N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R C M Y K C M Y K V olume: 106 No.287WEDNESDAY, NOVEMBER 3, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNAND SHOWERS HIGH 83F LOW 75F F E A T U R E S SEE THEARTS SECTION S P O R T S Back to the runway SEEPAGETWELVE P OLICE are investigating reports that a foreign w oman is missing after being bundled into a car by three henchmen of convicted drug dealer Lynden Dodo Bethel Sr outside a West Bay Street strip-c lub on Monday night. The matter was said to have been first reported by the womans boyfriend, whose story was later cor-r oborated by other witnesses, however details of t he incident remain sketchy as a formal police report has yet to be issued. This comes as senior officers revealed they are c onsidering providing protection for the five people arrested in connection with the stabbing death of Dodo Bethels son at a East Bay Street nightclubo ver the Halloween weekend. According to reports reaching The Tribune, the The Tribune THEPEOPLESPAPER BIGGESTANDBEST BAHAMASEDITION McCOMBO OF THE DAY N E W www.tribune242.com By NATARIO McKENZIE Tribune Staff Reporter firstname.lastname@example.org A MAN who admitted making four young brothers perform sex acts on him was locked up for eight years yesterday. Kevin Hanna, 37, father of two, pleaded guilty in July to four counts of having sexual intercourse with a male, who is a minor. He admitted to sexually abusing the four youngsters, two aged six, one aged five and a two-year-old between December, 2009 and April 5, 2010. According to the prosecution, the boys were often left in Hannas care by their mother. Prosecutor Anthony Delaney said Hanna would sometimes offer the boys who knew him as Ippie ice-cream and get them to perform sex acts on him. He would warn the boys not to tell their mother. According to a statement Hanna gave police, he admitted to making the boys perform oral sex on him some 11 times when he was drunk. All I could say is I made a big mis take fooling with those little boys. They treated me as a friend. I betrayed their trust and took advantage of them. I just didnt have control over myself. Im sorry, Hanna said. Romona Seymour, defending, asked the judge to be lenient as she possibly could with Hanna. She asked the court to take into consideration the fact that he had been forthright with police and Drugs mob in woman abduction INCIDENT OUTSIDEOFSTRIP-CLUB By MEGAN REYNOLDS Tribune Staff Reporter email@example.com A LANDOWNER claims Arawak Homes cleared her property without any warning whatsoev er. Thelma Johnson said she bought six adjacent 100ft by 50ft lots of land off Buttonwood Avenue, bordering Sadie Curtis School, in 1993 and has had no contact with Arawak Homes in the 17 years since. But on Monday morning, tractors rolled in to clear the property in the name of Arawak Homes, Mrs Johnson said. No trespassing signs were erected by the real estate developer, and Mrs Johnsons husband Alvah Johnson argued with SEE page eight L ANDOWNER CL AIMS ARAWAK HOMES CLEARED PROPERTY WITHOUT WARNING By TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org SECURITY guards thwart ed thieves intent on stealing copper wiring from ZNS' South Beach transmission site yesterday morning, according to an official at the broad casting agency. The wiring was part of transmission equipment installed last week about two months after the daylight theft of 150ft of copper straps from the site, disrupting ZNS' national radio station 1540AM. Carlton Smith, deputy general manager of operations and support at ZNS, said the guards startled two men who were spotted at the back of SEE page two SECURITY THWARTS ZNS COPPER WIRING THEFT SEE page eight SEE page eight EIGHTYEARSENTENCE: Kevin Hanna outside of court yesterday. Felip Major /Tribune staff Man admits sexual abuse of young boys BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E Magnum third overall pick in the NBA D-League draft M AGIC CITY: T he woman was reportedly abducted outside of this club
E DITOR, The Tribune SUGGESTIONS o n how to reduce the number ofs treet vendors here on New Providence were recently advanced. T hey included: Establishing an open space where street vendors can sell their wares. H aving different vendors sell a variety of products on different days. Phone cards one day. Fish the next for example. Contracting a private firm t o clean and wash down the area everyday. Ensuring regulations are e nforced. A few questions come to mind: Who will provide the land? Who will pay for the cleaning? W ho will enforce the rules? Ideas like this might be well intentioned, but there are far too many similar government programmes that have become symbols of waste and even alleged fraud, paid for at the expense of the taxpayers of today and future generations as a result of the g overnment debt incurred o ver the years. Take the existing straw market for example. Howa bout the former Jumbey Village? Don't forget about the many failed packing h ouses, the processing plant at Potters Cay, or even Potter's Cay itself? What about Bahamasair, B EC, BTC, Bahamas Mortgage Corporation, Public Housing, and the bankrupt Hotel Corporation? These were all billed as imperative and the next greatg overnment solution to some major problem. Government is in the w rong business when it involves itself in the market for goods and services. When schemes like this are proposed and offered for public consumption, they are sold as the government helpingp eople, but they will do no m ore than make these addit ional people dependents of the state. And it can't be said enough; Government hasn othing to give that it doesn't take from taxpayers first. If the politicians really w ant to help people, why not personally (not using government power) direct the street vendors effort to form a business or investment group and lease property so they might eventually become owners? This will take hard work and coordination, but whati s in the best interest of the country in the long run, street vendors dependent on the p olitical class or independent business people who are owners in the economic sys tem? The Nassau Institute Nassau, O ctober 11, 2010 EDITOR, The Tribune. THElist of Hall of Fame in Bahamian Sports has again excluded one of our g reatest sportsmen in the person of the late Roy Ambrister. I n the late forties through t he early sixties, Roy A mbrister held the distinction of being: a Heavy Weight Boxing C hampion of The Bahamas. b. One of the top sprinters in The Bahamas. c. Long Distance Swimmer in the annual Swim Marathon for Prince George D ock to Montagu. d International Cricketer, w ho was lauded for his perf ormances locally and in J amaica where he very often r epresented The Bahamas. He led the great Police Cricket Teams of the early fifties. e. Played International Soccer, representing The Bahamas at home and overseas. I have been writing about Roy Ambrister for several years to attract attention of those in power to do somet hing in honour of this great sports man. In addition to his ability i n the various sports discip line he was a gentleman H e was my mentor in sports. M R. PAUL THOMPSON Nassau, November 1, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, WEDNESDAY, NOVEMBER 3, 2010 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.) LL.D., D.Litt P ublisher/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 Insurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES Switchboard (News, Circulation and Advertising A dvertising Manager (242 Circulation Department (242 Nassau Fax: (242 Freeport, Grand Bahama: 1-(242 Freeport fax: (242 WEBSITE w ww.tribune242.com updated daily at 2pm Hall of Fame missed one of our greatest sportsmen LETTERS email@example.com Is government help best for street vendors in the long run? EDITOR, The Tribune Re: Insight honoured for series on marital rape. The Tribune, Insight, October 25, 2010. It's always encouraging to discover similarities between different religions. For instance, many a devout Bahamian Christian would readily approve the following statement proclaimed recently by a cleric in London Clearly there cannot be any rape within the marriage. (Reportedly pronounced by the cleric Sheikh Maulana Abu Sayeed, president of the Islamic Sharia Council, U.K.) Ken. W. Knowles, M.D. Nassau, October 28, 2010 Many devout Christians would approve clerics statement LONDON What would Napoleon or Lord Nelson make of this? Britain and F rance struck a historic defence deal Tuesday aimed at preserving military muscle in an age of austerity, pledging to deploy troops under a single command, share aircraft carriers and collaborate on once fiercely guarded nuclear programmes. T he often sceptical neighbours insist an e ra of unprecedented cooperation is a pragmatic fit for two cash-strapped allies, though many question if the storied ene-m ies of the battles of Agincourt and Trafalgar can truly overcome centuries of mutu-a l suspicion. F ollowing talks in London, British Prime M inister David Cameron and French President Nicolas Sarkozy said Europe's only nuclear-armed powers had set out plans t o work closely for the next 50 years forming a joint rapid reaction force, sharing warhead testing facilities and tackling together the threats from cyber warfare a nd the militarisation of space. Cameron told his Cabinet the deal would save hundreds of millions of poundsa s Britain seeks to clear its national debts, while Sarkozy said he believed the pact will help protect all of Europe. This is a decision which is unprecedented and it shows a level of trust and confidence between our two nations that is unequaled in history," Sarkozy toldr eporters, following a summit of key ministers from both countries. Though British and French forces have f ought together on fronts across the globe including during both World Wars and the enemy occupations of France thel eaders insist the accord will signal the closest integration ever of their armed forces. Under the deal, Britain and France will form a joint expeditionary force a pool of at least 5,000 troops, including special forces, able to deploy under a comman der from either nation. They will in the future share their two aircraft carriers, when Britain's new vessel comes into service in about a decade. Fight er jets will be able to land on carriers from either country, providing cover when one nation has its carrier in dock for maintenance. To slash the hefty costs of maintaining their nuclear weapons, the nations wills hare specialist laboratories at the U.K. Atomic Weapons Establishment in Aldermaston, southern England, and a new centre at Valduc, southeast of Paris. British officials acknowledged the deal would involve closer cooperation than ever b efore on nuclear weapons, but insisted t hey would not divulge nuclear secrets. "The result will make our citizens safer, more secure and better protected in theg lobal age of uncertainty in which we now live," Cameron said. T he U.S. said the deal would secure the s tanding of two major NATO powers. U.S. S ecretary of State Hillary Clinton and Defence Secretary Robert Gates had both recently raised concern over the impact of c uts to European defence budgets. Last month, Britain announced an 8 per cent cut to its annual billion ($59 bil lion) defence budget over four years andc onfirmed that 17,000 troops, a fleet of jets and an aging aircraft carrier would all be lost to cuts. F rance will hold defence spending at around 30.2 billion euros ($42.4 billion next year, but must also tackle a trouble s ome national debt. Sceptics claim the pact is little to do with newfound friendship, but simply a practical response to budget cuts. A closer relationship between France and Britain is more, I think, out of obliga tion than desire," said Fabio Liberti, of t he Institute of International and Strategic Relations in Paris. Cultural tensions persist between the n eighbours. Thousands of Britons enjoy homes in France and are often blamed for driving up house prices. Tens of thousands of French citizens work in Britain, and are often scorned for collecting large salaries in London's finan cial district. Stereotypes of snooty "frogs" from France and the U.K.'s supposed uncouth, beer-swilling "rosbifs" roast beefs live on. ( This article is by David Stringer of the Associated Press). UK, France ditch rivalry, sign defence deal
I have the audacity to b elieve that peoples everyw here can have three meals a day for their bodies, education and culture for their minds, and dignity, quality and freedom for their spirit. -Dr Martin Luther King Jr 1964 Nobel Peace Prize a cceptance speech THE United States E mbassy in Nassau has announced the details of the5 th annual Dr Martin Luther K ing Jr Essay Contest. T he contest is open to high school students in grades 10 through 12 in public and pri-v ate schools throughout New Providence and the Family Islands. T he top winners will r eceive an all expense paid trip to Atlanta, Georgia the weekend of January 15, 2011, w here they will tour the Martin Luther King Centre and other historic sites from thec ivil rights movement. T he purpose of the contest is to encourage students to reflect upon Dr Kings life and work and to think about how civil rights and diversity a ffect their lives. Students are asked to select a quote from Dr King and submit one orig i nal essay of 500 words or less that answers the following question: How can I keep Dr Kings dream alive in my c ommunity by promoting tol erance, equality and a just society? I n order to be considered for the competition, students are required to send their e ssay submission along with an official entry form to the US Embassy on or before 5pm on Wednesday, Decem b er 1. Essays may be for warded to the US Embassy by emailing: M LKessay@state.gov, or faxing 242-328-3495. All essays must be type w ritten, double spaced, with the applicants name on the top left corner of each page. All entries must be submit t ed by e-mail or fax, accom panied by an official entry f orm, which is available on U S Embassys website and Facebook page. Essays will be judged based on originality, clarity of thought and organisation, grammar and spelling. All submitted essays will b ecome the property of the US Embassy and will not be returned. S tudent must incorporate at least one quotation by DrM artin Luther King into their r esponse, and the embassy a dvised that quotations can be found online at the fol lowing sites: http://www.thekingcenter.org/D rMLKingJr, h ttp://www.mlkonline.net/quote s .html F ACULTY and students of the College of the Bahamas engaged in a lively roundtable discussion on environmental sustainability with con-s ervationists and US S tate Department representatives. The event featured Andrew Sharpless, CEOof Oceana, the largest i nternational organisat ion focused solely on o cean conservation; Kevin Sullivan, director of the Bureau of Western Hemispheres Office of Economic Policy andS ummit Coordination; E ric Carey, executive director of Bahamas National Trust, and Lionel Johnson, chair of Chemistry, Environmen-t al Life Sciences (CELLS the session. T he discussion took p lace in the board room of the Michael Eldon Building on Thursday, October 15. Both Mr Sharpless and Mr Sullivan were presenters at t he Caribbean Renewable Energy Forum (CREF held at the Atlantis Resort on October 15-16. Mr Sullivan explained that the Obama administ ration is committed to m aking tough decisions on climate change issues. He explained that Presi dent Obamas new policy initiative, the Energy and Climate Partnership for t he Americas (ECPA d esigned to help countries find solutions in creating new sources of e nergy. Mr Sharpless discussed ocean pollution, its impact on raising sea lev e ls, and how government and the private sector can collaborate to supports ustainable energy practices. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, NOVEMBER 3, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM RESTAURANTS(Bahamas Limited, the KFC franchise operator in New Providence, announced that the company's management was e ncouraged with the outcome of a meeting with its staff yesterday. This comes one day after employees threatened to strike if overdue pay increases were not agreed upon. The company said in a statement that it is fully aware that for some time there have been outstanding grievances on the part of employees, and continues to make every attempt to deal with these concerns. T he company has had various proposals from the Bahamas Hotel Catering and Allied Workers Union, the representative of employees at KFC. However, because of the lingering economic downturn, the company said, KFC has experienced a 30 per cent decline in business over the last three years. All of this was explained very c arefully to team members who were extremely attentive, and openly expressed their varying views on the issues, the statement said. Gabriel Sastre, vice president and general manager of KFC, explained that the company listened to what team members had to say. He went on to explain that the compromise which KFC is attempting to reach will be heavily influe nced by some of the sentiments expressed by team members at the morning meeting. We will continue to discuss these concerns in good faith, and trust that soon we will reach an amicable compromise, said Mr Sastre. COB faculty, students in discussion with conservationists, US State Department reps THE BAHAMAS VERYOWNSTREETPHILOSOPHER KFC meets with staff threatening to strike US Embassy announces the fifth annual Dr Martin Luther King Jr Essay Competition
By LARRYSMITH L AST week I took a trip on the underground railroad of Bahamian music. Man, I was walking in Jerusalem just like John. I saw a number of signs, and all the guides remembered quite w ell. And sometimes, they even had fire and brimstone coming out of their mouth. We embarked at the Doongalik station on Village Road. Jackson Burns ide and Charles Carter w ere the conductors on a fascinating journey to excav ate the memory of two g reat Bahamian musicians t he idiosyncratic guitarist Joseph Spence (who would have been 100 this year) andt he obeah man Tony McKay (whose first album appeared 40 years ago, when Tough Call was a yoot-man). One of the guides on this trip was 79-year-old Geneva Pinder. She described her U ncle Youngie as "the s weetest man...sitting with h is pipe and singing with my parents. My grandmotherw as a Sunday school teacher o n Andros and we had to sing from when we were little. My mom wasn't that learned, but she could rhyme." Geneva's mother, Edith, was the sister of Joseph S pence, who died in 1984. A nd it was her rhyming a musical form sometimes described as an ancestor of rap that attracted theA merican folk artist Jody Stecher to Nassau in 1965, where he recorded Spence and the Pinder family in their Culmersville yard. "Ediths husband, Ray mond, sang bass, and their d aughter Geneva sang the high parts," Stecher wrote of the encounter some years later. "Joseph Spence would s ing a part all his own, along w ith his unique guitar playi ng. One song from that sess ion, I Bid You Goodnight b ecame world-famous not l ong after T he Real Bahamas was released in 1 966." A familiar Bahamian anthem traditionally sung at t he end of a wake, I Bid You Goodnight derives from the 1 9th centuryEnglishfuneralhymn, Sleep On Beloved A 1960s group called the I ncredible String Band picked up the song from S techer's Bahamian recording, and it went on to become a folk standard m ost notably performed by the Grateful Dead O ne of the finest local performances of this rhyming anthem was in the 2002 production of Music of The Bahamas by Nicolette B ethel and Philip Burrows, adapted from Music in The B ahamas; its Roots, Rhythm a nd Personality b y Nicolette's late father, Clement B ethel. The performance is easily found on YouTube. Joseph Spence featured in a couple of earlier historicr ecordings. In 1958 the A merican blues historian Sam Charters taped threeh ours of Spence's guitar w ork that was later issued on the Folkways' collection, Music of the Bahamas And in 1935, he was recorded byt hat pioneering American folklorist, Alan Lomax, for a Smithsonian collection called Deep River of Song Nobody in the world c ould play guitar like Uncle Y oungie," Mary Hall, S pence's grand niece (and G eneva's daughter), told the D oongalik crowd. "I remember those days with t he family singing in the yard so well. The dog and the rooster carrying on, the m usic...so many good memories." M ary's own daughter, Leisa Hall, is a top accountant who spent several yearsw orking for private banks in Switzerland and Sweden. S he acknowledged that Bahamian music was "one of the things that helped me d efine myself while living abroad. I found Joseph S pence albums in Stockholm. Hopefully, respect for him in the Bahamas will develop over time." As Charles Carter pointe d out, "We Bahamians don't appreciate ourselves. S pence illuminated the w orld by discovering himself through his guitar. Over t he years there were four different sets of recordings, but no Bahamian has ever benefitted from them. For e ign companies own everyt hing. We only enjoy the echo of his legacy." S pence was born on A ndros in 1910 and taught himself to play guitar. From the age of 16 he was a sponge fisherman. Duringt he Second World War he and his wife, Louise, worked as migrant farmers on "thec ontract", where he was influenced by a variety of American folk traditions. Back in Nassau he worked in construction by day and performed at hotels and on yachts at night. After The Real Bahamas was r eleased, his unique style gained recognition among international folk artists, and he gave several US p erformances in the l ate 1960s and early 1970s. As Charters noted: "I had never heard anything like Spence. His playing was stunning." Following a h eart attack in the mid-1970s Spence settled into a sedate life as a school night watchman, a lthough he made a few more recordings for the r oots-oriented A rhoolie label. H is gruff voice acted as an accompanimentt o his spectacular guitar picking, and he was sometimes joined by his wife Louise. I saw Joseph Spence perform only once, towards the e nd of his life on Clement B ethel's ZNS TV show. He d ied in relative obscurity in Nassau on March 18, 1984. * E xuma the Obeah Ma n had a similar story. Macfarlane Gregory Anthony Mackey was his given name given on Cat island when his mother felt the pain but he compressed this to T ony McKay. W hen he was born, the midwife screamed and shouted. He had the voice of many in his throat, butw hen E xuma, the Obeah Man sailed with Charon in 1997, he actually did lay down and take his rest; dying in his sleep on a cool January evening at the age of 55. I mpresario Ray M unnings, whose own mon ster hit Funky Nassau swept the world in 1971, recalled that McKay gave his first Nassau performance at the famous Cat & Fiddle night club owned by Ray's father,F reddie Munnings Sr. "He c ame with a band of white gypsies as I called them, but they played Junkanoo so well. My dad was a great influence on Tony, and my cousin John Munnings helped him create his act and was his manager in New York." Greenwich Village was a vibrant incubator of avant g arde culture when McKay m oved to New York in the 1 960s to study architecture. H e began performing in s mall bars and clubs with a b and called t he Islanders a nd later formed a seven-person group that toured and recorded albums, starting with Exuma: The Obeah Man in 1970 and ending with Rude Boy in 1986. R ay's own success with his band The Beginning of the End meant he was often in New York, where heh ooked up with McKay and o ther expatriate Bahamians like Cordell Thompson, then an editor at Jet Magazine( and now retired in Rolleville, Exuma followinga long career in tourism). McKay's apartment at 14thS treet and 5th Avenue was t he scene for many of these bohemian get-togethers. "The first time I went there for a drink he served me cerasee (a bush tea fried cockeye (sergeantm ajor fish) with peas and r ice," Ray recalled. "Well, I h ad to go get some liquor and I don't eat cockeye." After releasing his initial albums on Mercury R ecords, he signed with the Kama Sutra label, releasing the a lbums Do Wah Nanny (19711972 c arnation (1972 (1973 more albums in the early1 980s, but none gained much traction. Tony always had problems with the record comp anies because he wanted to keep his music Bahamiana nd he wanted to own his catalogue," Ray said. "I tried to help him avoid get t ing manipulated too much b y those American lawyers. He was a soft and easy going guy with plenty of love except towards the recordc ompanies." After moving to New Orleans, McKay performedr egularly at the Jazz and Heritage festival there. According to Ray, "Tony had to play small gigs to sur v ive while working to fuse s everal genres of music together Cuban, Reggae, Junkanoo and more. He hada lot of unfinished music business to take care of." I saw him perform at one o f these gigs a small bar a t the Paradise Island Hotel, n ot long after the release of Cat Island Man Former tourism official Athama Bowe recalls visit ing McKay in hospital after his first heart attack in New Orleans. "His skin was coated with olive oil and candles were burning all over the room for the sperrits he was mixing modern medicine with obeah. "Tony was fantastic he wanted to develop authentic Bahamian music and did so much to sensitise us to what is ours. There should be a scholarship in his name, and a memorial bust." Health problems led McKay to cut back on his performances and devote more time to painting, his other great love. In the last years of his life, he divided his time between Miami and Nassau, living ina little house his mother had left him on Canaan Lane. And it was there that his body was discovered 13 years ago by friends and neighbours. "Nothing defines us as Bahamians," Charles Carter complained at Doongalik. "We don't teach Joseph Spence and Tony McKay. We don't teach anything about ourselves, yet I believe most of our problems can be solved culturally. This world-class exhibi tion about two icons of Bahamian culture has succeeded in creating a dia logue about the Bahamian story." As Patrice Francis put it in verse, Where else y'all ga learn da underground rail road of Bahamian music? What do you think? Send comments to firstname.lastname@example.org Or visit www.bahamapundit.com C M Y K C M Y K PAGE 6, WEDNESDAY, NOVEMBER 3, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music Underground railroad of Bahamian music
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fIRUR,3FRPPXQLFDWLRQVLH%;WHOHSKRQHfDQG YRLFHPDLOV\VWHPV ,GHDOFDQGLGDWHVZRXOGDOVRSRVVHVVWKHIROORZLQJ ([SRVXUHWRDQGRUH[SHULHQFHZLWK$ .QRZOHGJHRI/ 3//VNLOOV &RQJXULQJDQGPDLQWDLQLQJHW$SS$1RUVLPLODUSURGXFWV &RQJXULQJDQGPDLQWDLQLQJ)RUWLQHW)LUHZDOOVRUVLPLODUSURGXFWV 'HVLJQDQGGHSOR\PHQWRIZDUHRU+\SHUVHUYHUV 6WURQJURMHFWDQDJHPHQWNLOOV 2WKHUHTXLUHPHQWV 3DUWLFLSDWHLQDIWHUKRXUVQHWZRUNVXSSRUWDQGSUHYHQWLYHPDLQWHQDQFH GXWLHV $ELOLW\WRVXSSRUWWKH,7LQIUDVWUXFWXUHDWYDULRXVVLWHVORFDOO\DQG RYHUVHDV 3HUIRUPQHWZRUNXWLOL]DWLRQDVVHVVPHQWVPRQLWRULQJ 3ODQFRRUGLQDWHDQGLPSOHPHQWQHWZRUNVHFXULW\PHDVXUHVLQRUGHU WRSURWHFWGDWDVRIWZDUHDQGKDUGZDUH (GXFDWLRQ&HUWLFDWLRQ([SHULHQFH %6RU%$GHJUHHLQ&RPSXWHUFLHQFH(OHFWURQLFVRUHWZRUN (QJLQHHULQJLVSUHIHUUHG &&1$&6(RUHTXLYDOHQWH[SHULHQFHUHTXLUHG )RUPDO'%$7UDLQLQJRUHTXLYDOHQWH[SHULHQFH 0LQLPXPRI\HDUVH[SHULHQFHLQD&,6&2LFURVRIWHQYLURQPHQW ,QWHUHVWHGSHUVRQVVKRXOGHPDLODQXSGDWHGFRS\RIWKHLUUHVXPHWRUHFUXLWLQJEDKDPDV#\PDLOFRPE\'HFHPEHUWK NANCY Booth-Kelly, together with her son Greg Kelly, recently returned to her alma mater in Montclair, New Jersey to be honoured with the 2010 Montclair K imberley Academy Dist inguished Alumni Award i n recognition of her extrao rdinary legacy of volunt eerism, philanthropy and b usiness acumen benefitting the people of the Bahamas. Mrs Kelly, a member of t he Kimberley School Class of 1952, attended a luncheon in her honour at headmaster Thomas Nammack's home b efore addressing the MKA Upper School students at a special assembly. Students Dont give up, she a dvised the students, study hard, believe in yourselves. Accept disappointments as learning experiences. Each and every one of you does make a difference. Each and every one of you is appreciated for your individual talents. So, believe in your selves and your self worth. The Distinguished Alum n i Award is presented by the MKA Alumni Council in recognition of, and in appre c iation for, outstanding achievement or distinction in some field of endeavour, or through outstanding chara cter, dedication or service to humanity. T he award was officially bestowed on Mrs Kelly at MKA's Homecoming R eunion Dinner, held at the Montclair Golf Club on Satu rday, October 16. Mrs. Kelly told alumni and friends gathered at the dinner, it m ay be the greatest honour of my life, the one that is the most meaningful to me. M rs Kelly's receipt of this award is just one more in a long list of accolades that have included the 2007 Life t ime Achievement Award from the Bahamas Chamber of Commerce; the 2007 Jones Communication Civil Society Lifetime Achievem ent Award; the Gold Business Award from the CEE G lobal Awards; the 2002 Bahamas Chamber of Commerce Businessperson of the Y ear Award; and the 1998 Living Legends Award for V olunteer Work and Civic Organizations by Zonta Club of New Providence. Pr estigious In 2002, she was also awarded the Rotary Club'sI nternational Paul Harris Award, and in 2004 she received the Blue Revue from Zeta Phi Beta Sorority and the Leading Womens Award by Skills Bahamas. In 2007, Mrs Kelly received t he prestigious Governor Generals Youth Award (15y ear service), and the Kiwanis Club of New Providence presented her with its Lifet ime Achievement Award. Mrs Kelly remains an a ctive member of the Lyford Cay Foundation and is a member of the Altar Guild B oard of Christ Church Cathedral. She also continues her w ork ethic in her dual roles as president and CEO of Kelly's Home Centre Limited, as well as being presi d ent of Nassau Motor Com pany, the Bahamian representative for Honda and General Motors. By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@ tribunemedia.net FREEPORT Govern or-General Sir Arthur F oulkes is scheduled to make his address to the n ation for the One B ahamas Celebration from Freeport on Novemb er 19. S ir Arthur will travel to G rand Bahama with his w ife, Lady Foulkes, for the f lag-raising ceremony. His address is expected t o be broadcast simultaneously all over the count ry, said Terrence Gape, One Bahamas committee chairman. We are very excited this year about the One B ahamas celebrations (because General has agreed to be t he patron, Mr Gape said. H e said One Bahamas patrons Sir Orville Turnquest and Sir Durward K nowles will also go to Freeport for the celebrations. One Bahamas started in 1992 at a critical time in the countrys history when Bahamians had just c ome through a very divis ive general election. Then Minister for Youth Algernon Allens tarted a programme focused mainly on the school children, but also directed at adults to cele b rate oneness, love of country, the flag, the national anthem and national symbols. One Bahamas has been celebrated for the past 18 y ears under the banner, One God, One People, O ne Bahamas. The theme for the 2010 celebration is Love and Unity. M r Gape said while the c ommittee makes special v isits to all the schools, the highlight of the celebra-t ions is the Flag-Raising D ay ceremony which is conducted by the Royal Bahamas Police Force and T-shirt Day on November 19. These celebrations allow us to focus on one c ommon interest we all s hare as Bahamians, the n ational flag and the Coat o f Arms. We use these celebrat ions to bring focus to our national symbols. You know many of us see the flag and do not understand what the colours and the triangle stand for, nor do we fully comprehend t he design of the Coat of Arms, he said. He is encouraging all b usinesses, schools and r esidents to support the c elebrations and activities planned. A church service is s cheduled for November 14. Flags will be erected at various roundaboutsa nd entrances to various settlements in celebration of One Bahamas. An essay competition w ill be held for the primar y and secondary school students, and six laptopsw ill be given as prizes. Nancy Booth-Kelly is honoured at alma mater RECOGNITION: Nancy Booth-Kelly displays her Distinguished Alumni Award citation with Montc lair Kimberley Academy headmaster Thomas Nammack. 2010 Montclair Kimberley Academy Distinguished Alumni Award Governor-General to make One Bahamas Celebration address from Freeport
C M Y K C M Y K LOCAL NEWS THE TRIBUNE WEDNESDAY, NOVEMBER 3, 2010, PAGE 11 7HPSRUDU\RVLWLRQSDQLVKHDFKHU GN-1128G G o o v v e e r r n n m m e e n n t t N N o o t t i i c c e e TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM PORT-AU-PRINCE, Haiti IT WASthe jewel of Haiti's post-earthquake recovery: an organized relocation camp with thousands of tents billed as hurricaneresistant, lined up in neat rows on graded mountain soil, according to Associated Press. Now, staring down an e xpected hit later this week from a hurricane, officials say Corail-Cesselesse is not safe. On Tuesday, the government advised the esti mated 7,850 residents of its primary relocation camp to ride out the storm somewhere else. "We're asking people in Corail to voluntarily move from where they are and go to the houses of family or friends. The places the government has identified are churches and schools that are available for shelter from the storm," Haiti civil protection official Abel Nazaire told The Associated Press. Ev acuation Camp managers held a "loudspeaker meeting" with megaphones to tell residents about the evacuation order, said Bryant Castro, the American Refugee Committee staffer managing the camp. Residents were told to seek any home they could find and are expected to start leaving as soon as Wednesday. A hurricane over the weekend, Tropical Storm Tomas was in the central Caribbean on Tuesday with maximum sustained winds of 40 mph (65 kph ing to the U.S. National Hurricane Center in Miami. Its center was about 395 miles (665 kilometers south-southwest of Port-auPrince and moving west near 10 mph (17 kph Forecasters predicted it will veer north toward Haiti and perhaps regain hurri cane strength by Thursday. A hurricane watch was issued for Jamaica, and the center said the storm could dump up to 8 inches (20 centimeters) of rain on Aruba, Bonaire and Curacao. Tomas has already killed at least 14 people and left seven missing in the east e rn Caribbean nation of St. L ucia, where it caused more than $37 million in damage. In nearby St. Vincent, the storm wrecked more than 1,200 homes and caused nearly $24 million in dam ages to crops, especially bananas one of St. Vincent's top commodities. It would be the first big storm to strike Haiti since the Jan. 12 earthquake killed as many as 300,000 people and forced millions from their homes. It would also be the first tropical storm or hurricane to hit since 2008, when Fay, Gustav, Hanna and Ike bat tered Haiti in the space of a month, killing nearly 800 people and wiping out 15 percent of the economy. If it follows its predicted track it could hit every major Haitian city including Port-au-Prince, Les Cayes, Gonaives and CapHaitien. The U.N. Office for the Coordination of Humanitarian Affairs said rainfall of up to 5 inches (13 centimeters) could cause catastrophic floods in the severely deforested country. Aid workers are scram bling to prepare but are badly short of supplies including shelter material because of the responses already under way to deal with the aftermath of the earthquake and an unprecedented cholera outbreak that has killed more than 330 people and hospitalized more than 4,700. A U.S. Navy vessel, the amphibious warship Iwo Jima, was steaming toward Haiti on Tuesday to pro vide disaster relief. Some of the biggest con cern is for 1.3 million earth quake survivors still living under tarps and tents nearly 10 months after the disaster. The government said there are some shelters in the capital a handful have been built in nearby L eogane and several hours n orth in Gonaives but basically people will be on their own if Tomas hits. "The government doesn't have shelters for 1,300,000 people," Nazaire said. An enormous international aid effort flowed into Haiti in the immediate wake of the quake, but reconstruction has barely begun, in part because donors have not come through with promised funds. The United States has not provided any of the $1.15 billion in reconstruction aid it pledged last March. Model When Corail opened in April, it was portrayed as a model for how camps could be built and run. A joint effort by the Haitian government and international aid groups, including U.N. peacekeepers and U.S. military engineers, it was billed as a refuge from dangerous hillside camps that Haitians had set up on their own in the days after the quake. Corail's residents were selected from the spontaneous camp taken over by actor Sean Penn's relief organization, sprawled over a country club golf course in the capital. Residents were told they would be better off on a distant desert plain 9 miles (15 kilometers north of the city, far from their former homes and jobs. "I signed up. I didn't know where I was going. My home was destroyed. I had nowhere else to go," Jonel Romelus, a 36-yearold mason who moved to Corail, said Tuesday. Haiti wants major camp evacuated ahead of storm THEFNM has released a statement in response to PLP criticism last month of Parliamentary Registrar Errol Bethel. T he statement reads: The PLP's latest attack on the integrity of the Parliamentary Registrar is the latest gimmick by a des-p erate and frustrated party. Despite their attempts to disguise their mas-s ive incompetence in office and reckless irresponsibility in Opposition, the facts speak louder than the PLP's empty words. Prime Minister Hubert Ingrah am stated that he found the PLP's s tatement on the Parliamentary Registrar, cowardly and unmanly. He noted that though issued in the name of the PLP, that Opposition Leader, Perry Christie had toa ccept full responsibility for the distortions in the release. The Prime Minister observed that Parliam entary Commissioner Bethel was first appointed to the Parliamentary Registration Department under a PLP Administration. Mr. B ethel held the position of Parliamentary C ommissioner in 1997 when the FNM was reelected to office, in 2002 when the PLP was elected, and remained in the post during the2 007 General Election, when the FNM was reelected. Mr. Ingraham emphasised that the PLP h ad no prior objections to Mr. Bethel. He said t hat the Leader of the Opposition who routinely raises matters of interest and concern to his Party in discussions with him had neverr aised any concern about Mr. Bethel. He noted that the PLP had not sought to replace Mr.B ethel ahead of the 2007 General Election, w hich was organized and run on their watch. Mr. Ingraham lamented that it was cowardly and unmanly for Mr. Christie to attempt to shift blame for his inaction, laziness and f ailures in office to a dedicated public servant. It was Mr. Christie who was solely responsible for disregarding and ignoring the consti-t utional requirements regarding the timely appointment of the Boundaries Commission. It was Mr. Christie and his party who were late-again in redrawing constituency boundaries. It was Mr. Christie and the PLP who were late in presenting the Commission's Report to Parliament. The reality is that in a 15 year p eriod during which three general e lections were held, the only time that confusion developed with the Parliamentary Registrar was on Mr. Christie's watch. Still, the PLP continue to blame Commissioner Bethelf or the confusion in the preparation of the 2007 Parliamentary Register. The Prime Minister reminds Mr. Christie, who should know better, that the Parliamentary Commissioner has no ability to influence the timing of the appointment of the Bounda ries Committee or the redrawing o f the boundaries or of the Commission's Report to Parliament. This was not a single failure by Mr. Christie and his incompetent cabinet. It was three strikes against t he integrity of our electoral system. The lateness of each of these was in the control of the hapless and hopeless PLP Gov-e rnment. They are solely responsible for the last minute and chaotic changes rushed into place j ust a few short weeks before the Bahamian e lectorate went to the polls to exercise their democratic franchise. The Prime Minister is not surprised that n otwithstanding the posturing by the PLP, that neither the Leader of the Opposition norh is party hierarchy has ever offered recomm endations on updating the registration p rocess to the Bahamian people. The Prime Minister reiterated his confi dence in the Commissioner and his staff. He f urther stated that the Bahamian Parliamentary electoral process was time honoured andh ad served The Bahamas well. He did not believe it appropriate for politi cal parties to attack the civil servants charged with overseeing the electoral process. Instead, he urged bipartisan cooperation in reforming a nd ensuring a transparent and smooth process. Finally, the Prime Minister said that if the P LP believe that they left a clean Parliamentary Register in place in 2007, the FNM would be happy to hold new elections on the existing Register. FNM gives response to Opposition criticism of Parliamentary Registrar PARLIAMENTARY R EGISTRAR E rrol Bethel Country braced for e xpected hur r icane hit
By NEIL HARTNELL Tribune Business Editor THElikely new majority owne r of the Bahamas Telecommunications Company (BTC u rged industry regulators not to force the company to further adjust downwards its tariffs, while also advocating that it continue to provide free local (intrai sland) calls despite charging rival operators an interconnec-t ion fee. Cable & Wireless, which t rades as LIME, in its response to the Utilities Regulation & Competition Authoritys (URCA draft Reference Access Inter c onnection Offer (RAIO warned against regulatory pro p osals that would push settle ment rates levied by the stateo wned incumbent on global operators for terminating inter national calls in the Bahamas down to cost-oriented levels. T his, it suggested, would ultiC M Y K C M Y K SECTIONB email@example.com WEDNESDAY, NOVEMBER 3, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.19 $4.20 $4.22 InternationalInvestmentFund [Learn more at royaldelity.com] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 Ca b le & Wireless urges regulator not to force state-owned incumbent, of which it is seeking to buy 51%, to further reduce tariffs Slams URCA for using notoriously dangerous m easure to determine BTC efficiency Warns of foreign currency revenue loss from c ost-oriented solution to international incoming call settlement rates And suggests URCA model in this area could under mine sustainable competition and generate little added value for Bahamian economy S EE page 6B By ALISON LOWE Business Reporter a firstname.lastname@example.org HITTINGback at those who he claims have sought to destroy his companys reputation, Phil Lightbourne, owner of P hils Food Services, has revealed plans for a $2.5 million store expansion beginning in January 2011, which will result in Food retailer eyes $2.5m expansion Phils Food Services latest to get into growth mode, targeting early 2011 start and adding 50 new jobs Company denies involvement in Associated Grocers City Markets bid, but supports move by Ben Frisch Hits back at allegations against compans low prices, saying Customs knows firm has best record of anybod Amazing 11% support from Bahamian consumer Potential BTC buyer: Keep free local calls EXPANSIONPLANS: Phils Food ServicesPhoto/ Felip Major S EE page 7B John Bull obtains Subway franchise B y ALISON LOWE Business Reporter a email@example.com A S THEfashion side of its business temporarily contracts with the Saturday closure of its GUESS store, John Bull is expanding its restaurant franchise division, having obtained theB ahamian rights to the Subway franchise. A nd the retailer has also seen a greater than expected response from the public to its newest offering, the 5,000 square foot Party Land store in the Harbour Bay Shopping Centre, telling Trib une Business that while luxury retail will always be the core and, of course, nucleus of our busin ess, diversification is key to success in retail. Speaking of the Subway franchise deal, Inga B owleg, director of business development for the John Bull Group of Companies, said the firm expects to hire between six to nine people when it opens its first Subway location, although she did n ot reveal where this might be. Mrs Bowleg said John Bull hopes the Subway m ove will help them enjoy some economies of scale with the Starbucks business, for which they are also the Bahamian franchise holders. The Subway deal was finalised on August 16, 2010, and the company has not made a commitm ent as to a minimum number of locations, with Top Bahamian retailer targets div ersification, generating new jobs with latest food franchise plus Party Land opening GUESS store at Mall at Marathon closes, due to franchisors c hanged terms S EE page 6B By NEIL HARTNELL T ribune Business Editor An expanding New Providence retailer plans to aggressively start looking forf ranchisees in all the Family Islands next year, having ini-t ially been blocked by the Government, which feared its p lans would drive local stores in those locations out of business. Indicating that the GovRetailers ggressiv Out Island franchise planning Robin Hood to start looking for Family Island retail partners next year Government initially blocked move, but p rincipal says partnership driving move, not putting existing companies out ofb usiness Argues move designed t o give Family Island consumers product at Nassau prices, and aimeda t alleviating poverty S EE page 7B
DOWNTOWN NASS AU businesses seem set to receive a spending boost equivalent to hundreds of thousands of dollars this week with at least twom ajor cruise ships being diverted to the Bahamian capital as a result of Tropical Storm Tomas continuing to churn in the southern Caribbean. An e-mail sent out to B ay Street retailers and businesses by the Downt own Nassau Partnership (DNP al Caribbeans Oasis of theS eas, the worlds largest cruise ship, was set to call i n Nassau on Friday between 8am-5pm, with the Liberty of the Seas also sett o arrive on Sunday, November 7, for the whole d ay. Gevon Moss, the DNPs executive administrator,t old Tribune Business: I just got an e-mail from the cruise representative here on the island, and they explained that there wereg oing to be two more cruise ships coming in this week in addition to those alreadye xpected. Adding that Oasis of the S eas was one of the biggest ships that come here, Mr Moss said he hadn o idea of the additional economic impact and cruise passenger spendingt hat would result from the two vessels unexpected c alls on Nassau, as he had no data on passenger numbers. M r Moss, though, said the ships were likely to be a nywhere from 70-90 per cent full. Vincent VanderpoolW allace, minister of tourism and aviation, said the Government had not looked specifically at the likely economic impact r esulting from the additional cruise ship calls. He added that these things tend to balance themselves out, a refer-e nce to the fact that cruise ship itineraries to the Bahamas are also freq uently disrupted by tropical storms. Still, assuming an average per capita spend of $80 for each passenger, and giv-e n 6,296 and 4,370 passenger capacities for Oasis of the Seas and Liberty of the S eas respectively, even at 70 per cent occupancy, the combined potential spend is $597,316 $352,596 from Oasis of the Seas passen-g ers, and $244,720 from the Liberty of the Seas. C M Y K C M Y K BUSINESS THE TRIBUNE WEDNESDAY, NOVEMBER 3, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Board of Directors of FamGuard Corporation Limited is pleased to advise that the third quarterly dividend for 2010 of 6 cents per share has been declared to be paid on November 17, 2010 to Shareholders of record as at November 10, 2010FAMGUARD CORPORATION LIMITEDe parent holding company of Family Guardian Insurance Company Limited BahamaHealth Insurance Brokers & Benet Consultants Limited FG Insurance Agents & Brokers Limited FG Capital Markets Limited FG Financial Limited SHAREtrading volumes and values on the Bahamas International SecuritiesE xchange (BISX declined by 25.3 per cent and 47.9 per cent, respectively, during the 2010 third quarterc ompared to the same period the year before, as its market capitalisation dropped below $3 billion to $2.938 billion. Releasing its data f or the nine-month and three-month perio ds to end-September 2010, the Bahamian stock exchange saidt hat for the third quarter, some 700,154 s hares worth a cumulative $2.963 million were traded. This compares to the July 1, 2009, to September 30, 2009,p eriod, where 937,327 shares traded for a v alue of $5.682 million. This represents a decrease of 25.3 perc ent in share volume traded, and a decrease o f 47.9 per cent in share value traded in 2010 compared to 2009, BISX said. Shares For the nine months t o September 30, 2010, some 8,780,142 s hares traded on BISX, worth a collective $96.372 million.T his, though, included the 5,954,600 shares in C able Bahamas, worth $80 million, that changed hands asa result of the Columbus Communications buyout. With this stripped out, some 2,825,542s hares worth a collective $16.402 million were traded, com pared to the 2,592,95 shares worth $14.402m illion that traded during the comparative period in 2009. B ISXs recovery, though, continues to lag international stock market indices. For the nine months toS eptember 30, 2010, the BISX All-Share Index dropped by 3.11 per cent, from 1,565.38 to 1,516.77, whereas the S&P 500, FTSE 100 and MSCI Emerging Market Indexes all rose slight ly. Decrease However, the BISX All-Share Indexs decrease during 2010 to-date compares favourably to the 12.3 per cent drop suffered during the same peri od in 2009. And BISX added: For the three-month period from July 1 to September 30, 2010, the Index experiencedan increase of 11.96 or 0.8 per cent from 1,504.81 to 1,516.77. That indicates that the Bahamian stock market appears to have hit bottom, and be on the way back up. Excluding the Cable Bahamas deal, the average daily trading volume on BISX for the first nine months of 2010 was 15,055 shares, giving an aver age daily value of $87,974. April saw the highest average daily trading volume and value with 48,775 shares and $283,409 respectively. In comparison, the same nine-month period in 2009 saw an average daily trading volume and value of 13,762 shares and $75,595 respectively. BISX Share Index hints at recovery Downtown boost via cruise ship diversion MINISTEROFTOURISM: Vincent Vanderpool-Wallace N EW YORK MAJORstock indexes rose Tuesday as investors awaited the results of Congressional elections, putting t he Dow Jones industrial average near its highest p oint of the year, a ccording to Associated Press. The Dow Jones industrial average rose more than 60 points. The Dow has now traded above its 2010 closing high of 11,205 four times over the past two w eeks, but failed to close above that level each time. Eric Thorne, an investment adviser with Bryn Mawr Trust Wealth Management, said many traders have been using the end of the day to take short-term profits. A Republican gain of at least one house ofC ongress is most likely already reflected in stock prices. The slide of the dollar, which fell against the euro and the yen, helped push stocks higher on Tuesday as investors bought riskier assets. Small companies performed especially well. The R ussell 2000, the index that tracks the performance of smaller corporations, jumped 2 percent to 712.89.T he index is up nearly 14 percent for the year, rough ly double the return of the Dow and the broad Stand ard and Poor's 500 index. The Dow rose 64.10, or 0.6 percent, to close at 11,188.72. It reached its closing high of 11,205.03 on April 26. T he broader Standard & Poor's 500 index rose 9.19, or 0.8 percent, to 1,193.57. The S&P 500, which is more closely watched than the Dow by professional investors, is also still below its 2010 high of 1 ,217.28, reached on April 23. T he technology-focused Nasdaq composite index reached a new high for the year, as tech titans like Apple Inc., Microsoft Corp. and Amazon.com Inc. all gained more than 1.2 percent for the day. The Nasdaq r ose 28.68, or 1.1 percent, to 2,533.52. Its previous high for the year was 2,530.15, which came in late April. Uncertainty over the size of the Federal Reserve's expected stimulus program due Wednesday has keptt he market from ending with either big gains or losses in recent days. Traders are waiting for the Federal Reserve to announce plans to buy bonds to spur spending, a process known as quantitative easing. T he Fed's purchase of Treasurys hurts the value of the dollar, which fell 0.7 percent today against ani ndex of six other currencies. A weaker dollar, in turn, drives the price of gold, o il and other commodities higher. Companies tied to commodities, including Freeport-McMoRan Copper & Gold Inc., ExxonMobil Corp. and Alcoa Inc., rose more than 1 percent. Stocks rise on Election Day, tech at 2010 high
C M Y K C M Y K BUSINESS PAGE 4B, WEDNESDAY, NOVEMBER 3, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BFSB elects new Board Young realtor closes $7m sale FRONT ROW: Timothy Ingraham, Paula Adderley, Wendy Warren, Kesna Pinder, Tanya Hanna, Linda D'Aguilar, Peter Maynard, Larry Roberts. Back Row: Gilbert Schur, Toby Smith, Vikas Chandra, Arthur Seligman, Danya Wallace, Antoine Candiotti, Christina Rolle, Tiffany Norris-Pilcher and Bruno Roberts. Not pictured are: Curtis Merz, Ivylyn Cassar, Julian Martel, Kelly Kerr, Paul Winder, Pedro Delaney, Sonia Beneby, Steve Mackay THEBahamas Financial Services Board (BFSBe lected a new Board of Directors at its Annual General Meeting on September 22, with officers appointed from among their numbera t the first subsequent meeting. The BFSBs directors for 2010-2012 are: Antoine Candiotti, Crdit A gricole Suisse (Bahamas Arthur Seligman, Lennox Paton; Christina Rolle, Socit Gnrale PrivateB anking (Bahamas tary; Curtis Merz, UBS Trustees (BahamasS chur, BSI Trust Corporation (Bahamas t el, Butterfield Bank (Bahamas man; Kelly Kerr, RBC TrustC ompany (Bahamas da Beidler-D'Aguilar, Grah am, Thompson & Co; Paul Winder, ATC Trustees, chairman; Peter Maynard,P eter D. Maynard & Co, deputy chairman; Steve Mackay, EFG Bank &T rust; Tiffany Norris-Pilch er, Ernst & Young, treasure r; Toby Smith, Butterfield Bank (Bahamas Chandra, State Bank ofI ndia. During its AGM, BFSB m embers also agreed for the following industry associations to nominate representatives to serve as directors: Association of Interna tional Banks & Trust Com p anies in the Bahamas Bruno A. Roberts; Bahamas Association of Compliance Officers Kesna Pinder; Bahamas Association ofS ecurities Dealers Ivylyn Cassar; Bahamas Bar Asso ciation Paula A.L. Adder l ey; Bahamas Institute of Chartered Accountants R eece Chipman; Bahamas Insurance Association Timothy Ingraham; Bahamas Real Estate Asso-c iation Larry Roberts; CFA Society of the Bahamas Sonia Beneby; and Society of Trust & Estate Practitioners TanyaH anna. Wendy C. Warren serves on BFSBs Board as chief executive and executive director, as does DanyaW allace of the Office of the Attorney General, as the Government's representative. N ew chairman Paul Winder said: BFSB remains focused on the con-t inued development of an environment that is cond ucive to business, and on promoting a greater awareness of the Bahamas's trengths as an international financial centre. Economy It is recognised that the Bahamas still is in a period o f transition as the global economy and the financial services industry continue toa djust to a new environment for doing business." He added: Nonetheless, arising from its long-standing investment in people,p olicies and the environment, we are confident that the Bahamas will continue to be a leader in financial services andd omiciliation/residency." Ms Warren said: This jurisdiction certainly is com m itted to ensuring that favourable attributes for priv ate wealth, locating and servicing operational subsidiaries or investment arms,a nd making the Bahamas home are fully explored and understood by the owners of capital." A 23 YEAR-OLD Bahami a n realtor has made the biggest sale of his career to date a seven-unit, beachfront condo complex in the Love Beach area valued at $7 million. Ryan Knowles, who has g one full-time after a threeyear apprenticeship under Mario Carey, said his sale of the block of three-bedroom, two-bath units at Columbus Cove, a gated community on the beach at the western end of New Providence, reaffirmed the strength of the high-end real estate market. Columbus Cove is built on the powdery sand beaches of one of Nassau's last remaining unspoiled oceanfront areas," said Mr Knowles. "So the location is extremely desirable. But considering that activity in the high-end real estate market has been sluggish over the last two years, I am very excited about this sale, not only because of the personal sat isfaction of the transaction which took weeks and involved intense negotiations but, more importantly, because it helps affirm the strength of the beachfront real estate market in New Providence." Knowles' mentor, Mr Carey, applauded the young agent. Ryan has a great attitude and possesses the right skills to be successful in this industry. Hes an out-of-the-box thinker and is able to find solutions to any challenge hes faced with. We are very pleased with his performance in such a short time period, he added. Mr Knowles is scheduled to sit his appraiser license in the very near future. He serves as a director and fundraising chair of the Community Leadership Centre, a non-profit organisation aimed at empowering youths in low-income neighbourhoods through education and social change ini tiatives, and as a Little League baseball coach. Knowles is part of the growing Mario Carey Realty team, which now boasts five agents out of its office on East Bay Street and, in addition to the luxury market on which it was founded, has a division, MCR2, specialising in properties under $500,000. BIGGESTSALE: Ryan Knowles Shar e your news The Tribune wants to hear from people who are making news in their neighbour hoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and shar e your stor y
C M Y K C M Y K BUSINESS THE TRIBUNE WEDNESDAY, NOVEMBER 3, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM $11281&(0(17 The Association of International Banks & Trust Companies (AIBT has welcomed its first new member from the securities sector, the Accuvest Group, having decided to open membership to such companies for the first time earlier this year. Accuvest is a family of companies dedicated to delivering asset management, investment strategy, estate planning and asset protection for high net worth individuals, families and institutions, and is licensed by the Securities Commission of The Bahamas as a broker/dealer. AIBT chairman, David Thain, explained that as the regulatory infrastructure in the Bahamas has changed, so has the Associations role, and it was no longer valid to compartmentalise Banking' 'Trust' and 'Securities' activities, since many members were engaged in all three. Mr Thain said all broker/dealers and security investment advisers have been contacted and offered membership, with the initial feedback very positive. The AIBT chairman added that as the new Securities Industry Act will impose significant changes to the regulation of the securities business, it would be a prudent time for smaller institutions to benefit from the work the Association is already planning to do for its existing members. Robert Jensen, Accuvests managing director, thanked the AIBT for extending membership. AIBT welcomes its first securities sector member THE Association of International Banks and Trust Companies (AIBT inaugurated its Professional Education prize, which will be awarded annually to the BFSB Achiever of the Year winner. This is an educational fund, with a value of up to $5,000, that will allow the recipient to undertake a course of study of his/her choosing at the Bahamas Institute of Financial Services (BIFS Glinton, office manager with Glinton, Sweeting and O'Brien, was the 2010 recipient of the award. In addition to creating the Professional Education Prize, the AIBT has launched a Language School, which provides free classes to staff of member firms. It has also partnered with the Bahamas Association of Compliance Officers (BACO elling scholarship that will allow student attendance at a major international compliance conference in Mia mi. (L to R Keith Kelty; D. Sean Nottage; James C. Schaefer; Robert P. Jensen, Accuvest managing director; David Thain, AIBT chairman; Delarese Basden-Williams; and Giavanna A.G. Harrison. Banks launch key educational fund L to R: BFSB chairman Paul Winder; Deputy Prime Minister Brent Symonette; Dominique L. Glinton; and AIBT chairman David Thain.
mately lead to a loss of hard currency revenues for the Bahamas as settlement rates trend towards the termination rate for incoming international calls, and deliver little added value to the Bahamian economy by removing the incentive for BTCs rivals to develop their own network infrastructure. And Cable & Wireless (LIME sition target in criticising an initial URCA assessment of BTCs efficiency, describing the lines per employee measurement as a notoriously dangerous measure to use. Explaining its rationale for BTC to continue offering free local calls, despite charging rival operators an interconnection fee to connect calls between their respective customers, Cable & Wireless said there were numerous examples of markets where local call costs were included in customer access charges and non-zero interconnection fees were levied. Furthermore, even in markets characterised by a history of metered local calls, competition is forcing retail prices to move towards unmetered through the introduction of unlimited packages bundled with access charges, Cable & Wireless said. These markets continue to have non-zero local interconnection charges. From this it is clear that in a competitive market, consumers increasingly value a bundle or combination of services, and there need be no specific link between the retail charging mechanism for calls and the mechanism for local interconnection. And the regional telecoms operator, which is in talks with the Government and its BTC privatisation committee to acquire a 51 per cent majority holding in the state-owned company, for a reported purchase price of between $200-$230 million, also warned that forcing it to offer free local call interconnection would undermine its Universal Service Obligation (USO There is a clear risk in the Bahamas that the retail prices for access and local calls do not cover the substantial costs of providing these services in a geography such as the Bahamas, and requiring BTC to offer intraisland interconnection would increase the distortion created by this mismatch between prices and costs, to the detriment of the economic efficiency that liberalisation seeks to bring, Cable& Wireless said. It would therefore be contrary to the interests of the consumer to impose local interconnection rates below the cost of supplying this service.: When it came to URCAs initial studies on BTCs efficiency, Cable & Wireless said it was not sufficient to select rival Caribbean islands and the likes of Malta/the UK Channel Islands as comparative jurisdictions simply because they, too, were islands. For the costs of terminating local calls it is the traffic density that is important, and for interisland and transit charges, scale is by far the dominant factor in determining average costs, Cable & Wireless said. For instance, Manhattan is an island, yet no one would expect the costs of terminating traffic within Manhattan to be at all comparable to those costs in the Bahamas; the scale and density of traffic demand would result in much lower costs in Manhattan........ And BTCs likely strategic partner added: BTC is obliged to serve many dispersed and remote local markets across the islands that it serves, and will most likely have a traffic density far lower than in any of URCAs comparator markets. Indeed, this highlights one of the major challenges faced by BTC; maintaining universal service across a unique geography. This uniqueness renders any such benchmarking largely irrel evant, and it should therefore not be used to justify lowering BTCs rates. As for the number of telephone lines per employee measurement used by URCA to determine BTCs efficiency, Cable & Wireless blasted: This is a notoriously dangerous measure to use, as the different degrees of outsourcing used by different operators renders comparison largely meaningless. Any over-correction when it came to BTCs efficiency could undermine BTCs ability to sustain service, particularly to remote customers. And Cable & Wireless added: Under private ownership, the profit motive will drive operational efficiency at BTC, which in turn will feed into accounting separation costs and regulated prices. BTC needs no additional stimulus to seek operational efficiency, and the interests of consumers are not served by forcing reductions to prices below BTCs actual costs. Elsewhere, Cable & Wireless agreed that BTC should not include in its RAIO the ability for other licensed, Bahamasbased operators, to terminate international calls on BTCs own network. Backing URCAs decision not to regulate the settlement rates that BTC charged international operators for terminating their incoming calls to the Bahamas, since no end-users here would be impacted, Cable & Wireless said the revenues generated provide a welcome boost to the Bahamas economy and gave BTC a funding source for its USO obligations. Yet BTCs likely strategic partner warned that URCAs proposals would have the effect of whittling down settlement rates to cost-oriented levels, and Cable & Wireless said: With few barriers to entry to becoming an operator licensed in the Bahamas and competing in the market for transiting interna tional calls to the Bahamas, any settlement premium to the domestic termination rate would be rapidly competed away. Breaking down this market into two one for the transit of international incoming calls to the Bahamas, the other for their settlement Cable & Wireless said there was active competition in the first, and given its commercial arrangements with foreign telecoms operators, no market failure requiring regulatory intervention. Drawing on Jamaicas liberalisation experience, where regulators imposed cost-based rates for international incoming services, Cable & Wireless said that by December 2003, settlement rates for fixed-line calls were averaging $0.14 down from $0.19 in January 2001. The settlement rates, it said, trended towards the international call termination rate as new entrants to the Jamaican market negotiated settlement rates at a margin above the termination rate. New operators became margin gatherers, Cable & Wireless said, pointing out that in early January 2004 when the termination rate was reduced to $0.01 with the removal of Jamaicas Access Deficit Charge (ADC the settlement rate dropped to $0.017. Arguing that every $0.01 fall in the settlement rate cost Jamaica $300,000 per month in foreign currency revenue inflows, Cable & Wireless said that if URCA directed provision of this service, it should restrict cost-based interconnection to operators that had invested in their own network infrastructure. This would help sustainable competition. If service providers that have made little or no investment in infrastructure are able to obtain access at the same cost-based rate as network operators, there will be no incentive for operators to develop any network of their own, Cable & Wireless warned. This will result in competition in name only as numerous service providers effectively resell the services of network operators without contributing to the development of the telecommunications infrastructure in the Bahamas. This kind of competition will not be sustainable in the longrun, and in the absence of regulation, and will deliver little value-added to the Bahamian econ omy. C M Y K C M Y K BUSINESS PAGE 6B, WEDNESDAY, NOVEMBER 3, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Mrs Bowleg saying: Our commitment is for one l ocation at a time. The Bahamas had two Subway franchises operated by Floyd Miller and Wesley Bastian until earlier this year, when Mr Bastian lost his rights to the sandwich and salad franchise, and converted some of the former Subway locations to his own brand, Bahamas Subs and Salads. Mr Bastian informed Tribune Business last week that he is moving the Bahamas Subs and Saladsb ranch that has been operating out of the former Subway location on Charlotte Street to Village Road. This could pave the way for John Bull to reopen Subway downtown. Meanwhile, the John Bull-owned GUESS store in the Marathon Mall closed on October 30. The company determined that it did not wish to stick with the franchise after GUESS made new demands of the company, according to Mrs Bowleg. The new business model for a GUESS stand lone store requires GUESS Los Angeles to either own the store or enter into a joint venture with John Bull.John Bull had no interest in continuing the business in this manner, said Mrs Bowleg. The John Bull executive said customers can still purchase GUESS watches, handbags, fragrances, sunglasses and accessories in select John Bull stores, although GUESS brand clothing will no longer be available. All the staff from the store were transferred to other John Bull locations, she added. Meanwhile, with the recent opening of Party Land, Mrs Bowleg said the company hopes to encourage more Bahamians to shop at home rather than abroad, the store having come to fruition after the company obtained feedback from customers expressing that the Bahamas needed a complete party store offering a large range of themed items for adults and kids. We felt compelled to take party supplies retail to another level in the Bahamas.The company has been selling party supplies at our Business Center for many years, and saw the expansion into this business as an excellent opportunity. The n ew addition to the Harbour Bay Shopping Centre provided the perfect location, said Mrs Bowleg. Five full-time and two part-time staff are present ly employed at the store. Speaking to John Bulls decision to expand and diversify at a time when many other businesses are consolidating or shutting down, Mrs Bowleg said: John Bull was founded in 1929 during the time of the Great Depression, when other establishments in that era were either closing down or not looking to expand.Our decisions to expand/diversify are based on consumer demands for new product offerings in various categories. We are able to offer luxury at all levels (afford able to the luxurious) because we are such a diver sified company.Luxury retail remains at the heart of our operation, (but only way to move ahead in this economy. FROM page one Potential buyer FROM page one John Bull
ernment may not have fully understood its plans, which involve partnering with existi ng Bahamian retailers rather than driving them out of business, Sandy Schaefer, Robin Hoods president, said his goal was to enable Family Island residents to purchase food and other goods at the same prices enjoyed by New Providence residents, something he b elieved would help reduce poverty and raise living standards. Were still trying to set up Robin Hood franchises in the Family Islands, Mr Schaefer told Tribune Business, explaining that the Government hadbeen reluctant to approve such a plan, which he had disclosed last year. They felt that if they let Robin Hood go out there, it would kill the local business es, he added. Yet, outlining the basic con cept of his proposal, Mr Schaefer said: A lot of people in theF amily Islands are being exploited by usurious kinds of practices and freight rates. Were looking for franchisees, not to own our own stores. When we aggressively start pursuing that, we will find local purveyors to grow with and convince them to buy goods cheaper than they are currently getting. B y partnering with Robin Hood and becoming a franchisee, Mr Schaefer said Family Island grocery retailers would be able to source a greater range of products and at better prices through himself, making their stores destination outlets for their communities with consumer prices the same as those found on New Providence. Next year, we will aggres sively start looking for franc hisees in all the Family Islands Exuma, Eleuthera, Andros, Mr Schaefer told Tribune Business. Theres a lot of people on those islands suffering in poverty, and they will benefit greatly from reduced costs. Tribune Business revealed last week how Mr Schaefer was l ooking at investing a further $30-$40 million over the next four years to expand the retailer's total Bahamian store port folio from the current two to six. "We're looking for another four to five acres to build our own shopping centre, probably somewhere in the south," Mr Schaefer said of plans for a third Robin Hood store in New Providence. "I think there's a great market unexplored down there. I have a couple ofo ptions we're looking at, and if anyone has land they're looking to sell cheaply, give me a call. "Beyond that, we're looking for a fourth store and then will consider New Providence totally developed. Our logical next step will be Abaco over Freeport, and then we will do Freeport, all in the next three to four years." Asked how much investment this would involve, Mr Schaefer t old Tribune Business: "If you look at everything involved the cost of acquiring the land, building the shopping centre, fixturing it and stocking it, you're looking at a minimum for another four locations of anywhere from $30-$40 million." S ome 55-65 contractors and tradesmen are working feverishly to get Robin Hood's Prince Charles store ready for a pre year-end opening, and Mr Schaefer added: "I would say that as far as the building is con-c erned, we're better than 50 per cent of the way there. We're actually going to start stocking the store in the next three-anda-half to four weeks." Apart from the new Robin Hood store itself, Mr Schaefer confirmed that he also plans to construct -beginning in Decem ber or the New Year a $4-$4.5 million, 44,000 square foot, twofloor shopping centre on the same four acre property. It willbe located in front of Robin H ood, closer to the actual road way itself. "I'm sure you're looking in the hundreds," he said, when asked about the number of jobs set to be created by his expan sion venture. "There's hundreds of jobs to be created within the next 10 m onths." at least 50 new jobs at the growing grocery retailer. Mr Lightbourne, who already employs 125 people at the Gladstone Road food store which opened in December 2009, said the expansion will involve an increase in the number and variety of retail lines at Phils, with a special focus on growing their produce sales in the wake of the Prime Bahamas/Bahamas Food Services merger. Wholesale liquor will also be introduced. We are putting in a massive cooler and taking the produce market to another level. Since Prime Bahamas (recently absorbed by BFS) shut its doors, the retail market has gone really weak. We are going to pick up the slack, said Mr Lightbourne. A former Bahamas Food Services employee, who spent 30 years at the food wholesaler, Mr Lightbourne, who left his post as director of operations in 2009, yesterday hit back at claims that his low prices stemmed from Customs Duty or Stamp Tax evasion, or from any financial backing by Craig Flowers, chief executive of the FML Group of Companies. Denying all these allegations, he further refuted a rumoured involvement in Associated Grocers of the Bahamas the company which last week signed a Memorandum of Understanding with BSL Holdings, the majority shareholder in City Markets, to purchase their 78 per cent stake. However, the former BFS employee said that unlike many in the grocery retail/wholesale business, he is not crying about but, rather, supports, any movement by BFS into the retail market. BFS general manager Don Carnine had sought to distance BFS from the buy out of City Market on Monday, but admitted that it is BFS principal, Ben Frisch, who is leading the move to acquire the company. I am not a part of it, but I am not opposed to it. I am 100 per cent behind it if they have the financial backing and expertise. They are the only company with the expertise, the buying power and the manpower to take City Markets to another level. The whole society is crying about it, but whats going to happen otherwise is that in the next couple of weeks 700 people are going to be laid off, and you know how many families that is, said Mr Lightbourne, adding that he welcomes greater competition in the Bahamian grocery market if it makes other retailers drive down their prices. As other retailers try to figure out what I am doing, Mr Lightbourne told Tribune Business he has a vision on a mission, which is to reduce the cost of quality foods for the average Bahamian. Phils Food Services has developed a reputation for its meat packages, which at just under $100 provide a variety of meat products such as steaks, burgers and shrimp in such quantities that they could reasonably feed a family of four for a month. The only way to make a name in this industry is to put something together that has never been done before. I put together a package and I came in at a time when families were hurting. Thats how I got my name and my buying power, said Mr Lightbourne. Buying in bulk when prices are lowest, and using loss leaders items sold at cost or less to draw in customers in greater volume is key to Phils Food Services strategy, said the businessman. If you carry 5,000 items and sell 30 at cost, will that hurt you? The other 4,000 will make up for whatever you lost there, he said. I do not buy 100 cases of pork loin or steaks. I buy 2,0000 or 3,0000 thousand steaks five or six months supply instead of a week. The American economy is as bad as anywhere, and there are so many deals out there you have to search for it. After being at BFS for so many years, I came into industry and my name took me a long way, said Mr Lightbourne. He said some of the same players in the industry who he believes protested about his low prices when he opened now sell the same items for the same price. I sell chicken leg quarters for 69 cents a pound. Every wholesaler went to Customs saying its impossible for me to sell it for 69 cents when I first entered the market, and now they are all selling it for 69 cents a pound. I buy it when it goes down to 29 cents to 40 cents per pound, and land it for 53 to 56 cents per pound. If you buy it for more than 40 cents you are landing it for 63 cents. I use it as a draw item, explained Mr Lightbourne. The businessman said that complaints to the Customs Department from competitors when he first opened his doors were such that Customs spent the whole of the first month I was open at my place. When they left the could see I had the best record of anyone, added Mr Lightbourne. Phils Food Services owes Customs zero, and I pay on time. Nonetheless, Mr Lightbourne said the response from the public towards Phils Food Services has been per cent support. Theyve been amazing, said the businessman, claiming that he has sold 300,000 steaks since opening and regularly shifts five 40-foot containers worth of produce in a week, having seen foot traffic through the store grow to 20,000a month of late. Each week I think: What will I put on special for Bahamians this week?. Others are saying how can they get an extra five or ten cents here or there, he charged. But despite his apparent success, Mr Lightbourne revealed he does not intend to stay in the business for more than six years. Then I intend to enjoy my life and see the world. If I walk away with something, I will have walked away knowingI have helped take care of the Bahamian people, making sure they all eat well and that the whole government and those in the industry make sure they bring prices down, he said. C M Y K C M Y K BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 3, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3 .492.84Bahamas Waste2.842.840.000.1680.09016.93.17% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4710.470.001.2270.3108.52.96% 2 .842.36Colina Holdings2.362.360.000.7810.0403.01.69% 7.005.40Commonwealth Bank (S1 6.506.500.000.4220.23015.43.54% 3.651.63Consolidated Water BDRs2.082.080.000.1110.04518.72.16% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.29Finco7.297.290.000.2870.52025.47.13% 1 1.408.77FirstCaribbean Bank9.749.740.000.6450.35015.13.59% 5.513.75Focol (S 5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5 .595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.92J. S. Johnson9.929.920.000.9710.64010.26.45% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 20 November 2029TUESDAY, 2 NOVEMBER 2010B ISX ALL SHARE INDEX: CLOSE 1,488.10 | CHG 0.00 | %CHG 0.00 | YTD -77.28 | YTD % -4.94BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/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 Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.50561.4076CFAL Bond Fund1.50564.65%6.96%1.482477 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.55791.4920CFAL Money Market Fund1.55793.37%4.42%1.539989 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13181.0000FG Financial Preferred Income Fund1.13183.85%5.22% 1.09691.0000FG Financial Growth Fund1.09692.71%6.44% 1.13201.0000FG Financial Diversified Fund1.13203.79%5.71% 9.69389.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.69383.77%5.71% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.5308-2.23%4.10% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.4372-5.63%-5.63% 7.96644.8105Royal Fidelity Int'l Fund Equities Sub Fund7.88302.15%6.29% 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 7/11/200730-Sep-10 30-Sep-10 107.570619 105.776543 30-Jun-10 30-Sep-10 NAV 6MTH 1.460225 2.911577 1.524278TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Sep-10 30-Sep-10 30-Sep-10 30-Sep-10 31-Aug-10MARKET TERMS30-Sep-10 30-Sep-10CFAL Securities Ltd. (Over-The-Counter Securities)31-Aug-10BISX Listed Mutual FundsNAV Date 30-Sep-10 30-Sep-10 Retailers aggressive Out Island franchise planning FROM page one Food retailer eyes $2.5m expansion FROM page one
By BRENT STUBBS S enior Sports Reporter b firstname.lastname@example.org FREEDOM Academy, Mt Carmel, Temple Christian and Carlton Francis emerged as the four playoff teams in the girls segment of the Temple Christian Academys first Elementary Basketball Tournament. Yesterday at the Temple Christian Academy Auditorium, Freedom Academy fin ished undefeated at 3-0 with a 13-3 win over St Annes Bluewaves to lead Pool A, while Mt Carmel stunned Yellow Elder 13-8 for second place. In Pool B, Temple Christ ian pulled off a pair of routs with an 18-2 decision over Carlton Francis and a 17-2 spanking of Centreville to post a 3-0 record. Carlton Francis came back and shutout St Johns 2-0 for sec ond place. The girls play is finished. The competition is now start ing to stiffen up as we head into the playoffs, said tournament director Keno Demeritte. All teams are getting primed, so we are going to get to see some more challenging games for the playoffs. The four teams will have to wait until Friday when Freedom Academy cross over and play Carlton Francis and Mt Carmel take on Temple Christian. What is interesting to note is that Sherman Smith coaches both Freedom Academy and Carlton Francis, which makes one wonder which team he will lean more towards winning to secure their berth into Fridays championship. This is the second tourna ment that I coached both Freedom Academy and Carl ton Francis into the playoffs, Smith said. Its going to be fun because I know both teams are capable of beating each other. While the girls playoffs have been set, the 13 teams will begin play today in three pools in the boys segment. They will wrap up play Thursday before their playoffs set for Friday. Heres a summary of the girls games played yesterday: T T e e m m p p l l e e C C h h r r i i s s t t i i a a n n 1 1 8 8 , C C a a r r l l t t o o n n E E F F r r a a n n c c i i s s 2 2 It appeared that Temple Christians swamping defence was going to shutout Carlton E Francis. But after falling behind 14-0 at the half, Carl ton E Francis managed to get o n the scoreboard in the seco nd half. By then, the damage had already been done as Temple Christian cruised to their sec ond victory behind China Currys six and the four apiece from Tiffany Hanna and Dashae Stubbs. S S t t J J o o h h n n s s 5 5 , C C e e n n t t r r e e v v i i l l l l e e 4 4 Just when St Johns needed a lift, they got it from their opponents when a player from Centreville scored in St Johns basket to seal the deal. St Johns got two points from J Callendar and J Campbell was credited with the errant basket to go along with her free throw in the win. M M t t C C a a r r m m e e l l 1 1 3 3 , Y Y e e l l l l o o w w E E l l d d e e r r 8 8 They played a real defen sive battle in the first half as Mt Carmel held onto a 4-3 advantage. But in the second half, Mt Carmel surged ahead 8-5 and Yellow Elder blew a couple of trips to the free throw line. That enabled Mr Carmel to preserve the win. In a balanced scoring attack, R Elezerir and D Christopher both scored four and A Sherman added three, while D Saintelies chipped in with two. Yellow Elder got five from D Lubien and two from Tavante Roker. F F r r e e e e d d o o m m A A c c a a d d e e m m y y 1 1 3 3 , S S t t A A n n n n e e s s 3 3 After falling behind 6-0 at the half and 11-0 early in the second period, St Annes avoided getting shutout for the third straight game. Thanks to a free throw from Breadawn Smith, St Annes finally got on the scoreboard and they went on to cut the deficit to 11-3 as Beyonce Scott canned a jumper. Freedom Academy, who came out with a twin tower, rallied once again on Cally Australe as she pumped in all of their points for the second time in three games. They played much better and they had much more confidence, said St Annes coach Whittington Brown about rebounding from the two pre vious shutouts on day one. We didnt really have a chance to practice, but they played much better. I think if they had a little more time, they would play even better. T T e e m m p p l l e e C C h h r r i i s s t t i i a a n n 1 1 7 7 , C C e e n n t t r r e e v v i i l l l l e e 2 2 They were too aggressive in the first half, surging to a 13-0 lead. But after the break, Centreville managed to score their only basket to start the second. That seemed to have sparked Temple Christian as they tightened up their defence and they ran different line-ups to hold on for the win. T Hanna led the attack with eight, China Curry had five and both A Pinder and S La added two. C C a a r r l l t t o o n n F F r r a a n n c c i i s s 2 2 , S S t t J J o o h h n n s s 0 0 The final game of the day came down to a defensive battle as both teams were held scoreless in the first half. It wasnt until mid-way in the second half that Tanea Bowleg canned the only basket on a jumper after one of their players almost scored in St Johns rim. This is their first year playing, so we are just building the programme, said St Johns coach Tamica Rigby. They were a bit jit tery at the beginning, but with a little more practice, I know they will get better. By RENALDO DORSETT Sports Reporter email@example.com T he emotional highs and lows continue for Magnum Rolle on his path towards being on an NBA roster. Rolle was the third overall pick in Monday night's NBADevelopmental League draft when he was selected by the Maine Red Claws, the NBA's affiliate of the Boston Celtics and Charlotte Bobcats. Just a week ago, Rolle was expected to be a member of the opening night roster for the Indiana Pacers, but was released a day before the NBA opened its regular sea son and two days before the Pacers were scheduled to debut its 2010-11 roster. Although affiliated with the Boston Celtics and Charlotte Bobcats, players in the DLeague are essentially free to sign with any NBA team should the opportunity arise. Rolle will join current Red Claws players Paul Harris, Tiny Gallon and Mario West in an attempt to lead the team back into playoff form. As one of the final three players cut, the Pacers had t he option to have Rolle a ssigned to their affiliate, the F ort Wayne Mad Antz, however, chose not to do so leaving the door open for the Red Claws to make the selection. Both players selected ahead of Rolle, the 6'11" 230-pound forward out of Louisiana Tech, have experienced brief stints with NBA clubs in recent years. Nick Fazekas was taken with the first pick in the draft by the Reno Bighorns, while A lan Anderson was selected second overall by the New Mexico Thunderbirds. Fazekas was a star in the NCAA, a two-time AllAmerican at Nevada, Reno, was drafted in the second round of the 2007 NBA draft by the Dallas Mavericks. He appeared in 26 NBA games with the Mavericks and the Los Angeles Clippers during the 2007-08 season. Anderson, a former star at M ichigan State, appeared in 5 3 games with the Charlotte B obcats form 2005-07. Other notable first-round selections include former NBA Draft picks Robert Vaden (the 54th pick by the Charlotte Bobcats in 2009), Cheikh Samb (the 51st selection by the Los Angeles Lakers in 2006 and Salim Stoudamire (31st overall selection of the Atlanta Hawks in the 2005 NBA Draft. T he Texas Legends selected veteran guard Antonio Daniels, with the 13th pick of the second round Daniels, a surprising DLeague entrant, was the fourth pick in the 1997 NBA Draft, and averaged 7.6 points and 3.4 assists in 868 NBA games. Rolle's selection marks the third consecutive year that a Bahamian was taken in the D-League Draft. B ennet Davis was selected 4 1st in the 2008 NBA DL eague draft by the Utah Flash. In two seasons, he averaged 13.7 points and 7.7 rebounds while shooting 41 per cent from the field. His most notable D-League achievement came when he was named to the NBA DLeague's Select team which competed against some of the league's best rookies and young talent at the 2010 Las Vegas Summer League. M itchell Johnson was selected with the 80th overall pick in the fifth round by the Tulsa 66ers. After a brief stint in the D-League, Johnson moved on to play professionally in Mexico while Davis now plays in Hungary. T T E E N N N N I I S S L L U U N N N N E E L L I I M M I I N N A A T T E E D D JUSTIN Lunn lost in the second round of the F29 futures in Niceville, Florida, this past weekend. Coach Greg Russell said that after a gruelling two and-a-half hours with practically every game going to deuce and add with one service break each set, Lunn was defeated by Mark Oljaca of the USA 3-6 3-6. Lunn is slated to head to Pensacola this week for the F30 futures. S S O O F F T T B B A A L L L L E E X X U U M M A A C C H H U U R R C C H H L L E E A A G G U U E E A CTION in the Exuma C hurch League continued on Saturday with the fol lowing results posted: Soul Winner's Gospel blanked Church of God of The Ferry 7-0; Mt Carmel def. St Margret Stuart Manor 53; Church of Prophecy def. St Peters 9-6; Palestine def. Gilead 11-9. C M Y K C M Y K WEDNESDAY, NOVEMBER 3, 2010 THETRIBUNE PAGE 12 P AGES 13 &14 International sports news TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Colts top Texans, take charge in AFC South... See page 14 Magnum 3rd overall pick in NBA D-League draft By RENALDO DORSETT Sports Reporter firstname.lastname@example.org THE ICC has announced the final squads for the eight-team Pepsi ICC World Cricket League Division 8 tournament which is scheduled to be played November 612 in Kuwait. Teams from Suriname, Vanuatu, Bhutan, Gibraltar, Germany, Zambia and the Bahamas are expected to join host Kuwait for the first ever WCL Div. 8. The top two sides at WCL Div. 8 will win promotion to the WCL Div. 7 to be staged in Botswana in May next year. As the international profile of our national cricket programme continues to grow, the Bahamas is preparing to face arguably its toughest test yet in the month ahead. Members of the Bahamas men's senior national cricket team gearing up for the challenge to compete at the Pepsi International Cricket Council's World Cricket League Division Eight are: Gregory Taylor, Marc Taylor, Jonathan Barry, Gerron Dean, Jermaine Adderley, Mario Ford, Dereck Gittens Jr, Robert Ford, Ashmeid Allie, Shanaka Perera, Julio Jemison, Dwight Weakley,G regory Irvin and Naren dra Ekanayake. The Bahamas will have to finish in the top two to be promoted into Pepsi ICC World Cricket League Division Seven,w hich is scheduled to take p lace in Botswana in May next year. Teams that have already qualified for that tournament are the host country Botswana, Japan, Nigeria and Norway. The matches will be hosted on four match grounds in Kuwait, Hubara, Unity, KEC and Sulaibiya. This particular event will feature eight sides, whereas other ICC events traditionally hosted six teams in the World Cricket Leagues and thus the tournament is being played in a format with two groups of four. In the group stages, each team will be assessed two points for a win, one point for a tie and will receive no score for a loss. The sixth day of the tournament will feature playoffs between the groups after the final group standings have been completed. The Division Eight finals and position playoffs will conclude the tournament on its finalday. The senior national team will travel early to Kuwait to familiarize itself with the surroundings and participate in a few exhibition matches before the tournament gets underway. ICC announces final squads for Pepsi Div. 8 cricket tourney DRAFTED: Magnum Rolle was the third overall pick in Monday nights NBA D-League draft. SPORTS IN BRIEF A SPECIAL edition of the Best of Sports World TV show is expected to be aired 8:30pm tonight when commentator Carlos Mackey hosts American Ambassador Nicole Avant. And it is slated to be rebroadcasted 6pm Saturday. In the show, Mackey will talk to the American on her appointment in the Bahamas, her work and keen interest in the world of sports. I interviewed her and she is going to tell the Bahamian people about how she grew up in California and she will talk about her lifestyle, which saw her journey around the world in the field of music, Mackey said. She told me that she eventually got into a mentoring programme where she was helping young girls. She feels its so essential for young girls to develop their self-esteem before they become mothers. Its also important for them to get an education because once they get an education, they can be set up for life to do some positive things in society. Appointed by US President Barack Obama and sworn in by former president Hillary Clinton, Mackey said Avant was delighted when she came here. Former Governor General Arthur Hanna accepted her letter of credence. Arrival Since her arrival, Avant has engaged her services in the Willamae Pratt School for Girls and the Woodstock Elementary School where she and her staff have been assisting the young girls. She said she has some other things on the drawing board that she will reveal as soon as they are imple mented, Mackey said. As a close and personal friend of Ervin Magic Johnson, Mackey said he learnt in the pre-taping of the show that Avant is a huge sports fanatic and she will provide her own views on a number of local and international issues. Mackey said he enjoyed inter viewing Avant and hes confident that the public will be quite entertained. Special edition of Best of Sports World TV show tonight UP CLOSE & PERSONAL: Nicole Avant Four teams in playoffs F e l i p M a j o r / T r i b u n e s t a f f BALL HANDLER: A Temple Christian Suns players in action yesterday.