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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER FNMcandidates lose constituencies Volume: 107 No.320WEDNESDAY, NOVEMBER 9, 2011 PRICE 75 (Abaco and Grand Bahama $1.25) WEATHER SUNNY, SHOWER HIGH 85F LOW 73F By PAUL G TURNQUEST Chief Reporter p email@example.com CLIFTON, Kennedy, and E ight Mile Rock have been recommended to be cut from the current slate of 41 con s tituencies, bringing the total number of seats for the 2012 general election to 38, a leaked Boundaries Commission report has revealed. These seats are currently represented by three sitting FNM members of Parliament Kendal Wright, Kenyatta Gibson, and Verna Grant respectively. Other changes to the makeup of the constituencies shows drastic cuts have been made to many of the inner city areas, such as Mount Moriah, St Cecilia, Farm Road, and Englerston. Elizabeth, Yamacraw, Sea Breeze, Pinewood, and Bamboo Town have also seen the removal of a number of their polling divisions as the Com m ission moves to reduce the number of seats in New Providence to 23 and five in Grand Bahama. The Family Islands have remained unchanged in their number of 10 seats. According to the report, of which The Tribune was able to gain a copy, the newly designed constituencies in New Providence have yet to be named but have been numbered listing the polling divisions of previous seats in their current make-up. For instance, the new design of Bain and Grants Clifton, Kennedy, Eight Mile Roc k to be scr apped TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM A RTS S S T T R R I I K K I I N N G G D D E E B B U U T T F F O O R R F F A A S S H H A A R R T T S S 2 2 0 0 1 1 1 1 SEEARTSSECTIONC ANNUALTRIATHLON F F U U L L L L R R E E S S U U L L T T S S F F R R O O M M C C O O N N C C H H M M A A N N SEESPORTSSECTIONE 7 77 MARIA ADAMS, of Sandilands Primary Grade 1. The school is the star of our First Class feature today. See page 2 for more pictures. Photo: Tim Clarke /Tribune Staff B y KHRISNA VIRGIL P RINCESS Margaret Hospital administration have a dmitted to the hospital's p oor infrastructure, confirming The Tribune s story, but have blamed hurricane Irene coupled with an aging physic al structure for the buildings c ondition. In a statement released yest erday, hospital spokesperson Thelma Rolle said the ambul atory care block and the m edical block had roof dam age. Following a post-hurricane a ssessment, it was determined that staff in the affected areas had to be relocated for repairs to be done. M s Rolle estimated that repairs to the ambulatory care block will start in 10 days with w ork in the medical block starting in another two weeks because of bad weather. H EALTH officials con firmed last night that there is one case of suspected tuber c ulosis at the Carmichael Road Detention Centre. A spokesperson for the M inistry of Health said the m an was isolated for evalua tion after he showed symptoms compatible with the disease. The man is a recent detainee, so he is not thought to have had extended contact with other suspected illegal immigrants at the facility. The ministry spokesperson also refuted earlier reports of cholera cases at the detention centre, explaining that there are currently no suspected cases of the disease. By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org A CAR vandalism and theft campaign has been in the works for months at Sir Lynden Pindling International Airport. Speaking with TheTribune yesterday Bahamas Public Service Union (BPSU dent John Pinder said there are multiple issues at LPIA that need to be addressed, including car vandalism and pay back that has been denied to employees. By LAMECH JOHNSON email@example.com TWO Haitians have been arraigned in the Magistrates Court charged with an attempt to export cocaine out of the country by using a main port of entry. Louissant Breus, 30, of South Beach, and Jean Arnold Tonton, 33, of Quintine Alley, Wulff Road, appeared in Court 8, Bank Lane, where they were charged with conspiracy to possess cocaine with intent to supply, conspiracy to export cocaine, possession of the dangerous drug and taking steps to export the narcotic out of the country. PUPIL S WHO ARE TR UL Y FIRS T CLASS HAITIANS IN C OURT ON COCAINE CHARGES S S E E E E p p a a g g e e s s 6 6 & & 7 7 S S E E E E p p a a g g e e 7 7 S S E E E E p p a a g g e e 7 7 S S E E E E p p a a g g e e 7 7 HOSPITAL BLAMES DAMAGE ON HURRICANE TUBER CULOSIS C ASE SUSPECTED C ARS T ARGETED AT AIRPORT im lovin it
LOCAL NEWS PAGE 2, WEDNESDAY, NOVEMBER 9, 2011 THE TRIBUNE K EYNEASHA JOSEPH c oncentrates at school. MARRINIQUE DAVIS and Saliyah Cartwright. P UPILS L euchie Ireus and Denzel Walcott. LISTENINGCAREFULLY is pupil Dorianna Cleare. S ANDILANDS PRIMARY GRADE 1 a nd their teacher, Ms D McQueen, and teachers aid Ms Wright. The school is the star of our First Class photo feature today. Photos: T im Clarke / Tribune Staff RENALDO BENNETT enjoys a book. Star s of Sandilands
B y SANCHESKA BROWN Tribune Staff Reporter firstname.lastname@example.org T HE US Coast Guard has c alled off the search for two men who are now feared dead a fter being missing at sea for more than 48 hours. The Coast Guard, the B ahamas Air and Sea Rescue Association (BASRA the Defence Force had beens earching for the men since e arly Monday. BASRA spokesman Chris Lloyd said the search for the4 5-year-old American man who was swept off of a cliffby a large wave at the Wind i ng Bay Club in Marsh Harbour, Abaco, was called off around 2pm Tuesday. A few hours later, the s earch for the 50 year old Haitian man who went miss ing after a boat capsized near M an-O-War key, was also suspended. Mr Lloyd said bad weather w as the key factor in the decision to abandon both searches. The searches for both men h ave yielded negative results. The weather is horrific and the seas are rough. It is just not safe to send m en into harms way for people who are most likely dead. They had on no life jack ets and the waters are e xtremely rough. There is no chance of survival, he said. We would love to contin u e the search and have a body recovery but not at the risk of our rescuers. In the case of the Ameri c an man in Abaco, he fell almost 40 feet onto sharp rocks. Even if he managed to s urvive the fall he could not have survived the waves. They were around 25 feeth igh that day. The only thing we can do is search with a helicopter. The Coast Guard provided us with one from Florida and we searched as long as we could but we can not search forev er. M r Lloyd pleaded with m embers of the public to heed warnings issued by the Met Department and stay out of the water when it is rough e specially if they are inexperienced. He said: There were w eather advisories that day. In the case of the six men w ho went out on a boat, I have no idea why they would do that. There was a small craft a dvisory in affect and they were obviously inexperienced. This is a tragedy that could have been prevented. O ne man died on Monday after that boat capsized in waters near Abaco. Four othe r men were rescued. They are being treated at a local clinic. T his incident came just days a fter two women who were taking pictures on the Glass Window Bridge in Eleuthera, were thrown over the side bya large wave. One woman, who broke one of her legs and had the o ther pierced by a tree b ranch, was flown to he capital for treatment. The other is said to have suffered only minor injuries. By DANA SMITH d email@example.com T HE opposition called for a re-invention of the nations education system after a survey indicated that employers have difficulty finding com-p etent staff. PLP Senator Jerome Fitzgerald, MP Frank Smith a nd candidate Arnold Forbes o utlined their partys plan to contribute to such a change, a s they unveiled a new career training programme for students yesterday morning att he Bahamas Technical and V ocational Institute (BTVI The programme, called Career Path Academies, w as created by the PLP and w ill be implemented by BTVI. If the PLP wins the upcoming election, it will be integrated with the curriculum atp ublic high schools to provide s tudents with intensive vocational and technical training, in addition to apprenticeship opportunities in fields such as tourism, financial services, and information technology. We believe it is critical to invest in young Bahamians, t o give them the opportunity for real skills training and the best technology, Mr Fitzgerald said. H e revealed that 65 per cent of employers experience serious difficulty findinga nd keeping qualified employees and believe there is a serious skills gap. He drew these figures from a survey conducted by the Nassau Tourism and Development Board. For too many young B ahamians, there is a severe d isconnect between the skills they have and the skills they need to succeed and compete for quality, sustainable jobs, Mr Fitzgerald said. We intend to close that gap,b eginning with Career Path Academies. F rank Smith spoke on another project the PLP plans to launch. Were going to create w hat we call a niche incubator for businesses where we look around this country for busi n ess and industries that have presently been untapped and were going to incubate those businesses and cause them to grow, Mr Smith said. LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 9, 2011, PAGE 3 3RVLWLRQ$YDLODEOH'DWDEDVH$GPLQLVWUDWRU $UH\RXLQWHUHVWHGLQMRLQLQJWKH,7GHSDUWPHQWRIDOHDGLQJQDQFLDO L QVWLWXWLRQ"XURUJDQL]DWLRQLVFXUUHQWO\FRQVLGHULQJDSSOLFDWLRQVIRU D 'DWDEDVH$GPLQLVWUDWRU7KHSRVLWLRQLVRSHQWRFDQGLGDWHVZLWKWKH I ROORZLQJPLQLPXPUHTXLUHPHQWV 4XDOLFDWLRQV %DFKHORUV'HJUHH%$fIURPDIRXU\HDU&ROOHJHRUQLYHUVLW\ 0XVWKDYHDPLQLPXPRI\HDUVRIH[SHULHQFHZLWK/ 6HUYHUGDWDEDVHV 3URFLHQF\ZLWKXVHRI/HUYHUGDWDEDVH7/ SURJUDPPLQJ/VFULSWLQJ ([SHULHQFHZLWKFOXVWHULQJDQGUHSOLFDWLRQWHFKQRORJ\ ([SHULHQFHZLWKLFURVRIWHWLVDSOXV 0&6(DQGRU&,663FHUWLFDWLRQLVDSOXV 5HVSRQVLELOLWLHV 64/HUYHUGDWDEDVH7/SURJUDPPLQJ/VFULSWLQJ 'HVLJQGHYHORSDQGPDLQWDLQUHODWLRQDOGDWDEDVHV ,QVWDOODQGPDLQWDLQGDWDEDVHVRIWZDUH ,GHQWLI\SHUIRUPDQFHLVVXHVDQGWXQHWKHGDWDEDVHV\VWHPV 6HWXSGHYHORSDQGLPSOHPHQWEDFNXSSURFHVVHVIRUWKH GDWDEDVHV 7URXEOHVKRRWGDWDEDVHFRQQHFWLYLW\LVVXHV $QDO\]HGHVLJQDQGGHYHORS/HUYHUGDWDEDVHVWRPHHW EXVLQHVVUHTXLUHPHQWV ,PSOHPHQWQHFHVVDU\DGPLQLVWUDWLYHSURFHGXUHVWRPRQLWRU GDWDEDVHV\VWHPV 5HVHDUFKQHZGDWDEDVHWHFKQRORJ\DQGPDNH UHFRPPHQGDWLRQVWRXSSHUPDQDJHPHQWWKDWZLOODOORZ EHWWHUGDWDEDVHSHUIRUPDQFH 7XQHWKHGDWDEDVHVIRURSWLPDOSHUIRUPDQFH 5HFRPPHQGWKHEHVWSUDFWLFHVWRWKHGHYHORSHUVIRUJHWWLQJ WKHH[SHFWHGSHUIRUPDQFH $QDO\]HGHVLJQGHYHORSLPSOHPHQWDQGPRQLWRUWKH EDFNXSV\VWHPVIRUHQWHUSULVHGDWDEDVHV 0LJUDWHWKHGDWDEDVHIURPGHYHORSPHQWWRSURGXFWLRQDQG PLJUDWHWKHGDWDEHWZHHQWKHGDWDEDVHV 3HUVRQDOXDOLWLHV ([FHOOHQWRUJDQL]DWLRQDOLQWHUSHUVRQDODQGFRPPXQLFDWLRQVNLOOV *RRGWHFKQLFDODQGSUREOHPVROYLQJVNLOOVDQGH[SHULHQFH $ELOLW\WRZRUNXQGHUSUHVVXUHDQGZLWKPLQLPXPVXSHUYLVLRQ (QWKXVLDVPDSRVLWLYHDWWLWXGHDQGDZLOOLQJQHVVWRZRUNH[LEOH KRXUVDVRYHUWLPHLVUHTXLUHG *RRGWHFKQLFDODQGWURXEOHVKRRWLQJVNLOOVDQGH[SHULHQFH ,QWHUHVWHGSHUVRQVVKRXOGHPDLODQXSGDWHGFRS\RIWKHLUUHVXPHWR UHFUXLWLQJEDKDPDV#\PDLOFRP WK 1RYHPEHU A 22-YEAR-OLD suspect was shot when he allegedly advanced on arresting officers with a knife after being found trying to break into a home. The suspect was caught in the act, police said, using a knife and a chisel to try to break into an apartment at Deliverance Way off East Street south at 11am yesterday. When officers arrived at the scene, the suspect allegedly attacked them, prompting them to open fire. He came towards the police, he advanced towards them, said Superintendent Stephen Dean. The man was taken to hospital, where at last report he was in stable condition and in police custody. Mr Dean said the suspect should be able to assist police with a number of investigations into break-ins in southern New Providence. We consider it a good arrest; police responded in time and were able to catch him in the act. He was break ing in, actually working on the door, ruining the door. We caught him in the act breaking in the house. We were following some things and we believe that he has been in the system before. We believe he will be able to assist us in this matter and a number of break-ins in the southern area. Supt Dean added that despite the circumstances surrounding the shooting and arrest, an investigation will be launched to determine whether the officers followed proper protocol. With any police-involved shooting, we have internal investigations we don't care what it is, said Supt Dean. By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org THE Government is hindering the advancement of qualified civil servants by rehiring retired supervisors, a union leader claimed. Bahamas Public Service Union (BPSU John Pinder said his union is concerned over the appoint ment of retired top civil ser vants to positions that many workers in the public service are qualified to fill. In our view, he said, it demoralises the more sub ordinate officers in terms of not being allowed toadvance to those top posi tions in most cases we have persons who are qualified to move up, however the government is not giving them the opportunity. Citing a lack of forethought on the part of the govern ment, Mr Pinder said a succession plan is needed. This should involve identifying department heads who are close to retirement and finding qualified candidates to replace them, he said. Mr Pinder said the current system suggests a certain lack of confidence in other civil servants who are looking for mobility and want to advance. POLICE OFFICERS SHOO T SUSPECT IN F AILED BREAK-IN COAST GUARD CALLS OFF SEASEARCH P LPSenator J erome Fitzgerald, MPFrank Smith and candidate Arnold Forbes are calling for a re-invent ion of the nations education system. RE-INVENTION OF EDUCATION SYSTEM NEEDED TOP REHIRING THE RETIRED:UNION JOHN PINDER has called on the Government to allow people lower in the hierarchy to move up when people in top positions retire.
EDITOR, The Tribune. Its that time of year again when the general public will see poppies available at vari ous outlets in Nassau. The older generation r emembers the days when they were a popular item in schools at the beginning of November just prior to Remembrance S unday. Hopefully, the following poem will help today's youth understand the significance of the poppies and also made to realise that all donations r eceived, when buying a poppy, benefit the thirteen remaining Bahamian veterans who served in World War 2, all of whom are members of the Nassau Branch of the British Legion. W hy are they selling poppies Mummy, selling poppies in town today? The poppies child, are flow ers of love for the men who m arched away. But why have they chosen a poppy Mummy, why not a beautiful rose? B ecause my child, men fought and died in the fields where the pop pies grow. But why are the poppies so red Mummy? W hy are the poppies so red? Red is the colour of blood my child, the blood that our soldiers shed. The heart of the poppy is black Mummy. W hy does it have to be black? Black my child is the symbol of grief for the men who never came back. B ut why Mummy are you crying so? Your tears are giving you pain. M y tears are my fears my child for the world is forgetting again. Author unknown Judy Ansell-Grindrod President Royal Society of St. George, Nassau, November 3, 2011. EDITOR, The Tribune. If only we had known. All we had to do was stop usinge lectricity and our light bills w ould go down, GENIUS. Based on that analysis, maybe we should choose homelessness so that our mortgage/rent would be lower, or eat once a w eek to cut down on these h uge food bills. As I read the comments b eing uttered by BECs chairman, it certainly makes me wonder how in the worlds ome of us get to where we are in life, especially in this great Bahamas. T he Minister of State for t he Environment, Ive heard that he was intelligent, how ever, as an observant and oft i mpacted citizen I cant say that Ive seen any evidence of that. M aybe the politics of it all just minimises an individuals skills and abilities, and maybe you and I would do an even worse job if we had the job to do. This could be true, but Im n ot certain if even that excuses some of the profoundly weak-minded statements which are constantly offered to the Bahamian public as reasons, explanations, and e ven worse, solutions to live w ith when things invariably go bad. Our problems are big, actu a lly they are bigger than big, and almost too many to name: an unstable economy, high unemployment, foreclosures on the rise, crime skyrocketing, a large ready-to-retire baby boom generation waiting to receive theirp romised pensions, gratuities a nd more, and the list goes on. I think even worse than the problems, is the overwhelmi ng sense of hopelessness seen i n the faces and heard from the lips of so many Bahamia ns young and old, even those w ho would have thought just a few short years ago that they were on the road to prosperity and success. I s it enough that we sit back and concede defeat because t he global economy is sufferi ng? When a student tells you that they got a C on a test, but its okay because everyo ne else did poorly too, does t hat suffice? The idea that It could be w orse or Were not alone may be a satisfactory consol ation after we have run the r ace, failed, but tried our best, b ut it is certainly not the attit ude that we should accept from our leaders before we even begin the marathon. With the size and gravity of the problems we are facingt hat attitude simply does not give us a chance for success. Big problems require big solutions, and big ideas, whether they be simple or complex in design. W hile it is true that history r epeats itself, and that certain fundamental principals are timeless it is also true that new challenges require new thinking, not necessarily y oung thinking, or new indiv iduals, but new thinking. The difficulty is that more o ften than not, it is hard to bend an old tree or teach an old dog new tricks, and thati s why the decision in environments where there is a must win mentality is that i ts more efficient to just cut b ait and start with a new line. The argument does exist t hat a seasoned individual with the ability to react quickly to change and think in neww ays would be an ideal selection to lead anywhere in the world, but in the absence of that, the sensible decision must be that it requires different inputs to get a different output. W hether it be industry or politics, the Bahamas would certainly stand a significantly better chance of battling these new world challenges if there were new, competent, i nnovative, minds in positions o f leadership within our country. W AYNE WILSON Nassau, November 2, 2011. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, WEDNESDAY, NOVEMBER 9, 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 ALTHOUGH the Bahamas has not been named, a top US State Department official said Tuesday that drug traffickers may return too ld Caribbean smuggling routes as law enforcement pressure builds against them in Mexico and Central A merica. According to an interview by Curt Anderson of the Associated Press in M iami, William Brownfield, assistant secretary of state for international narcotics and law enforcement, said the Caribbean routesu sed to ship cocaine and other drugs i n the 1970s and 1980s are the most logical for traf f ickers. T hose routes led most often to South Florida but also to other Southern US states. D uring those years the Bahamas w as an impor tant transshipment p or t for the dr ug cartel, especially Pablo Escobars Medellin cartel, which got a foothold in the Bahamas through Carlos Joe Lehder of Nor mans Cay notoriety. Normans Cay became a r efuelling base for the last leg of the cartels journey from Colombia to the US. Escobar was hunted down and killed by the Colombian police aftera long series of battles. Lehder e xtradited to the US, is still serving t ime in an American federal prison. do not see it right now, but simp le logic and common sense tells you that you pr o bably are going to see it in the next two or thr e e years, Br ownfield said in the AP interview. They ar e going to look for alternative r outes. Right now less than 3 per cent of cocaine and other illegal drugs is smuggled into the US through ocean routes, according to the Drug Enforcement Administration. Traffickers most commonly bring the dr ugs produced in Colombia, Peru, Bolivia and elsewhere north through Central America, or off its coasts, into Mexico and then over land into the US. But Brownfield said the cartels are in the process of being chased out of Mexico and are beginning to eye Central American countries as ana lternative base of operations. And that, he said, would make the Caribbean once again a more attract ive option than moving dr ugs through South America or up the eastern Pacific coast. B rownfield was in Miami this week for meetings at the US Southern Command headquarters between US ambassadors in LatinA merica and their counterparts at t he State Department in Washington. Among the topics being dis c ussed are regional security plans for both Central America and the Caribbean aimed at disrupting crim-i nal organisations, securing borders a nd incr easing cooperation. A ttacking dr ug or ganizations takes a comprehensive approach, said Brownfield, who was previously ambassador to both Colombia andV enezuela. ou cannot just do eradication, just do interdiction, just do laborator y takedowns ... Y o u must addr ess all aspects of the problem, and we cannot do it alone, he said. O ne emer ging thr eat is the i ncreasing use of submarines and s emi-submersible vessels to transport large amounts of cocaine up theC entral American coastline. The Coast Guar d and US Customs and Bor d er Pr otection earlier this year detected a tr ue submarine in the Caribbean near the HondurasNicaragua bor der that sank but had mor e than seven tons of cocaine aboard. The first ones looked like something kids would put together in the backyard. Now what we are seeing is pretty sophisticated stuff, Brownfield said. I don t see this yet as a crisis, because we don't see the numbers. But it is their ability to transport anything that should cause us some concer n. It could be worse is not enough LETTERS email@example.com Drug traffic may return to Caribbean A verse to remember those who ha v e f allen in our defence EDITOR, The Tribune. To: Dr Ken Knowles I, like many other readers I know of, go straight to page four Editorial/Letters to the editorial page and look for a letter from you. Your brief but witty, tongue in cheek approach, where nothing is taboo and the hit ting of social conscience home runs with what you write is not only refreshing but impor tant. Are you sick or something? We have heard nothing from you for months and frankly the letters page needs a good wakeup call, even a one liner will do. Come to think of it, there are several other regular con tributors who we have not heard from in a long time, maybe they are also sick. There are too many days when the whole page is devoted to a single letter, sometime very nice and sometimes very informative but often not effective or reflective of todays challenges. Get that pen out Dr Ken! PAUL Nassau, November 7, 2011. A A c c a a l l l l t t o o D D r r K K e e n n EDITOR, The Tribune. I do not generally jump into the political fray (not publicly anyway); however I am compelled to at this time after reading todays edition under the headline Bran aims to teach Ingraham a lesson. What is Mr McCartney doing? I thought his DNA was the new brand of politics! To get away from all of the spitefulness, etc. Quite frankly, I am disappointed that Mr McCartney has stooped to this. Lets say that I was leaning towards supporting his DNA party after reading this I am inclined not to....do I wish someone with these person ality traits to lead my coun try, one who reacts in such a way to negative comments made about him. Teaching them a lesson?! Mr McCartney, some cau tionary words of advice: Rise above it. And be careful of cutting your nose off to spite your face. KAT L C Nassau, October 12, 2011. So much for a new brand of politics
THE Bahamas Humane S ociety is approaching the point of no return and may have to start putting animals down if adoptions dont picku p. BHS president Kim Aranha has pledged to do every t hing she can to ensure that none of the shelters inhabitants are killed on her watch, but the facility is now bursting a t the seams with cats and dogs that desperately need a home. M rs Aranha said eventually the BHS will have no choice. Presently, we have 50 wonderful, friendly adult dogsup for adoption, she said. We dont want to put any o f these beautiful, sweet, hopeful and deserving ani mals to sleep but what isg oing to happen when we are so full we literally cannot take in one more animal? M rs Aranha said many of the dogs and cats at the shelter have been previously owned and were surrendered for a variety of reasons many of those, reasons that would make you cringe. She said former owners have complained that their dog doesnt bark enough, scratches too much, or needstoo much care. We have big dogs and lit tle dogs, we have them fluffy and not so fluffy, we have d ogs crossed with all sorts of b reeds: Shih Tzu, Jack Rus sell, Labrador, Pit Bull, Chow, Collie, Great Dane, Boxera nd more. Some have been previously trained, especially those w ho lived in homes before being given up. Can you begin to imagine the confusion and fear in a d ogs heart when he is dropped off, at the shelter, by his beloved owner aftert hree, four or five years of living at home, with his own dog bed, and perhaps a child whol oves him? We see the look on their faces every day when we are left holding the leash andh ave to walk them to a cage, whilst the previous owner hops into their car to continue t he days chores. It is too sad to put into words, Mrs Arahna said. Then there is the dog who has never known kindness, who has been yelled at, kicked, hit, starved, mistreated and sometimes intentionally hurt, who still has enough faith in humans that he will wag his tail at you and approach you with a swift and tentative lick of your hand, forever hopeful that you will be the one, the first kind and caring person to reach down and pat him in kindness. At a time when crime is h igh, she pointed out, there i s no more effective defence than a faithful potcake at your gate. These dogs will be grateful for the rest of their lives to the kind soul who opened up t heir hearts and homes to a dog in need. Even those who have not lived in homes before can be q uite easily trained; the pot cake is a very smart dog and learns quickly so house train-i ng comes quite naturally. Mrs Aranha said there is no adoption fee at present fora dult animals, but house checks are still required. Donations are sorely need ed and always welcome, she a dded. LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 9, 2011, PAGE 5 www.rdicaribbean.com Dont leave for tomorrow what you can do today UK distance learning from RDI Caribbean www.rdicaribbean.com Low study costs, exible payments PROGRAMMES OFFERED INCLUDEBachelors/Masters degrees in Business, Hospitality, Law, Computing and many more. Develop your career while studying T utor and student support included Free membership of International Management Academy plus benets No attendance requirement. . Now recruiting for January intake THE US Embassy in Nassau will be closed on Friday, November 11, in observance of the US Veterans Day holiday. The embassy will resume normal operations on Monday, Novem ber 14, at 8am. By LAMECH JOHNSON firstname.lastname@example.org THE lack of a document delayed yesterdays sentenc-ing of a man convicted of attempted murder last month. Kenwood Miller was expected to be sentenced by Justice Vera Watkins yesterday morning for his convic tion in the shooting of Dereck Walters in January of last year. The shooting occurred outside an apartment complex on Shrimp Road. Walters had been visiting a girlfriend at the time. During yesterdays pro ceedings, Millers attorney, Murrio Ducille, inquired about the status of his clients probation report, which is needed to determine the sen tence. Justice Watkins revealed that the court was not in possession of the report, and had received a letter from the Department of Rehabilitative Services indicating the docu ment would not be ready before Tuesday, November 29. In mid-October, a nine member jury found Miller guilty of the offence by a 7-2 vote. Linda Evans prosecuted the case. The sentencing was adjourned to Monday, December 5, at 10am. B y DENISE MAYCOCK Tribune Freeport Reporter email@example.com F REEPORT A full scale emergency drill will take place after a simulated airc raft crash at the Grand B ahama International Airport today. The aim is to test the effect iveness of the airports emergency response plan. The exercise, dubbed Operation Sunshine, is b eing conducted in conjunction with various emergency responders and stakeholders, including the police and the Royal Bahamas Defence Force. The Grand Bahama Airport Company (GBAC r equired to have an emergency plan in place, and to c onduct a test of the plan every two years. According to airport officials, the last emergency exercise was held in September 2009. The drill will last around three-and-a-half hours. Members of the public and travellers should not be a larmed, an airport advisory said. T here will be volunteers posing as passengers at the crash scene. Fire trucks, ambulances, police cars and other vehicles will take part. Also participating will be the Civil Aviation Department, the National Emergency Agency (NEMA R and Memorial Hospital, the Grand Bahama Red Cross C entre, the Grand Bahama Christian Council and Restview Mortuary. Airport director Philip Carey said the drill is a part of the airports preparedness strategy. This allows us to test the airports emergency response plan in real time, he said. We are partnering with all t he relevant agencies at GBIA to determine the effectiveness o f our emergency response procedures; similarly, they will have the opportunity to test t heir plans as well. Our goal is to put our resources to the test, learn a nd improve upon any shortc omings that we might have, ensuring that in the event of a real emergency, we are fully p repared to respond. W ellington Moultrie, manager of Air Traffic Services, said International Civil Avia-t ion Organisation (ICAO regulations dictate that all airports have an emergency plan in place and that they test it e very two years. AIRPORT TO HOLD FULL-SCALE EMERGENCY DRILL US EMB ASS Y T O CLOSE F OR VETERANS D AY MISSING DOCUMENT LEADS TO DELAY IN SENTENCING ONE OF the many dogs the Bahamas Humane S ociety is sheltering. He was found wandering in B lair Estates a few days before Halloween. Fearing he would run during the fireworks, BHS staff picked him up and are trying to locate his owner. If you recognise this dog, please call 323-5138. BHS: WE MAY HAVE TO PUT ANIMALS DOWN
LOCAL NEWS PAGE 6, WEDNESDAY, NOVEMBER 9, 2011 THE TRIBUNE Bain &Grants Town1184 B ain &Grants Town2198 Bain &Grants Town3284 Bain &Grants Town4200 Bain &Grants TownPart of #5164 Bain &Grants Town6285 Bain &Grants Town7153 Bain &Grants Town8182 Bain &Grants Town9158B ain &Grants Town10206 Bain &Grants Town11216B ain &Grants Town12229 Bain &Grants Town13187 Bain &Grants Town14144 F arm Road &Centreville2206 F arm Road &Centreville3183 Farm Road &Centreville4270 F arm Road &Centreville7229 F arm Road &Centreville8166 Farm Road &Centreville11253 St Cecilia3231 Fort CharlottePart of #161 F ort CharlottePart of #274 Total 4 463 Farm Road &Centreville1280 Farm Road &Centreville5194 Farm Road & Centreville6137 Farm Road &Centreville9248 Farm Road &Centreville10322 Farm Road &Centreville12238 Farm Road & Centreville 13213 Farm Road & Centreville 14 198 Farm Road &Centreville15129 Englerston 1286 Englerston 2 148 Englerston3193 EnglerstonPart of #454 EnglerstonPart of #639 Englerston 7 190 Englerston 14 159 St CeciliaPart of #1233 St Cecilia 6250 St Cecilia12240 St Thomas More9169 St Thomas More 10192 St Thomas More11208 St Thomas More1283 Total 4403 EnglerstonPart of #4117 Englerston 5257 EnglerstonPart of #679 Englerston9231 Englerston10273 Englerston 12302 Englerston 13 157 St CeciliaPart of #149 St Cecilia 2276 St Cecilia 4 212 St Cecilia5185 St Cecilia7237 St Cecilia8140 St Cecilia9261 St Cecilia 10 277 St Cecilia11250 Bain & Grants TownPart of #5128 Mount Moriah1235 Mount Moriah5274 Mount Moriah11253 Garden Hills2284 Total4477 E lizabeth1303 Elizabeth2281 Elizabeth 3348 Elizabeth 5334 Y amacraw6341 Yamacraw 7 399 Yamacraw 9 438 Y amacraw11309 Yamacraw12310 St Annes 7 416 Total3886 C armichael2598 Carmichael3279 Carmichael4433 C armichael 5 299 Carmichael 6 378 Carmichael7374C armichael8356 C armichael 9 337 Carmichael 1 0 4 61 Bamboo Town2265 B amboo Town13311 Bamboo Town 1 4 203 Total4294 Bamboo Town1447 Bamboo Town3369 Bamboo Town4410 B amboo Town5189 B amboo Town6223 Bamboo Town 7276 Bamboo Town8224 B amboo Town9295 Bamboo Town12207K ennedy1356 K ennedy2354 K ennedy5263 Kennedy6222 Kennedy 7 3 30 K ennedy 12 152 Total4317 F ort CharlottePart of #199 Fort Charlotte2251 Fort Charlotte3231 Fort CharlottePart of #4268 Fort Charlotte5356 F ort Charlotte6296 Fort Charlotte 7 295 F ort Charlotte8237 Fort Charlotte9327 Fort Charlotte10443 Fort Charlotte11276 Killarney1345 K illarneyPart of #2134 K illarney10140 Total4080 Fox Hill1244 Fox Hill3497 Fox Hill 4 243 F ox Hill 5 268 Fox Hill6421 Fox Hill7359 Fox Hill 8 346 F ox Hill 9 305 Fox Hill10443 F ox Hill12202 Elizabeth4583 Total 3 911 G arden Hills1311 G arden Hills3393 Garden Hills 4 8 10 Garden Hills 7372 Garden Hills8455 Garden Hills 1 1 482 Englerston 15421 S t Cecilia 13224 St Cecilia1490 Blue Hills 5195 M arathonPart of #3319 Total4072 Golden Gates 1 189 Golden Gates2397 Golden Gates3259 Golden Gates 4 240 Golden Gates5264 Golden Gates6298 Golden Gates7320 Golden Gates 8 225 Golden Gates 9 344 Golden Gates10230 Golden Gates 11275 Golden Gates12380 Carmichael1292 Bamboo Town11237 Garden Hills9127 Garden Hills10250 Total 4327 KillarneyPart of #2162 Killarney 6218 Killarney 7 357 Killarney9319 Killarney12245 Killarney13557 Clifton3260 Clifton 4 329 Clifton6310 Clifton 7 431 Clifton 8 459 Clifton9516 Total 4163 Marathon 1 263 Marathon 2371 Marathon Part of #3 86 Marathon 4 235 Marathon5320 Marathon 6361 Marathon7463 Marathon8281 Marathon9296 Marathon 10357 Fox Hill 2 402 Fox Hill11159 Englerston 8190 Englerston 11 204 Total3988 St Thomas More1175 S t Thomas More2202 St Thomas More3253S t Thomas More4224 S t Thomas More5149 S t Thomas More6216 St Thomas More7296 St Thomas More8316 S t Thomas More13163 St Thomas More14240 St Thomas More15165S t Thomas More16219 Marathon11218 Montagu1285 Montagu3159 M ontagu 4292 Montagu5235 Montagu 12 3 51 T otal4158 Mount Moriah 2 322 M ount Moriah 3307 Mount Moriah4389 Mount Moriah6230 Mount Moriah 7 293 Mount Moriah 8 475 Mount Moriah9163 M ount Moriah10348 M ount Moriah 12 452 Killarney P art of #2 2 14 Killarney3413 K illarney 4174 Killarney 5 189 Killarney8262 Total 4231 Kennedy3279 Kennedy 4 375 K ennedy 8 2 11 Kennedy9323 Kennedy10151K ennedy11308 Kennedy13192 SeaBreeze 2337 SeaBreeze3370 SeaBreeze 5477 SeaBreeze 6 303 SeaBreeze9364 SeaBreeze10255 SeaBreezePart of #12309 Total4254 Blue Hills4396 Blue Hills6489 Blue Hills8501 Blue Hills10256 Blue Hills11294 Blue Hills12266 Blue Hills 13 405 Blue Hills 14 321 Garden Hills5615 Garden Hills 6308 Total3851 Pinewood1412 Pinewood 2309 Pinewood3309 Pinewood4430 Pinewood5449 Pinewood 7375 Pinewood 8 449 Pinewood 9 323 Pinewood10244 Pinewood 11359 Bamboo Town10381 Total4032 Golden Isles 2 3 04 G olden Isles 3459 Golden Isles6288 Golden Isles9631 Blue Hills 1 416 Blue Hills2476 Blue Hills 3327 Blue Hills7320 Blue Hills9493 South Beach Part of #7 27 South BeachPart of #101 Total 4020 South Beach 1399 South Beach2362 S outh Beach3286 South Beach 4 315 South Beach 5 3 08 S outh Beach6339 South BeachPart of #7367 South Beach8293 South Beach 9 390 S outh Beach Part of #10359 South Beach11564 Total 3982 SeaBreeze1290 SeaBreeze4270S eaBreeze7350 SeaBreeze8291 SeaBreeze11470 S eaBreezePart of #1257 S eaBreeze13315 Elizabeth6415 Elizabeth8360 E lizabeth 9224 Elizabeth10495 Pinewood6221 T otal4051 Montagu2333 Montagu 6326 Montagu 7 137 Montagu8421 Montagu9292 Montagu 10416 Montagu11206 St Annes1243 St Annes 2314 St Annes3278 St Annes 4 458 St Annes10258 St Annes 11265 Total 3947 Yamacraw 1361 Yamacraw 2 370 Yamacraw3247 Yamacraw4346 Yamacraw 5357 Yamacraw8208 Yamacraw10318 St Annes5391 St Annes 6 384 St Annes 8 320 St Annes9449 St Annes 7301 Total 4049 C lifton1174 Clifton2398 Clifton5322 Clifton10258 Golden Isles1421G olden Isles4418 G olden Isles5438 G olden Isles7500 Golden Isles8497 Golden Isles10350 Golden IslesPart of #11280 Total4056 THE newly-designed constituencies in New Providence have yet to be named, their outline can be determined through the polling divisions of previous seats in their current make-up. These seats listed from the report have been published below. The tables show the name of the previous constituency, the polling division of that constituency and the number of voters in that division on October 28, 2011. CONSTITUENCY1 CONSTITUENCY8 CONSTITUENCY16 CONSTITUENCY17 CONSTITUENCY 18 KEYTO PANELS:EACHNEWCONSTITUENCYISLISTED (C ONSTITUENCIES NOT YET NAMED). UNDER EACH IS LISTED THE OLD CONSTITUENCIES THAT MAKE UP THE NEW ONE, THE POLLING DISTRICTS AND THE NUMBER OF V O TERS PER DIS TRICT. CONSTITUENCY19 CONSTITUENCY 2 0 CONSTITUENCY21 CONSTITUENCY22 CONSTITUENCY 23 CONSTITUENCY9 CONSTITUENCY 10 CONSTITUENCY 11 CONSTITUENCY 12 CONSTITUENCY 13 CONSTITUENCY14 CONSTITUENCY15 C ONSTITUENCY2 CONSTITUENCY3 CONSTITUENCY4 C ONSTITUENCY 5 CONSTITUENCY6 CONSTITUENCY7 HOWTHENEWCONSTITUENCIES WILLBECOMPOSED SITTING MPS Kendal Wright, representing Clifton, Verna Grant, representing Eight Mile Rock, and Kenyatta Gibson, representing Kennedy. All three of the FNM p oliticians are finding that their constituencies are being scrapped.
Similar to the recent car thefts experienced at the Department of Immigration on Hawkins Hill, airport staff have reported that more than a dozen cars have been vandalized and some six stolen from LPIAs parking lots over the last two months, according to Mr Pinder. Mr Pinder said in response the union has in writing, requested that NAD provide a more secure security system that requires swipe card entry to the parking lots and a 24 hour security detail. We need them to do something about it, said Mr Pinder. Another important matter to be addressed, said Mr Pin der, is the holding of union members back pay owed for July to September. Mr Pinder said the airport authority is trying to deny our membership some three months back pay for retroactive increments that should have been paid from July. According to Mr Pinder air port management are trying to unilaterally change the pay ment date without proper consultation with the union. We are trying to address this issue we dont necessarily like the response we are receiving from management or the chairman, so we are hoping that the Prime Minister will intervene and correct the issue. Mr Pinder said the union recognises that the finances may not be available at this time, however, they expect the airport authority to come forward and be honest with their staff about their position. You cannot take away three months retroactive pay that is due to the members, said Mr Pinder. LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 9, 2011, PAGE 7 By DENISE MAYCOCK T ribune Freeport Reporter firstname.lastname@example.org F REEPORT Troy Garv ey, president of Operation Justice, is satisfied that the valuable information gathe red in Canada will help them in a move to file a lawsuit against the Grand Bahama Power Company. W hile in Nova Scotia, Garv ey and Jonathan Glinton o btained two case transcripts f rom attorneys in connection with legal action taken against Nova Scotia Power, a subsidiary of EMERA. I think that these (case t ranscripts) will be very instrumental in assisting us in o ur case against Grand B ahama Power and EMERA, he said on return from his fact-finding trip to Canada. A ccording to Mr Garvey, t he people of Nova Scotia w ere very supportive of them a nd their fight against GBPC over the high cost of electricity on Grand Bahama. Mr Garvey and Mr Glinton a ppeared on radio and telev ision shows in Canada. They also accepted an invitation to a ttend the opening of the C anadian legislature when two Bills were presented an Act to Require the Accountability of Nova Scotia Power I ncorporated to Ratepayers a nd the Ratepayers Fairness A ct. When we were introduced in the Housewe got a standi ng ovation when they learned why we were over there, MrG arvey said. Our trip to Canada was very fruitful. We were able to g et a lot of information from persons there, but I think the most important part of thet rip for us was finding out that they are also having similar issues with the power compa n y over there. EMERA, which is headq uartered in Nova Scotia, Canada, is the majority stakeholder of the GBPC, which holds the monopoly on power s upply here on the island. J onathan Glinton, director of Operation Justice, alleges t hat the health of Canadians is b eing put at risk by EMERA. They are burning coal as a fuel source and emissions are sending mercury in the atmosp here which is poisoning resi dents the cancer rate is very h igh in Canada, Mr Glinton c laimed. We talked to poor and r ich people, businessmen, and politicians, and everyone isc omplaining about the cons tant increase of power with no explanation, he said. A ttorney Osman Johnson said the trip to Canada was very beneficial for OperationJ ustice. It gave us a clear indication of the fact that even in C anada, the home market of EMERA, the consumers are f acing much the same problems as we are here, and indeed, government officials t here recognise that there are s erious issues regarding the level of prices the company is charging, and the level of poll ution emission they are send ing in the atmosphere, he said. M r Johnson said Operation J ustices intends to file an official complaint with the government on November 16. Once we do this they would be obliged by law to carry out a full investigation.W e will use our findings along with valuable information p rovided by the two case transcripts from Canada. We will also use all them i n support of a lawsuit against t he power company because there is compensation which must be paid to thousands of c onsumers in Grand Bahama for gross overcharging for basic service. We will fightt his issue until the very end t o bring the GBPC to account, he said. After continuing public agitation and demonstrations against the GBPC, the Grand Bahama Port Authority haso rdered an audit of the companys billing practices. Upon satisfactory completion and inspection of the repairs, staff will be relocated to their original areas and servicesw ill resume as normal," she said. As administration has placed top priori ty on the overall development of the hospital, Ms Rolle said the first phase of redevelopment is underway. A new critical care block is first on PMH's agenda, to enhance infrastructure and improve the quality of service. Planningo f the second phase is soon to come, she said. I n response to claims that PMHs staff have been forced to operate from rooms infested with mould and lice, Ms Rolle saidE nvironmental Health, the Pan American Health Organisation and the World Health Organisations regional office have ensured reasonable standards in the hospital. The prosecution alleges the accused committed the offences on Friday, November 4. Both men denied the charges before Deputy Chief Magistrate Carolita Bethel on Monday afternoon. The pair were reportedly at the Lynden Pindling Interna tional Airport preparing for their Bahamasair 201 flight to Ft Lauderdale. While passing through the US Customs sec tion, it was claimed that the narcotics were found in their possession. The cocaine, which was reportedly found in baby lotion and baby powder bot tles, had a combined weight of 7.15lbs. Arnold Tonton was allegedly in possession of 4.35lbs of the seized drugs while his alleged accomplice, Breus, had the remainder. The two were remanded to Her Majestys Prison until their bail hearing on Monday, November 14. T own is expected to include portions of Farm Road and Centreville, St Cecilia, and Fort Charlotte. According to the report, B ain and Grants Town will include polling divisions one t hrough four, part of five, six through 14, polling divisions two, three, four, seven, eight, and 11 of Farm Road and Centreville, polling division three of St Cecilia, and part of polling divisions one and four of Fort Charlotte. E nglerston, likewise, has seen a drastic inclusion of other constituencies polling divisions. This seat will include seven of its original polling divisions along with nine polling divisions of St Cecilia (part of one, two, and four through 11) part of five for Bain and Grants Town, three polling divisions fromM ount Moriah (one, five, and 11) and one (polling division two) from Garden Hills. According to well-placed sources within the PLP, it is believed the government, through this report, will be attempting to stack as many PLP supporters into one seat therefore allowing the loss of one, rather than the possi-b ility of two or three seats. When The Tribune contacted Philip Brave Davis, the PLPs representative on the Boundaries Commission, for his views on the matter, he said the report revealed the actions of a desperate man referring to Prime Minister Hubert Ingraham. The Tribune understands t he PLP held an emergency meeting last night to review the recommendations of the report. According to wellplaced sources, a number of PLP candidates were present to assess the new boundaries and how they would be affected by any possible changes. Attempts to reach the governments representatives on theC ommission, Minister Tommy Turnquest and Deputy Prime Minister Brent Symonette were unsuccessful due to Cabinet meetings yesterday. CAMPAIGNER HOPEFUL OF LAWSUIT CHANCES f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e FNMCANDIDATES LOSE CONSTITUENCIES HAITIANS IN COURT ON COCAINE CHARGES T ROY GARVEY, p resident of Operation Justice, says he is satisfied that new information will help him to file a lawsuit against the Grand Bahama Power Company. Our trip to Canada was very fruitful. We were able to get a lot of information from persons there, but I think the most important part of the trip for us was finding out that they are also having similar issues with the power company over ther T r oy Garvey CARS TARGETED AT AIRPORT BY THIEVES HOSPIT AL BLAMES D AMA GE ON HURRIC ANE ADAMAGEDROOF inside Princess Margaret Hospital.
A NEW regional report says the economic impacts of climate change could cost Caribbean countries up to five per cent of annual Gross Domestic Product over the n ext four decades, if no mitigating action is taken. The report was published last month by the UNs Econ omic Commission on Latin America and the Caribbean. Funded by Britain, assessm ents were conducted in different economic sectors across 14 countries, including tourism in the Bahamas. Here is a brief look at the top 10 highlights: 1 By 2050, the mean annual temperature for the Caribbean is projected to be at least 1.78 degrees Centigrade higher than the aver-a ge temperature experienced from 1961-1990, and could be e ven higher. Towards the end o f the century, the Bahamas is e xpected to be at least 2.3C hotter than the base period. 2 The region as a whole w ill experience overall d eclines in total rainfall. By 2050, the Bahamas is expected to receive 10 to 12 per cent less rainfall annually, but this may be offset by precipitation associated with tropicalstorms. A drastic decline in a verage rainfall throughout the Caribbean of 14 to 25 percent is projected by 2090. 3 Sea level rise of 1-3 metres (3-10 feet Caribbean is projected by the end of this century, with the possibility of a 5-metre i ncrease if melting of the ice caps accelerates. An estimate d sea level rise of about three feet by 2050 will erode c oastlines where most tourism assets are concentrated. 4 The Bahamas will be i ncreasingly affected by extreme weather, including higher-intensity hurricanes and consequent flooding. The incidence of Category 4 and 5 s torms in the North Atlantic (between the United States and The Bahamas) is projected to increase notably, producing estimated losses of $2.4bn over the next few decades. 5. Billions of dollars will be l ost due to the impacts of ocean acidification and sea s urface temperature rise on m arine ecosystems by 2050. T he Bahamas has 5 per cent o f the worlds reefs, which are invaluable in terms of biodi versity, fisheries production and tourism potential. But over the next 40 years, virtu a lly all reefs in the Caribbean will be critically threatened by climate change. 5 Tourism will be affected by an overall deterioration in climate attractiveness throughout the region, as well as land l oss due to sea-level rise, and deterioration of the tourism p roduct due to the ongoing decline of reefs and other e cosystems. Estimated tourism losses for the Bahamas alone a re projected at $19bn over t he next few decades. 8. Treatment costs for infectious diseases are likely to rise throughout the region. Dengue fever transmission w ill increase threefold as rising temperatures reduce the time needed for the parasite to incubate in mosquitoes. Other diseases considered sensitive to climate change include gastroenteritis and malaria. Heat s troke-related deaths are also expected to rise. 9 The decline of coral reefs c ombined with the dispersal o f some fish species to cooler r egions, and the possible extinction of others, will have a big impact on commercial fisheries and food security within the region, as well asl eading to reduced biodiver sity. Fishery declines of 10-20 per cent are forecast by 2050. 1 0. About 15 per cent of wetlands in the Bahamas will b e affected by a sea level rise of 1 metre, freshwater aquifers w ill be increasingly contaminated by salt, beaches will e rode, and resorts, airports and roads that are too close to the coastline will be lost. A ccording to the report, the C aribbean's best response to climate change is the promotion of rapid and significant r eductions in global carbon emissions, combined with efforts to adapt to changing local conditions while seekingt o mitigate the worst effects. S uch measures would include strict land-use planning and development controls, crop diversification, i mproved water management, b etter disaster management, a nd insurance coverage. Adaptation and mitigation measures would cost 2-3 per cent of regional GDP com pared to the cost of inaction, which the report estimated at 5 per cent of GDP. Climate change must be seen as a developmental issue (requiring towards efficient energy use, better development planning and control, improved man-a gement of resources, proactive fiscal policy and financing mechanisms that support sustainable adaptive actions, the report said. Public education and incent ives to promote a transition t o a low-carbon economy, as well as the adoption of a development approach thate xplicitly protects the envir onment, were seen as key to dealing with one of the greatest challenges of our time. T he clear message is that decision-makers must consider the potential impacts of cli m ate change when planning national development. The vulnerability of both air and sea transport infrastructure to c limate change carries tremend ous implications for the Caribbean, which is arguably the most tourism-dependent region of the world. The report advised the Bahamas to pursue a low-car-b on economy for promotional as well as cost reasons. Setting the goal of becoming a carbon-neutral destination could halt the decline in stopovers, since energy-aware a nd conservation-savvy t ourists are more willing to stay at sustainable resorts. However, scientists have c oncluded that even a dram atic reduction in global greenhouse gas emissions in the coming years will beu nable to prevent the consequences of a warmer world, which could threaten national d evelopment. Experts say the climate we end up with will be largely determined by the total a mount of carbon emitted into the atmosphere before the world finally kicks the fos-s il fuel habit. Mid-range models suggest we have a 50-50 chance of holding warmingb elow 2 degrees Centigrade if cumulative emissions are held to a trillion tonnes. But, including deforestat ion, we have already emitted about half that, experts say, so our whole future allowance i s another 500 billion tonnes, and right now the outlook does not look good. Energy-r elated carbon emissions in 2010 were the highest in history, according to the latest estimates by the International Energy Agency. The IEA has calculated that if the world is to escape the most damaging effects of glob al warming, annual energyrelated emissions should be no more than 32 billion tonnes by 2020. This means that over the next 10 years, emissions must rise less in total than they did between 2009 and 2010. In other words, the world has already moved very close to the level of emissions that should not be reached until2020 if dangerous warming is to be avoided. Scientists have warned that unless emissions are significantly curtailed, 4 degrees of warming is possible this century. This would have major implications. As the World Wildlife Fund recently put it, We are using up too much of the remaining global carbon budget thats collectively owned by the peo ple all around the world. Once that budget is used up, it will be impossible to limit global warming to 1.5C above preindustrial levels. Keeping global warming to this level will be the result of deep cuts in emissions, which are a side-effect of smart innovation, rapid mod ernization and sustainable development in the race to the low-carbon future that has only just begun. According to estimates, the financial and non-financial costs of global warming above 1.5 or 2C and the resulting cli mate impacts far outweigh the costs of making the low-carbon transformation we need. What do you think? Send comments to email@example.com or visit www. bahamapundit.com. LOCAL NEWS PAGE 8, WEDNESDAY, NOVEMBER 9, 2011 THE TRIBUNE O O c c c c u u p p y y i i n n g g W W a a l l l l S S t t r r e e e e t t A PRIVATE party I attended in Nassau on Saturday wasi nvaded by a couple of hooded p eople wearing masks of a cartoon-like man with a pointy beard a stylised version of Guy Fawkes, the insurrectionist who tried to blow up the English parliament on November 5, 1605. A lthough Fawkes' Gunpowd er Plot was an episode in the European religious wars between Catholics and Protestants, his stylised visage has apparently been appropriatedb y some in the Occupy Wall Street movement. According to Internet accounts, the cartoon masks derive from V for Vendetta, a 2006 movie whose anarchist hero fancies himself as a mod-e rn-day Guy Fawkes. The film is s een by some political groups as an allegory of government oppression and corporate greed. Members of the Internet activist group Anonymous use t he Guy Fawkes masks when they appear in public to protest against government agencies,g lobal corporations and copyright societies. The whistleblowing website Wikileaks is said to have similar roots. In New York, the Guy Fawkes masks have been worn over the past month by Occu-p y Wall Street demonstrators. But it is unclear if this weekends well-behaved partygoers in Nassau were seeking notoriety, anonymity or simply ham and beer. THE CHANGING FACE OF THE BAHAMAS A N OCCUPY SEATTLE p rotester wears a Guy Fawkes mask while protesting in downtown Seattle. From New York to San Francisco to London, some of the demonstrators are sporting the stylised masks.
C HEF Andrew of FoodArt by Cacique offers up some tantalising treats to Dr Meyer Rassin Foundation board member Michele Rassin while pastry chefs Theo and Lamar work on other tasty morsels. FoodArt by Cacique has put together a spectacular menu of savoury and sweet treats for the foundations Dollars For Scholars Fundraiser on Friday. Guests at the exclusive event will dine on blackened shrimp cakes with tomato aioli, caramelised onion with BBQ duck, scallion mousse tartlets and orange scented tuna tartar. F or dessert, guests will be treated to mini chocolate cake puffs with white vanilla cream filling and white or dark chocolate truffle pops. The fundraiser is being held at the home of award winning artist Jane Waterous and guests will have an opportunity to see and buy paintings created just for the event while Rubins models sashay around in the hottest holiday season fashions. Dj Kirk with Oreyo will set the tone with cool tunes and drinks will flow courtesy of Burnshouse and Bristol Wines and Spirits. All proceeds from the f undraiser will help provide scholarships for Bahamians studying in the healthcare field. LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 9, 2011, PAGE 9 The Bahamas very own street philosopher SECRETARY OF Homeland Security Janet Napoli-t ano will be in Nassau on N ovember 9 and 10 to deliver the keynote address at the second Caribbean Basin Security Initiative Dialogue. Secretary Napolitano will also meet with senior USS tate Department officials a nd regional security partners to highlight the departments commitment to collaboration in the Caribbean on a variety of security initiatives to combat transnational crime, cyber threats, and terrorism. While in Nassau, Secretary N apolitano will meet with Prime Minister Hubert Ingraham to underscore the Oba-m a administrations commitment to strengthening bilat-e ral security co-operation while facilitating trade and t ourism. S he will also participate in a m edia availability with State D epartment Acting Assistant Secretary for the Western Hemisphere Roberta Jacob-s on. More details on the trip will be released once they aref inalised, her office said in a s tatement. Janet Napolitano is the third Secretary of the Department of Homeland Security. Prior to taking up the post, s he was in her second term as g overnor of Arizona and was recognised as a national leader on homeland security, border security and immigration. She was the first woman to chair the National Governors Association and was namedo ne of the top five governors in the country by Time Magazine. N apolitano was also the first female Attorney Gener-a l of Arizona and served as US Attorney for the District o f Arizona. By DANA SMITH firstname.lastname@example.org NEARLY 400 traffic tick ets were issued last week in New Providence, as police continue to crack down on drivers who fail to follow the rules. According to police, 389 citations were issued and 120 traffic matters were brought before the courts. Inspector Anthony Curtis, of the Traffic Division of the Royal Bahamas Police Force, said most of the persons who were cited simply need to be more patient when behind the wheel. People are in bumper-tobumper traffic and may dri ve on the outside to overtake traffic, but just practice patience, he said. Insp Curtis added: Some of the most common offenses we see are persons driving unlicensed vehicles, failing to keep left and driving with one headlight. He said all drivers should inspect their lights. Check your vehicle, make sure you don't have a blown headlight or brake light. Its like your house the light will eventually blow out, and it can happen to your car. Mr Curtis also told drivers to budget your money and licence your car to avoid receiving a citation for an expired licence. Mostly, we want to avoid injuries and fatalities out on the roads, he said. We need courtesy and patience from drivers. Police said the citations issued over the last week were for: driving with loud music driving the wrong way down a one-way street driving in a prohibited place driving with one or no fitted head lamps heavily tinted windows failing to keep left parking in a no parking area parking on a bus stop driving on a closed street. HEADOFUSHOMELANDSECURITY TOGIVESPEECHINBAHAMAS J ANETNAPOLITANO 400 TRAFFIC TICKET S ISSUED IN A WEEK A DELICIOUS WAY TO HELP YOUNG SCHOLARS
By NEIL HARTNELL Tribune Business Editor COMMONWEALTH Brewery yesterday confirmed that its president and chief e xecutive, LeRoy Archer, will step down from running the BISX-listed company at yearend 2011. The company released a statement in response to Tri bune Businesss inquiries, a fter multiple market sources told this newspaper that there was an imminent change in top management at Com monwealth Brewery and that Mr Archer was departing. When contacted by Tribune Business, Mr Archer confirmed he was stepping down, and told this newspaper to contact his office for a prepared statement. When this newspaper rang back for further details, Mr Archers cell phone went to voice mail and he did not return the call. However, Tribune Business understands that, while remaining a member of Com monwealth Brewerys Board and acting as a special adviser to the $250 million company,Mr Archer is stepping down to set up his own business. The company statement referred to him pursuing oth er business opportunities. However, the timing of Mr Archers departure is likely to strike some market observers as a little odd, given that he has just taken Commonwealth Brewery through a $62.5 million initial public offering (IPO cent of its equity placed inB ahamian hands. The com pany has also only recently released its first quarterly earnings statement. M r Archer is being replaced by Nico Pinotsis, the new managing director, with effect from January 1, 2012. Mr Pinotsis is a Dutch citizen, which means a Bahamian chief executive is being replaced by an expatriate. Having joined 75 per cent majority shareholder, the Heineken Group, as a management trainee in 1985, Mr Pinotsis has held roles such as managing director of Windward and Leeward Brewery in St Lucia from 1997-2000, and managing director of Amstel Brewery in Hungary from 2001-2003. For the last six years, Mr Pinotsis has held the role of managing director of Consol idated Breweries, Nigeria. Mr Archer joined Commonwealth Brewery in October in 1989 as financial man ager, some 22 years ago. He held the position of regional manager from 1997-2000, then held the position of managing director of Heinekens Windward & Leeward Brewery in St. Lucia until 2004. From 2004-2011, he held the position of president and chief executive of Commonwealth Brewery. In a prepared statement, he said: I would like to encour age all internal and external stakeholders to continue to support the Brands You Love, the new management team as well as the Common wealth Brewery family, as we continue to deliver top quality goods and profits in the coming years. I wish to re-assure all stakeholders and sharehold ers that the strategic vision is secure and the company is in good hands. $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.19 $5.19 $5.17 T HETRIBUNE SECTIONB email@example.comWEDNESDAY, NOVEMBER 9, 2011 [Learn more at royaldelity.com] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 PersonalPensionPlanStrong investment performanceFlexible StructureCompetitive feesEfcient administration B y NEIL HARTNELL Tribune Business Editor A LEADINGreal estate d eveloper yesterday said almost $2 million worth of its real estate transactions w ere being held up due to problems at the Supreme Court Registry, and warned t he situation was devastati ng commerce. F ranklyn Wilson, chairm an of Arawak Homes, told T ribune Business that the r egistry seemed to be in c haos after it was moved f rom Ansbacher House to the British American Building, opposite the Pirates ofN assau, within the last few weeks. While not blaming registry s taff or the judiciary for the difficulties, Mr Wilson said it was bringing the real estatei ndustry to a virtual standstill, as attorneys were unable to complete title searches. S earching Supreme Court records for confirmation that no liens or judgments, or Q uieting Titles actions, are attached to real estate and properties subject to a transa ction is essential work for attorneys looking to confirm that the title deeds are clear. Unless this can be verified, c hances of such a deal proc eeding are slim to non-exist ent. The last 30 days has been d evastating for real estate transactions. Something has been drastically wrong, Mr Wilson told Tribune Busi ness. Right now, Arawak Homes has seven transac-t ions being held up because they cant be cleared by the lawyers, who say they cantc onfirm the title. Arawak Homes has transactions with a value a pproaching $2 million that cant be closed, because of t he state of the registry. This i s an appeal to whoever is responsible to get the registry functional. Everyone knows the macroeconomic conditions, and then to have that com-p ounded by this type of conf usion, we dont need this. The real estate profession is in a terrible condition; everyone knows that. Whoever is r esponsible, please, please, p lease get it functional. Its d estroying commerce. Tribune Business experie nced some of the confusion when it attempted to contact Supreme Court Registrar, Donna Newton, for com ment. The person who answered the phonei nformed this newspaper it could not be transferred to her, as she was on the BritishA merican Buildings second floor and no phones had been installed in her office. Patty Birch, the Bahamas R eal Estate Associations (BREA firmed to Tribune Business yesterday she had heard about communications prob-l ems at the Supreme Court r egistry following its location By NEIL HARTNELL Tribune Business Editor NEW PROVIDENCE DEVELOPMENT COMPANY yesterday said it had received commitments for 100 per cent of the retail and service space in the Old Fort Bay Town Centres first phase. The project is set to generate 200 full-time jobs when the first two phases are completed. Marcus Grammatico, the developers vice-president of finance and secretary, told Tribune Business that some $23 million of the $30 million construction budget had been spent to date, with between 100-120 construction workers on-site on any one day. Explaining that the remaining $7 million would be required to complete the site and infrastructure for the Old Fort Bay Town Centres second anchor tenant, whenever that was By NEIL HARTNELL T ribune Business Editor Texaco petroleum dealers yesterd ay harboured mixed views about the nine-figure sale of the Bahamian business to RUBIS, some viewing i t as very positive, as the Frenchbased multinational trumpeted the deal as expanding its Caribbean o perations by almost 75 per cent. Thomas Russell, manager of the Texaco Harbour Bay service station, told Tribune Business the sale could be very positive for his business and that of other dealers, plus t he Bahamas as a whole. By NEIL HARTNELL Tribune Business Editor FIDELITY BANK (Bahamas is unlikely to continue its more than seven-fold increase in net profits for 2011 to-date, returning to growth levels in line with thee conomy, as it chief executive w arned yesterday that the sectors bad loans would require a threefive year workout. Speaking as the BISX-listed bank unveiled a 766 per cent rise in net and comprehensive income to $3.184 million for the nine months Bank chief says to trend more in line with economy after remarkable year Sectors bad loans to need three-five year w orkout SEVEN-FOLD FIDELITY PROFIT GROWTH TO EASE SEE page 3B SEE page 4B BAHAMAS DEAL TO GROW RUBIS 75% IN THE CARIBBEAN Texaco dealers mixed on sale of $230m turnover business Deal could open door for industry reform push Antigua experience suggests deal could be positive TOWN CENTRE RECEIVES 00% RETAIL PLEDGES NPDevCo says $23m of $30m construction budget invested to date 100-120 construction workers employed on site to-date 200 full-time jobs to be created in initial two phases SEE page 2B ANWER S UNDERJI COURT REGISTRY CHAOS DEVASTATING BUSINESS Developer says $2m worth of deals held u p by title search problems Warns devastating real estate industr a nd compounding economic woes FRANKLYN WILSON c hairman of Arawak Homes SEE page 4B ARCHER TO STEP DOWN A T BREWER Y Bahamian set to be replaced b y Dutch expat shortly after $62.5m IPO completion
selected, Mr Grammatico said the development would elim inate the need for western New Providence residents to drive 10 miles for their shop ping needs. Explaining that New Providence Development Company was in the very initial stage of discussing how to attract a St Andrews-type school to the area, as it sought to create a real community in western New Providence that could find all its needs there, Mr Grammatico added that the developer might look to move on its p lanned 70-acre light industrial park once the Town Centre project had been completed. Jane-Michele Bethel, New Providence Development Companys sales and marketing manager, told Tribune Business that besides AML Foods 38,000 square foot SolomonsF resh Market store, which will serve as the initial anchor, phase one would include 1o retail tenants. These include a pharmacy; furniture store selling European and Asian furniture; art gallery operated by a Bahamian artist; travel agency; dry cleaner;l iquor and gift stores; Post Office box company; clothing boutique and bistro style restaurant. While the first phase had 12 retail units sized at 947 square feet each, two tenants had each committed to taking two spaces. What weve tried to do is get am ix of retail and services the area is going to need, Ms Bethel explained, adding that New Providence Development Company looked to have secured two restaurants. While the developer declined to name any committed tenants, Ms Bethel added: Weve r eceived commitments for 100 per cent of the retail and ser vices in the first phase. Above the ground floor retail and services tenants, the Old Fort Bay Town Centre is providing office condo space in a bid to attract professionals, such a s attorneys, accountants, doctors and architects, to base themselves in western New Providence. Ms Bethel said the developer had received inquiries to lease a whole floor comprising six office condos, one potential tenant wanting to take fouru nits and another, two. Some 50 per cent of the phase one office condo space, she added, had now been reserved. Mr Grammatico, meanwhile, told Tribune Business that Solomons Fresh Market would hopefully open within weeks. Both developer and retailerw ere hoping this would happen in time for Thanksgiving, and Tribune Business observed workers from general contrac tor, SMG Construction, work ing feverishly yesterday to get the building ready. Suppliers were also turning up with inventory. It feels very good to see it come together, Mr Grammatico said. Theres a lot of excitement, a lot of interest in the community. I was at the BASRA ball recently, and everyones really looking forward to it. Were looking forward to providing a quality p roduct. Its [Old Fort Bay Town Centre] exceeded expectations, and will have a significant impact. Just to have a grocery store out here, in the absence of City Markets, is unbelievable, and its a grocery store thats v ery, very nice. Its going to eliminate that 10-minute drive people have to make to do their shopping. This will alleviate a lot of congestion, provide a lot of variety and serve the community very well. Many of the 18 tenants at N ew Providence Development Companys existing Lyford Cay Shopping Centre, now 47 yearsold, are also expected to lease space in the Old Fort Bay Town Centres phases one and two. The Lyford Cay Shopping Plaza has seen its day, MrG rammatico added. It was now outdated and unable to serve the needs of an expanded western New Providence communi ty, which includes develop ments such as Albany, Serenity, Old Fort Bay, Lyford Hills and Charlotteville. The Old Fort Bay Town C entres phase two, offering another 30,000 square feet of retail and space, has already received commitments for 80 per cent of the former. New Providence Development Company is aiming to have these stores open by the 2012 third or fourth quarter. W ith phase one stores promised to tenants by Decem ber 2011, Mr Grammatico said the general contractor, SMG, had promised to deliver phase two in record time. They will be breaking ground imminently, in the next couple of weeks, he added of phase two. Ms Bethel said commitments had been received for that phase even before construction started. Among the interested are a sports store, vet, gift store, computer and IT store and, two-three boutiques. Theres not a day goes by when I dont get an inquiry, Ms Bethel told Tribune Business. Theres still interest. She added that New Providence Development Company now planned to begin intensified marketing of the phase two office condos. While the rental rates were higher than for the likes of Caves Village or Sandyport, the developers research had shown a market existed. When we buckle down and start pushing those condos, hopefully we will create similar momentum, Ms Bethel added. Apart from the 9.5-acre first phase, the 21.5 acre Old Fort Bay Town Centre also features seven one-acre pads lining Windsor Field Road. Mr Grammatico said four of those were spoken for, the potential tenants including a gas station and bank. Two other spots had been taken by big businesses, and among the types of tenant being targeted by New Provi dence Development Company for the remaining spaces are furniture stores, family-style restaurants and possibly medical facilities/a gym. BUSINESS PAGE 2B, WEDNESDAY, NOVEMBER 9, 2011 THE TRIBUNE CREDIT BUREAU PLANS ADVANCE CABLE BAHAMAS yesterday disclosed a 33.9p er cent bottom line increase for the 2011 third q uarter, driven by strong top-line growth, as profits for the first nine months also rose 7.6 per cent. Unveiling results for the t hree and nine months to end-September 30, the B ISX-listed communications provider said third quarter revenues rose by 1 6.4 per cent to $25.9 mill ion. Year-to-date revenues of $73.2 million represented a 9.9 per cent riseo ver 2010. Cable Bahamas attributed the revenue growtht o double digit performances in its premium and pay-per-view services on the RevTV (cable TV side. Internet revenues for t he nine months to endS eptember rose by 3.3 per cent to $21.5 million, yearover-year, while data top-l ine grew 2.1 per cent to $10.6 million. Total operating expense s for the 2011 third quart er were up 14.9 per cent at $13.718 million, and for the year ahead 13.8 per c ent at $40.674 million. This was due to cost increases in all areas of the b usiness. Earnings before interest, depreciation, taxation anda mortisation rose 5.3 per c ent to $32.5 million. CABLE ENJOYS 34% Q3 PROFITS GROWTH By NATARIO McKENZIE Tribune Business Reporter firstname.lastname@example.org S IGNIFICANT steps have been t aken towards the establishment of a B ahamian credit bureau, a Central Bank of the Bahamas executive revealed yesterday, adding that a draft strategy document for the facility had already been submitted to the World Bank's International Finance Corporation (IFC Cassandra Nottage, manager of b ank supervision, told the Bahamas I nstitute of Chartered Accountants ( BICA) accountants week conference that the regulators legal unit was working closely with industry stakeholders regarding the establishment of a credit bureau. Technical assistance has been sourced from the IFC, a member of t he World Bank. The legal unit has c ompleted a draft of the vision and strategy document of the credit bureau, which has been commented on by the IFC, Mrs Nottage said. The legal unit and the IFC hoste d a discussion forum in September o f this year with regulators and industry stakeholders on the way forward. Several committees have been formed to move the project forward. There will be public consultation on the credit bureau and its modus operandi in 2012. T he Central Bank of the Bahamas r evealed last year it was being assisted by the World Bank's International Finance Corporation (IFC towards setting up a credit bureau, w hich would collect and maintain i nformation about credit histories t hat can be shared, when requested, with providers of credit such as banks, credit card companies and insurance companies. The rationale is that with access to such information creditors will be able to make more informed and l ess risky lending decisions, and the o verall economy will be better geared towards stability and economic growth. HUNDREDSof travel agents will descend on Sandals Royal Bahamian and Sandals E merald Bay in the coming week, as the r esorts continue their travel agent familiarisation season (Mega-Fam D ecember each resort would have hosted a bout 1,200 travel agents. T he season kicked off last week with a group of 196 agents from Philadelphia and Orlando. They were taken by private charter to SandalsE merald Bay, followed by a stopover at Beaches Turks and Caicos, and capped off their trip at Sandals Royal Bahamian. During the two-night/three -day trips, agents will attend a training workshop to obtain a Certified Sandals Specialist (CSS tion, have the opportunity to tour the select r esort properties and experience the resorts L uxury Included vacation. T he agents will be given a sneak preview o f the $17.5 million renovations underway at S andals Royal Bahamian, including a trans f ormation of the Manor building with all new rooms, suites and additional oversized balconies, a sophisticated lobby with marble floors and stylish chandeliers. B eachfront rooms will also boast balconies w ith direct ocean views, while new Bahamian Beachfront Walkout Suites will allow guests to s tep from their suite to their private patio feat uring a firepit and lounge bed, and then d irectly down to the beach. Sandals has always had a great love affair with travel agents, and that relationship con-t inues. Seeing is believing ,and it is important for them to not only experience the incredible product Sandals Royal Bahamian Spa Resort and Off Shore Island and Sandals Emerald Bay has to offer, but to see the beauty of the Bahamas as a destination and the warmth of the Bahamian people, that help t o make these properties so special Patrick D rake, general manager of Sandals Royal B ahamian, said. T his year the resorts are targeting agents f rom Philadelphia, Minneapolis, New York, C algary, Los Angeles, Baltimore, Atlanta, Philadelphia and Orlando. Over 1,000 agents to visit Sandals Bahamian resorts TRAVEL AGENTS from Philadelphia Pose for the Camera F ROM page one TOWN CENTRE
BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 9, 2011, PAGE 3B A bout RBC and RBCWealth ManagementR oyal Bank of Canada, which operates under the brand name of RBC, is Canadas l argest bank, one of North Americas leading nancial services companies, and a mong the largest banks in the world as measured by market capitalization. T hrough a network of ofces worldwide, the international division of RBC p rovides comprehensive wealth management services to high net worth individuals and institutional clients in select markets around the world. Royal Bank of Canada Trust Company (Bahamas) Limited is a leading international private bank and trust company in the Bahamas, one of the worlds premier nancial centers, serving high net worth individuals and corporate institutional c lients. R oyal Bank of Canada Trust Company (Bahamas) Limited is looking to hire a Senior TrustOf cer The Senior Trust Ofcer will report into the Head of Trust Services, RBC Wealth Management Bahamas and will be responsible for administering a portfolio o f complex trust structures for high net worth individuals as well as providing s upport, strong leadership and fostering teamwork amongst a group of highly m otivated professional Trust Ofcers and Trust Administrators, ensuring that all administrative issues are dealt with accurately and ef ciently. Key accountabilities include: Possess a superior knowledge of Trust (complex and simpleompany and Fiduciary structures, and tax and legal issues affecting the administration of T rusts and Companies. Ensure that strong technical knowledge of all aspects of trust and company administration is delivered: this includes attending client meetings and understanding the correct administrative needs associated with the structure. Experience with the preparation and presentation of nancial and estate planning proposals to high net worth individuals. Providing assistance to increase prtability of the company/shareholder v alue by identifying opportunities to extend the trust services, and to use the b ank offering to implement solutions for clients where appropriate. Proven superior sales acumen, with ability to attract, build and strengthen relationships with key clients and intermediaries and identify new ideas in relation to products and services that may be offered by the company. A key role in the on boarding of new trusts and companies Working closely with referral sources, internal and external partners to deliver superior client experience during the take on process. Fully knowledgeable on the abilities of the trustee, and strong decision making demonstrated. Work in a fast paced, high growth environment and demonstrate leadership in challenging situations with aggressive deadlines and service standards. Required Quali cationsand Skills: A University degree in business, accounting, or other related discipline. A minimum of ten years relevant experience. Professionally qualied, e.g. accounting/ nance qualication, STEP, ICSA, TEP, ACCA or a qualied attorney who has experience working in the eld of trust law and company law. Self-motivation with excellent project management skills. Demonstrably strong technical knowledge of all aspects of trust and company administration, including the nuances and statutory requirements of the major offshore jurisdictions used in connection with clients structures. Strong analytical and problem-solving skills, methodical, thorough and attentive to detail. Strong supervisory skills coupled with the ability to lead by example. Fluency in a foreign language preferred. (Spanish, French preferred ) Strong skills in time management and prioritization. Excellent oral and written communication skills. Cultural awareness and sensitivity on both an individual and corporate basis. Excellent at relationship management and working with others, as demonstrated through experience and references. About Our People, Our Culture We believe our people are our main strength, and to this end we are dedicated to continually developing our employees. This position offers opportunities for career progression and appropriate training will be provided. We offer an attractive compensation package, which includes incentive bonuses and a comprehensive health & bene ts plan. Remuneration will be commensurate with qualications and experience. Interested persons should apply by November 17, 2011 to: Royal Bank of Canada Trust Company (Bahamas) Limited P. O. Box N-3024 Nassau, NP, Bahamas Attention: Human Resource Department Via Email: email@example.com Only applications from suitable qualied candidates will be acknowledged to end-September 2011, compared to $415,533 the year before, Anwer Sunderji said it was now enjoying the fruits of repo-s itioning and restructuring. Its just executing the same plan weve had for some time, and the results are beginning to show, he told Tribune Business. Its very satisfying. Weve had to re-engi-neer and restructure like everybody else, and find new markets and new niches. Weve done a lot of things to reposition the bank, and are seeing the fruits of the restructur ing. Fidelity Bank (Bahamas around $4 million in net income for the full 2011 financial year, annualising its average quarterly net income of around $1 million for the three periods to date. Noting that profit growth was typically linked to the overall Bahamian economys expansion, projected by the IMF to be around 2 per cent this year and into 2012, Mr Sunderji hinted that the banks net income trend would likely to return to similar levels going forward. This year, weve had a particularly good year because weve simply re-engineered the business. Weve had a remarkable year, but going forward well probably be in line with economic growth, Mr Sunderji told Tribune Business. During the first nine months of 2011, Fidelity Bank (Bahamasby 14.1 per cent to $242.743 million, compared to $212.665 million, a development that translated into an improved interest income top line. Interest income for the same period grew by 27 per cent to $19.291 million, comparedto $15.185 million the year before, while interest expense expansion was more muteda 2.5 per cent rise from $8.86 million to $9.085 million. As a result, Fidelity Bank (Bahamas interest income grew by 61.3 per cent to $10.205 million, compared to $6.325 millionfor the nine months to end-September 2010. With non-interest income also growing to $4.357 million, the banks total income roseby 41.2 per cent year-over-year to $14.562 million from $10.31 million. Earnings per share (EPS compared to $0.014 a year earlier. Our loan book grew, and our loan mix continued to evolve and continued to change, and both helped with the top line, Mr Sunderji explained. The latter reference was to higher interest, higher yielding consumer loans accountingfor a greater proportion of Fidelity Bank (Bahamas the mix was in the same ball park as the 70/30 split, tilted towards mortgages, seend uring the 2o11 second quarter. The loans booked earlier in the year, were not benefiting from that, he added. But the Fidelity Bank (Bahamas warned that much depended on the state of the overall Bahamian economy, and related employment levels, and loan loss provision-i ng still had the potential to increase moving forward. There are clearly distressed borrowers, and we need to continue to work with them to restructure loans, Mr Sunderji told Tribune Business. Its going to be a three-five year workout. Its not going to be immediate, and wont happen next year. We have to continue to slog away, and find quality buyers for properties listed as for sale. Fidelity Bank (Bahamas provisions for the first nine months of 2011 increase by 67 per cent, or two-thirds, yearover-year, hitting $1.145 million this time compared to $685,639 in 2010. We expect to see continued provisions, said Mr Sunderji, noting that loan delinquencies were a function of the weak economy. While these had not improved, and were either stable or slightly worsening, Fidelity Bank (Bahamas loans those more than 90 days past due and upon which it has stopped accruing interest stood at 8.4 per cent of the total portfolio, below the industry average of more than 10 per cent. Fidelity Bank (Bahamas return on shareholder equity of 11.7 per cent for the year to end-September, and a 1.4 per cent return on assets. Mr Sunderji said these returns were expected to increase, but could be impacted by the loan delinquency situa tion. These are tough times for Bahamians, and we need to kind of encourage more savings and investments, and lower levels of borrowing, but we have to see, he added. Were holding a great deal more liquidity than we normally would. Credit demand is muted and liquidity in the system is very high, so it ends up on your balance sheet in cash. It is a drag on earnings when there is excess liquidity, but in these times its better to have surplus rather than inadequate liquidity. On the expenses front, Fidelity Bank (Bahamas months grow almost 15 per cent, from $9.894 million to $11.378 million. Salaries and benefits rose 20.8 per cent to $4.905 million, compared to $4.059 million in 2010, something Mr Sunderji attributed to having to ramp back up following staff cuts in 20082009. B y NATARIO McKENZIE T ribune Business Reporter firstname.lastname@example.org THE Bahamas may soon have to look at implementing a Value Added Tax (VAT Alliance (DNA M cCartney, said yesterday, adding t hat the current taxation system was n ot working. Speaking at the Bahamas Institute of Chartered Accountants' (BICA annual accountants week, Mr M cCartney said: If you look at our l ast budget in June, it shows that our taxation system is not working. It shows that based on our national debt there is no way to bring further income into this country by our taxation system. We are going to have to look at a d ifferent form of taxation. Were g oing to have to look at value added t ax within a five-year span, where w e are able to bring it to the Bahamian people. He added: Value added tax is nothing new; were not reinventing the wheel. Our tax system is not working and it has to change. You will see over the next five years that w e will have to gradually go towards v alue added tax. M r McCartney also urged public s ector reform. We are going to have to do a complete audit, quite frankly, and this wont happen overnight. We have circumstances where persons are there not doing anything, and we have circumstances where persons are not being trained properly. Publ ic sector reform is necessary, he s aid. B y NATARIO McKENZIE Tribune Business R eporter n email@example.com THE Bahamas could secure more investmentf unds business once the new Securities Industry Act comes into force later this year, the Securities Commissions chairman said yesterday. Philip Stubbs, who was a s peaker at yesterdays sess ion of the Bahamas Instit ute of Chartered Accountants (BICAs aid: I am aware in terms of t he number of new funds being registered that that trend has somewhat flat t ened. One of the issues that will have some impact on business in the investmentf unds area, once the new Act comes into force at theend of December, is that the Securities Commission, as a member of the International Organisation of Securities Commissions (IOSCO required to sign a unilateral memorandum of unders tanding ,which is an agreement asking all securities regulators for information s haring. Right now we are signed o n as a signatory B. We are not a signatory A because provisions in our legislationh ave some gaps. He added: Once the new legislation comes into force, and we reapply for signatory status, it is my understanding that there will be a lot of investment fund business c oming to this jurisdiction, e specially out of some of the Latin American countries. They have rules whereby i t will allow more flow of business from their citizens if they are satisfied that we have information sharing provisions that meet the IOSCO signatory A status. Mr Stubbs also noted that there were several key changes to be implemented once the Securities Industry A ct 2011 comes into force on December 30. Mr Stubbs noted that a mong the key changes to t he Securities Industry Act w as a more flexible legislative structure, allowing for easier amendment to regu l ations and rules as circumstances in the industry change. He added that there were also significant changes in the Commissions investigative, examination, informat ion sharing and enforcem ent powers. Mr Stubbs said some of the key changes that woulda ffect the accounting profession would be increased financial recording and addi tional duties for auditors. Says five-year timeframe for introduction MCCARTNEY EYES VAT TAX REFORM BRANVILLEMCCARTNEY ACT ENFORCEMENT TO ATTRACT FUNDS GROWTH Commission chair says move to IOSCO A status will boost Latin America business SEVEN-FOLD FIDELITY PR OFIT GROWTH TO EASE FROM page one
He based this on what he had been told by a friend who ran a former Texaco gas station in Antigua, the operations there having been acquired by RUBIS and its subsidiary, Vitogaz, last year. Mr Russell said the reports from his friend were all positive, having been told that RUBIS/Vitogaz had invested a lot of money in upgrading the former Texaco stations in Antigua, in addition to providing extens ive marketing and brand s upport for the switch to the Vitogaz name. T ribune Business exclus ively revealed on Septemb er 14, 2011, that RUBIS was the buyer for Chevrons Texaco business in theB ahamas, which was packaged together with the Cayman Islands and Turks & Caicos operations in the deal. This newspaper was also the first to reveal that Texaco (Bahamas f or sale last November. W hile the sales agreement h as been signed, Tribune B usiness was told the deal is u nlikely to close until the l ate first quarter/early second quarter 2012. This is due to RUBIS, as a foreign purchaser, having to obtain Bahamian government approval for the deal, via the National Investments B oard and Central Bank of the Bahamas. It also has to conduct further due dili-g ence on the businesses it is a cquiring. The French multinational, though, was not slow to boast about the potentialb enefits of its acquisition, announcing that the Bahamas, Cayman and T urks & Caicos businesses c ollectively generated $230 m illion in top-line sales revenues during 2010, on volumes of 250,000 cubic metres. Given that the Cayman Islands has a population of just 56,230, and Turks & C aicos one thought to be a pproaching 40,000, it is easy t o surmise that the Bahamas with its 350,000-strong population accounts for the majority of that turnover. E ven accounting for the fact that Texacos Bahamian business is largely conc entrated on New Provid ence, this would still mean t he Bahamas is by far the l arger market of the three. E xtrapolating the population n umbers into sales percentages, the Bahamas could potentially account for 7278 per cent more than twothirds of those sales numbers. Chevron confirmed in S eptember that some 20 serv ice stations, out of the total 39 included in the threec ountry package, were locate d in the Bahamas, along w ith two fuel terminals and four aviation facilities. RUBIS, for its part, d escribed the Texaco business as having an average 45 per cent market share in the three countries, adding that the brand held a leadership position. The deal also involved six storage termi n als. I ndicating that it would look to achieve synergies, and economies of scale,t hrough its already-strong presence in the Caribbean via its eastern region acquisitions last year, the Frenchm ultinational added in a statement: Combined witha skilled management struc ture already in place (West I ndies), and synergies to come in terms of supply and shipping, these all add-up to making this a promisinga cquisition for Rubis. This transaction, which will be fully financed by existing bank credit facilities,i s expected to boost the groups existing operations in the West Indies by almost 75 per cent, with a positive e ffect on the group's profi tability from the year 2012 o nwards. Some other Texaco dealers spoken to by Tribune Business, though, were not as positive on the RUBIS deal should it be successfully concluded. R ay Claridge, who has b een fighting a well-public ised battle with Texaco (Bahamas Caribbean Fuels Services, other the latters efforts to e vict him from the Mackey Street/Madeira Street location, said: Moving forward f rom here, I dont see it helpi ng us. As far as Im concerned, i ts jumping into a bad situat ion from a bad situation. Its n ot going to help us one iota. The emergence of the RUBIS purchase, though, could provide a window for the Bahamas Petroleum Retailers Association ( BPRA) to push the Gove rnment for long soughtafter reforms, especially w hen it comes to the worki ng relationship between t hemselves and the wholesalers (oil giants Given that RUBIS has to o btain government approvals to consummate the purchase, the Ingraham administration could have some leverage to push for a restructured relationship. It has already pledged to forma Commission to examine all a spects of the retailer-whole saler tie-up in the Bahamian petroleum industry, and thush as a promise to deliver on. Indeed, many observers and those inside the industrybelieve the Bahamian p etroleum industry would function much better, and be more sustainable, if two things happened. The firstw ould be an end to government margin (price trols, and the second making Bahamian dealers inde p endent, so they could buy from whomever they wished. Ryan Bain, Caribbean Fuels Services (Texaco t rict sales (country told Tribune Business yes terday he did not know many of the final details conc erning the Bahamas/Caym an/Turks purchase, as the t ransaction had been negotiated above him at the Chevron regional and corporate level. Acknowledging that the business employed some 34 persons, excluding retail d ealers and their staff, Mr B ain did confirm that the p urchase was intended to close somewhere around that timeframe of the 2012 first quarter end/second q uarter start. Adding that there were quite a few issues still to b e finalised, Mr Bain said t hat apart from government a pprovals, these included a due diligence component t hat needs to be done as w ell. He told this newspaper he did not know whether RUBIS/Vitogaz would use the Texaco brand, and sell the latters petroleum prod ucts, as part of the deal. Nord id he know whether Texaco w ould continue supplying the business here with fuel. The business is being sold a s a going concern, Mr Bain s aid. Its business as usual. The company intends to run our business as we have beenr unning it, satisfying the needs of our customers and ensuring they have high quality products. Still, Harbour Bays Mr Russell said: A friend of mine has a station inA ntigua, which they [ RUBIS] bought last year. He said its good, that theyve spent a lot of moneyu pgrading all the stations. Theyre going out marketing it a lot, and have got their own tankers, so they will notb e reliant on anybody. Mr Russell said that under the terms of the eastern Caribbean deal, RUBIS hadr etained the Texaco brand and logo for a year, after which the operation would come under the Vitogazn ame. It is unknown whether similar terms will apply in the Bahamas. It looks like its going to b e favourable once the Bahamian people catch on to the name change to Vitogaz, Mr Russell told Tribune Business. I would say its very positive. I think RUBIS will be fine, and Im looking forward to them. While he and other Texa co dealers had yet to be briefed on the purchase, Mr Russell said he understood RUBIS would be taking over in full force by March next year. Im hoping they will mod ernise equipment, upgrade it and give us some of the things we need, he added. RUBIS appeared willing to invest money, money, money and keep the existing ser vice stations in the jurisdictions it acquired, only upgrading them. The Caribbean has been targeted as a growth area by RUBIS, and there appears every prospect that investment in the Bahamas will be coming. The French multinational entered the region via the French Antilles and French Guiana in 2005, tak ing Bermuda in 2006 before moving on to the eastern Caribbean last year. Its aim seems to be to become the leading inde pendent petroleum products distributor in the Caribbean. Among the rivals that RUBIS beat off to land the Bahamas package was BISX-listed FOCOL Hold ings and its partner. Franklyn Wilson, FOCOLs largest shareholder, said the com pany did not fear the potential competition from RUBIS, but hoped the lat ter would bring new energy to the market. We hope it will be good for all concerned, good for the consumer, and hope they will come in with new vigour, new energy and everyone will benefit, Mr Wilson said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s witch, but believed attorneys had been warned about the situation and advised to go down there in person. Ruth Bowe-Darville, head of the Bahamas Bar Association, could not be contacted for comment. Mr Wilson, though, said attorneys were telling him they were unable to access the necessary records or computers at the Supreme Court registry. All Im getting is excuses, he added. This is no w ay to conduct commerce. Macroeconomic condit ions are brutal enough. When you get these delays and frustrations, because of this bureaucracy, its painful and further compounded. FROM page one COURT REGISTRY CHAOS DEVASTATING BUSINESS FROM page one Share your news The Tribune wants to hear from people who arem aking news in their n eighbourhoods. Perhaps you are raising funds for a g ood cause, campaigning f or improvements in the a rea or have won an award. If so, call us on 322-1986 a nd share your story.
S AN FRANCISCO A ssociated Press MICROSOFT Yahoo and AOL are joining forces in an o nline advertising attack on Google and Facebook. The alliance, announced T uesday, is designed to sell some of the less-prized ad space that Microsoft Corp.,Y ahoo Inc. and AOL Inc. h ave had trouble filling on their own. Even as they share some r esources, the three companies vowed to retain their independence and competea gainst each other with sepa rate sales teams. For that reason, they said they don't expect U.S. antitrust regula t ors to object to the nonex clusive partnership before they begin selling ads togethe r in January. Ross Levinsohn, a Yahoo executive vice president, hailed the alliance as a "fun-d amental rethinking" of the Internet ad market. That statement also could b e interpreted as a bit of wish ful thinking. Microsoft, Yahoo and AOL all need to change the direction of an online ad market that has been increasingly tilting in the direction of Google and Facebook. Having already built a moneymaking machine in its dominant search engine, Google has become even more pow erful in Internet marketing since it bought DoubleClick's ad service for $3.2 billion in 2008. That deal provided Google with a springboard to leap from text ads that appear next to search results into the graphical messages known as display advertising. Facebook attracts more advertising as it becomes established as the Internet's most popular hangout. The company accumulates valua ble insights into people's interests as its 800 million users share their passions. That advantage has helpedF acebook become the leader in U.S. display advertising with a 16 percent share of the online ad market, accordingt o the research firm eMar keter Inc. Yahoo, the former leader, h as seen its share fall from 18 percent in 2008 to 13 percent this year. Google's share oft he display market moved f rom 2 percent in 2008 to 9 percent. Microsoft stands at 5 percent and AOL is hover ing around 4 percent, accord ing to eMarketer. As it has fallen further b ehind in Internet advertis ing, Microsoft's online divi sion has piled up operating l osses of $7 billion since June 2008. Revenue at both Yahoo and AOL is steadily falling. Yahoo has been struggling som uch that its board is mulling whether to sell all or part of the company. Microsoft may eventually b enefit from Facebook's suc cess. It bought a 1.6 percent stake in Facebook for $240 m illion in 2007. By some esti mates, Facebook is now worth three to five times more thani t was when Microsoft made i ts investment. By tapping into each oth er's technology, Yahoo, and AOL are betting they can save money and sell more advertising. T he partnership will cover a category of advertising that doesn't typically appear in the p rime slots on websites. Microsoft, Yahoo and AOL believe that space will be in higher demand if they cans ucceed at creating a more efficient, transparent market that helps connect advertis ers with the Web audiences b est suited for their marketing campaigns. BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 9, 2011, PAGE 5B RI MICROSOFT, YAHOO, AOL TEAM UP TO SELL INTERNET ADS NEW YORK Associated Press OIL PRICESrose above $96 per barrel Tuesday as tensions escalated over Iran's nuclear program and OPEC boosted its demand forecast. Benchmark crude rose $1.28 to settle at $96.80 per barrel on the New York Mercantile Exchange. Benchmark oil hasn't trade d above $96 in more than three months. Brent crude rose 44 cents to end the day at $115 per barrel on the ICE Futures exchange in London. Prices rose as Iran's president vowed to press ahead with the country's nuclear program. The U.N. nuclear atomic energy agency said Tuesday for the first time that Iran is suspected of conducting secret experiments whose sole purpose is the development of nuclear arms. Meanwhile, the world's thirst for oil continues to grow. Develo ping nations in Asia and the Middle East have been importing more barrels as they build factories and their people buy more cars. The Organization of Petroleum Exporting Countries said Tuesday that global oil demand should rise to a record 92.9 million barrels per day by 2015. That's up 1.9 million barrels per day from the previous forecast. OPEC said it was making the change to reflect a "swifter than expected" recovery in energy demand since the recession. OIL PRICE ABOVE $96 PER BARREL ON IRAN CONCERNS
NEW YORK Associated Press STOCKSturned higher Tuesday once investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. The D ow Jones industrial avera ge closed up 101 points. Italy became a key focus f or investors this week after d oubts emerged that the c ountry would go through with a tough package of austerity measures. Many investors saw Berlusconi as an obstacle to sweeping econ omic reforms needed to h elp Italy avoid sinking into a debt crisis. T he yield on the 10-year I talian government bond s piked close to 7 percent T uesday, a sign that markets a re questioning the count ry's ability to pay its debt. Unlike Greece, Portugal or Ireland all of whichr eceived financial lifelines Italy has too much debt to be rescued by its European neighbors. E urope's evolving debt crisis has been a major driver of trading in financial m arkets since the beginning o f October. The S&P 500 is up 14.9 percent since hitting a 2011 low on Oct. 3 after E uropean leaders began to m ove more forcefully to get t he situation under control. M arkets have been quick to r espond to worrisome signals that Greece might be edging closer to a default,w hich would cause huge losses for European banks. "Europe is the last big question hanging over the m arket," said Rick Fier, vice president of equity trading a t Confier Securities. "The m arket has been so whipsawed lately that it's really just staying in place until we k now some more outc omes." T he Dow Jones industrial average rose 101.79 points, o r 0.8 percent, to close at 1 2,170.18. Manufacturer 3M Co. gained 2.7 percent, the most of the 30 stocks in the a verage. T he S&P 500 rose 14.80, o r 1.2 percent, to 1,275.92. Financial companies posted the strongest gains. Regions F inancial Corp. jumped 5.3 percent. Wells Fargo & Co. climbed 4.4 percent. The Nasdaq composite rose 32.24, or 1.2 percent, to 2,727.49. U.S. stock indexes fell in t he morning after Berlusc oni narrowly survived a confidence vote, a sign that h e might continue to cling t o power. The market t urned higher immediately after headlines crossed around 2 p.m. Eastern saying Berlusconi had promised to step down after economic reforms are passed. Thati s expected to happen next w eek. European stock markets were also higher. Italy's main index rose 0.7 percent.G ermany's main index rose 0.6 percent, France's 1.3 perc ent. I n the U.S., the Labor Department said employers advertised more jobs in Sept ember than at any other p oint in the past three years. T he 7 percent increase in job openings is a hopeful sign that companies may step up h iring. Priceline.com Inc. rose 8.6 percent after its third-quarter earnings more than doubled from a year earlier. Most of the gain was attributed to a jump in hotel b ookings. A ctivision Blizzard Inc. gained 1.4 percent as anal ysts expect the company's l atest "Call of Duty" video g ame to sell about 10 percent more units than last year's version. Auction house Sotheby's fell 2.2 percent after the company posted a wider-than-expectedl oss in the third quarter. N early three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was abovea verage at 3.9 billion shares. BUSINESS PAGE 6B, WEDNESDAY, NOVEMBER 9, 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% 11.108.29Cable Bahamas8.468.460.000.2450.32034.53.78% 2.802.33Colina Holdings2.382.380.000.4380.0405.41.68% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.546.53-0.011,6600.4960.32013.24.90% 2.001.63Consolidated Water BDRs1.851.910.060.1110.04517.22.36% 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% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%TUESDAY, 8 NOVEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,364.17 | CHG -0.41 | %CHG -0.03 | YTD -135.34 | YTD % -9.03BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%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% 13.849313.2825Royal Fidelity Prime Income Fund13.91804.19%5.21% 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 210.3699-6.17%-2.17% 10.68139.6635Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.20631.81%7.39% 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-Oct-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)31-Oct-11 31-Jul-11 31-Oct-11 STOCKS RISE AFTER BERLUSCONI PROMISES TO LEAVE ITALIAN PREMIER SILVIO BERLUSCONI center, checks a document at the end of a voting session in the lower chamber in Rome, Tuesday, Nov. 8, 2011. Premier Silvio Berlusconi promised Tuesday to resign after parliament passed economic reforms demanded by the European Union. (AP NICOSIA, Cyprus Associated Press INTERNATIONAL r atings agency Moody's on Tuesday downgraded Cyprus' three most Greece-exposed commercial banks because of what it considers to be the small island nation's diminished ability to back them up. Moody's downgraded Marfin Popular Bank by three notch e s to Ba2 and cut Bank of Cyprus and Hellenic Bank by one n otch to Ba1. The agency added that the three banks, which are the island's largest lenders, could be downgraded again. The downgrade illustrates how the Cypriot economy, which i s projected to grow by a mere 0.2 percent in 2012, is caught in a vicious spiral. Last week, Moody's cut Cyprus' sovereign credit rating by two notches, to Baa3, over what it said was thei ncreased likelihood that its large financial system equivalent to six times the island's GDP may need government support next year. Another cut and Cyprus' sovereign rating will be considered junk, raising fears that it may join the ranks of eurozone countries needing a financial bailout. The other two major credit rating agencies, Standard & Poors and Fitch, grade Cyprus at BBB, or two notches above junk. Cyprus is trying to push through parliament a raft of spending cuts and tax increases worth euro840 million ($1.2 billion that aim to shrink the deficit now around 6.5 percent of gross domestic product to under 3 percent of GDP next year. Opposition parties are clamoring that those measures aren't enough to rein in a bloated public sector which takes up around a third of all government spending. Finance Minister Kikis Kazamias told state radio on Tuesday that more austerity measures are in the offing in light of the worsening economic outlook throughout the eurozone, but he did not provide details. To make matters worse, high interest rates on Cypriot sov ereign bonds have made it increasingly costly for the government to borrow from the markets to service its debt and cover costs. Cyprus has turned to Russia for a 4?-year, euro2.5 billion ($3.44 billion rate which is much lower than markets are currently offering. Moody's said Marfin's higher exposure to Greek govern ment bonds compared with the other two banks makes it more likely that it would require a government cash infusion. The banks' combined exposure to Greek government bonds is esti mated at around euro5 billion ($6.9 billion It said Marfin's losses would more than double as a result of last month's European debt deal for Greece which foresees a 50 percent write-off on money the country owes private bondholders. That means Marfin would need more than euro1 billion ($1.37 billion outlined by both the Cyprus Central Bank and the European Banking Authority. Moody's said raising that amount of mon ey could prove difficult given the anxiety now gripping markets. Moody's said the Bank of Cyprus and Hellenic Bank, which are both less exposed to Greece's weak sovereign bonds than Marfin, could cover their losses from the proposed debt deal write-off without needing external help. But the agency warned that further haircuts on Greek bond holdings can't be ruled out, piling on more pressure on banks. Another factor complicating things for the banks is the increasing difficulty of Greek households and businesses to repay loans, Moody's said. Michael Kammas, chief of the Cyprus Association of Banks, said the island's banks remain steady despite the economic turmoil, but noted the government needs to shore up public finances quickly. MOOD Y'S DOWNGRADES CYPRUS' TOP THREE BANKS
BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 9, 2011, PAGE 7B NEW YORK Associated Press A judge cited the "huge and brazen" nature of the crime Tuesday as he imposed a record $92 million civil penalty on a billionaire hedge fund boss snared in the biggest insider trading case ever. U.S. District Judge Jed Rakoff ordered the penalty for Raj Rajaratnam, saying his insider trading scheme "cries out for the kind of civil penalty that will deprive" him of a material part of his fortune, which at one time made him one of the world's wealthiest men, with well more than a billion dollars. His attorneys have said he is no longer a billionaire. Rajaratnam was convicted this year of insider trading and was sentenced last month to 11 years in prison. In the criminal case, he was also fined $10 million and ordered to forfeit $53.8 million in what the judge said were illicit profits from trading on confidential corporate information. He is scheduled to report to prison in December. Prosecutors said he earned as much as $75 million in illegal profits in a case that resulted in more than two dozen convictions. They said he acted on secrets he got from friends and colleagues in the securities industry and at public companies. In a release out of Washington, the Securities and Exchange Commission said the $92.8 million civil penalty against Sri Lanka-born Rajaratnam was the biggest ever for widespread insider trading by an individual in an SEC case. "The penalty imposed today reflects the historic proportions of Raj Rajaratnam's illegal conduct and its impact on the integrity of our markets," said Robert Khuzami, director of the SEC's Division of Enforce ment. In all, the SEC has pursued more than $90 million in illicit profits or losses avoided by 29 individuals and entities including hedge fund advisers, Wall Street professionals and corporate insiders. W ASHINGTON Associated Press M ORTGAGEgiant Fannie Mae is asking the federal government for $7.8 billion in aid to covers its losses in the July-September quarter. The government-controlled company said Tuesday that it l ost $7.6 billion in the third quarter. Low mortgage rates r educed profits and declining home prices caused more defaults on loans it had guaranteed. The government rescued Fannie Mae and sibling company F reddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator has controlled their financial decisions. T axpayers have spent about $169 billion to rescue Fannie a nd Freddie, the most expensive bailout of the 2008 financ ial crisis. The government estimates that figure could reach up $220 billion to support the companies through 2014 after subtracting dividend payments. Fannie has received $112.6 billion so far from the Treasury Department, the most expensive bailout of a single company. Michael Williams, Fannie's president and CEO, said Fannie's losses are increasing for two reasons: Some home owners are paying less interest after refinancing at historically low mortgage rates; others are defaulting on their mortgages. "Despite these challenges, we are making solid progress," he said. For example, Fannie's rate of homeowners who are late on their monthly mortgage payments by 90 days or more has decreased each quarter since the beginning of 2010, he said. When property values drop, homeowners default, either because they are unable to afford the payments or because they owe more than the property is worth. Because of the guarantees, Fannie and Freddie must pay for the losses. Fannie said lower mortgage rates contributed to $4.5 billion in quarterly losses. While those losses are large, they are temporary and should ease in future earnings reports, said Mahesh Swaminathan, mortgage strategist at Credit Suisse. "They are accounting losses on their books rather than economic losses," he said. Fannie's July-September loss attributable to common shareholders works out to $1.32 per share. It takes into account $2.5 billion in dividend payments to the government. That compares with a loss of $3.5 billion, or 61 cents per share, in the third quarter of 2010. Last week, Freddie requested $6 billion in extra aid the largest request since April 2010 after it reported losing $6 billion in the third quarter. Washington-based Fannie and McLean, Va.-based Fred die own or guarantee about half of all mortgages in the U.S., or nearly 31 million home loans. Along with other federal agencies, they backed nearly 90 percent of new mortgages over the past year. Fannie and Freddie buy home loans from banks and other lenders, package them with bonds with a guarantee against default and sell them to investors around the world. The companies nearly folded three years ago because of big losses on risky mortgages they purchased. The Obama administration unveiled a plan earlier this year to slowly dissolve the two mortgage giants. The aim is to shrink the government's role in the mortgage system, remaking decades of federal policy aimed at getting Americans to buy homes. It would also probably make home loans more expensive. Exactly how far the government's role in mortgage lending would be reduced was left to Congress to decide. But all three options the administration presented would create a housing finance system that relies far more on private money. F ANNIE MAE LOSS WIDENS, ASK S T AXP A YERS F OR $7 .8B JUDGE FINES WEALTHY EX-HEDGE FUND BOSS $92M IN THIS May 10, 2011 file photo, Raj Rajaratnam co-founder of Galleon hedge fund group leaves U.S. District Court after jury deliberations in New York. (AP
BUSINESS PAGE 8B, WEDNESDAY, NOVEMBER 9, 2011 THE TRIBUNE A THENS, Greece Associated Press C RITICAL POWERSHARINGtalks between Greece's two main parties dragged into Wednesday w ithout any signs of progress on who will head a new interim government, d espite intense European p ressure to end the political c risis that has put the euro under threat. N egotiations between P rime Minister George Papandreou and opposition leader Antonis Samaras began Monday. T he two reached a land mark weekend agreement to forge an interim govern ment that will shepherd the c ountry's new 130 billion ($179 billion rescue package throughP arliament and end an i ntense political crisis that threatened Greece's sol vency and membership of the euro. O fficials on both the governing Socialists' side and the opposition conserva t ives said there was broad agreement on naming former European Central Bank vice president LucasP apademos as premier to t ake over from Papandreou. The officials spoke on con dition of anonymity b ecause they were not authorized to discuss the developing situation. Papandreou said in the early afternoon that a deal was close. But as the evening wore on, several government and opposition officials said a main sticking point arose after European officials demanded written guarantees by both main parties that they supported the new debt deal a demand withw hich the opposition cons ervatives took issue. They also spoke on condition of anonymity, citing the same reason. H owever, a conservative party official said the issue causing a delay was relatedto who would be finance minister in the new government. Contender T hat official and a gov ernment official said Greece's representative to the International MonetaryF und, Panagiotis Roumelio tis, was a contender to take over from Evangelos Venizelos in the post. They both spoke on condition of anonymity because they were not authorized to discuss the private negotiations. Opposition conservative party spokesman Yiannis Michelakis indicated that the sticking point was with the governing Socialists, saying that any signs of progress would come from the prime minister's office rather than opposition party headquarters. But there were clear signs o f irritation from the cons ervatives over European demands for guarantees from Athens. On Monday, eurozone f inance ministers said the heads of the two main parties had to commit in writ ing to the terms of the country's bailouts before Athens can receive a vital 8 billion ($11 billioni nstallment without which t he country faces default within weeks. "It is indeed essential that a new government will express its explicit and unequivocal commitment in writing concerning all thed ecisions taken by the 17 e uro area member states on Oct. 27," EU economic affairs commissioner Olli Rehn said in Brussels Tuesday. The next rescue loan installment "can then be disbursed once there is full clarity about Greece sticking to the agreed course and policies," Rehn said. "It should be clear in Athens that solidarity is a two-way street and we expect a unit ed political class to carry out its part of responsibilities." Michelakis reacted with i rritation. The fact that Europe has lost any trace of trust in the (Socialist not mean it can insult ourn ational dignity," he said in a statement in response to Rehn's statement. Earlier in the day, a senior Greek government official said Greece's euro zone partners had demand e d even more during their m eeting in Brussels on Monday that Papan dreou and Samaras, the Bank of Greece governor, the new prime minister and the new finance minister all co-sign a letter reaffirmingt heir commitment to the c ountry's bailout deals and economic reforms. Samaras appeared to take offense. "There is national dignity," he said in a statement. "I have long and repeatedly explained why, in order to protect the Greek economy and the euro, the implementation of the (new European debt deal) has become 'inevitable'. I do not allow anyone to cast doubt on these statements." Without the Oct. 27 deal, which took European leaders months to work out,G reece would go bankrupt, p otentially wrecking Europe's banking system and sending the global economy back into reces s ion. "I believe that we are now close to an agree ment," Papandreou said during a Cabinet meeting Tuesday afternoon. "When one cooperates w ith another party, there a re some red lines on either side which of course restrict things," he said. "Therefore, while one could imag ine ideal situations, in reality these do not exist, and one seeks simply to find theb est possible solution." Resignations Papandreou's ministers offered him their resignations during the Cabinet meeting to pave the way for the creation of the interim government, which is to last until an early election expected Feb. 19. The political crisis erupt ed last week, when Papan dreou said he would put the new European rescue package to a referendum. Other eurozone nations were hor-r ified by the delay, markets a round the world tanked and Greece's international creditors froze the payment of the next bailout. P apandreou withdrew the plan Thursday after Samaras indicated he would back the new deal. They then agreed Sunday for Papandreou to step down and the temporary government tob e formed. G reece has survived since May 2010 on a 110 billion ($150 billion program from its eurozone partners and the International Monetary Fund, but all agree it's not enough. As econd rescue package has b een created that involves private bondholders volun tarily agreeing to cancel 50 percent of their Greek debt. In return for its bailout cash, Greece has endured 20 months of punishing austerity measures. The efforts by Papandreou's government to keep the country solvent have prompted violent protests, crippling strikes and a sharp decline in living standards for most Greeks. IN THIS PHOTO provided by Greece's Prime minister press office, on Tuesday, Greek Prime Minister George Papandreou,sixth right, among his ministers as they attends an emergency cabinet meeting at the parliament in Athens. Power-sharing talks between Greece's two main political parties entered their second day Tuesday, as European leaders stepped up the pressure for a quick resolution by holding back av ital rescue loan that the country needs to prevent a devastating bankruptcy. (AP NO RESOLUTION ON GREEK POWER-SHARING TALKS NEW YORK Associated Press MCDONALD'S CORP.said Tuesday that a key revenue figure rose 5.5 percent in October, fueled by sales in China and other foreign markets and the popularity of its Monopoly game in the U.S. Revenue at stores open at least 13 months rose 5.2 percent in the U.S., 4.8 percent in Europe and 6.1 percent in the region covering Asia/Pacific, the Middle East and Africa. The results in all regions beat ana lysts' expectations, said Sara Senatore, an analyst at Sanford C. Bernstein. The revenue figure is a snapshot of money spent on food at both com pany-owned and franchised restaurants. It does not reflect corporate revenue. It is a key measure of a restaurant chain's performance, because it excludes the impact of recently opened or closed stores. The world's largest burger chain has fared well in the recession and its aftermath, by reshaping itself as a hip, healthier place to eat. It has remodeled stores, installed wireless access and added fancy coffee drinks to the menu to try to appeal to customers who might normally go to Starbucks. It has added items like smoothies and oatmeal meant to appeal to healthier eaters. And it has continued to promote itself as a cheap place to get a meal. Other fast-food chains have been copying the much-larger McDonald's, trying to replicate its success. France, Russia and the U.K. led revenue gains in Europe. Australia, China and Japan drove revenue in the area covering Asia/Pacific. Like many companies, McDonald's is focusing on overseas mar kets as the U.S. economy continues to struggle. The U.S. accounts for about 31 percent of McDonald's total revenue. Europe is its largest market. Senatore said customers in China are attracted to McDonald's low prices: "Value continues to resonate with consumers in the high inflation environment," she wrote in a note to clients. McDonald's has also been successful at pushing higher prices on to customers, said Jefferies analyst Andy Barish. The company has raised menu prices twice this year to make up for the higher costs it's paying for beef, fuel and other mate rials. Shares fell 2 cents Tuesday to close at $94.60. MCDONALD'S OCTOBER REVENUE FIGURE RISES