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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Man abducted from house at gunpoint Volume: 107 No.325WEDNESDAY, NOVEMBER 16, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY AND BREEZY HIGH 87F LOW 74F A HARMONY Hill resi d ent was abducted at gun point from his daughters home at about noon yester d ay, forced by his abductor to drive his own car to the nearest ATM machine and int hree transactions withdraw $ 900. As he drove back to his daughters home, wherea nother robber was holding a female friend at gunpoint, a member of the Blair Citizens Association, detected that there was something wrong. I was patrolling the area, said the resident, when I n oticed a white car a Mitsubishi Lancer with a man driving. I stopped to let thec ar turn through Harmony Hill. Out of the corner of my e ye, said the patrolling resi d ent who did not want his name used, I noticed a black head pop up in the back seat.I turned around and followed the car and again noticed the head in the back seat pop up. The resident stopped and Victim forced to dr ive to A TM f or cash TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM im lovin it WORKERS BEGIN to give Montagu Beach a much-needed overhaul placing boulders to stop wash-off from the reef covering the beach. Photo: Felip Major /Tribune Staff By SANCHESKA BROWN Tribune Staff Reporter firstname.lastname@example.org POLICE shot and injured a man less than an hour after suspecting that he shot someone else in a separate inci dent. By KHRISNA VIRGIL THE likelihood of persons benefiting from underwater excavations in the Bahamas could be greater, as parlia mentarians suggested amendments to the Antiquities, Monuments and Museums Bill in the House of Assembly. As it stands, the government has proposed a 75 to 25 per cent ratio, the majority share, measured by points, to the excavator and the lesser to the government. The sharing agreement, however, will be conditional, JUST before press time last night, reports reached the newsroom of a shooting at Potters Cay and a series of attempted armed robberies at the College of the Bahamas. Police confirmed that the shooting took place, but could release no further details aside from the fact that the victim had been shot in the arm. The incident at COB, which could not be con firmed, is said to have involved one or more men armed with handguns who attempted to rob students as they left late classes. A concerned parent called to say her daughter was a witness to the incident and heard sirens approach ing as she fled the campus. By TANEKA THOMPSON Deputy Chief Reporter email@example.com POLICE expect to charge a suspect in connection to the bru tal murder and sexual assault of 11-year-old Marco Archer within the next two weeks. By LAMECH JOHNSON firstname.lastname@example.org A MAN was acquitted of murder in the Supreme Court yesterday afternoon after the judge ordered a 12-member jury to deliver a unanimous verdict of not guilty. Tyrone Francis Jr, who was on trial for the October 10, 2009, killing of Jonathan Lin den, was discharged of the offence following Justice Vera Watkins ruling on a no-case submission made by defence attorney Murrio Ducille on Monday afternoon. Francis Jr faced the charge of murder and the prosecu tion alleged that on the night in question, he intentionally By AVA TURNQUEST T ribune Staff Reporter email@example.com A N e-mail purporting to have been sent by Eight Mile Rock MP Verna Grant contains an urgent plea to a senior FNM official concern ing the fate of her parliamen t ary seat. In the e-mail, sent to The Tribune by someone within t he FNM, Mrs Grant allegedly asked deputy prime minister Brent Symonette does the party want me? after The T ribune r evealed last week that her seat might be removed in the run up to the 2012 general election While calls to Mrs Grant were not returned last night, a worker at her constituency office confirmed the senders email address as that of the MP. BREAKING NEWS FNM MP: DOES THE P AR TY W ANT ME? W ORK BEGINS TO IMPROVE MONTAGU BEACH A RTS T T A A K K I I N N G G J J A A Z Z Z Z O O N N T T O O T T H H E E S S T T R R E E E E T T S S SEEARTSSECTIONC YOUTH LEAGUESOCCER G G O O O O D D S S T T A A R R T T F F O O R R Y Y O O U U N N G G B B E E A A R R S S SEESPORTSSECTIONE JUDGE ORDERS JURY TO FIND MAN NOT GUILTY CHANGES TO TREASURE LAWS CHAR GES SOON IN MAR CO CASE SUSPECT SHO T S S E E E E p p a a g g e e 9 9 S S E E E E p p a a g g e e 9 9 S S E E E E p p a a g g e e 9 9 S S E E E E p p a a g g e e 9 9 S S E E E E p p a a g g e e 9 9 S S E E E E p p a a g g e e 9 9 MURDER VICTIM Marco Archer
LOCAL NEWS PAGE 2, WEDNESDAY, NOVEMBER 16, 2011 THE TRIBUNE AS the Baha Mar megaresort continues to take shape, The Tribune offers an aerial view of the evolving landscape of Cable Beach. These photos were submitted by a reader last week. Baha Mar from the air
B y DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT A family of five claims they are in desperate need of help, but have been waiting for almost two years to be put on the government assistance programme. Nicholas Pinder, a security guard who lost his job after being shot, says he ended up o n the street with his fiance a nd their three children one a five-month-old infant. T he family has been evicted t hree times in the last six m onths. W ith nowhere else to go, they are now staying with Mr Pinders parents under very cramped and scant conditions. Mr Pinder was injured by a shotgun during a robbery last January while on duty att he City Market food store in E ight Mile Rock. He has very limited use of his right hand and still r equires surgery to remove t he remaining 42 pellets. The Tribune first learned of Mr Pinders situation in May while covering a sick-out staged at the Department of Social Services in Freeport. A t the time, social workers w ere grappling with a backlog of cases and staff shortages. Jullita Ingraham, BPSU shop steward, said socialw orkers were over-burdened with around 500 cases each, a nd admitted that clients were falling through the cracks. T he slow Grand Bahama economy and rising unemployment levels have put an enormous strain on the department. The Tribune contacted a senior official about Mr Pinders case. She said she was not aware of it, but would look into it and comment before the publication of this article. T wo weeks have passed s ince the promise was made. A ttempts to contact the s enior officials office again w ere unsuccessful. M r Pinder applied for m onthly government assistance in 2010. He is currently receiving a $40 food voucher every month. With three small mouths to feed, he said, this is not enough to sustain his family. H e has tried finding e mployment, applying for w ork as a security guard at t wo government agencies, but h as not received any calls. Despite his injury, Mr Pinder managed to find work at a construction site, but the job only lasted three weeks. Ive been up there (Social Services) so many times, and each time it's the same people telling me, We are so backed up we cant get to you right now. Mr Pinder has provided a d octors report to Social Serv ices, and has undergone two h ome investigations before b eing evicted. I was told that I would be p ut on the monthly prog ramme in March of 2010, but this is now one year and seven months later and they havent approved us yet for the monthly, Mr Pinder said. He also claims he is awaiting assistance from theN ational Insurance Board to h ave the remaining pellets r emoved from his right hand. Mr Pinder said his family is going through a very difficult time through no fault of his. He recalled being put out one night with the infant andt wo young children. We were staying with some people, and when we could no longer afford to help out with the rent we were told to leave, he said. Mr Pinder says living with h is parents has not been an ideal situation, but is the only means he has of providing shelter for his family. I appreciate the roof over our heads, but we are in there many days hungry, hes aid. In the meantime, Mr Pinder is hoping to raise proceeds from the sale of his book, entitled, Its All About Love God, Love and Poetry, Volume 1. By LAMECH JOHNSON email@example.com THE mother of a man k illed on a church construc t ion site in 2009 told the court he appeared to be fine the night before he was killed. Vivian Clarke, mother of 21-year-old Leonard Lionel Johnson, who was stabbed tod eath at the construction site of Evangelistic Temple Church on Collins Avenue, told a 12-member jury that he a ppeared to be fine and healthy on the night of Sunday, November 15. On the Monday, Johnson was stabbed after an argument with a co-worker. P hanuel Charles is charged with his murder. Ms Clarke told the court that on the night before his death, she spoke to her son and he did not appear to be disturbed in any way. The next morning, she said, he left for work at his job of three and a half years before she could speak to him a gain. She said that she received a call at 3.30pm and rushed to the Princess Margaret Hospital Accident Emergency Department to see her son. When she arrived, she said, he was laying on a bed in A & E. He was dead. She testified that she and other relatives went to the h ospitals morgue to identify her son. Darnell Dorsette, the pros ecutor in the case, is arguing that there was intent on the part of the accused to kill Johnson. Defence attorney Tai Pin der is arguing that this was not the case. The trial resumes today at 10am when three witnesses, including PMH pathologist Dr Caryn Sands, are expected to give testimony. The case is b efore Senior Justice Jon Isaacs. LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 16, 2011, PAGE 3 By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org A LOCAL meteorologist hopes government plans to extend the warning and watch periods for extreme weather conditions will push Bahamians to take storm preparations more seriously. Michael Stubbs said Family Island residents are often apathetic when it comes to responding to hurricane warn ings. He hopes that these extended warning times will assist Bahamians in making adequate preparations for natur al disasters. Amendments to the Disas ter Preparedness and Response Bill passed by the House of Assembly this week will extend storm warning times and improve efficiencyand responsiveness to tropical cyclones. In his contribution to the debate, Environment Minis ter Earl Deveaux said as a low-lying coastal state, the Bahamas is prone to flooding. It is necessary, he said, to have protective measures in place to provide for effective planning and swift and appro priate responses to natural disasters. Proper disaster manage ment must mean long term planning to mitigate damage when natural disasters occur this must include effective and defensive coastal zone man agement and it must involve the adoption and observance of good building codes, Mr Deveaux said. The proposed changes will lengthen the time period in which cyclone alerts are issued, with hurricane watches extended from 36 hours to 48 hours and hurricane warnings from 24 hours to 36 hours. These amendments will expand and enhance the skill level of the Department of Meteorology, improve the accuracy of track forecasting, improve skills of forecasters and improve evacuation plan ning, said Mr Deveaux. Mr Stubbs said the warning system changes were nec essary in order to comply with measures agreed upon by members of the World Meteorological Organisation. Asked whether the bill included a tornado pre paredness plan, Mr Stubbs said that while tornados, like the one in Grand Bahama last June, are infrequent, unusual events have to be taken into consideration and possibly a standard approach to tornado warnings should be adopted. Mr Stubbs said tornados are micro-scale systems that are difficult to predict, but warnings are issued when the right conditions are present. EXPERT:WE MUST TAKE STORMS SERIOUSLY MOTHER GIVES EVIDENCE AT TRIAL Guard injured on duty left in need NICHOLASPINDER shows the injuries he received in the line of duty. E ach time, its the same people telling me, We are so backed up we cant get to you right now. N icholas Pinder
EDITOR, The Tribune. PLEASE accept my con gratulations on the recent launch of The Big T which comes out on Saturday mornings. I look forward to purchasing my coveted copy on those mornings for several reasons. The Big T is well laid out; it is concise; the feature arti cles are spot on; it has great guest columns; there are numerous specialty adver tisements; theres a bit of salacious gossip for those who love to get up in other peoples business. Lastly, the Super Value and other coupons save con sumers a lot of money when shopping. Keep up the good works and give my regards to John Marquis on the continuation of his insightful columns. I am looking forward to the publication of his latest novel on the Pindling era. To God then, even in these things, be the glory. ORTLAND H BODIE JR Nassau, November 14, 2011. EDITOR, The Tribune. After much reflection, I have finally realised the realr eason behind the birth of the b oundaries commission. The reason for the boundaries commission is not to balance constituencies that are large as opposed to ones that a re small. R ather the boundaries commission is just a politic al tool used by past and present governments to win elections. I f there were no diehards or very loyal supporters, there would be no boundaries comm ission. Successive governments through their study know where diehards reside and this is why they chop, cut and slash boundaries in an effort t o win an election. Y ou can be in Carmichael i n one election, then be in B lue Hills another election and then be in Adelaide in a nother. W hat nonsense that we have allowed this to continue in front of our eyes. S uccessive governments always bank on the loyalty of some voters or a voters pool to cut and paste boundaries. They know that no matterw hat they do, there are thous ands of voters who will always be loyal to a respective party. If the Bahamian electorate voted on the performance of t he government and parliam entarians, there would be no need to cut boundaries. T he onus is on the electorate to make informed decisions. DEHAVILLAND MOSS Nassau, N ovember 14, 2011. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, WEDNESDAY, NOVEMBER 16, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES S witchboard (News, Circulation and Advertising) 322-1986 A dvertising Manager (242 C irculation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 Freeport fax: (242 W EBSITE w ww.tribune242.com updated daily at 2pm GREETED with scepticism at its i nception in 1993, the Yugoslav war c rimes tribunal is today being hailed as a t railblazer that will help end impunity a mong the world's ruling classes long after it closes in three years. At a seminar yesterday assessing the legacy of the court, legal experts said the p recedents set during dozens of trials will live on in jurisprudence, mainly t hrough the International Criminal C ourt, the first permanent war crimes tribunal. Critically, the tribunal effectively scrapped the notion of immunity for h eads of state when it first indicted Y ugoslav President Slobodan Milosevic in 1999. Since that landmark indictment, i nternational courts have filed charges against Sudans Omar al-Bashir, Liber ian President Charles Taylor, Libyas M oammar Gadhafi and senior ministers of the Kenyan government. The court formally known as the I nternational Criminal Tribunal for the former Yugoslavia, or ICTY, also laid down key case law on rape as a war crime or crime against humanity. A lison Cole, of the Open Society Jus tice Initiative, said the Yugoslav court led the way in forging a new path to j ustice by laying down crucial case law in the evolving field of international criminal law. T he tribunal was established by the UN Security Council 17 years ago with war still raging in the Balkans. It was the first international war crimes court sincet he Nuremberg and Tokyo prosecutions after World War II, and observers doubted it would be able to bring justice t o victims of the brutal conflicts ravaging the former Yugoslavia. It started slowly, trying low-level offi cers, and it appeared unlikely thata uthorities in the region would ever arrest top suspects. By now, the tribunal has taken into custody all 161 suspects it indicted, including political and military leaders such as Milosevic, Bosnian Serb leader Radovan Karadzic and his military chief Gen. Ratko Mladic. Perhaps one of the most remarkable achievements of the ICTY is the fact that every single arrest warrant ... was e ventually executed, said UN High C ommissioner for Human Rights Navi P illay. T he tribunal demonstrated beyond question that an international criminal tribunal for the most serious crimes can work, said Richard Dicker, director of H uman Rights Watch's international justice programme. B ut meting out justice has not been e asy for the court, which has been criti cized for the slow pace of its trials and its high budget. Serbs have repeatedly accused prosecutors of bias because the m ajority of those indicted have been S erbs. In the most significant setback for the t ribunal and victims of the Balkan wars, Milosevic died of a heart attack in his cell in 2006 before his four-year geno c ide trial could reach a verdict. But now another of the alleged archi tects of Serb atrocities, Karadzic, is on t rial and preparations are under way for Mladic's trial, which is expected to start next year. With the arrest this year of Mladic a nd former Croatian Serb rebel leader Goran Hadzic, the tribunal finally took custody of its last two fugitives. Mladic, 6 9, had been on the run for 16 years and he was arrested by Serb authorities with his health apparently failing. E ven so, the fact that all its suspects were arrested shows the potential and actual effectiveness of these internation al courts, which have no police force of t heir own and must rely on states and international organizations, said Dicker. Stephen Rapp, the US ambassador at l arge for war crimes issues, said the arrest of the likes of Karadzic and Mladic underscores that indicted sus pects like Sudans president, who isw anted for genocide in Darfur, now face the prospect of winding up in an interna tional courtroom. It sends an enormous signal around the world as we look at similar crimes committed in other places that individuals who commit these crimes won't escape, Rapp said. By Mike Corder, Associated Press. Government banking on loyalty LETTERS l email@example.com Experts pay tribue to war crimes court E DITOR, The Tribune. WHILE Im not seeking t o shed any negative light on the recent opening of the new West Bay Street, I believe its important that Bahamians be reminded of what happened and how it may affect future genera t ions. Obviously, as Ive suggested many times, we need foreign direct investment to stim u late our economy and to cre ate jobs. But must we continue to t ake public roads and give it to private developers to enhance its development? W e witnessed it happen in t he recent Albany develop ment. We witnessed it happen on P aradise Island. And now we are witnessing it happen on Cable Beach. Im reminded of the Sandyport development. What if the developers at the time h ad insisted that the then government close off the road and give them direct accesst o the beach as opposed to building a bridge over the waterways? Im convinced that the Albany, Baha Mar and Paradise Island developmentsc ould have happened without them being given public r oads. The fact of the matter is that a large percentage of our island (public roads t aken away from us, conveyed in fee simple and never to be returned to us. T he fact of the matter is that very soon we will no longer be able to gain access to a public road, and I emphasised public. Instead, we will be diverted to a new route, a new WestB ay Street. The fact of the matter is that our access to land in our country continues to be diluted. W here we can travel or where we cannot travel in our country continues to be takena way from us. In conclusion, I say this only confirms that the lawmakers are mostly concerned with the results of the next general election. P AT STRACHAN Nassau, November 12, 2011. We must not give away public roads Share your news The Tribune wants to hear from people who are making news in their neighbour hoods. Perhaps you are raising funds for a good cause, campaigning for impr ovements in the ar ea or have won an award. If so, call us on 3221986 and shar e your stor y C C o o n n g g r r a a t t u u l l a a t t i i o o n n s s o o n n t t h h e e B B i i g g T T SATURDAYS Big Tin which it was revealed that the Baha Mar resort had reached a key milestone with the opening of the new West Bay Street.
B y DANA SMITH firstname.lastname@example.org ROYAL Bank of Canada representatives announced a $ 50,000 pledge to support this year's Bahamas International F ilm Festival. This will be the 8th year R BC has sponsored the festival, and representatives of the bank said they couldn't be more thrilled about their con t inued involvement with BIFF. Tanya McCartney, manag i ng director of RBC Finco, said: RBC Royal Bank is very pleased to be a sponsor o f the 2011 Bahamas International Film Festival. At RBC, we have an inter est in developing the skills and talents within our countryt o support this lucrative indus try. At RBC, we believe that vibrant communities celebratea rts and culture. To this end, RBC supports a wide range o f arts related initiatives that contribute to the social fab ric of our communities. M s McCartney outlined the several elements of BIFF that RBC is sponsoring, many of which aim to help students. R BC will sponsor 20 stud ents from the College of the Bahamas to take master class e s in acting or film-making, b oth of which will be taught by an A-list expert in that field. A lso planned is the first annual Bahamian Emerging Filmmaker Award, where RBC will award $5,000 each to the two best Bahamian films at the festival. Michael Munnings, the area vice president of retail bank ing, revealed that he had experimented a little bit and created a film that was screened at BIFF last year. What I saw there was that we have art and film making opportunities right here at our fingertips in the Bahamas, Mr Munnings said, calling his experience phenomenal. I learned there are a lot of young film makers out there. RBC is sponsoring BIFF to provide opportunities and exposure to budding actors and filmmakers across the Bahamas. Leslie Vanderpool, founder and executive director of BIFF, gave her thanks toRBC for their continued support. She said: The festival would not be possible were itnot for the generosity of RBC. You win the award for being the number one sponsor of the year because of your persistence, and you understand fully what the arts and culture are all about. Thank you very much for your generosity we're truly committed and partnered for life and we look forward to a successful film festival, Ms Vanderpool said. The Bahamas International Film Festival will be held December 1-2 and will include free screenings of all the movies, excluding the opening and closing night films, at Galleria Cinemas JFK and the Atlantis Theatre. LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 16, 2011, PAGE 5 T HE government has moved to speed up the implem entation of the Animal Protection and Control Act in New Providence. Explaining that the 2010 legislation has been held up by the lack of animal controlu nits in other islands, Agriculture Minister Larry Cartwright yesterday tabled amendments that will allow it to be implemented in New Providence as soon as they are passed. We still do not have all those units on the Family Islands, therefore the amendment is to allow it to be enacted for New Providence only for the time being, MrC artwright said. As the islands are brought o n par with New Providence a nd as we have established all of those islands, they will c ome into play as well. This announcement comes a fter months of criticism by a nimal rights groups, who q uestioned why it was taking s o long for the legislation to be implemented. I n July, Animal Require Kindness (ARK D eborah Krukowski said the Act will give animal groups much needed authority. Until the legislation is put into force and has some strength behind it, our handsa re tied when it comes to addressing animal cruelty in the country, she said. Activists have stressed that the Act is needed now more than ever, as harsh economic circumstances have led too wners abandoning their pets in record numbers because they can no longer afford to feed or care for them. We in the animal rights groups are so very frustratedw ith the ridiculously slow process of the government in g etting this legislation e nforced, Ms Krukowski said. When asked about the d elay on prior occasions, the Attorney Generals Offices aid it was waiting for the M inistry of Agriculture to crea te the relevant regulations, w hile the ministry put the blame on the Attorney Gene rals Officer. Passed in May of last year, t he Act establishes a wide r ange of responsibilities for owners of dogs and other animals, and details various fines a nd penalties for failure to c omply. The Act lists as its aims: the r eduction of the stray and r oaming animal population, enhancement of the safety a nd rights of the public a gainst out-of-control animals, and the minimisation of animal cruelty. The usual beating, burni ng, stoning and general abuse continues and with the pres ent laws prosecuting these c ases is very difficult, if not impossible, said Ms K rukowski, with the new l egislation this would definitely change. Although no public a nnouncement was made, a ccording to Mr Cartwright, the law went into effect on N ovember 4. THE Department of Marine Resources announced that the closed season on fishing for Nassau Grouper will b e from December 1, 2011 to F ebruary 29, 2012. During this period, taking, landing, processing and possessing Nassau Grouper will be strictly prohibited through-o ut the Bahamas. T he department said in a s tatement: The general public is to note that the ban is only for the Nassau Grouper species and that one is able to capture andp urchase any of the other a vailable species of groupers in the Bahamas. All groupers are to be landed head and tail intact to assist in the identification of the species of grouper. The department explained that the Nassau Grouper canb e distinguished from other groupers by the black band or saddle near its tail. The Department of M arine Resources requests t hat the general public adhere to all of the fisheries laws of t he Bahamas. Persons found in violation will be prosecuted to the full extent of the law,t he statement said. C LOSED SEASON O N NASSAU GROUPER APPROACHES Animal protection act to come into force in Nassau THEANIMAL PROTECTION and Control Act aims to prevent instances of neglect and cruelty such as this. RBC GIVES $50,000 TO FILM FESTIVAL FROM LEFT, Jan Knowles, Michael Munnings, Leslie Vanderpool, Tanya McCartney, and Giovanna Swaby.
WHENEVER an election is in the air, Bahamians seem to take leave of their s enses. And the current cont roversy over political broadcasting rules set by the new utilities regulator (URCA ple. This is not to deny that we s hould pay a lot of attention t o any attempt to regulate the media. In fact, this should be the subject of a full-scale public debate going forward r ather than just a closedd oor conversation among m edia moguls. But before we get to the broader issues of how we regulate speech during an election, a word ort wo on the local tempest in a teacup is in order. As a former British colony, our laws and customs generally follow those o f the United Kingdom, albeit with an often lengthy t ime delay. For example, the original version of the BBC in 1922 was part of the B ritish Post Office, and when we set up ZNS in 1937i t was part of the Bahamas T elegraph Department. T he BBC became a public corporation in 1927, but the Broadcasting Corporation of t he Bahamas was not created until 1972, although ZNS was separated from theT elecommunications D epartment (as it had become) in 1957. Television in the UK c ame on stream in 1955, but and solely for political reasons we had to wait until1 977 for that to happen. At the end of the 25-year Pindling regime in June 1992 the governing Prog ressive Liberal Party promulgated a new set of rules for political broadcasting, w hich have remained in force ever since through multiple general elections and bye-elections. These are the rules that Perry Christie, the current PLP leader, now c ondemns as unconstitutional and undemocratic. So what are these nefarious rules? Well, heres the short text. F irst, the content of politic al election broadcasts has to observe the law on incite ment, defamation, copyright and obscenity. Second, parties can place only six 30-second television and six radio spots per day. A nd third, all commercials m ust be produced in-house b y the stations themselves using voiceovers by the candidate or by a station e mployee. We roundly condemn what URCA has done and we completely reject it, C hristie said recently, adding that the PLP wanted the freedom to buy as many a ds as they wanted on as many stations as they wanted during the campaign leading to the February 16 b ye-election in the Elizabeth constituency. It is unconstitutional. It is unlawful. It is a bogus and a completely unjustifiable a ttempt to stifle free and fair e xpression in a democratic society, Christie roared. And he took this position in spite of the fact that the PLP is already heavily indebted to ZNS for political broadcasting airedb efore the May 2007 general e lection, when it was the p arty in power. Private radio stations were also upset, with Jones C ommunications CEO Wendall Jones calling the rules unprecedented cen sorship. W ell, we don't see how that charge can be support ed, but we do know that the r ules could cause the loss of potential ad revenue. It is well-known that m edia companies reap huge benefits from political advertising during election campaigns. The utilities regulator fought back, saying it was committed to protecting thep ublic interest by ensuring that treatment of all stakeholders is proportionate,t ransparent and fair. The rules at issue are an interim measure, URCA s aid, which will ultimately b e replaced by new content codes as required by the Communications Act, whichb ecame law last September. So how will these interim rules be enforced? According to a spokesperson for U RCA, if a complaint is made, the station concerned has 48 hours to resolve the i ssue or refer it to URCA. We will investigate whether a breach haso ccurred and give notice to t he station for it to remedy the matter. The sanctions of a fine or licence revocation as provided for in the Communications Act wouldb e used only as a last resort. One further point to consider is that although these rules have been around since 1992, they were only selectively, if ever, enforcedo ver the past 18 years because no enforcement agency existed to do so. I n this sense, the present controversy does constitutea break with past practice ( or non-practice). Guarant eed to upset the politicos, but hardly the stuff of con stitutional arguments. I n fact, the rules applied by URCA are very similar to those in Britain, where political broadcasting has b een regulated since 1947 and a longstanding ban on paid political advertising on r adio and TV is in place. Instead of ads, major par ties (those that contest at l east one sixth of the seats u p for election) are offered a series of campaign broad casts that must comply with fairness, privacy and decency rules. The 2003 Communications Act in Britain reiterated the ban on political advertising. The thinking is that by denying powerful voices the chance to skew political debate, the public interest is safeguarded. Sponsorship of programming or cable channels by p olitical parties is also b anned, putting politics in t he same category as other t oxic issues like dangerous d rugs, pornography and t obacco. But we are more familiar w ith this side of the Atlantic, and as we all know, the U nited States is at the opposite end of the spectrum in t his matter. The question we have to answer going forward is this: Are we more concerned about broadcasting as a vehicle of free speech, than we are about the possibility of special interests buying ane lection? This is a debate which we have largely avoided in the past, but which s hould now be held. M any western democrac ies enforce spending limits o n election campaigns. In C anada, spending is based on the number of seats a p arty contests the Liberals s pent $20 million in 2008. In Britain, overall spending for e ach party is currently limite d to $30 million in a genera l election. In Europe, camp aigns are financed publicly, r equiring considerably less money overall. I n the United States, by c ontrast, it can take hundreds of millions to mount a credible presidential campaign. And although public financing was introduced in 1976, allowing candidates to qualify for matching govern-m ent funds so long as they observe certain spending limits, candidates (includingB arack Obama in 2008) have increasingly been opting out. This gives them u nlimited spending rights. In 2002, the landmark McCain-Feingold Act (also called the Bipartisan Cam paign Reform Act) set limits on the raising and spending of soft money and restrictedt he airing of issue ads within 6 0 days of a general election. A nd corporations, groups and unions were barred from funding such ads forcing candidates to stand behind their own ads. The McCain-Feingold restrictions as light as they were reflected the same concern about skewing the political debate that is behind the much tougher British campaign laws. But the US Supreme Court threw out limits on issue ads two years ago and in January they approved unlimited campaign spend ing by corporations, groups and unions as protected free speech. Supporters of the ruling say that a lot of spending by different people and groups in an election is called a debate, which is precisely what the constitution pro tects. Opponents argue that freedom of speech is not about the freedom to spend unlimited amounts of money to sway public opinion. The Bahamas has no campaign finance laws, and there have been periodic complaints about this foreign investor or that big businessman influencing our politicos with large cash contributions. Now that he is out of pow er, former PLP attorneygeneral Alfred Sears has called for a bipartisan cam paign finance law to abol ish the pervasive practice of secret campaign contributions. Will it ever happen? Who knows. But one thing is sure we will soon be in the midst of a wide-ranging pub lic consultation on rules for political broadcasting. All of the issues discussed above must be considered during this debate. What do you think? Send comments to larry@ tribunemedia.net or visit www.bahamapundit.com. Politicians put broadcasting regulations under the spotlight LOCAL NEWS PAGE 6, WEDNESDAY, NOVEMBER 16, 2011 THE TRIBUNE The Utilities Regulation & Competition Authority has publ ished a proposed code of practice for broadcasters and advertisers, viewable at www.urcabahamas.bs. I t is intended to regulate the types of content that can be broadcast in The Bahamas on television and radio stations, teletext services, and cable networks. The code seeks to prohibit or restrict certain types of programming, and to set rules that promote accuracy and fair-n ess in news, current affairs and political broadcasting I attended several industry working group meetings over the past several months at URCA to discuss the code. The working group reviewed similar regulations from other countries, including the Commonwealth Caribbean, to determine what issues should be addressed in the Bahamian code.P ublic consultation on the draft code is open until December 30. T his is an edited version of an article originally published i n February 2010, which looked at some of the ramifications of the regulation of political broadcasting. The discussion was s parked by complaints about the restriction of party advert ising during the Elizabeth by-election campaign. PERRY CHRISTIE has spoken out against the rules on political advert ising in the Bahamas.
LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 16, 2011, PAGE 7 Cable Beach Branch Relocation...We wish to advise our valuable customers that effective Monday, November 21, 2011, the Cable Beach branch will relocate to its new location on West Bay Street in the new Baha Mar Commercial Village.NEW PHONE NUMBER: 242-702-8100 We look forward to serving you at our new home.*Trademark of The Bank of Nova Scotia, used under licence (where applicable) T HE Baha Mar resort CAN co-exist with A tlantis, according to voters in the latest Tri bune242 poll. Kerzner executive George Markantonis said that with increased airlift and improved i nfrastructure, the Bahamas can host the two r esorts and 180 voters agreed with him. 64 voters disagreed with the Kerzner official. CJ was representative of the majority: Of course they can. This country just has to i mprove its airlifts instead of relying on cruise passengers . when there is a real competitor,e verybody wins! Stanley Jackson Sr agreed: Baha Mar w ill bring diversity and fair competition to the playing field which will ultimately result in more reasonable rates that appeal to a broader cross section of potential travellers . Overall, Baha Mar is badly needed, will a ct as an equaliser to the moderate to highend tourism product of the Bahamas and cause both resorts to continually strive for excellence. All good for business, staff and the B ahamas. Thanks to all who voted. Check out w ww.tribune242.com for a brand new poll. NEW YORKERS now have an alternate route to get to New Providence with leading carrier JetBlue. In a move that is expected t o increase the number of visi tors it brings per month to 2 8,000, the airline launched daily nonstop service from W estchester County Airport yesterday. The new route was attributed to a successful partnership between industry stakeholders, the Nassau-Paradise Island Promotion Board, the Ministry of Tourism, and resorts. Twenty miles north of New York City, the airport is near some of the most affluent suburbs in White Plains, NewY ork and Connecticut, according to a company spokesperson. The decision to launch the f light was based on developm ents in the local hotel industry and also on flight booki ngs which showed that a significant number of customers drove past the airport on their w ay to catch a flight to the Bahamas. Marty St George, JetBlue senior vice president, said: Most importantly, we continue to have more and more d evelopment in the Bahamas hotel, rooms, activities and a ttractions. He said: We watch hotel d evelopment in every single destination very closely, as more rooms come online,m ore seats come online. The relationship cannot be altered. If you look at some of the r ecent growth that weve had i n the Caribbean with some of our destinations, so much of it has driven off of hotel growth. Hotels are by far them ost important pioneers for us in the Caribbean. The route will be operated with the airlines Embraer 190f leet, which seats 100 persons. Mr St George said 98 per s ons were booked on the i naugural flight, and that some passengers were firsttime visitors. JetBlue was awarded for its outstanding service at the Cacique Awards in January, and the launch of its second New York route was said to demonstrate the companysc ommitment to the Bahamas and also the successful partnership of the public and pri v ate sector. V ernice Walkine, Nassau Airport Development Company representative, said: Nobody else can boast of having the kind of partner ship between the public and private sector entities that are responsible for tourism and travel as we do here in Nassau and Paradise Island, certainly here in the Bahamas. T o kick off a week-long cel ebration of new service announcements, today Jet B lue Getaways will be giving a way five four-day, threenight vacation packages to the Bahamas for two including round-trip airfare and hotel accommodations. COME kick off the holiday season with Santa Claus at the Mall at Marathon this weekend. The mall will be hosting its annual Christmas Parade beginning at noon, and a number of schools, bands, companies and organisations are set to take part. These will include: the RM Bailey High School Band, the Aquinas College Band, the Royal Bahamas Police Force Band, the CR Walker March ing Band, Bahamas Youth Alive Band, a team of fire fighters, The Tribune, The Nassau Guardian, AID, BTC, the Bahamas Scouts Association and the Mall at Marathon marching staff. Celebrities such as Miss World Bahamas, Sponge Bob, Chester Cheetah, Oreo Man,Kool Aid Man, DQ Cone, Miss Wendy, and of course Santa Claus himself, will be there to celebrate and join in the fun family event. The parade will start at the Galleria Cinemas parking lot, continue past Dominos Pizza, First Caribbean Bank and Wendys, then past Kellys, ending at the malls main entrance. The Police Band will parade to the food court where patrons will be enter tained with karaoke. There will be a bouncing castle and free balloons and giveaways for the children. The public is encouraged to come out and join the festivities. JOIN THE MARCH AT THE MALL YOUR VOTE ON BAHA MAR Touchdown for Jet Blue link A MARCHING BAND c elebrates the Jet Blue daily flight link to Westchester County, just north of New York. Pictured right, a Jet Blue flight receives a salute from a fire truck to mark the beginningo f the route.
LOCAL NEWS PAGE 8, WEDNESDAY, NOVEMBER 16, 2011 THE TRIBUNE B y DANA SMITH d email@example.com MINISTER of Education Desmond Banister stressed the importance of parental involvement in a childs academic life saying a lack of guidance at home is a contributing factor in some of the failures that we see around us e very day. T he minister was the guest speaker at Queens Colleges Celebration of Excellence yesterday afternoon, where students were honored foro utstanding academic achievement. Mr Bannister recommend ed that the students partici pate in the spirit of volunteerism, by using various modern communication methods, such as text mes saging and social networking s ites, to aid other students with their studies. Parental support that you received is highlighted in your school magazine and that is something that you must nev e r take for granted, Mr Ban nister said to the gathered stu d ents. The reality is that so m any students in this country d on't have any parental involvement or parental sup port in their education and a lack of parental support is a contributing factor in some of the failures that we see around us everyday. Mr Bannister went on to say he was proud of all the honorees, telling them: I believe that what you have to offer presents our Bahamas with a brighter future, I knowe ach of you has something m eaningful to give to our country. He reminded the students o f the prime ministers call for volunteerism, asking them to do a little bit more, such as helping other students. I n response to one student's claim that her Internet and Facebook use is limited at h ome, Mr Bannister praised her parents, but offered a challenge. Im going to give a challenge to the school, Im going to challenge this 12th grade for the remainder of the yeart o start a Facebook page, not for social interaction, but a Facebook page to help other s tudents with their homework a homework help Facebook page, he said. Im going toc hallenge you to take on stu d ents who are having problems in some of those subject areas. Youre going to find stu dents who really need your help... and youre going to find many, many, parents who w ill appreciate the help that you give to those students. The minister also recalled a n interesting programme hed come across, in which students who needed helpw ith homework could send a text message to a help centre and get an answer. This is a time in your life w here you can truly make a difference, Mr Bannister said. I encourage all of you t o make that difference by being willing to offer the type of service that our countryr eally needs. S TUDENTS l isten to Minister Desmond Banister. QUEENS COLLEGE High School Quartet sing Reach. MINISTER OF EDUCATION Desmond Banister speaks to the students of Queens College SITTING WITH older pupils is Samuel Symonette, looking at his certificate after earning an Ain a BJC grade 6 exam, years ahead of the time he would normally sit such an exam.Photos: Felip Major /Tribune Staff GRADE 12 student Neha Kodi speaks to friends yesterday during the high school awards ceremony. Minister: arents role is cr ucial
LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 16, 2011, PAGE 9 Mr Symonette, a member of the Boundaries Commission, also con-f irmed that the address listed as the r ecipient of the e-mail is his however, he said he had no recollect ion of receiving such an e-mail from Mrs Grant. T he message asked if the newspaper reports of a three-seat cut w ere true, and if so why only FNM s eats were targeted by the Boundaries Commission. T he e-mail was allegedly sent to Mr Symonette last Wednesday, the same day The Tribune published the commissions recommendations. T he e-mail read: I live in Hanna Hill, east of Pine Dale, west of S apodilla Road. I think that my part y would at least give its standing members a hint of the possible changes so we can have a head start over our opponents. T he e-mail asked Mr Symonette w hether Mrs Grant should continue t o campaign in the area. Pointing out that she was the only female candidate in Grand Bahama, the e-mail asked whethert he removal of her seat was fair play. The e-mail continued: In or out, my vote counts and my familys v otes. My mother is now 83 years old and has enjoyed the pleasure of supporting her daughter, and theg reater pleasure of no longer supporting the PLP. It is a disservice for her to receive a newspaper and read her daughters seat has been squashed, and I am not in any position to d efend me or my party. O f the 41 seats, the Boundaries Commission wants to remove Clifton, Montagu, and Eight MileR ock constituencies, reducing the number of House seats to 38. These seats are now represente d by Mrs Grant and two other F NM members of parliament Kendal Wright and Loretta ButlerTurner. W hile admitting that her parliamentary fate was still unknown, last week Mrs Butler-Turner expressed confidence that she would retainh er seat. When the official changes have been made to constituency boundaries, Mrs Butler-Turner said the FNM will start to ratify elect ion candidates, which they have not yet done. Other changes to the make-up of t he constituencies shows drastic cuts have been made to many of the inner city areas, such as Mount Moriah, St Cecilia, Farm Road and Englerston. According to the report, the comm ission has also moved to reduce t he number of seats in New Providence from 25 to 23. Polling divi sions in the Elizabeth, Yamacraw, S ea Breeze, Pinewood, and Bam boo Town constituencies will be reduced. I n Grand Bahama, the number o f seats has been reduced from six to five. The Family Islands remain the same at 10. d rove his 2001 Hyundai Accent into Mr Linden, who later died of his injuries. E vidence from Princess Margaret Hospital pathologist Dr Caryn Sands showed M r Linden died from blunt f orce injuries to the head and a bdomen, where there was internal bleeding. A fter Eucal Bonaby closed the prosecutions case on Monday, following testimony by two p olice officers and Dr Sands, M r Ducille made submissions to the court in the absence of the jury as to why there was n o evidence against his client. When the jury returned to court yesterday afternoon,J ustice Watkins told them t hat in regard to the offence, they were to return a no guilty verdict. The foreman, as instructed, announced the unanimous 120 not guilty verdict to the c ourt before she and the remaining were dismissed. The presiding judge then said to the former accused: Mr Francis, the jury has returned a not guilty verdict. That means you are free to g o provided that there is noth ing else to hold you on. watched for a few minutes as the Lancer pulled up in fronto f the house where the woman was still being held at g unpoint. Another man, said the resident, came from the house and started loading a flat screen and at least two or three lap tops into the car. T he resident later learned t here were other flat screens lined up in the house ready to be loaded into the Lancer. I then radioed for backup from the newly formed Flying Squad and put a call through to the Fox Hill police station, said the resident. Two members from the F lying Squad arrived as did the police. The police came rather quickly, said the resident. One patrol car with two offic ers arrived from Fox Hill, a nother police car was in the area, heard the call for help, and also pulled up with two officers. We blocked the road and the car and covered the house with a shotgun, said the resident. He said that at first the owner of the house came out and said they were all right, that the squad did not have to be t here. They needed no help. He had to say this, said the resident, because the robbers were still inside and were holding them at gunp oint. Ten seconds later, they c ame running out of the house to say that the armed robbers had just run out of the back door. The resident said that with the police they circled the area and came very close to getting those bastards. Shortly afterwards, he said, the police picked up a man for questioning. They discovered housebreaking tools on h im. They also found other items which they declined to describe, they were probably stolen goods, the resident speculated. T he resident said he later l earned from the householder that the first ATM machine to which he was taken did not work. He was then taken to a drive through, where the ATM card worked, and he was forced to make three withdrawals from his account $300 each time. He estimated that the armed robbers were terrorising the household for at least 45 minu tes before he spotted the Lancer, and got a gut feeling that something was wrong. He confirmed that Harmony Hill and Blair have had lots of break-ins. Another r esident estimated that there are at least three robberies every week in the area. An e-mail to Blair Citizens reported that there was another break-in yesterday, November 1st, on Commonwealth Avenue during the daytime. We are not sure of the exact time because the residents were at work. The residents keep each other well informed by e-m ail. Another alerted fellow r esidents: If you see any g uys on black motor bikes in the area call the police. Apparently, they are a group of teenagers on black painted motor bikes casing out dif-f erent areas, looking for o pportunities to break into houses, etc. The newly formed residents squad patrol the area, day and night. We are now ready for them, said one. Officers received informa tion about a shooting incident at Peter Street, off East Street, at around 1.30pm yesterday. When they arrived they found a man with a gunshot wound in his shoulder. Acting on information from the victim, police then went to Fritz Lane where they sawa man believed to be responsible for the shooting. Superintendent Stephen Dean said when police approached the man, he pulled out a handgun. When they went to question the suspect he pulled out a handgun and pointed it in the direction of the officers. They then produced their service weapons which resulted in the suspect being shot in the leg by police, he said. Supt Dean said at this time police have no motive for the earlier shooting. Officers recovered a hand gun along with ammunition from the suspect. Both the victim and the suspect were taken to hospital. Their conditions are unknown. In other crime news, two men are recovering in hospital today after being shot in two separate incidents. The first incident occurred around 9pm on Monday. Police say two men were on East Street, south of Robin son Road, when they were approached by three men who demanded cash. One of the men was armed with a handgun. The suspects shot one of the men in both legs. He was taken to hospital where he is listed as stable. The other man ran and was unharmed. The second incident occurred around 4am Tuesday. Police say a 20-year-old man of Golden Isles Road, was at Finlayson Street, off Poinciana Drive, when he got into an altercation with another man, which resulted in him being shot in his hand. The victim was taken to hospital where he is detained in stable condition. Police are also asking the publics assistance in locating two men responsible for an armed robbery at Snack Food Store, on Wulff Road and Quintine Alley. The incident occurred around 12.30pm on Monday. Police say two men with handguns entered the store and demanded cash. They took cash and fled south on Quintine Alley. Anyone with information about these incidents should contact police at 911, 919 the Central Detective Unit at 5029991, 502-9910 or Crime Stop pers anonymously at 328TIPS. S uperintendent Paul Rolle said police are still building t heir case against the suspected killer and want to present an airtight matter before the court. I dont wish to offer comment on what we are working on other than to say we hope to wrap it up within the next week or two, said Supt Rolle. We dont charge people o n emotion. When we charge, we want to make sure we have a case that can withstandt he scrutiny once it is placed b efore the court. Supt Rolle was tightlipped when asked if investigators were trying to connect forensic evidence from the scene with a suspect before chargingh im with Marcos death. Were just waiting to complete a couple more thingsb efore we take legal action against the suspect, said Supt Rolle, who heads the Central D etective Unit. Marco, a sixth grade student of Columbus Primary, was last seen alive leaving hish ome on Brougham Street between 4pm to 6pm on September 23. His family said the boy left home to buy candy at a near by shop. S ix hours later relatives r eported him missing at the Quackoo Street police station. A week later, his decomp osed body was found in bushe s behind an apartment complex in the Cable Beach area. A well-placed source with in the Royal Bahamas Police Force said the boy had been molested then murdered. H is death sparked calls for a national sex offenders register and a public inquiry into the police's handling of Marcos disappearance. His fami ly has complained that police did not take their initial com plaints seriously. a ccording to Youth, Sports a nd Culture Minister Charles Maynard who is the govern m ents key player in regulati ng the underwater market. The government, he said, would get more dependingon the cultural value of the a rtifact. Up front, the government gets to decide which pieces are valuable to us. The Bill states: Both government and licensee to agreei n writing that governments retention of artifacts important to the protection of the n ational patrimony may exceed governments 25 percent share in certain years with the imbalance to be corrected by future divisions. S uch an agreement, Mr M aynard said, is sensitive to the high risk involved, on the part of excavators, during a process, that in many cases i nvolves deep ocean dives. O n the back end, Mr May nard believes the sharing agreement will encourage licensees to honestly docu m ent their findings, granted a detailed report is submitted to the minister in charge. From 1972 to 1999, 71 licenses were granted for sal vaging artifacts. Forty-six of them never reported anything. Another stipulation requires excavators to possess a wet and dry restoration unit as a part of their equipment, to ensure the preservation of all salvaged artifacts. T he machine is now used by the Antiquities, Monu ments and Museums Corporation, housed at Fort Charlotte. The Bill, said Mr Maynard, will also ensure that excava tors are clear in understandi ng the salvaging of artifacts a nd recovering them. According to Mr Maynard, recovering protects items and their original environment, e ssentially declaring the area as a national landmark. A person would then take the time to do as archeologists do, leaving things intact. On the other hand, salvaging entails benefiting from any valuable elements. For years, it has been rumoured that large amounts of silver and gold have been illegally fished, without documentation, from coastal waters off many Family I slands. The amendments seek to update the law relating to the salvage and recovery of the underwater cultural heritage that has long been an overlooked aspect of the Bahamas. 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 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 MAN ABDUCTED FROM HOUSE AT GUNPOINT POLICE SHOO T ARMED SUSPECT CHARGES SOON IN MARCO CASE CHANGES TO TREASURE LAWS JUDGE ORDERS JURY TO FIND MAN NOT GUILTY Share your news The Tribune wants to hear fr om people who are making news in their neighbour hoods. Perhaps you ar e raising funds for a good cause, campaigning for improvements in the ar ea or have won an awar d. If so, call us on 3221986 and shar e your stor y FNMMP:Does party want me? EIGHTMILEROCKMP Verna Grant.
By NEIL HARTNELL T ribune Business Editor A LEADINGWall Street credit rating agency has dismissed the Bahamas prospects for successfullyd iversifying its international financial services interests as relatively limited, warning that compliance with G-2 0/OECD led-initiatives over the past decade has arguably eroded its competitive a dvantages. Moodys, in its analysis of the Bahamian economy obtained by Tribune Business, h ighlighted just how this nations twin economic pillars tourism and financials ervices were coming under e ver-increasing competitive and regulatory pressures that w as blunting their growth prospects. While the Bahamas will ingness to co-operate, and m eet, the Organisation for Economic Co-Operation and Developments (OECD transparency and information exchange standards, through the signing of some 27 Tax Information Exchange Agree m ents (TIEAs to retain client trust, Moodys said the enforcedr egulatory changes had left this nation competing directly against major onshore cen-t res, such as London and New Y ork. This has arguably eroded one of the Bahamas primary appeals to the wealthy investors that were historically the clients of its wealth managers and trust adminis trators, namely the privacy that it has long offered them, Moodys argued. While the Bahamas is a well-established private banking centre with longstanding relationships with many investors, and benefits from a reputation for having strong $4. 68 $4. 51 $4. 69The information contained is from a third p arty and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.19 $5.19 $5.17 T HETRIBUNE SECTIONB firstname.lastname@example.orgWEDNESDAY, NOVEMBER 16, 2011 InternationalInvestmentFund BAHAMASNassau:242.356.9801 Freeport:242.351.3010 BARBADOSSt.Michael:246.435.1955 [Learn more at royaldelity.com] B y NEIL HARTNELL Tribune Business Editor The Bahamian aviation industrys healthy development might be compromised by its current regulatory struct ure, a confidential government paper has warned, undermining the sectors competitiveness due to a serious conflicto f interest between the Civil Aviation Departments (CAD A draft copy of the proposed White Paper National Aviation Policy, which is understood to have been discussed at a recent meeting involving government a nd Inter-American Development Bank ( IDB) representatives, said CADs current structure effectively left one arm regulating the activities of another. The report, which has been obtained by Tribune Business, said a review of the aviation industrys institutional framework noted the high degree ofc oncentration of functions within CAD, which had responsibility for policy making, technical regulation, operation of the Bahamas air traffic control infrastructure and accident investigation. The healthy development of the air transport sector might be compromised w hen all the regulatory activities are performed by the same entity, as a conflict of interest between the different functions could take place, the draft National Aviation Policy said. For example, if the technical regulator is also the operator of the infrastructure, i t could be difficult to ensure an effective oversight, since the regulator ends up regulating itself. Also, if the accidents investigation functions are carried out by the technical r egulator, it would not be possible to guarantee an unbiased investigation in t hose cases where technical regulation could have played a role in the accident. The draft National Aviation Policy recommends that the CADs responsibilities be split up, with a separate Civil A viation Agency also separate from By NEIL HARTNELL Tribune Business Editor THE GOVERNMENTSdebt servicing costs increased by 4.5 percentage points of tax revenues during the three years t o 2010, a Wall Street credit rating agency has revealed, w ith the BTC and BORCO deals preventing the fiscal deficit from hitting a record 5.9 per cent of GDP in the 2010-2011 B udget year. Moodys, in its 2011 analysis of the Bahamian economy, said the Government had confirmed their intention to implement a Value Added Tax (VAT to boost tax revenues, noting that public spending had risen b y an amount equivalent to 6.7 percentage points of GDP over the past eight years. D escribing the Bahamas as having the highest national debt-to-revenues ratio among its sovereign credit rating peers, Moodys said of this nations debt servicing (interest costs: Interest expense to revenues is also among the highBy NATARIO McKENZIE Tribune Business R eporter email@example.com T HEhead of a Bahamian i nsurance company current ly under statutory adminis tration by the Insurance C ommission yesterday alleged the small underwriters demise had resulted f rom the Government fail ing to uphold an agreement that would have allowed its p arent, Atlantic Financial, to liquidate assets to help its ailing subsidiary. I n documents provided to Tribune Business, Nicholas Ward claimed Atlantic First had suffered profit losses w orth $37.428 million over the 1999-2011 period, and its parent Atlantic Financiali n excess of $10 million, due By NEIL HARTNELL Tribune Business Editor Many Bahamian business es are expressing concern t hat New Providences road works will leave them hard pressed to enjoy the Christmas sales performance they a re used to, a former Cham ber of Commerce president yesterday saying there was real pressure for the major roads to be opened by the first week in December. D ionisio DAguilar, who told Tribune Business that four of his laundromat sites were being impacted by dif-f erent portions of the New Providence Road Improve ment Project, said businesses were being impacted byniggly issues, such as forced adjustments to parking lot DEBT SERVICING COSTS UP 4.5PTS IN THREE YEARS HARD PRESSED XMAS CONCERN ON ROADWORKS MOODYS: FINANCIAL GROWTH PROSPECTS RELATIVELY LIMITED Moods: Deficit would have hit record 5 .9% if not for BTC, BORCO sales Debt structure favourable with 10% to mature in short-term Commercial banks increase Got paper holdings by 2/3 to $1.1bn in two years Got confirms VAT plans SEE page 5B Superwash outlet forced to adjust parking lot d esign, after portion absorbed by roads project SEE page 4B DIONISIO DAGUILAR But Wall Street agency says Bahamas OECD compliance will r etain c lient tr ust SEE page 4B ONFLICT OF INTEREST THREAT TO AVIATION Draft National Aviation Policy warns Bahamian i ndustrs healthy development might be compromised by Civil Aviation structure Says competitiveness may be at risk, but no protectionist policies impacting airlines SEE page 2B CREDIT UNION CLARIFICATION In yesterdays Tribune Business, it was reported that Bahami an credit unions had been deterred from making microfinance loans due to delinquency rates that hit 50 per cent. Tribune Business wishes to make clear that it was the Bahamas Credit Union League, as the parent company, that was involved in microfinancing, not individual credit unions. As a result, the loan delinquencies were related to the League, not the credit unions under it. INSURER HITS AT PATH TO ADMINISTRATION SEE page 5B
g overnment taking over technical regulation of the industry. It was also suggested that infrastructure, airport a nd air traffic control services be placed under a reformed Airport Authority. Accident investigations were proposed to go to another independent body. Indicating that the economi c competitiveness of the Bahamian aviation industry, a critical component of thisn ations tourism industry, and t he airlines and other players in it could be undermined by an inadequate regulatory regime, the draft White Paper said policy should be at arms length f rom operations. Any influence of the CAD in the operation of the airlinesj eopardises an effective implem entation of aviation policy aimed to promote the sector, the draft National Aviation policy said. Even with protective environments, where safe guarding of an airline is part o f national aviation policy, the impartiality of the policymaker should be guaranteed to allowf or a truly level playing field. National aviation policies define market access, capaci ties and air fares....... Any shared interest between the policymaking body and any of the airlines may risk the competitiveness of the entire sec tor. That is likely to be an oblique reference to govern ment-owned Bahamasair, but the draft National Aviation Policy said market data indicated the absence of protectionist policies that could restrict capacity or entry points. This, the paper said, was shown by the fact Bahamasair controlled just 20 per cent of the seating capacity flying out of Nassaus Lynden Pindling International Airport (LPIA with US carriers taking a 62 per cent share. The latter figure may have g rown slightly, with Jet Blue expanding its Bahamas capac ity to a monthly 28,000 seats t hrough the addition of yesterd ays new route from New Yorks Westchester County. And Delta Airlines is also planning to launch a new nonstop service between New Yorks La Guardia airport and N assau in March. Nassau was said to be connected to 22 non-stop marketsi n the US, Canada, Caribbean and the UK, with the US accounting for 54 per cent of markets out of Nassau and 81 per cent of international seat capacity. Still, the draft National Aviation Policy warned that the CADs current structure created a serious conflict of inter est on different levels, and argued that it was essential to redesign the current framework to ensure the development of the aviation sector in a safe, transparent and efficient manner. It added: The institutional framework is the foundation of which the aviation industry is developed, and given the dependence of the Bahamian economy on this mode of transport, it is vital to implement changes to the current structure. BUSINESS PAGE 2B, WEDNESDAY, NOVEMBER 16, 2011 THE TRIBUNE LEGAL NOTICE International Business Companies Act(No.45 of 2000 In Voluntary LiquidationNotice is hereby given in accordance with Section 138 (4 International Business Companies Act, (No. 45 of 2000 KRAS MANAGEMENTLIMITED (the Company is in dissolution. The date of commencement of the dissolution is 14th November, 2011 PANAMERICAN MANAGAMENTSERVICES (BVITD. Wickhams Cay I, Road Town, Tortola, BVI. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 14th December, 2011. PANAMERICAN MANAGAMENT SERVICES(BVITD. Liquidator L EGAL NOTICE International Business Companies Act(No.45 of 2000 In Voluntary LiquidationNotice is hereby given in accordance with Section 138 (4 International Business Companies Act, (No. 45 of 2000 TIANA LIMITED (the Company is in dissolution. The date of commencement of the dissolution is 14th November, 2011 PANAMERICAN MANAGAMENTSERVICES (BVITD.is the Liquidator I, Road Town, Tortola, BVI. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 14th December, 2011. PANAMERICAN MANAGAMENT SERVICES(BVITD. Liquidator LEGAL NOTICE International Business Companies Act(No.45 of 2000 In Voluntary LiquidationNotice is hereby given in accordance with Section 138 (4International Business Companies Act, (No. 45 of 2000 GAIUS INC. (the Company is in dissolution. The date of commencement of the dissolution is 14th November, 2011 LESLIE JEWITT-WARD is the Liquidator and can be contacted at 163 Penang Road, #02-03 Winsland House II, Sinapore 238463. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 14th December, 2011 LESLIE JEWITT-WARD Liquidator N O T I C E RAPHAEL INVESTMENT LIMITED N O T I C E IS HEREBY GIVEN as follows:(aRAPHAEL INVESTMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4 Business Companies Act 2000. (bThe dissolution of the said company commenced on the 11th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General. (cThe Liquidator of the said company is Manex Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 16th day of November, A. D. 2011 _________________________________ Manex Limited Liquidator LEGAL NOTICE DELANEY-PETROLEUM AFRICA LTD. NOTICE IS HEREBY GIVEN as follows: (ADelaneyPetroleum Africa Ltd. is in voluntary dissolution under the provisions of Section 138(4 of the International Business Companies Act 2000. (BThe dissolution of the said company commenced on the 11th day of November, A.D., 2011 when the articles of Dissolution were submitted and registered by the Registrsr General. (CThe Liquidator of the said company is Roald Goethe of P.O.Box 72898, Dubai, United Arab Emirates Dated this 14th day of November, A.D., 2011. ROALD GOETHE Liquidator By NEIL HARTNELL Tribune Business Editor Grand Bahama Power Company is aiming to finalise in the upcoming months its fuel hedging policy that is designed t o smooth out surcharges imposed on customers, describing the issue as a high priority. The policys development was unveiled by Grand Bahama Power Company chief executive, Sarah MacDonald, at Mondays annual general m eeting (AGM shareholder, BISX-listed ICD Utilities, and appears to be a response at least in part to the fire that the monopoly utility provider has received from consumers over high power bills. Explaining that the fuel h edging strategy was being put in place through Emera Energy an affiliate of Grand Bahama Power Companys 80 per cent majority owner, Canadian utility Emera, Grand Bahama Power Company spokesperson, Philcher Grant-F arquharson, said: I believe were looking at finalising this i n the upcoming months, as part of our short-term strategy. It will help with the predictability of the fuel surcharge, and helps people to budget, which is a big factor for our customers. We are diligently working on that, and that is a high priority for the company. Grand Bahama Power Company thus becomes the first major Bahamas-based utility to move on implementing fuel hedging, which can either partially or fully lock in fuel costs in a bid to reduce surcharge costs passed on to customers. It reduces the impact of oil price volatility, rather than lowering the long-term cost for Grand Bahama Power Companys customers, enabling them to have predictability and certainty when it comes to the fuel surcharge. The price of oil reacts to a number of forces which drives the price up and down, Ms MacDonald said at the ICD Utilities AGM. In some cases the movements can be quite dramatic from month to month a nd it is this volatility that creates changes month to month in the fuel surcharge portion of our customers bills. The implementation of a hedging program will provide greater predictability of the fuel costs, and reduce the volatility in the cost of electricity to customers. Hedging will smooth out the dramatic peaks that people experience in the surcharge and will help customers to plan and budget which is very important. Ms Grant-Farquharson added: Emera has never hidden the fact that it has been concerned about two major things with Grand Bahama Power Company -reliability issues and the cost of electricity. While addressing these would take time, Ms GrantFarquharson said Grand Bahama Power Company was e mbarking on a three-step solution, involving short, medium and losng-term steps. The fuel hedging is a short-term initiative, the $80 million plant is a mediumterm initiative, and were very active in planning and looking at alternative energ y. Thats always been a three-step process, she a dded. Ms MacDonald told ICD Utilities shareholders the fuel surcharge has been steadily declining since Julys $0.2466 per kilowatt hour. While the fuel surcharge is largely driven by the world oil market price of light and h eavy fuel, which we have no control over, we have been t aking measures to control the areas we can, like the efficiency of our generation mix, said Ms MacDonald. Due to our efforts, we saw the fuel surcharge drop in August to $0.2154 per kilowatt hour, and further declines resulting in $0.2103 p er kilowatt hour for the month of November. GB POWERS FUEL HEDGING PRIORITY B y NEIL HARTNELL Tribune Business Editor A prominent fiscal hawk yesterday warned that increasing tax revenues without accountability would merely result in more public spending and bigger government, together with inherent and endemic fiscal deficits. Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business that the debate over Bahamian fiscal policy, as framed by the International Monetary Fund (IMF rating agencies, had focused almost exclusively on the revenue side, and the need for new and/or increased taxes. Arguing that government expenditure was being almost totally ignored, Mr Lowe warned that economic activity would only be further depressed if the Bahamas implemented a consumption-based tax, as demanded by the IMF, on top of the existing import duty-based regime. Describing the IMFs sales or Value Added Tax (VAT take if it was just intended to increase government revenues alone, Mr Lowe told Tribune Business: I think its very inter esting that everyone is looking at our situ ation from a revenue standpoint, and noo ne is talking about spending and reducing it. As long as we continue on our merry way, and say: Oh, lets get a bit more revenue, it will not force us to take a hard look at whats going on. Mr Lowe acknowledged that it was unclear whether the IMF wanted the Bahamas to introduce a sales/VAT tax to run alongside the existing tax system, or to replace it. He expressed concern that if it was brought in at the same time, it would further exacerbate the difficulties being experienced by Bahamian businesses and consumers. If its going to be put on top of the present structure, I just think its going to slow the economy even further, the Nassau Institute executive told Tribune Business. If theyre going to implement a sales tax at 15 per cent, are they going to reduce import taxes across the board by 15 per cent? They would have a net gain if the projections are right. Mr Lowe called on the Bahamas to determine the main objectives of tax reform, querying whether it should be done simply to get more revenue, or if the primary goal should be to enhance efficiency and strengthen the system. Arguing that government spending, espec ially on its recurrent (fixed be cut in line with revenue increases, Mr Lowe added: Once we determine what the objective is, well know how to approach it. If its just a measure to get more revenue to balance things, thats a mistake. I dont think the Government ministries and departments will be accountable for the revenue they get. Theyll just increase their spending. The Nassau Institute executive returned to a theme he has raised previously, how during the supposed boom years of the 2002-2007 Christie-led PLP administration the Government was still unable to run a balanced budget, let alone a surplus. In a presentation made at a College of the Bahamas (COB Mr Lowe said that in 2003 the Government received $900.876 million in revenues, but spent $1.109 billion, creating a $208.623 million deficit. This pattern was repeated during every year in the 2003-2008 period. In the boom years of 2002-2007, we should have been cutting back and saving for those rainy days. Instead, we didnt, Mr Lowe told Tribune Business. During 2002-2007, if you look at the growth in GDP, it is rapid and crazy. This economy was on fire, but the Government did not stop spending. They still had deficits. If you keep on raising more revenue, t he growth in government continues, and then deficits are inherent and endemic. Until people realise its the size of government thats the issue, that creates the spending....... We as a society expect government to do too much. DEFICITS ENDEMIC WITHOUT REVENUE ACCOUNTABILITY Fiscal hawk says new/larger taxes will simply result in more spending and bigger Govt FROM page one ONFLICT OF INTERES T THREAT TO AVIATION
BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 16, 2011, PAGE 3B B y NATARIO McKENZIE T ribune Business R eporter nmckenzies@ tribunemedia.net TRANSFER SOLUTIONS PROVIDERS (TSP p ayment processing p rovider, yesterday estimated its unbanked target market in the Bahamas to be in the range of 80,000 persons, telling Tribune B usiness it was on a drive to tackle client adaptation. Harvey Morris, chief f inancial officer, who was a p anellist at yesterdays sess ion of the Multilateral Investment Funds (MIFt hird annual Caribbean M icrofinance forum, told Tribune Business: Our system is designed to target the unbanked community of the Bahamas, and recent studies produced by McKinsey indicated that about 53 per c ent of the Bahamian popul ation is unbanked. So just by doing the math y ou are talking about a targ et audience of about 1 75,000 people. That would include children and elderly. I would say the target market here is probably in the range of about 80,000 people. M r Morris added: Mango r ight now is doing well. W hile we have launched and been able to get customers registered. We have to go through the educational process for customers to understand the benefits ofu sing the platform. Thats n ot peculiar to the Bahamas. We are not going to reinv ent the wheel; we are going to use similar studies thatw ere done to understand h ow we get the message to the customer. Many of our clients today are just learning of these new platforms, s o we have to make sure they understand that their money is safe. While we are not a bank, a ll of the funds we have will b e held in a bank to make s ure the clients are always p rotected. We have about 1 0,000 clients registered, but all of them are not actively using the system yet, so our drive right now is to get the clients to use the system. Mr Morris said: Our dri ve right now is to get these clients to use the system. We have a totally integrated platform. On it we are going to be offering payment using c ards, cellular phones Intern et. We are going to go out o n micro-credit, micro-insurance, but we are building out several component that are really designed for the unbanked market. TSPs stored value cards a ct much like debit cards, e nabling the user to pay for g oods and services when the c ard is swiped at one of TSP's PoS systems. M r Morris noted that f inancing was a major problem the company has faced. One of the challenges we faced was finances. This is a project we have been working on for the past four years, and finding the p ersons with the right techn ical skills. We are mindful o f all of the regulatory issues w e have to comply with. H ad we been somewhere e lse it would have been very easy to get venture capitalists to provide funding to us, but in the Bahamas where there is a very limited market the funding had to be done by ourselves. MANGOS PROVIDER EYES 80,000 MARKET By NATARIO McKENZIE Tribune Business Reporter nmckenzies@ tribunemedia.net THE SECURITIES Commissions executive chairman yesterday told Tribune Business the regulator is currently at the height of its con sultation process, with the expectation of having its rules finalised and gazetted by December 30 when the Securities Industry Act (SIA expected to come into force. We are right in the middle of it, its right at its height, Philip Stubbs said. We are getting feed back that we are taking into account, and the process will be winding down in the next few weeks. We will have to have the process finished and final rules to be Gazetted in the next few w eeks. Were optimistic; were doing everything we physically can. Mr Stubbs added: Most of the feedback is really technical in relation to aspects of the rules. The rules have to be written legally. I think the office of legal counsel has already started that, then they have to go to the Attorney Generals office. Once we finalise them and our Board gives us clearance, then they will be Gazetted as rules of the Commission. We are hoping that all of that can be done by December 30. Key changes in the SIA include a flexible legislative structure that allows for easier amend ments to regulations and rules as circumstances in the industry change; and simplification of cate gories for registration for firms and individuals, as recommended by the IMF. REGULATOR AT HEIGHT OF ACT FEEDBACK NEW YORK Associated Press WAL-MART STORES INC. got an early Christm as gift: its strategy of o ffering the lowest prices a nd shoppers' favorite goods is starting to work just in time for the holiday shopping season Wal-Mart on Tuesday reported its first quarterly gain in revenue after nine consecutive quarters of declines at its branded U.S. stores by focusing on low pricing and stocking the brands and products that people care most about. T hat the world's largest retailer is turning a corner is a positive sign for the retail industry and the U.S.e conomy as a whole. Its core low-income shoppers have been particularly hard hit by joblessness and the other challenges of the nation's weak economy. The results indicate that those most hurt by the economic downturn are will ing to spend if you offer them rock-bottom pricing. "The plan is working," said Mike Duke, CEO of Wal-Mart, in a pre-record ed call released Tuesday. Customers are responding favorably." Wal-Mart said Tuesday it earned 97 cents pers hare, or $3.33 billion in the three-month period ended Oct. 31. That compares with 95 cents per share, or $3.43 billion, in the year-ago period. The year-ago results included a tax benefit of a nickel. Net revenue rose 8.2 percent to $109.5 billion. Analysts had expected 98 cents per share on revenue of $108.86 billion, accord ing to Factset. W AL -MAR T'S 3Q RESULTS SHOW US TURNAROUND
l ayouts and elevated sidewalks. E xplaining that affected businesses could see the bigger picture, and the benefit improved roads could bring, Mr DAguilar said the man-n er in which the New Provid ence Road Improvement Project had been handled by the Government and Argentinean main contractor had left many feeling they had been left out of governance. A lot of people have e xpressed concern about how this is going to affect commerce for Christmas, Mr DAguilar said of the roadworks, which have left major portions of Robinson Road a nd Prince Charles Drive c losed, and the East-West Highway and area around the Mall at Marathon snarled at peak traffic times. Theres a real concern that the public will be so put offf rom getting into their cars to go shopping that unless they get the major roadworks finished by the first week in December, a lot of businessesw ill be hard-pressed to enjoy w hat they did in the past. When Christmas shopping begins in earnest, the consuming public are likely to be so concerned by the difficulty in getting around this island they may say: Forget it, Im not interested in it. People are not going to be excited to go out and make those Christmas purchases. The Ministry of Works has a lready indicated it is aware of such concerns, having pledged that parts of Marathon Road, Robinson Road, Blue Hill Road and theE ast-West Highway will all b e open to traffic by Decemb er 20. However, Mr DAguilar, Superwashs president, said ease of access to businesses not in areas impacted by the roadworks was likely to givet hose companies a competit ive advantage over those who were being affected. Consumers were less likely to visit, and purchase from, businesses in the hardest hit locations. Theres a real pressure for t he Government to get the m ain thoroughfares Robinson Road, East-West Highway, East Street, Market Street all open and flowing, he added. A lot of major businesses are concerned. Youve got a bout another three-week window to get this done, get the people flowing, or otherwise theyre going to significantly disrupt Christmass hopping yet again. Apart from impeding cons umer access to multiple Bahamian-owned businesses, Mr DAguilar said the roadworks were also forcing companies to make other adjustments. He pointed tot he case of his Blue Hill Road/Carmichael Road laundromat, which has been forced to redesign its parking lot. What many people do not realise is that, in addi-t ion to the disruption to your business these roadworks are causing, you also have to the cost of adjusting the entrance and exit to your business as a result, Mr DAguilar told Tribune Business. At Superwash Blue H ill/Carmichael Road, they are widening the road, and absorbed a portion of the existing parking lot into the road. I dont know who isg oing to pay, but as a result we have to redesign the layo ut of the parking lot. All that is an additional cost and additional disruption to your business. Adding that he suspected h e would have to pay for the parking lot changes, Mr D Aguilar said that in common with his East Street/Soldier Road location, many businesses were having to contend with newly-installed elevated sidewalks. T hese keep changing the dynamic of how consumers get in and out of a parking lot. In my instance they installed them incorrectly, admitted they did, said theyd come back to it, andl eft this half-completed sidewalk. As a result, Mr DAguilar said he personally had to buy fill to cover it over. While we can see where its going, and can see the end game, its all these annoyingi ssues, he added. T he Superwash president told Tribune Business many fellow businesspeople had complained to him about why work crews were not ons hift round the clock, the project seemingly being t reated as a 9am-5pm, Monday-Friday, concern. And the main contractor, Jose Cartellones Civiles, appeared not to have bud-g eted for the need to upgrade alternative routes t hat were in such poor condition while it worked on the main thoroughfares. Arguing that the experience and knowledge possessed by businesses, someo f whom had been based in the affected areas for decades, was being ignored, Mr DAguilar said: We feel we are not actively participating in our governance. Our government is telling u s what theyre going to do, take it or leave it. We are left to deal with it, while some people in the Ministry of Works of the Cabinet Office are telling us whats best for us. Thats not the way a government shouldw ork. Consult, analyse, conc lude. BUSINESS PAGE 4B, WEDNESDAY, NOVEMBER 16, 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% 10.468.29Cable Bahamas8.438.430.000.2450.32034.43.80% 2.802.33Colina Holdings2.342.340.000.4380.0405.31.71% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.516.510.000.4960.32013.14.92% 2.001.63Consolidated Water BDRs1.771.800.030.1110.04516.22.50% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 7.504.82Finco4.824.820.003,6000.7570.0006.40.00% 9.457.75CIBC FirstCaribbean Bank8.148.140.000.4940.35016.54.30% 6.005.00Focol (S 5.335.330.001,0000.4350.22012.34.13% 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%1 0.809.80J. S. Johnson9.829.820.005000.8800.64011.26.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 5 2wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1 00.00100.00Fidelity 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) +FBB15100.000.007 B ISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%TUESDAY, 15 NOVEMBER 2011B ISX ALL SHARE INDEX: CLOSE 1,355.68 | CHG 0.03 | %CHG 0.00 | YTD -143.83 | YTD % -9.59BISX 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 Fund2.4974-8.19%-7.45% 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-Oct-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 INTERNATIONAL BUSINESS COMPANIES ACT 2000INTERGOLD FUND LIMITED I n Voluntary Liquidation N otice is hereby given that in accordance with Section 1 38(4Business Companies Act, INTERGOLD FUND LIMITED is in Dissolution. The date of commencement of the dissolution was 14th day of November 2011. Mercedes Parker of Ridgeway Drive, Nassau, Bahamas is Liquidator of INTERGOLD FUND LIMITED. NOTICEMercedes Parker Liquidator Legal NoticeNOTICENOTICE IS HEREBY GIVEN as follows:( a) YANIS HOLDINGS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (bThe Dissolution of said Company commenced on November 15, 2011 when its Articles of Dissolution were submitted and registered by the Registrar General. (cThe Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (dAll persons having Claims against the above-named Company are required on or before the 11th day of January 2012 to send their names and addresses and particulars of their debts or claims to the Liquidator of the a ny distribution made before such debts are proved. N OVEMBER 16 2011 ZAKRIT SERVICES LTD. LIQUIDATOR OFTHE ABOVE-NAMED COMPANY N O T I C E BJT HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (aBJT HOLDINGS LIMITED is in voluntary d issolution under the provisions of Section 138 (4 Companies Act 2000. ( b)The dissolution of the said company c ommenced on the 14th November, 2011 w hen the Articles of Dissolution were s ubmitted to and registered by the Registrar General. (cThe Liquidator of the said company is Dizame Consulting SA, Pasea Estate, Road Town, Tortola, BVI Dated this 16th day of November, A. D. 2011 _________________________________ Dizame Consulting SA Liquidator N O T I C E ULTRA PEAK LIMITED N O T I C E IS HEREBY GIVEN as follows: (aULTRA PEAK LIMITED is in voluntary dissolution under the provisions of Section 137(4 Companies Act 2000. (bThe dissolution of the said company commenced on the 15th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General. (cThe Liquidator of the said company is Dominik 039393. Dated this 16th day of November A. D. 2011 _________________________________ Dominik Birri Liquidator N O T I C E NOVELVENTURES HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (aNOVELVENTURES HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 137 (4 Companies Act 2000. (bThe dissolution of the said company commenced on the 15th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General. (cThe Liquidator of the said company is Dominik 039393. Dated this 16th day of November A. D. 2011 _________________________________ Dominik Birri Liquidator s upervision and sound regulation, it now finds itself competing more directly with larger global financial centres for this business -where it is subject to question what the Bahamas value proposition is as well as other jurisdictions that may continue t o offer greater privacy. T he rating agency added: The Government hopes to counter the impact of this increased competition by making the Bahamas more business friendly, targeting new regions, par-t icularly Latin America, and encouraging diversification into synergistic sectors, such as the development of a maritime registry and an international insurance business, but the prospects f or this are relatively limited, in our opinion. W hile many in the Bahamian financial services industry are l ikely to dispute Moodys somewhat pessimistic assessment of its short and medium-term growth prospects, the rating agenc ys report brings into stark relief the need for the sector to develop new competitive advantages, building on its established private wealth management heritage. T he same message was delivered with regard to the Bahami an tourism industry, the main foreign exchange earner and employer in this country. With the Bahamas hotel productf ocused primarily at the high-end, higher priced segment of the tourism market, it was coming under increasing pressure from low-cost competitors, such as Haiti and Jamaica. While it has offerings in various price ranges and cate g ories of accommodation, the Bahamas caters primarily to higher-end mass market tourism, Moodys said. As such, its primary competition is from Jamaica and the Dominican R epublic. While the Bahamas arguably retains certain competitive advantages versus one or both of these destinations, including language, proximity, security and quality of its offering, both J amaica and the Dominican Republic have considerably lower cost structures and much larger supplies of accommoda tion. Gambling used to represent one of the Bahamas advantages relative to Jamaica, but Jamaica has recently legalised the activity for tourists. If and when Cuba opens up to Americant ourists, it could represent a significant new source of compe tition. FROM page one MOOD YS: FINANCIAL GROWTH PROSPECTS RELATIVELY LIMITED FROM page one HARD PRESSED XMAS CONCERN ON ROADWORKS
to regulatory actions taken a gainst the firm and alleged g overnment inaction over a real estate deal. The figures Mr Ward produced are likely to raise some eyebrows in theB ahamian insurance indus try, but he told Tribune Business yesterday thatw hile he intends to take l egal action against the Government, his hands are currently tied. Having met with the I nsurance Commission yesterday, he told Tribune Business: They have been gathering information for two or more months, and they were to make a report. Court I went in to see what that report looked like and if they would give me permission to sue. They are not prepared to give me permission to sue and they are proceeding to go to court. I am fine with that so long as the other issues of equity are covered. Mr Ward added: We are trying to sue, but because they have taken the company over by statutory administration they have to give us permission to sue. They are saying Ic annot sue because they are in charge of the company. That is a law Im having checked out now. The Insurance Commis sions statutory adminis t ration of Atlantic First a ppears not to have been a happy experiensce, as far as Mr Ward is concerned. H e was warned to refrain from conducting any business in the name of Atlantic First by Insur a nce Superintendent, Lennox McCartney, on September 15 this year, after ostensible contacting the Munroe & Associates law firm over his proposed legal action against the G overnment. The Insur a nce Commission alleged he was in breach of the Insurance Act. Mr Ward, in response, urged the Insurance Com mission to pursue the legal action, but his attempts to call government attention to his plight were rebuffed by the Ministry of Finance. According to documents produced by Mr Ward, in 2001 Atlantic Financial Network invested $2 million to purchase 6.5 acres of land north of Prince Charles Drive. While seeking approval, the company discovered that the Governmentn eeded a portion of the property to create a new road connecting PrinceC harles Drive to Spring field Road. Atlantic Financial Net work then allegedly nego t iated with the Catholic C hurch for the adjacent land, produced a 40x600 portion of the connectingr oad and gave the Gov ernment a portion of the road with the agreement that it would complete thee ntire road with infrastructure. Mr Ward explained: In 1998, because we were unable to collect $1.1 million in premiums due to us, we fell into a position of n ot being as solvent as we s hould have been. Land They [the then Regis trar of Insurance], without going to court, put us in receivership, and thats when the problems began. We had land that we owned, and we were devel oping that land, and the Government made a com mitment to put a road to make that development possible. That was approved. We started construction of 10 condominiums, four of which were held byA tlantic First to liquidate for $1.2 million to replace the funds that we were nota ble to collect at that time. The Government made a deal in 2001, and from then until now they haven ot completed it. I just k ept getting the run around. The proceeds from the s ale of several of those condos was to go into Atlantic First and replace that missing $1.1 million.W e had assets that were not liquid, and the Government prevented us from making it liquid and they are proceeding on the other hand to go against us. E arlier this year, the I nsurance Commission extended the existing ban on Atlantic First Insurance Company writing new business to the renewal of its existing portfolio, sus pending its license. Between 100-200 general insurance policies, involving gross premiums collectively worth $500,000 per year, were impacted. est in the rating category and i s on an upward trend it i ncreased from 9.3 per cent in 2007 to 13.8 per cent in 2010. While it continues to rely heavily on one-off revenues in its 2012 fiscal year Budget,t he Government has acknowle dged that any long-term s olution to its fiscal problems is likely to require a significant reform to the tax structure, and authorities confirmed their intention to intro-d uce a VAT tax to improve government revenues in the near future. And the Wall Street credit rating agency added: The Government acknowledgesthat the revenue increases a ttributable to improvements in tax administration or a rebound in the economy will not be sufficient on their own to enable it to reverse the fiscal deficits it has generated over the past several years,a nd begin to repay a portion o f the recent increase in debt, w hich it holds forth as a key policy objective. Moodys, though, said the Government still enjoyed a favourable debt structure, with just over 10 per cent of its outstanding $4.075 billiond ue to mature in the shortterm. The amount of long-term debt set to mature was set to rise from $70 million in 2011 to a $130 million peak by2 022, with Bahamian comm ercial banks acting as the Governments largest domestic debt holder. While the National Insurance Board (NIB 25 per cent of the Governm ents paper debt securities, c ommercial banks had increased their holdings by nearly two-thirds to more than $1.1 billion in the last two years alone. O ne the downside, Moodys said the Bahamas external borrowing constit uted one-third of total borrowing over the past four years, nearly three times his-t orical levels. It expressed concern that domestic lender demand might not be able to keep up with the Governments financing needs, especially if commercial banks saw a recovery in lending opportunities, something that might force greater reliance oni nternational capital markets. M oodys said no tax reform moves were expected prior to the 2012 general election, but added that reducing reliance on the import and Excise duty regime, which generated 50 p er cent of tax revenues and 4 5 per cent of all revenues in fiscal 2010 would also be driven by the Bahamas commitments to the World Trade Organisation (WTOE conomic Partnership Agreement (EPA While the Governments f iscal deficits peaked at 5.8 per cent of gross domestic product (GDP2 010 fiscal year, dropping to 1.7 per cent in 2010-2011, Moodys said the decline was due to the proceeds received from selling a 51 per cent BTC stake and Buckeye Partners purchase of BORCO. Excluding these items, the deficit would have equalled5 .9 per cent of GDP, M oodys warned. Notwithstanding permanent revenue increases attributable to various improvements in tax administration undertaken last year, the fiscal deficit is e xpected to rise to 3.1 per c ent for the 2011-2012 fiscal year (once again after taking one-time revenues equal to 1.5 per cent of GDP into account. W hat this all adds up to is that while the Ingraham administrations deficit spendi ng to prop up the Bahamian economy cannot be totally faulted, especially as manyo ther countries adopted the same policies, this nation with its small, narrow base and open economy cannot sustain the same magnitude of bleedsing as the US or a European nation. The Governments countercyclical economic policies,i nvolving multi-million dollar i nfrastructure investments and increased social security spending, had driven a steady increase in public spending over the past five years, growing this from 15.8 p er cent of GDP in 2003 to 2 2.5 per cent in 2011. The spending increase, also driven by those higher debt servicing costs, had not been matched by revenues, andM oodys added: In our opini on it will be difficult to make m eaningful reductions given the continued weakness of the economy and high levels of unemployment. Furthermore, most of the i ncrease in spending has been a ttributable to current expenditures, which are harder to reduce than capital expenditures. If anything, expenditures are likely to rise further, at least in the near term, duet o significant pressure faced b y the Government to increase infrastructure spending to accommodate new tourism developments. Infrastructure spending had to be replicated across numerous islands, Moodys warned,r aising costs. BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 16, 2011, PAGE 5B RI NOTICE is hereby given that JOHN THOMAS of 4TH STREET, THE GROVE, NASSAU, BAHAMAS is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16t hday of November, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE FROM page one DEBT SERVICING COSTS UP 4.5PTS IN THREE YEARS INSURER HITS AT PATH TO ADMINISTRATION FROM page one DOVER, Del. Associated Press A MASSACHUSETTScompany that received a $39 million loan from t he Department of Energy before s eeking bankruptcy protection says it m ay have to abandon its reorganization effort and liquidate instead. B eacon Power said in a regulatory filing this week that its ability to opera te as a going concern is uncertain. A Delaware judge earlier this month gave interim approval for Beac on to use some $3 million in cash collateral for the DOE loan to pay o perating expenses during its reorganization. T he DOE is objecting to final approval for the use of cash collateral. T he department says Beacon's budget projections assume that DOE will continue funding the loan while Beac on is in bankruptcy, which the government says it will not do. A hearing in the case is scheduled for Friday. BEACON POWER SAYS IT MAY HAVE TO LIQUIDATE
N EW YORK Associated Press H OME DEPOT INC.'S third-quarter net income rose 12 percent as consumers spent a bit more on home-i mprovement projects and repaired their homes after Hurricane Irene T he No. 1 U.S. homei mprovement retailer's results announced Tuesday beat expectations and thec ompany raised its 2011 earnings outlook and its div idend. Home-goods sellers are f acing cautious consumer s pending and a prolonged weak housing market. They've had to adjust tof ewer consumers making large-scale home renova tions by cutting costs and improving services such aso nline shopping and cus tomer service. Atlanta-based Home Depot's smaller rival Lowe'sC os. reported Monday its third-quarter net income fell 44 percent on restructuringc osts as it closes stores. L owe's CEO Robert Niblock said Monday he did n't expect any significant rebound in the housing mar ket until 2013. Home Depot CEO Frank Blake echoed that sentiment. "In the U.S., we still do not see, and do not expect to see in the near term, any meaningful tailwind from the housing market," Blake said in a call with analysts. "In this type of environment, it is critical that we effectively invest in our business and keep focused on customer service." NEW YORK Associated Press A DAY of broad swings in the stock mark et ended with modest gains Tuesday, as i nvestors balanced an increase in U.S. retail s ales with Europe's lingering debt crisis. The Dow Jones industrial average gained 17 points. The Dow ping-ponged between gains and l osses for much of the day. It had been down a s many as 78 at noon and up as much as 86 points during a late afternoon rally that fizz led just before the market closed. T echnology stocks had the biggest gains. I ntel Corp. rose 2.9 percent a day after Warren Buffett revealed that his company, Berk-s hire Hathaway Inc., had bought a stake in t he company. Hewlett-Packard Co. rose 3.4 percent, the most among the 30 stocks in the Dow. Americans spent more on autos, electronics and building supplies in October, raising retail sales for a fifth straight month. Sales increased 0.5 percent from the previo us month, a faster rate than economists e xpected and the latest indication that the U .S. economy is likely to avoid another r ecession. T he retail sales report helped the U.S. s tock market "show a certain degree of resilience in the wake of the negative headlines out of Europe," said Todd Salamone, director of research at Schaeffer's Investment Research. But Europe's debt woes continued to weigh on markets. Higher interest rates on g overnment debt issued by Italy, Spain and o ther countries rattled European stock markets Tuesday. The interest rate on Italy's 10-year bond jumped back above 7 percent,a dangerously high level. When that rate crossed the 7 percent threshold last week, it r aised worries about Italy's ability to manage i ts debts. Greece, Ireland and Portugal had t o get rescued by international lenders when t heir borrowing rates crossed the same leve l. The Dow rose 17.18 points, or 0.1 percent, to 12,096.16. The S&P 500 gained 6.02,o r 0.5 percent, to 1,257.81. The Nasdaq added 28.98, or 1.1 percent, to 2,686.20. The prices of assets commonly used as havens from market turmoil, like U.S. gove rnment debt and gold, held steady. The yield on the benchmark 10-year Treasury note edged up to 2.05 percent from 2.04 p ercent late Monday. The yield has been b elow 2.10 percent all month, a sign of s trong demand. Gold rose $3.80 to $1,782.20 an ounce. In corporate news, sales at Staples Inc. fell s hort of analysts' expectations, and the company also cut its earnings forecast for the y ear. Its stock dropped 3.6 percent. Department store chain Saks Inc. rose 1.7 percent after reporting stronger sales. Dell Inc. fell 2 percent in after-hours trading after the company missed Wall Street's revenue forec asts. Trading volume was light; 3.5 billion shares were traded on the New York StockE xchange, well below the average of 4.4 billion over the past 200 days. BUSINESS PAGE 6B, WEDNESDAY, NOVEMBER 16, 2011 THE TRIBUNE NOTICEPursuant to the provisions of Section 137 (4The International Business Companies Act, 2000, Notice is hereby given that:(a SHIPPING LTD. is in dissolution; (b NOVEMBER 14, 2011 (cThe name of the Liquidatoris EDWARD B. TURNER of EDWARD B. TURNER & CO. #10 PETRONA HOUSE, FOWLER STREETOFF EASTBAYSTREET, P.O. BOX N-1375, NASSAU, BAHAMAS. EDWARD B. TURNER Liquidator STOCKS EDGE HIGHER ON RETAIL GAINS; DOW RISES 17 SPECIALISTS WILLIAM BOTT, left, Christian Sanfilippo, third from left, and floor official Chris Casaliggi second left, work on the floor of the New York Stock Exchange recently. (AP HOME DEPO T'S 3Q NET RISES ON S TORM BOOST
BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 16, 2011, PAGE 7B ROUND ROCK, Texas Associated Press DELL'Sthird-quarter net income rose 9 percent though r evenue remained flat from last year as the computer maker continued pruning less profitable parts of its business. The company also predicted full-year revenue will come in near the low end of the guidance it issued in August, which was itself a reduction from Dell Inc.'s previous expectations. In its earnings report, Dell cited the uncertain economy, as well as the "industry-wide hard drive issue" a reference to the recent flooding in Thailand that has hurt many tech companies' manufacturing operations. For the quarter that ended Oct. 28, Dell earned $893 million, or 49 cents per share. This compares with $822 million, or 42 cents per share, in the same quarter in 2010. Excluding one-time items, the Round Rock, Texas-based company said Tuesday that it earned 54 cents per share. This is 8 cents higher than what analysts polled by FactSet expected. Revenue was flat at $15.4 billion. Analysts expected $16.2 billion. Dell's revenue from large corporations rose 4 percent to $4.5 billion, while its revenue from consumers fell 6 percent to $2.8 billion. Revenue from the public sector fell 2 percent to $4.4 billion, and revenue from smalland medium-sized businesses inched up 1 percent to $3.7 billion. Dell added that it now expects revenue for all of 2011 near the bottom of its outlook range, which predicts revenue growth of 1 to 5 percent over 2010. This forecast, lowered in August from a previous estimate of 5 to 9 percent growth, translates to $62.1 billion to $64.6 billion. DELL EARNINGS RISE SLIGHTLY THOUGH REVENUE IS FLAT
SAN FRANCISCO Associated Press APPLE INC. has named Arthur Levinson as its non-executive chairman, a m ove that rewards the l ongtime Apple board m ember who chose it over Google Inc. when the technology giants began to compete with each other. Levinson, 61, fills the v acancy left open when c o-founder Steve Jobs d ied last month at age 56 a fter a long battle with p ancreatic cancer. Jobs h ad been chairman for less than two months, a position created when he stepped down as chief executive in August. R obert Iger, president a nd CEO of The Walt Disn ey Co., was tapped as a d irector. The appointments were announced Tuesday. Levinson is chairman of pharmaceuticals company Genentech Inc. He showed his loyalty in 2009 w hen a federal investigation pressured him to c hoose between keeping his board seat at Apple or at Internet search leader Google Inc., when the companies had become rivals in mobile devices and Web browsers. L evinson said in a statem ent that he was honored t o be named Apple's c hairman. Apple is always f ocused on out-innovating itself ... and that is something I am very proud to be a part of," he said. Levinson's allegiance may have been especially a ppreciated by Jobs, who h ad become convinced that Google stole iPhone'si nnovative touch-screen o perating system to develop its own platform called A ndroid. J obs' antipathy toward G oogle and its former C EO, Eric Schmidt, was well documented during interviews he gave with his biographer, Walter Isaacson. Schmidt was an Apple board member for three years until he resigned in A ugust 2009 as the rivalry between the two compan ies grew. Levinson resigned from Google's board two months later. Levinson joined Genentech as a research scientist in 1980 and led it as chief executive from 1995 to 2 009. L evinson has been col ead director on Apple I nc.'s board since 2005, s erving as co-lead director w ith Avon Products Inc. CEO Andrea Jung. Levinson joined Apple's board in 2000. Disney's Iger repaired frayed relations between J obs and Disney after he t ook the reins of the media company in 2005, first bym aking ABC shows availa ble on iTunes, and then by leading Disney's acquis ition of computer anim ated movie studio Pixar f or $7.4 billion. The Pixar d eal made Jobs Disney's largest shareholder. Tim Cook, Apple's chief executive, said Levinson has made "enormous contributions" to the company since joining the board, s aying "his insight and leadership are incredibly v aluable." Cook said that Iger, 60, was "a great fit for Apple" because his stewardship of Disney is based on principles that Apple shares generating creative cont ent, using new technology a nd expanding into new m arkets around the world. I am extremely pleased t o join the board of such a w onderful company," Iger said in a statement. "Over the years, I have come to know and admire the management team, now ably led by Tim C ook, and I am confident t hey have the leadership and vision to ensureA pple's continued m omentum and success." BUSINESS PAGE 8B, WEDNESDAY, NOVEMBER 16, 2011 THE TRIBUNE WASHINGTON A ssociated Press The former CEO and chairman of CSK A uto Corp. will give back about $2.8 mil l ion in bonuses and profits from sales of company stock he received while federal regulators say the auto parts supplier was committing accounting fraud in 2002 to2 004. The Securities and Exchange Commission announced a settlement Tuesday withf ormer CEO Maynard Jenkins. He agreed t o return $2,796,467 to O'Reilly Automotive Inc., which acquired Phoenix-based CSK Auto in 2008. Jenkins neither admitted nor denied wrongdoing. J enkins wasn't personally charged in c onnection with the alleged accounting violations. But a 2002 anti-fraud law requires senior executives to repay bonus-e s, other incentive pay and stock profits they received during a period in which their company violated financial reporting rules. The SEC had sued Jenkins in July2 009, seeking $4.1 million. IN THIS July 31, 2006 file photo, Genentech Chairman Arthur Levinson is shown at the company's headquarters in San Francis-c o. Apple on Tuesday named Levinson, a board member since 2000, as its chairman. (AP APPLE NAMES ARTHUR LEVINSON NON-EXEC CHAIR EX-CSK AUTO CEO GIVING BACK $2.8M IN SEC ACCORD Shar e your news The Tribune wants to hear from people who are making news in their neighbour hoods. Perhaps you are raising funds for a good cause, campaigning for impr ovements in the ar ea or have won an awar d. If so, call us on 322-1986 and share your story.