N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Rival casinos to thr eaten tourism Volume: 107 No.313FRIDAY, OCTOBER 28, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY INTERVALS HIGH 88F LOW 78F By SANCHESKA BROWN Tribune Staff Reporter firstname.lastname@example.org T HE Bahamas could expect a big hit to its tourism product if the proposed devel o pments for three new massive casinos in Florida get governmental approval,K erzner International Bahamas Managing Director George Markantonis said yes-t erday. His comments came after Florida lawmakers yesterday i ntroduced bills which would create three gigantic high-end resort-style casinos. L ocated in the Miami-Dade a nd Broward, both counties have already passed referendums to allow slot machineg ambling. Mr Markantonis said it is going to be very difficult fort he Bahamas to compete with these properties, especially since it is cheaper for Ameri-c ans to drive to Florida rather Concern over r esor t-style plans in Flor ida TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM THE NEW Straw Market is shown being constructed on the Cable Beach property of Baha Mar. The wooden structures will house the straw vendors on the strip. Turn to page 7 for more. Photo:Felip Major/Tribune Staff C ALLING YOUNG READERS G G A A M M E E S S A A N N D D A A C C T T I I V V I I T T I I E E S S I I N N K K I I D D S S C C O O O O P P SEEPULL-OUT SPECIAL PANAMERICANGAMES:HIGHJUMP D D O O N N A A L L D D T T H H O O M M A A S S L L A A N N D D S S G G O O L L D D SEESPORTSSECTIONE By SANCHESKA BROWN Tribune Staff Reporter email@example.com KERZNER International Bahamas Managing Director George Markantonis said the company has now hired advisors to work with their lenders in restructuring the terms of their $2.6 billion debt. Last month, Bloomberg News reported that Kerzner International Holdings, which is part-owned by Dubai Worlds Istithmar, might default on the mortgages if a deal cannot be reached. However, Mr Markantonis said negotiations are moving US AMBASSADOR Nicole Avant has announced that she will soon be leaving the Bahamas. She will depart before the end of the year to return to private life and devote more time to her family. On October 22, 2009 Ambassador Avant, pictured presented her credentials to then Governor General Arthur Hanna. Over the past two years, she has worked closely with the government to further strengthen bilateral relations and advance five initiatives By KHRISNA VIRGIL THE PLPs Pinewood Gar dens candidate Khaalis Rolle compared the current state of the country to a cowboy town. As he addressed Rotary Club members yesterday, Mr Rolle recalled the first-hand account of the most terrifying time of his life, the result of a crime rate that continues to rage out of control. Last week Thursday, he said, I was in the middle of an armed robbery. It was not the first time I was up front and personal with a major criminal act this year. This one, however, was the most frightening. I literally saw my life flash before my eyes. Armed with that experience and at least 22 other By TANEKA THOMPSON Deputy Chief Reporter firstname.lastname@example.org PRIME Minister Hubert I ngraham told Parliament he regrets he was not able to solve the vexing problem of taxi and jitney franchise owners who do not use their licenses, but instead rent t hem to drivers at exorbit ant prices. For years, the Govern ment has tried to revoke the h undreds of taxi and jitney licenses that are unused in order to get a handle on the public ground transportaPRIME Minister Hubert Ingraham said he is not wor ried about the outcome of the next general election, and told Parliament that if he is voted out of office he will thank the Bahamian people for the time he was allowed to serve. His comments came as an aside during his contribution to the debate on amendments to the Road Traffic Act in the House of Assembly. Unlike you, I am not concerned whether I am here for couple months or couple years. That is entirely up to the people of the Bahamas. I will not be crying like you would if they tell me no, said Mr Ingraham, referring to opposition members. He added: I will accept my fate, I will thank them very much for the opportunity to have served and walk away. I wont be like you, remember that St Thomas More (MP Frank Smith), remember that, he said, causing members on his side to burst into laughter. PMREGRET OVER T AXI LICENCES SEE page 8 SEE page 9 SEEpage 9 SEE page 9 SEEpage 9 SEE page 8 KERZNER C OMPANY IN DEBT TALKS INYOURBIGTTOMORROW. . FOOD COUPONS MUSIC SPECIALS MORE US AMBASSADOR TO LEAVE ROLE PM: I WONT CRY LIKE THE PLP IF I LOSE PLP C ANDIDATE:OUNTRY LIKE A COWBOY TOWN NEW STRAW MARKET STARTS TO TAKE SHAPE AT BAHA MAR DEVELOPMENT i m lovin it
By KHRISNA VIRGIL POLICE are investigating the death of a 15-year-old boyi n a bizarre car accident and the shooting of a man in an armed robbery. The boy has been identified by police as Jeremy Jervis of Jumbey Street, Pinewood Gardens. On Wednesday evening, an a nonymous person called police to report that an accid ent had occurred in the parking lot behind Mount Tabor Full Gospel Baptist Church. Responding officers reported finding Jervis with a headi njury, but still responsive. Witnesses say Jervis had b een holding on to the tailgate of a moving Blue 1996 Honda, when he was thrown from the vehicle and hit his head against the ground. H e was treated at the scene then taken to the Accident a nd Emergency Unit of the Princess Margaret Hospital, but died while in the trauma room. Police have impounded the vehicle and continue to investigate the incident. Later that night, at around 10pm, a man who lives in Cox Way off East Street was walk-i ng on Robinson Road when a dark man approached him d emanding cash. The man stole jewellery from the victim, then shot him in the hand. He was rushed to hospital i n a private car and remains there in stable condition. A t this time, police have no suspects or leads in the case, and are asking anyone with information to call 911 or Crime Stoppers on 328tips. LOCAL NEWS PAGE 2, FRIDAY, OCTOBER 28, 2011 THE TRIBUNE 2 0 1 1 C O A C HCOMECELEBRATEOUR 70THANNIVERSARY SATURDAY,OCTOBER29TH 1 1:30:30 R ECEIVEAN EXCLUSIVE COACH GIFT WITHYOUR PURCHASE OF $300 OR MORE.MADISON CHEVRON LINDSEY NO. 18634 3 03 BAY STREET, NASSAU 242 326 0557 DRIVERS were outraged yesterday afternoon when both lanes of Bay Street were closed off for a band practices ession. The practice, for the annu al BEAT Retreat band competition, to be held this Sunday, caused traffic to be redirected around the busy thoroughfare for hours. One frustrated driver said: Ive been sitting here for 45 minutes without moving. Why must they use the busiest street in the country at this time of day? And, if they simply must use Bay Street, cant they give the public some kind of warning? THE government is prepar ing to tackle the pothole prob l em plaguing the streets of New Providence. M inister of Works and Transport Neko Grant issueda statement yesterday asking drivers and pedestrians to report all potholes they come across throughout the island. Mr Grant said reports can b e made to the ministrys hot line, 302-9700, between 9am a nd 5pm. He did not say how soon the ministry plans toa ddress the problem. T he statement also gave an update on all current trafficd iversions as roadworks continue across the capital. It said Baillou Hill Road between W ulff Road and Brougham Street will be closed after peak morning traffic today, to allow for the final phase of paving. The alternative route is Market Street. This closure is expected to last for one day. On Saturday, the portion of Wulff Road between the Baillou Hill Road junction and the Baker Street junction will be closed for final paving. Drivers should follow the diversion signs, the statement said. This closure is also expected to last one day. The junction at Palm Tree Avenue and Market Street has been closed to allow fore xcavation and paving. It is anticipated that the j unction will be reopened by Monday, the statement said. D rivers are asked to use Coconut Grove Avenue or Poinciana Avenue as alterna tives. The junction at School Lane and Baillou Hill Road isc losed to allow for the instal lation of underground utilit ies. Drivers are advised to use M arket Street to access S chool Lane. A temporary road closure e xists on a section of Prince Charles Drive between Beat rice Avenue and GardenR oad. Those heading east and west should follow the diversion route through Gleniston Park Avenue and Garden Road. As road works continue, the Ministry of Public Works and Transport encourages residents to support business es that fall within the areas where road works are in progress. The ministry wishes to thank motorists for their patience and co-operation as construction continues, the statement said. BOY, 15, DIES AFTER FALLING FROM CAR ANGEROVERADIFFERENT SOUNDOFHORNSONBAYST BOTHLANES of Bay St were closed off yesterday for a practice session fo the annual BEAT Retreat band competition. GOVERNMENT L AUNCHES POTHOLE HOTLINE TO T A CKLE THE BUMPS
THE PLP has officially ratified three first-time candidates in what it said is the fulfillment o f a promise to present a new generation of leaders to the public. At last nights meeting of its National General Council, thePLP introduced former Chamber of Commerce president Khaalis Rolle, candidate for Pinewood; petroleum retailer G regory Burrows, candidate for Montagu; and former sports star Renward Wells, candidate for Bamboo Town. The announcement brings the oppositions slate of confirmed candidates to 31. Khaalis Rolle holds a bachelor of science degree from G rambling State University, an MBA from the University of Miami, a certificate in management studies from the University of Miami and a certificate in international trade policy and negotiations from the University of the West Indies. He is the immediate past c hairman of the newly-merged Bahamas Chamber of Commerce and Employers Confederation and former president of the Bahamas Chamber of Commerce. Mr Rolle is a part-time lecturer at the College of theB ahamas and the former president of the colleges Job Placem ent Advisory Board. He was also chairman of the governments first National Training Programme Implementation Advisory Committee and former co-chair of the Bahamas Trade Commission. G regory Burrows is a graduate of RM Bailey High School. A fter gaining management experience in the private sector and business leadership training in the United States, Mr Burrows became an entrepreneur in the petroleum industry. He currently operates the E sso on the Run, South Beach location and owns the Cleaning C entre on Prince Charles Drive. Mr Burrows has worked with the Royal Ambassadors and Scout bands, and was a member of the Happy Youths and the Roots junkanoo groups. His interest in youth development through sports and culture led him to develop the Freedom Farm Baseball Programme, now regarded as one of the most important baseball programmes in the country with more than 800 members. The programme has achieved international success with the placement of young men in high schools and colleges in the United States, a number of whom are now playing in the major or minor leagues. Mr Burrows is also the founding president of the Bahamas Baseball Federation,a member of the board of directors of the Metropolitan Baseball League International and a commissioner for Babe Ruth Baseball Inc for the Bahamas. Renward Wells is a 1987 graduate of the RM Bailey Senior High School and a 1995 graduate of Oral Roberts University, where he earned a bachelors degree in mechanical engineering. He also holds a masters degree in Divinity. Many Bahamians remember Mr Wells as a world-class sprinter who represented the Bahamas in the Carifta Games, the Central American and Caribbean Games, the World Track and Field Championships and the 1996 Atlanta and 2000 Sydney Olympic Games. He held the 100 metres national record for 10 years and still holds the national record at 60 metres. M r Wells has vast experience in the field of engineering, having managed multi-million dollar projects while employed at the Ministry of Works. He fought for the creation of the local Engineers Bill and a governing board for engineers. He is the owner of LIFE Designs, an engineering firm. Mr Wells is the immediate past president of the Bahamas Homeschool Association and a member of the Bahamas Society of Engineers. PLP leader Perry Christie said the three candidates represent a generation of young, educated and professionally trained Bahamians. He said all three believe in the Bahamas, posses diverse skill sets, and have a vision for the country and a passion for public service. The PLP is proud to present these fine young men to the Bahamian people and is confident that their contribution in public life will positively impact the future growth and development of the Bahamas, he said. LOCAL NEWS THE TRIBUNE FRIDAY, OCTOBER 28, 2011, PAGE 3 By DANA SMITH email@example.com THE Bahamas can still expect an overcast and rainy weekend despite former Cat egory 2 Hurricane Rina having been downgraded to a tropical storm. Chief meteorologist Basil Dean said Bahamians can go about their business as usual this weekend but should doso with an umbrella in hand. The hurricane has been downgraded to a tropical storm and we anticipate fur ther weakening, Mr Dean said. It will meander about and move south, away from the Bahamas. Going into the weekend, we can be business as usual, but expect showers. According to Mr Dean, the Bahamas might see rain starting in the early afternoon on Saturday, continuing on through the weekend. Then, a shift in winds will bring cooler weather on Sunday. We will not have a direct impact from the system, MrDean said. No need to prepare for anything but showers. For more on Hurricane Rina, see page 11. AN indecent assault charge a gainst emergency room physician Dr Lynwood Brown Jr was dismissed by the Court o f Appeal yesterday. In July, Dr Brown, 38, a physician at Doctor's Hospi-t al, pleaded not guilty to indec ently assaulting a woman at 1am on September 7, 2010. His trial was set to begin o n November 1. His attorney Murrio Ducille filed an appeal on the g rounds that the charge was brought against his client past the statute of limitations more than six months after t he alleged offence. The charge was thrown out of court yesterday morning. D uring his arraignment his attorney Devard Francis argued that the charge was invalid as the complaint had b een made too late. At the time Magistrate Guillimina Archer said the charge was valid and proceeded with the arraignment. Dr Brown was a prospective candidate for the Progressive Liberal Party's nomination in the Montagu constituency. He was on $6,000 bail with one surety. POLICE h ave released a sketch of a n unknown male wanted for questioning about a rape. T he man i s described as being between the ages of 23-27 years old, having a dark brown complexion, of medium build, and 5'7" tall. The incident occurred s ometime during October. P olice are asking that anyone with information about the whereabouts of the suspect to contact police at 911, 919, the Central Detective Unit at 502-9991, 502-9910, orC rime Stoppers at 328-TIPS. DONT FORGET YOUR UMBRELLA C OUR T DISMISSES INDECENCY CHARGE P OLICE RELEASE RAPIST SKETCH FIRST-TIME CANDIDATES ARE NAMED BY PLP T HEPLP h as named, from left, Gregory Burrows, Khaalis Rolle and Renward Wells as candidates
EDITOR, The Tribune. When I read the published letter from Mr Abner Pinderd ated 13th October 2011, I w as reminded of the old saying that, If you dont know a man, call him Sir. The premise of Mr Pinders letter was that I knew nothing o f the sea and environment, p articularly the Exuma cays or the Land and Sea Park and a s such I am not qualified to speak on either. By way of background, I a m a licensed boat captain having obtained my A and B Boat License some 18 y ears ago. Over those 18 y ears, I have captained my boats and others to every major Family Island of TheB ahamas save the most southern. I have also captained many boats from south Flori-d a to Nassau. For the past five years my family has spent our entire summer vacation boating in the Exuma Cays. Every Easter we travel to a different Family Island and this hasb een a family tradition now for some time. There is no place in the world my three children, my wife and I would rather spend our leisure time and vacation than the Family I slands. Everyone who knows m e and my family knows this. My two sons, who are now 13 and 14 years old, have beens pear fishing with Exumians of Staniel Cay and Black Point since the age of eight years and can both now freed ive over 40 feet deep. As a proud Bahamian and one who loves this country w ith all my heart and soul and one who is concerned about the environmental carnage Ic ontinue to see under the h and of this FNM adminis tration and the Bahamas National Trust, I am pleasedt o shatter the image Mr Pinder and others have of me and my family. M r Pinder mentioned Arawak Cay and Bell Island. Here is what I know are the facts about Arawak Cay:I n 2009 the 1,500 foot extension of Arawak Cay began and destroyed over 20 a cres of seabed and in the process displaced sting rays, turtles and fish and destroyingn umerous coral and coral reefs. There was an Environmental Impact Report conducted by Coastal Systems International which documents the negative impact the original construction of Arawak Cay in the 1960s had on SaundersB each from Perpall Tract up t o the Shell Gas Station on W est Bay Street and as far as Montagu Beach in the east. During last winter, Saunders Beach experienced ero-s ion to an extent never seen before, and 100 per cent of the beach is yet to return. S cience and logic tells me that as a result of the 1,500 foot extension of Arawak Cay, Saunders Beach will con-t inue to deteriorate. Here are the facts that I know about Bell Island:6 00,000 square feet of dredging at Bell Island; Conchh abitats destroyed; Coral beds d estroyed; fish habitats d estroyed; lobster habitats destroyed; turtle habitats destroyed; the protected B ahama Duck displaced from the pond, where countless other wildlife thrived,d estroyed; hills excavated and t housands and thousands of tons of fill removed; turbidity curtains that stop the silt from flowing out from the dredging, broken, destroyed and absent; No take zoneb reached; thousands of tonnes of excavated hills removed. None of the destruction at Bell Island can be replaced. It has been destroyed forever. So, yes, I may be one of those persons to whom Mr Pinderr efers as having high falutin d egrees, but I can assure him that I have intimate knowledge of the waters in and around the Exuma Cays having captained boats there for t he past 17 years. A s Mr Pinder inferred, I am a politician, but like him, I am n ot trying to impress anyone, and I have stated the facts as I see them. Politics has notc hanged by views but merely given me a national platform to express them and I have a lways made it a point to supp ort my views with facts. It is interesting to note, however, that in Mr Pinders letter, hed isputed not one fact that I stated on the Steve McKinney show which I included int his letter. One is then to conclude that the only purpose of Mr Pinders letter was a personal attack on me from his erroneous perception of me. I look forward to the day when as mature Bahamians we canh ave debate on the message instead of the messenger. So I will conclude as I beganIf you dont know a man, call him Sir. S ENATOR JEROME K FITZGERALD Nassau, October 20, 2011. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, OCTOBER 28, 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 I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES S witchboard (News, Circulation and Advertising) 322-1986 A dvertising Manager (242 C irculation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 Freeport fax: (242 W EBSITE w ww.tribune242.com updated daily at 2pm EL SALVADOR, Iraq and Jamaica h ave less than five per cent of the worlds p opulation, but account for a quarter of all g lobal violent deaths, according to an international study released from Geneva y esterday. T he 2011 Global Burden of Armed Violence report found that more people were k illed by armed violence resulting from crime than are killed in war, with Latin America and countries through the middle of Africa among the hardest hit. For many years, Jamaica has had to f ight drug smuggling and rising crime, which includes one of the highest murder r ates in the world. Jamaicas ninth prime minister 39year-old Andrew Holness in his inaugural address last week pledged to rid his c ountry of garrison politics, the source of much of this crime. It was garrison politics that led to the eventual fall from grace of Mr Holnessp redecessor Bruce Golding, whose political image was tarnished by his apparent attempt to protect a garrison gang lord f rom facing narcotics charges in the Unit ed States. Christopher Dudus Coke, identified a s the worlds most dangerous narcotics t rafficker, eventually pleaded guilty in Manhattan Federal Court to racketeer ing conspiracy and conspiracy to commit assault in aid of racketeering. He faces 23 years in a US prison. The drama that led to his capture took t he lives of at least 76 people in clashes between Jamaican security forces and gunmen in Dudus enclave in West Kingston. T he political mishandling of the whole affair also made it difficult for Golding to continue as prime minister. He eventua lly stepped down in favour of Mr Holness. Dudus was the don of Tivoli Gardens, which supported the prime ministersJ amaica Labour party (JLP port was inherited from Goldings predecessor, former Prime Minister EdwardS eaga, who had the full political backing of Dudus father. The Shower Posse gang, founded by the elder Coke, was taken over by his son, Dudus, after the seniors mysterious death i n a Jamaican prison cell. G ang murders always highlighted J amaican politics. However, the new prime minister has m ade it clear that he is going to write a n ew chapter into Jamaicas political history. Garrison politics will no longer be t olerated. Zones of political exclusion are incompatible with freedom and aspects of our politics are an affront to liberty, Mr Holness declared after being sworn in atK ings House in the parish of St Andrew. He is Jamaicas youngest prime minist er. It is time to end garrison politics now, he announced. He offered to walk with Opposition L eader Portia Simpson Miller through two of the garrison towns one that supported his party, the other that supported hers. H e said he would invite the Opposition leader to discuss opening up these closed communities so that they would be safely a ccessible to persons of differing politi cal persuasions. Hopefully, this small step will lead to o ther steps that will eventually remove g arrisons from our political landscape, the Prime Minister said. Integration of all citizens in society was to be his governments objective. We must guarantee them equal treat ment and respect from the state and they t oo will be emboldened to support our national strategy against crime, corrup tion and injustice, he said. Criminals must never be seen by the c ommunity as protectors. Once there is the integrated and shared vision, gar risons will no longer have havens for c riminals. The Prime Minister said that Jamaica's politics must transcend petty politics. He urged Jamaicans both at home and abroadt o participate in the political process. If talented people make themselves available, I will make space for you in myg overnment, he promised. Jamaica needs her talented sons and daughters in the service of the public good now more than ever, he added. Response to Bell Island lessons LETTERS firstname.lastname@example.org Jamaicas new Prime Minister attacks crime rftb EDITOR, The Tribune. There was a facetious tone to my last letter about the cost of the road project to Bahamians, I should have e njoyed whatever hilarity came my way. I have spoken to a friend who has a closer vantage point and the joke is r eally on the public and myself if what he says is any where near the truth. We were aghast last week when BEC hinted that they may need to dig the roads upa gain, and we thought it was an incredulous statement to make, but it seems like BEC is between a rock and a hard place when it comes to their participation in the road pro ject. It is alleged that when BEC is granted a date to put their portion of the infrastruc ture in place, they are given the run around or blocked out to the point where they can not do what they have to do. Here is the interesting part of the allegation; when that window is passed, the site where the work is being done is now owned by the agency that is doing the road project and BEC has to pay a fee to do whatever it is they have to do. Sometimes it is laying a line in the country in which they are the sole provider of electricity. And there is another wrinkle, if any damage occurs to BECs infrastructure during the road work, the road work company is not charged; but the same thing does not apply if damage is done to BTC or Cable Bahamas property. What is going on here? BEC is having weekly meetings with the project road p eople, but it seems like there is a three out of five chance that some area is going to be thrown into darkness, because a transmission line is hit, even though schematics have been provided to alert the agencies involved as to where the underground utilities are. The amount of digging going ona lso indicates that more than the road project people are involved in this exercise and BEC or WSC does not have enough staff to keep tabs on this kind of hyper-activity. An investigation is needed, if only to ascertain if BEC is paying through the nose for some thing that the consumer is eventually going to have to pay for. An accounting must be done of any and all agencies and companies being paid for the work they are doing in this project. There is a history for his kind of activity, but it has usually happened with buildings where public money has been spent and no work done, and, no one held accountable by government administra tions. Accountability has to begin somewhere and this road project is a good place to start. EDWARD HUTCHESON Nassau, October 10, 2011. Digg ing up road again?
B y LAMECH JOHNSON l email@example.com T HE Supreme Court trial of two men charged with the attempted armed robbery of a laundromat last year is nearing completion. P rosecution and defence a ttorneys in the trial of R oderick Strachan and R aymond Pratt Jr are e xpected make their closing submissions this afternoon following the testimony of a doctor. Strachan, who is represented by Calvin Seymour, and Pratt Jr, represented by T ai Pinder, were charged last year before Deputy Chief Magistrate Carolita B ethel on several counts of armed robbery and attempt e d robbery. It is alleged that the two men attempted to rob SuperW ash on Robinson Road on November 19, among other offences. Yesterday, Strachan gave u nsworn testimony before J ustice Bernard Turner and a jury of four men and five women. The defendant said that around 9am on the date in question, he visited a female friend who lived ina n apartment complex in t he area. H e told the court he heard g unshots and went outside in boxer shorts to see what was going on. I saw a number of police officers looking around for something, he said. Strachan said an officer s aw him and asked him to c ome down. T he accused said he came d own the stairs, only to be b eaten and arrested without being told why. They didnt give me a chance to say anything, he told the court. After being taken to the East Street South Police Stat ion, he said he was again beaten. Strachan said the ordeal w as frightening, as this was my first time ever being l ocked up. He told the court that he was then taken to the Cen t ral Detective Unit, put in a holding cell, and later beaten again. He said that at some p oint during these and o ther beatings, his shoul der was injured, but it was not treated until he was remanded to Her Majestys Prison. Strachan claimed he had no part in an attempt e d armed robbery at S uper Wash and that n one of the clothing that o fficers tried to use to l ink him to the incident belonged him. Police Constable 3132 Chester Walker, the officer responsible for writing up Strachans detention record w hile he was at the East S treet South Police Station, a lso testified. T he officer explained t hat the purpose of a detention record is to ensure the safety of suspects while in police custody while also safeguarding police officers. PC Walker visited Strac han while he was in a holding cell and asked him how he was doing, to which t he accused replied Im o kay, the officer told the court. PC Walker confirmed that the defendant was clad in boxers only while the detention record was being taken in a chat room. M r Seymour, defence c ounsel, asked the officer if h e inspected his clients b ody for injuries. P C Walker said he had not, as Strachans claim of being okay did not sug gest it was necessary. Prosecutor Terry Archer asked the officer if Strachan h ad complained about an i njury or pain. He didnt indicate anyt hing to me, PC Walker r eplied. The trial resumes today at 10am in the Saffrey Square Supreme Court, East Street North. By KHRISNA VIRGIL F OLLOWING yet anothe r bloody weekend and with t he crime rate continuing to spiral out of control, Christian Council President Rev Ran-f ord Patterson is calling on all Bahamians to reclaim theirc ountry from the criminals. R ev Patterson believes the n onchalant attitude of Bahamians is to blame for much of the criminality plagu i ng society today. The church doesn't mean anything, God doesn't mean anything. People are not Godc onscious and weve become materialistic, Rev Patterson said. H e also believes the country has lost the values that long held Bahamians togethe r. We've moved away from the values that we grew up with, he said. Children arer aising themselves, with the help of the TV. We have to find a way to get back there." For the last several weeks, parliament has been debating 11 Bills that aim to help lawe nforcement tackle the crime p roblem. When asked if the church is doing its part in the fighta gainst crime, Rev Patterson said: "What if there was no church? Each week the church is keeping thousands from doing crimes. A general theme across the board is encouraging our congregations in honesty, to love each other and to love God." He said the council works with police to encourage citizens to make the whereaboutsof criminals known. But, Rev Patterson said, "there are some turning a blind eye, they look away. Some are even in church turning a blind eye. We pass the buck. If you know, talk to them. If they don't listen, report them, he said. LOCAL NEWS THE TRIBUNE FRIDAY, OCTOBER 28, 2011, PAGE 5 ARMED ROBBERY TRIAL NEARS ITS CONCLUSION By CELESTE NIXON T ribune Staff Reporter c firstname.lastname@example.org ECONOMIC reforms, enhanced assistance and new incentives are needed t o tackle the still challengi ng economic situation and f acilitate growth, claims the Democratic National Alliance. Giving a review of a town meeting held by the DNA at the British Colonial Hilton, chairman Mark Humes said the part ys proposed economic r eforms will target critical a reas of the economy, including employment, small business development, national debt, ownership and ways to diversify the economy to foster economic growth. We are looking at solutions for the economy, said Mr Humes. While diversification of the Bahamian market is important, Mr Humes said the economy must also be i gnited from the inside. I nitially we want to invest igate what role the government should play in facilitating employment, entrepreneurship and assisting small businesses. Mr Humes said incentives, which are provided t o foreign entities, should also be made available to small and medium businesses that are the backbone of society. For example, Mr Humes said, the majority, if not all t he countrys hotels are fore ign-owned. H e said the Bahamas is a tourist destination and yet no Bahamians are owners in our main industry. He said: It has been a cry for many years. The national debt also n eeds to be addressed. He said: We need to cut down government expenditure and find a more efficient way to balance the budget and lower debt. T he development of new s ustainable energy indust ries is another area the DNA is looking into, said Mr Humes. The high cost of energy increases the cost of living and operating businesses, said Mr Humes. N ew industries would widen the market and lower these costs. It is about bringing together ways to conserve and grow, he said. POLICE want to question a man in connection with the r ecent pursuit and shooting of two men through streets and into the parking lot of Esso On The Run gas station on Wednesday. Omar Chisolm, 33, pictured of Yamacraw Hill Road isw anted for questioning by officers of the Central Detective Unit in connection with the shooting which left the victims hospitalised. Witness-e s of the incident said a gunman chased his victims down Fowler Street, through the E sso gas station parking lot, and then onto Bay Street, before fleeing with a get-a-w ay driver in a white coloured BMW SUV, leaving the men wounded on the sidewalk. Police have not revealed how they believe Mr Chisolm i s connected to the shooting, n or whether he has a crimin al record. He is of dark brown complexion, medium build, and 5'8" tall. Police are asking that anyone with information about h is whereabouts to contact 911, 919, the Central Detec t ive Unit at 502-9991, 5029910, or Crime Stoppers at 328-TIPS. POLICE NAME MAN SOUGHT OVER SHOOTING OMAR CHISOLM who is wanted byp olice over the Bay St shootings DNACLAIMS ECONOMIC REFORM NEEDED TO BRING GROWTH TAKE BACK BAHAMAS FROM CRIMINAL R EVRANFORDPATTERSON
TOMORROW afternoon, the Bahamas National Trust will open its gates for the 21st annual Wine and Art Festival. This years festival features m ore than 50 talented artists, a selection of more than 50 wines from Bristol Wines and Spirits and a new feature aw ine and food pairing area sponsored by the Ministry of T ourisms Culinary Tourism Division. Tonight, BNT members will get a special preview of the art and a chance to bid onu nique, marine-themed silent auction items at the Wishing Fish Auction, sponsored by Gourmet Market, Food Art By Cacique and Bristol Wines and Spirits. We are extremely grateful t o our sponsors, said Eric Carey, BNT executive director. Their support allows to show our appreciation for our members at this special evening. The Wishing Fish Auction provides artists with the opport unity to design and decorate wooden fish in their own unique style. All proceeds from the auction will be used in sup-p ort of the BNTs marine conservation initiatives. R usty Scates, wine manager for Bristol Wines and Spirits, said the festival provides them with a great opportunity to introduce the neww ines on offer this holiday season. One of the special features of the festival is that guests from participating wineries are on hand to discuss their products. T his years wine expert will be Julian Inarra from the Trivento Winery in Argentina. The food and wine pairing demonstration will feature three of the finest chefs in the Bahamas, all members of the B ahamas Culinary Association. Jamal Small, team captain of the National Culinary team2 011, will feature a cassava gnocchi with roasted root vege tables in a fennel cream sauce; Ocean Club chef Emmanuel Gibson will demonstrate plantain crusted grouper; and Alexandra Mail-l is Lynch of Alexandras Catering will guide attendees through the process of roasting a pig in plantain leaf. New artists participating this year are Judith Papillon, Tori Hermann, KandiceE ldon, Candis Marshall and Shelby Knowles. We are once again thrilled to have many outstanding artists participating in the festival, said Lynn Gape, d eputy executive director of t he BNT. We also have a large contingent from Abaco travelling to be with us this year. We are very happy to have Kim Rody, Jo-ann and Peter B radley, Marjolein Scott, Jeep B eyers and Bob Zwickel joining us again this year. The event will take place f rom noon to 6 pm at The Retreat on Village Road,B NT members pay $15 and g eneral public $20. A ll proceeds support the national park system of the Bahamas. LOCAL NEWS PAGE 6, FRIDAY, OCTOBER 28, 2011 THE TRIBUNE RAISE A GLASS TO FESTIVALS RETURN RAISE A GLASS TO FESTIVALS RETURN FINEWINES on offer at Bristol W ines and Spirits VISITORS looking round the stalls at last years festival QUENTIN MINNIS, one of the artists at last years festival.
LOCAL NEWS THE TRIBUNE FRIDAY, OCTOBER 28, 2011, PAGE 7 BAHAMAR STRAW MARKET TAKES SHAPE ANEW Straw Market is being constructed on the Cable Beach prop-e rty of Bahamar. W ork has been going quickly, and t he wooden structures that will h ouse the straw vendors on the s trip are now reaching the stage w here they give a good idea of the feel of the new development. Photos: Felip Major /Tribune Staff
LOCAL NEWS PAGE 8, FRIDAY, OCTOBER 28, 2011 THE TRIBUNE tion industry. Some owners of unused l icenses lease their taxi or jitn ey plates to drivers for hundreds of dollars a month. One of my regrets and disappointments in office has been my inability to resolve a vexing problem that exists in the public transportation sect or, Mr Ingraham said, responding to comments from W est End and Bimini MP Obie Wilchcombe. S aid Mr Ingraham: Some people are able to get a franc hise for a taxi plate or a jitney plate and do nothing ... and just cause somebody else t o pay them $400 a month to use their plate. I find that offensive, I tried to stop it andI failed. He advised franchise owne rs who are not on the road to leave the industry. If you are in the business of driving a taxi and have b een for years you ought to get a plate, you ought not have to pay anybody else for use of a plate. If they are not u sing their plate on the road, the Government wants to take it back. He added that he is not supportive of the attempt by some taxi license holders to keep franchises within their f amilies for decades, after the original licensee has died. It is a franchise, that's why i t is renewable, every year you must renew it. If you are not using it, it ought to go backi n the pot. I accept the arrangement that is arrived at in the Bahamas whereby a t axi plate is permitted to go to a widow or immediate (relat ive) of someone who died, that has been the policy for years. But beyond that I wouldn't wish to stretch it. I do not believe the public franchiseso ught to be the personal property of people to pass on from generation to generat ion, Mr Ingraham said. i nstances of crime that have involved loved ones, Mr Rolle acknowledged that people have hit rock bottom in their outlook on the country's w ell being. Crime is too high and hope is too low in this coun-t ry. As I go through the constituency of Pinewood canvassing and talking to people its amazing to see how hopeless people are. The fear of crime is preventing people f rom going out at night. Prev enting them from doing things that they would nor mally do, he said. W ith that, Mr Rolle believes the PLP has the edgeo n the FNM administration w ho continue to say crime is e veryone's problem. It is often used as an excuse by the current admini stration in its obvious failures to adequately address the rise in serious criminal activity,h e said. A ccording to Mr Rolle, the PLP is on the right track to solving the country's crime p roblems that have long been festering as leaders have only assessed blame rather thana ssume the responsibility. The PLP, he said, believes that reducing crime and violence should be ourn ations top priority. We have a plan which focuses on prev ention, prosecution, punishment and rehabilitation. We are prepared to commit the resources the time and the g eneral effort to reduce the level of crime in the country. Mr Rolle also believes that t he country's educational sys tem needs more attention as it has been robbed of the need ed resources. Can we afford not to double the investment in education? If you trace most of the issues we face nowadays we c ant afford not to increase the level of education, he said. W hile he agrees the pool of materials is finite, he believes that unless proper attention is given to that a rea, our only plight is downward. Moving forward, he said, the PLP knows there is no o ne silver bullet formula to combat the issue as there are many different people andc haracters who respond dif ferently, so there must be a combination and a package of solutions. PMREGRET OVER TAXI LICENCES from page one from page one PLP CANDIDATE:OUNTRY LIKE A COWBOY TOWN KHAALISROLLE, who was recently in the middle of an armed robbery, has hit out at the levels of crime currently affecting the Bahamas.
LOCAL NEWS THE TRIBUNE FRIDAY, OCTOBER 28, 2011, PAGE 9 As he wrapped up the debate, Mr Ingraham added that it was his administration's plan to reduce bureaucracy and make it easier to do busi ness in the country. He told Parliament that ensuring citizens can access basic services has been a challenge due to red tape. We have become a very bureaucratic society that makes it very difficult for people to access required services and our purpose here is to continue to challenge these things and to remove them as fast we can. We have sought as best we could as often as we could to begin to reduce the circumstances in which a citizen needs to go somewhere to geta service that could be accessed easily. The House of Assembly will meet again on November 14. fr om page one PM:I WONT CRY LIKE THE PLP USAMBASSADORAVANT TOLEAVEROLE RIV ALCASINOSTO THREA TEN TOURISM education, alternative energy, economic and small business development, womens empowerment, and raising awareness about the challenges facing people with disabilities. Ambassador Avant described her t enure in the Bahamas as a rewarding experience. For the last two years I have had the privilege of representing my country and President Barack Obama as the Ambassador of the UnitedS tates of America to the Bahamas. It has truly been an honour to serve in this beautiful country and advance our mutually beneficial partnership, which is based on a shared commitment to regional security, democratic ideals, economic and social progress, energy security and stewardship of the envi-r onment. I am tremendously proud of what t he US Mission has accomplished during my tenure, particularly in assisting local communities on New Providence, Grand Bahama and in the Family Islands. Throughout my travels I have had t he opportunity to meet so many B ahamians who are making a difference in society at all levels. I applaud you for your leadership and your investment in the future of the Bahamas. You are true ambassadors, she said. O n behalf of her husband, Ted Sarand os, and their children Sarah and Tony, A mbassador Avant conveyed sincere gratitude to the governor general, prime minister, deputy prime minister, the government and the people of the Bahamas, for your warmth, hospitalitya nd friendship over the last two years. We will always have a great affection for the Bahamas and will consider it our second home, the ambassador said. smoothly and there is no real c ause for concern. I am not fully able to go in depth about the situation, but basically we are in discussions with our lenders and we are hoping to restructure the debt we took on when we becamep rivate in 2006, he said. It was a 2.6 billion dollar debt and, of course, no onek new at that time that the w orld was going to crash in 2008. So most recently we have had many advisors whoa re working with our lenders to restructure the terms of our debt, the interest and the pay-m ents. He made his comments yesterday on Morning Boil at Island 102.9 fm. M r Markantonis said that the restructuring process is a fairly normal one that will not interrupt the day-to-day oper ations of the resort. He said there is no need to worry ast he hotel is doing well. There is nothing wrong with Atlantis. We are doing well and making money, but n onetheless the financial instit utions, ourselves and our board of directors have to reach some kind of agreemento n what on the way forward is. Do we have a deadline? No. Frankly we have had seve ral deadlines but each time t hey give us an extension. So the discussions continue. Mr Markantonis also said t he opening of the resorts new restaurant, Virgils, is on schedule for November 1st. More than 180 persons have b een employed at the $10 million barbecue-style restaurant. We have 182 new employ e es, thanks to Virgils. They will be inside the restaurant and behind the scenes as thec ulinary team. Thats the side benefit when opening something new, the people who want to progress their careersc an do so. About half of the new staff will come from other locations on campus and a bout half will be new. The 470-seat restaurant offers family style dining muchs imilar to that of Carmines in t he Marina Village. This is the second Virgils restaurant, the first is in Times Square, New York City. than fly here. He said: The horse is not out of the gate yet. Right now its just a lot of talk about what Florida will do. Nothing has been approved yet but I think if they integrate these resorts in Florida its going to be a big problem for us. Hopefully by the time it happens we would have made gaming reforms because the competition for us would be so stiff that we would have to concentrateon how we can improve our product, like adding new attractions. The advantage they have is they will have drive traffic and we rely on air lift. So the key for us will be working in conjunction with the government and ministryto get more inexpensive flights. He said these new mega resorts would not only be a problem for Atlantis and Baha Mar but the entire tourism industry. When asked if he thought the opening of Baha Mar would negatively impact Atlantis, Mr Markantonis said: I will believe in Baha Mar when I see it. That horse is not out of the gate either yet. It is one thing to plan, its a whole other situation to execute. I know because we have been executing since 1994. I hope if it is built the way it is described it will complement the destination. I would like to think that anyone who is staying at Baha Mar would want to visit Atlantis anyway just because of all the other things we have. Atlantis is not just a bunch of hotels. Atlantis is hundreds of acres of outdoor activities, water systems, rides and marine mammal experiences. So unless someone is building something identical to that, which I dont believe is happening, we don't see it as an issue. The Baha Mar project is expected to be completed in 2014. from page one from page one from page one KERCHNER COMPANY IN DEBT TALKS THE MANAGING DIRECTOR of Kerchner International Bahamas has said Atlantis is doing well and making money, and there is no need to worry.
B y NATARIO McKENZIE Tribune Business Reporter email@example.com APART from increasing operational costs, crime is also taking a psychological toll, a former Chamber of Commerce president yesterday saying some business owners were opting to shut down their companies rather than risk their lives. Khaalis Rolle told Tribune Business yesterday: I think its gone far beyond the cost of operations. There is a psychological aspect of crime that businesses experience that were not factoring into this equation. As a business owner I now have to watch my back at every step in my daily process. That takes a toll on me, physically, mentally and couple that with financially, it takes major toll on how you operatea business and the reason you are in business. He added: There are some people I have heard say that they want to get out of business; not because they are not making any money, but because its too risky. Their lives are more important than making money. When you $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.09 $5.04 $5.03 T HETRIBUNE SECTIONB firstname.lastname@example.orgFRIDAY, OCTOBER 28, 2011 Home at last!3 bed, 2 bath, open oor plan. Just the house youve dreamed about. Low down payment, affordable terms, and prompt service. Just the mortgage youve searched for.A Family Guardian mortgage. RESIDENTIAL & COMMERCIAL MORTGAGES A member of the FamGuard Group of Companies CONTACT OUR MORTGAGE DEPARTMENT TODAY FamGuard Corporate Centre (NPFPO +242 396-4040 (NP) or +242-352-3670 (FPO I www.familyguardian.com A MBESTA-ExcellentFinancialStrengthRating *Trademark of The Bank of Nova Scotia, used under licence (where applicable) Keep your loose change in a jar. Discover whats possibleOnce its full, deposit it in your savings account. Repeat. Thats one easy way to save money. For more simple tips, get your free booklet at your nearest branch or visit us online today.scotiabank.com/worldsavingsdaySimple Saving Tip #10 By NEIL HARTNELL Tribune Business Editor E XUMASecosystem habitats c ould generate $4.1 million in econ omic service flows over the next 25 years, a report for the Bahamas National Trust (BNT describing the area as a huge ecological and economic endowment for t hat island and the wider Bahamas. D r Venetia Hargreaves-Allen and D r Linwood Pendelton, in a report a ssessing the economic value and way t o sustain protected areas in the Bahamas, said habitats such as beaches, coral reefs, estuaries and seabedsb enefited the Bahamas in numerous ways, providing the platform for economic activities such as fishing, tourism, recreation and education. The habitats on Exuma provide an estimated average of $105,000 per square kilometre per year in ecosystem services (ranging from $8,000 for estuaries to $216,000 for beaches), the report said. Given habitat area estimates, the Exuma area enjoys $230 million in annual ecosystem service flows. Overt he next 25 years, this equals a benefit of $4.1 billion. Conversion of natural habitats in the Exumas is likely to involve a loss of at least $55,000 in a nnual benefits for each square kilometre. Assessing the 186 square mile Exum a Cays Land and Sea Park, Drs Harg reaves-Allen and Pendelton d escribed it as being of exceptional beauty and the sailing capital of the Bahamas, aided by lower levels of development than found elsewhere and protection from fishing for 24 years. Among the major economic activities were tourism, diving, second home development, wildlife viewing,r esearch and fisheries benefits accruing to fisheries outside the park and off other islands. The study estimated that the Exum a Cay Land and Sea Parks generated $9 million in direct and measurable economic impact in 2009, which s upported 110 direct jobs and some 2 0,000 visitors. B y NEIL HARTNELL Tribune Business Editor SECURITY & GENERA LSnewly-appointed general manager yesterday said he aimed to awaken the sleeping giant of the B ahamian general insurance i ndustry, more than doubling its existing gross writ-t en premiums to a $50 mill ion business within six-seven years. E mphasising that the p roperty and casualty underw riter would not abandon its conservative approach, but would seek to take onm ore high-quality risks, Terence Rollins told Tribune Business there was huge potential to expand the $50M TARGET TO AWAKEN A SLEEPING GIANT Security & General sees huge potential to more t han double $23m top-line in six-seven years Looks at selectively expanded risk appetite Receivables troublemakers weeded out SEE page 4B By NEIL HARTNELL T ribune Business Editor LEADINGBahamian insurance executives yesterday warned that elimi nating the requirement for police officers to attend all vehicle accidents could lead to a rise in fraudulent claims, some t hing that would ultimately cause i ncreased premium costs for the Bahamian public. Responding to the Road Traffic Act amendments, debated by the House of Assembly on Wednesday, both Steve Watson, RoyalStar Assurances manag-i ng director, and Timothy Ingraham, Summit Insurances president, warned that without police officers to determine liability, the traffic-related claims process w ould be more protracted, costly and contentious. Its not unheard of for people to make false, fraudulent claims, even stage accidents, Mr Watson told TribuneB usiness. If people know the police have to attend, thats a big disincentive to commit fraud. Its one thing to defraud the insurance company, its another thing to lie to, and defraud, the police. We require a police report to make s ure were not being defrauded, and its not in societys interests for us to be d efrauded, because all that does is raise premiums again, Mr Watson added. In the Bahamas the industry, in cooperation with the police, does a much better job than in other parts of thew orld in minimising that thing. Mr Ingraham, Summits president, told Tribune Business that eliminating the need for police officers to attend minor traffic accident scenes could potentially have unintended conseq uences that negatively impacted both INSURERS FEAR GROWTH IN FRAUDULENT CLAIMS Consequence of police not needing to attend minor accident scenes Worry it will increase premium costs for Bahamian motorists Claims process to be more fraught, costly, and lengthy SEE page 5B EXUMA PARKS $4.1BN HABITAT ENDOWMENT Study reveals cays multi-million dollar value to Bahamian economy SEE page 4B B y NATARIO McKENZIE T ribune Business Reporter email@example.com T HE CUSTOMS Department yesterday said it had heightened its crackdown on the abuse of bonded vehicles in Freeport, admitting it was looking for every cent of revenue itc ould get affter finding 15 violations to-date. Lincoln Strachan, assistant comptroller of Customs with responsibility for Freeport, told Tribune Business: We are conducting exercises in the Port area to ensure that all goods are u sed for what they were imported for; thats bonded goods. Thats what we have been doing. All goods that have been imported conditionally free under b ond, we are conducting an exercise to ensure that those goods are properly put to use in the licensees business. If during the process it has been determined that the goods, including vehicles, are not being used in the operation of ones business, CUSTOMS IN BONDED VEHICLE CRACKDOWN SEE page 5B BUSINESSES CLOSE FROM CRIME FEAR KHAALISROLLE SEE page 5B
By SIMON COOPER Res Socius LIFES A FUNNY OLD T HING, isnt it? Fads and fashions come and go all the time, and what was once so important seldom is now. Relationships once filled with so much passion o ften deteriorate to sheer b oredom, much the same w ay a new car once greatly loved cries out for a wash and polish as it stands rusting in the garden. I ve seen many businesses deteriorate in the same way, too. What was once an enterprise of such hopeful aspiration wastes away l ike a person with dread s ickness. Sometimes the r eason is the onset of competition or a personal difficulty. More often, though, it seems that owners simply lose their interest. Perhaps entrepreneurs h ave a short attention s pan. Bill Gates and R ichard Branson certainl y like to pick up new balls every month. Maybe this is why people go into business in the first place you cant change things easily t hat you do not own yours elf. M y pet theory is that firms waste away because their owners lack unfolding vision. By this I mean a dream that beckons them on beyond the here-andnow. An archer can no m ore strike a target they b elieve to be out of reach, t han can a businessperson a chieve a goal that they have not defined. I recently watched a previously successful Nassau business literally vaporise i n the face of the current d ownturn. I had been s hopping there for several years, and begged the owner to do something while he had the time. I even offered some free coaching advice. My friend just shrugged his shoulders. T heres nothing I can do, h e said, its all but over for m e. To me the most peculiar thing of all is that these failing businesses often r epresent the owners life s avings, or their pension. If the money was in unit t rusts instead, I bet theyd s hift it elsewhere. Why d ont they at least let me try to sell the shell for thel ittle that it is still worth, so s omeone else with fresh vision can restart it? You t ell me. The knock-out blow comes when businesses with failing owners (for this is what they are) start t o founder on the rocks of a recession like we are g oing through now. It is almost as if their owners expect things to suddenly improve, or hope the Christmas season will pull them right. Unfortunately, every s ale they lose goes somew here else, usually forever. B ahamian consumers are taking strain, too. They can and will buy cheaper elsewhere where they can, be i t on the Internet or in M iami. The clock does not go backwards despite the i mpression some have of t he Bahamas. The only w ay is forward. Business owners must accept this,a nd move onwards. NB: Simon Cooper is a founding partner of Res Socius, a business brokerage firm authorised by the B ahamas Investment A uthority that facilitates t he sale and purchase of b usinesses. Contact 6368 831 or visit www.ressoc ius.com. BUSINESS PAGE 2B, FRIDAY, OCTOBER 28, 2011 THE TRIBUNE NASSAU INSURANCE BROKERS AND AGENTS LIMITEDAtlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Suite 6,Jasmine Corporate Center,East Sunrise Highway P.O.Box F-42655,Freeport Tel.Nassau 677-6422 Freeport 352-6422 www.nibaquote.com Open Saturdays10.00am-2.00pm (not Freeport) Surprise yourself with a home and motor quote from NIBA! Pay less for your insurance.Checking your home or motor insurance cover? Check your prices too.You can buy a lot of cover for a lot less with NIBA! Your insurance is backed by a company which has settled over $300 million in claims for 11 hurricanes since 2000.SAVE $$$ when you insure your home! Low rates and low deductibles for motor cover! Interest-free installment payments (home insurance) Fast claims service,generous liability cover Tel.Nassau 677-6422/Freeport 352-6422 or visit www.nibaquote.com ACCEPT REALITY, MOVE ONWARDS SIMONCOOPER B y NATARIO McKENZIE Tribune Business Reporter n firstname.lastname@example.org A N INVESTMENTof up t o $30-$40 billion will be r equired if a field containing commercially viable quanti-t ies of oil is found in Bahamian waters, the Bahamas Petroleum Companys chief operating offi c er said. chief operating officer of the Bahamas Petroleum Company (BPC Speaking at the sixth annu a l Exuma Business Outlook, Dr Paul Gucwa said there was a "significant chance" off inding oil and gas in the B ahamas. We do think there is a significant chance for finding very large volumes of oil and gas in the Bahamas that will take drilling aw ell. Evidence There is a lot of regional data that played into that, but the primary evidence was the five wells that had been drilled previously. If the well is successful it could mean a lot to the Bahamians in terms ofj obs and opportunities, Dr Gucwa said. H e added: "The Bahamas Petroleum Company is working to maximise value for its shareholders, but we are also working to ensure wealth and opportunity creation for the Bahamian people. To do that we need to drill wells to find out if their is a giant petroleum province in the Bahamas. If drilling is successful, the identified prospects have the potential for multi-billion barrels of oil. In the time it takes from discovery to production it will be time to train Bahamians for the jobs and opport unities that are welcome with t hat development." D r Gucwa said Bahamas Petroleum Company wasw orking with the Govern m ent in its oil exploration efforts. "We are working on paral lel paths with the Government. The Government is putting in the regulations that will oversee the activity, andw hile that is done we are a ligning ourselves with the best practices in the US, UKa nd Norway as we move forw ard to prepare to drill our well. All of us are committed to responsible exploration and protecting the environ m ent, he added. We have done our seismic and geological studies, and by the time our 3D data is processed Bahamas Petroleum would have spent about $50 million evaluating the potential here. The next step is to drill a well, and we estimate that well to drill toa bout 22,000 feet, which will cost $120 mill ion. If we find oil and gas, the step is how big is it? You have to drill more wells, so that investment would be $400 to $600 million. If we realise a commercial development, that expenditure will get up to $30 to $40 billion. That's if you find anything. If you don't, you have lost everything you have spent up to there." Bahamas Petroleum Company holds five petroleum exploration licenses covering 3.87 million acres in Bahamian waters and its maritime exclusive economic zone (EEZ south-west Bahamas near the Cuban border. They vary in acreage from 775,468 acres to 780,316 acres. A fifth license is held through a wholly-owned subsidiary of BPC, Island Offshore Petroleum. OIL EXPLORER: INVESTMENT MAY HIT $40BN IF SUCCESS DR PAUL GUCWA
By NATARIO McKENZIE T ribune Business Reporter email@example.com THE NATIONAL Insurance Board (NIB $2.1 million to private pharmacies under the National Prescription Drug Plan up to August 2011, according to its director. Speaking at the sixth annual Exuma Business Outlook, Algernon Cargill said: We have seen the private sector outperforming the public sector. As of August of this year,we have paid out more than $2.1 million to private phar macies. We pay on average 2,200 claims on a weekly basis, that is in the private sector, and 340 in the public sector. Our average weekly payout is $42,000. It has now increased to $70,000 plus. He added: "We have more than 60,000 persons registered for the plan. We have over 110 locations where you can receive prescription medication and supplies free. We've filled more than 100,000 prescriptions in the private sector. With regards to Exuma, Mr Cargill added: There are six public pharmacies participating in Exuma and one private pharmacy. As of February of this year, we paid out almost $23,000 here in Exuma to pharmacies. Mr Cargill said that in 2008, Exumians contributed $2.5 million to the NIB fund. This fell to $1.96 million in 2009, rose to $2.1 million in 2010, and thus far this year Exuma has contributed $1.6 million to NIB. Over the past three years we have seen a steady level of contributions in Exuma. We have paid out almost $3 million here in Exuma over the same period. Among the largest payouts have been in retirement benefits of almost $44,000, and almost $1.2 million in unemployment benefits since it became a permanent benefit in 2009, Mr Cargill said. He added: Here in Exuma we see a steady improvement in newly unemployed persons leaving the workforce. I am certain that a key fact or of this has been a strong vote of confidence demon strated here in Exuma by the hospitality sector particularly Sandals at Emerald Bay. By NEIL HARTNELL Tribune Business Editor BAHAMIANinsurers yesterday backed amendments to end Road Act coverage as beneficial for Bahamian society, although some expressed concerns that claims levels and premiums could increase as a result, and that there was no attempt to combat uninsured drivers. Steve Watson, RoyalStar Assurances managing director, told Tribune Business that with Bahamian motorists now requiring third party insurance at a minimum, claims levels and premiums were likely to rise although not significantly. Under Road Act coverage, drivers are not liable to damage done to other vehicles or property in any accident they cause, nor for injuries suffered by passengers in their own vehicle. The only time there is such liability is when the vehicle is driven for hire or reward, such as a taxi or jitney, or for work purposes. Generally, its a good thing for society, Mr Watson said of the end to Road Act coverage. Its the right thing to do, but its going to result in insurers paying more claims and premiums going up. But its wrong for people to be driving around and not have insurance coverage to pay for someone elses car, property or injuries. The higher premiums, Mr Watson said, would result from Bahamian general insurance underwriters having to pay out more in losses, since the elimination of Road Act meant more risks/liabilities would be covered. Though unable to say how much industry payouts and premiums were likely to increase, due to the absence of data, Mr Watson said: My feeling is it will not be significant, but it will not be small either. He added that there was likely to be a time lag between the Road Traffic Act amendments enforcement and the industrys response to the likely higher level of claims incurred. The bigger issue, and I dont know how you address it, is the m ore uninsured drivers on the roads, Mr Watson said. The only way to enforce that is a much better registry at the Vehicle Licensing Department. It shouldnt be difficult to do given the relatively small number of vehicles on the road. The Bahamas, he suggested, n eeded a similar database to the UKs, containing vehicle licensing, registration and inspection details. UK police officers were able to verify such details by calling in information via their radios, and there was no reason why the Bahamas could not do the s ame, given Britains 50-60 million population. Its very doable, and while it costs money and thats not freely available, its a big societal issue, Mr Watson said. It should be addressed to make sure the incidence of uninsured drivers is as little as possible. O ther places are more advanced in cracking down on it with computer systems and central databases. The RoyalStar chief said several of the carriers clients had been seriously injured in accidents involving uninsured drivers, which raised the question o f how they were to be compensated if it was a life-changing injury. Timothy Ingraham, Summit Insurances president, said the elimination of Road Act insurance coverage would not have a significant impact for the carrier and wider industry. H e said Road Act cover was less than 5 per cent of Summits motor vehicle insurance book of business, and most such risks were found in the Family Islands rather than Nassau or Grand Bahama. Marvin Bethell, managing director of J S Johnson, said t he change should have been done a long time ago, the insurance industry having pushed for the elimination of Road Act coverage for years. Describing the move as positive, Mr Bethell said: Most companies had anticipated this would happen, and write very l ittle Road Act insurance in any event. The impact is going to be negligible. With very few Road Act policies in effect, Mr Bethell said the main beneficiaries would be Bahamian consumers, who would no longer have to fear being hit by a driver with t hat coverage. As a result, some might decide to drop comprehensive cover in favour of third party, reducing premium costs. BUSINESS T HE TRIBUNE FRIDAY, OCTOBER 28, 2011, PAGE 3B INSURERS BACK BENEFICIAL ROAD ACT ELIMINATION But concerns linger over u ninsured drivers, possible premium/claims level rises NIB PAYS $2.1MILLION TO PRIVATE PHARMACIES A LGERNONCARGILL INVESTORSbehind the eastern New Providence-based Palm Cay development have hosted a welcome cocktail reception for their new chief executive, Richard Browning, at the British Colonial Hilton Hotel. His arrival marks the beginning of Palm Cays next phase in construction development, and a new branding and marketing programme for the waterfront residential development and marina on Eastern Road. Guests included members of Nassaus business community, and sailor King Eric Gibson shared his knowledge on the many sailing activities and island regattas around the Bahamas. Mr Browning brings 30 years of development management experience to the post, and has wide experience in all aspects of leisure resort construction and management, including financial structuring, master planning and local and international sales and marketing. Over the last two decades he has overseen the development of six award-winning, multi-mil lion dollar residential golf communities, including the high profile Oubaai Golf Resort in South Africa, featuring an Ernie Els designed Signature golf course. His most recent project involved the launch, development and delivery of Riffa Views in the Kingdom of Bahrain, heading up the management team of the 900-villa development around a new 18-hole PGA Colin Montgomerie golf course. Palm Cay is a 400-home development in a gat ed environment, with a marina and clubhouse offering a water-front lifestyle. NEW DEVELOPMENT CHIEF WELCOMED L to R : Businessman Errol McKinney; Palm Cay chief executive Richard Browning; 'King' Eric Gibson. Photo/Valentino Kemp.
BUSINESS PAGE 4B, FRIDAY, OCTOBER 28, 2011 THE TRIBUNE t op-line beyond its current $23 million gross written premiums (GWP annum. Explaining that Security & General was exploring an expansion of its B ahamas footprint beyond i ts traditional New Provid ence and Freeport focus, a long with setting up an office in Turks & Caicos, Mr Rollins his first four months had been spent laying down the building blocks for the next five-s ix years. A dding that the carrie rs previous problems w ith a large multi-million dollar accounts receiv-a bles balance had been largely sorted, Mr Rollins and Paul Ross, Security & Generals broker relationship manager, s aid the troublemakers who had failed to pass on premium income due to it had been removed from its distribution base. If they allow me to do what need to be done, Id like to grow it to a $50 million gross written premium business within sixseven years. It is achievable, Mr Rollins told Tribune Business of Security & General. It has huge potential. If we could free the reins on risk appetite, coupled with a restrictive reinsurance programme..... were not going to achieve this in 2012, but could easily in four-five years time go to $46-$50 million, depending on what sort of approach we want to take to risk appetite. H e explained, though, that his strategy was for selective growth of top line income, the main focus being on risk management to ensure Security & General only accepted high-quality risks likely to generate good r eturns. T he general insurance c arrier, Mr Rollins said, w ould adopt a slightly m ore aggressive posture o n accepting good-quality risks. He explained that he wanted good risks atk een prices, as opposed to bad risks at exorbitant prices. Selective S uggesting that his appointment, and other moves, indicated that S ecurity & Generals Bermuda-based parent, C olonial Group International, was not looking for its Bahamian general carr ier to grow at just 3-4 per cent per annum, Mr R ollins said: We are never going to be this months kamikaze under-w riter. Were going to be selective and use our e xpertise. Security & General, based on its accumulated earnings, has not been theB ahamian property and casualty industrys best bottom line performer,b ut Mr Rollins said a m ore meaningful indica tor was its underwriting profit, and its ratio to gross written premiums. E xplaining that Security & General, although hav ing some Bahamian share h olders, was ultimately majority-owned by a fam ily trust, Mr Rollins said its bottom line was nott he greatest indicator. Its B ermuda-based parent group, though, still received a large contri bution to its consolidated profits from the Bahamian carrier. W hen it came to underw riting profits, especially a s a percentage of gross written premium, Mr Rollins said: Were up there among the best in this market, and there are only two of those upt here. Were within a couple of percentage points. Solid Casting his eyes over what he had inherited at Security & General, Mr Rollins told Tribune Business: Its a very, very solid business. Its very solvent. Its cash rich. Retent ion rates are solid but not s tellar. It is a company that h as certainly kept its lights u nder a bushel. Its got a v ery good, high quality product range..... I think weve got some unlever-a ged potential for risk we could eat if not for a healthier appetite.... Were looking at our reinsurance structure vis a vis risk appetite. Pointing to the top A. M Best rating that Secur ity & General and its a ffiliates had received, Mr Rollins praised the deptho f the carriers in-house u nderwriting expertise. He added that the strong underwriting returns Security & General had consistently produced, and the good returns enjoyed, would f urther encourage reinsurance support. Mr Rollins said Security & General was also exami ning its premium rates for v ehicle and home, adding: Were very aware of some aggressive pricingg oing on between some banks and brokers. Well also have a look at our geographical foot p rint in terms of profile of the risks we write throughout the Bahamas, he added. Historically,w e have had a very light footprint beyond New Providence and Freeport.W e may look at the poten t ial for having a slightly heavier footprint beyond those two geographical stalwarts, but do it veryc autiously, because we know the quality of building and maintenance in the Family Islands is not as good as it should be. W ith two agents in the T urks & Caicos, Mr R ollins said Security & General was also assessing whether to follow other Bahamian insurance players by establishing a permanent presence there. S ome 22 per cent, or $5 million of its current $23 million in gross written premiums, came from the Bahamas southern neighbour, and Mr Rollins said Security & General was exploring ways to reinforce its presence there. Mr Ross, meanwhile, s aid Security & Generals accounts receivables issues had been largely s orted. Weve weeded out a ll the troublemakers in t hat area. T he carriers agent/brok er network now numbers 1 1 in the Bahamas, having hit 23 at one time, and Mr Ross said there had beena positive reaction to the new general managers a rrival and his strategy for the future. Structure M r Rollins said Security & General had within the last month beefed up itsr elationship management p rogramme with the brokers/agents, introducing more structure and performance benchmarks. Were going to be rolling out a product ownership and familiarisation p lan with key supporting brokers, so theyre better able to understand it and its advantages over ourc ompetitors, he added. M r Rollins said he also aimed to reduce fractional costs by offering multi-p roduct packages, chal lenging what he described as the monolithic products of competitors. It is a sleeping giant, he added of Security & General. Rome wasnt built in a days, but weveg ot the ability to make infinitely more and make greater returns. Its been a re-evalua t ion and re-examination to lay down the building blocks for the next fivesix years. You cant learni t all in four months, even if you adapt quickly. $50M TARGET TO AWAKEN A SLEEPING GIANT T ourism accounted for 91 per cent of economic activity, photography 6 per cent, research some 2 per cent, and volunteer work another 1 per cent. The economic impact of the private cays or fisheries benefits could also be high, but this could not be measured due to lack of i nformation, the report added. If we take into account the secondary economic impacts from this spending, we e stimate a likely overall impact of $16.6 mill ion in 2009 (a range of $12.2 million-$20.6 m illion). To estimate the impact of this over a 25year period, and discounting it by 2.9 perc ent per annum, Drs Hargreaves-Allen and P endelton arrived at an economic impact of at least $220 million and up to $374 million over the next five years. U rging that a sustainable management plan for the Exuma Cays Land and Sea Parkbe implemented, with conservation-based goals well defined, the report identified fivef unding sources that would increase the parks annual budget by $1.5 million per annum. T hese included increasing real property t axes on private real estate inside the Exuma park by 0.1 per cent, and a $1 per night vol untary surcharge added to hotel bills. The $1.5 million is based on 10 per cent of hotelg uests paying, but it was estimated that the surcharge could raise $1 million towards conservation annually. Working in conjunction with operators, the report said $140,000 could be raised annually in fees from divers, who currently do not contribute to the Parks upkeep. Increases in fees for divers and snorkellers c ould raise $363,000 each year for species c onservation, as visitors would pay $3.10$ 3.60 per additional viewing per trip, the s tudy said. E ntrance fees could be levied on boaters, but deducted from mooring fees, while another form of funding was the creation of a research facility. This would require an upfront, first-year $500,000 infrastructure investment. Drs Hargreaves-Allen and Pendelton said r esults from a visitor survey showed that tourists would pay $14.20 more per day to visit if the Exuma Cays Land and Sea Park was a World Heritage Site. O nly 13 per cent of visitors said they w ould not pay, but a $10 fee was projected to raise $300,000 per annum. Visitors were also willing to pay $12 per day for sewaget reatment to improve water quality, the study said. If fees were set at $7 (the medi an value), results suggest $210,0000 could be raised annually. D rs Hargreaves-Allen and Pendelton said: The Exumas could act as a flagship area for conservation to avoid regional environ mental decline. The ecosystems, species and landscapes of the Exuma Cays represent a huge eco logical and economic endowment for the p eople of the Exumas, the Bahamas and f or the wider Caribbean region....... Fortu nately, the Exuma Cays has the opportunity to implement a number of measures in the next five-10 years to protect their valuablee nvironment from threats which could oth erwise degrade its ecosystem services. FROM page one EXUMA PARKS $4.1BN HABITAT ENDOWMENT FROM page one I I f f t t h h e e y y a a l l l l o o w w m m e e t t o o d d o o w w h h a a t t n n e e e e d d t t o o b b e e d d o o n n e e , I I d d l l i i k k e e t t o o g g r r o o w w i i t t t t o o a a $ $ 5 5 0 0 m m i i l l l l i i o o n n g g r r o o s s s s w w r r i i t t t t e e n n p p r r e e m m i i u u m m b b u u s s i i n n e e s s s s w w i i t t h h i i n n s s i i x x s s e e v v e e n n y y e e a a r r s s . I I t t i i s s a a c c h h i i e e v v a a b b l l e e . Terence Rollins
NEW YORK Associated Press HIGHER OIL PRICES have masked a slowdown in production among the biggest oil companies. Exxon Mobil, Royal Dutch Shell and BP reported a surge in quarterly profits this week even though they're producing less oil from fields around the world, including a combined 7 percent decline in the third quarter that just ended. Each company has devoted billions of dollars to finding new petroleum deposits, but it could be years, even decades, before those investments translate to more oil and natural gas. Experts say smaller companies will need to step up to satisfy growing world demand. China, India and other developing nations are expected to push the global appetite for oil to a record 90 million barrels per day next year, enough to outstrip supplies. Three years ago, a severe drop in oil supplies helped push oil prices to above $147 per barrel, leaving airlines and shipping companies with high fuel costs. Gasoline prices soared above a national average $4 per gallon. "We're not at the point where oil prices are going to go bananas" and spike like they did in 2008, said Ken Medlock, an energy expert at Rice University. "But if we saw production declines like this for five or six years, then it's time to worry." Big Oil's third-quarter financial results highlight a growing problem within the industry. New petroleum sources are increasingly tough and expensive to find. The best new deposits are found more than a mile under the ocean, or in vast layers ofs ticky Canadian sand, or in the frigid Arctic. Costs have increased dramatically as the industry digs deeper. A decade ago, tapping a new well used to cost about $10 to $20 for every barrel of oil produced. Now it's estimated at about $50 or $60 for wells in the Gulf of Mexico and $70 or $80 in the Canadian oil sands. To boost production, oil companies not only must find new sources of oil, they need to make up for production losses at aging fields. Exxon's fields, for example, are declining by 5 to 7 percent each year, Oppenheimer & Co. analyst Fadel Gheit said. "They need to add 200,000 to 300,000 barrels a day of production just to break even," Gheit said. "That's huge." Exxon hasn't been able to keep up this year. Its oil production fell 7 percent in the July-September quarter. Some of the declines resulted from deals that limit the amount of oil Exxon can sell as prices rise on international markets. Excluding those limits, however, produc tion was still flat. From January to Septem ber, the company produced an average of 2.33 million barrels per day the smallest daily amount since at least 2005. Other oil majors aren't far ing much better. BP said oil production dropped 10.6 percent in the quarter to 2.08 million barrels per day. Shell said oil production fell almost 2 percent in the quarter to 1.68 million barrels per day. Overall, analysts think oil producers can still increase supplies in coming years, thanks to smaller companies and increased contributions from OPEC. But it may not be enough to keep up with demand. Morgan Stanley analyst Hussein Allidina expects supplies to rise by about 1-2 percent every year until 2016. That assumes "flawless execution," Allidina said in a research note. Even if that happens, demand will grow 1.5 percent every year over the same period. It raises the possibility of price spikes. A surge in oil not only means higher fuel prices, it also poses problems for the industry. The record jump in oil prices in 2008 may have led to record profits for Exxon that year, but it weakened the economy so much that prices eventually plunged. That sapped profits in later quarters and forced the industry to table many projects. BUSINESS T HE TRIBUNE FRIDAY, OCTOBER 28, 2011, PAGE 5B the insurance industry and Bahamian consumers. E xplaining that he unders tood why the Government was seeking to free up police time to deal with more seri-o us issues, Mr Ingraham said: Its also going to havei mplications for fraud. A lot of people do not h ave a problem reporting fraudulent claims to us, but if the police are in the processi ts a whole other thing for them to consider. What is a civil matter becomes a criminal matter. I think this will lead to a lot more fraud, and increased costs for insurance companies t o investigate accidents and deal with legal expenses. That will lead, eventually, toi ncreased costs for the motoring consumer from increased premiums. Police accident reports, and d eterminations of who was liable, were vital in weeding out fraudulent claims, Mr I ngraham explained. Motor vehicle insurance claims were paid out of anu nderwriters premium i ncome pot and, if as a result of fraud, claims exceeded this sum, Mr Ingraham said Bahamian general carriers could only respond in two ways increase premiums or stop writing that particular line of business. The Summit president suggested the Government should have included a compromise in the Road Traffic Act amendments where, if a police officer did not have to attend an accident scene, those involved should go with their vehicles, if drivableto a police station to report the incident within 24 hours of it taking place. The report, and police assessment of the damaged vehicles, would thus act as a s afeguard against fraudulent claims. The one thing that does concern us with the new legislation is the removal of the r equirement for police officers to have to investigate s mall traffic accidents, Mr Ingraham reiterated. I think the results of that are going to lead to some concerns that I m not sure the authorities have considered. Adding that he was u naware of the definition of a minor traffic accident, Mr Ingraham said that with no police attendance, parties involved in an incident would refuse to admit responsibili ty/liability for it even if it w as their fault. They would refuse to fix the other partys vehicle, or aid in processing an insurance c laim. Youre going to have lots of disputes over liability and who is to be charged for t he accident, Mr Ingraham told Tribune Business. Thats going to lead to m ore conflict, and more peop le having to sue in court to get damages. I think the removal of the police will have consequences. Prime Minister Hubert Ingraham, in wrapping up debate on the Act amendments, accused the Bahamian insurance industry of having an easy ride for 60 years when it came to motor vehicle insurance, since by having to attend every accident scene the police were effectively having to act as the sectors loss adjusters. RoyalStars Mr Watson, though, had a slightly differ ent take on the situation, telling Tribune Business: Theres more to it than t hat. He explained that while Bahamian police officers acted as arbitrators, determining who was at fault for traffic accidents, it was s till the insurance companies who adjusted the losses and d etermined the actual damages/claims payouts. The system here works very simply, he added. The p olice say: Youre at fault, end of story. It stops the bickering, and claims getp rocessed much more quickl y. The Prime Minister is being general in his com ments, because we still have to adjust the loss. The insur ance companies put the quan t um on the loss, assessing damage to your vehicle, damage to the other persons vehicle, and any injuries c aused. We still adjust the losses; the police just apportion fault. M r Watson said police also needed to attend accident scenes to be able to chargep ersons with driving offences. U sing the example of a driver who rear-ended another, he questioned whether this person would still be charged with driving without due care and attention if officers were not present. This, the RoyalStar chief suggested, could remove a deterrent to bad driving. Pointing out that Bahamian general insurers were not empowered to determine who was at fault in road traffic accidents, especially since they would be biased in favour of their own clients, Mr Watson said: The police do provide a valuable service. Theyre not adjusters; theyre umpires, referees. t hen we ask the licensee to come in and pay duty in accordance with Section 83 of the Customs Management Act or we will seize the vehicle pending the payment of the duty. Tribune Business had been told that Customs officers were checking cars parked inb usiness and hotel parking lots, ensuring bonded vehicles were not being used simply to take w orkers to work or ferry family members a round on pleasure trips. Mr Strachan added: The exercise has always been ongoing, but we were able to h eighten it because we have for the past year n ow had a full complement of staff, so we are able to police the area more so than we would h ave done in the past. I believe so far, as it r elates to vehicles, we have had about 15 infractions. The investigation exercise is ongoing. Folks have been coming in. M r Strachan said the law is clear with regards to the use of bonded goods. He told Tribune Business: The law is clear in that regard. Once you use the goods for other purp oses than which you were granted the exempt ion, the duty becomes payable. The law requires that the duty be paid. You have to bear in mind you have any number of citizens who would have paid their duty on their vehicles. He added: Once a person imports a free vehicle under bond, the duty is exempt also on the fuel. So you could imagine what amount of duty Customs would be losing if it allowed it to g o on. We are looking for every amount of reve nue we can get. Were under fiscal restraints, so everyone has to pay where there is a legitimate cause for payment. Thats where we come in to ensure that the proper duty is collected, and where there is any infraction we a ddress it. They can appeal our decision to t he courts; we are doing things strictly in accord ance with the law. start to evaluate it from that perspective, it is completelyo ut of control. M r Rolle who was also a g uest speaker at the Rotary Club of West Nassau, said it was no secret that crime in the Bahamas was at an epidemic level. While I agree that crime s hould be addressed as a community, combating crime effectively takes the will of a government by putting poli-c ies in place that are resolute, t hat are comprehensive and t hat address the underlying pathology of this issue, the potential PLP candidate for Pinewood said. Crime is too high and h ope is too low in this count ry. The fear of crime is preventing people from going out at night, and preventing them from doing the things that they would normally do. Mr Rolle added: In the b usiness community, one of t he biggest concerns you have i s the under education of employees that come into your business, and you can trace that back to a lot of the problems we face in this coun-t ry as a whole. We have to make it easier for entrepreneurs to create jobs and business owners to expand their businesses. F ROM page one BUSINESSES CLOSE FROM CRIME FEAR CUSTOMS IN BONDED VEHICLE CRACKDOWN FROM page one FROM page one INSURERS FEAR GROWTH IN FRAUDULENT CLAIMS GAS PRICES are displayed at a Mobil station in Quincy, Mass. Exxon M obil said Thursday, its net income rose 41 percent in the third quarter as higher oil and natural gas prices made up for lower production. (AP HIGHER PRICES BOOST BIG OIL 3Q PROFITS
FRANKFURT, Germany Associated Press W ITHtheir late-night deal to cut Greece's debt and support other wobbly countries, European leaders bought time to work out more lasting solutions to t he crisis plaguing the euro c urrency bloc. What they do with that time will determine whether this summit succeeds where many others have failed. Thursday's three-pronged deal at long last appears to h ave met or beaten expect ations for some kind of d ecisive action, judging by stock market rallies in Europe and around the world. It retools the euroz one's underpowered b ailout fund, calls on banks to take 50 percent losses on G reek bonds and orders t hem to raise euro106 bill ion in new capital by June. "The summit is likely to b e the corner from where t he odds start to change in the right direction," said Erik Nielsen, global chief economist at Unicredit. B ut European leaders w ill have to work out the complex financial details q uickly and skillfully. It's u nclear whether the bailout fund changes will be enough to prop up Italiana nd Spanish banks, or whether the bond writedown will be enough to pull Greece from the brink. A long with that, countries with sluggish economies, particularly I taly, will have to show that t hey are becoming better p laces to do business and improving growth thek ey to paying down debt in t he long run. So the debt crisis is still far from over. But with luck the eurozone's 17 governments might get a chance to work on it for a while without fear that a single misstep will take the sharedc urrency over the edge. Crisis The respite could be s hort if they return to the fudges and procrastination that have so far marked their response to the crisis,w hich broke out just over t wo years ago when Greece admitted to the EU statis tics agency that its finances were much worse than reported. Since then, more than a dozen late-night summitsa nd carefully negotiated and crafted statements have failed to get ahead of mar ket fears that Greece would d efault on its debts and sink t he banking system and the wider economy. The crisis also took down Ireland andP ortugal, which like Greece were forced to take a bailout because they couldn't borrow affordably and f aced default on maturing bonds. The hope now is that the t rio of measures crafted in B russels on Wednesday and T hursday will give European countries someb reathing space within w hich to focus on getting their economies growing again. That would help reduce debt and boost confidence in the region's financial markets and banking sectors, reversing what had threatened to be ad ownward spiral. The most difficult part of the plan was persuadingb anks to take 50 percent l osses on their Greek bonds to make the country's debt pile small enough for Greece to be capable ofr epaying it. But even that massive "haircut" might not be enough. T he deal will cut Greek debt to 120 percent of economic output by 2020, from 180 percent otherwise. Yetd ebt of more than 100 per c ent of GDP is still breath takingly high. European leaders agreed t o push Europe's banks to raise euro106 billion in new capital by June, to protect against losses from the G reek debt writedown. The money will come from gove rnments if it can't be raised from investors or by selling assets. The euro440 billion ($610 billion) bailout fund theE uropean Financial Stability Facility will be r eworked to make its firep ower equivalent to around euro1 trillion ($1.39 trill ion), to make it better able to help large but wobbly c ountries such as Italy and Spain. T he EFSF will insure part o f the potential losses on the debt of those countries,t o relieve fears of default a nd lower the interest rate investors want. The spiral ing cost of borrowing was what sank smaller Greece,I reland and Portugal. Eurozone finance ministers are to work out thet erms of the scheme in November, but there are already doubts about how leveraging the bailoutf und's limited resources will w ork. Joerg Kraemer, the chief economist at Com merzbank, said it was not at all clear that such a guar antee which essentially admits there are fears ofd efault will appeal to g overnment bond investors, who typically want safe investments. And the "voluntary" Greek writedown pushed on banks might convince some potential bond buyers that if there's more trouble, they'll be asked to pony up instead of being com pensated through the EFSF's insurance program. If the EFSF plan isn't enough to magnify its power, wealthier governments such as Germany, France and the Netherlands may have to put more money into it. But with bailouts unpopular in the countries funding them, governments will resist unless the fate of the euro appears once again at stake meaning back to the brink. "This alone suggests that the sovereign debt crisis will continue to become exace rbated before ebbing off," said Kraemer. I t's also not clear how long the European Central Bank will continue key purchases of government bonds, keeping borrowingc osts down. The EFSF has the power to do that, but s kimpy resources, econom ists say. There is always the dang er that governments will not properly implement the r eforms they have promised. That has been as ticking point with Greece, w hich has been reluctant to cut jobs in the public sec t or, and promises to be an i ssue in other countries, like Italy, where labor unions are powerful. Def icits L onger-term forces also are making recovery more difficult for the eurozone's weakest members. Larget rade imbalances remain, meaning big surpluses in countries like Germany willc reate deficits in importing countries like Greece. Without the safety valve of shifting exchange rates, thati s unlikely to change soon. D espite the host of ques tions, markets cheered the European leaders' plan.S tocks surged 5 percent in France and 4.7 percent in Germany, the euro's core where banks are heavily exposed. Indexes in Lon don and New York also rose substantially. "Market participants in the U.S. and London are weary of eurozone prob lems," wrote Stephen Lewis at Monument Securities in London. "They would have been satisfied with any statement on debt that had enough substance to allow them to move on to fresh themes." Lewis said Thursday's agreement "fits that bill and buys eurozone leaders more time." How they use that time is now very much the question. BUSINESS PAGE 6B, FRIDAY, OCTOBER 28, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.97AML Foods Limited1.181.180.000.1480.0408.03.39% 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% 1 1.108.29Cable Bahamas8.468.460.000.2450.32034.53.78% 2.802.33Colina Holdings2.602.600.000.4380.0405.91.54% 8.508.33Commonwealth Brewery8.508.500.001000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.556.54-0.013,1780.4960.32013.24.89% 2.001.63Consolidated Water BDRs1.911.940.030.1110.04517.52.32% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 7.505.35Finco5.355.350.000.7570.0007.10.00% 9.457.75CIBC FirstCaribbean Bank8.148.140.000.4940.35016.54.30% 6.005.00Focol (S 5.335.330.000.4350.22012.34.13% 1 .001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 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% 1 0.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 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) +FBB15100.000.00B ISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%THURSDAY, 27 OCTOBER 2011BISX ALL SHARE INDEX: CLOSE 1,367.25 | CHG -0.43 | %CHG -0.03 | YTD -132.26 | YTD % -8.82BISX 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 5 2wk-Hi52wk-LowSymbolBid $ A s k $Last PriceDaily Vol.EPS $Div $P/EYield 1 0.065.01Bahamas 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%Last 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 Fund1.18773.59%4.94% 1.13431.0000FG Financial Growth Fund1.14152.06%4.07% 1.17641.0000FG Financial Diversified Fund1.18903.47%5.04% 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 30-Sep-11BISX Listed Mutual Funds30-Jun-11 30-Sep-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 TERMS30-Sep-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 (PSOR\PHQWSSRUWXQLW\ S \ SS \ 5(67$85$17$1$*(56(('(')25 /($',1*$67)22')5$1&+,6( 5 (48,5(0(176 0XVWKDYHDWOHDVWWZRf\HDUVRI UHVWDXUDQWPDQDJHPHQWRUIRRGtEHYHUDJH PDQDJHPHQWH[SHULHQFH 0XVWKDYHVWURQJOHDGHUVKLSVNLOOV 0XVWEHFXVWRPHUVHUYLFHGULYHQ 0XVWEHUHVXOWVRULHQWHGtDUWLFXODWH 0XVWKDYHH[FHOOHQWLQWHUSHUVRQDOVNLOOV 0XVWKDYHH[FHOOHQWRUDOtZULWWHQ FRPPXQLFDWLRQVNLOOV 0F'RQDOGVRIIHUVH[FHOOHQWEHQHWV 3OHDVHVXEPLWHVXPHWR +XPDQHVRXUFHV'HSDUWPHQW 0F'RQDOGV+HDGIFHRQDUNHWWRUWK 3 7 1DVVDX%DKDPDV KXPDQUHVRXUFHVOWG#GDQEUDGOWGFRP EUROZONE WINS RESPITE, BUT IT COULD BE BRIEF A FINANCIAL NEWSPAPER is fixed to a pillar by a newspaper s eller with The Bank of England building behind, in the city of London, Thursday. Investors flocked to the markets early Thursday after European leaders delivered a long-awaiteda ction plan to tackle the eurozone debt crisis and slash Greece's massive debts. 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NEW YORK Associated Press A N AGREEMENTto contain the European debt crisis electrified the stock mar-k et Thursday, driving the Dow Jones Industrial average up nearly 340 points and puttingt he Standard & Poor's 500 i ndex on track for its best month since 1974. Investors were relieved a fter European leaders crafted a deal to slash Greece's debt load and prevent the crisis t here from engulfing larger countries like Italy. The package is aimed at preventing another financial disaster like the one that happened in September 2008 after the collapse of Lehman Brothers. B ut some analysts cautioned that Europe's problems remained unsolved. "The market keeps on t hinking that it's put Europe's problems to bed, but it's like putting a three-year old tob ed: You might put it there but it won't stay there," said David Kelly, chief markets trategist at J.P. Morgan Funds. Kelly said Europe's debt problems will remain an issueu ntil the economies of struggling nations like Greece and Portugal grow again. C ommodities and Treasury yields soared as investors took on more risk. The euro rose s harply against the dollar. S tronger U.S. economic growth and corporate earn ings also contributed to the s urge. The government reported that the American economy grew at a 2.5 per c ent annual rate from July through September on stronger consumer spendinga nd business investment. That was nearly double the 1.3 per cent growth in the previous quarter. Banks agreed to take 50 percent losses on the Greek bonds they hold. Europe will also strengthen a financial res-cue fund to protect the region's banks and other struggling European countries such as Italy and Portugal. "This seems to set aside the worries that there would be a massive contagion over there that would have brought everything down with it," said Mark Lamkin, head of Lamkin Wealth Management. The Dow Jones industrial average soared 339.51 points, or 2.9 percent, to 12,208.55. That was its largest jump since Aug. 11, when it rose 423. All 30 stocks in the Dow rose, led by Bank of AmericaCorp. with a 9.6 percent gain. It was the first time the Dow closed above 12,000 since Aug. 1. Even with Thursday's gains, the Dow remains 4.7 percent below the high for the year it reached April 29. The Dow has fallen every month since then due to a combination of a slowdown in the U.S. economy, a worldwide parts short age after the earthquake and tsunami in Japan, and con cerns about the European debt crisis. The Dow is now at approximately the same level it traded at on July 28. Stocks fell for much of August in the wake of a lastminute deal to prevent the U.S. government from defaulting on its debt. But anticipations of a solution to Europe's debt problems and signs that the U.S. economy is not in another recession have lifted stocks higher throughout October. The Dow is up 11.9 percent for the month so far. With only two full days of trading left in the month, the Dow c ould have its biggest monthly gain since January 1987. The S&P 500 rose 42.59, or 3.7 percent, to 1,284.59. Those gains turned the S&P positive for the year for the first time since Aug. 3, just before the U.S. government's debt was downgraded. The index is up 13.5 percent for the month, its best performance since a 16.3 percent gain in October 1974. The Nasdaq composite leaped up 87.96, or 3.3 percent, to 2,738.63. Small-company stocks rose more than the broader market. That's a sign investors were more comfortable hold ing assets perceived as being risky but also more likely to appreciate in a strong economy. The Russell 2000 index jumped 5.3 percent. Raw materials producers, banks and stocks in other industries that depend on a strong economy for profit growth led the way. Copper jumped 5.8 percent to $3.69 a pound and crude oil jumped 4.2 percent to $93.96 a barrel. The euro rose sharply, to $1.42, as confidence in Europe's financial system grew. The euro was worth $1.39 late Wednesday and had been as low as $1.32 on Oct. 3. European stock indexes also soared. France's CAC-40 rose 6.3 percent and Germany's DAX jumped 6.1 percent. Investors sold U.S. Treasury notes and bonds, an indication they were moving away from safer investments. The yield on the 10-year Treasury note, which moves in the opposite direction of its price, rose to 2.39 percent from 2.21 percent late Wednesday. European leaders still have to finalize the details of their latest plan. French President Nicolas Sarkozy spoke with Chinese President Hu Jintao amid hopes that countries with lots of cash like China can contribute to the European r escue. Past attempts to contain Europe's two-year debt crisis have proved insufficient. Greece has been surviving on rescue loans since May 2010. In July, creditors agreed to take some losses on their Greek bonds, but that wasn't enough to fix the problem. Worries about Europe's debt crisis and a weak U.S. economy dragged the S&P 500 down 19.4 percent between April 29 and Oct. 3. That put it on the cusp of what's called a bear market, which is a 20 percent decline. Since then, there have been a number of more encouraging signs on the U.S. econo my. Despite the jitters over Europe, many large American companies have been reporting strong profit growth in the third quarter. Dow Chemical rose 8.2 per cent after its profit last quarter rose 59 percent on strong sales growth from Latin America. Occidental Petroleum Corp. jumped 9.7 percent after reporting a 50 percent surge in income. Citrix Systems Inc. rose 17.3 percent. The technology com pany's revenue rose 20 per cent last quarter, and it forecast growth of up to 13 per cent for 2012. Akamai Tech nologies Inc., whose products help speed the delivery of online content, jumped 15.4 percent after the company reported earnings that beat analysts' expectations. Avon Products Inc. fell 18 percent, the most in the S&P 500, after the company said the Securities and Exchange Commission is investigating its contacts with financial analysts and Avon's own probe into bribery in China and oth er countries. Nine stocks rose for every one that fell on the New York Stock Exchange. Volume was heavy at 6.5 billion shares. 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(AP A GREEMENT TOCONTAINDEBTELECTRIFIESMARKET EUROPEAN DEBT DEAL LIFTS THE DOW BY ALMOST 340 POINTS SPECIALIST Christopher Culhane works on the floor of the New York Stock Exchange Thursday. (AP