassoon Bahamas Heart Foundation. The Foundation will celebrate its 50th year of existence. The Annual Heart Ball is the major fund raiser that helps to meet the demands of The Heart Foundation. There will be live toetapping performances by The Ed Brice Orchestra, The S-G Band (Soulful Groovers Bahamas Defence Force Dinner Band. There will be fabulous table prizes, raffle prizes and auction items, with an exclusive collection from John Bull. Tickets for regular seating are $250 per person. Premium seating and other accommodations are also available. Additionally, the public is invited to sponsor booklet ads, and make donations. Being a non-profit, all volunteer organisation, The Heart Foundation relies heavily on the generosity of others to meet their goals. Over 97 cents, of every dollar raised, goes directly to the aid of the chil dren. For information on ticket purchases or donations please contact the Heart Foundation at telephone number 327-0806. Children with a heart, helping childrens heart CARING HEARTS: Channing and Sean Ryan Thomas present their cheques to RE Barnes, the chairman of the The Sir Victor Sassoon Bahamas Heart Foundation This is part of the ongoing telemedicne programme which was introduced to improve the quality of care and decrease the fatality of trauma patients. Health officials say the telemedicine program will have a significant impact on the local health care system as it allows doctors to discuss cases and exchange ideas via, satellite technology. Minister of Health, Dr Hubert Minnis, who was present at the the press conference, said that the tele conference is an opportunity for doctors, surgeons as well as EMS personnel to keep up to date with technological advances in medicine. "This is an educational teleconferencing. We are interconnected with at lest ten other institutions worldwide, from Brazil straight up Canada," he said. W orking Together L ast week Jackson Memorial Hospital presented a case and the other hospitals will follow in the rotations. "The whole idea is a part of ongoing education so that our emergency room and our surgeons can remain on the cutting edge of education as well as technology so that when we have a difficult case we can present that to the world and be critiqued. This is part of our ongoing education and tele medicine program to ensure quality health care," Dr Minnis explained. If doctors locally run into a case that they have never seen before, the care can be presented and addressed during the teleconference. "From time to time we have diffi cult cases. And Jackson Memorial Hospital has presented some cases. If thats a difficult case then we would learn from that. We will present also and therefore we will be critiqued by the world which means that if you are presenting to the entire world you must be well versed. So we are learning new procedures and new processes will occur regularly. We want to continue an ongoing learning process which is excellent for the Bahamas and that is part of our moving forward and strategic planning," he explained. Dr Colin Bullard, who serves as the coordinator said when cases are presented :"We will be asked to com ment on how we have been managing such a case in the Bahamas and other countries likewise. We ask simple questions and we hear what other people in the region are doing. And all of this is in the effort to improve the quality of our patient care particularly as it pertains to trauma patients." Dr Bullard also said that the telemedicine program will have more impact on trauma patients. "As you know we are being overwhelmed with the amount of trauma patients coming to the accident emer gency department of the Princess Magaret Hospital. This is going to help us improve the care to the those patients and as we move forward, using this telemedicine technology, using this international collaboration, its going to ensure that we do this as cost effectively as possible. We want to try and get to the stage where the accident emergency department is a level one trauma centre at the same level as a wider trauma centre in Mia mi," he said. "Its going to improve the quality of patient care while trying to decrease the morbidity and the mortality to trauma paitents and help everybody invovled in the management of trau ma patients to be aware that trauma is a mutlidisciplinary specialty and we have involved everybody from the EMS personnel to the doctors in the emergency room to the operating, to ICU to rehabilitation." J A C K S O N M E M O R I A L H O S P I T A LP R I N C E S S M A R G A R E T H O S P I T A L A S part of the countrys efforts to stay on the cutting edge of health care and medical technology, the Ministry of Health in conjunction with Princess Magaret Hosptial, held an educational teleconference last week Friday. B y JEFFARAH GIBSON Tribune Features Writer
T HETRIBUNE S S E E C C T T I I O O N N B B HEALTH: Body and mind TUESDAY, JANUARY 18, 2011 B yALESHA CADET Tribune Features Reporter A llison Catherine Rolle has quite a lot on her plate t hese days. In addition to being an aspiring physican, the 25year-old is a entrepreneur w ho along with her sister recently opened up a popular accessories store which has b ecome quite popular on Faceb ook. Allison is studying at the Saint Mary's University in Canada. She explains that it becomes a task managing school and her business. I am basically handling it by myself and it is a bit much, because it is hard trying to find someone to work in the store, so what I do is work by appointments until we get the chance to find someone. I took a semester off so I am stationary for a while. With support from her family, friends and those of like mind, the college student made it her duty to push until she finally opened her brand new store Essence of JS hoes & Accessories Loft, which now offers n ew fashion accessories right here in the Bahamas. "My sister is in partnership with me and I have always wanted and desired to get into opening my very own business for about five or six years now, it was just a matter of time," said Allison in an intervieww ith T ribune Woman She continued: We are fairly new, started in November of 2010 carrying earrings, rings, necklaces, that sort of stuff. We started off with just those things but we will be working and pushing towards offering shoes and bags in the future. She hopes that Essence of J can be a suc cessful adventure, and is counting on the support from her fan page and customers to make sure that they maintain business. "The store is a family oriented business, the letter J came from a sister of mine that passed away, she was also into fashion so the business is in memory of her. It was only right that she would be the face of Essence," she explained. E ssence of J customer, Alex Missick told Tribune Woman that she views the store as really trendy and sophisticated. She goes on to say that the store screams fabulosity from the decor to the actual jewelry she has to offer and it appears as though she takes real pride in what she does. I was surprised to see such a young person want to reach a different kind of woman, a more mature market of Bahamian woman. Giving her very own accessory and fash ion tips, Allison said: "A personal tip I like to share with people is you do not have to match everything, fashion is not about matching, it is about blending and finding colours that compliment your very own style. My pieces are very unique in terms of being very out there. I get a lot of clients saying they haven't seen this stuff before. She also offered advice to young women wanting to start a business such as hers. She encourages them to stay persistent. "There are going to be people that want you to fail but be persistent and keep at it, that is when you become successful," she said. When asked how long she plans to keep up with Essence of J, Allison said: This is definitely a long term investment, there are also a lot of other things I want to do that have not been introduced to the mar ket yet, and I want to get into that. The business has been progressing, we took it to Facebook and that is working out for now. My family, significant other and close friends have all been very supportive of it and this has been a growing experience for me, I have learned a lot these past months. Know another talented young lady making a postive impact in the community ? Send us an email at email@example.com to have her featured in our next You Go Girl! By FASHION WRITER Associated Press FASHION risk-takers helped the red carpet at Sunday's Golden Globes live up to its reputation as the liveliest of the awards season, with Helena Bonham Carter leading the way in mismatched one red, one green shoes. She topped her multicolored, printed cocktail frock with a wacky hairdo woven with black netting. It can't be described as a do or a don't: It's just pure Bonham Carter. Olivia Wilde cleared her own path in an oversized chocolate-brown ball gown by Marchesa with beading that mimicked a starry night. "I'm a wide load give me 20 feet," Wilde joked. "I like wearing big dresses, it's fun. We go to so many parties in this town, the Globes are something to play with in terms of fashion," she added. Still, there was room at the Beverly Hilton Hotel in Beverly Hills, Calif., for waves of gowns in green, red, blue, black and blush tones. "I don't see an overall trend. It's not all about strapless or one look the way it's been so clearly in the past. You always hope to see individuality and you got it," said Cindy Weber Cleary, InStyle fashion director. She also noted there were more covered-up looks, save January Jones' strategically cutout top, and a rainbow of colors. Angelina Jolie wore a long-sleeve, green gown with subtle shimmer that matched the old-school style of Brad Pitt, looking very much the classic movie star in traditional bow tie. Meanwhile, Michael Douglas escorted Catherine Zeta-Jones in a green, textured-organza Monique Lhuillier with a textured skirt. As presenters, young Justin Beiber, in a three-piece Dolce & Gabbana tux, and Hailee Steinfeld in a Prabal Gurung ivory racerback gown, with a rubberized finish, were a glimpse at the future, though. "Glee" stars seemed like they were everywhere on the carpet: Lea Michele in a salmon pink Oscar de la Renta, Chris Colfer in Dior Homme, Dianna Agron in a delicate, subtly shiny J. Mendel with a heavy chain necklace by Cathy Waterman, and a Giorgio Armani-clad Cory Montei th and his silver bow tie. "I really was struck by the fact that so many men were in real bow ties," said Weber Cleary. "They have not been 'the thing' for a couple of years." Elisabeth Moss, in custom Donna Karan, and Mila Kunis also did green justice, and Amy Adams went with a teal, laser-cut gown by Marchesa. Blue was electric on Michelle Pfieffer, wearing a simple, sexy Roland Mouret, and Tina Fey channeled another era in a navy velvet L'Wren Scott. Several red looks commanded attention, especially Sofia Vergara's back lace-up corset by Vera Wang, Christina Hendricks' one-shoulder Romona Keveza with an oversized ruffled strap (to match her oversized 20-carat Chopard diamond earrings), and Jones' Versace. Jones actually requested this dress originally on the Versace runway in blue to be made in the bright lipstick hue. Black wasn't boring on Halle Berry, who wore a lingerie-style, minimalist mini by Nina Ricci. Surely the five stacked Harry Winston diamonds cuff bracelets weighed more than the barely there dress. Risk-takers fuel fun fashion on Globes carpet ACTRESS Lea Michele arrives at the Golden Globe Awards Sunday, Jan. 16, 2011, in Beverly Hills, Calif. (AP an for BEJEWELED: This necklace is one of Allisons personal favourites. It will take any outfit to the highest level of fabulousity. It's definitely an eye catching piece. FASHION EYE S S E E E E p p a a g g e e 1 1 1 1