N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Brave Davis in cash for disorder claim V olume: 107 No.100WEDNESDAY, MARCH 23, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER MOSTLY SUNNY HIGH 84F LOW 70F F E A T U R E S S EETHEARTSSECTION S P O R T S To love & cherish SEESECTIONE Waltiea Rolle and Tar Heels advance to the Sweet 16 B y TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org P ROGRESSIVE Liberal Party deputy leader Philip Brave Davis offered to pay extra" money for men willing to get "locked up" during Monday's protest outside Par l iament, Culture Minister C harles Maynard claimed in the House of Assembly yesterday. T he MP for Golden Isles claimed that Mr Davis made the request Sunday night dur ing a telephone conversation with an unnamed person. The claim brought Mr Davis to his feet to demand that Mr Maynard table proof to back up his claim. He also wanted Mr Maynard to name the person to whom he was supposedly talking. "Everybody knows that the Progressive Liberal Party is behind the civil disorder," Mr Maynard said while supporting the sale of BTC in the House of Assembly yester day. "The member for Cat Island made a phone call n ight before last to somebody saying 'I want you to bring some men and I'll pay them e xtra if they willing to get locked up, downtown'. Mr Davis said the remarks were "serious allegations" and d emanded Mr Maynard back up his accusations with hard evidence. I ask him to name that person, not only name them here, let's go outside andn ame them and let's get it on. I don't bother the member but he finds it necessary tot alk about me at every turn. I don't want it (the allegations withdrawn, he needs to bring the proof of what he claims has been asked," he said. Members of the Opposition said Mr Maynard's comments questioned the matter of privilege, adding that the issue should be forwarded to the House's Standing Committee of Privilege for review. Privilege in the House of Assembly or Senate allows Fury as minister accuses PLP deputy in House TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM B AHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SEE page 13 By CELESTE NIXON Tribune Staff Reporter email@example.com A NEW study claims Bahamians are more concerned about phone rates increasing with Cable and Wireless, and not that the company will be foreignowned. Public Domain, a Bahamian marketing research and public opinion polling firm, conducted a telephone survey between February 16 and March 11 regarding the pubBAHAMIANS MORE CONCERNED ABOUT PHONE RATES THAN FOREIGN OWNERSHIP SEE page 13 By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org UNION leaders have been criticised for "not doing enough" during this weeks protest against the sale of BTC. Protesters marched from Clifford Park to Rawson Square while the House of Assembly was in session on Monday, holding the third major protest of the majority sale of BTC to Cable and Wireless (CWC However, the turnout of BTCs unionised workers was said to have been poor. According to Asst Police Commissioner Glenn Miller, the number of demonstrators peaked at about 600. Only 200 of these were reported to be union members. One person opposed to the sale of BTC told The Tri bune: "The union leaders need to be fired, I am totally disappointed and I have lost my faith in them." Bahamas Communications and Public Managers Unions (BCPMU Carroll, commenting on the protest, said: I really thought it would have been more people, there was enough people to let the government know that there was still an opposition to the SEE page 13 A PROGRESSIVE Liberal Party operative gathered together more than two dozen persons who he promised to pay for their participation in the latest demonstration on Bay Street, it was claimed last night. Well-placed sources within the PLP said the operative was trying to impress party chiefs by marshalling people to demonstrate against government's sale of BTC with the promise of payment. However, when senior members of the party at Gambier House refused to participate in the plan by paying the mob, they began creating a ruckus. The operative, after the House of Assembly gathering, marched his people to the Oppositions offices on Parliament Street to meet with the party leader for payment. When they were informed that PLP leader Perry Christie was not in office, but at the PLPs headquarters, the group became agitated. The individual then report edly transported the group in two buses to the partys headquarters on Farrington Road. Once there, a confrontation took place with the PLPs leadership, who informed the crowd and the operative that they had no hand in their organisation nor had they CL AIM THAT PLP OPERATIVE PROMISED TO P AY TWO DOZEN FOR DEMONSTRATION UNION LEADERS CRITICISED FOR OT DOING ENOUGH AT PROTEST SEE page 13 ROWINTHEHOUSEOFASSEMBLY CLASH: Culture Minister Charles Maynard (left T i m C l a r k e / T r i b u n e s t a f f
PAGE 2, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE LOCAL NEWS SOURCES inside the Ministry of Education have raised questions about the large differences in payment to co-ordinators and markers for standardised primary school examinations. Documents leaked to The Tribune concerning exams sat by grade one, two, four and five students in May 2009, indicate a wide range of payments varying between $100 to as much as $5,500 to 155 teachers. The Tribunes source claimed excessive payments for marking papers were used as a means of exercising favouritism by some senior public servants. The director of the assessments unit, responsible for administering the examinations, was not available for comment. One senior official, who wished to remain anonymous, said that while he had no specific knowledge of any questionable behaviour in terms of payments to exam markers, there are often reports alleging underhanded goings on at the Ministry of Education. The official said there are sometimes internal investigations, but the results of these are never made public. Im glad you are launching investigations into things like this, he added. When contacted for comment, some of the teachers named on the list as having received payments were unable to give an explanation for the wide range in amounts, or say what the rate per-paper-marked was. Payment to markers typically varies, depending on the set quota in any given year, and the standard rate per examination paper. The rate usually varies depending on the subject, and the paper level. No pattern could be established from the documentation. Questions raised about differences in payment to co-ordinators and exam markers A 24-YEAR-OLD man charged with murder was arraigned in Magistrates Court yesterday. Mario Elliot, of Peardale off Wulff Road, was arraigned before Chief Magistrate Roger Gomez in Court One, Bank Lane, charged with the March 17 murder of Javado Miller. Miller, 29, was sitting outside his house between Kemp and St James Roads with a group of people, when he was shot and killed. Elliot was not required to enter a plea to the murder charge yesterday. Prosecutors intend to proceed with a voluntary bill of indictment, which will be presented on June 22. Elliot was remanded to Her Majestys Prison. By LAMECH JOHNSON R ESIDENTS of Bamboo Town had a scare yesterday as a bush fire quickly spread through the area, barely missing homes near a green space. J ames Pratt, 67, of Airdale Drive, said the fire started shortly after 10am and that while at first it was small, the b reeze spread the blaze. Officers from the Police Fire Branch arrived on the scene after receiving calls from residents. T hey immediately went to work after locating two sources of water, and three fire engines fought to contain t he flames and stop them from spreading further. The Delta 9 fire engine had to push its way through the b ush to get to the fire as no road provided access. While the crews of the trucks did their part in putting out the blaze, home owners were hosing down theirw alls and plants in case the fire approached. One of the officers from the Delta 12 truck spoke w ith T he Tribune l ater, confirming they had the fire under control. When asked if they had any idea of how the blaze s tarted, he said in the case of bush fires, it is usually very difficult to find the source. Residents noted that bush fires are common in that area. At least five homes were threatened yesterday, the offic ers confirmed. Man, 24, arraigned on murder charge COUR T NEWS BUSH FIRE THREATENS HOMES IN BAMBOO TOWN C LOSE CALL: B amboo Town residents had a scare yesterday as a bush fire quickly spread through the area, barely missing homes.
By NOELLE NICOLLS Tribune Staff Reporter email@example.com ALTHOUGH the straw market has been the talk of the town this year, the buzz has only recently shifted to the design of the building. With the new market now unfolding in form and colour on Bay Street, The Tribune sat down with Bahamian architect Pat Rahming for an inside lookat the method behind his crea tion. If the new building evokes for you a sense of formality, grandeur and stateliness, your thinking is in line with that of the designer. Its form is an adaptation of the classical styleof colonial architecture that defines downtown Nassau, said Mr Rahming. A part of what makes the City of Nassau unique is the scale and texture of its architecture and the language in which its structures speak. Whether it is buildings designed to a more domestic scale, using wooden columns and balconies, or the more imposings tructures like the House of Parliament, Mr Rahming said, the predominant style is what is called Georgian architec ture. Millions of people travel to the Bahamas looking for a place-specific experience that is born from the history, geog r aphy, mythology and lifestyle of the local community. Mr Rahming said the city of Nassau used to help define that experience. The brand of Nassau is that we are a black, African com munity that lives its life through the expression of British cere-m onies on a Caribbean island. The absolute symbol for that branding, the logo you could say, is a black policeman dressed in his ceremonial outfit standing on corner of Parlia-ment Street and Bay Street giv ing instructions to two tourists with the House of Parliament in t he background. That is the symbolism that defines who we are. That is the special experience of place that we have been selling except that we haven't taken care of it, he said. Many symbolic buildings have been destroyed over the years, whether by fire or neglect, and little by little there has been a loss of her itage, said Mr Rahming. With the new straw market, he said, there was a deliberate attempt to bring back symbol ism to the architecture and maintain the language of downtown. What the straw market does is recognise that heritage. There is a part of our past that relates to that Georgian tradition that creates the scale and character of downtown Nassau. While it is a brand new building and it feels so, it is dressed in the appropriate clothes. It is appropriate that a public build ing downtown wears clothes that speak to the ceremony of downtown, said Mr Rahming. He said he was not constrained in his thinking about how to enclose the straw market by the the nature of the activity taking place inside. The entrance is framed by practical columns that are proportionally correct as classical columns. It is the same language on the Supreme Court and Senate buildings, said Mr Rahming. It is a formal language of ceremony in British tradition, he said different to the language of Woodes Rodgers Wharf, for example, which is informal waterfront. What happens in the harbour has a different character. You have the opportunity to be more playful if you wish. You could do that on Bay Street too, but it is not a choice that I, Pat Rahming would make. I have chosen to see Bay Street the way I see Bay Street. Other people have seen it dif ferently. I don't think that is a question of right or wrong; it is a question of philosophy, said Mr Rahming. Also at the forefront of Mr Rahmings mind as he designed the new building was a time over a century ago, in the 1800s, when market women made their daily sojourn from Over the Hill, down Market Street, under Gregorys Arch to the d owntown market. Those days, the market was not just home to straw and craft goods. Fruit and vegetable vendors sold their produce there, and fishermen and butchers made it their marketplace too. There was a relatively tall arched entrance that faced Market Street with a big iron gate. The new design is a throw back to the original market, with an entrance that faces Market Street almost squarely. Symbolically it was very important and we have returned that bit of symbolism, said Mr Rahming. The fact that the straw market anchored the economy of downtown, accord ing to Mr Rahming, is another symbolic element. In the 1900s, when market vendors dealing in fish, fruit and vegetables were moved to Potter's Cay, all that remained on Bay Street were straw and craft vendors marketing to tourists. That was the spark that led to the downturn of the town, according to Mr Rahming, because the city centre lost a central symbol: the market for its citizens. Businesses whose primary customers were local people eventually died off; the residential community of down town moved out; the entertain ment scene petered out, and downtown transformed into nothing more than a shopping centre, as it still is today. The history was important to Mr Rahming, he said, because it provided the context for the undertaking. Symbolism is critically important, important to our sense of self, nationhood, and history. If we approach our environment only from the point of view of how many dol lars we can make from a square foot of land, all we are doing is making our children, poorer and poorer in their spirit, said Mr Rahming. There are practi cal elements to the design as well. The building sits on a podium, designed to address the notorious flooding problems experienced in the market. The facade uses a detail ing technique called rustication that creates an appearance of stone bricks. We have chosen to make that rustication detail one of the ways we have made the building easy to maintain. One of the things we were asked to do is see how we could make t he building as easy as possible to maintain, said Mr Rahming. One of the problems with public buildings is they have to be painted all the time, he explained. The surfaces used in the new design are durable and easy to clean. The tiles used on some of the exterior walls, and the brick walkway serve similar functions. I designed the building as a sort of pavilion. That pavilion is really very symmetrical. It looks the same from both ends and both sides, said Mr Rahming. All of the sides of the building are open so there is free movement of people on all sides. The vendors don't have to worry about who is nearest the opening. Plus there is a constant breeze across the space, he said. Mr Rahming was selected by the government to design the new market after it decided to scrap the $23 million contract with Michael Foster of Arconcepts Limited, who won the original design competition. The new market is being built to replace the one destroyed by fire on Septem ber 4, 2001. That building also housed offices of the Ministry of Tourism. Mr Rahming, who also participated in the design competition, said he changed his approach when the new government settled on a $10 million budget, which was a dramatic reduction. The competition did not impose budgetary limitations, and Mr Rahming said at that time he focused more on the commercial value of the site. What I did as far as the straw market was concerned was I moved the market itself one level above the street, so you still had the big open market, but it was not on the ground. Underneath I had a full block of commercial space, the revenue from which I said would support the market that happened above, said Mr Rahming. Now I still feel that solution was a responsible solution, but on the other hand, I don't believe there are very many people politically who could defend moving the vendors off the ground and putting them one level in the air. Most politicians would not have been able to deal with the reaction the straw vendors would have had, he said. Of his new consideration, Mr Rahming said the celebration of the creative output of the Bahamian community was central, and the symbolism of downtown was at least as important as the commerce. In looking at the former b uilding, he said it was more of an office building with a straw market on the bottom floor, and he wanted to return a design that was more centrally focused on the creative output of Bahamians and the symbolism of downtown. Fifty years from now that is the statement o n which we will be all judged: were we prepared to create a place that celebrated the creative output of the Bahamian community? said Mr Rahming. LOCAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 3 A building that speaks the language of downtown THETHINKINGBEHINDTHESTRAWMARKETDESIGN THEFUTURE: A rendering of the straw market. THE PAST: O lden times. TAKING SHAPE: The new straw market. Tim Clarke /Tribune staff
EDITOR, The Tribune. M arch 21, 2011, will r emain a remarkable day in the life of the Free National M ovements third term in office. Prime Minister Ingraham and a diligent group of FNM Members of Parliament moved forward with their commitment to sell 51 per cent of the BahamasT elecommunications Comp any Limited in the face of great and, in some cases, v ery manipulative opposit ion. This process was done with Bahamians all over The Bahamas looking on. Interestingly enough this wouldn ot be the first time that a large percentage of BTC had been sold but it wouldb e the only time that the B ahamian people knew of it beforehand. O f course, on this signific ant day in Bahamian history, the Free National Movement that had been vilifiedi n all political circles of this c ountry was, again, buffeted with the resignation of Branville McCartney, the M ember of Parliament for the Bamboo Town Constituency. Of course, this should have come as no surp rise to the FNM as Mr McCartney had begun to r evealed his true colours s ome time ago. The good thing is that, at this juncture, as the FNM commenced the campaign for the 2012 general election they were and a re able to see who is for them and who is against them. E veryone knows that the sale of BTC was looming for some time now. This particular sale, how ever, was different from the previous because everything about it was presented to the general public for them to v iew and make their own judgment. B oth political parties had m ade the sale of BTC a part of their political platform but the Bahamian electoratec hose the FNM to handle this difficult and delicate task and, in the face of great adversity, the FNM did what they were mandated to do. Political minds in this country were also aware that Branville McCartney would not last very long in the Free National Movement begin ning with his resignation as M inister of State for Immigration and subsequently his radio and other public interv iews thereafter. I like Mr M cCartney but, sadly, he d emonstrated that he is politically immature ands eemingly impatient when t hings do not go his way. While speaking from one side of his mouth that Prime Ingraham is not compassionate from the other side h e insists that Prime Minister Ingraham is the best man t o lead the country at this t ime. Mr McCartney tried to shock Mr Ingraham and p arty affiliates with his resi gnation on the opening day o f the BTC debate but Mr Ingraham continued onward unfazed by McCartney ort he paid political charade that was going on outside the House of Assembly while he made his contribution to this important deliberation. The FNM has always d emonstrated sincerity in a ddressing the needs of the Bahamian people. Their decision to forge ahead witht he sale of BTC is no different from any other decision they would have made. Their aim has always beent o do everything in decency a nd in order with the inter est of the Bahamian people at their heart of their determinations. They have had to stand strong through political adversity but this particular was much more chal l enging because they had the B TC union to contend with, emerging political entities and some within their very ranks. In the face of these odds, they continued to persevere in the best of the majority. B ranville McCartney is not much different from Dr Andre Rollins who, at the p eak of his limited political existence, left the entity that gave him life and, ultimately, used his transition to suck some life out of that organisation while bringing media attention and focus to him self. Mr McCartney cannot, however, compare himself to Hubert Ingraham, Perry Christie, Tennyson Wells or Pierre Dupuch, men who dug in the trenches of their political organisation and were fired at the height of t heir political careers. Mr McCartney did an excep-t ional job at every level of his ministerial career but, o ther than running against T ennyson Wells in the 2007 g eneral election, he has faced no real opposition or o ppression. In resigning his political office he demonstrated his lack of fortitude;i n renouncing his affiliation w ith the FNM he showed his d isloyalty. As a direct result his political doing or undoing is all his own. The remaining FNM faithf ul must continue to be courageous and purposeful.T he last general election was a clear cut demonstration of how desperate some will get i n their pursuit of power and prestige. It brought out the actual identity of many and arduous party labourers had a pretty good idea of who w as with them and who was n ot. T his time it will be no diff erent. The fragmentation has already started and it will continue. It is neededs o that when this political battle becomes fierce the party is fully aware of who their genuine allies are. There will be disagreements about how and when things should be done but these pitfalls must not deflect theF NMs focus on the peoples a genda. Unlike other political entities in this country the FNMs record speaks for itself. There are those who w ould seek to deny it but the reality is blatantly visible i n every facet of our country. Now, more than ever, fami ly islanders are aware of new developments in our country because they can watch it on their televisions anywhere in the country. T he Bahamian people are thankful to the FNM for s paring no expense in ensur ing that the general public, from Grand Bahama and Bimini in the north to Mayaguana and Inagua in the south, knows what is going on and have all of the information to judge the actions and decisions of gov ernment for themselves. No government is perfect but when we look around in The Bahamas today it is tangibly obvious that some gov ernments are simply much better than others. MARVIN R Z GIBSON Nassau, March 22, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising) 322-1986 Advertising Manager (242 Circulation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 WEBSITE www.tribune242.com updated daily at 2pm I N THIS column yesterday we briefly discussed the dangers of politicians using persons known to the police to part icipate in public demonstrations and civil unrest. W e wrote that one only has to look at what eventually happened to politicians in Jamaica who played this game t oo long. Edward Seaga is a case in point. A lthough Seaga represented Jamaicas west Kingston constituency stronghold to a powerful drug gang itw as Prime Minister Bruce Golding who inherited this precinct from him, event ually getting into political hot water at home, and difficulties with the United States when his government balked ate xtraditing a drug lord who had supp orted his partys elections over the years. The prime minister, Bruce Golding, had good reason to stall when the Unit e d States requested the extradition of Christopher Dudus Coke on drug and gun charges last August, wrote The Economist in its May 27 edition lasty ear. The Shower Posse gang Mr Coke allegedly runsso named for showering its foes with bulletsis based in MrG oldings own constituency in Tivoli G ardens, in the west of Kingston, Jamaicas capital. The gangs weapons are of military calibre and it has the loyalty of local residents. Any attempt toa pprehend Mr Coke would surely cause widespread violence. Mr Golding stalled as long as he could w hile relations deteriorated between Jamaica and the US. Eventually he was forced to send troops into tightly guard e d Tivoli to flush Coke out. However, C oke had already fled, but not before 47 persons were dead, many others injured and at least 260 arrested most of them Coke supporters. It was claimed that Cokes Shower Posse were paying troublemakers more than $1,000 a day to create diversions to d istract the police. Eventually Coke was arrested and is now in a federal prison in the US awaiting trial. A lthough Golding denied any connection with the drug lord, he eventually h ad to admit that his party had indeed retained a legal team to lobby president Obama to drop the charges against him. C onnections with such undesirables is deep-rooted in Jamaican society. T he dons had close ties to Jamaicas two major political parties and were believed to fund many political cam-p aigns. They were noted for their getout-the-vote operations at election t ime. Coke could be counted on to deliver Tivoli to Seaga, then later to Goldings Jamaica Labour Party. Elections inJ amaica are noted for their violence, o ften ending in death. Its not surprising that over the years crime escalated in Jamaica too many criminals were politically protected. W hat has taken place in parliament square these past few weeks to entice demonstrators to create a perception of large crowds is not the first time for theB ahamas. It has happened often. However, this is the first time that the pay ment of these persons many well k nown to the police is being openly d iscussed. It is dangerous. It should be stopped immediately. Just as paid protesters have been demanding payment thisw eek, they will soon be demanding protection from police as crime continues to escalate. I f some of Magistrate Hercules tales from the past during the Pindling regime are to be believed this interference with t he law is nothing new. O pposition Leader Perry Christie has made it clear that he wants nothing to do with this practice. We suggest he go further and get his political operatives under control. Washing his hands like Pilate from the stench is not good enough firm action is needed. A remarkable day in the life of FNMs 3rd term LETTERS firstname.lastname@example.org Christie urged to control political operatives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
By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT PLP Deputy Leader Philip Brave Davis said the PLP is not like the FNM and will always put ordinary Bahamians first. We need serious leaders; leaders who care more about people than they do themselves. Leaders who are more loyal to their country than they are to their party; leaders who believe in the people, he said at the PLP rally in Freeport. Mr Davis noted that many people are suffering in Grand Bahama. Grand Bahama, I must confess that I stand here with a heavy heart. I am burdened by the suffering that you have been facing. My mind is consumed with your concerns, your pains, your strife, he said. Since I was here last, 200 more Grand Bahamians lost their jobs. The pain and suffering has gone up higher. In the face of the economic challenges that Grand Bahamais experiencing I would expect a good Bahamian government to do all in its power to ease the suffering of its people, he said. Mr Davis indicated hundreds of million dollars are collected by the government in tax rev-enue on Grand Bahama. He claims that the FNM government has given nothing back. Where are the social outreach programmes? Where are the disbursements for housing, utility and food allowances? Where is the hand that will help y ou to stand on your own feet? Where is the plan to bring relief to Grand Bahama? When I was here last I told you about the windfall the government is set to receive in taxes from the BORCO sale. How much of that will make it back to Grand Bahamians? Didnt Papa say, we gat the money? The PLP deputy leader claims that the FNM government has done little during its term to work with the Grand Bahama Port Authority. H e said instead of partner ing with the Port Authority the government has antagonised company executives. At one point, (Hubert Ingraham) even got into a war of words with Sir Jack! Did this war help or hurt Grand Bahamians? he asked. Grand Bahama these are serious times and serious times call for serious leaders. This is no time to be playing politics! This is no time to hold grudges. This is no time to allow your personal feelings to get in the way of the survival of our people! This is no time to lose your head. This is certainly no time to be reckless! Mr Davis felt that the government should meet with the business community and work with them to find ways to preserve jobs and lower the cost to consumers. He criticised the prime mini ster for his recent remarks about a Nassau businessman. You cant bad mouth a business person Wednesday afternoon, saying that, he is not good for the Bahamas, claiming that they should not have been allowed to have a business and then that same night, c ustoms raids that business and expect people not to think that it was planned! That is stupid! It is the action of a man that is clearly drunk with power! He should be thrown out of the door! Put outside the house and sent away packing, Mr Davis said. He noted that although the FNM has asked Bahamians to trust them, they do not trust Bahamians to run BTC, head URCA, head HR at URCA, to be the Director of Works, to be President of COB, to head the Department of Public Prosecutions or build roads. Mr Davis stressed that the PLP party is much different from the FNM. He said: The PLP believes in the Bahamian people. The PLP believes in people over things. We believe in education over roads and in Bahamianisation over garage sales. A PLP government would not have fired ZNS workers and civil servants during a recession. We would not be about the business of shutting off the electricity of thousands; so school children cannot do their homework. A PLP government would not cut funding to the Loan Scholarship Scheme yet spend over $200 million on roads. A PLP government would not have raised taxes on the poor and then give concessions to the rich. A PLP government would not hurt farmers and slash the grants like the FNM did to farmers all over the country. A PLP government would never kill the middle class and ignore the cries and the pleas of the people. A government is supposed to help you when you getting mash up. It aint supposed to mash you up more. A govern ment is supposed to give its people first opportunity; not deny them in favour of foreigners. Mr Davis urged Bahamians to register to vote. LOCAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 7 Brave Davis: PLP will put ordinary Bahamians first PLPRALLY FREEPORT HAVANA Associated Press T HERoman Catholic Church said Tuesday that the Cuban government will release the last two political prisoners held since a 2003 crackdown on dissent, a landmark announcement that came the same day Fidel Castro said he had stepped down a s head of the island's Communist Party. The decision will clear Cuban jails of the last of 75 prominent intellectuals, opposition leaders and activists whose imprisonment on charges including treason has long soured relations with the outside world. The last two men to be released are Felix Navarro and Jose Daniel Ferrer, activists who had each been sentenced to 25 years in jail. "These releases come eight years too late, but I am very glad to know there will be no more prisoners of conscience in Cuba," said Gerardo Ducos, a London-based Amnesty International researcher specializing in the Caribbean. Church: Cuba to release last dissidents from PLPDEPUTY LEADER Philip Brave Davis
By LARRYSMITH T HERE was a remarkable editorial in the Guardian last week. The newspaper announced that it preferred to see the closure of Bahamian businessesr ather than contemplate an increase in government-controlled margins on gasoline and diesel fuel. The Guardian was commenting on the demand byp etroleum retailers for an increase in their fixed profit m argins on fuel sales. This w ould immediately raise the cost of a gallon of diesel by 2 8 cents, and the cost of a gallon of gas by 30 cents. With the price of oil rising, citizens also have to pay h igher electricity and food b ills," the editorial explained with shock-horror. "Who w ants to pay more for gas and diesel?" Who indeed. And who wants to pay more for newsprint, advertising space, i nsurance policies, lawyering or toilet paper for that matter? This is a commentaryt hat says nothing and goes nowhere. But the Guardian had a r eady-made "free market" s olution to the problem: "The r etailers who cannot make it may just have to go out of b usiness." With fewer gas stations in the marketplace, the logic ran, the survivors could s ell more fuel. Well surely survival of the fittest requires a level playingf ield first. You can't artificially m anage prices or contracts and then blame it on the free market if they fail. M ore importantly, oil prices need to rise in order to signal the market to conserve e nergy and to incentivize investment in alternative energy. The poor can be helped by transfers or rebates o f one kind or another, but general subsidies or price con trols on fossil fuels should be a voided. The government's position is that since fuel prices haveb road implications for the economy "and given that we are a small market with limit ed competition, margin cont rol is one way to ensure that price movements do not cause too much disruption," StateF inance Minister Zhivago Laing told me. Let's look at how the current system works. The oil companies (Esso, Texaco and Shell) buy diesel and gasoline in bulk from refineries off thec oast of Venezuela and set t he price for their Bahamian subsidiaries (or to FOCOL in t he case of Shell), which import the fuel for sale to B ahamian dealers, who sell it t o you and me. Added to the original cost of the fuel are s hipping costs and governm ent taxes, plus a fixed m arkup per gallon of fuel for b oth retailers and wholesalers. Most gas stations are o wned by the distributors, who lease them to Bahamians. Some are dealer owned.I n both cases, the dealer must p ay for his fuel in advance, b efore selling a drop, which has a big impact on cash flow. A nd if prices go down, the dealer must sell his pre-paid fuel at the new lower price.T he upshot is that fuel sales a re only marginally profitable, with most dealers relying on convenience store sales or other extra services to make it. The profitability of the oil c ompanies themselves is another matter. Exxon, for example, reported a net i ncome of $7.5 billion last July, mostly from its refining and marketing businesses. I n his recently published b ook, I s it Really Better in The Bahamas for Bahamians? Dr John Rodgers notes that E sso, Shell and Texaco have a t otal lock on both the whole sale and retail arms of the B ahamian fuel business. "I have often heard people ask why so many retail stations go out of business, w hen the petroleum business is such a lucrative one," he wrote. "The main causes are the high rents, royalties and other charges levied on the stations by the cartel. The net effect of these expenses is that t he cartel is taking back a sig nificant portion (some esti mate as much as 25 cents) of t he 44-cent markup that is provided on each gallon of gas sold by the retailer." T his fixed margin system h as been in place since the 1970s, when price controls were introduced by the Pindling government on a range of products in an effort to check runaway inflation. The last time fuel margins were raised was in 2000. THE MONTAGU MESS The Montagu shoreline is one of the few open spaces left on this island. But despite its use by inner city families, cookout vendors, sailing enthusiasts and pleasure boaters, over the years it has been allowed to degenerate into a monstrous public health and safety hazard. There can be no rational explanation for this although some would argue that the opportunity to affront those who lunch at the Royal Nassau Sailing Club was the main motivator. The beach has all but disappeared due to man-made erosion, and the inappropriately placed seawall has to be rebuilt at great expense every few years. The complex intersection is a dangerous traffic and pedestrian safety hazard, And there is a significant public health threat from pollu tion caused by garbage, oil and fuel discharges, human and animal waste, sewerage and storm water runoff. Despite the stench and the garbage, the ramshackle mar ket is visited by confused tourists and people who stop their vehicles without warning to chat or buy. Trailers block the road during rush hours, leading to miles of daily traffic jams and endless frustration. The venerable Montagu Beach Hotel closed in 1973 and was demolished in 1993. This land remained vacant for years, and could easily have been acquired by the government as a public park butt hat never happened. So t oday, high-rise office blocks hem the joggers and pickn ickers into a narrow strip along the shore. T he 1960s-vintage ramp w as never meant to accommodate commercial traffic or a public market, which had its o rigins in the 1970s when one o r two casual fishermen began h awking their catch to passing motorists. But over the last 2 0 years one of our few recre ational areas has been transformed into a public slaugh-t erhouse and commercial boat r amp without the slightest t hought and without any remedial action so far. F ishermen moved to the ramp in numbers after the closure of Potters Cay in 1991f ollowing an outbreak of c onch poisoning. At that time, more than 1,000 people were hospitalized from eating conch infected with bacteria picked up from polluted water around the Paradise Islandb ridge. In 2006 a parliamentary committee led by indepen d ent MP Pierre Dupuch reported following a two-year study. That report called fort he vendors to be relocated, a nd the ramp closed off from the sale of fish and other products, with access recon f igured to prevent trailers f rom blocking the main road. The reclaimed area next to t he ramp was to become a parking and turning area, with the ramp extended outward another 100 feet. A minority report present ed by then opposition MP Brent Symonette argued that many of the traffic problems at Montagu would be resolved if improvements were made to the Johnson R oad, Fox Hill Road and Blair intersections with the Eastern Road. But no actionw as taken to implement any of these recommendations. In 2009 a public/private sector steering committee was appointed by Montagu MP Loretta Butler-Turner (pictured) to take another look at the problem. Their report concluded that the Montagu junction had become a chaot ic free-for-all leading to "tension among vendors, dissatis faction among residents and constituents and risks for recreational users." It also recommended a costly redevelopment of the entire area as a public park. Since then this proposal has languished. Butler-Turner said it would cost millions and could not be covered by the budget, so the government was seeking to break it into more manageable pieces. Deputy Prime Minister Brent Symonette told me the gov ernment "has instructed the Ministry of Works to imple ment plans for the junctions of Fox Hill/Eastern Road, Johnson Road/Eastern Road and Blair/Eastern Road as well as some road improve ments at the ramp." These plans were devel oped from a traffic study years ago that looked at all intersections from Goodmans PAGE 8, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE Have you heard the good news? You CAN save money!If you need a lower premium,low deductibles,generous benefits and a fast claims service,pick up the phone and ask NIBA for a great insurance deal.Its time to pay less for insuring your car! Tel.677-6422 or visit www.nibaquote.com NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Tel.677-6422 www.nibaquote.com Open Saturdays10.00am2.00pm Remarkable newspaper editorial on fuel prices SEE page nine
T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 9 Bay to Fox Hill in the context of the multi-milliondollar New Providence Road Improvement Project that is still ongoing. "The survey work has a lready been done at Fox Hill/Eastern Road, and it is intended to do this work d uring the summer so as not to disturb St Annes School," Mr Symonette said. "Johnson Road may require some acquisition of land and may take longer.T he Blair junction will h opefully go out to bid shortly. The Montagu ramp requires some massaging but will go out to bid shortly as well. The initial plans do not envisage moving thev endors but rather some r oad realignment and a djustment to parking. These plans are still a work in progress." In addition, a proposal by the steering committee for the adaptive use of FortM ontagu as a unique restaur ant is receiving favourable consideration by both the Antiquities Corporation and the Ministry of Youth, S ports & Culture. This w ould also involve some realignment of traffic flow and parking areas in the vicinity of the fort. "Eventually we want to incorporate the whole Mon-t agu area so the beach can b e restored and other facilities added," Butler-Turner added. "I don't see that happening over the next t wo years, but we are hopi ng to move quickly on the ramp and the traffic flow along Eastern Road this year." W hat do you think? S end comments to firstname.lastname@example.org Or visit www.bahamapundit.com FROM page eight Tough Call
L OCAL NEWS PAGE 10, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE A GROUP of 80 directors of daycare and pre-school centres in New Providence and from the Family Islands recently participated in a conference designed to raise the level of minimum standards in the field. The conference at the Holy Trinity Activity Centre encouraged the directors to determine how best to improve upon areas such as staff requirements; health a nd safety; centre administration and records; programme requirements, and the physical environment. The directors were reminded that failure to comply w ould be disadvantageous to the educational development of children attending daycare centres and pres chools. The conference which was held under the theme: Fostering Best Practices in Daycare and Pre-school C entres, offered several sessions on various topics including promoting healthy lifestyles in young children a nd a presentation by the Suspected Child Abuse and Neglect (SCAN Bringing remarks on behalf of the Minister of Education Desmond Bannister, was Antoinette Thompson, Deputy Permanent Secretary, who said that the general c omments received from persons in other countries in o ur hemisphere show that the Bahamas is one of the l eading Caribbean countries that offer quality care and e ducation to young children. She encouraged the particip ants to work together with the Ministry of Education in t rying to achieve the minimum standards, and to seek training for their staff in early childhood education. Keynote speaker Charmaine Miller encouraged the p articipants to provide opportunities for their young stu dents to gain exposure to literacy so that they may build a firm foundation for early reading success. She said children should be allowed to experiment with readinga nd writing because these are thinking processes. FREEPORT, Grand Bahama Soft Productions, the Grand Bahama Port Authority, and the Grand Bahama Chamber of Commerce announced last week that they are bringing back Cals Big Bumpin' Circus to Grand Bahama, Nassau and now Eleuthera and Abaco. At a press conference held at the Grand Bahama Chamber of Commerce, David Wallace, event organiser, announced plans for the return of the successful circus show. We are very excited to announce that the circus is returning to Grand Bahama on March 27 through 29 and to Nassau on March 31 to April 2. This year we will also be adding Eleuthera and Abaco shows on March 30 and April 45 respectively, he said. I am also very pleased to tell you that we will be bringing back some of last years favourite acts, the Rubber Band Man, the high wire act, as well as a few new ones that include a magician, ventriloquist, and a trampoline jumping clown. We are also going to shine some light on our own Bahamian talents, Juice Unit, a local Grand Bahama dance team. The group will join the show this year and will also tour with Big Cal in the US. Donna Jones, Grand Bahama Chamber of Commerce director, also spoke about the return of the circus. The Grand Bahama Chamber of Commerce is pleased once again to support this positive opportunity for wholesome family entertainment on Grand Bahama and in our sis ter islands. We congratulate the organiser for having the fore sight and commitment to one again host this event, she said. Mr Wallace is hoping that bringing the circus back will also give a boost to the local economy on all islands the circus will visit. Wherever possible the circus is utilising local com panies to make the event possible, he said. We rent event locations, we use local companies for lighting and sound equipment, we use local vendors for food sales, we hire temporary staff for event management, hotel rooms. Daycare, pre-school directors gain valuable knowledge at conference PARTICIPANTS at the conference at the Holy Trinity Activity Centre. Cals Big Bumpin Circus returns to the Bahamas EVENT ORGANISERS announced the return of circus to Grand Bahama, Nassau and new venues Abaco and Eleuthera. Pictured at the press conference are (l-r Andrew Forbes, circus administrator; Donna Jones, Grand Bahama Chamber of Commerce director; David Wallace, circus event organiser, Charles Pratt, GBPA commercial manager, and James Vega, circus school coor dinator. Photo courtesy of Barefoot Marketing NEW TALENT TO BE SHOWCASED AT BIG CAL'S CIRCUS This year's Big Cal's Bumpin Circus will showcase many new acts, including a ventriloquist act (above cian, and all new high wire acts P h o t o c o u r t e s y o f B i g C a l
L OCAL NEWS P AGE 12, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE By LINDSAY THOMPSON Bahamas Information S ervices THE Republic of Ghana is s eeking new areas of collabo ration and cooperation with T he Bahamas in the hospitality and tourism industry. H is Excellency Daniel Ohene Agyekum made the statement as he presented hisL etters of Commission to G overnor General Sir Arthur Foulkes, accrediting him High Commissioner of the Republic of Ghana to the Bahamas, in a ceremony at Government House onT hursday, March 17. The Government and people of Ghana are satisfied a nd appreciative of your countrys support for our budding democracy, whichh as often been touted by m any as one of the most successful on the African Conti nent, he said. A s Ghana embarks on a new experience in crude oil production with its anticipat e d benefits to the economy, he said the government w ould be eager to maintain and deepen the friendship already enjoyed betweenb oth countries, as a basis of e xploring possible areas of c ooperation. Ghana is, in this respect, desirous to promote a healthy and productive bilateral trade and investment relationshipb etween our two countries, with emphasis on tapping into the Commonwealth of The Bahamas own expertise in assisting Ghana build its capacity for the development o f our tourism and hospitalit y industry, he said. In the spirit of the cooper ation, which already exists b etween both countries, Sir Arthur took the opportunity to solicit Ghanas support of T he Bahamas application for full accession to the World Trade Organisation (WTO We have taken note that t he rich resource of your country, recently enhanced by the discovery and current e xploitation of significant off shore oil reserves, and the consolidation of democracy a nd human rights reforms, all augur well for a stable and profitable environment inw hich to pursue enhanced coo peration, Sir Arthur said. H e noted the historical relationship between The Bahamas and Ghana in respect of a majority of the people of The Bahamas. Hea lso acknowledged that Ghana is the first black African country to become independent in March 1957. Other legacies Ghana is noted for are the liberation m ovement led by President K wame Nkrumah, and the leadership of Kofi Annan as Secretary-General of theU nited Nations, together winning the Nobel Peace Prize for global AIDS funding ford eveloping countries. Sir Arthur welcomed the participation of Ghana at the upcoming High Level Con f erence on Non-Communicable Diseases to take place at the UN General Assembly in S eptember; and the African Diaspora Summit in 2012 in South Africa. H igh Commissioner D aniel Ohene Agyekum, 69, possesses a broad experience as a career diplomat in majorr egions of the world the Middle East, Europe and North America; He has also been the holder of high polit i cal office at the heart of Ghanas decision-making and management of tribal andm odern governmental affairs. He was born on March 10, 1942 and is married with fivec hildren. Ghana seeking new areas of cooperation with the Bahamas D ANIEL OHEBE AGYEKUM High Commissioner of the Republic of Ghana to the Bahamas, left, paid a ccourtesy call on Deputy Prime Minister and Minister of Foreign Affairs Brent Symonette, (right Ministry of Foreign Affairs on Wednesday, March 16. Kris Ingraham /BIS Share your news The Tribune wants to hear from people who arem aking news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
LOCAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 13 e ach member to speak freely with immunity from arrest, civil or libel suit stemming from remarks made in Parliament. During his contribution to the debate over BTC's privatisation, MrM aynard also said he witnessed a g roup of men outside the Office of the Leader of Opposition apparently refusing to accept PLP shirts from a party "operative" until they were p aid. This group was then given beverages, believed to be liquor, added Mr Maynard. "Why y'all had to pay people to come out here to protest?" he asked. "I can tell you what I saw with myo wn two eyes, I looked out the window and I saw right in front of the Office of the Leader of the Opposition a bunch of young men refusing to put on their shirts until they got paid. It's despicable because if you reall y believe that the Bahamian people are not for sale, why do you have to pay young fellas to come out here? A PLP operative, a fella (had PLP shirts, I will not call his name, I know his name but I am not going to call his name. He had a box of PLPs hirts and the minute he started talking they started taking the shirts, after he gave everybody a shirt he had this half gallon of some red stuff I know it wasn't fruit punch, and he start pouring everyone a glass." A t this point, West End and Bimin i MP Obie Wilchcombe rose to his feet and said the man Mr Maynard spoke of could have been an FNM operative plying men with alcohol and PLP garb. V Alfred Gray, MP for Michal, also challenged Mr Maynard to prove hisa llegations or withdraw them. He said: "He is not speaking the truth when he says he saw people got paid. He's a stranger to the truth, either he proves that somebody got paid or withdraw it ... bring the proof a nd lay it on the table." lic opinion of the majority stake sale of BTC. They say the results revealed the number one reason for persons opposing the sale was the fear that rates would increase. During the study period, 402 Bahamians were surveyed and data was weighed by region, gender and age in order to represent the entire adult population. Data revealed that while 65 per cent of those surveyed were in support of BTC being privatised, results were inconclusive asto whether Bahamians were in support of the majority sale to Cable and Wireless (CWC ported the majority sale, while 47 per cent opposed it. Mwale Rahming, president of Public Domain, said the surprising results were reasons for not supporting the sale. O ne of the highly-publicised issues surrounding the opposition of the sale of BTC to CWC was that the majority stake should remain in the hands of the Bahamian people and not sold to a foreign entity. Survey results revealed t hat the 68 per cent of those who opposed the sale of BTC to CWC were more concerned about an increasein rates. Being sold to a nonBahamian company was ranked last. m ade a promise of payment. Reportedly, as the crowd a gain started to get out of h and, another senior mem ber of the PLP intervened, offering to pay the pro t esters a portion of what they were promised if they agreed to leave the scene. D uring this time, it is said, the police were called by concerned persons at the partys headquarters. P LP chairman Bradley Roberts declined to comment on the matter. sale. Moving forward, Mr Carroll said the only other option t o stop the sale of BTC is through the courts. The Bahamas Communicat ions and Public Officers Union (BCPOU Bahamas Public Managers U nion (BCPMU action in the Supreme Court questioning the governmen t's right to sell 51 per cent B TC to CWC. The two unions appeared in the Court of Appeal yest erday seeking to have the decision delivered by Supreme Court JusticeN eville Adderley in February o verturned, but their appeal was dismissed. ( see Page 5 ). Confronting criticisms by protesters that union headsh ave not done enough to protest the matter, Mr Carroll said that the union has s tood up and done the best they could with what they had. H e said: What else can we d o? We brought the issue to the forefront, the union has been there from the begin ning and continues to fight t he sale. According to Mr Carroll, even if the sale does occur, C WC will still require the buy-in of the unions. Mr Carroll pointed out that b oth union members and C WC will require a secure industrial agreement, and said the company will have to approach the workers in ordert o negotiate such a contract. President of the Bahamas Communications and Public O fficers Union (BCPOU Bernard Evans could not be reached up to press time toc omment on the protest. Brave Davis in cash for disorder claim FROM page one B AHAMIANS MORE C ONCERNED ABOUT P HONE RATES THAN F OREIGN OWNERSHIP FROM page one FROM page one CLAIM THAT PLP OPERATIVE PROMISED T O P A Y TWO DOZEN F O R PR OTEST FROM page one UNION LEADERS CRITICISED FOR NOT DOING ENOUGH AT PROTEST THEPROTEST against the sale of BTC, held at Rawson Square on Monday.Photo/ Jessica Robertson
I NTERNATIONAL NEWS PAGE 14, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE B y JILL LAWLESS A ssociated Press L ONDON (AP Watch out, Kate Middleton. Another royal consort is in the limelight as the royal wedding approaches. Wallis Simpson, the American divorcee who s candalised Britain and b rought down a king in the 1930s, is back in style. S he appears as a character i n the Oscar-winning film The King's Speech" as the interloper who lures Edward VIII away fromr oyal duties, thrusting his stammering younger brother George onto the throne. She turns up trailing glamour and menace in recent British TV series "Upstairs Downstairs" and "Any H uman Heart." S he is the subject of two new biographies, and is the central character in "W.E.,"a forthcoming movie direct ed by Madonna one powerful woman examining another. Designers Her striking sense of style continues to inspire designers well after her death in1 986. Her jewellery sold for million ($13 million Sotheby's auction, and now fans are even buying her lingerie. One of her scarlet chiffon nightdresses with a cape sold for more than 6,500 ($10,500 T hursday, and her Louis Vuitton vanity case went for ,000 ($77,500 Style icon, romantic hero ine, villain Simpson is an elusive character. Anne Sebba, whose biography "That Woman: A Life of Wallis Simpson, Duchess of Windsor," will be published in August, says her enduring fascination rests on that sense of mystery. "Why and how did a middle-aged woman, not conventionally beautiful, beyond childbearing years a nd with two living husb ands win over a man so f orcefully that he gave up n ot just a throne but an e mpire to live with her?" S ebba asked. It's still possible to feel a frisson of the scandal Simp son caused in 1930s Britain. The divorcee from Baltimore was still married to her second husband when she t ook up with Edward, then the heir to the British throne. R eports of the affair were c ensored in Britain. Newsp apers did not report it, and American magazines had offending articles cut outb efore going on sale. That didn't stop rumours swirling that Simpson was a spy, aw itch, a Nazi sympathizer, a p rostitute she had lived in licentious Shanghai in the 1920s and even a transsexual. T orn between duty and passion for Simpson, Edward abdicated thet hrone in December 1936, announcing in a radio broadcast that "I have found it impossible ... to dischargem y duties as king as I would w ish to do without the help and support of the womanI love." T he king's younger brother unexpectedly became King George VI the story recounted in "TheK ing's Speech." Edward and Wallis, now the Duke and Duchess of Windsor and suspected by some of Nazis ympathies, were sent to the Bahamas, where he served as governor. After the war they mostly stayed away from Britain, living a life of nomadic luxury. Many in Britain never forgave Simpson including George VI's wife Elizabeth, who became queen and later queen mother. She blamed Simpson whom she referred to withe ringly as "that woman" f or forcing her husband onto t he throne. She felt the s tress contributed to his earl y death from cancer. G eorge's widow became one of Britain's best-loved royals the "Queen Mum" and died in 2002 at the age of 101. Plump and maternal, she was, in the popular imagination, everyt hing the Duchess of Windsor was not. "Wallis had the good c lothes," author Justine P icardie wrote recently in t he Daily Telegraph, "but Elizabeth the kind heart." Animosity M any ordinary Britons shared the queen mother's animosity toward WallisS impson. She was, novelist Rose Tremain wrote recently, considered "too ambitious,t oo ruthless, too greedy, too m annish, too sexual, too cru el, too divorced, too proGerman and too American." Sebba said that for decades afterward, many people felt "she and thed uke had no sense of three old-fashioned words: duty, pluck and responsibility." "There was a sense that h e put his personal happiness and satisfaction above the call of duty. To the olderg eneration that was really s hocking." But there has always been another view. Americans, in particular, have tended to see Simpson more sympathetically and cele brate the romance of their love affair. British writer Sebba, who has had access to previously unseen archive material for her book, acknowledgedS impson "is quite a hard woman to like," but said she has never been fully under s tood. "She was a woman who tried to carve out a life for herself with the cards thath istory dealt her," Sebba s aid. One of those cards was a highly distinctive sense ofs tyle. "I'm not a beautiful woman," she once wrote. "I'm nothing to look at, so the only thing I can do isd ress better than anyone else." This she proceeded to do, cutting a flawlessly elegant figure in clothes by Christian Dior and others. Designer Daniella Helayel of Issa who cre ated the much-copied blue dress Middleton wore for her engagement announcement has called Simpson "chic and an inspiration." One of John Galliano's l ast collections for Dior shown in January, before he was fired for allegedly mak i ng racist and anti-Semitic remarks evoked Simpson's style with its furtrimmed tartans and 1940sc uts. J ewellery Then there was the amazing jewellery. The besottedE dward showered her with c ustom-made pieces, the pick of which were sold at Sotheby's in November: ano nyx and diamond Cartier bracelet in the shape of a panther; a jewel-encrusted flamingo clip glittering with rubies, sapphires, emeralds and diamonds; and a heartshaped emerald, ruby and diamond brooch with the initials W.E. Wallis and Edward. Even her lingerie has a ttracted buyers' attention. A scarlet chiffon nightdress, complete with a full lengthc ape, is among items being sold Thursday by Kerry Taylor Auctions in London. As well as Middleton's d ress, the sale has a link to a nother outsider who scan dalised the royal family: Princess Diana. T he items, including a Dior crocodile handbag anda Louis Vuitton vanity case, are being sold in aid of af und set up by businessman Mohammed al Fayed, who bought the Windsors' Paris house and its contents after the duchess died. Proceeds will go to a children's charity established in memory of his son, Dodi, who died with Diana in a car crash in Paris in 1997. Move over, Kate: Wallis Simpson back as style icon W ALLIS SIMPSON the Duchess of Windsor, meets her husband, the Duke of Windsor, as he arrives in New York on May 3, 1967 following his holiday in Nassau with the Earl and Countess of Dudley. FUKUSHIMA, Japan Associated Press WORKERSat a leaking nuclear plant hooked up power lines to all six of the crippled complex's reactor units Tuesday, but other repercussions from the massive earthquake and tsunami were still rippling across the nation as economic losses mounted at three of Japan's flagship companies. The progress on the electrical lines at the Fukushima Dai-ichi nuclear power plant was a welcome and significant advance after days of setbacks. With the power lines connected, officials hope to start up the overheated plant's crucial cooling system that was knocked out during the March 11 tsunami and earthquake that devastat ed Japan's northeast coast. Tokyo Electric Power Co. warned that workers still need to check all equipment for damage first before switching the cooling system on to all the reactor units a process that could take days or even weeks. Late Tuesday night, Tokyo Electric said lights went on in the central con trol room of Unit 3, but that doesn't mean power had been restored to the cooling system. Officials will wait until sometime Wednesday to try to power up the water pumps to the unit. Emergency crews also dumped 18 tons of seawater into a nearly boiling storage pool holding spent nuclear fuel, cooling it to 105 degrees Fahrenheit (50 degrees Celsius safety agency said. Steam, possibly car rying radioactive elements, had been rising for two days from the reactor building, and the move lessens the chances that more radiation will seep into the air. Added up, the power lines and concerted dousing bring authorities closer to ending a nuclear crisis that has com plicated the government's response to the catastrophic earthquake and tsuna mi that killed an estimated 18,000 people. Its power supply knocked out by the disasters, the Fukushima complex has leaked radiation that has found its way into vegetables, raw milk, the water supply and even seawater. Early Wednesday, the government added broccoli to the list of tainted vegetables, which also include spinach, canola, and chrysanthemum greens. Government officials and health experts say the dos es are low and not a threat to human health unless the tainted products are consumed in abnormally excessive quantities. The Health Ministry ordered officials in the area of the stricken plant to increase monitoring of seawater and seafood after elevated levels of radioac tive iodine and cesium were found in ocean water near the complex. Edu cation Ministry official Shigeharu Kato said a research vessel had been dispatched to collect and analyze sam ples. The crisis was continuing to batter Japan's once-robust economy. Three of the country's biggest brands Toyota Motor Corp., Honda Motor Co. and Sony Corp. put off a return to normal production due to shortages of parts and raw materials because of earthquake damage to factories in affected areas. Toyota and Honda said they would extend a shutdown of auto production in Japan that already is in its second week, while Sony said it was suspend ing some manufacturing of popular consumer electronics such as digital cameras and TVs. The National Police Agency said the overall number of bodies collected so far stood at 9,099, while 13,786 people have been listed as missing. "We must overcome this crisis that we have never experienced in the past, and it's time to make a nationwide effort," Chief Cabinet Secretary Yukio Edano, the government's public pointman, said Tuesday in his latest attempt to try to soothe public anxieties. Still, tensions were running high. Officials in the town of Kawamata, about 30 miles (50 kilometers from the reactors, brought in a radiation specialist from Nagasaki site of an atomic bombing during World War II to calm residents' fears. "I want to tell you that you are safe. You don't need to worry," Dr. Noboru Takamura told hundreds of residents at a community meeting. "The levels of radiation here are clearly not high enough to cause damage to your health." But worried community members peppered him with questions: "What will happen to us if it takes three years to shut down the reactors?" ''Is our milk safe to drink?" ''If the schools are opened, will it be safe for kids to play outside for gym class?" Public sentiment is such in the area that Fukushima's governor rejected a request from the president of Tokyo Electric, or TEPCO, to apologize for the troubles. "What is most important is for TEPCO to end the crisis with maximum effort. So I rejected the offer," Gov. Yuhei Sato said on national broadcaster NHK. "Considering the anxi ety, anger and exasperation being felt by people in Fukushima, there is just no way for me to accept their apology." While many of the region's schools, gymnasiums and other community buildings are packed with the newly homeless, in the 11 days since the disasters the numbers of people staying in shelters has halved to 268,510, pre sumably as many move in with relatives. IN THIS PHOTO released by Tokyo Electric Power Co. (TEPCO workers in protective suits conduct cooling operation by spraying water at the damaged No. 4 unit of the Fukushima Dai-ichi nuclear complex in Okuma, north eastern Japan,Tuesday. Tokyo Electric Power Co. via Kyodo News /AP Power lines up in progress at Japan nuclear plant
INTERNATIONAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 15 WASHINGTON Associated Press COALITION FORCES pounded Libyan military targets with 24 more Tomahawk missiles, expanding the no-fly zone over the North African n ation but suffering the loss of a U.S. fighter jet, U.S. officials said Tuesday. And the on-scene commander, Adm. Samuel J. Locklear, confirmed that troops of leader Moammar Gadhafi were attacking civilians in the city of Misrata. He said that as the international mission continues, coalition forces will be able to target government troops bet-ter. The two-man crew of an F15E Strike Eagle ejected after the craft suffered mechanical problems during a strike mission against a Libyan missile site, Locklear said. He spoke to Pentagon reporters via phone from the command shipUSS Mount Whitney in the Mediterranean Sea. The crew was recovered and suffered only minor injuries, U.S. Africa Command said. One crew member was recovered by rebels and the other was picked up by a Marine Corps search and rescue plane, the command said, adding both were in U.S. hands Tuesdayand off Libyan soil. Two dozen more Tomahawk cruise missiles were launched from U.S. and British submarines, a defense official said earlier in the day. Locklear gave no details but confirmed that brought to 161 the num ber of Tomahawk strikes aimed at disabling Libyan commandand control facilities, air defens es and other targets since the operation started Saturday. Locklear said the additional strikes had expanded the area covered by the no-fly zone. He said intelligence showed that Gadhafi forces were attacking civilians in Libya's third-largest city, Misrata. In a joint statement to Gadhafi late Friday, the United States, Britain and France called on G adhafi to end his troops' advance toward Benghazi and pull them out of the cities of Misrata, Ajdabiya and Zawiya. Locklear said the coalition is "considering all options" but did not elaborate. Asked if international forces were step ping up strikes on Gadhafi's ground troops, Locklear said that as the "capability of the coalition" grows, it will be able to do more missions aimed at ground troops who are not complying with the UN resolution to protect those seeking Gadhafi's removal. The overall commander of international military action, Gen. Carter Ham, said Monday that the operation was achieving its goal of setting up a no-fly zone to protect Libyan civilians from Gadhafi. Building on what Ham called a success ful first stage, the focus was shifting to widening the no-fly zone across the North African country while continuing small er-scale attacks on Libyan air defenses and setting the stage for a humanitarian relief mis sion. President Barack Obama's authority to order the military action against Libya without congressional approval was challenged by some in the Congress. Sen. John McCain, the top Republican on the Senate Armed Services Committee, said in a Tuesday interview with CBS's "The Early Show" that the military strikes were neces sary because there would have been "a horrible blood bath" under Gadhafi without international intervention. But Democratic Rep. Dennis Kucinich remained opposed to the operation and said he would offer an amendment to the next budget resolution that would prohibit federal money from being used to pay for U.S. military operations in Libya. Defense Secretary Robert Gates and others said the U.S. military's role will lessen in coming days as other countries take on more missions and the need declines for large-scale offensive action like the bar rages of Tomahawk cruise missiles. A senior defense official, speaking on condition of anonymity to discuss classified data, said Monday the attacks thus far had reduced Libya's air defense capabilities by more than 50 percent. That has enabled the coalition to focus more on extending the no-fly zone, which was mainly over the coastal waters off Libya and around the rebel stronghold of Benghazi in the east, across the country to the Tripoli area this week. It was unclear how much that had been expanded by the latest strikes. In Russia for an awkwardly timed visit on other topics, Gates said it would be a mistake to set Gadhafi's overthrow as a military goal. "I think it's pretty clear to everybody that Libya would be better off without Gadhafi," he said in an interview with Interfax news agency. "That is a matter for the Libyans themselves to decide," and given the opportunity they may take it, Gates said. Other administration officials said Washington is not interested in using military action to get rid of Gadhafi. Rather, a combination of international sanctions and other nonmilitary actions designed to isolate Gadhafi and undermine his author ity are more likely to hasten his demise, they said. Rep. Howard Berman, the top Democrat on the Foreign Affairs Committee of the U.S. House of Representatives, said in an interview Monday: "The goal is to be achieved in days, not weeks, without U.S. boots on the ground. As the hours go by, allied countries, Europe and the Arab countries are playinga larger role. Our role is becoming less." Obama addressed the Libya matter while visiting Chile on Monday. He contrasted his approach in Libya, in which his administration insisted on an international military partner ship, with President George W. Bush's actions in Iraq, where U.S. forces bore the bulk of the burden. "As you know, in the past there have been times where the United States acted unilaterally or did not have full international support, and as a consequence typically it was the United States military that ended up bearing the entire bur den," Obama said. More missiles are launched over Libya IN THIS IMAGE taken during an organized trip by the Libyan authorities, A Libyan supporter of Moam mar Gadhafi salutes amidst the wreckage of what was described as a maintenance warehouse hit by two missiles Monday evening on a Naval base in Tripoli, Libya, Tuesday. (AP L IBYAN PEOPLE s tand on top a U.S. F-15 fighter jet after it crashed in an open field in the village of Bu Mariem, east of Benghazi, eastern Libya, Tuesday, March 22, 2011. The U.S. Africa Command said b oth crew members were safe after what was believed to be a mechanical failure of the Air Force F-15. T he aircraft, based out of Royal Air Force Lakenheath, England, was flying out of Italy's Aviano Air Base in support of Operation Odyssey Dawn. (AP US AIR FORCE personnel inspect refueling equipment on a C-130 aircraft at the airbase of Sigonella, Sicily, Tuesday. (AP KABUL, Afghanistan Associated Press AN EMBOLDENED Afghan president said Tuesday that his nation's security forces will take over from the U.S.-led coalition in seven parts of the country, a first step toward his goal of having Afghan police and soldiers in charge by the end of 2014 so foreign combat troops can go home. The tenuous step comes despite NATO predictions of bloody fighting this spring and Afghans' fears that their forces aren't up to the task. In a speech peppered with criticism of the international military and civilian effort, Karzai asserted himself as a national leader and said the Afghan forces were on a path toward self-sufficiency. "The Afghan nation doesn't want the defense of this country to be in the hands of others anymore," Karzai told hundreds of dignitaries and Afghan police and soldiers at the National Military Academy of Afghanistan in the capital. He also reiterated his call for Afghan insurgents to lay down their weapons and reconcile with his government. Transferring security responsibility to Afghan forces means international troops can eventually leave, which is a key demand of Taliban leaders Karzai is trying to lure to the negotiating table. There have been informal contacts between insurgents and the Afghan government, but publicly the Taliban have not expressed interested in reach ing a political resolution to the war. Taliban spokesman Zabiullah Mujahid dismissed Karzai's speech, saying the nation remains occupied by nearly 140,000 foreign forces. Only time will tell if the Afghan forces will succeed in securing the transition areas, he said in a telephone interview with The Associated Press. "We will fight until the last foreign soldier is gone," he said. Karzai said the first phase of transition will start in July in the provincial capitals of Lashkar Gah in southern Afghanistan, Herat in the west, Mazere-Sharif in the north and Mehterlam in the east. In addition, Afghan police and soldiers will take charge in all of Bamiyan and Panjshir provinces, which have seen little to no fighting, and all of Kabul province except for the restive Surobi district. Afghan security forces already have assumed the responsibil ity for security in the greater Kabul area, which is home to about 5 million people about one-fifth to one-quar ter of the nation's population. NATO forces that are currently in transition areas will thin out, take on support roles, including training and mentoring, be redeployed to other areas of the country or sent home. President Barack Obama wants to start withdrawing U.S. troops in July if conditions allow. While Karzai's announcement showed his nation's desire to end its reliance on foreign forces, it was not evidence that Afghan security forces have overcome a lack of training and equipment, illiteracy, corruption and shortages of top Afghan officers and international mentors. Still, the beginning of transition is a boost to troop-contributing nations who want to reassure war-weary citizens back home that their commit ment to Afghanistan is not open-ended. In Brussels, NATO Secretary-General Anders Fogh Rasmussen welcomed Karzai's announcement, but warned that transition was not a signal for allies to withdraw from Afghanistan. Afghan for ces to take lead in securing seven areas
SECTIONB email@example.com WEDNESDAY, MARCH 23, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.10 $5.12 $5.11 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 shareOffer Opens: Monday March 21st, 2011 | Offer Closes: Friday April 15th, 2011Offering Memorandum available from all locations of:Royal Fidelity | RBC Royal Bank | RBC FINCO | Fidelity BankFinancial Advisor & Placement Agentwww.royaldelity.com or call: 1.242.356.9801Read the Offering Memorandum and consult a nancial advisor before investing. By NEIL HARTNELL T ribune Business Editor The Bahamas International Securities Exchanges (BISXc hief executive yesterday u rged listed Bahamian com panies to pay more atten tion to their stock prices and shareholders, while also backing calls for a rating agency to be established to assess the c reditworthiness of public firms. Denying that the Bahamian stock exchange had a sys temic problem when it came to low liquidity levels and depressed stock prices across the board, Keith Davies suggested BISX-listed firmsn eeded to take a leaf out of the playbook used by their c ounterparts in developed markets, such as the US and UK, and focus more on investor relations. This, he suggested, would pay long-term dividends by stimulating further demand among existing shareholders for their stock, aiding share price appreciation and thus encouraging new investors to buy in to get a piece of the action. For years Ive counselled companies to pay more attention to their stock price, pay more attention to their share holders, and for there to be more interaction with their shareholders, Mr Davies told Tribune Business. Look at my North Ameri can colleagues, whom Im very familiar with. One of the things they spend a great deal of time on is investor rela tions. They spend a great deal of time with their investors, making them feel good so that they purchase more shares. Pointing out that existing shareholders were even offered incentives by listed developed market companies to acquire more shares, Mr Davies urged Bahamian public stocks to not ignore or forget about their investors. You have to be involved with your people, he told Tribune Business. I would encourage all companies to foster that relationship, grow with them and be involved. Dont speak to them once a year; be involved with them all the time. Dionisio DAguilar, AML Foods chairman, recently suggested that the points raised BISX FIRMS URGED: PAY MORE ATTENTION TO YOUR SHAREHOLDERS Exchanges chief backs calls for local rating agency But no systemic problem of low liquidity and depressed prices across the market Suggests companies create own problems through low IPO minimums K EITH DAVIES You have to be involved with your people. SEE page 4B B y NEIL HARTNELL T ribune Business Editor The Bahamas International SecuritiesE xchanges (BISX executive yesterday urged p ublic companies to increase the amount of s hares made available to the public, telling Tribune Business that a lack ofe xpansion opportunities in the domestic market was p erhaps one reason why this had not occurred. Keith Davies explained t hat, typically, public companies made more shares a vailable to institutional and retail investors when BISX chief wants more public firm shares on market Suggests lack of aggressive e xpansion and capital needs has prevented more shares being issued to public investors Stock volatility magnified b y global recession SEE page 5B B y NEIL HARTNELL Tribune Business Editor Cable Bahamas is set to launch a new product suite of converged Triple Play com m unications services within the next several weeks, Tribune Business was told yes terday, as it received regula t ory approval for its Systems Resource Group (SRG merger to allow the combined company to provide interna tional services to and from the US. Speaking to Tribune Busi n ess after the Federal Com munications Commission (FCC tion for a change in SRGs ownership, which will seeC able Bahamas acquire 100 per cent of its share capital, CABLE EYES NEW TRIPLE PLAY SUITE AFTER US APPROVAL Converged communications competition with BTC awaited Just Central Bank approval required for SRG merger consummation SEE page 4B B y NEIL HARTNELL T ribune Business Editor Commonwealth Brewe rys $62.5 million initial public offering (IPO i n $3-$4 million in committed subscriptions on its first day, Tribune Business was t old yesterday, its placement agent suggesting that based o n expressions of interest retail investors could take up 30-40 per cent of thes hare issue, rather than the anticipated 20 per cent. M ichael Anderson, RoyalFidelity Merchant Bank & Trusts president, told this n ewspaper that the subscriptions received to date h ad mainly come from retail i nvestors and its brokerage clients, with many of the b ank branches already starting to run out of offering memorandum documents. Its been met with a lot o f interest, Mr Anderson s aid of the IPO launch. There are still some individuals wanting to buy mill ions. I think we got in over $4 million yesterday [Mond ay], and I dont know what the tally is for today [Tuesday]. I think there were a lot of brokerage clients asking u s to put money in. It was over $3 million; somewhere between $3-$4 million. M r Anderson added that all the branches across the i sland are running out of offering documents. Some 3,600 early copies of the C ommonwealth Brewery $3-$4m subscriptions on $62.5m IPO launch n Bank branches said to be running out of offering documents n Retail investors could end up taking $20-$25m, or 30-40%, of offering compared to initial $15m expectation M ICHAEL ANDERSON SEE page 4B By ALISON LOWE Business Reporter firstname.lastname@example.org An increase in workers being illegally hired hasp rompted a warning to Bahamian employers and their employees who vio late Immigration laws: You w ill be prosecuted for your a ctions. Deputy Prime Minister and Minister of Immigration, Brent Symonette, saide fforts to punish those who break Immigration laws related to employment will be stepped up this year. Prosecutions will occur across the board, targeting both employers who hire workers without work permits or put them in in areas other than that which their permit specifies, and employees. Director of Immigration, Jack Thompson, said the Department is not just paying lip service or making idle threats, telling Tribune Business that the public can expect to see a number of people, both employers and employees, brought before the courts this year. There has been an increase in the number of persons hiring persons without work permits and, Immigration pledges permit crackdown SEE page 5B B y NEIL HARTNELL Tribune Business Editor The Bahamas Electricity Corporation (BEC to fraud and corruption as a result of its unwieldy procurement structure, a consultants report has revealed, although action taken to rectify fuel management deficiencies have reduced the danger of major losses being sustained. T he report by German company, Fichtner, financed by t he Inter-American Development Bank (IDB a project to strengthen the Bahamian energy sector, said B EC lacked a procurement function covering all proced ures for resources the Corporation purchased, and hinte d that there were no divisions between those who dealt with the technical side of bid documents and those who evaluated submitted offers. With the dispersed responsibilities for procurement transactions, the entire procurement organisation of BEC is prone for inefficiencies, delays, frictions, and leaves the Corporation vulnerable for fraud and corruption, Fichtner said in its report. This arrangement is time consuming, hinders the BEC exposed to fraud and corruption S EE page 2B
B USINESS PAGE 2B, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE 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 (UXVW%DKDPDVf/WG $WWQ+XPDQHVRXUFHVDQDJHU H'HVNWRSDQG\VWHPV(QJLQHHUf &HQWUHRI&RPPHUFHQG)ORRU 2QH%D\WUHHW 3 1DVVDXKH%DKDPDV Top international lawyers visited N assau last week for a three-day conference hosted by The Eugene Dupuch Law School. A mong the 40 panellists were distinguished jurists, legal scholars, sychologists, social workers and educators from the Caribbean, Canada, the UK, the US, Germany, Sweden a nd Serbia. They included Lord Justice Matthew T horpe from the Court of Appeal of England and Wales, and Madame Justice Nancy Flatters from the CalgaryFamily and Youth Court in Alberta, Canada. The event, held from March 17-19, w as hosted under the theme T he Legal and Social Consequences of the Disint egration and Reintegration of Famil ies About 200 persons attended the c onference. Marriage Issues discussed included marriage and divorce, cohabitation, property distribution, mediation, paternity and inheritance. O ther topics on the agenda were t ransracial, inter-country and samesex adoption, assisted reproduction and ethical issues, child development, i nternational child abduction, juvenile delinquency, domestic violence, human rights and the family and same sexm arriages. All the speakers received a complimentary copy of the 2004 issue of the Bahamas Handbook, which included the story of the legendary Eugene D upuch QC, for whom the school is named. Attendees received The B ahamas Investor, the What-to-do magazine, the Dining Guide and the Bahamas Trailblazer maps. The Welcome Bahamas books are circulated in the hotels. REVIEWING: Pictured are Etienne Dupuch III, grand nephew of the Eugene Dupuch, reviewing the publications with Tonya Bastian-Galanis, principal of the Eugene Dupuch Law School. TOP LAWYERS AT NASSAU SEMINAR B y ALISON LOWE Business Reporter email@example.com T he management company selected in 2006 to oversee the o perations of a proposed $700 million resort on Rum Cay says the project developer remains keen to get started, despite not having been able to provide a hard date for when it expectst o get development underway. Ground was broken in 2006 on the 870-acre, multi-use Rum Cay Resort Marina development, for which Montana Holdingsh as signed a Heads of Agreement with the Government. R ockResorts, a resort management company which on Friday celebrated being selected to take over management oversight of the Bimini Bay Resort and Marina, was chosen to o perate the Rum Cay property. However, shortly thereafter, the development, like many others such as the proposed Ritz-Carlton hotel on Rose Islanda nd the I-Group development in Mayaguana, stalled and little has come of it since. Montana Holdings Nassau office number was out of service when Tribune Business called yesterday. A lthough the proposed development may have slipped out of the public consciousness, Mark Jeffrey, area vice-president for the southeast and Caribbean region for RockResorts told T ribune Business during an interview in Bimini that the develo per remains very eager to get started. Amy Kemp, communications manager for RockResorts, added: It hasnt been developed yet. It all depends on marketc onditions for the developer, suggesting that an uptick in the real estate market would be a key factor in any determination by the company as to when to move forward. M s Kemp noted that RockResorts signed a contract with M ontana Holdings and remains the manager of choice for the property when it is developed. Under the previously laid out plans for the Rum Cay Resort and Marina, it will consist of an 8 0-slip Blue Flag marina, the Port Santa Maria Marina Village, and a variety of residential offerings. Phase Two will include the RockResort hotel and spa, additional residences, and privatem embership clubs. Phase three will complete the resort develo pment and will include additional residences and other ameni ties. Rum Cay developer keen to get started BEC is exposed to fraud and corruption development of specialised high-calibre expertise in procurement, and is not in line with internationally-accepted best practices. Fichtner added that an Internal Audit report discovered serious shortcomings in BECs fuel management, calculation and reconciliation, due to negligence and faulty methodology. A subsequent serious approach with the aim of clarifying misunderstandings and establishing improved procedures has apparently diminished the danger of losses, the report said. Among several smaller insuf ficiencies, fuel and sludge metering prob lems were identified. Fuel theft was found not to be a problem. The Fichtner report, completed in early 2010, noted that the fuel supply contract between BEC and Shell Western remained unsigned as at end-November 2009, with t he process not precisely set out or authorised. And it added: Particularly considering t he financial constraints of BEC and the v ery insufficient storage space, it is hard to understand why unused machinery and materials of apparently considerable value are left to deteriorate while occupying valu able storage space. As these items have apparently never been entered in BECs inventory, it is suggested that BEC carries out an immediate assessment of these items in order to decide either their sell off, disposal as scrap metal, or to identify internal uses. If approval of the Board of Directors is required to dispose of unneeded invento ry, a procedure should be defined which ensures the regular review of such items and leads to some decision regarding use, disposal or further storage. FROM page 1B JANE WARDELL, AP Business Writer LONDON The British government will seek to promote economic growth on a shoestring when it unveils its annual budget Wednesday as soaring inflation, rising unemployment and a runaway deficit leave little room for voter-friendly giveaways. As concern grows about the possibility of a domestic dou ble-dip recession, Treasury chief George Osborne is expected to stick to his guns on a tough austerity program slashing government spending on services from health to edu cation to bring down the country's debt. Osborne is instead likely to announce less costly reform measures to encourage private sector investment and offer some smaller gifts to a cashstrapped general public such as a freeze on fuel duty. "The budget is going to be ashamedly pro-growth, proenterprise and pro-aspiration," Osborne said earlier this month. Britain is struggling to recover from its worst recession since the end of World War II. The country was in recession longer than the other Group of Seven industrialized nations and a shock 0.6 percent contraction in gross domestic product growth in the final quarter of last year has heightened fears for the future. Economists expect the Office for Budget Responsibility, the agency set up by Osborne to keep forecasts at arm's length from the government, to revise downward its forecasts for growth this year and next from 2.1 percent and 2.6 per cent respectively when it provides updates alongside the budget. Those figures are well above the predictions of 1.5 percent and 2 percent from the Organization for Economic Cooperation and Development, which has warned that Britain still faced "significant headwinds." Still, the OECD gave a tick of approval to Prime Minister David Cameron's tough spending restrictions to tackle a deficit running at around 10 percent of gross domestic product. But statistics released on the eve of the budget showing that inflation continues to edge higher to an annualized 4.4 percent, more than double the Bank of England's 2 percent target have made Osborne's task even tougher. As well as increasing the likelihood of a near-term hike in interest rates, persistently high inflation means that the government will likely have to borrow more over the medium term, making Osborne's plan for fiscal consolidation trickier to achieve. Other figures out Tuesday showed that public borrowing increased in February as the tax haul unexpectedly shrank to 11.8 billion pounds, compared to 9.5 billion pounds a year earlier. That was nearly double the 6.9 billion pounds forecast by economists and a record for February. UK budget to pr omote gr owth on shoestring INTERN A TIONAL BUSINESS
DEREK KRAVITZ, AP Business Writer WASHINGTON A new home, the dream of many would-be buyers, makes less and less financial sense inm any places. A wave of foreclosures has driven down the cost of previously occupied homes and made them even more of a comparative bargain. By contrast, new homes have become more expensive. The median price of a new home in the United States is n ow 48 percent higher than that of a home being resold, more than three times the gap in a healthy housing market. Such a disparity can be a drag on the economy. New homes represent a small frac tion of sales, but they cause economic ripples, bringing busi ness to construction and other industries. Sluggish new-home sales deprive the economy of strength. "A lot of people are saying, 'If I can get a great deal on a h ome already on the market, why go through the headaches of getting a new home?'" says Mark Vitner, a senior economist with Wells Fargo. "There's a relatively small group of people who have the credit, have the down payment and are secure in their jobs that can go out and buy new." T he gap is widening because prices of previously occupied homes are falling fast, pulled down by waves of foreclosures and short sales. A short sale occurs when a lender lets a homeowner sell for less than is owed on the mortgage. New homes aren't directly affected by such sales. The median price of a new home the price at which half the homes sell for more and half sell for less has risen almost 6 percent in the past year to $230,600, even though last year was the worst for sales in nearly a half-century. Slowed by those higher prices, new-home sales have plummeted over the past year to the lowest level since records began being kept in 1963. The government provides fresh data on new-home sales Wednesday. By contrast, sales of previ ously occupied homes have fall en almost 3 percent in the past year. Prices have dropped more than 5 percent. In February, the median price for a resale was $156,100, according to the National Association of Real tors. That adds up to a price dif ference of $74,500, or 48 percent, the highest markup in at least a decade. In healthier mar kets, a new home typically runs about 15 percent more, according to government data. Home prices and sales still vary sharply among metro areas. Cities with more foreclosures tend to have more resale homes that have lan guished on the market and are priced at a bargain. That makes new homes in those areas comparatively expensive. In Atlanta, for instance, where foreclosures accounted for one in every 23 homes sold last year, the medi an price of a previously occupied single-family home was $109,900, about 12 percent lower than a year ago, according to the Georgia data firm Smart Numbers. The median price of a new home was more than twice that. "That's as much of a difference as we've ever seen," said Steve Palm, president of Smart Numbers. "New homes can't compete, and that means jobs." An average of three jobs and $90,000 in taxes are created for each home built, according to the National Association of Home Builders. Expensive In some areas, older homes were more expensive before the housing market bust. That was especially true in urban neigh borhoods with little or no room left to build on. But now, buyers get their pick even in some of the trendiest places. That's what Robert Rost is finding in central Phoenix. Rost doesn't want to commute far to his job. He's been looking for a home for about five months but can't find new properties in the neighborhoods where he wants to live. "I don't want to commute 45 minutes to an hour a day oneway," the 38-year-old computer engineer says. Homebuilders have taken notice. Residential construction has all but come to a halt. Builders broke ground last month on the fewest homes in nearly two years. And building permits, a gauge of future construction, sank to their lowest in more than 50 years. Many builders are waiting for new-home sales to pick up and for the glut of foreclosures and other distressed properties to be reduced. But with 3 million foreclo sures forecast this year nationwide, a turnaround isn't expect ed for at least three years. Don Eyler, who has owned E and R Construction in Terre Haute, Ind., for three decades, blames the banks. He says people are still interested in having a custom-built home but can't finance the pur chase. Tighter credit has made it harder to get larger loans. Eyler typically built eight homes a year before the housing boom and bust. Now, he's averaging just about five. And he's making less profit on each. "We hope we can stay in business until it gets better, but the turning point is this year," Eyler says. "If it doesn't change, we'll have to do something different." Contributing to higher newhome prices is the rising cost of building materials. Fewer new homes sold means fewer jobs added to an economy struggling with 8.9 percent unemployment. About 2.2 million overall construction jobs have disappeared since the housing boom went bust. That's nearly a third of the people the industry employed in January 2007. Workers in residential con struction have fared even worse than other construction employees. Homebuilders cut nearly 1.3 million jobs in that time, or 39 percent of total payrolls. Besides generating jobs in construction and other fields, new-home purchases tend to help the economy because buyers are more likely to buy new furniture, appliances and other amenities. There's also the psychological factor. In good times, most homes rise in value. But new homes historically have risen faster by an additional 1.5 percent a year, according to Realtors and census data. When homes appreciate in value, people feel they have more money. So they spend more. "When you have more net worth, especially in your home, you feel richer," says Chris G. Christopher Jr., senior principal economist at IHS Global Insight. BUSINESS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 3B By ALISON LOWE Business Reporter a firstname.lastname@example.org T he Government has met with the major oil companies as it moves towards a decision on whether to grant an increase in the markup retailers can add to the price of gas and diesel, asking for wholesalers to provide information to help it come to a conclusiono n the matter. V alentino Bain, country manager for E sso, confirmed that both he and representatives of Texaco and Shell (FOCOL Holdi ngs), met with minister of state for the environment, Phenton Neymour, last Wednesday to discuss the retailers position. T he meeting came two days after Mr Neym our, who has ministerial responsibility for relations with the petroleum industry, met with members of the Petroleum Retailers A ssociation, formally receiving their request for a 233 per cent increase in the mark-up they can receive per gallon of gas, and a 400 per cent i ncrease for d iesel. Mr Bain yest erday declined t o comment on whether the wholesalers put forward a position to the Government on the retailers r equest for f inancial relief. H e said the w holesalers w ere asked to p rovide information relative to the industry to help the Government, but declined to comment any further on the meeting. Oswald Moore, chairman of the Margin Relief Committee of the Petroleum Retailers Association, said he was aware that the Government had now met with the wholesalers, as it told retailers it intended to do before it makes its decision on their request. He said the Petroleum Retailers Associat ion will meet next Wednesday, and hopes t hat by that time we will have some information which we can give to our members on where things stand on the mark-up issue. The Government met with the wholes alers, and so I would think now that they h ave had they are now doing whatever else t hey have to do before making the decision. W e are not sure what thats going to be, but we expect a favourable response in a short space of time, said Mr Moore. He said he would not set a deadline by which the retailers expect to receive a response, but added that (the retailers situation is critical. We know they have their job to do and we have waited a long time. We tried to wait until we felt the economy has turned a corner before we tried to really get somet hing done, and I think they are working w ith us in good faith, Mr Moore said. T he petroleum retailers meeting with Mr Neymour on Monday, March 14, came three d ays after an estimated 80 per cent of service s tations shut down sales of diesel for 12 h ours to draw attention to their position. T he Margin Relief Committee is asking the Government to allow retailers to col-l ect 30 cents, rather than nine cents of profi t, on every gallon of gas, and 20 cents rather than four cents per gallon of diesel. M argins on gas have remained fixed at t he same rate for the last nine years, while d iesel margins have not been adjusted for 30 years. Without an adjustment, Mr Moore said some retailers are likely to give up on the industry altogether, given that as oil prices rise, costs rocket and profits shrink. Mr Neymour did not return messages seeking comment up to press time yesterday. Government meets the oil majors on retail mark-up New homes are becoming a bad deal in weak markets PHENTON NEYMOUR (AP Photo/Steven Senne, file F OR SALE: I n this file photo taken Jan. 10, 2011, a for sale sign hangs in front of a home, in Millis, Mass.New home? Or existing one? For buyers, the decision is getting easier. A wave of foreclosures has sent prices of previously occupied homes sinking. New-home prices have f allen much less. INTERNATIONAL BUSINESS
Anthony Butler, the latters p resident and chief executive, said: It just gives us the opportunity to be the TripleP lay provider that weve always had plans for over the last four-five years. Its a pretty exciting time for the company, the new product suites that are about to come to the market. O nce the SRG merger is fully consummated, it will effectively become Cable B ahamas wholly-owned sub sidiary in the provision of fixed-line services in theB ahamas. The business strat e gy is likely to involve moves to expand SRGs current estimated 2 per cent markets hare in the fixed landline business, largely through bundling this product with Cable Bahamas existing data, I nternet and TV/video offer ings, which will allow the merged entity to entice con sumers through discounts, p romotions and attractive pricing. F orw ard Paul Hutton-Ashkenny, SRGs president, yesterday told Tribune Business that the FCC approval represented am ajor step forward in the two companies plans, while consumers would soon receive the benefit from com p etition in the market for converged communications services with a privatised B ahamas Telecommunica tions Company (BTC Only one approval e xchange control from the C entral Bank of the Bahamas remains to come through before the SRG/Cable Bahamas merger is conclude d, the FCC nod relating to a change in control of SRGs section 214 licence. This willa llow the combined company to continue providing international telecommunications s ervices into and from the US as a global facilities provider. We have a landing station i n Florida for submarine fibre, so because of the change in control of SRG and the fact we have a licence issued by t he FCC, they have to approve the change of con trol because of the traffic sent i nto and out of the US, Mr Hutton-Ashkenny said. Adding that the merger was very close to conclusion, Mr Hutton-Ashkenny said the final approval required was exchange control approval f rom the Central Bank, due to the existence of a minority foreign interest in SRGs o wnership. We have one final approval that we need to obtain, he added. We dont a nticipate a problem with that, and its just a matter of that dropping into place. Hopefully, its something that well be able to get squared away in the next few weeks, but Im not being critical of them [the Central Bank] in any way. Once we can get that last piece of paper, were looking forward to getting going. Noting that BTC and its incoming majority sharehold er, Cable & Wireless Com munications (CWC same Triple Play aspirations as Cable Bahamas/SRG, and wanted to get into the video services market, Mr HuttonAshkenny said: Its going to present competition for con sumers in the marketplace for converged services, which can only be good. Its a major step forward. This merger will provide the Bahamian consumer converged competitive services for the first time. The merged company will be in a position to offer news ervices to the consumer at highly competitive price points immediately the trans-a ction is concluded. M r Hutton-Ashkenny said the two companies had quite obviously not been sitting ono ur hands while waiting for r egulatory approval, and had been working on their busi ness plan and strategy going f orward. Complaints Meanwhile, sector regulat or, the Utilities Regulation & Competition Authority (URCAf irmed it was investigating two c omplaints of anti-competi tive conduct made by SRG against BTC. SRG is alleging that BTCs f ixed-line customers are being permitted free calls when dialling the latters ViBe cus tomers on another Bahamian island, yet its own clients are being forced to pay a charge to do the same. It is also claiming it faces a margin squeeze over BTCs interconnection/wholesale domestic long distance termi nation charge, and its retail ViBe offering. Here, SRG is alleging that ViBe customers are being allowed to call BTC fixed-line customers on another island for free, while SRG clients yet again have to pay an interconnection charge. Effectively, SRG is unable to compete, because to do so it would have to absorb the costs incurred by its clients in its business model. B USINESS P AGE 4B, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE /$&267$$1$*(0(17,1&ROXQWDU\/LTXLGDWLRQf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f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f3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW QRWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG FRPSDQ\LVLQYROXQWDU\GLVVROXWLRQFRPPHQFLQJ 0DUFK$UWLFOHVRI'LVVROXWLRQKDYH EHHQGXO\UHJLVWHUHGWKH5HJLVWUDU0LVV-LOO 0F.HQ]LH%ULWWDQ\,QYHVWPHQW&RPSDQ\/LPLWHG %DKDPDV)LQDQFLDO&HQWUH6KLUOH\DQG&KDUORWWH 6WUHHWV31DVVDX%DKDPDVLVWKH /LTXLGDWRU $OOSHUVRQVKDYLQJFODLPVDJDLQVWWKHDERYH QDPHGFRPSDQ\DUHUHTXLUHGRQRUEHIRUHWKH $SULOWRVHQGDOOWKHLUQDPHVDGGUHVVHV DQGSDUWLFXODUVRIWKHLUGHEWVDQGFODLPVWRWKH /LTXLGDWRURIWKH&RPSDQ\RULQGHIDXOWWKHUHRI WKH\PD\EHH[FOXGHGIURPWKHEHQHRUDQ\ GLVWULEXWLRQPDGHEHIRUHVXFKGHEWVDUHSURYHG -LOOF.HQ]LH /LTXLGDWRU 6835(0($5&+,19(670(17&253 ROXQWDU\/LTXLGDWLRQf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b y Mr Davies had been brought home to Bahamian public c ompanies by the recent battle the food retail group fought a gainst the hostile takeover bid by businessman Mark Finlayson. H e said at the time that the whole episode had shown the need for listed stocks to pay more attention to, and stay closer, to their shareholder bases. Meanwhile, Mr Davies also backed calls by Paul McWeeney, Bank of the Bahamas Internationals managing director, for a Bahamas-based ratings agency to be established, providingt ransparent, honest reports on the creditworthiness of listed stocks and their ability to repay their debts. We have advocated, and this has been part of our recommendations to the Government, that there be a rating agencyput in place, the BISX chief executive told Tribune Business. Any time you provide investors with more details and timely information, you enhance their perception and participation in the market. Value But while a credit rating agency, such as a Moodys or Standard & Poors, could rank companies alongside their peers, Mr Davies said such an entity could not say what the true value of a company was or whether investors should buy its shares. T urning to concerns over BISXs pricing structure depressing stock prices via the absence of liquidity and undue influence o f small retail trades, Mr Davies told Tribune Business: Securities are like a piece of art; its what youre prepared to pay for i t. If we were having a systemic problem across our market w here securities are depressed or not trading at their true val ue, it would be the same case for all companies, and its not. Securities over time tend to increase in value, especially if the company is doing well and performing well in the economy. Mr Davies said the performance data compiled over BISXs 10-11 year history showed that most listed stocks had enjoyed historic price appreciation, rather than depreciation, and hint-e d that complaints were only surfacing now because of the i mpact the recession was having on the stock market. And he also suggested that the way companies structured t heir initial public offerings (IPOs e ry one being a prime example with its minimum 100 share subscription, also made a rod for their back by creating the platform for multiple small retail trades to take place. I understand the complaint that just a few trades cause m ovement, Mr Davies said. When companies go public, you see these small volumes, 100 share minimums, so you see these small trades after the fact. It i s what it is. The market can only trade what is there. BISX FIRMS URGED: PAY MORE ATTENTION TO YOUR SHAREHOLDERS FROM page 1B FROM page 1B Cable eyes new Triple Play suite after US approval offering memorandum had been placed i n the 23 Royal Fidelity, Fidelity Bank (Bahamas b ranches, with the bulk set to arrive t oday. The branches are running out of offering memorandums, and there is a constant flow of people into the branches to pick up these documents. T heres a huge level of interest, and w eve seen lots of interest at the b ranches, the RoyalFidelity president t old Tribune Business. Rack cards and information posted i nside all Burns House liquor store locations were directing Bahamians where to pick up the offering memorandum, and Mr Anderson said of theI PO: So far so good. Its continuing to stimulate interest. We started to get this feeling of a h igh level of interest a few weeks ago, and are seeing it becoming a reality, m anifesting itself in real subscriptions. The bulk of the Commonwealth B rewery investments are still expected t o come from institutional investors, s uch as pension funds and insurance companies, Mr Anderson explained, a lthough RoyalFidelity will not get a r eally good handle on that until t owards the end of the offering, as investment committees and their advisers meet to make final decisions. T he retail investor side, though, was positive. Mr Anderson said his initial expectation was that Bahamian retaili nvestors would take up about 20 per c ent, or $15 million, of the IPO, with the remaining $47 million subscribed f or by institutional investors. H owever, with individual investors having pledged to buy $10 million and $ 3 million stakes, respectively, Mr Anderson told Tribune Business that if t hey came through retail investors c ould end up taking 30-40 per cent, s ome $20-$25 million, of the IPO. Smaller Theres been so much interest from the smaller investors, he added, e xplaining that an increased retail takeup would reduce the sums available to i nstitutional investors. Commonwealth Brewery will be the third largest stock by market capitalisation when listed on BISX. The largest B ISX-listed stock by market capitalis ation is FirstCaribbean International Bank (Bahamas lowed by Commonwealth Bank at $670m illion. FirstCaribbean, when it was C IBC, also holds the distinction of being the largest IPO to date at around $30 million. With the $62.5 million Commonw ealth Brewery/Burns House IPO set to be followed later this year by the f lotation of the first 9 per cent tranche o f Bahamas Telecommunications C ompany (BTC the Government, likely worth around $ 37 million, and the possible $8 mill ion Arawak Cay port IPO, around $100 million worth of equities will be o ffered to the Bahamian capital markets this year. The Government mandated that a 25 per cent stake in Commonwealth Brewery/Burns House be offered to Bahamian investors as an IPO as a condition for approving the $125 million buy-out of the 50 per cent stake held by Associated Bahamian Distillers and Brewers (ABDAB 7 0 per cent controlled by Sir Garet Tiger' Finlayson and his family. The IPO is being offered at the same t erms, and price, as ABDAB received, the Government having approved the timing given that it agreed to effectively underwrite the offering by a cquiring any shares not subscribed f or by the Bahamian public. $3-$4m subscriptions on $62.5m IPO launch FROM page 1B
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t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they wanted to raise capital (often through rights issues etc) to finance expansion a nd growth opportunities, but limited possibilities in t he Bahamas and a reluct ance to look abroad had stymied this. Ive made it clear that one of the things Im hoping to see in the fullness of time is companies selling more securities, increasing the amount of shares avail-a ble on the open market, Mr Davies told Tribune B usiness. Many BISX listed companies currently have less than 5 0 per cent of their issued o rdinary shares available for trading on the open market.W hile AML Foods and Commonwealth Bank are g ood examples of companies with relatively diverses hareholder bases, many o ther public companies are controlled by a majority shareholder or controllingg roup of shareholders. A prime example of this is F irstCaribbean Internationa l Bank (Bahamas h as less than 5 per cent of i ts ordinary shares in Bahamian investor hands while, for example, bothF inance Corporation of the Bahamas (FINCO Fidelity Bank (Bahamas are both 75 per cent owned b y their immediate parents. Asked why listed B ahamas-based companies had not increased the a mount of shares available f or subscription by Bahamian investors, Mr Davies replied: There are many reasons that companies haven ot offered more shares to the market. Companies only make offers when theyre seeking to expand. They seek that c apital when they have a n eed for capital, a need for expansion, and have continu ous plans to seek capital o n the open market. There hasnt been a great desire for the majority of c ompanies to expand b eyond our borders. Some have done it, but they need t o think about it, as globalisation takes hold and other [foreign] companies look inward. Our companies need to compete. They need c apital, and need to be looking on a broad scale, as money will not come fromt he banks to assist them in b roadening their horizons t o the Caribbean, Latin A merica and Central Ameri ca. Mr Davies was obviously indicating that Bahamianc ompanies will ultimately need to look to the capital m arkets, and equity as opposed to debt financing, to gain the financing they n eed to exploit domestic and international growth opport unities, and be able to com pete with regional and glob al rivals. However, he acknowledged that the Bahamas was not there yet, and added: Weve not seen aggressive e xpansion in terms of comp anies seeking capital and i ssuing shares. Im a firm believer and s trong advocate of companies having to compete. On a global scale, were going to have to look to compete, b ecause our borders have been relatively closed. M eanwhile, responding to c oncerns that BISXs share p ricing mechanism was inappropriate, and that the lacko f liquidity was depressing s tock prices by giving small retail trades undue promi-n ence and influence, Mr Davies said volatility had b een magnified in recent y ears by the global recession. Model Since BISX has started, o ne of the things is that weve worked very hard to p ut in place a market model which is reflective of theB ahamian environment, the BISX chief executivet old Tribune Business. It w ould be very easy to go to a nother jurisdiction and bolt o n what theyve done. With thousands of differe nt stocks traded on hundreds of exchanges every day, Mr Davies said therew ere many different ways of c alculating opening, trading a nd closing prices. BISX, s ince inception, had employed the closing price m odel where, if a particular stock did not trade in a day, its closing price was the same as the previous days. I n addition, a minimum of 1 ,000 shares needed to be traded in a particular stock to trigger a change in its closing price, with the priceo nly able to move by a maximum 10 per cent either side. And, if there were multiple changes in a particular stock, the closing price is d etermined by the weighte d average volume. What is in place is a mark et structure approved by t he Government and approved by our members, and its been so since the i nception of the exchange, M r Davies said. That was seen as the best model we c ould use given the Bahamian context. The Bahamian context is this. We have a relatively small market, with a relat ively small number of investors who are active in the market. D espite the relatively s mall market size, Mr D avies said there were B ISX-listed stocks with b road shareholder bases that generated strong liquidity. And, while it was naturali n a small market such as the Bahamas to see short-term s tock price volatility, the BISX chief added: The small number of players has c ombined with the recession and the downturn in the e conomy. All the things that you see in the volatility and scarcity of trading are magnified. You will see heightened movements in the mar ket. BISX chief wants more public firm shares on the market F ROM page 1B D ETROIT General Motors Co. said Tuesday it w ill sell all of its series A preferred shares in Ally Financial Inc., its former finance arm, for $1 billion. The shares to be sold represent all of A lly's series A preferred stock outs tanding, the automaker said. GM received nearly $50 billion in gov ernment bailout aid during the financial crisis and emerged from bankruptcy prot ection in July 2009. It said the sale of Ally shares is another step in its strategy to bolster its balance sheet. T he sale is expected to bring a $300 million gain for GM for the first quartera nd leave it with a 9.9 percent stake in Ally's common stock, the company said. The government owns 74 percent of Ally. Ally received $17.2 billion in bailout support. So far it has returned $4.9 billion to the government. Underwr itten The sale was underwritten by Credit Suisse, BofA Merrill Lynch, Deutsche Bank Securities and Barclays Capital. Treasury Department spokesmen declined to comment Tuesday on GM's announcement. Ally makes loans to GM customers and finances dealer inventories. The government first bailed out the company, then known as GMAC Inc., in late 2008 as part of the Bush administration's aid to the auto industry. The Obama administration provided additional funding in May and December 2009. The Treasury Department has said that Ally has made good progress in restructuring its operations. But a congressional oversight pan el in January criticized what it called Treasury's "hands-off" approach toward Ally. The panel noted that the department declined to block GM's purchase of Texas-based AmeriCredit even though that financial firm could end up compet ing against Ally. The Treasury Department hopes to get back more taxpayer money through a public stock offering of Ally. GM TO SELL PREFERRED SHARES OF ALLY FOR $1BN secondly, hiring persons whose work permits have expired and, thirdly, hiring people to work outside the scope of their work permit, said the Director, who that a person hired to do a particular job ultimately being asked t o fulfill a role two notches up the scale was a common w ay in which Immigration laws are breached. H e said that for too long employees have taken the b runt of enforcement efforts and it as time that the Department does what is right, proper and fair. For a long time now it is only the poor employee who has been taken to court and dealt with before the courts (for working illegally). It is the poor employee who is placed in the detention centre, who is deported and put on the restrict-e d list (denying them the right to return to the country We are of the view that the onus has to be on the employe r as well; those who engaged them to work. The whole idea i s to strike a balance and to make an example of those who break the law, said Mr Thompson. T he enforcement effort will affect both white and blue-coll ar workers and their employers, from homeowners hiring gardeners to those in the financial services and tourism industries if they are found in breach, he suggested. Meanwhile, Mr Symonette issued a call to Bahamians to rethink their hiring practices. Bahamians have to look at who they employ, and look at themselves honestly and frankly in the mirror and ask t hemselves whether or not we are employing too many n on-Bahamians, said Mr Symonette. Senator (HopePLP a bout what she said are thousands of unnecessary work p ermits which are being granted. But possibly thousands of B ahamians might consider not hiring those people who need work permits. I have been Minister of Immigration for several years now, and I am amazed at the number of Bahamians who apply for work permits. And when I refuse it they call me up,a nd say Minister, approve mine, refuse all the rest. Immigration pledges permit crackdown FROM page 1B (AP Photo/Paul Sancya, file ALLSMILES: In this Jan. 10, 2011, Dan Akerson, CEO of General Motors, smiles during the North American International Auto Show in Detroit.
TAREK EL-TABLAWY, AP Business Writer CAIRO Egypt's stock market is poised to reopen after a nearly two-month closure that many feared would further rattle already-shaken investor confidence in the country after the mass uprisings that toppled Hosni Mubarak's regime. The relaunch of the Egyptian Exchange, expected on Wednesday, comes after the prime minister accepted the resignation of the market's chairman and appointed a new, temporary head. The move was the latest in a series of steps officials have taken to try to ensure a smooth first few days of trading on a market whose restart was delayed several times amid fallout from the Jan.25 uprising and ensuing labor unrest. The decision to reopen the market was based on "taking all required procedures to guar antee its safety opening and trading," said a statement posted on the Egyptian Cabinet's Web site. Analysts believe that most, if not all, companies will see their share prices hard hit as investors have their first chanceto weigh in with their money on the developments that have reshaped the country's political landscape over the past two months. "I think the market will come under pressure and we'll see declines in most of the names," Wael Ziada, research head at the Cairo-based Mideast investment bank, EFG Hermes, said Tuesday. But "I don't think that volumes will be significant" in the first few sessions, he said. "As the market declines further, we'll start seeing trading vol umes rising." The exchange closed on Jan. 27, after two consecutive dayso f losses that saw the market's benchmark index plummet by slightly over 16 percent. What many had expected to be a closure of a couple of weeks, however, was expand ed as the popular unrest that toppled Mubarak was sup planted by waves of laboru nrest after his ouster. Banks were shut down as workers demanded higher pay and shifts from temporary to permanent labor contracts. The strikes were echoed in a broad range of sectors, serious ly affecting the country's output at a time when tourism rev-e nues were seen falling sharply and foreign direct investment was expected to take a hit amid the ongoing political uncer tainty in the Arab world's most populous nation. Egyptian officials enacted a host of measures aimed at safeguarding the market, including triggering a suspension of trading if the broader EGX100 index moves 5 percent or 10 percent. In addition, the finance minister set up a 250 million fund that could be tapped if there is a need to boost the market. The government also called on all Egyptians to step up and invest, either in shares or mutu al funds, as a way to prevent the market from collapsing. "These are all attempts to try to secure the market," said Zia da. But the uncertainty over when the exchange would actually reopen unnerved scores, raising questions about transparency in a market many viewed as among the most transparent in the region. Those questions build on other worries, including the overall welfare of Egypt's economy and the stability of the country. Other worries came in the form of the potential impact on the market of the investigations into alleged wrongdoing by former minister and top businessmen linked with the ousted regime. On Monday, ratings agency Moody's Investor's Service said it downgraded the foreign currency deposit ratings of five Egyptian banks by one notch, to B1 from Ba3, after having downgraded Egypt's sovereign rating days earlier. The banks affected were the National Bank of Egypt, Banque Misr, Banque du Caire, Commercial International Bank and Bank of Alexandria Moody's said its negative outlook on the banks reflects its "reassessment of most of the banks' standalone credit strength, reflected in their bank financial strength rating (BFSR direct exposure to a lower rated sovereign and the deteriorating economic conditions." B USINESS PAGE 6B, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE 3+,/2&/(69,&725RI 0,$0,675((73%2;1$66$8 %$+$0$6 $'(/,1(%,(19(18( 9,&725RI0,$0,675((73%2; 1$66$8%$+$0$6 3(/,(5&2168/7$176,1& 3(/,(5&2168/7$176
PETER SVENSSON, AP Technology Writer NEW YORK Sprint Nextel Corp. CEO Dan Hesse said Tuesday that he is concerned that AT&T Inc.'s deal to buy T-Mobile USA would hurt his company and the industry, as the biggest two players strengthen their dominance. The $39 billion deal was announced Sunday, but is expected to take more than a year to close, after scrutiny by regulators. AT&T and Verizon Wireless already have two-thirds of U.S. wireless subscribers, and would have three-quarters if the deal goes through. "I do have concerns that it would stifle innovation and too much power would be in the hands of two," Hesse said in a panel discussion at cellphone conference in Orlando, Flori-da, monitored by webcast. The head of Verizon Wireless, Dan Mead, was asked on the same panel whether he had a standon the proposed deal. "We're certainly very interested in what's going on," he said. T-Mobile's CEO, Philipp Humm, did not appear at the panel as scheduled. Sprint, the No. 3 carrier, has been struggling for years due to the troubled acquisition of Nextel. Last year, its subscriber numbers started improving, but it still has a hard time luring high-paying subscribers from AT&T and Verizon, both of which now sell the popular iPhone. T-Mobile has the same problem. AT&T's agreement to buy T-Mobile, the No. 4 carrier, came as a surprise: media reports had previously pegged Sprint and T-Mobile as likely to combine their businesses. But AT&T was able to offer TMobile's parent company, Germany's Deutsche Telekom AG, much more. The deal leaves Sprint "somewhat out in the cold," said Barclays Capital analyst James Ratcliffe. Scale is important in the wireless business. It's very expensive to build out and maintain a wireless network, but once that's done, you add customers without incurring a lot of extra costs. That means wireless carriers with more customers can be much more prof itable than smaller competitors. Larger carriers also have more clout when it comes to negotiating with phone makers. Trading The stock of Overland Park, Kansas-based Sprint has fallen 10 percent since the AT&T-TMobile deal was announced. In afternoon trading Tuesday, they were at $4.53, up 17 cents on the day. However, Sprint's shares were the only ones to fall among cellphone companies. Those of even smaller wireless carriers actually rose, as investors calculated there might be something in the deal for them. The smaller carriers could be targets for acquisition by Sprint, or they could be in line to buy assets from T-Mobile or AT&T that regulators force the carriers to sell as a condition of approving the deal. Shares of Dallas-based MetroPCS Communications Inc., the No. 5 carrier, were up 3.5 percent. No. 6 U.S. Cellular Corp., a Chicago-based region al carrier rose 5.4 percent. Leap Wireless International Inc., the parent of the low-cost Cricket service, was up 15 percent. Shares of Clearwire Corp., which is building a wireless broadband network, also fell on Monday in response to the news, but recovered on Tuesday, trading up 22 cents, or 4.5 percent, at $5.28. Clearwire is majority-owned by Sprint and has a lot of wireless spectrum available for broadband, so there was speculation that it could have made some sort of deal with T-Mobile, which is poor in spectrum. Shares of Verizon Commu nications Inc., which owns 55 percent of Verizon Wireless, rose on the news. The deal would let AT&T surpass Verizon Wireless as the largest carrier, but analysts said it's well equipped to compete with AT&T, and the deal would eliminate T-Mobile as a lowprice competitor. (Vodafone Group PLC of Britain owns the rest of Verizon Wireless.) In Tuesday afternoon trading, Verizon shares were up 53 cents at $37. That was up 3.3 percent since the deal was announced. The shares are close to their 52week high of $37.70. BUSINESS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 7B 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 Sprint CEO: 'Concerned' about AT&T-T-Mobile deal WASHINGTON Inflation spooked America in the early 1980s. It surged and kept rising until it topped 13 percent. These days, inflation is much lower. Yet to many Americans, it feels worse now. And fora good reason: Their income has been even flat ter than inflation. Back in the '80's, the money people made typ ically more than made up for high inflation. In 1981, banks would pay nearly 16 percent on a sixmonth CD. And workers typically got pay raises to match their higher living costs. No more. Over the 12 months that ended in February, consumer prices increased just 2.1 percent. Yet wages for many people have risen even less if they're not actually frozen. Social Security recipients have gone two straight years with no increase in benefits. Money market rates? You need a magnifying glass to find them. That's why even moderate inflation hurts more now. And it's why if food and gas prices lift inflation even slightly above current rates, consumer spending could weaken and slow the economy. "It feels far more painful now than in the '80s," says Judy Bates, who lives near Birmingham, Alabama. "Money in the bank was growing like crazy because interest rates were high. My husband had a union job at a steel company and was getting cost-of-living raises and working overtime galore." Bates, 58, makes her living writing and speaking about how people can stretch their dollars. Her husband, 61, is retired. They've paid off their mortgage and have no car payments. But they're facing higher prices for food, gas, utilities, insurance and health care, while fetching measly returns on their savings. "You want to weep," Bates says. Lo w Consumer inflation did pick up in February, rising 0.5 percent, because of costlier food and gas. Still, looked at over the past 12 months, price increases have remained low. Problem is, these days any inflation tends to hurt. Not that everyone has been squeezed the same. It depends on personal circumstances. Some families with low expenses or generous pay increases have been little affected. Others who are heavy users of items whose prices have jumped tuition, medical care, gasoline have been hurt badly. But almost every one is being pinched because nationally, income has stagnated. The median U.S. inflation-adjusted household income wages and investment income fell to $49,777 in 2009, the most recent year for which figures are available, the Census Bureau says. That was 0.7 percent less than in 2008. Incomes probably dipped last year to $49,650, estimates Lynn Reaser, chief economist at Point Loma Nazarene University in San Diego and a board member of the National Association for Business Economics. That would mark a 0.3 per cent drop from 2009. And incomes are likely to fall again this year to $49,300, she says. Significant pay raises are rare during periods of high unemployment because workers have little bargaining power to demand them. They surely aren't making it up at the bank. Last year, the average U.S. rate on a six-month CD was 0.44 percent. The rate on a money mar ket account was even lower: 0.21 percent. Now go back three decades, a time of galloping inflation, interest rates and bond yields. When Paul Volcker took over the Federal Reserve in 1979, consumer inflation was 13.3 percent, the highest since 1946. To shrink inflation, Volckerr aised interest rates to levels not seen since the U.S. Civil War of 1861-1865. As interest rates soared, CD and money-mar ket rates did, too. The average rate on money market accounts topped 9 percent. Treasury yields surged, pushing up rates on consumer and business loans. The 10-year Treasury note yielded more than 13 percent; today, it's 3.5 percent. By 1984, consumers were enjoying a sweet s pot: Lower prices but rising incomes and still-his torically high rates on CDs and other savings investments. Consumer inflation had slid to 3.9 percent. Yet you could still get 10.7 percent on a six-month CD. W ages Even after accounting for inflation, the median income rose 3.1 percent from 1983 to 1984. At the time, workers were demanding and receiving higher wages. More than 20 percent of U.S. workers belonged to a union in 1983. Labor contracts typically provided cost-of-living adjustments tied to inflation. And competition for workers meant those union pay increases helped push up income for non-union workers, too. Last year, just 12 percent of U.S. workers belonged to unions. And among union mem bers, a majority now work for the government, not private companies. Wages of government workers are under assault as state governments and the federal government seek to cut spending and narrow gaping budget deficits. Workers' average weekly wages, adjusted for inflation, fell in February to $351.89. It was the third drop in four months. The result is that even historically low inflation feels high. So "when you mention low inflation to real people on the street, they immediately roll their eyes," says Greg McBride, senior financial analyst at Bankrate.com. Falling behind inflation is something many people hadn't experienced much in their working careers until now. In the 1990s and 2000s, for instance, most Americans kept ahead of rising prices. Inflation averaged under 3 percent. And inflation-adjusted incomes rose steadily from 1994 to 1999. Once the 2001 recession hit, incomes did falter. But after that, they resumed their growth, rising each year until the most recent recession hit in December 2007. Rates on six-month CDs were also much higher than they are now: They averaged 5.4 percent from 1990 to 1999 and 3.3 percent from 2000 to 2009. These days, though, Americans face the certainty of higher prices ahead. Nike Inc., facing higher costs for materials, freight and other things, said Thursday it plans to raise prices on a range of products starting this spring. The company makes athletic shoes and clothing. Whirlpool, Kraft, McDonald's, Clorox, Kellogg, and clothing companies such as Wran gler jeans maker VF Corp., and J.C. Penney Co., also say they plan to raise prices. Whirlpool, which makes Maytag and KitchenAid appliances, says it's raising prices in response to higher raw material costs. Kellogg, which makes Frosted Flakes and Pop Tarts, is increasing prices on some products to offset costlier ingredients. Kellogg is responding to soaring costs for commodities including wheat, corn, sugar, cotton, beef and pork. Vickens Moscova, a self-employed marketer in Elizabeth, New Jersey, says he's paying more for staples like cereal, bread, eggs and public transportation. Yet he's making little from his savings. "It is a huge pinch," says Moscova, 25. (AP Photo/Richard Drew T IMESAREA-CHANGING: A T&T Chairman, CEO and President Randall Stephenson,addresses a news conference in New York, Monday, March 21, 2011. SIGNOFCHANGE: In this Oct. 10, 2008 file photo, the Deutsche Telekom AG logo is seen at the companys headquarters in Bonn, Germany. AT&T Inc. on Sunday, March 20, 2011 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. WHY INFL A TION HURTS MORE THAN IT DID 30 YEARS AGO
STAN CHOE, AP Business Writer N EW YORK Stocks edged lower follow ing a three-day rally that b rought the Dow Jones industrial average back above 12,000 for the first time since a n earthquake hit Japan just over a week ago. The Dow Jones industrial average fell 16 points, or 0.1 percent, to 12,020 in late morning trad i ng Tuesday. The broader Standard & P oor's 500 index fell 3, or 0.2 p ercent, to 1,295. The Nasdaq composite index fell 7, or 0.3 percent, to 2,685. A day with such little change for stocks has been rare so far in March. The Dow Jones industrial a verage has moved up or down by at least 100 points in f our of the last five trading d ays. Developments in Japan's nuclear crisis and the violence in Libya have beend riving the volatility. The Dow jumped 3.6 percent over the last three days, its biggest gain since Septem ber. The gains mean the Dow is nearly back to its 12,044.40 close on March 11, the day t he earthquake struck Japan. Crude oil prices, a major source of concern since midFebruary, rose $1.30 to $ 104.39 per barrel. Among active stocks, Bris tol-Myers Squibb Co. rose 2.5 percent to $26.65. The com pany said late Monday that a new study of its melanoma drug helped patients with advanced skin cancer. O nline video and DVD provider Netflix Inc. climbed 3 .5 percent to $220.12. Credit S uisse upgraded its stock on expectations it will expand its services overseas. J umped T ivo Inc. jumped 2.3 per cent to $8.85 after Citadel Investment Group, a hedge f und, said it has built up a 5.3 percent stake in the company. W algreen Co. fell 7.9 perc ent to $38.67. The drugstore chain's bottom-line results were in line with expectations but the company's profit margin wasn't as strong as investors hoped. Carnival Corp. fell 3.7 percent to $39.48 after its forecast for full-year earnings fell short of a nalysts' expectations. Higher fuel prices have hindered its p rofits. S tocks climbed consistently between Sept. 1 and Feb. 18, when the Dow closed at1 2,391.25, the highest level of the year. Since then, stocks have dropped on worries that protests in Libya and across the Middle East could disrupt oil supplies. The earthquake in Japan and crisis at the c ountry's stricken nuclear plants that followed also sent stocks lower, though stocks in Japan and the U.S. have r ecovered in recent days on signs that the situation at the plants is stabilizing. B USINESS PAGE 8B, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.130.95AML Foods Limited1.091.090.004,5640.1230.0408.93.67% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.934.930.002,5000.1530.10032.22.03% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.43Cable Bahamas9.439.430.001.0500.3109.03.29% 2.852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1)6.826.820.005,3210.4880.26014.03.81% 2.861.90Consolidated Water BDRs2.252.23-0.020.1110.04520.12.02% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.305.22Famguard5.225.220.000.3570.24014.64.60% 9.275.65Finco6.107.501.401,5000.6820.00011.00.00% 11.408.77FirstCaribbean Bank9.309.300.000.4940.35018.83.76% 6.004.57Focol (S)5.475.480.011,2000.4520.16012.12.92% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.407.30-0.101,5500.0120.240608.33.29% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-677-BISX (2479) | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029MONDAY, 21 MARCH 2011BISX ALL SHARE INDEX: CLOSE 1,470.49 | CHG 18.96 | %CHG 1.31 | YTD -29.02 | YTD % -1.94BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: YEAR END 2008 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.94860.04%1.45%2.918256 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.43920.61%-0.22% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 31-Jan-11CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 28-Feb-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071 107.570619 105.776543 30-Jun-10 31-Dec-10 30-Nov-10 31-Jan-11 )$%,(11(&,5,/RI<281* 675((71$66$8%$+$0$6 0HORXVH-RVHSKRI3 %R[*HQHUDO'HOLYHU\'XQGDV7$EDFR%DKDPDV *HOOD3KLOLSSHRI3 *HQHUDO'HOLYHU\'XQGDV7$EDFR%DKDPDV 526(1$-($1-$&48(6RI &+85&+,//$3%2;1$66$8 %$+$0$6 521$/''25/($1RI % (51$5'52$'1$66$8%$+$0$6 Coffee futures are slipping on speculation that some growers may sell stockpiles soon, which could ease tight global supplies. Coffee for May delivery fell 3.55 cents to settle Tuesday at $2.7345 a pound. The price jumped 77 percent in 2010, and has contin ued to climb this year as global supplies have grown tighter. Analysts say Brazil and Vietnam both had good har vests last year but many producers have held their supplies in hopes of selling at higher prices. That has led to fairly steady declines in supplies at the ICE Futures Exchange warehous es. In the past week, the ware houses have recorded small inventory gains, creating speculation that some producers may be more willing to sell especially if prices begin to fall. CHRIS KAHN, AP Energy Writer NEW YORK O il prices pushed above $105 per barrel Tuesday, as traders focused on a series of international crises that could tighten global supplies at a time w hen consumption is expected to increase. B enchmark West Texas Intermedia te for May delivery rose $1.88 to settle at $104.97 a barrel on the New Y ork Mercantile Exchange. At one point it was as high as $105.18. The April contract for WTI crude climbed $1.67 to settle at $104 per barrel on its final day of trading. I n London, Brent crude gained 73 cents to settle at $115.64 per barrel on the ICE futures exchange. Energy economists continued to g auge how recent unrest in Libya, Bahrain, Yemen and Syria will affect exports from a region that produces 27 percent of the world's oil. Libya, which sits on the largest oil reserves in A frica, has almost totally stopped petroleum shipments as rebels battle p ro-Gadhafi troops. The addition of i nternational forces, including the U.S., could mean that the country will be embroiled in a protracted conflict that will keep oil fields offline much longer than previously expected, energy experts said. I n Yemen, embattled President Ali A bdullah Saleh pledged to step down more than a year early, but his refusal t o leave immediately infuriated tens of thousands of demonstrators. Yemen is a n important transfer point for global oil supplies. "Tensions are still pretty high in that entire region, so prices are going t o stay above $100 per barrel for a w hile," PFG Best analyst Phil Flynn said. Iraq's new oil minister said Tuesd ay that he expects oil to reach $120 a barrel. Iraq produces about 2.4 million barrels of oil per day. D emand for oil and gas should rise as the U.S. and global economies continue to recover. China shows little sign of reducing its thirst for petroleu m. Platts reports that China's oil d emand in February rose 10.1 percent from a year ago, to the second strongest level on record. It hit an all-t ime high in December. China is the world's second biggest oil consumer behind the U.S. Meanwhile, Japan continues to stab ilize the Fukushima Dai-ichi nuclear complex that was damaged and leaking radiation following this month's e arthquake and tsunami. The government will release more than 56 million barrels of oil from the country's r eserves enough to cover 22 days of demand, analyst Addison Armstrongs aid. Japan previously released three days' supply of oil from its reserves. Bank of America analyst Sabine S chels said Japan will rely on other power generators that run on liquefied natural gas and oil to make up for the loss of its nuclear facilities. Schels estimated that Japan will increase imports of liquefied natural gas by 706 million to 848 million cubic feet per day to partially replace pow-e r lost from damaged nuclear react ors. Royal Dutch Shell is among oil c ompanies shipping more crude and LNG to Japan to help offset power shortages. J apan's increased imports are expected to push world natural gas prices higher, though large global supp lies should prevent them from spiki ng above $13 per 1,000 cubic feet as t hey did in 2008. Schels expects natural gas prices to average around $4.48 per 1 ,000 cubic feet this year. Natural gas f or April delivery gained 9.3 cents to s ettle at $4.254 per 1,000 cubic feet. In other Nymex trading for April c ontracts, heating oil added 2.37 cents to settle at $3.0762 per gallon and gasoline gained almost a penny to sett le at $3.0045 per gallon. INDIANAPOLIS Walgreen Co. said Tuesday its fiscal second-quarter earnings climbed 10 percent, but company shares tumbled after results were released and anal ysts said they expected more from the largest U.S. drugstore operator. The Deerfield, Ill., company said its gross profit margin which measures gross profit over net sales stayed flat at 28.8 percent after expanding the past few quarters. T he flat margin generated "widespread disappointment," Hapoalim analyst Ajay Jain said in an email. Walgreen also met Wall Street earnings expectations when many analysts thought they would beat the consensus, said another analyst, Jeff Jonas of Gabelli & Co. S hares dropped 6.6 percent, or $2.75, to $39.22 in afternoon trading. The tumble left Scotia Capital analyst Patricia A. Baker "somewhat perplexed." Oil tops $105 per barrel business BRIEFS Stocks edge lower after a three-day rally WALGREEN FISCAL 2Q PROFIT CLIMBS BUT SHARES TUMBLE COFFEE SLIPPING ON SPECULATION THAT SUPPLIES BUILDING (AP Photo/Matt Rourke FILLING UP: In this Feb. 16, 2011 photo, David Castro-Diephouse returns the nozzle to t he pump after filling his cars tank with gas in Philadelphia. Oil prices rose above $104 per barrel Tuesday, March 22, 2011, as traders continued to focus on a series of international crises that will drive world supply and demand this year.
Just a bout al l stem s a nd bra nche s o f s h r u b s a n d s m a l l t r e e s h a v e n o d e s o r g r o w i n g p o i n t s A b o v e gr o u n d these produce leaves and branches; below ground they produce roots. This is the main principle behind c ut t ings Take a s ect io n of bran ch a n d b u r y t h e l o w e r e n d i n t h e ground. Roots will develop under ground and le aves later bra nc he s, will be produced above ground. T h e p l a n t s m o s t u s u a l l y p r o p a g a t e d b y c u t t i n g s a r e f l o w e r i n g shr ubs such a s cr otons hi bisc us a nd o leand er. Fru it t rees lik e Key l im e can a ls o be p rop ag a t e d this way but w o u l d l ac k a t a p r o o t a n d b e ve r y s u s c e p t i b l e t o t o p p l i n g i n h i g h w i n d s If you lo ok aro und yo ur garden y ou wi ll s e e e v i de n ce e v e r y wh e r e of new growth and this makes March a n d A p r i l t h e v e r y b e s t t i m e s t o make and consolidate cuttings. C u t t i n g s a r e b es t t a k e n n e a r t o t h e gr o u n d an d o n w o o d t h a t h as b row n bar k. Green o r t ip c ut t ings a r e n o t l i k el y t o s u c c e e d u n l e s s a misting bed is used. T h e r e i s n o n e e d f o r a n y c u t t i n g t o be l onge r than 10 inches Plante d in a po t o r di rec tl y i nt o t h e s oil to a depth of 4 to 5 inches, a cutting will de v e l op q ui ck ly a n d wi thi n a s e a so n or two reach the size of the parent plant. The base of the cutting should be taken from the parent plant about h al f an in ch bel o w a gro w t h no d e u s i n g a 45 d eg re e o r l ar ge r a n gl e. C u t t h e t o p o f t h e c u t t i n g s q u a r e j u s t above a gro wt h nod e If you dro p your cutting you will be able to see w h i c h e n d i s t o b e p l a n t e d i n t h e soil. I t i s a g o od i de a t o p la n t y o u r cu tt i n g a t a 4 5 d e g r e e a n g l e a s t h i s h e l p s t o c u t do w n m o ve me nt c au s ed b y wind. If an uprig ht c u t ting is mov ed about by the wind it could prevent tender young roots from forming. N e w l y p l a n t e d c u t t i n g s n e e d m o i s t u re b u t p ro b a b l y n o t a s mu c h as yo u may t hi nk A cu tt in g is vu ln era b l e t o d i s e a s e a n d r o t a n d t h es e ar e en c ou rag ed by s oi l t hat i s to o w e t R o o t f o r m a t i o n i s s t r o n g e r w hen t he roo ts have to c hase af ter m o i s t u r e T o o m u c h m o i s t u r e m a k e s t hem laz y. Do no t p ush y our cutting into th e g ro un d. R a the r di g a h ol e a n d r e fil l it. Us e a t r owe l to ma ke a n ope nin g f or yo ur c ut t in g an d seat it gent ly, f i r mi n g t h e s o i l ar o u n d at gr o u n d leve l. T he s oi l a rou nd t he bas e of th e c ut t ing sho ul d b e w ell aerat ed and no t den sely pac ked. P ush in g a c u t t i n g i n t o s o i l m a y d a m a g e t h e d e l i c a t e l a y e r s b e t w e e n t h e b a r k a n d t h e w o o d y c o r e a n d t h i s i s w h e r e ou r new gro wt h w il l c om e f rom. Can yo u leave f o liage on o r n ot ? I t i s p r o b a b l y b e s t t o r e m o v e a l l fo li age b ut t i ny new sh oot s c an be l e f t a n d h a v e a 5 0 / 5 0 c h a n c e o f d evelop in g. Som e garden ers cl aim t h at t h e t r a n s p i r at i o n o f a l e a f o r t w o hel ps m aint ain cap il lary ac ti on w it hi n t he small c ut ti ng. Th ere are som e s hru bs w it h lo w, w h i p p y b r a n c h e s r o s e m a r y i s a g o o d e x a m p l e a n d t h e s e c a n b e pr o p a g a te d by g r o un d l a y e r s B r e a k a b r an c h p ar t o f t h e w a y t h ro u g h a n d t h e n p e g i t a n i n c h o r t w o b e l o w t he so il New ro ot s w ill fo rm very q uic kl y, c ert ainl y wi t hin 8 w eeks. ENTERT AINMENT THE TRIBUNE WEDNESDA Y MARCH 23, 201 1, P AGE 9B J u s t a f e w i m a g e s o f w h a t w e t h e B ah a m a s l oo ked l ike 40 ..5 0 ... 60 .. years in the past The Governor's Cup Race was held every year after the Miami Nassau Race as part of the Southern Ocean Rac ing Conference. The race stretched from Nassau bar to Booby Rocks and back. Flash Back BY ROLAND ROSE New plants from old By GARDENER JACK GREEN SCENE BEAUTY: Hibiscus shrubs like this double white with pink blush can be easily propagated by cuttings. P lants employ many forms of propagation seeds, corms, bulbs, rhi zomes, suckers, etc. but the one that allows replication of shrubs needs a little human input. A cutting taken from a mature shrub will readily root and one parent plant can pro vide many independent off spring.
ENTERT AINMENT P AGE 10B, WEDNESDA Y MARCH 23, 201 1 THE TRIBUNE Thursday, March 24 GREEN PARROT WINE TASTING Green Parrot invites you to a tasting of this season's noble wines from Mendoza, Argentina, 6pm-9pm in its Wine Lounge. Tickets: $25/per person. Space is limited! RSVP, Telephone: 3226900. Friday, March 25 and Sat urday March 26 "THE MOST MASSIVE WOMAN WINS" The Peacock Theatre Company presents "The Most Massive Woman Wins", a collection of one act plays at the Hub that promises both comedy and psychological intrigue. First showing, 8pm Friday, March 25. Matinee showing, 2pm Sat, March 26. Telephone: 322-4333. Email: email@example.com See http://www.thehubbahamas.org. Friday March 25 ROTARY/ROTARA CT FUNDRAISER: MARDI GRAS "MASQUED" Rotary/Rotaract presents their 2nd annual silent auction fundraiser under the theme Mardi Gras "Masqued", 7.30pm at Luciano's. Prizes awarded for best masks, King and Queen of Mardi Gras and a whole lot more! Dress: for mal. All proceeds in aid of the Rotary Club of East Nassau and Rotaract charity projects. Email: firstname.lastname@example.org. Saturday, March 26 BLACKBERRY'S REGGAE ALLS T A R S P E A C E F E S T Blackberry presents a reggae all-stars peace-fest at Fish Fry, featuring Peetah and Gramps, Morgan, Tanya Stephens, Jah Heim, I Sasha, El Padrino, Lutan Fyah, and Romaine Virgo. The event is hosted by Natural Empress and Jah Bami. VIP: $25/with blackberry; $30/without. Platinum: $40/with blackberry; $50/without. Tickets available at Marley Boutique, Airbrush Junkies, Sexy Thang and Sona Viva. Saturday March 26 "THE ORIGINAL GAL FARM" BOAT CRUISE Oleboy Production, Back to Basics Barber Shop and Toya present "The Original Gal Farm" boat cruise, Toya Birthday edition, onboard the KCT Boat. Boards at 8pm; boat leaves 9pm. Music provided by Fire Reds, TG, Crazy Jim, Selecta Ty. Cost: $15/in advance; $20/at the boat. Telephone: 428-0726. Sunday, March 27 23RD ANNUAL BAHAMAS BRIDAL SHOW Buttons Bridal and For mal Wear presents the 23rd annual Bahamas Bridal Show under the theme "To Love and Cherish", noon at the Wyndham Nassau Resort. Have your ultimate wedding experience with a trade show, fashion show, food, cake, champagne and a chance to win a dream wedding. Cost: $35 and $45. Telephone: 327-8896. See http://www.buttonsformalwear.com. things 2 D O By JEFFARAH GIBSON Tribune Features Writer I ALWAYS wonder what it would be like if some of the most popular American movies were adapted for Bahamian actors and actresses for a Bahamian audience. I t h i n k i t w o u l d b e i n t e r e s t i n g t o s e e u s p l a y o u r s e l v e s a n d d e p i c t o u r v e r y o wn cult ure and att it udes on sc re en in th e circ umstanc e s prese n ted in ce r t a i n f i l m s An d i t i s g o o d t o k i c k b a c k a n d l a u g h a t o u r s e l v e s e v e r y o n c e in a while. A N a w a r d w i n n i n g R & B a r t i s t who has worked with such industry g re a t s a s S e a n P a ul a n d M is sy E l li o t performed at a free concert in the Bahamas last week. R & B s i n g e r / s o n g w r i t e r J u l l y B l a c k c h o s e t h e B a h a m a s a s h e r f i r s t ever Caribbean destination to visit. T h e C a n a d i a n J u n o A w a r d w i n n e r d e l i v e r e d a c c o r d i n g t o a u d i e n c e m e m b e r s a p o w e r f u l p e r f o r m a n c e when she took to the stage at Port L u c a y a M a r k e t p l a c e i n G r a n d Bahama. Ms Black who has worked with s u c h b i g n a m e s i n t h e m u s i c i n d u s t r y a s N a s M i ss y El l i o t D e s t i n y s C hi l d a n d S e a n P a u l p e r f o r m e d s i x s o n g s d u r i n g h er m i n i co n c er t i n G r a n d Bahama. S he o pened with the R& B s ong "Seven Day Fool", which was first recorded in 1961 by Etta James. Ms B lack r e-r ecor d ed it i n 20 07 and it was produced by Black Eyed Pe a s' dru mmer and song writ e r K ei th Harris. S h e p r e m i e r e d o n e s o n g w h i c h h a s n e v e r b e e n h e a r d i n h e r n a t i v e h o m e l a n d C a n a d a c a l l e d C r o w n Me". T h e s o n g w i l l b e o u t l a t e r t h i s y e a r when she releases her new album. The R&B artist was also in town to film segments for CTV's eTalk, Can ad a's m o s t w atch ed en tert ain me nt new s progra mme in whi ch M s Black is a celebrity reporter. H e r t r i p t o t h e B a h a m a s w a s made p os sib le in con jun ction with t h e B a h a m a s T o u r i s t O f f i c e i n Toronto and was facilitated locally by the Grand Bahama Ministry of T o uri sm a nd t he B a ha ma s F il m a n d Television Commission. W h i l e o n i s l a n d f o r a l m o s t a w e e k M s B l a c k e n j o y e d t h e m a n y s i t e s a nd cult ural act iv itie s t he i s l and ha s t o o f f e r a n d w a s r e u n i t e d w i t h a niece who is a local school teacher. Ms Black has collaborated with, a n d w rit t e n fo r ma n y no ta b le C a na d i a n A m e r i c a n a n d i n t e r n a t i o n al artists. Jully Black visits Bahamas GOOD ON BLACK: R&B singer /songwriter Jully Black of Canada performs a free concert at Port Lucaya Market place's Count Basie Square in Grand Bahama on March 17. Segments will be seen on CTV's eTalk where she is a celebrity reporter. M o v i e s l i k e T i t a n i c D i a r y o f A M a d B l a c k W o m a n a n d T h e R i n g w o u l d al l ha v e v e r y un iq ue t wis ts i f th e sc r ip t wa s tw e ak e d to r e fl e ct a B a ha m ia n way of life. Tr i b u ne E nt e r ta i n m en t a s k e d th e q ue st i on w ha t w ou l d a B a ha mi a n d o if a p a rt i c u la r s c en es f r o m a ve ry p o p u la r m ov ie w a s r em ad e? A n d t he responses were just as funny as the some of the movies. TITANIC The r e a r e se v er al sc en es fro m th e T ita nic Tr ibu ne Ente rta in me nt r ea de r s s a i d a B a h a m i a n w o u l d h a v e d o n e d i f f e r e n t l y T h e r e a d e r s a i d t h e e n t i r e r e l a t i o n s h i p w i t h R o s e a n d J a c k w o u l d h a v e n e v e r e v e n w e n t t h a t f a r i t w e r e a Bahamian playing that role. F i r s t o f f n o B a h a m i a n w o m a n w a s e v e r g o i n g t o b e d a t i n g J a c k b e c a u s e J a c k w a s b r o k e a n d h e d i d n o t h a v e a j o b a n d t h e f i r s t t h i n g m a m a d o e s t e l l us is never like no man who don't have no job so that's what would have went down in Titanic," said Kendece. Another scene that the reader said a Bahamian would have done dif f e r e n t l y w a s t h e s c e n e w h e n R o s e j u m p e d o f f t h e l i t t l e b o a t t o s t a y o n b o a r d the ship with the love of her lifeJack. "That couldn't have been no Bahamian women. If it was a Bahamian woman she probably would have been in the front row on the little boats with all her mother and cousins them telling Jack to call her on her cell phone and bring a phone card while he at it when he reach ashore." T h e l a s t s c e n e f r o m t h e T i t a n i c t h a t w a s a n o t e w o r t h y f e a t u r e w a s t h e p a r t of t h e m o v i e wh e n R o s e ha d to s ta y o n th e b e d h e a d to s a v e h e r l i fe S o m e of the readers said both of them could have fit on the bed head. B o y i f t h a t w a s B a h a m i a n i s w a s n t g o i n g t o b e n o s h a r i n g S h e w a s c o m i n g o ff t h a t o r w e w a s ta k i n g t u r n s s h a r i n g t h a t b e d h e a d I w a s n t d y i n g f o r no woman I just meet," said Damian. DAIRY OF A MAD BLACK WOMAN The beginning of the Diary of Mad Black Woman had some Tribune r e a d e r s b o i l i n g o v e r i n t h e i r s e a t S o m e o f th e m s a i d i f t h a t w e r e a B a h a m i an woman who was dragged out of her house by her husband while his swee t he art stood by and w a tc he d, things were not going to end as qui etly as it did. N o i t wa s g o i ng d ow n l i k e t ha t. A B a h a m i a n w a s p r o b a b ly c a l li n g a l l of he r b r o th e r s h e r u n c l e s h e r co u s i n s a nd h e r g o d b r o th e r s to de a l w i th h i m be ca us e y o u k n o w e v e r y Ba h a m i a n w om a n l ik e to t a l k a b o u t h o w th e y g e t a crazy uncle or brother," Shawn said. Another reader said: "If that was a Bahamian woman she was going to be do i n g th e Ba n k L a n e s h u ff le b e ca us e wh e n s h e f in i s h wi t h hi m t ha t w a s going to be it." THE RING T h e s c e n e i n T h e R i n g t h a t r e a d e r s s a i d a B a h a m i a n w o u l d h a v e d o n e d i f fe r e n tl y w a s t h e s c e ne w h e r e th e d e a d g i r l c a m e t h r o u g h t h e t e l e v i s i o n a n d the man stood by and watched instead of running for his life. "A Bah amian in t hat sit uat io n was n't was ti ng no t im e j ust st and ing t h e r e A B a h a m i a n w o u l d h a v e p r o b a b l y s t a r t e d r u n n i n g o r p r a y i n g b u t t h a t man just stood there," the reader said. WHA T WOULD A B AH AMIAN DO? The Tit an i c The Ring Di a r y of a M ad Bl a c k Woman
ARTS THE TRIBUNE WEDNESDA Y MARCH 23, 201 1, P AGE 1 1B from Pressure's Coming Right Back "I'm never gonna give up on ya love like dat, even if I drift too far I'm coming right back. I'm never gonna give up on ya love like dat baby I'll reassure that I'm forever yours." By LESH A MER ICAN IDOL fans are s a y i n g t h i s h a s t o b e t h e m o s t t a l e n t e d s e a s o n o f A I s o f a r i n a lon g time, I must agree. Th e elimina t i on show sta rted wi th the c ontest ant s singing an d d anc ing t o t he son gs "Born t o be wild an d L ady Gaga's "Bo rn this way". It was act ed ou t as if t he guys wer e singing against th e girls, I am t hink ing t hey c h o s e t h e "b o rn s o n g s b e c au s e l as t week's th eme was "Th e year yo u were b orn ." W hile it was no t th e b est o f th e b e s t p e rf o r m an c es it wa s en t er t a in in g as always. A nd o f c ou rse c ame t h e F o r d M u s i c c o m m e r c i a l w i t h t h e c on test ant s watc hin g t hemselves in w h a t s ee m ed t o b e a mo vi e p re v ie w at a d rive t hro ugh movie th eater in Fo rd Fo cu ses. A f ter all t hat f un of t h e a u d i e n c e a n d t h e c o n t e s t a n t s w a t c h i n g t h e m s e l v e s o n t h e b i g sc ree n, R yan c ame i n f o r t h e k ill b y ask ing f or th e light s t o b e d immed! A ll sm iles were wiped o ff f aces and t he ho ldin g o f han ds start ed, I hat e that p a rt j ust a s muc h as they do, so n erve wreck ing! Th e ti me c am e t o c all th e bo t t om t h r e e R y a n c a l l e d J a c o b L u s k L a u r e n A l ai n a a nd C a s e y Abr a m s to th e c ent er stage. Th ey were all safe a n d r e l i e v e d Sh o r t l y a f t e r R y a n ca l l s u p Ha l e y Re i nha r t a nd P au l M c D o n a l d w h i l e P a u l w a s s a f e H a l e y w a s s t u c k i n t h e b o t t o m t h r e e fo r a seco nd week in a ro w. T here w as a lso a p e rform ance from Le e D e W y z e Af t er a sho rt co mmerc ial, R yan c a l l e d S c o t t y M c C r e e r y P i a T o s c a n o an d J am es D u rb in t o t h e c en t e r o f t h e s t a g e T h e y w e r e a l l s a f e N e x t u p w ere S t ef an o La n go n e a n d N aim a A d e d a p o S t e f a n o i s s a f e f r o m e l i m i n a t i o n a n d N a i m a i s b a c k i n t h e b o t t o m t h re e. R ya n t h en c all s up T h ia M e g i a a n d K a r e n R o d r i g u e z T h i a i s s af e, K a re n is w as n o t B ase d o n A me ric a 's vo t es f o r t h e T o p 1 2 p e r f o r m a n c e s N a i m a K a r e n a n d H a l e y l a n d e d i n t h e b o t t o m t h r e e R y a n r e v e l e d t h a t N a i m a i s s a f e i n w h i c h I f o u n d i t r e a l l y h a rd t o b e lie ve Ha ley w as als o sa f e a n d K a r e n s a n g M a r i a h C a r e y s Hero in t he ho pes th at th e jud ges wo uld use t he save card bu t u nf ort u n a t e l y t h e j u d g e s d i d n o t s a v e h e r an d sh e was elimin ated I ac t ually l i k e d K a r e n A I f a n s l e t s g e t i t t oget her p lease. T his week t he c on test ant s are set t o p e r f o r m M o t o w n s o n g s G e t r e a d y IT turns out Jay-Z is no longer the wealthiest man in Hip Hop. Forbes Magazine recent ly released their list of Hip Hop's richest, and Bad Boy mogul Sean "Diddy Combs" leads the pack with $475 million. Diddy's wealth stems from interest in the Sean John clothing brand, Bad Boy Worldwide record label, and his popular vodka brand Ciroc a joint venture with drinks brand Diageo. Coming in second on the list is Jay-Z with his net wealth of $450 million. DIDDY ( $475 MILLIO N ) 2. JA Y -Z ($45 0 MIL LION) 3. DR. DRE ( $125 MILLI ON ) 4. 50 CENT ($100 MILL ION) 5. BIRDMAN ($100 MILL ION) Ya He ar, C hris Bro wn report e d l y h a d a n o u t b u r s t b e h i n d t h e sc en e s o f the G ood Mo rn ing Am er ic a s h ow o n AB C y e s te r da y m or n i n g The celebrity website TMZ.com reported that after Brown's perfor mance live from Times Square for the show, GMA reporter Robin Roberts began asking questions about his ex-girlfriend Rihanna. At this point, Brown attempted to redirect questions towards his new album, but the questions about the Rihanna incident persisted. The R&B singer then allegedly stormed into his dressing room, smashed a window and left the building shirtless. Ya Hear rumors circulating that R iha nn a a nd I ris h a ctor Co lin Far e ll a r e d a t i n g ? T h o u g h t h e t w o a r e d e n y i n g a ho o k u p t he y w e r e s po t te d a t a Sa n ta M on ica r e s ta ur a nt to g e the r It wa s a ls o r u mo r e d th a t th e h a v e b e e n e x c h a n g i n g r a c y t e x t m e s s a g e s t o o n e another. I guess Ri Ri only time will t e l l i f a n o l d e r m a n t w i n k l e s y o u r eye! Y a H e a r U s h e r a n d e x h i s T a m e k a a r e r u m o r e d t o h a v e a s e x t a p e T h e t a p e ( i f i t r e a l l y e x i s t s ) c o u l d be am ong st item s s t o len f r om U she r back in 2009 when he was robbed of two laptops, $50,000 worth of furs, a m il li on d o ll ars w or t h of je wel ry as we ll a s othe r mi s ce lla n eo us pe r so na l items. A N D T H E N T H E R E W E R E 1 1 . In Ya Ear Recaps American Idol KAREN RODRIGUEZ AP REVIEW C HRIS Brown's "Graffit ti," which arrived on the music scene 10 months after his attack on Rihanna, landed with a thud. But a sinister public image wasn't his only hindrance. The 2009 album didn't do him any favours: Most of the songs were weak and simply not up to par with his past two albums, especially 2007's "Exclu sive," a near-perfect CD. Brown is back on "F.A.M.E. (For giving All My Enemies)," but artisti cally, he's still not all the way there. The singer, who turns 22 in May, continues to advance when it comes to making Quiet Storm hits: "No Bull" is a certified R&B jam, and the Ludacris-assisted "Wet the Bed" is just as good. Even on smooth grooves that aren't sexually charged, Brown sounds topnotch. "Deuces," a No. 1 R&B hit, was one of last year's best songs, and like it, "Up to You" is destined to hit the top spot and it deserves to be. But here's the problem: On the dance songs, Brown is just average. That's unfortunate since he is a skilled leg-mover and is (or was) seen as the heir to Michael Jackson behind Usher and Justin Timberlake. "Yeah 3x" follows the formula cur rently dominating pop radio: There's endless drum loops, crowds cheering and pulsating beats. It's a song any current pop singer could sing. The same goes for the Euro-flavoured "Beautiful People." Then there's "Say It With Me" and "Oh My Love," two songs that sound too similar. For an album with only four up-tempo tunes, that's a pretty bad batting average. So it begs the question: While Brown is a solid R&B singer, can he be a real pop star? After listening to "F.A.M.E.," the answer is unclear. CHECK THIS TRACK OUT : "Up to You" has Brown learning from his mistakes in a past relationship and making sure he doesn't duplicate them in his current one. Y A H E A R G O S S I P C O R N E R H I P H O P S R I C H E S T L I N E D A Y
Green Scene: New plants from old See page nine W E D N E S D A Y M A R C H 2 3 2 0 1 1 Chris Brown, F .A.M.E. (For giving All My Enemies)' See page 11 T h e T r a n s f o r m i n g S p a c es C o m m i t t e e i s p l e a s e d t o a n n o u n c e p l a n s f o r i t s s e v e n t h a r t t o u r T h e p o p u l a r ev e n t w i l l t a k e p l ac e o n S a t u r d a y a n d S u n d ay A p r i l 2 a n d 3 a n d w i l l b e v i s i t i n g 6 A r t S p ac e s : D A g u i l a r A r t F o u n d a t i o n D o o n g a l i k S t u d i o s A r t Ga l l er y N ew P r o v i d e n c e A r t & A n t i q u e s P o p o p S t u d io s P R O G a l l e r y a t C O B a n d T h e H u b w h o w i l l b e s h o w ca s i n g n e w a n d e x c i t i n g a r t w o r k f r o m m o r e t h a n 5 0 a r t i s t s W ith a more com pact b us r out e and fewer spaces this year, patrons wi l l h a v e t he op p or tu n it y du r i ng t he f o ur h o u r T o u r t o s p e n d a l o n g er t ime at each space t o v iew t he art as well as meet and speak with the artists. Purchases can be made dur i n g th e t o u r a n d p a t r o n s a r e r e m i n d e d tha t they wil l a lso b e tr ea ted to a v a r i e t y o f f o o d an d d r i n k a t ea c h stop. T r a n s p o r t a t i o n w i l l o n c e a g a i n b e p r o v i d e d b y t h e p r o f e s s i o n a l t e a m f r o m B a h a m a s E x p e r i e n c e T o u r s t h e e v e n t s S p o n s o r w h o w i l l d r i v e p a t r o n s a l o n g w i t h a k n o w l e d g ea b l e t o u r g u i d e i n c o m f o r t a b l e a i r c o n d i t i o n e d b u s e s t o e a c h v e n u e A l l b u s e s w i l l l e a v e d a i l y f r o m t h e N A G B p r o m p t l y at 1 0 a m T h e C o m m i t t e e w o u l d l i k e t o t h an k i t s f a i t h f u l p a t r o n s f o r t h e i r s u p p o r t o f t h e e v e n t a s p r o c e e d s f r o m l as t ye a r s t o u r w e r e d o n at e d t o a s s i s t w i t h H a i t i a n R e l i e f f o l l o w i n g t h e d ev a s t a t i n g e a rt h q u a k e by p ro vid in g t he mos t urg ent i tem s i n t h e f o r m o f m e d i c a l s u p p l i e s f o o d a n d h y g i e n e s u r v i v a l k i t s a n d s h e l t e r s u p p l i es A c h e q u e p r es e n t a ti o n wa s m a d e t o N e w P r o v i de n c e C ommu nit y C hurc h who partn e red w i t h W o r l d R e l i e f a w o r l d w i d e relief age n cy with a lon g t e rm prese n c e i n H ai t i a n d t h e D e l C a m i n o C o n ne ct i o n a L at i n A m er i ca n a nd Ca r i b be a n n e tw or k o f o r g a ni s a ti o n s a n d c h u r c h e s w h o w e r e e xt r e m e l y e ff ec t i ve in pr ovi di n g assi st an c e on t h e g r o u n d i n r ec o r d t i m e I n Na s s a u a d o n at i o n w a s m ad e t o t he AIDS F oun datio n to f inanc e an a dol es ce nt' s AI DS ar t wo rks ho p c o n d u c t e d b y A n t o n i u s R o b e r t s F o r m o r e i n f o r m a t i o n a b o u t t h e t o u r v i s i t t h e i r l i n k a t h t t p : / / w w w y o u t u b e c o m / u s e r / T r a n s f o r m i n g S p a c e s ? o b = 5 # p / u o r t h e i r w e b s i t e a t w w w t r a n s f o r m i n g s p a c e s b a h a m a s c o m T i c k e t s a r e n o w o n s a l e a t t h e f o l l o w i n g l o c a t i o n s : N a t i o n a l A r t G a l l e r y T u e s S a t T e l : 3 2 8 5 8 0 0 ; D o o n g a l i k S t u d i o s P a r ad i s e I s l an d D a i l y 10 a m 10 p m T e l : 3 6 3 1 3 1 3 ; D o o n g a l i k S t u d i o s V i l l a g e R o a d M o n F r i T e l : 3 9 4 1 8 8 6 Transforming SPACES IT'S THE day you've waited for, since teenagers. You dream of a wedding celebration designed for royalty. You dream of a simple, but elegant life as husband and wife. Brides and grooms-to-be, it's time to live your dreams at "Love & Cherish," the 23rd production of the annual Bahamas Bridal Show which takes place Sunday, March 27, 2011, at Wyndham Nassau Resort, Cable Beach. Show exhibitors are more excited than anyone else when it comes to this event. They can hardly wait to meet couples and show off their products and services, and provide information to help plan beautiful weddings, bridal shower, bachelor's party, rehearsal dinner, baby christening, birthday and office parties, and other special events. Exhibitors include Furniture Plus, British Colonial Hilton Hotel, Jewels by the Sea, Bristol Wines & Spirits, SuperClubs Breezes, Sheraton Nassau Beach Resort, Best Buy Furniture, Master Technicians, Colina Insurance, Bertha's Go-Go Ribs, Burns House Catering, Master Mixx Inc., Bahama Fantasies. Other businesses exhibiting at the bridal show are Seleon Productions, CH Realty, Noveltease, Wyndham Nassau Resort, Thompson Trading Co. Ltd., Secret Gar dens at Ardastra, Our Lucaya Beach Resort of Grand Bahama, No.14 Sweet Tings Lane, Impact Images & Designs, Fabulous Ronnie Beauty Salon, A Design for Destiny, and Eye Candy Make-up that will do make-up for the models in the fashion show. BRIDAL SHOW CAST T h e sh ow s M C i s N i c ol e He n d e rs on Sm it h a ss i st e d by a n no un ce r T o mm y St u bb s, w h o i s a l so t h e e v e n t s e x e c u t i v e p rod uc e r M a k e v a W a l la c e i s e v e n t c oo rdi n a t or a n d ha nd le s f a s hi on sh ow c ho re o g ra ph y wi t h Sh a me ka F e r na n de r. B ot h a re f a sh io n s ho w co or di n a t or s a l o ng w i t h D ia n e R ol l e M a r t i ne J o se p h, I cl y n Sm it h a n d K a r e n T a y l or Fashion models include Travetha Pyfrom, Nadia Dean, Irie Creaser, Bodine Johnson, Lakeisha Deveaux, Andrea Maycock, Lakera Deveaux, Ashley Stubbs, Richanna Munnings, Juranda Swaby and Leah Treco. The flowergirls will be Tyler Dean and Donesha Hepburn. Among the men modeling and performing in the bridal show are Terrance Missick, Keith Hinsey, Lamont Dean, Fred Paul, Eugeno Neely, Gonzalo Broncaccio, Freddie Lightourne, and Shandon Smith. Page boy will be Nathan Dean. Our official videographer will be Kevin Taylor of Dreamkatcher Media. Official show photographer is Mario Duncanson. Tiska Armaly of Weddings by Fanta-C will provide bouquets and boutonnieres in the fashion show. To Love & Cherish' PRESENTATION: Jay Koment makes the donation to AIDS Foundation President, Lady Camille Barnett (right). S N O W F L A K E B E A U T Y : A c a k e d e s i g n b y T h e C a k e B o x i s s h o w n o n d i s p l a y INCREDIBLE LAYOUT: Bahama Fantasies puts on an exhibit. GETTING THE GARTER: Performers act out wedding traditions. EYE-CATCHER: DeAnthea Cartwright models an orange dress. D A Z Z L I N G D R E S S : I r i e C r e a s e r m o d e l s a g r e e n a n d b l u e w e d d i n g g o w n A most spectacular event for everyone to enjoy! The T ribune SECTION B