N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER V olume: 107 No.98MONDAY, MARCH 21, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 81F LOW 69F I N S I G H T SEEINSIGHT ON10B S P O R T S Re-examining our failing education system PartIII SEESECTIONE Double sprint champion THE two-year-old grand d aughter of former Deputy Prime Minister Cynthia Mother Pratt narrowlym issed being shot yesterday as police and armed robbers faced off against each other at Mrs Pratts home in The G rove. A stand-off between a gang of three bandits and police followed the shooting of an employee of a webshop closeto the St Cecelia MPs home a round noon yesterday. D uring the shoot-out, stray bullets shot through a windowi nto the homes television room, flying over the head of two-year-old Peyton Pratt, ricocheting off walls and leaving bullet holes in a picture frame and in the curtains. Returning from a church service in Nassau Village, Mrs Pratt met armed police officers surrounding her house with her daugther-in-law and granddaughter inside. I was frightened to death, s he told T he Tribune y esterday. Mrs Pratts daughter-in-law S herelle Pratt said she and her daughter, Peyton, were very fortunate not to have been hit by one of the stray bullets. I was terrified that we came so close, she said. Mrs Pratt said it should never have come to such a dan gerous situation as her posi tion as the countrys former d eputy prime minister should e nsure that her home has police surveillance and protec-t ion on a 24-hour basis. The former National Security Minister said she just recently spoke to Deputy Police Commissioner Marvin Dames about her concerns regarding her personal safety and that of her home. When asked about the sur veillance issue, Asst Police Commissioner Glen Miller, who is in charge of crime, said he did not wish to comment at this time. A message left for Mr Dames was not returned up until press time. Supt Leon Bethel, officer incharge of the Central DetecTRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM I N S I D E SECTIONINSIDE Real Estate Shooting terror at Mother Pratts home CYNTHIA MOTHER PRATT holds her grandaughters hand and a picture with a bullet hole in it. Pictured (inset T i m C l a r k e / T r i b u n e s t a f f A 20-YEAR-OLD man d ied in the street early yesterdaymorning after being a ttacked with a knife inside a barber shop. The countrys latest mur der, number 26 for the year, occurred shortly before 1am at Fourth Street and Palm Tree Avenue. P olice arriving at the scene discovered the body of a man with multiple stab wounds to the body. It is reported that the deceased was at the It Is What It Is Barber Shop and Lounge located on Robinson Road and Fourth Street when he got into a fight with a group of men and was sub sequently stabbed multiple By TANEKA THOMPSON Tribune Staff Reporter tthompson@ tribunemedia.net POLICE yesterday erected steel barricades reinforced with chains in anticipation of scores of protesters expected to flood Rawson Square as parliamentarians debate the sale of BTC today. Yesterday top officers of the Royal Bahamas Police Force were briefed on the force's security plans for the demonstration, The Tribune was told. While remaining By TANEKA THOMPSON Tribune Staff Reporter tthompson@ tribunemedia.net OPPOSITION leader Perry Christie called on FNM members of Parliament to take a stand against Prime Minister Hubert Ingraham and vote against the "terrible" BTC deal. Parliamentarians are expected to begin debating the controversial privatisation of the state run utility com pany ahead of a vote in the House of Assembly and the Senate. According to Mr Christie, his every MP and SEE page 10 Granddaughter of MP narrowly avoids stray bullet from shoot-out MAN DIES AFTER BARBER SHOP KNIFE ATTACK SEE page 12 B ARRIC ADES IN RAWSON SQUARE IN ANTICIP A TION OF BTC PR O TES T SEE page 12 SEE page 12 CHRISTIE CALLS ON FNMS T O VOTE AGAINST THE BTC DEAL PRIME Minister Hubert Ingraham encouraged the public to buy shares in BTC after the company is sold, telling the nation the deal is a good one that will benefit the country, BTC employees and the public purse. Speaking at the FNMs mass rally on Clifford Park on Saturday which is esti mated to have attracted thousands of supporters Mr Ingraham said that Government is expected to make nine per cent of BTCs shares available for purchase before the year is out. In time we propose to increase that percentage up to 25 per cent, the prime minister said. Before a crowd which came out to the rally to cele brate the partys 40th anniversary, Mr Ingraham outlined the achievements of his administration over the past four years and shot back PRIME MINIS TER EN COURAGES PUBLIC TO BUY SHARES IN BTC PRIME MINISTER Hubert Ingra ham speaks at the FNM rally. SEE page 10 By TANEKA THOMPSON Tribune Staff Reporter email@example.com PRIME Minister Hubert Ingraham said while the PLP decried Chinese labour on the Airport Gateway Project Opposition Senator Allyson Maynard-Gibson is benefiting from the deal in her capacity as a lawyer. Mr Ingraham added that the senator accuses government of selling the country's birthright through the controversial development of Bell Island, SEE page 12 INGRAHAM SAYS PLP SEN A T OR BENEFITTING FROM AIRPORT GA TEWAY PROJECT STRAYBULLETSINMPSHOME SHOO TIN GDEATH REPORTSreached The Tribune late last night of a shooting death in Montell Heights. A man died at the scene after being shot after 9pm. See tomorrows Tribune for more details.
WHILE agreeing with Opposition leader Perry Christie's assertion made at the PLP's Friday night rally in Grand Bahama that the 2012 election will be about jobs and crime, Prime Minister Ingraham also said the election will be about leadership. Dont forget Mr Christie, it will also be about leadership. People of the Bahamas know what they can get when they are tired of what they got," Mr Ingraham told FNM supporters gathered at Clifford Park for a mass rally on Saturday. To illustrate his point about the different styles of leadership, the prime minister said that back in 2005, when 1,200 people were laid off from the Royal Oasis in Grand Bahama, Mr Christie and the PLP promised all manner of hope and help. Well, you know what they got from that side misery and heartache. It was the FNM which had to finally settle outstanding monies promised to Royal Oasis workers by our predecessors but never paid," Mr Ingraham said. He reminded the crowd that two weeks ago, when 200 people were laid off from Our Lucaya, the FNM Government immediately mobilised to bring tangible hope and help in terms of jobs, retraining, apprenticeships, social assistance and with other parties, spiritual and financial counselling. In office, the PLP abandoned the Royal Oasis workers. Now in 2011, they popped into Grand Bahama offering plenty talk, but no action when Our Lucaya workers lost their jobs. Perry Christie talked plenty to the press as he usually does. But he didnt find time to go down and talk to those laid-off workers, the prime minister said. ARAWAK CAYPORTPLAN WHILE once owned only by a small group of families, the FNMs plan for the port at Arawak Cay will give all Bahamians an opportunity to have a share in the profits of these shipping businesses, Prime Minister Hubert Ingraham told party supporters on Saturday night. Addressing the crowd gathered a Clifford Park for a mass rally, Mr Ingraham said ownership of shares in the port will make Bahamians owners of a bigger portion of the countrys economy and it will cause them to share in what the present owners of shipping on Bay Street have enjoyed for generations. Mr Ingraham pointed out that the ownership of cargo ports in New Providence has been shared by a small number of families since time immemorial; those families including the Kellys, the Symonettes, the Farringtons and the Bethels. Its been a very profitable business for those families. NowI seek to make it profitable for you too," the prime minister said. He said that this is why the Government has entered intoa joint venture with those family businesses and with a num ber of other Bahamian families and companies who have in more recent times become engaged in shipping the Moskos, Tennyson Wells, the Lightbournes, the Taylors, the Curlings and 14 members of the By DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT PLP Leader Perry Christie said the sale of BTC is a bad deal and all PLP Members of Parliament and Senators will vote no to it in Parliament. Mr Christie criticised the FNM government and Prime Minister Hubert Ingraham for entering into an agreement to sell a majority ownership to a foreign entity when he had initially promised Bahamians that he would not do so. He noted that the government will approve the sale of 51 per cent Cable and Wireless when par liament convenes on Monday. It is a bad deal and we want to continue to repeat that position. This bad deal does not serve the publics interest and that is why it is so widely unpopular, Mr Christie said. He noted that the PLP would never have sold a majority stake in BTC, and never sought to do such a thing when it was in power. We were committed to maintaining majority ownership and we would certainly have not sold any part of BTC to an outfit like Cable and Wireless. We remain committed to those principles, Mr Christie said ata rally in Grand Bahama on Friday. Many have asked why the Prime Minister and his govern ment entered into such an objectionable financial arrangement for the sale of BTC, and why did the PM change his mind and decide to sell 51 per cent of BTC when he and the government had previously indicated that they would only sell a minority stake. Also speaking on the issue, Senator Dr Michael Darville said the FNM is selling one of the countrys greatest assets to a company that has one of the worst track records in the telecommunication industry. They are trying to sell BTC, one of our greatest assets for nickels and dimes," he said. Englerston MP Glenys Hanna-Martin stressed that BTC was built by the hands of Bahamians. She criticised the PM for selling a profitable Bahamian entity to a foreign company. He apparently did not appreciate that BTC, owned by the Bahamians people, has serviced this archipelago for generations and was built by the hands of Bahamians. "It is a Bahamian enterprise that is economically prosper ous, and a profitable entity, she said. PLP Leader Perry Christie said the pending sale of a majority shares in BTC contra dicts previous statements made by Mr Ingraham and his gov ernment. He said Mr Ingraham had indicated sometime ago that he would never sell the majority holding to anyone other than Bahamians. Mr Christie stated that the PM and his government does not have permission to sell BTC to Cable and Wireless. They do not have a man date to sell 51 per cent of the shares as he continues to say. Their manifesto of 2007 did not say they will do those things. And so clearly we argue that if he wants truly to get a mandate for those things he ought to call a general elec tion, Mr Christie said. L OCAL NEWS P AGE 2, MONDAY, MARCH 21, 2011 THE TRIBUNE Ready to Roll!Get Pre-Approvedfor the 2011 BMDA Auto Show Today! Flexible Terms Attractive Low Rates Low Monthly Payments Visit Scotiabanks Booth at the 2011 BMDA Auto Show March 25 26 Mall at MarathonVisit Any Scotiabank Branch Today!* Trademarks of The Bank of Nova Scotia. Trademarks used under authorization and control of The Bank of Nova Scotia. **VisitBranchfordetails.Minimumapprovedloanrequirementsapply. Offer expires April 30, 2011. Certain conditions apply. Christie:all PLP MPs, Senators will vote against BTC sale PLPRALLY GRANDBAHAMA FNMRALLY CLIFFORDPARK PM:LEADERSHIP WILL BE FACTOR IN 2012 ELECTION SEE page 10 POLITICALRALLIESDRAWTHECROWDS S UPPORTERS o f the FNM and PLP turned out in large numbers at the weekend for their parties political rallies in Clifford Park on Saturday (FNM above) and Grand Bahama on Friday (PLP below). Photo/ Tim Clarke Photo/ Gregory Christie
By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT PLP Leader Perry Christie told party supporters here at a rally over the weekend that the Free National Movement government has been bad for the country. He noted that crime and unemployment are at their highest levels, and that the quality of life for Bahamians is worse now than ever before. We are absolutely convinced that the FNM government is bad for our country; our country has been on a steep downhill ride for the past four years. Things have never been so bad; people are suffering like never before and a major partof the blame falls squarely at the feet of the FNM, said Mr Christie. The pace of the PLPs campaign in Grand Bahama got off to a fairly good start on Friday e vening at PLP Headquarters, where PLPs, MPs and candidates addressed many pressing issues in the country. The poor economic state of Grand Bahama, the controversial sale of BTC shares to Cable and Wireless, unemployment, and crime were among the top o f the list. L Ryan Pinder, MP for Elizabeth; Glenys Hanna Martin,MP for Englerston; Fred Mitchell, MP for Fox Hill; Melanie Griffin, MP for Yamacraw; Shane Gibson, MP for Golden Gates; Cleola Hamilton, candidate for SouthB each; lawyer Gregory Moss, candidate for Marco City; Sen-ator Dr Michael Darville, candidate for Pineridge; and Philip Brave Davis, deputy leader of the PLP, were speakers at the rally. Taking the stage at 10.50pm, Mr Christie told supporters that t he general elections will be fought by the PLP not on per sonalities, but on the issues. The issues are more pressing and urgent now than they have been since the campaign for Independence nearly 40 years ago, he said. Crime and unemployment r ank at the very top of above all others. It has never been this bad on either front. Crime is going through the roof and so are unemployment numbers which continue to increase, especially here in Grand Bahama, he said. Mr Christie stated that the quality of life has deteriorated throughout the country and is worse now than it has ever been for most Bahamians, and even worse in Grand Bahama than anywhere else. There is an urgent need for economic recovery in the coun try, especially in Grand Bahama, he said. The PLP leader claims that Grand Bahama has been neglected and abandoned by the FNM government. So many of you have put your trust in the FNM in the last elections only to be cheatedas if you were rags to be discarded once the election was over. The FNM let you down. However you cut it, thats what it comes down to. The FNM betrayed your trust, shattered your hopes, and left you high and dry, Mr Christie said. Mr Christie said Freeport continues to sink deeper into economic despair as the result of the lack of vision and planning by the government over the past four years. This government has done nothing but sit on its hands while Freeport sinks lower into paralysis and economic collapse. This government has absolutely no vision for Freeport and they have no vision for the rest of Grand Bahama. Mr Christie stated that Freeport and Grand Bahama have been hung out to dry on the branches of lost and missed opportunities for the past four years. He claims that the Ginn Development in West End came to a halt under the FNM government, which he said is now working feverishly to bring the project back on track. Mr Christie indicated that the PLP government laid a secure foundation for the new development in a carefully planned and well thoughtout heads of agreement. Under the FNM it came to a screeching halt. Yes, there were external factors at work and Bobby Ginn has had his challenges, but we argue that there was a whole lot more that he (Ingraham leagues could have done to keep the project on track and keep it moving had they showna little more vision, foresight, interest, and dynamism. If they had handled it right, hundreds, if not thousands, would have been employed right now in the Ginn Development instead of swirling around in the deepening whirlpool of unemployment here on this island, he said. Senator Dr Michael Darville stated that nothing tangible has come to Grand Bahama. He claims that the FNM government has only created additional taxes and has implemented policies to destroy the middle class. Lawyer Gregory Moss also noted that jobs, such as road work projects that Bahamians are capable of doing, are being given to the Chinese. Mr Christie said ordinary Bahamians are struggling to make ends meet and cannot afford the cost of electricity, to buy groceries, shoes, and c lothes for their children. He also noted that Bahamians are losing their homes and being cast on the mercy of the streets. Bahamians are in desperate need for help around our country. There must be consideration on your part that this gove rnment has failed the Bahamian people in a very clear and miserable way, he said. Mr Christie promised that the next PLP government will make Grand Bahama its top priority. He urged Bahamians to be ready for a general elect ion soon. We have come here this evening to tell you to prepare yourselves for the next PLP government because we are going to win the next general election. And it is for me to remind you that the next general election could come early this year. LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 3 Christie: FNM govt has been bad for country PLPRALLY GRANDBAHAMA P LP LEADER P erry Christie speaks at the partys rally.G r e g o r y C h r i s t i e
B y AVA TURNQUEST T ribune Staff Reporter firstname.lastname@example.org FORT Lauderdale In an historic milestone for thec ompany, and the aviation i ndustry, Sky Bahamas Limi ted now boasts pre-clearance service to the US. Bahamians travelling on the private airline will not be required to have a visa, pro-v ided they have a valid passport and police record. Randy Butler, CEO of S ky Bahamas said: "We understand that times of depression is the best time tob e innovative and creative. There is definitely a market, people love coming to theB ahamas, people love the B ahamas. We know the only way to grow or get any place you want to go is to expand." Tourism and media repr esentatives flew to Fort L auderdale on Sky Bahamas' inaugural flight into SheltAir Aviation Services on Friday. Pr aised The private airport, praised for its concierge serv ices and intimate atmosp here, will host Sky B ahamas' charter services to a nd from New Providence, Grand Bahama, and Abaco. M r Butler said: "We are a scheduled airline, we have all of the authorities that the other big airlines have, wew ent through all the exact certifications all the other airlines had to go through. In s ome folks mind, unless you go through the pre-clearance to the US, you're not a reala irline. We understand b ecause we've been flying (to US) for the last couple of years." H e added: "As a private B ahamian airline, taking the mantle to go ahead and develop our islands, we have had some challenges in doing that from the various agencies, some that have reallyh elped us. We had to step out with a lot to go ahead and do this." S peaking on behalf of the M inistry of Tourism, Tyrone Sawyer, sports tourism director, commended Sky B ahamas for its dedication to servicing the family islands and customer service. M r Sawyer said: "We've w atched over the past three years, we've seen you go intoA baco, I got some of the Mortimer's mints on the plane. It's those soft touches, t hose little touches. We'd like t o see your company grow and prosper." Citing the air line's expansion into Cat I sland and Exuma, Mr Sawyer also highlighted thec ompany's impact on spreadi ng tourism throughout the B ahamas. Mr Sawyer added: "I find particularly heartening, as a B ahamian, is to see the level of quality the level of service that you have brought toy our endeavours it does a w hole lot to raise the stan dards that we're seeking to achieve for our country." P re-clearance services in Nassau will be chartered through Cash 'N Go, while scheduled services in Freeport and Marsh Harbour will commence April 1. R eferring to statements made by the government to improving accessibility to theB ahamas, Mr Butler said: We believe that if you really want to grow the tourism product, to grow the develo pment of the Bahamas, we're gonna have to build a bridge, a connection to theB ahamas. Develop I believe Sky Bahamas, as a wholly owned Bahamian c ompany, has that responsi b ility to help build and develop our country. We've l aunched as a business exercise of course and from all the numbers we've seen, we believe this is the right time and this is the season to l aunch this service." He added: "Nassau, Par adise Island is two per cent of t he tourism product or land mass of the Bahamas. We have 98 per cent of the B ahamas to go. So we like that, and we're encouraged that we're gonna go and find our niche in the other i slands." At the Lynden Pindling International Airport on Frid ay, persons cheered their s upport as the SkyBahamas logo and flight information was displayed at the interna-t ional terminal for the first time. Mr Butler said: "When the S kyBahamas sign went up, B ahamians came and hugged u s and gave thumbs up. It was a proud moment for us." A fter hearing the news report on the launch on the radio, Valentino Copa, headb oy at North Andros school, wrote: "I salute (Sky Bahamas on such a greata chievement. The sky for you is now, no longer the limit, you have soared to outer space and I am a proudB ahamian today." LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 5 THE National Development party yesterdayd enied that it is in any talks with the PLP or FNM with a view to amalgamation. The NDP further affirmed that its alliancewith the Workers Party is s trong and that they are s eeking to build alliances with all political entities whose heart beats for the future empowerment of the Bahamian people and a democracy that delivers o n the promises made to o ur forbears during the s truggle for majority rule. In regard to MP B ranville McCartney, or any of the members of the honourable House of Assembly, or candidates of other political parties who desire to join us in this great journey to vict ory, we welcome you. We welcome all who pledge their devotion and d esire to the deepening of the Bahamian democracy a nd to the broad base economic empowerment of our people, the party saidi n a press statement. The NDP said it has heard the cries of the Bahamian people who seek a healthy alternative to the two major parties, another choice other t han the PLP/FNM and w e will continue to build and prepare to meet their e xpectation and desire. Elections Let there be no doubt we will run in the next g eneral elections. We in the NDP and our allies will run in the next general election, ful-l y persuaded that as the Bahamian people continue to acquaint themselves with the NDP they will come to repose their confidence in us to lead this great nation into the mani fest destiny our forbears e nvisioned, the party s aid. Private airline now has US pre-clearance service W W e e k k n n o o w w t t h h e e o o n n l l y y w w a a y y t t o o g g r r o o w w o o r r g g e e t t a a n n y y p p l l a a c c e e y y o o u u w w a a n n t t t t o o g g o o i i s s t t o o e e x x p p a a n n d d . Randy Butler, CEO of Sky Bahamas NDP DENIES BEING IN TALKS WITH PLP OR FNM OVER AMALGAMATION
By MEGAN REYNOLDS Tribune Staff Reporter email@example.com THE grieving parents of a seven-year-old girl who was hit by a car while out on her bicycle in Kemp Road spoke out about their loss at a bike safety awareness event on Saturday. Kemp Road Urban Renewal Centre organised the event in memory of Tasheka Williams-Johnson, a third grade pupil at Uriah McPhee Primary School, who was hit by a car at around 4pm on February 7 and died a week later. Her mother Natasha Williams, 33, spoke out about her loss as she said the accident draws attention to the need to enforce traffic laws and highlight the importance of road safety for cyclists. Ms Williams was working at the British Colonial Hilton when her daughter was involved in the accident. Eyewitnesses told her Tasheka was bending down over her bicycle in the front yard of a property on the left side of the road when a car turned in and hit her. A crowd gathered and people made several attempts to call the emergency line before anyone answered the phone, and an ambulance arrived around an hour later, Ms Williams said. She next saw her daughter in the hospital, hooked up to a ventilator, and when she wentto comfort her, she was told to step back. "She was still breathing, my consoling would have helped," she said. "But they wouldn't allow that at all. From the beginning to the end I was totally frustrated. Injuries "She was in the hospital for a week before she succumbed to her injuries, and sometimesI would go in there and there was no one at the bed, and you can't ask questions because they don't want to tell you anything." Tasheka's death on February 13 should have sparked a homicide investigation, Ms Williams said, but she has had to hire a lawyer to put pressure on the police to investigate the cir cumstances of her daughter's death. Police at the Road Traffic Department have told her they believe her daughter was crossing the road when she was hit by the car and therefore they cannot bring manslaughter charges against the driver. But Ms Williams said the driver, who lives in Kemp Road and is from the area, called her two days after the accident and apologised. He told her he had been driving south on Kemp Road when he saw a Jitney in front of him and he tried to brake, but his brakes failed, and he turned into the property on the lefthand side of the road when the accident hap pened, she said. Ms Williams believes he was driving without insurance or a valid permit and suspects he was travelling faster than the 25mph speed lim it when he the accident occurred. However, police have told her that according to their investigations, they can only bring charges against him if he were driving with out a licence and insurance. As children from the Kemp Road area learned about bike safety in the City Market parking lot on the corner of Village Road and Wulff Road on Saturday morning, Ms Williams said she supports road safety education and the need for children to wear helmets and reflective gear when cycling on the road. However, she also called attention to the fact there were two people involved in the collision that cost her daughter's life, and rules of the road should also be enforced for drivers. She is grateful to have the support of her community as she calls for an investigation into Tasheka's death and for improvements to be made in Kemp Road by creating more sidewalks and clamping down on traffic violations as children frequently play outside and wander into the streets. Strong She said: "I have been comforted and I understand that the Lord has her, but the fact that I don't have her anymore It's just anger that has me now. I'm not an emotional person, I am strong and I take a lot of things, but I'm so angry at life itself, that something like this could happen. "For a child to be like an animal that you knock down in the road and nothing happens and it's not just my child it could happen to. "I don't think it's fair that a country that's supposed to be so loving could let something like this go. "I have to go through this all the time, it's hard. But knowing my baby, the type of person she was, she was such a sweetie, everybody loved her. "It wasn't easy and it still isn't easy, it's something I am getting used to slowly, but surely. "It's memories actually keeping me going, I have such good memories over her." Tasheka's father Shane Johnson, 31, said: "I want justice for everybody, because I don't want it to happen to anyone else, and I want justice for my little girl. We can't let it go just like that, that's a whole life they took away, they can't just say it was an accident and that's it. The law is supposed to be for the people." Police went out to support the bike safety awareness event, as staff from Cycles Unlimited demonstrated the use of safety gear with representatives from the Sunshine Pilot Club of Nassau, a nonprofit organisation dedicated to the prevention of brain injury by educating children. Cycles Unlimited assistant manager Eddie Butler said: "We advocated that you must weara helmet when cycling. Safety first, and everything else comes afterwards." Reflective gear is available at Cycles Unlim ited store in Mackey Street for less than a dol lar. Helmets retail for around $25 for children and $35 for adults. Kneepads, elbow pads and other protective gear is also available. LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 7 Grieving parents highlight importance of road safety T ASHEKA WILLIAMS-JOHNSON w as hit by a car at around 4pm on February 7 and died a week later.
By THE FREE NATIONAL MOVEMENT WERE Perry Christie and the PLP in office when the recent global economic meltd own occurred, The Bahamas would have experienced a double crisis. The worst economic crisis in generations would have been made more severe by the incompetence and indecisiveness that characterize Mr. Christie's leadership. The next general election will be fought on the issue of leadership. The choice is clear.In good times Mr. Christie brought the country to a near full stop. In difficult times Hubert Ingraham rescued the Bahamas from the economic crisis and is moving The Bahamas in a new and better direction. Effective leadership takes advantage of good times and effectively navigates through bad times. If Perry Christie could not take advantage of good times, he would have been a colossal disaster over the past five years. The Christie administration was marked by endless scandals and an inability to complete projects left in place by the FNM. As the Prime Minister said at Clifford Park last night before thousands of FNMs, The Bahamas would have been much further ahead had the PLP not stopped or cancelled road works and a host of other FNM initiatives. In difficult times the Ingraham administration launched the most ambitious infrastructural programme in Bahamian history. It extended social protection in the form of unemployment benefits and the largest increases in social assistance in generations. Hubert Ingraham and the FNM created a prescription drug benefit that is providing life-saving medicine to thousands. It is one of the greatest advances in health care in Bahamian history, and along with the unemployment benefit, are major advances in social justice and social development. Bahamians know from bitter experience that under the PLP, the country was moving in the wrong direction. Ironically, in better economic times from 2002 to 2007, the country was actually worse off in significant w ays. Mr. Christie's failures were e xtraordinary. It was a matter of both his disastrous decisions and what he failed to do. He was prepared to sell BTC on credit and allow the phantom Bluewater to walk off with $100 million of BTC's cash. At Baha Mar Mr. Christie gave away cheaply Bahamian l and and negotiated much less of a deal than Prime Minister Ingraham who saved Bahamian patrimony and land. Mr. Ingraham saved taxpayers tens of millions of dollars in concessions and expenditures that Mr. Christie happily gave away while getting less in return. M r. Ingraham ensured that the value of works for Bahamian contractors was increased from $200 million to $400 million. He insisted on Bahamians working on the core project and having greater training opportunities. The Baha Mar project moved in a better direction because of Hubert Ingraham and the FNM. Mr. Christie presided over the borrowing of $800 million with precious little to show after five years. The Christie administrations failure to complete t he New Providence Road Improvement Project has cost the country $50 million in additional dollars needed to complete the work as a result of rising oil costs. Even out of office, the PLP is content to let the country stagnate rather than move forw ard. This is what they are doing in opposing the partnership to create a new BTC. They are set to vote against a transformed telecommunications sector with more cutting-edge technology and more competition which will usher in less expensive and expanded serv ice. Lest we forget, this is the same PLP who picketed and protested the sale of Government owned hotels in the early 1990s. Ten years later they were offering the Government owned Cable Beach for sale after they saw the success of the FNM's hotel privatization programme. The Opposition also voted to stop progress by voting against the new Gateway Road Project which will be an impressive entryway to a transformed N ew Providence and what will be a revitalized City of Nassau. In voting against the new four-lane highway, the PLP: Voted against a project that will transport millions of tourists to Baha Mar and Atlantis, voted against jobs for Bahamians, and voted against clean water and b etter water pressure for the residents of Fox Hill, Marathon, Sea Breeze, Elizabeth, Montagu and other areas of eastern New Providence. The choice is clear. It is Hubert Ingraham and the FNM's trusted and tested leadership that is moving the B ahamas in a new and better direction, amidst difficult times. In Government and in Opposition, the PLP has demonstrated that they are yesterday's news. The PLP is the party of failure rather than help. It actively seeks to encourage fear among Bahamians rather than inspire hope. They are the party of failure and fear! The FNM, in moving the country in a better and new direction, is the genuine party of hope and help. PAGE 8, MONDAY, MARCH 21, 2011 THE TRIBUNE 'HSUHVVLRQ LVWKHPDVWHU RIGHVWUXFWLRQWRWKHVRXO 7KHUHIRUHVWRSZRUU\LQJ DERXW\RXUSUREOHPVWLPH ZLOOWDNHFDUHRIWKHP +HQFH \RX ZLOO OLYHORQJHU a4WffkFSk^ad a Bahamas moving in a new and better direction! O PINION By Mike Lightbourn WHEN you tell friends and family youre going to buy or sell a home, and they ask, Why are you working through a real estate agent when you can just use the internet, how will you respond? Your first answer should be that you n eed to have a professional handle all the paperwork arrange for appraisals, inspection reports, need someone to take care of your legal work (unless you have your own lawyer)... theyll get the pict ure. You could describe your BREA agent s knowledge about the particular area zoning (if necessary etc...You want to know that the locationo f your potential home will hold resale value for the future and that there are no unexpected nuisances that could arise (a potential change of zoning of nearby properties, for example). T ell them theres more to advertising than print media and websites, and that your BREA agent will be more likely to find a buyer instead through their relationships with other agents and past and current clients. Not to mention the fact that you dont want complete strangersv isiting your home especially in this day and age and youre more comfort able knowing that your agent should have screened and qualified potential purchasers (this is not always possible, u nfortunately). And once youre on either side of an o ffer, you trust your BREA professionals ability to negotiate successfully on your behalf. Y our final argument might be that most people may buy or sell a handful of homes in their lifetime, but your BREA agent has been successful on numerous o ccasions, on both sides of the transaction. Case closed! ( Mike Lightbourn is president of Coldwell Banker Lightbourn Realty). Real Estate:Case closed
By SIR RONALD S ANDERS (The writer is a Consultant and former Caribbean diplomat) T HE devastating earthq uake and Tsunami in Japan will have mixed effects on the Caribbean. Even as the region like the rest of the world looks at Japan with the greatest sympathy for its l oss of life and damage to p roperty, it is evident that t he Caribbean generally w ill suffer adverse conseq uences, but there will be a n opportunity for some countries. March 11th, 2011 will l ive forever in the minds of the people of Japan. The Tohoku Pacific earthquake that hit the country was the s trongest ever recorded in Japan and it triggered a Tsunami of immense prop ortions killing tens of t housands of people and d estroying property estimated, so far, at a value of$ 200 billion. T he horrific videos transmitted worldwide, as the walls of waves rose and fell crushing everything before them and racing unhindered through streets and over buildings, will live for a long time in the mem o ries of everyone who wit nessed them. The scale of damage was simply unimaginable. A s this commentary is being written, Japans woes are far from over. Dam aged nuclear reactors are e mitting radiation that is sure to affect people within its harmful radius, and thea dded danger exists that at l east one of them the Fukushima nuclear plant might pose even greater threats. 200,000 peopleh ave already been evacu ated from around the area and radiation levels rose ont he outskirts of Tokyo, 135 miles (210 kilometres the south, with a popula tion of 30 million. The scale of human suffering is already great. Injured survivors, children and elderly are crammed into makeshift shelters, often without medicine. Reuters reports that the Japanese Red Cross has deployed about 90 medical teams who are trying to provide the basics in care for 430,000 people in remote towns spread along the coast. But, bad as all this is, Japan will rebuild and willbe better able to cope with major earthquakes in the future. Unlike small islands and coastal states, such as those in the Caribbean and Pacific, Japans economy has the resilience to recov-er quickly even from a disaster of this magnitude. The negative impact on its economy will be large in the short-term, but once rebuilding starts, the economy will grow and people now in shelters will return to newly built homes. Japan is still the third largest economy in the world and despite its already high debt levels, financial markets are likely to take the view that the country is too big to allowit to fall. The constraints that both the commercial financial market and international financial institutions place on small countries, faced with propor tionately similar disasters, will not apply to Japan. The Organisation for Economic Cooperation and Development (OECD which Japan is a leading member, has already stat ed: While disasters reduce economic activity in the short run, subsequent reconstruction efforts tend to boost output growth. The Japanese government has started discussions on r econstruction measures. A t present, fiscal resources a ppear limited to the r emaining 0.2 trillion yen (0.04 per cent of GDP reserve fund in the Fiscal Y ear 2010 budget and the 1 .1 trillion yen (0.2 per c ent) reserve in the Fiscal Y ear 2011 budget. Howeve r, supplementary budgets t o finance reconstruction efforts will expand available fiscal resources. The financing of reconstruction has already started. The Bank of Japan has pumped about $250 billion d ollars worth of liquidity into the Japanese economy in the immediate aftermatho f the Tsunami. So what effect will the c atastrophic events in Japan have on the rest of t he world, including the C aribbean? Global economic experts say that J apan has not been an engine of global growth for some time, and this means that the impact of much lower Japanese growth ont he world economy, during this period of devastation, w ill probably be limited and small. One immediate effect has been a drop in t he cost of oil as Japans demand during this period declines. But, it will be a short-lived drop, and thep rice of oil will rise again a s Japanese demand increases in its rebuildingp rocess. C aribbean economies should, therefore, be preparing themselves for increases in the price of oill ater in the year. This problem will worsen particularly because of the nervousness that has now developed in Japan over its nuclear power plants. Reports indicatet hat roughly 10 per cent of e lectricity generation capacity (both nuclear and coal) may be off line for af ew months, until oil and gas fired plants are ramped-up. But, ramp-up they will and so will the price of oil. As for trade, some Caribbean economies might actually benefit froma short-term reduction in imports of Japanese motor vehicles, spare parts, computer equipment, cameras and entertainment systems. Some of the factories have had to close temporarily because of the closure of electricity generating facil ities. It is in the area of aid that Caribbean countries will feel the pinch of Japans problems. The J apanese governments finances will be stretched for the next three to four y ears at least. It is reasona ble, therefore, to expect t hat the government will divert money it had allo-c ated for aid to Japans d omestic needs. That aid money worldwide very s ignificant for the Caribbean in the decade of the 1990s had been declining since 2002 when a government Task Force d efined aid not simply as a m eans of helping the poor, but as the political key to e nsuring a stable internat ional environment for J apan. In 2003, Japan slashed its aid budget. Further cutsa re bound to affect the few Caribbean countries that receive any substantial Japanese support. I t will be interesting to see if Eastern Caribbean countries attend the International Whaling Commis-s ion meeting in July this year. Allegations have been m ade that Japan pays for the participation of these countries, and provides fisheries refrigeration facil i ties, in return for their supp ort of Japanese whaling. For some countries of the Caribbean Community (CARICOM rebuilding requirements also present an opportunity. Guyana and Surinamec ould sell forestry products and Trinidad and Tobago could export cement and asphalt. Hopefully, the private sector companies involved in these construction materials will quickly investigate the market. In the meantime, CARICOM should also explore what meaningful albeit relatively small financial contribution it can make (maybe through the International Red Cross) to help ease the suffering of the affected Japanese people. The world is now closely inter-connected. Today it is Japans Tsunami, tomorrow it could be ours. Responses and previous commentaries at: www.sirronaldsanders.com T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 9 Break away from the ordinary and discover how to experience life to the fullest. The Isuzu D-MAX is the ultimate multi-purpose pick-up truck which enables you to drive through tough roadsand load a variety of cargoes. It is specially designed to be powerful, stylish and highly functional. The Isuzu D-MAX is one toughvehicle that willnever let you down!T H E I S U Z U D M A XPOWERFUL COMFORTABLE VERSATILE T YREFLEX S T AR MO TORSCall us today for your new IsuzuD-MAX Pick-UpTruck at 325.4961Wulff Road, P.O. Box N 9123, Nassau, The Bahamas Fax: 323.4667 You are cordially invited to attend A presentation by Dr. David T. ConleyPROFESSOR OF EDUCATIONAL POLICY AND LEADERSHIP FOUNDER, CENTER FOR EDUCATIONAL POLICY RESEARCH, UNIVERSITY OF OREGONNEXT STEPS FOR CREATING A COLLEGE AND CAREER READY CULTUREThe rapidly changing world offers tremendous opportunities for The Bahamas to grow and thrive as a nation. Every Bahamian has a role in charting the path, including teachers, business leaders, community members, parents and students. This session will discuss the next steps in developing a culture of college and career readiness in the home, school, and community. Thursday, March 24th, 2011 7:00 pm 9:00 pm INDEPENDENCE BALLROOM B SHERATON NASSAU BEACH RESORT, WEST BAY STREETAdmission is free of charge and there will be a question and answer sessionRSVP T 362 4910 or email firstname.lastname@example.orgCOLLEGE CONNECTIONS THE SPEAKER SERIESBuildingTomorrowToday Japans tragedy: Caribbean consequences WORLDVIEW SIRRONALDSANDERS TWO JAPANESE soldiers stop to look at a ship which was blocking a road which their men were trying to clear in the earthquake and tsunami destroyed town of Onagawa, Miyagi Prefecture, northeastern Japan Sunday. (AP
L OCAL NEWS PAGE 10, MONDAY, MARCH 21, 2011 THE TRIBUNE Mailboat Association in the construction, management and operation of the new port at Arawak Cay. We provided the land and we and the private sector are providing the financing required for the construction. The private sector companies will initially own 40 per cent of the new Arawak Cay Port and the Government 40 per cent and initially 20 per cent will be made available to the Bahamian public. By November of this year the government and the private companies will each reduce their holdings by 10 per cent in order to make them available to you, the public. The shares will be offered at the same price we each paid plus expenses for the share offering. If you ever heard about a good deal, this is a good one indeed. Eventually 70 per cent of the shares at the port will be held between the government and individual shareholders, Mr Ingraham said. PM ACCUSES OPPOSITION OF PROMOTING FEAR, UNREST PRIME Minister Hubert Ingraham is accusing the Opposition of promoting fear and unrest in the country. Speaking at the FNMs mass rally at Clifford Park on Saturday night, Mr Ingraham said he wishes to warn the Bahamian people not to be provoked during upcoming election campaign season by statements the PLP makes. I told you once before, they (the PLP ple. But dont let them provoke you. They are desperate and they will say and do all manner of things. Desperate people say and do desperate things, Mr Ingraham said. He said that the PLPs record in government was so dismal that they have convinced themselves and are seeking to convince the public that what the FNM has accomplished over the last four years is mostly a result of what they put in place while in office. They are promoting fear and even unrest. We also have a better vision than they do for the Bahamas. We deliver what we promise, the prime minister said. Mr Ingraham said that because the PLP cannot run on their record and cannot run against the FNM's record, they will seek to tear the government down. "The good we do, they say is theirs LPIA, Baha Mar, the Straw Market, the National Stadium name it, according to them its all theirs. They are bold faced people," Mr Ingraham said. FROM page two PM: leader ship will be factor in 2012 election t ive Unit, reported that three men were fleeing from police after a shooting incident at the Asue Draw webshop on Sixth and Crooked Island Streets. The culprits opened fire on the officers as they gave chase. The three men w ere attempting to escape the area in a g ray Nissan vehicle. The chase ended at the corner of Sixth Street and Poinciana Avenue where thehome of Mrs Pratt is located. One of the men jumped into Mrs Pratts backyard and scrambled up onto to h er roof from where he shot at police w ith a high-powered weapon. A second man, assumed to be the getaway driver, was parked in a car right next to the Pratt home. Mrs Pratt saids he believes she noticed the man sitting on a wall next to her house that morning but had thought nothing of it. The man in the car also became the target of police fire, according to eyewitn esses. At the time of the shooting, around 1 2.10pm, Mrs Pratts daughter-in-law Sherelle Pratt and granddaughter Pey ton were in the house. S herelle Pratt told T he Tribune t hat her daughter was in the TV room when s he heard a loud boom. I assumed the television had fallen on h er, she said. Rushing into the room, Sherelle Pratt soon realised that the cause of the noisew as a fire exchange between police and men outside the house. S he quickly ensured that she and her d aughter were out of the line of the fire. S herelle Pratt said that one of the bullets flying between the gunmen and police was accidentally shot through the wind ow of the TV room. That bullet just narrowly missed her daughters head and ricocheted around the room. Im only glad that she (Peyton sitting down at the time and not standing u p in the chair as is her habit, Sherelle P ratt said. A sst Commissioner Gomez confirmed that one bullet went through a window on the western side of the house. However, he said police could not say at this time ift his bullet originated from a police weapon or from a firearm used by one of the culprits. S herelle Pratt said that she feels that p olice were not careful enough when they started firing at the armed robbers. She said the police were aware of her p resence in the house, as she had been the one to alert them to the culprit in theb ackyard. She felt they should have acted w ith more caution. S he added that she heard the man sitting in the car at whom police were shooting shout that he was unarmed. A ddressing the shooting at Mrs Pratts house yesterday, PLP leader Perry Christie said that this incident is yet anoth e r example of innocent bystanders being c aught up in violent crimes in the Bahamas. What happened to Mother Pratt is a warning to all of us. It is not good enough for the Minister responsible for National Security to believe that crime is limited tod omestic disputes and to people who are fighting a drug war. All of us are potential victims in this country and that is why there is a great need for the people of this country to understand that this government has f ailed in the policies that they have not i mplemented, he said at a press confere nce at PLP headquarters. He again faulted the Ingraham administration for abandoning and then bastardising the PLP's Urban Renew-a l Plan and later removing police officers from the public schools all moves he believes have led to escalating crime leve ls. They made a mistake, a terrible mistake, and this country is suffering as a result of it. F ollowing the shooting, Sherelle Pratt said she broke down and lost her mindd ue to the narrow miss she and her d aughter had had. S he said she is now concerned for the safety of her mother-in-law. These are people she has been fighting a gainst and has been striving to protect others from, now they have turned towards her, who is going to protect her? P olice last night had two of the three s uspects in custody, one reportedly injured, and were questioning them in connection with the incident at the webshop and the shooting at Mrs Pratts home. They had also recovered a high-powe red weapon. The third man remains at large. a t detractors of the looming privatisation of BTC. This is a good deal for the Bahamas and Bahamians. BTC shares will be a good buy for you. So I tell you now, when the shares are offered for sale, buy some for yourself and for your children. Papa will be buying some for his two grand-boys and little granddaughter. Take my advice on this, Mr Ingraham told the rally crowd. We will have regulations i n place to ensure that these s hares are widely owned and not concentrated in the h ands of a few shareholders; p ublic officers and BTC e mployees would be able to pay for a part of their shares by salary deductions, hes aid. For those worried that government is selling a national asset, Mr Ingraham stressed that even after privatisation, BTC will mostly be managed by Bahamia ns while government will be a ble to veto the company's p olicies as they see fit. BTC is not going anyw here. Following privatisat ion BTC will be mainly run by Bahamians, serve mainly the Bahamian public, it's employees will be almost all Bahamians, and it will seek to remain the communications provider of choice for B ahamians, even when full competition arrives. At privatisation the government will maintain a 49p er cent stake and veto pow e r in a number of matters to protect the interests of the Bahamian people, MrI ngraham said. The prime minister also took the opportunity to address BTC employeesd irectly. And I say this honestly to the workers at BTC we have got your back. That isw hy we negotiated two more years of mobile monopoly to ensure your jobs are pro t ected for the next two years even though that will mean less benefit to the rest of us for a short while. We dont just talk and promise, we actt o protect your interest and the interest of all Bahamians. We value and honour a ll that is Bahamian, he said. Selling BTC is just the latest move by government in divesting itself of public assets. Just as the FNM ended the state monopoly on the broadcast media, the days of government control and d omination of the telecomm unications industry are over. And you know it. You no longer need BTC to talk to your children, family members or friends who are abroad. You can do that through your computers. A modern 21st century B ahamas needs a cuttinge dge telecommunications sector with high speed internet service, better and less expensive cellular service, reliability and more afforda ble rates on other services. W e need this for Bahamian c onsumers and businesses, a nd international travellers a nd business people coming to the country, Mr Ingraham said. T he prime minister said he is aware that there are a lot of half truths and distortions being told about the p artnership the Government is entering by privatizing BTC. These distortions are of c oncern to some people. I w ant to say that we have listened to and heard your concerns. We do not dismiss w hat you say. We are acting to protect the interest of the m ajority of Bahamians and to ensure that BTC maintains its value for its owner,t he Government, its employees and indeed the Bahamia n people, Mr Ingraham said. One day the PLP will tell u s why they were privatising BTC and agreeing to sell 49 p er cent of BTC to foreigners with management controlw hose lawyer was the PLP D eputy Leader Philip Lil Brave Davis, he said. Addressing the question w hy the Government is now selling 51 per cent instead of 49 per cent or less, Mr Ingraham said that they could nota nd did not attract any international telecommunications operation willing to buy less than 51 per cent of BTC. If we could have, we would have. After all, that was our original intent. A strategic partner today wantst he certainty that he can con trol those business decisions that impacts upon profitabil ity regard being had to the l evel of investments he makes. Purchasing 51 per cent does this. Having a part n er who owns 51 per cent e nsures that he is fully vested and will work to ensure that the company succeeds because any losses will be 51 per cent to his account. This is important when facing fierce competition, he said. SEE PAGETWO Shooting terror at the home of Mother Pratt F ROM page one CYNTHIA MOTHER PRATT holds a photograph with a bullet hole in it, in her home yesterday. PRIME MINISTERENCOURAGES PUBLIC TO BUY SHARES IN BTC FROM page one
L OCAL NEWS PAGE 12, MONDAY, MARCH 21, 2011 THE TRIBUNE &DULEEHDQ%RWWOLQJ&R%DKDPDVf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f/WG 3 1DVVDX%DKDPDV 2UE\HPDLOWR PDUNHWLQJ#FEFEDKDPDVFRP however, she was allegedly paid $650,000 by an LNG company that wanted to lay gas pipelines in Grand Bahama. Last night, Mrs Maynard-Gibson said the prime m inister's "attacks" are an attempt to shoot the messenger while distracting the public from alleged c onflict of interest and illegal transactions between the Bahamas National Trust and the developers of Bell Island. "The PLP in the House voted against the Airport Gateway Road Project they said they didn't want the Chinese working on it. What they didn't tell you is that the China State Construction Com-p any has a lawyer, the lawyer is the Lead PLP in the Senate Allyson Maynard-Gibson," said Mr I ngraham at his party's first mass rally of the year at Clifford Park. "I heard Allyson Maynard-Gibson the other night on television in the Senate saying that the owner of Bell Island who gave a donation to the Bahamas National Trust caused them to sell the birthright of the Bahamas. First of all the National Trust is a very good institution. .what Allyson could have said was she got $650,000 from the p eople who wanted to put LNG gas down in Grand Bahama. And she was hanging around waiting for it to become a million and that ain' selling birthright? But up in Bell Island is sellin' the birthright? Chile please!" In a statement last night, Mrs Maynard-Gibson claimed the developers of Bell Island gifted the BNT with $1 million for development approval and a sub-lease of protected land in the Exuma National Land and Sea Park. She added that she has not been accused of anything illegal. "The attack is a smoke screen to distract from the issues of possible illegality, impropriety and conflict of interest in the Ingraham government." Meanwhile, at a press conference yesterday afternoon PLP leader Perry Christie called on the nation's chief to share how much money members of his Cabinet specifically Attorney General John Delaney and Immigration Minister Brent Symonette have made in their private lives while holding public office. "The prime minister must tell me how much money Higgs & Johnson, the lawyers for Cable & Wireless and BTC the attorney general (was a partner in that firm). How much money are they making out of the deal? "If you want to tell me how much money people are making with a view to it being constructive so we can change the system to protect the integri ty of the system then tell me how many millions of dollars Brent Symonette has made since the FNM came to power in 2007," Mr Christie said. SEEPAGETWO times. The victim then fled the area, but collapsed at the junction of Fourth Street a nd Palm Tree Avenue. Police last night said they were following significant leads into the matter. Less than an hour after the murder, police were called to the stabbing of a 22-year-old man at Coral Harbour. U pon arrival at his home, the victim was attacked by two men who got out of a red Nissan Sentra. The Coral Harbour resident was takento hospital by a private vehicle. He was treated for multiple stab wounds and discharged. T hen, shortly before 5am, a 25-year-old was shot multiple times after a fight broke out with a group of men at Magic City Night Club. According to reports, the gunshots were fired after the men were asked to leave. O n Saturday, a 21-yearold was shot multiple times i n his face after getting into an argument at East Street and Soldier Road. The victim was with another man in a black Nissan Altima when they were fired on by the occupants of a darkc oloured 2003 Nissan Maxima around 9.30am. The vict im, a Farrington Road resident, was taken to hospital by private vehicle. Investigations are also continuing into the discovery on Saturday of human remains, believed to bet hose of a woman, at Kisskadee Drive, off West Bay Street. Police discovered the decomposed bodyat around 4.35pm in a bushy area. Police said they are uncertain of the circum stances surrounding this inci dent. mum on specifics, Assistant Commissioner Glenn Miller assured The Tribune that officers will be on Bay Street in "full force" to contain or prevent any possible violence. Members of the two unions that represent BTC workers, the National Trade Union Congress of the Bahamas, opposition supporters, the National Development Party, the Workers' Party and Blackfood a black liberalisation group are all expected to protest today. Last month, a crowd of around 500 took to Rawson Square as the House of Assembly met, at times becoming rowdy. At one point incensed protesters pushed back police barricades and some were struck with police batons. President of the Bahamas Communications and Public Officers Union Bernard Evans, who is marshaling members to protest today, said the RBPF's methods are harsh and sends the wrong message. "I've seen the barricades. I think that's what really infuriating people, when you expect a peaceful demonstration and see the measures they are putting in place as if they are expecting some sort of violence," said the union leader, whose group will convene in Clifford Park before c onverging in Rawson Square. Despite police presence, his members are committed to protesting the sale throughout the duration of the House of Assembly debate. Mr Evans added that the prime minister's assurances on privatisation, made at a mass r ally over the weekend, fell on deaf ears. He said due to successive government investments in BTC the company is already on the verge of rolling out new technology and services that the FNM boasts will be offered by CWC once the sale is complete. He added that the $210 million the public purse will get from the sale is only a fraction o f the revenue a profitable BTC could give over the coming years if the majority shares were not sold to a foreign company. Meanwhile the National Development Party also criticised Mr Ingraham latest remarks over the deal. (Mr Ingraham to craft convincing evidence as to why Bahamians should not own the majority shares in BTC in a privatised and liberalised telecommunications environment." On their website, the organisers of Blackfood called on Bahamians to fight the imperialism the sale of BTC represents. The government's decision to privatise BTC is in support of the agenda of the imperialist countries (like da, the US and the UK to control all of the resources of the world while they dominate millions of people politically and economically. We know that Africans in the Bahamas no longer want to be exploited by Europe or North America and we have decided that the road to selfdetermination is the only way to freedom and true democracy." senator in his party will vote against the $210 million sale to Cable and Wireless Communications. He called on members of the government who may disagree with the transaction to break rank and stand up to the nation's chief. "Today Im calling on the FNM members of Parliament come on, now, show some courage. Do the right thing," said Mr Christie, flanked by the m ajority of PLP MPs, at a a press conference at his party's headquarters yesterday. "You know in your hearts this deal stinks. Your constituents, the people youre obligated to represent, know its a bad deal. Stand up to Hubert for once, show some courage. The peo-p le of the Bahamas will be watching this vote carefully. They are going to be looking to see which MP has the guts to do whats right." Last week senior members of the FNM said they did not expect any member to vote against the sale but could nots ay conclusively if undecided Bamboo Town MP Branville McCartney had made up his mind. "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 agree m ent for the sale with that one exception," said an FNM parliamentarian. During his term as prime minister, Mr Christie had nearly finalised a deal to sell 49 per cent of BTC to Bluewater Ventures. Government is selling 51 per cent to CWC. Mr Christie said the key distinction in policy between his party and the Ingraham administration lies in this two per cent difference. "The FNM likes to talk about Bluewater. But heres the most important thing about Bluewater 49 per cent. Just two little percentage points but they tell you everything you need to know about the difference between our parties and the deals we make. This government is selling a Bahamian asset to non-Bahamians, we would have contracted for foreign expertise in telecommunications but kept majority control of a strategic asset in Bahamian hands." The opposition leader claimed that the technological advances expected to come from the sale to CWC could still happen if they chose to sell a minority stake. "Selling 51 per cent represents a grand betrayal of our patrimony, of our rights. The FNM says this is the best they can do well, your best is not good enough its not even close," said Mr Christie. SEE PAGESTWO ANDTHREE FROM page one Christie F ROM page one M EMBERS o f the FNM at Saturdays convention.Photo/ T im Clarke PM:PLP SENATOR BENEFITTING Barricades F ROM page one MAN DIES AFTER B ARBER SHOP KNIFE ATTACK F ROM page one
WASHINGTON Associated Press THEU.S. claimed initial success two days into ana ssault on Libya that included some of the heaviest firepower in the American arsenal long-range bombers designedfor the Cold War but A merican officials on Sunday s aid it was too early to define the international military camp aign's end game. T he top U.S. military officer suggested that Libyan strongm an Moammar Gadhafi might stay in power in spite of the military assault aimed at protecting civilians, calling into question the larger object ive of an end to Gadhafi's e rratic 42-year rule. Other top U.S. officials have suggested that a weakened and isolated Gadhafi could be ripe for a coup. A second wave of attacks, m ainly from American fighte rs and bombers, targeted L ibyan ground forces and air defenses, following an opening barrage Saturday of sea-l aunched Tomahawk cruise missiles. Pentagon officials said they were studying the extent of damage done and t he need for further attacks. One senior military official said the early judgment wast hat the attacks had been h ighly successful, while not f ully eliminating the threat posed by Libyan air defenses. The official spoke on condition of anonymity to discuss intelligence data. The systems targeted most c losely were Libya's SA-5 surf ace-to-air missiles, Russianm ade weaponry that could pose a threat to allied aircraft many miles (kilometerst he Libyan coastline. Libya has a range of other air defense weaponry, including portable surface-to-air missiles t hat are more difficult to eliminate by bombing. Sunday's attacks, carried o ut by a range of U.S. aircraft including Air Force B-2 stealth bombers as well as Marine Harrier jets flying from an amphibious assault ship in the Mediterranean d emonstrated the predomin ance of U.S. firepower in the international coalition. By striking Libyan ground forces,c oalition forces also showed that they are going beyond them ost frequently discussed goal o f establishing a no-fly zone o ver the country. Threat U .S. missiles and warplanes were clearly in the lead Saturday and Sunday, but U.S.o fficials say the plan remains for the U.S. to step back once the threat from the Libyanm ilitary is reduced. Although the mission was predicated on Arab support, there was no reported Arabp articipation in the military strikes. Adm. Mike Mullen, chairman of the Joint Chiefs o f Staff, said Qatar would be "in the fight" in the next day or two after moving unspeci f ied military aircraft to within s triking range. A call by the Arab League last week for a U.N. Security Council resolu t ion authorizing a no-fly zone was a major driver of U.S. support. President Barack Obama, traveling in Brazil, held a conference call Sunday with top national security officials, i ncluding Secretary of State Hillary Rodham Clinton, Defense Secretary RobertG ates and Army Gen. Carter Ham, the U.S. general running the air campaign on what U .S. officials have suggested is a temporary basis until an a llied power can take over. Gates had planned to fly to R ussia on Saturday but d elayed his departure for a day so that he could be in W ashington to monitor the operation's launch. V ice President Joe Biden d iscussed the military action b y phone Sunday with the p rime minister of Algeria and the emir of Kuwait, the White H ouse said. P ressed repeatedly to e xplain the mission's object ives, Mullen said in a series of interviews on the Sunday talk s hows that the main goal is to protect civilians from further violence by pro-Gadhafif orces, while enabling the flow of humanitarian relief supp lies. He said the first step imposing a no-fly zone had been achieved, with little worry of Gadhafi shooting down allied patrols. But it was u nclear how long the military effort would go on, or on what scale. I think circumstances will drive where this goes in the future," the admiral said onA BC's "This Week." ''I wouldn't speculate in terms of length at this particular point in time." He said early resultsw ere highly encouraging, with no known U.S. or allied losses and no reported civilian casu a lties. "We're very focused on the limited objectives that thep resident has given us and a ctually the international coalition has given us, in terms of providing the no-fly zones o that he cannot attack his own people, to avoid any kind of humanitarian massacre, if you will, and to provide for t he humanitarian corridors, humanitarian support of the Libyan people," Mullena dded. Asked whether it was pos sible that the military goals m ight be met without Gadhafi being ousted, Mullen replied," That's certainly potentially one outcome." He described t he Libyan strongman as more i solated than ever, adding that Gadhafi is "going to have to m ake some choices about his own future" at some point. T he prospect of Gadhafi r emaining in control of at least a portion of the country raises q uestions about how far the Obama administration and its E uropean and other partners a re willing to go with military f orce. Clinton said on Saturd ay that although ousting Gadhafi is not an explicit goal o f the campaign, his depar ture might be hastened as the conflict continues. Gadhafih as ruled Libya for more than 40 years. Resolution C linton said enforcement of the U.N. Security Council res olution that called on Gadhafi to cease firing on his own peo p le will "make a new environment" in which people close to Gadhafi might turn againsth im. "The opposition is largely led by those who defectedf rom the Gadhafi regime or who formerly served it, and it is certainly to be wished for that there will be even mores uch defections, that people will put the future of Libya and the interests of the Libyan p eople above their service to Col. Gadhafi," she said. If the ultimate outcome of t he military campaign is c loudy, so is the command arrangement. The Pentagon said on Saturday that it is ledb y Ham, who as head of U.S. African Command is responsible for U.S. military opera-t ions in Libya and much of the r est of the continent. Officials have not said much about the plan to hand off responsibility for the military operation d ubbed Odyssey Dawn to some other unspecified coun-t ry or coalition. Libya's claims of civilians a mong the dead from the s trikes appeared to make Arab countries nervous, after t he Arab League took the unprecedented step of callingf or a no-fly zone. On Sunday, A rab League chief Amr M oussa criticized the missile s trikes, saying they went beyond what the Arab body h ad supported. What happened differs f rom the no-fly zone object ives," Moussa told reporters in Cairo. "What we want is c ivilians' protection not shelling more civilians." One of the more vocal s keptics in Congress, Sen. Richard Lugar, the ranking R epublican on the Senate Foreign Relations Committeer, said he worries that the U.S. may have entered a conflict with unclear goals. We really have not discov ered who it is in Libya that we are trying to support," the I ndiana Republican said on CBS' "Face the Nation." ''Obviously the people thata re against Gadhafi, but who? In eastern Libya, for example,a huge number of people went off to help the Iraqis againstt he United States in a war that still is winding down." Democratic Sen. Carl L evin, chairman of the Sen ate Armed Services Commit tee, said Sunday that the U.S. i ntends to take a back seat s oon. "After the air is cleared of any threat there is going to bea hand off to our allies and this mission will then be car ried on by French, by British and by Arab countries, and t hat's very important," Levin said. NATO is seen as possibly t aking the command respon sibility, but thus far it has not agreed. I NTERNATIONAL NEWS PAGE 14, MONDAY, MARCH 21, 2011 THE TRIBUNE Initial bombing called successful; endgame unclear A SSAULTONLIBYA THIS PHOTO provided by the French Army shows French Mirage 2000 jet fighter taking off for Libya at the military base of Dijon, central France, Saturday. (AP
TOKYO Associated Press A T Abustling Tokyo s upermarket Sunday, wary shoppers avoided one particular bin of spinach. The produce came from Ibaraki prefecture in the northeast, where radiation w as found in spinach grown u p to 75 miles (120 kilometers) from the crippled Fukushima nuclear plant. Another bin of spinach l abeled as being from Chiba prefecture, west of Tokyo was sold out. "It's a little hard to say this, b ut I won't buy vegetables from Fukushima and that area," said shopper YukihiroS ato, 75. From corner stores to Tokyo's vast Tsukiji fish market, Japanese shoppers picked groceries with care Sunday after the discovery of contam ination in spinach and milk f anned fears about the safety of this crowded country's food supply. Trace amounts ofr adioactive iodine also were found in tap water in Tokyoand elsewhere in Japan. T he anxiety added to the s preading impact of the unfolding nuclear crisis triggered when the March 11 t sunami battered the Fukushi ma complex, wrecking its cooling system and leading tot he release of radioactive m aterial. On Sunday, the government banned shipments ofm ilk from one area and spinach from another and said it found contamination on twom ore vegetables canola and chrysanthemum greens and in three more prefec tures. The Health Ministry a lso advised a village in Fukushima prefecture not to drink tap water because of r adioactive iodine in its sup ply. It stressed, however, that the amounts remained minus c ule and posed no health t hreat. There were no signs Sunday of the panic buying thats tripped Tokyo supermarkets of food last week. Instead, shoppers scrutinized the s ource of items and tried to avoid what they worried might be tainted. M ayumi Mizutani was shopping for bottled water, saying she was worried about the health of her visiting 2year-old grandchild after a tiny amount of radioactive iodine was found in Tokyo's tap water. She expressed fears that the toddler could possibly get cancer. "That's why I'm going to use this water as much as possible," she said. The government said the level of radiation detected on spinach and milk was minuscule and should be no threat to health. Chief Cabinet Secretary Yukio Edano said he had received no reports that would require special mea sures to be taken regarding tap water. Tainted milk was found 20 miles (30 kilometers plant on Saturday, a local official said. Spinach was collected from six farms between 60 miles (100 kilometers miles (120 kilometers south of the reactors. On Sunday, authorities found contamination at additional farms in Fukushima and on vegetables in Chiba, Gunma and Tochigi prefec-tures, said Yoshifumi Kaji, director of the health min istry's inspection and safety division. He said it was possi ble some tainted foods already have been sold. The International Atomic Energy Agency confirmed radiation in some Japanese milk and vegetables was "significantly higher" than levels Japan allows for consumption. Authorities expect to decide by Tuesday on a com prehensive plan to limit food shipments from affected areas, Kaji said at a news conference. Farmers and merchants expressed fears of their own that public anxiety might hurt even producers of goods that were free of contamination. There will probably be d amaging rumors," said farmer Shizuko Kohata, 60, who was evacuated from thet own of Futaba, near the Fukushima complex, to a sports arena in Saitama, north o f Tokyo. "I grow things and I'm worried about whether I can make it in the future," Koha t a said Saturday. Chiyoko Kaizuka, who with family members farmss pinach, broccoli, onions, rice and other crops on 20 hectares (49 acresp refecture northeast of Tokyo, said the combination of earthquakes and fears of radiation have her on edge. I don't know what effect the radiation will have, but it's impossible to farm," the 8 3-year-old Kaizuka said Sun day as she stood along a row of fresh, unpicked spinacht hat was ready to go but now can't be shipped. On Sunday, an official of Taiwan's Atomic Energy Council said radiation was detected on fava beans imported from Japan, although in an amount that was too low to harm human health. The official spoke on condition of anonymity because he is not authorized to deal with the press. Japan's food exports are worth about $3.3 billion a year less than 0.5 percent of its total exports and seafood makes up 45 percent of that, according to govern ment data. Experts at the World Health Organization and Food and Agriculture Orga nization were working Sun day to gather more facts to assess the situation, but an FAO spokesman in Rome said that the picture was not yet clear enough for them to release any specific recommendations. However, the agencies praised the Japanese government for taking steps to test foods and monitor exports for radiation contamination. In Tokyo, others said they weren't concerned and put the crisis in perspective with other calamities. "I experienced the war, so if there is enough food for a day or two, I feel we can get by," said Nagako Mizuno, 73, originally from Iwaki, a city in the quake zone, but has lived in Tokyo for 40 years. "You can't go on living if you worry about it," she said. "It's all the same if everybody ends up dying. I'm not concerned." Fears of radioactive conta mination hurt sales at the Tsukiji market, a vast maze of aisles where merchants at hundreds of stalls sell tuna, octopus and other fish fresh off the boat. The market was unusually quiet over the w eekend, a time when it is n ormally packed with shoppers and tourists. Traders have been hit hard b y power cuts and an exodus of foreigners, and they worry about long-term damage f rom public fears over possi ble contamination of fish stocks. "The impact would last l ong, like a decade, because people would not eat fish," said merchant Mamoru Saito,7 2. The market had plenty of fresh fish despite the destruc-t ion of much of Japan's northeastern fishing fleet in the tsunami. Whole fish and shell fish were laid out on wooden t ables washed by a flow of cold water. Fishmongers sawed slabs of frozen tuna i nto steaks. At a restaurant adjacent to the market, sushi chef HideoI shigami said the nuclear scare and transportation disruptions due to power cuts have cost him business. "I have a massive drop in the number of customers," said Ishigami, 72. INTERNATIONAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 15 fn Discovery of radiation fans food fears in Japan PEOPLE STAND in line to receive radiation exposure tests at a sports arena in Fukushima, northern Japan, Sunday, March 20, 2011, after the March 11 earthquake and tsunami. K yodo News / AP TWO BOYS look at a devastated area in Onagawa, northern Japan, S unday, after the March 11 earthquake and tsunami. K yodo News / AP
L OCAL NEWS P AGE 16, MONDAY, MARCH 21, 2011 THE TRIBUNE New Offering March 2011 Subscribe for Shares inCommonwealth Brewery LimitedInitial Public Offeringof$62,475,0007,500,000 Ordinary Shares Minimum Subscription $833.00 for 100 shares at $8.33 per share Offer OpensMonday March 21st, 2011Offer ClosesFriday April 15th, 2011Offering Memorandum & Subscription form available from all locations of:Royal Fidelity, RBC Royal Bank, RBC FINCO, &Fidelity Bank or downloaded from:www.royaldelity.comFinancial Advisor & Placement AgentFor further information call:1.242.356.9801Read the Offering Memorandum and consult a nancial advisor before investing. OURFOUR-LEGGEDFRIENDS were out in force this weekend for the Bahamas Kenn el Clubs 30th Anniversary All Breed and Obedience Dog Show. The event, held at the N assau Botanical Gardens, featured dogs in the working, sporting, non-sporting, terrier, toy a nd herding groups. PHOTOS/ TIM CLARKE ALL BREED AND OBEDIENCE DOG SHOW
LOCAL NEWS THE TRIBUNE MONDA Y MARCH 21, 201 1, P AGE 17 Far ewell to Ministry of Envir onment' s Per manent Secretary and Under -Secretary GOOD SERVICE: Retiring Under-Secretary at the Ministry of Environment Michael Turner receives a gift from Prime Min ister Hubert Ingraham during a retirement luncheon on March 17 at the Paul Farquharson Conference Centre. ALL SMILES: Prime Minis ter Hube r t In gr a ham mak es a pres enta tion to Permane nt Secretary Ronald Thompson during Mr. Thompson's retirement luncheon Thursday, March 17, at the Paul Farquharson Conference Centre. ADDRESS: Prime Minister Hubert Ingraham brings remarks during the Ministry of the Environment Honours Luncheon marking the retirement of Permanent Secretary Ronald Thompson and Under-Secretary Michael Turner on March 17 at the Paul Farquharson Confer ence Centre.
LOCAL NEWS P AGE 18, MONDA Y MARCH 21, 201 1 THE TRIBUNE By SARAH GILMER M A N Y p e op l e w al k p a s t this pl ant unnotic ed. I t does n ot stea l y our ey e like that of a poinc iana bloo ming in the sprin g or a ye llow hibisc us in y our g arden The "c oontie ", also know n a s bay rush" or by its s c ie nt ifi c n am e as Z a mia in teg rif olia flourishes in the tropica l c lim ates of the C aribbe an. I w a s l u c k y e n o u g h t o s p e n d th e day e xpl oring Tillo o Ca y R e s e r v e w i t h M r D a v i d K now le s, C hie f P ark W arde n o f A ba c o N a t io n a l P a rk s fr o m th e B ah ama s Nat iona l Trust. Accompanyi ng Mr Kn owles w a s D r J a v i e r F ra n c i sc oO rt e g a A s s o c i a t e P r o f e ss o r o f B i o l ogic al Sc ie nce s from Florid a Inte rnatio nal U nive rs i ty, a nd F a i r c h i l d T r o p i c a l B o t a n i c G a r d e n a n d Mi c h a e l C a l o n j e t h e C y c a d B i o l o g i s t f r o m Mon tgome ry B ota nic al Ce ntre in M i ami Flo r i da. J a v i e r a n d M i c h a e l h a v e be en a ll over the Ca r ibbe an a nd re ce ntly in the B aha mas to c ompa re a nd co ntrast th e spe ci es of Za mia on the diffe rent island s T h e i r e x p e d i t i o n s i n t h e B aham as we r e con ducted in c l o s e p a r t n e r s h i p w i t h t h e B a ham as Na tiona l Trust, a nd s up po rte d b y t he Mo ha mm e d B in Za ye d Spe c ie s C on serva tio n F und an d Mon tgom ery E x p l o r i n g t h e Z a m i a o n T i l l o o C a y Bota nic al Ce ntre. From t hei r i niti al ob serv ati on s i t a pp e a rs t ha t th e p la n ts on Ti ll oo w it h th ei r c o n sid e rab l y br oa d l e af l e ts, a re s im i la r to t h o s e f o u n d o n L o n g Is l a n d w hi le t he z a m ia s fro m th e re st of t he is la n ds h a ve m uc h n a rrow e r l ea f le ts W h il e w a lk in g th ro ug h th e p a r k with David, Jav i e r and Mi c h a e l, I l e a rn e d m o r e a b o u t th is p la n t a nd th e bi od i ve rs it y o f t h e B a h a m a s t h a n I c o u l d v e a sk e d fo r T h i s i s a p a r ti c u l a r l y int ere sti ng sp e ci es b ec a use it i s c o n s i d e re d a l i v i n g f o s s i l W e kn o w t h is b e c a u se i t h a s c on e s i n s t e a d o f f l o w e r s a n d f o s s i l s o f re l a t e d p l a n t s h a v e b e e n f o u n d in Al ask a. Th is sug ge sts tha t r e lat ive s of th e co ontie hav e be e n a ro u nd si nc e t he ti m e of P a n g e a ( b e f o r e t h e e a r t h p l a t e s shi ft e d to c re at e t he di ff e re nt c o n t i n e n t s ) It g e ts be tte r Z am ia s an d ot he r c y c ad s c om p ris e o ne of th e f e w g rou p s of p la n ts t ha t a re a b l e t o g e n e r a t e h e a t w i t h i n t h e c o n e s t o w a r m u p a c he m ic a l t ha t e mi ts a sm e ll to att rac t b ee tl es, w hic h in tu rn p o l l i n a t e t h e p l a n t T h e s e s m a l l b e e t l e s a r e v e r y s i m i l a r t o w e e vi l s, t h os e pe s ky b u g s t h a t y o u w il l s o me ti me s s ee li vin g in yo u r p a sta o r r ic e A s w e w e r e d i s c o v e r i n g m o r e a n d m o r e Z a m i a o n Til lo o, w e w e re a b le to d e c ipher the differ e nce betw een ma l e a n d f e ma l e p la n ts b y th e siz e a n d sh a pe o f t he ir c on e s. N a r r o w c o n e s d e n o t e m a l e p l a n t s w h i l e t h e t h i c k e r r ound e r cones ar e bor ne on f e m a l e p l a n t s T h e c o o n t i e h a i r s t r e a k b u t t e r f l y l a y s i t s e g g s o n yo u ng le av es a nd co n es W h e n t h e e g g s h a t c h t h e cat er pi llar f eed on dif fe re nt pa rt s of th e pl an t Th e Z a mi a co nt ains a par t icul ar po is on that th e ca terp illa rs i nc orpora te i n o rde r to p re v e nt b e in g ea t en by pr ed a to rs. Lu c a y an In di a ns a n d o th er B ah a mi a ns u se d to g ri n d th e roo ts of t he se p la n ts, p roc e ss the m to re mo ve the ir to xin s, and prod uc e a flour us e d to ma k e d if fe re n t bre a d s. THE BAY RUSH': Zamia Cone found on Tilloo Cay. EXPLORERS: Dr Javier Francisco-Ortega, Sarah Gilmer, chief park warden David Knowles.
LOCAL NEWS THE TRIBUNE MONDA Y MARCH 21, 201 1, P AGE 19 W HE N l ea de rs f rom b an ki n g i n s t i t u t i o n s a r o u n d t h e world gather in the Bahamas at this week's World Confer en c e o f B an k i n g I n s t i t u t e s m an y ex ec u tiv es wi ll be s e e ki n g t o s h a r e s t r a t e g i e s a n d ideas for creating a progres s iv e f i n an ci al s e r vi ce s en vi ronment. For RB C, that innovation starts with its employees. Th e on l y w a y w e c a n bu i l d a s u s t a i n a b l e c o m p e t i t i v e a d v a n ta g e i s t hr ou g h o u r pe o p le ," say s Ma nny So usa he a d o f H R fo r In t e r n a t i o n a l B a n k i n g G l o b a l I n s u r a n c e a n d G r ou p R isk Ma nage ment for RBC Royal Bank. "Our goal a t R B C b o t h h e r e i n t h e B a h a m a s a n d a r o u n d t h e globe, is to attract and retain t h e b e s t t a l e n t t o d e v e l o p str ong lea der s and to fos ter a great place to work in which p e o p l e a re i n sp i re d t o d o th e i r best." R B C c o n s i s t e n t l y r a n k s among th e t op cor por atio ns g lob ally a nd in C ana da. R BC wa s r e ce n t l y n am e d o n e o f t h e B e st W o rk pl a c e s in C an a da and one of Canada's Best D i v e r s i t y E m p l o y e r s i n a n a t i o n a l c o m p e t i t i o n t h a t reco gni ses or gan is ati ons fo r diversity and inclusion. M o r e b r o a d l y R B C w a s name d one of t he mos t s ust ain abl e la rge c orpo r a tio ns i n th e w or ld a cco r d in g t o t he seventh annual "Global 100: M o s t S u s t a i n ab l e C o r p o r a tions in the World" ranking. RBC is also part of the 20102 01 1 Dow Jon es S ustain abi lity W or ld I nde x a nd the DJSI N o rt h Amer ic an I ndex, and i s r e c o g n i s e d a s o n e o f Canada's Greenest Employ er s a nd on e of Can ad a's 50 M o s t S o c i a l l y R e s p o n s i b l e Corporations. "O ne of ou r c ore strate gi es i s t o b e a n e m p l o y e r o f c h o i c e s a y s M r S o u s a "RBC could not achieve any of these accolades without a c o n si s t e n t f o c u s o n o u r p e o p l e a n d c o m m un i t i e s. M r S ou s a an RBC executive with more t han 25 yea rs of in terna tiona l h uman r e s ource s ex perience is a feat ur ed s p eaker at t he 1 9 t h W o r l d C o n f e r e n c e o f B an king Institute s ho s te d b y t h e B a h a m a s I n s t i t u t e o f Financial Services. RBC focuses on being an employer of choice and building competitive advantage through people INSIGHT F o r t h e s t o r i e s b e h i n d t h e n e w s r e a d I n s i g h t o n M o n d a y s WE LCOME: Prime Mi niste r Hub ert I ngraha m w e lco mes Da nie l Ohe ne Agy ek um, Amba ss ador to the B a h a m a s f ro m t h e Re p u b l i c o f G h a n a d u ri n g a c o u r t e s y c a l l a t t h e Of f i c e o f t h e P r i m e M i n i s t e r o n C a b l e Beach on Thursday. R EP U BL IC O F G HA NA A MBA S SA D OR P A Y S C O UR T ES Y C A LL O N P RIME MI NIS TE R
LOCAL NEWS P AGE 20, MONDA Y MARCH 21, 201 1 THE TRIBUNE F RE S H o f f a b r on z e q u a l i f y i ng e x p e d i t i o n i n No rt h El eu t he r a 1 5 0 st u de n ts re prese nti ng a v ari et y of school s and b ack gr ound s a re we ll o n t he i r wa y to r e c e i v i n g t h e i r f i r s t G o v e rn o r G e ne ra l s Youth Award (GGYA). W it h 16 ad u l t s u p e r v is o r s i n to w pa r ti c ip a nt s fr o m C R Wa lk e r C C S we e t i ng G o ve r nm e nt H i g h, St Joh n' s a n d Queen's Col lege spent two days a n d o n e n i g h t a w a y f r o m h o m e o n March 12 and 13. It was the program me's fourth expedition this year. L a s t y e a r t h e g o v e r n m e n t a nn o u n ce d it would partner with the GGYA pro g ra m m e th rou gh th e G O L D Ini t i a ti v e GOLD is an acronym for "Greatness, O p portu ni ty, Leader ship and De velo p m e n t T h e p a r t n e r s h i p a i m s t o mak e th e GG Y A av aila ble t o mo r e Bahamians from age 14 to 25. T h e G G Y A i s a m e m b e r o f t h e Intern ati o nal Award As soc iati on fo r Youn g P e o pl e, headq uartered in the U n i t e d K i n g d o m T h e a w a r d p r o g r a m m e i s b a s e d i n 1 2 9 c o u n t r i e s world-wi de. S i nc e 1987, the Baham as' programme has catered to more than 8 0 0 0 y o u t h s P a r t i c i p a n t s i m p r o v e p h y s i c a l f i t n e s s d e v e l o p i m p o r t a n t sk i l l s pr ov i d e v al u a bl e co m m un i t y se rvi c e a n d t ake adve n t u rous journeys i n o rd er to a ch ieve a br on z e, s il v er, or gold award. The latest batch of backpack-toting pa rt i ci pa nt s f or th e bro nze a wa rd j o urn ey e d a b ou t 1 5 m i l e s i n t wo d a y s. T he y c a m p e d i n t e n t s f o r o n e n i g h t a n d cook ed f ood ov er an ope n f i re Br onze a wa rd wi nn er s mu st c o mp le te t hr e e months of participation in a physical r e c r ea ti on a s k ill a n d a c o m mu n it y s ervic e, in ad dition to ano ther t hre e m o nt h s i n a n y o ne o f t h os e t hr e e a re a s That am ou nt o f time do ubl es for a silv e r a w a r d w h i l e t h e g o l d a w a r d r e q u ir e s 1 2 m o nt h s o f e ac h c o m p o nent The acti vi ti es can b e unde rtake n simultaneously. We hav e had a l ot of suc cess at t h e bronze l ev el sai d the nat iona l exe c uti v e di re ct or D e ni se Mor ti m e r. W e' re tr yi n g n ow to find aven ues to du plicate that level of success for the silver and gold awards." Th is lat es t adv ent ur e was th e s ec on d b ro n z e qu alify ing e xpe dit ion of the year. The first one was held Janu ary 28-2 9, with 1 23 parti c i pants ta k i ng part in the event. F rom F e br ua r y 1820, a si lve r quali fying an d a gold p ra ct i c e exp editio n was held in Central Andros.. Approxi ma tel y 4 4 pa rtici pants w ere i n v o l ved i n this j o urney. Anoth e r 68 pe rs on s c omp lete d a similar expe dition the following weekend. "Overall, th e nu mbe rs are a lit tle hig her th an l a s t y ea r ," s ai d M r M or ti m er T h e re i s t h e po t e nt i a l f o r i t to b e so m uc h m o re bu t w e nee d to get t he a du lt vo lu nteers in place first. I feel very positive that our numbers are really going to expand." A l l v o l u n t e e r s m u s t s u c c e s s f u l l y co m p l e t e a v et t i n g pr o ce ss a nd t ra i n i n g s e ss i on U n i t l e a d er s m us t be a p pr ov e d by a school's principal. The next award ceremony is set for Mar ch 23 at Govern ment Hous e fo r gold award qualifiers. Hundreds trek towards awards ENJOYING THE TRIP: Two GGYA participants are all smiles on their adventurous journey. TREKKING: GGYA participants on the silver qualifying adventurous journey in Central Andros this past weekend.
OVERDUE: Geleta Turnquest, former school principal and resident of Current Island. LOCAL NEWS THE TRIBUNE MONDA Y MARCH 21, 201 1, P AGE 21 By KATHRYN CAMPBELL B a h a m a s I n f o r m a t i o n S e r v i c e s E LE UT HE R A G ele ta T ur nquest looks f o rward to th e d ay w he n b o at s w ill be a b l e t o d o c k a t t h e m a i n go ve r nm en t d oc ks in C u rre n t I s la nd I t's n ot be en eas y f or M s Turn quest and the o ther 50 re sid en ts w ho live in Cu rr e n t I s l a n d s i n c e t h e o l d c o n c r e t e f r e ig h t d o c k a n d t he wo ode n f er ry d ock w er e damag ed a s a re su l t of no rmal wea r an d t ear a nd the pas s age o f h ur ric a nes T he g ov er n me nt a wa r de d a c o n t r a c t f o r $21 4, 959.30 on Marc h 14 to Co mp le te M ar in e S er vic es t o r econst ruct a nd r ef urbi sh th e d o c k s N e ko Gr an t M in is t er of P u b l i c W o r k s a n d T r a n s po r t s ai d th e G ov er n me nt an t ic ip a t es th a t t h e d o c k s w i l l f a c i l i t a t e f u r t h e r de ve lop m en t of t he f is h ing and straw i n dustr i es on this is lan d " F or t h e p eo p le o f C u rre n t I s lan d t h is i s a d ay of ju bi lat io n s ai d M s Tu r nqu e s t. "We ar e e lat ed th at th is Go v er n me nt h as s e en fi t to make li fe c omfortabl e fo r u s. W i t h o u t t h e u s e o f a do c k w e h ave to tr an s p o rt pe op l e and f reig ht f ro m t he do c k in Th e C u rr e nt o v er to the land a nd c ome do wn in a t r uc k. Wh en th is d o c k is c om pl et ed th e ma ilb o at w i l l b e a b le t o d o c k h e r e a n d w e w o u l d b e a b l e t o ge t ou r f r ei gh t o ff a nd go h o me w i th it I t i s i mp o r t a n t f o r u s b e c a u s e t h e r e a r e t w o t r u c k s E v e r y o n e do e s n o t ha ve tr an s p o rt atio n s o w e h a ve to d ep en d on s o me on e els e "T he i sl and i s o pen to th e oc ea n s o w h en h u r r ic a n es p a s s e d t h e f o r c e o f t h e wi nd s o r t o f s pl it th e d o c k i n t w o H u r r i c a n e F l o y d p a s s e d t h r o u g h a n d j u s t r i p p e d i t a p a r t I t s b e e n m a n y y e a r s t h a t w e h a v e be en w it h ou t a do c k s he a d d e d New dock set to be constructed for residents of Current Island Patrick Hanna/ BIS photo DUBAI, United Arab Emirates Associated Press T H E B A T T L E f o r B a h r a i n i s n o longer just on its shores. I t 's no w i n Tehra n, wher e t h e leade r of Friday prayers cursed the "enemy" f orce that i nc l udes Saudil ed mi li t a ry r ein fo r ce me n ts for B a hr a in 's em ba ttle d Sunni monarchy. It's in Iraq, with Shi ite s ma r c h in g u n d e r b a n n e r s p le d g in g to join the fight in the Gulf kingdom. When Sa udi troo ps an d ot he r Gul f forces moved into Bahrain this week, th e c o n flic t w a s s ud d e nl y pu s h e d o n to a la r g e r s ta g e w ith la r g e r s t ak e s a nd in th e pr oc e s s b ec o m in g p er ha p s th e m os t c o mp le x s h o wd o w n o f th e Ar a b wo r l d' s season of upheaval. Tiny Bahrain just a speck off the Sa u di c o a s t on wo r ld ma ps is n o w a n a rena f or s om e of t he M i d dl e E ast s most pivotal t e nsions : t he heav yweight riv alr y b etwe en Sa ud i A r a bia an d I ra n, the regional fallout from Shiite anger, a n d Wa s h i n g to n 's e ffo r ts to in fl u e n c e it s st rategi c Gul f al l ies t o counter Iran's growing Mideast ambitions. "Bah rain is sev eral cr i ses w rapped i n t o o n e p a c k a g e s a i d T h e o d o r e Kar as ik, a r e giona l affair s e xp er t a t t h e D u ba i b ase d I nst i t ut e f o r N ea r E as t and Gulf Military Analysis. The rebellions in Yemen and Libya als o h av e hig hly i mp or tan t iss u es in th e bal an ce, includi ng the f ate of Moam ma r G ad ha fi's e cc e n t r ic r e gim e a n d th e U.S.-led fight against an al-Qaida off s h o o t i n Y e m e n s h i n t e r l a n d s B u t Bahr ain' s unr es t r eso nates even wi d er. It i s b ot h a bi t t er d ome s t i c duel bet ween Sunni rul e rs and t he maj o ri ty S hi it es a nd a cro s sro ads fo r G ul f 's b ig t hre e: S audi A rabi a, I ra n and t he U ni t ed St at es. The f ast m ovi ng even ts of t he pa st w eek i n B ahrai n pushed each i n di f f eren t di rect i ons. S a u d i A r a b i a r o a r e d i n t o a c t i o n l ea di ng a 1 5 00 st ro ng G u l f f o rc e t o a i d B ah r a i n s r e el i n g S u nn i d y n as t y a f t er mo re t han a m ont h o f pr ot est s b y Shi i t es see ki ng t o break th e roya l f am i l y's 200 -ye arol d grip o n powe r. It w as t he G ul f versi on of a rescue m i s s i o n : b e l i e v i n g t h a t a n y m o r e ad vances by prot est ers co ul d em bo ld en threats t o Sunni leaders ar ound the reg io n an d a ll ow S hi it e pow er I ra n t o ca rve out a f o othold on Sa udi Arab i a 's d o o r s t e p Ir an s t ro n gl y de n ou n ce d t h e m i l i t ary in t ervent i on a nd p ul led back i ts a m b a s s a d o r t o B a h r a i n I r a n s a l l y H e z b o l l a h i n L e b a n o n a l s o l o b b e d i nsu lt s a t Saudi A rabi a, a nd Sh ii t es i n I r aq h av e s t a g e d a s e ri es o f p r o t e s t m a r c h e s U.S. of ficials mea nwhile, ar e ca ught i n a p o l i c y b i n d W a s h i n g t o n h a s o pposed t he i nt rod uct io n of t h e G ul f m i l it ary fo rce i n B ahrai n, w hi ch ho sts t he U.S. N a vy's 5th Fleet. Bu t t h e U .S. al s o i s s t and i ng be hi nd Bahr ain' s leade rs, w ho sa y t h ey i n vi t e d t he t roo ps f r o m S a u d i A r a b i a a n d t h e U n i t e d A rab E mi rat es. S a u d i r o l e i n B a h r a i n b r i n g s r e g i o n a l s t a k e s
By ALISON LOWE b usiness Reporter email@example.com A 450-SEATER highspeed ferry service scheduled to start bringing passengerst o and from Bimini and the Port of Miami this summer will be a game changer for the island, the head of a new resort company managing the Bimini Bay Resort and Marina believes. There is a possibility that the vessel may also dock in Grand Bahama, allowing visitors to take day trips to both of these islands from Florida as often as six days a week. Rafael Reyes, president of RAV Bahamas, the Capo Group subsidiary that is developing the Bimini Bay resort, revealed that his company is in the final contractual stages of arranging the ferry service. He was addressing a group of gathered government offi cials, including Deputy Prime Minister Brent Symonette and Minister of the Environment, Earl Deveaux, representatives of the Capo Group, led by Gerardo Capo, and RockResorts, the resort man agement company which took over the operation of Bimini Bay at the beginning of March. They, along with other stakeholders and the media, gathered at Bimini Bay on Friday as the official signing ceremony took place, which transferred management responsibility for the proper ty to RockResorts. In an interview with Tribune Business after the event, Mr Reyes said of the ferry service: It is my father-inlaw, Gerardo Capos vision. He saw that it would create a bridge between Miami and Bimini. Its natural. Were only 48 miles away and its an hour-and-a-half ride on a wave-piercing vessel thats 250 feet long, 80 feet wide, travelling at 34 knots. Tribune Business under s tands that the service is to be provided by a Spanish fer ry company, Balearia, which By NEIL HARTNELL T ribune Business Editor THE$62.5 million Comm onwealth Brewery initial public offering (IPO reignite interest in Bahami-a n capital markets that have b een stagnant for a decade, its placement agent has told Tribune Business, adding thatt he company is priced at a discount of 15 per cent to current Tier 1 stocks listedo n the Bahamas International Securities Exchange (BISX Michael Anderson, RoyalF idelity Merchant Bank & Trusts president, said that based on institutional and h igh net worth investor feed back, he had a good feeling the largest IPO in Bahamian By NEIL HARTNELL Tribune Business Editor A BAHAMIAN ship ping company has recovered its vessel from US custody after agreeing to pay $75,000 to the Palm Beach Steamship Agency to settle an alleged unpaid debt. Deans Shipping Compa ny regained possession of its M/V Legend II vessel last Thursday, with the US Dis trict Court for southern Florida dismissing the case brought against it by the Steamship Agency. An intervening lawsuit brought SECTIONB firstname.lastname@example.org MONDAY, MARCH 21, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.78 $5.12 $4.72 By NEIL HARTNELL Tribune Business Editor COMMONWEALTH B rewery pays more in taxes t o the Government per a nnum than it earns in profits, contributing $29 million to the Public Treasury in 2 010, in what is effectively a 60/40 split with profits. Given the $19.126 million n et profit generated by C ommonwealth Brewery in 2010, Michael Anderson, By NEIL HARTNELL Tribune Business Editor COMMONWEALTH Brewerys managing director would have preferred to price the companys $62.5 million initial public offering (IPO higher than the $8.33 per share value stipulated by the Government. While adding that theres no point in crying over spilt milk, LeRoy Archer told Tribune Business in an exclusive interview that, if any of the 7.5 million shares being offered to Bahamian investors in the IPO were not subscribed for, he would have preferred that Common wealth Brewery or its 75 per cent majority shareholder, Heineken BV, acquire these rather than have the Govern ment act as standby purchaser. I would have preferred that we would have been ableto offer shares at a higher val By NEIL HARTNELL Tribune Business Editor C OMMONWEALTH B rewery is currently producing at 60-65 per cent capacity due to the recession-induced drop in demand for its drinks products, its managing director telling Tribune Businesst hat it will not need substant ial investment to raise outp ut back to peak 2006-2007 l evels once the economy turns a round. Enjoying an estimated 80 p er cent share of the Bahamian liquor market, LeRoy Archer said CommonwealthB rewerys short and longterm profitability would largel y be driven by the domestic economy and how well and r apidly it rebounded given that the company had been successful in its objectives of cutting costs by 10 per cent per annum. G iving an insight into the underlying performance of C ommonwealth Brewery, whose $62.5 million fourweek IPO launches today, Mr Archer told Tribune Business t hat the offering would be a really good deal once the company was able to marry current margins with the volumes achieved in 2006 and 2 007. For that to happen it is d ependent on the overall economy. Acknowledging that Commonwealth Brewery was at 60-65 per cent production capacity, Mr Archer e xplained: Because of the r ecession and drop in volu mes, we have enough to go b ack to 2006-2007 levels without substantial investment in tank or bottle capacity. Were waiting for the economy to turn around so we can grow, a nd grow the bottom line as well. Trust me, if we can do the volumes of 2006 and 2007 at these margin rates, it will be a good deal! Im just looking forward to growing the top l ine and making the profits w e have done in the past. This is the year that we h ope the economy turns a round. As a result of that, we will get some additional employment and jobs coming back, so people have more money to spend on beers,w ines and spirits, and we can w atch this top line continue t o grow. The top-line revenue and sales pressures generated by the recession make Com-m onwealth Brewerys recent performance even more praiseworthy. The companysn et income and operating income (EBITDA 2010 by 38.8 per cent and 23.8 p er cent, respectively, to $ 19.216 million and $19.943 million, compared to $13.843 million and $16.104 million in2 009. Revenues fell year-overyear by 2.2 per cent to $62.5m IPO to reignite cap market interest Placement agent says Brewery priced at 15% discount to Tier 1 BISX stocks Acknowledges Bahamian equities market stagnated and went backwards in past decade This will be one of the most widel y subscribed offerings in Bahamian histor MICHAELANDERSON SEE page 6B Brewery: 35% output increase capabilities No major investment required for production expansion back to 2006-2007 levels* 10% per annum cost cut targets successfully met Eyeing acquisition opportunities for domestic market growth, including adding fast consumer goods to liquor stores SEE page 6B B REWERYS $29M TAX BURDEN BIGGER THAN ANNUAL PROFITABILITY Company facing /40 split in favourof taxation Cut Budgets $10m planned increase by 50%, but says still pay-ing 60% more than rival Sands Hotels not key driver for groups sales,a ccounting for 10% of t op-line $4m exports stand at 5% of revenues, but growth inhibited by high production costs SEE page 4B 450-seat ferry game changer f or Bimini, GB SEE page 5B BRENT SYMONETTE Deputy Prime Minister, and Gerado Capo (centre pose for a picture at the ground breaking for a new luxury RockResorts hotel and spa set to open in 2014. Pictured with them are members of the Bahamian government, RockResorts, and the Capo family. Photo/ Joshua Prezant BREWERY PREFERRED HIGHER IPO PRICE Also wanted to buy unsubscr ibed shares, rather than government But g o v ernments greater capital markets role seen as positiv e SEE page 7B SHIPPERS VESSEL IS RELEASED Deans Shipping r egains M/V Legend II after paying $75,000 to settle debt, plus $65,000 in custody fees SEE page 7B
By ROYALFIDELITY CAPITAL MARKETS I T WAS another busy week of trading in the Bahamian stock market. Investors trade d in nine out of the 24 listed s ecurities, with three advancers and three decliners. E QUITY MARKET A total of 44,698 shares changed hands, representing a decrease of 17,532 shares compared to the previous w eek's trading volume of 62,230 shares. AML Foods (AML the volume leader, trading a v olume of 10,000 shares to close unchanged at $1.09. B ank of the Bahamas (BOB trading a volume of 6,416 shares, its stock price i ncreasing by $0.53 to close at $4.93. Commonwealth Bank (CBL 7 ,165 shares, its stock advanci ng $0.04 to close at $6.82. Finance Corporation of the Bahamas (FIN ume of 7,400 shares, its sharep rice advancing $0.22 to close at $6.10. Cable Bahamas (CAB the big decliner, trading a volu me of 3,467 shares to see its stock price fall by $0.78 to close at $9.43. FirstCaribbean Internat ional Bank (Bahamas (CIB 3,000 shares, its stock declining $0.10 to close at $9.30. F amGuard Corporation ( FAM) traded a volume of 4,300 shares, its stock price declining $0.03 to close at $5.22. BOND MARKET No notes traded during last week. C OMPANY NEWS Earnings Releases: Colina Holdings Bahamas ( CHL) released audited financial statements for the year end December 31, 2010. reporting net income available t o common shareholders of $ 14.1 million compared to $13.4 million in the prior year. It was noted that both net premium revenue and net pol-i cyholders' benefits were up year-over-year, with net premium revenues of $118.2 million increasing by $6 million, w hile net benefits paid of $ 76.6 million increased by $0.1 million. In its revenues, CHL reported net investmenti ncome of $29.5 million, which increased by $1.7 million in comparison to the prior year, while its expenses reflected reduced changes in provision f or future policy benefits of $15 million. These climbed by $4.8 million. CHL reported earnings per s hare of $0.46, compared to $0.44 in the comparative year. At December 31, 2010, C HL reported total assets and liabilities of $525.6 million and $410.1 million respectively, which increased by $27.1 million and $14.8m illion from year-end December 31, 2009. Finance Corporation of the Bahamas (FIN u naudited financial results for the quarter ended January 31, 2011. FIN reported a net comprehensive loss of $1.8 million for the quarter compared to$ 0.45 million in the prior year. Net interest income after provisions of $476,000 declined to $1.3 million comp ared to $1.8m in the previous year, while total noninterest expense increased slightly from $3 million in the 2010 first quarter to $3.1 mill ion this time around. Allowance for credit losses stood at $6.7 million, an increase from the $4.9 million reported in 2010. F INCOs loss per share as at January 31, 2011, was $0.07 compared to $0.02 in the comparative period. T otal assets at quarter-end January 31, 2011, stood at $955 million, compared to $967 million at October 31, 2010, while total liabilitiesw ere $856 million compared to $867 million during the previous fiscal year end. D IVIDEND NOTES: Commonwealth Bank (CBL dend of $0.06 per share, payable on March 31, 2011, toa ll ordinary shareholders of record date March 21, 2011. Cable Bahamas (CAB declared a dividend of $0.08 p er share, payable on March 31, 2011, to all ordinary shareholders of record date March 18, 2011. BUSINESS PAGE 2B, MONDAY, MARCH 21, 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 ROYALFIDELITY MARKET WRAP EQUITY MARKET TRADING STATISTICS Week ending 18.03.11 B ISX SYMBOLCLOSING PRICEWKLY PRICE CHANGEVOLUMEYTD PRICE CHANGE A ML................................$1.09..........................$-............................10,000...................12.37% B BL.................................$0.18..........................$-................................0.........................0.00% BOB................................$4.93.......................$0.53..........................6,416.....................0.61% BPF................................$10.63.........................$-................................0.........................0.00% BSL ..................................N/A............................$-................................0.........................0.00% BWL...............................$2.70..........................$-................................0.........................0.00% CAB................................$9.43......................$-0.78.........................3,467....................-9.85% CBL.................................$6.82.......................$0.04..........................7,165....................-2.57% CHL................................$2.40..........................$-................................0.........................0.00% CIB.................................$9.30......................$-0.09.........................3,000....................-0.96% CWCB.............................$2.25.......................$0.14.............................0........................22.95% DHS ................................ $1.40.........................$-................................0.......................-12.50% FAM ................................ $5.25 .......................... $................................ 0 .......................-13.51% FBB................................$1.96.........................$-................................0........................-9.68% FCL ................................. $5.22 ......................$-0.03.........................4,300...................-14.00% FCLB .............................. $ 1.00 ......................... $............................. 2,500 ....................0.00% FIN.................................$ 6.10.......................$0.22..........................7,400...................-15.63% I CD.................................$7.40..........................$-..............................450.......................0.00% JSJ.................................$ 9.82.........................$-................................0.........................0.00% PRE ...............................$10.00.........................$-................................0.........................0.00%
BUSINESS THE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 3B SALE 1 BUTLER STEEL BUILDING 16,000 SQUARE FEET CONTACT ADRIAN LA-RODA 328-7888 FOR VIEWING B y ALISON LOWE Business Reporter email@example.com A FURTHER$50-$80 m illion worth of investment is planned for Bimini over the next several years, the developers of the Bimini Bay Resort and Marina have revealed, including thec onstruction of a boutique 80-100 room hotel, a beach club and spa. Thirty jobs are presently b eing advertised for positions to be filled at the r esort, and substantially more will need to be hired before the end of the year,R ockResorts regional vicepresident for Florida and the C aribbean, Mark Jeffrey, told Tribune Business. RockResorts was a nnounced two weeks ago as the new managers of the Bimini Bay Resort andM arina, taking over that job from the Capo Group, the f amily development company who were behind the propertys construction.B imini Bay will be managed through the companys p roperty management collection, Legendary Lodging. Once the RockResorts hotela nd spa are developed and completed, the entire resort will be branded as a RockResort. T he resort presently covers around 80 acres of a total 750 acres that the CapoG roup owns on Biminis northern island. It consists of a resort community of 375 residences, of which around 90 per cent are in a rentalp ool that is offered to visi tors, with the remaining 10 per cent used by their pri v ate owners alone. It includes several restaurants, a shopping plaza and a casino, which has yet to be opened due to the CapoG roup not having found a casino operator for the facility. According to Rafael Reyes, president of RavB ahamas and son-in-law of Gerardo Capo, around 450 acres of the total property may be suitable for fur-t her development in terms of being buildable. T he next phase of develo pment will include the construction of a beach club, w hich will be located to the north of the residences next to the resorts main beach,a nd a spa. It is hoped by the d evelopers and RockResorts that both of these facilt ies will be completed by the end of the year. At some point thereafter i t is intended that the boutique hotel would be constructed, to be completed by 2014. The hotel and other a menities are to be located on an already-cleared area of land adjacent to the present Bimini Bay Resort and Marina. Bimini Bay eyes $50-$80m growth GERADO CAPO Mark Jeffrey, Ralph Reyes and Alex Capo pose for a picture after the official RocksResort signing. Photo/ Joshua Prezant 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 ar ea or have won an awar d. If so, call us on 322-1986 and shar e your stor y
president of RoyalFidelity Merchant Bank & Trust, which is acting as placement agent for the companys upcoming $62.5 million initial public offering (IPO company was facing a o per cent tax, 40 per cent profit split. He described the firms tax burden as really a large number for a tax-free country. LeRoy Archer, Commonwealth Brewerys managing director, told Tribune Business in an exclusive interview that in total, between its brewing operation, Burns House and the latters retail stores, all the taxes we contributeto the Bahamas government are $29 million. Thats in one year, he added. We dont owe any taxes. When it comes to duties we pay upfront........... Describing the tax burden faced by Commonwealth Brewery as indirect taxation that was not seen upfront, Mr Archer said that $10 out of every $40 case of beer sold to the consumer went in taxes to the Government. And the company could have faced an even greater tax burden had it not been able to renegotiate the $10 million increase that the Government was seeking to impose in the 2010-2011 Budget down to $5 million, a 50 per cent cut. And, even here, Mr Archer said Commonwealth Brewery was paying 60 per cent more taxes than its chief Bahamian competitor, Grand Bahama-based Sands Brew-e ry. He said that while his company was paying close to $10 per case of beer in taxes, Sands was paying close to just $10. I could sit down and cry and let my business dwindle, or take action, Mr Archer told Tribune Business over the different tax burdens. We lobby the Government, and they are aware of the disparity and need for a level playing field. There is a constant, ongoing dialogue with the Government where we speak about levelling the playing field. There is no guarantee about where we will end up, but they recognise were operating in the same environment, so the level playing field should occur. The playing field is not level. I can sit here and complain all I want, but it is what it is. One factor helping to level the field so far, the Commonwealth Brewery chief argued, was that 80 per cent of the total Bahamian liquor market was based in New Providence, meaning Sands incurred higher transporta-t ion costs to reach that market. Mr Archer and Mr Anderson both emphasised that the tourism/hotel and wholesale industries were not a key driver for Commonwealth Brewery, generating around 10 per cent or $10-$11 million of the companys top-line sales in 2010. While wanting to sell more to these sectors, Mr Archer acknowledged that Commonwealth Brewery was not price competitive with the direct drink and beverage imports utilised by most major hotels, who were able to access them using duty-free exemptions under legislation such as the Hotels Encouragement Act. Emphasising that the appointment of Kerzner International PR chief Ed Fields to the Commonwealth Brewery Board post-IPO was not a move intended to improve hotel industry liquor sales, Mr Archer said all Bahamian resort properties were in the business of reducing costs and improving profitability. As the Bahamian agent/distributor for many of the brands imported direct by the resorts, he added that he wanted to be able to compete on a level playing field with these. A lot of people feel we supply a lot of the hotels, and that if the hotels cut us off, we would be at risk, Mr Archer told Tribune Business. I want to assure persons that it only represents 10 per cent off of the top....... I would like to see us supply the hotels with more, because we live in the same environment and we both should make profits. If the Government waived the tax on beer supply to the hotels, we would be able to compete. That would certainly help us, and also the hotels. When it came to growth opportunities outside the Bahamas, Mr Archer said Commonwealth Brewery was doing quite well with Kalik exports to the US. Exports, though, only account for 5 per cent of the companys total revenues, and the Bahamas high utility, labour and operating cost bases inhibited the companys ability to compete on price with foreign breweries and their products. Explaining that Commonwealth Brewery exported 200,000 cases of Kalik per year, with $4 million the total value of exports at this time, Mr Archer added: We are making money at this time. Its a cash business, so I can cover my fixed costs, variable costs and make a profit. However, based on pure economies of scale, Commonwealth Brewery could not currently compete with rival breweries in the likes of Trinidad and Panama, who in the latter nation paid 10 per cent of the electricity costs in the Bahamas. As a result, these breweries were able to sell beer for prices as low as $0.50 per bottle. We pay the highest rates in the Caribbean, and even if you say its because we have the strong dollar, look at the percentage we pay on top line revenues, Mr Archer said of electricity costs. We are paying more per case, more per litre on utility rates than any other brewery in the Caribbean. We are a high cost producer with small economies, so our brands are luxury brands. With Commonwealth Brewerys products all positioned at premium prices, Mr Archer said the company had to look to the US and Europe for its export markets, since it was unable to compete with $0.50 per bottle beer elsewhere in the Caribbean. The Government is currently subsidising exports by waiving the duty on those brands, but it does not mean it will continue indefinitely, Mr Archer added. The Commonwealth Brewery chief told Tribune Business he frequently lobbied the Government over creating the base to ensure a viable future for Bahamian manufacturing, and said the IPO may create several thousand more lobbyists on the companys behalf. The offering may also see the Government become a shareholder if it is not fully subscribed. The real challenge is the Government, not having an income tax, is seeking to tax manufacturing when it should be taxing other industries as well, Mr Archer said. We have 430 people employed. Each of those has four dependents on average, so theres 1600-2,000 votes that are there. Those are reasons to keep brewing and manufacturing sectors open. Im seeking support from the Government to reduce utility rates, and we can find another way other than subsidies to support local manufacturing. I believe that all governments are seeking more ways to get more revenues out of all businesses. The beer, wines and spirits industry is no exception. I pay the Government more in taxes than the outlay we get in profits. Indirectly, you can say they are partners in my business. Hopefully, with them becoming shareholders, they will realise that they need to be more cautious in how they tax businesses going forward. 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By ALISON LOWE Business Reporter firstname.lastname@example.org ROCKRESORTS, the newly-unveiled managers of the Bimini Bay Resort and Mari-na, intend to boost visitor arrivals to the destination, improve service levels, enhance environmental protection and encourage more interaction between visitors and the Bimini community at large. At a ceremony to announce the handing over of management responsibilities to RockResorts, held on Friday at Bimini Bay, Ralph Reyes, president of RAV Bahamas, the development company and subsidiary of the Capo Group, which constructed Bimini Bay, said the move marks a new day for Bimini Bay. Having struggled with low occupancy levels and an admitted lack of experience in hospitality management, the Capo Group decided it would bring on board a professional hospitality management brand to take over responsibility for the property and beef up arrivals. RockResorts, a subsidiary o f Vail Resorts, which is k nown best for its ownership a nd management of mountain/ski resorts in locations suchas Aspen and Vail, Colorado, believes it stands a good chance of heightening Biminis visitor numbers in coming years. This will be done in part through promoting it as an alternative vacation destination during the off-season for the skiers and snowboarders who frequent its other resorts. Julie Klein, director of environmental affairs for RockResorts/Vail Resorts, said: I think therell be a bit more balancing, to look at business throughout the year, to support the destination and the community. This is a destination that has been known largely for sport fishing and yachters. Its such an amazing destination and the whole island is a little sleepy in the winter, which doesnt really make sense. Its the Bahamas and the weathers gorgeous. The winter season will always be the stronger season here in Bimini and that works great because thats our slower season in the mountains. Rafael Reyes, president of RAV Bahamas, the development company behind the construction of the Bimini Bay Resort and Marina, concurred: (Bimini Bay's usually comes during the summer months, whereas all the resort companies, their highest occupancy period is during the winter. So what were looking for is year-round occupancy, which could be an amazing opportunity not only for us as the developers but also for the community. Mark Jeffrey, RockResorts regional vice-president for Florida and the Caribbean, said he foresees Bimini employees being able to come and work at the companys mountain-based resorts during the slow season on the island. Speaking of the rationale behind RockResorts' decision to join Bimini Bay, Mr Jeffrey said: "There are a couple of reasons which made it clear it would be a great partnership. One, its an iconic location, and thats one of the first things we choose from. Also, we dont grow just to grow, we want smart growth and, if it doesnt match our other iconic locations, and if it wasn't a great product, and we couldn't make a difference in the environment and in the community, we would not be interested. Here we think that with the community and the environmental side of things, we can really make a difference. We can really stake our claim and do something famous in the Caribbean." The company emphasised a significant environmental focus as a major part of the change it will bring to Bimini Bay, and has promised that going forward the resort will be further developed and maintained with sensitivity to the natural environment as a key feature. The developers of the Bimini Bay Resort and Marina have faced criticism in the past for what were alleged to have been its non-eco friendly development methods and the scale of the resort in the small Bimini island. Ms Klein said: The environmental aspect is critically important going forward, not only for us as a management company but for the ownership and the community. That is very much how we operate. With that said, theres some things in the history that we will look at opportunities to mitigate or improve whats been done. Youll see guest experience features that will really highlight that environmental commitment. Disposable water bottles, looking at growing more herbs and vegetables to see if we can lessen what we get off island, and enhancing our guest experience with that kind of conservation effort thats in alignment with RockResorts. BUSINESS THE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 5B -$0(6-2+1/$0%(57RI :(67%$<675((76/273%2; 1 $66$8%$+$0$6 has typically operated in the Mediterranean. It would involve a 450 person capacity vessel, which is likely to depart the Port of Miami at around 9am and return at 8pm. Exactly where the vessel would dock in Bimini is still being finalised. Engineers have visited the island to determine where the most environmentally sound place for the boat to dock would be, said Mr Reyes. Mark Jeffrey, RockResorts vice-president for Florida and the Caribbean, said he believes the introduction of the ferry service linking Bimini to Miami will be a game changer for the resort and the island. It will definitely have a big, big impact, suggested the hospitality executive. Charles Albury, deputy permanent secretary for the Ministry of Tourism, who also spoke at the Bimini Bay/RockResorts signing ceremony on Friday, said he foresees the ferry service providing a much needed boost to Grand Bahama, if it does service that island as anticipated. 450-seat ferry game changer for Bimini, GB FROM page one RockResorts brings new day to Bimini BRENT SYMONETTE, the Deputy Prime Minister, speaks to more than 200 Biminites, homeowners, boaters and Bahamian officials gathered at Bimini Bay Resort & Marina today to talk about plans for Biminis future. Photo/ Joshua Prezant
history would be well subscribed, adding that it could also attract the most diverse,b roadest base of investors yet s een. Acknowledging that whether the IPO was fully subscribed would depend on t he participation of key instit utional investors, such as the National Insurance Board (NIB Commonwealth Brewery offering was effectively the first opportunity young B ahamian professionals, a ged between 20-30, had been given to participate in an equity issue. N oting Commonwealth B rewerys $19.216 million net i ncome for 2010, which transl ated into $0.74 in earnings per share (EPS son said that when combined with the $8.33 per share IPO price, this translated into an 11.3x price/earnings (p/E ratio. C omparing this to the a verage 13.3x P/E ratio for current BISX-listed Tier 1 s tocks (the top performers b ased on market capitalisation, profits and dividends etc), Mr Anderson said: This company is priced at a d iscount of 15 per cent to the market price of current Tier 1 securities. As we look forward, we think this company is well positioned in terms of market price to have good capital appreciation potential. The last true IPO to take p lace in the Bahamian capit al markets was Freeport C oncretes in 2001, and Mr A nderson conceded that s ince then (the Kerzner I nternational and Consolidated Water Bahamian Depository Receipt (BDRs issues excepted) the equity market had gone backwards to some extent. Several companies had delisted, he added, with Freeport Concrete even going out of business. A s a result, the Commonwealth Brewery IPO presented an opportunity to restart development of the capital markets, Mr Anderson said, further creating and diversifying wealth and ownership in the Bahamian economy. And with 7.5 mill ion shares, representing the c ollective 25 per cent stake b eing offered to Bahamian i nvestors, set to be listed on B ISX, investor options and l iquidity were set to be enhanced. Public familiarity with Commonwealth Brewery and Burns Houses brands, such as Kalik, Heineken, Guinness and Vitamalt, will l ikely help drive retail interest in the IPO, given that Bahamians tend to invest h eavily in something they u nderstand, such as real e state. Definitely, from a mark eting point of view this will h ave a higher profile than other securities, Mr Anderson said. We believe this will be one of the most widel y subscribed offerings in Bahamian history. We believe we could actually reach this level or higher with this offering. Asked whether the BISX markets well-known liquidity problem, and the negative impact this was having o n share prices, was a conc ern for the Commonwealth B rewery IPO, Mr Anderson t old Tribune Business: If a nything, with Commonw ealth Brewery coming to market, it will reignite interest in the local equity mar ket........ and make all shares more liquid. Acknowledging that it would take longer for market l iquidity to develop in the Bahamas than in many other capital markets, due in part t o the smaller number of p layers, the RoyalFidelity p resident added: Something like Commonwealth Brew-e ry coming to market, we see a s a catalyst to change that. It will not happen overnight; it will not be a 100 per cent improvement, but will be a s tep in the right direction. We need to attract more people into the market, and this young group of 20-30 year-olds have historically not participated. They have not had an IPO to participate in. If we can get these guys into the market, I can o nly assume it will be posit ive. It will not be a panacea, a s olution for every problem, b ut it will be a step in the r ight direction. Mr Anderson said RoyalFidelity had already fielded numerous questions on the Commonwealth Brewery IPO from 20-30 year-old Bahamian professionals e xpressing an interest in buying in. He described them as definitely more savvy from a n investment perspective, a s they were asking the r ight questions. Pointing to Commonw ealth Brewerys indicative d ividend yield, which rose from 4.5 per cent in 2008 to 5.5 per cent in 2009 and 7.7 per cent in 2010, Mr Anders on said that compared to the returns from other investments bank deposits and fixed income securities the company could be a very interesting stock in the future, especially given its prospects for further top-line growth and cost containm ent. T elling Tribune Business t hat some individual i nvestors had been pledging t o invest millions in the IPO, R oyalFidelity having received one request for $10 million worth of stock, another for $3 million, Mr Anderson said: At the institutional level, weve had very strong interest from everyb ody bar none. At this stage, I have a fairly good feeling well be w ell subscribed. In terms of over-sub s cription, it remains to be seen how much we get fromi nstitutional investors. NIB m akes a big difference. B USINESS P AGE 6B, MONDAY, MARCH 21, 2011 THE TRIBUNE 72$//&,9,/(59$176 7KDWVULJKWD/RDQDSSURYHGZLWKLQKRXUV 38%/,&:25.(56&2(5$7,9( &5(',7,21/,0,7(' $ 109.376 million, compared to $111.833 million in 2009. That represented a further decline on the $113.83 million in r evenue generated in 2008. This, though, appears to have been compensated for by sharp expenses and operating cost reduc t ions. Mr Archer told Tribune Business that Commonwealth Brewery focused pri marily on reducing its raw packaging m aterial costs, including glass, bottles and caps, plus the malts, as there were its most expensive cost components. Contracts were renegotiated to drive these costs down, while freight and transportation costs were locked in for the year to guard against oil price rises. Fixed c osts and utilities were also scrutinised. I challenged our leadership team to reduce costs by 10 per cent per year,M r Archer told Tribune Business. We did it. We looked at inventory levels, working capital, making sure it was not tied up too much. We went to a cash basis with certain suppliers. This company has no debt, From 2007 until now, you may see that our volumes dropped. The good sto-r y is that we manage our costs in such a way that profitability grew. He added that Commonwealth Brewery, and its Burns House subsidiary, also maintained our customer focus and stayed close to consumers. We did the activities required to manage this successfully, and can assure you going forw ard that continues. T he short-term prospects for Com monwealth Brewerys top-line and, i ndeed, an improved profit performance and heavily dependent on the recovery of employment and disposable incomes among Bahamians and residents in thed omestic economy. Export possibilities, while there, are limited by the relatively high operating costs all Bahamian manufacturers face, w hich make their products non-competitive on price with overseas rivals. And, in Commonwealth Brewerys case, export p lans may also conflict with the existing operations and distribution facilities that 75 per cent majority investor, HeinekenB V, has in other nations. C ommonwealth Brewery is thus hop ing that investment projects, such as the $2.6 billion Baha Mar development at Cable Beach, plus the wealth of govern ment infrastructure projects taking place will drive employment and salaries for w ards. T he companys share of the domestic liquor market stands at 80 per cent, and Mr Archer said: The growth is going toc ome from the additional employment happening as a result of all this. Once Bahamians are employed, they will go back to the brands they love. When the recession hit, they traded down and did not drink their favourite beer, instead going for a more inexpensive spirit. The Commonwealth Brewery chief a dded that the company was also eyei ng growth through acquisition, particu larly as firms from other sectors started e ncroaching on its business. Noting the recent trend of supermar kets, such as City Markets and AML Foods, establishing in-store liquor con c essions, Mr Archer emphasised of domestic expansion: Its through acqui sition. As we see more industries getting into the beers, wines and spirits business, w e see some opportunities to enter their business. Hinting that Commonwealth Brewe ry/Burns House would not be opposed to establishing their own in-store con cessions in supermarkets, Mr Archer said t hat while not opposed to these chains d oing it themselves, there were ques tions about the protection of children and ensuring alcohol did not end up in the hands of under-18s. But if the law changes, it will not change for one side, he added in relation t o in-store supermarket concessions. It m eans my retail liquor stores also have an opportunity to move into fast consumer goods. When you look at most liquor stores, they have all the products around the perimeter, and you have this space in the centre to put up shelves. F ROM page one Brewery: 35% output increase capabilities $62.5m IPO to reignite cap market interest FROM page one
b y Caterpillar Financial Services, which alleged that Deans Shipping had breached the terms of a $2.67 million loan by a llowing the M/V Legend II to be seized and have a lien placed over it, was also dismissed. A March 16, 2011, court o rder obtained by Tribune Business said: Palm Beach Steamship Agency has agreed to settle all claims for $75,000 to be paid in cleared funds on or b efore the close of business on March 16, 2011.......... As a condition precedent to this settlement, defendant D eans Shipping Ltd shall pay the substitute custodian on or before March 16, 2011, an agreed upon amount consisting of $65,000 for custodial fees, costs and expenses up through M arch 11, 2001, and additional c ustodial fees, costs and expenses incurred between March 1116, 2011. As of March 16, 2011, total custodial fees are$ 77,811. Given that the total sum involved is $140,000, Deans Shipping Company is effectivel y paying more than the $106,000-plus debt that the Palm Beach Shipping Company claimed it was owed. In addition, the court order stipulated: All Deans Shipping Company equipment located at Palm Beach Steamship Agencys facility at t he Port of Palm Beach shall be returned to Deans Shipping for loading on board the M/V L egend II after the vessel is r eleased. The equipment includes one 20-foot chassis, one 20-foot container with chassis; and four 40-foot con-t ainers with chassis. The MV Legend was seized, and placed in the care of National Maritime Services, d ue to a dispute over alleged non-payment of stevedoring, wharfage and other fees between October 18, 2010, to mid-March 2011. In its lawsuit, the Palm Beach Steamship Agency alleged: "Since October 18, 2010, plaintiff provided necessaries to the [ MV Legend], to-wit: labour, wharfage, advances and other services pursuant to an agreem ent between plaintiff and vess el's owners, charterers, and/or authorised agents on a fixed rate basis. "The defendant vessel has f ailed to pay for these services a t plaintiff's office in the amount of $126,347.19 despite repeated demand for payment submitted to the defendant vess el, Legend II, and/or her owner, charterer or operator, defendant Dean's." That sum was reduced to just over $106,000. T he Palm Beach Steamship A gency was seeking a lien over t he M/V Legend II so it can foreclose upon it and sell the boat to recover the sums owed to it. T he M/V Legend plies between West Palm Beach, Marsh Harbour, Green Turtle Cay, Spanish Wells and Nass au. BUSINESS THE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 7B 326,7,21$9$,/$%/('HVNWRSDQG\VWHPV(QJLQHHU,QIRUPDWLRQHFKQRORJ\( )* %DQN7UXVW%DKDPDVf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f $ELOLW\WRXVHV\VWHPGHSOR\PHQWWRROV /DQJXDJHVNLOOV ([FHOOHQWYHUEDODQGZULWWHQFRPPXQLFDWLRQVNLOOV)OXHQF\LQ(QJOLVK )OXHQF\LQ)UHQFKDQGSDQLVKLQZULWWHQDQGVSRNHQIRUPZRXOGEHDQDVVHW ,QWHUHVWHGDQGTXDOLHGDSSOLFDQWVPXVWVXEPLWDSSOLFDWLRQVE\VW ( %DQNtUXVW%DKDPDVf/WG $WWQ+XPDQHVRXUFHVDQDJHU H'HVNWRSDQG\VWHPV(QJLQHHUf &HQWUHRI&RPPHUFHQG)ORRU 2QH%D\WUHHW 3 1DVVDXKH%DKDPDV ue, Mr Archer told Tribune Business. However, this meant an even better deal for Bahamian institutional and retail investors, as they were paying no premium to buy into the company. The Government stipulated that both the $8.33 share price, and offerings terms and conditions, must be the same as those received by the Asso-c iated Bahamian Distillers and Brewers (ABDABC ommonwealth Brewery was completely bought out by Heineken. I n return for approving the buyout of the Finlaysons and their fellow shareholders, the Government also set the pre-condition that 25 per cent of Commonwealth Brewerys shares must be held by Bahamian investors, hence the IPO. Andt hey insisted that the company had to make sure that ordinary Bahamians were given first shota t ownership. The Commonwealth Brewery IPO marks the f irst major intervention by the Government in the Bahamian equity and capital markets for some time, ostensibly in a bid to broaden and increase Bahamian ownership of key economic assets in this nation. A nd the Ingraham administration has contin ued with this interventionist, pro-capital mar-k ets trend, announcing that it will float the first 9 per cent tranche of Bahamas Telecommunicat ions Company (BTC cent it will hold post-privatisation later this year. And, before November, the Prime Minister is also seeking to reduce the Government and pri vate sector stakes in the Arawak Cay port to 40 p er cent each, both selling 10 per cent of their existing holdings to the Bahamian public. The latter will have a collective 20 per cent holding. Describing the Governments stipulations as quite unusual when it came to equity and capital markets generally, Michael Anderson, president of RoyalFidelity Merchant Bank & Trust, which is acting as the IPOs placement agent, said: The Government has taken a much firmers tand from an equities standpoint what they want and think Bahamians should hold. I havent seen this level of government intervention before in this new age of IPOs. M r Anderson, though, told Tribune Business that an increased government role in the Bahamian capital markets would aid their development and speed this up, especially since public sectori nstitutions, such as the National Insurance Board ( NIB), represented the greatest sources of longterm investment capital in this nation. I think in most markets generally around the world, government is the leading participants in t hese markets, whether through government bonds, various institutional aspects of government buying in through pension plans, Mr Anderson explained. Governments have traditionally played a large r ole in the capital markets, and this government, from a Caribbean perspective, has played a fairl y small role in the capital markets. Its been one of these bones of contention for some time, w hether the Government can get more sensibly involved in the market. Government, through its institutions and agencies, participates to a great extent, and its encouraging to see the Government get more i nvolved as its the single largest source of funding. Unless the Government gets more involved, i t will take longer to develop the local market. F ROM page one Brewery preferred higher IPO price F ROM page one Shippers vessel is released
NEW YORK A ssociated Press AT&T Inc. said Sunday it will buy T-Mobile USA from Deutsche TelekomA G in a cash-and-stock deal valued at $39 billion that would make it the largest cellphone company in the U.S. The deal would reduce t he number of wireless carriers with national coverage from four to three,a nd is sure to face close regulatory scrutiny. It also r emoves a potential partner for Sprint Nextel Corp., the struggling No. 3c arrier, which had been in talks to combine with TM obile USA, according to Wall Street Journal reports. A T&T is now the country's second-largest wirel ess carrier and T-Mobile USA is the fourth largest. The acquisition would give AT&T 129 million subscribers, vaulting itp ast Verizon Wireless to make it the largest U.S. cellphone company. The combined company would serve about 43 percent ofU .S. cellphones. F or T-Mobile USA's 3 3.7 million subscribers, the news doesn't immedia tely change anything. Because of the long regulatory process, AT&Te xpects the acquisition to take a year to close. But w hen and if it closes, TMobile USA customers would get access toA T&T's phone line-up, including the iPhone. T he effect of reduced competition in the cellphone industry is harder t o fathom. Public interest group Public Knowledge said that eliminating one of the four national phone carriers would be" unthinkable." "We know the results of arrangements like this higher prices, fewer choices, less innovation," saidP ublic Knowledge presid ent Gigi Sohn, in a statem ent. T-Mobile has relatively c heap service plans compared with AT&T, particularly when comparing thek ind that don't come with a two-year contract. A T&T CEO Randall Stephenson said one of the goals of the acquisi-t ion would be to move TMobile customers to smart p hones, which have higher monthly fees. AT&T "will look hard" at keeping T-M obile's no-contract plans, he said. AT&T's general counsel, Wayne Watts, said cellphones are "an incredibly competitive market," w ith five or more carriers in most major cities. He p ointed out that prices have declined in the last decade, even as the indus-t ry has consolidated. In the most recent megad eal, Verizon Wireless bought No. 5 carrier Alltel for $5.9 billion in 2009. A T&T would pay about $25 billion in cash to Deutsche Telekom, Germ any's largest phone company, and stock that is e quivalent to an 8 percent stake in AT&T. Deutsche Telekom would get ones eat on AT&T's board. Like Sprint, T-Mobile h as been struggling to compete with much larger rivals AT&T and Veri-z on Wireless, and its revenue has been largely flat for three years. Bellevue,W ashington state-based TMobile USA's subscriber c ount has stalled at just under 34 million, though it posts consistent profits. D eutsche Telekom has been looking at radical m oves to let it get more value out of its U.S. holdi ng, including a possible combination with a U.S. partner. T here was a big hurdle to a T-Mobile USA-Sprint deal: The two companies use incompatible network technologies. The sameh urdle would apply in a Verizon Wireless-TMobile USA deal. But the networks of AT&T and TMobile use the sameu nderlying technology, so to some large extent, AT&T phones can use TMobile's network and vice versa. A T&T said its customers would benefit from the cell towers and wire-l ess spectrum the deal would bring. In some areas, it would add 30 percent more capacity, AT&T said. "It obviously will have a significant impact in terms of dropped calls and n etwork performance," Stephenson said. To assuage regulatory c oncerns, AT&T said in a statement Sunday that it w ould spend an additional $8 billion to expand ultrafast wireless broadbandi nto rural areas. Instead of covering about 80 percent of theU .S. population with its so-called Long Term Evol ution, or LTE network, AT&T's new goal would be 95 percent, it said. Thatm eans blanketing an additional area 4.5 times the s ize of Texas. The network is schedu led to go live in a few areas this summer, but construction will takey ears. The deal has been approved by the boards of both companies. Dallasbased AT&T can increasei ts cash portion by up to $4.2 billion, with a reduction in the stock component, as long as Deutsche Telekom receives at leasta 5 percent equity ownership interest in the buyer. The deal is final and doesn't leave room for other buyers jumping inw ith a higher bid, AT&T said. AT&T would finance t he cash part of the deal with new debt and cash on its balance sheet and will assume no debt from TMobile. BUSINESS PAGE 8B, MONDAY, MARCH 21, 2011 THE TRIBUNE 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.130.95AML Foods Limited1.091.090.000.1230.0408.93.67% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.404.400.000.1530.10028.82.27% 0 .530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.44Cable Bahamas10.2110.210.001.0500.3109.73.04%2 .852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1 6.806.78-0.0247,2710.4880.26013.93.83% 2.861.90Consolidated Water BDRs2.072.110.040.1110.04519.02.13% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6 .505.25Famguard5.255.250.000.3570.24014.74.57% 9 .275.65Finco5.885.880.007010.6820.0008.60.00% 11.408.77FirstCaribbean Bank9.399.390.000.4940.35019.03.73% 6.004.57Focol (S 5.475.470.000.4520.16012.12.93% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5 .595.50ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: YEAR END 2008 -12.31%30 May 2013 2 0 November 2029F RIDAY, 11 MARCH 2011BISX ALL SHARE INDEX: CLOSE 1,455.84 | CHG -0.97 | %CHG -0.07 | YTD -43.67 | YTD % -2.91BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)2 9 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 P rime + 1.75% Prime + 1.75% 6 .95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas 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 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX 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 ,5$1$/%(57RI(DVW 6WUHHW3%2;1$66$8%$+$0$6 AT&T to buy T-Mobile USA for $39 billion AT&T INC on Sunday said it will buy T-Mobile USA from Deutsche Telekom AG in a cash-and-stock deal valued at $39 billion, becoming the largest cellphone company in the U.S. (AP CAIRO Associated Press MAJOR GULF ARAB stock markets rallied on Sunday, led by Saudi Arabia's exchange after that nation's king pledged roughly $93 billion in financial support measures in a move aimed at quieting discontent in the Arab world's biggest econ omy. Saudi Arabia's Tadawul All Shares Index closed up 4.5 percent, at 6,343 points, while the Dubai Financial Market closed 2.6 percent higher at 1,509 points. Analysts said the gains reflected new confidence in the oil-rich region after massive protests in Bahrain had regional markets vacillating sharply over the past couple of weeks. "It's a confidence booster for the market, and the economy, because the (Saudi ness to do what is needed," said John Sfakianakis, chief economist at Riyadh, Saudi Arabia-based Banque Saudi Fransi, referring to the new measures announced by the Saudi monarch. King Abdullah unveiled the massive financial package on Friday, in a second bid in under a month to allay rumblings of unrest in the oil-rich nation by pledging additional services, bonuses, housing and aid to his people. The measures, which will cost the Saudi government about 350 billion Saudi riyals ($93 billion sive and far reaching attempts by an Arab government to tackle some of the core economic and financial issues that have served as a catalyst for the protests, which have led to the ouster of Tunisia's and Egypt's presidents. The Saudi stock market, which was closed on Saturday because of an official holiday, welcomed the new measures, which analysts say are equal to about 21 percent of the OPEC kingpin's gross domestic product. Shares of 145 companies climbed, representing all sectors of the Saudi economy, according to the Tadawaul's website, and the latest rally narrowed the index's year-to-date losses to just 4.8 percent. About two weeks ago, the TASI's year-to-date losses were well over 15 percent. The gains, which were also reflected on the Qatari, Omani and Abu Dhabi stock exchanges to lesser degrees, demonstrated how the Gulf region's main focus, at least for now, was on the developments closer to home. The imposition of a no-fly zone over Libya and the accompanying coalition assault on that North African nation appeared to carry little weight in Gulf markets. Qatar's benchmark was up 2.56 percent while the main index in Oman, another Gulf nation that has seen smaller-scale protests, was up 1.33 percent. Abu Dhabi's benchmark gained a moderate 0.67 percent. Bahrain has, for weeks, been the epicenter of Gulf concerns. Gulf markets rally on Saudi economic incentives