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By CELESTE NIXON Tribune Staff Reporter email@example.com THE Speaker of the House of Assembly misused his position for political reasons when he allowed a Public Accounts Committee minority report to be tabled in Par liament, the PLP claimed. Following a break in the parliamentary session yester day, opposition members held a press conference to condemn the Speakers decision as a serious violation of the rules of the House of Assembly. PAC chairman Dr Bernard Nottage said proper proce dure was not followed, as the WHERE DID HARR Y HAVE MOST FUN? N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER New low over House assault Volume: 108 No.83FRIDAY, MARCH 9, 2012 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER CLOUDS ANDSUN HIGH 84F LOW 73F By CELESTE NIXON T ribune Staff Reporter firstname.lastname@example.org A CCUSING Frank Smith of assaulting a fellow Parlia mentarian, the FNM said the S t Thomas More MP took P arliamentary democracy to a new low yesterday. T he incident came when FNM Pineridge MP Kwasi Thompson attempted to read a Public Accounts Commit-t ee (PAC into the record, only to be set upon by Mr Smith, who attempted to shout over Mr T hompson and move his microphone. The House of Assembly had already descended into chaos after Speaker Alvin Smith ruled to allow the report, which concerns the c ommittees review of the New Providence Infrastruc-t ure Improvement Project (NPIIP S everal members of the PMcriticises Frank Smith after protest TRY OUR DOUBLE F ISH FILET The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM By LAMECH JOHNSON Tribune Staff Reporter email@example.com THE man accused of killing 11-year-old Marco Archer will be arraigned in the Supreme Court today to receive a date for his trial. Kofhe Edwardo Goodman, 36, will appear before Senior Justice Jon Isaacs to enter a plea to the charge of murder. He was not required to DONT miss The Big T on sale tomorrow, packed with news, features, fashion, entertainment and up to $150 in food and shopping coupons. T his week, we feature an exclusive interview with the Celebrity A rtist T ribune c artoonist Jamaal Rolle, who not only presented Prince Harry with a portrait dur i ng his visit to The Bahamas this week, but who has also worked withm ore than 50 A-list celebrities. A lso in T he Big T t his w eek we present a photo s pread on the countrys 10 leading ladies who walked the runway at the R ed Dress Soire f or a good cause. I n our regular weekly c olumns, J ohn Marquis a sks the question: Does the PLP have the cheek to dust down their fallen i dol Sir Lynden Pindling for the upcoming general election? A drian Gibson i n A Y oung Mans View explains why he is so con fident the FNM will win t he Long Island seat that he is even willing to bet on it. I n our advice column, Legal Brief Halsbury Chambers explains the advantages of the pro p osed Freedom of Information Act. Also do not miss our report on a young Bahamian pianist who has been accepted into one oft he most prestigious music schools in the world and who returns home this w eekend to perform a two-night recital for a Nassau audience. In our entertainment and lifestyles section, read about the up-and-coming Bahamian singer Monty Sweat who wants to spread a message of love to communities plagued by crime and violence. And in our STYLZ section, we ask the question, Would you get married in black? Read all about a new bridal gown trend that is sweeping the fashion capitals of the world. By DANA SMITH firstname.lastname@example.org YOUTH, Sports and Culture Minister Charles Maynard has defended the formal activities surrounding Prince Harrys visit, revealing they were insisted upon by Buckingham Palace. Amid comments that the Princes Bahama trip activities were too traditional and conservative in comparison to his other Caribbean trips, the Min ister said the activities were befitting of a visit from the royal family. The government got notification from the Palace more than a year ago that a member of the royal family would travel to The Bahamas to celebrate the Queens jubilee, he said, and it was about a year ago they started planning various events they thought might be appropriate. In January of this year, a team from Buckingham Palace came and they met with us and looked at all of the proposals that we 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 5 5 S S E E E E p p a a g g e e 9 9 NOW HELPUST O REACH TO FIND OUT HOW YOU C AN HELP OUR BREAS T C AN CER C AMPAIGN, TURN TO OUR CENTRE SPREAD WEVE RAISED $1M $200,000 TOMORROW, DONTMISSTHETRIBUNESBIGTFOR . FOOD COUPONS AND SPECIALS NEWS SPORTS FASHION FOOD TRAVEL MOVIES MUSIC TV NYTIMES PRINCE HARRY pictured dancing in Belize and, in contrast, looking a little less impressed during the service at Christ Church Cathedral while visiting the Bahamas. MARCO SUSPECT TO ENTER PLEA PLP:SPEAKER MISUSED POSITION im lovin it
LOCAL NEWS PAGE 2, FRIDAY, MARCH 9, 2012 THE TRIBUNE MORNING traffic coming from the East has been better regulated since the appear ance of police officers at various junctions to direct traffic. However, at the first rainy day of the year, these officers were nowhere in sight, it was claimed. At the intersection of Seabreeze and Prince Charles Drive, yesterday morning, as soon as rain started police appeared to be huddled in their van as traffic chaos reigned, according to one resident. At the Johnson and East ern Roads intersection, at the first sign of rain, an officer immediately mounted his motorbike and left drivers to fend for themselves, another resident said. TOO MUCH RAIN FOR POLICE? By SANCHESKA BROWN Tribune Staff Reporter s email@example.com PRIME Minister Hubert I ngraham warned anyone who might have registered to vote in a constituency where they do not live to change t heir registration now or suf fer the consequences. Addressing a crowd at the o pening of the FNMs Golden Gates constituency office last night, Mr Ingraham said whileh e wants the FNM to win the upcoming election, the process must be fair and legal. With all of our prepara t ions there still remains some cleaning up to do with the register. Some peoples names appear twice; some are regis tered in the wrong con stituency sometimes by mis take and sometimes not. I w ant to encourage anyone who was persuaded to register in a constituency in whicht hey do not live to go and change their registration now. There is time. It is not too late, he said. I also want to remind you t hat if you have moved out of one constituency for three months or more but less than six months, you may choose whether you vote in your old or in your new constituency. However, if you have been living outside of the constituency in which you regis t ered to vote for six months or more, you must change your registration to your new address. We dont want any carpetbaggers or planted voters voting in this election regardless to your political affiliation. We want a clean election. Wea re inviting the world to come and observe our elections. We want the world to see that wer un free, clean, fair elec tions. Mr Ingraham asked the crowd to help return the F NM to office so they can begin preparations for a 10year national plan called the Bahamas Jubilee. We will begin a national consultation process at everyl evel of society to build on the progress we have made as a country as well as meet the challenges of today andt omorrow. There will be a National Commission to plan for B ahamas Jubilee with a unit in the Office of the Prime Minister to facilitate itsp rocess. Bahamas Jubilee will consult widely about our national goals and priorities over the next 10 years leading to our 50th anniversary of independence, he said. PM: Time running out to make sure of your voter registration GOLDEN G ATES candidate Winsome Miller at the FNM c onstituency launch in the area last night, where she will be taking on the PLPsS hane Gibson and the DNAs Merlin Pickstock. THE C ROWD at the opening of the FNM c onstituency office in Golden Gates last night. Photos:FNMPhotos
B y SANCHESKA BROWN T ribune Staff Reporter firstname.lastname@example.org PRIME Minister Hubert Ingraham said it is the governments honour and duty t o ensure all women in the Bahamas have the same o pportunities as men. Speaking at his luncheon with the nine FNM femalesc andidates to mark International Womens Day (IWDM r Ingraham said while the B ahamas has come a long way i n terms of womens rights, there is still a long way to go. have always believed t hat women should be equal to men in all aspects. In fact, quite frankly when w e are born in this world we h ave roughly an equal number of males and females and there ought to be no discrimi nation against women in any f orm whatsoever. In government and in poli tics I have sought to advance t he cause. We still have a couple challenges to overcome but we have made tremendous progress over the years, he said. I want to say to my female candidates that we fully e xpect to advance the cause o f women further in the Bahamas and eventually there will be no difference in law or the constitution between a m ale or a female. I cant comprehend why my son should have an advantage over my daughter. That is totally unacceptable. I cant comprehend why a m arried woman is discriminated against and a single woman is not when it comest o the passing of their nationa lity and for as long as I am in public life, I will ensure the Bahamas is full of equality b etween the sexes. Minister of State for Social Services, Loretta Butler Turn e r, echoed the Prime Ministers remarks. In terms of the furthera nce of women and their rights, we still have inequalities and things we have to a chieve. We have great i nequalities even when it comes to pay and when it comes to males and females and so I think that all those m atters need to be a ddressed, she said. As a married woman, if I had had my child outside this country to a foreign man I couldn't pass citizenship ont o my child and that is a huge disadvantage for Bahamian women. So we are basicallys econd-class citizens in our o wn country when you look at the rights of men. International Women's D ay, originally called International Working Womens Day, is marked on March 8e very year. LOCAL NEWS THE TRIBUNE FRIDAY, MARCH 9, 2012, PAGE 3 For more informationvisit or call 242.323.7066 or 242.323.7064 We would like to alert all investors who placed orders in excess of 100 shares that we are now beginning the process of returning all subscription funds not accepted.Applicable shareholders based in New Providence can their cheques starting from All Family Island investors (investors not based in New Providence) are advised that their cheques will be made available for collection at the following branch locations Freeport Investorsfromtheseislandsare make further arrangements All Investors who have not collected their of the above locations will have their cheques mailed to their respective P.O. Box address. All other successful investors with orders of 100 shares or less would have had their orders along with all of the investors in the coming again like to thank you for your support in making this historic deal a huge success. B y DANA SMITH email@example.com AT least two FNM cabinet ministers will be trading in their suits for basketball shorts tomorrow at the Ignite basketball and dance tournament. Y outh, Sports and Culture Minister C harles Maynard said Bahamians can expect to see him as team captain, Finance and Public Services State Mini ster Zhivargo Laing as coach, and other F NM politicians in a full-court, high intensity basketball game against members of the Torchbearers, the partys youth arm. We expect that we will be victorious over the young persons in our party, hes aid. We are going to bring some of our new candidates to join our parliamentary team, some of our senators, and s ome of our cabinet ministers. T he event is free and starts at 3pm at the Kendal Isaacs Gym. It will also include live performances, a slam-dunk contest and giveaways. The DNAs youth arm, the Young Dems, have also announced their firsta nnual basketball tournament, Battle o f the Constituencies, for this Saturday at 10am on the Tom "The Bird" Grant Park in Yellow Elder. MAYNARD AND LAING TO FEATURE IN BASKETBALL MATCH PM:It is our duty to ensure equality P RIMEMINISTER H ubert Ingrah am. P OLICEhave issued an alert as they search for a man wanted for questioningo ver a sex crime. The man is 43-year-old Robert Bene b y Jr, of Great Britain Street, Flamingo Gardens, who has a dark brown complexion; is 5 and of medium build. P olice want to question him regarding an incident of unlawful sexual intercourse. Anyone with information is asked to call9 19, 322-3333, 502-9991, 502-9910 or C RIME STOPPERS @ 328-TIPS. SEAR CH FOR WANTED MAN R OBERTBENNEBYJR
EDITOR, The Tribune. I LISTENED with keen interest to remarks made byP rime Minister Hubert Ingrah am in Exuma over the weekend (March 3-4 the industrial unrest in the Customs and Immigration Departments at the Lynden P indling International Airport ( LPIA). The prime minister made it e mphatically clear that his government will not give in to the unreasonable demandso f the union of these government agencies. Apparently, immigration l ine staff had failed to show u p for work on Saturday (March 3 back-up at the LPIA. Onet housand passengers, many of them visitors, were negatively affected by this move whichc an rightly be described as a blackmail. What is even more disturbing about this industrial action is that it had coincided with the visit of Prince Harry to The Bahamas. In addition tot he industrial action taken over that weekend, immigra tion officers who were scheduled to work in the evening turned up for work at 9am on March 5th and 6th. According t o the March 7 edition of The N assau Guardian, officers rostered to work in the evening who turned up for work onT uesday (March 6 home. Apparently, these officers are determined to defy their employer by disregard-i ng the shift system. However, Minister of Immigration Brent Symonette i nformed The Nassau Guardian that since 1996 immigration officers wereh ired specifically to do shift w ork and more recent employees have been defi nitely hired under that term. I f this is so, then how is it possible that these civil ser vants can get away with shak i ng their fists at the government of The Bahamas? If these immigration and cus toms officers have no inten t ions of obeying their employer, then they should look for another job. Its that simple. H ad they been working in the private sector, they would have been fired on the spotf or their blatant rebellion. At a time when the national unemployment rate stands at over 15 per cent, I find it absolutely amazing that a union would push its mem bers to rebel against their employer. Obviously, the union is behaving in a reckless manner. Whichever party wins the general election needs to take a serious look into criminalisi ng unions in this country. We c annot have these irresponsib le hucksters playing Russian roulette with our bread and b utter. Why should the entire nation be brought to its knees because a thousand civil servants dont want to work n ight shift? T hese people were intending to hurt this countrys t ourism sector and embarrass t he Ingraham administration in the process. Moreover, the t hing that is most disconcerting and indeed frighteninga bout these government w orkers and their union is that they are prepared to hazard the financial well-being of The Bahamas in order to g et what they want. These civ i l servants are so short-sighted, they cant see that their a ctions could further ruin a tourism sector that is already ailing. But it seems as if they are either unaware of the sorry financial state of this count ry or they just dont care. These civil servants obvi o usly dont appreciate the 3 0,000-plus Bahamians who are unemployed and are hav ing great difficulty in finding w ork. If customs and immigration officers think Bahamians will feel sympathetic to their cause, then they are seri o usly mistaken. I know of at least three Grand Bahamians who have college degrees and a re working in low-paying, entry level jobs. One of them, who is a gas-pump attendant,h as a degree in accounting. I k now of another one with a masters degree who works in a fast food restaurant in F reeport. If these ungrateful civil servants dont want to work, t hen they should give way to the hundreds of unemployed and under-employed Bahamians who are eminently qualif ied to take their place. I think the civil service is over bloat ed with too many inept, ungrateful, spoiled Bahamians who have a sense of enti tlement. The Bahamas Customs Immigration and Allied Workers Union (BCIAWU is well aware that it is elec tion time and so its leaders and members are trying to get what they can before Bahamians to go the polls. I n other words, they are t rying to blackmail PM Ingraham and his administration. I guess they are thinking that the prime minister is so desperate to hold on to power t hat he would acquiesce to t heir unreasonable demands, no matter what it is. I understand that before the shift system was implemented, customs and immi-g ration workers were making millions of dollars in overtime pay. This was an unnecessary f inancial burden on the Treas ury. In some cases, many of these workers were working up to 20 to 40 overtime hourse very week. Many of these workers overtime pay was, in somec ases, thousands more than their base salaries. Rather than pay one worker thousands of dollars in overtime pay each month, the Ingraham administration decided to hire more customs andi mmigration officers instead. Rather than having customs and immigration officers working up to 30 overtime hours a week, the prudent decision was made to share t he economic pie by hiring m ore Bahamians who needed work. As far as I am con cerned, this decision makes s ense. Realizing that the new shift system and the loss of overtime pay would greatly annoy these officers, the gov-e rnment increased their base salaries. But obviously the union and its members are n ot the least bit satisfied with this. They want to return to the good old days when theym ade thousands in overtime p ay each month. Over the years, many of them had become accustomed to livinga lavish lifestyle. But the gravy train has come to a screeching halt. That is why t he union is so furious with the government. I hope the government of The Bahamas doesnt give in t o the blackmail of the BCIAWU and its members. If they continue to disregard the s hift system, then the government should fire them. There are thousands of joblessB ahamians who are more than willing to work on shifts. KEVIN EVANS Freeport, Grand Bahama. March 7, 2012. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, MARCH 9, 2012 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 IN FEBRUARY, Bahamas Telecommunications Company told TribuneB usiness that it was ahead of its operating projections for 2012 because its new owners Cable and Wireless Communications had generated cost savings faster in its first thr e e months in the newly-privatised company than had b een anticipated. However, CWC warned that it was too early to startp opping the champagne corks. Tim Pennington, chief financial officer of CWC, which holds 51 per cent of BTC, said that BTCs revenue and p otential growth was unchartered territor y. In his opinion, the London-based telecommunications company wouldo nly fully understand BTC s tr ue ear n ing ability after the end of the 2013 f inancial year. I think the revenue opportunities and the growth opportunities are uncharted territory for us, Mr Pen-n ington said. So we still remain bullish on the p rospects for the Bahamas, but we s houldn t underestimate the task facing us, he told Business editor Neil Hartnell. This is a business that has been under state ownership for a long time. Theres still an awful lot to do to gett hings up to inter national standar d. I think weve made a very good start, b ut it's too early for us to be popping the champagne corks and taking a lap of honour on this one. If were having this conversation at the end of next year I think we'll be feeling a lot mor e relaxed that we u nderstand the potential and what the run rate of the business is. But Bahamian unionists have only grasped the fact that the company is pleased with itself because in its first months of operation it is ahead of projections. This was mainly due to cost savings in par t because staff took early severance packets and left. However, union members, having no conception of how to operate a business,h ave not taken into account that it is too soon to celebrate because there is still so much to do to get staff and operations up to international standar d s. Until this is done and knowing t hat BTC has to be prepared for competition no one can project whethert he company will live up to expectations. Therefore, at this early stage of rebuilding a crippled business, belt tightening is still in order. S hould the business continue to grow and pr osper, only then can the champagne be ordered. Despite this, the union is agitating t o par ticipate in the per ceived bonanza. It has spur n ed a new industrial agr eem ent. Denise Wilson, Bahamas Communications and Public Officers Union secretary general, said his members want different percentage rates than what they are offering. They are offeri ng a four per cent increase. We find t hat r epugnant and I am repulsed by the fact that they are offering such a small amount, given the fact that they have gone on record saying that the company has done so well in such a small time. P eople like this will always r emain employees, they just dont understand b usiness. Reminds us of when the PLP first came in and young Bahamians were anxious to start their own busi-n esses. In many cases when 5pm came, they emptied the cash till into their pocketsa nd went home. Nothing was put aside to build the business. Needless to say, they failed as entrepreneurs and went back to being employees. We hope that these short-sighted people will wake up and help get this company on firmer ground. There is tr emendous potential. However, the union can wreck it. Customs staff trying blackmail LETTERS l firstname.lastname@example.org Unionists now agitating at BTC EDITOR, The Tribune. ELECTIONS are truly the silly season. I say this, because you have family members of different political persuasions not speaking to one another because of ones belief. This is very disheartening, especially when we as parents teach our children to have a mind of their own and to be independent and not a follower. There are some candidates nominated for various con stituencies in the upcoming election who have invited family members regardless of their political affiliation to the opening of their constituency headquarters, and they outright refuse the invitation because it is not the party of their choice. I think that is absolute nonsense. You may disagree on their choice, but by all means go out and support them for their decision. Politics and politicians come and go, but families are with you forever. WACB Nassau March 7, 2012. Elections br ing the silly season
LOCAL NEWS THE TRIBUNE FRIDAY, MARCH 9, 2012, PAGE 5 R EPAIRS are finally underway on the roof of the N ew Bight Airport in Cat Island, which was severely damaged during HurricaneI rene. H owever, locals say many g overnment buildings on the island are still in need of e xtensive work. THE Bahamas Agricultural and Industrial Corporation, in conjunction with the College of the Bahamas, i s hosting a six-week Busin ess Empowerment for Entrepreneurs lecture s eries. The lectures, which began last night, will take placee very Thursday at 7pm at the Harry C Moore Library, College of the Bahamas. I n attendance will be BAIC e xecutive chairman Edison Key and motivational speaker Myles Munroe. By KHRISNA VIRGIL email@example.com HEALTH minister Dr Hubert M innis yesterday called for changes t o school entrance requirements to cope with people from different environments after a case of suspected tuberculosis was reported to ministry officials. The Ministries of Health and E nvironment issued a joint statem ent acknowledging that a staff member at the Claridge Road Primary School did display symptoms of the disease on February 21. The man was tested and found to be clear of TB, however when theD epartment of Public Healths surv eillance team screened the students and other members of staff, it found some of them had been exposed to the disease at some point. Dr Minnis said: A revision of our health policy must happen when itc omes to school and children enteri ng each year. We may have to introduce TB testing or mantoux testing. A lot of individuals from various environments enter school and we want to ensure this type of instance isc urbed. C oncerning the handful of exposure cases among staff and students, Dr Minnis said: This essentially means those people were not exposed to TB from the male employee, but from somewheree lse. H e said health officials will continue to investigate. As for the suspected case, Dr Minnis said, he will be given additional tests that will take several weeks to complete. L ast November, health officials c onfirmed a suspected tuberculosis case at the Carmichael Road Detention Centre. A spokesperson for the Ministry of Health said the man was isolated for evaluation after he showeds ymptoms compatible with the dise ase. The man was a recent detainee and was not thought to have had extended contact with other suspected illegal immigrants at the facility. P rior to that, in 2009, students and t eachers of the C H Reeves Junior High School were tested for tuberculosis after a ninth grader at the school contracted the disease whileon summer vacation. Dr Minnis emphasised that h ealth officials do not believe there i s any risk of a TB outbreak at this time. Call for school changes after TBcase alert COURSE IN BUSINESS EMPOWERMENT AIRPORT ROOF REPAIRS BEGIN By DANA SMITH firstname.lastname@example.org T HE Bahamas Telecom munications Company was privatised at a cost of nearly $28 m illion, according to Prime Minister Hubert Ingraham. Before clearing the House a genda of all questions yesterday, Mr Ingraham tableda question asked of him by Golden Gates MP Shane Gib s on on the then long overd ue privatisation of BTC. I t was revealed the privatisation bidding process was abandoned after two of the four short-listed bidders pulled out and the offers from t he other two were found unattractive. The government approached a number of other telecoms companies around the world to see if they were interested in bidding. There was no inter e st. Those companies included A T&T, Verizon, Rodgers C ommunications and American Movil. U ltimately, Cable and Wireless asked to formally enter the process which was a greed to. The third privatisation cost $27,937,097 in regulatoryc osts, pension arrangement restructuring costs and privatization transaction costs, as stated in the tabled question-a nswer session. BTCPRIVATISATION COST NEARLY $28M B y DENISE MAYCOCK T ribune Freeport Reporter email@example.com FREEPORT Although Coletor Johnson was acquitted of murder, her co-accused Glinton Louis was found guilty of manslaughter on Thursday i n the Supreme Court. T he jury returned around 7 pm on Thursday with the verdict. They found Louis, 32, not guilty of murder by a vote 12-0,b ut instead found him guilty of m anslaughter by a vote of 8-4. J ohnson and Louis were on trial for the murder of Markins on Justin. They were accused of driving a gold-coloured Buick Century when it strucka nd killed Justin on July 12, 2011 at Explorers Way. The case opened on Tuesday. Senior Justice Hartman Longley directed the jury on Wednesday after the prosecution closed its case to returna verdict of not guilty against Johnson. He determined that t here was no evidence against Johnson. Louis attorney Brian Hanna called Johnson as a witness for the defence. She told the court that Louis was taking her to w ork when they stopped at the j unction of Explorers Way. She said Justin, her exboyfriend and the father of their daughter, ran towards thec ar and started hitting her. J ohnson said Louis turned to the left and drove off. She said he turned around to go to t he police station, and as he was driving, Justin ran across the road and jumped at the car.S he said everything happened s o fast. They did not stop, and went directly to the police station to report the incident. The defence and prosecution delivered their closing a rguments in the morning sess ion. Justice Longley gave his summation by noon. The jury retired to deliberate. M r Hanna argued that there were many inconsistenc ies in the evidence given by eye-witnesses. He also noted that the police did not provide any photographs of tyre marks to indicate that Louis had crossed the lane and hit Justin. M r Hanna told jurors that L ouis was taking his girlfriend to work when Justin attacked her. The lawyer said his client never left home that morningw ith intentions of killing Justin. T he prosecution argued that all eye-witness accounts indicated that the car was s peeding in the wrong lane when it hit Louis. Prosecutor Durell Taylor s aid the medical evidence of D r Tancawan also suggested that Louis injuries were consistent with him being struck and not jumping on the car. She also stressed that Louis w as the aggressor and that he w as not defending himself and had no legal justification for harming Justin. J ustice Longley has set sentencing for Louis on April 20. had and they decided on the final events that actually took place. It was their decision they wanted the Bahamas t rip to be a more formal one, M r Maynard said. As you know, he would of v isited two other Caribbean n ations and some of what they did was very informal, but they i nsisted on a more formal visit here in The Bahamas. Im very proud of the team of persons who organised and executed the events b ecause we did have events with pomp and pageantry and s o forth befitting of a visit f rom the royal family. Mr Maynard said he did not know why the Palace insisted on a more formal v isit, but Prince Harry seemed to agree. I mentioned to him while w e were waiting for the Governor General on Sunday at t he exhibition. I said you know a lot of pressure is beingp ut on The Bahamas based o n how much fun you had in Belize and he said no thats o k, The Bahamas is meant to be a more formal and sober visit, and so he said I thinky ouve done well in terms of living up to that. It was a direct decision by B uckingham Palace for The Bahamas to be that type of visit for Prince Harry, Mr Maynard said. H owever, the Prince reportedly mentioned to the Minis-t er that meeting with young B ahamians was more enjoya ble than the formalities. I think that he really connected with our young peoplew hile he was here, Mr Maynard said. We had occasionsw hen he was able to interact d irectly with young people and I think in speaking with him, he enjoyed those more than some of the formal things. P rince Harry had the chance to engage in activities with young Bahamians in Eleutheraa nd Nassau, including a luncheon with outstanding youth leaders and youth organisations, Mr Maynard said. So I think that at the end of the day, he would have enjoyed the trip he had to TheB ahamas just as much as any where else that he visited during this particular round. The Minister also pointed o ut that Prince Harry got a chance to visit one of our top night spots during his short s tay, as well. f f r r o o m m p p a a g g e e o o n n e e WHEREDIDHARRY HAVEMOSTFUN? JURY FINDS MAN GUILTY OF MANSLAUGHTER AMORERELAXED Prince Harry at a youth event at the new n ational stadium.
By KHRISNA VIRGIL firstname.lastname@example.org ACTING Foreign Affairs Minister Tommy Turnquest yesterday tabled an agree ment between the Bahamas and Cuba, outlining the boundaries that both coun tries will govern. In his address to House members, Mr Turnquest said the delimitation rests on one critical concept: the boundaries express in concrete terms, the space in which the country has the right to fully exercise its sovereignty. As the process spanned many years, truly taking flight in 2005, Mr Turnquest heralded the milestone as putting the Bahamas at an advantage for several reasons. It defines territory over which the Bahamas has exclusive jurisdiction that it is able to retain the approximately 100,00 square miles it considers its national waters and has acquired the full expanse of maritime space in all instances, he said. The agreement will also give the Bahamas exclusive rights over mineral and biological resources within its territory. Further, part of the Bahamian economy is tied to the people who make a living from the resources of the sea, hence, the importance of national juris dictions to protect and man age these fisheries resources. Opinion By RALPH MASSEY I N LATE January, the a uthor spoke briefly at a conference in the Bahamas honouring the work of the late Milton Friedman, the monetaristand Nobel Laureate.T hose comments: Summarised Friedmans monumental work from the late 1940s to the 1980s on the relationship between accelerated monetary growth and inflation and Highlighted his warning in 1981 at the beginning of a long period of growth in US debt and the money supply that accelerated monetary growth could produce nasty consequences. Three decades later, the US i s dealing with the nasty consequences. A federally sponsored speculative Housing Bubble created a self-gener-a ting boom, a prosperity that s eemingly benefited all. But then housing prices fell, mortgage foreclosures skyrocketed a nd the Great Recession b egan. This memo takes the read e r from the promise of afforda ble housing to a disaster and a not too promising future. Fannie and Freddie I t will not deal with the m ost significant financial r eform legislation since 1929, the Dodd-Frank Wall Street Reform and Consumer Pro-t ection Act. I t was approved in principle by President Oba-m a in June 2009, passed by C ongress and signed by him i n July 2010. It will deal with the issues raised in the Final Report of t he National Commission on the Causes of the Financial and Economic Crisis that cont ained a 410-page report and a 120-page dissent. The report and the d issent fully agree that the crisis was man made; and one could reasonably conclude that it was caused by the failure of t he Federal Reserve. In the book Bernanke's Test, J V Overtveldt argues that the derivatives explo-s ion, extreme leverage of regu lated and shadow banks and e xcesses of mortgage lending were all flagrant abuses that both Alan Greenspan and Ben Bernanke, chairmen of the Fed, could have said not o. But they did not. As a r esult, a complex and unstable system veered dangerously out of control. But that story line is much too simple. The report focused on the villains: Bank presidents who didnt understand their own lending risks; Unscrupulous mortgage bankers who shamelessly induced homeowners to take unreasonable risks; Enterprising investment bankers who created new exotic mortgages, packaged them, and sold them to needy investors world-wide; Rating agencies who willingly gave the securities favourable ratings and; Insurance companies e ager to insure the lending risks. T he dissentargued that the C ommission of Inquiry and its report erred in assuming that it knew the causes of the financial crisis, namely deregu lation... greed and recklessn ess on Wall Street, predator y lending in the mortgage market, unregulated deriva tives and a financial system a ddicted to excessive risk-taking. It did not seriouslyi nvestigate any other cause; a nd, in fact, the majority of t he Commission ignored the dissent. For example, in March 2 010, the dissenters provided the Commission staff with A 70-page, fully sourced m emorandum stating that t here were 27 million subprime and other high risk mortgages (Non-TraditionalM ortgages) outstanding out of a total of 55 million. As the financial crisis began, half of a ll US mortgages were of inferior quality and liable to d efault when housing prices w ere no longer rising. A paper documenting a two-decade effort of the D epartment of Housing and U rban Development (HUD to increase home ownership b y reducing mortgage underw riting standards... through the Clinton and Bush administrations. These papers were never m ade available to all the m embers of the National C ommission, or even to the commissioners who were members of the subcommit-t ee charged with considering the role of housing policy int he financial crisis. T he report did examine the r ole of Fannie Mae and Freddie Mac, aka the Federal National Mortgage Assoc iation and the Federal Home Loan Mortgage Corporation. The report recognised thatt hese federally sponsored m ortgage companies had a deeply flawed business mod el, a $5 trillion mortgage e xposure and they even ramped up their purchases and guarantees of risky mort g ages as the housing market was peaking. In the end, they n eeded $151 billion from the U S Treasury to stay afloat. And the dissent reported that for many years prior to t he financial crisis, Fannie b ought loans that should have been classified as sub-prime b ut were not. This lack of d isclosure on their part appears to have been a factor in the failure of many market observers to foresee the p otential severity of the mortg age defaults when the housi ng bubble deflated in 2007. The report falsely conclud ed that Fannie and Freddie f ollowed rather than led Wall Street and other lenders int he rush for fools gold; it f ailed to identify the Governm ent itself as the critical player. G overnment-Sponsored Recklessness The report contended that b oth the Clinton and George W Bush Administrations sought to increase home own ership through an intensive e ffort to reduce mortgage underwriting standards. The Department of Hous i ng and Urban Development imposed its affordable hous ing requirements on Freddie, Fannie and the Federal Hous i ng Administration. And its Best Practices Initiative encouraged greater sub-primea nd other high risk lending by sub-prime lenders and mortgage banks. The Federal Deposit Insurance Corporation responding to the Communi ty Reinvestment Act of 1977 ( and its subsequent Congressional modifications) examined all banks under its juris diction to determine if they did offer credit in a manner consistent with safe and soundo peration and with the objective to reduce discrimination in housing in lowerincome and minority neighbourhoods. Ultimately, all lenders were compelled to compete for mortgage borrowers who were at or below the median income level causing underw riting standards to d ecline...thus increasing the numbers of weak and high risk loans far beyond what the m arket would normally prod uce. In the end, one could get a NINJA loan with No I ncome, No Job, No Assets. In economic theory, if one can buy a thing of value at zero cost, then the demand for that thing becomes infin ite. In fact, by the middle of 2 007, there were approximately 27 million risky NonTraditional Mortgages in theU S financial system half of all mortgages outstanding w ith an aggregate value of o ver $4.5 trillion. These were u nprecedented numbers, far higher than at any time in the past, and the losses associated w ith the delinquency and default of these mortgages fully account for the financialc risis. I n the pursuit of an affordable housing goal, Government mandated reck-l ess and ill-advised financial behaviour that led directly to that crisis. The New Left This author contends that the Government acted as it d id because of the political weight of the New Left in American politics. D avid Horowitz in L eft Illusions describes how in 1956, when NikitaK hrushchev leaked the story of Stalins crimes, some Communists simply left the party disillusioned. In contrast, oth e rs were re-energised no longer did they need to defend the indefensible but could freely embrace the socialist project. And that they did.S aul Alinsky was a Marx ist, who just before his death in 1972, defined this new movement in Rules for Radicals The objective is still rev olution; but a revolution of radicals within a popular democracy who want Change and use certain concepts that operate regardless of the scene or the time. Mankind has been and is d ivided into three-parts: the H aves, the Have-Nots, and the Have-a-Little, Want More. Change is led by community organisers who have thes kills to relate to the hierarc hy of values of a person or bloc of people, to communicate and to lead. Before men can act, an issue must be polarised. Men will act when they are con-v inced that their cause is 100 p er cent on the side of the angels and that the opposition are 100 per cent on the side of the devil. He knows that there can be no action until issues are polarized to this degree. I n our popular democracy Alinsky's legacy lives on as a staple of the leftist method, a veritable blueprint for a rev-o lution euphemistically called c hange. Two of his most notable modern-day disciples are Hillary Clinton and B arack Obama. S ome may contend that this is just another conspiracy the o ry or a juxtaposition of u nrelated events. Nevertheless, affordable housing was one of the New Left's policy objectives that was pursued i n a reckless manner to a disa strous end. Why? and How? are relevant questions. T he Threshold The above affordable h ousing story is a clear e xample of where the US s tands today. It has lived beyond its means for decades...piling up debt to s tratospheric levels; and it cannot now borrow as easily as it once did. I n addition to financing the d eficit, it did two large quan titative easings (a.k.a. print ing money) to stimulate the e conomy, $300 billion in December 2009 and $600 billion in August 2010. Without m atching real growth, these actions will simply raise prices. The cause for additional c oncern is that President Obama recently announced his financial plan for the nextb udget year that included some revenue enhancing measures and more spendingi nitiatives. Ben Bernanke simultaneously announced that the Fed would keep interest rates low, a FederalF unds between 0 and 1/4%, through 2014 ; and he expected Consumer Price inflation to continue to be moderate. It appears that the present Government may be over-l ooking the evidence of a pos sible second dip as then Chairmen Greenspan and Bernanke did in 2005. And we still have that Fed management and a President who manages from the Left, a disciple of Saul Alinsky and not Milton Friedman. LOCAL NEWS PAGE 8, FRIDAY, MARCH 9, 2012 THE TRIBUNE Housing and the Recession BOUNDARY AGREEMENT WITH CUBA TABLED PRESIDENT BARACK OBAMA who, contests Ralph Massey, manages the economy from the Left, following t he policies of Saul Alinsky rather than Milton Friedman.
LOCAL NEWS THE TRIBUNE FRIDAY, MARCH 9, 2012, PAGE 9 enter a plea when he was a rraigned before Deputy C hief Magistrate Carolita Bethell last November. It is alleged that Goodman, between Friday, September 23, and Wednesday, September 28, caused the death ofM arco Archer. T he little boys body was found in bushes behind an apartment complex on Yorkshire Street on September 28, five days after he was reported missing. The accused, alias Elvardo F erguson, last appeared in the Supreme Court on February 10 where Vinette GrahamAllen, director of public prosecutions, represented theC rown for the arraignment. Defence attorney Geoffrey Farquharson was absent. There was confusion between the court and prosecution concerning the officiala rraignment date, which Goodman said was March 9, the date Mr Farquharson was told to appear for court. Justice Isaacs, after verification, said the court would t ake responsibility for the e rror and adjourned the mat ter to March 9. If Goodman pleads not g uilty, he will be given a chance to give an alibi to the court immediately, or to the A ttorney Generals office within 21 days. He also has the right remain silent. o pposition got to their feet to protest the ruling, while others banged their desks. Chairman of the committee PLP Bain and GrantsT own MP Dr Bernard Nottage said the report should not be tabled without first being debated by the PAC, in accordance with the rules of the House of Assembly. He said: It is not that he is n ot entitled to make a minority report, he is, but it must be done in the proper way. As Mr Thompson attempted to read the report, Fort Charlotte MP Alfred Sears and Mr Smith rose to theirf eet, Mr Sears repeating that he had a point of order to make and Mr Smith pushing away and covering Mr Thompsons microphone. While addressing the floor during the question-andanswer portion of the session, Prime Minister Hubert Ingra-h am said Mr Thompson was assaulted by Mr Smith, who tried to repeatedly to inter-r upt him. "He assaulted him, I saw it with my own eyes," said Mr Ingraham. S peaking at a luncheon with the nine women FNM c andidates in honour of International Womans Day, Mr Ingraham again commented on the mornings parliamentary session, claiming that inh is 35 years in Parliament he h as never seen such a display over any issue. It was absolutely disgraceful and unbecoming, and as I said at a public meeting recently, as election gets nearer the PLP become more andm ore desperate and they get nastier in terms of the things they say and do, today was merely an example of that, he said. Speaker Alvin Smith said the St Thomas More MP'sa ctions were a display of "gross disorder." Rising on a point of privilege, Mr Smith denied assaulting Mr Thompson, claiming he never touched him. H e said: "For the record, to my recollection I never t ouched him and if I did it was n ot my intention." But Mr Thompson claims h e was touched on two occas ions first when he stood to speak and again when Mr Smith attempted to move and c over his microphone. E ventually regaining control of the House, the Speaker asked what authority Mr S mith had to move the microp hone of another Member of Parliament. He said the House would m ove on and would not hear a nything else on the matter. Condemning the oppositions actions, the FNM released a statement last night claiming that the PLP direct-l y disobeyed a ruling by the Speaker and chastised Mr S mith for repeatedly attempting to disrupt the minority report presentation. It said: This morning the nation witnessed a new lowi n our Parliamentary democr acy. Never before has a member physically attempted to stop another member from speaking in the House of Assembly. The Free National Movement strongly condemns theP LP for such disgraceful acts in our Parliament. The majority report on the committee's review of the NPIIP and related government spending was presented in the House of Assemblyo n Monday by Dr Nottage, who said the project was affected by political considerations. He said after three months of interviews, the committee f ound a number of issues that caused delays in the project. T hese were largely deemed t o be avoidable and a direct result of negligence, including poor co-ordination of utili ties, poor quality of work, f ailure to comply with financ ial obligations in contract, traffic mismanagement, cost overruns and political influence. B ut the minority report, w hich was tabled by Mr Thompson yesterday, said the c ommittee review was not independent and did not take into consideration the evidence of the positive transformation of the islands r oads, water systems, sidewalks and other infrastruc t ure. I t said: The majority members of PAC, who are all members of the official oppos ition party, have submitted a report which the minority of members cannot supporta s the report does not take i nto account significant por tions of evidence and unfor tunately makes conclusions which are simply not sup ported by the evidence. document should have been debated by committee members before being tabled in the House of Assembly. For political purposes, h e said, they decided to deal with this matter in this way and I think that it is wrong, iti s unparliamentary. What the Speaker did today was in our view a misu se of his position as Speaker o f the House of Assembly and he does that regularly. They come into parliament w ith a pre-fixed position and nothing can keep them from that, and that is wrong. Just as the government has broken numerous rules not to mention the terms of inter n ational agreements in its handling of the roadworks, they have broken serious rules in order to table the minority report, said a statementi ssued by the PLP yesterday. On Monday, the PAC tabled a report in Parliamentd etailing governments handling of the New Providence Road Improvement Project. A t the time, Dr Nottage s aid the committee spent a considerable time reviewing the NPIIP because of thec oncerns expressed by the Auditor General in his 2009 report and the strong comp laints from thousands of r oad users. After three months of interviews, he said the comm ittee uncovered evidence of poor co-ordination of utilities, poor quality of work,f ailure to comply with financ ial obligations in the con tract, traffic mismanagement, cost overruns and political influence. D r Nottage said he believes the FNM acted in the way it did yesterday,b ecause it was worried about the findings of the report and wanted to mitigate its effects. F ort Charlotte MP Alfred S ears said what was submitted yesterday under the guise of a minority report,w as never put before PAC nor debated as it should have been according to the rules o f the House of Assembly. H e noted that the report is not even signed by the two minority members of the c ommittee. According to the PLP statement, minority membersw ere at every juncture invited t o participate in the commit tees meetings, but did not attend six out of the last seven meetings. I t said: They chose not to question the governments witnesses, not to participatei n the process. As the only committee that has a majority from the offic ial opposition, the PAC p lays a critical oversight role in the democratic process, said Mr Sears. H e said what was allowed to happen in parliament yesterday was an attempt to s ubvert that process. T he PLP statement said the government is seeking to muddy up the findings of the r eport, to obscure both incompetence and wrongdoing, to hide the serious ques t ions raised about abuse of p ower and inside dealing. 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 M ARCO SUSPECT TO ENTER PLEA MARCO ARCHER, who was f ound dead on September 28, five days after he was reported missing. FRANKSMITH covers Kwasi Thompsons microphone during the row that broke out in the House of Assembly yesterday. P hoto: P eter Ramsay / BIS New low over House assault PLP:SPEAKER MISUSED POSITION
By CHESTER ROBARDS Tribune Senior Reporter email@example.com O PPOSITION leader Perr y Christie claimed Hubert Ingraham has been the worst prime minister in Bahamian history. Tell him Perry Christie said that for the first timer ight here in Long Island, Mr C hristie told PLP supporters at a rally in Simms on Wednesday. Mr Christie also called upon Mr Ingraham to apologise to the Bahamian peoplef or his atrocious record of g overnance. We have a government that spends money stupidly and foolishly, said Mr Christie. The FNM seems to be hell-bent on bankrupting the country off this one project (the New Providence Infrastructure Improvement Project). Even as Mr Christie a ttacked the prime minist er more strongly on Wednesday than at earlier rallies he humbled hims elf before the people of Long Island. H e admitted that the rally was the first time in ten years the PLP leadership h ad campaigned on the island. However, he told the c rowd the PLP was prepared t o take the constituency away from the FNM in the upcoming election, as he introduced his partys candidate Alex Storr. T aking the stage, Mr Storr laid out a plan for Long I sland that included bringing potable water to a number of settlements, constructing proper roads, building a better dock, and returning thei slands fishing and farming i ndustries to their former glor y. C lay Sweeting, PLP candidate for North Eleuthera, also a ddressed the crowd. H e promised that he and Mr Storr would join togethe r in the fight against poaching in Bahamian waters, an issue Prime Minister Ingrah am recently brought to the f ore in his own partys campaign. This is a serious issue, not a political issue, Mr Sweeting said. L ady Marguerite Pindling made a rare rally appearance in Long Island, telling the c rowd she came because she loves the PLP family and h as known Mr Storr since he was a little boy. S he told the group of PLP supporters that when the v otes are counted on election day, she will be in Nassau list ening and hoping for Mr Storr to be victorious. LOCAL NEWS PAGE 10, FRIDAY, MARCH 9, 2012 THE TRIBUNE F uneral Service ForM R. STANLEY CHARLES M CINTOSH III, 22of Blackwood, Abaco, will be held on Saturday, March 10, 2012 at 10:30 a.m. at St. Simons Anglican Church, Treasure Cay, Abaco. Officiating will be Father DeAngelo N. Bowe. Interment will follow in The PublicC emetery, Blackwood, Abaco. Cherished memories will always live in the hearts of his daughter: K ristanique McIntosh; mother Anna B aillou; father: Stanley McIntosh II; stepmother: Donette McIntosh; sisters: Chiante TNeil, Dominiqua and Shaniqua McIntosh; brothers: Onasis and Anthon McIntosh; grandparents: Euclid and Margie Baillou and Alvera McIntosh; aunts: Mona Lisa Baillou, Norma JaneB aillou-Smith, Tyronia Stuart, Margo Kelly, Linda, Louise, Shavonne and Lovely McIntosh, Tina Nesbitt, Belinda, Gwendolyn and Elaine Baillou; uncles: James and Eugene Baillou, Silvan and Dencil McIntosh, Derham Smith and Oganger Stuart; grandaunts: Evalina Baillou, Era B aillou-Hanna, Kessie Moncur, Susie Mae Longley, Mary Whylly, Jacqui Gibson and Jessie Mae Reckley; granduncles: Clayton Baillou, Alexander Reckley and Benjamin Cornish; special friend: Crystal Young; special family friend: Rowena Pinder; godparents: Renay Cornish, Patrice Cooper, Terry Armstrong, Terry Rolle, BradleyM cIntosh, John Williams and Charlie Tom Lightbourne; cousins: Samantha, Semajra, Mikelle and Candice Baillou, Tyronisha, Talycha and Taliyah Stuart, Vanashia Smith and Chaya Ferguson and Seranno, Samantino and Michael Jr., Miguel, Makaeo and Nathario Baillou,J ustin Moss, Cordero McIntosh, Lasasha Wiliams, Satara Pinder, Monica McIntosh, Laquania Sawyer, Sunset Cornish and Geraldine; and a host of other relatives and friends including: Rt. Hon. Hubert A. Ingraham, Linden and Elva Davis, William Davis, Ishmel Morley, M rs. Ruth Smith, Garnet Dean Patsy Davis, the Ferguson family (Spring Citywles, Andrea, Floyd and Patricia, Maxine, Shezelle, Fenrick, Andrew and Fabian Longely, Solomonia Rigby and Roberto Reckley, Adrian and A shley Whylly, Olga and Joseph Pritchard, Lisa and Phil McIntosh, Delsie, Nancy, Cecil, Jackson, Edward and Alphonso Rolle, Coralee Pedican, Sharmeen Pierre, Steve and Stanley Pedican, Hazel Rigby and Sanria Green, Vernique Gibson, Vernal, Victor, Verona, Veronica,V alinda, Virgil, Vincent, Nishka Cornish, Rashad Smith, Bado, Farakhan and KShara Adderley, Lakera Simms, Lisa and Michelle Pinder, Labon and Sibrion Morley, Clement Laville, Shenika Hanna, Anthony, Nishka, Tonya and Oshanessy Armstrong, Jackie and LouiseW illiams, Kirk, Carolyn, Kavon, Kavonya and Kelfaneko Pedican, shura Stubbs, Sherry Bethel, Nyosha Reckley, Keisha and Tracy Albury, Clyde and Sharmeen Cornish, Rudolph Cornish and family, Clyde Cornish (Nassauesley Cornish, Florina Cornish, Rudanel and Mizpah McIntosh, Kenvon Murray, Jeremy Russell, Deneko and Douglas Cleare, Marvin and JulesH opkins, Chaino Cornish, Blakie Delancy, Nickali Williams, Terrel Simms, Julien McKenzie, Carrington Woodside, Shavano Sturrup, S idney Archer, Shadey Smith, Okita Parks, Iesha Knowles, Alvin Stubbs, James Martin, Suswin Mills, Florence and Elmor Sawyer, O rnal and Mevern Cornish, Esther, Earnistine, Marilyn Eusais and Michael Cornish, Jonna Boodle, Janelle and Jermaine, Vargo Bootle, T errell Murray, Roselyn McLaughlin, Don Hinsey, Gerda Vilmar, Fayann, Sandramae, Sheila, Porsha, Roy, Lennard, Jason, Washington a nd Derek Cornish, Chitan, Julicia and Michaela Stuart, The crew at WilDavs, The crew at Shones, Mr. Schaffer and Staff of the Ministry o f Works, Management and Staff of the District Superintendents Office, Abaco, The Communities of Marsh Harbour, The Mud and P igeon Peas, Dundas Town, Murphy Town, Spring City, Blackwood and Fire Road, Abaco, Turtle Drive, Nassau, other relatives andF riends in Andros, Grand Bahama, Nassau and the entire Island of Abaco. Viewing will be held in the Serenity Suite at Restview Memorial M ortuary and Crematorium Limited, Robinson and Soldier Roads, Nassau, New Providence on Friday from 10:00 a.m. to 6:00 p.m. and at the church on Saturday from 9:30 a.m. until service time. Christie:Ingraham worst PM
By NEIL HARTNELL Tribune Business Editor A LEADINGbusinessman yesterday said there was no Christ way on Gods green earth that the Progressive Liberal Party (PLP to fully compensate every business affected by the New Prov idence Road Improvement Project (NPRIP Government, arguing that all political parties were selling a dream. Dionisio DAguilar, president of the Superwash laun dromat chain, which has seen sales at its five locations affected by the roadworks plummet by up to 40 per cent, also described the FNM governments compensation propos als as smoke and mirrors, saying they needed to be more concrete and meaningful. Mr DAguilar, a former Bahamas Chamber of Commerce president, was speaking to Tribune Business after both the Ingraham administration and main Opposition party appeared to start competing with each other in a dash to compensate Bahamian-owned businesses heavily impacted by the past three years roadworks on New Providence for their multi-million dollar losses. Many, like the Superwash owner, are viewing the proposals as a naked political ploy designed to win election votes, although any help would be welcomed by those entrepre neurs and companies still struggling to remain open,. Mr DAguilar suggested to Tribune Business that the Government grant incentives to impacted businesses such as National Insurance Board (NIB along with Business Licence credits worth several thousand dollars especially if a company had multiple affected locations. Prime Minister Hubert Ingraham, addressing the House of Assembly on Monday, had indicated that the Government was eyeing Business Licence fee and real property tax rebates for impacted businesses, subject to the results of a survey designed to assess their total roadworks-related losses. In response, Mr DAguilar told Tribune Business: Thats smoke and mirrors. Thats not going to be meaningful; thats not concrete. Theyre vague generalisations. Its too late now if youre out of business. He pointed out that real property tax rebates would not benefit companies renting/leasing their premises, instead going to their landlords, while Business Licence fee concessions would be of little use to those firms that had already closed down. Calling for the Government $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.53 $5.58 $5.55 T HETRIBUNE SECTIONB firstname.lastname@example.orgFRIDAY, MARCH 9, 2012 ROADS COMPENSATION SMOKE AND MIRR ORS Top businessman urges Govt to make relief plan more concrete and meaningful Suggests NIB contribution exemption Says no way on Gods green earth that PLP can fully compensate all impacted firms SEE page 4B By NEIL HARTNELL Tribune Business Editor A LEADINGBahamian QC is likely experiencing deja vu, a Supreme Court judge has ruled, after rejecting another of his Judi cial Review applications relating to alleged abuses in Freeport by Bahamas Customs. In rejecting another applicat ion by Fred Smith QC, the leading Callenders & Co attorney and partner, to bring Judicial Review proceedings against Customs this time for demanding that his law firm provide declarations of all its prior year bond ed goods purchases before it could obtain an over-the-c ounter bond letter for 2012 Justice Estelle Gray-Evans nev ertheless noted that his fear appears to have been realised. This relates to the other Judicial Review application brought by Mr Smith, and similarly reject ed by Justice Gray-Evans, over Customs separate demand that Grand Bahama Port Authority (GBPA National Insurance Board (NIB Letter of Good Standing before obtaining an over-the-counter bond letter. That move was rescinded by Customs just after Mr Smith launched court proceedings. Referring to that case, and Customs subsequent move to demand documented records for all Callenders bonded goods purchases in 2011, the Judge said in her ruling: In that case, Mr Smith expressed a concern that the Comptroller of Customs may at some point in the future impose a different condition before it would authorise the pur chase of goods in bond between licencees. His fear appears to have been realised. Mr Smith confirmed briefly to Tribune Business yesterday that he was set to appeal both ver dicts to the Court of Appeal. M eanwhile, when it came to QCS DEJA VU OVER CUSTOMS Smith set for two appeals, as judge rejects Judicial Review on bonded purchase records demand Says fears may have been realised, but PMs committee the way to go SEE page 4B B y NEIL HARTNELL Tribune Business Editor T HE GRAND BAHAMA Chamber of Commerces president has urged the next government to treat the extension of key Freeport tax incentives, due to expire in 2015, as a pri o rity and to end the uncertainty that could sti fle much-needed foreign and Bahamian investment. John Swain, who is also a Deloitte & Touche (Bahamas impending end to Freeports Business Licence and real property tax exemptions needed to ber esolved as soon as possible, especially as a m ajor foreign investor had again flagged this up as a material risk to its public shareholders. New York Stock Exchange (NYSE Buckeye Partners, the 100 per cent owner of the Bahamas Oil Refining Company (BOR CO), in its 10-K form filed with the Securities & Exchange Commission (SECc ash flow could be materially adversely affectPRIORITISE TAX EXTENSION FOR FREEPORT IN 2015 Chamber chief urges Govt and other stakeholders to give investors certainty, as BORCO owner again flags issue as material concern SEE page 7B By NATARIO McKENZIE Tribune Business Reporter email@example.com THE $83 MILLIONNassau Container Ports new tariff structure has made the Bahamas capital city one of the more expensive ports in the Caribbean, a leading shipping company yesterday telling Tribune Business it had never seen such fee increases coming all at once. While Crowley Caribbean Services said it was confident the tariff increases, implemented by the soon to be publicly listed Arawak Port Development Company (APD long run, it would be implementing the second of a two-phased rate increase on its Nassau freight on April 1, 2012. Mark Miller, Crowleys director of corporate communications, told Tribune Business in relation to the new Nassau Container Port: Ports throughout the Caribbean regularly raise their fees through t he normal course of doing business, but we have never seen an increase of this size all at one time, and now Nassau is one of the more expensive ports in the Caribbean in which to operate based on its current fee structure. Yet he added: If everyone is subject to and abides by the same fees structure, it levels the playing field for all of the carriers. The thinking is that in the short-term we may be in the position where we lose a little bit of business if some of the other carr iers dont pass on the total fee increase, but that in the long-term we should be just fine. In the long-run, Crowley being a very established, well-respected company will weather this just fine. A fax sent by Crowley to its Bahamian freight customers, which has been seen by Tribune Business said it was implementing $83m Ports fee rises never seen before Top shipping firm says Nassau now one of most expensive ports in Caribbean Such major tariff increases at one time unheard of Raises inflation/cost of living fears for Bahamas businesses and consumers S EE page 2B By NEIL HARTNELL Tribune Business Editor and NATARIO McKENZIE T ribune Business Reporter firstname.lastname@example.org THE SUPERVALUE supermarket chain yesterday indicated it shrugged off fears that consumers are taking longer every year to recover from their Christmas spending, with its sales increases for January and February 2012 double and triple 2011 comparatives. Rupert Roberts, Supervalues owner and president, told Tribune B usiness that the inelastic nature of demand for its grocery products, coupled with the demise of Robin Hood and City Markets struggles, had helped his 10-store chain to escape the recessions worst effects and generate consistent year-over-year improvements. We havent had any recession, and weve been up every year. This year has been no exception, Mr Roberts told Tribune Business. December 2011s sales increase was the same as the previous year. Januarys increase was double the previous year, and FebSUPERVALUE SEES DOUBLE, TRIPLE SALES RISES IN 2012 S EE page 3B
its second round of Nassau Port Charge increases in response to APD introducing the next phase of its port tariff rises on April 1, 2012. Crowley brought in the first phase of its Nassau Port Charge earlier this week, on March 4, 2012. The new Arawak Port Development (APD is being implemented by APD in two phases, Crowley said. The second phase is scheduled to be implemented on April 1, 2012. Due to the increased operating costs associated with phase two implementation of the new tariff, Crowley Caribbean Services announces the following increases to the Nassau Port Charge, which will be effective on April 1, 2012. As a result, Crowley is further i ncreasing the Nassau Port Charge for twenty-foot equipment units (TEUs $50 from April 1, 2012, taking the total increase across the two phases to $200. For 40-foot units, there will be a $100 increase, taking the total increase to $400, while for containers exceeding4 0 feet in length, there will be another $150 increase on April 1, taking the total rise spread across the two phases to $500. Vehicles are in line for a $25 rise, taking their total increase to $175. It is unclear how much of these increases have been dri ven by the new Nassau Container Port and need to finance its construction, APD executives having recently suggested the shipping industry could be using it to recover losses sustained when it was squeezed by the recession and reduced cargo vol umes/rates on one hand, and high fuel prices on the other. Still, the fee increases can only increase costs for both Bahamian businesses and consumers, raising the spectre of further i nflation that might depress the economy just when it needs it the least. Winston Rolle, the Bahamas Chamber of Commerce and Employers Confederations (BCCEC w hile the private sector organisation had received no comp laints, it would canvass its members on the issue. Any increase in costs would be a concern, Mr Rolle told Tribune Business. Any cost increases to be businesses are going to be paid for down the r oad by consumers in any event. Where we are concerned, everyt hing we consume is basically imported. If we are going up on the price of imported things, its going to increase the price at store level. He added that a significant amount of the Bahamas imports were acquired by companies for use in their own business, mean ing that the whole operating cost structure is going to be impacted. Its a very bad time, Mr Rolle added of the tariff increases, and the other thing you have to consider is that you have a large number of persons unem ployed, with limited income or no income coming in. They will be on a shoestring budget, so any impact on costs is going to have an impact on families locally. Crowley, meanwhile, advised its Bahamian clients of other charges set to be incurred at Arawak Cay. The Gate/Labour Overtime fee, for instance, will be $350 per hour outside normal operating hours, and $550 per hour on Sundays and public holidays. The shipping company also announced that stripping charges f or palletized TEUs containers would be $600; for 40-foot cont ainers it would be $725; and $750 for cargo in containers larg er than 40 feet. Crowley also announced that non-palletised cargo in TEUs would have a $700 stripping charge; 40-foot containers an $825 charge; and an $850 charge for non-palletised cargo in containers larger than 40 feet. And Crowley also announced that after five free days of storage at the Port, there would be a $20 per day charge for loaded dry equipment, and $50 per day for loaded refrigerated equip ment. Storage after 10 days for loaded dry equipment would increase to $30 per day, and loaded refrigerated equipment would increase to $100 per day. The company noted that it would continue to monitor fuel prices and make adjustments on an as needed basis. The storage charges have not gone down well with some in the Bahamian business community, several arguing that it typically takes longer than five days to clear a container already. One leading businessman, speaking to Tribune Business on condition of anonymity, said: I think its absolutely ridiculous, and I believe it is five actual days, not five working days. Id like to know, and maybe Mike Maura [APD chief executive], can answer the public how they can expect any business owner, based on the current situation with clearing items, how they can expect anything to be cleared in under five days. For those companies, the suppliers, retailers and whole salers, that bring in hundreds and hundreds of containers a week, a year, this will be huge for them. Its crazy. The businessman said the current average container/import clearance time was five-eight days, due to all the paperwork and payments that Customs brokers and companies had to make. I believe the reasoning for this charge is to expedite clearance of cargo, but they have to be reasonable and dont go from 10 days to five days without con sulting the public and business community, the businessman said. Crowleys Mr Miller told Tri bune Business: We have had to increase our rates for shipping to Nassau. Its just some thing that we, along with others, have had to do. It doesnt make things any easier, and to the extent that the increased costs can be recovered through increased rates to our customers, it will help us offset our increased costs. Ultimately, what will happen is the cost of goods on the island are going to increase. If we pass increase rates on to our customers then they will pass that on to their customers, the actual consumers. Atlantic Caribbean Lines (ACL announced fee increases to offset the costs associated with its move to the new Arawak Cay port. In a recent interview with Tribune Business, APDs CEO Mr Maura noted that carriers would use the port relocation as a jus tification to increase their rates, claiming that shipping companies have been losing a lot of money over the years. Mr Maura argued that the port fees overall will represent a small increase to the shipping companies. By SIMON COOPER Res Socius Y ou might be surprised to know that the primary reasons for business failure include executive paralysis in the execution phase. No, Im not discussing easing out intractable employees. Im thinking about failing business strategies. Why is this happening? Are schools of business failing to churn out effective graduates, or are the wrong people business leaders? A Lack of Planning Most organisations have some form of business plan, even if this is little more than a budget. Unfortunately, the documents are often prepared by underlings or consultants, who think the jobs done when they are are signed off. But how much effort do we put into training frontline managers and supervisors in terms of followthrough? The truth is that we make little effort, if at all, to train key executors unless we sit them down next to someone else who teaches them bad habits. The result is an abysmal lack of synchronised implementation in the average business. Black Holes When a client asks me why their strategic planning so often runs out of steam, Im inclined to ask them on whose desk or workshop bench their objectives vanished. Employees focus on the things that employers reward them for. If a section of a business plan is not made somebodys responsibility, it is not worth the paper that it is written on. When business owners neither delegate the execution of their strategies, nor take responsibility for these themselves, then their goals remain their dream. In many cases, nominated implementers are not even consulted at the planning stage. Lack of Feedback It is all very well to announce a fresh strategic plan to the assembled workforce, although it is a total waste of time unless we share the benefits. If not, then the inevitable ribald comment in the cafeteria will be: I wouldnt worry, he/shes just thinking of their Christmas bonus again. Athletes perform better when they are chasing targets. It is almost a no-brainer to connect the dots and realise that a disconnected workforce has no interest in an employers problems. Take local Kentucky Fried Chicken staff, for instance. Need I say more? A Lack of Leadership I think it is fair to say that these problems belong at the feet of business owners and their managers, as opposed to on the performance appraisals of their staff. I personally believe that true leaders are born, not created, although Im not saying that training cannot add value. Ill be discussing my proposals for solutions to these management shortcomings (for this is what they are) in next weeks article. Meantime, may I suggest that every reader analyse what is happening in their business in terms of these? If you are not a manager yet, then this might just be your cue. NB: Simon Cooper is a founding partner of Res Socius, a business brokerage firm authorised by the Bahamas Investment Authority that facilitates the sale and purchase of businesses. Contact 376-1256 or visit www.ressocius.com. BUSINESS PAGE 2B, FRIDAY, MARCH 9, 2012 THE TRIBUNE My Mission:Zero (0murders in the Bahamas in seven (7 There are seven clergies on board. Now if you can get seven times seventy and the Leader, Leader of opposition and the Junior Leader of Opposition.Can all the people unite? This is possible with THE GREATEST PLANNERAnd a helping hand from Yes You Can.Available at Chapter One and Logos Book Store.Milford Shaggy Lockhart at 324-4000 Email email@example.com Comming Soon Website yesyoucanbahamas.com CURING PARALYSIS AT EXECUTIVE LEVEL SIMONCOOPER $83M PORTS FEE RISES NEVER SEEN BEFORE FROM page one W ORK TAKES PLACE o n the Nassau Container Port.
By NATARIO McKENZIE Tribune BusinessR eporter nmckenzie@ tribunemedia.net MEDICAL tourism could prove extremely beneficial to the Bahamas give n the elderly demographi c shifts in the US, a local p hysician said yesterday, with this population segment growing by leaps and bounds. Speaking with Tribune Business at the 40th Medical Association of the B ahamas (MAB ence, Dr Agreta EneasCarey, a consultant in charge of the Geriatric Hospital, said: I think medical tourism is something that would benefit us because of our location. Medical tourism would b enefit us, especially in the g eriatric population. The older population is growi ng by leaps and bounds. Florida has a huge elderly population, and if we were able to offer some kind of long-term chronic care in t he Bahamas, that is somet hing I think could be bene ficial. I feel we practice first world medicine here. Dr Eneas-Carey said there was a need for more physicians in the field of geriatrics in the Bahamas. We have an increasing n umber of older patients h ere in the Bahamas, she added. C hallenge People are living into their nineties, even over 1 00, and that is a drain b ecause persons of that age have multiple chronic p roblems. That is a chall enge for us. We have one long-term healthcare facility here int he geriatric hospital, which i s really the best of its kind in the region. I think we are poised to do a lot. We just need to have more physicians who are intere sted in this area. We have a few persons w ho are coming into the field. I think things look bright for the future. Dr Eneas-Carey said the elderly population in the Caribbean as a whole was i ncreasing quickly. We h ave an increasing elderly population, she said. The elderly population in the the Caribbean on a whole is probably increasing faster than the elderly population in the mainland. We need more physic ians who are interested in g eriatrics We need to educate the population as a whole to help people understand that in order to be healthy later in life you need to monitor your lifestyle as a younger person. I think w hen you are in your 20s a nd 30s you dont think about what will happen when you become 60 or 70. ruary was triple the previous year, so we havent had any decline. He added that the first week in March was exceptionally good the whole w eeks been great right t hrough to Sunday. This, it w as suspected, was due in no small part to government pay day falling on February 27. Weve been trying harder, trying to push customers ervice harder, trying to offer t he public a better price, and I think theyve realised it and are rewarding us for it, Mr Roberts said. When they see weve added three more registers, and they dont have to waiti n peak periods, they apprec iate it and notice it. They know were trying; we may not always give them the ser-v ice they desire, but theyre conscious of what were try ing to give them and keep c oming. Mr Roberts said Superval ue had completed the installation of new equipment at C able Beach, and had taken up more space at its Top-ofthe-Hill Mackey Street branch. It was also expand ing its specialty foods product range, and had changed o ut the coolers and freezers f or more energy-efficient equipment last summer. The supermarket chain is a lso in the process of rollingout state-of-the-art regist ers and scanning equipment at all Supervalues 10 stores, Nassau Street and EastS treet being the last, that will place them on one system linked to head office. Thati s due to be completed by March-end. Among Supervalues chall enges, Mr Roberts said, was a BEC bill that averaged b etween $400,000-$600,000 a month. H e told Tribune Business that energy costs were actually more than store rents,a nd expressed concern that t he charges associated with the new $83 million Arawak C ay port would raise freight costs and add to the cost of living. Retailers in other product c ategories appear not to have had as happy a time as Mr Roberts. With the Christ m as shopping rush now dis sipated, several say cons umer spend has gone back down, some telling Tribune Business the retail environm ent was relatively flat. S teve Hoffer, chief executive of Hoffer Sport, one of the largest sporting goodsr etailers in the country, said : Its been pretty flat. There hasnt really been very muchb usiness. I think its been pretty much the same for a l ot of persons in the business community. It was a little busy here and there. Overall, it hasnt really picked up since the Christmas rush. In April things usually get much busier for some reason. People are still sort of holding on to their money because they have spent quite a bit during Christmas. T he beginning of the year people have a lot of their bills due, and so that was a factor. I think the end of March, the beginning of April, things will probably start to p ick up again. C harmaine Daley, manager at John's Department Store, told Tribune Business t hat while business was not t he same as during the Christmas holiday, Its staying steady. Its just that Jan-u ary was a slow period as always. Things have been pretty s teady, though, and I expect that to be maintained until w e get into the Easter period, when things start to pick up for us again. Peter Philips, managing director of Brass & LeatherS hops, told Tribune Business: Just generally speaking, things are just flat right now. The business environment is still very challenging. O ne local businessman described the retail environment as up and down, telling Tribune Business: There are days when you see things pick up a bit and then others where things are BUSINESS T HE TRIBUNE FRIDAY, MARCH 9, 2012, PAGE 3B NOTICE is hereby given that DIANGELO LIBERIS of C ARMICHAELROAD, P.O.BOX SS-5365, 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 f rom the 9t hD AY of MARCH 2012 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE The Public is hereby advised that we, BARRY PRINCE NESBITT of the Southeastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas and SHEENA ANICKA MCPHEE, also of the Southeastern District of the said Island of New Providence, the parents of DONTE BYRON MCPHEE, a minor, intend t o change his name to DONTE BYRON NESBITT. If there are any objections to this change of name by Deed Poll, you may write such o bjections to the Bahamas, within thirty (30of this INTENT TO CHANGE NAME BY DEED POLLPUBLIC NOTICE N OTICE is hereby given that RAYMOND PETER MOSES o f WEST BAY STREET, P.O. BOX N-4783, NASSAU, B AHAMAS is applying to the Minister responsible for Nationality a nd Citizenship, for registration/naturalization as a citizen of T he Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a w ritten and signed statement of the facts within twenty-eight days from the 9t hDAY of MARCH 2012 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE DEMOGRAPHIC SHIFTS AID MEDICAL TOURISM BTC UNDERTAKES CUSTOMER SURVEY THEBahamas Telecommunications Company (BTC its representatives will be in several communities this month to collect information, in a bid to bring all existing customer records up to date and e nsure quick response to reports of faults or requests for new service. The survey to gather updated information for all existing customers is an exhaustive but essential exercise," saidMarlon Johnson, BTCs spokesman. Though demanding, we believe the result a database of accurate information will enable us to respond to or r each the customer faster, handle transactions, add a new service or change a plan, adjust a statement when warranted and to assist without unnecessary delay whether landline, cellular or Internet. Many times our customer service representatives are hampered in their efforts to assist because someone is calling about a number, and in the system that number is assigned to another person who may now be deceased or no longer lives at that a ddress. Preparing an accurate inventory or audit is part of BTC's commitment to customer service." The survey will be conducted between 9am and 5pm daily by authorised surveyors dressed in BTC vests and carrying valid identification. They will go door-to-door in Millennium Gardens, Yellow Elder, Bozine Hill, Blue Hill Ht., Boyd Subdivision, Chippingham, Farrington Road, Pinewood Gardens, South Beach, Ridgeland Park East, Montel Heights, Englerston and Peardale area. B TC said it hopes to complete the task by March 31. Customers are asked to call 225-5282 if there is any question about a surveyor or information sought. MARLONJOHNSON SUPERVALUE FROM page one
to provide something more concrete, the former Chamber president suggested: If you have businesses operating in four affected corridors, and where you have paid Business Licence fees, give a $5,000-$10,000 credit a year to them, or do the same with NIB contributions. And, with the Government likely to have to raise taxes in the near future to pay down the $4.25 billion national debt and cover all its infrastructure borrowings, Mr DAguilar said businesses in the worst-affected corridors, such as Robinson Road and Prince Charles Drive, be exempted from such increases. The Prime Minister hinted, too, that the Government may provide grant assistance to businesses impacted by the New Providence Road Improvement Project, similar to what was offered by the Jump Start programme, which gave a maximum of $7,500 to budding entrepreneurs. Pointing out that all political parties were guilty of making promises they were u nlikely to be able to keep, especially given the relatively empty Public Treasury, Mr DAguilar then switched his fire to the PLP, who had pledged that the collective multi-million dollar losses sustained via the roadworks would be paid back in full if the party wins the 2012 general election. I read that this morning, he told Trib une Business, and I said to myself that there is no Christ way on Gods green earth that Perry Christie is going to compensate every businessman for every loss incurred doing these roadworks, Mr DAguilar told Tribune Business. Ill believe it when I see it. Adding that he took such political promises with an enormous grain of s alt, he said: I dont care what side of the political divide youre on, theyre going to sell you a dream to get your vote. Where are they [the PLP] going to get that money? I cant imagine were all going to line up and get a cash payout from the Bahamas government. I think that that is political pandering once again. Theres just no way, I dont believe it for a minute, and have got to see it to believe it. Mr DAguilar also questioned how any government, PLP or FNM, would be able to devise a formula for calculating the roadworks-related losses suffered by all impacted businesses. There would be a natural tendency to exaggerate the level of losses, and wrap up t hose incurred via other factors with those that were roadworks-related. Other questions related to what was to be done for those impacted companies no longer in business, and whether firms unaffected by the roadworks might try to dive in, too. Weve incurred heavy losses, dont get me wrong, but I dont believe the politic ians right now, Mr DAguilar said. Theyre going to sell you the dream that youre going to get paid, and if he [Perry Christie] delivers, to God be the Glory. We aint getting no cash from any Bahamas government, thats for sure. I dont care whos running it..... I think some irresponsible promises are being made right now. Customs demand for Callenders 2011 bonded goods purchases records, Justice GrayEvans judgment said this was made on December 1, 2011, two days after the law firm requested that it renew its over-the-counter bond letterentitling it to purchase goods for use in its own business dutyfree from other GBPA licencees for 2012. As a result, Mr Smith initiat ed Judicial Review proceedings on January 10, 2012, arguing that Customs demand was unlawful and had no basis under the Hawksbill Creek Agreement, and that the Comptroller had acted beyond his powers. And, just as occurred in the NIB letter case, Customs withdrew its demand for Callenders 2011 bonded purchase records on January 16, 2012, before the application for leave to apply for Judicial Review was heard. Callenders received its overthe-counter bond letter on Jan uary 24, 2012. Justice Gray-Evans appeared to set much store by comments made by Prime Minister Hubert Ingraham at an FNM rally on January 15, 2012, at which he said Customs demand for prior year bonded goods purchase records would be reviewed following com plaints made by GBPA licencees. Promising that changes would be seen at Customs from the following day, the Prime Minister added that a committ ee to review the Customs Guide to the Hawksbill Creek Agreement and recommend changes to it would be established. However, the judge noted in her judgment: Nevertheless, Mr Smith reiterates his concern that Customs could simply reimpose the same unlawful pre-condition at any time, and therefore he says it is important to the applicant and other licensees of the Grand Bahama Port Authority, and in the inter est of good administration, that the lawfulness or otherwise of the actions taken by Customs b e conclusively determined. In his written submission, Mr Smith expresses a concern as to whether or not the withdrawal by Customs of its demand vis--vis the applicant is extended to other licensees. But Justice Gray-Evans said Callenders was the only appli-c ant on the action, and added that Customs withdrawal of its latest demand again made the issue raised by Mr Smith moot. She added that in a letter to the Prime Minister on the overthe-counter bond issue, Mr Smith indicated that the majority of disputes between Customs and GBPA licensees had arisen because of a lack of clarity as to the rights and obliga tions of licensees and Customs under the Hawksbill Creek Agreement and the Customs Management Act and regulations. With the over-the-counter sale of bonded goods to other GBPA licensees the main issue at stake, Mr Smith had also prop osed holding meetings between Customs, the GBPA, licensees and Grand Bahama Chamber of Commerce to simplify and clarify the position for all concerned. Noting the similarities with the Prime Ministers proposal, Justice Gray-Evans said of Mr Smiths suggestion: That seems like a sensible approach to me, although it appears to date that such a meeting has not yet materialised. And she added that, when it came to Mr Ingrahams pro posal, the establishment of s uch a committee may be the way to resolve the matters s ought to be raised by this application for Judicial Review. BUSINESS PAGE 4B, FRIDAY, MARCH 9, 2012 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.191.09AML Foods Limited1.181.180.0010,0000.1480.0408.03.39% 1 0.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7.504.40Bank of Bahamas6.106.100.000.2300.10026.51.64%0 .530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2.652.50Bahamas Waste2.702.700.000.0300.09090.03.33% 1.771.55Fidelity Bank1.551.550.000.0970.07016.04.52% 10.0010.00Fidelity Bank Class A Preference10.0010.000.000.0000.0000.00.00% 9 .437.49Cable Bahamas7.507.500.004,0000.2450.32030.64.27% 2.802.32Colina Holdings2.322.320.000.4380.0405.31.72% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.206.00Commonwealth Bank (S1 6.006.000.001,9350.4960.32012.15.33% 2.001.63Consolidated Water BDRs1.651.64-0.010.1110.04514.82.74% 1 .401.20Doctor's Hospital1.241.23-0.016,1000.1470.0408.43.25% 5.474.75Famguard5.155.150.000.4980.24010.34.66%7 .504.50Finco4.504.500.000.7570.0005.90.00% 9.397.33CIBC FirstCaribbean Bank8.008.000.000.4820.35016.64.38% 6.004.50Focol (S 5.005.000.000.4350.22011.54.40% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00%7 .305.58ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.82J. S. Johnson9.829.820.000.8800.64011.26.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00B ISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%THURSDAY, 8 MARCH 2012B ISX ALL SHARE INDEX: CLOSE 1,295.68 | CHG -0.06 | %CHG 0.00 | YTD -69.31 | YTD % -5.08BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-23203 0 May 2013 20 November 2029 7 %Ro y alFidelit y Merchant Bank & Trust Ltd. ( Over-The-Counter Securities ) 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 1.57791.4674 CFAL Bond Fund1.61773.39%5.87% 3.02482.9020 CFAL MSI Preferred Fund3.00072.63%3.94% 1.61281.5289 CFAL Money Market Fund1.64492.61%4.53% 2.63842.3313 Royal Fidelity Bahamas G & I Fund2.3313-6.26%-11.86% 14.138713.5016 Royal Fidelity Prime Income Fund14.13870.83%5.20% 114.128999.4177 CFAL Global Bond Fund126.24092.35%13.88% 118.4255101.6693 CFAL Global Equity Fund112.47082.30%8.26% 1.17491.0000FG Financial Preferred Income Fund1.18773.59%4.94% 1.13431.0000 FG Financial Growth Fund1.14152.06%4.07% 1.17641.0000 FG Financial Diversified Fund1.18903.47%5.04% 9.99529.5078Royal 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 211.03978.00%-1.31% 10.68139.7396Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.40106.27%-0.16% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund7.85384.23%-7.14% 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-11 29-Feb-12 yy() CFAL Securities Ltd. (Over-The-Counter Securities) BISX Listed Mutual FundsNAV 6MTHTO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Jan-12 31-Dec-11 31-Jan-12 27-Jan-12 29-Feb-12MARKET TERMS30-Sep-11 31-Dec-11 30-Sep-11 29-Feb-12 31-Jan-12 29-Feb-12 F ROM page one F ROM page one QCS DEJA VU OVER CUSTOMS ROADS COMPENSATION SMOKE AND MIRRORS
e d if the Business L icence/real property tax exemptions under the Hawksbill Creek Agreement ended. BORCO is currently exempt from Bahamian taxation. If BORCOs tax stat us in the Bahamas were to c hange, such that BORCO h as more tax liability than we anticipate, our cash flow could be materially adversely affected, Buckeye Partners said. BORCO is currently exempt from income and p roperty tax in the Bahamas p ursuant to concessions g ranted under the Hawksbill Creek Agreement between the Government oft he Bahamas and the Grand Bahama Port Authority. BORCOs exemption from Bahamian taxation p ursuant to the Hawksbill Creek Agreement is scheduled to expire in 2015. If the B ahamian governmental a uthorities do not extend t he concessions under the Hawksbill Creek Agreement, or BORCOs tax stat us in the Bahamas were to otherwise change, such that B ORCO has more tax liability than we anticipate, our cash flow could be materia lly adversely affected. This illustrates the uncert ainty currently confronting potential investors in Freeport, both Bahamiana nd foreign, because it is impossible to develop financ ial projections and business plans without the Business L icence/real property tax issue and their associated costs being squared away. I think its very impor tant that we look at the q uestion soon, because in t erms of investors coming in thats one of the things they can benefit from, Mr Swain told Tribune Business of the2 015 expiration date. If its going to expire in three years it will put us at ad isadvantage for investment to come in, and is something we need to look at as soonas possible. T he Chamber president a cknowledged that the Gov ernment, and Prime Minis ter Hubert Ingraham, had indicated they would look at extending the investment incentives after the upcoming general election, engaging then the Grand Bahama Port Authority (GBPA o ther stakeholders, such as t he latters several thousand l icencees. Its important they continue, Mr Swain added, because the way Freeport is, and how it has developed, those incentives attract a lot of people to come here. O nce they expire, people will look at the bottom line and worry whether they will face increasing costs. I think theyve been very valuable to Freeport and the development of this island, as it allows companies to come and not worry about r eal property tax for an e xtended period of time. They can develop large areas of property and not have take-aways from the bottom line to worry about. As you know, all investors want the highest level of certainty they can g et, and any time something i s not clear or theres conf usion, it increases your risk. In the case of Business Licences, if that exemption expired, Freeport licencees would face double taxation in this area, as they would b e paying such a fee to the Government in Nassau as well as the GBPA. Hence the need for the Government and all interested parties to resolve the issue. Looking ahead, Mr Swain told Tribune Business: After the election, will the n ew incoming government have it as a priority? I think it should be a priority, and I think they should look at resolving that as soon as they can. Grand Bahamas economy has been severely i mpacted over several years n ow, and we dont need that t o expire on us and investment slow down because investors have real property tax concerns they did not have before. All these things need dealing with and resolving, and they will hamper business if not resolved in a reasonable period of t ime. The economy is turning, a nd I believe people will continue to invest. But they want to have a level of certainty and assurance that if they invest in Freeport, they will not have double taxation on Business Licence fees or increased real property tax, which eats into or t akes away from their bott om line. Its very important t o the continued development of Freeport. BUSINESS T HE TRIBUNE FRIDAY, MARCH 9, 2012, PAGE 7B The new 700 room Sheraton Nassau Beach Resort & Casino, Nassau, The Bahamas has an urgent need for:CookApplicants should be enthusiastic, professional, and timely manner. This position will be primarily responsible for food preparation of the food production for banquet events, also Adhere to sanitation policies provided by the company. Essential Functions manner. Skills & Abilities Applicants should be enthusiastic, professional, and timely manner. This position will be primarily responsible for cleaning, transport and store all pots and pans used in the food and beverage operations and maintain the pots and pans room in a clean and orderly manner. Essential Functions silver, pots, and pans. Skills & Abilities www.sheraton.jobs PRIORITISE TAX EXTENSION FOR FREEPORT IN 2015 F ROM page one Shar e your news The Tribune wants to hear from people who are making news in their neighbour hoods. Per haps 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 shar e your story.
WASHINGTON Associated Press AMERICANSare climbing further out of the hole they sank into during the Great Recession. A stock rally at the end of 2011 helped rebuild more of their lost wealth a trend that carried into 2012. Households responded by borrowing more for the first time since the financial crisis began, even as home values fell further. Household wealth rose 2.1 percent to $58.5 trillion in the October-December quarter, the most in a year. Still, it would have to rise 13 percent more to regain its pre-recession peak. Americans' stock portfolios rose nearly 10 percent last quarter to drive the gains. And stocks have increased even further since then. The Standard& Poor's 500 index has jumped 24 percent since early October. Neerja Pahwa is sensing a difference. Pahwa, a flight attendant and fragrance consultant from St. Louis, still hasn't recouped all of her investment losses suffered during the recession. But she's secure enough with her finances to eat out and stop by Starbucks more frequently. And she recently made a down payment on a retirement home in Florida. "Things are looking brighter and sunnier," said Pahwa, 64, who hopes to retire next year if the economy keeps improving. "I don't have too much in my pocket. But I know it's coming. Things are only going to get better." Household wealth, or net worth, is the value of assets like homes, bank accounts and stocks, minus debts like mort gages and credit cards. It bottomed out during the recess ion, at $49 trillion in the first quarter of 2009. But it's still below its pre-recession peak of $66 trillion. Greater net worth can boost the economy. When people feel wealthier, they spendm ore. That speeds up growth and businesses respond by stepping up hiring and expan sion plans. Arash Shirazi is spending again after cutting costs during the recession. He says his portfolio has "come back a lmost to what it was." He's even flying to Paris and think ing about growing his business. "Things are getting better," said Shirazi, 37, who owns a music and talent agency in Washington. "I'm not going onv acations or buying new cars. But I'm definitely starting to spend a little more." Corporations are also wealthier. They held a record $2.2 trillion in cash at the end of the year. Still, few Americans are seeing returns on their biggesti nvestment. Home values dropped 1.3 percent in the fourth quarter to roughly $16 trillion. They have now fallen nearly 24 percent since the recession began. The housing market could pick up if the job market keeps strengthening. The economyh as added 200,000 net jobs on average in each of the months from November through January, lowering the unemploy ment rate to 8.3 percent. Econ omists predict employers added more than 200,000 jobs last month, too. The government will release the February j obs report on Friday. The improved economic outlook has made people more willing to borrow. Household debt increased at an annual rate of 0.25 percent, the first increase since mid-2008. Consumers have been more willing to use credit cards for shopping, signaling renewed confidence in their financial and job prospects," said Paul Edelstein, director of financial economics at IHSG lobal Insight. That doesn't mean that Americans are starting to sig nificantly load up their credit cards again, financial planners and economic analysts say. Credit card debt remains well below its pre-recession level, as measured by a separater eport released by the Fed Monday. A survey of economists by The Associated Press last month found that Americans will gradually save less and borrow more, reversing a shift toward frugality that followed the financial crisis and start oft he Great Recession. Roughly half of U.S. house holds own stocks or stock mutual funds. Stock portfolios make up about 15 percent of Americans' wealth. That's less than housing but ahead of bank deposits, according to the Fed's report. M ost stock wealth is owned by the richest Americans, who also account for a dispropor tionate amount of consumer spending. Eighty percent of stocks belong to the richest 10 perc ent of Americans. And the richest 20 percent represent about 40 percent of consumer spending. Stocks have nearly doubled in three years. Thanks largely to that surge, about 95 percento f people with 401(k ment savings plans have more money in their accounts than they did at the peak of the market in October 2007, according to the Employee Benefit Research Institute in Washington. The average 401(k i n accounts at Fidelity Investments, the nation's largest 401(k percent in the fourth quarter. And stock gains this year have likely increased those accounts even further. But it doesn't mean that people are feeling carefreea bout their financial situations. "Right now, many people are surprised their net worth is increased. And some aren't even sure it's real yet," said Tom McGuigan, a certified financial planner at Oklahoma City-based Burns Advisory Group. T he Fed's quarterly report documents wealth, debt and savings for corporations, gov ernments and households. It covers most of the financial transactions that take place in the United States. PAGE 8B, FRIDAY, MARCH 9, 2012 THE TRIBUNE BUSINESS STOCK RALLY HELPS REGAIN WEALTH LOST IN RECESSION S PECIALIST MICHAEL URIZZO second left, works at the post that handles AIG on the floor of the New York Stock Exchange Thursday, March 8, 2012. Stocks market gains accelerated Thursday on indications that a deal to restructure Greece's debt would succeed. That overshadowed a small increase in applications for unemployment benefits last week. (AP NEW YORK (AP McDonald's Corp. trimmed its CEO's pay package by 10 percent to $8.8 million last year as the world's biggest hamburger chain continued to post sales gains amid economic uncertainty and rising costs around the globe. The compensation for top executive Jim Skinner compared with $9.7 million the previous year, according to an Associated Press analysis of a regulatory filing. The drop was the result of Skinner's performance-based cash bonus, which fell to $3.3 million, down 27 percent from $4.5 million. McDonald's determines bonuses as a percentage of the executive's salary. The exact percentage varies depending on a mix of metrics, including the corporate and individual performance measures. Skinner's bonus fell last year as a result of a lower overall corporate metric. In addition to annual bonuses, McDonald's also gives its executives a long-term bonus once every three years; Skinner received an $8.3 million longt erm bonus in 2009 and is due for another this year. Skinner's salary of $1.47 million in 2011 was up slightly from $1.43 million the previous year. He also received stock and options worth $3.23 million, up from $3.17 million. The value of Skinner's other p erks including personal use of the company aircraft, physical exams and security also rose 19 percent to $752,000. McDonald's, which serves as a bellwether for the fastfood industry, posted strong results through the recession by attracting cash-strapped customers with low prices and limited-time specials. It has con tinued the run of sales increases as the economy has recovered. The company has also put an emphasis on remodeling restaurants and introducing new menu items like Chicken McBites, smoothies and lattes. Its stock price increased steadi ly last year and is up 33 per cent from a year ago. MCDONALD'S CUT CEO'S PAY BY 10 PER CENT IN 2011