The Tribune.
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Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 3/18/2011
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
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Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:01811


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FASHION mogul and long-time Lyford Cay resi dent Peter Nygard has issued a cease and desist letter to his property owners association. Citing intimidation from the private security firm hired to patrol the gated residential community, Mr Nygards legal counsel has also lodged a formal comN ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER PLPs blast PM s personal attack V olume: 107 No.96FRIDAY, MARCH 18, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER SUNNY AND BREEZY HIGH 81F LOW 69F S P O R T S By CELESTE NIXON T ribune Staff Reporter OPPOSITION MPs yesterday criticised the prime ministers remarks about businesso wner Sandy Schaefer, which they regard as a "personal attack" on the businessman. In a joint statement issued yesterday, Fox Hill MP Fred Mitchell and Ryan Pinder MP for Elizabeth said that Prime M inister Hubert Ingraham's remarks about Robin Hood o wner Mr Schaefer were "improper, inappropriate, and threatening." M r Ingraham, speaking about Mr Schaefer criticisms of the road work project on Prince Charles Drive follow i ng a tour of the new Public Treasury building Wednesday morning said: "It is most r egrettable that such a person has been allowed to have that type of business in the coun t ry. He is not a good person MPs say Ingrahams remarks about Robin Hood owner were improper and threatening TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM SEE page nine CUSTOMS Comptroller Glen Gomez said last night that the Customs and Police raid on Robin Hoods Harrold Road store Wednesday night had nothing to do with Prime Minister Ingrahams comments earlier that day that the owner of the store was not a good person for the Bahamas. Mr Gomez said the Customs and Police had gone to the main store at closing time Wednesday night to get a computer that would help them in investigations they had CUS T OMS RAID ON ROBIN HOOD HAD NOTHING TO DO WITH PM COMMENT SEE page nine URCA has formally r equested a copy of a show hosted by Steve McKinney as part of an investigation into whether Gems Radio Station has contravened communications regulations. On March 16, the regulator i ssued a formal notice which stated: In accordance with S ection 53(1 nications Act, 2009 the Utilities Regulation and Competition Authority (URCA issued codes that shall be observed by licensees providing audio/visual media ser-v ices. Such codes were issued by URCA on April 9, 2010. This notice is to advise URCA SET TO INVESTIGATE STEVE MCKINNEY SHOW SEE page nine GREENSCENE: Junkanooers entertained tourists and pedestrians on Charlotte Street at the St Patricks Day festival yesterday afternoon. Local businesses partnered with the Ministry of Tourism to create the event, complete with themed food and drink specials, face painting, and entertainment. Last night, merchants touted the event as a huge success which drew both visitors and residents SEEPAGE TWO S T P ATRICKSDAYFESTIVAL TIM CLARKE/TRIBUNESTAFF By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@ DR Andre Rollins confirmed to The Tribune last night that he has applied to the PLPs Fort Charlotte branch to be their new representative By TANEKA THOMPSON Tribune Staff Reporter SENIOR members of the Free National Movement do not expect any Parliamentarians within their party to break rank and vote against the privatisation of BTC. DR ANDRE ROLLINS APPLIES TO BE PLPC ANDIDATE FOR F ORT CHARLOTTE SEE page nine SEE page nine FNMS N OT EXPECTED TO BREAK RANKS OVER BTC SEE page nine DETRACTORS of the government's $210 million sale of BTC are calling on the country's religious leaders to "cover" them at a series of prayer vigils hosted ahead of Monday's planned demonstration. The call came at an anti-privatisation town meeting organised by Operation National Rescue, a civic group headed by former Cabinet minister in PETER NY GARD ISSUES CEASE AND DESIST LETTER TO PR OPER TY OWNERS ASSOCIA TION C ALL F OR RELIGIOUS C OVER AT PRAYER VIGILS AHEAD OF BTC DEMONSTRATION SEE page nine CUSTOMS Comptroller Glen Gomez ARIANNA MAKES HISTORY SWIMMING STAR BECOMES FIRST BAHAMIAN TO WIN NCAA CHAMPIONSHIP TITLE


LOCAL NEWS P AGE 2, FRIDA Y MARCH 18, 201 1 THE TRIBUNE B y LI ND SA Y TH OMP S ON DEP UTY P rim e Min ist er a n d M i n i s t e r o f F o r e i g n A f f a i r s B r e n t S y m o n e t t e called on the Church of God o f P r o p h e c y t o s t r e n g t h e n partnerships towards a more caring society. He w a s ad dre ssing t he 9 0 th An nual N atio nal C onv enti on o f t h e C h u r c h o f G o d o f Pr ophecy at t he East Str eet Tabernacle on Monday. The week-long convention u n d e r th e t h e m e : Le d B y H i s S p i r i t i s a d v o c a t i n g f o r a b e t t e r c o m m u n i t y t h r o u g h spiritual guidance. T h e C h u r c h o f G o d o f P r o p h e c y i s n o t a b l e i n o u r c o m m u n i t y n o t l e a s t o f a l l becaus e i t has alway s t aken a n all -embra ci ng ap proac h to li fe, inclu ding the wid er c ommunity together with its reg i st er ed me m be rsh i p in it s o ut reach," Mr Symonette said. H e a c k n o w l e d g e d t h e c hu rch a s a p la ce f or h av ing a reput a t ion of happin e s s and j oy ; of spi r i tua l san c tua ry an d comfort; a music-filled place where worship services seek a l w a y s t o b e u pl i f t in g a n d s o u l affirming. He said although the gov e rnme nt h as m ade sig nifi ca nt p r o g r e s s i n i m p r o v i n g t h e quality of life, a new affinity w ith m ate r i ali sm a nd a w ea ke n i n g o f t ra d i t io n a l fa mi l y v a l ues as well as the illicit drug t ra de c o nt in ue s to w re a k ha v oc on Bahamian society. "A nd so I he art ily em bra c e th e ca ll of the C hurc h o f G od Inc orpo r a ted in th e Ba ham as for us the church, the gov e r nme nt, the fam ily, the peop le to b e l ed b y th e sp iri t; t o become even better partners i n o u r c o u n t r y s o t h a t w e become a more caring, com p a s s i o n a t e a n d C h r i s t i a n B a h a m a s M r S y m o n e t t e said. H e p l e d g e d t h e g o v e r n ment's continued support to s e cu r e a n d ex p a n d f u n d i ng for education and for techni c al voc ational tr a ining especially for the youth, notwith st and in g the se d if fi cult economic times. "W e remai n c onsc ious a lso o f t h e s p e ci a l n e e d s o f o u r sen ior ci tizens who need an extra helping hand. We look t o co n t i n u i n g t o wo r k wi t h y o u t o s t r e n g t h e n p r o g ram me s o f a ssista nc e for th e aged pa rt i cul ar ly w her e t he c h ur c h is ab le to exp and it s i nvolv eme nt," Mr Sy mone tte said. DPM Symonette calls for mor e caring society Brent Symonette Scenes from yesterday's St Patrick's Day Festival held on Charlotte Street. Local businesses partnered with the Ministry of Tourism for the event. C E L E B R A T I N G D A Y S T PA T R I C K 'S Photos: T im Clarke/ T ribune Staf f


LOCAL NEWS T HE TRIBUNE FRIDAY, MARCH 18, 2011, PAGE 3 THE Tribune understands that a senior manager of a well known youth group is expected to appear in court today concerning the alleged theft of tens of thousands of dollars from the organisation. When contacted the director of the group, said he was unable to comment at this time, but that the organisa tion would release a state ment at a later date. Y outh gr oup manager expected in cour t over alleged theft By NATARIO McKENZIE Tribune Staff Reporter A MAN convicted of attempting to rob an armoured truck outside a bank in 2007 had his conviction and sentence quashed by the Court of Appeal yesterday. Ryan Omar Butler was convicted last September of attempting to rob armored truck driver Andrew Knowles outside the Royal Bank of Canadas Prince Charles Branch on December 21, 2007. The Court of Appeal found yesterday, however, that the evidence presented did not support the charge. The court is expected to deliver a written judgment at a later date. Butler was represented yesterday by attorney Roberto Reckley. Vernal Collie appeared for the prosecution. Butler appeared jubilant following the courts decision yesterday. At the trial, prose cutors had alleged that Butler was one of two armed men who banged on the door of an armored truck and demanded that the employees inside it open the door. However, the robbery attempt was thwarted by a police reservist and an offduty police officer, who were nearby. Prosecutors contended that Butler was shot during capture. Butler claimed he was merely an innocent bystander and that police shot him acci d entally. He claimed that at the time of the incident, he was heading to the Super Value food store in the Prince Charles Shopping Centre to purchase milk for his girlfriend. Butler had been initial ly charged with Raymond Bastian. However, Bastianw as gunned down on Abundant Life Road in what police described as a "drive-by shooting" two days before the start of the trial. Man convicted of armoured truck robbery attempt has conviction quashed A CTING Postmaster General Leslie Cartwright yesterday advised members of the public that rental fees for private post offices boxes are past due and should have been paid on or before January 31, 2011. Persons who rent post office boxes are advised that until March 31 they may be allowed to retain their box(es charge of $10 in addition to the rental fees. Fail ure to comply within the specified period will result in the closure of the boxes which may be assigned immediately to other persons due to the limited availability of boxes. FNM Cabinet Minister and Senator Dion Foulkes hit back at PLPs criticism of the controversial Bell Island development in the Exuma Land and Sea Park yesterday. Speaking in the Senate yesterday, the Minister of Labour and Social Development said the opposition was hypocritical in their complaints against the governments approval of the project, as several developments within the protected park were approved under the Christie administration. Mr Foulkes said: Under their administration they allowed to be dredged four separate marinas and harbours. We saw no evidence that there were any EIAs (environmental impact assessments) done on any of those cays. And, Mr Foulkes tabled documents concerning developments at three cays: Soldier, Indigo and Wax Cay. Soldier Cay and Indigo Cay, he said, are less that 400 feet from Bell Island, while Wax Cay is on the border of the park. Defending the Bell Island project, Mr Foulkes said that several EIAs were undertaken and that the developer completed all the requirements of the government, the Town Planning Department and the Bahamas National Trust. THE Court of Appeal has reduced the prison sentence of a German man convicted of the possession of $30,000 worth of marijuana. Hans-Jrgen Rolf Fink, 47, of Berlin, was convicted last August after admitting to pos session of 30lbs of marijuana with intent to supply. The drugs were reportedly seized from a home in Pinewood Gardens whereFink lived with his wife. Fink, who claimed to be a Drug Enforcement Administration (DEA that the drugs were part of a shipment. Fink claimed he had been involved in a drug run to Jamaica and had been a DEA informant. Fink told the court he had been given the drugs to give to someone else. Finks wife was ordered deported after the prosecution withdrew the charges against her. Fink told the appellate court yesterday that he felt his 36 months sentence was excessive. The court reduced his sentence yesterday to 18 months to take effect from the date of his conviction. German convicted of possessing marijuana has sentence r educed COPA Airlines, which further opened the Bahamas to the Latin American market, is already prepared to upgrade its flights to the country if the demand is high when it beginss erving Nassau in June, Tourism Director General David Johnson said Tuesday. Mr Johnson laid out for dozens of tourism stakeholders the actions that the Ministry of Tourism & Aviation is taking to attract more visitors from Latin America and to better serve them. In addition, he pointed to the potential economic gains. Initially, COPA Airlines will begin its non-stop service from Panama City to Nassau with Embraer jets that seat 94 passengers. However, Mr Johnson said, COPA also has Boeing 737-800s that carry more than 170 passengers. Those jets can be positioned in the Bahamas if the number of travellersd emands it. They have the capacity to immediately, if demand is there, upgrade to a l arger jet, Mr Johnson said. COPA has committed 20,000 seats to Nassau in its first year. This has the potential to double the Bahamas arrivals from Latin America. Additionally, Mr Johnson said all Bahamian islands could benefit from COPAs presence through agreements the airline has with Bahamasair that allow COPA to sell directly and seamlessly into Bahamasairs flights. This will allow travelers on the Panama City to Nas-s au flight to make direct connections to islands such as Grand Bahama, Exuma, Abaco and Eleuthera. Mr Johnson encouraged Bahamians to embrace the Latin American visitors, offering them the professional care that should be delivered to all guests. If they are happy, I can tell you these are folks who spend money, he said. There is no recession in Latin America. Frank Comito, executive vice president of Bahamas Hotel Association, said there is tremendous economic potent ial in the Latin American mar ket. There is no recession in Latin America, Mr Comito said. The continued growth of economies like Brazil and Mexico contributed to the regions 6.6 per cent growth (in 2010). That is more than triple the growth in the United States l ast year. The size of Latin Americas population also makes it a potentially lucrative market for tourism. The combined population of the US and Canada is just under 500 million people, Mr Comito said. They represent almost 90 per cent of our total number of visitors to the Bahamas today. The population of Latin America is over 500 million people. They represent around 2 per cent of our total visitor population to the Bahamas today. The hispanic population in the United States is the fastest growing ethnic population in that country. Over 15 million people in the US categorise themselves as being of Latin A mericna descent. Nearly half of them say Spanish is their primary language. Mr Comito also pointed out that Goldman Sachs Review of Emerging Economies projects that Brazil and Mexico will be among the worlds five largest economies by 2050. Peru, Venezuela and C olombia are among nations that have per capital GDPs that are greater than that of China, and as of 2010, Argentina, Chile, Uruguay, Mexico and Panama were classified as high income countries. Tourism chiefs hail potential of the Latin American market court NEWS RENTAL FEES FOR PRIVATE POST OFFICE BOXES PAST DUE MINISTER LASHES BACK AT PLP CRITICISM OF PROJECT Late last night, police were investigating the shooting of a man in the Kemp Road area. The victim was shot in his chest near St Margarets Church shortly before 6.30pm, and taken to hospital by private vehicle. Up to press time, police were still processing the scene and could not give further details. Police investigate shooting of man ADDRESS: Director General of Tourism David Johnson addresses tourism stakeholders on the importance of Latin American market. COPA Airlines prepared to upgrade flights to country D e r e k S m i t h / B I S DION FOULKES


EDITOR, The Tribune. Just have to comment on the media cover for the opening of the new US Departure Terminal LPIA before we find ourselves lost in wonderland. A considerable improvement however lets be careful Barbados, Jamaica and Trinidad in the region also have nice looking and functional airports. What is an Airport in 2011? A functional item of basic infrastructure to handle large groups of passengers trying as quickly as possible to move from one A to B, B being somewhere else not in The Bahamas. How can it be a magnet to attract. Tourists? Dream-on here. The truth is in the pudding already TSA/US Border Con trol on the US-Mexico border are in trials for a biometrics card instead of a passport which you just position close to a scanner and it will process you. Border Control as we see it at LPIA or returning in the US will very soon be a dinosaur. The required two hour preflight will be eliminated so all the internal facilities of bars, snack places and restaurants will have little or no time to serve passengers. I hope not like Denver a few years ago and more recently the new British Airways Terminal Heathrow NAD will have run enough bags through their Baggage system to ensure no hold ups and I hope the bag retrieval for returning residents and visitors improves by at least 50 per cent. Yes an improvement needed long over due now lets hope we keep the place clean? Remember what an Airport is .....a basic functional item of infrastructure. W THOMPSON Nassau, March 1, 2011. EDITOR, The Tribune. I believe my letter will be the third in one week that a ddresses the transportation of prisoners. This afternoon at 4.30pm I w as driving west on the Montagu Foreshore. The traffic g oing east was bumper to bumper and barely moving. E veryone going home at the end of the day. A car was ahead of me, and w hen I looked just beyond, a white police car and a yellow bus appeared. Both were barreling down the road, totally and completely on my side, and at a speed that was well over the limit. The police car and bus were overtaking the line of traffic going east. I n a split second I knew I was going to be hit head on. T here is nowhere to go on t hat stretch of road, and the car and bus kept coming. I pulled left as far as I c ould, pushing into bushes a nd a wall, and still believing t hen that the side and end of my car would be gone in an instant. H ow I was spared, the driv er in front of me, and the line of cars heading east, is beyond me. W hen it was over I felt like the air had been sucked out of me and I was shaken to say t he least. Never have I experienced anything like this. I live east, and often the conv oys bear down on me while I am driving home. It is always a very distressing e xperience, however, this time I thought it was the end. T he Police Department, I believe, is mandated to prot ect the citizens of The Bahamas ...Whatever happened to protecting the m otoring public against police escorts and prisoners buses? My car is scratched....I am alive.... There has to be a better way. Who is in charge?? LEE OGILVIE Nassau, March 14, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, MARCH 18, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising) 322-1986 Advertising Manager (242 Circulation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 WEBSITE updated daily at 2pm IT SEEMS that The Tribune has been unwittingly drawn into the vortex of a quar rel between two Lyford Cay neighbours, neither of whom do we know personally. Recently we received a letter from Mr Louis Bacons London solicitors stating that they understood that copies of a column entitled Hard Copy Off Air Special Column, originally published in The (name withheld), are on occasion being inserted into copies of The Tribune creating the impression they are being distributed as part of the newspaper. We have withheld the name of the other newspaper mentioned, although we have spoken with its publisher who was as mystified as we were and maintains that no such column was ever published in his newspaper. We had never heard of any column of this title, nor of such a radio programme. How ever, we were later told that the radio programme of the same name was a Steve McK inney show. Mr Bacons London lawyers said that the contents of the column are frequently highly defamatory of their client. Mr McKinney must have received a sim ilar letter from Mr Bacons lawyers, because we are told that about a week ago he had a disclaimer on his show denying all responsi bility for the newspaper inserts and stating that his show, Hard Copy, was not affiliated with the flyer. We are told that he said that the respon sible parties have been warned about the use of the copy-written name of his show in the flyer. This statement suggests that Mr McKinney knows who the responsible parties are. His statement also confirms that flyers are being inserted into local newspapers. Of course, we have had our own investi gators out trying to find out what Tribune sellers are accepting money to insert these flyers into The Tribune. As expected no one is admitting guilt, but they all know that if they are discovered the consequences for them will be serious. However, someone very close to one of the disputing neighbours has given us two names. He claims that these two persons both persons very well known to us had the flyers inserted into the papers at the depots and distribution points. When we first received the lawyers let ter we were in disbelief, because when anything like this happens many of our readers call The Tribune immediately to inform us of the abuse. This time, however, there were no calls, which leads us to believe that these insertions were targeted only for the exclusive Lyford Cay area. One of our reporters called Mr Nygards Nassau lawyer, who admitted that certain persons had been doing things on behalf of Mr Nygard without his consent, approval or knowledge. The lawyer said he had contacted Mr Nygard to ask about the flyers only to be told by Mr Nygard that he had no idea that anything like this had been going on. This suggests that Mr Nygards lawyer also knows the identity of these persons. It has been further suggested that they are the same names that we now have in our possession, one of whom was well known for doing things for Mr Nygard in the past. Mr Nygards lawyer said that if persons have been attacking Mr Bacon, his neighbour Nygard has had nothing to do with it. According to the lawyer, Mr Nygard has never seen the flyers. We do not expect this to end here. We plan to hand over all the information that we have been able to gather to Mr Bacons lawyers and they can take it from there. In the meantime we ask all of our readers to telephone us immediately if they discov er any flyer in The Tribune that contains questionable material. When they give us this information, we would also appreciate them noting whether the newspaper was delivered to them, whether they bought it up at a depot or whether they bought it from one of the street hawkers. If from a depot or a street hawker it would be helpful if they would let us know the name of the depot, and in the case of a hawker the area in which he was selling. As for the culprits who would encourage these poor sellers to do something so corrupt for a few dollars, they can rest assured that the future holds no good for them particularly if we get the evidence that we now need to conclusively confirm what we already know. Police escorts, prisoner buses and my moment of acute distress LETTERS Tribune sellers being corrupted by operatives 6+(5

LOCAL NEWS T HE TRIBUNE FRIDAY, MARCH 18, 2011, PAGE 5 S ISTER Annie Thomps on,a Benedictine nun of St Martins Monastery on Nas s au Street, recently fulfilled a l ife-long dream to visit African Benedictine com munities when she travelled to Uganda accompanied byS ister Barbara C Schmitz and Carolyn Fuhs of Indiana. D uring their stay, the women had a chance to visit the Uganda cities of Jinja, Tororo, Butende and Aruaw here they visited with oth e r Benedictine sisters and the monks of Tororo. They also had a chance to teach at a local school andto witness a Faith-in-Action Baptism ceremony in Irun d u. S ister Annie said that the t rip was truly amazing. In summary I would say that this mission was a joyfilled one. We feel that we received much more than we gave. We feel blessed to have met so many wonderful people and to have experienced the Pearl of Africa. Meeting and interacting with our Benedictine Sisters and Brothers made a profound impression on us. In addressing the specific topics from the Rule of Benedict, Sister Barbara and I felt that we were able to renew with them the Benedictine values and traditions of listening, obedience, humility, conversatio morum and of keeping a healthy balance between prayer and work, Sister Annie said. P OLICE are investigati ng two armed robberies in w hich two stores the A & D Power Buys on Faith A venue and Margos Conv enience Store in Pinewood G ardens were targeted. A & D Power Buys off C armichael Road was held u p around 2.22pm on Wednesday. A man wearing a white T-shirt and short gray jeans entered the store, armed with a handgun, and demanded cash. T he culprit robbed the e stablishment of an unde t ermined amount of money a nd fled on foot in an easte rly direction on St Vincent R oad. A few hours later, at a round 9.50pm, police r eceived information of an a rmed robbery at Margos Convenience Store inP inewood Gardens. Police r esponded and were told that two men, one of whom was armed with a handgun, entered the store and demanded cash. The culprits robbed the store of an undetermined a mount of money before f leeing the area in an u nknown direction. POLICE said they are following significant leads in their investigation into the discovery of illegal firearms and ammunition at a Toote Shop Corner home. Around 9.40 pm on Wednesday, officers of the Quakoo S treet Police Station along with officers of the Central D etective Unit went to a home at Toote Shop Corner off East Street armed with a search warrant. On arrival at the residence, police observed two men fleeing. The officers conducted a search of the home and recovered two handguns with a quantity of ammunition. THE Grand Bahama Port Authority said it has seen a considerable increase in the number of applications for new businesses in the downtown area. New GBPA-sponsored initiatives have greatly impacted occupancy levels inthe International Bazaar, and now we are experiencing renewed interest from commercial applicants in Freeports city centre, said GBPAs manager of customer relations Nicole Colebrooke. As earlier announced by GBPA president Ian Rolle, the Ports business licence application has been stream lined with a reduction in required documentation. Additionally, the approval process has been reduced to 48 hours in most cases for Bahamian applicants, GBPA said. Businessman Hercules Knowles said he was amazedat how quickly his GBPA application was approved, allowing him to open up a bakery in the newly opened Downtown Welcome Centre. The Port Authority helped me tremendously, Mr Knowles said. They gave mean opportunity, told me what to do and helped me step-bystep with everything. The business licence application process was very easy. I was surprised myself. Opened since November of last year, Raspberrys Pas try Shop, Mr Knowles pastry establishment caters to locals and tourists alike. He described this prime location as an opportunity of a lifetime. Im in the right spot. Also, being in the heart of downtown, I feel like Im a part of the revitalisation thats taking place. Owning a business is a challenge. It may be hard at first and you will have a few challenges but you have to stick with it. Nothing good comes easily and today, I can say Im beginning to enjoy the (fruits Mr Knowles. The multi-purpose Wel come Centre is an integral component of the Downtown Turnaround project launched by GBPA in 2009. Primary aspects of the 1,495 square foot handicap accessi ble structure include a Royal Bahamas Police Force and Road Traffic Division dualsatellite station, restrooms and a snack shop. BEAKED whales are highly sensitive to naval sonar testing and are disturbed by the sounds, say scientists who monitored the mammals in the Bahamas. The research, led by scientists at the University of St Andrews in Scotland, suggests that the whales do their best to quickly escape the disturbance, according to a study published Monday. The study was limited to Blainville's beaked whales that swim near the United States' naval underwater range AUTEC where sonars are in regular use off Andros. Diane Claridge, executive director of the Bahamas Marine Mammal Research Organisation, was one of the principali nvestigators on the study. The team played sonar sounds to the whales and were able to measure their reactions through electronic tags attached to the mammals. The tags measured the sounds the whales heard and their subsequent swimming patterns. Chief Scientist Professor Ian Boyd, who worked with an international group of sci-e ntists, said the mammals swam away quickly to avoid the sounds. "We showed that the animals reacted at much lower levels than had previously been assumed to be the case. We stopped exposing the animals to the sounds before there were any dangerous effects but it was clear that these whales moved quickly out of the way of the sonars. We now think that, in some unusual circumstances, they are just unable to get out of the way and this ends up with the animals stranding and dying. There was always a strong association between the d eath of these strange and little-known animals and naval exercises. We have now shown that this may well be the case." Mr Boyd added that the beaked whales are not only disturbed by sonar testing but other underwater sounds as well. "There is a tendency to blame the Navy for every stranding event and that is ridiculous. We are now beginning to understand t hat some species of whales and dolphins appear to be much more robust to disturbance by sound than others. "We also found that beaked whales responded in the same way to sounds other than sonars, including the calls of killer whales. It appears that they just don't like unusual sounds but the way in which sonars are used to hunt for submarines may mean that the whales are more vulnerable to that type of sound." W hile Mr Boyd feels the research his team gathered could help prevent whales from stranding due to sonar testing, he said he is also concerned about other sounds from humans that disturb the animals. ". .I am also worried that the general levels of sound that humans make in the ocean from all sorts of sources like ships, o il and gas exploration and renewable energy may be a much more serious problem for beaked whales and some other sensitive species. "Perhaps the most significant result from our experiments is the extreme sensitivity of these animals to disturbance." The research was published in the scientific journal PLoS One this week. ARMED ROBBERIES AT TWO STORES SIGNIFICANT LEADS INTO ILLEGAL FIREARMS, AMMUNITION DISCOVERY Beaked whales disturbed by sounds of naval sonar testing Business owners take advantage of downtown Freeports prime location HERCULES KNOWLES opened his new pastry shop in the heart of downtown Freeport last November. Benedictine nun fulfills life-long dream SISTER ANNIE THOMPSON gives a guitar lesson to Sister-in-train ing Peter Maria of the Benedictine Sisters of Tutzing, Uganda. Scientists release findings of research in the Bahamas SCIENTISTS studied beaked whales (above


A B A H A M I A N h a s become one o f the firs t students of Linco l n Univ er si ty s el e c t e d f o r an in t e r n s h i p at P r ic e wa t er h o us e C o op e r s Om ar Gli nt o n o f N a s s au s p o k e t o t h e u n i v e r s i t y s s t u d e n t r u n p u b l i c a t i o n T he Li n c olnian ab ou t s co ring s uch a s oug ht af te r p osi t i o n w i t h i n o n e o f t h e w o r ld 's la rg es t ac c o u n tin g f i r m s I k n e w t h a t I h a d t o w o r k h ar d w h i le a t P r ic ewat er house C oope rs so tha t I c o u l d m a k e a n a m e f o r fe ll ow L incol n st uden ts tha t w ill s oo n fo llow, M r Glint o n to ld Th e Lin c o ln ia n. W h i l e i n t e r n i n g M r G l in t o n w a s th e o n ly s t u d e n t f r o m a h i s t o r i c a l l y b la c k c ol leg e an d un iv er s it y an d t h e on ly o n e o ut o f 7 5 s t ud e n t s n at io n w id e t o recei ve a $3,0 00 sc hol arshi p o n b eh a lf o f th e c om pa n y. M r Glin to n is n o w n ear i n g h i s t h i r d y e a r a s a n i n t e r n f o r t h e u p c o m i n g s u m m e r a t P w C a n d h i s f u t u r e a t t h e c o m p a n y l oo k s b r igh t. W h e n I f i r s t c a m e t o Linc oln I was un sur e of the p o t e n t i a l t h a t I h a d b u t L in c o ln a nd i ts p r o fe ss o r s in th e b u sin es s d ep ar tme nt m a d e m y t r a n s i t i o n a s moo th an d su c ces s ful on e. T h e b u s i n e s s d e p a r t men t later p rep ared me fo r my inte rns hip at P wC, Pr of e s s o r R o b e r t A l l e n e xp o s ed me to th e o p p or t u n i t y b a s e d o n m y 3 9 8 G P A d u r i n g m y s o p h o m o r e y e a r a n d e v e r s in c e t h e n I h a v e n t l o o k e d b a c k h e to ld h is s tu d en t p u b l i c a t i o n Mr Gli n ton is the p resid e n t o f S t u d e n t s i n F r e e E nter pris e, K ing of 2011, a fo rmer member of th e Lincol n U ni v e r si t y ba se b a l l a nd s oc cer teams, and tr easur er o f t h e N ati onal Assoc i ation o f B lack Ac c ou ntants H e i s a l s o a r e s i d e n t a d v i s o r f o r A p a r t m e n t S t yl e L i vi n g a n d a v o l u n t e e r a t t h e C o a t e s v i l l e Y o uth an d Woman 's Ass oc iat io n ( C Y WA ) T O P i n t e r na t i o na l l a w y e r s are in town this week for a three-day c onferen ce hosted b y th e E ugene Dupuc h Law School. A l l o f t h e s p e a k e r s r ec ei ve d a c o m p li me n t ar y co py of th e 2 0 04 i ss ue of th e Ba hama s Handbook, which i nc l ud e d t he s t o ry o f t he l e g e n d a r y E u g e n e D u p u c h QC, for whom the school is named. In add i ti on th ose at t end i ing the conference received The Bahamas Investor, the Wh at -t o -d o mag a z in e, t he D i n i n g G u i d e a n d t h e Bahamas Trailblazer maps. T h e W e l c o m e B a h a m a s books are circulated in the hotels. Am ong st the 40 pa nel l is ts we r e d i s ti ng u is h e d j u r is t s l e g a l scho l a rs, p sy cho l og i st s, so c i al w or k e rs an d ed u c at o r s f r o m t h e C a r i b b e a n Ca na d a, th e U nit ed K in gd o m t h e U n i t e d S t a t e s Germany, Sweden and Ser bia. A m o n g t h e m w e r e t h e L o rd Jus ti ce M at t he w Th or p e f r om t h e C o u r t o f A p p e a l of England and Wales, and M a d a m e Ju st i c e Na n cy F l a t t ers f rom t he Ca lg ary Fa mi l y a n d Y o u t h C o u r t i n Alberta, Canada. T h e e ve n t h e l d Ma r ch 1 7 1 9, was hosted by u nde r the t h e m e T h e L e g a l a n d Social Consequences of the Disintegration and Reinte g r at i on of Fa m i l i es ." A bou t 2 0 0 p e r s o n s a t t e n d e d t h e conference. Matters discussed includ e d m a r r i a g e a n d d i v o r c e co habitation pr op erty distribution, mediation, pater nity and inheritance. Ot her t opics on the age nd a w er e tr a n sr a c ia l, i nt er c o u n t r y a n d s a m e s e x a d o p t i o n a s s i s t e d r e p r o d u c t io n an d et h ic al is s ue s c h i l d d e v e l o p m e n t i n t e r n a t i o n a l c h i l d a b d u c t i o n j u v e n i l e d e l i n q u e n c y d o m es t ic v io le n c e h u ma n r i g h t s a n d t h e f a m i ly a n d s a me se x m ar r iag es LOCAL NEWS P AGE 6, FRIDA Y MARCH 18, 201 1 THE TRIBUNE By DENISE MAYCOCK Tribune Freeport Reporter F R E E P O R T T h e c r e a ti o n o f a n e w c ru i se p o rt ma y n ot b e r e al ised any time soon a c c o r d i n g t o M i n i s t e r o f Wor ks and T r ans po rt Neko G r a n t w h o r e v e a l e d t h a t a major cruise line is reluctant to pa rt n er wi th th e go ve rn m e n t b e c a u se o f t h e u np l e a s a n t v i s i t o r e x p e r i e n c e i n Grand Bahama. Of the 37 ports visited in the region Grand Bahama is ranked last based on surveys taken by a major cruise line, Mr Grant said. "The cruise port, I can say that it appear s th a t it is not going to be a reality anytime s o o n h e s a i d i n G r a n d Bahama on Wednesday. "We ha d hoped to partner with one of the major cruise l ine s in the cre atio n o f a p ort, r e g r e t t a b l y t h e y h a v e foundthat (passengers) do no t h a ve a pl ea s an t e xp er i ence in Grand Bahama. "They sugge s t to us that, b ased on th eir survey s, out of 3 7 p o r t s t h e y v i s i t i n t h i s region that we are 37. A n d s o i t s e r v e s a s a w a ke up c a l l f or u s to be g i n t o r e e x a m i n e o u r s e l v e s h e said. C r u i s e l i n e s h a v e c o m p l a i n e d i n t h e p a s t t h a t F r e e p o r t H a r b o u r w a s t o o in d u s t r i a l an d t o o f a r f r o m m a j o r t o u ri st a tt r a c t io n s l e a d ing some cruise ships to drop Grand Bahama from its itin erary. It was felt that a new port w a s n e e d e d i n F r e e p o r t t o a t tr a c t m o r e m a j o r c r u i se l i n e s to the island. L a n d w as d es i g n at ed b y t he gover nment in Willi ams T o w n f o r a p r o p o s e d $ 1 0 0 mi llion c r uise port and Carniva l Cru ise Line w as ex pec te d t o b e a p o s s i b l e m a j o r str a te g i c pa r tn e r w i th th e g o v ernment to build it. In F ebr uary 2009, Car niv al Cr ui se s ex ecut ive G io ra I s r a e l s a i d t h e c r u i s e l i n e w o u l d b e h a p p y t o m a k e w h a t e v e r i n v e s t m e n t w a s needed to get the cruise port off the ground. M r Israel sa id he ha d bee n in talks with the government s inc e 1 997 about his vision of t h e d e v e l o p m e n t o f a n e w cruise port that would estab lish the isla nd a s a maj or ne w cruise destination. M i n i s t e r G r a n t s t r e s s e d t h a t r e s i d e n t s m u s t e n s u r e that visitors have a "wonder fu l e x p e ri e n c e w h e n t h e y v i sit Grand Bahama. "There is a need for us to apprec iate vi s ito r s whe n the y come here. We ha ve to ma ke them feel welcomed so they can go and tell friends of the w o n d e r f u l e x p e r i e n c e a s o p p o s ed t o r ep o r t s t h at we a r e n o w g e t t i n g b a c k h e said. The g ov e rnme n t h as ta ke n p o s s e s s i o n o f t h e l a n d i n Williams Town and has post ed a notice on the site. Mi n i s t e r : N e w c r u i s e p o r t ma y n o t b e a r e a l i t y a n y t i me s o o n TH E RE i s st i l l a w ay s t o g o u nt i l t h e ei g h th a nn ua l B a ha m a s I nt e rn at i o na l Fi l m F es t i va l ( BI FF) i n D e ce m b e r, b ut o rg a ni s e rs sa i d th e y a l r ea d y ha v e da t e s s che du l e d f o r s pe ci a l f i l m e v en t s d ur i ng t he n e xt f e w m on th s. T he BI FF Fi l m Se r i es ha s p a r t n e r e d w i t h F i r s t C a r i b b e a n B a n k I n t e r n a t i o na l a n d w i l l b e sc re e ni n g f i l m s e ve r y fi r st T h urs da y o f t h e m o n th f ro m Ap ri l 7 u nt i l N ov e m be r 3 Fi r st up i s T he A t hl e t e" w hi c h te l l s t he st or y o f ho w a n u n k n o w n b a r e f o o t E t hi o pi a n ma n wh o st un ne d t h e w o r l d b y w i n n i n g O l y m p i c g o l d i n t h e m a r a t h o n b e c o m i ng a s p o r t s l e g e nd ov e rn i g ht T h e f i l m w i l l s c r e e n a t 8 p m o n A pri l 7 at G a l l e ri a Ci n e m a 6 J FK. I n a d d i t i o n t o t h e f i l m se r ie s, B I F F s a id it i s als o p a r t n e r i n g w i t h V i a C a f Ž a n d t h e N a ssa u D ow nt ow n P ar t n e r s h i p t o h o s t F i l m s I n T h e S q u a r e M o v i e s w i l l b e s h o w n e v e ry F ri da y a t 7 .3 0 pm f rom M a y 2 7 t o A u g u s t 2 6 i n R a w s on Sq ua r e. S i n c e i t s l a u n c h s e v e n y e a r s a g o B I F F h a s s h o w c a s e d mo r e t h a n 5 00 f i l m s f r o m m o r e t h a n 5 0 c o u n t r i e s i n c l u d i n g t h i s y e a r s B e s t Pi c t u r e O s c a r w i n n e r T h e K i ng s Spe e ch ." Bahamian student selected for Pricewaterhouse internship BIFF announce the dates for film events I n t e r nat ional lawyers arrive f o r three-day confer e n c e PRESENTATION: Etienne Dupuch III, grand-nephew of Eugene Dupuch, QC, reviewing the publications with Tonya Bastian Galanis, principal of the Eugene Dupuch Law School. Minister Neko Grant OUTSTANDING: Omar Glinton (a bo ve ) b ec om e o n e o f t h e f i rs t students of Lincoln University s e l e c te d fo r a n i n te rn s h i p a t Pricewaterhouse Coopers. Share your news The T ribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an awar d. If so, call us on 322-1986 and shar e your stor y


LOCAL NEWS THE TRIBUNE FRIDA Y MARCH 18, 201 1, P AGE 7 THE students and teachers of PA Gibson Primary School in Hatchet Bay, Eleuthera hosted their second annual multi-cultural fair in celebration of Com monwealth Day on March 14. The fair featured seven countries including Japan, the Philippines, San Sal vador, Italy, Ireland and China. The students partic ipated in dances and other forms of entertainment to showcase the cultures of the various countries. Public Works and Trans port Minister Neko Grant along with Alvin Smith, MP for North Eleuthera, made a surprise visit to the fair during a visit to that settlement. T H E C o a s t a l A w a r e n e s s C o mm i tte e of th e B a h am a s, a g r o u p o f s t a k e h o l d e r s f r o m t h e p r i v a t e a n d p u b l i c se c t o rs w i t h a n inte r e s t in pr om oting t h e s us ta i na bl e d ev el o pm en t o f T he B a h a ma s, h a s a nn o un c e d th e fo cus for the ir c am paig n i n 2 01 1 the eff ec ts th at c l im at e c ha ng e a nd o ve rfish in g h av e on o ur c oa sta l e nv iro nm e n t "C l im ate c ha ng e an d o ve rf i sh in g a re m a j or i ssu e s a f fe c t i ng our co asta l z on es i n Th e B a h a m a s s a i d E a r l s t o n M c P h e e C h a i r m a n o f t h e C oa stal Aw are ne s s C omm itt ee an d Dire c to r, Su stai na bl e D e v e l op m e nt f or th e Mi n is tr y o f To uri sm. "Mu c h o f o ur co un try li es o n l y a f e w f e e t a b o v e s e a l e v e l and stu dies have fou nd t hat sm al l isla nd d ev el op ing st at es su c h a s Th e B a ha ma s are th e m o s t v u l n e r a b l e t o c l i m a t e c h a n g e A r i s e i n s e a l e v e l thr eat ens o ur coas t and o ur islan ds thems elves. Anot her c h al le ng e w e fac e i s o ve rfi shi ng a nd i t is a fa c t tha t w e a re se eing l oca liz ed de ple tion of f i sh r e so u r c e s su c h a s g ro u p e r c o nc h an d lob ster ne ar la rg e p op ula ti on ce nt res. O ur c om m i t te e w i l l f o c u s o n t h e e ff e c t s of climat e change and overf ishi ng a nd wh at w e c a n do as Ba h am i a n s t o h e l p c o m b a t t h es e i s s u e s O u r g oa l is t o e d u c a te t h e p u b l i c a n d t o o f f e r re al sol ution s to pe opl e wh o c ollectively will help us as a de velo ping country and as a t ouri st de stin at ion Thi s y e ar we w il l al s o be vi s i t i n g Ca t Isl an d to wo rk w ith pa rtn ers a n d l o c a l g o v e r n m e n t t o d e v e l o p p r o g r am m es f o r c o a s t a l a w are ne ss i n the ir co mm un it i e s T h e N a t i o n a l C o a s t a l A w a r e n e s s C o m m i t t e e h a s i n c r e a s e d th e n u m b e r o f a c t i v i t i e s s c h e d u l e d f o r A p r i l w h i c h i s offici ally Na tional Coa st a l A w a r e n e s s M o n t h i n T h e B a h a m a s T h e p u b l i c i s i n v i te d t o pa rtic ip at e. Th e C o m mi t te e w i l l ho s t, i n c ol l a bo ra t io n w i th it s s tra t e g ic p a r t n e r s b o t h i n t h e p u b l i c a n d p riv at e sec to rs th e fol low i ng : N a t i o n a l P u b l i c S e r v i c e A n no u nc e m e n t c a m p a ig n s o n t el ev isi on a nd rad io; a c o nti nu atio n o f ha rbour cl ea n u ps; e re ct ion o f ba nne rs thro ug ho u t p a rt i c i p a t i n g i s l a n d s i n Th e Ba h am a s ; p r i m a r y a nd s e con da r y s cho o l com p et it i on s w i th a su bm issio n dea dl in e of M ar ch 3 1 s t ; f i el d t r ip s wi t h D ol phi n En c oun te rs on B lu e L ag oo n I s la nd D i ve S t ua r t C ov e and Bl ac kbea rd's C ay h a v e b e e n a rr a n g e d t o p r o v i d e st ude nt s w ith a n o pp ortu nit y t o le a rn a bou t pro te ct ing th e c o a s t s a n d e n j o y i n g t h e m a r i n e w o n d e r s o f t h e B a h a m a s T h e r e a l s o w i l l b e a n a t i o n a l T S hi rt D ay As this is a nati onal initi at i v e B e a c h c le a n u ps a n d o th e r C oasta l Aw aren ess ac tiv it i e s a r e pl a n n e d fo r t h e i s l a n d s o f A b a co A n d r o s B i m i n i El e u t h e r a Ex u m a a n d C a t Isla nd. T he 201 1 Co as tal A war en e s s C o m m i t t e e i n c l u d e s m embe rs from th e follo win g o r g ani s a tions: M i n i s t r y o f T o u r i s m Bah a ma s En vi r o n me n t S ci ence a nd T ech no lo gy Co mm i s s i o n ( B E S T ) B a h a m a s H otel As soc iation B aha mas N atio nal Tr u s t, B a h a m a s R e e f E n v i r o n m e n t E d uc a ti o n a l Fo u n da t i o n (B R E E F), B ro ad ca sti ng C orp o r a t i o n o f T h e B a h a m a s C o l l e g e o f T h e B a h a m a s D epa r t ment of Env ironme ntal Healt h Ser vic es Depar tme nt o f M a r i ne Re s ou r c es Di v e S t ua r t C o ve Do l p h i n E nc ount ers Ltd., The Na ture C o n s e r v a n c y M i n i s t r y o f E d uc a ti on S c ie n c e a nd Te ch n o l o g y P o r t D e p a r t m e n t, T h e C o lle g e of Th e B a ha ma s, an d The Univ ersity o f The W est I n d i e s O u r c o a s t al a n d m a r i n e r e s o u r c e s h e l p s h a p e o u r natio n's c harac ter and its distin c tiv e pe rson a li ty ," ad ds Mr McP he e. "Al l b en efi c ia rie s of th e t o u ri s m i n d u s t r y m u s t t a k e an intere s t and a ctiv e r o le in c o n s e r v i n g o u r n a t u r a l r e s o u r c e s p a r t i c u l a r l y i n grow ing Sma ll Island D eve loping S tate s (SIDS) like T h e Bahamas. A s w e depe nd on the tourism ind ustr y t he ec on o m ic s u s t ai n ab i l it y o f T he Ba hama s h inge s on our abi lit y t o m a i n t a i n t h e n a t u r a l b eau ty o f t hes e i sl an ds th at at t ra c t s mi l l io n s to o ur s h or es We th ank e ac h of our c orpora te sp o nso rs w ho c o nt in u e t o sup por t an d c on tri bu te to th is w o r t h w h i l e e ff o r t W e a l so a s k th e p u b l i c to p a r ti c i p a t e i n ou r upc oming ev en ts as w e striv e to sustain the na tural b eau ty of th ese island s for o ur soc ioec onomi c w elfa re and th at of our g uests. We a re all in this t o g e t h e r a n d a s o u r m o t t o st a te s If n o t us W h o ? If n o t Now W he n?'" F o r m o r e i n fo r m a ti o n o n Nationa l C oastal Aw arene s s m o n t h v i s i t w w w c o a s t a la w a r e n e ss o rg o r t o b e c o m e a s p o n s o r c o n t a c t E a r l s t o n M c Phe e a t 3 56-6 96 3/6 7/3 8. Co as ta l A w a r en es s Co m m it te e to f oc us ef f o rt s on th e ef fe ct s of cl im at e c ha ng e a nd o ve r f i s h i n g M E ET ING OF T HE M INDS : Me m be rs of T he Na tio n al C oa s t Awa re ne s s C om mi tt e e me e t to d i sc u ss a ct iv i ti es fo r A pr il wh ic h i s Na t io na l C oa s ta l Aware nes s Mon th i n T he Bah ama s. (l-r ba ck row) L este r F lowers, Col leg e of th e Baha mas ; Juli an Reid An cill eno Dav is, Th e N a ture Cons erv a nc y ; Co m m a nd e r P a t ri c k M c N e il Po rt Co n tr o ll e r ; P e te r D ou g l a s M i n is t ry o f T o ur i s m, An d ro s ; a nd T e ri S a n d s M i ni s t ry o f T ou r is m El e u t he r a (l -r mid dl e row) Cha rle ne Care y BREE F; Dora ne ll Swa in Min is try o f T ou ris m, Ab ac o; Ad ria nn a Hutc hi ns on Stua rt Cov e ; Sha rma in De v ea ux M i n is t ry of To u ri s m, Ex u m a ; Va l e n c ia L oc k h a rt M in i s tr y o f T ou r is m ; E a rl s to n M c Ph e e C h ai r ma n of t h e Na t i on a l C o as t a l A wa re n e s s C om m i tt e e a nd the Mini ste r of To uris m. (l-r fro nt ro w ) Ja ne en Bul lard Ba ha mas Na tio nal Tru st; Ke lly Me is ter, Dolp hin En cou nte r s ; T Je nnife r E dwards Bahamas Hotel Association and Jared Dillet, Ministry of Agriculture and Marine Resources. P A Gibson Primary School celebrates Commonwealth Day P A GI BSON P RIMARY : S TUDENT S an d tea c he rs of PA Gib so n Prim ary in Ha tch et Ba y Ele ut he ra are pic tured sharing in Commonwealth Day activities on March 14. P AY IN G A VI SI T : Ne k o G ra n t, M i ni s t e r o f P u bl i c W o rk s a n d T ra n s p or t ( ri gh t) a nd Al v in Sm it h MP f o r N or th E l e ut he r a c ha t d u rin g a v is i t t o Commonwealth Day celebrations at PA Gibson Primary School in Hatchet Bay. Patrick Hanna/ BIS photo


By ADRIAN GIBSON a A S ELECTION draweth nigh, it is anticipated that drama will surely accompa-ny the impending showdown. Indeed, as ham/turkey/dryer/washer season rolls around once m ore, Im hopeful that a more edified electorate will reject political paternalism and demand change demand that the substantive societal/national issues are addressed. Thus far, whilst the FNM party seems slow-footed in a nnouncing its slate of cand idates, the electioneering h as clearly begun as is evid ent by Opposition Leader P erry Christie and his D eputys (Philip Davis ry of Family Island trips conducting what they refer toa s a listening tour. Frankly, as the electoral clock ticks away, there are a few sitting Members of Parl iament who have virtually fallen off a cliff and have literally disappeared in their c onstituencies whilst others a re visionless and/or have a dopted an attitude of entitlement and intolerance.U ndoubtedly, there will be f its of hysteria and much whimpering following this electoral cycle. There are quite a number of politicians who are said to be on the endangered species list marching onward toward t he political gallows. I t is expected that the newly-constituted Bound aries Commission will r edraw some constituency b oundaries using recent census and voter registration data to determine population shifts and, frankly, the f avourable cuts for electoral success. Notably, the FNM must a lso be concerned about its weakening presence in Grand Bahama which con tinues to suffer immensee conomic woes. That said, Ive decided to don my monks garb and a ttempt to read the political t ea leaves, making prelimin ary electoral projections relative to the political oddso f the purported candidates c ontesting seats in the upcoming elections. One must be mindful that this preliminary tallyto be later followed upcomes as ratifications and candidate selection is ongoing and, m oreover, boundaries have y et to be cut. Mano-a-mano, for Dr H ubert Minnis (FNM e lectoral race against oppo nent Jerome Gomez (PLP will be like running against a c upcake. Depending on how far Dr Minnis outruns him at the pollsand its eems that the gap will be wideMr Gomez may needa powerful telescope to even see his opponent. T he doctor has been a stellar MP and a smooth political salesman who actua lly delivers. His challenger i s likely to be politically m anhandled in a horrifying loss that will expose himp oliticallyas a paper tiger. Annihilate PLP MP Obie Wilchc ombe will politically annihilate purported FNM candidate Jeff Butler. Wilchcombe, an oratorically-gifted Parliamentarian, has been as uperb MP and is likely to jettison Mr Butlera grocery store ownerto the political dustbin. P LP candidate Dr Danny Johnson is likely to be shells hocked and in denial after b eing KOd by Desmond Bannister in the Carmichael c onstituency. It is anticipated that Dr Johnsonson of the late MP Oscar Johnson, b rother of former House Speaker Italia Johnson and s on-in-law of the late form er PM Sir Lynden Pindlingwill mobilize the P LPs campaign machine ry/resources in the a rea.That said, Dr Johnson is likely to have recurring nightmares following this election episode. Contrary to recent speculation, Mr Bannister is set to run in Carmichael again although reliable sources inform me that due to pur ported variations of the electoral map that would bea n attempt to cut-out strong polling divisions to save the politically unpopularC harles Maynards seathe considered a run in his home town, North Andros. The reality is that if Mr B annistera strong candid ateloses, for the FNM, the domino effect would probably afflict the entire Southwestern area. Mr Ban nisters electoral outcome could potentially coincide with the outcome of neigh b ouring seats. That said, hes e xpected to at least win his seat. Former MP Leslie Potcake Miller will politically clobber incumbent Sidney Collie in Blue Hills. This race is set to be a car nivorous affair. Constituents assert that Mr Collie has been a resounding disap pointment, malignantly neglecting his constituency and performing abysmally. Any expectancy of Mr Collie winning his seat is comparable to waiting for VAT 19 (liquor Naturally, both parties concede certain seatsfor e.g. Long Island (usually FNM) and Englerston (traditionally PLP)offering second tier candidates who are considered to be sacri ficial lambs who make up the partys frontline numbers. That said, the race for the Long Island/Ragged Island yields an exploitable mis match as incumbent Larry Cartwright faces off against PLP newcomer Alex Storrson of businessman Henry F Storr. Unfortu nately for him, in Long Island, Mr Storr will suffer a humiliating loss. Branville McCartney, depending on his political decisions, could likely retain his Bamboo Town seat. As an FNM, and perhaps even if Mr McCartney becomes an independent, he would be a strong and favoured contender. How ever, if he joins a new party, he will suffer a political death. Currently, Mr McCartney is in a very critical position politically, however he must rid himself of any notion that its normal to be halfpregnantthat is, either hes with the FNM or hes not. Will Mr McCartneys move happen during the BTC debate? Were his recent comments/actions a precursor to what his true intentions are, that is, to sepa rate himself from the pack a nd portray himself as a man with the gumption to s tand against Prime Minister Hubert Ingraham? Is his decision predicated upon the p osition he takes with the BTC debate? In the wake o f the Prime Ministers r ecent remarks relative to a snap election if all FNM M Ps do not support the B TC sale in Parliament, is t he ground now loosening under Mr McCartney? Ive been informed that the Clifton constituency will no longer exist. Moreover, as a result of this con stituency being eliminated, Im told that incumbent MP Kendal Wright will be offered a nomination to contest the Golden Gates seat.I m told that because Mr Wright was raised in the Sunshine Park area of thec onstituency, he should be a natural fit to challenge incumbent MP Shane Gib son. Frankly, barring any o ther happenings, Wright w ho is an uninspiring can didatewill lose to Shane Gibson, who is a political powerhouse in the area and has a diehard support base. The MICAL constituency is being divided into theI nagua and Mayaguana cons tituency and Acklins, Crooked Island and Long Cay, respectively. FNM Senator Dion The Bruiser Foulkes is set to triumph over his challenger in the new Inagua and Mayaguana constituency. Nomination I was told that the likely forerunner for the FNM nomination in Acklins, Crooked Island and Long Cay was Johnley Ferguson. However, that appears to bea moot point now that Mr Ferguson has signed a two year contract as a consultant with the Department of Lands and Surveys. Incumbent Alfred Gray is likely to put a shellacking on his opponent. South Andros MP Picewell Forbes will be wielding a big, electoral tamarind switch for FNM challenger and COB lectur er Zendal Forbes. Although Picewell Forbers may encounter some difficulties if former MP Whitney Bastian nominates as an independent candidate, hes expected to retain the seat with Mr Z Forbes coming a distant third as an also-ran candidate. FNM insiders assert that Carl Bethel has worn-out his welcome in Sea Breeze. However, his uncertain political fortune is depen dent upon the candidate that the PLP settles on running against Mr Bethel. Of late, Hope Strachan Bethels strongest challengerhas been mentioned as a possible replacement for Fort Charlotte MP Alfred Sears who has announced that he will not seek re-election. However, if Ms Strachan remains in Sea Breeze, Carl Bethel will suffer a shel lacking. In 2007, Ms Strachan lost by 60-plus votes after campaigning in the constituency for a mere six weeks. M r Bethel appears out of t ouch with the electorate and, unfortunately, has a m assive risk factor concerning his candidacythat is, the perception that hes a rrogant and egotistical. Moreover, another scen ario discussed is the possib le nomination of lawyer Myles Laroda in Sea Breeze, a pparently the PLPs comp romise for snubbing him in S outh Beach. Frankly, Laroda would be defeated by Bethel. The PLPs best chance of capturing that seat is to leave Hope Strachan as the nominee. No doubt, the PLP would be smart to smack down any inkling to move Ms Strachan to the other side of town. The Fort Charlotte dis t rictno longer being contested by PLP MP Alfred Searsshould be a politicald uel. Sources assert that the boundaries will extend fur ther into Dr Minnis Killarn ey constituency to facilitate a successful run by FNM candidate Vincent Vanderpool Wallace. Im also informed that the recently departed former NDP leader (now PLP Andre Rollins is also vyingf or the nod in Fort Charl otte. There are those who argue that Dr Rollinsa political journeymanlacks the political capital to win a contest. The race for Fort Charlotte could go either way. Brent Symonette will retain the St Annes seat. Mr Symonette, who won nearly 64 per cent of the votes cast in his constituency in the last general election, will handily dispatch any challengers (said to be Billy Nottage or another applicant). Loretta Butler-Turner will banish her challenger to the political wilderness and roar down victory lane in the Montagu constituency. Mrs Butler-Turner won by a margin of more than 68 per cent of the total votes cast in her constituency dur ing the last general electionthe largest margin that year. FNM nominee for St Cecilia Karen Shepherd the former president of the Womens Associationwill be a victim of circumstance. In a traditionally PLP stronghold, Ms Shepherd is a rookie politician whose candidacy reminds me of a wilting candle. Im informed that Ms Shepherd requested to run in St Cecilia since her father James Shepherda member of the Dissident Eight once represented the area. However, from the looks of things, Ms Shepherd could perhaps begin writing her biography, with it perhaps reading I also ran in St Cecilia, etcetera and being filled out during her lifetime. Glenys Hanna-Martin has a strong political wind at her back in the Englerston constituency. The constituency is also a traditional PLP stronghold. See the rest of my predictions in Part 2 of this col umn in tomorrows Tribune. P AGE 8, FRIDAY, MARCH 18, 2011 THE TRIBUNE Election predictions part 1 Y OUNG M AN S V IEW A DRIANGIBSON D RHUBERTMINNIS L ESLIEMILLER B RANVILLEMCCARTNEY I I t t i i s s e e x x p p e e c c t t e e d d t t h h a a t t t t h h e e n n e e w w l l y y c c o o n n s s t t i i t t u u t t e e d d B B o o u u n n d d a a r r i i e e s s C C o o m m m m i i s s s s i i o o n n w w i i l l l l r r e e d d r r a a w w s s o o m m e e c c o o n n s s t t i i t t u u e e n n c c y y b b o o u u n n d d a a r r i i e e s s u u s s i i n n g g r r e e c c e e n n t t c c e e n n s s u u s s a a n n d d v v o o t t e e r r r r e e g g i i s s t t r r a a t t i i o o n n d d a a t t a a t t o o d d e e t t e e r r m m i i n n e e p p o o p p u u l l a a t t i i o o n n s s h h i i f f t t s s a a n n d d , f f r r a a n n k k l l y y , t t h h e e f f a a v v o o u u r r a a b b l l e e c c u u t t s s f f o o r r e e l l e e c c t t o o r r a a l l s s u u c c c c e e s s s s .


LOCAL NEWS T HE TRIBUNE FRIDAY, MARCH 18, 2011, PAGE 9 for the Bahamas." M r Schaefer and other business owners in the Prince Charles area have publicly expressed concerns about roadworks being carried out as part of the governments New Providence Road Improvement Project, which they claim is seriously impairing business. Further, media reports yesterday said that on W ednesday night the Robin Hood store, locat ed on Tonique Williams Darling Highway, was raided by customs and police officers whena significant amount of computer equipment w as confiscated. Speaking with The Tribune in an earlier interview Mr Schaefer said he was shockeda nd taken aback by the Prime Ministers statement. H e responded: "I am profoundly saddened by what can only be characterised as a personal attack on myself and my family and would prefer to assume that in the heat of the moment Mr Ingraham simply misspoke." Mr Mitchell and Mr Pinder in their state m ent allege that Mr Ingraham is going against what he preaches in using threatening remarks against a permanent resident and foreign investor which he previously claimed his g overnment would never do. It said: "It certainly appears that opponents o f the government can face the wrath of the P rime Minister if they dare criticise the work of his administration. Calling for Mr Ingraham to withdraw his s tatement the opposition also encouraged the P rime Minister to "disassociate himself from this behaviour and give a full, frank and truth ful explanation to the public." b een quietly carrying out for the past month and a half. He said Customs was dissatisfied with documentation that it h ad been given by store own er Sandy Schaefer over a peri od of time. We were doing our investigation quietly, said Mr Gomez, that is why we went to the store at closing time.W e had no intention of making any decision or statement until we had satisfied our selves of our facts. It was not until this morning (Thursday when a reporter called to ask me whether the raid was the result of what the Prime Min ister had said that I even knew that he had said any thing. Mr Gomez said that over a period of time Customs had dealt with at least seven Robin Hood shipments in which all goods being import e d were either not declared or the documents were unsatisfactory. It was suggestedt hat invoices might have been t ampered with. Unable to get what they considered satisfactorya nswers from Mr Schaefer, Customs officers had on an earlier visit taken computers from the store for investigation, he said. It was decided that a more in-depth investigation had to be made into the stores computer system. Acting on information they had received, a Freeport Cus toms officer confiscated a lap top from a person of interest, which led them to the computers main server at the Harrold Road office. It was that server that was among items taken in Wednesdayn ights raid. Mr Gomez said that in the next few days this documen-t ation will be carefully studied b efore any decision can be made. He wanted to emphasise t hat there was absolutely no connection between what the Prime Minister had said earlier that day and the Customspolice visit to the store that night. It was purely coincidental, Mr Gomez said. SEE BUSINESS FOR MR SCHAEFERS COMMENTS in the House of Assembly. The areas current Member of Parliament, attorney A lfred Sears, has formally a nnounced that he will not c ontest the seat in the 2012 general election leaving it open for other would-be candidates to declare thems elves. A s the newest political front-runner in the party, D r Rollins said that his a pplication would first have t o be accepted by the areas branch before it could be forwarded to the partysC andidates Committee for further consideration. As the former leader of the National Development Party, Dr Rollins stressed that his decision to join the PLP came with no prec onditions or offers of any k ind. He stressed that at no time was any seat promised h im or offered. I joined the PLP with no preconditions. I believe the party has been very fair to me, he s aid. Dr Rollins said that he has met with Mr Sears who has informed him that he will not be endorsing any candidate ahead of the Branch independently deciding who they would l ike to represent them g oing forward. Mr Sears leaves behind s ome very big shoes to fill. I t would be an awesome opportunity and I am very l eased again with the whole o pportunity to continue to m eet with the people in the area and we will where the process leads. A t this time, Dr Rollins said that he is busying himself by meeting and getting to know people in the Fort Charlotte area. I think this next campaign is really going to be f ocused on the future and b e an issued based camp aign and we really need t o try and appeal to the the Pindling administration Dr Elwood Donaldson. Trade union leaders and former BTC CEO Leon Williams a ttended the public forum. The group plans to hold prayer meetings in Rawson Square tomorrow and Saturday night. When Parliament meets Monday morning to debate the controversial sale of BTC to Cable & Wireless Communications the group along with others critics of the deal are expected to protest outside the House of Assemb ly. Still, some FNM Parliamentary caucus mem bers are unsure how Bamboo Town MP Branville McCartney who has publicly stated his indeci sion over the sale will vote. "There are no FNM Parliamentarians who will vote against the BTC sale with the exception of Branville McCartney, our caucus is 100 per cent in agreement for the sale with that one exception. "He has not indicated that he will vote against it, he has not said that to any one within the Par liamentary group, but he has said that he has to make up his mind so I guess we will have to wait and see," said a Parliamentarian who did not want to be named. Members of the House of Assembly are expected to debate the controversial $210 million sale of BTC to London-based telecommunications provider Cable & Wireless Communications on Monday. A vote in Parliament is the last step before the sale can be finalised. Prime Minister Hubert Ingra ham this week said if his government loses the vote in Parliament he will see it as a vote of no confidence and call an early election. There are 24 FNM MPs in the House to the PLP's 17 and if Mr McCartney votes against the bill only three more FNMs are needed to break ranks along with him for the government to lose the vote. FNM Chairman Carl Bethel said the prime minister's words do not mean there is brewing dissent within the ranks of the governing party. "I have no information that any FNM MP plans to vote against the sale, people may speculate but no one has indicated to me anything to the contrary. I don't regard that as my duty to seek to hustle MPs or lobby them (because end of the day all Parliamentary members of the Free National Movement are aware of their duties to the country and the party," said FNM Chair man Carl Bethel yesterday. Mr Bethel added that at the party's most recent caucus meeting, all Parliamentarians Mr McCartney was not present were supportive of the government's agenda. Meantime, the FNM insider added that while Mr McCartney has said he had to canvass his voters for feedback before deciding how he will vote on the BTC deal, the former state immigra tion minister will most likely vote with the party to retain his constituency. "I think Branville wants to run (in the next election) as an FNM candidate. In my view he cannot win Bambo Town unless he is an FNM. Bamboo Town is an FNM constituency and has been for several decades. The FNM branch (of Bamboo Town) is strongly supportive of the prime minister and the sale of BTC, (Mr McCartney's) chairman and his council representative announced that they are supporting (the sale Earlier this week, the prime minister explained that in his party's Manifesto of 2007, the FNM list ed the privatisation of BTC as one of its election commitments. With every FNM Member of Parliament having run and won on this Manifesto, Mr Ingraham said that they have likewise adopted and com mitted themselves to that policy. p laint against the Lyford C ay Property Owners A ssociation with the Commissioner of Police. Up to press time, Marvin Dames, deputy commissioner, said thatt he organisation was n ot in receipt of such a complaint. In a press statement, Keod Smith of Commercial Law Advocates said that the actions oft he hired security were t he latest in an ongoing conspiracy against the Canadian expats reputation. It was stat-e d that Mr Nygard, his s taff, and professional associates, now feared for their safety. M r Smith said: This campaign against Mr Nygard has now risent o the point where e mployees of Mr Nygard are being approached with offers of financial inducements to make false criminal allegationsa gainst Mr Nygard. Mr Smith added: We believe that this is being done so as to convince at least one Cabinet Minister of the G overnment to make a n unfair drastic recommendation against Mr Nygards status int he Bahamas. Mr Smith said that t he International Fashi on House businessman h ad been a law-abiding citizen in the Bahamas for more than 30 years.H e said he was a man who contributed generously to national sporting, cultural, and edu c ational activities. you that URCA is carrying out an investigation to determine whether Bartlett-McWeeney Communications Limited as operation a radio broadcasting station, namely Gems 105.9 FM (GEMS of the provisions of Clause 12 of the Interim Code of Practice for Broadcasting Content (Interim Content Code In order to carry out this investigation, URCA hereby requires Bartlett-McWeeney Communications Limited to permit URCA, pursuant to Clause 11 (4 Content Code, to inspect the original recording of the entire t y of programmes hosted by Mr Steve McKinney and as broadcast on GEMS on February 24, March 9 and 10, 2011. GEMS is a lso hereby notified that such recordings may be required by URCA. The notice said Vincent Wallace-Whitfield will be conducting the investigation on behalf of URCA, and would visit GEMS yesterday. The statement, signed by U RCA director of policy and regulation Kathleen RiviereSmith, said: URCA looks forward to the usual co-operation from Bartlett-McWeeney Communications Limited/Gems 105.9 Radio Station in all matters of mutual interest. Mr McKinney, and repre sentatives from BartlettMcSweeny Communications Limited, the parent company of Gems Radio 105.9FM, could not be reached for comment up to press time. FROM page one FNMs not expected to break ranks over BTC FROM page one Dr Andre Rollins applies to be PLP candidate for Fort Charlotte Customs raid on Robin Hood had nothing to do with PM comments FROM page one PLPs blast PMs personal attac FROM page one DRANDREROLLINS FROM page one URCA SET TO INVESTIGATE STEVE MCKINNEY SHOW FROM page one h opes and dreams and aspir ations of the Bahamian p eople. And I dont take that lightly. I dont intend to focus or harp on the past of what o ne party did or didnt do. I w ant to see this country m ove forward and on the constituency level I will focus on building the strongest constituency I can build, he said. CALL FOR RELIGIOUS COVER AT PRAYER VIGILS AHEAD OF BTC DEMONSTRATION PETER NYGARD ISSUES CEASEA ND DESIST LETTER F ROM page one


SECTIONB FRIDAY, MARCH 18, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held r esponsible for errors and/or omission from the daily report.$ $4.78 $5.12 $4.72 secure future leave your children nancially secure provide a safety net for your loved ones ensure a bright future for your familyall of the above A MBESTA-ExcellentFinancialStrengthRating call us today at (242396-1300 A SUBSIDIARY OFNASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I By NEIL HARTNELL Tribune Business Editor A government minister yesterday said he was very comfortable with where the Bahamas was in fulfilling its Economic Partnership Agreement (EPA Tribune Business that a leading CARICOM official had praised this nation for having one of the clearest and most complete imple mentation plans. Zhivargo Laing, minister of state for finance, told this newspaper that comments by an official of CARICOMs EPA Imple mentation Unit, suggesting that the Bahamas was in danger of being unable to maximise potential benefits from the trade agreement with the European Union (EU not have an implementa tion plan, must have come from someone unaware of what we are doing. Referring to a conversation he had with the Units Bahamas has one of best implement plans for the EP A Minister very comfortable with nations progress in meeting trade deal obligations* Export duties non-issue as already stopped levying them Laws must be changed to reflect on-ground reality ZHIVARGO LAING SEE page 5B By NEIL HARTNELL Tribune Business Editor B ISX-listed Consolidated Water yesterday said it expecte d to take on an extra $2 million in debt to finance the 67 per cent capacity expansion of its Blue Hills reverse osmosis plant, amid expectations the Water & Sewerage Corporation will reduce the $6.2 million owed to it to a balance of days outstanding. U nveiling the companys financial results for the year to end-2010, Rick McTaggart, Consolidated Waters chief e xecutive, said the new section at the Blue Hills plant, whose capacity will grow from 7.2 million gallons per day to 12 million gallons per day, would begin t0 produce water in October 2011, immediately following construction completion. BISX-listed firm adds $2m debt for expansion Consolidated Water expecting government to r educe Water & Sewerage Corporations $6.2m debt to it to balance of days outstanding 67% Blue Hills expansion to start producing water by October* Firm gains from energy pass through in 2010 Q 4, with maintenance boost expected in 2011 SEE page 2B By NEIL HARTNELL Tribune Business Editor C olina Holdings ( Bahamas), the BISX-listed insurance holding com-p any, suffered a collective $ 674,649 net loss on its investments in two associate companies, Walk-In Holdings and the mergedA nsbacher/Sentinel Bank, its year-end 2010 accounts have revealed. T he figures show the life/health insurer sustained a $260,297 net loss a s a result of its 30 per cent stake in Walk-In Holdings, the private company that o perates and owns the t hree Walk-In Clinics of the same name, an interest it acquired for $3.403 million in November 2007. For the 12 months to endD ecember 2010, Walk-In H oldings generated $5.564 million in revenues, an increase upon the previousy ears $4.587 million. Howe ver, the company suffered a more than $1.4 million Colina suffers $675k net loss over Walk-In, bank interests SEE page 5B By ALISON LOWE Business Reporter Average savings of between 5 to 15 per cent for Bahamian companies on US ground trans portation costs were touted at a seminar hosted bya Bahamian logistics company, which yesterday said it will soon be helping one major Bahamian importer to save over $260,000 a year. Express cargo and courier provider, New Level Logistics held a seminar at the British Colonial Hilton in downtown Nassau where it introduced around 25 Bahamian business representatives to its third party logistics partners based in the US, which it says will in many cases enable Bahamas businesses to significantly cut their shipping costs to this nation. The offer of access to online software called a Transport Management System, which offers companies transparency in the shipping process, where they can maintain sight of their goods, met with approval from many Bahamian importers, who lamented the damage and frustration suffered when goods get delayed without warning. Henry Johns, who runs New Level Logistics with his wife, Marilyn Johns-Smith, told Tribune Business in a previous interview that Bahamian companies are collectively losing "millions of dollars" per year through inflated transportation costs they do not have to pay, something that also results in them paying more import duties/Stamp Tax to Customs than they need to. The 20-year transportation industry veteran, who is the sales and operations manager for New Level Logistics, said Bahamian companies were incurring losses through not having their own discount freight programme in the US. Instead, they are vulnerable to a practice called pre-pay and add. Some US shippers employed by Bahamian companies offer to prepay the freight costs to get their already-ordered products from, say, California, to Florida. These shipping companies will use their own discount freight programmes to truck the goods from California but, in some cases, the shipper would place the non-discounted freight rate on the bill for the Bahamian company. The com5-15% transport savings strategy Bahamian logistics provider signs contract with local importer designed to reduce $1.2m US ground transport bill by 22% or $260k per year SEE page 4B By NEIL HARTNELL Tribune Business Editor Robin Hoods president yes terday suggested he and his family may have to leave the Bahamas, joining his attorney in telling Tribune Business there was clearly an organ ised conspiracy to drive the retailer out of business. He also challenged this newspaper to find someone with a better record than me when it came to making due Customs pay ments. Speaking to this newspaper after Wednesday nights joint Customs/Police raid on Robin Hoods Tonique Williams-Darling Highway headquarters, in which the retailers main server was confiscated and taken away for inspection, Mr Schaefer said he was proud to have made enemies in the Bahamian food/retail wholesale industry through aggressive strategies that forced competitors to lower prices and margins. When youre an agent of change youre bound to make enemies, and I can say Im very proud of the enemies Ive made, Mr Schaefer told Tri bune Business, emphasising that he was not referring to Prime Minister Hubert Ingraham with these comments. Adding that there was clear ly a conspiracy afoot to drive him out of business, Mr Schae fer said Robin Hood had been able to access another server to get its Point of Sale (PoS equipment operational, opening both its Tonique WilliamsDarling Highway and Prince Charles Drive stores at 9am yesterday, an hour later than normal. Without help from Robin Hoods external technology consultants, Mr Schaefer said the two stores would have been closed and 300 employees sent home. He added: When people go on a witch hunt, they will look for the things they want to find. They will find in things the truth they are looking for, which is not the truth at all. There are a lot of things that are manipulated. The reality is that Ive been scrutinised by them [Customs] since I started, so Ive been scrutinised by them for 11 years. In scrutinising thousands of containers, have there been mistakes? Yes, theyve found them sometimes, that Ive overpaid or underpaid in good faith. But, at the end of the day, if you look at the percentage of ROBIN HOOD CHIEF: I MAY LEAVE BAHAMAS Defies anyone to find another business with better record of due Customs payments* Says clearly organised conspiracy to drive him out of business, and proud of enemies made with exception of PM SEE page 4B By NEIL HARTNELL Tribune Business Editor Colina Holdings (Bahamas saw its net income grow by 5.2 per cent for the year to endDecember 2010 to $14.1 mil l ion, building on the 64.5 per cent growth seen the previous year as shareholder equity hit $115.5 million. Unveiling results that showed an increase in income available to common shareholders to $11.3 million or $0.46 per share, Terry Hilts, the companysc hairman, said: As is expected in our industry, and as a result of the nature of our business, profitability will fluctuate throughout the year. We are pleased, however, that overall, our profit for the year has continued on an upward trend. Comprehensive income, which takes into consideration other gains affecting equity, has notably increased from $11.7 million in 2009 to $14.4 millioni n 2010. Operating expenses increased by $3.5 million to $29.9 million year-over-year, reflecting an increase in staff benefits and operational invest ments to enhance policyholder service. Total revenues grew to $152.6 million, an increase of5 .5 per cent over prior 2009. Colina Holdings (Bahamas said gross profit margins in both C OLINA ENJOYING 5.2% PROFIT RISE SEE page 3B


B USINESS PAGE 2B, FRIDAY, MARCH 18, 2011 THE TRIBUNE 127,&( 6,5/<1'(1,1'/,1*(67$7(6 )250(5/<,1(:22'*$5'(16 ,,%',9,6,21 7KLV1RWLFHVHUYHVWRDGYLVHWKHJHQHUDOSXEOLFWKDWORWV ZLWKLQWKHIROORZLQJEORFNVSXUSRUWHGO\VROGDVORWVZLWKLQ DVVDX9LOODJH IRUPSDUWRIWKH6LU/\QGHQ3LQGOLQJ (VWDWHV6XEGLYLVLRQIRUPHUO\&HGDU*URYHVLQHZRRG *DUGHQV,,fDQGDUHWKHSURSHUW\RI$UDZDN+RPHV /LPLWHG 7KHVH%ORFNVDUH 7KHJHQHUDOSXEOLFLVIXUWKHUDGYLVHGWREHZDUHRISXUFKDVLQJ DQ\ORWVLQWKHDERYH%ORFNVXQOHVVWKHODQGLVGHVFULEHGDV EHLQJLQWKH6LU/\QGHQ3LQGOLQJ(VWDWHV6XEGLYLVLRQDQG LVEHLQJSXUFKDVHGIURP$UDZDN+RPHVOLPLWHGRUIURP D SHUVRQRUHQWLW\ZKLFKSXUFKDVHGIURP$UDZDN+RPHV /LPLWHG2WKHUZLVHWKHVHOOHUVfDUHQRWWKHRZQHUVRIWKH ODQG ,I\RXKDYHSXUSRUWHGO\SXUFKDVHGDQ\ORWVfZLWKLQWKH DERYHPHQWLRQHGEORFNV\RXDUDGYLVHGWRLPPHGLDWHO\ VHHNSURSHUDQGLQGHSHQGHQWOHJDODGYLFHIURP UHSXWDEOHODZUPRUDWWRUQH\ 6KRXOG\RXKDYHDQ\TXHVWLRQVSOHDVHFRQWDFW \ \ T S *(1(5$//(*$/&2816(/ $5$:$.+20(6/,0,7(' 3 1$66$8%$+$0$6 BY SIMON COOPER RES SOCIUS A Central Bank report r eleased on Friday, March 11, confirms that our domestic markets continued on t heir recovery path in January. This was aided by improving circumstances prevailing in the global economy beyond our shores,a nd some local initiatives, too. The better news reported for our islands included moderate growth in our tourism sector, and a stable rate of new building construction. O ther noteworthy remarks made by the nations bank included the fact that the fiscal deficit remained a matter of concern ( the uptick is not yet broadly based), and n ews of a welcome cash injection in the f orm of Stamp Tax associated with the sale o f the Bahamas Oil Refining Company ( BORCO). L ooking back to 2010, the Central Bank again noted an increase in overall tourism, partly on the back of a US recovery, but also partly thanks to several public-private sector initiatives. At least some Bahamiansc an claim credit for their own initiative in helping encourage a healthy growth in s topover arrivals by air or sea. Deficit As mentioned, our nations deficit w idened by 22 per cent or $38.9 million in the first six months of the 2010-2011 fiscal year. This means that we continued overs pending despite all the austerity measures introduced. As a nation we are still not cutt ing our clothes according to our cloth, and w e may have to pay heavily for this indis cretion in due time. The modest increase in consumer lending that the Central Bank reported wasm ainly attributed to debt consolidation and increased use of credit cards. On the upside, net repayments for land purchases, home improvements and miscellaneous purposes were well balanced. This means that the wheels of our economy are turning, not falling off as some would claim. The Central Bank continues to anticipate growing momentum in the domestic econom y, thanks largely to our strengthening t ourism sector and associated construction p rojects. Consequently, employment p rospects are expected to improve as well, a nd with that more good news for all. W hat does this mean to me as a Bahamian resident and businessperson? What role should I play in helping to turn the tide, and how should I capitalise from this in business, too? I believe that what we need are more private sector initiatives, and fewer hands held out for government assistance, w herever this is possible. This does not mean that we have to wait for others to come and build our Bahamas either. Small contribut ions are equally important, and I know of m any businesses already preparing for more r ecovery towards the end of what will be a better year. N B: Res Socius was founded by Simon Cooper in 2009, and is a Business Brokerage authorised by the Bahamas Investment Authority. He has extensive private andp ublic SME experience, and was formerly chief executive of a publicly traded invest ment company. He was awarded an MBA with distinction by Liverpool University in2 005. Contact him on 636-8831 or write to Private sector must drive the recovery SIMON C OOPER Mr McTaggart said Consolidated Water also earned a small gain from energy pass-through charges in itsB ahamian operations during t he 2010 fourth quarter, a sharp contrast to previous years, when the BISX-listed company had incurred extra fee costs as a result of energyi nefficiencies in its operations. A nd he added that new d iesel engine maintenance programmes being implemented at the Blue Hills and Windsor plant during 2011 should yield benefits for thec ompanys Bahamian operat ions this year. Analysing the implications of the January 2011 contract award from the Water & Sewerage Corporation, David Sasnett, Consolidated Watersc hief financial officer, told a conference call with Wall S treet analysts: With the recent expansion of the Blue Hills plant in the Bahamas, we would estimate incurring $ 2 million in incremental debt to fund construction of this project. M r McTaggart, noting that the Blue Hills expansion would by itself increase the combined water production of Consolidated Waters 15 plants in the Caribbean by 21 p er cent, said: The plant was c ommissioned in January of this year, and with the expansion of capacity we receiveda n extension of the water sales agreement to 2031. We are proceeding rapidl y to meet a very tough cons truction deadline, and expect to begin producing water from the expanded section t his October. In its 10-K annual report, filed yesterday with the USS ecurities & Exchange Comm ission (SEC obligations as a Nasdaq-list ed stock, Consolidated Water e xpressed hope that the Water & Sewerage Corpora tions outstanding debts owed t o it would soon be largely settled, noting the Governm ents mid-year Budget announcement that some $8.8 million in taxpayer funds was being reallocated for such a purpose. As of December 31, 2010, Consolidated Water-Bahamasw as due approximately $6.2 m illion from the Water & Sewerage Corporation, Consolidated Water said. We have been informed previously by representatives of the Bahamas government t hat the delay in paying our a ccounts receivables is due to operating issues within the Water & Sewerage Corporation, that the delay does not reflect any type of dispute with us with respect to the a mounts owed, and that the amounts will ultimately be p aid in full. P ayment Based on our January 2 011 meeting with officials of t he Bahamas government, we believe the Bahamas government will make a payment in t he near future to reduce Consolidated WaterBahamas receivable balancest o approximately 90 days outstanding. It appears that the delinquent accounts receivable owed by the Water & Sewerage Corporation have held up C onsolidated Waters efforts t o obtain performance bonds for its Blue Hills and Windsor plants. On August 1, 2009, a performance bond with the Royal Bank of Canada in Nassau, B ahamas, in the amount of $1.911 million for the Windsor plant expired and was not subsequently replaced. We e xpect to obtain performance bonds for the Windsor and Blue Hill plants once Consol i dated Water-Bahamas has r eceived payment of its delin q uent accounts receivable from the Water & Sewerage Corporation, the report to the SEC said. With regard to the Blue Hills expansion, Consolidated Waters 10-K report said: Under the terms of the a mended agreement we are required to increase the production capacity of the Blue Hills plant to 12 million US gallons per day on or before September 30, 2011. After the expansion is c ompleted, we will be required to deliver, and the Water & Sewerage Corporation will be required to purchase, a minimum of 52.5 million US gallons per week. The t erm of the water supply agreement will be extended a t the date that the expansion is completed for a period of 20 years, or until the plant hasd elivered approximately 66.9 billion US gallons of water, whichever occurs later. Meanwhile, looking back on 2010, Mr McTaggart told Wall Street analysts yesterday: In our Bahamas opera-t ions we continue to benefit from reduced energy costs resulting from improved oper-a tional performance. We received a small gain from energy pass through chargesi n the fourth quarter, in cont rast to the charges weve incurred in the past. We will implement further d iesel engine maintenance programmes that we believe will significantly reducem echanical breakdowns and m aintenance costs. We are very optimistic this will yield b enefits for the Bahamas operations this year. Consolidated Water said it supplied three billion gallons o f water to the Water & Sew erage Corporation in 2010 from its Blue Hills and Windsor plants, down slightly from 3.1 billion in 2009. BISX-listed firm adds $2m debt for expansion FROM page 1B


By ALISON LOWE Business Reporter A tremendous amount of information of relevance to a wide variety Bahamian profes sionals will be shared over fourdays when the Bahamas hosts the 19th World Conference of Banking Institutes for the first time, one of its organisers saidy esterday. Coming together on the theme of Creating a progressive financial services environ ment, delegates from the Bahamas and 14 other countries are meeting at the Atlantis resort from March 20-23 to discuss issues related to financial services and the training of professionals within the sector. Among those countries represented are: Korea, Botswana, Jamaica, the UK, Scotland, Nigeria, Hong Kong and Cana da. Prime Minister Hubert Ingraham and Central Bank Governor Wendy Craigg will address the conference, along with other distinguished speakers from the Bahamas and elsewhere. Trust, accountability, competence and innovation are the buzzwords. I feel these are innate qualities every Bahami an should possess to empower themselves, Peggy Knowles, deputy manager of corporate affairs at the Securities Com mission of the Bahamas and thec onferences chairman, told Tribune Business. She invited all Bahamians to register to attend the event. The Bahamas Institute of Financial Services (BIFS hosting the conference, which is sponsored by the Royal Bank of Canada. B IFS provides training and education for Bahamian professionals and, according to Kim Bodie, executive director of the Institute, the ability for Bahamians to learn from what banking institutes elsewhere in the world are doing to better prepare their professionals will be a major benefit arising from the four day meeting. There will be the opportunity to network with our counterparts, to hear what is going on in their jurisdictions, how they are dealing with challenges in their industry and what types of new training programmes they are introducing to keep their employees abreast of competitive markets. We are very small, and these people will be coming from large industrialised countries, so we can all learn from them, said Ms Bodie. Nathaniel Beneby, Jr., presi dent and country head, RBC Bahamas, said: This is a major conference within the global banking industry. By sponsor ing this event, we are support i ng both the Bahamas Institute of Financial Services and the international delegation of banking executives who will be visiting the Bahamas to attend the conference. Close to 200 international and local delegates are regis tered for the event to date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t$ELOLWLHV 0XVWEHDEOHWRVSHDNUHDGZULWHDQGXQGHUVWDQGWKHSULPDU\ODQJXDJHVf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t([SHULHQFH +LJKFKRRORUHTXLYDOHQWHGXFDWLRQUHTXLUHG%DFKHORUV'HJUHHSUHIHUUHG )RXUWRVL[\HDUVH[SHULHQFHLQ)URQWIFH+RXVHNHHSLQJ*XHVWHUYLFHVLQFOXGLQJ DWOHDVWIRXU\HDUVVXSHUYLVRU\H[SHULHQFHUHTXLUHG 4XDOLHGDSSOLFDQWVDUHLQYLWHGWRYLVLWRXUZHEVLWHRUHPDLOUHVXPHVDW VQEUMREV#VKHUDWRQFRP 1RWH$OOLQIRUPDWLRQZLOOEHKHOGLQVWULFWHVWRIFRQGHQFH 'HDGOLQHIRUDOODSSOLFDQWVLV the life and health divisions remained healthy, keeping pace with the increased revenues in 2010 due largely to improved net investment returns, management of administrative costs associated with claims, and appropriate adjustments for risk exposures. We evaluate and structure our investment portfolio to deliver sustainable long-term returns based on market opportunities, said Mr Hilts. The companys investment portfolio saw an increase in net investment income to $29.5 million compared to $27.8 million in the prior year. This increase was achieved due to improved returns on a larger invested asset base. Invested assets increased by $12.3 million to $421.3 million, compared to $409 million in the prior year, and remain a significant proportion of total assets at 80.2 per cent. About 35.2 per cent or $148.5 million of invested assets are invested in Bahamas Government Registered Stock. The balance of investments, none of which exceed 17% of the invested asset portfolio, is invested largely in fixed deposits, listed equities, preference shares, investment property, mortgage loans and policy loans. Colina Holdings (Bahamas to $115.5 million, an increase of $12.2 million over the prior year. Ordinary shareholder equity increased to $77 million, compared to $70.3 million in 2009. The Minimum Continuing Capital and Surplus Requirement (MCCSR was 197.9 per cent at December 31, 2010. This indicator increased from 179 per cent at the end of 2009. Looking ahead, we are very optimistic about the future, said Mr Hilts. We have grown revenues and investment yields, and stayed true to our disciplined focus on risk management. We will continue to bring an intense focus to executing our growth strate gies, enabling us to meet the expanding financial needs of our customers. C OLIN A ENJOYING 5.2% PROFIT RISE FROM page 1B By ALISON LOWE Business Reporter The Bahamas Communications and Public Officers Union (BCPOU grounds for further legal action to impede the Bahamas Teleccommunications Companys (BTC tions (CWC allow its appeal against an earlier Supreme Court ruling that threw out the unions attempt to stop the transaction. In the meantime, Bernard Evans, BCPOU president, said the union has been turning down requests from CWC to meet with the company to discuss the way forward for BTC. We dont need to talk to them yet, he said. Mr Evans yesterday addressed the Rotary Club of West Nassau on the topic of BTCs impending sale to CWC, which the union he heads has led opposition against. He reiterated previous statements that the BCPOU is not against privatisation and liberalisation of BTC and the telecoms sector in the Bahamas, but that believes privatisation of BTC should see it sold to Bahamian buyers. He said the union does not have a personal vendetta against CWC, but has obtained information from labour counterparts elsewhere concerning its dealings with unions, declines in business in the face of competition from other tele-c oms providers in Caribbean jurisdictions where it also operates, and the high turnover of executives. Ultimately, when pressed about what arrangement he would accept, Mr Evans said he does not believe BTC would be better off with any major or minor partner other than a Bahamian one. Admitting there is merit to the argument that if a foreign competitor was to enter the Bahamas in a liberalised telecoms environment, BTC would not be adequately prepared to withstand the competition without a foreign partner with the purchasing power, research and development capacity and technical know-how, Mr Evans said this holds no water for him as an argument for bringing in a foreign partner for BTC. I can see there would be concerns about a Bahamian company competing with a giant. But all companies who get a license should be Bahamian. By all means, if your intention is to b ring in a Digicel, then by all means bring in a foreign entity to compete with Digicel if thats the environment you want to set up. But if you want Bahamians to compete with Bahamians then theres no need, he suggested. The BCPOU is now awaiting a final verdict from the Court of Appeal on whether it will allow the unions appeal against Supreme Court Justice Neville Adderleys February ruling that rejected the unions claim the Government did not have the right to sell BTC, on the basis that the unions did not have the legal standing to bring the suit. If the Court of Appeal rules we do have standing, it will also rule on the same day that we can seek injunctive relief. That would then allow for us to go back to the lower court for the hearing to be heard, and for an injunction on the sale of BTC to take place until we get that relief. So thats what we are hoping for, said Mr Evans yesterday. Should this not occur, Mr Evans said the union believes it has a good case for further legal action to impede the sale. Theres something amiss with what happened in 2002. BCPOU stands for public officers; BTC is a private entity. How can you have a public officer work for a private entity? Its a valid question. That is a concern. And BaTelCo, by the way, is not dead from a legislative standpoint. Even though it has been stripped of its assets it is still on record as a living entity, Mr Evans said. That is whom we have our employment ando ur contracts with. It is a public entity. That makes us public officers, so there is a real, real legal and constitutional problem there that needs to be resolved. Maybe when it changed from a corporation to a company there shouldve been some separation, some notification. Maybe some benefits that were owed to me and due to me as a public officer then shouldve been provided, but they were not, so here we are. However, the BCPOU president also stated that if the BTC sale goes through, he will work with CWC unless his membership, the BTC workers, tell him otherwise. If the sale goes through it would be devastating, very, very devastating. But we will have to deal with the matter then. We would have to talk with them. But well see what our people tell us...if our people tell us they cant work for Cable and Wireless then thats a major, major issue. Well have to comply (with the memberships w ishes), he added. Union eyes further BTC legal actions CONFERENCE TO BOOST BAHAMIAN BANKERS


pany would only see a single cost on the invoice for total transportation costs, freight and shipping, and had no way of working out the former costs. Marvin Switzer, chief operating officer of C2C Logistics, New Level Logistics (NLL third party logistics carrier in the US, explained that out of to 50 analyses conducted of freight moving into the Bahamas since last July, it was discovered that the importer could through negotiating agreements with carriers with which it has relationships achieve an average reduction in the cost of the ground transportation involved of between 5 per cent and 15 per cent. C2C Logistics said it needed information from Bahamian companies on what they are having shipped, in what quantities and from which regions in the US. It then presents this information to carriers with whom it has relationships, and seeks to find the most costeffective option for shipping the Bahamian importers goods. In some cases, the company can negotiate a fuel rate, allowing this often fluctuating cost to be fixed. C2C Logistics suggested its history in the industry and relationships with US carriers allow it to negotiate better shipping arrangements and costs than buyers would get if they simply ask their suppliers to ship the best way they can. When you say ship it the best way, youve totally lost control of one of your biggest expenditures the shipping part. The ground transportation all the way from say, the middle of America, to Miami. Thats where we come in, said Mr Switzer. Weve done a number of studies since probably July of last year regarding the Bahamas, and we usually find we can create savings of between 5 to 15 per cent depending on what your transportation spend is. Depending on what your annual spend is, thats a lot of money you can put back into your company and your economy here in Nassau. While the company charges a one-off consultancy fee for analysing Bahamian companies data to determine what savings could be procured, later costsw ould not be felt, said Mr Switzer, as C2C Logistics would be compensated out of the savings we get from the carrier, not disturbing the client at all. Mr Johns said: Because my background is in transportationi n the US, I have found a niche that can empower people in the B ahamas, who may not know what the US industry is about and how it has been taking advantage of the offshore and Bahamian merchants and the society at large. Mr Johns said the service New Level Logistics is providing will not only help many companies save money on transport but also give them more options on where they can buy goods from. We have some Bahamian companies who only buy in Florida. They may not realise that they have the chance now to have options to find suppliers elsewhere and have a transportation provider. Because of pre pay and add in the offshore market, Florida merchants are not necessarily going to be the lowest price in providing to you. They have to charge money to get all their suppliers under one roof, Mr Johns said. That transportation price will be passed on to Bahamian merchants, and then they will stack or add a higher rate of transportation in the unit price of the goods and the merchants wont know the differenceu nless they have their own (discount freight program). Highlighting the cost-savings New Level Logistics and its partners can achieve, he said the company was yesterday due to sign a contract with a largeB ahamian company which has annual average US ground t ransportation costs of $1.2 million. We have provided an analy sis for them, in terms of the bid process that goes ou. This Bahamian company had 10 companies that wanted to part icipate in the bid, and so we will be saving this company 22 per cent of their ground transportation costs per year as a result. The customers expectation was hoping that we could do 10 per cent. Now they are looking to move to the consolidation and the ocean portion o f their costs, said Mr Johns. Virginia Strapp, buyer/purchasing officer for the Nassau Airport Development Company, said she felt the seminar opened up our eyes to a lot of things that goes on behind the scenes that we are not privy to from our suppliers. I think it could lead to some savings. They are familiar with the suppliers, the trucking agents and all that, so they can deal with them better than we can. Plus if they can alleviate some of the issues about where packages are, tracking and so on, that would really help, she a dded. Seminar attendee Shenicia Williams, of Commonwealth Building Supplies, said she was particularly keen on the fact that New Level Logistics offers a chance for clients to track their goods. Thats an issue for everyone. Sometimes you cant track packages. So from the point of ordering to your consolidators, if you know whats up with the cargo then you will be able to translate a better timeframe to customers. As it is we have to wait until it gets to Tropical to see when we might get it. So I think well do the analysis and try it; that cant hurt, she said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t$ELOLWLHV 0XVWEHDEOHWRVSHDNUHDGZULWHDQGXQGHUVWDQGWKHSULPDU\ODQJXDJHVf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t%HYHUDJH4XDOLFDWLRQVt([SHULHQFH +LJKFKRRORUHTXLYDOHQWHGXFDWLRQUHTXLUHG%DFKHORUV'HJUHHSUHIHUUHG 0LQLPXPRIWZR\HDUVH[SHULHQFHDVDRXV&KHILQDKLJKHQGKLJKTXDOLW\ RSHUDWLRQ4 XDOLHGDSSOLFDQWVDUHLQYLWHGWRYLVLWRXUZHEVLWHRUHPDLOUHVXPHVWRVQEUMREV#VKHUDWRQFRP1RWH$OOLQIRUPDWLRQZLOOEHKHOGLQVWULFWHVWRIFRQGHQFH'HDGOLQHIRUDOODSSOLFDQWVLV FROM page 1B 5-15% transport savings strategy the millions and millions [in duties] Ive paid over the last 11 years, which Im sure are in the tens of millions, the fines Ive received from them for thousands of containers never exceeded $10,000. Even if that number was ten times that amount, I defy you to find someone with a better record than that. Tribune Business sources close to the matter yesterday said Robin Hood had come under par ticular scrutiny from Customs over the last two months, which appears to now have been supplied with information and told where to look. It is understood that Wednesday nights raid was intended to secure information and evidence in an investigation into whether the retailer has evaded paying due taxes by supplying Customs with invoices that under-value goods being imported. The Customs/police action is also likely to delight Robin Hoods direct competitors and the wholesale industry, many of whom have in the past expressed concern to Tribune Business about how the retailer was able to sell products at prices much lower than theirs. In some cases, its con sumer prices were the wholesale prices rivals were paying. Several informed sources have suggested that Mr Schaefer has brought much of this on himself, especially with his outspoken comments in the media, where he has repeatedly tweaked the noses of rivals and the wholesale industry in particular. When it comes to the latter, the Robin Hood president has repeatedly said he purchases 95 per cent of his produce direct from abroad, cutting out the middleman and threatening the wholesale-retail model in the Bahamas. His com ments, and operation, have been seen as a threat to the establishment. Tribune Business was made aware from wholesale sources late last year that there was a collective move in the industry to effectively put Mr Schaefer in his place, with a lobbying effort underway to convince the Government through Customs and Immigration etc to clamp down on what they claimed were his unorthodox business practices. However, Mr Schaefer said: Ultimately, this is terribly sad for me. I came here with a dream, the dream to allow the little guy to afford things h e was not able to afford. I came into the food business three years ago, and this is not spin, but food prices have gone down rather than up over that time because of the pressure weve put on the competition. People feel Im the trespasser, I have no right here, Im bucking the trend, fighting the institu tion........ Referring to the Prime Ministers remarks about him, and his past as an Olympic l evel wrestler, he added: Hes picking on the wrong guy. Im a fighter, all my employees are fighters, every family that depends on us are fighters. At this point, I will do everything in my power to make sure we serve the Bahamian community as we have done. Yet Mr Schaefer also said of himself and his family: Were at complete peace, but we mayh ave to leave the Bahamas. It would be an extraordinarily bad day for us, not one we would choose, but so be it. At the end of the day, we would probably have to leave here with pretty much what we came with, which is not a lot, but we would have no problem with that. Mr Munroe, meanwhile, said he had written to Customs yesterday questioning the legal basis on which it had seized Robin Hoods main serv er, plus every CPU flash drive, CD and some accounting files from the companys administra tion unit. Questioning whether Robin Hoods competi tors were treated in this manner by Customs, Mr Munroe said he had offered, on the companys behalf, to allow the Department to take copies of the records it wanted to investigate. Describing Customs actions as foolishness, Mr Munroe said he had also urged the Department to return everything that had been taken, since it would have had time to copy the data. He added that he was seeking a reply from Customs by end of business yesterday afternoon, but it could not be confirmed whether this had hap pened. ROBIN HOOD CHIEF: I MAY LEAVE BAHAMAS F ROM page 1B


swing into the red, incurring a net loss of $867,658 com pared to a $579,951 profit the previous year. As a result, Colina Hold ings (Bahamas earning a $173,985 profit oni ts 30 per cent investment in 2009 to a $260,297 loss lasty ear. Still, with Walk-In Holdings possessing total assets and liabilities of $8.309 million and $3.677m illion respectively, giving it net assets of $4.631 mil l ion, the insurance holding companys investment in the company is still in the black. Holding a $1.389 million share of Walk-In Holdings balance sheet, Colina Hold ings (Bahamas end accounts show that with $2.233 million in goodwill added, in the total value of its investment is now $3.622 million a more than $200,000 increase on the price paid for its 30 per cent stake. Meanwhile, Colina Holdings (Bahamas per cent stake in the merged Ansbacher (Bahamas tinel Bank & Trust through SBL Ltd. It acquired this by paying a collective $8 million itself and through its Colina Insurance subsidiary, but this investment still has to pay dividends. However, the value of that investment has fallen to $7.125 million, even though the private bank cut its loss es in 2010 by more than 75 per cent year-over-year, reducing them from $2.999 million in 2009 to $731,577 in 2010. That reduced Colina Holdings (Bahamas through SBL Ltd, from $569,899 to $139,000 in 2010. With SBL having total assets and total liabilities of $136.853 million and $108.959 million respective ly, resulting in net assets of $27.893 million, the insurance companys share of the balance sheet was $4.69 million. Goodwill of $1.825 million and intangible assets of $608,772 took its total investment to $7.125 million. l eading trade specialist, Branford Isaacs, over these comments, Mr Laing said: When he heard our implementation plan, he said to me we had one of the clearest and most complementat ion plans he had seen/heard o f. We have a most comprehensive, extensive EPA implementation plan we are working on diligently. They [the CARICOM official] m ust be unaware of what we a re doing. I would have thought they would have taken time to come ands peak to us about what we a re doing, so they would be a ware. M r Laing said the transition period that the EPA allowed the Bahamas and other signatories lasted for three years or so, giving them time to make the required legislative and poli cy adjustments to bring t hem into full compliance with their obligations under t he agreement. There are legislative a mendments that have to be made to the Customs Management Act in relation toR ules of Origin and such like, theres intellectual p roperty legislation adjustments, and competition policy, he added. There are a raft of things that have to be done. We a re proceeding with them. We have drafted legislation w ith respect to many of these things. They have to go through a process, but I a m very comfortable with respect to where we are, k eeping up with compliance with the EPA. Mr Laing pointed out that many of the structures supposed to be created by the EPA to oversee it, including numerous committees, were yet to be properly formed, but we are working and doing what it is we are required to do under the EPA. Asked whether the costs a ssociated with EPA compliance would be prohibitive for the Government, especially given its current fiscal predicament, Mr Laing said the Ingraham administration w as merely doing what it w ould have to do anyway, i n terms of national development and the World Trade Organisation (WTO accession process. The cost is not exorbit ant, he added, because the reality is that many oft he things we are being asked to do under the EPA we have to do from a n ational development perspective. The resources to do them are already in hand. We are acceding to the WTO, and that will require a djustments to competition laws, intellectual propertyl aws, rules or origin and modernisation of Customs administration. Its all part and parcel of p articipating in the modern trade regime of the international community. The cost i s incremental, for the most part, in the ordinary course of doing business. Mr Laing also said there w as no issue over concerns expressed in other media that the Bahamas had f ailed to declare the export duties it imposed on EUe xports when the EPA agreement was signed. He explained that unlike other members of the CARIFORUM bloc, who had negotiated a three-year transition period during which to phase out their own export duties, the Bahamas did not need this treatment. As a result, it never asked for this transition period to be included in the annexes t o the EPA agreement when it was signed in late 2009. A nd, Mr Laing said, Customs had stopped imposinge xport duties on Bahamian exports to the EU chiefly crawfish in 2009 to ensure t his nation was EPA compliant. N oting that the tax revenues foregone by the Government were not significant, Mr Laing said only two Caribbean nations had a sked for the three-year transition period to bringt hem into compliance with the EPA stipulation that all export taxes be removed. Mr Isaacs [of the Implementation Unit] indicated that subsequent to the signing, it was discovered that the Bahamas charged an export duty, but we did not want to be part of this threeyear transition phase, Mr Laing explained. We never put anything o n the schedule that said: OK, we want a three-year t ransition...... Theres an export duty thats on theb ooks in the Bahamas, but having signed the agreement, the Government does n ot charge or levy that duty on shellfish being exported t o Europe. We ceased doing so in 2009. Describing the situation as a non-issue, Mr Laing said the Bahamas still had some legislative clean-up work to do in relation to international trade, ensuring that statute reflected ther eality on the ground. If one speaks to the letter o f the law, one of the things that happened during the WTO accession process was that any number of issues were raised about mattersi n law not being in keeping with what is practiced, the minister told Tribune Business. We are fulfilling our obligations under the EPA because we are not levying export duties on exports to Europe, and have done ever s ince the end of 2009. We will have to formally make some amendments to the legislation, so that in law itself these things are not an issue. There has to be a piece of legislation passed in relation to the EPA. 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While many economists have said the ultimate impacton the global economy is still difficult to assess and might be modest the market jitters could cause the bank to pull back from its March 3 statements that many took as a near-guarantee it would raise its key rate. B ank President JeanClaude Trichet said then that the bank would exercise strong vigilance" on inflat ion taken as a code word that an inflation-fighting i ncrease was imminent to prev ent inflationary expectations from becoming built into thee conomy. Consumer prices increased 2.4 percent in April i n the countries that use the euro above the bank's goal of just under 2 percent. S ince then, violent uprisings in the Middle East have pushed oil prices to two-year highs and continue to t hreaten instability across the r egion and Japan's disasters triggered days of panic o n financial markets. "If in the run-up to the A pril ECB meeting stock p rices were to remain under s evere pressure and volatility stayed elevated, the central bank would have to reconsider its position on rates," Marco Valli, chief eurozone economist at Uni c redit Research, said Thursday. If the ECB holds off, it w ould be a rare about-face for Trichet and the bank'sg overning council but not u nprecedented the bank r eversed the course of its m onetary policy at the start of the financial crisis in 2007. Financial markets suggest investors are prepared for such a scenario. Expectations for overnight interest rates in the eurozone a year from now have slipped to 1.65 percent from 1.9 percent immediately after Trichet's statement. The drop would amount to removing one quarter-point increase from the bank's actions overt he next months. D oubt But not everyone agrees. "At this stage, we doubt that the horrific and tragic events in Japan will deter the ECB from acting, as the economic effects on the eurozone cur-r ently look unlikely to be a ppreciable," said Howard Archer at IHS Global Insight. He expects a rate increase o f a quarter percentage point a t the April meeting. T here is only one precedent for the bank announcing" strong vigilance" and then n ot following through. That was in August, 2007, w hen the bank reacted to the sudden worsening of the subprime mortgage crisis in the United States by reversing course and pouring credit into the banking system instead of tightening down, according to analyst Nick Mathews at R BS. The ECB's move will in part depend on whether the economic uncertainty over Japan eases some of ther ecent upward pressure on oil prices, said Mathews. I f other stock markets sag like Japan's Nikkei, "that would argue in favour of the ECB delaying rate hikes." S o far, stock markets have taken a sharp hit, though they steadied on Thursday, with European and U.S. indexes up 1 to 2 percent. T he ECB's key rate is at a record low of 1 percent, w here it has been since May 2009 to support growth through the financial and debtc rises. But now that Europe's economy is recovering, the b ank has said it is wary of w orkers and businesses building higher costs largely from rising food and energyp rices into their wage and price agreements. (AP Photo/Michael Prbst TAKINGALONGVIEW: Head of European Central Bank Jean-Claude Trichet takes off his glasses during a press conference in Frankfurt, central Germany, Thursday, March 3, 2011. Trichet announced that the ECB keeps its main interest rate unchanged. Doubts rise over ECB rate hike after Japan quake DISASTER IN JAPAN INTERNATIONAL BUSINESS


TOMOKO A. HOSAKA, Associated Press TOKYO J apan's central bank sprayed more cash over jittery money markets Thursday as a major bank's ATMs suffered a two and a half hour outage nationwide and the yen shot to a record high. The Bank of Japan injected an additional 6 trillion yen ( $76.7 billion) in same-day funds after the dollar hit 76.25 yen in the morning an alltime low for the greenback in the aftermath of Friday's earthquake and tsunami that killed thousands and triggered an unfolding nuclear crisis. With same-day funds, banks in need c an access cash immediately. Mizuho Bank, Japan's third biggest lender, said 5,600 automatic cash dispensing machines were back online by midday after blacking out at about 9 a.m. It didn't explain the outage, which had added to already rattled nerves. The capital Tokyo endured more rolling blackouts Thurs day and faces months of power shortages because of earthquake damage to nuclear and conventional power plants. The utility that serves Tokyo has been forced to slash power supplies by a quarter. Power to parts of the sprawling region, which produces 40 percent of Japan's economic output, is cut for three hours a day. Around the country, people queued for fuel and emptied supermarket shelves of food and other necessities. Hundreds of thousands of people in the devastated northeast continued to shelter in temporary accom modation. Driving the yen to unprece dented highs were predictions that big Japanese investors like insurance companies would repatriate funds from overseas en masse to cover the cost of tsunami damage to northeast ern Japan, said Masafumi Yamamoto, chief foreign exchange strategist at Barclays Capital in Tokyo. The repatriation hasn't hap pened yet, so the volatility is "highly speculative," he said. The market is now betting that the finance ministry and Bank o f Japan will intervene to sell the dollar and weaken the yen.A strong yen hurts Japan's exporters, potentially deepening the already severe hit to the world's No. 3 economy from the multiple disasters. Analysts at Goldman Sachs estimated that Japan's disaster losses could reach $200 billion, which is more than 3 percent of Japan's gross domestic prod uct. The hardest hit prefectures (states Fukushima and Ibaraki represent about 7 percent of Japan's economy. The region is home to steel plants, oil refineries, nuclear power plants and factories mak ing parts for cars and electronics. Roads and other transport networks are crippled, while power supplies are constrained. The latest offer of central bank funding didn't prevent stocks from losing ground again. The Nikkei 225 stock average closed down 1.4 per cent at 8,962.67 after plunging on Monday and Tuesday before partly recovering on Wednesday. The Bank of Japan conduct ed emergency operations for the fourth day in a row, adding to the 55.6 trillion ($688 billion it provided money markets the previous three days. Of that figure, 28 trillion yen were sameday funds. By flooding the banking sys tem with money, it hopes banks will continue lending and meet the expected surge in the demand for post-disaster funds. F inancial markets nervously monitored the rapidly changing situation at a crippled nuclear power plant in the northeast. On Thursday, Japanese military helicopters dumped loads of seawater onto the plant, trying to cool danger ously overheated uranium fuel rods that may be on the verge of spewing more radiation into the atmosphere. NEW YORK Signs that the U.S. economy is improving helped investors put aside fears over Japan's nuclear crisis Thursday, if only temporarily. A gauge of manufacturing in the mid-Atlantic region jumped in February to the highest point since January 1984. The survey from the Federal Reserve's Philadelphia branch showed new orders soared. Production at U.S. factories, mines and utilities dipped last month but was actually higher in previous months than first estimated, according to the Federal Reserve. The Labor Department reported that the number of people applying for unemployment benefits fell more than economists expected last week. Ongoing claims dropped to the lowest level since October 2008. "It's a reminder that the U.S. e conomy continues to gain momentum," said Alan Gayle, senior investment strategist at RidgeWorth Investments in Richmond, Virginia. "Economic growth leads to more spending, more production and ultimately rising profits," he said. "And at the end of thed ay, that's what investors buy: rising profits." Gains in the stock market were broad. All of the 10 groups rose in the Standard & Poor's 500 index, the basis for most U.S. mutual funds. Twenty-six of the 30 stocks that make up the Dow Jones industriala verage rose, led by a 3.2 percent increase in HewlettPackard Co. The Dow gained 161.29 points, or 1.4 percent, to 11,774.59. The index fell 242 points Wednesday, its largest drop since August. The Standard & Poor's 500 rose 16.84, or 1.3 percent, to 1,273.72. With Thursday's gains, the Dow and S&P 500 are up more than 1 percent for the year. The Nasdaq rose 19.23, or 0.7 percent, to 2,636.05. The technology-heavy index is down 0.6 percent for the year. FedEx Corp. rose 3 percent. The world's second-largest delivery company said revenue rose 11 percent in the most recent quarter, mostly due to higher shipping rates. FedEx said those higher rates may help it beat earnings forecasts in the future. United Parcel Service Inc., FedEx's rival, rose 1.7 per cent. The dollar dropped to an alltime low against the Japanese yen late Wednesday, reaching 76.53 yen to the dollar. By Thursday afternoon, the yen had weakened and was trading at 78.97 yen to the dollar. When the yen loses strength, it takes more yen to buy one dollar. A stronger yen would hurt Japan's exporters, potentially dealing another problem to an economy already wracked by an earthquake, tsunami and evolving nuclear crisis. A separate report from the Labor Department showed consumer prices edged higher in February. The Consumer Price Index rose 0.5 percent last month, slightly stronger than forecasts. Core prices, which exclude food and fuel costs, edged up 0.2 percent, the same as the previous month. Three stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume came to 4.3 billion shares. BUSINESS T HE TRIBUNE FRIDAY, MARCH 18, 2011, PAGE 7B 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .130.95AML Foods Limited1.091.090.006,4300.1230.0408.93.67% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.404.400.000.1530.10028.82.27% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.43Cable Bahamas10.219.43-0.781,0001.0500.3109.03.29% 2.852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1)6.826.820.001650.4880.26014.03.81% 2.861.90Consolidated Water BDRs2.142.10-0.040.1110.04518.92.14% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.305.25Famguard5.255.250.001,0000.3570.24014.74.57% 9.275.65Finco5.885.880.000.6820.0008.60.00% 11.408.77FirstCaribbean Bank9.399.35-0.041,0000.4940.35018.93.74% 6.004.57Focol (S)5.475.470.000.4520.16012.12.93% 1.001.00Focol Class B Preference1. 7.255.50ICD Utilities7.407.400.004500.0120.240616.73.24% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029TUESDAY, 15 MARCH 2011BISX 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. (Over-The-Counter Securities)31-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 7 KH QHZURRPKHUDWRQDVVDX%HDFKHVRUW7KH%DKDPDVLVORRNLQJIRU'LUHFWRURI)RRGt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t$ELOLWLHV 0XVWEHDEOHWRVSHDNUHDGZULWHDQGXQGHUVWDQGWKHSULPDU\ODQJXDJHVf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t([SHULHQFH +LJKFKRRORUHTXLYDOHQWHGXFDWLRQUHTXLUHG%DFKHORUV'HJUHHSUHIHUUHG 6HYHUDO\HDUVH[SHULHQFHLQRYHUDOO)RRGt%HYHUDJHRSHUDWLRQDVZHOODVPDQDJHPHQW H[SHULHQFH&XOLQDU\VDOHVDQGVHUYLFHEDFNJURXQGUHTXLUHG4XDOLHGDSSOLFDQWVDUHLQYLWHGWRYLVLWRXUZHEVLWHRUHPDLOUHVXPHVDWVQEUMREV#VKHUDWRQFRP1RWH$OOLQIRUPDWLRQZLOOEHKHOGLQVWULFWHVWRIFRQGHQFH 'HDGOLQHIRUDOODSSOLFDQWVLV Stronger economic reports help stocks rebound despite Japan crisis (AP Photo/Koji Sasahara W EATHERINGACRISIS: A man walks by an electronic stock board of a securities firm in Tokyo Monday, F eb. 28, 201. DISASTER IN JAPAN J APAN SPRAYS MORE CASH OVER JITTERY MARKETS


B USINESS PAGE 8B, FRIDAY, MARCH 18, 2011 THE TRIBUNE WASHINGTON Factories are producing more cars, computers and household appliances, and applications for unemployment benefits over the past four weeks are at the lowest point since summer 2008. Economic data released Thursday suggest that March will be the second straight month of strong job growth. And the reports helped Wall Street rebound a day after the market suffered its biggest drop in seven months. Still, rising prices for household necessities and trouble overseas could slow the U.S. economy in the coming months. "We have a lot of momen tum in the U.S. economy right now," said Kurt Karl, chief economist at Swiss Re. "That's good, particularly since we're going to be challenged by high er oil prices" and the impact of Japan's earthquake and nuclear crisis. A key reason for the brighter outlook is that factory production increased in February for the sixth straight month. The Federal Reserve said produc tion of cars and auto parts jumped 4.2 percent, nearly matching January's gain. Pro duction of furniture, electronics and appliances all rose. Manufacturing output has grown in all but four months since the recession ended in June 2009. And manufacturers have created 190,000 jobs over the past year, the highest 12month total for that group since 1998. Last month alone facto ries added 33,000 net new jobs. Ford Motor Co. said last month that it would boost fac tory production 13 percent in the January-March quarter in response to greater demand for its cars and trucks. The company has announced plans to hire 7,000 workers over the next two years just to build new models, such as the Ford Escape, a small SUV. Rising factory output sup ports "more high-paying jobs, and more high-paying over time," said Brian Bethune, chief U.S. financial economist at IHS Global Insight. Fewer people are seeking unemployment benefits. Appli cations fell last week for the third time in four weeks, the Labor Department said. The four-week average has dropped to a 386,250 the lowest level since July 2008. That's near the 375,000 level that, if sustained, tends to signal declines in the unemployment rate. WASHINGTON Americans paid more for food and gas in February, driv ing up consumer prices at the fastest pace in nearly two years. The Consumer Price Index rose 0.5 percent in February, the largest increase since June 2009, the Labor Department said Thursday. Core prices, which exclude food and energy, rose only 0.2 percent, matching Janu ary's gain. Gas prices jumped 4.7 percent in February, above January's increase but below December's rise. Oil and gas prices have risen sharply since the beginning of the year due to political turmoil in the Middle East. Food costs increased 0.6 percent, the most since September 2 008. Food costs rose for almost all major grocery store groups, including meat and eggs, dairy, and fruits and vegetables. The cost of cereals and baked goods was flat, the only group that didn't increase. Bigger food and gas bills may limit Americans' ability to buy discretionary goods, and that could hamper economic growth. Rising raw material costs are also reducing profit margins at some companies. There are also concerns that inflation could spread. New car prices also jumped 1 percent, and airline fares and medical care costs rose. Clothing costs dropped 0.9 percent, after a sharp rise in January. Despite those gains, economists said there is little sign that price increases outside of food and energy will get out of hand. "High unemployment and modest wage gains should continue to keep a lid on ... inflation," said Sal Guatieri, an economist at BMO Capital Markets. Some companies are starting to pass on higher raw materials costs to consumers. Kimberly-Clark Corp. said Thursday that it is raising prices on its Huggies diapers, Cottonelle toilet paper and other child care products. The move is intended to offset higher costs for wood pulp and oil. Other companies are reporting lower profits due to higher commodity costs. FedEx Corp. said Thursday that earnings fell 3 percent in the December-February quarter because of rising fuel prices and bad winter weather. The drop occurred even though the package delivery company also raised prices to offset oil costs. FOOD AND GAS PRICES SHARPLY UP IN US ( AP Photo/Seth Perlman, file) HARVESTTIME: In this file photo taken Oct. 7, 2010, central Illinois farmer Bob Hogan climbs back into his combine while harvesting soybeans in Pawnee, Ill. Wholesale prices outside of the volatile food and energy categories rose at the fastest pace in more than two years last month, a sign inflation could be rising as the economy strengthens. ( AP Photo/Steve Helber) FINALADJUSTMENTS: In this Jan. 26, 2011 photo, workers make final adjustments in the inspection area on the Volvo truck assembly line at the Volvo plant in Dublin, Va. Factories produced more cars, a ppliances, computers and furniture in February, lifting manufacturing output for the sixth straight month. INTERNATIONAL BUSINESS Str ong economic data points to more hiring WASHINGTON The Federal Reserve plans to tell some major banks on Friday whether they are healthy enough to boost stock dividends. Banks can increase dividends if they pass "stress tests" show ing that they can weather another recession. All of the 19 largest banks overseen by the Fed were subject to the examinations even if they didn't intend to increase their dividend payments. Those banks include Citigroup, Bank of America, JPMorgan Chase & Co. and Wells Fargo. The Fed's first stress tests were conducted in 2009 when the country was reeling from a severe recession and financial crisis. Those results were made public in a move to boost confidence in the fragile U.S. banking system. Fed to soon give gr een light on bank dividends

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