N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER PLPs in heated row over missing $500k V olume: 107 No.123TUESDAY, APRIL 19, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER SUNNY, BREEZY HIGH 86F LOW 74F A HEATED argument reportedly broke out between two PLP politicians during a recent leadership meeting over the allegation of the disappearance of a political donation of half a million dollars to the partys 2007 general election campaign fund. While the PLP last week stated that there has not been any official complaint of any missing funds from any donor, party insiders say the issue has been one that has concerned the PLP for some months now. According to party insiders, one of the PLP politicians wants his colleagues to officially come out and deny his involvement in the disappearance of the money. However, as no public accu sation has been made against the politician in question, the partys hands are tied in this situation. Discussion on the issue reportedly got beyond passionate during a leadership meeting last Thursday and a scuffle almost broke out between two politicians. Other sources at the meet ing claim that one of the politicians even went so far as to shove the other and the two had be separated by party members. However, party insiders said while there was no physical contact, the situation escalated beyond what was appropriate. The politician who is report edly concerned that his col leagues believe him to be guilty of the accusation and are there fore unwilling to defend him publicly, allegedly also threat ened to resign from a post he holds in the party. However, a senior PLP denied the entire episode ever happened. The PLP in a statement last weekend denied reports the party is investigating the disappearance of a political dona tion. The story calls for specu lation. It is either the work of mischief makers who are too clever by half and for their own good or inept propagandists seeking to push the FNM line that somehow the PLP's name is sullied in the eyes of the pub lic. P ar ty discussions on cash issue got be yond passionate TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM www.fidelitygroup.comCall 356.7764today! Fall in love again with a Fidelity Fast Track car loan. FidelityBank FastTrack Loan THE LIFE AND ACHIEVEMENTS OF DRKEVABETHEL BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E I N S I D E A T R I B U N E S P E C I A L F E A T U R E A P R I L 2 0 1 1 SPECIALSUPPLEMENTINSIDETODAY SEE page 11 By CELESTE NIXON Tribune Staff Reporter email@example.com PRIME Minister Hubert Ingraham has lifted the restriction prohibiting foreign investments in restaurants or entertainment facilities, and increased the minimum dollar requirement for direct foreign investment. Mr Ingraham made the statement yesterday during his communication to Parliament on the amendments to the National Investment Policy, where he also said that persons who purchase homes PM ANNOUNCES FOREIGN INVESTMENT RES TRICTION CHANGE By TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org SUPER Value and Blue Hill Meat Mart on Blue Hill Road are bracing for a "devastating" fall-off in revenue from the Government's decision to erect planters on land the stores previously used for cus tomer parking. The store owners are now in talks with their attorney Maurice Glinton and may sue the Government for additional damages over the change. However, officials from the Ministry of Works yesterday said the planters which will go on the street-side of the affected shops are only being placed on Government-owned land and will limit drivers from reversing on to the highway. The officials also say that for years the government did not stop businesses from using public land for parking spaces, but have now chosen to do so as part of its By NOELLE NICOLLS Tribune Staff Reporter email@example.com TALKS between the Bahamas Democratic Movement and the two main political parties started eight months ago, former party leader Cassius Stuart confirmed. He said the executive committee voted on the decision to join the Free National Movement, after carefully considering the benefits of aligning with one party over the other. He said it was not an easy one and it was not made overnight. He said the committee ultimately determined that the FNM was a better fit and provided a better opportunity for members of the BDM to grow and maximize their potential than the Progressive Liberal Party (PLP It is not a matter of selling out. Selling out for me is quitting and getting out of By NATARIO McKENZIE Tribune Staff Reporter firstname.lastname@example.org THREE men were arraigned in court yesterday on charges stemming from a major drug seizure. Police reportedly seized 1,200lbs of marijuana and more than 400lbs of hashish oil a solvent extract of cannabis from a private residence on Blake Road shortly before midnight last Friday. Melvin Maycock Sr, 45, of Stapeldon Gardens, Mario Roberts, 52, of Jerome Avenue, and Kevin Darville, 53, of Market Street, appeared before Deputy Chief Magistrate Carolita Bethell in Court 8, Bank Lane, yesterday. The three have been charged with two counts of conspiring to possess danger ous drugs with the intent to supply between Tuesday, April 12, and Friday, April 15. It is alleged the men conspired to possess marijuana as well as hashish oil. All three deny the charges. Roberts was also arraigned on two S T ORES BRACED FOR A REVENUE FALL-OFF OVER GOVT PLANTERS DECISION BDMIN TALKS WITH TWO MAIN PARTIES FOR MONTHS SEE page 11 SEE page 11 SEE page 11 SEE page 11 THREE MEN CHAR GED OVER MAJOR DRUG SEIZURE CASSIUSSTUART FIRE FIGHTERS arrived just in time to stop a fire from spreading yesterday. The small room at the back of this house on Maria Galante Road, off Carmichael Road, was destroyed in the blaze, but the fire was contained before it could reach the main building. FIRE FIGHTERS HELP CONTAIN BLAZE FELIPE MAJOR/TRIBUNE STAFF
L OCAL NEWS PAGE 2, TUESDAY, APRIL 19, 2011 THE TRIBUNE By DENISE MAYCOCK Tribune Freeport Reporter email@example.com FREEPORT The armed robbery trial of Marcus Bailey opened in the Supreme Court yesterday before Justice Hartm an Longley. Bailey, 33, is charged with the armed robbery of Docs Conch Stand on December 20, 2009. It is alleged that at about 2am the accused, while armed with a handgun, robbed owner Julius Lewis of cash. It is further alleged that while fleeing the scene, Bailey accidentally shot himself in the leg and was arrested by police not farf rom the scene of the robbery. Bailey, who was using crutches to walk, was escorted to the c ourtroom by police officers. He is represented by Carlson Shurland. Talking the stand, Julius Lewis testified that he was sitting in his truck on the date in question when he heard a loud tap on the door. He said a man wearing a tan-coloured Halloween mask pointed a gun at him and demanded cash. He got out of his truck on the passenger side and gave the armed man 11 $20 bills. The suspect demanded more money andh e gave him 50 $1 bills, a total of $270. According to Mr Lewis, the suspect then fled across the street towards Deluxe Cleaners. A s the suspect was running away, he said he heard a loud sound and saw the suspect hopping on one leg four times, trying to keep his balance. Lewis said that as the man fell backwards, landing on his hip, the money in his hand went flying into the air. Lewis called 911 on his cell phone. He said police later arrived at the scene. During cross-examination, Lewis said he did not attend a police identification parade. He said the culprit was wearing dark clothing, but that he nev er saw the persons face. L ewis said he had given police two statements one on Decem ber 20, 2009, and a second one year later on August 24, 2010. Did you see the person shoot himself in the foot? Asked Mr Shurland. No, Mr Lewis replied. I cant say that I saw him shoot himself. He was fiddling with his clothes. His back was to me and I heard the shot and I saw him hopping on one leg, he said. Mr Shurland told Lewis that his evidence in court was different from the statement he had given to the police. H e said there was never any mention in the first statement that Lewis had given 11 $20 bills and 50 $1 dollar bills, only that he was robbed of $270. Mr Shurland also noted that there was never any mention of a gun in the first statement. You signed the statement; did you not see the omission? asked Mr Shurland. Dont you think that is a serious omission? Mr Lewis said he told the officer about a gun, and that it was supposed to be in the statement. In the second statement you wait a year later and at the end of t he statement you told police that you saw a gun, a year later? asked Mr Shurland. Mr Lewis said police had called him to come in and give a sec ond statement. Vernal Collie and Erica Kemp of the Attorney Generals Office are prosecuting on behalf of the Crown. The trial resumes today. Marcus Bailey armed robbery trial opens in Supreme Court SIX new local chefs, restaurants and drink purveyors will be featured for the f irst time at this years Paradise Plates Hands For Hungers third annual spring fundraiser event. C hefs Kevin Getzewich of Mahogany H ouse; Samantha Moree of Somethings Different Bakery; Lise Russel of Chives C af; Bianca Lee of Tantalizing Treats; Go Green Caf; Switcha Limeaid and Starbucks Bahamas will join 18 other returning vendors at the exciting eventt hat will feature a combination of tempting new creations and signature fares to be enjoyed by more than 450 guests. Sponsored by the New Providence Development Company Limited and Tommy Hilfiger, the creatively presented event showcases a lavish array of g ourmet food prepared by chefs from Nassaus premier restaurants, fine wine and spirits and live entertainment with allp roceeds benefiting Hands For Hunger, t he non-profit, humanitarian organisa tion committed to the elimination of unnecessary hunger and the reductionof food waste throughout New Providence. The event is scheduled for Saturday, May 21 from 7pm to 11pm at theA tlantis Crown Ballroom. Guests of Paradise Plates this year will once again enjoy culinary creations pre pared by esteemed chefs from: Mesa Grill; Nobu; Dune; the British Colonial Hilton; Old Fort Bay Club; Lucianos of Chicago; Goodfellow Farms; Food Artb y Cacique; Le Petit Gourmet, and Balduccinos Fine Foods. Fine wines by Mendoza Wine Imports, S ands Beer by Sands Brewery, specialty martini drinks featured by Tropics -SGH M anagement, and flavoured water by Nautilus also will be showcased. Havana Humidor will be on site rolling cigars by hand with 100 per cent of sale p roceeds to Hands for Hunger. We are thrilled to have so many new participant chefs and restaurants joiningt he incredible team of vendors returning this year for Paradise Plates 2011, said Ashley Lepine, outgoing executived irector, Hands For Hunger. There is no question that the food being served for the evening will be extraordinary given the calibre of the participants. We are,i ndeed, very grateful to each of them and to our other event sponsor partners for their generous support of this cause. Last year, Paradise Plates served-up an unforgettable evening to the more than 400 hundred guests who came out in a large show of support to help fight h unger in the Bahamas. All proceeds from Paradise Plates will go to Hands For Hunger and its foodr escue programme. Each day, Hands For Hunger picks-up fresh, high quality food that would otherwise go to waste and delivers it to 18 community centres, shelters, churches and soup kitchens througho ut New Providence. Since operations began in March of 2009, H4H has already distributed moret han 260,000 lbs of food to those in need ( approximately equal to 260,000 meals) and prevented more than 400 tons of c arbon emissions from entering the atmosphere. Hunger is a solvable problem. It is a fact that there is more than enough foodo n this island to amply feed every single woman, man and child. Hands For Hunger functions to connect this excess supply with the unmet, ever growing need through the more equitable and efficient distribution of resources, said Alanna Rodgers, founder and president o f Hands For Hunger. The proceeds raised from Paradise Plates will go direct ly to helping us feed the hungry and food i nsecure in our community. T he array of lavish food and drink is complemented by a silent auction, and raffle, as well as a variety of live enter tainers and beautiful dcor. Tickets can be purchased online at www.handsforhunger.org, or in persona t the New Providence Community Cen tre (Blake Road tre (Harbour Bay Good Fellow Farms. Other sponsor partners for Paradise Plates 2011 include: Atlantis, Creative Relations, Royal Star Assurance,B ahamas Vision Centre, Royal Bank of Canada, the dAlbenas Agency, Royal Fidelity, Nassau Motor Company, Sky-B ahamas, FloralArts and Bahama Hand prints. TERRIFICTHREESOME: Three new chefs prepare for Paradise Plates. Pictured (left to right ferent, Kevin Getzewich of Mahogany House and Lise Russell of Chives, who will join 18 other Chefs and drink purveyors at the event which will feature exciting new fare and signature creations. court NEWS TOP CHEFS PREPARE FOR THIS YEARS PARADISE PLATES Unique fundraiser helps fight hunger and food insecurity in the Bahamas Testimony heard from Docs Conch Stand owner By BEN FOX, Associated Press SAN JUAN, Puerto Rico Billionaire entrepreneur Richard Branson plans to create a colony of lemurs on an undeveloped island he owns in the Caribbean, saying Monday it's a "radical idea" to save an endan gered primate that is disappearing from its native African habitat. Branson, who has long been involved in efforts to save threatened animals around the world, said he plans to bring the first group of about 30 lemurs from zoos in coming weeks to Moskito Island, part of the British Virgin Islands, where they would be the only wild population outside of Africa. Experts determined that lemurs would find a suitable habitat on Moskito Island, about 85 miles from Puerto Rico, with its plentiful tamarind trees for food and lack of humans to encroach on their territory, he said. "I was really trying to come up with a radical idea to save them," Branson told The Associated Press in a phone interview from nearby Necker Island, which he also owns. The businessman and adventurer has secured permission from the government of the British territory to import the lemurs and said he hopes to find a way to address concerns of critics who fear the non-native primates will harm local birds and lizards. He said he plans to start with the relatively common ring-tailed lemurs, which he is acquiring from zoos in Africa, Sweden and Canada, but hopes to eventually have more than a dozen species on Moskito. Lemurs are found only on Madagascar and the Comoro Islands and are considered the most threatened of all primates, according to the World Wildlife Fund. Branson planning to create colony of lemurs on undeveloped Caribbean island n International news
By NOELLE NICOLLS Tribune Staff Reporter firstname.lastname@example.org A WEEKEND gas s hortage at Texaco stations s parked fears of a fuel retailers strike, however according to station owner Oswald Moore, no such action took place. He explained that the C hevron tanker that supp lies Texaco retailers was late in arriving in Nassau and as a result, some stations ran out of fuel. Only Texaco stations were affected by the shortage, and most returned to n ormal operations on M onday. The tanker arrived on Saturday, according to MrM oore, and gas was delivered to retailers early Monday morning. Fears of a fuel strike were sparked because of the ongoing dispute with government over what per c entage of gas sales can be kept by retailers as profit. Mr Moore is also chairman of the Margin Relief Committee of the Bahamas Petroleum R etailers Association ( BPRA). He said the association has submitted all of ther equired documentation to the government with respect to its request for a m argin increase. They have all of the numbers. They are going over the documents. They h ave not given us any deadline, but we are giving them time to do theird ue diligence. That is what w e are waiting on now, said Mr Moore. The need for a positive o utcome is still as urgent as ever, he said. The retailers association h as requested an adjustm ent to price-controlled mark-ups, as they have seen their profits shrink dramatically over the years due to dramatic increases in the cost of oil. T hey would like to see a 6 8 per cent increase in their gas margin (44 to 74 cents) and a 145 per cent increase in their margin on diesel (19 to 47 cents We have been educating the public to the posi-t ion that there has not been any increase on our margin for a really long time. It has put the industry in a serious position. The government controls t he margin, so it is time for them to adjust our margin t o keep our businesses g oing and supplying the public, said Mr Moore. S everal gas stations have announced an end toc harge accounts for comm ercial clients because of s evere cash flow issues. These price controlled commodities have been subject to the same fixed margin for 10 and 30 years respectively, despite ther ising cost of oil on the global market. The retailers say their upfront costs are becoming so great, and their returns on investment s o diminished, that some m ay not remain in the i ndustry much longer unless the government pro vides some "relief" in the f orm of adjusted mark-ups. LOCAL NEWS T HE TRIBUNE TUESDAY, APRIL 19, 2011, PAGE 3 CABLE and Wireless yesterday shot down the PLPs suggestion that the company has informed BTC staff it will cut 600 jobs by next month. R esponding to the allegat ions, Geoff Houston, BTC C EO, said: The number 600 has no merit or basis within our plans and with regards the letter we have n ot issued any letters to any B TC employees, so both c laims are entirely spurious and baseless. Statement Earlier yesterday, the opposition PLP issued a s tatement explaining that t he alleged May downsizing has come to the attention o f the party but failed to d isclose the source or say w hether the claims had been verified by any BTC staff m embers. If this is true, the party s aid, the government would h ave failed in protecting the welfare of the employees at BTC during the privatisa tion exercise. These are not the first time such claims have been denied. O n Friday, Labour Mini ster Dion Foulkes shot down similar suggestions, a nd criticised the PLP and i ts operatives on a local gossip website for spreading fear among BTC workers. M r Foulkes said such "misinformation" is damaging to the morale of thec ompany's staff. "There is absolutely no t ruth that employees at BTC will be laid off, as was recently stated by the CEO o f Cable and Wireless and h as been stated by the Prime M inister previously. "All separation at BTC will be done by voluntarys eparation, by voluntary retirement, and that is the position of BTC and that is the position of the governm ent," he said. Y esterdays statement from the PLP said that if the new reports of lay-offs are t rue, the governments credibility will take a nose dive as a result. Welfare Specifically, this would m ean that Dion Foulkes in h is capacity as a government m inister deliberately misled t he Bahamian people and t hat the Prime Minister f ailed to protect the welfare of the employees of BTC during the privatisation negotiations, the party said. Bahamians are well aware of the difficult economic times in which they find themselves with very little prospects for the foreseeable future. In eight w eeks, some 5,000 students w ill enter the job market a nd the government has a responsibility to use the instrument of public policy to preserve existing jobs and c reate new ones as the mark et demands, the PLP said. O n Friday, Mr Foulkes reminded the public thatw ithin the first three years o f operation, it is anticipated that 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 package for numerous reas ons," he said. M r Foulkes said that he d id 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 inse curity amongst the workers.J ust recently the CEO indicated what the business plan was, the Prime Minister has r epeated it many times," he s aid. By CELESTE NIXON T ribune Staff Reporter email@example.com A PLP MP has called on the government to put in place a bi-partisan task force to deal with the countrys escalating crime prob lem. I n an address to parliament yesterday, MP f or Englerston Glenys Hanna-Martin said the joint task force should conduct a study into what is causing the rise in crime and develop effective strategies to combat it. Mrs Hanna-Martin said we should not pigeon hole the murders that are taking place as simply drug or revenge killings,b ecause they are affecting everyone. The incidences of crime is escalating in this country crime is affecting the quality of life in our country and the experience of families, she said. Mrs Hanna-Martin said that the government needs to focus on the social deterioration that the country is experiencing as a result of the rapidly increasing crime, instead of solely concentrating on tourism or the financial services sector. While we talk about enhancing our econ omy and fantastic cutting edge legislation that we bring to this House and this great destination, it is time we become a nationa nd not just a destination. The country is in trouble, she said. Meanwhile, a local anti-crime group maint ains that there has already been enough hollow talk about crime, and now is the time for action. Bahamas Against Crime (BAC director Rev CB Moss has said that muchp recious time was wasted in the appointment of the National Crime Commission which has proven to be almost useless. H e said the time has come to "take off the gloves" and seriously address the crime crisis, as well as confront those who are failing to do their job in the fight against crime. WEEKEND GAS SHORTAGE SPARKS STRIKE FEARS Cable and Wireless hits out at PLP suggestion of job cuts PLP MP calls for task force to deal with crime RESPONSE: Geoff Houston, BTC CEO GLENYSHANNA-MARTIN
EDITOR, The Tribune. O n Thursday, April 14, 2011, I was very privileged to have the opportunity to attend a ceremony at the A. M. Museum and I witnessed the most unselfish act that Ih ave ever seen in my lifetime. Sir Durward Knowles d onated three Trophies which he had won in Sailing to the Museum so that Generations yet to come would be able to see and learn a part of the history of the Bahamas. Anyone who has ever won a medal in any competition knows how proud they feel and how much the medalm eans to them. Once again Sir Durward has gone the extra mile to show our beloved Bahamian people how much he loves this country and its people,b ecause these were not ordi nary medals they represente d historical achievements for the Bahamas and we all know how much they have meant to him during his life. There are few Bahamians who have done as much as he has to help the poor and unfortu nate ones in our society over the past 30 years of his life. Sir Durward has never that I can recall ever judged anyone by the colour of their skin, only by their personality. I have said this to say the following. If more of our Bahamians would live their lives unselfishly towards their fellow man we could very possibly start to control the crime problems that we are faced with. We have as good a police force in the Bahamas as anywhere else that I have trav elled to, but they cannot do the job we want done without the cooperation of the public. The murder count has risen steadily each year since 2004. It is a matter of impossibility for the Police to be in every location that a murder is committed. On the other hand there are times when members of the public have information that may be able to prevent a murder if they would be good citizens and give the information to the police. If we Bahamians want life t o change then we have to start living lives more closely to God and doing His will. We cannot expect all to be well when some of the leaders of the churches all over thisB ahamas are living sinful lifestyles and are condoningt hings that are wrong as long as it suits their purpose. Unfortunately there are tooo many church leaders who have made material things the most important thing in their life and have forgotten Gods word where he says it is our responsibility to take care of our brothers and sisters if we want him to take care of us. The people on the outside of church are watching each and every day, we have to show them how to live by example, not tell them. Politicians in this country need to realise that if they make public statements that they will do anything, even if it means destroying our Bahamas to achieve their goals then they have to expect that other people who are listening to them may just as well think that they can do as they please. We live in the best country on planet Earth and no one can question that in my mind, so it behooves all of us as Bahamians to be thankful to Almighty God and try to please Him each and every day. ABNER PINDER Spanish Wells, Bahamas, April 17, 2011. EDITOR, The Tribune. I do not make it a habit to express my views and opinions in Letters to the Editor, but the twisted and sick logic that permeated a letter published in the Freeport News Wednesday, April 13, edition infuriated me so much that I felt compelled to respond. The writer chose to hide behind pseudonym TheS cribbler and he used some well articulated sentences that suggested that he is well edu-c ated, but the first thought that came to mind after reading that letter is that there are a lot of well educated fools in t his world. I also concluded that the Scribbler could not be aB ahamian and I seriously doubt that he is black because the central theme of his letter w as the denigration of Black B ahamians. In my way of thinking, it is impossible for an intelligent black person w ith just a smidgen of pride in his race to reach some of the conclusions about Blackse xpressed in this letter. T ake these statements for example: From the Ivy League educated politician tot he street vendor, committed PLPs are linked by a common thread of xenophobia a nd an inferiority complex. They struggle to deal with these intense conflicting emotions, secretly admiring the white man but reluctant to admit it and referring to a r ecent speech made by Prime M inister Hubert Ingraham, in which Ingraham is reported t o have said his government has little tolerance for dish onesty, for slackness, for bad company or bad habits, The S cribbler considered this s tatement to be prophetic words that so precisely d escribed the kind of individuals that comprise the core support base of the PLP. He also suggested that these are the kind of Bahamians that w ere intentionally cultivated by the PLP from 1967 up to t he present. U sing the time frame that he referred to (from 1967 to the present), if The Scribbler knows what conditions were l ike for Blacks in this count ry prior to 1967 clearly he would not make such a silly s tatement. Moreover, if he is indeed Black, it is he who is suffering from a severe case of inferiority complex made all the more acute by a mind set nurtured and developed b y Uncle Tomism. There is no disputing the fact that prior to the PLPs historic political victory onJ anuary 10,1967, the shackles of degradation and denial of equal opportunity limited what blacks could seek to a ccomplish educationally and professionally in this country. It is also indisputable that it is mainly through the commitment made by the PLP to remove these shackles that today we have a workforce that includes a large pool of well educated black Bahamians in virtually every profession that requires a particu-l ar skill. If The Scribbler is Bahami an, he is well aware of this f act, yet insists that a large percentage of the Bahamian workforce is only qualif ied for manual or menial l abour. Whoever this individual is, its difficult to pinpoint whath is main objective was in writ ing such an infuriating letter, but we get a good idea of w hat his current mental state i s when he says that he is convinced that the FNM attracts the majority of capab le and high achieving Bahamians. The man is simply crazy and he should bec onfined to Sandilands Rehab ilitation Centre in New Providence whenever he is Man enough to reveal his truei dentity and stop hiding behind the pseudonym, The Scribbler. DARRELL WEECH Freeport, Grand Bahamas, A pril 14, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, TUESDAY, APRIL 19, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising) 322-1986 Advertising Manager (242 Circulation Department (242 W EBSITE w ww.tribune242.com updated daily at 2pm WHEN IT COMES to Cable & Wireless and BTC the PLP are like a dog with a bone they just wont let go. PLP mischief makers are there for the long haul, even though their facts have no bones and, therefore, cannot stand up. Yesterday BTCs new general manager G eoff Houston denied the PLPs claim that the new owners had issued a letter to their employees about layoffs. They also denied that the owners planned to lay off 600 staff. The number 600 has no merit or basis within our plans and with regards the letter we have not issued any letters to any BTC employees, so both claims are entirely spu rious and baseless, Mr Houston said. Last week Labour Minister Dion Foulkes also denied the suggestion and accused the PLP and its operatives of deliberately spreading gossip to create fear among BTCs employees. Long before the bidding started for the sale of BTC it was general knowledge that the company was overstaffed and if it were to have a future, many staff would have to go. The civil service, and the various corporations have always been a convenient dumping ground for MPs constituents who needed jobs. PLP MPs were notorious for t his, particularly during the Pindling years one of them going so far as to boast about it. I t was so bad that in 1988 a PLP senator told the Senate: The civil service tree has just too many dead branches and it is high time we shook up that tree good and proper to bring those dead branches down where they belong. So the need of staff reductions at BTC is not news. No matter who purchased the company, staff layoffs were on the drawing board. Staff were fully aware of this and many of them chose to take their severance packets and leave in the first downsizing exercise several years ago when the FNM first tried to sell BTC. Many of them have since said they made the right decision. However, Prime Minister Ingraham did as much as he could which influenced the final price of the company to save jobs. The position is that the restructuring of BTCs work force was to start as soon as practicable on completion of the sale. However, it is to be on a purely voluntary basis. Mr Foulkes said that it is anticipated that Cable and Wireless will reduce staff levels through voluntary separations to appropriate levels within the first three years. "There has already been indications from numerous employees at BTC that they wish to accept a voluntary package for numerous reasons," he said. Having lost the BTC battle, if they were true patriots the PLP would want to help BTC succeed, not only for the sake of the country, but for the sake of the employees over whom they are crying such crocodile tears. But, true to form, it seems that their only goal it to gain power country be damned. **** A PLP r u mour that c ant be hidden THE rumour of the missing $500,000 donation to the PLPs 2007 election campaign just wont go away. Although the PLP said that no donor had made an official complaint about the missing funds, apparently the smoke from the fingerpointing refuses to clear. All kinds of stories have entered our newsroom, some from right within the PLP, especially about a push, shove, scuffle, beyond passionate encounter that took place between two MPs claimed to be the accused and accuser at a leadership conference Thursday night. It is claimed that the person allegedly under suspicion wants his colleagues to offi cially clear his name. It is understood that hei s becoming more incensed at their apparent reluctance to do so. I t seems to be of easy solution. We suggest to Opposition Leader Perry Christie that the easiest way to solve a problem is to face it. Since hearing the rumour of a half million dollar donation failing to get to party coffers as intended, we have heard claims of at least two more donations of sizeable sums falling through the floor boards. The simplest way to solve this would be to go to the donors, find out how much they gave and to whom, and then go back to their books and check receipts. If the donations are not there, then the investigation opens. However, if the wrong person is being accused, it is the duty of the party leader to clear his name. But, whichever way it goes, this is once decisive action is needed, because now that the rumour is in the public domain it shows no promise of evaporating soon. It will only grow with the telling. Letters central theme was the denigration of black Bahamians LETTERS l firstname.lastname@example.org Facts without bones wont stan d up Sir Durward shows how much he loves this country and its people EDITOR, The Tribune. Re: Construction of downtown Straw Market is on schedule. The Tribune, April 9, 2011 KNOWING that the completion of the much-heralded new Straw Market is expected to have such a significant impact on the downtown revitalisation efforts, one has to wonder why on earth the market wasnt rebuilt years ago. However, we can probably all rest assured theres now a pretty good chance it will be open by 2012. KEN W KNOWLES, MD Nassau, April 10, 2011. Straw market to open by 2012? A pr etty good chance
B y KHYLE QUINCY PARKER Press/Cultural Attach Embassy of The Bahamas WASHINGTON, DC As the Minister of State forL abour and Social Development Loretta Butler-Turner supports discussion of possibly instituting a gender quota in the Bahamas, the wider hemisphere continues to wrestle w ith the efficacy and utility of a s ystem that mandates greater representation of and by women in the electoral process. Mrs Butler-Turner was adamant, however, that the under-representation ofw omen in electoral politics is a m atter for the private citizen a s well; political parties cannot r un women if no women come forward as potential candidates. Gender stereotypes andt raditional roles must be dealt with if more women are to be e lected to parliaments, and g overnments cannot be the o nly parties to the necessary n ational debate. In civil society, women h ave got to become engaged, Mrs Turner said. And even in instances when w omen do hold elected office, M inister Butler-Turner quest ioned the motivations behind assigning women to what some s ee as soft-core ministries, rather than admittedly tough assignments. Weve got to move past t hat, Mrs Turner said. The institution of gender quotas was a major theme at the Hemispheric Forum on womens leadership held at the Organisation of AmericanS tates last week. Participants considered reform of electoral systems around the region, w ith at least one prominent Caribbean scholar among those urging for the imple-m entation of a quota system a s part of a systemic overhaul. More and more countries are introducing gender quotas for public elections. According to the Quota Project GlobalD atabase of Quotas for W omen a collaboration of t he International Institute for Democracy and Electoral Assistance, Inter-Parliamentary Union and Stockholm University half of the coun-t ries of the world today use s ome type of electoral quota f or their parliament. Quota Project defines electoral quotas as mandatory or targeted percentages of women candidates for public elections.S uch an electoral quota for w omen may be constitutional, legislative or be in the form of a political party quota, and may apply to the number of women c andidates proposed by a part y for election, or may take the form of reserved seats in the legislature. T he rate at which the number of women in politics is growing is considered too slowb y many observers and partici pants, and has consequently led to more frequent and insistent calls for more efficient m ethods to reach what the Quota Project terms a gender balance in political institu t ions. Speaking at the forum, University of the West Indies lec-t urer Cynthia Barrow-Giles remarked that universal adult suffrage was achieved for most o f the Caribbean by 1951. The B ahamas, she noted, achieved universal adult suffrage in 1962, and has progressed in womensp articipation in politics since then. LOCAL NEWS T HE TRIBUNE TUESDAY, APRIL 19, 2011, PAGE 5 By CELESTE NIXON Tribune Staff Reporter email@example.com A NEW version of the Secur ities Industries Act, intended to make the financial services sector more flexible, was introduced and debated in the House of Assembly yesterday. The Act would repeal the Securities Industries Act of1 999 and replace it with an updated and modern law that w ill expand and enhance the powers of the Securities Commission, said Zhivargo Laing, Minister of State for Finance. Mr Laing stressed the importance of the bill for the future of financial services in particulara nd the countrys economy in general. H e said: Our economy is more dynamic, investors more savvy and issues more diversified as such the regulations governing the securities indus try must evolve to reflect thesenew realities. Securities are financial instru ments such as debt (bank notes, bonds, debentures) or equity (ownership interest/rights derivative contracts which are often publicly traded to financeb usiness and investment, Mr Laing explained. He said the bill follows a leg islative framework that is com monly used for securities around the world, which will a llow the Securities Commission to respond quickly and effectively as the financial markets develop. The commissions mandate is to oversee and regulate the activities of securities and capital markets, and to protect investors while strengthening public and institutional confidence in the integrity of those markets. According to Mr Laing, some of the key changes in the new Act include: A more flexible structure which allows for easier amendments to regulations and rules; simplification of various categories of registration; changes to the commissions powers and responsibilities; concentration on the nature ofa transaction rather than the persons involved; and stan dardization of disclosure requirements. While opposition MPs Vincent Peet and Ryan Pinder both recognised the importance of the bill, they also voiced concerns about certain provisions. Mr Pinder questioned the c ommissions independence and transparency and the possibility of the Minister of Finance collecting indirect taxes through the body. He said: One aspect that is concerning both as a matter of independence, and as a possible mechanism of an indirect tax is the provision in Section 22 that the Minister of Finance retains the residual authority to require payment to the Consolidated Fund of fees that might be charged by the commission. Mr Pinder also cited the commissions discretionary powers as a possible source of problems, for example its ability to suspend a licence without a formal hearing if they deem it necessary to the public interest. To suspend a licence for at least 15 days can have a termi nal impact on a regulated business, said Mr Pinder. A letter signed by leader of the opposition Perry Christie setting out all the oppositions concerns and recommended revisions was also tabled. AS part of its increased effort to ensure t hat drivers abide by the laws on the streets of New Providence, police conducted a traffic crack-down last w eek. Officers from the Traffic Division and s even major policing divisions were out in full force and issued 267 fixed penalty notices to drivers for various traffic viola t ions. A JAMAICAN man was remanded to prison yesterday after being arraigned in M agistrates Court on a drug c harge. P olice have charged Peter Anthony Noble, 30, of Rose Heights, Montego Bay with possession of 10 pounds of marijuana with the intent to supply and importation of marijuana. Noble, who was arraigned before Deputy Chief Magistrate Carolita Bethell in Court 8, pleaded guilty to t he charges, stating that he had an explanation. According to the prosecu t or, Inspector Ercell D orsette, Noble arrived in N assau onboard Air Jamaica on April 14. He was denied entry and taken to the Detention Centre. It was there that his luggage was searched and a quantity of marijuana was discovered inside a coffee bean container. Noble told the court that h e didnt know that marijuana was in the coffee bean container. Magistrate B ethell noted that in light o f his admission, his plea w as not unequivocal and changed his plea to not guilty. The prosecution objected to his being granted bail because he has no status in the Bahamas. Noble was remanded to Her Majestys Prison. The case has been adjourned to September 5. POLICE TRAFFIC CRA CK -DOWN PEN ALISES MORE THAN 200 VIOL ATIONS JAMAICAN MAN CHARGED WITH POSSESSION WITH INTENT TO SUPPLY House debates new version of Securities Industries Act M INISTEROF STATE: Zhivargo Laing MINISTER OF STATE SPEAKS OUT ON WOMEN IN ELECTORAL POLITICS MOTORCYCLISTDIESAFTERCRASH A YOUNG MOTORCYCLIST d ied in hospital yesterday after colliding with an oncoming car on West Bay Street on Sunday night. P olice have identified the victim as 22-year-old Edwin Alexander Hanchell of Bluebell Avenue, Garden Hills. F e l i p M a j o r / T r i b u n e s t a f f
L OCAL NEWS PAGE 6, TUESDAY, APRIL 19, 2011 THE TRIBUNE THE Charity of Hope Foundation founded by Furniture Plus has launched its Leaders in Literacy campaignw ith the aim of instilling a love of learning and reading in Bahamian youth. W hen the charity learned of D W Davis Junior High Schools ongoing mission to transform its image, Leaders i n Literacy stepped in to s how their support by donating books to the school. The administration, staff a nd students of D W Davis J unior High School wish to thank Furniture Plus for theg enerous donation of books t o further complement the library of the school, and to improve our literary pro gramme, said Principal Abraham Stubbs. The selection of reading material is excellent and most relevant t o the development of young p ersons today. The books will g reatly assist in moulding our s tudents minds while buildi ng their character. T he school has recently made leadership strides resulting in improvements in academic achievement, participation in fine arts competitions, champion sports teams, and better stability ona nd off campus. A reading garden was also provided to allow students to have a quiet area in which to study andr ead. The school said it is proud to have received a commendation for improvement from Permanent Secretary Elma Garraway and the Minister of EducationD esmond Bannister. We are thrilled with the accomplishments of D WD avis Junior High School and wanted to recognise them in a practical way, said Krystynia Lee dArville, d irector of the Charity of H ope Foundation. It is time to change public perception o f these students and faculty w ho are working so hard to s hine. Leaders in Literacy hopes to help bolster studentc onfidence by commending t hem for their achievements and rewarding them with quality reading materials. Leaders in Literacy is currently planning more programmes aimed at placing reading materials into the h ands of children in the B ahamas. They said they are l ooking forward to reaching o ut to the community as i deas develop and opportu n ities arise. The Charity of Hope Foundation was founded in 2005 as a charity arm of Furniture Plus to nurture the spirit of giving during the companys annual Christmasc ampaigns. Since then the Foundation has expanded to embrace charitable causes throughout the year, benefit t ing over 15 Bahamian charities. Leaders of Literacy campaign assists D W Davis Junior High in its transformation ( L-R) KATIE CARTER, F urniture Plus operations assistant, presenting a basket full of books for the school library to Bridgette Seymour, teacher at D W Davis Junior High; Rishea Grant, eighth grade student, and Nicolette Brown, viceprincipal of D W Davis Junior High School. C AR WASH RAISES FUNDS FOR JAPAN EARTHQUAKE VICTIMS S ENATOR MEETS WITH SWEDISH MINISTER S ENATOR Allyson Maynard-Gibson, president o f the International Womens Forum, met with Nyamko Sabuni, the Swedish Minister for Inte gration and Gender Equality. Minister Sabuni is t he first person of African descent to be appointe d as minister in the Swedish government. Senator Gibson, while in Sweden, met with various gov e rnment representatives, including officials from the Office of the Swedish prime minister, the Ministry of National Security, the Ministry of Finance, and with diverse Swedish women leaders. THE three Interact Clubs sponsored by the Rotary Club of East Nassau got together this past Saturday at the Texaco Station at the B aillou Road roundabout to host a car wash to raise funds for the vic tims of the Japans earthquake and tsunami. More than 20 Interactors f rom Queen's College, St Anne's and Christian Heritage were required t o undertake at least one project with an international dimension that promotes peace and understanding.
LOCAL NEWS T HE TRIBUNE TUESDAY, APRIL 19, 2011, PAGE 7 WHILE planning is still under development for Ross University to determine ther eopening of its School of M edicine programme at the B ahamas campus, the university has relocated its Medical Education Review Programme (MERP Miami to Freeport. M ERP is a 15-week prog ramme designed to prepare students for successful entry into Ross Universitys School of Medicine (RUSM lum provides preparatorys cience courses that integ rate content offered in RUSM. It is offered by invitation to applicants who do not yet fully qualify for acceptance to RUSM. The relocation of the MERP from Miami to the Seahorse Plaza campus inF reeport not only speaks to Ross Universitys continued commitment to theB ahamas, but also acknowledges the preliminary success of the Freeport site, s aid Londell Albury, execut ive administrator in F reeport. The university began a partial transition for the MERP at Seahorse Plaza int he Bahamas with the January session. The current M ERP session began April 8 and runs until July 22, 2011. The start of each new MERP semester ushers in a new wave of bright and eager students focused on qualifying for enrolment to Ross University School of M edicine, with ambitions of becoming an MD. Our goal at the Seahorse Plaza campus is to ensure that we pro-v ide a healthy learning environment and academic supp ort to foster student success, said Mr Albury. Like all prospective R USM student candidates, individuals who successfully pass the MERP must also fully meet RUSMs admissions criteria. Ross University was f ounded in 1978 and is a provider of medical and veterinary education offering doctor of medicine and doc-t or of veterinary medicine degree programmes. T he School of Medicine is located in Dominica, West Indies. The School of Vet-e rinary Medicine is located in St Kitts. The Freeport site was opened in January 2009 and is currently under operation by Ross Health Sciences. ByGLADSTONE THURSTONB ahamas Information Services A DELEGATIONfrom B ahamas Agricultural and Industrial Corporation with The Bahamas Representat ive from the Inter-Americ an Institute for Co-operat ion on Agriculture made an official visit to Miami lastw eek. T he Bahamas team was comprised of BAIC executive chairman Edison M Key, general manager Benjamin Rahming, and assist ant general managers Judith Thompson, property m anagement, and Arnold Dorsett, agriculture. Bahamas representative Dr Marikis Alvarez represented IICA. T hey met with officials from the Miami office of IICA, the Malaysia Miami Trade Office, and the prin cipal suppliers of heavy-duty f arming equipment and tract ors. The delegation also paid a courtesy call on The B ahamas Consulate Genera l, Rhoda Jackson. They discussed matters relating to t rade. T hey also visited various tropical fruit tree nurseries a nd providers of appropriate equipment to facilitate selection and acquisition for The Bahamas. At IICA the delegation d iscussed with officials strategies for BAICs newly i mplemented Market Information System and Training Certification prog rammes for the Food Processing Unit. The delegation also met with the Malaysian MiamiT rade Office for discussions o n trade related matters and for the development of thec oconut processing industry i n The Bahamas. Ross University relocates Medical Education Review Programme to Grand Bahama A NEW SESSION for the MERP Programme at the Ross Bahamas site is underway and runs until July 2011. T h e B a h a m a s W e e k l y BAHAMAS TEAM TALKS TRADE IN MIAMI THE BAHAMAS TEAM met with Islah Hassan, Trade Commiss ioner Malaysia Trade Office during a visit last week. Pictured from left are Dr. Marikis Alvarez, Inter-American Institute for Co-operation on Agricultures Bahamas representative, assistant general m anagers Judith Thompson, property management, Arnold D orsett, agriculture, executive chairman Edison M Key, Mr Hassan, a nd BAIC general manager Benjamin Rahming. B AIC EXECUTIVE CHAIRMAN E dison M. Key and a trade dele gation paid a courtesy call on The Bahamas Consul General, Rhoda Jackson, during a visit to Miami, Florida last week. Pic-t ured from left are BAIC general manager Benjamin Rahming, a ssistant general manager, property management, Judith T hompson, executive chairman Edison M. Key, Consul General Jackson, IICAs Bahamas representative Dr. Marikis Alvarez, and assistant general manager (agriculture UNITED NATIONS Associated Press FAR FEWER people likely would have died in last year's earthquake in Haiti had the Caribbean nation been as well prepared as Japan, a geophysicist working with the U.N. said Monday. Eric Calais, a Perdue University geophysicist advising the United Nations Development Pro gram in Haiti on ways to reduce risks associated with future quakes, told a news conference that the death toll could have been as small as a few dozen people. Instead, the Haitian government estimates 316,000 died in the 7-magnitude quake that struck the Caribbean nation in Janu ary 2010. Japan says its far more powerful 9-magnitude quake and tsunami on March 11 left more than 27,000 people dead or miss ing. "Unfortunately, it often takes a disaster to learn how to deal with a disaster," Calais said. He said because of the Asian country's more robust construction "there was little damage structure in Japan caused by the shaking." Calais, who has studied quakes in Haiti and the rest of the Caribbean for two decades, said he's working with the government there to develop its first ever seismic monitor ing system something that most countries in quake-prone areas already have to be run by a team of trained Haitian professionals. Calais said new sets of maps are being devised to show the soil weaknesses in the capital of Port-auPrince and other areas that can be used as guides for future construction. Sturdier construction on solid ground could also protect lives in Haiti's other common natural disasters floods and hurricanes, he said. "Port-au-Prince has the opportunity to rebuild in a way that is economically viable, but won't collapse as it did in the last earthquake," said Calais. "We would be fools not to use the January 12, 2010 earthquake in Haiti to build a more resilient country. UN SCIENTIST SAYS HAITI WAS UNPREPARED FOR EARTHQUAKE CARIBBEANNEWS
beautification exercise. According to Super Value P resident Rupert Roberts, this will deliver another blow to businesses already crippled from government's road improvement in the area. "We were (already down over 30 per cent. All businesses are location sensitive, this is going to devastate us further. I j ust paid over $1 million in business license fees and the real property tax that we pay shouldn't government be business friendly? I did not dream that government would come and take our parking lot and turn it into (an area for plants "We've had that parking for 5 0 years and Government comes and takes it without any consideration, without any thought. Their argument with us does not hold water, that people (now into the street. I can back out of that western parking blind folded without going into the street," said Mr Roberts. A rnold Heastie, owner of Heastie's gas station, believes the Government's decision is unconstitutional. "If you put the planters in front of the parking lot then people can't get in, what's the point? Is beautification more important than business? My understanding of what the government is doing, is that it is dangerous to pull out on to a highway or a road. If that's the rule, are you going to stand by it on Shirley Street? Or what about FNM headquarters on Mackey Street?" Charlene Collie, NPRIP project engineer and public relations officer, said the decision will not hinder commerce in the area because the shops in question have their own parking areas on the side of their establishments. "For all of these years they have been parking there freely but it's been the government's land which is the frontage of Blue Hill Meat Mart and Super Value," said Ms Collie, who met with the affected business owners last week to discuss store access management. "The approved parking area for Super Value is to the north, Blue Hill Meat Mart they are not the owners of their parking lot (but use the lot of the building. So we don't see it as hindering their businesses. Their parking is established to the side of their buildings." Public Works Minister Neko Grant also said the planters are not encroaching on private property. "We can only put planters on government land. So anywhere where we are putting planters the land is the governments property," he said yesterday. Last year the Coconut Grove Business League which includes Super Value and Blue Hill Road Meat Mart mounted a successful lawsuit against the Government for millions in damages after business dropped because of area roadwork. Government is appealing against the ruling. Yesterday Mr Roberts said the group will file for additional damages. "We've referred it to our attorney. Its probably just more damages. We may be able to forget and let Government pay us damages for the rest of our lives. Government is going to appeal the (previous owed to us and beat the poor people out of the money they owe them. I was so disappointed in the arrogance of the government (when they began the road work). First of all the Prime Minister wouldn't see us, he hurts the citizens and then won't see us," said the food store boss. L OCAL NEWS PAGE 10, TUESDAY, APRIL 19, 2011 THE TRIBUNE Principal and CEOSt Andrews School, The International School of The Bahamas, was est ablished in 1948 and is governed by an 11-person, elected board of dir ectors. It is accredited by both the Council of International Schools and t he New England Association of Schools and Colleges and authorized to offer both the Primary Years Programme and the Diploma Programme o f the International Baccalaureate Organization. The schools motto is Ethics and Excellence and its mission statement, philosophy and aims, as well as much other relevant information, may be accessed on its web site: www.st-andrews.com. board for the administration of the school in all its aspects. The successful candidate will: preferably in education. divisional leader (e.g. primary school; secondary school good international school and/or a leading independent school in The Bahamas or elsewhere. In any case, international experience is essential. international accreditation standards; curriculum; administration; faculty/staff evaluation and human resources International Baccalaureate Organization and of the accreditation protocols of both the Council of International Schools and the New England Association of Schools and Colleges. talented and disparate group of faculty and staff members in the pursuit of excellence. and experience of the successful candidate. In addition to a tax-free salance and discounted tuition for children. Applications may be sent by express mail or fax: (1 242 364 1739 the preferred means is by e-mail attachment to: firstname.lastname@example.org. The deadline for applications is Friday 29th April, 2011. It should be noted that the search committee and the board reserve the process or to re-open the search if the initial process does not identify a Principal Search Committee St Andrews School The International School of The BahamasP O Box EE 17430 Yamacraw Hill Road, Nassau New Providence The Bahamas Fax: + 1 242 364 1739 E-mail: email@example.com In either case, the party remains undeterred of ridding the country of the FNM and Hubert Ingraham. We are fully focused on the issues: Crime, unemployment and saving the Bahamas for Bahamians. The PLP intends to win the next general election and b y God's help save the nation, the party said. ring. It is a matter of adding your vision to another vision and trying to strengthen the vision, said Mr Stuart. He recalled the story of David and Goliath, noting that David was the one who killed Goliath. However, David sought refuge living with the Philistines, his greatest enemies, after King Saul tried to kill him. Mr Stuart said even the Bible sets a precedent for an alliance between one-time enemies. We had a political organisation. We never wanted to be an activist group. We wanted to be a part of the government forming policies. The con stitution (of the BDM be the government of the Bahamas. Sometimes people thought we just liked being out there mak ing noise; they thought we just wanted to be a third voice, said Mr Stuart. Some people are disappointed, but many of them are people who said they supported us but never voted for us. We don't want to be tantalised. We dont want people telling us, you are doing a job, keep it up, keep it up, you are doing a good job. We are looking for votes, because in politics the only thing that matters are the votes, he said. Only one executive committee member voted against the decision to join the FNM. Mr Stuart said he felt restrained to discuss the stance of the person, because he wanted to maintain the BDMs tradition of discipline. We always had a culture in the organisation of confidentiality. That is why it was never leaked in the media even though we were in talks for eight months. We pride ourselves in being disciplined to that point. We look out for each other, said Mr Stuart. After the last by-election the BDM contemplated some critical decisions. Looking at the results we had to ask ourselves some questions: Do we have the resources to be able to sensibly compete in the next election. Can we continue to move in this direction without the resources? Can we sustain this financially? said Mr Stuart. We looked at the financial and human capital resources. You need 41 candidates, a support team in each constituency in the hundreds. Do we have resources to be able to properly compensate people who are putting themselves forward? he asked. Mr Stuart said he understands the position of Branville McCartney, member of parliament for Bamboo Town, because he was there 13 years ago. However, he said the BDM was not interested in moving backwards. (Mr McCartneys organisation There is no organisation. At least we know what we have gotten. We don't know who they are, and their acid test will come two days after the next election. That is when the real test will come, said Mr Stuart. He said the BDM was formed in 1998, but it did not launch publicly until 2000. During those two years, the party leaders formulated the constitution and the party branches, and worked on developing a 40-year plan. He said Mr McCartneys venture is not like when we came out. The hardest day for a third party is right after the election when you get beat and you have to decide what do you do next. We have been through two general elections and one by-election. He has never had that and I think he will get a rude awakening, he said. Mr Stuart and the BDM have been harsh crit ics of the FNM and PLP in the past. Asked if his harsh language is costing him now, Mr Stuart admitted there are some absolute positions he regrets taking. However, he said, exaggerated language or absolute statements were political tools used by politicians on both sides, around the world to gain political mileage. He said everyone uses absolutes like the worst ever or the government has never, ever. In truth, he said, politicians know their absolute statements are not completely factual. But the truth of their statements is less important than the power of the rhetorical device. It is strategic. It is a part of warfare. You have to paint a picture that he is the enemy and we have to get rid of him because he has never, ever, ever done anything for us. If you are a smart politician and have studied politics you would understand how these things work, and it is not going to stop, said Mr Stuart. One of the things I have learned is you have to be careful of absolutes because you can lock the door on yourself, he said. In assessing the performance of the BDM over the years, Mr Stuart said their number one problem was a lack of resources, although that wass omething they did not want to acknowledge. Money does play a major role in elections when y ou are looking at having people on the ground and the support behind them, the paraphernalia, and the rallies. Whether we like it or not those things play a major role. When people see a major organization, the resources and the strength behind them, it impacts the decision they make. We have developed a culture around elections. It is this side against that. If you don't have the paraphernalia people feel you can't do anything, said Mr S tuart. We were hoping over the past 11 years people would look beyond that at individuals who could present a vision and a way forward. We realize a plan is good, but you also need other variables. What we want to do now is take that message added to the resources of the FNM and add value to the organization, he said. Mr Stuart adds another name to the list of f amily dynasties that are split politically. Mr Stuarts father-in-law is V Alfred Gray, PLP member of parliament. This follows the trend of the Butler, Maynard and Sands families, which are all split politically. I am not concerned it will cause contention in the family. We have a political divide, but we are all individuals and we know every man has a right to make a decision about their political persuasion. We are all family and at the end of the day we will remain so. That is the way we have been and that is the way we will always be. Mr Gray is a wonderful father and father-in-law and nothing will come between that, said Mr Stuart. The conversation with his family was ongoing, said Mr Stuart. His wife was made aware all along the way, as he was engaged in talks with both the PLP and FNM leadership. His father-in-law and the PLP executives did not give Mr Stuart a free pass. He said they tried to convince him against joining the FNM, but it did not work out that way. While he looks forward to meeting in the battle, Mr Stuart said his family will stay united and supportive of one another. What separated the parties had a lot to do with leadership and management, discipline and organisation, said Mr Stuart. Going forward, he said, the BDM had no interest in being a fraction in the FNM and would seek to integrate with the party. I would hope we would integrate, and the party would become united. I don't support the notion of having split groups or different fractions in political parties. I know that is the way it used to be and is in some cases, but I support a united front with everyone getting on board behind the leader in word and deed for a common purpose, said Mr Stuart. His experience as leader of the BDM has made him sensitive to the position Prime Minister Ingra ham commonly finds himself in. I understand what a leader goes through, whether it is people talking about you, trying to take your position, or people not doing what they are supposed to do. There is so much responsibility in being the leader. And at the end of the day you have to make sure the organisation succeeds because the buck stops with you, said Mr Stuart. Critics often call Prime Minister Ingraham a dictator. Mr Stuart said he can relate, and he knows leaders have to dont mind the talk. I have seen in my organisation where I have had to take over a lot of the other positions, so we could just get things done. I had to become all things. It is not saying the other people are not capable, but sometimes they do not have the resources or the wherewithal. I have had the name dictator too. At the end of the day, you have to make sure the organization succeeds and Mr Ingraham's responsibility is not just to the FNM, but the government and people of the Bahamas, he said. Mr Stuart still has not applied for a nomination in the FNM for the next general election, but he maintained it was only a matter of time. I will be a candidate in the next election under the FNM ticket. (As for the other BDM members), I am sure we have a strong team and strong leaders in our team. On their own merit they will be looking at constituencies they can run for and they will be submitting their applications. Ultimately it will be up to council to see the merit of our candidates, said Mr Stuart. counts of possession of dangerous drugs with the intent to supply. He pleaded not guilty to the charges. His attorney, Deborah Rose, told the court that Roberts had been beaten by police and forced to sign a confession. Attorney Roger Gomez Jr, who represents Maycock Sr and Darville, told the court their charges should be severed from Roberts in light of his admittance that his confession on which the prosecution relies was not given voluntarily. Magistrate Bethell said, however, that it would be an abuse of process to have two separate trials. The men were remanded to Her Majestys Prison and are expected back in court tomorrow for a bail hearing. in the Bahamas for the purposes of seeking accelerated consideration for permanent resident status will have to buy a home for at least $1.5 million. According to Mr Ingraham, the countrys investment policies were first formally publ ished by his government in 1993 to bring increased transparency and certainty to the business and investment industry with the goal of enhancing the countrys attractiveness to foreign investors. Mr Ingraham said these amendments take into account t he numerous developments and changes in the industry over the last 15 years. The revised investment policy also makes provision that investors in major development projects create employment and business opportunities for Bahamians, said Mr Ingraham. He said all efforts have been made to ensure that the investment policy is expressed in as apolitical way as possible taking into account the reality that our investment policies generally reflect the time-honoured acceptance that the Bahamian economy is primarily driven by the tourism and financial services sectors, areas overwhelmingly involving interna tional participation and investment. FROM page one BDMIN TALKS WITH TWO MAIN PARTIES FOR MONTHS FROM page one THREE CHARGED FOREIGN INVESTMENT FROM page one FROM page one P LPS IN HEATED ROW OVER MISSING $500K FROM page one SUPERVALUEONBLUEHILLROAD: Store owners have voiced concerns about planters being placed on land previously used for customer parking. But government officials say they are only being placed on Governmentowned land. STORES BRACED FOR A REVENUE FALL-OFF OVER GOVERNMENT PLANTERS DECISION
INTERNATIONAL NEWS T HE TRIBUNE TUESDAY, APRIL 19, 2011, PAGE 11 RICHMOND, Va. Associated Press A BOUT430 homes and businesses were destroyed or damaged from the deadly weekend storms, and estimates showed hardest-hit Gloucester County had suffered millions of dollars in damage. G ov. Bob McDonnell met with resi dents, officials and volunteers in the county Monday, getting a firsthand view of the damage from Saturday's tornado that lifted some structures off their foundations. State officials confirmed two tornado-related deaths in Gloucester, whilea third fatality was determined to be a m edical emergency. Two Waynesboro residents died in flash flooding, and a Wythe County resident died when a t ree fell on a mobile home. A death in Page County is being investigated as storm-related. The National Weather Service so far has confirmed tornadoes struck in Augusta, Dinwiddie, Gloucester, Halifax and Rockbridge counties. T he Virginia Department of Emergency Services has asked local emergency coordinators across the state to submit initial damage assessments by Wednesday morning. S tate Insurance Commissioner J acqueline K. Cunningham on Mond ay reminded homeowners to file claims with their insurance providers, as well as document storm damage byp hotographing their homes and property and saving receipts for repaire xpenses. O fficials in Gloucester said Mond ay that preliminary damage estimates total $7.7 million, with 162 homes destroyed or damaged. C ounty officials said the Red Cross, Salvation Army and other relief groups were assisting with food, water and shelter vouchers. Trucks were sta t ioned in several areas to provide drinking water. Sheriff's officials warned people w ho aren't residents of tornado-damaged areas to stay away because of the risk of injury by debris andd owned power lines. Several hundred Dominion Virginia Power customers in Gloucester and the Northern Neck were still without electricity late Mon d ay afternoon. Gloucester County school officials canceled classes Monday after the tornado blew the roof off Page Middle School. School officials said classes f or elementary and high school will resume Tuesday. Starting Wednesday, the 580 students who attend Page will a ttend Peasley Middle School, with P easley students going to class in the m ornings and Page students attending in the afternoons. E mergency officials are expecting rivers to flood in the upcoming days. Flood warnings were in effects tatewide through Tuesday evening for the James, Shenandoah, Potomac, Rappahannock and Rivanna rivers,a s well as smaller streams. Numerous roads across Virginia remained closed Monday because of flooding and debris, according to theV irginia Department of Transportation. The wave of severe weather came a bout a week after two tornadoes caused widespread destruction in Pulaski County. The April 8 stormsc aused an estimated $8.5 million in d amage, but no one was killed and only a few people were hurt. Deadly storms damage or destroy 430 structures T HE REMAINS o f two school buses are destroyed at Page Middle School in Gloucester on Sunday, April 17, 2011, a day after the tornado hit. Tornadoes and flash flooding have left several people dead in Virginia, and crews are continuing to assess damage that severe weekend storms caused across several areas of the state. Gov. Bob McDonnell on Sunday declared a state of emergency, authorizing state agencies to assist local officials in response and recovery efforts. The Virginian-Pilot, Steve Earley /AP A FOOTBALL HELMET from a destroyed building at Page Middle School in Gloucester, hangs on a fence on Sunday, April 17, 2011, a day after the tornado hit. (AP ABUJA, Nigeria Associated Press NIGERIANPresident Goodluck Jonathan won the oil-rich country's presidential election Monday, as severe rioting sweeping across the Muslim north demonstrated the religious and ethnic tensions still dividing Africa's most populous nation. The violence cut across 13 states, leaving behind burning buildings, neighbors hiding in their homes and hundreds injured. Heavy gunfire echoed through cities, as shouting crowds burned tires and threw stones at security forces. Many were feared dead, though federal officials declined to offer any figures for fear of further stoking tensions. While Christians and Muslims have shared the same soil in the nation for centuries, the election result showing the Christian president's more than 10 million vote lead over Muslim candidate Muhammadu Buhari stoked popular resentment. It also spread accusations of rigging in a nation long accustomed to ballot box stuffing and violence. "The damage is immense. A lot of buildings have been torched: houses, businesses and religious centers," said Umar Mairiga of the Nigerian Red Cross. Mairiga said the Red Cross estimated more than 270 people had been wounded and another 15,000 had been displaced by the violence. History Nigeria has a long history of violent and rigged polls since it abandoned a revolving door of military rulers and embraced democracy 12 years ago. Leg islative elections earlier this month left a hotel ablaze, a politician dead and a polling station and a vote-counting center bombed in the nation's northeast. However, observers largely said Saturday's presidential election appeared to be fair, with fewer cases of ballot box thefts than previous polls. Election chairman Attahiru Jega announced results Monday night that showed Jonathan won 22.4 million votes, compared to the 12.2 million votes of his nearest rival, the former military ruler Buhari. Jonathan also received enough votes across Nigeria's 36 states and capital to avoid triggering a runoff. "I want to ensure you we have discharged our responsibility to the best of our ability on a non partisan, impartial basis and we have done our best to satisfy the aspirations of Nigerians for free, fair and credible elections," Jega said. The West African nation of 1 50 million people is divided between a Christian-dominated south and the Muslim north. A dozen states across Nigeri a's north have Islamic Shariah law in place, though they remain under the control of secular state governments. Thousands have been killed in religious violence in the past decade, but the roots of the sectarian conflict are often embedded in struggles for political and economic dominance. Buhari carried northern states where poverty remains endemic and opportunities few. Many there supported Buhari, a disciplinarian who took power after a 1983 New Year's Eve coup, as his campaign promised change in a nation ruled by the same ruling political party since it became a democracy. Buhari's party brought a for mal complaint against the nation's electoral commission even before the vote count end ed, alleging massive rigging in Jonathan's homeland of the Niger Delta. The letter also alleged that the computer software used to tally results had been tampered with in northern states to favor the ruling People's Democratic Party. "What is being exhibited to the world is not collated from p olling units but ... a lot of manipulations," the letter read. Both Buhari's party and the opposition party Action Con gress of Nigeria refused to sign off on the results. F ir es Violence began Sunday in the north, but took full hold Monday morning. Witnesses said youths in the northern city of Kano set fires to homes that bore Jonathan party banners. Heavy gunfire also could be heard. An Associated Press reporter there saw hundreds of youths carrying wooden planks in the street, shouting "Only Buhari" in the local Hausa lan guage. "What I am looking for now is rescue, the mob is still outside. I need rescue," said Mark AsuObi, who was trapped inside his Kano home with his wife and three children. "There are hoodlums all over the place. It's not just my place that they are attacking. I am not a politician. I am an independent observer." In Kaduna, home to the oilrich nation's vice president, angry young men burned tires in the streets and threw stones at p olice and soldiers trying to restore order, witnesses said. Police reported a prison break in neighboring Katsina state engi neered by an angry mob. Youths targeted ruling party officials in Bauchi state as well. "All of you came out in the sun and elected the person after your heart, I thank you for doing that but let us remain peaceful in all our conducts so that we will not be plunged into a crisis situ ation in the state," Bauchi state Gov. Isa Yuguda said in a statewide radio and television broadcast. The state-run Nigerian Tele vision Authority did not mention the attacks on air, though it finally ran a scrolling graphic across the screen with a statement from Jonathan calling for peace just before Jega announced the results. "We must not allow for the loss of any life and as I have always said, no one's political ambition is worth the blood of any Nigerian," Jonathan's statement read. NIGERIAN LEADER WINS PRESIDENTIAL POLL AMID RIO T S B EIRUT Associated Press MOREthan 5,000 antigovernment protesters in Syria took over the main square of the country'st hird-largest city Monday, vowing to occupy the site until President Bashar Assad is ousted and defying authorities who warnthey will not be forced into reforms. The government, howeve r, blamed the weeks of anti-government unrest inthe country on ultraconservative Muslims seeking to establish a fundamentalist state and terrorize the peo-p le, in the latest official effort to portray the reform m ovement as populated by extremists. The Egypt-style standoff in the central city of Homs followed funeral process ions by more than 10,000 mourners for some of those k illed in clashes Sunday t hat a rights group said left at least 12 people dead. It a lso brought a high-stakes challenge to security forceso ver whether to risk more bloodshed and interna t ional backlash by trying t o clear the square. In the past month, Syrian security forces in uniforms a nd plainclothes have l aunched a deadly crackd own on demonstrations, killing at least 200 people, a ccording to human rights groups. Many Syrians also say pro-government thugs known as Shabiha h ave terrorized neighborhoods with tactics such as o pening fire into the air. The government has in the past blamed "armed gangs" seeking to stir upu nrest for many of the killings, such as the ones who fatally shot seven peop le, including three army officers, on Sunday in Homs. O n Monday, the Interior M inistry identified the gangs as "armed Salafi groups," referring to anu ltraconservative form of Islam that has its roots in Saudi Arabia and can bef ound all over the region. The statement carried by the state news agency said they were seeking to estab l ish "emirates" and were "abusing the freedoms and reforms launched in thec omprehensive program with a timetable by President Bashar Assad." Assad has been playing o n fears of sectarian war fare as he works to quell any popular support for the uprising and has blamed the unrest on a foreign plotto sow sectarian strife echoing pronouncements from almost every other besieged leader in the region. Earlier in the day, at least six coffins were carried by the massive funeral procession in Homs, about 100 miles (160 kilometers north of Damascus, said two witnesses. Security forces stayed away fromthe mourners in an apparent move to avoid confrontation, said the witnesses, who spoke on con dition of anonymity for fear of government reprisals. The witnesses' accounts could not be independently confirmed because Syria has placed tight restrictionson media outlets and expelled foreign journal ists. SYRIAN ACTIVISTS BEGIN SIT-IN FORA SSAD OUSTER
SECTIONB firstname.lastname@example.org TUESDAY, APRIL 19, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third p arty and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.23 $5.21 $5.23 New Issue January 2011THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY. THESE SECURITIES HAVE BEEN SOLD.$6,120,000 Financial Advisor and Placement Agent. Series B 8% Cumulative Redeemable Non-Voting Preference SharesPRICE: $10.00 Per Share $ $$! rr B y NEIL HARTNELL Tribune Business Editor A Bahamian financial services provider yesterday told T ribune Business it planned to appeal an egregious $81,000 fine levied against it and a fund it administers by t he Securities Commission, Financial firm to appeal $81k egregious fine Accuvest plans to fight Commission panel ruling over minort echnical breaches SEE page 7B B y NEIL HARTNELL T ribune Business Editor Commonwealth Bank is t argeting an efficiency ratio of less than 50 per cent for its 2011 financial year, targeting opportunities itb elieves exist for controlled and profitable growth with demand for loans anticipat ed to show marginal BANK TARGETING LESS THAN 50% EFFICIEN CY RA TIO Commonwealth eyes opportunities for controlled and profitable growth, with loan demand expected to improve in 2011 SEE page 7B By NEIL HARTNELL T ribune Business Editor Bahamas Wastes managing director yesterday told Tribune Business the companys short-term prospects would be a whole different kettle of fish if it won either of its two bids for landfill management and resi dential garbage collection, adding that its fuel costs hada lready risen 20-25 per cent year-over-year. E xpressing hope the BISX-listed waste collection serv ices provider would pay a dividend to shareholders in 2011, following no payment last year, Francisco deCar-d enas said Bahamas Waste planned to hold off on any f urther capital expenditure in 2011 and concentrate on its existing biodiesel and cardboard recycling projects. Bahamas Waste hit by 20-25% fuel costs surge BISX-listed firms short-term future a whole different kettle of fish if it wins either landfill management or residential garbage contracts Suffers almost 75% net profit drop in 2010* Aiming to resume dividend payments in 2011 Some 600-700 tonnes of recycled cardboard now exported SEE page 4B By NEIL HARTNELL T ribune Business Editor AML Foods yester d ay delivered on pledges of an improved fiscal 2011 fourth quarter, generat i ng a 40.8 per c ent net income increase to $1.422 million ont he back of a 7.5 per cent sales AML Foods in 41% profit rise Delivers on pledges of improved Q4, helping to reduce full year net income decline to 38% Set to pay same dividend as previous year D IONISIO D AGUILAR SEE page 3B By ALISON LOWE B usiness Reporter email@example.com After what was initially set to be a six-week partial closure, the Cable Beach-based Marley Resort and Spa has remained closed for the past seven months, but could be set for a relaunch as a deal with the Marley family to lease the property to investors for a period of two years is in the pipeline, Tribune Busi ness has learned. The closure of the 16-room resort began in September 2010 and had been expected to come to an end in late October, with the resort reopening with the addition of a new beach house component. Around 25 staff were laid off, a source close to the matter said. However, November came around and the resort, owned by reggae superstar Bob Marleys wife, Rita, and her daughter, Stephanie, did not re-open, and has instead r emained closed to date. T he decision by the family to shut the resorts doors came after Stephanie Marley, its chief executive, told Tribune Business in April 2010, in response to claims that staff w ere not being paid in a timely fashion, that she and Rita never made a penny fromt he resort during its two years i n operation. Ms Marley said she was considering firing 20 per cent of her then 38-strong workforce, who she blamed for p rofit-losing "inefficiencies" that took a toll on its finances. "We've never faced anyt hing like this in our 20 years in the tourism and music business," said Ms Marley at the time. The resorts general manager, Barbara Hanna Cox,i mmediately quit in protest at Ms Marleys comments. Sources suggested that staff in turn blamed Ms Marley for much of the resorts tribula-t ions. Yesterday, a source said: The long and short of it is that over the two years they were open they were doing a bunch of stuff. Finally, everything came down and they said they wanted to restruc ture and rebrand. Theyd already restructured andr ebranded about three times in two years. What I understand is that its now under lease by fore igners for two years. I dont know when theyre going to o pen it, but it will be under new management with new people. The Marleys are not i nvolved. I think it could be a g old mine if run properly. A ttempts to reach the r esort were unsuccessful, with p hones ringing unanswered. A message left for Stephanie Marley was not returned up to press time. New investors set for Marley Resort By ALISON LOWE B usiness Reporter firstname.lastname@example.org About 28 per cent of the $129 million earmarked for stage two construction at the Lynden Pindling International Airport (LPIA Bahamian contractors, with 70 per cent of labour involved in the project likely to be Bahamian, the Nassau Airport Development Company (NAD These percentages roughly mirror those seen during stage one construction, which AIRPORT STAGE TWO: 28% TO GO BAHAMIAN Bahamian contractors to get around $36m of work on next LPIA phase, with 70% Bahamian labour component Percentages same as phase one, when $50m went to Bahamian contractors Contractor split on phase one divided evenly between Bahamians, Americans and Canadians SEE page 2B WORKIN PROGRESS: This file photo shows development continui ng at the Airport.
B USINESS PAGE 2B, TUESDAY, APRIL 19, 2011 THE TRIBUNE B y NEIL HARTNELL Tribune Business Editor Commonwealth Bank bucked commercial banking industry trends in 2010 by enhancing asset quality through a reduction in its non-performing loans, w hich fell from 3.03 per cent to 2.88 per cent of its $1.088 billion loan portfolio, its performance placing it amongst the most highly respected banks in theC aribbean. Reflecting on a year in which the BISX-listed financial institutions net income grew by 27 per cent to hit a record $53.8 million, despite the reces-s ions ravages, chairman William Sands Jnr wrote in the 2010 annual report: The banks overall performance measured a gainst the generally accepted financial i nstitution measurement criteria of return o n assets, return on equity, earnings per share and internal productivity levels continue to place it amongst the most highly respected banks in the Caribbean. M r Sands told Commonwealth Bank shareholders that improved asset quality i n the loan portfolio, at a time when the Bahamian commercial banking sector in general continued to see a deterioration, w as a significant contributing factor to a year in which $25.6 million in divid ends were paid out to them. Ian Jennings, Commonwealth Banks p resident, noted in the same report that total loan losses in 2010 dropped by more than $5.25 million, with recoveries i mproving by around $1 million. Acknowledging that maintaining the quality of existing credit, rather than growing the portfolio, had been the priority in 2010, Mr Jennings said loan growth for the year was marginal to flat. A good indicator of the pain being felt b y Bahamian consumers, though, and their inability to meet debt obligations, was shown by the fact that some 10.4 per cent of Commonwealth Banks loan port-f olio was restructured by December 31, 2010. The banks conservative approach was also highlighted by the fact that impairment allowance provisions were equivalent to 131.9 per cent of thei mpaired loan portfolios value, compared to a sector average of 39.91 per cent. T outing Commonwealth Banks a chievements, Mr Jennings said: Perf ormance in 2010, as measured by return on equity (ROE (roa criteria for banks, remained strong at 30.6 per cent and 3.4 per cent respec-t ively. Both of these performance ratios s howed further improvement over the previous year. The banks overall profitability ratios for 2010 remain above i ndustry averages, and continue to exceed many of the banks strategic objectives, w hich are to generate on an annual basis a 25 per cent return for ROE and 2.25 p er cent for ROA. Commonwealth Banks efficiency ratio, which analyses non-interest expense s compared to revenue generation, slipped to 44.5 per cent in 2010 compared to 41.9 per cent in 2009. As for its capital base, Mr Jennings said that at year-end Commonwealth Banks Tier 1 capital ratio stood at 15.1 per cent, and total capital at 23 per cent, t he latter exceeding the Central Bank of the Bahamas 17 per cent regulatory requirement. Both were strengthened through the banks retained revenue gen-e ration in 2010. Assessing liquidity levels, the Commonwealth Bank president added: As at December 31, 2010, the banks liquidity ratio (total liquid assets as a percentageo f total deposits) was close to 29.8 per cent, which exceeded the internal Board guidelines and was approximately 50 per c ent higher than the liquidity levels pres cribed by the Central Bank. W hile the BISX-listed financial institutions year-end assets increased slightly to break the $1.4 billion barrier, a new record, Mr Jennings described the 2.5 per cent expansion as marginal, witht he loan portfolio accounting for the same percentage of the total asset base 7 7.2 per cent as it did at year-end 2009. Net interest margins, though, grew in 2010 and remained ahead of industry b enchmarks, Mr Jennings said. And the banks stock accounted for almost 30 per c ent of the total equity trades on BISX in 2010 by value, and 20 per cent by volume, w hen two block trades (Cable Bahamas and ICD Utilities) worth $88 million were excluded. Commonwealth is among Caribbeans most respected By ALISON LOWE Business Reporter email@example.com Beefing up the severely deficient legal basis for the Securities Commission to effectively enforce its mandate will be one of the major goals of substantial changes being made to leg-i slation governing the sector, the Minister of State for Finance said yesterday. Z hivargo Laing told Parliament that the new Securities Bill, which was being debated in the House of Assembly, should support the growth and development of the securities and capital markets, while keeping pace with international best practices and providing sound regulation. T he Securities Bill is intended to repeal and replace the Securities Industries Act 1999. Pointing to a stronger capacity for the Securities Commission to enforce as a major change that the legislation will enable,M r Laing said: The area of enforcement is severely deficient i n the existing legislation. There is little on investigations and nothing on examinations. Thus substantial changes are proposed i n the Bill to enhance the authority of the Commission to investigate securities-related matters, as well as providing express parameters for the Commissions authority to inspect i ts registrants and discover misconduct, said the Minister. Changes Other key changes to be brought about by the legislation include providing for a more flexible legislative structure t hat can be swiftly adapted as circumstances in the industry change; an overhaul of the definitions of securities businessa nd carrying on business in or from within The Bahamas; the s implifying of the categories of registration for firms and indiv iduals as recommended by the International Monetary Fund (IMFe xamination, information-sharing and enforcement powers; and the requirement for a person offering shares to the public to register a prospectus based on the nature of the transaction to the Securities Commission in advance. I t also provides for enhanced and clear ongoing obligat ions for registrants with the Securities Commission in terms o f annual and interim financial reporting, and reporting of material changes and maintenance of regulatory capital requirements. Provisions relevant to ongoing obligations in the existing legislation are inconsistent, in certain aspects non-existent, and notoriously ineffectual, said Mr Laing, noting that the Commissions authority in this regard at present is vulnerable to legal challenges as a result. M r Laing described the creation of the new securities legis l ation as intrinsic to the Governments quest to retool our e conomy to enable it to take advantage of the opportunities and meet the challenge of this 21st century, and to broaden the scope of our financial services sector so that it is regarded as more than an offshore finance centre but a top-rate interna tional business centre. The Minister said the Bill follows a legislative framework commonly used for securities legislation nowadays, such as those used in the United Kingdom, United States, Canada,H ong Kong and Singapore. This structure is intended to enable the Commission to respond quickly and effectively as the financial markets and products develop, he added. The passing of the legislation, it is hoped, will put The Bahamas in line to receive Signatory A status from the Inter national Organisation of Securities Commissions (IOSCO who currently recognise the Bahamas as a signatory B level member. This status will not only signify our compliance with global s tandards, but will allow us to remain competitive as a jurisdiction, said Mr Laing. Commissions enforcement bedrock severely deficient involved the development of t he new US Departures term inal. Of the total value of that project, which was $198 m illion but came in under budget to an unspecified degree, more than $50 million in funds allocated went t o Bahamian contractors and subcontractors, and 70 per cent of workers were Bahamian. Stage two of the $410 mil lion LPIA redevelopment began within days of the air p ort management company opening the new US Depar tures terminal. It involves the s elective demolition of the old US Departures terminal and construction of a new Inter national Arrivals Terminal and Pier, and will be com p leted in the 2012 fall. Some $36 million will be a warded to Bahamian cont ractors and subcontractors, and we expect at least 70 per cent of labour will once againb e Bahamian, with an equivalent number of total jobs to those generated in stage one, said Shonalee Johnson-King,c orporate communications manager for NAD. She was responding on b ehalf of NAD to an inquiry from Tribune Business about how many contractors arep resently employed on the a irport project and, of these, how many are Bahamian and non-Bahamian. Stewart Steeves, president and chief executive of NAD, said the stage one develop m ent saw approximately one-third of the work going to Bahamian contractors, a nother one-third to American contractors and the final o ne-third to Canadian cont ractors. During stage one, more than 70 per cent of the totall abour was Bahamian. At peak periods up to 700 workers were on site, including ten ant contractors. A total of 2 ,600 construction jobs were created in the first stage of the airport redevelopment p roject. The same level of Bahamian participation is expected in stages two andt hree, said NAD. S tage three involves the construction of a new Domes tic/International Departures and new Domestic Arrivals Terminal, at a projected cost of $84 million, and will openi n the 2013 fall. The airport management companys comments come a fter Bahamian Contractors Association president, S tephen Wrinkle, claimed in l ate March that the Lynden Pindling International Airport's (LPIA t or on stage one had not fully followed through on commitments to work with local com panies. S tephen Wrinkle alleged that Ledcor, the Canadian general contractor responsi b le for the LPIA redevelop ment project, "promised" that it was committed to Bahami-a n involvement in the project b ut this did not materialise. "The airport was a wash for us. If [foreign developers] are not mandated to have a particular level of Bahamian par ticipation in development pro j ects, they are not going to put a foot forward," said Mr Wrinkle. AIRPORT STAGE TWO: 28% TO GO BAHAMIAN F ROM page 1B
By ALISON LOWE Business Reporter a firstname.lastname@example.org A decision to facilitate w ider foreign investment in the restaurant and entertainment sector was yesterday m et with a call from the Bahamas Chamber of Commerce and Employers Con-f ederations (BCCEC man for the Government to make a similar effort to open up investment opportunities in these areas to Bahamiane ntrepreneurs. The move by the Governm ent to eliminate the restriction prohibiting internationa l investment in restaurant and entertainment facilities which had seen investors tra-d itionally tied to investing in t hose facilities which are part of a hotel resort or of a gourmet or ethnic nature w as just one of several a mendments to the countrys N ational Investment Policy h ighlighted by Prime Minister Hubert Ingraham yesterday. Minister of State for Finance, Zhivargo Laing, told Tribune Business that the removal of the restriction, which will still leave any prop osals subject to approval by the Bahamas Investment Authority, was a decision taken by the Government as it seeks to increase the depth of the entertainment andr estaurant offerings in the c ountry, so you are more appealing to the international clientele that you service. One of the things which is a lways noted is that there are not as many high-end, quality n ight restaurants in our tourism product. We have some, clearly, but having more gives another opportun ity to extract more spending from people who come here and want to be entertained a nd to have a variety of options, Mr Laing said. You go to a New York, M iami, Toronto; you go to a nice restaurant, but you dont want to go to the same restau rant every night. People have capital and have the opport unity to create these highend restaurants, and so you want to be able to say tot hem: Sure, look at us in this regard. Responding to the Gove rnments decision to amend the National Investment Policy in this regard, KhaalisR olle said that unless this is an immediate requirement for joining the WTO (World Trade Organisation) he is not sure it is necessarily ag ood idea. He would have preferred t o see such a change delayed until it could no longer be a voided, referring to the fact that the WTO demands the removal of policies and lawsw hich it deems barriers to t rade in goods and services between nations, with strides made in the meantime to b oost the Bahamian foothold i n the restaurant and entert ainment sector. What you should do is you focus now, prior to all of the requirements of the WTO coming into force, on making sure Bahamians get a headstart in being the investors, said Mr Rolle. H owever, given that the Government has proposed to make the amendment, Mr Rolle suggested steps should be taken concurrently by authorities to ease the poten t ial for Bahamians to invest i n the sectors. In his interview with this newspaper, Mr Laing told Trib une Business he feels that g iven that Bahamians should take the cue, now would be a good time to invest in the restaurant and entertainment sectors, particularly given the progress of the Baha Mar d evelopment and the increased visitor numbers this will bring to Bahamian shores o nce it opens. In this sense, he echoed comments made by Prime Minister HubertI ngraham at the Bahamas Business Outlook in January 2011, when he suggested that fine dining is an area ripe for additional investment in this n ation, with the Bahamas lagging behind in comparison to some competitor destinationsl ike Barbados. However, Mr Rolle noted that there are some reasons w hy Bahamians often miss out on becoming business owners. I think simplyb ecause, in many instances, getting into business isnt an easy proposition unless you have significant cash or significant resources to guaran-t ee loans from banks, and you are somewhat stuck in the trad itional mode of investment, Mr Rolle said. When your investment is being analysed, anything new faces extra scrutiny, ands ometimes it doesnt pass the l itmus test from financial institutions. They dont want to take risks. Thats the reality of t he banking system. They are n ot overly excited about risky p ropositions, and many new b usiness ideas specialty restaurants and things of that nature dont normally get the nod the first time round. If you look in the US they like innovation, the non-traditional. The US Small Busin ess Administration has facil ities designed around small business lending, and you see their system in that regard is built around getting people into business they are veryb ullish on that. I think as a p art of this new small business legislation [under review at present by the Ministry of F inance] a huge component h as to be the ability to get people into business more e asily, particularly with nontraditional ideas, different ideas. Other amendments to the N ational Investment Policy highlighted by Mr Ingraham include raising the minimum r equirement for direct foreign investment in a commercial undertaking from $250,000 to$ 500,000, and increasing the value of a home purchased by an international person seek ing accelerated consideration o f permanent resident status from $500,000 to $1.5 million. Mr Ingraham noted that the changes appear in new promotional material aboutt he Bahamas produced by the Government for dissemination to potential investors. H e said the policy has remained unchanged since it was first published in 1993 in an effort by the then-Ingraham administration to increase certainty and trans-p arency in our business and investment environment, t hereby enhancing the count rys attractiveness to the foreign direct investment required to foster economicg rowth. M r Laing told Tribune Business the upward adjustm ent in the investment r equirements for persons s eeking accelerated permanent residency status or look i ng to invest in commercial enterprises in the Bahamas reflects the fact that the definition of what constitutes a high net worth individual h as also changed in 18 years. Clearly, when you look at the scope and reach of i nvestors and how you define w ho is a high net worth or ultra high net worth individu al, that bar has changed, so s ome of the changes relating to what a minimum amount of investment might be wouldr eflect making adjustments in relation to that, he explained. Mr Ingraham added that the policy continues to evolve, and is not concrete,a dding that suggestions for f urther amendments to the policy are invited. BUSINESS T HE TRIBUNE TUESDAY, APRIL 19, 2011, PAGE 3B r ise for the three months to end-January, helping to narrow the yearly comparatives. Unveiling its performance last night, which included a 9 per cent shrinkage reduction for the full year, the BISXlisted food retail groups chairman, Dion-i sio DAguilar, fresh from fending off t he hostile takeover bid from businessman Mark Finlayson, also disclosed the company would make a $0.04 per share dividend payment to shareholders on May 6 the same sum as last year. Given the commitments for opening o ur new store, Solomons Fresh Mark et, the Board felt that the dividend rate should remain the same as 2010. However, we feel confident that the extra profit streams generated by our new store and other revenue enhancing measures will allow for increased dividend pay-m ents in 2012. Mr DAguilar added that the 9 per cent shrinkage reduction came after a 6 per cent fall in fiscal 2010, stating that while AMLF oods had yet to reach its target level it was moving in the right direction. Net income for the three months to end-January 2011 rose f rom the previous years $1.010 million to $1.422 million, hitting $0.092 per share compared to $0.065 the previous year. Sales for the quarter increased by 7.5 per cent year-over-year, risingf rom $25.881 million compared to $24.073 million. N et margins were slightly ahead of the previous year, standing at 29.9 per cent compared to 29.7 per cent in 2010, while selling, general and administrative expenses although higher at $ 6.368 million compared to $6.195 million fell as a percentage of sales from 25.7 per cent to 24.8 per cent. For the full year, AML Foods net income was down 38 per c ent at $2.417 million or $0.16 per share, compared to $3.896 m illion or $0.20 per share the previous year. Sales were down 1.5 per cent at $91.836 million, compared to $93.212 million the previous year. Mr DAguilar said AML Foods was especially happy to achieve its fourth quarter results amid an increasingly competitive marketplace, with customer average spend and trans-a ction counts both ahead year-over-year. Gavin Watchorn, AML Foods president and chief executive, said the fiscal 2011 fourth quarter results had reversed previously declining sales and net income trends. He added that spending on the new Solomons Fresh Market store was set to ramp up over the fiscal 2012 first quarter, with s ome $500,000 already invested on deposits for equipment c ontracts. The store is now starting to take shape in construction, and plans for the interior are almost complete. Mr Watchorn said the decrease in year-end cash and bank b alances, from $2.509 million the previous year to $1.872 mill ion, reflected AML Foods decision to hedge against increas ing supply chain costs fuelled by the oil prices rise by purchasing key inventory and commodities in advance. The cash posi-t ion, he added, would return to normal once this inventory was liquidated. AML Foods in 41% profit rise FROM page 1B Restaurant opening sparks call for Bahamian equality GAVINWATCHORN
Speaking to Tribune Busin ess after Bahamas Waste unveiled a 74.8 per cent drop in 2010s net income to $196,566, compared to $ 780,446, Mr deCardenas said that if the 2011 first quarter results matched those for the same period last year, he would be satis-f ied. Noting that the 17 per c ent year-over-year increase in fuel prices was a major f actor behind the drop in B ahamas Wastes net i ncome, together with the i nvestment required for the new initiative, Mr deCarden as said the fuel costs now faced by the firm were sign ificantly more than that. He added: Obviously, we a re trying to mitigate these f uel costs through our biodiesel initiative, but obvio usly its a slow process. I would now guess that fuel prices are up by a good 20-25 per cent. It is huge foru s. It impacts the cost of s teel, tyres just about e verything. The price of fuel is very concerning, and I can only h ope for the best. Optimistic Im cautiously optimistic, and we need to continue providing really good service and let the public know h ow were the best company. Bahamas Waste has already picked up some business from the recently started Baha Mar construction work. W hile a dividend payout r atio of 50-70 per cent of net income was normally foll owed, Bahamas Waste e lected to return no capital to investors in 2010. However, Mr deCardenas said of 2011: I am hoping that we are going to pay dividendst his year. Thats the plan. Were going to hold-off a ny further capital works. W e are going to concentrate on the two projects at hand, t he cardboard recycling and biodiesel, focus efforts ont hose two ventures, and if successful in some way on t he government contracts, t hats a whole different kett le of fish. Peter Andrews, Bahamas Wastes chairman, disclosedi n the companys 2010 annual report that it had been working with the Ministryo f Environment on a bid to t ake over 100 per cent of residential garbage collection on New Providence. H e added that Bahamas W aste had also bid on the contract to take over mana gement of the Tonique W illiams-Darling Highway landfill, building two new cells for future use. This is a huge challenge we face with great confidence, MrA ndrews added. Meanwhile, Mr deCarden as told Tribune Business y esterday that Bahamas Waste had exported b etween 600-700 tonnes of recycled cardboard to date,w ith volumes increasing especially after it introduced s hredded office paper into t he mix to increase tonnage. Were not where we need to be, but still are volumes are increasing, Mrd eCardenas told Tribune Business. Its just a slow process of g etting going with this. W eve had three major shipments, and are looking at another one very shortly.C hina remains the end dest ination for Bahamas Wastes exports. A s for the biodiesel facility, into which Bahamas W aste had invested $1.06 million at year-end 2010, Mr d eCardenas admitted that while it was obviously notg oing as well as I would h ave liked, some six vehicles in the companys fleet were now running on it. E xplaining that the comp any was proceeding cautiously to ensure the biodiesel it was producing was ASTM grade, Mr de Cardenas said BahamasW aste would then roll it out into its other vehicles. Biodiesel The biodiesel is produced from waste cooking oil coll ected from restaurants and other private sector entities, and the Bahamas Wastem anaging director explained t hat he wanted to be sure the companys facility could process the amount it was collecting. He also expressed concern that some of the cooking oil being collectedb y the company was not of a very good quality, forcing Bahamas Waste to puti t through two different processes before it could be converted. Thats the challenge were facing right now, Mr de Cardenas said. L ooking back at 2010, Mr d e Cardenas told shareh olders in Bahamas Wastes annual report that total revenues were down from projected amounts, and while expenses came in below b udget they were higher than 2009 levels. T he reduction in net i ncome was also greater than anticipated. It has been a difficult y ear all round, Mr de Card enas wrote. As many of our cust omers continue to seek ways to reduce their operating expenses across the b oard, we have had to r educe some of our prices t o remain competitive and r etain existing market s hare........... It has become very clear that we need to continue to r emain focused on our core b usinesses, improve market share, reduce our operating e xpenses and firmly establish market dominance as the premier solid waste ser-v ice provider in the Bahamas. BUSINESS P AGE 4B, TUESDAY, APRIL 19, 2011 THE TRIBUNE WANTEDCARDIOTHORACIC/ VASCULAR SURGEONExperience:-10 YEARS -PEDIATRICS CALL 242-326-2346 %2/=$(57,(6/7' RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW RI %2/=$3523(57,(6/7' LVLQ 'LVVROXWLRQ 7KHGDWHRIFRPPHQFHPHQWRIGLVVROXWLRQLVWKHWK GD\RI 127,&( 8QLSODVW/LPLWHG Df 8QLSODVW/LPLWHG LVLQGLVVROXWLRQXQGHUWKH SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV 7KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHG RQWKH WK $SULO ZKHQLWV$UWLFOHVRI'LVVROXWLRQ ZHUHVXEPLWWHGWRDQGUHJLVWHUHGWKH5HJLVWUDU *HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV0U'HODQR $UDQKDRI2FHDQ&HQWUH0RQWDJX)RUHVKRUH(DVW %D\WUHHW 'DWHGWKH WK $SULO +t-&25325$7((59,&(6/7' 5HJLVWHUHG$JHQW IRUWKHDERYHQDPHG&RPSDQ\ 0 (5/$1'(2'(/86RI 6 ($1$66$8%$+$0$6 127,&( 81,52<$/&+(0,&$/ &203$1,0,7(' 127,&(,6+(5(%<*,9(1 WKDWDWDQ([WUDRUGLQDU\ *HQHUDO0HHWLQJRIWKH6KDUHKROGHUVRIWKHDERYH QDPHG&RPSDQ\GXO\FRQYHQHGDQGKHOGRQWKH W K GD\ RIWKHIROORZLQJUHVROXWLRQVZHUHSDVVHG 5(62/9(' WKDW 81,52<$/&+(0,&$/ &203$1,0,7(' EHZRXQGXSYROXQWDULO\ 5(62/9(' WKDW '(/$12$5$1+$ DSSRLQWHGWKH/LTXLGDWRUIRUWKHSXUSRVHRIVXFK ZLQGLQJXS 'DWHGWKH WK GD\RI +t-&25325$7((59,&(6/7' 5HJLVWHUHGIFH )RUWKHDERYHQDPHG&RPSDQ\ Bahamas Waste hit by 20-25% fuel costs surge FROM page 1B
BUSINESS T HE TRIBUNE TUESDAY, APRIL 19, 2011, PAGE 7B o ver what appear to be technical breaches of the Investment Funds Act 2003. The capital markers regulator, in a late March 2011 ruling published yesterday, levied a $53,500 fine against Accuvest Fund Services, a unit of Lyford Cay-based financial services provider Accuvest, and a $27,500 fine againstt he South American Investment Fund, a SMART (Specific Mandate Alternative Reg ulatory Test) fund it administered. T he Commissions hearing panel, headed by former Registrar General Sterling Quant, found Accuvest guilty of failing to submit to the regulator its audited financial statementsf or the years 2005-2007 within four months of year-end, as it was required to do as an investment fund administrator under the Act. A ccuvest was also found to have failed to file its statutory annual declaration with the Securities Commission for 2006, as required by law, and failed to ensure the South AmericanI nvestment Fund operated in accordance with the Investment Funds Act. As for the fund itself, former Securities Commission executive director, Hillary Deveaux, had alleged it was either operating unlicensed or carrying on business as a SMART fund contrary to the Act. The hearing panel found the South American Investment Fund guilty in this area, as well as failing to file its statutory annual declaration with the Securities Commission for 2008. When contacted by Tribune Business for comment yesterday, Rob Jansen, Accuvests managing director, said the company was unhappy with the outcome. He hinted it would first seek to resolve the matter with the Securities Commission and, if it was unable to do so, would then seek legal redress through the Bahamian court system. Accuvest thinks they were minor technical breaches, that the fine is egregious, and we are going to fight it, Mr Jansen told Tribune Business. Although he declined to comment further, it seems clear that Accuvest believes the Securities Commission is using the proverbial sledgehammer to crack a nut in terms of the punishment handed down, given that the legal breaches were technical and administrative in nature. Recalling the origins of the dispute, the Commissions hearing panel noted that Accuvest was licensed by the regulator as a restrict ed fund administrator on January 15, 2003. The South American Investment Fund had been administered by another administrator prior to June 21, 2006, but it resigned and, in a letter to the Securities Commission on June 14 that same year, informed it that Accuvest would be the new administrator. Noting that Accuvest, as a restricted fund administrator, had to ensure any fund it admin istered was licensed by the Securities Commission, the panel ruling said the regulators files as of September 11, 2007, showed the company had no funds under administration. Accuvest submitted an application to the Commission prior to September 2007 to licence the South American Investment Fund, the panel ruling said. However, the Com mission never issued a licence because the documents required to complete the applica tion were not all received until nearly two years later.............. The Commission conducted a routine inspection of Accuvest from September 1128, 2007, and found a number of breaches con cerning Accuvest and the fund. This led to the c omplaints filing. In its evidence, the Securities Commission alleged that Accuvests attempts to licence the S outh American Investment Fund spanned two years, with the licence application made one year after it took over the funds admin-i stration. A s a result, the regulator argued that Accu vest did not use reasonable efforts or take reasonable steps to ensure the fund carriedo n business in compliance with the Act and regulations. In response, Accuvest said it did not file the a udited financial statements required because they had not yet started operating and admin istering funds during the periods covered by t he complaint. The hearing panel added: The defendants stated that Accuvest was in the process of reregistering the fund [as a SMART fund] fol lowing its transfer, and the licensing process, albeit protracted, was a slow effort to get the fund compliant. In the meantime, the relationship between Accuvest and the fund was not negatively impacted by the alleged failings. Further the defendants, also submitted that the panel should have regard to special circumstances prevailing around the time of these breaches. They indicated that these special circum stances incapacitated certain of their operators, a result of which was the breaches referred to. These circumstances were said to be a significant contributor to the alleged failings in the complaint. However, the hearing panel rejected Accuvests explanation, finding that in stating that the breaches occurred because one of its operators was unable to perform his duties, the company had all but outright acknowledged the breaches referred to. The panel also said there was no indication at the time as to what was done to prevent further breaches by Accuvest and the South American Investment Fund, finding that they did not use reasonable efforts to ensure compliance with the Investment Funds Act. When it came to sanctions, the Securities Commission had pushed for a fine, whereas Accuvest had urged censure. If there was to bea fine, the company pleaded for leniency, given that the deficiencies had been remedied and given the special circumstances surrounding the case. The hearing panel, while noting that Accu vest appear to be good registrants, went for the Securities Commissions fines option, indi cating it wanted the punishment to act as a deterrent and that reasonable efforts must still be made to ensure that regulatory obliga tions are met in a timely manner. FROM page 1B Financial firm to appeal $81k egregious fine improvements this year. Noting that economic r ecovery was likely to be a protracted affair, the B ISX-listed financial institution, in its analysis of its2 010 performance, said it a long with the entire B ahamian commercial b anking sector suffered a pronounced stagnation in credit expansion last year as consumers focused on repaying existing obligations rather than taking on new debt. Personal consumer credit f ell by 1.84 per cent overall, C ommonwealth Bank noted, its own credit portfolio e xpanding by less than 0.2 p er cent year-over-year. T his, it added, compared to expansion of 2.1 per cent in 2009 and 10.2 per cent in2 008, respectively. Industry mortgage lending growth was constrained, declining from 4.4 per cent in 2009 to 2.2 per cent in 2010, Commonwealth Bank said. The bank foll owed the industry trend, w ith the mortgage portfolio i ncrease declining from 2.5 p er cent in 2009 to 1.5 per c ent in 2010. Mortgage bala nces at December 31, 2010, were $255.2 million with additional commitments of $7.7 million compared to$ 251.4 million balances with $10.3 million commitments outstanding at December 31, 2009. Commonwealth Banks commercial loan portfolios hrank by 4.8 per cent or $ 2.4 million to $47.7 million at year-end 2010, due to a large business customerr estructuring their commerc ial financing. During 2009, the commercial loan portfol io expanded by 16.5 per cent or $7 million to $50 million. Expanded On the consumer lending front, Commonwealth Bank said this core portfolio e xpanded to $745 million, growth of 0.6 per cent. Our credit card portfolio shrank f or the second year, Commonwealth Bank said. The d ecline in excess of 8 per cent reflected the much h arder environment for customers to fund discretionary c redit in 2010, and was the subject of significant debt consolidation. Exploiting the Governm ents increased borrowing activities through Governm ent Registered Stock issues, Commonwealth B ank said it increased its holdings of this debt form b y $60 million, taking to $140 million the amount of long-term securities it hasa cquired over the past two years. As a result, average cash and securities to average total assets rose from 19.2 per cent to 21.9 per cent. A ssessing loan quality, C ommonwealth Bank said: At year-end, not only was Commonwealth Banks level almost two-thirds less t han that reported for the i ndustry as a whole, but the l evel reflected an improvement over levels reported aty ear-end 2009. A dding that it had significantly outperformed the market in reported delinq uency and non-accrual r atios, Commonwealth B ank said total write-offs d eclined by 20.4 per cent to $ 21.1 million in 2010, comp ared to the previous years $26.5 million. The ratio of net loans written off to average loans fell to 1.2 per cent,d own from 2009s 1.8 per cent. A $12.1 million reduction in loan impairment expens e s, compared to a $13.6 million increase in 2009, was the main factor behind Commonwealth Banks record profit levels in 2010. The banks efficiency ratio declined marginally, i mpacted by the reduction i n fee based income and the increase in expenses for a full years operation of the Prince Charles Drive Branch, Commonwealth B ank said. Bank targeting less than 50 per cent efficiency ratio F ROM page 1B INSIGHT For the stories behind the news, read Insight on Mondays
B USINESS PAGE 8B, TUESDAY, APRIL 19, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.191.190.000.1230.0409.73.36% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6 .504.40Bank of Bahamas6.006.500.503,2000.1530.10042.51.54% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2 .842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 1 2.408.69Cable Bahamas8.758.750.001.0500.3108.33.54% 2.852.35Colina Holdings2.552.550.001.0310.0402.51.57% 7 .005.80Commonwealth Bank (S1)6.966.960.004,0000.4880.26014.33.74% 2.861.90Consolidated Water BDRs2.052.070.020.1110.04518.62.17% 2 .541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 5.994.75Famguard4.754.750.000.3570.24013.35.05% 9 .105.65Finco6.786.780.000.6820.0009.90.00% 11.408.75FirstCaribbean Bank8.768.760.000.4940.35017.74.00% 6 .004.57Focol (S)5.505.500.000.4520.16012.22.91% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.307.300.000.0120.240608.33.29% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 5 2wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wkHi 52wkLow Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield F INDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029MONDAY, 18 APRIL 2011BISX ALL SHARE INDEX: CLOSE 1,440.10 | CHG 4.06 | %CHG 0.28 | YTD -59.41 | YTD % -3.96BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)M aturity 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% I nterest 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 CHRIS KAHN, AP Energy Writer NEW YORK Oil slipped more than 2 percent Monday after Standard & Poor's lowered its long-term outlook for U.S. debt, raising concerns about the economy and expectations of cuts in government spending. Another move by China to slow its booming e conomy also helped push prices down. Benchmark West Texas Intermediate crude fell $2.54, or 2.3 percent, to settle at $107.12 per barrel on the New York Mercantile Exchange. Gasoline pump prices climbed to a national average of $3.83 per gallon (about $1 a liter and Oil Price Information Service. A gallon of regular has increased 29.1 cents in the last month and 96.8 cents from a year ago. Pump prices are above $4 per gallon in California, New York, Illinois, Connecticut, Washington D.C., Hawaii and Alaska. Economists are watching for signs that high fuel prices are taking a toll on the economy. Industry surveys suggest that drivers are cutting back on gasoline p urchases. Stagnant The combination of stagnant wages and rising food and energy costs has prompted some economists to lower their growth estimates for the economy in the first quarter by half. A surprise decision by Standard & Poor's Ratings Service to lower its long-term outlook for U.S. debt to "Negative" from "Stable" made a drop in energy consumption more likely, analysts said. The U .S. is facing a record $1.5 trillion deficit this year, and lawmakers are looking for ways to trim the huge debt. "If the U.S. doesn't get its budget under control, we'll need to raise interest rates," said Phil Flynn, an energy analyst with PFGBest. Higher interest rates will make it tougher for consumers and businesses to raise money. That will slow down the economy and dampen energy demand, Flynn said. "This is a real wake-up call for the government," he said. "They need to get spending under control." O il had been falling since early in the day, following China's announcement over the weekend that its central bank would raise bank reserve requirements for the fourth time this year in an attempt to get inflation under control. The move is expected to hurt energy demand by making it harder for consumers and businesses in China to raise money. China is the world's second largest oil consumer behind the U.S. The price of oil was also undercut by comments from OPEC offi cials who said on Sunday that the market is oversupplied withc rude and the recent surge in oil prices could drag down the glob al economic recovery. Saudi Arabia's oil minister said his country cut oil production in March, but will probably raise it again this month. Also, the dollar rose against the euro and other currencies on Monday. The euro weakened on worries the Greece would default on its debt. Since oil is traded in dollars, a stronger dollar makes crude less a ttractive to buyers with foreign currencies and the price generally falls. In other Nymex trading for May contracts, heating oil lost 4.14 cents to settle at $3.1828 per gallon and gasoline futures gave up 3.64 cents to settle at $3.2528 per gallon. Natural gas lost 6.6 cents to settle at $4.138 per 1,000 cubic feet. In London, Brent crude lost $1.84 to settle at $121.61 per barrel on the ICE Futures exchange. Oil drops, dollar rises TOM KRISHER, AP Auto Writer DETROIT General Motors Co. said Monday it will raise car and truck prices by an average of $123 per vehicle to make up for its increased oil and metal costs. The company is the third major automaker to raise pricesin the past three weeks because of higher costs, signaling that the surge in crude is starting to affect car prices for consumers. Ford Motor Co. and Toyota Motor Corp. both announced price increases in March and early April. The GM increases, which affect nearly all Buick, Chevrolet, Cadillac and GMC models, w ill go into effect in the U.S. starting May 2. The higher prices are limited to the United States, spokesman Tom Hen-d erson said. O ther automakers likely will hike prices, too, because all are experiencing the same cost increases, said Martin Zim merman, a former Ford execu tive and now a professor at the University of Michigan Ross School of Business. But Zimmerman questions w hether the higher prices will stick. "My guess is that with still-weak employment in the economy as a whole and stillweak auto demand, price increases are not likely to spiral up and cause a generalized inflation problem in the next f ew months," he said. He added that automakers could offset the price increases with rebates and low-interest financing. While car companies are on pace to sell 13 million cars and trucks in the U.S. this year, up from 11.6 million in 2010, they are still far below the 16-million level reached in the middle of last decade. Overall, the Producer Price Index, which measures pricec hanges before they reach the consumer, rose 0.7 percent last month and is up 5.8 percent over the past year, the Labor Department said last week.F ood prices eased slightly in March after having risen in the previous month by the most in 36 years. Excluding volatile food and energy, inflation at the wholesale level was relatively mode st last month. There were some signs that could change. New car prices rose by the most in nearly two years. GM, Toyota and Ford all said higher oil and steel prices played a big role in their increases. Oil prices have c limbed steadily since November, touching more than $113 this month, the highest since the recession. The surge is due to uprisings in Libya and the Middle East. Oil prices affect the cost of plastic parts and tires, as well as filling cars with gas before they are sold. GM's increase of roughly 0.4 percent was unrelated to a shortage of auto parts made bye arthquake-damaged factories in Japan or anticipated shortages of models from Japanese and other automakers, Henderson said. T oyota on March 31 announced price increases of 1.2 percent to 2.2 percent on most 2011 Toyota, Lexus and Scion models. Ford also announced an average U.S. p rice increase of 0.4 percent, or $117 per vehicle. Toyota said its mid-year price increases were in part due to higher costs of materials, competitive prices and other rising costs. The increases were decided well before the March 11 earthquake in Japan, a s pokesman said. Ford attributed the price hike to increased raw material costs. Chrysler Group LLC spokesman Ralph Kisiel said the company has no plans to r aise prices at this time. Messages were left for spokesmen at Nissan Motor Co., Honda Motor Co. and Hyundai Motor Co. Shares of GM fell 28 cents, or 0.93 percent, to $29.96 in late afternoon trading. The stock hit $29.91 in early trading Monday, its lowest price since the company returned to the public market on Nov. 18 following bankruptcy protection. GM to raise car prices due to oil, metal costs A look at economic developments and activity in major stock markets around the world Monday: ___ LONDON Europe's debt crisis returned to haunt markets as investors fretted over a possible Greek default and the impact of huge gains for a nationalist party in Finland. ___ ATHENS, Greece The governor of Greece's central bank says restructuring the country's massive debt would have "disastrous consequences" for its access to lending markets. George Provopoulos described that potential move as "unnecessary and undesirable." ___ HELSINKI A huge surge in support for a Finnish nationalist party that opposes eurozone bailouts is complicating Europe's plans to rescue Portugal and other debt-rid den economies. ___ LONDON Global stocks sank after a leading credit ratings agency warned of a deteriorating U.S. financial position, paired with the possibility of a debt restructuring in Greece. In Europe, the FTSE 100 index of leading British shares closed down 2.1 percent while Germany's DAX slid 2.1 percent. The CAC-40 in France ended 2.4 percent lower. ___ TOKYO In Asia, Japan's Nikkei 225 index fell 0.4 percent, while Hong Kong's Hang Seng dropped 0.7 percent, and South Korea's Kospi slipped 0.1 percent. However, mainland China's Composite Index rose 0.2 percent, its highest close in five months. The smaller Shen zhen Composite Index was up marginally. ___ MADRID Spain has had to pay sharply higher interest rates to raise euro4.7 billion ($6.8 billion and 18-month bills, indicating renewed market jitters in Europe. GLOBAL ECONOMIC NEWS KATHY MATHESON, Associated Press PHILADELPHIA A debate over the fiscal future of the U.S. that has engulfed Congress, the Obama administration and policymakers in Washingtonis resonating with everyday Americans in one way or another as they size up their tax bills and refunds. As they mailed off their last-minute returns Monday at post offices across the nation, some told The Associated Press that they were willing to pay more to help reduce the deficit, while others doubted they could bear paying higher taxes to help the cause. Mike Kleinberg, a 29-year-old electrical engineering doctoral c andidate from Philadelphia who expects an $86 federal refund, said he'd be hard-pressed to squeeze anything more out of his already modest income. "The deficit right now is so far off my radar," said Kleinberg, waiting to mail his return at Philadelphia's main post office. "Taking more money to pay some abstract deficit would be hard to justify right now." But 60-year-old Martin Rich, at the post office in Hartford, Conn., said he wouldn't mind paying a little bit more. "We've got to do something," said Rich, a facilities management consultant from Avon, Conn. "We've all been in the same condition where we owe credit cards. You can default as an individual, but as a country it would be unconscionable, as far as I'm concerned." Officials have said the U.S. will reach its borrowing limit no later than May 16, risking an unprecedented default. INTERNATIONAL BUSINESS 11TH-HOUR FILERS SPLIT ON PAYING MORE TO FIX DEBT TAXINGTIME: A man waits in a long line at U.S. Post Office in San Jose, Calif., to turn in his federal and state tax forms, Mond ay, April 18, 2011. P a u l S a k u m a / A P P h o t o S&P lowers long-term outlook for US debt to negative
WOMAN THE TRIBUNE TUESDA Y APRIL 19, 201 1, P AGE 9B B O D Y A N D M I N D By ALESHA CADET Tr i bune Fe atures R eporter J U ST LA ST MO NT H Th e H op e Wo rld w ide B ah am as i n pa rtne rsh ip w i t h t h e B a h a m a s I n t e r n a t i o n a l C h u r c h o f C h r i s t a n d t h e B l o o d B an k o f t he Pri n c es s Ma rg ar et Ho spital held a He alth Fair an d Bl ood D ri v e w h e r e ov e r si x t y p e rs o n s w e r e we ighe d a nd che ck ed for the ir c hol e s t e r o l b l o o d p r e s s u r e a n d d i a b e t e s Ho pe Wor ld w i de Baha mas i s a n on-p rof it char itabl e o rgani sat ion that started in the B aha mas in the l a t e 1 9 9 0 s I t i s a s s o c i a t e d w i t h Hope Wo r l dwi de, a n Inte r n ation al c h a ri t a b l e o r g a n i sa t i on w i t h th e g o a l o f p r o v i d i n g h e l p f o r a h u r t i n g world T h e organ isation 's ne w slog a n i s "Br in g in g h o p e, Ch an g in g l i v e s A cc or di n g t o a m em b er o f t h e org an isa ti on Mo ni qu e To ppi n sa id "Th e m orni ng be ga n w i th br ea kfa st fo l l o w e d b y a n i n s p i r i n g w o r s h i p se r vic e. After be ing fed b oth phy sic ally a n d s p ir it u a ll y p e rso n s w e r e g i v e n the op portunity to ha ve t heir v itals c h e c k e d b y d o c t o r s a n d d o n a t e blood to th e PMH Bl ood B an k." Hope W or ldwide Bahamas has p art ner ed w i th th e b lood b ank at the Pr i nce ss Marga r e t Ho s p ital on m any o ccas io ns t o ge t per s o ns t o do na t e b lo o d. "W e k no w th a t a p i nt of blood co uld sav e a life and the hospita l is a lw ays short on supply P r i o r t o 2 0 0 8 H o p e W o r l d w i d e B ah am a s h el d th e r e co r d f o r t he most blo od c olle c ted b y a n orga nis at ion in a s ingle day, s ixt y-s even p i n t s o f bl o o d. A t t h is p a r t ic ul a r three hour ev ent, the B lood Ba nk wa s ab le to c oll ec t tw e nty -si x pi nts o f b l oo d. L u n ch wa s a ls o s e r ve d, an d th os e i n a tte nd a nc e we re e nte rta in e d du ri ng a n op e n m ic Se ssi o n, M s T o ppin s a id. So me of th e orga nisati on's c omm u n i t y s e r v i c e p r o j e c t s i n c l u d e : bl ood dr ives, health fairs f un r un wa lks ki ds sp las h s o up ki tch ens fee ding fami lie s (Gi ving 30 fa mil ies a m o n t h s su p p l y o f g r o c e ri e s ), c l o t h ing drive s Gift of Ho pe fo r Hea lth r e l at ed as s i s t an ce H op e s ch o la r s h ips, a ss i s ta nc e to nee dy fa mili es, visit s to th e Ge riatric s Hospi tal a nd Home s a nd visits to the C hil dren's W a rd a t th e P ri nc es s Ma rg a re t H o sp i t a l The ne xt maj or Ho pe ev ent w ill be a FUN -RUN -WA L K sch edul ed for Saturda y, Jun e 16 Al l persons are inv ited to b ec ome v olun teers in H o p e, do n at i o n s ar e al wa ys w el com ed from co r p orate a nd indiv idual sponsors. H o p e W o r l d w i d e B a h a m a s M i n i H e a l t h F a i r a n d B l o o d D r i v e HELPING OUT: Hope members lending a helping hand at the Health Fair. BLOOD DRIVE: "Mum I'll hold your hand." A young boy sits with his mother while she gives blood at the fair. PUMP IT OUT FOR HOPE: A donor smiles as he gives blood.
WOMAN P AGE 10B, TUESDA Y APRIL 19, 201 1 THE TRIBUNE What your feet say about your health pt. 2 T HIS week c ont inues with mo r e r ed f l ags as yo u t ak e a s ne ak p eek at y ou r f ee t Y o u c a n d e t e c t e v e r y th ing fr om dia bet es to nut r it i o n a l d e f i c i e n c i e s j u s t b y e x a m i n i n g t h e f e e t s a y s J a n e A n d e r s e n D o c t o r o f Po diat r y M edici ne an d pr es iden t of th e Am eri can As s oc ia tion of Wom en Pod iatrists an d a s p ok es wo ma n fo r t he Am er ican Po dia tr ic M ed ical A s s o c i a t i o n T h e f eet p r ov id e an ab u nda nce o f i ns i gh t f ul d at a. A pa ir o f fe et con t a in 52 b ones, w h ic h is mo re th an a quar ter o f a l l t h e 2 0 6 b o n e s o f t h e b o d y E a c h f o o t h a s 3 3 jo in t s ; 100 t en d on s ; mu s cle s and ligam ents ; and coun tles s n erves a nd bloo d ve s sel s th at li nk a ll t he way t o t h e h ea r t, s p i n e a n d b r a i n T h i s i s a n in di ca ti o n o f h ow i mp or t an t n a t u r e r e g a r d e d t h e f o o t whe n s he d es i gn ed i t Un re so lved foo t p ro ble ms can h ave u ne xp ect ed co n s eq u e n c e s U n t r e a t e d p a i n often leads a per son to mo v e l e s s a n d g a i n w e i g h t o r t o s h i f t b a l a n c e i n u n n a t u r a l way s t he r eb y in cr e as in g t he cha nce o f f a ll in g a nd b r eak in g a bo ne S o w h e n t h e f e e t s e n d a m e s s a g e t h e y m e a n b u s i n e s s ! T h i s w e e k w e w i l l h ighl igh t the n inth a nd te nth o f e i g h t e e n r e d f l a g s a s I c ontinue a nine seg ment pres e n t a t i o n Red Flag 9: Thick, yellow, downright ugly toenails What it means: A fungal infection is running rampant below the surface of the nail. This condition is referred to as Onychomycosis and can persist painlessly for years. By the time its visibly unattractive, the infection is advanced and can spread to all toenails and even finger nails. More clues : The nails may also smell bad and turn dark. People who are most vulnerable are those with diabetes, circulatory trouble or immune-deficiency disorders (like rheumatoid arthritis). If an older person has trouble walking, sometimes the problem can be traced to the simple fact that the infected nails grew thicker and are harder to cut and thus have simply gone undetected to the point of pain. What to do: See a foot specialist or your regular physician for care and treat ment. In serious cases the over-the-counter antifungals are usually not as effective as a combination of topical and oral medications and the professional removal of diseased bits. Newer-genera tion oral antifungal medications tend to have fewer side effects that older ones. Red Flag 10: "Phee-uuuuw!" What it means: Though smelly feet ( hyperhidrosis ) tend to cause more alarm than most foot symptoms, odour or downright stinki ness is seldom a sign something is physically amiss. Feet contain more sweat glands than any other body part, having half a million between the two of them! Some people are more prone to sweat then others. Also, while being enclosed in shoes and socks, and the normal bacteria that thrive in the body have a feast on the resulting moisture thus creating the smell that makes wives and mothers weep. Both sexes can have smelly feet but men tend to sweat more. What to do: Wash with antibacterial soap and dry feet well. Toss used socks in the wash and always put on a fresh pair instead of reusing. Visit a specialty footwear store to purchase shoes and socks that will wick away moisture. There is no need to wear two or three pairs of socks at once in an effort to absorb mois ture. Invest in a pair of anatomically-designed terry cushioned moisture-wicking socks. There are also various types of insole made from moisture wicking material that are used to combat this problem. Always wear shoes with breathable upper mate rial, for example, leather. Bernadette D. Gibson, a Board Certified & Licensed Pedorthist, is the proprietor of Foot Solu tions, a health and wellness franchise that focuses on foot care and proper shoe fit, located in the Trinity Plaza, West Bay Street, Nassau. Bahamas www.footsolutions.com/nassau "The views expressed are those of the author and does not necessarily represent those of Foot Solutions Incorporated or any of its subsidiary and/or affiliated companies. Please direct any questions or comments to email@example.com or 322-FOOT (3668). B y B E R N A D E T T E G I B S O N FOOT SOLUTIONS Dry mouth and its effects SALIVA is v ery impo r ta nt t o us a n d im p ac t s the mo u th 's health greatly. I t is made in s a l i v ar y gl a n d s s o m e l a r ge ( m a j o r ) a n d s o m e s m a l l ( m i n o r ) S om e sa l iv a ry g la n ds ma ke thic k saliv a a nd others, watery saliva and all the sali v a c o me s t og e t he r t o m a ke a n ideal consistency. W h y d o w e n e e d s a l i v a ? S a l i v a n o t o n l y k e e p s t h e mout h w et but hel ps di gest f o o d p r o t e c t s t e e t h f r o m d e c a y a n d p r e v e n t s m o u t h infection by controlling bac teria and fungi in the mouth. Saliva also makes it possible t o t a s t e c h ew a n d s w a l l o w f o o d Ad dit ion al ly an a ll to o impor tan t fun c t ion of saliva w h i c h m u s t n o t b e f o rg o t t e n i s its function in lubrication of the mouth and upper mouth airways. T o r e cap t he t h re e p ar am ou nt fun ct ion s o f sa li va are : t h e d i g e s t i o n o f f o o d ; t h e main tena nce of t oot h s tr uct ur e an d t h e f i gh t i ng o f f o f mouth infections Saliva has e nzyme s (very s ma ll proteins that help with chemical reac t i o n s i n t he b o d y ) w h i c h a id i n t he di ge st io n of f oo d be fo re i t gets to the stomach, for fur t h e r d i g e s t i o n W h e n t h e f o o d i s c h e w e d a n d m i x e d wit h s ali va, d ig es ti on s t ar ts The second func t ion of saliv a is to kee p the te eth strong T e e t h a re i n a c o n s t a n tl y s h if t i n g s ta t e Th e y s h i ft b e tw e e n a liquid state and a solid state. T he s o l id s t at e u s ua ll y p r edom inat es and t hat is when teeth are strong and hard. If the l iquid st a te predomin ates i n s t e a d t h e t e e t h b e c o m e weak and break apart easily. Th e mi nera ls an d nut r i en ts i n saliv a are rea dily ava ilable to pass easily into the teeth and e n su re th a t t he su rf a c e s of t h e teeth are strong and hard. Th e t h ird ma j o r ro le of s a li va i s f i g h t i n g o f f in f ec t i o n s w i t h i t s c o m p l e m e n t o f i m m u n e s y s t e m p r o t e i n s Now, it is not hard to appre c i a te th e i mp o rta n c e o f sa li v a The reduction of saliva or perceived reduction of saliva (dry mouth) can affect us all at a n y p oi n t T he s c i e n t i f i c t e rm f o r d ry mo u th is X e ro stomia ". I t is a very subjectiv e c o m p l a i n t a n d m a y b e t h e r e su lt o f a re a l pr ob l e m o r t h e res ult of an ima ginar y ( ps ychogenic) problem. I t is pos s ible t o have s eas on a l d ry m o ut h a nd in s uc h a c as e, it is u su ally as so c i ated with hay fever and the resul ta nt an t i -h i s ta m in e m ed ic ation usage. A dry mouth can also be exper ienced by per s o n s e x p e r i e n c i n g a f e v e r and /o r in f lu en za. T h er e ar e m ore se riou s a nd sin ister rea s o n s f o r a d r y m o u t h a n d they include the shrinkage of t h e s a l i v a r y g l a n d s a n d t h e da m ag e t o bl o o d v e s s el s o f t he sa li v ary g la n ds (e. g. in th e c ourse o f hea d a nd nec k irradiation treatment). A l l s al i va r y gl a nd s ar e in t he h ea d a nd ne c k reg io n an d th e maj or sal iva r y g lan ds, a re i n the front of the e ars, un der the angles of the lower jaw bone a n d u nder the tongue. Apart from these major sali v ary g lands, t he r e are a number of minor salivary glands th r o ughou t the m outh ca vity I t i s the re for e ne e dl ess to sa y t h a t t h e r e i s a n e x c e l l e n t armament of salivary glands ready to stave off dry mouth. It i s w ort h no ti n g th a t th er e usually needs to be a 50 per c ent r e duction in the pr odu ct io n o f sa li v a f or a n i nd iv i du a l t o n ot i ce mo ut h d r yne s s. I n m a n y c a s e s o f d r y m o u t h h o w e v e r t h i s 5 0 p e r c e n t re du c ti o n in sa li v a p ro du c t io n does not oc c ur; instea d, the re is a cha nge in the consistenc y ( a t h i ck en i n g) of t h e s al i va t h er eby cau s ing m ou th dr yn e s s T h i s r e d u c t i o n i n t h e volu me of s a liv a, in c ombin at i o n wi t h t h e t h i ck e n i n g o f saliva, lends to a very patient s ub jective nat ur e of th e d ry mouth phenomenon. Th er e a re m an y k no w n di st i n c t i o n s w h i c h a r e m o s t l y a c ad e m i c, b u t t h e p a t i e n t s w o e s a r e u s u a l l y t h e same.The patient often com plains of a sticky, dry feeling in the mouth; trouble chew in g s w a l l ow in g ta s ti n g a n d / or s p ea kin g; a bu rning fee ling in th e mo u t h; a dr y f e e l i ng i n t h e t h r o a t ; c r a c k e d l i p s ; a d r y r o u g h t o n g u e; m o u t h s o r e s an d ma y be a n i nfe c ti on i n th e mouth. F o r t u n a t e l y t h e d e n t a l h e a l t h c a r e a n d m e d i c a l hea lth ca re pro vid er ca n w ork t o g e t h e r t o d e t e r m i n e t h e caus e of t he dry mou th and p ur su e a cou rs e of m anagem e n t t h a t b e s t s u i t s t h e patient. Common causes are drugs (e.g. medications (deconges tants, a ntihy pe r t ensiv es, a ntid e p r e s s a n t s a n d a n t i p s y ch ot ic s), a lc o hol c a ffe in e an d t o b a cc o ) ; m o u t h br ea t h i n g, a n x i e t y m e n s t r u a t i o n m e n o pa u s e h e ad a n d n e ck i rr a d i a t i o n ; c h e m o t h e r a p y a n d sy st em i c di se a se s (e g P a rk in s o n's di sea se; D iab ete s Mell it us an d Sj ogr en 's s ynd r ome ( an autoimmune (self a t ta ckin g) di se ase af fe c tin g th e e y es and mouth)). A f t e r t h e c a u s e i s d e t e r mined, the first step in treat ment is to rectify the under lying cause or to adjust man a g e m e n t o f t h e c a u s e w i t h accommodation for any pos s i b l e d r y m o u t h s i d e e f f e c t s Next, t he pr ac t itio ne r i n s i s t s t h a t t h e p a t i e n t a v o i d f a c t o r s t h a t m a y increase mouth dryness (e.g. dry foods; smoking, drinking a n d d r y h o t e n v i r o n m e n t s ) T h e n k e e p i n g t h e m ou t h as mo is t as po s si bl e, as o ft en as p os sib l e (e g. us in g li p l u br i c a n t s (w a te r or l a n o l i n b a s e d a n d n o t p e t r o l e u m b a s e d ) ) i s s u g g e s t e d I f t h e symptom of dry mouth does no t a b a t e t h e p ra c t i ti o n e r c a n and often does suggest saliva s ubstitutes and giv es medic ation to stimulate salivation. Do n ot l et dr y mo ut h get yo u down. Vis it yo ur den tal h e a l t h c a r e a n d / o r m e d i c a l h ealthcar e p rovi der and t ell t hem your st or y. T hey have y ou r b es t i nt e re st a t h e a rt a n d t og e t h e r y o u c a n f ig h t t h a t dusty and sandy mouth feel ing. Quench your thirst! This article is for information al purposes only. It is not intended and may not be treated as, a substitute for profes sional medical/dental advice, diagnosis, or treatment. Always seek the advice of a physician or dental professional with any questions you may have regarding a medical/dental con dition. Never disregard professional medical/dental advice or delay in seeking it because of a purely informational publica tion." Copyright 2011 by Dr. Andre R. Clarke. All rights reserved. Reproduction of this article, in whole or in part, is prohibited without written permission. If you have questions, please send email to firstname.lastname@example.org Dr Andr R. Clarke, DDS, MBBS Special Care Dentistry B y A N D R E C L A R K E KEEPING YOUR MOUTH ALIVE By ALESHA CADET Tribune Features Reporter THE L OY A L M E MBER S of the Sister Sister Breast Cancer Support G roup tra vel ed to Ab ac o last mo nth to p artic ip ate in a h ea lth outre ac h to the residents of that community. Pa r t ic ipa tin g in thi s o utrea c h we re S i s t e r S i s t e r s c o f o u n d e r N u r s e C ha r le n e Mc p h ee p re si d e nt A n dr e a S w e e ti ng se c re t ar y, He l en Ro l le an d Sister Sister member, Naomi King. T h e g r o u p s r e p r e s e n t a t i v e s arrived in Abaco early on early Fri day mor ning where t hey w er e met an d w e l c o m e d b y t h e M i n i s t r y o f T o u r i s m s r e p r e s e n t a t i v e K e n d y Ande rs on. T heir fir s t appo intm ent t ha t m orn i ng w as a g u e st a pp ea ra n c e on the Bahamas Christian Network ( B C N ) h o s t e d b y R e v D r S i l b e r t M il l s fo r an op e n d i sc u ssi on on w om en 's h e al th br e as t ca nc er a nd t he wo r k o f t h e S i s t e r S i s t e r S u p p o r t Group. In a sta tem en t, the Me dn et Gro up of Co mp ani es sa id: "Whi le on air they r eceived num erou s calls fr om viewe rs t hr ou gho ut Th e Bah amas F ol l o wi ng t he me d ia en g ag em en t S iste r Si ster tou red a nd ex pl ored th e ne ig h bo r i ng s et t l em en t s an d c om m u n i t i e s p a s s i n g o u t f l y e r s a n d s p e a k i n g t o p e r s o n s o n e o n o n e informing them of the services that t he g rou p o ff er s. Th a t ev e n in g Si st er Sister met with the young adults of Fri end s h ip Tabe rnac le C hu r c h, g av e b ri ef re m ark s an d e ng a ge d i n a q ue stion and answer period afterwards." G oi n g f urt h e r, t he fo l lo w i ng m orn ing, the Sister Sister members were f e r r i e d o v e r t o G r ee n T u r t l e Ca y where they explored the Island and par ticipa ted in an open f oru m dis cussion with the staff of the Green Tu rt le Cay M ar ina a nd it s g ener al m a n a g e r L y n n J o h n s o n B e f o r e returnin g to Na s sa u, o n Su nday, Sist e r S i s t e r m e m b e r s a t t e n d e d t h e F ri e n d sh i p T a be rn a c l e C hu r c h w he r e Dr Mills is the senior pastor. M rs Sweet ing add ed: "We were tru ly ble ssed an d w e c ong ratul ate a ll w h o m a d e t h i s p o s s i b l e A g r e a t weekend was had by all, we got the word out and we were well received on the Island."7 Sister Sister's Outreach to Abaco SISTER SISTER MEMBERS VISIT ABACO: Photo from L to R: Helen Rolle Sister Sister Secretary, Rev. Dr. Silbert Mills, Pastor of Friendship Tabernacle Church, Nao mi King, Sister Sister member and Mrs. Andrea Sweeting, Sister Sister President. YOUTH MEETING: Sister President meets with the young adults of Friendship Tabernacle Church. L AUG HING IT UP: Sis ter Pr e si den t s hare s lau ghte r with Abaco reporter, Samantha Evans.
T H E T R I B U N E SECTION B HEAL TH: Body and mind T U E S D A Y A P R I L 1 9 2 0 1 1 M EET THE C O NTES T ANT S O F M I S S T A L E N T E D T E E N MONESHA BOWLEG is a 15-year-old student of Jordan Prince William High School. She represents platform shoes, which she says remind her of the sixties and seventies when it was all about dressing funky and fun. Amelia Earheart is her "first woman of excellence", who has been a great inspiration to her ever since she first read about the aviation pioneer. Despite the fact that her father was an alcoholic, Amelia pushed through her childhood difficulties to become the first woman pilot to fly across the Atlantic Ocean all by herself. Monseha will be singing in the competition. SHANICE MONT AGUE is a 16-year-old student of C V Bethel High School. The boots she was given as her shoe to rep resent reflect her own sassy and spunky personality. Shanice is proud to have Dame Ivy Dumont as her first lady of excellence, as Dame Ivy is a woman who held the highest post in the country as Governor General of the Commonwealth of the Bahamas. Shanice intends to wow the crowd during the talent competition by showing off her dance skills. LICHENE GARDINER is a 17-year-old recent graduate of Government High School. She is currently still mapping out her future path and deciding whether she will go into medicine or education. She has been given espadrilles for her shoes. Espadrilles are high shoes but yet fun and casual, which suits Lichene well. She be performing pantomime as her talent. Although this is a silent art, she plans to speak volumes through body expression. L YSHUN CLARKE is a 15-year-old student of Jordan Prince William High School. This ninth grader feels that the pumps she represents are sexy and elegant. She will be singing her way into the hearts of those who come out to support Miss Bahamas Talented Teen. Her first lady of excellence is Italia Johnson. The first thing she wants people to know about Mrs Johnson is something many do not know her first name is Rome, which Lyshun considers to be different and exotic. Of course, she says there are many reasons to look up to Mrs Johnson, not only because she was the first woman Speaker of the House of Assembly in the Bahamas, but also because of her efforts to empower women. MIA ST ANISLAUS represents skates in the pageant, which she considers to be fun and exciting, just like the competition. She intends to bring excitement to the stage when it's her turn to show off her talent. Mia will be doing a dramatic arts performance. She is a ninth grade student at A F Adderley Junior High. Mia loves to smile, knowing that a smile has the ability to make a persons day turn right around for the better. AIDAN BARROW is a 17-year-old student of Kingsway Academy. She is in the 12th grade and is looking forward to graduation and the opportunities that she prays will present themselves in abundance when her schooling is finished. She was given flip-flops as her shoe to represent, which she feels taps into the relatable, comfortable and laid-back side of her personality. Her first lady of excellence is Oprah Winfrey, whom Aidan considers a guru in media and an excellent role model. Aidan said the abuse that Oprah suffered as a child did not make her feel inferior in her adulthood, but rather the media mogul the impetus to want more out of life; an example all women can follow. Expect to see her playing the piano during the competition. ANIKA DAR VILLE is a 16-year-old student in the 12th grade at Doris Johnson Senior High. She was given a mule as her shoe. Anika feels the fact that it is a closed in shoe with an open back shows that it's good to be reserved at times, even when you are in a casual setting. However, it does n't mean you can't be confident and full of life. Speaking of which, her first lady of excellence is Elisabeth Blackwell, a woman who became famous by saving lives. Anika said as the first black female doctor in the Unit ed States there is much to appreciate about the life of Dr Blackwell. Anika plans to minister to those who attend the competition with a liturgical dance. ASHLEY GILBER T is th e yo ung es t gem i n M is s Bah amas T al ent ed T een 's t r eas ur e che st t hi s year He r in fect io us s mi le and li ght -h ear te d p er so nal it y f it in wel l wi th th e s h oe as s ign ed to he r tap s ho es A sh le y, a 13year ol d ei ght h gr ade s tu den t at C H Reeve s Juni or Hi gh, is even mo re ela ted t hat Da me D or is J o hn so n was cho s en as he r fi rs t l ady of excel le nce. I t m ean s th at sh e h as t he o ppo rt un it y t o sh ar e wh at sh e h as lea rn ed abo ut th e acco mp lis hm ent s of a Baha mia n wom an, es pe cial ly D ame Do ri s who was i nf lu ent ial in po li ti cs an d i n e duca ti on in th e Bah amas As h ley will s in g f or t he cro wn, and s he hop es t o b e a p ro fes s io nal s ign er s om eday A THENA COCHINAMOGOLUS i s 1 5yea r ol d gr a de 1 1 s tu d en t at Qu ee n' s C ol l ege Sh e wi ll b e co mb i ni ng t wo t al en t s f or t he co mp et i t io n s i ng in g an d s po k en wo r d Her u ni qu e ar t fo r m i s d es i gn ed t o b r in g acr o s s h er me s s ag e u s i ng m or e t ha n j us t t r a di ti o na l f or m s of ar t Sh e ha s b ee n gi ven s ne ak er s a s h er s ho es I t r em in ds he r t h at y ou c an p er fo r m at a hi gh l ev el whe th er i t be r ac in g to th e f in is h l i ne o r ju mp i ng t o r ea ch yo u r go al s At h en a s ays s he h as a de s ir e t o s ha r e h er l ov e w it h t he wo r l d, no t in g th at s o ma ny p eo pl e do n' t f ee l l ove d, w hi ch ca n r es u lt i n n eg at iv e act io n s i n s o c i e t y DAEVINA HALL is a 16year -o ld st ud ent o f C R Walk er Hi gh Scho ol S he h as been gi ven po int y to e ba lle ri na sh oes w h ich r efl ect her dai nt y se lf S he m ay b e s m all in s tat ur e, but D aeVi na has a big s pi ri t, which s he des cr ib es as "e ncou r agin g an d hel pf ul" Sh e r ep r ese nt s her f ir s t lad y o f e xcell ence Cynt hi a "M ot he r" Pr at t wit h pr id e, k no wing th at M rs P r at t was th e f ir s t woma n D epu ty Pr im e M in is t er of t he B a ham as K'L YSA KNOWLES is a 15-year-old student of St Augustine's College. Representing stilettos, K'Lysa says just as stilettos stand tall above the other shoes, she intends to do the same when she brings her talent of dancing to the stage. Her first lady of excellence is Halle Berry. Berry's success in Hollywood is something she chooses to emulate in her own life. How? Just as Berry was able to break the glass ceiling for black women in Hollywood, K'Lysa intends to do her best to break any barriers that may present themselves to women everywhere.