The Tribune.
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Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 12/31/2010
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
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Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:01740


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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: 107 No.33FRIDAY, DECEMBER 31, 2010 PRICE 75 (Abaco and Grand Bahama $1.25) WEATHER SUNNY AND BREEZY HIGH 77F LOW 69F By AVA TURNQUEST Tribune Staff Reporter a SOCIAL services statistics reveal there were 483 reported cases of child abuse this year. The figures, which were r eleased by the Child Prot ection Unit, show the number of new and reopened combined cases for the year up to November. Abuse cases were cate gorised as physical, sexual, verbal, emotional, incest, neglect and abandonment. Reports of abuse peaked in February with a total of 55 cases. Cases of neglect were the highest, with 243 incidents and peaked at 29 cases in February and June. There were eight cases of incest. All other forms of abuse had less than 10 cases, the lowest was emotional abuse with two. Last year, the National C ouncil for Protection of Children revealed there were 719 cases of child a buse in New Providence a lone in 2008. The group s aid there were 581 child abuse cases in 2005; 618 in 2006 and 545 reported incidents in 2007. The Child Protection Act was brought into force last year on October 1. Some of the important aspects of the legislation include: Increased penalties for those who are found guilty of child abuse; manda tory reporting of all forms of abuse of children; a provision for fathers of children born out of wedlock to pursue access to or custody of those children and a provi sion for mothers of children born out of wedlock to pursue maintenance for those children up to the age of 18. Up to press time, officials were unavailable for com ment on the report. Neglect cases highest in statistics for 2010 McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM 483 child abuse cases r eported FREE IN YOUR TRIBUNE TODAY SPORTS WEEKLY, KIDS SCOOP, JUNKANOO PICTURE SUPPLEMENT AND BUSINESS REVIEW M O R E a n a r m y o f o c c u p a t i o n d e m a n d i n g t r i b u t e f r o m a c a p t i v e c o m m u n i t y t h a n a p u b l i c c o r p o r a t i o n a c c o u n t a b l e t o t h e G o v e r n m e n t a n d p e o p l e o f t h e B a h a m a s S u c h w a s t h e w i t h e r i n g a s s e s s m e n t o f t h e C o m m i s s i o n o f I n q u i r y s 1 9 9 5 r e p o r t i n t o t h e B a h a m a s T e l e c o m m u n i c a t i o n s C o m p a n y s ( B T C ) p r e d e c e s s o r B a T e l C o W h i l e t h o s e d a r k d a y s m a y b e b e h i n d t h e c o m p a n y t o a l a r g e e x t e n t t h e C o m m i s s i o n s r e p o r t h i g h l i g h t s j u s t w h y B T C n e e d s t o b e r e m o v e d f r o m g o v e r n m e n t c o n t r o l a n d s o l d t o p r i v a t e o w n e r s h i p I n d e e d t h e C o m m i s s i o n s r e p o r t o f 1 5 y e a r s a g o p r o v i d e d t h e r o a d m a p t o g e t t o w h e r e w e a r e t o d a y s u g g e s t i n g t h e n : G o v e r n m e n t s h o u l d c o n s i d e r p r i v a t i s i n g t h e u n d e r t a k i n g b y d i v e s t i n g a s u b s t a n t i a l p o r t i o n o f i t s e q u i t y i n B a T e l C o i n o r d e r t o i m p r o v e e f f i c i e n c y a n d a v o i d p o l i t i c a l i n t e r f e r e n c e a n d p a t r o n a g e T h e p r i v a t i s a t i o n m o d e l i t s u g g e s t e d t o o w a s u n c a n n i l y s i m i l a r t o t h e o n e b e i n g i m p l e m e n t e d b y t h e I n g r a h a m a d m i n i s t r a t i o n n a m e l y m e a n i n g f u l p a r t i c i p a t i o n b y B a h a m i a n c i t i z e n s a n d t h e o f f e r i n g o f s h a r e s t o a s u i t a b l e i n t e r n a t i o n a l t e l e c o m m u n i c a t i o n s c o m p a n y w i t h a g o o d t r a c k r e c o r d F o r a n y s t u d e n t o f t h e r a t i o n a l e f o r p r i v a t i s i n g B T C t h e C o m m i s s i o n r e p o r t i s r e q u i r e d r e a d i n g T h e k e y w o r d s f r o m t h e a b o v e o f c o u r s e a r e t o a v o i d p o l i t i c a l p a t r o n a g e a n d i n t e r f e r e n c e T h a t s u m s u p n e a t l y i n s i x w o r d s w h y B a h a m i a n s t a t e o w n e d c o r p o r a t i o n s a n d u t i l i t i e s w h i c h s h o u l d p r o v i d e t h e b u i l d i n g b l o c k s t h e f o u n d a t i o n f o r e c o n o m i c a n d s o c i a l p r o g r e s s h a v e l a r g e l y f a i l e d i n t h e i r m i s s i o n t o d a t e b e c o m i n g i n e f f i c i e n t o v e r s t a f f e d a n d u n p r o f i t a b l e v e n t u r e s O n c e a g a i n c o m e s t h e c h o r u s c r y : T o o m u c h p o l i t i c a l i n t e r f e r e n c e R e d u c t i o nT h i s i s w h y B T C m u s t s t a r t t h e B a h a m a s o n t h e r o a d t o r e d u c i n g t h e s i z e o f g o v e r n m e n t g e t t i n g i t o u t o f b u s i n e s s a n d a r e a s t h a t i t s h o u l d n o t b e i n a n d e l i m i n a t i n g t h e p o l i t i c a l c o n t r o l a n d i n t e r f e r e n c e t h a t h a s h e l d t h e c o u n t r y b a c k f o r t o o l o n g F e w w o u l d d e n y i f t h e y w e r e t o t a l l y h o n e s t t h a t B T C ( B a T e l C o ) h a s s u f f e r e d g r e a t l y i n t h e p a s t f r o m b e i n g r u n a s a j o b s f o r t h e b o y s c l u b u s e d b y c e r t a i n p e r s o n s a c r o s s v a r i o u s a d m i n i s t r a t i o n s a s a p l a c e t h a t c a n b e s t u f f e d w i t h t h e i r s w e e t h e a r t s r e l a t i v e s f r i e n d s c r o n i e s a n d p o l i t i c a l s u p p o r t e r s S u c h p r a c t i c e s a s w e a l l k n o w h a v e n o t b e e n c o n f i n e d t o B T C f o r u p p e r m o s t i n t h e m i n d s o f p o l i t i c i a n s h a s b e e n t h e m a n t r a V o t e s V o t e s V o t e s a n d t h e n e e d t o e n s u r e r e e l e c t i o n e v e r y f i v e y e a r s I n s h o r t B T C a n d e n t i t i e s l i k e i t b e c a m e v o t e g e n e r a t i n g e n t i t i e s a n d i n s o m e w a y s a n i n s i d i o u s m e a n s o f s o c i a l c o n t r o l l u l l i n g B a h a m i a n s t o b e l i e v e t h a t g o v e r n m e n t a n d t h e p o l i t i c i a n s w o u l d a l w a y s b e t h e r e f o r t h e m t o p r o v i d e f o r t h e i r e v e r y n e e d A n d i t i s t h e l o s s o f s u c h c o n t r o l t h a t m a y w e l l b e d r i v i n g m u c h o f t h e o p p o s i t i o n t o t h e B T C s a l e F r o m t h e p e r s p e c t i v e o f t h e t w o t r a d e u n i o n s t h e B a h a m a s C o m m u n i c a t i o n s a n d P u b l i c O f f i c e r s U n i o n ( B C P O U ) a n d B a h a m a s C o m m u n i c a t i o n s a n d P u b l i c M a n a g e r s U n i o n ( B C P M U ) t h e r e a r e p o w e r b a s e s a n d t e r r i t o r y t o p r o t e c t p l u s t h e o u t r a g e o u s a v e r a g e $ 6 9 0 0 0 p e r a n n u m s a l a r i e s C M Y K C M Y KT O D I S C U S S S T O R I E S O N T H I S P A G E L O G O N T O W W W T R I B U N E 2 4 2 C O M B U S I N E S S R E V I E WP A G E 1 6 B F R I D A Y D E C E M B E R 3 1 2 0 1 0 O F F S H O R E J O B H I R E S R I S E F O R U S F I R M S S E E P A G E 9 B E U R O P E D E B T C R I S I S F U E L S I N G L E C U R R E N C Y W O E S E E P A G E 1 1 B A r m y o f o c c u p a t i o n c a n b e f o r c e f o r g o o dC o m m i s s i o n o f I n q u i r y r e p o r t f r o m 1 5 y e a r s a g o s h o w s w h y B T C m u s t b e p r i v a t i s e d t o a v o i d p o l i t i c a l i n t e r f e r e n c e a n d p a t r o n a g e S E E p a g e 1 3 F O R C E T O R E C K O N W I T H :U n i o n s p r o t e s t a g a i n s t B T C s a l e t o C a b l e a n d W i r e l e s s I N S I D E T O D A Y SANTACLAUSCOMMITTEEBRINGSTOYSTOMACKEYYARDCHILDREN T HE New Years Junkanoo parade is still set f or Saturday, January 1, 2011 at 2am, despite a notice issued by the Police Department advising the public of a different date. I n a traffic press release published on Thursday, Commissioner of PoliceE llison Greenslade advised the public that the Junkanoo parade would be h eld on Monday, January 3. The Police Department is expected to release a new POLICE CONFIRM THE NEW YEARS JUNKANOO PARADE SET FOR JANUARY 1 SEE page nine By CELESTE NIXON Tribune Staff Reporter ACCORDING to Damon Bradshaw, Programme and Operations Coordinator for the Salvation Army, relief efforts for the Boxing day fire victims of Mackey Yard is progress ing well and victims are being adequately taken care of in terms of food and clothing through the joint efforts of the various chari table organisations. Fire victims are continuing to receive provisions such as clothing and food but the major issue is shelter, said Mr Bradshaw. Once the fire victims are registered with the department of social services they will be referred to the Salvation Army and continue receiving needed items said Mr Bradshaw. Mr Bradshaw said: Unfortunately the Salvation Armys women and children shelter in Bain Town, while not currently at capacity, only has enough space for eight adults and children. The Great Commission Ministries interna tional have reported they have 17 spaces avail By NOELLE NICOLLS Tribune Staff Reporter A QUESTION of land ownership has stalled efforts to regulate the Haitian housing development known as Mackey Yard, according to government officials. The settlement housed more than 360 Haitians before it was levelled by a massive fire on Boxing Day. Brensil Rolle, Minister of Housing and Member of Parliament for the Garden Hills area, where Mackey Yard is located, met with resi dents of the Haitian village and neighbouring communities in October to outline a plan of action for dealing with the squatter commu nity. While the tragic event has given people the resolve to reflect, examine and act, Mr Rolle said his involvement is certainly not just a reaction to the fire. BEFORE the court ordered suspension on work is lifted at the excavation site in Fortune Hill, San Salvador Ms Vernay Rolle-Gilbert has issued a call for the three family interests in the disputed property to meet and dis cuss a way of amicably moving forward. Currently there remains three claimants to the property the Rolles, Mrs Dorothy Black-Beal, and Mr Dennis Bethel. These interested parties have staked a claim to a plot of land in Fortune Hill under which it is believed billions of dollars worth of pirate treasure is buried. On December 23, Mrs Black-Beals attorneys CALL FOR THREE FAMILY INTERESTS IN BURIED TREASUREL AND TO MEET Mackey Yard fire relief efforts progressing well Land ownership question stalls efforts to regulate Haitian community SEE page nine SEE page nine n MACKEYYARDFIREAFTERMATH SEE page nine BRENSIL ROLLE THE SANTA CLAUS CHRISTMAS COMMITTEE a charity of The Tribune and its partners, brought toys and some smiles to the children of the fire-ravaged Mackey Yard community yesterday. The Boxing Day fire destroyed about 120 shanties in the Haitian community. Around 350 people were displaced after the blaze. SEE PAGES THREE ANDFIVE T i m C l a r k e / T r i b u n e s t a f f


C M Y K C M Y K LOCAL NEWS PAGE 2, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM SAXONS G ETREADYFORTHE NEWYEARS DAY PARADE FINISHINGTOUCHES: Members of the Saxons Superstars put lastm inute touches to their costumes at The Shack. Their New Years D ay theme is Too Many Guns In This Town. PHOTOS: Felip Major /Tribune staff No IPTC Header found


EDITOR, The Tribune. BTC can be likened to a mother who has a lot of children, but no real man in her life. Up to now she has been playing the fathers off against each other depending on the situations mostly political, but earlier in the month she made a choice where she barred a couple of the sweethearts in the hope of establishing herself. However, the house she wants to have control of requires that she deal with fellows she has kicked to the curb they still hold the papers. The fact that the children are now grown-up, adds to the problem, they now see themselves as part-owners of something that they have no legal title to. The childrens perception of what is real has been clouded by an event in 1998, where almost 50 per cent of the other children left home with some of the family fortune. The children have always had a lifestyle that was above and beyond average, and over the years have become accustomed to a certain level of entitlement that many in the general public deem obscene. The tantrums and demands displayed by the children over the years have caused many to question the actual cost to the nation of the services being rendered. Some of the kids even came back home. The older siblings and political daddies who have a national responsibility to the household have made the mistake of not paying enough attention to the neighbours (public company serves, and over the years a fair percentage of the clients have turned elsewhere for service. If BTC is to survive they will have to acquire a level of legitimacy that banishes the previous relationships that allowed political parties and unions to carry on with agendas that were more aligned with their causes than with the national intent. The sweet hearting arrangements that has not allowed the national agenda for BTC to gain traction has to end somewhere, and this is as good a time as any. I do not know how the new daddy is going to take to so great a number of offspring or if he will be able steer them along a path that will improve their disposition as it relates to the much abused subject of customer service. His greatest task will be weaning them of the habits they have acquired from the numerous daddies who have just seen of late how short the time is for the pri vatisation that is sorely needed. The Bahamian public cannot continue to pay one of the highest cellular fees in the Caribbean, and, the multitude of excuses from all of the par ties concerned has to find a place to park. Hopefully it will be at the place where the Chairman and the employees of BTC meet in the much anticipated public debate which hinges on the leadership of the BCPOU accepting the invitation extended to them by Mr Francis. First question, Mr Chairman, what about the MOU the government has agreed to with Cable and Wireless and can we see it? There is a whole lot of weight added to that question in a public forum the government will be in an either or position. Second question, Mr President, how will the union and their partners fund their pro gramme for privatisation. Do you have something you can show us? These two questions will be enough to stop all of this air beating and posturing that the public has had to endure over the past decade. EDWARD HUTCHESON Nassau, December 29, 2010. EDITOR, The Tribune. As a young Bahamian, a junkanoo enthusiast and someone who has represented the Bahamas in a junkanoo capacity on an international level, I was disappointed to say the least with the way this most recent Boxing Day Parade turned out. Aside from the fact that many Bahamians are still caught up with the idea of the Saxons and Valley Boys, so much so that even when both groups were clearly out rushed and out performed by other ACategory groups; one of the two still seem to walk away with the winning title. T his year to add insult to injury, to disqualify a group, of any category is blatantly disrespectful. Groups and individuals set aside time, energy, effort and money yearly to present a quality product to the fans and judges on Bay Street, and to be disqualified because of a late start is not acceptable. In the name of full disclo sure, I am not a Roots fan; however, I am an avid junkanooer and to not allow the group to be a con tender in a parade they pre pared for is inconsiderate and wrong. Most in the junkanoo community understand the rules of junkanoo and I am suret hat most would agree that a point deduction would have been sufficient. The funny thing is I strongly believe that if the late start was attributed to one of the Saxons, Valley Boys or even the ever more popular One Family, this strict penalty would not have been thought of, much less enforced. Judging the junkanoo parade from year to year is an arduous task. As groups look to the performance of the winner of the previous parade to improve theirc hances of winning the u pcoming parade. A s it stands, the judging of the junkanoo parades from year to year seems arbitrary at best. There needs to be a clear and transparent judging system. A suggestion is to have participants enter the paradew ith a particular set of points. From there, points should be deducted using the judging criteria (arrival time to Bay Street, completion of costumes, music, proper depic tion of the theme, etc). Junkanoo, for many years has been used by community organizers to keep young and the older among us active, especially during the holiday season. Having a judging rubric, will make it easier for groupst o meet and exceed the stan dards expected of them on a yearly basis. It would also remove the ambiguity from judging. Junkanoo is by Bahamians and for Bahamians and our guests to enjoy. It is getting all the more difficult to enjoy if the judges cannot think past the Saxons and Valley Boys. The group of judges should be screened in more or less the same way as is a jury for a popular trial case. Certain questions must be asked to potential judges in order to weed out those with closed minds to groups other than those two previously mentioned. As for the disqualification of an entire Category A group, this is completely unheard of in the history ofj unkanoo in the Bahamas. Judges should also be a group of individuals who have a sound knowledge and respect for what it takes to get a group, large or small to Bay Street in the first instance. Someone, with this knowledge of and respect for the junkanoo preparation process would not have considered disqualification as an option. Enforce the point deduction and move on. In the future, I sincerely hope that the National Junkanoo Committee addresses these concerns and others similar so that this blatant disrespect and disregard for both fans and participants does not occur ever again. R M NEELY Nassau, December 29, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 S IR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972Published Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising Advertising Manager (242 C irculation Department (242 N assau Fax: (242 W EBSITE w updated daily at 2pm AS THE old year closes, Bahamians face a new year of union unrest. A year in which a newly appointed union leader has announced that in the very near future thousands of Bahamian workers from all walks of life will be invited to repeat theg eneral strike of 1958 and close the town down. This at a time when after a struggle f or economic survival for the past year and a half at last there is a glimmer of hope that there will be a turnaround in the countrys fortunes. If Bahamian workers are foolish enough t o answer this siren call, not only will they fire themselves, but they will jeopardise the f uture of all Bahamians and destroy a country already too heavily in debt. T he fight is over the privatisation of Bahamas Telecommunications Company ( BTC) and the resultant downsizing of the company to make it sufficiently viable to compete in a monopoly-free market. Unionists believe that Bahamians mainly current BTC employees should o wn the company, despite the fact that when the bidding process opened, no local groupp ut in a bid not even the unionists who are now so vocal. P ersons interested should read the 1995 inquiry into Bahamas Telecommunications Corporation to understand why BTC has tobe privatised and moved out of the hands of unionists and politicians. The long suffering B ahamian public is paying an exorbitant price for the foolishness that this company h as been allowed to carry on for far too long. As a matter of fact after 15 years gove rnment is only now following the recom mendations made in the report as a result of that inquiry. (See page 16 of todays Busi ness). BTC unionists claim that their main com p laint is that they have not been allowed to see the Memorandum of Understanding a document that Prime Minister Ingraham has promised to make public at least two w eeks before it is to be debated in parliament. BTC Chairman Julian Francis, who has challenged the union leaders to a televised debate on the sale, says that there has already been so much public debate on the subject that the unionists already know allt hat is needed to be known in the Memo randum. T he unionists have not taken Mr Francis up on his challenge because they must know that he can carry out his threat to shame them publicly. These same union leaders were part of a committee appointed to make recommendations for the privatisation of the state-run telecommunications company and so they obviously know more than t hey have led the public to believe. Obviously, this Memorandum of Unders tanding is only an excuse. If unionists were really interested in knowing what was p lanned and having an opportunity to have their side heard they would have attended the meeting to which they were invited by C&Ws CEO David Straw. Mr Straw flew in from Jamaica especially for the meeting,w hich the union executives indicated they would attend, but declined at the last minute. N ow we have newly elected National Congress of Trade Unions of the Bahamasp resident Jennifer Dotson, coming to the fore. She has been the union voice at the C ollege of the Bahamas for a number of years. Thrust to the leadership of the umbrella union, it seems that she has pushed Bernard Evans and William Carroll, the two BTC union leaders, aside and taken charge. N ot only does she appear to be a militant unionist, but the position seems to have gonet o her head. She has not only challenged the Prime Ministers position, but in an interv iew with ZNSs Jerome Sawyer this week, has referred to her union as the workers political party. She invited them to come out and take back what was theirs. At first we had Evans and Carroll talking a s though BTC was owned by the union, now we have Mrs Dotson moving a BTC d isagreement into a full blown political charge to take back whatever she believes in h er wildest dreams is owned by the workers. We really do not know where Mrs Dotson thinks she is coming from, but her inflam matory words do not bode well either for the union movement or for this country. I f unionists are sincere in their desire to know what is contained in the Memoran d um of Understanding before it is officially released, then they will take Mr Francis up o n his offer of a debate. If they fail to do this the country will know that the present unrest is politically motivated. It should be resisted by all Bahamians who are interested in their own and their countrys future. The unions have pushed it to this point. It is now up to them to demon-s trate their sincerity to their fellow Bahami ans by meeting with Mr Francis in public. I n the meantime, we hope that Bahamians will unite for the good of their country to ensure that their new year will be a happy, peaceful and healthy one. A young Bahamians disappointment over Boxing Day Junkanoo Parade LETTERS Ar e the unions out to destroy the country? BTCand the challenges ahead EDITOR, The Tribune. How important it is for us to be a part of a community that cares. I am so grateful for The Tribune being an integral part of the community and an instrument that is willing to be used for the betterment of others. Far more that a source of news but a source of hope. The Salvation Army has such low administrative costs that I have seen Captains that attend the biggest affairs and work with high government officials sit down to pancakes for Sunday dinner or buy milk once a month because of their limited budget. They do not do it with a hint of complaint, they do it with honour. We are far better off supporting these organizations. People like the Thurstons and Gibsons had run out of hope and The Tribune provided a venue. I say thank you from the bottom of my heart for the gift you have given this year and pray that you and your staff will be blessed in the new year with your dreams. JANICE MALCOLM reader, Nassau, December 28, 2010 The Tribune a source of hope


C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, DECEMBER 31, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By POLICE CONSTABLE MAKILLE PINDER TRAVELINGthroughout the Country, it is important for Vehicle Drivers to keep safety in mind. Get ting there could actually be half the fun! Here are some t ips for keeping yourself a nd your family safe on the r oads. Make sure everyone is properly buckled up itst he best defence against a drunk, speeding or aggres-sive driver. Drive sober and wellrested; Obey speed limits and allow extra time for unex pected traffic and weather conditions; If celebration plans involve alcoholic beverages, designate a sober driver before heading out or plan to take a taxi, or sleep over at the event location; Never accept a ride with an impaired driver; Let others know when you will leave and intend to arrive at your destination. Have a cellular tele phone with you if possible. Keep your car doors locked and windows rolled up. At stop signs or traffic signals, keep a safe distance from the car in front of you. Leave yourself room to get out in case you're boxed in. At stop signs or traffic signals, keep a safe distance from the car in front of you. Leave yourself room to get out in case you're boxed in. Travel in well-lighted busy streets Do not pick up hitchhikers. Try not to stop if your car is blocked by someone standing in the road. Slow down and proceed slowly around the per son. If they refuse to move, back up to safety and pro ceed to the nearest police station to report the incident. Lock your doors when you leave your car, even if it's for a short time. If you are involved in a minor accident, do not get out of the car. Lower your window slightly and ask the other party to phone the police or follow you to the nearest public area or police station. Some criminals use an accident to get you to stop and get out of the car. If you're suspicious that the accident was staged, drive directly to the nearest law enforcement office to report the accident. When you get out of your car, carry your purse and keep other valuables out of sight. Do not store valuables out in the open inside a parked car. If you have a flat tire or other car problems, pull over to the side of the road out of the way of traffic. Turn on your emergency flashers. If you have emergency roadway flares in your trunk, position them conspicuously. Raise the hood and tie a handkerchief to the aerial or door handle. If a roadside telephone is handy, use it. If not, sit in your locked car and wait for help. If a motorist stops to render assistance, it's better to remain in the car, and ask him to get help. (Like wise, if you see a stranded motorist, it's better not to stop. Notify the police.) If you think you are being followed, don't drive home. You would only be telling your follower where you live. Stay Calm. As long as you think clearly, you'll be in control of the situation. Flash your lights and sound your horn long enough to attract attention to you, and consequently the person following you. Drive to one of your already identified safe spots, sounding your horn and flashing your lights. Do not leave this safe location until you're sure your fol lower is gone. Remember, you are your best protection. If you follow these steps, you'll be protecting the most impor tant part of your car YOU. Dial 911 on your cell phone for all Roadway Emergencies On behalf of Police Com missioner Ellison Greenslade and all the Officers and Civilians of the Royal Bahamas Police Force: Have a Happy New Year. Royal Bahamas Police For ce National Crime Prevention Office Saf ety T ips for Driver By TANEKA THOMPSON T ribune Staff Reporter t WORKERS from Great Commission Ministries distributed hot lunches to displaced residents of Mackey Yard thanks to donations collected by Hands For Hunger. H ands for Hunger, which collects excess p repared food and delivers it to agencies that serve the hungry, provided Great Commis-s ion Ministries (GCM y esterday. This was expected to feed about 100 people, said Minalee Hanchell, executive director of GCM. It is not known how long GCM will be able to continue food assistance at the fire-ravaged site because of its everyday commit ments. I'm not sure how long we will do it. It's diff icult for us because we have our regular f eeding programme where we serve over 200 m eals daily, and we deliver to those who are n eedy and the elderly," said Ms Hanchell, o n the second day GCM handed out food at the site. Despite working with the extra pressure, the group is happy to do all it can to help the victims, Ms Hanchell added. "It sort of delayed us a bit (Wednesday getting our regular deliveries transported, b ut we're delighted to help," she said. The outreach programme will direct vic tims of the Mackey Yard fire to visit theirf eeding centres or emergency shelters locate d on East Avenue and the other on Sea B reeze Lane for continued assistance. GCM has space for 17 persons at both of their shelters, said Ms Hanchell. Up toW ednesday only one victim from the fire had sought refuge at one of their centres, she said. A fire destroyed about 120 shanties in the Haitian community known as Mackey Yard on Boxing Day displacing about 350 people, according to a tally conducted by Social Services yesterday. L ate Tuesday, two large tents were erected t o give some shelter to the homeless who were battling icy December winds. On Wednesday, the National Emergency Management Agency (NEMA Department of Social Services handed out c are packages filled with food and other essentials to the victims of the fire. ON MONDAY, Her Majestys Prisons Community Outreach Unit will sponsor a free hair trim and braid day for all students from the eastern area from 10am to 4pm. The free haircuts and braiding will be done by inmates who worked as bar bers before their incarcera tion, and by graduates of the prisons cosmetology school. Hands for Hunger helps the Mackey Yard residents PRISON COMMUNITY OUTREACH UNIT TO SPONSOR FREE HAIR TRIM AND BRAID DAY S CENES o f the devastation after the Mackey Road Fire. Hands for Hunger, which collects excess prepared food and delivers it to agencies that serve the hungry, provided Great Commission Ministries with 29 pans of food for thev ictims yesterday. Tim Clarke /Tribune staff


C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, DECEMBER 31, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DURING October, November and December, Kalik offered the public an opportunity to join in the debut rush in the 2010 Junkanoo Parade with its new fun group, the Kalik Kalikers. Organisers said the response was good but only 20 lucky per sons could win the chance to be included in the group, with all expenses paid for costum ing. Pictured are two of the lucky winners, Laaredria Richardson and Dennis Gilbert, with Brent Ferguson, sales manager, Clint Paul, costume designer and the Kalik brand manager Jan Thurston. POLICE recovered two handguns and several rounds of ammunition on Wednesday in separate incidents which led to arrests. O fficers responded to reports of gunshots being discharged in the area of the canal at Yamacraw Beach Estates around 9am. A 26-year-old man, of Yamacraw Shores, was arrested after being found in possession of a handgun witha mmunition. Police discovered a mask and a bulletproof vest during a search of the suspects residence. Later that morning, police officers of the Northeastern Division approached two men who were acting suspiciously in the rear of a building on Williams Lane, off Kemp Road. When police approached the men they fled on foot. Officers chased the susp ects and caught one of them, a 17-year-old youth, of Moncur Alley. A handgun with ammunition was recov ered. N ASSAUS Ardastra Gardens Zoo a nd Conservation Centre received a $1,500 grant from the J Kirby Simon Foreign Service Trust to build a new enclosure for the endangered Bahama Parrots. Shawn Kobb, a dedicated Americ an volunteer who is also an officer at t he US Embassy, applied for the grant to help protect the colourful birds that once lived in abundant numbers in the trees on two Bahamasi slands. The construction for the new e nclosure for the Bahama Parrots is expected to be completed by the end of January. T he Ardastra Gardens is home to nearly 300 mammals, birds and reptiles, including a number of endan g ered species from the Caribbean and South America. By providing a sanctuary and survival centre for the plants and animals of the worlds vanishing natural habitats, Ardastra helps zoo visitors a nd researchers learn more about the a nimals, while giving them a chance to flourish and breed in a near natural setting. I wanted to find a way to support the Bahama Parrot project because the Ardastra Gardens is the only k nown zoo in the world to have these b eautiful parrots on display and is playing a leading role in trying to save this endangered species, said M r Kobb. The funding for the new enclosure came from the J Kirby Simon For-e ign Service Trust a charitable f und established in the memory of an American Foreign Service Offi c er who died in 1995. The Trust hon ours Simons commitment to community service by providing Ameri can diplomats and their family mem b ers the opportunity to apply for grants to support local organisations w here they volunteer on their own t ime. I am so pleased that through the J Kirby Simon Foreign Service Trust, I will be able to play a part in providing happier, healthier living conditions for the birds as well as better views oft he parrots for zoo visitors, said Mr K obb. The $1,500 grant from the Trust will cover approximately half of the construction costs for the new enclo-s ure for the Bahama Parrots. The A rdasatra Gardens does not receive any government funding and relies heavily on visitors fees and the supp ort provided by its members and sponsors to maintain the grounds, habitats and education programmes. A SAILING vessel carryi ng 80 Haitian migrants was spotted on Sunday by a United States Coast Guard helicopter at about four miles south of Matthew Town, Inagua. After a request for assistance under a bilateral agreement with the Bahamas gove rnment, the USCGC Escanaba went to the scene to intercept the boat. After providing life jackets to the migrants, the Coast Guard transferred them aboard the Escanaba where they received food, water and basic medical care. T he RBDF vessel HMBS Nortec joined the Coast Guard ship and destroyed the migrants boat because it was considered too dangerous for navigation. The Escanaba repatriated the passengers yesterday in Cap Haitien, Haiti. LUCKY 20 WIN CHANCE TO RUSH WITH KALIK JUNKANOO GROUP ARRESTS AFTER GUNS, AMMUNITION FOUND BY POLICE VESSEL CARRYING HAITIAN MIGRANTS INTERCEPTED U S EMBASSY OFFICER a nd Ardastra G ardens volunteer, Shawn Kobb, with a n endangered Bahama Parrot in the old enclosure. T HE DIRECTOR o f the Ardastra Gardens, Richard Roswell, shows Shawn Kobb the new enclosure that is expected to be completed by the end of January. Enclosure to be completed by the end of January Endangered parrots to get new home thanks to grant Shar e your news The Tribune wants to hear from people who are making news in their neighbour hoods. Per haps you ar e raising funds for a good cause, campaigning for impr ovements in the ar ea or have won an awar d. If so, call us on 322-1986 and share your story.


C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, DECEMBER 31, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DURING October, November and December, Kalik offered the public an opportunity to join in the debut rush in the 2010 Junkanoo Parade with its new fun group, the Kalik Kalikers. Organisers said the response was good but only 20 lucky per sons could win the chance to be included in the group, with all expenses paid for costum ing. Pictured are two of the lucky winners, Laaredria Richardson and Dennis Gilbert, with Brent Ferguson, sales manager, Clint Paul, costume designer and the Kalik brand manager Jan Thurston. POLICE recovered two handguns and several rounds of ammunition on Wednesday in separate incidents which led to arrests. O fficers responded to reports of gunshots being discharged in the area of the canal at Yamacraw Beach Estates around 9am. A 26-year-old man, of Yamacraw Shores, was arrested after being found in possession of a handgun witha mmunition. Police discovered a mask and a bulletproof vest during a search of the suspects residence. Later that morning, police officers of the Northeastern Division approached two men who were acting suspiciously in the rear of a building on Williams Lane, off Kemp Road. When police approached the men they fled on foot. Officers chased the susp ects and caught one of them, a 17-year-old youth, of Moncur Alley. A handgun with ammunition was recov ered. N ASSAUS Ardastra Gardens Zoo a nd Conservation Centre received a $1,500 grant from the J Kirby Simon Foreign Service Trust to build a new enclosure for the endangered Bahama Parrots. Shawn Kobb, a dedicated Americ an volunteer who is also an officer at t he US Embassy, applied for the grant to help protect the colourful birds that once lived in abundant numbers in the trees on two Bahamasi slands. The construction for the new e nclosure for the Bahama Parrots is expected to be completed by the end of January. T he Ardastra Gardens is home to nearly 300 mammals, birds and reptiles, including a number of endan g ered species from the Caribbean and South America. By providing a sanctuary and survival centre for the plants and animals of the worlds vanishing natural habitats, Ardastra helps zoo visitors a nd researchers learn more about the a nimals, while giving them a chance to flourish and breed in a near natural setting. I wanted to find a way to support the Bahama Parrot project because the Ardastra Gardens is the only k nown zoo in the world to have these b eautiful parrots on display and is playing a leading role in trying to save this endangered species, said M r Kobb. The funding for the new enclosure came from the J Kirby Simon For-e ign Service Trust a charitable f und established in the memory of an American Foreign Service Offi c er who died in 1995. The Trust hon ours Simons commitment to community service by providing Ameri can diplomats and their family mem b ers the opportunity to apply for grants to support local organisations w here they volunteer on their own t ime. I am so pleased that through the J Kirby Simon Foreign Service Trust, I will be able to play a part in providing happier, healthier living conditions for the birds as well as better views oft he parrots for zoo visitors, said Mr K obb. The $1,500 grant from the Trust will cover approximately half of the construction costs for the new enclo-s ure for the Bahama Parrots. The A rdasatra Gardens does not receive any government funding and relies heavily on visitors fees and the supp ort provided by its members and sponsors to maintain the grounds, habitats and education programmes. A SAILING vessel carryi ng 80 Haitian migrants was spotted on Sunday by a United States Coast Guard helicopter at about four miles south of Matthew Town, Inagua. After a request for assistance under a bilateral agreement with the Bahamas gove rnment, the USCGC Escanaba went to the scene to intercept the boat. After providing life jackets to the migrants, the Coast Guard transferred them aboard the Escanaba where they received food, water and basic medical care. T he RBDF vessel HMBS Nortec joined the Coast Guard ship and destroyed the migrants boat because it was considered too dangerous for navigation. The Escanaba repatriated the passengers yesterday in Cap Haitien, Haiti. LUCKY 20 WIN CHANCE TO RUSH WITH KALIK JUNKANOO GROUP ARRESTS AFTER GUNS, AMMUNITION FOUND BY POLICE VESSEL CARRYING HAITIAN MIGRANTS INTERCEPTED U S EMBASSY OFFICER a nd Ardastra G ardens volunteer, Shawn Kobb, with a n endangered Bahama Parrot in the old enclosure. T HE DIRECTOR o f the Ardastra Gardens, Richard Roswell, shows Shawn Kobb the new enclosure that is expected to be completed by the end of January. Enclosure to be completed by the end of January Endangered parrots to get new home thanks to grant Shar e your news The Tribune wants to hear from people who are making news in their neighbour hoods. Per haps you ar e raising funds for a good cause, campaigning for impr ovements in the ar ea or have won an awar d. If so, call us on 322-1986 and share your story.


By DENISE MAYCOCK Tribune Freeport Reporter F REEPORT: The United Bahamas Prison Ministries presented Leonard Light bourne the keys to a new house, the grand prize of a raffle held on December 23. Dexter Edwards, president of UBPM, said the raffle was authorised by the Gaming Board and ran for nine months. Although sales were disap pointing, Mr Edwards was very grateful to persons who had supported the raffle which was extended from the initial drawing on June 26. We did not get the kind of support we thought we would have gotten, but I would like to thank those who have sown a seed in this project, said Mr Edwards. The three-bedroom, two bath house at Sunset subdi vision is valued at $180,000, and was built by Glorious Works and Pinnacle Construction Company. In addition to the house, there were 15 other prizes. During the first four months, organisers offered two raffle tickets at $100. In an effort to increase ticket sales however, prices were amended to four raffle tickets at $100, two tickets at $50, and one for $30. Mr Edwards said the raffle was held to raise funds for a skills training centre and halfway-house for young people. The plan for raffling the house was an assignment I received from God to get public involved in something positive that would provide someone with a house that was debt-free while at the same time raising money to help at-risk youth, he explained. He believes that negative comments on the internet about the United Bahamas Prison Ministries may have discouraged public participation in the raffle. Mr Edwards said the raffle was authorised by the Gaming Board, and the public was invited to attend and witness the drawing on December 23. He also stated that ballots were verified by accountant Roger Rolle, of Rags to Riches Consulting Co Ltd. We had all kinds of peo ple slander the ministry on the internet saying it was a fraud and a scam, and I believe it discouraged the public from getting involved in it. But it was a success at the end of the day in terms of us being obedient to the assignment that God had given to us, he said. The United Bahamas Prison Ministry was founded in 2005 to provide assistance to prisoners children and the children of victims of crime on occasions such as back to school, Christmas holidays, and birthdays. We also go in the prison here and abroad to preach the gospel and provide prison inmates with personal items such as deodorant, socks, soap, underwear and tooth paste, he said. Not discouraged by the outcome, Mr Edwards said the ministry is thinking about holding another house raffle in the future. It is not about me, it is about God and doing His will. I want people to know that their seed has not gone in vain, he said. C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM POLICE are on the lookout for Charles Saunders who is wanted for questioni ng in connection to a numb er of cases. T he Royal Bahamas Police Force want to question him in connection with armed robbery, attempted murders and possession ofan unlicensed firearm investigations. S aunders, 22, has a dark b rown complexion, stands 5ft 7in tall, and is of medium build. H is last known addresses are Rupert Dean Lane andA ugusta Street. A nyone with information o n Saunders' whereabouts should call police at 919/911, the Central Detective Unita t 502-9930/9991, the Police Control Room 322-3333,C rime Stoppers 328-8477 or t he nearest police station. DA DILLY TREE NIGHTC LUBcelebrated their soft opening with a press reception this holiday season. The Lounge located on Tonique Williams Darling Highway caters toa mature crowd. T he chic ambiance of the nightc lub includes three lounges with each p roviding a distinct environment. T he Main Lounge has eighteen hund red square feet of space for dancing p leasure, a couples corner and even a restaurant. Three large screens m onitors located strategically t hroughout the lounge allow patrons to watch the latest games or even some election returns. The mediaw as given a tour of the nightclub while being feted with scrumptious food provided by resident Chef Dey on Hall. A t the press reception keynote speaker Fred Munnings lauded the partners of Da Dilly Tree for their b old step in cornering the grown f olks market, a market that has for t oo long been neglected and for promoting Bahamian music and salutingB ahamian musicians. H e also reminisced about the era when Bahamians dressed up to go out and lyrics were as intriguing as the beat. He said that the nightlife of the Bahamas was arguably the best in the region. Mr Munnings, whose father Fred M unnings Sr put the Bahamas on t he map having being known as the most renowned nightclub owner in T he Caribbean with the famous Cat & The Fiddle nightclub, also assured t he audience that he will indeed be using Da Dilly Tree himself for future projects, noting that besidest he dcor and ambiance it is also an ideal location. Dillon McKenzie, partner in Da D illy Tree also addressed the media and explained the vision of the nightclub. We at Da Dilly tree have gone after and captured our niche market which is Grown Folks. Wea re now working diligently to main tain this market and are doing every thing in our power to ensure that our patrons are satisfied with our services. We are aware that the club has fast become an oasis for politi cians, accountants, lawyers, doctors and business people from all walks of life, who have longed for a place where they can be entertained in a s afe stress free environment. We are happy about that and have therefore created two additional lounges to accommodate persons who are interested in a more private lounge. He went on to describe what those lounges have to offer. The VIP L ounge with its ultramodern furn ishings is suspended above the main lounge and attracts the crme de la c rme of Nassaus social scene. It h as a fully stocked bar and hostesses, p atrons can dance the night away without ever leaving this lounge. The Platinum Lounge is even m ore private, with its complete state -of theart audio and visual equipment. This lounge allows you to par ty in complete privacy. Cameras are trained on both the Main and VIP Lounge and allow you to view every thing that is happening without leavi ng the comfort of giant leather c ouches. It also has its own fully stocked bar and bathrooms that take privacy to a new level. Its restaurants pecializes in scrumptious meals with emphasis on traditional native dishes. Emphasis is placed on fresh home g rown ingredients with fruits and v egetables in season. Traditional bar foods like hot wings are also avail able. You may order from the restaurant in any of the three lounges. Raf fle winner takes the top prize home CHEF DEYON HALL at the soft opening of Da Dilly Tree Nightclub. Da Dilly Tree branches out to a mature crowd Dillon McKenzie and Fred Munnings POLICE SEEK MAN FOR QUESTIONING CHARLES SAUNDERS KINGSTON, Jamaica POLICE i n Jamaica say a woman killed a newborn baby girl by throwing her o ut a second-story window at the island's largest m aternity hospital, a ccordi ng to Associated Press. Constable Yanique Matthews says the infantw as found dead Thursday m orning outside Victoria Jubilee Hospital in the capital of Kingston. T he woman is still at large. Matthews said that p olice have not identified her and do not know if she is the baby's mother. Hospital officials d eclined to comment. POLICE SAY BABY THR OWN OUT OF HOSPITAL WINDOW IN JAMAICA


C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, DECEMBER 31, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM statement today with a correction. Tommy Turnquest, Minister of National Security, confirmed the information was incorrect and the Junkanoo parade was still set for 2am on Saturday morning. The parade route runs from Frederick Street to Bay Street, east along Bay Street to Elizabeth Avenue, south along Elizabeth Avenue to Shirley Street, and west along Shirley Street to Frederick Street. The police are advising the public that two hours before the parade, until after its conclusion, no vehicles will be allowed to park on a number of streets downtown, including all streets on the parade route. Traffic travelling west bound on Shirley Street will be diverted south onto Collins Avenue. Traffic travelling north bound on Blue Hill Road will be diverted west on Marlborough Street, and traffic travelling north bound on Nassau Street will be diverted west along Bay Street. able for displaced fire victims at their shelter. Food donations continued to be sent by the commission yesterday. While the Great Commis sion was unsure of how long on site relief efforts will continue they encourage those stillin need to join their regular feeding programmes. Service organisations have also been facing the problem of persons who are not actual Mackey Yard fire victims tak ing food supplies and clothing that have been collected specifically for persons dis placed by the fire. We had to call on the National Emergency Management Agency (NEMA assist in crowd control and compile a list of fire victims.It is sad as we are trying to assist those persons who are truly in need, said Caroline Turnquest, Director Generalof the Red Cross Bahamas Society. According to Brensil Rolle, Minister of Housing, the first step in deciding how to move forward with the Mackey Yard area would be to determine who has lawful title to the property. If the government is found to be in the possession of the land the Department of Works is on standby to clear and dispose of debris, ensure the area is properly cleaned and sanitized and fence off the prop erty, said Mr Rolle. If the property is privately owner, the title holder would then decide how to the pro ceed, said Mr Rolle. The department of Land and Surveys are currently reviewing the matter. The owner of the land will deter mine the type of action to be taken next, said Mr Rolle. SEEPAGESTHREE AND FIVE He said the government was already in the process of addressing the issue when the fire devastated the area and left hundreds homeless. Central to the governments strategy is to determine who owns he land, said Mr Rolle. Where land is privately owned the governments policy is to move for stricter enforcementof town planning regulations. Many residents believe the land is owned by the Mackey family. Asked what he woulddo in view of the fire, one elder resident said: I dont know what will happen next This is not my yard; it is Kennys yard. I dont see him and he knows me plenty. The community leader was referring to Kenny Mackey. Mr Mackey denies being responsible for the land, although he admits his family once was involved and authorised some people to live there. The only one who had per mission are those my parents left there and one or two off spring who are no longer even there. Those people came there, they were told not to build, said Mr Mackey. Despite former claims to ownership, Mr Rolle said the Mackey family does not appear to have title to the land. Mr Rolle said he invited the Mack eys to the October meeting, because he wanted specific guidelines from them about what they would do if they owned the land and how they h ad allowed the squatters to take over the land. We hit a road block when we could not determine the ownership. We discovered (according to Mr Mackey were trying to seek a lease for the land, but at the same time it was not clear that it was gove rnment owned, said Mr Rolle. The Department of Lands and Surveys is now involved in the investigation to determine the ownership status. Mr Rolle said the investigation is incom plete, although he believes the land is owned by the govern m ent. Where squatter land is government owned, there is a systematic approach to dealing with regulating the area, said Mr Rolle. He would not discuss the his tory of the settlement and why it had escaped government reg-u lation for decades. Some resi dents say the community is one of the oldest Haitian villages in New Providence, dating back to the 1970s. Since I became the MP for that area the government tooka considered position with regards to squatters. And the position was, in those areas where squatters were on government owned land and that land could be available for pubic housing, the government would turn that land over to the Ministry of Housing and cause the ministry to regulate individuals who they found on the land. That has been done so far on two squat ter sites by this government, so we are not reacting to the fire, s aid Mr Rolle. Two Haitian communities in Pride Estates were recently redeveloped by the government. An audit was done of the area with immigration officials, police officers, the defence force and social services to determine the status of resid ents. Those land sites have been turned over to the MOH and the ministry has had meetings with those on the land and a determination has been made on the land. We have redesignated the area, met with the individualsa nd said this is what is going to happen, said Mr Rolle. As the process unfolds, it is unlikely any of the residents will be able to rebuild their homes on the former Mackey Yard property. Mr Rolle said the area is going to be enclosed as theg overnment determines how to treat the area. Bahamian citizens, permanent residents and those who have already applied for residency may be eligible for low and middle income housing if the Ministry of Housing is made responsible for the devel opment. If it is discovered that the land is owned by the govern ment then the step I would recommend is to have the land transferred to government for housing purposes and to apply the same principles in Pride Estates: make the land available to Bahamians and perma nent residents at a rate that was reasonable and acceptable, said Mr Rolle. agreed during a closed court hearing before Justice Bernard Turner to a consent order to a work stop excavation on the land for 14 days as the claim by Mr Bethell and his family is inves tigated. Before this time expires, Ms Rolle-Gilbert said that it is high time that all of the competing interests in the property meet. In their filing before the court, Mr Bethel and his family are contending that the land being excavated at Fortune Hill, San Salvador belonged to their ancestor Nimrod Newton by way of a Crown grant dated August 8, 1876. This Newton tract, Mr Bethel explained, encompasses some 47 acres on Fortune Hill and includes an area of the 23 acres owned by Mrs Black-Beal. Mr Bethell contends that Mrs Beals property was erroneously mapped over a portion of his land to encompass the cave in which the treasure is believed to be buried. Rumours of treasure buried on the land have been circulat ing in San Salvador for years. FROM page one Land ownership question stalls efforts to regulate Haitian community THEMACKEYYARD community was devastated by fire on Boxing Day. FROM page one POLICE CONFIRM PARADE DATE FROM page one CALL FOR THREE FAMILY INTERESTS TO MEET MACKEY YARD FIRE RELIEF EFFORTS FROM page one


LA PAZ, Bolivia PROTESTSagainst a sharp increase in fuel prices intensified and turned violent in Bolivia on Thursday, as thousands of demonstrators demanded President Evo Morales' government repeal the hike, according to Associated Press. Demonstrators filled the streets in La Paz and other cities to protest the higher prices, which were announced suddenly on Sunday. Gaso line prices immediately soared by 73 percent and diesel prices went up by 83 percent, leading to a rapid increases in transport and food prices in the Andean country. Some demanded the resig nation of Morales, a close ally of Venezuelan President Hugo Chavez. It has been the most unpopular measure of Morales' five-year presiden cy. Taxi drivers held a strike that largely paralyzed La Paz on Thursday, and protests were also held in the cities of Cochabamba, Santa Cruz, Potosi and Oruro. The march in the capital began peacefully but clashes with police erupted when demonstrators tried to enter the main plaza where the government palace is located. Police used tear gas to disperse the protesters, who hurled stones at officers, the vice presidential office, a union headquarters and two ministry buildings. In El Alto, a city neighbor ing the capital, demonstrators set afire a car and toll booths. People lined a bridge while protesters raised fists demanding the measure be repealed. Interior Minister Sacha Llorenti said disturbances in La Paz, El Alto and Cochabamba left 15 police officers injured, two serious ly. A group of protesters burned a Venezuelan flag. "We make a call for calm, for tranquility; there are police on patrol to guarantee security," Llorenti told a news conference. Fuel prices had been frozen for six years, but the government said it could no longer afford to subsidize them, especially since much is smuggled across the border to neighboring countries. Responding to the protests, Morales' government has announced steps aimed at mitigating the economic effects including 20 percent salary increases for public workers aimed at offsetting higher fuel prices. The government also announced new assistance to rice, corn and wheat farmers intended to increase production and bring down prices. Demonstrators have called their protest the "gasolinazo." Neighborhood protest leader Claudio Luna said in La Paz that the government's "message hasn't met the expectations of the popula tion, and for that reason we're going to continue the protests." He said demon strators want prices lowered back to their former levels. Bus drivers have also held sporadic protests this week, demanding the government further increase fares. Authorities ordered raises of 60 to 80 percent in public transport fares, but bus dri vers argue that isn't enough to offset the higher costs. Food prices have also risen 15 percent in subsidized government markets, but that remained much less than in private supermarkets. People seeking bargains lined up at a state-run food store in La Paz on Thursday. Morales, meanwhile, said in a news conference that he is inviting advisers from Paraguay's government to help formulate additional measures to lessen the blow of eliminating fuel subsidies. C M Y K C M Y K INTERATIONAL NEWS PAGE 10, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM WASHINGTON FORMERSenate candidate C hristine O'Donnell went on the o ffensive Thursday following r eports that federal prosecutors are looking into whether she illegally used campaign money for personal use, saying the accusat ions are politically motivated and s toked by disgruntled former c ampaign workers, a ccording to Associated Press. T he Delaware Republican a ppeared on several network television morning shows to defend herself a day after The Associated Press revealed authorities have opened a criminal investigation to determine whether she broke the law by spending campaign m oney on personal expenses such a s rent. "There's been no impermissib le use of campaign funds whats oever," O'Donnell told ABC's Good Morning America." O'Donnell ticked off a long list of groups and individuals that she s aid could be behind the investigation: establishment Republicans, the Obama administration, and Vice President Joe Biden in p articular; a nonpartisan watchdog group that she said had a lib eral bent; and unhappy formerc ampaign workers. S he said she believes the D emocratic and Republican establishments are out to stoph er. You have to look at this whole 'thug-politic' tactic for what it is," she said. Case The AP reported Wednesday that a person familiar with the probe had confirmed the crimi n al investigation of O'Donnell. The person spoke on the condi tion of anonymity to protect the identity of a client who has beenq uestioned as part of the probe. The case, which has been assigned to two federal prosecu-t ors and two FBI agents in D elaware, has not been brought before a grand jury. The federal investigation foll ows a complaint filed with the F ederal Election Commission in September by Citizens for Responsibility and Ethics in W ashington, a nonpartisan watchd og group that monitors ethics issues. The complaint based in part on an affidavit from former O'Donnell campaign worker David Keegan alleges that she m isspent more than $20,000 in c ampaign funds. The group also asked D elaware's federal prosecutor to investigate. O 'Donnell has acknowledged she paid part of her rent at timesw ith campaign money, arguing t hat her house doubled as a campaign headquarters. FEC rules prohibit using campaign money for a candidate's mortgage or rent. While the FEC frequently investigates and pursues civil case s involving election laws, crimin al prosecutions against candi d ates for such violations are rare. C ampaign finance experts say the d istinguishing factor is intent. You have to have a knowing and willful violation," said Stan Brand, a veteran campaign finance attorney in Washington. Craig Engle, another campaign finance attorney, said a criminal case might never materialize ands aid even criminal prosecutions typically result in financial penal ties, not prison time although t he law allows for a maximum p enalty of five years in prison. "The law is actually fairly clear," he said. "You cannot make any person a l use of campaign contributions ... it even itemizes things that would be considered personalu se." O'Donnell, a tea party favorite, scored a surprise victory in the Delaware Senate Republican pri-m ary this year only to be beaten b adly by Democrat Chris Coons in the general election. Her latest campaign set a state r ecord by raising more than $7.3 m illion, but she has been dogged by questions about her personal and campaign finances, in part because she has run for the Senate three times since 2006 without a full-time job and with little outside income. The two former campaign w orkers Keegan and Kristin M urray have alleged that she routinely used political contribut ions to pay personal expenses such as meals, gas and rent. She a lso has faced a tax lien, a bankruptcy proceeding and a lawsuitf rom the university she attended o ver unpaid bills. On Thursday, she told NBC's "Today Show" that Keegan and Murray were disgruntled former employees who worked only briefly with her campaign, saying Murray was fired for incompet ence. K eegan and Murray could not b e reached Thursday. Investigation O'Donnell called it suspicious that authorities hadn't informed her of the investigation, and shes uggested the case is part of a plot by the Democratic and Republican political establishments to destroy her career. State andn ational Republican party organ izations opposed her outsider campaign during her primary against Republican Rep. MikeC astle. She also criticized CREW, the group that filed the complaint, as liberal and noted that it is run byM elanie Sloan, a former prosec utor who worked under Biden as a lawyer for the Senate Judiciary Committee in the early 1990s. The vice president's office has declined to comment. S loan dismissed the criticism, e mphasizing that the allegations o riginated with conservatives who worked for O'Donnell. "I don't see how anybody can say that those people are part of the liberal machine," Sloan said. "Whatever Ms. O'Donnell and her lawyers want to say, there isa mple evidence that she was using campaign funds for personal use, and that's a crime." O'Donnell has a lot at stake in the outcome of the federal probe, having became a national figure during the most recent campaign. While social conservatives cheered her upset primary victory, she was mocked by late-night talk show hosts and "Saturday N ight Live" for a series of con troversial statements, including that she had dabbled in witch craft when she was young. But O'Donnell made clear after h er loss that she was not leaving the public arena. She announced earlier this month that she had signed a deal to write a book about her 2010 campaign and the political process, with publication expect ed this summer. She also is forming a political action committee that would allow her to continue raising m oney and support like-minded candidates and causes. ODonnell blames foes for funds allegations IN THIS SEPT. 17, 2010 FILE PHOTO Delaware Republican Senate candidate Christine O'Donnell delivers remarks at Values Voter Summit in Washington. Fed e ral authorities have opened a criminal investigation of O'Donnell to determine if she broke the law by using campaign money to pay personal expenses, according to a person with knowledge of the investigation. (AP T T h h e e r r e e ' s s b b e e e e n n n n o o i i m m p p e e r r m m i i s s s s i i b b l l e e u u s s e e o o f f c c a a m m p p a a i i g g n n f f u u n n d d s s w w h h a a t t s s o o e e v v e e r r . . . Y Y o o u u h h a a v v e e t t o o l l o o o o k k a a t t t t h h i i s s w w h h o o l l e e ' t t h h u u g g p p o o l l i i t t i i c c ' t t a a c c t t i i c c f f o o r r w w h h a a t t i i t t i i s s . Former Senate candidate Christine O'Donnell Protests intensify in Bolivia over gasoline prices


C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By ALISON LOWE Business Reporter The total value of interest payments made between July and September by the Government rose by $12.2 milliont o $44 million as debt levels increased, according to the Central Bank of the B ahamas. This equated to a 5.29 per cent increase. In its most recent Quarterly Econ omic Review for the July to September period of 2010, released on W ednesday, the Central Bank of the Bahamas noted the Governments deteriorating fiscal position as itr elates to the overall deficit during the 2010/2011 first quarter, which began in J uly 2010. Expenditure gains outpaced the increase in total revenue. Budgetaryf inancing was sourced from a combination of Bahamian dollar and foreign c urrency facilities including a $100 million bond issue, said the report. It added that additional financing f or the Government, which in turn added to its debt obligations, came in the form of $40 million in Bahamian dollar advances, $70 million in domes-t ic foreign currency financing and $7.5 million in external loans. Debt repayments totaled $36.1 million, the bulk of which was utilised tor educe Bahamian dollar obligations, the Central Bank said. As a result of these developments, the direct charge on the Government expanded by 5.3 per cent ($181.4 mil-l ion) to $3.6 billion over the quarter and by 10.6 per cent ($342.6 million y ear-on-year. Bahamian dollar obligations accounted for 78.1 per cent of thed irect charge and were held mainly by commercial banks (35.3 per cent v ate and institutional investors (30.1 per cent), public corporations (25.2 per cent), the Central Bank (9.3 per cent)a nd other local financial institutions (0.2 per cent G overnment bonds comprised the largest share of local currency debt at 85 per cent, with an average age tom aturity of 12.9 years, followed by treasury bills, advances and loans. A decline was registered in the July to September period in public debt ser-v ice payments, which fell by just under 50 per cent ($7.3 million 50.8 per cent reduction in public corporations outlays to $6 million and a3 7.9 per cent drop in Governments portion to $1.7 million. M eanwhile, public sector foreign currency debt rose by 14.7 per cent ($169.3 million) in the review period. At end-September 2010, total public sector foreign currency debt stood at $ 1.324 billion, of which 59.3 per cent was for the Governments direct account, the Central Bank said. By creditor profile, private capital market investors held the largest share o f the foreign currency debt (45.3 per cent), followed by the commercial banks (39.3 per centt utions (10.1 per cent tutions (3 per cent t ors (2.3 per cent maturity of the debt was approximately 12.6 years, denominated almost e ntirely (99.2 per cent Government interest payments on the rise JANNA HERRON, AP Real Estate Writer NEW YORK Americans are starting to buy homes again, lifting a battered industry that is bracing for its worst sales year in more than a decade. Signed contracts to pur chase homes rose in Novem ber, the fourth increase in five months. That should give the housing market a boost in the first few months of the new year because there's usually a oneto two-month lag between a sales contract and a completed deal. Economists cautioned that a major reason for the jump is that people are buying foreclosed homes, which sell at steep discounts and weigh on the broader market. Another obstacle is the sudden spike in the 30-year fixed mortgage rate, which only weeks ago had fallen a 40-year low. Still many economists expect sales to gradually rise next year as the economy adds more jobs and home prices stabilize. "Sales appear to be picking up and we expect better sales in the next several months," said Patrick Newport, a housing economist at IHS Global Insight. "A lot of that is because the job market is improving." The National Association of Realtors said Thursday its index of sales agreements for previously occupied homes increased 3.5 percent last month from a downwardly revised reading in October. Contract signings were up in the West and Northeast, but down in the South and Midwest. A reading of 100 indicates the average level of sales activity in 2001, when the index started. It was above that level during the boom years, sank during the recession and surged temporarily when the government offered tax incentives to spur sales. When the credits expired in April, the index sank again. Healthy Completed home sales which the Realtors group measures in a separate report are expected to total about 4.8 million units this year. That's much lower than the 6 million units that analysts consider a healthy pace. The last time sales were lower was 13 years ago when sales totaled 4.4 million units. A third of the pending sales likely will be foreclosures or short sales, where a homeowner sells a house for less than what is owed on it, NAR spokesman Walter Molony said. That tracks with the average for the year. These distressed sales go for dis counts of up to 50 percent in some of the hardest-hit areas and will continue to weigh down home prices. Many economists expect home prices to drop another 5 percent to 10 percent in the next six months before stabi lizing. Prices fell in 20 of America's largest cities in October, according to the Standard & Poor's/CaseShiller home price index released Tuesday. There are several challenges facing the housing market aside from foreclosures. Potential buyers are worried about their jobs or are unable to qualify for a mortgage because lenders have tightened standards. And now mortgage rates are on the rise, gaining about two-thirds of a percentage point in the last month. This week, the average rate on 30-year home loans rose to 4.86 percent from 4.81 percent, mortgage giant Freddie Mac said Thursday. That's the highest level in seven months. It hit its lowest level in 40 years in November at 4.17 percent. The average rate on the 15year loan rose to 4.20 percent from 4.15 percent the highest reading in six months. It fell to 3.57 percent in November, the lowest level on records starting in 1991. Rates overall have been rising since November as investors shift money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on fears of inflation. Mortgage rates track the yields on the 10-year Treasury note. The report on con tract signings from the Realtors showed that signings jumped 18.2 percent in the West and edged up 1.8 percent in the Northeast. The Midwest region saw a 4.2 per cent drop in signings in October and the South posted a 1.8-percent dip. Increase in signed contracts gives housing market lift SALE PENDING: In this Nov. 5, 2010 photo, a for sale sign with a sale pending sign attached is displayed at a home in New Orleans. A look at economic developments and activity in major stock markets around the world Thursday: ___ L ONDON Global stock markets traded lower as traders closed out positions to present their portfolios in as good a light as possible. In Europe, the FTSE 100 index of leading British shares closed down 0 .4 percent, France's CAC-40 fell 1 percent and Germany's DAX closed d own 1.2 percent on its shortened final trading day of the year. This year the DAX has risen nearly 1,000 points, or around 16 percent. ___ T OKYO Japanese stocks slumped over concerns about the yen's ongoing strength, which is making it more difficult for exporters to compete. Japan's benchmark Nikkei 225 stock average fell 1.1 percent. It ended the year down around 3 percent. C hinese stocks recovered in the wake of a surprise decision by the c ountry's monetary authorities to raise a key interest rate for the second time since October as they try to keep a lid on inflation. The Shanghai Composite Index rose 0.3 percent and Hong Kong's Hang Seng index added 0.1 percent. __ MADRID Spain's prime minister said he expected economic growth in the final three months of the year after a flat third quarter raised fears t hat the eurozone's fourth largest economy could be heading back into r ecession. Despite a slow three months from July to September, the economy saw growth of 0.2 percent during the period, the first time increase of any kind in seven quarters. S pain's recovery from recession has been the slowest of Europe's largest economies. ___ BEIJING The number of Internet users in China rose 20.3 percent this year to 450 million, more than a third of the country's population, a senior official said Thursday. China, home to the world's biggest population with more than 1.3 bill ion people, also has the world's largest number of Internet users. China's boom in Internet usage has come with the growth of an equall y extensive policing system, from technical filters that block sites based on certain words to human monitors who scan bulletin boards and m icro-blogging posts for political dissent. global NEWS MARKETGROWTH: A real estate sign announces a pending residential home sale in Framingham, State, Thursday, Dec. 30, 2010. INTERNATIONAL BUSINESS A P P h o t o / B i l l S i k e s


P ALLAVI GOGOI, AP Business Writer N EW YORK Investors are brushing a side some positive economic news on lingering concerns over the housing market. But while U.S. markets w ere in negative territory Thursday, stocks are likelyt o end the year on an upbeat note: The S&P 500 index is up 12 percent and the Dow is up 11 percent in a year marked by big corporatep rofits. The Dow is back to levels last seen in August 2008, prior to the heat of thef inancial crisis, while the S&P might just eke out the b est December in 20 years, if it manages to go back to positive territory. A t midday, the Dow Jones industrial average was off 23.73 points, or 0.2 per cent, to 11,561.70. The S&P 500 edged down 2.64, or 0.2p ercent, to 1,257.14, while the technology-focused Nasdaq composite index fell 3.98, or 0.2 percent, to 2,662.95. T he week has been thinly traded, and Thursday is effectively being considered the last trading day of note because of the spate of eco n omic data and also because even fewer traders are e xpected to show up on Friday, the last day of the year. Despite the strong corpor ate profits recorded during the year, economists have b een worried about the stubbornly high rate of unemployment at 9.8 per-c ent. Thursday's report from the Labor Department s hould offer some relief. Benefits The number of Americans applying for unemploymentb enefits fell to its lowest point in nearly two and a half years, a sign that the job market is slowly improving. Applications dropped by3 4,000 to 388,000, the fewest since July 2008, the Labor Department said Thursday.U nemployment claims gen erally predict where the job m arket will go over the next few months. In further positive news, t he Chicago Purchasing Managers Index for Decem ber showed that companies in the Midwest were faring better. The index, which sur v eys business conditions in the states of Illinois, Indi ana and Michigan, came in with a reading of 68.6, up from 62.5 in the previousm onth. Economists had been expecting the index to d rop to 61. Home sales also fared well. The National Associ-a tion of Realtors said the number of people who s igned contracts to buy homes rose in November, the fourth increase sincec ontract signings hit a low in June. Its index of sales a greements for previously occupied homes increased 3 .5 percent. However, with mortgage rates creeping up, investors worried over its effect on home sales. The average rate on 30-year fixed mort g ages rose this week to 4.86 percent, the highest level in seven months. U.S. Treasurys are also down slightly, which has ledt o a slight bump up in yields. The benchmark 10-year bond is yielding 3.39 per c ent, up from 3.35 at Wednesday's close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t7UXVW%DKDPDVf/LPLWHG 5HJLVWHUHG$JHQW )RUWKHDERYHUHIHUHQFHG&RPSDQ\ We speak often about the s tubborness on the expenditure side, which is likely to continue, and the need to boost revenues. Weve really reached t he limit on what we can extract from the public under the existing system, so we need to look at an ew tax system that gives us more buoyancy. Easier A nd he added: We need to make it easier for f oreign and domestic investment inflows to cut the trade deficits weveb een running. The fiscal and monetary p olicy has to become more accommodating, because government, whicha ccounts for 25 per cent of GDP, cannot spend its way out of it, so in the medium term tourism has to grow more than 3-4 per cent,a nd grow in such a way that it impacts jobs, growing employment and trans-l ating into more spending and tax revenues. T he Bahamian economic strategy, Mr Smith said, had to be more employm ent opportunities that translate into growth opportunities. H owever, the former finance minister added that even if tourism turned around, hotels would not re-hire staff at the samer ate as which they were dismissed in the 2008 second half, due to increased productivity among the remaining employees. We will have this drag on unemployment, certain ly over the medium term, M r Smith said. TOURISM MUST GROW FASTER THAN 3-4% FROM page 1B the panel discussions, and thats been quite valuable to a number of producers Maria Govan and Kareem Mortimer in their endeavours. Just as valuable, he explained, were the contacts Bahamian filmmakers and producers made with their international counterparts who, in turn, could put them in touch with their contacts to help them with their own projects. Its these sorts of contacts that go a long way to bringing credibility to the project and raising capital from a private offering, Mr Bethel explained. That is the route both Maria and Kareem took in regards to being able to produce their movies. It really starts with producers and filmmakers getting contacts from those sources and building from that. While raising film financing was a major issue, Mr Bethel said there were different avenues for producers to explore filming via camcorder, and then distributing through DVD or You Tube before moving to a full-fledged theatrical film that could cost anywhere from $500,000 upwards. FROM page 1B FILM FINANCING A MAJOR ISSUE By ALISON LOWE Business Reporter Despite a worsening level of loan arrears in their portfolios, bank profitability increased in the 2010 second quarter by 34 per cent to $62.3 million, the Central Bank said in its quarterly economic review. Despite the deterioration in loan quality, banks profitability rose relative to the same period a year ago, said the Central Bank. Contributing to this profit boost was a rise in commission and foreign exchange income of $2.3 million (62.8 per cent in the gross earnings margin by 3.9 per cent ($5 million) to $132.2 million. Net interest income rose by $2.3 million, equivalent to 2.2 per cent, while the loss on bank nonloan activities narrowed significantly by $15.7 million to $0.6 million, with this due mainly to a reduction in provisions for bad debts by one third to $26.5 million, and a similar percentage increase in other non interest income, driven by fees and other related charges, reported the Central B ank. In the same period, banks operating expenditure rose by $4.8 million (7.5 per cent million on account of elevated staffing (6.9 per cent) and other miscellaneous operating costs, which outpaced the 11 per cent reduction in occupancy expenses. B anks profitability ratios measured against average assets showed modest improvements. Bank profits grow 34% Stocks down as investors worry over mortgage rates USMARKET AP Photo/Mark Lennihan, file STOCKS DOWN: In this March 8, 2010 file photo, a sign for Wall Street is shown near the New York Stock Exchange.


C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM tb Biggest threat from $4.1bn national debt Any time you have this continuing trend, and its an upward trend, thats the concern, because it comes at a time when there is no increase in revenue, so the debt service element is growing at full steam. With less revenue comi ng in, and the cost of financi ng the debt going up, a greater part of Government expenditure has to be dedicated to debt servicing. As a result, the sums availablef or the Government to s pend on essential services, such as health, education and national security, would be less. Concern There ought to be some concern about the rate of i ncrease in the debt, because its very difficult once you step over that slope to come back, the former finance minister added. I dontt hink were anywhere near c risis; its the trend thats the w orrisome part. The Bahamas national debt grew by 12.5 per cento r $460.5 million over the 12 months to September 30,2 010, and by 4.4 per cent or $ 173.3 million during that third quarter, aided by a $100 million domestic government bond issue. While many small island e conomies had managed to withstand the global reces s ion with higher debt-toG DP ratios than the Bahamas, a number had been forced to head for the International Monetary Fund (IMFt heir debt. And they, like the Bahamas, did not have a hard currency to back their debt, being forced to borrow in foreign currency. The Central Bank report also highlighted anotherc oncern, namely that public sector foreign currency debt s tood at $1.324 billion as at September 30, 2010, with 59.3 per cent directly attrib u ted to the central government. And, according to Trib une Business calculations, foreign currency accounts for 32 per cent almost one-t hird of the total national debt. Thats also worrisome, Mr Smith responded, when informed by Tribune Busi-n ess about the level of foreign currency debt. What is happening is that were seeing a build-up in foreign currency reserves, which isg ood, but that has been produced by the Governments foreign currency borrowinga nd the IMF subvention [special drawing rights]. T he real issue for the Bahamas could come somewhere down ther oad when the Governments foreign currency b ond issue matured, requir ing a multi-million dollar principal repayment, likelyt o be in the region of $200$300 million, to be made to the investors. While the Governments existing foreign currencyb onds all had medium and long-term maturities, if the foreign reserves were not boosted by inflows from tourism and foreign directi nvestment, the principal r epayments would represent a substantial drawdown on these reserves currentlys tanding at $875 million. Ultimately, this could r esult in more and more foreign currency being used for debt reduction, aso pposed to bolstering the economy through import s pending and such like, Mr Smith said, adding: We have to be careful about thef oreign currency portion of the debt. Right now it looks good on the monetary side because the reserves havei ncreased, but thats not come from tourism or foreign direct investment itsc ome from the proceeds of debt. Rates Again, down the road, in maybe another two or three years time, when you looka t this in a global context where interest rates have been held down by quanti tative easing, the rate on our foreign currency borrowingc ould rise because its tied to LIBOR. This debt servicing component of the Budget could rise even further still. D escribing the national debt and its growth rate as the biggest threat to the Bahamas medium and longterm economic growth ands tability, Mr Smith told Tribune Business: We are rapidly using up the headroom in the event we do have problems down the road, and for us its external events that put us out. Pointing to the short, sharp shock to the Bahami-a n economy caused by the travel hiatus following the September 11 terror attacks, w hich plunged this nation into a temporary recession,M r Smith added that with the likes of Europe and US a lso carrying major debt b urdens, the Bahamas would have to compete for the same pool of financing, something that could s ee it crowded out or forced to pay higher interest rates on its debt. Were not out of the woods yet. We need to con-t inue to get the headroom i n the event of a short-term crisis, Mr Smith said. He urged the Government to conduct a careful, propera nalysis of the fiscal picture t o ensure the Bahamas enjoyed a soft landing. A nd the former finance m inister warned that while the Government may have i t under control internally, t he growing national debt and falling revenues would be interpreted as a bad sign by the international comm unity. Indeed, the rising level of government debt saw interest payments during the first quarter of the 2010-2011 Budget year to $44 million, a growth of $12.2 million or 5.29 per cent. The direct debt charge on t he Government grew by 5.3 per cent or $181.4 million over the 2010 third quarter, and by 10.6 per cent or $ 342.6 million in the 12 m onths to September 30, 2 010. Bahamian dollar obligations accounted for 78.1 per cent of this direct charge. F ROM page 1B Tourist Board owed $500k by bankrupt airline w ork. Frank Comito, the Bahamas Hotel Associations (BHA for two weeks. Jack Thompson, director of immigration, told Tribune Business that he knew nothing about the debt owed to hisd epartment, and referred this newspaper to Patricia Rodgers, permanent secretary at the Ministry of Foreign Affairs. A message left for her was not returned before press time. A list of Gulfstreams creditors detailed too many Bahamian individuals, businesses and hotels to mention here. The c ompany services 10 Bahamas destinations from south Florida, namely Nassau, Freeport, Marsh Harbour, Andros Town, George Town, Governors Harbour, New Bight,N orth Eleuthera, South Bimini and Treasure Cay, so it performs a vital role in the tourism infrastructure and getting v isitors to the Family Islands. While Gulfstream International has continued to operate in the meantime as it seeks to restructure its affairs andf ind a buyer, the prospects of the Bahamian unsecured creditors recovering all their funds are uncertain, given that the group representing them has filed a December 28, 2010,m otion to convert the case from Chapter 11 to Chapter 7. Currently, Gulfstreams business and assets are set to be s old at auction on January 3, 2011, but the Unsecured Cred itors Committee is moving to avert this, so as to prevent the carriers junior secured creditors from walking away with allt he auction proceeds and leaving them with nothing. Over the past week, the debtors bankruptcy cases have r egressed to a point where the Committee sees no reason to continue in Chapter 11, the Committee said in its court fil ing. The junior secured lenders, it added, have refused to p rovide any response to a proposed carve-out for the benefit of the debtors general unsecured creditors. Neverthe l ess, the junior lenders unequivocally wish to utilise the Chapter 11 process in order to facilitate an auction sale of the collateral pledged to them. A s a result, the Committee is urging the Court to convert Gulfstream to a Chapter 7 case, where an independent trustee would determine the best method for liquidating the companys assets. FROM page 1B cerns about the $2.6 billion Baha Mar development were discussed. Confirming that a closed door meeting did take place recently between Mr Ingraham and Sir Sol, senior vice-p resident of public affairs for Kerzner International (Bahamas could offer on the outcome at this time. Meanwhile, pressed about the result of the Sir Sol meet ing and the Govern m ents response to his concerns over the Baha Mar project includingt he alleged breach of contract perpetrated by the Government through giving the Baha Mar developer a more favourable agreement than Kerzner International got when building Atlantis the Prime Minister told this newspaper on Wednesday: Stay tuned!. In vestment In a November statement, Sir Sol outlined that in his companys single largest investment of $1 billion for Phase III, Kerzner International signed another Heads of Agreement with the-then PLP government in 2003. Among the many requirements that the Government imposed under this and prior agreements, Mr Kerzner said, was a strict rule that at least 70 per cent of the total construction labour force would be Bahamian. However, with Baha Mar's proposal of some 8,150 Chinese labourers coming in to work on the project creating a 70 per cent Chinese workforce Atlantis officials insisted that this new deal with the Cable Beach developer will constitute a complete reversal of this previous standard, breaching their investment agreement. Sir Sol also expressed dismay over the potential for Baha Mar to cannibalise the high-end tourism marketplace, eating into Atlantis revenue and threatening Bahamian jobs at the resort, where nearly 8,000 people are now employed. "It is our contention that a first phase of no more than 1,000 rooms should be built and absorbed into the market successfully before undertaking any subsequent phase Phas ing in this manner would ensure a healthier, more stable tourism market and would protect the existing resorts and the Bahamian jobs within those resorts," Sir Sol said. It has been suggested that Kerzner International will seek some form of compensation from the Government if Baha Mar goes ahead in its current form. Meanwhile, approval for the Baha Mar development was granted in November by the Bahamas Investment Author ity. Construction of the $2.6 billion resort is set to begin ear ly next year. PM SAYS: STAY TUNED OVER SIR SOL MEETING FROM page 1B HUBERTINGRAHAM ernment is seeking clarification at the moment from Emera relates to its intention as to how they perceive the long-term shift coming about (to the privatisation of BEC as opposed to how Emera may see it coming about. Minister of the Environment, Earl Deveaux, has previously indicated that the Ingraham administration would not wish to privatise or sell any of its BEC equity without a formal privatisation process taking place. Apart from Grand Bahama, Emera has been further deepening its involvement in the Caribbean region. It has purchased a 19 per cent stake in St Lucia Electricity Services (Lucelec May 3, 2010, acquired a 38 per cent equity interest in Light & Power Holdings, making the Canadian firm the largest shareholder in the monopoly Barbados power generator, which is publicly traded. This month, the company launched a full takeover of Light & Power Holdings, seeking to acquire all outstanding shares. All of which suggests that Emera sees the Caribbean, and the Bahamas itself, as a significant area of potential growth, and is now moving to build significant size and economies of scale in its regional interests. Given its existing holding in Grand Bahama Power Company, though, monopoly concerns are likely to be raised should Emera acquire a substantial BEC equity interest in the future. Emera submits BEC proposal FROM page 1B There ought to be some conc ern about the rate of increase i n the debt, because its very d ifficult once you step over t hat slope to come back. I d ont think were anywhere n ear crisis; its the trend thats t he worrisome part. James Smith EARL DEVEAUX


SYLVIA HUI, Associated Press LONDON Prime Minister David Cameron has pledged to prioritize jobs and economic growth in 2011, but his New Year's message warns of tough times ahead with harsh budget cuts needed to tackle Britain's massive deficit. Small businesses not the debt-ridden government will be the most important job creator, Cameron said, and he promised to consider more bank lending and other mea sures to help entrepreneurs grow and create a "new economic dynamism" in Britain. Despite that upbeat note, Cameron acknowledged that tough austerity measures mean 2011 will be a rough year for many. "We have been living seriously beyond our means," he s aid. "2011 is going to be a d ifficult year, as we take hard b ut necessary steps to sort things out." Cameron became prime minister in May, inheriting a record spending deficit of about 109 billion pounds( $172 billion), racked up duri ng the world financial crisis. Since then he has overseen the announcement of 81 billion pounds ($128 billion public spending cuts through 2015. The measures will see as many as 330,000 public sec tor jobs lost and vastly reduce welfare payments. Referring to the economic crises in Greece and Ireland, Cameron said that Britain's economy faced similar dan gers before his government pulled the country out of the danger zone. Although harsh, he said the a usterity measures his gove rnment has introduced could r estore confidence in the nation's economy. "Together, we can make 2011 the year that Britain gets back on its feet," he said. Opposition Labour leader E d Miliband, in his own New Y ear's message, criticized the speed and scale of the government's deficit reduction plan as "irresponsible," say ing hardworking families would feel the effects of the spending cuts most painfully next year. British union leaders have warned of a surge in strikes next year to protest the planned cuts and increases in taxes and university tuition fees. Other areas Cameron listed as his priorities include enhancing school spending for poorer students, cutting bureaucracy in public services, and stepping up national security. On Afghanistan, the leader of Britain's coalition government said 2011 would be a crucial year as British troops begin to transfer security responsibility to Afghan control. More than 340 soldiers and civilian defense workers have died in Afghanistan since operations began there in 2001, and Cameron has said troops will end their combat role in Afghanistan by 2015. "As the Afghans become steadily more capable of looking after their own security, so we will be able to start bringing our own forces home," the British leader said. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, DECEMBER 31, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NEW YORK Groupon Inc., the fastgrowing Internet startup that offers local deals and discounts to members, has raised $500 million of the $950 million it is planning to collect in its latest financing round. The Chicago company said in a regulatory filing Thursday it plans to use up to $344.5 million of the proceeds to buy back shares from existing shareholders, including founder and CEO Andrew Mason. Groupon raised the money just a few weeks after Google Inc.'s attempt to buy the 2-year-old company fora reported $5 billion to $6 billion fell through. If it hadn't, it would have been Google's largest acquisition. Previous funding $135 million came from Group, also known a s Digital Sky Technologies, a Russian Internet invest m ent firm that also holds a stake in Facebook. Groupon employs about 3,000 people, about 1,000 more than the much-larger Facebook. Most of these people work in sales, dealing with local and national merchants who set up discount deals. This has some analysts questioning how easily Groupon can grow its business, since it needs to hire a lot of salespeople to set up deals. Groupon's more than 35 million subscribers receive e-mails or posts on their Twitter or Facebook pages about daily bargains in their region, such as $40 worth of food at a restaurant for $20in San Francisco, or $49 for $130 worth of yoga classes in Anchorage, Alaska. The deals only become active if enough people sign up for them, to make it worthwhile for the businesses. Groupon did not say who the investors were that took part in its offering, only that there were 33 of them. Venture capital data provider VC Experts estimates that if Groupon raises the full $950 million, it will be worth about $6.4 billion total. UK leader sets economic growth as top 2011 goal INTERNATIONAL BUSINESS Local deals site Groupon raises $500 million In brief ANNA WEBB, The Idaho Statesman BOISE, Idaho Many local refugees are finding work in the health care fields even during the worst recession since the 1930s. In some cases, refugees' cultural heritage is an advantage. In a high-rise off State Street, Kumari Luitel and Margaret Whitman have decked out Whitman's apartment in so many sparkling holiday lights pink, purple, rainbow-colored icicles that there are more than enough for both Christmas and Diwali, the Hindu festival of light. The soundtrack: American Christmas classics mixed with the Bollywood Luitel loves. "I accept Kumari, and she accepts me," Whitman said. Whitman has become a vegetarian, inspired by Luitel's Hindu faith. Luitel works for ABC Home Health in Meridian, and spends three hours every evening with Whitman. A former teacher in Nepal, Luitel said she likes having a job in which she helps peo ple, and she plans to continue her education in the nursing field. The challenge of finding a job in the down economy becomes even more acute for refugees many of whom come to the U.S. with profound language and cultural differences. In 2010, more than 30 percent of Idaho's employable refugees left the state to look for jobs, voluntarily stopped their job search, or are still looking for work. But there are bright spots and home health care is one of them. Luitel arrived in Boise in 2009 from Nepal where she had lived in a refugee camp since she was a small child. She trained to become a Certified Nursing Assistant in the U.S., but her initial training came much earlier, and more informally, she said, when she cared for her own mother in the refugee camp. Whitman, a retired nurse, is a diabetic who takes supplemental oxygen. She relies on a walker and wheelchair to get around and on Luitel. Luitel cooks meals for Whitman, helps her into bed. Most of all, the two have become so close Whitman considers Luitel's baby her fifth grandchild. "I trust Kumari with my life," she said. Many refugees come from cultures where it's common for younger family members to care for their elders. That tradition works to refugees' advantage in the United States, making jobs in health care a natural fit for some. It's a practical fit, too. According to the Bureau of Labor Sta tistics, the health care industry will generate three million new wage and salary jobs between 2006 and 2016. "All those Baby Boom babies are getting to be my age," said Whitman. "They are all going to need care." The Idaho Office for Refugees recently hosted a summit in Boise to introduce local health care companies to an untapped pool of caregivers in the refugee community. The field has a built-in career ladder with lots of ways to advance, said Tara Wolfson, a regional employment coordinator with the agency who is working with several former refugees. Wages in entry-level health care professions typically range from $7.50 to $9.50 an hour modest, but a start in a profession with a lot of demand. What's good for new Idahoans can also be good for Idaho businesses, Wolfson said. Businesses that hire refugees are eligible for tax credits and support from resettlement agencies, including language interpreters, vocational English instruction and job coaching. Petar Amador, owner of ABC Home Health, spoke at the recent summit and said between 30 and 40 percent of his employees are refugees. Amador started hiring refugees a couple of years ago after he got a call from a resettlement agency about a refugee who needed care. Amador met with the agency and ended up hiring another refugee to be a caregiver for the first. That arrangement worked so well, and the caregiver turned out to be so competent, that Amador decided it was worth his efforts to develop his own training program for refugees. The program includes interpreters, videos, exercises and testing. Since that first introduction through the resettlement agency, he's hired between 50 and 60 refugees as caregivers. Jobs in health care offer hope for refugees JORGE RUEDA, Associated Press CARACAS, Venezuela Venezuela's economy has shrunk 1.9 percent in 2010, declining for a second year, but is recovering and headed for growth in 2011, the Central Bank said Thursday. Officials released the yearend figure while also announcing that President Hugo Chavez's government is doing away with a twotiered exchange rate and going back to a single, gov ernment-set rate. Central Bank President Nelson Merentes said officials project Venezuela's gross domestic product should bounce back and grow about 2 percent in 2011. Venezuela has been in recession for the past two years, and its economic problems have lingered even as other Latin American coun tries have returned to growth. The Venezuelan economy contracted 3.3 percent in 2009. Planning Minister Jorge Giordani told reporters Venezuela is eliminating the dual exchange rate instituted in January 2010. There will no longer be a second rate of 2.6 to the dollar, which was used largely for government imports of preferred items such as food and medicines. The change, which takes effect Jan. 1, will move the fixed exchange rate to a single level of 4.3 bolivars to the dol lar. Chavez's government had introduced the two-tiered rate in an attempt to soften the blow of a devaluation. "This decision will allow a simplification," Giordani said. When the dual rate was first announced, critics had warned it would be difficult to administer. V enezuela: Economy shrank 1.9 percent this year (AP Photo GROWTHSPURT: In this Sunday, Sept. 12, 2010 photo, a cargo ship leaves the port in Xiamen in southeast Chinas Fujian province. Chinas export growth accelerated in November in a possible sign global demand is recovering, government figures showed Friday. Exports jumped 34.9 percent from a year earlier to $153.3 billion, boosted by a surge in sales to other developing economies, which are recoveringf aster than the United States and Europe from the global crisis. CHINA ON THE MOVE


M ARK JEWELL, A P Personal Finance Writer B OSTON I t appears investors are b eginning to get comfortable w ith risk again. Not only are they pulling money out of bond mutual funds at the fastest pace in twoy ears, but they're slowly starting to embrace stocks again. T he shift in sentiment comes as positive economic news and robust corporate earnings lift stocks, which have risen 20 per cent since the start of September. P rices of bonds, typically less risky than stocks, are heading in the opposite direction. A broad measure of the bond market, the Barclays Capital U.S. Aggregate Bond index, is down nearly 3 percent since early N ovember. This reflects fears about rising interest rates, which effectively lower bond r eturns. You've almost got a onetwo punch, with stocks up, and the bond market taking a pret t y big hit," says Ron Saba, d irector of stock research with Horizon Investments, a Charlotte, N.C.-based investmenta dviser for $3 billion in assets. "So now you start to see psy chology take over. Investors say, 'I want to invest where I'm making money.'" For the last few months, there's been a disconnectb etween the market's gains and investor behavior. Investors have been withdrawing more money from U.S. stock mutual f unds than they've been adding. There hasn't been a positive weekly net flow of cash since l ate April, according to the Investment Company Institute. That has finally changed. The f und industry organization r eported Wednesday that investors added a net $335 mil lion into U.S. stock funds dur i ng the week ended Dec. 21. Although that's a small amount stock funds hold m ore than $5 trillion in assets the switch to positive flow comes after the pace of U.S. s tock fund withdrawals has recently slowed. Meanwhile, more than $20 b illion has been pulled out of bond funds since mid-November, with the weekly outflow in mid-December marking the b iggest in more than two years. "At the end of the year, a lot of investors have been looking at what stocks have been doing and asking, 'What am I sitting in bonds for?'" says CleveR ueckert, a strategist with Birinyi Associates, a stock research and money management firm in Westport, Conn. The Standard & Poor's 500 stock index is up 15 percent this year including dividends, moret han twice the return of the comparable bond index. T he advantage for stocks was even bigger in 2009, when markets began recovering from af inancial crisis that soured many i nvestors. That has led to a massive shift into the relative safe haveno f bonds. Investors have added a net $640 billion to bond funds since January 2009, according t o ICI data. When investors have sought the higher potential returns of stocks, their s earch has taken them overseas. U.S. stock funds have consis tently seen money flow out, w hile funds buying stocks of foreign companies have taken money in. But positive sentiment is c oming home, especially with many recognizable U.S. stocks faring well. Year-to-date, Apple Inc. is up more than 50 percent. Shares of NetFlix Inc. have more than tripled in value, andP has nearly dou bled. Investing pros also are also turning more positive. At least three surveys of money managers this month show growing confidence. S ome of the frequently cited reasons: Stocks remain cheap by the most widely used measures. The price-to-earnings ratio forS tandard & Poor's 500 index s tocks was 15.75 on Thursday, based on earnings from the trailing 12 months, accordingt o Rueckert. Over the past two decades, the average has been around 23. Volatility has eased. The rapid swings in the the stock market have turned off many i nvestors. A year or two ago, daily movements in the Dow of more than a full percentage p oint were the norm. But that's tapered off, and the Chicago Board of Options Exchange's Volatility Index is running at i ts lowest level in eight months. The index, known as Wall Street's fear gauge, is now roughly a third of where it stood during the financial crisis in 2008. Most economic indicators are positive. The deal between Congress and President Obama to extend Bush era tax cuts is expected to give the economy a short-term boost. Despite continuing housing markett roubles, most data suggest the economic recovery is regaining m omentum after stalling over the summer. For example, the govern m ent reported Thursday that t he number of people applying for unemployment benefits fell to its lowest point in nearly twoa nd a half years. Those are the key reasons why Harry Rowen, CEO of S tarmont Asset Management, has gradually been increasing the stock component of the m ore than $100 million his San Francisco-based firm manages for wealthy individual investors. N ow that total is about half in stocks, half in bonds. Rowen expects to increase the stock component to 60 to 70 percent i n coming months, anticipating stocks will continue rising after posting what could be the mar ket's best December showing in 20 years. But Rowen is moving slowly a nd cautiously. "My clients are still very skit tish most of them have a good deal of money already, and they like to preserve it," he says. "So our moves back into s tocks" he says, "are coming in small steps." C M Y K C M Y K BUSINESS PAGE 6B, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NEW YORK Treasury prices mostly fell again Thursday on optimistic jobs and housing data and better business conditions in the Midwest. The price of the 10-year Treasury note fell 9.4 cents per $100 invested in afternoon trading Thursday. Its yield, which moves in the opposite direction, rose to 3.36 percent from 3.35 percent late Wednesday. The number of Americans applying for unemployment benefits fell to its lowest point in nearly two and a half years, while more people signed contracts to buy homes in November. Also, an index showed companies in the Midwest were faring better this month. Y ields Yields overall have been increasing since November, even after the Federal Reserve started a bond-buying program aimed at lowering interest rates. Investors are expecting better economic growth and higher inflation and are shifting their money into riskier investments, curbing bond prices. The yield on the 10-year note traded at as low as 2.49 percent on Nov. 4. In other trading, the 30year note increased 12.5 cents, with the yield falling to 4.42 percent from 4.44 per cent the day before. The yield on the two-year Treasury note edged up to 0.65 percent from 0.64 percent. n SEE PAGE 7B Fund investors begin slowly embracing US stocks INVESTING ATLANTA The CEO of Delta Air Lines Inc. said on Thursday that most of the company's operations have recovered from the big snowstorm on the East Coast this week. Richard Anderson said occupancy on Delta flights is still high. Airlines have been filling planes and running extra flights to move passengers stranded by the blizzard. The big airlines canceled more than 10,000 flights from Saturday through Wednesday, including more than 3,000 at Delta. Anderson told workers on a phone message Thursday that the airline benefited from hiring 600 more reservations agents and 1,000 customer service workers earlier this year. "We've seen the benefits of those additional resources over the last week," he said. Delta spokesman Anthony Black said Delta expects that over 90 percent of the people who needed a flight because of the storm will have gotten one by the end of Thursday. A few cancelations were still cropping up on Thursday. US Airways Group Inc. reported canceling 16 flights, and JetBlue Airways Corp. canceled 40. TRAVELTRAVAILS: Travelers at Seattle-Tacoma International Airport, Monday, Dec. 27, 2010, in Seattle. DELTA SAYS ITS OPERATION RETURNING TO NORMAL A P P h o t o / T e d S W a r r e n (AP Photo/Mary Altaffer JOBHUNTING: Aa job fair at the The Radisson Martinique hotel, Tuesday, Nov. 9, 2010 in New York. SEE PAGE 7B: FEWER JOIN UNEMPLOYMENT ROLLS. TREASURY PRICES SLIP AFTER ROSY EC ON OMIC NEW S SIGNOFHOPE: A sign advertises that a new Target store is hiring workers in Marborough, Friday, Dec. 17, 2010. A P P h o t o / B i l l S i k e s


RICARDO ALONSO-ZALDIVAR, Associated Press WASHINGTON You paid your Medicare tax es all those years and want your money's worth: full benefits after you retire. Nearly three out of five people say in a recent AssociatedP ress-GfK poll that they paid into the system so they deserve t heir full benefits no cuts. But a newly updated finan c ial analysis shows that what people paid into the system doesn't come close to covering the full value of the medical care they can expect to receive as retirees. Consider an average-wage, two-earner couple together earning $89,000 a year. Upon retiring in 2011, they would have paid $114,000 in Medicare payroll taxes during their careers. But they can expect to receive medical services from prescriptions to hospital care worth $355,000, or about three times what they put in. The estimates by economists Eugene Steuerle and Stephanie Rennane of the Urban Institute think tank illustrate the huge disconnect between wide ly-held perceptions and the numbers behind Medicare's shaky financing. Although Americans are worried about Medicare's long-term solvency, few realize the size of the gap. "The fact that you put money into the system doesn't mean it's there waiting for you to collect," said Steuerle. By comparison, Social Security taxes and expected benefits come closer to balancing out. The same hypothetical couple retiring in 2011 will have paid $614,000 in Social Security taxes, and can expect to collect $555,000 in benefits. They will have paid about 10 percent more into the system than they're likely to get back. Updated periodically, the Urban Institute estimates are part of an effort that Steuerle and others began several years ago to try to illustrate the complicated finances of Medicare and Social Security in a format the average taxpayer could grasp. The Washington-based institute is a public policy center that focuses heavily on budget and economic issues. Its analys is is accepted among other policy experts in Washington, including economists in government. Many workers may believe their Medicare payroll taxes are going for their own insurance after they retiree, but the money is actually used to pay the bills of seniors currently on the p rogram. That mistaken impression complicates the job for policymakers trying to build political support in coming months for dealing with deficits that could drag the economy back down. Health care costs are a major and unpredictable part of the government's budget problems, a nd Medicare is in the middle. Recent debt reduction propos als have called for big changes to Medicare, making the belttightening in President Barack Obama's health care law seem modest. Some plans call for phasing out the program, replacing it with a fixed payment to help future retirees buy a private plan of their choice. Peel back the layers, and there are several reasons why Medicare benefits and taxes are so out of line. First, the rapid rise in health care costs. A single woman who retired in 1980, after earning average wages throughout her career, could expect to receive med ical care worth about $74,800 over the rest of her lifetime. A comparable woman retiring in 2010 can expect services worth $181,000. Those numbers are in 2010 dollars, adjusted for inflation so they can be compared directly. Another reason is that pay roll taxes cover most, but not all, of Medicare's costs. They are earmarked for the giant trust fund that pays for inpa tient care. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, DECEMBER 31, 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 $P/EYield 1 .260.97AML Foods Limited0.970.970.000.1500.0406.54.12% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.1008.22.04% 0 .580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2 .152.14Fidelity Bank2. 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7 .005.40Commonwealth Bank (S1)6.956.950.000.4220.26016.53.74% 3.651.63Consolidated Water BDRs1.821.840.020.1110.04516.62.45% 2 .551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6. 10.207.23Finco7. 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S)5.005.460.463,0000.3660.21014.93.85% 1.001.00Focol Class B Preference1. 7.405.00ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.82J. S. Johnson9.829.820.000.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.001 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7 % Interest 7 %RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)2 9 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 P rime + 1.75% Prime + 1.75% 6.95%20 November 2029TUESDAY, 28 DECEMBER 2010B ISX ALL SHARE INDEX: CLOSE 1,496.99 | CHG 8.22 | %CHG 0.55 | YTD -68.39 | YTD % -4.37BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 1 9 October 2017F INDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%3 0 May 2013 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 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56681.4954CFAL Money Market Fund1.56974.15%4.18%1.551550 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7108-13.03%-4.96% 13.638813.0484Royal Fidelity Prime Income Fund13.2825-0.63%-0.14% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14151.0000FG Financial Preferred Income Fund1.14154.74%5.21% 1.11011.0000FG Financial Growth Fund1.11013.94%7.60% 1.14281.0000FG Financial Diversified Fund1.14284.78%5.90% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.6635-3.37%-3.37% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund7.94422.94%6.47% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX 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-Nov-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov-10 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 30-Sep-10 3-Dec-10 30-Nov-10MARKET TERMS30-Nov-10 NAV 6MTH 1.475244 2.911577 1.532712 107.570619 105.776543 30-Jun-10 30-Nov-10 30-Nov-10 30-Nov-10 DAVE CARPENTER, A P Personal Finance Writer CHICAGO Through a combination of procrastin ation and bad timing, many baby boomers are facing a personal finance disaster just as they're hoping to retire. S tarting in January, more than 10,000 b aby boomers a day will turn 65, a pattern that will continue for the next 19 years. The boomers, who in their youth revo lutionized everything from music to race relations, are set to redefine retirement. But a generation that made its mark in the tumultuous 1960s now facesa crisis as it hits its own mid-60s. The situation is extremely serious because baby boomers have not saved very effectively for retirement and are still retiring too early," says Olivia M itchell, director of the Boettner Center for Pensions and Retirement Research a t the University of Pennsylvania. There are several reasons to be conc erned: n The traditional pension plan is disappearing. In 1980, some 39 percent of private-sector workers had a pension that guaranteed a steady payout during r etirement. Today that number stands closer to 15 percent, according to theE mployee Benefit Research Institute in Washington, D.C. n R eliance on stocks in retirement plans is greater than ever; 42 percent of those workers now have 401(k the past decade has been a lost one for stocks, with the Standard & Poor's 500 i ndex posting total returns of just 4 per cent since the beginning of 2000. n M any retirees banked on their homes as their retirement fund. But the c rash in housing prices has slashed almost a third of a typical home's value. Now 22 percent of homeowners, or nearly 11 million people, owe more on their mortgage than their home is worth. Many are boomers. Michael Vanatta, 61, of Vero Beach, Fla., is paying the price for being a boomer who enjoyed life without saving for the future. He put a daughter through college, but he also spent plent y of money on indulgences like dining out and the latest electronic gadgets. V anatta was laid off last January from his $100,000-a-year job as a sales execu-t ive for a turf company. And with savings of just $5,000, he's on a budget for t he first time. In April, he will start taking Social Security at age 62. "If I'd been smarter and planned and had the bucks, I'd wait until 70," says Vanatta, who is divorced and rents ana partment. "It's my fault. For years I was making plenty of money and spend-i ng plenty of money." Vanatta is in the majority. Some 51 percent of early boomer households, headed by those ages 55 to 64, face a retirement with lower living standards, a ccording to a 2009 study by the Center for Retirement Research at Boston Coll ege. Too many boomers have ignored or underestimated the worsening outl ook for their finances, says Jean Setzfand, director of financial security for AARP, the group that represents Americans over age 50. By far the greatest shortcoming has been a failure to save. T he personal savings rate the amount of disposable income unspent avera ged close to 10 percent in the 1970s and '80s. By late 2007, the rate had sunk t o negative 1 percent. The recession has helped improve the savings rate it's now back above 5 percent. Yet typical boomers are still woefully s hort on retirement savings. Even those in their 50s and 60s with a 401(k least six years had an average balance of less than $150,000 at the end of 2009, according to the EBRI. S igns of coming trouble are visible on several other fronts, too: n Mortgage Debt. Nearly two in three people age 55 to 64 had a mortgage in 2007, with a median debt of $85,000. n Social Security. Nearly 3 out of 4 p eople file to claim Social Security benefits as soon as they're eligible at age 6 2. That locks them in at a much lower amount than they would get if they wait-e d. The monthly checks are about 25 perc ent less if you retire at 62 instead of full retirement age, which is 66 for those born from 1943 to 1954. If you wait until 70, your check can be 75 to 80 percent more than at 62. So, a boomer whoc laimed a $1,200 monthly benefit in 2008 at age 62 could have received about$ 2,000 by holding off until 70. n Medical Costs. Health care expenses are soaring, and the availability of retiree benefits is declining. "People cannot fathom how much m oney will be needed to simply cover out-of-pocket medical care costs," says M itchell of the University of Pennsylvania. A 55-year-old man with typical drug expenses needs to have about $187,000 just to cover future medical costs. That's if he wants to be 90 percent certain to have enough money to supplement M edicare coverage in retirement, the EBRI said. Because of greater longevit y, a 65-year-old woman would need even more to cover her health insura nce premiums and out-of-pocket health expenses: an estimated $213,000. n Employment. Boomers both need and want to work longer than previous generations. But unemployment is near 1 0 percent, and many have lost their jobs. The average unemployment period for those 55 and older was 45 weeks in November. That's 12 weeks longer than f or younger job-seekers. It's also more than double the 20-week period this group faced at the beginning of the recession in December 2007. If financial neglect turns out to be m any boomers' undoing, challenging circumstances are stymieing others. L inda Reaves of Silver Spring, Md., never had much opportunity to save as as ingle mother raising two sons and a daughter. After holding a variety of posit ions over the years hotel office manager, research analyst for a mortgage company, hospital mental health counselor she was still living paycheck to paycheck. Then she was laid off in 2007a t the age of 57. She entered a training program to l earn new skills, but all she has found since is a string of temporary jobs. In her daily quest for clerical or administrative work, she competes against much younger applicants. R eaves, who turns 60 this month, plans to work until she's at least 70 and t hen wants to travel, even if she doesn't know where the money will come from. I just keep going. I don't really worry about it," she says. Add this all up, and there's a "slowburning" retirement crisis for boomers, says Anthony Webb, a research econo m ist at the Center for Retirement Research. If you have a crisis where the adverse consequences are immediately clear, t hen people understand that they have to do something," Webb says. "When the consequences will be felt 20 or 30 years in the future, the temptation is that we kick the can down the road." A s a result, he believes many won't change their behavior. PAUL WISEMAN, AP Economics Writer W ASHINGTON Far fewer people are applying for unemployment benefits as the year ends, raising hopes for a healthier job market in 2011. Applications are at their lowest level since July 2008, t he Labor Department says. They fell to 388,000 in the week ending Dec. 25, bringing the four-week average to 414,000. Until mid-October, the four-week average had been stuck above 450,000 most of the year. Economists say the number o f people applying for unemployment benefits predicts where the job market will go over the next few months s o much so that they use this data to help forecast economic growth. "We're starting to see a p ickup in job growth," says Conference Board economist Kenneth Goldstein. "We may even get to a point, conceiva bly by spring, where the consumer is going to say that it no longer feels like we're still in a recession." He expects thee conomy to generate 100,000 to 150,000 jobs a month by spring, up from an average 86,500 a month in 2010. That's an improvement, but s till not enough to cause big drop in the unemploymentr ate. To Paul Kasriel, chief economist at Northern Trust, f ewer people applying for unemployment benefits sug gests the unemployment rate w ill slip from 9.8 percent in November to 9.7 percent earlyn ext year; that would mean about 150,000 fewer unemp loyed. The Conference Board's Goldstein says the unemployment rate might actually rise for a few months as an i ncrease in job openings lures even more job seekers backi nto the labor market. He doesn't expect the unemploym ent rate to start dropping until mid-2011 and says it will finish the year above 9 percent. The good news is that layoffs have fallen back to pre-recession levels. In Octo ber, 1.7 million people werel aid off or fired the lowest figure since August 2006, m ore than a year before the Great Recession started. Layoffs and dismissals peaked at 2.6 million in January 2009. "We've stopped the losses, and things are kind of turning around," says Mark Chris t iansen, deputy director of the Workforce Development C enter in Riverside, Calif., which has one of the nation's h ighest unemployment rates. In past downturns, the economy didn't start generat-i ng jobs until applications for unemployment benefits cons istently fell below 400,000 a week. But some economists say the old rule of thumb is outdated. Payrolls were already growing this year when applications were still well above 450,000 a week One reason: The labor force has grown by 25 million people over the past two decades. "You would expect the level of initial jobless claims to be higher the larger the labor force," Northern Turst's Kas-riel says. Another: Since the Great Recession, the unemployed, knowing their job search may be long and difficult, have been more likely to apply for benefits than theyused to be. Previously, there were 1.25 laid-off workers for every person applying for benefits. Now, claims and layoffs are about equal, notes Zach Pandl, economist at Nomura Securities. That means each claim represents fewer laid-off workers. Even if they've stopped cut ting, employers have been slow to hire. In October, there were still 4.4 unemployed for every job opening. "It's not really been the layoff rate that's been the problem in most of 2010," says Gary Burtless, senior fellow in economics studies at the Brookings Institution. "It's been the failure of employers to create vacancies." But vacancies are expected to open up in 2011. A survey released this month by the Business Roundtable found that 45 percent of big company CEOs planned to add jobs over the next six months, up from 31 percent in the third quarter; just 18 percent planned to cut jobs. A surveyby the staffing firm Manpow er found that companies are more optimistic about hiring than they've been in two years. Fred Wemer stands outside his home in Seattle, in this photo taken Tuesday, Dec. 7, 2010. Wermer is a retired dentist and says Medicare pays his medical bills well enough, but he thinks theres a lot of waste in the program and doubts it will be there for his grandchildren. He opposes turning Medicare into a voucher plan for the purchase of private insurance because he doesnt trust the insurance companies. ( A P Photo / Elaine Thompson) Baby boomers near 65 with retirements placed in jeopardy REFLECTIVE: In this photo taken Wednesday, Tuesday, Dec. 8, 2010, Mike Vanatta sits in the sunroom of his Vero Beach, Fla. home working on one of his blogs, as he talks about his life after he lost his job in Janurary, selling grass mostly to golf courses and designers. He put his daughter through college but otherwise spent his money in resturants and bars and on electric gadgets along with other indulgences. A P P h o t o / J P a t C a r t e r What you pay for Medicare won't cover your costs FEWER JOIN UNEMPLOYMENT ROLLS; GOOD SIGN FOR '11 TOUGHTIMES: Mike Vanatta stands in his Vero Beach, Fla. living room, with his toys, talking about his life after he lost his job in Janurary, selling grass mostly to golf courses and designers. FREDWERNERSSTORY


BETH DeFALCO, A ssociated Press TRENTON, N.J. (AP Used to be, if you wanted a knockoff handbag or fake fra-g rance, Lower Manhattan's Canal Street was a mecca. But with flea markets across the country now carrying the s ame kind of counterfeit products with poser trademarks, authorities warn that shoppers may get more than they bargain for in poor quality and s afety risks while helping fund criminal syndicates in some cases. "If the price is too good, you h ave to think about it," said Lt. Mike McDonnell with the New Jersey State Police cargo theft unit. "If you see it at a flea mark et and it's half the price of normal, you have to think there's s omething wrong." The unit seized more than 5 ,000 pieces of counterfeit product at a flea market in Springfield, N.J., this month,i ncluding fake Estee Lauder and MAC cosmetics that retailf or more than $300,000. Four vendors were arrested o n charges of possessing counterfeit trademark items, an o ffense that can carry jail time if more than 1,000 items are confiscated. The safety risks of buying fake goods are real, experts say. C ounterfeit goods, or knockoffs, are different from the c heaper imitation versions found at major retailers, like W al-Mart or Target, in that those retailers sell items that f ollow Consumer Safety Product Commission guidelines. F akes usually are smuggled i nto the country unregulated; n early 80 percent come from C hina, according to U.S. customs officials. S afety risks include fake batteries that contain mercury, e lectrical products that don't meet safety standards, per-f umes found to contain urine and high alcohol content, and c lothing made with toxic dyes and flammable materials. While cosmetics are gener a lly not subject to pre-market approval, the U.S. Food and Drug Administration restricts the use of certain ingredients and requires warning labels. Legitimate manufactures can be fined or face other enforce-m ent action if they don't comply. A nd if the potential health risks don't scare buyers, the e conomic risks and potential terror funding should, said Robert Barchiesi, president of the International AntiCounterfeiting Coalition. You support organized crime, gang activity, and ter-r orist organizations that use this as a funding mechanism," he s aid. Economy Barchiesi estimates the U.S. economy loses out on at least $200 billion in revenue and 750,000 jobs a year from coun t erfeit sales. "This isn't a victimless c rime," Barchiesi added. The sentiment is echoed by l ocal and federal law enforcement, who have been stepping u p enforcement of flea markets and other counterfeit clearing houses. This month alone, customs agents seized $250,000 worth o f items at a swap-meet in New Orleans, $350,000 worth ofg oods at a flea market in Las Vegas, and $150,000 worth of m erchandise at one in Sole bury, Pa., that included fake trademarks for Nike, Polo Ralph Lauren, Oakley, RayBan, Coach, Louis Vuitton, C hanel, Gucci, Dolce & Gab bana, and UGG boots. We're looking where that money is going and what crimes it could be funding," said Pat Reilly with the U.S. Immigra tion and Customs Enforcement a gency in Washington, D.C., a division of the Department of H omeland Security. ICE cites cases in Philadelp hia and Miami in which coun terfeit traffickers were linked to terrorist groups, including supporters of Hezbollah, the Lebanese militant group. "We have traced some of the money out to countries where the link to terrorism is tangental, if not solid. It's a global problem," Reilly said. The National Flea Market Association did not return an email seeking comment. A t Rice's Market in Solebury counterfeit UGG boots soldD ec. 12 for $50 while the authentic sheepskin classics r etail elsewhere for as much as $180. Federal agents who seized the boots said that the boxes for the counterfeits "made in China," which should havet ipped off consumers that the boots weren't real. M anufacturers of the authentic merchandise have an intere st in stopping the counterfeit business and often team with p olice to help tip them off and verify authenticity. "We go to a great extent to produce a quality product that will last a long time for con s umers," said Leah EvertBurks, director of brand prot ection at Deckers Outdoor Corp., the high-end Australians hoe company that holds the trademark on UGG boots. The damage to a brand can be if consumers think it's genuine and have a bad experi ence." Jill Marvin, a spokeswoman f or MAC and Estee Lauder, said consumers can be assuredt hey are getting the genuine product by shopping at a repu table retailer. To help consumers and to protect their brand, companies like Estee Lauder and UGG have also started listing autho r ized retailers on their websites. But many shoppers still look f or a great deal with high-fash ion cachet. S ally Sessoms of Upper Dublin, Pa., didn't let the recent raid at Rice's Market get in the w ay of her annual Christmastime visit there on a recent Satu rday morning. Most people know the produ cts are fake, she told The Intelligencer newspaper in Doylestown, Pa. "But who cares?" Someone given a fake as a gift might care if they unknowingly try to return it to a retailer. Security experts say fakes are easily apparent to retailers. Kevin Dougherty, who has been investigating counterfeits since 1986 through his Man h attan-based company, Counter Tech, said retailers h ave sophisticated security measures in place to verify their p roducts. "Fragrance companies can track the fragrance back to the hour and minute it was made and the plant that it was manufactured at," Dougherty said. A nd, Dougherty said, consumers have a lower-tech way t o figure out if a product is real: Common sense. Generally, your best guide for a counterfeit handbag is a woman," he said. C M Y K C M Y K BUSINESS PAGE 8B, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 0$5<*5((16/$'(RI *ROGHQ*DWHV36% Authorities begin cracking down on flea market fakes SEIZEDBY POLICE: In this Dec. 9, 2010 photo, stacks of boxes full of fake name-brand clothing that police seized from a vendor, are seen a t the Columbus Flea market in Columbus, N.J. A P P h o t o / M e l E v a n s A P P h o t o / M e l E v a n s WHATS INANAME? In this Dec. 9, 2010 photo, stacks of box es full of fake name-brand clothing that police seized from a vendor, are seen at the Columbus Flea market in Columbus, N.J. INTERNATIONAL BUSINESS


C M Y K C M Y K THE TRIBUNE FRIDAY, DECEMBER 31, 2010, PAGE 13B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW project by the middle of the year. SIR SOL KERZNERS RESPONSE TO BAHA MAR/THE GOVERN MENT : The Atlantis owner vented his ire in November, alleging that the terms under which the $2.6 billion Chinese-funded development will take place gave Baha Mar a better deal than Kerzner International got when building Atlantis, thusv iolating the Most Favoured Nation clause in its own Headso f Agreement. Sir Sol did not mince his words about what he alleged to be Chinas motivation for funding the project jobs, r ather than its viability and his fears that the opening of the resort would oversaturate the Bahamian resort market with hotel rooms. At the very least", according to Mr Kerzner, the Baha Mar development should be "phased in over many years", rather than opened to the market all at once a position the Prime Minister also expressed support for. Senior Kerzner International executives said that as a result of Baha Mar, Phase IV of Atlantis would most likely not be seen within our lifetime, and warned that the existing 8,000 jobs at the hotel could be at stake if Baha Mar were to go ahead as planned. It remains to be seen how the Government will resolve the matter of Mr Kerzners con cerns, and the results of a meeting that was scheduled to take place between Prime Minister Hubert Ingraham and Sir Sol this month are yet to be disclosed. HEINEKEN BUYS OUT ABDAB'S SHARE IN COMMONWEALTH BREWERY/CITY MARKET TAKE OVER : Heineken paid an estimated $120-plus million for Associated Bahamian Distillers and Brewers shares in the Com monwealth Brewery (47 per cent) and Burns House Group (78.8 per cent majority owned by Sir Garet Tiger Finalyson and his son Mark, the company's president. The buy out was dependent on Heineken making an initial public offering (IPO cent of the shares in Commonwealth Brewery and the Burns House Group, with the Ingraham administration giving 18 months for this to take place. The cash derived from the ABDAB sale went on to place Mark Finlayson in a position to buy out BSL Holdings 78 per cent stake in City Markets in November for a spectacularly devalued $1, plus assumption of the company's multimillion dollar debts and the cost of reviving the companys inventory levels, saving the store from imminent closure and the jobs of 700 plus employees. BAHAMAS ELECTRICITY CORPORATIONS WILSON CITY POWER PLANT/BLUE HILL ROAD BUSINESSES TAKE ACTION OVER ROADWORKS: The Government and BEC were held to account through legal action over two high profile public works: The handling of the construction and choice of fuel for the Wilson City power plant in Abaco, and roadworks in the Blue Hill Road/Market Street area that caused Bahamian businesses to suffer losses. The Coconut Grove Business League won their fight this month, and the Government was ordered to pay businesses damages for their losses, which had been variably estimated at between 30-80 per cent of their former revenue. While the Judicial Review action brought against the Government in the Wil son City matter was ultimate ly dismissed in September, in both cases judges made findings against the Government/corporations under its control, which indicated that those bringing the legal actions had legitimate concerns about lack of consultation and due diligence. The Year in Review benefits and perks their members enjoy from fat industrial agreements. But, with a private sector entity in the form of Cable & Wireless (LIME per cent majority shareholder, the unions will not be negotiating new industrial agreements to replace the ones that expired in September 2010 with a hard-pressed government looking for votes, but a hard-nosed private sector player who is unlikely to continue the practice of handing them fat contracts. Yes, the days of milking the cash cow may be coming to an end. Loss of control over BTC post-privatisation could also be a critical factor motivating the Progressive Liberal Par-t ys (PLP sale (Had the Christie government done the deal with Bluewater, it is likely the boot would have been on the other foot). Its ties to the trade union movement are strong, seeing it as a potential power base for votes, and key PLP figures have even stronger BTC links Bradley Roberts, PLP chairman, a former employee; Shane Gibson MP, a former BCPOU head. G iven the Commissions army of occupation finding, one has to seriously question the memory of those who refer to BTC as the crown jewel of national assets. Yes, there are many good employees at BTC today, particularly on the engineering and technical side, who could flourish even more were the company under the management and control of a private operator with the financial capability and technology resources to give Bahamian consumers and businesses the services they so badly need to compete effectively. Is Cable & Wireless that company? The truth is that, at present, nobody knows. It seems a good fit for BTC, given that it is in all the business segments the Bahamian carrier currently occupies, and seems to understand the Caribbean region and the need for each country to run by local management. As the incumbent operator it has had t o deal with liberalisations t hroughout the region, and t hus should be well-versed in what is needed to prepare BTC to meet the competition that will come as its exclusivities expire. And, by being part of a major regional and international telecoms player, BTC would enjoy cost savings from Cable & Wirelesss (LIME gaining power when it comes to new technology and roaming agreements etc...... Hindsight A crystal ball and hindsight would be wonderful things to possess. But since we do not have them, when it comes to BTCs privatisation the proof of the pudding will be in the eating. Union concern is understandable, given Cable & Wirelesss questionable past history on labour relations in the Caribbean (a history the company says it has now put behind it), and Tribune Business sympathises with the 400 staff set to move on via the early retirement/voluntary redundancy restructuring. No one wants to lose a job, especially in this economic climate, but if BTC staff want to stay on post-privatisation they would be far better advised to work their hardest, and show how productive and valuable they are, and not engage in go slows or other forms of industrial action. The two unions, rather than adopt a confrontational posture, would far better serve their m embers by actually meeting a nd speaking to Cable & W ireless, find out what the latter wants and then work tirelessly to negotiate the best possible package for their members. The man (David Shaw, LIME chief executive) wants to meet with you, so at least hear him out and discover what he wants. You can complain afterwards if you dont like it. Truth be told, the union members impacted by the B roadcasting Corporation of the Bahamas (BCB sizing, and those who could be affected at BTC, are the victims of the politically-led decision-making that has dominated the thinking of successive governments for decades. The ratio of two line staff: one manager at the BCB was unreal, and would be a curious way to run a Mom and Pop shop, let alone a corporation that receives an annual multi-million dollar taxpayer subsidy. Ditto BTC (although not the taxpayer subsidy), where from as far back as the 1995 Commission of Inquiry report it was noted that the company was massively overstaffed. The Government does have questions to answer, particularly on how Cable & Wireless entered the race after deciding not to participate in the initial beauty contest in summer 2009. Both Mr Shaw and Julian Francis, BTCs chairman, confirmed to this newspaper that it was Cable & Wireless who approached the privatisation committee in early 2010 to see if they c ould participate, and that the n ature of such contacts was informal until all four bidders from the earlier process had been rejected. That rejection was complete by July, yet this newspaper revealed Cable & Wirelesss participation in mid-May 2010, amid indications that it was the likely frontrunner, so the precise nature of these informal contacts needs to be clarified to dispel any misconception that two parallel privatisation p rocesses were taking place. It was also, in Tribune Businesss opinion, a mistake for the Government not to publish the Memorandum of Understanding (MoU signed with Cable & Wireless earlier this month, as this gave rise to claims warranted or not of secrecy, lack of transparency and hidden deals. While it is appreciated that the Government is in com mercial negotiations, which it wants to keep confidential until the deal is sealed, that deal in this particular case has been struck on the peoples behalf all 350,000 Bahamians. The Governments PR effort to explain why the BTC privatisation was taking place was also lacking until the unions got the first shot in. Secrecy Talking of Bahamians, amid all the sound and fury of the unions The Bahamas is 4 Bahamians campaign (a laudable objective, by the way, but one that needs real definition), one has to ask: Where were you when it came time to bid on BTC? Apart from CFAL, the former Colina Financial Advisors, which deserves much praise for going out and f inding an operating partner, i n Atlantic Tele-Network, that s eemed a close fit for BTC, no other Bahamian or Bahamas-based entity seemingly sought to get involved. No Bahamians need not apply sign was hung out, and the lack of Bahamian participation stands in stark contrast to the failed 2003 privatisation process, when all three finalists had significant Bahamian components. As Mr Francis previously pointed out, any Bahamian bidder would have to find international telecoms operating and financing partners, but the task was far from impossible. Yet now the unions come back stating that BTC should be left in the hands of its current management, that the status quo has to be maintained, and that the company should be sold to Bahamians. That is what the Government is doing with its remaining 49 per cent stake, and the question has to be asked: Why did the unions not team up with management and seek to enter the BTC bidding last summer with an international partner? And now the really hard question: Does this betray a lack of confidence in Bahamian technical and financial capabilities? Despite the unions 11th hour intervention and veiled threats about a general strike, it appears as if the die is cast and the sale of a majority BTC interest will go through. The Government appears determined to proceed, and thus far it seems as if the unions have failed to carry enough members of the public with them in their efforts to block it. Nicki Kelly hit the proverbial nail on the head when she described many Bahamians as ambivalent towards BTC because of its lousy service and bad experiences they have suffered over the years. And one only need look at the 1995 Commission of Inquiry report to see why. Taking BTC and Bahamian telecommunications from the murky past and into a brave new light is long past due. As a privatised entity with competitors on all sides, BTC will never again be able to behave as an army of occupation. Instead, it will hopefully fulfil the role it was created for to provide world-class products and telecommunications services that will allow Bahamians and their businesses to compete with anyone, any where in the world, something BTC finally free of the political interference shackles can also aspire to. Army of occupation FROM page 16 FROM page 15 Mark Finlayson Garet Tiger Finlayson MEMBERS of the Coconut Grove Business League are all smiles as they leave court. REPRESENTATIVES of local firms sign contracts for Baha Mar project work. Sol Kerzner David Shaw Hubert Ingraham Craig Gomez VICTORIOUS


C M Y K C M Y K PAGE 14B, FRIDAY, DECEMBER 31, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW S TOP THE PRESS! Shock, horror, read all about it. Big Bad Brad and Tribune Business on the same side? At least when it comes to agreeing on the need to privatise the Bahamas Telecommunications Company (BTC and that, by extending the firms cellular monopoly from two to three years post-privatisation, the Ingraham government is in danger of transforming a publicly-owned monopoly into a private one. But thats where the common ground ends. Joking apart, it was a welcome development to see the PLP chairman provide a rationally-argued, considered response to Tribune Business Reviews column on the BTC privatisation issue from last month. Hopefully, the debate between us will act as a mature model for others (you know who you are) to follow over an issue that seems to have aroused an explosive cocktail of passions and emotions, not all of them good. But, on the downside, Mr R oberts response was the usual mix of misrepresentations and irrelevance, in many respects a typical politicians response when they dont want to or cant respond to the issues being raised. F or starters, nowhere in its column did Tribune Business Review toot that Cable & Wireless was one of the best, as Mr Roberts put it. All this newspaper did say, at the expense of repetition, wast hat much rests on the Gove rnment and privatisation committees assessment that Cable & Wireless has indeed changed for the better, and can do what is needed to make BTC a world-class standard bearer for the delivery of communications services. That doesnt sound like tooting Cable & Wireless to me, although Mr Roberts may be speaking a different language Nor did I suggest, as Mr Roberts seemed to imply, that it was sinful for Bahamians to want to own telecommunications in their own country. Indeed, Cable Bahamas is now 100 per cent Bahamianowned, and Tribune Business Review would love to see all companies in this nation 100 per cent owned and managed by Bahamians. That remains the dream, but on BTC the bigger question simply is: Where were all the Bahamians when it came time to submit bids for BTC, as per the Governments privatisation deadline? Questions True, this argument is somewhat weakened by Cable & Wirelesss late entrance, where questions still linger (see main article Yet think back to 2003. In that privatisation bid, the lead bidder, BahamaTel, was led by Bahamian investment banker Tom Bain, and a mutual fund full of Bahamian investors (including the hotel pension funds) was on board as equity players. The Blue Tel bid fea tured former BTC employees and Bahamian professionals, while the Trans-World Telecom group also had a 20strong group of Bahamian investors with it. But, apart from CFAL, where were all the Bahamians this time? Also, Mr Roberts position on Bahamian ownership of BTC and, indeed, that of his party is undermined by the deal (a four-page draft Letter of Intent) they left on the table to sell a 49 per cent stake to Bluewater Ventures, a foreign-owned private equity-type group, back in 2007. The per cent versus 51 per cent argument is merely a game of semantics, given that Bluewater, too, would have had management and Board control, appointing the chief executive and chairman. Is that a whiff of hypocrisy that can be detected, especially when Bluewater was to get a six-year cellular and fixed-line monopoly, more than double what Cable & Wireless will receive on cellular, and six times longer on the latter service? Nowhere did Tribune Business suggest that the impressive-looking figures Mr Roberts trotted out in his response were a fable. In fact, it did not even refer to them. Here, and throughout his reply, Mr Robertss column was more remarkable for what it did not say rather than what it did say. At no point were Tribune Businesss key points cellular monopoly and competition mentioned, let alone addressed. One joy in this job is relieving politicians, in this case Mr Roberts and his sidekick, Leon Williams, of their verbal constipation. This pair seemingly have the greatest difficulty in using, or even referring to the term, cellular monopoly, failing to set the figures they cite to justify BTCs financial performance in their true context. Without BTCs entrance into the cellular market, something that started under the first Ingraham administration in 2000-2001, and the monopoly that protected the company from competition, the revenues and profits enjoyed on their watch would indeed have been a fable. As for the gold mined by BTC over the years staying in the country for the benefit of Bahamians, Mr Roberts statement also fails to stand up to scrutiny. One of the last dividends declared by BTC, some $25 million, went straight into the pockets of Shell International to pay the fuel bill owed to BEC. Is that staying in the country? Hmmmmmmmmm...... And did the other dividend payments and fees all stay in the country for the betterment of Bahamians, or were they used to meet the Governments ever-expanding debt interest bill and cover the fiscal deficit? Now theres a question for inquiring Bahamian minds. Bigger picture The tit-for-tat between the Government and Opposition over who secured the best net purchase price for BTC is amusing, but not the prime issue at stake. The privatisation has to be seen from the bigger picture, which is to liberalise the Bahamian telecommunications market and allow competition to flourish. If done correctly with proper regulation, this should ultimately result in the availability of new products, services and technology, lower prices for Bahamian consumers and improve customer service and efficiency. The cost to the wider Bahamian economy and soci ety of allowing BTCs monop olies, inefficiencies and poor services to persist for so long h as been incalculable, and has set this nation years behind many of its Caribbean rivals. Telecoms, as with all utilities, is a foundation, a building block for all economic growth, especially in a service-orient-e d economy such as the Bahamas, which has been crippled by the high cost of international calls. Whether Mr Roberts assertions of his support for privatisation and not being a King Canute, holding back the tide of change in Bahamian telecommunications, stand u p to scrutiny I will leave oth ers to judge based on an assessment of the record. Suffice to say that this privatisa tion needs to be concluded successfully, given that the Bahamas has been attempt-i ng to achieve this for more than a decade, ushering in a modern economy and setting the Government, finally, on a path to get out of business and focus on what it should be doing. Owning a telecomsc ompany does not fit the bill. Big Bad Brad and Tribune agree on BTC? Not totally... W HY was Tribune Business the only media outlet that seemingly picked up and reported on the International Monetary Funds (IMF with the Bahamas? While it may not necessarily have contained anything earth-shattering (at least to astute economic observers), it had plenty of nuggets in there to indi cate that the road the Bahamas is on will be extremely rocky, and that its about time the Government levelled with the people. For while the Ingraham administration is sticking doggedly to its objectives, laudable though they may be, of arresting the rate of growth in the national debt-to-GDP ratio, then reducing the ratio over the medium-term, the strategy and details regarding how it will achieve them are somewhat obscure. Outline And the IMF outlined the scope of just what needs to be done on the fiscal front, the area that could sink the Bahamian economy if left unchecked. It bluntly stated that the Government needs to run fiscal sur pluses amounting to a collective 13.5 per cent of gross domestic product (GDP to slash the Bahamas' debt-to-GDP ratio to the internationally-accepted target of 40 per cent by 2015-2016. Given that the Bahamas has nev er managed to achieve a balanced Budget during its 37 years of independence, this would seem a tall order indeed, requiring austerity and pain chiefly on the part of the pub lic sector, but also the private sector and ordinary Bahamians on a scale never before seen in this nation. In response, Zhivargo Laing, minister of state for finance, coyly told Tribune Business that while the Government values the IMFs views, it did not always agree with its projections and targets, and was holding firm to its own fiscal fore casts. For the time being, we have no reason to change our forecasts. We just now have to execute the plans we have," Mr Laing said, adding of the Fund's fiscal projections and discussions: "That's not our target. We have to operate in the realms of the practical realities that inform us. When the longstanding failure of governments of both hues, FNMa nd PLP, to achieve a balanced budget even in times of economic plenty was pointed out to him, Mr Laing, if Tribune Business correctly recalls t he conversation, quickly countered that the debt-to-GDP ratio had fall en several times in years past. But when Tribune Business challenged this, arguing that this had been achieved by GDP growth, rather than any action by the Government when it came to Budget measures, the interview quickly switched to another subject. Rick Lowe and the Nassau Insti tute may be dismissed in some quarters as right-wing kooks and ideologues, but they and others certain ly have a point in arguing that the Bahamas has an expenditure problem, rather than a revenue issue, in its fiscal affairs. It is notable, too, that the IMF Article IV discussions focused on revenue solutions, such as introducing a Value Added Tax (VAT whether the size of government in the Bahamas had become too big. James Smith, Mr Laings predecessor in the Ministry of Finance, has candidly admitted on several occasions that there is a huge amount of wastage in the public sec tor. Why was this not raised as an issue with, or by, the IMF? Given that there is nothing to suggest the PLP would be any better than the FNM at managing the nations finances, or have done anything differently during the depths of recession, one has to ask why neither side has attempted to be candid with the Bahamian people on the need for spending cuts and shrinking the public sector. Could it be the fear of losing votes and a general election, me thinks? Statistics While eliminating public sector workers was a non-option, since it would have created more unem ployment and social upheaval, the 2010-2011 Budget showed again that the Governments focus continues to be getting in more and more revenue to fund the everexpanding size of government. Hello, has anyone seen the debate taking place in the US, Europe and elsewhere on the need to shrink, not grow, government as soon as the opportunity arises? W hat the Bahamas needed above all was for private sector-led growth to drive the economy out of reces sion, but that prospect was madeh ighly unlikely when the Government slapped a series of tax increas es on various industries designed to increase revenues (yet again $200 million. Even the IMF said the professed Budget target of reducing the fiscal deficit by 2 per cent of GDP seems too ambitious given the measures enacted, and that bolder measures may be required. Does this include spending cuts? Perish the thought. Statistics dont lie. The debt continues to rack up, $4.138 billion and counting at September 30, 2010, following a 4.4 per cent or $173.3 million increase over the 2010 third quarter. That $4.138 billion figure also, according to the Central Banks latest, represents a 12.5 per cent or $460.5 million growth in the national debt over the past 12 months. And, just as important, foreign currency debt increased by some 14.7 per cent or $169.3 million during the three months to Sep tember 30, 2010, hitting $1.324 billion at that date. With debt servicing costs moving steadily towards becoming the biggest line item in the Budget, it is imperative that both political parties level with the Bahamian people. Be straight with them, dont continue to lead them up the garden and make them believe that the Government will be there to solve every problem and take care of their every need. Governments can do many things, but they cant be a nanny state, especially one in the Bahamas rel atively parlous condition where money has to be borrowed to pay public sector salaries. This recession has bitten deep, and its scars will linger for a while. Yet amid despair can come home, and if used correctly the tribulations of the past two years can pro vide the springboard for positive change in the Bahamian economy and society. If they want to seize this opportunity, the Government could make no better start than levelling with the Bahamian people on what the true reality and way for ward is. Level with the people on our fiscal condition B radley Roberts Zhivargo Laing James Smith OPINION


C M Y K C M Y K THE TRIBUNE FRIDAY, DECEMBER 31, 2010, PAGE 15B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW By ALISON LOWE Tribune Business Reporter a BTC PRIVATISATION : The year saw the process of whittling down an eventual purchaser for the majority 51 per cent stake in t he Bahamas Telecommunications C ompany (BTC i n stops and starts. On May 17, Tribune Business revealed that Cable and Wireless (Caribbean entered the BTC privatisation process. By June, Tribune Business confirmed the government had formally rejected offers from JP Morgan Chases investment arm, One Equity Partners, who had partnered with UK communications firm, Vodafone, and another bid from Atlantic Tele-Network/CFAL. As year-end approached the Government was said by sources to be close and very close to concluding a deal with Cable and Wirel ess to purchase the majority stake. On December 1, the Memorandum o f Understanding between the Gove rnment and the company, which o perates in 13 other Caribbean countries, was finally signed. Privatisation, and the competition that will follow, will bring increased growth, both in the telecoms sector and the overall economy, said the Government. The Ingraham administration announced that the cellular monopoly granted to the company would be three years long a trade off for preserving jobs with bidding on a cellular license to begin after that period. Job losses would proceed by means of voluntary disengagement. While welcoming the move towards liberalisation, improved service and reduced rates, some observers e xpressed concern about the delay in the introduction of competition in the cellular market. The Bahamas Communications and Public Officers Union (BCPOU line staff, protested over the impending sale while umbrella unions threatened further massive strikes in the New Year particularly troublesome given the tenuous state of the economy. CLICO (BAHAMAS LIQUIDATION : While the initial action to place the insolvent insurer into liquidation took place in February 2009, the trials and tribulations of liquidator, Craig Tony Gomez, continued throughout 2010. In January, hope was raised that a transfer of the insurers health and life insurance policies could be finalised by February, with Colina Insurance Company identified as the front-runner to acquire the policies. However, to date no transfer has occurred and much remains unresolved. With the sale of the Wellington Preserve real estate development in F lorida key to the realisation of cash t o pay creditors left in the lurch, Mr G omez battled throughout 2010 to finalise a sale of this asset at a non firesale price, but came up against roadblocks. The accountant moved in July to have the development placed into Chapter 11 bankruptcy in the US courts to protect it from seizure by the IRS and others. The liquidator continued to asset hunt elsewhere, but met legal obstacles. Hopes for a sale of the Wellington Preserve asset was again raised in September when a Letter of Intent was signed and this remains in motion. Concerned about the Government's fiscal situation, the IMF warned it in December to minimise its costs associated with the liquidation. BAHA MAR : After its deal with former joint venture partner Harrah's Entertainment fell through in 2008, much of 2010 was spent in a will they, wont they mode as Baha Mar Resorts tried to move ahead with the $2.6 billion development. Some relief came in March, when the developer announced an agreement with the Export-Import Bank of China to fund the project, with state-owned bank taking a minority equity stake, and the China State Construction and Engineering Corporation set to be the general contractor. Fears that the deal could be scuppered developed when it was confirmed that the Chinese partners would be looking to bring in as many as 8,000-plus Chinese labourers to work on the project, and that the release of funds was dependent on Baha Mar resolving an outstanding loan it owed to Scotiabank. Meanwhile, Prime Minister Hubert Ingraham made known his concerns over aspects of the project even saying he would not have approved it at all. The outcome of an October trip to China, which involved meetings about Baha Mar, was highly anticipated. Both the Prime Minister and the Bahamas Contractor's Association took some credit when it was announced that the Chinese partners had agreed to allow an additional $200 million in contracts to go to Bahamian contractors. Some relief was felt in the beleaguered construction industry when contracts were signed this month for the initial work on the project, with ground expected to be broken in early 2011, ahead of full-scale mobil isation on the core of the hotel The Year in Review The key stories that made business headlines in 2010 SEE page 13 B TC p rotesters march on Bay Street to voice their disapproval of the Govt sale of BTC to Cable and Wireless. SOLIDARITY


MOREan army of occupation demanding tribute from a captive community than a public corporation accountable to the Government and people of the Bahamas. Such was the with ering assessment of the Commission of Inquirys 1995 report into the Bahamas Telecommunications Companys (BTC BaTelCo. While those dark days may be behind the company to a large extent, the Commissions report highlights just why BTC needs to be removed from government control and sold to private ownership. Indeed, the Commissions report of 15 years ago pro vided the road map to get to where we are today, suggesting then: Government should consider privatising the undertaking by divesting a substantial portion of its equi ty in BaTelCo in order to improve efficiency and avoid political interference and patronage. The privatisation model it suggested, too, was uncannily similar to the one being implemented by the Ingraham administration, namely meaningful participation by Bahamian citizens and the offering of shares toa suitable international telecommunications compa ny with a good track record. For any student of the rationale for privatising BTC, the Commission report is required reading. The key words from the above, of course, are to avoid political patronage and interfer ence. That sums up neatly, in six words, why Bahamian state-owned corporations and utilities, which should provide the building blocks, the foundation for economic and social progress, have largely failed in their mission to date, becoming inefficient, overstaffed and unprofitable ven tures. Once again comes the chorus cry: Too much political interference. Reduction This is why BTC must start the Bahamas on the road to reducing the size of government, getting it out of busi ness and areas that it should not be in, and eliminating the political control and interference that has held the country back for too long. Few would deny, if they were totally honest, that BTC (BaTelCo ly in the past from being run as a jobs for the boys club, used by certain persons across various administrations as a place that can be stuffed with their sweethearts, relatives, friends, cronies and political supporters. Such practices, as we all know, have not been confined to BTC, for upper most in the minds of politicians has been the mantra Votes, Votes, Votes, and the need to ensure re-election every five years. In short, BTC and entities like it became vote-generating entities and, in some ways, an insidious means of social control, lulling Bahamians to believe that government and the politicians would always be there for them to provide for their every need. And it is the loss of such control that may well be driving much of the opposition to the BTC sale. From the perspective of the two trade unions, the Bahamas Communications and Public Officers Union (BCPOU Bahamas Communications and Public Managers Union (BCPMU bases and territory to protect, plus the outrageous average $69,000 per annum salaries, C M Y K C M Y K TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW PAGE 16B FRIDAY, DECEMBER 31, 2010 OFFSHORE JOB HIRES R ISE FOR US FIRMS SEE PAGE 9B E UROPE DEBT CRISIS FUEL SINGLE CURRENCY WOE SEE PAGE 11B Army of occupation can be force for good Commission of Inquir y r epor t fr om 15 y ear s ago shows why BTC must be privatised to void political interference and patronag SEE page 13 F ORCE TO RECKON WITH: Unions protest against BTC sale to Cable and Wireless.

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