N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Family fears for missing mother V olume: 107 No.120FRIDAY, APRIL 15, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 86F LOW 75F B U S I N E S S SEESECTIONB S P O R T S May launch target for $20m plus COB bond SEESECTIONE Shockers take lead By DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org A YOUNG mother who left New Provi dence with her two children has not been seen or heard from since travelling to Freeport in January, according to family members who are worried about her safety. Krystal Forbes, the mother of 20-year-old Krishanna Higgs, is very concerned about her daugh ters well-being and is appealing to anyone who might have seen her to contact police on Grand Bahama. Krishanna left Nassau on January 12 with her two daughters aged one and three. Her mother said she went to see her boyfriend and took the children to spend time with relatives in Freeport. Ms Forbes has tried contacting her daughter by cellular phone several times, but has not been able to reach her ... and fears the worst. She and her sister travelled to Grand Bahama yesterday and spoke with reporters. This is her second trip to Freeport since filing a missing persons report with police on March 29. Ms Forbes does not know her daughters boyfriend but has learned, since going to Freeport, that he is believed to be wanted by the police. Assistant Superin tendent Loretta Mack ey, press liaison officer, did not mention a boyfriend, but said that on March 15, police issued an all-points bulletin for the father of one of Krishannas children, 25-year-old Charles Tony Fritzgerald, alias Gary Cooper, of No 206 Watergate Apartments, whom they feel can help them with the case. According to Ms Forbes, Krishannas one year-old is Mr Fritzgeralds child but the threeyear-old was fathered by another man. I know the three-year-old is safe with her grandmother, but I am not sure if the one-year-old is safe, said Ms Mackey. Although Krishanna is from Grand Bahama, she lived in New Providence with her chil dren. Ms Forbes said she was conW oman disappears on trip to see boyfriend TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM By TANEKA THOMPSON Tribune Staff Reporter email@example.com POLICE Commissioner Elli son Greenslade yesterday apol ogised to the family of mur dered Nellie Mae Brown for the "embarrassing breach" in police protocol that led to graphic crime scene images of her mutilated body surfacing on the internet. Just who leaked the disturb ing images and the incident report is still unknown, however there is a short list of police officials who are privy to such information. BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SECRET Sound winner, Dedre Stuart, is $17,000 richer thanks to 100 Jamz. Caller number 17, Stuart guessed the mysterious sound a hammer hitting a traffic cone during Special K's after noon shift on Wednesday, April 13 to become triumphant in the popular promotion that has kept listeners on tenterhooks for the past 15 weeks. A Freeport native, Stu art phoned into the Jamz studio on the toll free line hoping for a financial miracle to help her care for her six children, including her FREEPORT NATIVE WINS 100 JAMZ' $17,000 SECRET SOUND WINNER: Pictured at cheque presentation in Freeport (from left to right Hoyte; daughter Nakaya Stuart; Dave Mackey, 100 Jamz; Dedre Stuart, Secret Sound winner holding her two-year-old son; and Jovan Nixon, a family friend. SEE page nine COMMISSIONER APOLOGISES TOF AMIL Y OVER MURDER E-MAIL SEE page nine SIR DUR W ARD GIVES MED AL S, TROPHY TO NATIONAL MUSEUM SIR DURWARD KNOWLES gestures to a photograph of one of his sporting triumphs as Minister of Youth, Sports and Culture Charles Maynard looks on. Yesterday, Sir Durward presented his most valuable pos sessions World Championship Trophy and Olympic gold and bronze medals to the National Museum of the Bahamas. SEEPAGETWO ANDSPORTSSECTION F e l i p M a j o r / T r i b u n e s t a f f By NATARIO McKENZIE Tribune Staff Reporter firstname.lastname@example.org A MAN who was on death row was granted bail yesterday after the appellate court quashed his murder conviction and ordered he be retried for manslaughter. Godfrey Sawyer was granted $15,000 bail by the appellate court yesterday and ordered to report to the South Beach Police Station twice a week. Sawyer, 30, was convicted in November 2009 of the murder of Sterling Eugene and was sentenced to death by then Senior Supreme Court Justice Anita Allen. She described the crime as the "worst of the worst." By TANEKA THOMPSON Tribune Staff Reporter email@example.com DISCUSSIONS with the Director of Public Prosecutions have left Police Commissioner Ellison Greenslade confident that persons charged with serious offences such as murder will soon have a tougher time getting bail. In many cases, those on bail have been accused of committing other violent crimes. Mr Greenslade said: "In dis cussions yesterday I left satisfied. I am excited to tell you that we are now getting the wheels to turn and this whole business of persons being MAN WHO WAS ON DEA TH ROW GRANTED BAIL POLICE C ONFIDENT OF T OUGHER B AIL S TANCE FOR SERIOUS CHARGES SEE page nine SEE page nine SEE page nine MISSING: Krishanna Higgs
By BRENT STUBBS Senior Sports Reporter firstname.lastname@example.org CALLING it his last hurr ah in the public arena, national icon Sir Durward Knowles presented his most valuable possessions World Championship Trophy and Olympic gold and bronze medals to the National Museum of the Bahamas. Sir Durward, better known as Sea Wolf for his exploits on the water as an acclaimed sailor, made the presentationsto the Minister of Youth, S ports and Culture Charles M aynard yesterday on the g rounds of the Collins House museum on Shirley Street and Collins Avenue. A nd in his usual witty and h umorous address, Sir Durward called on the government t o ensure that the necessary funding is allocated in the budget to ensure that the museum is completed. Mr Maynard said that while t hey have already started improving the grounds, the g overnment has spent some $434,000 so far with Osprey Construction this year for the weather-proofing of the roof as they begin the restoration of t he building. Additional sums will be required to complete the struc-t ural restoration, painting and adaptive reuse of the building as the National Museum, Mr M aynard pointed out. A fter much thought and c onsideration, 93-year-old Sir Durward said he consulted his w ife, Holly Shaw, whom he married in 1947, and his three c hildren all present, with his sister, family members and friends and they were 100 per cent behind him making the gesture. If this is what you want to d o, we will back you 100 per c ent, Sir Durward said. We feel its a wonderful idea and Im glad you thought about it and we support you 100 perc ent. So that was the biggest obstacle to cross. Now that we got that out of the way, we d ecided on who we will give it to and how we are going about it. T he late Dr Willard Thomps on, a close friend and confidant of Sir Durward, helped him make the decision to pres ent it to the National Museum. The preparation began, the c ommittee for the museum c ame up to the house and looked at the trophy room and see what I had there, Sir Durward said. We decided that these are the three main awards they will have. S ir Durward, who holds the record of appearing in eight Olympic Games, presented the trophy that he won at the Star Class World Championships in 1947 and the Olympic bronze in 1956 in M elbourne, Australia, with the l ate Sloane Farrington and the Olympic gold in 1964 in Tokyo, Japan, with the late Cecil Cooke. He saluted both of his crew members for enabling him to a chieve the success and he t hanked their families for the time he spent with both of them. And he noted that without t he support of the late Sir R oland Symonette and Sir Stafford Sands, none of what was achieved, would have b een possible. He also noted in his address that he was disappointed int he turn-out of politicians. W ith Mr Maynard were Minister of National Security, Tommy Turnquest, Minister o f State for Social Service, Loretta Butler-Turner and Minister of Agriculture, LarryC artwright. They were the o nly members of the government present at the time. However, Deputy Prime Minister Brent Symonette whom Sir Durward joked when he was informed that heh ad arrived: Who dat! Thats my godson, the Deputy Prime Minister? I say youre better off if you stayed. Mr Symonette showed up with Tourism Minister Vincent VanderpoolWallace; Education Minister D esmond Bannister; Public Works Minister Neko Grant; Environment Minister EarlD eveaux and Housing Minist er Kenneth Russell. Dr Andre Rollins, the PLP candidate for Fort Charlotte,w as noticeably the highestranking name present from the opposition. I n accepting the symbolic tokens, Mr Maynard said Sir Durward wants them to be seen and owned by genera t ions of Bahamians yet unborn. I am extremely grateful and humbled to receive these gifts on behalf of the Bahamian people. The trophy and them edals will become a very important part of the collections of the National Museum of the Bahamas. Mr Maynard encouraged other Bahamians, who have other historic items, to make similar donations to the national museum. SEE SPORTSSECTION L OCAL NEWS P AGE 2, FRIDAY, APRIL 15, 2011 THE TRIBUNE By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT The three missing boaters from Grand Bahama were located Wednesday drifting in waters near Andros, BASRA officials report ed. According to reports, a Good Samaritan vessel spotted the disabled 17ft Boston Whaler while passing Mangrove Cay. BASRA Search and Rescue was notified that the vessel left West End on a fishing trip early Tuesday morning and was due back 2pm the same day. The boaters ages 25, 23 and 20 informed persons that they were going diving for conch between Sandy Cay and Memory Rock. The boat was equipped with one 85mph Yamaha engine. There were no VHF radios or life vests onboard. The vessel had drifted some 18 miles from the designated area when spotted on Wednesday. A BASRA official said a vessel out of West End went to the location and brought them back to West End on Wednesday. Basra is urging all persons to file a proper float plan before leaving the dock. Boaters are also urged to have their engines properly checked and ensure that they carry emergency supplies, especially VHF Radio, GPS, and life jackets, as well as drinking water, anchor and rope, flash light, and First Aid Kit. Boaters should also be aware that the speed and weight of their vessel will increase the amount of fuel they burn. Larger sea conditions equal larger fuel bills. You never know when a four-hour trip can turn into a three-day fight for your life, said Justin Snisky Chairman Basra Grand Bahama. Missing boaters found drifting near Andros AST H URRAH S IR D URWARD K NOWLES Sea Wolf hands medals over to the National Museum of the Bahamas SIR DURWARD KNOWLES holds a framed copy of his 1964 Olympic gold medal. MINISTER OF YOUTH, SPORTS AND CULTURE Charles Maynard receives the 1947 World Championship t rophy from Sir Durward Knowles. SIRDURWARDKNOWLES shakes hands with Minister of Tourism Vincent Vanderpool-Wallace. F e l i p M a j o r / T r i b u n e s t a f f
By NATARIO McKENZIE Tribune Staff Reporter firstname.lastname@example.org P OLICE are investigati ng a late night break-in at the Bank Lane office of Chief Magistrate Roger Gomez. Mr Gomez told The Tribune yesterday that some-t ime around 10 oclock W ednesday night, a janitress discovered that the door to a storage room that is accessed through Court One, Bank Lane, had been kicked in. It is believed that the culprits gained access to the room through a western window to the chief magistrates office. Mr Gomez said although the culprits had to pass t hrough his office, nothing in his office was disturbed. The storage room, according to the chief magistrate, is used to store completed case files from Court 8, Bank Lane, which deals primarily with drug cases. We arent sure if they took anything but they were digging through the files obviously, Mr Gomez said. H e said that as far as he remembers, this is the first time his office had been broken into. Mr Gomez said that despite what transpired, his court was not affected although his staff has been left feeling uneasy. The chief magistrate said that if caught and convicted, the perpetrators of the B y CELESTE NIXON Tribune Staff Reporter c email@example.com A TEAM of scientists set t o evaluate the state of the countrys marine resources h as emphasised that their work is not geared towards furthering any oil explo-r ation agenda. The Living Ocean Found ation, which will be in the Bahamas from now until 2012, said its research is not intended to further thea ims of any industry, but rather to designate marine protected areas and iden-t ify locations where develo pment will have a mini mal impact and still be sus tainable. Phil Renault, executive d irector of the Khaled bin Sultan Living Oceans Foundation, said: Ther esults from our research will not directly support any industries. The results of our research are reallyf or better understanding of t he natural environment, so I dont see any really direct relationship betweent he objectives of our scien tific research and any type of oil and gas industries or a ny other industry. Mr Renault said the team hopes to demonstrate the value of local naturalr esources in a way that can impact the decisions government makes with regard to the use of ocean areas. He said Living Oceans chose the Bahamas for its location and because thef oundation has collaborat e d in the past with local group the Nature Conservancy on survey projects in E xuma and Conception Island. The information gath ered was used by govern m ent to designate the waters around Conception Island a marine protected area. Impor tance By creating these high resolution habitat maps for use in management, one oft he uses of this as a tool is to delineate areas of high importance from a biodiversity stand point, from a health stand point, from other areas, said Dr Andy Bruckner, Living Oceans chief scientist. I think you can actually use the habitat maps to zone coral reefs and associated ecosystems for mul tiple uses. In many other countries, one aspect of a marine protected area is establishing a no take area thats closed to fish ing, thats closed to any sort of extractive activities or anything else that may be damaging to the envi ronment, he said. Dr Bruckner said that with the knowledge of habitat locations in hand, economic development can be planned and exe cuted in a sustainable manner. LOCAL NEWS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 3 'XHWRWKHXQWLPHO\GHDWKRI0UVRVHDULHRUHH DOODQG\VORFDWLRQV:LOO%H&ORVHGRQ6DWXUGD\DQGZLOO5HRSHQRQ0RQGD\ $77(17,21$// 6$1'<+233(56 ABOVE: Phillip Renault, executive director of the Khaled bin Sultan Living Oceans Foundation stands next to Eric Carey, executive director of the Bahamas National Trust and explains that the research results will not directly support any industry. RIGHT: Dr Andy Bruckner, chief scientist of the Living Oceans Foundation. Gena Gibbs /BIS Living Ocean Foundation speaks outon research Scientists work not geared towards oil exploration b reak-in could get a five year prison sentence. Mr Gomez said that in light of what transpired, the police presence will have to be beefed up during the night watch. He noted that the new magistrates court complex on Nassau Street is expected to be outfitted with closed circuit television (CCTV m easures. T hat facility, which is still under construction, is e xpected to be completed b y June. In June of last year, it w as reported that urgent t alks were under way to b eef up court security following a string of break-insa nd vandalism at the S upreme Court. At the time, Attorney General John Delaney said he was involved in discussions with the Chief Justice, the Director of Court Serv ices and the Commissioner of Police to ensure the safety of the countrys top judges. This came after burglars gained access to Supreme Court Senior Justice Jon Isaacs chambers through a rear window and made off with several personal items. Scrawled in blue ink on an entry door to the judges c hambers was the phrase The PLP must win the next election. All FNM m ust die as well as the d rawing of a gun. At the time, Mr Delaney s aid: "Security is extremely i mportant for the courts. I w ant all users and service providers in the justice sys-t em to be safe and feel safe. I don't want anything threatening the ability of the judges, witnesses or attorneys to somehow be inhibited in the working of the system. Late night break-in at office of Chief Magistrate
L ABOUR Minister Dion F oulkes denied reports yesterday that Cable and Wireless will be terminating 600 employees from the Bahamas Telecommunications Company by the end of year. B laming the Progressive L iberal Party and their opera tives on a local gossip website for spreading fear a mong BTC workers, Mini ster Foulkes said such misinformation is damaging to the morale of the companys staff. There is absolutely no truth that employees at BTC will be laid off, as was r ecently stated by the CEO o f Cable and Wireless and h as been stated by the Prime Minister previously. All separation at BTC w ill be done by voluntary separation, by voluntary retirement, and that is the position of BTC and that is the position of the government, he said. Mr Foulkes reminded the p ublic that it is anticipated t hat within the first three y ears of operation, Cable and Wireless will reduce staffing levels through voluntary separations to appropriate levels. There has already been indications from numerous e mployees at BTC that they w ish to accept a voluntary p ackage for numerous reas ons, he said. M r Foulkes said that he did not know exactly how big the reduction will be, but stressed that the 600 figure is pure PLP propaganda. This is all designed to cause trouble, fear, and insec urity amongst the workers. J ust recently the CEO indic ated what the business plan was, the Prime Minister has repeated it many times, he said. L ast month, Cable and W ireless acquired the majority shares in BTC (51 per c ent) for $210 million, bringi ng to an end a 14-year e ffort by successive governm ents to privatise the t elecommunications giant. The Progressive Liberal Party has opposed the sale of BTC to Cable and Wireless and promised to hold a Commission of Inquiry into the sale if they become the g overnment following the 2 012 general election. LOCAL NEWS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 5 By DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT Some workers at Qual ity Services Company Limited are claim-i ng discrimination and unacceptable w orking conditions on industrial job sites, a ccording to a local union official. Lionel Morley, president of the B ahamas Marine Dock Construction M aintenance, Refining and Allied Workers Union, said he was instructed by the workers to speak with management about complaints regarding working conditions. He noted that workers had expressed concerns about discrimination on job sites regarding the provision of safe drinking w ater. M r Morley claims that purified water is purchased for one group of workers while others are left to drink ground water. Q uality Services is contracted by comp anies to carryout various industrial ser vices. Mr Morley said: We believe in the industrial area workers are exposed tot his environment where the cancer rate on this side of the island seems to be higher than anywhere else. One faction of the workers is drinking water that is bought and the other is drinking it from the ground and we are s aying, if you are going to create proper w orking conditions you cannot do it on a d iscriminatory basis, you have to ensure that all workers get proper drinking water. M r Morley said that workers have also complained that bathroom facilities are deplorable. The way these workers are treated is u nacceptable in the industrial sector, he said. The union president believes that worke rs in the sector have endured improper w orking conditions for a long time. All of these industries (on Grand Bahama) continue not to understand thatt he greatest asset to their company is the w orkers, he said. Mr Morley, a former hotel workers union executive, said the union has asked in writing for a meeting with the ownerso f Quality Service. The company, he said, appeared receptive to the request. If that fails, we will file a dispute and hopefully it does not result in industrial action, he said. The Tribune attempted to contact Quali ty Services regional controller Marco T acca for comment, but he did not return the calls before press time. A FIGHT at a beach party off Baillou Hill Road South resulted in two men being shot and two others being stabbed. The fight reportedly broke out at around 8pm. One man was shot in the arm, another in the chest. Two other men involved in the brawl sustained knife wounds, one to his lower back, the other to the head. The victims were taken to hospital by emergency medical personnel and by private vehicle. All four men are listed in stable condition. Investigations into the incident are continuing. POLICE seized more than $30,000 worth of illegal drugs in a big drug bust in New Providence on Wednesday. Officers of the special task force Rapid Strike made the bust during a routine patrol in the area of Sixth Street and Coconut Grove Avenue at around 10.45pm. The police officers observed two men acting suspiciously. Conducting a search of the immediate area where the men were, the officers discovered three bales of suspected marijuana. The confiscated drugs weigh 32 pounds and have an estimated street value of $32,000. The two men both aged 29 years old were taken into custody. Police on Wednesday also seized two illegal firearms and ammunition. Sometime around 3.45pm offi cers of the Central Intelligence Unit were at Fox Hill Road in the area of Her Majestys Prison when they observed a vehicle occupied by two men acting suspiciously. Officers conducted a search of the car and recovered from beneath the drivers seat a hand gun with ammunition. The occupants, aged 26 and 23, were taken into custody. Then, at around 10.24 pm, officers of Rapid Strike acting on a tip proceeded to an area at Gamble Heights where they recovered a handgun. No one was taken into custody. Police investigations con tinue. FIGHT ENDS IN T WO SHOOTINGS, T W O STABBINGS C RIMENEWS $30,000 DRUG SEIZURE Minister denies Cable and Wireless will be terminating 600 employees Union official:some workers at Grand Bahama firm claiming unacceptable working conditions MINISTEROFLABOUR: Dion Foulkes
By CARA BRENNEN-BETHEL Tribune Features Editor MORE than $27,000 was r ecently raised at a special luncheon fundraiser for the Ranfurly Home for Children, funds that should help towards covering the cost of a much needed mini-bus to transport residents to and f rom their various activities. The Spring Fling Luncheon and Fashion show, sponsored by Coles of Nassau, and Morley For Men was held in the elegant Old Fort Bay Club House. It was a huge success according to store owner Diane Cole Morley. This was the first Spring Fling fundraiser that we have had for the Ranfurly Home and we will now make it an annual event, as the Home has been suffering for years because of a lack of funds. Discussion She said the idea for the event came after a discussion she had with home president Alexandria Maillis Lynch who told her about the many needs of the home. She is doing a fabulous job in helping it become a better place and we are extremely pleased that we are able to help. The Ranfurly Home needs so many other things as well as people who are willing to sponsor activities that will help stimulate the children. We are hoping that other people will step up to the plate, said Mrs Morley. Mrs Maillis Lynch told guests that while public support has been encouraging, there is still much that needs to be done to ensure that the home meets its expenses. We have so much work to do at the Ranfurly Home for Children (RHFC June, the former Board of Directors president made a public announcement stating that the Home faced closure. She was in debt and was in a state of great discouragement. Today the Home is very slowly pulling itself out of the mire thanks to the many kind and generous peo ple who have stepped for ward to help us. Ranfurly is the only pri vate, non-affiliated Home in the Bahamas. We have no supporting body to back us and write cheques for us when we need them. Our support comes from private donations, fundraising events and grants (includ ing one from the Government of the Bahamas). Our goals are many, but our needs are indeed great. Through the benevolence of the Kenilworth Film Company, we have been able to improve the appearance of RHFC with hurricane-proof windows that allowed light to stream into the Home and alleviate the stifling depres sion of sitting in darkness. They and another benefactor have sponsored the children to attend local, private schools to remove them from the gang culture that pervades in many of our pub lic schools today and to give them a chance at being properly socialised adults. Debt Through an open door and open books policy, we have gained the trust of the public and many companies and people have come for ward to help pay the debt that was owed by RHFC. When I became president of the Board last June we were over $80,000 in debt today we stand with an account balance of over $300,000. However it takes approximately $500,000 a year to run the Home which means that while that may sound like we are safe, in actual fact we are not as my treasurer, Tom Hackett, likes to point out to me on a weekly basis. Unfortunately we still have need of so much. We have just launched a Build a Roof over Ranfurly initiative as the roof will not likely survive the hurricane season we have absolutely no transportation for the chil dren. Right now they are shut tled in private cars or we have to hire buses. We have to pay for services rendered these days because of the gross unreliability of volunteer services so we have to pay for our plumbers, electricians, tutors, etc, and we have just retained the services of a psychologist to help the children face the trauma that abuse brings to their young hearts and minds. She added, Family is a powerful and important con cept and it is the idea that we have tried to embrace the children of RHFC in. The children of RHFC have been placed in the Home by Social Services. Most of them have been removed from their sit uations for I cannot call them in so many cases, homes due to abuse (both sexual and physical), abandonment and gross neglect. The orphans in the Home are there because AIDS have made them such. We have sought to wrap them in love, patience and hope through counselling, education, mentoring and security. We have sought to be their family. The problems with the children are many, but they are worth it. The Home is fraught with one problem after another, but it is a wor thy battle. The need is great but the cause is just. We in the Ranfurly fami ly are fighting for the physical, emotional and spiritual lives of these beautiful children who through no fault of their own have had to call Ran furly their own. Often a child will say to me. Alexandra you have no idea what it feels like to know that nobody wants you, that you dont have a mother who cares for and is there for you, that you belong to someone.and I always answer truthfully No I dont I grew up in a very loving and supportive home most of us dont share that experience with them but we can share our lives with them our time, talents and financial resources with them hopefully in an effort to produce good wholesome citizens of the Bahamas. She said there is also a great need to build a transi tional home where children go to once they reach the age of 18. We have residents of homes all over the country who have to be turned out at age 18 and they have nowhere to go. More than $140,000 has been raised for this project, so far. Also speaking at the event was Lady Caroline Simmonds whose mother, Lady Ran furly, founded the home. Lady Caroline explained that her family came to the Bahamas in 1952 when her father was appointed Gover nor General. It was two years later, she said, when her mother saw the need to cre ate a home for children after a devastating fire in Nassau. My parents went down to Bay Street to help the fire fighters. My mother saw children running from cardboard boxes in the side streets and was horrified to learn that these children of all ages were homeless and living in terrible circumstances. There was no orphanage in the Bahamas. She launched an appeal on the radio early in 1954 to raise ,000 to build a home for children based on Christ ian and democratic principles. The response was incredible and the money came in, not only from the wealthy, but also precious pennies were sent from all over the islands. Architects and builders gave their services free and on my mother's birthday in 1956, the Ran furly Home for Children was opened. Futur e It has survived many ups and downs and lately has been battling to survive financially. I feel that it is incredibly important to keep this haven safe, it not only belongs to the Bahamian people, but the future of so many young peo ple depends upon it. It was in 1954 that the fire broke out in the General Hardware store on Bay Street and threatened the town. The Ranfurlys rushed to the scene with Lord Ranfurly manning a hose while Lady Ranfurly gathered the children sleeping behind the buildings. At the time it was said that out of that fire a home was born. Lady Caroline, age 7, laid the cornerstone for the Home on Thursday, February 3, 1956. Also attending the fundraising luncheon were the Administrator of Ranfurly, Alexander Roberts, members of the Ranfurly Board, Members of the Ranfurly Family, Lady Foulkes, wife of the Governor-general and the Homes patron, Maria Kelly, Assistant Director of Social Services with special respon sibility for the Childrens Homes and representative of the Minister of Social Services, Loretta Butler-Turner, and Cally Maillis, representative of the Queen Mary Sewing Guild, the original supporting body of the RHFC. L OCAL NEWS P AGE 6, FRIDAY, APRIL 15, 2011 THE TRIBUNE $27,000 raised at fundraiser for Ranfurly Home A LEXANDRA MAILLIS-LYNCH g ives an update on the financial status of the Ranfurly Home at the luncheon. Felip Major /Tribune staff THE LUNCHEON was a sold out affair, raising more than $27,000. THE FASHION SHOW grand finale at the luncheon.
THE Governor-Generals Y outh Award recently hoste d a gala fundraising dinner i n celebration of the visit of their Royal Highnesses the Prince and Princess Edward, The Earl and Countess of Wessex. The evening was made possible through sponsors hip by Bahamas First Insura nce Company Limited and M r and Mrs Harry Oakes, and was held at the British Colonial Hilton Hotel. Also attending were the Minister o f Youth, Sports and Culture Charles Maynard. The guests were given an e vening to remember, starti ng with an array of hors d oeuvres and ice carvings, the work of Chef KabutiL ockhart and his team at the H ilton. Background music was provided by the Royal Bahamas Defence Force Band, as guests mixed and mingled and met with Their Royal Highnesses before dinner. T he Bahamas National Y outh Choir, under the directorship of Cleophas A dderley, performed for the g uests. T he evening closed with speeches by Governor-General Sir Arthur Foulkes and also His Royal Highness the Earl of Wessex. Prince Edward, who as an international trustee of t he Duke of Edinburghs A ward Programme the G GYA is a member of the National Award Authority was able to give the guests insight into the benefits of s upporting the youth programme here in the Bahamas. T he funds raised from the d inner will directly benefit t he GGYA and will assist in the collaboration with theM inistry of Youth, Sports a nd Culture, known as the Gold Initiative, which aims to implement the programme in every school and youth group throughout the Bahamas, raising participation levels to over 2,500 m embers. C hairman of the board of t rustees, Sir Orville Turnquest, thanked Bahamas First Insurance and its CEO Patrick Ward for committing to support of the GGYA. He expressed his hope t hat this collaboration would c ontinue with other projects that involved the young and u pcoming employees of B ahamas First working t ogether with participants of the GGYA to share knowledge, skills and encourage-m ent. LOCAL NEWS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 7 BEAUTYFESTIVALJOHNBULLBEAUTYFESTIVALJOHNBULLB E A U T Y F E S T I V A L J O H N B U L L B E A U T Y F E S T I V A L J O H N B U L L B E A U T Y F E S T I V A L J O H N B U L L B E A U T Y F E S T I V A L J O H N B U L L B E A U T YFESTIVAL JOHNBULL BEAUTYFESTIVAL JOHNBULL BEAUTYFESTIVAL J O H N B U L L B E A U T Y F E S T I V A L J O H N B U L L B E A U T Y F E S T I V A L J O H N B U L L B E A U T Y F E S T I V A L J O H N B U L L B E A U T Y F E S T I V A L J O H NB ULLJOINUSFORACELEBRATIONOFBEAUTY ASWEHIGHLIGHTTHEFINEST INCOSMETICSANDFRAGRANCES.SATURDAY APRIL16 2011 10AM4:30PMJOHNBULL 284BAYSTREET:COMPLIMENTARYMAKEOVERS ($25MinimumPurchaseRequired) INTERNATIONALMAKEUPARTISTS: IMAN-MagaliBeauvue,CHRISTIANDIOR-VictorSapar LANCOME-DelvinGonzales,YSL-MyriamFridman SKINCARECONSULTANTS COMPLIMENTARYGIFTWITHPURCHASEOFFERS SPECIALDISCOUNTSANDGIVEAWAYSCALL302TOBOOKYOURAPPOINTMENT.WEEKEND GGYA hosts fundraising dinner in celebration of Royal visit AN EVENING WITH ROYALTY: The GGYA special event committee (at back) recently hosted a special gala fundraising dinner. Picturedi n front (l-r nesses the Prince and Princess Edward, The Earl and Countess of Wessex, and Governor-General Sir Arthur and Lady Foulkes. By LAMECH JOHNSON OFFICERS of the Royal Bahamas Police Force hosted students, teachers and chaperones from the Mangrove Bush Primary School in Long Island at the East Street North Police Station on Monday. Sgt 2091 Rolle and Corporal 2858 Pratt welcomed the Long Islanders, who were visiting a Nassau station for the first time as a part of a week long trip to the capital. We dont take for granted that you travelled so far to be with us, Cpl Pratt said. Before the grand tour and displays by different units of the force, Sgt Rolle gave the students important advice. You have to study and apply yourself in school, he said. Cpl Pratt quizzed the students on their knowledge of Bahamian history, asking if they knew the name of the first prime minister of the Bahamas, the officer in charge of the Long Island district and the full meaning of the name of NGM Major High School. Officers from the fire branch talked to the visitors about fire safety and taught them to fall and crawl, allowing them to breath more easily in the event their homes caught on fire. They were also taught to stop, drop and roll if their clothes were ever set alight. The students were separated into groups of three and rotated between discussions and demonstrations of a fire engine, a mobile patrol car and a Traffic Division bicycle. The students were excited about the opportunity to sit in the vehicles. The Tribune spoke to the head boy of Mangrove Bush, Pedro Marcello, who said: Im enjoying the moment. Pedro said he learned about all the positions at the police force. The K-9 unit presentation was left for last and they demon strated both the passive and aggressive methods used by the dogs to identify drugs in suitcases. After this, the Mangrove Bush students were taken to the control room, where officers receive and respond to emergency calls. Joan Darville, one of the chaperones for the trip, told The Tribune it was funded by a few sponsors and fundraisers organised by the students. According to Martin Turnquest, during the trip the students are also visiting Christ Church Cathedral, the House of Assembly, the Senate, Government House and the Royal Bahamas Defence Force Base. They also will be heading to Andros, then back in the capital for visits to Dolphin Encounters, see a movie and go bowling. By LAMECH JOHNSON STUDENTS of the Man grove Bush Primary school in Long Island were advised by the commissioner of police to make the best of their opportunities while at school. Speaking on Wednesday at Police Headquarters on East Street, Commissioner Ellison Greenslade told the students they must listen to their teachers. I should tell you, as your teachers will tell you, that all of us were once your age. We were in the classrooms just like you and we had similar lessons just like you, he said. Greenslade admitted that students in his generation misbehaved, did not pay attention and were therefore disciplined by their teachers, but also encouraged to get serious about our books and pay attention in our lessons. You have to have a good education, Mr Greenslade said. The world is a very competitive place right now. The commissioner noted that many employers require prospective employees to have a bachelors degree, and in other instances, even if a position doesnt require academic qualifications, you still need to have a skill. He also shared with the students a saying his parents taught him: Manners and respect will carry you around the world. Mr Greenslade and other senior officers then answered questions from the students, which ranged from the date for the establishment of the force to the duties of the commissioner of police. I am responsible for every officer in the Bahamas, Mr Greenslade explained. He said he is in charge of 2,800 officers across the country, along with 950 reserve officers and civilian employees. The commissioner and his technical team also demon strated the forces video con ferencing system and allowed the students, teachers and chaperones from Long Island to speak with officers from Eluethera and Grand Bahama over the internet. POLICE OFFICERS HOST STUDENTS, TEACHERS AND CHAPERONES MANGROVEBUSHPRIMARYSCHOOL S TUDENTS ADVISED TO MAKE BEST OF SCHOOL OPPORTUNITIES
L OCAL NEWS P AGE 8, FRIDAY, APRIL 15, 2011 THE TRIBUNE A GROUPof 70 senior citizens in New Providence had afternoon tea at Government House on Monday and spent an afternoon enjoying the food, entertainment and one anothers c ompany. The event was o rganised by the National Council of Older Persons as an annual social event that includes an older persons fashion show. P ICTURED f rom left to right i n front row are Jane Adderley, Andrea Archer, Gena Gibbs, Kandaisy Rolle, Idena Burrows, and Georgette Arthur. Back Row from left to right are Leslie Sweeting, Rosemary Bain, Dr Uanna Burrows, D elores Mounts, Dr Kayla M usgrove, Kenrick Murray, and Charles Sawyer. (BIS Senior citizens take tea at Government House S ENIORS ENJOYED DESSERT AND SNACKS w ith their afternoon tea and musical interludes. Entertainment and food was provided by the National Council of Older Persons. SAN JUAN, Puerto Rico Associated Press A TEENAGER a ccused of stabbing a w ell-known radio journ alist last year has been found guilty of aggravated assault anduse and possession of a w eapon, a court offic ial said Thursday. L uis Miguel Perez Quiles will be sen-t enced on June 20, b ailiff Guillermo A viles said. Defense attorney Federico Lopez saidhe was satisfied with the verdict issued Wednesday and thathe is reviewing a trans cript of the trial before deciding whether he will a ppeal. Perez was arrested i n September after police said he got into a fight with Jose A rriaga Stuart over payment of sexual favors. Stuart was stabbed more than 20 times and has since recov ered from his injuries,i ncluding a collapsed l ung. H e used to host a nightly show onW KAQ radio in which he debated news topics with callers. The stabbing o ccurred in Corozal, a northern mountain town in the U.S. Caribbean island. PUERTO RICO: TEENAGER FOUND GUILTY OF ASSAULT IN STABBING OF RADIO JOURNALIST
LOCAL NEWS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 9 cerned about her daughter going back to Freeport. I heard little things, and I had concerns for her when she left, she said. Ms Forbes said that Krishanna was supposed to stay with her father and was expected to return to Nassaua week later. When she left in January I called her, but I received a text saying that her phone was not working and that she would call me when she gets a new phone. Ms Forbes came to Freeport in March in search of Krishanna, but could not find her anywhere. She said her father had not seen her, and the relatives with whom the three-year-old was staying had not seen or heard from her either. Ms Forbes said she also spoke with the boyfriends sister, and tried contacting him on his cellular phone but there was no response. I knew something was wrong because the boyfriend had sent (Krishanna over here but the sister keep telling me that he did not send the ticket, and thats when I felt something was wrong, she said. Forbes said Krishanna loved her children and would never leave for so long without con tacting them. She never went missing before and she cared a lot for those kids, she said. ASP Loretta Mackey said the matter is now under investigation by the Central Detective Unit. She is appealing to the public for information that could lead to officers discovering the whereabouts of Krishanna. She also asked anyone who can help locate Fritzgerald to call the police. We made an appeal initially to the public concerning him butw e have not caught up with him, and we want to renew our appeal today for him and for Kirshanna, she said. Ms Mackey said persons with information should call 3503103, 911 or CDU at 352-9774/5. You dont need to give your name. It is important that we find Krishanna to bring some closure for her family, she said. Fritzgerald is described as being of brown complexion with dark brown eyes. He is about five feet, 10 inch es tall, of average build and weighs 170 to 180 pounds. H as a tattoo that reads MOB on his right arm, a tattoo that reads NO LOVE on the left arm and a scar on his forehead. Fritzgerald has long braided hair and is a carpenter by trade. Police said he should be con sidered armed and dangerous, and should be approached with caution. An intensive internal investigation, led by Deputy Commissioner Marvin Dames, is underway. Anyone found guilty of the infractionw ill face stiff penalties, including a police tribunal or criminal charges, added Mr Greenslade. Investigators are sifting through police computers and interviewing those with access to the leakedr eport. Meanwhile, internal protoc ol has been tightened to limit the p ossibility of this happening again. "Something went terribly wrong, it should not have gone wrong and as a police department we should not have to make excuses its hould not have happened. I don't k now who leaked the information, what we know is that it is an official police document that should not be in the public domain and the document was circulated to a listing of persons who had a right to havei t," said Mr Greenslade. Old procedures that allowed the b reach to occur have since been changed, he said. "For a system to work, we partner within the department and outs ide and so we do have a list of people that we would share that information with I changed thosep rocedures immediately. "We should complete some work today on our crime scene investigation policy, policies around arrest and detention, policies around the care and treatment of witnessesa nd suspects, all of those policies a re now back in focus so we can ensure that operationally we don't have this misstep again. "We're looking at devices that are now employed across the organisation, and more particular-l y in CDU, and we are going to be l imiting access to a significant degree." Mr Greenslade also refuted claims that the leak may have come from inside the Office of the Attorney General. "We are investigating all avenues b ut I am not going to the avenue of the AG's office because we have no evidence to support that. That isa non-issue, it should not arise. . this is a police-centric issue, this i s a matter that was dealt with in t he police department, it's a document that was sent legitimately to p eople in the police department and we were let down in some way." S peaking to the press shortly a fter he met with Ms Brown's two daughters and father, the police chief was candid about the shame the incident has brought on the force, an organisation already cop-i ng with waning public confidence. This is a very difficult morning for me as commissioner of police, I met with the two daughters, the father of the recently deceased, to say how very sorry I am, how embarrassed I am as the Commis-s ioner of Police based on the em ail and pictures that are circulating at the moment. "I indicated to them just how embarrassed I am that I could be let down so badly, that we as a people can be let down so badly by those of us who are sworn tou phold the law." The body of 42-year-old Ms Brown a former president of the Bahamas Heart Association wasf ound in an apartment complex on B ougainvillea Boulevard, South B each last week. She had been stabbed a number of times. E arlier this week, graphic images of the crime scene along with a police summary of the case fileb egan circulating through e-mailed m essages. It was the victim's eldest daughter who alerted police that the horr ific pictures had been made public. The family is pretty devastated b y this. They are decent people w ho are already traumatised by the l oss of their loved one. We see this a s almost revictimisation for them, it's very difficult, but they're very g racious in the face of this press ure," said Mr Greenslade. A man was charged earlier this w eek with Ms Brown's murder. teenage son, a cardiac patient who has had three open heart surgeries. When Special K confirmed her suspicion, a triumphant Stuart became hysterical declaring to bystanders, I won the money! Stuart, an unemployed cook, listened to the radio daily contemplating the mysterious sound and satisfying her genetically unquenchable thirst for music. She is a gifted singer like her late father, Bahamian music legend, Tony Seymour. After paying her son's medical costs, Stuart plans to use the rest of the funds to bless others who have helped her along the way and to assist with her five grandchildren. Stuart's success follows a $9,900 Secret Sound win on December 23, 2010 by Brittney Seymour who guessed the sound before the jackpot reached the $17,000 maximum. This time though, after almost four months and close to 300 incorrect guesses of every imaginable combination, 100 Jamz had to place Secret Sound clues in The Tribune each weekday beginning April 1 to help guide listeners to the correct answer. allowed bail for very serious crimes like murders, if we con tinue where we're going, it will soon be a thing of the past. "I was very encouraged by what was said to me yesterday by the DPP and I have already seen evidence of it." During a press conference at police headquarters yesterday, Mr Greenslade also expressed confidence in the Central Detective Unit's homicide squad. He said that while they are taxed with a growing case load of murders and other violent crimes, his officers are still producing solid results. "The evidence will not support that (they are over worked). Are they working hard? Yes. Are they tired? Yes. But they are doing a great job and they are bringing lots of people to justice." Police have charged several people with separate murders in the last few days, evidence that they are able to solve cases through solid investigative work, Mr Greenslade added. "Based upon the compe tence of the officers involved, there are cases where we didn't have people just confessing but scientifically we were able to do things, and as commissioner I was amazed at how quickly it was turned around we've got some really good people," he said, adding that he hopes the force can recruit more investigators from the College of the Bahamas' science pro gramme. Mr Eugene, who was a security guard at Quality Discount Mart, was killed during a robbery at the store in 2005. He was shot in the back and buttocks as he was trying to get off the ground followinga struggle in which he and another employee tried to stop the rob ber from making his escape with the store's cash trays. Attorney Roger Gomez Jr who appeared on behalf of Sawyer yesterday, submitted that the trial judge had misdirected the jury in relation to an alleged oral confession by Sawyer. He argued that the judge had failed to inform the jury that if they found that the statement had not been given voluntarily they should not consider it at all. Prosecutor Jillian Williams however disagreed with his contention. Mr Gomez also submitted that the judge had failed to properly direct the jury relative to discrepancies in the fingerprint evidence presented by the prosecution. Ms Williams, however, argued there had been no discrepancies relative to the fingerprints as it related to those found on the stores cash trays. Mr Gomez also contended that the requisite intention to commit murder had not been proven at Sawyers trial. He submitted that Sawyers conviction should be quashed and that he should be given a retrial. In February, 2010, the Ministry of National Security announced that the Advisory Committee of the Prerogative of Mercy had met and determined that Sawyer's case was not one that warranted mercy, and that the law should take its course. It was subsequently announced that Sawyer had filed an appeal that would delay his execution. National Security Minister Tommy Turnquest declined to comment on the matter yesterday. FREEPORT NATIVE WINS 100 JAMZ' $17,000 SECRET SOUND F ROM page one COMMISSIONER APOLOGISES TO FAMILY OVER MURDER E-MAIL FROM page one ELLISONGREENSLADE FROM page one POLICE C ONFIDENT B AIL FOR MAN WHO WAS ON DEATH ROW FROM page one FROM page one CHARLES TONY F RITZGERALD FAMILY FEARS
ByGLADSTONE THURSTON Bahamas Information Services A GRICULTURE prod uction in North Andros has won commendations from t he Inter-American Institute f or Co-operation in Agric ulture (IICA The efforts being made b y the public sector in partnership with the private sector to revitalise agriculture in Andros is paying off, said Dr Marikis Alvarez, IICAs Bahamas representative. We can see the g rowth. H e accompanied Bahamas Agricultural and I ndustrial Corporation ( BAIC) executive chairman E dison Key and his team on a tour of North Andros farms on Wednesday. P ork and mutton production have increased and the harvesting of another bumper onion season is underway. New Providence buyers are showing a keener intere st and Andros producers a re growing in confidence, s aid Dr Alvarez. We are working with producers to build their c apacity to understand the market, to know how to prepare and develop their value chain from the input suppliers to the production team to the transporters to the buyers. This network linkage is weak but we are optimistic that it will grow. Signs are there that we are moving toward that process. Dr Alvarez said he is a s trong supporter of farmers' m arkets. The Ministry of A griculture and Marine R esources operates one e ach weekend at the Glads tone Road Agriculture Centre. Producers That is one of the pillars that has been advocated, he said. But the linkage between farmers markets a nd producers need to be s trengthened, he said. D r Alvarez said he was i mpressed by the enthusia sm of those involved in this r evitalisation process from those who are producing seedlings to those who are getting into chicken production. All of these are good s igns and indicators that we are moving forward. Mr Key said he was very impressed especially by increased pork and mutton production. We are going to do everything possible to help the farmers to develop. The Government is supportive of what we are doing. The prime minister visited North Andros and saw w hat we are doing and he e xpressed how pleased he w as with what he saw. B AIC has also launched i ts Buy Fresh, Buy Bahamia n initiative which offers easier access to a wider variety of Bahamian agriculture produce. It hosts a market information systems database on its website at h ttp://www.baic.gov.bs. Regular assessments of the availability of meats,f ruits, vegetables and other food products throughout t he islands are provided. Photographs of produce in the field accompany the d ata indicating progress on a weekly basis thereby ensuri ng a wide distribution of upto-date information. LOCAL NEWS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 11 North Andros wins regional praise BAIC EXECUTIVE CHAIRMAN Edison Key said he was pleased with increased livestock production in North Andros. He is pictured at a feeding station. ITS CHOW TIME for livestock at one of the feeding stations in North Andros. B AIC EXECUTIVE CHAIRMAN E dison Key examines tissue cultured plantains being grown out at one of the North Andros agri-industrial park greenhouses. HARVESTING OF A BUMPER onion season is underway in North Andros. BAIC executive chairman Edison Key (right BAIC EXECUTIVE chairman Edison Key (right sample cherry tomatoes grown in one of the greenhouses at the North Andros agri-industrial park.
SECTIONB email@example.com FRIDAY, APRIL 15, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held r esponsible for errors and/or omission from the daily report.$ $5.23 $5.21 $5.23 CONTACT ONE OF OUR SALES REPRESENTATIVES TODAY FOR A FREE QUOTEFamily Guardian Financial Centre, East Bay & Church Streets +242 396-1300/1400 I www.fgiagentsandbrokers.com Oops!Happily no one was hurt. But one of the drivers is happier than the other. He got on-the-spot accident assistance from his insurance company. And his policy includes car rental coverage while his vehicle is in the shop. You can bet hes happy hes covered through FG Insurance Agents & Brokers. CAR INSURANCE / are you covered? A member of the FamGuard Group of Companies By NEIL HARTNELL Tribune Business Editor A likely College of the B ahamas (COB in excess of $20 million is b eing targeted for an endM ay 2011 launch, Tribune B usiness was told yesterday, although many of the detailsh ave yet to be confirmed. M ichael Anderson, president of RoyalFidelity Merchant Bank & Trust, which will be the placement agent for the finance raising, said that while it was likely to bea bond issue, the final details including the form of the s ecurity had yet to be d etermined by itself and C OB. Were working on it, d rafting documents for an end of May offering, Mr Anderson told Tribune Business. Its something weve started work on, and anticipate a launch at the end of May, but there are a number of issues still to address before we can con f irm what we will launch and when. Asked about the sum being sought in the upcoming issue, which aims to repay at least some of the $32 million financing prov ided by Royal Bank of C anada (RBC c onstruction projects at C OB, Mr Anderson conf irmed it would be in excess o f $20 million. Its likely to be a bond offering, but I dont have the details to speak to that, and w hether it might be a differe nt security, he added. Were busy looking at it, a nd trying to figure out what t he best solution is. A mong the issues yet to be decided are whether thei ssue takes the form of b onds. These are a form of debt, promissory notes that pay investors a specified interest rate until they mature, when their principal is redeemed. Whether the issue is divide d into several tranches, w ith different interest rates a nd maturities attached, is a lso being discussed by Roya lFidelity and COB. R oyal Bank has provided some $32 million in financing for various COB pro jects. A $23 million loan May launch target for $20m-plus COB bond M ICHAEL ANDERSON By NEIL HARTNELL Tribune Business Editor Commonwealth Brewerys $62.5 million initial public offering (IPOb e fully subscribed without requiring the Government or its agencies to pick up an outstanding balance, itsp lacement agent said yes terday, with share subscrip tions now coming in at the rate of 200 per day. M ichael Anderson, RoyalFidelity Merchant Bank & Trusts president, told Tribune Business that the investment bank was now working through a two-day backlog of share applications, adding that by Monday this week some $38 million worth of subscriptions and possibly up to twothirds of the offering amount had already been raised. Although the Government had agreed to purchase any of the 7.5 million shares not acquired by Bahamian retail and institutional investors, Mr Ander son said this would likely not be necessary, with the National Insurance Board (NIB beyond the call of duty in investing more than it ini tially wanted to. Whether theyre required to come in for more than normal is the key, the RoyalFidelity pres ident said of the Govern ment/NIB. At this stage we believe we should get it fully subscribed without any further request. Were still fairly confi dent about getting it fully subscribed. We just got backlogged with new applications coming in. Were two days behind in processing them. On Monday, we had just over 200 applica tions, but its difficult to know what this week will look like still. Ive started to direct more of my staff to process applications. Its an admin istrative issue of trying to keep pace, trying to keep up. Mr Anderson explained that traditionally the last NO GOVERNMENT CALL LIKEL Y OVER BREWER Y IPO RoyalFidelity still confident $62.5m offering to be fully subscribed withoutn eed to call on NIB or other a gency to invest more Some $20m acquired by retail investors, with subscriptions coming at 200 per day and growing every 24 hours* IPO two-thirds of the way there at weeks start SEE page 4B SEE page 4B By NEIL HARTNELL T ribune Business Editor T he Bahamas could e xpand its Tax Information E xchange Agreement ( TIEA) network from 24 to 42 countries within the near future, an increase of7 5 per cent, it was disclosed yesterday, even though some jurisdictions approached by this nation h ave either declined or insisted on double taxation agreements (DTAsi nstead. In its formal response to t he Phase One Peer Review report on thisn ation, carried out by the O rganisation for Economic Co-Operation and Developments (OECD Forum on Tax Transparency and Information Exchange, the Government said the signings with I ndia and Japan earlier this y ear had brought the Bahamas TIEA network t o a current level of 24 s uch agreements. With some 14 of those TIEAs now in force, the Government detailed planst o further expand this netw ork, adding: The Bahamas continues to await notification from three juris-d ictions following the comBahamas eyes 75% expansion in TIEA network SEE page 2B B y ALISON LOWE Business Reporter a firstname.lastname@example.org Stressing the need for the Bahamas to be on its A-game if it is to win business in an increasingly competitive global gaming industry, a Baha Mar execu tive said that slow pace of r eform is handicapping this n ations casinos. R obert Sands, Baha M ars vice-president of e xternal and governmental Affairs, told Tribune Business the Government is Bahamas off casino A-game Gaming industry being handicapped by slow pace of reform, losing out to casinos everywhere, full stop ROBERT SANDS SEE page 4B B y ALISON LOWE Business Reporter email@example.com Financial services industry executives last night said theB ahamas had distinguished i tself by meeting global tax information exchange and transparency standards,a voiding potential repercussions that would have result ed from a negative OECD P eer Review report. The Organisation for Eco nomic Co-Operation and Developments (OECD Global Forum on Tax Transparency and Information Exchange yesterday released t he outcome of the Phase I Peer Review, which assessed the Bahamas legal and regulatory framework for facili tating these requirements, BAHAMAS DISTINGUISHES IT SELF IN OECD REVIEW Accounting record maintenance only area of weakness identified SEE page 5B By NEIL HARTNELL Tribune Business Editor The Bahamas was yesterday urged by the Organisation for Economic CoOperation and Development (OECD differences between the Tax Information Exchange Agreement (TIEA signed with the US and all other such agreements, its Peer Review report identi fying two significant discrepancies. The first phase Review report, published yesterday, said that unlike all other TIEAs it had signed, the Bahamas agreement with the US does not have the power to obtain and provide information held outside of the Bahamas, even if such information is in the control of a person based in this nation. As a result, the Phase One OECD report called on the Bahamas to ensure that when US tax informa tion exchange requests for both civil and criminal matters came in, it was able to access relevant information controlled by Bahamas-based persons even if it is located extraterritorially. In its response, recorded in the report, the Bahamas said this issue had to date not impeded access to information sought when US requests for assistance under the TIEA had come in. The report also noted that for all TIEAs apart from the US, the Ministry of Finance had to retain requested information where the taxpayer or beneficial owner involved had challenged its Bahamas ur ged to r emove US TIEA dif ference SEE page 2B
BUSINESS P AGE 2B, FRIDAY, APRIL 15, 2011 THE TRIBUNE By SIMON COOPER R es Socius W hen World War Two broke out and millions of soldiers went off to training c amps and battlefields, they left many d evastated sweethearts behind. W hen they finally returned, boys and g irls did what boys and girls in love a lways do, and so the baby boom was b orn. This created a spike in a steadily falling world birth rate, the implications of which we are still working through today. What the world got in exchange for peace was a generation born in the later 1940s that outstripped their child rens numbers. This was good for economic growth, and good for personal wealth and happiness, too. Moreover, t he baby boomers were a cherished generation due to parents who had survived a ghastly war. They lavished them with every gift affordable, and that often included a first-rate education, too. As a result, the baby boomer genera tion has proven to be exceptional in t alent. It contributed to the economic boom of the late 20th/early 21st cent uries in no small way, as careers and a spirations finally flourished. But what w ill happen when that generation reaches the age of retirement? What w ill the effect of this be on the B ahamas, and on the world, too? One thing is for sure. The average age of baby boomers is reaching 65w hich is the official upper retiring age around the world. What will these people do who are still in such good health, thanks to medical research? Actuari es tell us that they have on average a further 20 good years to live. How are they going to spend their time, and h ow are they going to exercise brains h oned sharp in life. I personally do not expect them to put their feet up and do nothing. Thed iminishing number of extended fam i lies suggests they will not be raising grandchildren on a full-time basis either. Baby boomers are going to want to create their next phase in life, and somebody, somewhere is going to cash in on this. I believe that many baby boomers i n America and Europe are going to s tay in business. Small businesses, though. Like country pubs in England, and convenience stores across the US. As they grow older, they may decide tom ove to warmer climes where arthritis is no longer such a pain. I believe the Bahamas could attract a significant number of these people, too, if we plan things properly as a community. Why do I say the Bahamas? Well, w e are a short plane flight to and from the US to visit grandkids. We have a colonial tradition to attract the Canadians and British. Moreover, we have a c limate warm enough to attract half the worlds Germans, and send them plunging with cries of joy into our w arm Caribbean sea. I s this the economic tonic we need f or the Bahamas? Could we be receivi ng our share of baby boomers soon? When you and I meet in the street a gain, why not stop me, and tell me what you think. I would love to know y our thoughts. NB: Res Socius was founded by Simon Cooper in 2009, and is a business brokerage authorised by the B ahamas Investment Authority. He h as extensive private and public SME experience, and was formerly chief e xecutive of a publicly traded investm ent company. He was awarded an M BA with distinction by Liverpool University in 2005. Contact him on 636-8831 or write to: s firstname.lastname@example.org. Are Baby Boom retirees economic tonic we need? The Bahamas Financial S ervices Board (BFSB i ts member firms will be actively seeking business opportunities in Brasil through attendance at the Brazil Investment Summit (BIS tive year. T he BFSB is a Gold Spons or of BIS, Brasils leading investment fund conference, which is taking place in Sao Paolo from May 3-6, 2011. Under the banner Investm ent Strategy for Funds and I nvestors BIS is the largest and most influential confere nce of its kind in Brasil, with more than 600 participants and o ver 85 speakers expected to at the 2011 event. Offshore T he BFSBs chief executive and executive director, Wendy Warren, will speak on the third day of the conference. Her p resentation will focus on O ffshore Domiciles and their impacts on International Funds and Investors Brazil continues to emerge as one of the global econ omic powerhouses, said Ms Warren. We see great opportunity for the Bahamas to present itself as an ideal domicile f or business and other investment opportunities for Brazilian and other Latin American entities. The introduction of direct airline service between the B ahamas and Panama by Copa Airlines in June this year is also seen as a positive stimulus for Latin American interest i n the Bahamas. Ease of access is an important consideration for any business looking to expand beyond its home borders, said Ms Warren. Copas service will make it muche asier for the Latin American market to do business in the Bahamas. P articipation in BIS follows up on the autumn 2010 Bahamas Landfall: Destination Brazil event coordinated b y the BFSB. It is likely a second Bahamas Landfall event will take place in Brazil this autumn to build on the momen-t um that will be generated at the May conference. In addition to BFSB representatives, others attending BIS include Anthony Ferguson, CFAL; Christel Sands-F easte, Higgs and Johnson; Paul Winder, ATC Trustees ( Bahamas); Ricardo Romero, The Winterbotham Trust Company; Stephen Coakley-Wells, Butterfield Bank (Bahamas Premier Fund Services. BFSB CONTINUES WITH BRAZIL FOCUS WENDY WARREN S IMON C OOPER pletion of negotiations for a d ate to sign the respective TIEAs. While those jurisdictions were not identified, the Government said that sinceN ovember 2010 it had concluded talks with one more c ountry, opened new nego tiations with another two states, while negotiations with 12 other jurisdictions a re in various stages of comp letion. A lthough no member of the OECD Global Forum said this nation had refused to respond to requests to negotiate a TIEA, the Peer Review report added: The Bahamas has indicated that it has approached a number o f other jurisdictions and indicated its willingness to negotiate a TIEA which w ould meet the internation a l standards. However, some of the jurisdictions approached had declined to negotiate or indi-c ated that they would only negotiate double taxation agreements, or had not responded to the Bahamas aviation. The rush to comply with the still-evolving global standard on tax transparency and information exchange, and establish a satisfactory TIEA network to meet this, has been yet another chal lenge the Bahamian financial services industry has had to overcome. T he OECD Peer Review r eport noted that as at Sep t ember 2010, there were 240 international banks and trust companies in the Bahamas, with a collective $516 billioni n balance sheet assets. They w ere supplemented by 38 domestic banks and trust companies holding $9.89 bil lion in assets. The Bahamas also has 764 l icensed investment funds and 64 licensed investment fund administrators, with total assets of $190 billion. And this nation also pos sesses 174 insurance compa nies and licensed agents, with $2.283 billion in assets. Bahamas eyes 75 per cent expansion in TIEA network FROM page 1B provision via Judicial Review or other legal chal lenge. This, though, was not the case under the US TIEA. Under the domestic law concerning information exchange with the US, the Minister has discretion whether to withhold the exchange of information which he has accessed, the OECD Peer Review report said. The Bahamas should ensure that its domestic law provisions are compatible with the timely access and exchange of information with all its [TIEA] part ners. The OECD Peer Review report said it was unclear, under the International Tax Co-Operation (ITC which governs all TIEAs bar the one with the US, how long the Minister of Finance had to retain the informa tion once the exchange was subject to legal challenge. This, the report said, may impact the legal framework for effective access to infor mation. There is, however, no notification requirement under the Bahamas legislation, and further, the Bahamas has advised that to date there have been no legal challenges to the Min isters powers under the ITC Act or US TIEA Act, or to an exchange of information pursuant to an exchange of information agreement. While many of the Bahamas TIEAs did not give a timeframe for acknowledging or responding to a request, or give a status update, the OECD Peer Review report said this nation had advised that these deadlines were includ ed in confidential Memorandums of Understanding concluded prior to the TIEA signing. Therefore, the report concluded that there were no obstacles to responding within 90 days. Yet one issue the OECD Peer Review is set to explore further is what hap pens when the Bahamas and the requesting state cannot agree on the details to be made available to the institution/party holding the requested information. The Bahamas has to make available certain details to the party holding the information when issuing the requesting notice, and the OECD Peer Review report added: While it is acknowl edged that for exchange of information requests in all contexts some details of the request must be disclosed to the holder of information in order to execute a request, it is not known how broad the details are which the Bahamas domestic law requires to be released to the holder of information. It is also acknowledged that the Bahamas compe tent authority, in all cases, seeks to come to an under standing with its counter parts on which details may be released when issuing a notice to access information. The Bahamas has advised that no details would be released by them until there is an understanding reached about these details with its exchange of information partner. It is unclear what would happen in the event that the Bahamas could not reach an understanding with its exchange of information partner. Bahamas ur ged to remove US TIEA difference FROM page 1B
By ALISON LOWE Business Reporter email@example.com The implementation of a n ew method of calculating the Bahamas Gross Domestic Product (GDPD epartment of Statistics will provide key information to aid businesses and would-bei nvestors in making smart commercial decisions, a department official said yes-t erday. The employment of soc alled Supply and Use tables (SUTs accurate determination of the B ahamas GDP and a previo usly unseen picture of the flow of products within the economy, plus relationships between producers and consumers of goods. It will also enable this nation to be included in morei nternational surveys that benchmark our economy against others worldwide. According to assistant d irector at the Department of S tatistics with responsibility for national accounts, Clarice Turnquest, the department will next week release the B ahamas Gross Domestic P roduct figures for 1997 to 2 010 based on the new m ethodology for the first time. A nalysis of the SUTs s hould help businesses identify markets for their products, economists with modelling and the Government with m aking policy decisions relative to the economy. Mrs Turnquest added: In it you would be able to see the importance of that particular commodity a good ors ervice which industries use it, and how much households spend on it, as well as howm uch is exported. You can focus your investments, b ecause you will have details on what your sales may be if you produce or import that c ommodity, on what market there is for it. That level ofd etail didnt exist before in the Bahamas. The implementation of sup ply and use tables (SUTs the Department of Statistics h as been several years in the making. The Department began a comprehensive study on esti-m ating the SUTs for the Bahamas under the consul tancy of Yusuf Siddiqi in 2 005. Mr Siddiqi currently serves as a part-time senior advisors at Statistics Canada, a nd has worked for over 40 years in Canada in the field of Supply and Use and Output-Input tables. Mr Siddiqi is a highly respected technician in his field, having been hired to conduct the consultancy by the Caribbean and Regional Technical Assistance Centre( CARTAC), an International Monetary Fund organisation, set up to provide technicala ssistance to the region, said Mrs Turnquest. With Mr Siddiqis help at t hat time, the Department of Statistics was able to create an SUT for 2002 and for 2005,w hich enhanced the capacity of the department to balancet he accounts more accurately and resulted in institutional strengthening and a better u nderstanding of the Bahamia n economy. It then followed up on this by creating an SUT for 2007, which will now supply the benchmark for the GDP. This updated method of calculating GDP improvesu pon previously used methods such as the production, expenditure and income approaches. S peaking of another advant age of using SUTs, Mrs Turnquest said: Normally if you just calculate the GDP using these approaches you w ould have a statistical disc repancy, because the sources a re different and each have a c ertain measure of error. With the SUT, in the end it givesy ou a GDP that combines the t hree approaches, with less room for error. Mrs Turnquest said the ability of the Department of S tatistics to now compile SUTs has been boosted by the wider availability of data on the performance of vari ous sectors of the economy. These have come in the f orm of, for example, the tourism expenditure survey undertaken by the Ministryo f Tourism for the first time in 2008, which gathered data on t ourist expenditure at a very detailed level beyond the traditional spending on accom m odation and meals to include commodities such asc onsumption of museums, golfing, fishing, jewellery, weddings, tobacco and more. Other sources of raw data to feed into the SUTs include t he Department of Statistics Household Expenditure Survey, Economic Census and Labour Force Survey. These data sets allow for more accurate and relevant tables as they remove the n eed for previously used esti mation techniques and pro vide actual data in a number o f instance. We use the United Nations system of national accounts, and one of the first things they recommend is to create Supply and Use tables, b ut most countries cant because the data isnt there. As more data becomes available we can do more things like this, said Mrs Turnquest,n oting that in implementing SUTs among the tools available to assess the Bahamas economy, this nation is ahead of a number of others in the region. However, other countries h ave been using SUTs for s ome time, and an added advantage of joining the ranks of those who do, said Mrs Turnquest, is the ability to be contained in a number of international rankings which compare countries positions on a number of indices. For example, the UNs Economic Commission for Latin America and the Caribbean (ECLAC duced an International Price Comparison Program in 2005 (aimed at measuring the pur-c hasing power parities and corresponding price and volume levels of Gross Domestic Product for Latin American and Caribbean economies) and they created estimates for the Bahamas because the data was not available. Having this table allows u s to get what really happened here in terms of price levels and inflation and prices of products, and for us to be compared against those other countries, said the assistant d irector. By NEIL HARTNELL T ribune Business Editor The reformed Securities Industry Act hits the nail on the head in furthering the development of the Bahamian a ccounting profession, Tribune Business was told yesterday, as it gives local auditors more responsibility and may require them to go beyond the scope of their initial audit a ssignment. A cknowledging that the new Act, set to be debated in Par l iament next week, would enable the Bahamas to push for Category A membership in the International Organisations of Securities Commissions (IOSCO i dent of the Bahamas Institute of Chartered Accountants (BICA p erform other duties outside of the scope of an audit. This, he added, might mean that Bahamian accountants are required to report to the Securities Commission on a fir-m s internal controls structure, and identify and material or compliance weaknesses. T his, Mr Chipman explained, had the potential to cause problems for auditor/client privilege, and ethics codes of conduct. While BICA had wanted this to be addressed via a m anagement letter to the Commission, its president told Tribune Business: The Act says that if we identify anything, r eport it to the Commission directly, when that could breach the contractual relationship between ourselves and ourc lient. Practices When we look at best practices, the only way around that is through communication between the client, auditor and r egulators, so the client is aware of these obligations and con sents to the release of information that might be reported to the Commission. That would be the main concern. The unfortunate part is that the client will bear more costs if the Commission wants something more than the agreed audit, or outside the scope of the audit. Still, Mr Chipman said the new Securities Industry Act will a llow the Bahamas to position itself to attract more securit ies business by becoming a Signatory A member of IOSCO, the global body for securities regulators. And, from BICAs perspective, the increased responsi b ilities for Bahamian auditors would please the interna tional organisations it is affiliated with, such as the Inter national Federation of Accountants. Only approved auditors, meaning BICA members, will be a llowed by the Securities Commission to conduct audits or any other examinations of its licensees. And, if foreign auditors are brought in to audit foreign issuers, Mr Chipman said BICA would still be able to exert a measure of regulat ory control via Mutual Recognition of Qualification Agreements. These agreements, required under trade agreements such as the Economic Partnership Agreement (EPA foreign accountants to practice in the Bahamas if they have met this nations standards, and vice versa. If we have Mutual Recognition of Qualification Agreements with the countries the auditor comes from, it still serves as a buffer in terms of who conducts audits in the Bahamas, even though the Act actually allows it, Mr Chip man said. Through these Mutual Recognition of Qualifi cation Agreements, we still have an avenue to monitor and regulate the profession. BUSINESS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 3B Securities Industry Act hits nail on the head Statistics overhaul to aid businesses
BUSINESS P AGE 4B, FRIDAY, APRIL 15, 2011 THE TRIBUNE May launch target for $20m-plus COB bond formed part of the $30 million financing for the Harry C. Moore Library and Inform ation Centre, while the b ank put another $8.7 mill ion into financing for new facilities at COBs Freeport campus. This project started with an initial construction loan being provided by Royal Bank, which will be converted to long-term bond financing currently being arranged by Royal Fidelity, said Brian Knowles, the banks lead banker on the deal. Royal Bank has had a long-standing relationship with the College of the Bahamas. With the colleges strong management and backing by the Government, the business case for this deal was very solid. It is also a good, long-term investment for the community. F ROM page 1B weeks of Bahamian IPOs were the busiest, a s investors rushed to beat the close and institutions, such as pension funds and insura nce companies, sent their large cheques in following investment committee, trustee and Board meetings. H owever, given that a decade had elapsed between the Commonwealth Brewery IPO a nd its immediate predecessor (Freeport Concrete in 2001), the RoyalFidelity presid ent said it was difficult to know how this w eek would play out prior to the issues close today. Confident Its been so long since the last IPO that its difficult to know what will happen, but w ere still fairly confident we will get this fully subscribed, Mr Anderson said. Based on what weve got in terms of con f irmed subscriptions and indicative com mitments, people indicating what theyd subscribe for, I believe we will get this offer ing fully subscribed. We are starting to get the bigger cheques coming in from the larger investors. Up until the end of last week, we had $ 20 million from individual investors, which i s about 30 per cent of the offering. We are going to end up where individual investors will be larger participants in this offering, and thats starting to play out. Were getting a better response from indi viduals than in previous offerings, when larger institutions drove things. Acknowledging that Commonwealth Brewerys IPO had been anticipated to a ttract substantial interest, Mr Anderson u rged investors still looking to buy in to do so as quickly as possible, lest they get squeezed by larger players coming in. Its still a very high level of interest, and e very day we see a higher application rate than we saw the prior day, the RoyalFidelity president told Tribune Business. Although the final outcome was unlikely to be known until the end of next week, Mr Anderson said that with Family Island applications still to be tallied, RoyalFidelity would h ave a good idea on Monday/Tuesday as to whether the offering was fully subscribed. He added that several institutions and l arge broker/dealers had yet to commit capi tal, and were awaiting on the outcome of i nvestment committee and Board meetings. NO GOVERNMENT CALL LIKELY OVER BREWERY IPO FROM page 1B certainly not moving as fast as wed like when it comes to amending regulations governing gaming in this nation, and allowing casino operators to keep pace with developments making competitors to rival c ompanies more attractive to gamblers. We have to be allowed to compete on a l evel playing field, said the resort execut ive. M r Sands, former president of the B ahamas Hotel Association, has been a long-standing advocate of reform of this nations gaming regulations, having spoken out in late 2009 on the need for radical change in this area if the Bahamas is to compete effectively against traditional and emerging gaming competitors. H e was among those who proposed recommendations to the Government on the types of changes it should make to regulat ions to allow the Bahamas to compete s uccessfully. The Government has said it is c ommitted to reforms, but has yet to make any amendments. Pursue In an interview with Tribune Business on Wednesday, Mr Sands said: We are continuing to pursue the same issues. It is not moving as quickly as we would like, although we are told it is being addressed. We will continue to lobby for those c hanges, because I think the gaming world is changing rapidly around us and we are going to have to make those adjustments. You have to understand that casinos, certainly like Atlantis is today and what the Baha Mar casino will be, we are losing out to casinos everywhere, full stop. We arec ompeting in an ever shrinking US market, and a growing Asian and European market. Weve had monopolies for such a long t ime. There were never casinos in Florida. Theres been the proliferation of casinos throughout North America. Now you have casinos even in Jamaica, and so forth. Ands o everybodys going after the market share. We need to be on our A-game from a competitive point of view. We are certain l y not on our A-game, said Mr Sands, adding that Baha Mar would certainly like (the reformed regulationsp lace by the time we open the new casino at the resort. M r Sands added that it would be disingenuous to suggest the outdated regulatory environment Bahamian casinos are operating in and the Governments tard iness in dealing with this are the sole element factoring into the recent declines seen in business in this area, but it is a c ontributor. Theres a multiplicity of issues, he a dmitted. In January, Mr Sands revealed that C rystal Palaces casino revenues in 2010 w ere down by 18.5 per cent or $5 million from $27 million to $22 million. In the s ame period, Atlantis saw its casino revenue down a little under 2009, at 8 per cent. Later the same month, George M arkantonis, Kerzner International (Bahamas d ent, said he found very frustrating the pace with which the Government was addressing the industrys proposals onr eform in the key tourism-related sector. Every day we are losing ground in the g aming world. We just have some regulations that are annoying to the consumer. I t's way easier to go and gamble elsewhere," said Mr Markantonis at that time. As for whether he has been provided w ith any justification for the Governments decision not to move ahead with the reforms as yet, Mr Sands said he understands there are a multiplicity of dynamics at play. Nonetheless, he urged that we have to sit down and see how we can best put inp lace regulations and controls that both protect the gaming industry, that give integrity to the gaming industry, but at thes ame time do not strangle the industry and allow it to compete on a level playing field and react to whatever changes are taking place in the industry in a timely fashion. I n October 2010, Minister of Tourism, V incent Vanderpool-Wallace, said that proposed reforms to Bahamian casino gaming laws and regulations, which hadb een submitted by the Bahamas Hotel Association (BHA parties, were "all in front of me now". The Minister said the Government was l ooking to marry its own recommendations that it believes will be "even more beneficial" to Bahamian casino gaming with those proposed by the private sector, as it moves to "enhance and hold on to the significant competitive advantages" this nation has in the sector. Bahamas off casino A-game FROM page 1B INSIGHT For the stories behind the news, read Insight on Mondays
By NEIL HARTNELL Tribune Business Editor The Bahamas has been urged t o clarify whether Know Your Customer (KYC for investment funds contained in the Securities Commissions guidelines are subordinate to regulations mandating antimoney laundering safeguards, the Organisation for Economic Co-Operation and Develop m ent (OECD concern over funds formed as non-authorised purpose trusts. The Phase One peer review of the Bahamas legal and reg ulatory framework for tax transparency and the exchange of information, published yes terday, while largely giving this n ation a vitally important clean bill of health, also highlighted deficiencies and the need for clarification in certain areas. When it came to Bahamasdomiciled investment funds, the OECDs French and Jersey reviewers noted that the Securities Commissions binding g uidelines exempted them from having to identify the ben eficial owners of monies placed into them. Commenting on this situa tion, the OECD Peer Review report said: The guidelines notes that investment funds are exempt from the client identity information requirements of the anti-money laundering regime. These guidelines note that this exemption does not apply where money laundering is known or suspected (which dies not include tax evasion as a predicate offence, or terrorist financing). The Bahamas notes that this exception may be inconsistent with the requirements of the regulations, under which the guidelines are made, and that as a matter of law the regulations will override the subordinate guidelines. As a result of this, the OECD Peer Review urged: The Bahamas should ensure that any exemption in respecto f investment funds is consistent with the anti-money laundering regulations to ensure that all such funds are subject to appropriate ownership and identity requirements. Meanwhile, in the case of Bahamas-domiciled investment funds themselves, informationo n their ownership was required when they were formed. But, while this was clearly the case for funds formed as International Busi ness Companies (IBCs Authorised Purpose Trusts, the OECD Peer Review added it was not so certain where fundse stablished as non-authorised purpose trusts were concerned. With 13 investment funds in the form of trusts in the Bahamas, managing an unknown total asset value, there are potential adverse con sequences on the availability of information in respect of these t ypes of funds if these are not regulated trusts, the OECD report said. The impact of this, it added, would be considered when the OECDs Global Forum on Tax Transparency and Information Exchange conducted its second Peer Review of the Bahamas, this one designed to assess whether the country had effectively implemented its tax infor mation exchange obligations. Trusts came in for some more attention later in the OECD Peer Review report, when it expressed concern that there were no statutory obligations for trustees to maintain ownership information on trust settlors and beneficiaries. This, again, is set to come under scrutiny during the Phase Two review. Whilst all trustees are subject to the common law require ments to have knowledge of all documents pertaining to the formation and management of a trust, the extent of such r equirements could not be ascertained during the Phase One review, the OECD Peer Review said. It also expressed concern about obtaining information on trusts created under Bahamian law, but which had no other connection to this nation. A nd, when it came to sanc tions and penalties for Bahamas-based financial services providers failing to keep relevant ownership and other information on entities incorporated in this nation, the OECD report said: It is noted that in respect of certain sanc-t ions imposed on Exempt Lim ited Partnerships and foundations, the level of available penalties are significantly lower than in respect of obligations on other persons. e ffectively giving this nation a clean bill of health in eight out of nine categories assessed. The OECD Peer Review report said its principal concern was the availability of accounting informa-t ion on Bahamas-based entities, stati ng that this nation did not meet the standards set down. The shortcomings in the legislative requirements to retain accounting records in respect of Internat ional Business Companies, partnerships, authorised purpose trusts a nd foundations are such that this information may not be available in certain cases in respect of these entities and arrangements, the report said. The OECDs Global Forum wants c ountries to have laws and regulat ions in place which require that all r elevant entities and arrangements, i ncluding international business companies, registered private and fore ign-incorporated companies, authorised purpose trusts and founda-t ions keep reliable accounting r ecords, including underlying docum entation, for a minimum of five years. The Peer Review determined that in The Bahamas there is no express obligation to maintain reliable accounting records on the part ofs uch entities for such a time period. I n its executive summary, it noted: Whilst The Bahamas commitment t o the international standards is not in doubt, with The Bahamas having taken all necessary steps to bring the TIEAs it has signed into force, it is unclear whether some provisionsi n its domestic law may hinder its ability to achieve effective exchange of information in all instances. The availability of accounting records is an essential component of effective exchange of information (EOIu latory framework does not meet the standard in this regard. The summary warned that The Bahamas progress in these areas, as well as its actual practice in exchanging information with its EOI partners, will be considered in itsP hase 2 review. In its response yesterday, the Gove rnment said it had taken note of the one major area requiring i mprovement in the report, which calls for greater clarity in the law with respect to the obligation on certain legal entities and arrangements to maintain accounting records. The necessary remedial actions, including amendments to the rele vant legislation to address the matters raised in the report, are being dealt with, it added. The Ingraham administration said the new Busin ess Licence Act required compan ies to keep accounting records for five years, bringing it into complia nce with OECD demands. T he Government added: The P hase 1 Peer Review report on the Bahamas has determined that the Bahamas has the necessary legal and regulatory framework in place to ensure the availability of ownership,i dentity and banking information, along with the requisite access to that information by The Bahamas Competent Authority. Mechanisms The report also determined that t he Bahamas has adequate mechanisms in place to allow for exchange of information with relevant partners. As a responsible international financial centre, the Bahamas is committed to ensuring compliance with applicable international standards for regulation and cross-borderc ooperation. Key Bahamas Financial Services Board (BFSBt he Governments assessment. W endy Warren, its chief executive and executive director, said: Given the scope and intensity of the review, t he Bahamas' commitment to international standards has been reinforced. The executive summary reports a s ingle shortcoming that may give rise to the absence of accounts for entities established under Bahamian law. B ut the Global Forum reaffirms this stance by indicating that the B ahamas' commitment to internat ional standards is not in doubt. The importance of each of these reports to support the long-term sustainability of the financial services sector cannot be overstated. The global financial intermediaries arer isk adverse and will not hesitate to react where they form a view that a jurisdiction in which they operate fails key global governance criteria. The Bahamas has distinguished itself as having implemented this well-publicised international stan-d ard and avoided any potential repercussions associated with numerous reported weaknesses, fundamental gaps and those prevented from moving forward to Phase II." Paul Winder, BFSBs chairman, added: It is a very positive sign thatt he progress made by the Bahamas financial services industry and the G overnment of the Bahamas has been recognised as being industry s tandard. It sends out a clear message that Bahamas is an internationally compliant and reputable jurisdiction. There is room for strategic improvement as the financial ser-v ices industry continues to raise its international services and reputa tional benchmarks." Among the areas where the Bahamas was found to have met the industry standard were whether b anking information is available for a ll account holders; whether authorities have the power to obtain and p rovide information requested; and w hether the Bahamas network of t ax information exchange mechanisms covers all relevant partner countries. The outcome of the review, the first of two phases of assessment,h ad been deemed extremely important by leading stakeholders, such as Brian Moree QC, senior partner at McKinney, Bancroft & Hughes. Mr Moree said it was key that the outcome was favourable to the Bahamas, adding that he thoughtt his would be likely given this nations overhaul of its legal and regulatory framework. Rowena Bethel, attorney and legal adviser to the Ministry of Finance, had also previously stated that there were significant implicationsp otentially attached to the outcome of the review the first of its kind s ince the Bahamas took additional steps to beef up its legal and regulat ory environment in order to meet evolving standards on banking transparency after finding itself, along with a number of other nations, on an OECD grey list of not-fully-c ompliant nations. The Bahamas now awaits a sec ond phase of the review which will determine the extent to which there has been practical implementation of the standards demanded. That p hase should begin in July 2012. T he full report can be accessed at www.oecd.org BUSINESS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 5B Bahamas distinguishes itself in OECD review FROM page 1B OECD urges clarity over Commission guidelines AML Foods yesterday announced the appointment of Franklyn Butler II to its Board of Directors. Dionisio DAguilar, AMLs chairman, said the company was delighted Mr Butler had agreed to take on the role of director, describing him as a well respectes young Bahamian businessman with strong business ethics and acumen. Mr Butler has served as sales and operations manager at Milo B Butler & Sons Company since 2003. He presently holds the post of president and general manager at that firm, and is a director of several other organisations. He holds a Bachelor of Science degree in accounting and finance from Warwick University in the United Kingdom. Mr Butler said AML Foods has always been close to he and his family, as they were one of the original shareholders when the company went public. have seen the company turn around from its challenges of some years back, and I look forward to being a part of the team and being able to shape and influence the direction of the company for the benefit of customers, shareholders, staff and the communities we operate in, he said. Gavin Watchorn, group president and chief execitive of AML Foods, said the company looks forward to working with Mr Butler as we continue to progress AML Foods along our strategic path. Mr Butlers appointment became effective on March 23, 2011. AML Foods adds a new director
TOM RAUM, Associated Press Writer WASHINGTON Two centuries after America's birth, the national debt was a bit under $1 trillion when Ronald Reagan took office in 1981. Just three decades later, it has soared above $14 trillion, and accusations of blame are flying. Both Republicans and Democrats played major roles in driving the figure sky high. If the tab were divided up now, it would come to roughly $47,000 for each man, woman and child in the United States. In what is shaping up as the next bruising economic battle, Congress is being asked by President Barack Obama to authorize fresh borrowing once the nation's fast-growing debt slams into the current debt ceil-i ng of $14.3 trillion something the Treasury Department s ays will happen no later than May 16. Leaders of both parties acknowledge that failing to raise the limit could force the government to begin defaulting on some of its obligations f or instance making interest payments on Treasury bills and bonds with severe adverse consequences, including possi bly pushing the economy back into recession. Creative accounting may help forestall the crisis for a few additional months. But then the e ffects could be severe, or as the White House warns, "like Armageddon, in terms of the economy." Republicans like to blame Obama and congressional Democrats, citing heavy spending that they claim has done lit tle to end the recession or crea te jobs. Democrats argue that the stage for fiscal ruin was set by Republican President George W. Bush, with large tax cuts that favored the wealthy, two wars and a vastly underfunded prescription drug program for the elderly. They accuse Bush of squandering a b udget surplus handed him by President Bill Clinton. "We lost our way" during the Bush years, Obama suggested on Wednesday as he laid out his own prescriptions for tam ing the nation's long-term bud get woes, a move the adminis tration hoped would alsos mooth the way for a debt-ceiling vote. In fact, spending far out paced revenues in both the Bush and Obama years. And the main culprit in addition to war spending was the devastating 2007-2009 recession, which not only prompted hundreds ofb illions of dollars in downturnfighting spending by both the Bush and Obama administra tions, but also resulted in a sharp dip in tax revenues due to sagging individual and corporate incomes. The main reasons for big increases in the national debt in the years ahead are fastgrowing obligations for Social Security, Medicare, Medicaid and other entitlement programs as tens of millions of baby boomers reach retirement age. C ongress has raised the debt limit ten times in the last decade alone, most recently in February 2010. But this year, the stakes are higher than usual, with Republicans and some Democrats warning Obama that they will not vote to raise it unless he agrees to mandatory r estraints on future spending. It was against this backdrop that Obama on Wednesday countered Republican budget plans with a series of his own proposals that he held out as better balanced. They included wide-ranging spending cuts, tax increases aimed at the wealthy and a "debt failsafe" t rigger for additional acrossthe-board spending cuts and tax hikes if deficits are not headed down by 2014. "That should be an incentive for us to act boldly now, instead of kicking our problems furtherd own the road," Obama said. Still, his plan faced difficulties a head, with GOP opposition to new tax increases and complaints from some Democrats that his spending cuts are too drastic. The U.S. has never defaulted on its debt. Its bonds arev iewed as among the safest investments in the world. In addition to millions of Americans, many foreign governments and investors have vast holdings in Treasury securities, with China leading the pack. The GOP now is in the majority in the House of Representatives after mid-term elections last November that many victors and tea-party activists viewed as a mandate for deep spending cuts. "My members won't vote to increase the debt limit unless we're taking serious steps in the right direction," says House Speaker John Boehner, ROhio. After a White House meeting with Obama on Wednesday to preview the speech, Boehner said, "I think the president heard us loud and clear." He agreed that passing a debt-lim it extension is highly important. "Not meeting our debt obligations is a very bad idea," he said. But Boehner also insisted that higher taxes not be part of any debt relief deal. The national debt is the total accumulated indebtedness of the U.S. government. As of Wednesday, it stood at $14.27t rillion. Of this, $14.21 trillion is subject to the debt limit. For various mostly technical reasons, several small governmental programs are not counted. The national debt should not be confused with the federal budget deficit, which is only a one-year slice. The deficit is thed ifference between what the government spends in a given year and what it takes in. In the budget year that ends Sept. 30, the deficit is expected to be a record $1.5 trillion. At that lev el, for every $1 the government spends, it must borrow about 42 cents. O nly a few times in the nation's history has the government run a budget surplus. The most recent was in the early 2000s, when for several years the government took in more than it paid out. That helped take a nick out of the national debt, then hovering between $5 trillion and $6 trillion. Soon deficits returned and the national debt resumed itsr elentless climb. "America's finances were in great shape by the year 2000. We went from deficit to surplus. America was actually on track to becoming completely debt-free, and we were pre pared for the retirement of the baby boomers," Obama said." But after Democrats and Republicans committed to fiscal discipline during the 1990s, we lost our way in the decade that followed." The national debt began when President George Wash ington and Congress agreed to take on debts incurred by thes tates for fighting the Revolu tionary War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t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oth parties helped run up US $14 trillion debt ( AP Photo/J. Scott Applewhite) HOUSE SPEAKER: John Boehner of Ohio, speaks to reporters on Capitol Hill in Washington, Wednesday, April 13, 2011, about President Barack Obamas speech on the deficit and his plan for future spendi ng. (AP Photo/Charles Dharapak ADDRESS: President Barack Obama outlines his fiscal policy during a n address at George Washington University in Washington, Wednesday, April 13, 2011.
JENNY GROSS, Associated Press JOHANNESBURG Unrest in Libya has gone from bad to worse, thousandshave been killed in Ivory Coast clashes and Nigeria is about to take on elections that could rock the already volatile oilrich country. With Egypt's economy battered after the toppling of President Hosni Mubarak and governments like Zimbabwe rife with corruption, the outlook for stability in the world's poorest continent is bleak. Yet, when it comes to the continent's future, many economists are echoing the same message: invest. And investors are actually following the advice. Inflated commodities prices oil is trading at its highest in more than two years have swelled returns on the resourcerich continent, full of untapped reserves of metals such as gold, platinum, copper and iron ore. That, coupled with a growing middle class of more than a billion people means huge economic potential, said Johan de Bruijn, a portfolio manager at Emerging Markets Management, an investment firm based in Arlington, Va. "It's absolutely inevitable that despite any kind of political upheaval or cross border risk, the world attention is focusing more and more on Africa, de Bruijn said. Investors are starting to view more developed emerging markets like Brazil, Russia, China and India, which have brought back soaring 150 percent returns since the global melt down, as overvalued, says Richard Marston, the director of a center for international financial research at the Whar ton School at the University of Pennsylvania. As a result, they are now moving to frontier markets: the less developed emerging economies such as markets in Africa. "You have a bit of a scramble right now from investors who want to be the first and want the reward of being first," said Bobby Pittman, the vice president for infrastructure at the African Development Bank, which provides loans and grants to promote investment in Africa. Nile Pan Africa Fund, one of a few U.S. based actively man aged mutual funds focusing exclusively on Africa, has seen some of those rewards. It out performed the S&P 500 stock index by 16 percentage points in its first eight months since going public in April 2010. Some of the world's biggest c orporations are also eyeing the continent's potential: Wal-Mart S tores Inc. is finalizing plans for its billion-dollar takeover of a South African retailer. To be sure, investing in Africa isn't for the weak-heart ed, especially those who can't endure short-term volatility. Risks High-reward investment des tinations come with high risks. Aside from the conflicts currently rolling across North Africa, the continent is facing more than a dozen presidential elections this year. The contin ual political unrest is a reminder that the continent may not be as stable as investors would wish. The Nile Pan Africa Fund, for example, fell 4 per cent in the first quarter of 2011. What makes Africa even riskier than other emerging market funds is that aside from South Africa it's made up of relatively small markets, said Karin Anderson, a mutual fund analyst for Morningstar. "Given all the volatility we can expect this year, it seems like a very difficult place for most investors to stick with," Anderson said. "You're kind of playing a couple of sectors in a couple countries, which means more volatility and goes against the idea of adding diver sification to a portfolio." Anderson also said Africa doesn't have the depth, trade valuing, regulation levels and corporate government levels of other emerging markets, making it harder for fund managers to determine which firms to invest with. But some experts say that investors with long-term views will ride out the risks. Indeed, even the turmoil in northern Africa could be a pos itive for investment down the road. "As a result of these demonstrations, you're getting change in governments in North Africa," said Mark Mobius, chairman of Templeton Emerg ing Markets, which manages $54 billion in emerging market funds. The Templeton frontier markets funds ones focusing on emerging markets with less liquid markets such as in Africa have increased 12 fold to $ 1.2 billion since they opened two years ago. M obius added, "The biggest barrier to growth in these coun tries is the governments gov ernments taking too big a share of the wealth and not using if efficiently." Better corporate governance means better disclosure, which makes it easier to predict when to invest and when to withdraw, he said. BUSINESS T HE TRIBUNE FRIDAY, APRIL 15, 2011, PAGE 7B 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.191.190.000.1230.0409.73.36% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.254.40Bank of Bahamas6.006.000.003240.1530.10039.21.67% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.408.75Cable Bahamas8.758.750.001.0500.3108.33.54% 2.852.35Colina Holdings2.552.550.001.0310.0402.51.57% 7.005.80Commonwealth Bank (S1)6.936.930.0010,0000.4880.26014.23.75% 2.861.90Consolidated Water BDRs2.062.02-0.040.1110.04518.22.23% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 5.994.75Famguard5.224.75-0.471,0000.3570.24013.35.05% 9.105.65Finco6.786.780.000.6820.0009.90.00% 11.408.75FirstCaribbean Bank8.768.760.000.4940.35017.74.00% 6.004.57Focol (S)5.505.500.000.4520.16012.22.91% 1.001.00Focol Class B Preference1.001.000.001,0000.0000.000N/M0.00% 7.305.50ICD Utilities7.307.300.000.0120.240608.33.29% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield F INDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029T UESDAY, 12 APRIL 2011B ISX ALL SHARE INDEX: CLOSE 1,434.46 | CHG -2.47 | %CHG -0.17 | YTD -65.02 | YTD % -4.34BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.54871.4525CFAL Bond Fund1.54871.48%6.06%1.526164 2.98142.8300CFAL MSI Preferred Fund2.98141.15%2.40%2.947425 1.59201.5141CFAL Money Market Fund1.59201.14%4.53%1.574964 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.50161.08%0.02% 115.7622101.6693CFAL Global Bond Fund115.76229.58%9.58%114.368369 111.469799.4177CFAL Global Equity Fund111.469711.32%11.32%106.552835 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% 9.99529.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.99521.51%6.08% 11.217310.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 211.21731.50%6.41% 10.42889.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.42884.03%4.29% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.55591.88%8.41% 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-Mar-11 31-Mar-11 109.392860 100.183340 31-Dec-10 31-Dec-10 NAV 6MTH 1.505557 2.918697 1.555464TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Mar-11 31-Dec-10 31-Mar-11 1-Apr-11 31-Jan-11MARKET TERMS31-Dec-10 31-Mar-11CFAL Securities Ltd. (Over-The-Counter Securities)31-Mar-11BISX Listed Mutual FundsNAV Date 31-Mar-11 31-Dec-10 A look at economic developments and activity in major stock markets around the world Thursday: ___ ATHENS, Greece Unemployment in Greece has hit 15 percent, amid deepening cutbacks in the crisis-hit country. The Greek Statistics Authority said that the jobless rate in January reached 15.1 percent, from 14.8 the previous month. The total number of Greeks out of work was recorded at 756,795. ___ ATHENS, Greece Greek borrowing costs spiked sharply higher as investors fretted over whether the crisis-hit country will have to restructure its massive debt at a time when unemployment is running at over 15 percent. ___ LONDON Global stocks mostly fell on investor concerns that rising inflation could push central banks to hike interest rates sooner than expected. Renewed jitters over a debt restructuring in Greece added to the downbeat tone. In Europe, the FTSE 100 index of leading British shares was down 1 percent while Germany's DAX fell 0.8 percent. The CAC40 in France dropped 1.2 percent to 3,957. ___ TOKYO In Asia, China's benchmark Shanghai Composite Index ended 0.3 percent lower on concerns of further interest rate increases following Friday's inflation data. Tokyo's Nikkei 225 was flat at 9,650.43 and South Korea's Kospi was up 0.7 percent to 2,136.61. Hong Kong's Hang Seng index was down 0.5 percent to 24,025.30. ___ MADRID The Spanish government said a communication error led it to claim China's sovereign wealth fund was studying a plan to inject 9.3 billion euros ($13.5 billion ings bank sector. A spokesman said Thursday that China was committed to buy ing Spanish debt and investing in the restructuring of the banks, but that it was too early to talk of concrete amounts or which funds would be involved. ___ BERLIN Germany is raising its forecast for growth this year as its recovery from the recession rolls ahead. The country's Economy Ministry forecast growth of 2.6 percent this year, raising its prediction from 2.3 percent. ___ BEIJING China's foreign reserves have surged past $3 trillion, driven by exchange rate controls that Washington and other governments say distort trade and are hampering a global recovery. ___ SANYA, China Leaders of the world's largest emerging economies said they supported tougher measures to guard against financial instability and backed a look at alternatives to the U.S. dollar as the world's main reserve currency. ___ SINGAPORE Singapore will allow its currency to strengthen in a bid to ease inflationary pressures sparked by robust economic growth and rising energy and food costs, the central bank said. GLOBAL ECONOMIC NEWS DEREK GATOPOULOS, Associated Press ATHENS, Greece Greek borrowing costs spiked sharply higher Thursday as investors fretted over whether the crisis-hit country will have to restructure its massive debt at a time when unemployment is running at over 15 percent. Particularly notable was the spike in the yield on Greece's ten-year government bonds to over 13 percent for the first time since the country joined the euro in 2001. That means the interest rate gap, or spread, between Greece's 10-year bonds and those of Germany, which are considered the benchmark, peaked just above 10 percentage points. Analysts said the catalyst to the renewed bout of jitters were reported comments from German Finance Minister Wolfgang Schaeuble that Greece may have to take additional steps to deal with its finances as soon as June. "Investors have been spooked by comments from the German finance minister, who said that Greece may need to negotiate with creditors in June," said Nick Bennenbroek, an analyst at Wells Fargo Bank. Greece is being kept afloat until 2013 by a package of three-year loans worth euro110 billion. In return for the money, the Greek government has had to enact big austerity measures, including big spending cuts and tax rises, which have kept the country mired in a deep recession. Borrowing worries hammered share prices on the Athens Stock Market, with t he general index closing down 2.83 percent at 1,487.76. The severity of the recession was evident in figures earlier from the Greek Statistics Authority, showing the jobless rate rising to 15.1 percent in January from 14.8 the previous month. January's rate is the highest level of unemployment since the statistics agency began issuing jobless figures in 2004. The total number of G reeks out of work stood at 756,795. Greece's largest union, the GSEE, pre dicted the jobless rate would reach 20 per cent by the end of the year. The scale of Greece's economic headwinds don't look like they are going to get any easier any time soon. The Socialist gov ernment is drawing up additional budget cuts of at least euro23 billion ($33 billion for the three years from 2012 to meet its deficit reduction targets. The task at hand is so huge that many are openly pondering the possibility that theg overnment will have little option but to seek to re-negotiate the actual level of its d ebts with creditors. Comments from Germany's Schaeuble in the Die Welt newspaper certainly helped fuel those concerns. Schaeuble told the newspaper that if the next progress report on Greece in June calls into question its ability to pay its debt, then unspecified "further measures" wouldb e in the offing if an upcoming June assessment indicates the country cannot make i ts debt repayments. "Should this report come to the conclusion that the sustainability of the debt is called into question, then one has to do something," Schaeuble told the newspaper. "Then further measures must be tak en." Asked if that meant a restructuring, Schaeuble said any restructuring would h ave to be agreed voluntarily. European leaders ruled out losses for bondholders under the current, temporary EU bailout fund, but will allow such losses, or hair cuts, under bailouts from the new rescue fund that take effect in 2013. The government line though remains the same. There will be no default, no renegotiating and growth will return. We are at the lowest point of the recession," said Greek government spokesman G iorgos Petalotis. "We are on course to return to growth next year and that will bring a pickup in the job market." Petalotis insisted that the economic program is paying off. "We have avoided the danger of bankruptcy," Petalotis said. "Now many of thes ame people who made that prediction are talking about restructuring. I wonder if all o f those people actually understand what restructuring means." Greece's effort has been defended by EU officials. EU President Herman Van Rompuy visited Athens Tuesday, and ruled out any restructuring of Greece's crippling debt, estimated at euro340 billion ($492 billion). On Thursday, Lorenzo Bini Smaghi, a member of the European Central B ank's executive board, said restructuring of debt would "reinforce the euroskepticism of those who are against the euro and demand the departure of the weaker coun tries that cannot repay their debts." Greek debt costs spike on debt restructuring fears Despite volatility in Africa economists say invest (AP Photo/Petros Giannakouris DIGGINGIN: Workers dig as they garden watermelon in Velanidi village, 320 kilometers (200 m iles) west of Athens, Greece, on Thursday, April 14, 2011. Greek borrowing costs spiked s harply higher Thursday as investors fretted over whether the crisis-hit country will have to restructure its massive debt at a time when unemployment is running at over 15 percent. STREET PATROL: Republican forces soldiers patrol a street in the Cocody neighborhood of Abidjan, Ivory Coast, Wednesday, April 13, 2011. Residents of Ivory Coasts economic capital began tentatively returning to the streets of their neighborhoods on Wednesday, as republican forces maintained a heavy street presence and sought out looters and remaining militiamen. Ivory Coasts President Alassane Ouattara is trying to establish order in the days after the countrys strongman was arrested, assuring the public that looting and gunfire will cease and life will soon return to normal. R e b e c c a B l a c k w e l l / A P P h o t o
MAE ANDERSON, Associated Press NEW YORK Hasbro's hit battling-top game Beyblade couldn't rescue Hasbro's first quarter from pal lid demand for other games and girls toys and spending to launch The Hub TV network. Net income fell 71 percent and missed Wall Street expectations. Stock in the maker of Scrabble and Nerf dropped $1.39 to close at $44.40 Thurs day. The first quarter is typically small for toy makers because it comes just after the crucial holiday season. That was worsened this year by an unexpected dropoff in demand for toys in December. That led retailers to hold back orders in the following quarter as they worked to unload left over holiday toys. Hasbro CEO Brian Goldner said he still expects higher prof it and revenue during 2011 as Hasbro launches new products like Sesame Street's Lets Rock Elmo and action figures tied into upcoming movies "Thor," "Transformers: Dark of the Moon" and "Captain Ameri ca." First-quarter results are "on track with our plan for the full year," he said. Hasbro said its net income fell 71 percent to $17.2 million, or 12 cents per share, in the January-March period, down from $58.9 million, or 40 cents per share, in last year's quarter. Analysts expected earnings of 17 cents per share, according to FactSet. BUSINESS PAGE 8B, FRIDAY, APRIL 15, 2011 THE TRIBUNE WASHINGTON Developing countries say they are maintaining strong economic growth in contrast to the United States and other advanced nations where unemployment remains high and the outlook is sluggish. Members of the Group of 24 expressed particular concern over weak financial systems and rapid increases in government debt in the United States and the euro area. They said Thursday that new risks to the global economy include disruptions in oil supply as a result of insta bility in North Africa and the Middle East and threats to food security from aggravated imbalances in supply and demand. Meeting on the sidelines of the IMF-World Bank sessions, the G-24 includes nations from Africa, Asia and Latin Ameri ca. China attends its meetings as an observer. NEW YORK Gold and silver prices s urged Thursday after the government reported higher wholesale prices and a jumpin first-time applications for unemployment benefits. T he Labor Department s aid more people applied for unemployment benefits last week, the first increase in three weeks. Broader trends point to a slowly improving jobs market. The agency also reported t hat a 5.7 percent increase in gas costs pushed up wholesale prices in March. Excluding food and energy costs, inflation at the wholesale level was relatively low. T he news added to unease among investors about E urope's financial problems, Japan's crisis and uprisings in the Middle East and NorthA frica. That led to higher prices for precious metals,w hich are seen as more likely t o remain stable during times o f uncertainty. C PM Group analyst Carlos Sanchez said some of the r ecent U.S. data reflects a slower improvement in thee conomy than had been e xpected early this year. That b enefited gold prices. Sanchez expects gold prices to reach $1,500 an ounce in t he next few months. Metals research firm GFMS Ltd. predicted Wednesday that goldp rices would top $1,600 an ounce before the end of the year. Gold for June delivery rose $16.80 to settle at $1,472.40 a n ounce. Silver rose $1.427, or 3.6 percent, to $41.664 an o unce. In other metals trading, May copper fell 1.05 cents to settle at $4.284 a pound, July p latinum added $18.40 to $1,795.60 an ounce and June palladium gained $8.95 to $774.25 an ounce. Wheat prices fell after a weekend forecast fromW eather Underground called f or rain from the northern plains into the upper Midwest. The region has been plagued b y dry weather for much of the winter wheat growing sea son. Some producers are buy ing wheat over corn to feed livestock because corn prices have risen so rapidly because of tight supplies, Northstar C ommodity analyst Jason Ward said. Ward noted that corn prices were higher than wheat W ednesday and Thursday for the first time since 1996, when corn was also short supply. In May contracts, wheat fell 12.25 cents to settle at $7.405a bushel, corn lost 1.25 cents to $7.5425 a bushel and soy beans dropped 2.5 cents to $13.31 a bushel. Energy contracts were mixed. Benchmark oil for May delivery rose $1 to settle at $108.11 on the New York Mercantile Exchange. In other Nymex contracts for May, heating oil fell 1.38 cents to settle at $3.189 per gallon, gasoline slipped 0.77 cent to $3.2347 per gallon and natural gas rose 7.1 cents to $4.212 per 1,000 cubic feet. C HRIS KAHN, AP Energy Writer NEW YORK Natural gas rose nearly 2 percent Thurs day after the government reported that U.S. supplies grew less than expected last week. The price of oil also climbed again and r etail gasoline rose for the 23rd straight day to a national average of $3.81 per gal lon, the highest ever for this time of year. A gallon of regular costs 25.6 cents more than it did a month ago and 95.5 cents more than a year ago. The Energy Information Administration expects prices to keep ris ing to a peak of $3.91 a gallon by early summer. Cars and trucks that run on dieselw on't get a break. The price of diesel is expected to average $4.09 a gallon this summer, compared with $2.98 a gallon last summer. The price of natural gas jumped Thursday after the EIA's weekly supply report. The government said U.S. supplies grew by 28 billion cubic feet last week, less than the 31billion to 35 billion cubic feet that analysts expected. Natural gas rose 7.1 cents to settle at $4.212 per 1,000 cubic feet on the New York Mercantile Exchange. The EIA said in an earlier report that utilities and other major industrial players will boost natural gas consumption in com ing years. The government expects natural gas demand to increase slightly this year and again in 2012. Meanwhile, oil rose as the dollar weakened against other major currencies. The dollar dropped after the Labor Department said applications for unemployment benefits rose unexpectedly last week. Oil, which is priced in dollars, tends to rise when the dollar loses ground to other major cur rencies and makes crude cheaper for investors holding foreign money. Overall, oil prices have dropped about 5 percent since the beginning of the week, but they are up 27 percent since the middle of February. Crude surged after the uprising in Libya shut down the country's 1.5 million barrels of daily oil exports. That's less than2 percent of world consumption, but experts said it puts supplies under increased strain at a time when global demand con tinues to grow. Some experts bet that oil will keep rising, driven by increased demand. The EIA esti mates an average of $106 a barrel for benchmark crude this year and $112 in 2012. Others say it's topped out for the year, pointing to reports that gasoline demand is down. The Labor Department said Thurs day that rising fuel costs pushed wholesale prices higher. Its Producer Price Index rose 0.7 percent in March and is up 5.8 percent since last year. "I still think we haven't reached a level where any drop in demand has started to inhibit economic activity," analyst Jim Rit terbusch said. He expects oil to hit $119 a barrel sometime in May. Benchmark West Texas Intermediate crude for May delivery added $1 to settle at $108.11 per barrel on the Nymex. In other trading heating oil fell 1.38 cents to settle at $3.189 per gallon and gasoline futures lost less than a penny to settle at $3.2347 per gallon. In London, Brent crude lost 33 cents to settle at $122 per barrel on the ICE Futures exchange. Oil settles above $108, natural gas up 2 percent N EW YORK The dollar fell against most major currencies after a government report showed that unemployment benefits in the U.S. rose unexpectedly. The Labor Department said Thursday that applications for u nemployment benefits rose 27,000 to a seasonally adjusted 412,000 last week. Economists expected a drop in claims. The euro rose to $1.4490 in late afternoon trading Thursday in New York, from $1.4441 late Wednesday. The euro has risen about 1.3 percent against the dollar sincet he European Central Bank raised its key interest rate a week ago. Central banks raise interest rates to curb inflation. Higher rates also tend to increase demand for the currency linked to that country orr egion. GOLD AND SILVER SURGE ON HIGHER JOBLESS CLAIMS BUSINESS IN BRIEF Dollar weakens against most major currencies JAN M. OLSEN, Associated Press SYLVIA HUI, Associated Press LONDON Britain said Thursday it will block the export of three lethal injection drugs to the United States and is also urging a Europe-wide ban on American sales of the drugs. Business Secretary Vince Cable said that a block on exports of pentobarbital, pancuronium bromide and potassium chloride would be formalized in a few days. In Novem ber, Britain blocked exports of the sedative sodium thiopental for use in executions following a legal challenge from a human rights group. "We oppose the death penal ty in all circumstances and are clear that British drugs should not be used to carry out lethal injections," Cable said. "Because of the importance and urgency of the situation this is an issue on which we felt we had to take the lead." Britain has urged the European Commission to expand the export ban to all European Union nations, Cable added. Reprieve, the London-based group for prisoner rights that sought the ban, welcomed the news but it said U.S. states imposing the death penalty via lethal injection are now turning to a Danish company, Lundbeck A/S, for supplies of pentobarbital. Denmark's foreign minister said she will urge U.S. states such as Texas and Ohio to stop using that drug. Ohio buys its pentobarbital from a U.S. distributor, and has not heard directly from the Danish government, said prisons spokesman Carlo LoParo, who declined to comment fur ther. Pentobarbital is a sedative with a range of medical uses, including the treatment of epileptic seizures and other conditions that require some form of sedation. It is also often used for putting down animals. Since late last year, it has been used in the U.S. for lethal injections as supplies of sodium thiopental become scarce. G-24 developing countries boast of strong growth Britain bans expor ts of execution drugs to US NEW YORK James Gorman, the CEO of Morgan Stanley, received compensation valued at $15.2 million last year, up from $6.5 million in 2009, according to an Associated Press analysis of data filed with reg ulators Thursday. Gorman got a salary of $800,000, a cash bonus of $3.9 million, and stock awards valued at $10.2 million. In 2009, Gorman had a salary of $734,247 and cash bonus of $5.7 million. The board of directors noted in the filing that Gorman's cash bonus fell by 32 percent because "the company did not fully meet certain financial priorities for the year." In 2010, Morgan Stanley's net income totaled $3.6 billion, compared to a loss of $907 million in 2009. However, its stock fell 8.1 percent last year. Morgan Stanley last year reduced the amount of cash bonuses it pays senior executives and increased the amount it pays in deferred compensation. The average amount of deferred compensa tion increased to 60 percent in 2010, from 40 percent in 2009. MORGAN STANLEY CEO GETS PAY WORTH $15.2 MILLION ( AP Photo/Paul Sancya, file) RECALL: In this file photo taken Aug. 1, 2006, a line-up of 2006 Ford F-150 pickup trucks are shown on a dealership lot in Sterling Heights, M ich. Under pressure from government safety regulators, Ford Motor Co. is expanding a recall of the popular F-150 pickup truck Thursday, April 14, 2011, to include nearly 1.2 million vehicles that may have defective air bags. EXPANDINGRECALLOFF-150 PICKUPTRUCKS (AP Photo/Reed Saxon D ETOURSIGN: A highway detour sign is seen near gas prices posted in the $4.00 range at a Mobil station in Los Angeles Thursday, April 14, 2011. With the price of gas above $3.50 a gallon in all but one state, there are signs that Americans are cutting back on driving, revers i ng a steady increase in demand for fuel as the economy improves. A MONOPOLY Property Trading Game is shown Wednesday, April, 13, 2011, in Portland, Ore.Hasbro said Thursday, April 14, 2011, its first-quarter profit tumbled 71 percent as weakness persisted in games, puzzles and several other product categories and the company spent money to develop new products and staff its joint-venture TV station. HASBRO 1Q PROFIT drops 7%; sales weak R i c k B o y m e r / A P P h o t o
FRIDAY, APRIL 15, 2011 T HETRIBUNE SECTIONE PAGE 5E International sports news PRESENTATION: Minister of Youth, Sports and Culture, Charles Maynard and Sir Durward Sea Wolf Knowles stand together in front of the trophy and medals that were presented to the n ational museum. M ORE PHOTOS O N PAGES 2E and 3E F UNERAL SAUNDERS BURIAL THE funeral service for the late Lavardo Leroy Soggy Saunders will take place on Saturday at the Church of God of Prophecy, Life Transformation Centre, East Shirley Street, starting at 11 a.m. Saunders, 31, was one of the most outstanding basketball players to come out of the Kemp Road area. He is a former player at the CI Gibson Secondary High and in the New Providence Basketb all Association. SOFTBALL NPSA ACTION AFTER taking a break since playing its first game on Saturday night, the New Providence Softball Association will be back in action on Sat-urday night at the Baillou Hills Sporting Complex. T RACK COB RESULTS COACH Bradley Cooper led a four member track and field team this weekend to the Bethune-Cookman Invitational in Florida where they competed against 13 teams from FAMU, Embry Riddle University, South Carolina State, FMU, Warner Univer sity, Webber International, Albany State, Voorhees Col lege, Edward Waters College, Bethune Cookman, Paine College and Elite Athletes International. Julianna Duncanson place second in discus with a throw of 39.37 metres and third in the shot put with a throw of 11.89m. Novice thrower Kendera Bethell threw 9.89 m and 24.02 in the discus and shot put respectively. The winning throws of each eventswere 39.49 and 13.62 respec tively. Makiya Cargill and Pollyann Bethel competedin the 100 and 200 metres respectively. However neither pf them made it out of their heats. TRACK COB CONGRATS CARIFTA ATHLETES TWO of the College of the Bahamas young and promising athletes, fresh men Tamara Myers and Lorenzo Rolle, did not travel with team this past weekend in order to compete in the CARIFTA trials. Myers won the females under-20 triple jump con vincingly with a leap of 12.78 metres, which qualified her for three international meets this year CARIFTA, the Junior Pan Am Games, and the World Youth Games. Myers also placed fourth in the female under-20 100 metres and as a result of her fourth place finish will be a member of the 4x100m relay team. Despite not having his best throw of the season in the javelin, Rolle was select ed to represent the Bahamas in the males under-20 boys javelin. The Athletic Department at COB, headed by Kimberley Rolle, congratulates the two athletes as they prepare for the CARIFTA Games, April 20-26 in Montego Bay, Jamaica. SOFTB ALL COB TRY-OUT OPEN try outs for women players interested in playing softball at the College of the Bahamas will be held on Saturday at 10am at the COB Field. All high school players are invited to By BRENT STUBBS Senior Sports Reporter firstname.lastname@example.org S IR Durward Sea Wolf Knowles is regarded as the most decorated Bahamian international athlete in a sport that is still being debated as the national sport of the Bahamas. But on Thursday, 93-year-old national sporting icon parted with the awards that has made him a household name by presenting the Sunfish Class 1947 World Championship trophy and both the 1956 Olympic bronze and 1964 Olympic gold medals to the National Museum. The hardware were presented by Knowles to Minister of Youth, Sports and Culture, Charles Maynard, to be placed in the national museum that is located at Collins House on Shirley Street. A number of political and sporting dignitaries were on hand for the presentation that Knowles said was made after a lot of consultation with his family, including his wife, Holly and three children. During the presentation, which Knowles jokingly indicated he couldnt sleep, couldnt eat and lost weight as he waited for yesterday to come, he said he hope that his gesture will be the beginning of good things to come for the national museum. Knowles, who holds the record for having par ticipated in eight Olympics, is also known as a philanthropist, who has supported just about every sporting event in the country. He was also the chairman of the One Bahamas and served along with legendary Tommy Robin son as the torch bearers, who lid the flames to begin the first Bahamas Games. Although the national museum is still in the restoration phrase at Collins House, Knowles said he wanted to make the presentation as this could be his last hurrah in the public arena. His youngest of three children, Charlotte, could nt put her fathers presentation in a better light when she was asked how their family felt about the whole situation. Were all very, very proud. The government Bahamas has always been generous to him in the accolades that he received and I know he wanted to give back to the country, she said. So were so proud that he chose to give back the medals because they really should be seen Sir Durward presents his Olympic medals to museum sports NOTES Felip Major /Tribune staff S PORTINGLEGENDGIVESBACKTOBAHAMAS W er e all very, very proud. The government of the Bahamas has always been generous to him in the accolades that he r eceived and I know he wanted to give back to the country. Sir Durwars daughter Charlotte SEE page 2E SEE page 3E By RENALDO DORSETT Sports Reporter email@example.com For the fourth consecutive year, one of the country's leading track and field clubs will honour its Head Coach with the local season's penultimate event named in his honour. Under the patronage of Olympic silver medallist, Andretti Bain, the Ambassadors Athletic Club will host the 4th Annual Fritz Grant Invitational, May 1314th at the Thomas A Robinson Track and Field Stadium. Florida's Natural, a product of Asa H. Pritchard Limited, has come onboard as this year's title sponsor of the meet. Meet Director, Bernard Newbold, said the young meet continues to grow in numbers with each passing year. "This will allow us to host this major competition and increase the number of youth participation. Over the last three years, our numbers have increased from 440 athletes to 602 in 2009 and 647 last year," he said, We are pleased to wel SEE page 3E TRA CK AND FIELD MEET N AMED IN COACHS HONOUR C HEQUE PRESENTATION: Pictured left to right are Tami Gibson, Ambassadors Club Treasurer; Bernard Newbold, Meet Director; Fritz Grant, Anneka Hanna, Marketing Manager. Blazers prepare for Mavericks SHOCKERSGRAB 3-2 LEAD SHOCKERSWIN: The Real Deal Shockers continued to stun the defending champions Commonwealth Bank Giants as the New Providence Bas ketball Association continued its best-of-seven championship series last night at the DW Davis Gymnasium. The Shockers, who snapped the Giants perfect 18-0 winning streak in game two of the series, have now surged into the drivers seat with their 102-96 victory. Coached by James Price, the Shockers now hold a 3-2 lead heading into game six on Saturday night over the Giants, coached by Perry Thompson. n MOREPHOTOS: PAGE 8E n FULLSTORYIN SATURDAYS PAPER T i m C l a r k e r / T r i b u n e s t a f f
SPORTS PAGE 2E, FRIDAY, APRIL 15, 2011 TRIBUNE SPORTS by all of the Bahamas and we want everybody to know that we are so proud of him. Having had them as a showpiece in their home for 40 years, Charlotte said the family doesnt mind that the rest of the Bahamas and indeed visitors to our shores, can now enjoy them. But Donnie Martinborough, a 10-time national champion who won the World Sunfish Championship title three times, said it was an incredible thing that Knowles has done. I think more athletes need to do what he has done, he stat ed. Hes been such a great contributor over the years. Even thought his performances were done a long time ago, they stillneed to be remembered. Sir Arlington Butler, who for years worked with Knowles when they were both members of the Bahamas Olympic Asso ciation, said the gesture was uncharacteristic. I think it exemplified the man, said Butler, who served as the BOA president, while Knowles was one of his vice presi dents for more than two decades. think he realized that its about the nation that hes doing it and hes done it with complete unselfishness in giving up his most prized possessions to the country, one of the most generous man in this country. Current BOA, now Bahamas Olympic Committee president, Wellington Miller, said its very patriotic of Knowles tomake the contribution to the development of the nation. Thats a great gesture. That dont happen much, Miller pointed out. Thats a real patriotic Bahamian to give away the trophy and the medals that he won at the World Championships and the Olympics. Not too many people do that. Thats a great start off point. Maybe other athletes in years to come, will do the same thing. But thats very patriotic of him to do it. Track star Tommy Robinson, whom the national track and field stadium has been named after, was repetitious in using one word as he called it wonderful, wonderful, wonderful. Sir Durward is such a remarkable individual. Its so very fitting being the first Bahamian to win an Olympic medal that hehas decided that this is the way to go, Robinson said. All he is telling us is that you now know what you have to And veteran national track and field coach Keith Parker said the awards must be very personal and satisfying to him to have won. But for him to donate them is just what type of man he is. Now that they will be enshrined in the national museum, Parker said Knowles will be able to view them as just as everybody else will get the chance to do so as well. PICTURETHIS: Sir Durward Knowles explains the photos to Bahamas Olympic Committee president Wellington Miller. Looking on is Minister of Youth, Sports and Culture, Charles Maynard. Knowles presents trophy and medals to national museum SIR DURWARD GIVES BACK FROM page 1E OLYMPICGLORY: Sir Durward Knowles holds up one of the two Olympic medals he presented to the national musuem yesterday. CELEBRATING THE SEA WOLF: Sir Durward Knowles (centre the Rev. Dr. Simeon Hall and Rev. Dr. Philip McPhee (left Danny Strachan (right HEAVY MEDAL: Bahamas Olympic Committee president Wellington Miller looks at Sir Durward Knowles Olympic bronze medal. PHOTOS: Felip Major /Tribune staff IN THEFRAME: Sir Durward Knowles and his daughter Charlotte get ready to present trophy and medals to the national musuem.
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For more information, please call 302-4349 or email firstname.lastname@example.org BASKETBALL NPABO CLINIC THE New Providence Association of Basketball Officials (NPABO its Community Outreach B asketball Program ( COBP) recently held a one d ay FIBA Rules and Regulations clinic and workshop for the Overseas Filipino Workers International (OPWI April 2011 at the DW Davis Gymnasium. The undertaking was designed to solidify a relationship for the development and improvement of OPWIs officials for their upcoming basketball season. Two administrators from the Association served as the clinicians, which took some twenty (20 through an introductory course in game officiating. Tony Williams, President NPABO covered rules interpretation and enforcement, game management, mechanics, and court coverage. Sharon Storr, Secretary NPABO reinforced the overall philosophy of refer eeing, NPABOs certification and requirement for membership, officials codeof conduct, pre-game conference and areas of evaluation. (See Attached Photos When the New Providence Association of Bas ketball Officials was origi nally ask by Arthur Calleja: Commissioner Sports Fest 2011OPWI and met withA riel Alacaba: Co-Commiss ioner Sports Fest 2011OPWI, it saw this as an excellent opportunity to formally spread the word on proper implementation of basketball rules and a means to encourage individuals tob ecome trained officials. The Overseas Filipino Workers International has asked the NPABO to continue to follow the progress of its officiating candidates during the season. The Association has pledged to have a full team on hand to ensure their growth and development. c ome all clubs, high schools and t hose athletes affiliated with no clubs to take part in what will be called a historic competition." The meet will feature a wide selec t ion of international competitors f rom the high school, collegiate and professional ranks. "We are expecting the participat ion of the Panthers track and field club from the Turks and Caicos Islands, along with Warner Univer s ity in Florida. we are pleased to announce the participation of the following athletes: Andretti Bain,R amon Miller, Avard Moncur, Michael Matthieu in the men's 400m. They will be joined by locallyt rained athletes Jamal Moss, and Wesley Neymour along with Jamaican Sekou Clarke," Newbold said, "In the men's 100m National Champion Adrian Griffith, Rod neyG reene and Bunell McKenzie will challenge the event along with Trinidad and Tobago's Olymic silverm edalist Keston Bledman. World Paralympics 100m Jason Smith from I reland will also be here to participate." Prize money will be on the line for athletes in invitational eventsa nd all youth athletes will receive awards for participating. Grant who has served as a local high school and national team coach for approximately 27 years said hec onsidered the meet named in his honour as a great privilege. "I feel privileged and honoured f or the meet to be named in my hon our. Anytime you can bring in world c lass athletes on the international scene it adds tremendous flavor and indeed it will enhance the competition and give the Bahamian public a chance to see our local athletes go head to head prior to the national open track and filed championships to be held later in june." Gavin Collins, General Sales Manager for Asa H. Pritchard, said the company wished the club and each of the participating athletes for the meet and the remainder of the season. "We are pleased and we hope the meet is a huge success and the athletes get a good tuneup moving forward for their future competitions." TRACK AND FIELD MEET NAMED IN COACHS HONOUR sports NOTES FROM page 1E FROM page 1E 4 TH A NNUAL F RITZ G RANT I NVITATIONAL M AY 13-14 SPONSOR: Florida's Natural, a product of Asa H. Pritchard Limited, has come onboard as this year's title sponsor of the meet. "I feel privileged and honoured for the meet to be named in my honour PITTSBURGH Randy Wolf had 10 strikeouts and allowed only three hits in 6 2-3 shutout innings to lead the Milwaukee Brewers past the Pittsburgh Pirates 4-1 on Thursday night. Wolf (1-2 a double and two walks, and didn't allow a Pittsburgh runner to advance past second base. Kameron Loe followed with 1 2-3 hitless innings, but John Axford allowed a run on two walks, a single and a wild pitch in the ninth to prevent Milwaukee's second consecutive shutout. The Brewers have won four straight and seven of eight. They narrowly missed out on theirm ajors-leading fourth shutout. Milwaukee has won its past seven A pril games at PNC Park by a combined score of 65-6, the past four by a combined score of 38-1. In April games vs. the Pirates since 2005 overall, Milwaukee has won 19 of 21. Pittsburgh managed four hits to fall to 1-5 on its opening homestand. The Pirates snapped a streak of 22 scoreless innings when Andrew McCutchen scored in the ninth, col lecting only seven hits in that span. F or the fifth time in six home games this season, Pittsburgh was behind b efore it even came to bat. Price Fielder entered the game 3 for 42 lifetime against Pirates starter Paul Maholm (0-2 two on and none out that drove in Rickie Weeks in the first. That was Fielder's NL-leading 15th RBI all coming within his current seven-game hitting streak. Two batters later, a Yuniesky Betancourt sacrifice fly scored Ryan Braun to make it 2-0. T hat proved too much of a deficit for the punchless Pirates to overcome even with a revamped lineup Thursday. Pittsburgh came in with no runs and only four hits (all singles previous 14 innings. The streak of extra-base hits would last until the sixth, when Neil Walker's fly deep to left bounced out of Ryan Braun's glove and was ruled a double. Pirates manager Clint Hurdle sat struggling third baseman Pedro Alvarez (.200, no home runso r Steve Pearce. He moved cleanup hitter Lyle Overbay (.238, one homer d own in the order and inserted platoon right fielder Matt Diaz into the No. 4 spot. Pittsburgh starting catcher Chris Snyder also made his season debut after being activated from the disabled list. W olf pitches Brewers past Pirates in 4-1 victory
SPORTS P AGE 8E, FRIDA Y APRIL 15, 201 1 TRIBUNE SPORTS GAME 5 SH OC K ERS T AK E O N G I ANT S I N Tim Clarke /T ribune staff See story on page 1E