N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER PM:Early election if BTCsale not passed V olume: 107 No.96THURSDAY, MARCH 17, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER BRIGHT SUNSHINE HIGH 82F LOW 70F By PAUL G TURNQUEST T ribune Staff Reporter email@example.com IF THE government is u nable to pass the sale of B TC in the House of Assembly, Prime Minister Hubert Ingraham said hew ill be forced to call an ear ly election as such a move will signal a vote of no confidence in his administration. O n Tuesday night, Prime M inister Ingraham chaired a meeting with all FNM generals, MPs, Cabinet Ministers, and party officers on a variety of subjects, but mainly the partys upcoming ral l y on Saturday night that will d eal specifically with the sale of BTC. According to sources at this meeting, it was made clear that the Parliamentary vote to sell 51 per cent of BTC to Cable and Wirelessw ill be a critical vote for the p arty. Reportedly, at this meet ing, all FNM MPs were present except for the partys MP for Bamboo Town, Branville McCartney, who has already stated publicly that he is unsure of how he will vote on this sale. Ing r aham sa ys no sale would be a vote of no confidence TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM YOURSOURCEFOROBITUARIES N N O O B B O O D D Y Y B B U U T T N N O O B B O O D D Y Y B B E E A A T T S S T T H H E E T T R R I I B B U U N N E E I I N N S S I I D D E E T T O O D D A A Y Y C C A A R R S S ! C C A A R R S S ! C C A A R R S S ! L L O O A A D D S S O O F F J J O O B B S S A A N N D D H H E E L L P P W W A A N N T T E E D D ! T T H H E E T T R R I I B B U U N N E E S S C C L L A A S S S S I I F F I I E E D D S S T T R R A A D D E E R R SEE page 13 By TANEKA THOMPSON Tribune Staff Reporter t firstname.lastname@example.org THE Progressive Libera l Party is not organising p rotesters to flock to Parl iament next week for an anti-privatisation demonstration, said party chiefsy esterday. If PLPs do protest it will be because of their per sonal beliefs not party affiliation or on orders from THE PLP IS NOT ORGANISING BTC DEMONSTRATION SEE page 14 By AVA TURNQUEST Tribune Staff Reporter email@example.com DISPLACED fire victims struggle to cope with their new reality in the aftermath of the devastating bush fire that destroyed their homes. Taking up temporary lodging at the Corner Motel, Faith Avenue, the former residents of Fergu son Subdivision told The Tribune their primary focus was to secure future accom modations as they are determined to keep their immediate and extended families together. Jessica Kerr, a 21-yearold hair stylist, said: Were just taking one day at a time. We will be staying here for a week, but the problem is finding a place after that. They (Social Services) said they will pay the first and last months rent but where can we find a SEE page 15 S TR UGGLE OF DISPL ACED FIRE VICTIMS NEW REALITY: Some of those affected by Tuesdays fire speak to The Tribune yesterday. Tim Clarke /Tribune staff THE Government of the Bahamas is reportedly giving consideration to eliminating the constituency of St Annes and creating a larger Yamacraw seat ahead of the next general election. According to well-placed sources close to the matter, it is believed that Deputy Prime Minister Brent Symonette would still be the partys candidate for the then larger Yamacraw constituency, running against the PLPs MP Melanie Griffin. By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org BUSINESSMAN Sandy Schaefer said he was "shocked and taken aback" after Prime Minister Hubert Ingraham lashed out at the Robin Hood owner for his criticisms of the road work project on Prince Charles Drive. Speaking of Mr Schaefer yesterday, the prime minister said: It is most regrettable that such a person has been allowed to have that type of business in the country. He is not THE unions attempting to block the sale of 51 per cent of BTC to Cable and Wireless were granted leave yesterday to appeal a judges decision which stated that they lacked the legal standing to bring a suit. In January, the Bahamas Communications and Public Offi cers Union (BCPOU Union (BCPMU UNIONS GRANTED LEAVE TO APPEAL JUDGES BTC DECISION SEE page 15 SEE page 17 GOVT CONSIDERS ELIMINATING ST ANNES CONSTITUENCY, MAKING YAMACRAW LARGER ROBIN HOOD OWNER SHOCKED BY PRIME MINISTERS COMMENTS SEE page 17
THE new US departure t erminal opened to internat ional passengers yesterday without incident, according toS honalee Johnson, communic ations manager at the Nassau Airport Development Com pany. Passengers booked on the 6.30am Bahamas Air flight to Miami were the first to test r un the new facility. There was a constant flow o f passengers in and out of t he facility over the course of the day, starting from thet ime checkin counters opened at 5am, said Ms Johnson. Airport traffic reached the p rojected volume of 2600. W ednesday is ordinarily a low t raffic day for the airport, which is why the go live day w as set for yesterday, said Ms Johnson. The first 100 passengers received coupons for use at some of the retail outlets, so they could have a broad feel o f the new airport experience. Exceptional The new US departures t erminal at Lynden Pindling Airport provides travellers w ith an exceptional Bahamian experience as soon as they step off the plane, which isi mportant in enhancing the o verall vacation experience, said Andrew Neubauer, director of sales and marketing fort he Sheraton Nassau Beach Resort. This is a significant step in the right direction as we con-t inue to position Nassau as the premiere destination in the Caribbean. Construction on the new terminal began 18 months ago for a price tag of about $191 million. All of the vendors were open for business yest erday, including the 19 retail food and beverage services. Now that the new facility is f ully operational, the old facility has been decommissioned. Workers are curr ently erecting a perimeter fence. The old facility is being t ransformed into a new international arrivals terminal. With a scheduled completion date for the Fall of 2012, Ms Johnson said work will begin right away. The second phase of the airport redevelopment project is estimated at $138 million. There will be selective demolition on the old facility. The two-story structure will house immigration on the upper level and Bahamas cus t oms and baggage collection o n the bottom. L OCAL NEWS PAGE 2, THURSDAY, MARCH 17, 2011 THE TRIBUNE What can you do with a low rate loan? Just ask.Pay off bills, lower your monthly payments, spruce up the house, go to university, plan a wedding, or do whatever you need to get ahead. Interest rates are the lowest in years. Nows your opportunity to save with rates as low as 13.70%1! Consolidate all your borrowing into one lower monthly payment! 1Rate discount is applicable on loan term up to 36 months. Certain conditions apply. Loans are subject to credit approval. Offer is subject to change without notice. Offer valid from March 7, 2011 to April 30, 2011. *Trademark of The Bank of Nova Scotia, used under licence. APPLY FOR A LOW RATE SCOTIA PLAN LOAN TODAY. HURRY! DISCOUNT RATE1OFFER ENDS APRIL 30, 2011. bahamas.scotiabank.com/lowrateloans New US departure terminal opens without incident T HENEWUSTERMINAL o fficially opened yesterday. The Bahamasair flight to Miami was the first to depart the new facility.
E leuthera security guard K enneth Kenny Strachan r eceived a share of the $10,000 reward posted by the Federal Bureau of Investigation for the capture of the Barefoot Bandit. The US folk hero fugitive, b orn Colton Harris-Moore, was captured in the Bahamas last year and deported to the United States. Mr Strachan helped Bahamian police nab the Barefoot Bandit during hisB ahamas escapade. T he reward was split a mong five persons, including four men on visiting y achts at the Romora Bay Marina in Harbour Island, w here Mr Strachan works. He plans to use his share o f the FBI reward $2,000 t o visit an older sister in upstate New York and an a unt who lives in Manhattan. He has not seen his sister, who is American, since 1988. He received the reward at the American Embassy in N assau without ceremony. Another $13,000 raised by p rivate donors also will be s plit among the five, who were officially recognised as directly assisting in the arrest. Others who received a s hare were Capt Ronald Bill iot, Captain Ben Johnson, Captain Patrick Young and Jordan Sackett. The late-night harbour chase that resultedi n Harris-Moores capture, b egan on July 11 when Mr Strachan spotted the teen bandit running down the dock a t about 1am. Dialled M r Strachan was said to h ave approached the man at f irst, thinking he was in trouble. When he realised the man was the wanted teen bandit, h e kept Mr Harris-Moore in s ight and talked to him from a distance as he dialed for help. B efore help arrived, the t een was said to have sprinted i nto the bush, before rea ppearing for a minute at the edge of the dock and then fleeing in a boat allegedly stolen from nearby. As police descended on the scene and other marina guestst ook off with authorities, Mr Strachan joined in pursuit with police. Together, the boats cornered Mr Harris-Moore. His capture in the Bahamas was a feather in the cap of theR oyal Bahamas Police Force, w hich was credited with hand ling the case with extreme p rofessionalism after numero us law enforcement agencies in the US and Canada including federal agents were unsuccessful in their attempts to apprehend the Bandit. T he capture gave rise to a number of trends in Harbour Island and Eleuthera. By the day after HarrisMoore's capture, the Romora Bay Resort and Marina was selling a drink called theB arefoot Bandit at its Sunsets B ar and Grill. By PAUL G TURNQUEST T ribune Staff Reporter email@example.com F ORMER Independent MP for South Andros Whit ney Bastian confirmed that h e is likely to run in the next general election as an Independent candidate with or without the support of FNMM P Branville McCartney, who he speculated could bean Independent candidate as w ell at that time. have plans to run as an independent candidate. I havep lans to run in the next elect ion. I have been working in this constituency for some time. I had applied to the PLPf or the nomination and they have not even considered it. I have withdrawn from them and I have asked them if they w ould want that in writing and they said fine, Mr Bastian said. M r Bastian added that he does not believe that per sons outside of Andros should be telling people in Andros who to elect. I believe I am well qualified to represent the people. I didnt really want to run, but people over the years have been asking me to run, he said. With reports reaching The Tribune that Mr McCartney could launch a new Independent party in May of this year with Mr Bastian as one of the leading members, the former South Andros MP said that he has spoken to Mr McCartney, but has no formal information on what the young FNM intends to do. I told him that if he doesnt have any faith in the PM, and if he doesnt have any faith in Christie, then he shouldnt go there either. I have been listening, my ears are to the ground and the majority of the persons I have talked with said they wish he (Mr McCartney run. The majority of young people I have spoken to said they like Bran. People has asked me why dont Bran and I get together and maybe after I get these personal things done I will consider it. But we cant have a fammer like the current MP who only comes to the constituency and rides from one end to the next and hops back on the plane and heads back to Nassau, he said. Mr Bastian said that in two months he expects to be in a better position to state categorically what he will do, and stressed that if Mr McCart ney would want him to assist him he believes they could bea good team. However, he emphasized that at this time h e has no idea if Mr McCartney will leave the party or what the young MPs plans were for his future in politics. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 3 Bahamian rewarded for Barefoot Bandit capture Whitney Bastian likely to contest election with or without McCartney support BAREFOOTBANDITDRINK: Romora Bay Marina. REWARD: Kenneth Strachan B AREFOOT BANDIT D i a n e P h i l l i p s & A s s o c i a t e s D i a n e P h i l l i p s & A s s o c i a t e s
FREEPORT Grand Bahama Power Company CEOR Alan Kelley has resigned effective March 16 to pursue other opportunities in the United States, the Power Company announced yesterday. Mr Kelley joined GBPC in December of 2009 and led the company under the direction of former majority owner Marubeni/Taqa. In a statement released by the company, it was announced that Emera executive Ray Robinson will continue to lead the organisation in his role as executive chairman of GBPC and will begin the process of recruiting a new CEO immediately. We thank Mr Kelley for the contributions he has made to the business over the last 15 months, said Mr Robinson. I look forward to working more closely with the GBPC team to revitalise the utility for the benefit of the citizens of Grand Bahama and the Bahamas. In December, Emera announced that it had become the majority shareholder in the Power Company following an $82 million acquisition of the 55.4 per cent stake held by Marubeni of Japan. Emera has pledged to improve the reliability and consistency of Grand Bahama Power Company's electricity supply through investing $35 million in constructing a new power plant for the island, a 1012 month project that is slated to create 80-100 jobs. Grand Bahama Power Company Ltd is a totally integrated utility company serving the island's 45,000 residents and commercial establishments from east to west. The company employs more than 200 Bahamians. By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org PRIME Minister Hubert Ingraham and Finance Minister Zhivargo Laing toured the new Public Treasury building yesterday morning located on East Street across from the Police Headquarters. The five-story, 30,000 square-foot building became fully operational on February 24th and will be home to the Treasury for many years to come said Prime Minister Ingraham. Mr Ingraham said the Public Treasury has been dealing with inadequate and unacceptable accommodations for many years and expressed gratitude to the treasury personnel who have tolerated this situation. The government is leasing the building at a cost of nearly $700,000 a year, while more money is now being spent in terms of renting the building. Mr Ingraham said "the money is being well spent." Mr Ingraham, commenting on the new building, said: "We wanted the treasury to be a stand alone building there is now adequate space, parking, morale of staff is high and they are comfortable and secure it is money well spent on a deserving group of people." The Prime Minister added that they are expecting to soon open branches of the Treasury in the family islands, in particular Eleuthera and Exuma. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 5 7KHDYLRURIWKH:RUOG Grand Bahama Power CompanyCEO resigns PRIME MINISTER Hubert Ingraham and Finance Minister Zhivargo Laing tour the new building yesterday. Tim Clarke /Tribune staff PM and Minister tour new Public Treasury building
L OCAL NEWS P AGE 8, THURSDAY, MARCH 17, 2011 THE TRIBUNE ( PSOR\PHQWSSRUWXQLW\ $GPLQLVWUDWLYH$VVLVWDQW $ SURJUHVVLYHUHWDLOHUFRPSDQ\VHHNVTXDOLHG FDQGLGDWHVWROOWKHSRVLWLRQRIDQ$GPLQLV WUDWLYH$VVLVWDQW7KLVLVKLJKO\FRQGHQWLDO KDQGVRQSRVLWLRQWKDWUHTXLUHVUHVSRQVLEOH H FLHQWDQGFRQGHQWLDOLQGLYLGXDO6XLWDEOH F DQGLGDWHVPXVWEHSURDFWLYHDQGGHPRQ VWUDWHVWURQJOHDGHUVKLSVNLOOV+DYHWKHDELOLW\WR F RPPXQLFDWHHIIHFWLYHO\DQGSRVVHVVH[FHOOHQW R UJDQL]DWLRQDOLQWHUSHUVRQDOVNLOOV 4 8$/,),&$7,216 *RRGHGXFDWLRQDOEDFNJURXQGLQI $GPLQLVWUDWLRQ 0LQLPXPRI\HDUVH[SHULHQFHLQDVLPLODU S RVLWLRQ 3UFLHQWLQIFHDSSOLFDWLRQV +DYHWKHDELOLW\WRPXOWLWDVNDQGSD\V D WWHQWLRQWRGHWDLO ([FHOOHQWUHFRUGNHHSLQJDQGOLQJVNLOOV :HRIIHUDQDWWUDFWLYHFRPSHQVDWLRQSDFNDJH ZLWKH[FHOOHQWEHQHWVXLWDEOHSHUVRQVPD\ V XEPLWU 7KH+XPDQHVRXUFHVDQDJHU 1DVVDX%DKDPDV 2U(PDLO K U#OX[XU\UHWDLOOLPLWHGFRP By BETTY VEDRINE Bahamas Information Services I N a bid to strengthen t he countrys position in the Latin American market, several initiatives are being implemented to support service to Latin American travellers. Included in the initiat ives are several camp aigns aimed at encouragi ng hotels and Nassau Airport Development Company (NADs ignage in Spanish; a welcome arrival message; a 15-minute welcome to destination CD for taxi driv ers; boosting of the website www.bahamasturis mo.com partnerships for S panish courses at the C ollege of The Bahamas; r ecruiting of a corps of bilingual ambassadors fort he People-to-People pro g ramme and placement of bilingual roving ambassadors stationed downtown and at the Lynden Pindling International Airport. Officials at the Ministry o f Tourism are currently d iscussing with a major publisher the publication o f a tourism guidebook in S panish. In addition, the M inistry has already produced four public service announcements (PSAs the form of television ads with the objective of pushing the learning of Span-i sh in the workplace. T he announcement was made on Tuesday, March 15, during a workshop sponsored by the Ministryo f Tourism and the B ahamas Hotel Association for stakeholders in the tourism industry. Tourism Director General David Johnson, said The Bahamas is poised to capitalise from business in the Latin American region. For many decades now, we have known that the desire to travel to our country from South and Central America is quite high and rising, said Mr. Johnson. The means to t ravel and the language b arrier, however, were a hindrance for us, therefore w e were unable to capit alise on that demand. T hat recently changed, however, with the recent announcement that COPAA irlines, a leading airline in Latin America, will start offering non-stop service from Panama to Nassau commencing on June 15. Mr. Johnson said the Latin American market is a very lucrative one that w as not affected by the r ecent worldwide recess ion. He explained that e ven though Latin Americ an people share many similarities with Bahamians, it is still important to put the necessary investments in place to properly accommodate this market. There are still some b asic things that we need to be aware of, appreciate when dealing with this market, said Mr. John-s on. Thats why we have t o put ourselves in the position to do this right and take advantage of thep otential of Latin Ameri ca. Ministry of Tourism gets ready for the Latin American market PARTICIPANTS IN a workshop held by the Ministry of Tourism and Aviation and the Bahamas Hotel Association on Tuesday, March 15.The workshop was held to explain tools, tips and resources available to prepare businesses to tap into the Latin American market. Derek Smith /BIS
THE Grand Bahama District of the Scout Association of the Bahamas recently hosted Peter Koskolos of Scouts Canada for an extended period. Mr Koskolos, deputy council commissioner of media and public relations of Nova Scotia, is considered a lifer, someone who has been involved in scouting for most of their lives. He has remained active ever since joining the movement in 1967. Since then, he has moved up through the ranks, starting outa s a Cub Scout and now has experience as both a Cub Leader as well as a Scout Leader. While in Grand Bahama, Mr Koskolos attended a regularly scheduled training session for group leaders where he shared some of the activities anda dventures that scout groups participate in back in his region of Canada. The most fascinating and biggest difference, of course, was winter camping where the youth are taught skills for surviving in the snow and techniques that are useful in the event they are caught in blizzard conditions. Another significant difference is that the groups in Canada are co-ed but in The Bahamas same-gender troops and packs are still maintained. He also offered ideas on membership growth and recruitment, stating that in Canada, they issue lapel pins to the Scouts and Leaders that promote the Movement as well as badges that serve as incentives for boys who sponsor their friends. He also presented a number of training manuals and handbooks to the local association as well as souvenir patches and badges from his local council. In a reciprocal gesture, he was given badges from the Bahamas Scout Association as well as a T-shirt and a copy of the Basic Information Training Manual that is utilized locally. Mr. Koskolos also visited a local Scout Troop attached toSt. Judes Anglican Church in Smiths Point where he interacted with the leaders and the 20 or so boys who attended. He observed how troops/groups here are a bit more regimented than they are in Canada and that, in order to be politically correct, they are not allowed to use military drill with their members as much as they do in the Bahamas. Again, he shared scouting stories; taught a number of skits; learned a Bahamian yell himself and offered tips on outdoor activi ties that involve environmental conservation. Peacefully co-existing with wild animals, while camping, is a novelty for local scouts and predators such as wild bears are not a factor because they hibernate in winter although the boys were warned that squirrels can become a major concern, as they are primarily in search of food that can conveniently be found in the scouts tents. Members of this troop were also the recipients of souvenir patches from the Nova Scotia Council of Scouts, Canada. Unlike their Canadian counterparts, Founders Day is not observed locally. This date is February 22 and commemorates the birth of the founder of the Worldwide Brotherhood of Scouts, Lord Baden-Powell. The Patron Saint of the Movement is St. George and St. Georges Day has somehow disappeared from the local calendar as well but the group of local leaders will work to have these two major observances included in their schedule for next year. Founders Day in Canada is a major celebration when both the Leaders and the Scouts participate in a series of community activities that create an excellent opportunity to increase the public visibility of the organization and serves as a convenient recruiting tool to attract both members and leaders. On a trip to the Eight Mile Rock community, Peter Koskolos met with a number of residents who were founding members of the initial 1st Grand Bahama Scout troop, which was started by the late Bishop Michael H. Eldon at St. Stephens Anglican Church. The concepts of leadership and community service still pre vails in the lives of these men as they were actively involved in raising funds for a community outreach programme at the time. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 9 The Mercedes-Benz C-ClassYour most enjoyable drive ever.The Mercedes-Benz C-Class is a pleasure tobehold offering a new interpretation of driving pleasure. Its taut lines lend it an air of effortless superiority while the wide radiator grille and distinctive rear section announce a vehicle with a real presence a nd dynamic personality. F ew cars can compete with its ability to adjust so many facets of its character from the interior to the drive technology s o quickly and precisely in response toexternal conditions and your own p articular needs. The key to this flexible response is the standard-fit Agility Control Package which includes selective damping. The interior offers noticeably more space and a more distinctive atmosphere tosuit your taste. As you will see, the C-Class is the perfect embodiment of the Mercedes-Benz philosophy.Tyreflex Star MotorsWulff Road, P. O. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 Fax 242.323.4667OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY. International Scout Exchange for Grand Bahama MR. PETER KOSKOLOS OF SCOUTS CANADA second from right, is flanked by members of the Grand Bahama District of the Scout Association of The Bahamas, as they exchange gifts from their respective associations. He was presented with a T-shirt, badges and a local training manual. Also pictured are: (l-r Plakaris and Maitland Cates.
E LEUTHERA The G overnments Infrastruct ure Crusade expanded to Current Island with thes igning of a $214,959.30 c ontract for two docks there. Public Works and Transport Minister Neko C Grant made a stopover visit to that island on March 14. His delegation included C olin Higgs, permanent s ecretary; Dion Munroe, project engineer and S haun Lightbourn, assist ant engineer. Also in a ttendance was House Speaker Alvin Smith, Member of Parliament for North Eleuthera, and Stephanie Rahming, administrator. A large representation of the 50-member population, including students of t he Current Island AllAge-School, witnessed the event held under a cabana a t the site of the main dock posed for reconstruction. Police Constable 2673 C arlton Smith led the N orth Eleuthera Commun ity Youth Band, which provided music for the event. The existing deteriorat ed docking facilities cannot adequately meet the needs of this community,s aid Minister Grant. We thank the people of Cur rent Island for their patience. We anticipate that the reconstruction of the dock ing facilities here will facili tate further development o f the existing fishing and straw industries along with other industries on this island. I n addition to reconstruction of the main dock, the contract also includesr epairs to the nearby wooden ferry dock on that island. T he concrete dock was d estroyed as a result of recent hurricanes. The proj ect is expected to be finished in four months. We are signing a cont ract for a dock that is a bsolutely necessary, Mr S mith said. The government has never forgotten the peopleo f Current Island. You are a people of strength and faith. We believe, he said, that with your population of just 50 that you are to be treated just like New Providence with a (popu-l ation) of 200,000, Grand Bahama of just under 100,000 or the rest of theF amily Islands. T he contract was award ed to Robert Roberts of Complete Marine Services Co Ltd. T he Government is also carrying out 3.2 miles of roadworks in CurrentI sland that is set to be fin ished in six weeks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ontract signed to rebuild and repair Current Island docks PUBLIC WORKS AND TRANSPORT MINISTER Neko Grant shares a light moment with those gathered at the ceremony to witness the contract signing for docks in Current Island. Shown in background are students of North Eleuthera High School. T HE NORTH ELEUTHERA COMMUNITY YOUTH BAND led by PC 2673 Carlton Smith, performs at the contract signing ceremony for docks in Current Island on March 14. Patrick Hanna /BIS
B y GENA GIBBS B ahamas Information S ervices P INEWOODUrban R enewal wants its youth to practice reading for enjoym ent. The centre will be hosting a Reading Fair at Pinewood Park onP inewood Drive from 10am-1pm on March 26th f or children aged 12 and u nder. As the Member of Parl iament for the Pinewood C onstituency, I fully e ndorse this event, giving it my support, said Byran Woodside, Minister of State for Lands and Local Government. To this end, I am encouraging parents in the Pinewood constituency to deliver their children to the park for the reading fair. O n March 13th, Minister W oodside held a press con ference at Dockendale House, West Bay Street,w here he announced that volunteers from the Kiwanis Club of New Providence are partnering with PinewoodU rban Renewal to conduct reading camps, which includes free books and lunch. I wish to thank the Kiwanis Club of New Prov idence for their considerat ion of Pinewood and t hanks to the Pinewood Urban Renewal Office for their consistency in deliver ing services, initiatives andp rogrammes that augur towards the development, enhancement and progress of the residents in P inewood, said Mr Woodside. I am thankful for the various donations of b ooks. Minister Woodside reflected on how many prod uctive and influential peop le were produced from G overnment High Schools e ducational programme in t he past that offered gov e rnment school students an opportunity to obtain a private school education. Reading is still the key t o unlock doors for the future, said Mr. Woodside. This fair is in keeping w ith the goal to excite, i nspire, and prepare the n ext generation of upstandi ng citizens in Pinewood. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 11 r POPULAR CHILDRENS BOOKS donated to the event will be distributed to children ages 12 and under w ho participate in the Reading Fair. The effort is to encourage children to practice reading for enjoym ent and leisure. Gena Gibbs /BIS Bid to get youth in Pinewood practising reading for enjoyment
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t$ELOLWLHV 0XVWEHDEOHWRVSHDNUHDGZULWHDQGXQGHUVWDQGWKHSULPDU\ODQJXDJHVf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t%HYHUDJH4XDOLFDWLRQVt([SHULHQFH +LJKFKRRORUHTXLYDOHQWHGXFDWLRQUHTXLUHG%DFKHORUV'HJUHHSUHIHUUHG 0LQLPXPRIWZR\HDUVH[SHULHQFHDVDRXV&KHILQDKLJKHQGKLJKTXDOLW\ RSHUDWLRQ4 XDOLHGDSSOLFDQWVDUHLQYLWHGWRYLVLWRXUZHEVLWHRUHPDLOUHVXPHVWRVQEUMREV#VKHUDWRQFRP1RWH$OOLQIRUPDWLRQZLOOEHKHOGLQVWULFWHVWRIFRQGHQFH'HDGOLQHIRUDOODSSOLFDQWVLV By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT Minister of Works Neko Grant and engineers from the China Harbour Engineering Company visited the Fishing Hole Road and Smiths Point on Wednesday, with a view to resolving the flooding and erosion in those areas. Mr Grant said that the CHEC will examine the sites and make recommendations to the government of how best to tackle these constant coastalrelated problems. Fishing Hole Road is prone to flooding from Hawksbill Creek, especially during hurricanes and severe rainy weather. The narrow causeway connects West Grand Bahama and Freeport and is travelled daily by thousands of motorists. The flooding situation has been a sore one for residents since 2002, and there have been calls for a bridge to be built there as a permanent solution. Mr Grant and Alex Lee, marketing officer of CHEC, viewed the sites with officials at the Ministry of Works. At Smiths Point, the beach erosion has worsened over the years and has caused great concern among residents there. The area is a popular Fish Fry site for many visitors and local residents on Grand Bahama. Mr Clifford Edden, a local government representative for Smiths Point, said a sea wall is needed to prevent further erosion in the area. He noted that a lot of beachf ront properties have been lost as a result of the erosion. He stressed that the area is vulnerable, especially during hurricanes. I am happy to see Minister Grant here looking into it and to help us get a seawall built to protect the residents of Smiths Point. This is our number one industry as we entertain a lot of t ourists and we would like to get a sea wall built and clean up the area, he said. Minister Grant said that the Infrastructure Crusade implemented by the government seeks to better the lives of B ahamians. We have received a numb er of complaints from residents of Smiths Point about continuous erosion of the beach. I have come this morning with Mr Lee from the China Harbour Engineering Compan y for them to have a look at what we are challenged with and make some recommenda tions on the way forward, he said. Last Monday, the govern ment signed a Memorandum of Understanding with CHEC that will involve projects in Exuma and Abaco. Minister Grant said a port, bridge and bypass road will be built in Abaco. In Exuma, a port and bypass road will also be built, he said. H e said an investigation and evaluation will be conducted at Fishing Hole Road to address challenges similar to those faced in Eleuthera. Every resident of Grand Bahama would be aware of challenges at Fishing Hole during adverse weather conditions.I did mention earlier that C HEC will be submitting a proposal to us to replace the G lass Window Bridge in Eleuthera, he said. Both the former PLP and FNM governments had undertaken studies of the Fishing Hole Road after protests and agitation by the civic organisat ion PUMP, but nothing had been done to resolve the probl em. The FNM government was looking at the possibility of raising the road and installing culverts underneath so that water from Hawksbill Creek could flow from the north to s outh side. In 2006, the PLP had con tracted a consulting firm W F Baird and Associate Coastal Engineers to undertake a study, physical modeling and design for solution at Fishing Hole and Queens Cove. Minister examines areas affected by flooding, erosion MINISTEROFWORKS Neko Grant (second from right
With 24 FNM MPs in the House to the PLPs 17, if Mr McCartney votes a gainst the bill three more F NMs would need to break ranks along with him for the government to lose the vote. Yesterday, Prime Minister Ingraham took the opportunity to reiterate the i mportance of this vote duri ng his tour of the new Ministry of Finance offices on E ast Street, stressing that h is party either has the v otes to carry it through or not. If I do not, I will have a n election, because it is a vote of no confidence in the g overnment. It is our policy. I either have the votes or I d ont. If they vote against i t then there will be an election, and I have no concerns a bout it, he said. Mr Ingraham explained t hat in his partys Manifesto of 2007, the FNM listed the privatization of BTC as one o f its election commitments. With every FNM Member o f Parliament having run and won on this Manifesto, Mr Ingraham said that theyh ave likewise adopted and committed themselves to t hat policy. Those who won, they won based on the policiesi n our Manifesto. We, therefore, expect that whenit is time to vote on it, all FNM MPs will vote for it. If F NM MPs wish to not vote f or it, and wish to repudi ate that, then we will say that we have said to thep ublic of the Bahamas that we will do something that we are unable to do and we will return to you, the publ ic of the Bahamas, the power which you gave us so that you can decide who should govern you. Because if you have a party that commits in its Manifesto that it is going to do something and then it is unable to do so because of t he persons it selects, then y ou have a right to have a s ay in the matter. But not b y a referendum, it will be b y an election, he said. T he sale of BTCs majority shares to Cable and Wireless has been a bone of contention for the government for months. Demonstrations and protests have erupted, with some in both the political arena and out calling for the g overnment to rethink its position on this matter. The Opposition PLP has been accused by the government of hiring criminals to participate in a demonstration in Rawson Square against the sale a claim the PLP vehemently denies. T he debate on the sale of B TC is set to begin in the H ouse of Assembly on M onday, March 21, at 1 0am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t$ELOLWLHV 0XVWEHDEOHWRVSHDNUHDGZULWHDQGXQGHUVWDQGWKHSULPDU\ODQJXDJHVf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t([SHULHQFH +LJKFKRRORUHTXLYDOHQWHGXFDWLRQUHTXLUHG%DFKHORUV'HJUHHSUHIHUUHG )RXUWRVL[\HDUVH[SHULHQFHLQ)URQWIFH+RXVHNHHSLQJ*XHVWHUYLFHVLQFOXGLQJ DWOHDVWIRXU\HDUVVXSHUYLVRU\H[SHULHQFHUHTXLUHG 4XDOLHGDSSOLFDQWVDUHLQYLWHGWRYLVLWRXUZHEVLWHRUHPDLOUHVXPHVDWZZZVQEUMREV#VKHUDWRQFRP1RWH$OOLQIRUPDWLRQZLOOEHKHOGLQVWULFWHVWRIFRQGHQFH 'HDGOLQHIRUDOODSSOLFDQWVLV U pgradevalidfromcompacttostandardandfromintermediatetofull-sizecar,onrentalsof4daysormore.Offer ends 6/30/2011 andissubjecttoavailability.Peakperiodsurchargeapplies.Rates,termsandconditionssubject tochangewithoutnotice.CDW+taxes+fees+unlimitedmiles+freedoubleupgradeC ONGRATULATIONS!YOUJUSTGOTA DOUBLEUPGRADE!a lamo.comInFlorida whenusingtheupgradecoupon For reservations, please contact Going Places Travel at (242 or (786 or at 1.800.468.3334. Be sure to request rate code RC1 and coupon code AU4368BJZ.50StandardCar aslowas 202W EEKLY US$US$DAILY53FullCar aslowas 210W EEKLY US$U S$DAILY PM:Early election if BTCsale not passed FROM page one BTC SALE: P rime Minister H ubert Ingraham
the upper echelons of the official opposition, they added. Workers' Party Leader Rodney Moncur has called on PLP leader Perry Christie to rally 6,000 supporters for a planned protest against government's $210 million sale of BTC to Cable & Wireless Communications. "Mr Moncur was pontificating, the PLP marches to its own drum," said PLP Chairman Bradley Roberts when contacted for comment yesterday. H e added that if party supporters do turn up at the protest it will not be at the behest of the PLP. "I know a number of PLPs have expressed the view that they are gong to march but this is not a PLP matter, but a national matter. Even though they may be PLP they are standing up for what they believe in. PLPs as Bahamians will be on the march to demonstrate their (distaste said Deputy Leader and Cat I sland MP Philip Brave Davis. He also lashed out at comments from Labour Minister Senator Dion Foulkes who accused PLP "operatives" of paying people to protest in a rowdy demons tration against BTC's sale outside of Parliament last month. "I think Dion Foulkes and the FNM are clearly underestimating the depth of the feelings of the Bahamian people on this issue and he o ught not to insult Bahamia ns who are expressing a diff erent view than they have by suggesting that they are mere mercenaries, said Mr Davis. He said he is not aware of any party officials or members paying persons to protest, but added that he c annot control what is done u nder the name of the PLP. "It's very difficult to control what others may do and what others may do in any p arty's name. I do not know that anyone was paid. "(Mr Foulkes' comments a re speculative. Are they s aying that everyone out t here was paid or some were p aid? All that aside you still h ave to answer the question t hat it cannot be denied that there is a dissenting voice about the sale because it stinks. Mr Foulkes has also claimed the PLP does not want to admit they organi sed the demonstration b ecause it was a "flop" with only around 500 attending. M r Davis said the number o f protesters does not dimini sh their rights to express dissent from government policies. Is he suggesting that a minority must not have a say and express their views by lawful means?" Members of the House of Assembly will begin debating the controversial trans action when the lower chamb er meets next Monday. Critics of the sale, led by the two unions representingB TC workers, are expected t o protest the sale. L OCAL NEWS P AGE 14, THURSDAY, MARCH 17, 2011 THE TRIBUNE &DULEEHDQ%RWWOLQJ&R%DKDPDVf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f/WG 3 1DVVDX%DKDPDV 2UE\HPDLOWR PDUNHWLQJ#FEFEDKDPDVFRP FROM page one PLP not organising BTC demonstration
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his will obviously be a stronger FNM seat, with Yamacraw now including all of St Annes. We feel it will be an easier seat to win, and if n eeds be we can still make two seats in M ICAL to keep the 41 seat number, he said. This proposal to split MICAL into two seats, one including Inagua and Mayaguana, and the o ther including Acklins and Crooked Island has been tossed around by the government before. T he Oppositions MP for the area, V Alfred G ray said that he is not concerned about whatever plans the government has for his area as he will run for whichever constituency includes A cklins and win it by a landslide. I can't control the Bahamas, but I can def initely say that in my constituency even Hubert I ngraham cant beat me, Mr Gray said. O ne of the major reasons behind any changes in boundaries remains the shift in population, with persons moving from onea rea into the next. In the case of Family Islands, Prime Minister Ingraham said the gov e rnment will have to take into account the sparseness of the population and the need for there to be representation. During his tour of the new Treasury building on East Street yesterday, Mr Ingraham r eminded the populace that the Constitution m andates that there be a review of bounda ries at least once every five years. We will cause a review to be undertaken as the Constitution requires and the extent to w hich there is need for there to be adjustments in boundaries because people havem oved from one area to the next and there a re more people living here than live there, etc. So as to ensure that there is relative equity and equality in terms of the number of voters i n constituencies in a place like New Provid ence and/or Grand Bahama we will cause that to be done. In the case of Family Islands we will take account of the sparseness of the p opulation and the need for there to be representation. And so the number of people who live in a constituency or Family Island will not be equal to a number given in say Nassau, he s aid. place that will accommodate all of us? Firefighters worked late into the night to extinguish the blaze, which consumed f our wooden homes and partially damaged another in the residential community off Carmichael Road on Tuesday. One large wooden structure was said to have housed up to six families in separate sections. S ome 45 persons were displaced, including 16 children, all of whom were said to havebeen related. Flora Bell Lewis, 53-yearo ld family matriarch, said: For some it was the only home they had ever known. We own the land, we will rebuild, but it is difficult. Everything we worked so hard for was destroyed. T he fire was the fourth b ush blaze affecting New Providence in less than a week. Firefighters tackled two simultaneous bush fires at Soldier Road and Minnie Street on Monday afternoon.O n Saturday, fire services w ere said to be monitoring a large bush fire near the Industrial Park and Garden Hills area. Ms Lewis said: The fire just spread and spread, wel ost everything. We dont have anything but the clothes on our backs. I cant eat, Im so upset. I havent eaten since the fire a lot of us havent eaten since the fire theres j ust a pain in my chest. Various government and non-governmental agencies were present yesterday inw hat was described as a multi-sectorial team approach to assess the needs of individuals and provide care. Some include the departments of Social Services and Public Health, theR ed Cross, Great Commiss ion Ministries and also representatives from the National Emergency Management Agency. Ms Lewis said: The entire thing burned in less than twoh ours, all our belongings just burned to the ground. That really hurt, we was just standing there watching. Persons wishing to contact the family can do so at 4673 384. FROM page one GOVT CONSIDERS ELIMINATING ST ANNES CONSTITUENCY, MAKING YAMACRAW LARGER Struggle of displaced fire victims F ROM page one FIREFIGHTERS tackle the blaze on Tuesday.
BRUSSELS, Belgium March 14 Minister of Tourism & Aviation Vincent Vanderpool-Wallace joined a delegation of Caribbean tourism ministers this week to advance the first Caribbean tourism summit in Brussels. Caribbean tourism leaders and European Union (EU first Caribbean tourism summit in the European capital with a greater understanding of each others concerns regarding thet ourism sector. The delegation of regional tourism leaders led by the chairman of the Caribbean Tourism Organisation (CTO ritt, and including tourism ministers from five other Caribbean countries, came to the heart of Europes d ecision-making machinery to stress the importance of a policy agenda t owards tourism. Subjects A t meetings held at the European parliament andt he African, Caribbean a nd Pacific (ACP ing headquarters, the two sides discussed key sub jects including ways to bridge the gap between policy intentions and prac tice; sources of funding fort ourism development; t ourism, aviation and taxa tion; tourism, education a nd social development; t ourism and climate c hange; and how the tourism sector can benefit from the Economic Part nership Agreement (EPA between the Caribbean and Europe. At the end of the session t he CTO Chairman said there were six key conclu sions from the talks: Tourism is a significant s ector for both the EU and the Caribbean and both regions have much to do to advance the policy dis cussion to ensure that tourism is given the attention and support that it deserves; There are various t ypes of funding available in the EU and the EPA to support tourism-related initiatives and there is a need to establish modalities to work together to ensure that such funding is channeled towards priority areas, including tourism and that Caribbean public a nd private sectors must reach consensus on the priority areas; Aviation taxation and E mission Trading Schemes a re real threats to C aribbean tourism; Tourism is a major driv er of economic and social development in the Caribbean and any negative impact on tourism will have far reaching consequences across the range of services that might be w holly unrelated to the s ector but that rely in part on government funding t hrough income from t ourism; While the Caribbean has not been a significant contributor to greenhouseg as emissions it will suffer significantly from the impact of climate change, but the Caribbean can be a world leader in conservation and climate change initiatives. The Caribbean heard t hat the EPA contains specific commitments to the sustainable developmento f tourism. It seems that both CARIFORUM and the EU have some distance t o go before these provis ions can be finalised, but t he hope is that this forum w ill have prompted a close r, more effective partners hip that will achieve the goal of sustainable develo pment of a thriving tourism economy. In addition to Chairman Skerritt and Minister Vanderpool-Wallace, the C aribbean delegation i ncluded, Manuel Heredia of Belize, Ed Bartlett of J amaica, as well as the Secr etary of Tourism for T obago, Oswald Williams, the junior Minister of Tourism from Trinidada nd Tobago, Dr. Delmon Baker, the CARICOM Secretary General (Ag Ambassador Lolita Applewhite, the CTO Secretary General Hugh Riley, the President of the Caribbean Hotel Association JosefF orstmayr, the CEO of the CHTA Alec Sanguinetti, Directors of Tourism andC aribbean ambassadors based in Brussels. L OCAL NEWS P AGE 16, THURSDAY, MARCH 17, 2011 THE TRIBUNE Minister Vanderpool-Wallace participates in tourism summit DELEGATION: Vincent Vanderpool-Wallace
LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 17 Have you heard the good news? You CAN save money!If you need a lower premium,low deductibles,generous benefits and a fast claims service,pick up the phone and ask NIBA for a great insurance deal.Its time to pay less for insuring your car! Tel.677-6422 or visit www.nibaquote.com NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Tel.677-6422 www.nibaquote.com Open Saturdays10.00am2.00pm a good person for the Bahamas." The remark came while Mr Ingraham was responding tot he complaints of Prince C harles business owners in general, saying that while the government understands their concerns and has pledged to keep the inconvenience to a minimum, the road work is necessary. These works were planned in 1999, the loan to undertake the works was also obtained then. The need for the works are more urgent than it wasin 1999, it is a job that must be done, Mr Ingraham said. He said once the project is done, a new 24 inch water main the largest on the island will stretch from Sir Lynden Pindling Internation-al Airport, where a reverse osmosis plant is located, to Prince Charles Drive, eliminating long-standing water pressure and quality prob-l ems. T he prime minister also noted that earlier road work between East Street and Soldier Road along Robinson Road and Prince Charles Drive has been virtually completed, and that while therew ere also complaints from business owners in this area, the opposition was nowhere near as strong it has become east of Soldier Road. W hen contacted for comment on Mr Ingrahams statement, Mr Schaefer said: Ih ave the utmost respect for t he prime minister and as a p ermanent resident of the c ountry I enjoy nearly all the same rights as a Bahamian citizen. When I or my company is having difficulties I turn to the highest authority, the government and prime minister. I am profoundly saddened by what can only be characterised as a personal attack on myself and my family and would prefer to assume thati n the heat of the moment Mr Ingraham simply misspoke, said Mr Schaefer. W ith regard to the road w ork, Mr Schaefer pointed o ut that he is the employer of 2 50 Bahamians and feels he is obligated to speak out on their behalf about the injustices that have occurred in terms of consideration for all of those Bahamian businesses that are being negatively impacted by the governments decision not to consider the consequences of their actions. There are always alternat ives and other options. Mr Schaefer said regardless of skin colour or nationality,h e is a business owner and e xpects to be protected by the g overnment. H e added that he has all the respect in the world for Mr Ingraham and is certain that if he had a chance to review the facts he would have never made that statement. ing a number of issues. An appeal hearing in the Court of Appeal is set for Monday, March 21 the same day as the House of Assembly d ebate on the BTC sale. T he unions contend that the government does not have the legal right to sell BTC. Justice Neville Adderley in a ruling on the m atter last month stated, "This case appears to be one of those actions that was totally misconceived. The unions as plaintiffs were not ag ood fit and even the sagacity, innovation and c ommendable industry of counsel for the plaintiffs was not able to save it." He further stated, "On the true reading of the Industrial Relations Act, the BCPOU, the BCPMU and the Trustees lack the legal capacity to institute and maintain the action in their own names fort he declarations sought. Hence the action is a nullity and so the granting of an injunction p ending its hearing does not arise. "Alternatively the evidence has not disc losed that any of their private legal rights are being infringed or threatened or need to be e nforced or declared as they have not established an interest recognized by law as being d irect and substantial enough in the subject m atter of the action to give them l ocus standi to commence the action or to claim the remed ies set forth in the writ." F ROM page one UNIONS GRANTED LEAVE TO APPEAL JUDGES BTC DECISION FROM page one ROBIN HOOD OWNER SHOCKED BY PRIME MINISTERS COMMENTS
SECTIONB firstname.lastname@example.org THURSDAY, MARCH 17, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.78 $5.12 $4.72 B y NEIL HARTNELL Tribune Business Editor Finance Corporation of the B ahamas (FINCO about a one to two percentage point increase in its nonp erforming loan portfolio dur ing the 2011 first quarter, its managing director said yes-t erday, as the bad economy c ombined with the seasonal spike in bad credit to produce a 35 per cent provisioning rise that quadrupled net losses to $1.813 million. Speaking to Tribune Busi TANYA MCCARTNEY FIN C O NET LOSS QUADRUPLES AS NON-PERFORM LOANS HIT 12-13% 35% increase in credit p rovisions behind mortgage lenders slump further into red during Q1* Loans more than 90 days p ast due grow by one or t wo percentage points during period, as net loss widens to $1.8m* Managing director blames bad economy for magnifying seasonal post-Christmas spike in credit arrears SEE page 6B Were still in the business of lending money. By NEIL HARTNELL Tribune Business Editor Bank of the Bahamas Intern ationals shares are trading below the institutions book value, its managing directors aid yesterday, explaining that it had become the fifth public company to launch a share buy back plan in a bid to counter an immature stock market and inadequate pric ing structure. Paul McWeeney told Tribune Business that the initia tive, which starts today and will see the bank repurchase up to 100,000 of its common shares over a six-month period, was intended to both sup port its share price and pro B ANKS S TOCK TRADING BELOW BOOK VALUE Bank of Bahamas unveils six-month, 100,000 share buyb ack to combat immature stock market 94% of 4,000 shareholders hold less than 2,000 shares, and move aims to create liquidity and soak up small sales* Bank absolutely undervalued, as chief bemoans inappropriate price mechanism that does not reflect true value* Calls for primary dealers and rating agencies P AUL MCWEENEY SEE page 9B By NEIL HARTNELL Tribune Business Editor T he Government and Customs Department are seeking to have Judicial Review proceedings brought by a leading Freeport retailer/wholesaler over the latters demand for m onthly bonded goods sales reports struck out on a technicality, alleging that the situation has created an increased opportunity for potential abuse and duty evasion. T he Attorney Generals Office, which is representing C ustoms and the Government, is attempting to have the action brought by Kellys (Freeport grounds that its attorneys, Callenders & Co, failed to file the orginating Notice of Motion within the 14-day time period granted by the Supreme Court once it gave the company leave to file its action. U ntil the Judicial Review action was determined, the Attorney Generals Office had given an undertaking that Customs would not detain, refuse to process goods or take any form of enforcement action against Kellys (Freeport Customs: Abuse opportunities are increasing Seeking to throw out Kellys (Freeport Judicial Review challenge on bonded goods report demand over technicality SEE page 4B By NEIL HARTNELL Tribune Business Editor A Bahamian shipping c ompanys woes have multiplied as a US-based lender h as sued it for breach of a $ 2.669 million loan agreem ent, claiming the seizure of the vessel on which itsf inancing was secured and i ts unauthorised transfer from the Bahamian to Panamanian shipping registry violated the credit terms. Caterpillar Financial Services Corporation, a Nashville-based financier, h as intervened in the action b rought against Nassaub ased Deans Shipping C ompany and its vessel, the M /V Legend II, by the Palm B each Steamship Agency over an alleged $106,320 debt. Alleging that it should be the preferred creditor, in the action filed in the south Florida district courts in early March, Caterpillar said it wanted the US court to a ward it a preferred mortg age lien over the M/V Legend II, which has been s eized and placed under a rrest in the care of the US N ational Maritime Services, due to the alleged sum owedt o the Palm Beach S teamship Agency. It is also demanding that the vessel be sold to satisfy the mortgage it holds over it, with judgment entered against both Deans Shipping Company and its princ ipal, Ernest Dean, who a llegedly acted as a guarant or for the loan. C alls to Deans Shipping C ompany seeking comment w ere not returned, but in its lawsuit Caterpillar alleged that the company, which is based in Columbus House on East Bay and Williams Streets, signed the $2.669 million loan agreement on September 18, 2006. The loan was allegedly s ecured by a mortgage over t he M/V Legend II and collateral deeds of covenant i n favour of Caterpillar, w hich further claimed the d ebt was recorded with the Bahamas Maritime Author-i ty (BMA D ean was alleged to have acted as guarantor, and monthly repayments were obligated. The shipowner and guarantor defaulted on the loan agreement, note, mortgage a mendment and/or guaranty o n several grounds, includi ng, without limitation, the a rrest of the vessel on or a bout February 15, 2011; a llowing a lien to exist on the vessel; changing the vessels registry from the Shipping firm hit by $2.67m loan demand SEE page 5B B y NEIL HARTNELL T ribune Business Editor The Bahamas Electricity Corporation (BEC unlikely to need the number of external consultants,upon whom it spent $10 m illion during its 2008 f inancial year, it currently hires, with drastic c hange needed to prevent a lready low employee a ccountability from deteriorating further. A report by the German firm, Fichtner, part of an Inter-American Development Bank (IDB project to overhaul the e nergy sector in the Bahamas, warned that the lack of rules and policies for BEC employees to fol l ow, coupled with the minimal risk of punishment for indiscipline and other infractions, was undermin i ng the state-owned power monopoly. Noting the constant inter v ention in BECs internal a ffairs by the responsible government minister through the Board chair man, the Fichtner report s aid the Corporation was suffering from a fuzzy man agement framework due to t he absence of rules and regu lations setting out the relaBECs $10m consultant spend not necessary Drastic change needed on employee accountability to stop Corporations deterioration* Internal auditor often ignored by management SEE page 10B
B USINESS PAGE 2B, THURSDAY, MARCH 17, 2011 THE TRIBUNE T he world of design can sometimes be an intriguing o ne. Not only do you spend most of your time pondering and tweaking minute d etails most people find i nsignificant, and most likel y won't even notice, you a lso get lured into developi ng habits such as font-spott ing or source-code analysing. Code and technical knowh ow, as well as combining colour, symmetry and balance in using cutting edge software, are some essent ials to becoming a great web developer or graphic designer. B ut does this qualify you f or geek of the year? T he ability to communicate while helping the view-e r navigate the website is the e nd goal of every developer, whether they are male or female. Gender is not a factor at all. While I appreciate and embrace my feminine susceptibility to the design w orld, being a woman in a m ale environment is intriguing and extremely fascinati ng. M ost people don't know w hat to think if ever called a graphic or developer geek. They might either embrace it like Gallery of the Absur d 's 14, who proudly says: "I am a major geek and I wear it as a badge of honour", orm ask it. Most of us, perhaps, have some variationy of a geek-hood streak one w ay or the other. Be it a mac g eek, PC geek, video gamer geek, photography geek,m ovie geek or the Dung eons and Dragons geek. It is hidden somewhere. Do you think you fit into the traditional geek hierarchy? Believe it or not, you know y ou're a geek Graphic Designer or Developer You have bags under your eyes so big you'd have to check them in at the Airp ort You watch the Super B owl just for the commercials, of course Youve used typography a s a texture. You dont have a favourite font, becausec hoosing a favourite font would be like choosing a favorite child Youd rather have a free font than a free gallon of gas. You feel like youre On C all half of the time because clients procrastinate so much. You know keyboard shortcuts that require four f ingers. You can spot bad typogr aphy from 100 yards away You can name more t han 200 fonts in under five minutes You are completely immune to subliminal advertising You look upon a welldesigned project with either: S ympathy or extreme jealousy Your hand is permanently stuck in the shape of a mouse You practically take caffeine intravenously You have an appreciation for everything unique You've been spending three days non-stop on a project and it still looks like crap. You buy a CD or DVD for the artwork, even if you have no idea what the actu al music or film is like You look at the clock a nd its about midnight, and you think: 'I'll go to bed now'... But you actually go to bed about 2-3am You need someone else Graphic signs of design addiction THE ART OF GRAPHIX DEIDRE M.BASTIAN SEE page 14B
C ommonwealth Banks Board has approved ani ncrease in the ordinary s hare quarterly dividend from $0.05 to $0.06 per share, effective March 2011. This increase is the first in the quarterly dividend since the global economic crisis in 2008. The dividend payment w ill be payable on March 31 t o shareholders of record as of March 21. I n January, the bank r evealed it had achieved solid earnings, with net income for 2010 of $53.8 million, up from the $42.3 millionr eported for 2009. Total a ssets expanded marginally in 2010 to exceed $1.4 bil lion, a new record. We are extremely pleased with the banks financial performance over the past year. Common-w ealth Bank remains focused on delivering outstanding services and returnon investments to our cus t omers and shareholders, said William B Sands, Jr, executive chairman. This dividend increase r eflects, to date, the banks strong financial position, which was attained as a result of conservative credit r isk management techniques a nd practices; strong expense management practices; and the banks overall business model, which focus es on addressing all Bahami an personal banking needs. In addition to the i ncrease in quarterly divid ends, in February, Commonwealth Bank paid the largest extraordinary divi d end in the Banks history o f $0.06 per share. Commonwealth Bank is the largest Bahamian bank and the largest Bahamianowned company listed on BISX. The bank is a market leader in service and conve-n ience, operating 11 branche s in New Providence, Abaco and Grand Bahama and employs over 500 staff. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 3B You are cordially invited to attend A presentation by Dr. David T. ConleyPROFESSOR OF EDUCATIONAL POLICY AND LEADERSHIP FOUNDER, CENTER FOR EDUCATIONAL POLICY RESEARCH, UNIVERSITY OF OREGONTHE ROLE OF TERTIARY INSTITUTIONS AND THE BUSINESS COMMUNITY IN PREPARING STUDENTS FOR THE FUTUREThe unique history, culture, and economic needs of The Bahamas require an equally unique and exceptional workforce and society. This session will explore how partnerships between educational institutions, the business community, and families can play a key role in creating comprehensive educational programmes to prepare students for a broad range of future careers.Thursday, March 24th, 2011 9:30am 11:30am INDEPENDENCE BALLROOM B SHERATON NASSAU BEACH RESORT, WEST BAY STREETAdmission is free of charge and there will be a question and answer session Seating is limitedRSVP T 362 4910 or email email@example.comCOLLEGE CONNECTIONS THE SPEAKER SERIESBuildingBridges Grand Bahama Power Company (GBPC announced that R. Alan Kelley resigned from his post as the companys chief executive with effect from yesterday to pursue other opportunities in the US. Mr Kelley joined the utility monopoly in December 2009, and led the company under the direction of former majori ty owner Marubeni/Taqa. Emera executive Ray Robinson will continue to lead Grand Bahama Power Company in his role as executive chairman, and will begin the process to recruit a new chief execu tive immediately. We thank Mr Kelley for the contributions he has made to the business over the last 15 months, said Mr Robinson. I look for ward to working more closely with the Grand Bahama Power Company team to revitalise the utility for the benefit of the cit izens of Grand Bahama and the Bahamas. Power firm chief resigns Bank increases its quarterly dividend By NEIL HARTNELL Tribune Business Editor A former Bahamas Real Estate Association (BREA t erday urged the Government to amend the professions governing legislation to separate its self-regulatory and professional functions, arguing that it was a potential conflict of interest for the Association a nd Real Estate Board to effectivel y be one and the same. Pat Strachan, of Pat Strachan R ealty, said the Real Estate Brok ers and Salesman Act (1995 e d to be amended, arguing that in all o ther jurisdictions the Real Estate Board, which acted as the regulator, was separate from the membership organisation. Pointing to Florida, Mr Strachan said the body responsible for regul ating the profession was appointed by the state government, while association officers were elected by the membership. In the state of Florida, the department of Professional Regul ation, a government entity, is r esponsible for appointing officers to that board. However, for an association in t he state of Florida, for example, F ort Lauderdale, members in Fort L auderdale are responsible for electing its officers in the Fort Lauderdale Association, Mr Strachan said. The proper process is for the Government of the Bahamas to a ppoint officers to the Real Estate Board, and BREA members elect their officers. As it presently exists, the chairman of the Real Estate Board and the president of the Bahamas Real Estate Association i s one and the same. And therein l ies the conflict. Mr Strachan also argued that B REA should not be forcing real e state appraisers to take out Prof essional Indemnity Insurance, argui ng that there was nothing in statute or its own powers to mandate this. Adding that the Multiple Listing Service (MLS and run by BREA, especially given the alleged conflict with its regulat ory functions that he cited, Mr Strachan said that in all other jurisdictions such facilities were privately owned and operated. He also expressed concern about publishing in January of every year t he names of realtors who had yet to p ay their licence fees, pointing out that they had until June to do so. T his, Mr Strachan said, attached an u nfair stigma to those realtors who w ere not Gazzetted as having paid in J anuary. Govt now urged to separate realtor regulation EXTREMELY PLEASED: William B. Sands Jr. RAY ROBINSON Share your news The T ribune wants to hear fr om people who ar e making news in their neighbourhoods. Perhaps you ar e raising funds for a good cause, campaigning for impr ovements in the area or have won an awar d. If so, call us on 322-1986 and shar e your story. The proper process is fort he Government of the Bahamas to appoint offi-c ers to the Real Estate Board, and BREA mem-b ers elect their officers.... P at Strachan
and other Grand Bahama Port Authority (GBPA licencees if they failed to provide a monthly bonded goods sales report. However, in a March 9, 2011, affidavit accompanying the Governments strike-out applications, Assistant Comptroller of Customs, Lincoln Strachan, alleged that the u ndertakings terms had crea ted some confusion and controversy. He claimed that Kellys (Freeport of other GBPA licencees had misconstrued the undertaking as a blanket licence t o, or as authorisation, to r efuse to comply with the lawful obligations under the provisions of the 2009 Customs Regulation to provide bonded sales reports. C ustoms, Mr Strachan alleged, felt the undertaking w as designed merely to ease Kellys Freeport) concerns that enforcement actions would delay the release of itsi mported goods, and to avoid any further misunderstanding as to the alleged refusal (of Customsa ccept returns for duty-paid s ales predicated solely on the basis of non-receipt of the duty exempt bonded sales reports. As far as I am aware, the undertaking was agreed in the context of the impending Christmas season, other eco-n omic considerations and on the understanding that the matter would be disposed of promptly, Mr Strachan a lleged. It was never [Customs] i ntention or understanding that there was an agreement t o obviate, endorse, encourage, induce or otherwise b ecome complicit in the breach of any existing statut ory obligation imposed on [Kellys] and/or other licencees under the Customs Management Act, and in particular the lawful requirements of the 2009 Customs Regulation or any other law of the Commonwealth of the Bahamas. That as a result of the continued non-compliance with t he regulation, there has been a n increased opportunity for p otential abuse of the sale of b onded goods arrangement, w hich has been further exacerbated by the delay in advancing this matter. That in the premise, the undertaking ought to be discharged. H owever, in opposition to the Government and Cus t oms move, Anthea ParrisWhittaker, a Callenders & Coa ttorney, said it would be unjust to throw out Kellys (Freeports h ad been granted leave to file for Judicial Review. The fail ure to file the Originating N otice of Motion had only just been realised, and she alleged that Customs would suffer no prejudice. Ms Parris-Whittaker said: This matter is of general public importance to the Freeport economy and how Customs, licencees and the GBPA will conduct thems elves in the management of c ertain issues relating to the Hawksbill Creek Agreement. The determination of this i ssue will apply to hundreds of other licencees. It is important to all of t hem and to the general publ ic that this matter be r esolved. It is constantly recurring a nd continues to require resolution and clarification for the proper conduct of busi-n ess amongst licencees in F reeport, and not only by the a pplicant. It is a source of great debate and consternation amongst the business community in Freeport and requires a determination. K ellys (Freeport ing Supreme Court declarations that its ability to sell duty-exempt, bonded goods to other Grand Bahama Port Authority (GBPA f or use solely in their own b usinesses is not "condition al" on the submission of such monthly reports. I t is also seeking declara tions that there was "no lawful basis" for Customs to have e ither demanded a monthly 'bonded goods sales report' o r detain Kelly's (Freeport's goods in an attempt to force compliance with the same. And, for good measure, it is seeking an injunction to prevent Customs from detaining or refusing to process importsb elonging to GBPA licencees on the grounds that no 'bonded goods sales report' has been received. Kellys (Freeport wants damages for the "wrongful detention and/orc onversion" of its imported products, and the "refusal to process" those imports, given that the Department's detention of its eight trailers impacted its $3 million inventory levels. Bonded goods sales is a practice whereby Freeport-b ased wholesalers, such as Dolly Madison, Kelly's (Freeport ness Depot, are able to sellp roducts to other GBPA licencees for use in their respective businesses only, without any duty being paid to Customs/Government ont heir sale. It is a report on this a ctivity that Customs is seeki ng, but Kelly's (Freeport a nd its attorneys are arguing that this has never beenr equested before, and is not i ncluded in any statute law, p olicy or agreement concerning their relationship. T he current practice, they argue, is that on the 15th of every following month, Kel ly's and other licencees submit a report on sales where duty is post paid such as sales to residents and nonGBPA licencees together with the relevant duty sum.A nd it was Kelly's refusal to submit bonded goods sales r eports that saw Customs pre viously detain eight of their imported trailers, in a bid to force the company to bow to its demands, although these were eventually released. B USINESS PAGE 4B, THURSDAY, MARCH 17, 2011 THE TRIBUNE 0LQLVWU\RI(GXFDWLRQ6&+2/$56+,3t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t('8&$7,21$//2$1',9,6,21 0,1,675<)('8&$7,21 6+,5/(<((7 ZZZEDKDPDVHGXFDWLRQFRP FROM page 1B Customs: Abuse opportunities are increasing The determination of this issuew ill apply to hundreds of otherl icencees. A nthea Parris-Whittaker
Bahamas to Panama without the consent of Caterpillar; and for non-payment of the indebtedness, Caterpillar alleged. I n notifying Mr Dean and D eans Shipping Company o f the alleged breach in a February 25, 2011, letter, Caterpillars corporate counsel, Brett Parks, demanded t he immediate repayment of t he $2.075 million balance a llegedly owed on the loan. This included some $2.049m illion in principal. H e wrote: Allowing a lien to exist against the vessel, and allowing the vessel to be arrested, are events of default under sections 6.03 and 7.01 of the loan agreement. Additionally, sections 5 .09 and 6.07 of the loan a greement require that the v essel be kept in the registry o f the Bahamas. It has come to our attention that the borrower and guarantor have attempted to change the registry of the vessel from the Bahamas to Panama without the consent of the lender. This is an additional event of default. Due to the existing and c ontinuing nature of the d efaults, and the inability of t he borrower and guarantor to obtain the release of the vessel, lender has elected tod eclare the entire amount of the loan to be immediately due and payable.D emand is hereby made for the immediate payment in full of the indebtedness. The MV Legend was s eized, and placed in the care of National Maritime Services, due to a dispute over alleged non-payment of stevedoring, wharfage and other fees between October 18, 2010, to the pres ent. D ean's Shipping has s erved notice of its intent to defend the matter and rescue its vessel, although court documents obtained by Tribune Business show it has yet to do so. L awsuit I n its lawsuit, the Palm B each Steamship Agency alleged: "Since October 18, 2 010, plaintiff provided nece ssaries to the [MV Lege nd], to-wit: labour, wharfage, advances and other services pursuant to ana greement between plaintiff and vessel's owners, charterers, and/or authorised agents on a fixed rate basis. "The defendant vessel has failed to pay for these services at plaintiff's office in t he amount of $126,347.19 d espite repeated demand for p ayment submitted to the defendant vessel, Legend II, and/or her owner, charterer or operator, defendant Dean's." That sum has since been reduced to just over $106,000. T he Palm Beach S teamship Agency is seek a l ien over the MV Legend II so it can foreclose upon it and sell the boat to recovert he sums owed to it. The MV Legend plies between West Palm Beach, Marsh Harbour, Green Turt le Cay, Spanish Wells and Nassau. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 5B Shipping firm hit by $2.67m loan demand F ROM page 1B
ness after FINCOs net loss f or the three months to endJ anuary increased sharply f rom the $450,967 million slide into the red suffered during the year-before period, Tanya McCartney said the mortgage lenders non-per-f orming loans (90 days or more past due) now accounted for between 12-13 per cent of its loan portfolio. This spike in non-performing loans drove the 35 per cent increase in credit lossp rovisions, which rose from $ 4.906 million to $6.652 million year-over-year. Ms McCartney identified this as the sole factor that quadrupled FINCOs 2011 first quarter net loss. It went up at the end of t he first quarter. Its in the region of 12-13 per cent, the FINCO managing director said of the non-performingl oan portfolio, credit upon which the mortgage lender has stopped accruing interest. That will account for that 3 5 per cent increase in provisions for credit losses. It [the non-performing loan per-c entage] went up about one or two percentage points. Its the economy, coupled with the spike we normally tend to see at year-end and in January. That is a reference to the f act that the Bahamian commercial banking industry, as a whole, traditionally sees a jump in past due and non-performing loans in the aftermath of the Christmas/New Year season, a time whenB ahamians traditionally focus on festivities and shopping, rather than servicing loan obligations. The Central Bank of the Bahamas report for January noted that credit arrears rose by $52.2 million or 4.6 perc ent to almost $1.2 billion duri ng that month, led by the commercial sector where total d elinquencies rose by $31.7 m illion or 12.4 per cent to $ 286.9 million. A s for mortgages, where F INCOs loan portfolio is a lmost entirely concentrated, delinquencies increased by $19.2 million or 3.1 per cent to $637.1 million during January, with 31-90 day and nonperforming loans in this cate-g ory growing by $8.3 million (2.6 per cent lion (3.6 per cent tively. Especially at the end of the year, December and January, you tend to see thed elinquency numbers go up. Thats across the board industry wide, Ms McCartney said. Thats not the only factor in play here, but it tends to be the case that at the end of the year/early January then umbers do spike. Thats been in play for us in the past two years with r espect to the first quarter. I ts exacerbated by the impact o f the whole economic situat ion. In and of itself, we would h ave seen a spike; that tends t o be the trend, but in the current environment it tends to b e magnified. O n the positive side, FINC O is continuing to find lendi ng opportunities, its mortgage portfolio expanding by 4 per cent during the three months to end-January 2011. Net loans grew over the same period from $817.997 million at the 2010 financial year-endt o $820.859 million. Also, net interest income grew by 6.6 per cent to $7.128 million compared to $6.686 million in the prior year comparative period. However, the credit provision increased ropped net interest income from $1.78 million to $475,746. With essentially flat fee and commission income of $857,462 factored in, FINCOs total income reached $1.333 million, a 49.3 per centr eduction on the previous y ears $2.632 million. Emphasising that there had b een no change in FINCOs l ending and credit policies, M s McCartney said: Were s till in the business of lendi ng money. Were very caut ious when it comes to extending beyond the credit p olicy, but were still lending. T heres good risks to be had. W hile FINCO clients were a lso set to benefit from the development, by its Royal Bank of Canada majority shareholder, of a debit card and new rewards/points credit card during 2011, Ms McCartney said: The focusi s on the existing business and really managing the delinquencies, reaching out to customers and, where we can, helping them to restructure with a view to getting regularised. We will continue tod o that. We are focusing on the mortgage portfolio. We continue to reach out to the professional market, and are really working on delinquent payments. FINCO has also held its n on-interest expenses relat ively flat, coming in at $3.146 million this quarter compared t o $3.082 million in the prior y ear, and Ms McCartney said: We remain efficient. Were keeping our spendi ng under control, growing the b ook, but the overall economic environment is provi ng challenging as individuals a re finding it difficult to make m ortgage payments. Weve really put a focus on managing costs over the l ast three years, with no unnecessary spending. From 2008 we tightened our belts as soon as the economy went downhill. Expenses remain flat, and thats pretty much where we want them to be. F INCO informed shareholders that no dividend payment would be made due to the first quarter results, and Ms McCartney reiterated that it was impossible to predict the rest of the year. Were cautiously optimistic that if things turn around in the overall economy, we will see an improvement, she added. Its really the provisioning, that 35 perc ent increase in provisions for c redit losses, that has impacted these results. We would see an improvement when the unemployment numbers are going down, we would see ani mprovement if confidence s uggests the recession has hit t he rock bottom....... Until we s ee positive trends in the e conomy on a consistent b asis, only then will we see a n impact on our performance. T he turnaround to date had b een slow and not broadbased, and the FINCO mana ging director added: There are some things happening in t he economy, but in terms of the impact it has yet to be felt, and the mortgage portfolio isi mpacted by that lag. B USINESS PAGE 6B, THURSDAY, MARCH 17, 2011 THE TRIBUNE %DKDPDV(OHFWULFLW\&RUSRUDWLRQ7HQGHU7KH%DKDPDV(OHFWULFLW\&RUSRUDWLRQLQYLWHV 7HQGHUVIRUWKHVHUYLFHVGHVFULEHGEHORZ 7 *URXSHGLFDOt/LIH,QVXUDQFHHUYLFHV %LGGHUVDUHUHTXLUHGWRFROOHFWSDFNDJHVIURP WKH&RUSRUDWLRQ$GPLQLVWUDWLYHIFH%OXH +LOOt7XFNHURDGV &RQWDFW 0V&KDUOHQHPLWK DW WHOHSKRQH 6XEPLVVLRQVVKRXOGEHPDUNHGDVIROORZV 0U.HYLQ%DVGHQ *HQHUDODQDJHU %DKDPDV(OHFWULFLW\&RUSRUDWLRQ ([HFXWLYHIFHV%OXH+LOOtXFNHU 5RDGV 1DVVDX%DKDPDV 7 *URXSHGLFDOt /LIH,QVXUDQFHHUYLFHV 'HDGOLQHIRUGHOLYHU\WR%(& 7KH&RUSRUDWLRQUHVHUYHVWKHULJKWWRDFFHSW RUUHMHFWDQ\RUDOOSURSRVDOV )RUDOOLQTXLULHVUHJDUGLQJWKHWHQGHUVSOHDVH FRQWDFW $QWLRQHWWHXUQTXHVW DWWHOHSKRQH 72$//&,9,/(59$176 7KDWVULJKWD/RDQDSSURYHGZLWKLQKRXUV 38%/,&:25.(56&2(5$7,9( &5(',7,21/,0,7(' FROM page 1B FINCO net loss quadruples as non-perform loans hit 12-13%
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f5DWLQJ IURP%HVWUHHFWLQJWKHFRPSDQ\QDQFLDOVWDELOLW\DQG VRXQGULVNPDQDJHPHQWSUDFWLFHV 3OHDVHDSSO\EHIRUHDUWK *U7UDLQLQJDQDJHU %DKDPDV)LUVW&RUSRUDWHHUYLFHV 3 1DVVDX%DKDPDV 2UHPDLOWR FDUHHUV#EDKDPDVUVWFRP v ide liquidity to small retail i nvestors seeking to exit their i nvestment for social reasons. Telling this newspaper that the banks current $4.40 per share price on BISX absolutely undervalued the c ompany, Mr McWeeney said t he move would also cater to Bank of the Bahamas Internationals diverse, retail investor-dominated, shareholder base. He explainedt hat around 94 per cent of e xisting Bank of the Bahamas International shareholders owned 2,000 shares or less. We have to protect the s takeholders of the bank, and i ts where we have to do what we have to to mitigate the pitfalls of an immature financials tock market, Mr McWeeney told Tribune Business. We have approximately 4 ,000 shareholders, and about 94 per cent of those have less than 2,000 shares. Its very c lear that persons have been liquidating shares for social reasons, and the price mech a nism employed by BISX does not, in our view, take into consideration the true intrinsic value of a company.... A company has to what is proper to maintain the value of its stock. Its become evi d ent now. In the last year, the company was trading above book value, but now the stocki s below book value. Right now, our shares are a tremen-d ous buy for anybody. Bank of the Bahamas Intern ationals shares are currently trading at a 52-week low of $4.40 per share, their 52-weekh igh having been $5.72. Currently, only trades involving 1,000 shares or more can change the price of a BISX-l isted company and, even t hen, the stocks price can o nly increase/decrease by 10 per cent either side of the previous price. That is not an appropriate way of pricing or reflecting the true value of a companyss hares. Its based on the sale p rice taking place from one day to another. We dont think its an appropriate model, Mr McWeeney added. We do understand that its a new market and that it takes time to mature, but feel the t rading price is not reflective of the true value of the bank. Were introducing a plan to soak up and create a market to absorb those persons who may want to sell their s hares for social reasons. T his refers to Bahamian retail i nvestors who want to liquid ate their shareholdings for non-financial/investment reas ons, such as raising cash to meet loan obligations orB ack-to-School payments etc, a nd are willing to disregard s tock fundamentals. Telling Tribune Business that there was no two ways about it when it came to questions over whether Bank of the Bahamas Internation a ls stock was undervalued, Mr McWeeney said that some of the trades thatc aused the drop over the last six months had involved vol-u mes of just 1,500 and 1,600 s hares. Those trades occurred when the banks profits were much greater, MrM cWeeney said, justifying the view that listed stocks did nott rade on fundamentals. The performance from last year w as ahead of the previous year by almost $2 million, and the share price should reflect t he intrinsic and future value. In our view, the share price does not adequately reflectt hat. B ank of the Bahamas Inter n ational is now joining a trend of BISX-listed companies introducing share buy back plans. AML Foods, the retail group, unveiled its buy back programme earlier this year for much the same rea-s ons, citing an undervalued s tock and low liquidity, although some voiced suspicions this was in response to the hostile takeover bid by Mark Finlayson. C able Bahamas, FOCOL Holdings and Commonwealth B ank have also employed share buy back plans in the past, and Mr McWeeney added: Persons dont feel the current price model adequately reflects the capital m arkets. W hile Bank of the B ahamas International had n ot directly made its concerns over the pricing struct ure known to BISX, Mr McWeeney said: We havee xpressed our concerns about t he pricing model. We understand BISX is a new entity, and will take time to develop, and what we need is an independent, responsible firm to do company evaluations. A rating agency, such as a Bahamian version of Standard & Poors, Moodys ort he Caribbean agency, CariCris, was needed in thisn ations capital markets to c reate fair value for listed s tocks, Mr McWeeney said, along with primary dealers who acted as market makersi n a companys shares. Pointing to developed c ountry capital markets, he explained: They also have p rimary dealers in stocks. We dont have that. We have secondary dealers who hold s hares for various investments they have. Primary dealers actively trade in a companyss hares and make markets for t hem. Banks stock trading below book value FROM page 1B
tionship/functions of government, Board and management. This pattern, practiced o n the oversight level, inevitably extends down into the enterprise and shapes the way the enterprises management and operations are conducted, the report said. It creates an atmosphere of uncertainty and lacking perspective. The consequences are........ serious deficiencies in the management methods, entailing lack of conclusive and effective reporting; instruction; performance control and sanctioning mechanisms in BEC which, together with other factors, substantially hampers the enterprise in performing in a way that existing resources would permit. The applied ways and procedures are rather informal. Circumvention ofa greed processes is frequent; non-compliance does not inevitably entail consequences. The absence of strict rules and directions, inc onjunction with low risk of sanctions jeopardises accountability of the e mployees. The effect of what appears to be a state of near anarchy internally at BEC is brought into stark relief by Fichtner. Compared with state of the art standards in the util-i ty sector, this situation is c oncerning, and if no drastic c hange is initiated, the enterprise is likely to further deteriorate, it said. Controls The Fichtner report said management controls werel argely absent, with BEC h aving no methods for coll ecting and disseminating information internally to support management deci-s ions. There was also a lack of operational and departmen-t al performance indicators. Praising BECs internal auditor and his staff for producing regular and detailed reports on system and performance shortcomings, the s tudy noted: The effectiveness of this instrument is reduced, however, by the lack of respect for his assessments on the part of ther esponsible managers. Fichtner also highlighted the considerable volume of consulting services employed by BEC, espec ially in the area of proc urement, where Crown Agents from the UK were subscribed to a substantiale xtent. The volume of total cons ulting costs incurred a mounts as much as $10 mill ion in fiscal year 20072 008, the report revealed. Considerable additional amounts are expected to be hidden in other sundry positions. It is not convincing that B EC needs to afford itself consulting services in such order of magnitude. I t added that some BEC s taff were likely to be underused, while at the same time too many tasks are out-s ourced through the award o f third party contracts. It said that while developing project specifications and major maintenance works was often outsourced, internal staff could very w ell do this work. 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WASHINGTON Builders broke ground last month on the fewest homes in nearly two years and cut their r equests for permits to start new projects to a five-decade low. The decline in construction activity is the latest evidence that the U.S. housing industry is years away from a recovery. Home construction plunged 22.5 percent in February from J anuary to a seasonally adjusted 479,000 homes, the Commerce Department said Wednesday. It was the lowest level since April 2009 and the second-lowest on records dating back more than a half-century. The decline followed a surge in highly volatile apartment c onstruction in January, which pushed the overall construction rate up to more than 600,000units the fastest rate in 20 months. Still, the building pace has been far below the 1.2 million units a year that economists consider healthy. Singlefamily homes, which make up roughly 80 percent of home construction, fell 11.8 percent in February. Apartment and condominium construction dropped 47 percent, reversing much of January's gains. Building permits, an indicator of future construction, fell 8.1 percent last month to the lowest level on records dating back to 1960. Permit requests for single-family homes saw the biggest decline. Apartments and condos remained flat. Falling prices, sluggish sales and the weak construction rate all point to a housing market that is "stuck at a bottom of a steep hill," according to Moody's Analytics Economic Research. "There are really large structural problems with the housing market," said Dan Greenhaus, chief economic strategist with Miller Tabak + Co. "This is not a run-up in oil prices. This is a multiyear build up in the housing market that is going to take more than several months or several quarters to get through." For a housing recovery to take hold, the job market needs to improve and builders need to gain access to hard-to-get cred it. "Credit is flowing freely to large companies but not so much to the small builders," said Patrick Newport, U.S. economist for IHS Global Insight. "If builders cannot get financing to build new homes, housing will remain in the dumps." Analysts said year-end building code changes in California, Pennsylvania and New York caused an artificial spike for permit requests in December and housing starts in January. Builders in those states rushed to file new permits before those changes went into effect. Even with those gains, the housing market has struggled. Millions of foreclosures have forced home prices down and more are expected this year. Tight credit has made mortgage loans tough to come by. And some potential buyers who could qualify for loans are hesitant to enter the market, worried that prices will fall further. The drop in home construction activity was felt coast to coast. It fell 48.6 percent in the Midwest, 37.5 percent in the Northeast, 28 percent in the West and 6.3 percent in the South. The volatile housing market is weighing on the overall eco nomic recovery. Each new home built creates, on average, the equivalent of three jobs fora year and generates about $90,000 in taxes, according to the National Association of Home Builders. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 11B :$17('$VVRFLDWH$WWRUQH\ HDO(VWDWH$SSOLFDQWPXVWKDYHPLQLPXPRI\HDUVH[SHULHQFH D QGEHVSHFLDOL]HGLQWKHDUHDRI5HDO(VWDWH DQG'HYHORSPHQWGHPRQVWUDWHDQDELOLW\WRZRUN L QGHSHQGHQWO\DQGSRVVHVVWKRURXJKZRUNLQJ N QRZOHGJHDQGWHFKQLFDOFRPSHWHQFHLQWKHDUHD PHQWLRQHG &RPSHQVDWLRQ FRPPHQVXUDWHZLWKTXDOLILFDWLRQV D QGH[SHULHQFH 5HSO\LQFRQILGHQFHWR D WWRUQH\YDFDQF\#JPDLOFRP New-home construction plunges in February (AP Photo/Keith Srakocic CONSTRUCTIONDECLINE: I n this photo made on Feb. 17, 2011, construction continues on a row of condominiums in Cranberry, Pa., Butler County. Builders likely broke ground on fewer homes in February, a reflection of declines in home prices and diminished demand that has made it difficult for them to com-p ete.
NEW YORK The dollar dropped to its lowest point in almost 16 years Wednesday briefly touching below 80 yen amid a perilous nuclear crisis in Japan, debt woes in Europe, tension in the Middle East and weak economic reports in the U.S. The dollar is now close to its lowest point of the post-World War II era 79.75 yen struck in April 1995 as leaks of radioactivity from a stricken Japanese nuclear plant have deepened the Asian country's woes following last week's massive earthquake and tsunami. Many analysts have said they expect the Bank of Japan to try to weaken the yen if the dollar drops below 80 yen. A strong yen hurts the Asian country's exporters, potentially deepen ing any hit to the economy from the earthquake and lingering nuclear crisis. "It's safe to assume that no one in Japan wants to see dol lar-yen trade much below 80 and certainly not below 79.75," said David Gilmore of Foreign Exchange Analytics in Essex, Connecticut. In afternoon trading in New York Wednesday, the dollar was worth 80.16 Japanese yen, down from 80.83 yen late Tues day, after earlier sinking to as low as 79.96 yen. Despite the devastation and intensifying nuclear threat in Japan, the yen has been rising. That's in part because the yen is a traditional safe-haven currency, benefiting during periods of international turmoil. Also, market trackers expect Japanese investors to close down overseas bets and bring their money home, which has been driving the yen higher. The bounce higher Wednesday was not big enough to indicate that the Bank of Japan and the Japanese government had intervened in foreign exchange markets, however, said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York. Japan, acting alone, inter vened to weaken the yen in September 2010. This time efforts to curb the yen's rise may be different. Chandler posited that a reported call for a meeting of finance ministers of the Group of 7 major economies could result in an international move to stabilize the yen. The Wall Street Journal reported Wednesday that French Finance Minister Christine Lagarde had called for a meeting of G-7 finance ministers and central bankers to determine how to "react on a financial level" to the crisis in Japan and its effect on world markets. "It's clear that the Bank of Japan stands ready and able to intervene in the market with the blessing of the G-7 and the international community," said Michael Woolfolk, senior cur rency strategist at Bank of New York Mellon Corp. in New York. Meanwhile, the euro dropped to $1.3922 from $1.4000 and the British pound fell to $1.6007 from $1.6092 amid tensions from elsewhere around the globe. Portugal raised $1.4 billion in a debt auction Wednesday, but the indebted country had to pay higher interest rates to investors a day after Moody's downgraded its credit rating, refocusing some attention on Europe's debt crisis. In the Middle East, soldiers and police cracked down on hundreds of protesters in Bahrain, a neighbor of Saudi A rabia, the world's biggest pro ducer of oil. If upheaval spills into Saudi Arabia, oil produc tion could be greatly affected.A Saudi-led force is already in Bahrain, and analysts fear ten sions between Saudi Arabia and its Shiite rival Iran, anoth er major oil producer. Iranian President Mahmoud Ahmadinejad on Wednesday denounced the Bahraini government's moves and the Saudiled forces in Bahrain. There were also negative sig nals for the U.S. economy Wednesday in government reports. The Labor Department said producer prices in the U.S. posted the steepest rise last month since June 2009 because of climbing food and energy prices. But apart from those, inflation remained muted in February, suggesting the Federal Reserve isn't likely to raise interest rates any time soon. Higher rates, used to fight inflation, tend to support a currency. Another government report on housing indicated that the real estate market was a long way from a recovery, weighing on the broader economy. Home construction dropped 22.5 percent in February from January to a seasonally adjusted 479,000 homes last month. That's the lowest level since April 2009 and the second-lowest on record. Permits to start new projects fell to the lowest level on records going back to 1960. "With core (producer prices inflation still low and the economic recovery constrained by the continued weakness in housing, the Fed is not going to respond by tightening poli cy," wrote Paul Ashworth, an economist with research firm Capital Economics, in a research note. The Fed on Tuesday remained committed to seeing its $600 billion bond-buying program through June, which is meant to lower long-term interest rates, and reiterated that it would hold the key U.S. interest rate near zero for an "extended period." NEW YORK Worsening fears about the nuclear crisis in Japan shook financial markets Wednesday. Stocks opened lower then dropped sharply in midmorning trading after the European Union's energy chief was quoted as saying that Japan's nuclear crisis could get worse. Treasury prices jumped, sending yields to their lowest levels this year as investors piled into investments seen as being more stable. The Dow Jones industrial average fell 265, or 2.3 percent, to 11,590. The Standard & Poor's 500 index fell 29, or 2.3 percent, to 1,253. All 10 company groups in the S&P 500 fell. The index has dropped 3.5 percent this week and has now given up all its gains for the year. The CBOE Market Volatility Index jumped 18 percent, a sign that investors expect more volatility in the stock market. Japan temporarily suspended work at a stricken nuclear plant after a surge in radiation made it too dangerous for workers to remain there. That came a day after Japan's prime minister said four crippled reactors at a nuclear power plant were leaking dangerous amounts of radiation. The Nasdaq composite index fell 57, or 2.2 percent, to 2,610. The yield on the 10-year Treasury note fell as low as 3.15 percent, the lowest level this year. In midafternoon trading the yield was 3.17 percent. The dollar dropped to its lowest point in almost 16 years against the Japanese yen, briefly falling under 80 yen. The dollar is now close to its lowest point of the post-World War II era: 79.75 yen reached in April 1995. A stronger yen hurts Japan's exporters, potentially dealing another blow to the economy already racked by an earthquake, tsunami and evolving nuclear crisis. Japan's economy, the third-largest in the world after the U.S. and China, accounts for about 10 percent of U.S. exports. The Commerce Department reported that new home construction fell to the second-lowest level on record in February, reflecting weak demand. Homebuilders Lennar Corp. and D.R. Horton Inc. each fell more than 2 percent. Wholesale prices rose last month by the most in nearly two years due to higher energy costs and the biggest increase in food prices in 36 years. Shares of companies affected by higher food costs fell. McDonald's Corp. and Starbucks Corp. both fell 2 percent. 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MONTPELIER, Vt. When the federal Nuclear Regulatory Commission announced last week that it would grant the Vermont Yankee nuclear plant a 20-year extension on its operating license, the plant's supporters won a fresh and strong talking point toward improving the reactor's political fortunes in Vermont. Only hours later, the devastating earthquake and tsunami in Japan set off a disaster at reactors of the same design and vintage as Vermont Yankee. Politically, the trouble-plagued plant's chances appeared doomed. "I don't think they had a pulse last week, but we've picked out the casket now," said Rep. Tony Klein, chairman of the Vermont House committee that oversees Vermont Yankee, said of the plant's political prospects in the state. Nuclear politics is unusually raw in Vermont, the only state with a law calling on its legislature to give the OK before regulators give the state's approval for the license extension. But across the country, the nuclear industry is coming under new scrutiny, with questions being raised about whether a big dose of bad news about the technology might cool the ardor for a renaissance in the industry. "The timing could not be worse," said Richard Levick, CEO of Levick Strategic Communications, a Washingtonbased firm that advises companies on how to handle publicrelations crises. "We saw the American nuclear industry really starting to reposition itself for growth. At best this is a short-term setback." The government has already offered $18.5 billion in loan guarantees for new nuclear plant construction, and President Barack Obama, a strong supporter of building new reactors, has asked in his recently proposed budget for $36 billion more. Of the money already allocated, $8 billion is earmarked for a new plant in Georgia, due for a groundbreaking later this year. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 13B GOVERNMENT NOTICEGN-1186 GOVERNMENT NOTICEG N-1184 Japan crisis renews US debate over nuclear power POWERPLANT: In this Dec. 12, 1997 file photo, the Vermont Yankee nuclear power plant is shown in Vernon, Vt.
to point out that you're sitting in front of the computer w ith all the lights off, and haven't noticed Youre in the sun and you look around for a Drop Shadow to sit under. You give your relatives a lecture about colour spaces and profiles when you e-mail your vacation photos. You maintain a grid system for your refrigerator magnets. You sit at work for eight hours staring at your monitor, waiting for a spark of i nspiration that doesn't c ome. You're up until 5am b ecause you came up with the best idea ever while brushing your teeth. Looking at a menu makes you go "hmmm, ITC Baskerville italic" rather than "mmmm, lunch!" Your best friends are all employees at the local print shop The only people who seem to know what you do for a living are other graphic artists. Several South American economies suffer noticeably whenever you attempt to give up coffee, or even cut your consumption by half. You know that "bleedi ng" doesn't hurt. When you know the dif f erence between fuchsia, m agenta and maroon. You've considered nam ing your children things like 'Kern', 'Pica', 'Bzier', and 'Serif'. When you can't remember the word fog, and instead refer to it as the Gaussian Blur. When you write essays, papers, and letters with InDesign. You look forward to seeing PMS Printing your wedding invitations costs more than the dress, engagement ring and honeymoon combined. Your favourite scene in American Psycho is where t hey discussed business c ards When your mouse mat i s also your placemat Youve named your fish G ill Sans You consider meal time as interruptions. You clean your key board more often than you wash your car. Youd rather organise y our desktop than your sock d rawer. You bookmark a r esource more often than y ou have a fun night out on t he town. You cant go to a restau rant without secretly critiquing the menu design. You have an amazingly huge font collection, and an amazingly short temper. If you had a penny for every mouse click, you would have been a trillionaire three years ago. You will ONLY work on a Mac. You can tell the differ ence between Helvetica and A rial immediately. You colour coordinate everything (food in refrigerator, cds, dvds, etc. Command + Z (undo keys) comes to mind when y ou make a mistake in real l ife situations. Every time you are w rapping up leftovers you a re haunted by the filter p lastic wrap. When someone gives y ou an invite or business card, you are more excited to see the design than the content. You say why didnt I think of that when you see an awesome design. You dont care what the words say; youre just conc erned with how many w ords there are. You still enjoy buying toys and have one sitting on your desk now. You use your pantone book instead of a paint chip for remodelLing your bed room. Most of the work in your portfolio is not the work that the client actually a pproved, but the design y ou liked best. Lock up doesnt mean going to prison for you. Your friends and family members on a regular basis want your services for freeo r extremely cheap. You request a vector logo and you get a pixilated 72dpi jpeg from the web( placed in a Word document of course!). You buy a bottle of wine purely on the design of thel abel only Finally, you know you are definitely a graphic or devel o per geek when..... you can understand EVERY THING placed on this list. S o until we meet again, have f un, enjoy life and stay on top of your game. NB: Author welcomes feed b ack at d firstname.lastname@example.org B USINESS PAGE 14B, THURSDAY, MARCH 17, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.130.95AML Foods Limited1.091.090.006,4300.1230.0408.93.67% 1 0.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.404.400.000.1530.10028.82.27% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.43Cable Bahamas10.219.43-0.781,0001.0500.3109.03.29% 2.852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1)6.826.820.001650.4880.26014.03.81% 2.861.90Consolidated Water BDRs2.142.10-0.040.1110.04518.92.14% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.305.25Famguard5.255.250.001,0000.3570.24014.74.57% 9 .275.65Finco5.885.880.000.6820.0008.60.00% 11.408.77FirstCaribbean Bank9.399.35-0.041,0000.4940.35018.93.74% 6.004.57Focol (S)5.475.470.000.4520.16012.12.93% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.255.50ICD Utilities7.407.400.004500.0120.240616.73.24% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield F INDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029TUESDAY, 15 MARCH 2011B ISX ALL SHARE INDEX: CLOSE 1,447.31 | CHG -10.59 | %CHG -0.73 | YTD -52.20 | YTD % -3.48BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%B ISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.94860.04%1.45%2.918256 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.43920.61%-0.22% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 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% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200730-Nov-10 31-Jan-11 107.570619 105.776543 30-Jun-10 31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071TO 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 28-Feb-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 31-Jan-11CFAL Securities Ltd. 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