The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/03120
 Material Information
Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 10-19-2011
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:03120


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By NEIL HARTNELL Tribune Business Editor FIDELITY BANK (Bahamas erence share offering was yesterday confirmed as fully sub scribed, with the issue set to imminently join two international investment fund col leagues in being listed on the Bahamas International Securities Exchange (BISX While the BISX-listed retail bank had at one point thought the private placement would be oversubscribed to the tune of $13-$15 million, Michael Anderson, RoyalFidelity Merchant Bank & Trust's president, speaking in his placement agent role, said it had not wanted more than the initial $10 million target. It was just over $10 million. It was $10.02 million, just over the amount, Mr Ander son told Tribune Business. He added that initial estimates had not been realised because some people were put off by the cumulative features of the transaction. That relates to conditions attached to Tier One perpetual preference shares, such as the Fidelity Bank (Bahamas $10 million issue, and investor unfamiliarity with these. The Tier One condition brought them into the regula tory ambit of the Central Bank of the Bahamas. Unlike normal perpetual preference shares, the Fidelity Bank (Bahamas cumulative, and will have no fixed date for when interest dividends are paid to shareholders. Most debt instruments have $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.42 $5.04 $5.03 T HETRIBUNE SECTIONB business@tribunemedia.netWDNESDAY, OCTOBER 19, 2011 [Learn more at royaldelity.com] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 PersonalPensionPlanStrong investment performanceFlexible StructureCompetitive feesEfcient administration B y NEIL HARTNELL T ribune Business Editor THE BAHAMASis in a league b y ourselves in terms of what it asks s topover visitors to pay for their vacation, the minister of tourism said yesterday, as this nations hotels expressed hope that a new project could help them realise energy savings of up to 53 per cent. Speaking to Tribune Business after t he Inter-American Development B ank (IDB p articipation in the $5.145 million C aribbean Hotel Renewable Energy a nd Energy Efficiency Action Advanced Programme (CHENACTAP) initiative, Vincent VanderpoolWallace said reducing the hotel indust rys per room energy costs was critically important to its long-term competitiveness. T he Bahamian government itself h as committed a portion of the $3.145 m illion in counterpart financing for the project, the IDB itself suggestingt hat hotels in this nation and t hroughout the Caribbean could reduce water consumption by 50 per cent, and total energy consumption by between 30-50 per cent, through a combination of efficiency and renewable technologies. We got involved in it because we think its critically important, Mr Vanderpool-Wallace told Tribune Business of the Bahamas participation in CHENACT-AP. If you look at the cost of energy per room in the By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net D ESPITE the recent declining trend in crude oil prices, Bahamas Electricity Corporation (BEC M ichael Moss, told Tribune B usiness yesterday that in September it paid the highest s um in the past year for fuel s upplies. In September we paid a higher price for automotive d iesel oil (ADO C or heavy fuel oil (HFO t he highest price we had paid i n any month since last year O ctober, Mr Moss revealed. Im not sure what market aberrations are taking place that are keeping the price oft hese two so high. We did not expect that; we expected the price to be moderating. Wea re still hopeful that the d eclining trend will come, its just not evident as yet. The HFO per barrel price p aid by BEC was up 47.6 per cent year-over-year, while the ADO price was up 58.1 per IN A LEAGUE BY OURSELVES Bahamian resorts targeting energy savings of up to 53% aided by IDB initiative Minister says stopover visitors asked to pay considerably more than rival destinations Hotels talking to BECs ocean thermal partner on wider initiative V INCENT V anderpool-Wallace S TUARTBOWE SEE page 4B BEC FUEL COSTS AT ONE-YEAR HIGH Heavy fuel and dsiesel prices up year-over-year by 48% and 58% respectively Trends the opposite of recent oil price falls SEE page 5B By NEIL HARTNELL Tribune Business Editor A MAJOR EASTERN New Providence real estate development is aiming to put a new spin on itself to tackle an identity problem that has seen it wrongly positioned alongside inland town house comparables. Richard Browning, Palm Cays newly-appointed chief executive, told Tribune Business the 350-400 unit project was positioning itself to be an achievable target for many middle class, professional Bahamians amid a landscape of mega developments that were priced out of their reach. Sandwiched between Port New Providence and Treasure Cove on Eastern Road, and hidden from passing vehicles by its long blue wall, Mr Browning described Palm Cay as one of Nassaus best-kept secrets. Palm Cay aiming for new spin, a wrongly bracketed with inland townhouse price points SEE page 4B By NEIL HARTNELL T ribune Business Editor BAHAMIANengineers have seen an uptick in employment compared to two years ago, their societys president told Tribune Business yesterday, although much remainst o be done to ensure they are not used as mere rubber stamps by developers. Robert Reiss, head of the Bahamas Society of Engineers (BSE f or help in finding work had dropped in vol ume and quantity compared to 2009, although more developer education was required to e nsure Bahamians were truly involved on all projects as the engineer of record. Theres been an uptick in employment of o ur members, Mr Reiss, principal of IBD Reiss, told Tribune Business. Its not that there are members unemployed or underem ployed, but Im very happy to say theres an i ncreased level of business and employment of members. Hopefully it continues, and its a testament t o the Governments support of the Profes sional Engineers Act 2004, and support of the Professional Engineers Board and Bahamas Society of Engineers. Its not just come from an increase in eco nomic activity, but the implementation of poli cies that provided jobs for Bahamians who are duly talented and should be granted opport unities to practice their profession. Although possessing no hard data to show there had been an improvement in businessl evels/employment opportunities for Bahamian engineers, Mr Reiss said the anecdotal evidence was strong. Weve a Board of 12 at the BSE, and in Board meetings those folks say they are busy in ways they werent two years ago, the BSE p resident told Tribune Business. Two years ago, there were quite a few engi neers reaching out to the Board to say: What can you do to help us? They still are, but nota t the same volume and quantity as they were before. Despite the professions rapid progress over t he past decade, with the passage of the Act that allowed Bahamian engineers to become self-regulating through the Professional Engineers Board (PEB w as to educate both the Government and private developers on what was now required by law. I n particular, Mr Reiss explained, the 2004 Act required every development project in this nation to appoint a Bahamian engineer ofr ecord. These engineers needed to be truly involved in these projects, he added, rather than used merely to sign-off on schematics produced by a developers overseas engineers. ENGINEERS ENJOY BUSINESS UPTICK DEVELOPER TACKLES IDENTITY PROBLEM But BSE president urges more to be done to prevent Bahamian pr ofessionals being used as developer rubber stamp SEE page 5B FIDELIT Y $10M OFFER CONFIRMED AS FULL Set to list on BISX imminentl Will join affiliates two international funds that listed y ester da y SEE page 5B


GOLDprices fell Tuesday as inflation worries started to ease. Gold for December delivery fell $23.80, or 1.4 percent, to settle at $1,652.80 an ounce. Investors often buy gold as protection against inflation. The pre cious metal is seen as an asset that tends to keeps its value even when currencies fall. The U.S. dollar gained strength against the euro. The euro is falling on worries that European finance ministers won't be able to resolve the financial crisis there as soon as had been hoped. Gold had been rising on the belief that Europe would undertake a big stimulus effort to help shore up its banks and heavily indebted countries like Greece.A big stimulus package could increase inflation and boost gold's value. Last week, the euro gained 4 percent against the dollar when it looked like French and German leaders might be close to a sweeping deal to shore up European banks and prevent a default by Greece. Hopes dimmed this week for a quick rescue package. On Monday a spokesman for German Chancellor Angela Merkel suggested a full rescue package could take months to craft. On Tuesday, France's finance minister said a growth estimate of 1.5 percent for that coun try "probably too high." The euro bought $1.3741 Tues day afternoon, nearly unchanged from $1.3742 late Monday. It traded as high as $1.3784 and as low as $1.3651 earlier Tuesday. As the euro declined, fewer investors felt they needed to buy gold to protect their investments against inflation, said Adam Klopfenstein, senior market strategist with Lind-Waldock. "I think what you had ... was a lot of people that were moving into the dollar as a new haven" for their investments, Klopfenstein said. In other trading, copper for December delivery dropped 1.8 cents, or less than 1 percent, to end at $3.36 a pound. January platinum fell $11.10 to finish at $1,540.70 an ounce. December palladium gained $3.10, or 0.5 percent, to $619.90 an ounce. December silver rose 1 cent to close at $31.831. December wheat gained 1 cent to finish at $6.2525 per bushel. December corn rose 3.5 cents to end at $6.44 per bushel. Novem ber soybeans lost 2.25 cents to end at $12.5075 a bushel. Oil prices rose. Benchmark oil gained $1.92, 2.3 percent, to end at $88.34 per barrel on the New York Mercantile Exchange. Heating oil rose 1.41 cents to finish at $3.0277 per gallon, gasoline futures rose 0.4 cents to close at $2.7469 per gallon and natural gas fell 13.5 cents, or nearly 4 per cent, to $3.553 per 1,000 cubic feet. While in London to partici pate in the graduation cerem ony for the first Bahamians to receive Master of Management degrees in Hospitality a nd Tourism from Revans University, Marina Operators of the Bahamas (MOB a ger, Shamine Johnson, paid a courtesy call on the Bahamas Maritime Authoritys (BMA chief executive. Accompanied by colleagues, Commodore Davy Rolle shared with the groupt he history of the Bahamas ship registry, its function, and the important role this nation plays in the international mar i time industry. The group toured the B MAs London head office, and gained a greater appreciation for the protocols involved in ship registrationa nd their management. Ms Johnson said building relationships between the public and private sector wasc ritical to the sustainable growth of maritime opportunities and, in particular, the y achting industry in the Bahamas. Representing 42 marinas a nd marina service providers u nder the MOB umbrella, Ms Johnson said she was confi dent that as the official voice of the marina industry for the Bahamas, the organisation will continue to advocate on b ehalf of its members. BUSINESS PAGE 2B, WEDNESDAY, OCTOBER 19, 2011 THE TRIBUNE B y SIMON COOPER R es Socius C LINT EASTWOOD cowboy movies are full of stories about ranchers who get taken out the tough way when they r efuse to sell their grazing rights to the bigger operators. And of t ales of miners who refused to cede their claims and get literally wiped out, too. Its a story thats as old as the biblical account of Cain and Abel, and the principle remains the same. Theres always somebody sniffing around your busin ess. Watch your back. T hats why I cant avoid a wry smile as I follow the ongoing saga around Google and Groupon. Google made a fair bid to buy out the discount coupon company. W hen this failed, they opened G oogle Offers instead. Now Groupon is faced with shrinking turnover and competition that could well take them out eventually and all because Groupon were too greedy in the first place. Ive seen this happen more than o nce in Nassau. Not long ago I was a sked to find a buyer for a wellk nown firm that was hopelessly o verpriced. We parted company a fter negotiations failed and the s eller chose to go it alone. Inevitably he made the twin mistakes of revealing too much detail, and of sticking to a price that was way over the top. And the result? My erstwhile client has imaginat ive competition busily following h is business model just down the street from him, and a shrinking share of the market. How could I as business broker have helped avoid this mess? If we had agreed on the price (or at least a price range) I would have crunched the numbers in a format t hat did not disclose key trade s ecrets, and made sure there was g enuine interest before revealing t he identity of the sellers business. D isclosure would go no further w ithout a genuine conditional offer, and a meaningful deposit to my trust account. Business sellers without experience regularly confuse an interest in entering a market with an intere st in purchasing their firm. These t wo interests in a buyers heart only ever coincide when the goodwill is transferrable, and the price compares favourably with the cost of starting up in competition. If the interested party decides that the numbers do not match up and chooses to open up themselves i nstead, then the potential seller i s really trapped up one of Clint E astwoods dead-end canyons r eady to be ambushed. T he moral of my story this week i s four-fold. Do nothing unless you genuinely want to sell. Agree a fair selling price. Appoint an indepen d ent intermediary such as a business broker. Do not turn down a reasonable offer. Anything elsea nd you could end up opening P andoras box. N B: Simon Cooper is a founding partner of Res Socius, a business brokerage firm authorsed by the Bahamas Investment Authority that facilitates the sale and purchase of businesses. Contact 6368831 or visit www.ressocius.com. Watch your back when selling up SIMONCOOPER IN PHOTO: (L TO R Carltony Forbes, Shamine Johnson, Marina Operators of the Bahamas (MOB utive, Bahamas Maritime Authority; Raylene Gardiner; Carmel Forbes-Churchill GOLD F ALLS AS STRONGER DOLLAR EASES INFLATION MARINAS BOSS VISITS MARITIME AUTHORITY


By NATARIO McKENZIE Tribune BusinessR eporter n mckenzie@tribunemedia.net THE Bimini Big Game C lub is looking to generate more revenue through adding water sports to its producto ffering, its general manager told Tribune Business yesterday, as it moves to boost business following a summer in w hich it was fully occupied. We are looking at ways to generate more revenue, M ichael Weber said. We are going to bring water sports on stream soon. That's with kiteb oarding and kayaking, for e xample. We will also be offering destination weddings and some other incentives tog et people to come down to Bimini. We're just trying to expand our markets. SouthF lorida is a big market for us, a nd we will be directing a lot of advertising there. Mr Weber said business levels have been good at the iconic resort since it reopenedin 2010, highlighted by high bookings this past summer. Things are going very well. We were completely booked out his past summer, occu pancy levels were very high, he added: Right now it's a little slow. This time of year is usually slow for us. After Labour Day we kind of slowed down. We're hoping things pick up soon. Mr Weber noted that the resort has also altered its menu. We also changed up our menu. Our lion-fish nuggets have been a big hit. We sold over 300 servings of lion-fish nuggets last month. We might get a major net work to come down here and do a story on it, it's just been that popular, he said. After being closed for two years, the Bimini Big Game Club re-opened as a Guy Harvey Outpost following a $3.5 million renovation that included all guest rooms, the new Bimini Big Game Bar and Grill, the Outfitter Shop and the Gulfstream Conference Centre and adjoining Hemingways Rum Bar and Social Lounge. BUSINESS T HE TRIBUNE WEDNESDAY, OCTOBER 19, 2011, PAGE 3B B y NATARIO McKENZIE T ribune Business Reporter n mckenzie@tribunemedia.net A TTORNEY General J ohn Delaney told Tribune B usiness yesterday the draft B ill containing proposed changes to the Bahamas Insolvency Act is in its finalf orm and he hopes to submit it to Cabinet soon. Mr Delaney said tOnsohe proposed changes to the Bahamas' insolvency laws a nd procedures were "long o verdue, adding: Significant progress has been made in the consultative process. Its had a very long consultative process. All the feedback has been positive. We have had c omments from some attorn eys and significant working consultation with the a ccountants, including the Bahamas Institute of Chartered Accountants (BICA a nd we believe the Bill is n ow in its final form and its something that I hope to submit to Cabinet shortly. My office looks forward to having it progressed. Mr Delaney said the proposed changes are intended t o modernise the Bahamas i nsolvency laws. He told Tribune Business: It is intended to modernise our company liquidation regime, which right now is a ntiquated. It goes back more than 60 years. While it worked well for its time, the administration of a company in liquidation has improved in similar systems such as our over that period of time. It is important that we r evisit our laws and ensure they are relevant for the pres ent time. People today expect to have a very modern insolvency regime with t he kind of provisions that a re more universal. It has has been long in coming for t his jurisdiction, but the w ork has essentially been d one now. INSOLVENCY REFORM IN ITS FINAL FORM BIG GAME IN WATER SPORTS Bill reforming 60 year-old law to go before Cabinet shortly J OHNDELANEY Resort targets new revenue str eams after summer in which it was fully booked SAN FRANCISCO Associated Press I NTEL CORP.'S thirdquarter results Tuesday offered some comfort for investors jittery about the weak state of the global com-p uter market. Net income rose 17 percent a nd revenue rose 29 percent, topping Wall Street targets. Intel CEO Paul Otellini credited stronger sales of processors for laptop PCs ands ervers. Its stock rose 4 percent. The company also boosted its stock buyback program by $10 billion and offered strong revenue guidance for the all-important holiday f ourth quarter. Nonetheless, even as the numbers are encouraging for Intel, they're unlikely to reflect a meaningful changei n the underlying dynamics t hat threaten to keep comp uter demand sluggish into the foreseeable future. D ebt worries, stubborn unemployment and the popu larity of smartphones and t ablet computers have d epressed the market. C onsumers are hanging on to their existing PCs longer. Many corporations are doing the same. The U.S. and European markets are particularlyw eak and have in fact cont racted a rare and troubling development for markets that had been mostly steadily expanding for decades. Numbers released last w eek by market researchers IDC and Gartner Inc. showed that PC shipments worldwide grew in the third quarter but at a pace that was slower than expected. H ard drive makers Seagate T echnology PLC and Western Digital Corp. have also warned that the flooding inT hailand is hurting their abili ty to meet demand for the critical PC components they m ake. The market for computer servers has generally been stronger. Companies have s hown a greater willingness to upgrade their technology than resume extensive hiring. But there are some signs of softness there as well. On Monday, IBM Corp. reportedw eaker-than-expected growth i n its hardware division, which sells servers and mainframes to corporations. I n an interview, Intel's Chief Financial Officer Stacy Smith described European markets as "pretty subdued" and said demand in the U.S. during the quarter was merely "OK." I NTEL'S 3Q SINGS BUT C OMPUTER MARKET O UT OF TUNE


Telling Tribune Business that its 194-slip marina on the ocean was Palm Cays front door, with the roadway entrance the back door, Mr Browning explained that he and his sales team were aim ing to re-position the project as an ocean-related lifestyle product for aspiring Bahamian and international buyers. I think what were looking for is a very strong residential lifestyle that has the quality of some of those mega develop ments, but can be offered to the young, aspiring, and the inspired community of the Bahamas, Mr Browning said. This is an achievable target for a lot of Bahamians, whereas there are a lot of developments in the Bahamas that are asking the world, and which are so far away from being attainable. Palm Cays price points start at $500,000 for a townhouse, and go up to a lot that, once the home is fully built out, could cost up to $2 million. The developers are also attempting to diversify their real estate p roduct offering, introducing a Bahamian-style cottage family home on a 2,000 square foot lot, and targeting the rentals market, too. Its a well-kept secret, Mr Browning told Tribune Busi ness of Palm Cay. In some ways its negative because weh avent yet made the sales, but in some ways its positive in that its something were trying to reignite. Its not something that got to the market. Were not trying to fix it. Its not broken. Its getting it out and recognition, because its not broken. Its ani dentity problem, rather than a development problem. Were looking to put a new spin on it, create a new identity, a sustainable identity. What we want to do is leave something of substance that is sustainable. We need to reposition our selves. Weve positioned our s elves alongside the inland townhouse product. Thats been where weve been compared with, and whats held the price point. Im not in the business of creating a home, Im in the business of creating a lifestyle. We need to be considered a l ifestyle product, and the exist ing comparisons are not the ones we should be compared with. We have a lifestyle product, and the real estate element is secondary. The marina is my front door; the real estate is the back door. A development has to have a focal point. It needs to have a heart. If you do not have a heart, you cant o perate. While Palm Cay had allocated space for residential ameni ties such as a central park, and was currently constructing tennis courts to go alongside the marina and clubhouse/restau rant, Mr Browning emphasised that the developers would not overload the community with these. Im very conscious that developers can create massive amenities, but when theyre finished they have to be maintained by the residents them selves and the Property Own ers Association (PoAa dded. If you put in too many amenities not wanted by the residents, they will not pay for them when the crunch comes, and they fall into disrepair. We put in the essentials, leave space and opportunity to expand them as the profile oft he residents requires. To build liabilities is not the game were in. Everyone is against high maintenance fees. Of the marina and clubhouse, Mr Browning added: We mustnt load it so much so that residents are paying exorbitant maintenance fees. O ur cost centres and profit cen tres will be very importasnt. The clubhouse will become a profit centre, the marina will become a profit centre, so we minimise the support the residents put into it. BUSINESS PAGE 4B, WEDNESDAY, OCTOBER 19, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1. 10.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7.504.40Bank of Bahamas6.936.930.000.2300.10030.11.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2.842.55Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 11.108.29Cable Bahamas8.478.470.000.2450.32034.63.78% 2.802.33Colina Holdings2.602.600.000.4380.0405.91.54% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.556.550.000.4960.32013.24.89% 2.001.63Consolidated Water BDRs1.761.75-0.010.1110.04515.82.57% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 8.405.35Finco5.395.390.000.7570.0007.10.00% 9.457.75FirstCaribbean Bank8. 6.005.00Focol (S 5.335.330.000.4350.22012.34.13% 1.001.00Focol Class B Preference1. 7.305.58ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.000.8800.64011.26.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%MONDAY, 17 OCTOBER 2011BISX ALL SHARE INDEX: CLOSE 1,372.14 | CHG -0.01 | %CHG 0.00 | YTD -127.37 | YTD % -8.49BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 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 Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%L ast 12 Months %NAV 3MTH 1.57791.4674CFAL Bond Fund1.5779263.39%5.87%1.548717 3.02482.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.72022.5398Royal Fidelity Bahamas G & I Fund2.5730-5.41%-9.79% 13.849313.2291Royal Fidelity Prime Income Fund13.73472.82%1.94% 114.128999.4177CFAL Global Bond Fund114.09222.35%13.88%114.128861 118.4255101.6693CFAL Global Equity Fund118.42552.30%8.26%116.580785 1.17491.0000FG Financial Preferred Income Fund1.18353.32%4.99% 1.13431.0000FG Financial Growth Fund1.14202.10%4.31% 1.17641.0000FG Financial Diversified Fund1.18543.16%5.14% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.49859.8690Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.96520.78%5.70% 10.68139.7396Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.60135.75%13.20% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund8.65073.01%18.38% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/2007NAV Date 31-May-11 31-Aug-11BISX Listed Mutual Funds30-Jun-11 31-Aug-11 NAV 6MTH 1.535365 2.952663 1.580804 111.469744 115.762221TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Jul-11 30-Jun-11 31-Jul-11 5-Aug-11 30-Jun-11MARKET TERMS31-Aug-11 31-Jul-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)31-Jul-11 31-Jul-11 31-Jul-11 .(9,1)5$1&2,6RI+,//6,'( (67$31$66$8%$+$0$6 NOTICE is hereby given that FRANCISCO MASENA OF FINLAYSON STREET, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12THdayof OCTOBER, 2011to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE NOTICE is hereby given that KYLED DORKO DELANCY, PINEDALE, EIGHT MILE ROCK, GRAND BAHAMA, BAHAMAS is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19TH day of OCTOBER, 2011 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.NOTICE -8/,$7,0$RI&DUPLFKDHO 5RDG)ODPLQJR*DUGHQV1DVVDX%DKDPDV Bahamas, compared to other destinations, we have some way to go. We are asking our visitors in t he Bahamas to pay considerably m ore per day than any of the large destinations we compete with, and a large component of that is energy costs. What we ask visitors to pay per day for food and beverages, rooms, activities, we are in a league by ourselves. A cknowledging that the B ahamas did not want to harm w hat we pay people in the tourism sector, meaning that relatively high labour costs and associated issues such as low productivity and the mandatory 15 perc ent gratuity are likely to be tackled, Mr Vanderpool-Wallace said the only alternative was to tackle the next largest problem hotel energy costs. We need to reduce the cost of e nergy per room to make ourselves much more competitive, the minister told Tribune Business. We find ourselves among t he highest. Mr Vanderpool-Wallace added that any reduction in hotel energ y costs would, apart from e nhancing resort profitability, a lso lead to a redeployment of w here stopover visitors spent their money from room costs to o ther areas such as activities, helping to spread the wealth. T he four-year CHENACT-AP p roject will finance energy audits of hotels in the Bahamas and other Caribbean countries in a bid to help them become more energy efficient. Lighting, water use and air conditioning have been i dentified as the major areas in w hich to achieve cost savings. I n e-mailed replies to this newspapers questions, Stuart Bowe, the Bahamas Hotel Associations (BHA isation expected that significantly more than the 17 Bahamian hotels that participated in the l ast energy audit exercise two y ears ago would be involved this t ime. That exercise was undertaken by the German consultants, Fichtner, as part of another IDB-funde d study. Their report, seen by Tribune Business, found that the largest electricity saving potent ials in the resort sector lay with s mall hotels, which had the abilit y to cut current energy cons umption by 63 per cent. W hile medium-sized Bahamia n resorts had the lowest savings potential, this still amounted to about 50 per cent of existing powe r demand. Overall, an energy saving potential of 53 per cent can be expected for all existing hotels in the Bahamas, Fichtner concluded. This potential amounts to 226 Kilowatt hours, equivalent to 1 0 per cent of total Bahamian p ower demand in 2009. D rawing upon this finding, Mr Bowe said average energy savings of 53 per cent could be achieved by Bahamian hotels implementing both short and long-term measures. While some of the short-term m easures are fairly easy and lowc ost to implement, the capital i nvestment and payback period for implementing more costly long-term measures is difficult for many hotels during these difficult e conomic times, the BHA president told Tribune Business. And he added: The high cost o f energy is one of the major cont ributors to the high cost of hotel o perations in the Bahamas. We b elieve there is much more that c an be done by and for the indust ry to help contain and reduce those costs. By doing this, we would hope t hat properties could better mana ge their pricing. Also, todays consumer is increasingly conscious about waste and environmental matters. Our beautiful environment is a primary reason why visitors are attracted to the B ahamas. We need to be viewed a s good caretakers. M r Bowe also indicated that the BHA was working with Ocean Thermal Energy Corporation (OTE Bahamas Electricity Corporation (BEC dum of Understanding (MoU w ith to build and finance two o cean thermal energy plants in t he Bahamas, on an initiative to benefit the hotel industry. While no details were provided, it is likely the initiative involves u sing OTEC technology to provide air conditioning services, much as the $2.6 billion Baha M ar project is doing. M eanwhile, Mr Bowe said air c onditioning and hot water prod uction provided the areas of g reatest opportunity for both e nergy conservation and the application of renewable energy technologies. H e added that solar energy provides the best opportunity for hot water productsion, particularly for small hotels in our Family Islands. The CHENACT-AP project will also help fund demonstrat ion projects which will serve as e xamples to hotels of real cost s avings accrued by putting in place recommendations from the audits. The lessons learned with the hotels will have applicability to many other businesses in the Bahamas. And the CHENACT-AP proj ect will also initiate a scheme to e nable hotels to generate revenue f rom selling carbon credits in the international market. While transaction costs were prohibitive for individual properties, the idea is t o bundle their emission reductions resulting from energy efficiency and renewable technolog ies together on a country or r egional level to help them access t hese markets, and offset the costs o f energy-related investments. M r Bowe, though, said the reve nue potential of carbon credits remains to be seen. IN A LEAGUE BY OURSELVES FROM page one DEVELOPER TACKLES IDENTITY PROBLEM FROM page one


f ixed dates, either annually or semi-annually, for when the issuer makes interest payments to shareholders.W hile Fidelity Bank (Bahamas fulfill these obligations and p ay interest to shareholders, the dates are not fixed, because these payments must be approved by the C entral Bank due to the issue's Tier One capital standing. A nd, while most debt instruments are cumulative, meaning that if one interest payment is missed it rolls onand is paid at the next date, Fidelity Bank (Bahamas a gain due to the Tier One capital conditions attached. As a result, Mr Anderson said yesterday: People areg oing to have to adjust, as the flexibility they are looking for will not be there in future products. H e added that the Fidelity Bank (Bahamas preference issue would be l isted on BISX imminent ly, within the next months or so, joining the TIGRS 4 andT IGRS 5 international subf unds that its RoyalFidelity affiliate successfully listed on BISX yesterday. Those offerings represent the fifth and sixth interna tional funds, respectively, t hat have been listed by Roy alFidelity on the exchange. T he first fund has already matured and been delisted from BISX. The exchange currently h as seven listed funds offering international investments to Bahamians. Keith Davies, BISXs chief e xecutive, said: We are pleased to have been able to provide a platform where the c reativity and innovation of our broker/dealer members can be put to good use fort he benefit of Bahamian i nvestors. RoyalFidelity should be congratulated for creating another international mutual fund in their family of TIGRS mutual funds. Prod u cts such as this mutual fund, which has been developed a nd launched by RoyalFi delity, will continue to positively impact our economy a nd provide investment diversification for investors. BUSINESS T HE TRIBUNE WEDNESDAY, OCTOBER 19, 2011, PAGE 5B Theres still a lot of education needed in government and among private developers, Mr Reiss said. The law is there that there must be a Bahamian engineer of record on any project. That message has really gotten t hrough in a great way in the past year, b ut plenty more need to occur. T he BSE president said this had been embraced by larger Bahamas-b ased development projects, even t hough the developers needed to bring in large overseas engineering companies with specialist skills simply dueto the sheer size of the undertaking. Yet there was still significant involvement as the engineer of record on major projects by Bahamians. What we need to do is get to the s mall and medium-sized projects, Mr R eiss said, referring to developments i n the Family Islands and small-scale p rojects in New Providence. We need to make sure the work is not rubber stamping, but that we are getting the true involvement of the Bahamian engineers on these projects, the BSE president added. Noting claims by Progressive Libe ral Party (PLP R oberts that qualified Bahamian engin eers were being overlooked for key posts in the Ministry of Works, Mr Reiss said no evidence existed to suggest anything untoward had taken place. Making sure qualified Bahamians are given due consideration for vacant p ositions has been a major focus for B SE, and Mr Reiss said the organisat ion had put the Ministry of Works on notice of its views when previous concerns were raised over the director of public works position being given to an expatriate. Arguing that the Ministry should be given the full benefit of the doubt i n relation to its engineer hiring p rocesses, Mr Reiss said: The appointment of the current director o f public works, who is on a work perm it, was an issue raised by me and the B SE Board relating to the due process prior to his selection. In that instance, Mr Reiss said that a cting on the Boards behalf, he contacted Ministry of Works permanent secretary, Colin Higgs. I was assured by the Ministry that full and complete vetting of Bahamian candidates occurred, and the BSE was satisfied t hat its message was understood and t aken on board by the Ministry, the B SE president said. There was nothing at the time that suggested due process did not occur. I am not aware of any lack of due process, and Im quite sure the Ministry is aware of the need to select qualified Bahamian candidates f irst. A s for Mr Roberts allegations, Mr R eiss told Tribune Business: I do think the Ministry should be given the full benefit of the doubt relative to the processes and procedures it has in place..... Certainly, representing the Bahamian engineering community, I m hopeful theyve followed due p rocess. We put them on notice last time, and are satisfied due process was f ollowed. A nd, in his final comment on the P LP chairmans concerns, the BSE president added: Im not aware of anything untoward thats occurred. Theres no malfeasance thats risen to the surface. Until, and if, that happens, its the Ministrys job to follow due diligence, and we trust and expect they will do so. c ent. All this is likely to mean one thing: Higher electricity costs for Bahamian consumers and businesses. Mr Moss noted: In October of last year for heavy fuel oil, I was paying a price of$ 75.94 per barrel. This year September I paid $112.06 per barrel for that heavy fuel oil. For diesel in October of last year I paid $95.70 per barrel. In September I paid $151.32 per barrel. W hile oil prices have hit one-year lows in recent weeks, Mr Moss said: We continue to look expectantly for a moderation in prices; its just that we havent seen it as yet. While the price of product does have a linkage to the p rice of crude, they dont necessarily follow the price of c rude. If you look historically, gasoline prices go up in the summer regardless of what happens with crude, and go down in the winter. That is more about supply and demand. Mr Moss also added: In terms of the diesel market, historically the price of diesel tends to go down in the summer and up in the winter. Diesel is often used as heating oil, so ift here is a very bitter winter in North America the price of diesel will typical go up. We have a situation where our diesel price has stayed high throughout the summer, and I m not sure whats going to happen in the winter. FROM page one BEC FUEL COSTS AT ONE-YEAR HIGH M ICHAELMOSS ENGINEERS ENJOY BUSINESS UPTICK FROM page one FIDELITY $10M OFFER CONFIRMED AS FULL FROM page one KEITHDAVIES


LONDON Associated Press SCEPTICISMover Europe's ability to deliver ac omprehensive solution to its d ebt troubles weighed on market sentiment Tuesday, as did a warning from Moody's that it could soon review France's cherished triple-A credit rating for possible downgrade. O ver the past two weeks, s tocks have recovered a large c hunk of their losses for the y ear, while the euro and oil p rices have surged as i nvestors priced in the likelihood of a big European r esponse to the debt crisis that h as seen three countries bailed out and pushed Greece t o the bring of default. The expectation was that the 17 countries that use the euro, led by Germany and France, were preparing a three-pronged solution to the debt crisis. That would include measures to boost the firepower of the bailout fund, a recapitalization of a large part of the banking sector anda plan to get the banks to take a bigger hit on their Greek debt holdings. H owever, hopes for such a plan were lowered on Monday when German officials, including the finance minist er, cautioned investors a gainst believing that Sunday's summit of eurozone leaders in Brussels would m ark a definitive turning point in the crisis. Coupled with a warning from Moody's that France may be put on notice for a possible credit rating downgrade after a three-month assessment, sentiment continued to sour on Tuesday. "The positive momentum behind risk at the end of lastw eek has faded as the realities i n front of the EU counterbalanced the prior hope for a r esolution to the region's difficulties," said David Watt, an analyst at RBC Capital Markets. I n Europe, France's CAC4 0 index was 1.4 percent lower at 3,121, underperforming i ts main counterparts. Germany's DAX was only 0.2 percent lower at 5,845 while the Britain's FTSE 100 index was 0.9 percent lower at 5,387. W all Street was poised for modest losses at the open, too Dow futures were down 0.2 percent 11,284 while the broader Standard & Poor's 500 futures fell 0.1 percent to 1 ,192. I nvestors will also monitor the next batch of U.S. corporate earnings. So far, they've been mixed. Among compan ies reporting quarterly financial results are Apple Inc., Bank of America Corp., C oca-Cola Co., Johnson & J ohnson and Yahoo Inc. A longside the softer tone in stock markets, the euro fell a s well, trading 0.4 percent lower at $1.3677. When investors are willing to take on more risk the euro usually r ises, as it has in the previous two weeks. Oil prices likewise dropped, w ith the benchmark rate for N ovember delivery down 39 c ents at $85.99 a barrel in electronic trading on the New Y ork Mercantile Exchange. News that China is growing at its slowest rate in twoy ears added to the unease in m arkets in the run-up to Sund ay's meeting. Though Chinese growth was running at a still strong rate of 9.1 percent in the three months through September,t he slowdown comes at a time when other key pillars of the global economy, such as E urope and the U.S. have seen their growth rates slow down sharply as well. Given the European U nion as a whole is China's largest trading partner, i nvestors are justifiably questioning the ability of Europe to register enough growth to h elp alleviate its current debt c risis," said Geoffrey Yu, an a nalyst at UBS. "The soft data added to market woes i nitiated yesterday." In mainland China, the Shanghai Composite Indexd ropped 2.3 percent to 2 ,383.49 while the smaller S henzhen Composite Index lost 2.9 percent at 1,010.46. Elsewhere in Asia, Japan's Nikkei 225 lost 1.6 percent to close at 8,741.91.H ong Kong's Hang Seng plunged 4.2 percent to 18,076.46. South Korea's K ospi fell 1.4 percent to 1,838.90. Benchmarks in Singapore, Taiwan, Aus-t ralia, Indonesia and the P hilippines were also lower. BUSINESS PAGE 6B, WEDNESDAY, OCTOBER 19, 2011 THE TRIBUNE 0 $5,/,$35(=,/$1 RI)DLWK$YHQXH1RUWKDVVDX%DKDPDV $ 172,1(RI3DOP % HDFK 6WUHHW1DVVDX%DKDPDV NOTICE SANDYHILLVALLEY INC.In Voluntary LiquidationNotice is hereby given that in accordance with Section 138(4Business Companies Act. 2000, SANDYHILLVALLEYINC. is in dissolution as of October 10, 2011. International Liquidator Services Inc. situated at 3rd ______________________ NOTICE ISOTTA LIMITEDIn Voluntary LiquidationNotice is hereby given that in accordance with Section 138(4Business Companies Act. 2000, ISOTTALIMITED is in dissolution as of October 3, 2011. International Liquidator Services Inc. situated at 3rd ______________________ N OTICE TREBLE HOOK HOLDINGS LIMITEDIn Voluntary LiquidationNotice is hereby given that in accordance with Section 138(4Business Companies Act. 2000, TREBLE HOOK HOLDINGS LIMITED is in dissolution as of September 30, 2011. International Liquidator Services Inc. situated at 3rd ______________________ N OTICE CELLINI ENCOUNTERS INC.In Voluntary LiquidationNotice is hereby given that in accordance with Section 138(4Business Companies Act. 2000, CELLINI ENCOUNTERS INC is in dissolution as of September 30, 2011. International Liquidator Services Inc. situated at 3rd ______________________ MARKETS EDGY OVER EU DEBT CRISIS RESOLUTION I N THIS OCT. 12, 2011 FILE PHOTO, S tephen Holden, center, works on the floor of the New York S tock Exchange with fellow traders. Scepticism over Europe's ability to deliver a comprehensive solution to its debt troubles weighed on market sentiment Tuesday, Oct. 18, 2011, as did a warning from Moody's that it could soon review France's cherished triple-A credit rating for possible downgrade. (AP


NEW YORK Associated Press G OLDMAN SACHS, the banking industry's perpetual winner, was this quarter's loser. The storied investment b ank lost $428 million in the t hird quarter, driven by s harp drops in underwriting and trading revenue brought on by the wild swings in markets this sum-m er. Goldman also had losses from souring investments in stocks, bonds and o ther holdings. T he loss announced Tuesday, which was worse than analysts expected, markedj ust the second time that Goldman has posted a quarterly loss since going pub l ic in 1999. Other Wall S treet banks also had trouble in their investment banking divisions, but Goldman fared worse. It's too early to tell if the loss at Goldman Sachs G roup Inc. is a temporary blip driven by a wild period in the markets or a sign of cracks in the bank's longheld business strategies. Whatever the case, the results of the bellwetherc ompany suggest that big banks are still struggling to figure out how to navigate an ew world of weaker e conomies and tighter government control. This is the best proof that the financial crisis is far from over," said Ken Thomas, a Miami-basedb anking consultant. Analysts point out that Goldman is naturally more susceptible to swings in the s tock market, which has been under pressure because of fears about weak E uropean banks and the losses they could suffer if the Greek government goest hrough a messy default. T hose banks have large holdings of Greek bonds. Goldman relies heavily on market-driven investment banking services, such as trading bonds and under w riting companies' stock offerings, for its revenue. It doesn't have the same levelo f plain-vanilla borrowing and lending to fall back on when the investment bank ing operations falter. C hief financial officer David Viniar said on a conference call with analysts that he's confident the economy and markets will improve, eventually. "Last week, big market rally; yesterday, big marketd ecline," Viniar said. "So I t hink there's still a lot of uncertainty and a lot based on who says what on what day." Goldman Sachs is known for beating the pack of other Wall Street banks. That didn't happen this time.B ank of America's investment banking and trading business reported a loss of$ 302 million, on a 26 percent decline in revenue. Goldman's overall revenue fell 60 percent. Citigroup Inc. reported a 12 percent decline in its securities and banking division, excludinga n accounting gain. Goldman's losses in the third quarter included loss-e s of $1.1 billion on its stake in the Industrial and Com-m ercial Bank of China, $1 b illion on other stock holdi ngs and $907 million from bonds and loans. Despite the latest quart erly losses, Viniar indicated Goldman wasn't planning to change its long-terms trategy. The bank has "a s trong track record" for making investment decisions, Viniar said. G oldman also has a long history for standing when other banks fall. It safelyw eathered the financial crisis that crippled or killed many of its competitors, posting only one quarterly l oss, at the end of 2008. Bank of America and Citigroup have each lost money i n six quarters since the beginning of 2008. Goldman has also c hurned out a number of senior government officials, including former Treasury Secretaries Hank Paulsona nd Robert Rubin and for mer New Jersey Gov. Jon Corzine. A t the same time, Goldman has become a lightning rod for the wrath of regulators, lawmakers and pro t esters. Some have come to view the bank as the epitome of the greed and risky prac tices that led to the financial crisis. Goldman, whichs et aside $59 million in the third quarter for litigation and regulatory proceedings, has been subject to regulatory fines, probes and other headaches. The bank has been retrenching in some areas. In July it said it would elim-i nate as many as 1,000 jobs t o shore up cash. Tuesday it said had 34,200 employees, down 1,300 from the previous quarter. The loss of $428 million was equivalent to 84 cents per share. The bank earned $1.7 billion, or $2.98 pers hare, in the same period a year ago. Revenue slumped 60 per c ent to $3.6 billion, missing analysts' estimates. Yearover-year revenue has fallen for each of the past six quarters, and in the second quarter, Morgan Stanley took in more revenue thanG oldman. Some observers have questioned whether Gold-m an will try to shed its status as a bank holding com-p any, which could free it up t o make more money in cert ain investment banking services. Goldman and Morgan Stanley both converted to b ank holding companies in September 2008, which gave them easier access to capitalb ut also placed them under s tricter federal regulations. "If they remain a bank holding company, the future f or them is not as bright," said Mark Williams, a for mer Federal Reserve bank e xaminer. Bank spokesman Stephen Cohen said Goldman has "no plans" to change its status as a bank h olding company. Investors were unfazed by the quarterly loss, which h ad been widely expected due to the turmoil in finan cial markets this summer. G oldman's stock rose 5.5 percent to close at $102.25. Analysts said the stock, which is down from moret han $128 when secondquarter earnings were reported, had already priced i n Tuesday's dismal earnings report. Thomas, the banking consultant, acknowledged that G oldman might be unpopu lar on Main Street but said that wouldn't affect its longterm strength. "They're the Gordon Gekkos of today," Thomass aid. "But that doesn't mean they're in any way dimin ished of their abilities." BUSINESS T HE TRIBUNE WEDNESDAY, OCTOBER 19, 2011, PAGE 7B T HIS PHOTO t aken Friday, Oct. 14, 2011, shows customers in line a Bank of America ATM in Hialeah, Fla. B ank of America said Tuesday, Oct. 18, 2011, it earned $6.2 billion in the third-quarter largely from accounting gains and the sale of a stake in a Chinese bank. (AP GOLDMAN SACHS LOSES $428 MILLION IN THIRD QUARTER


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Interest-free installment payments (home insurance) Fast claims service,generous liability cover Tel.Nassau 677-6422/Freeport 352-6422 or visit www.nibaquote.com LOS ANGELES Associated Press AFTERmonths of being courted by techn ology giants and TV signal providers, o nline video service Hulu is no longer for sale, its media company owners said Thursday. The Walt Disney Co., News Corp., Comcast Corp. and Providence Equity Partners had been shopping the site since June after receiving an unsolicited takeover offer. T hey tested the waters for other interest, a nd dozens of companies, from Internet g iants Google Inc. and Yahoo Inc. to satellite TV providers Dish Network Corp. and DirecTV, began circling. But the owners said in a joint statement Thursday that Hulu "holds a unique and c ompelling strategic value to each of its owne rs" and that they would refocus on "mapp ing out its path to even greater success." B idding on the service reached as high as a round $2 billion, according to a person familiar with the matter. The owners decided collectively that it w ould be better to build out Hulu than sell it for a short-term gain, the person said. The site had been bulking up on content to top up its roster of reruns from Disney's A BC, News Corp.'s Fox and Comcast's NBC. It recently said it would add Spanishlanguage programming from Univision, a dding to a whole host of content from rival m edia companies including Viacom Inc.'s M TV and film studio Miramax. It had even teamed up with documentary m aker Morgan Spurlock on an original show s eries. The service has been gaining traction while online streaming rival Netflix Inc. has stum bled badly. Hulu said last month it had more than a million subscribers who pay $8 a month for a deep catalog of TV shows, less than a year a fter launching the premium tier last N ovember. CEO Jason Kilar has said Hulu is on track to make around $500 million in reve nue this year, up from $263 million in 2010, a nd that the company is profitable. I n comparison, Netflix had 24.6 million paying subscribers at the end of June, but it warned last month that it expected a net6 00,000 to leave by the end of September a fter a series of unpopular decisions. They included hiking prices as much as 60 percento n millions of customers and splitting its s treaming and DVD-by-mail services into two separately-billed operations, a move it has since reversed. Hulu's value may have fallen after con s umers were seen railing against Netflix's price increase and Netflix balked at payingan estimated $300 million a year for Disney and Sony movies through pay TV channel Starz, said Needham & Co. analyst Laura Martin. With the market to pay to stream movies a nd TV shows cooling, media companies m ay have decided they could no longer cash out their stakes in Hulu and continue to sell content for top dollar to buyers like Netflix and Amazon.com Inc. It may have seemed more profitable for Hulu to try to add subscribers and sell more advertising over the long haul. Suddenly, when those other entities can o ffer less cash ... then owning Hulu looks more attractive," she said. Starz' shows are still in search of an online home and could migrate to Hulu after its deal with Netflix expires in March, she said. Hulu's advertising model also has promise. Despite lagging far behind online video sites like YouTube in terms of monthly visitors, Hulu viewers watch more ads than patrons of other sites. Hulu accounted for nearly a billion of the 5.7 billion ads viewed in the United States in August, the most of any entity, according to tracking firm comScore Inc. HULU NO LONGER FOR SALE, OWNERS SAY SAN FRANCISCO Associated Press T HE HEADof Yahoo's online advertising business in North America says he has been too busy trying to bring in more revenue to consider whether he would be willing to become the struggling Internet com-p any's next CEO. Ross Levinsohn, Yahoo Inc.'s executive vice president of Americas, made his remarks Monday during the k ick-off of the Web 2.0 Summit. That's a three-day Internet conference that annually attracts prominent t echnology executives. Board Y ahoo's fate has been in limbo since its board fired Carol Bartz as CEO last month. Tim Morse,Y ahoo's chief financial officer, is temporarily running the company while the board undergoes a strategic review. The directors are evaluating whether it makes sense to hire a per manent CEO or sell Yahoo in partso r in its entirety. YAHOO AD EXECUTIVE DEFLECTS TALK ABOUT BECOMING NEXT CEO ROSS LEVINSOHN Yahoo Executive Vice President of Americas, speaks at the Web. 2.0 Summit in San Francisco. Yahoo Inc., r eleases quarterly financial results Tuesday, O ct. 18, 2011, after the market close.(AP N EW YORK Associated Press Apple Inc. failed to set a new s ales record in the last three months of founder and CEO Steve Jobs' life. Its financial r esults came in below expecta tions on Tuesday a rare miss for the company. A fter several record quarters, t he July-to-September period saw Apple biding its time, with no new iPhone or iPad releases. E arnings and revenue rose from last year at rates that would be the envy of any large company, but investors had expected the seemingly unstoppable com pany to do even better. Net income in the fiscal fourth q uarter was $6.62 billion, or $7.05 per share. That was up 54 percent from $4.31 billion, or $4.64 per share, a year ago. Analysts polled by FactSet were expecting earnings of $7.28 per share. Revenue was $28.3 billion, up 39 percent. Analysts were expecting $29.4 billion. Apple sold 17.1 million iPhones in the quarter, which ended Sept. 24. That was well below analyst expectations and the 20.3 million sold in the third quarter. IPhone buyers had been holding off and waiting for the new model that was launched lastw eek, after the end of the quar t er. Still, analysts expected the older models to keep much of their appeal. L aptops were Apple's strongest category in the quarter, with sales up 30 percent from t he previous quarter thanks to the release of a new operating system, Lion. Total Mac sales set an all-time record at 4.9 mil l ion. Apple's forecast for the cur rent quarter was more pleasing t o investors. It said it expects earnings of $9.30 per share and revenue of $37 billion. Appleu sually low-balls its forecasts, and analyst figures are usually higher. But in this case, analysts have had lower figures, expect i ng earnings of $9 per share and revenue of $36.7 billion. Jobs relinquished his position as CEO in August, after going on medical leave in January. He died Oct. 5 after years of bat tling pancreatic cancer. Apple's stock was down $24.33, or 5.8 percent, at $397.91in afterhours trading, losing one week of gains. At the close of regular trading, it was the world's most valuable company, but the stock drop means it's yielding the position to Exxon Mobil Corp. IN RARE MISS, APPLE 4Q EARNINGS DIS APPOINT IN THIS OCT. 4, 2011 FILE PHOTO Apple CEO Tim Cook gestures during the introduction of the iPhone 4S, at Apple headquarters in Cupertino, Calif. Apple Inc., reports quarterly financial results Tuesday, after the market close. (AP