The Tribune.
Full Citation
Permanent Link:
 Material Information
Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 12/20/2011
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
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: UF00084249:01758


This item has the following downloads:

( PDF )

Full Text


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 PM warns BTC staff over walking off job C M Y K C M Y K V olume: 107 No.25MONDAY, DECEMBER 20, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY AND BREEZY HIGH 76F LOW 65F I N S I G H T SEEPAGE12B S P O R T S Do the BTC customers not have a say? SEESECTIONE Arianna wins bronze By NOELLE NICOLLS Tribune Staff Reporter IF BTC workers walk off the job, they have no guaranteeo f keeping their employment, warned Prime Minister Hubert Ingraham, in his latest com ments on the BTC sale. The truth of the matter is that for those who are employed at BTC and elsewhere in the public sector I wish to caution them not to foll ow the current plans of the president of the NCTU and BCPOU; Ms Jennifer IsaacsDotson and Mr Bernard Evans because when you walk off your job, if you do, there is no guarantee that you can come back to that job no guarantee, said Mr Ingraham, while s peaking to Free National Movement supporters in Grand Bahamas. Jobs are scarce. Jobs are hard to find. And no one is able to stop you from cutting off your nose to spite your face; that is your face. But at the end of the day, you will not have a n ose that is the judgment you can make, he said. Union leaders were unable to comment last night, as they said they were unaware of the Prime Ministers comments. Last week, union members McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM Ing r aham sa ys the y ha v e no guar antee of r emaining emplo yed POLICE are appealing f or information which may help them solve the countrys 94th homicide for the year. Early Saturday morning, police found the body of a man lying in f ront of an apartment off B uttonwood Avenue, P inewood Gardens. He had an injury to thea bdomen and was weari ng long blue jeans and a MAN FOUND DEAD IN YEARS 9 4TH HOMICIDE S EE page 13 SEE page 15 CHRIS TMAS BEATRETREAT By PAUL G TURNQUEST Tribune Staff Reporter PLP Chairman Bradley Roberts condemned Prime Minister Hubert Ingraham yesterday for threatening the jobs of union workers and called upon him to enter into sincere dialogue and stop acting the part of a political hack. The PLP is convinced that the remarks in Grand Bahama by the Prime Minister on Saturday last were not logical, reasoned and sober reflections by the Prime Minister, Mr Roberts began. It appears to us that he may have been carried way with the Yuletide spirit and was not rea soning locally or sensibly. We read carefully what he had to say in the official tran script that was issued by the Bahamas Information Services. Mr Ingraham cannot be seriously threatening the jobs of workers in this country at a time like this. The threats are obvious and direct at the workers at BTC. We condemn them and call upon Mr Ingraham to enter into sincere dialogue with the trade unions. This is not politics. It is time for him to rise to the level of a statesman and stop acting the part of a political hack, Mr Roberts said. Over the weekend, Prime By NOELLE NICOLLS Tribune Staff Reporter WEALTHY foreigners who live in the Bahamas are skewing the national per capita income calculation and making it difficult for service organisations to access international funding, claim civil society leaders. With a per capita income averaging at $30,000, Bahamian non-profits (NGOs gible for grants, sometimes by policy or practice, with several major funding organisations, including the Commonwealth Foundation and USAID. On the one hand the coun try is compared economically to other Caribbean jurisdictions by inter-governmental agencies. We are considered among the wealthiest. At the other end of the spectrum, many of our com munity service organisations (CSO in the region, said Terry Miller, president of Civil Society Bahamas, an umbrella body for civic organisations. Why is that? In most instances our Caribbean counFOREIGNERS INCOMES AFFECTING THE BAHAMAS ELIGIBILIT Y FOR GRANT SEE page 15 SEE page 14 By NOELLE NICOLLS Tribune Staff Reporter A NATIONAL Christmas surprise could be reduced cell phone rates, said Prime Minister Hubert Ingraham, but hundreds of layoffs at BTC would be the cost. I heard one of the Union presidents say HUNDREDS OF LAYOFFS WOULD BE THE COST OF REDUCED CELL PHONE RATES SEE page 13 COST: Hubert Ingraham PLP CHAIRMAN HIT S OUT AT PM FOR THREATENING JOBS ON THE MARCH: The Royal Bahamas Police Force got into the festive spirit this weekend with its Christmas Beat Retreat at Rawson Square. SEE PAGESEVENFORMOREPHOTOS F e l i p M a j o r / T r i b u n e s t a f f I N S I D E SECTIONINSIDE Real Estate


C M Y K C M Y K LOCAL NEWS PAGE 2, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM MEMBERS of the Royal Bahamas Police Force crime prevention unit speak about home and personal safety at the Town Centre Mall on Saturday. SAFETYFIRST F e l i p M a j o r / T r i b u n e s t a f f


By PAUL G TURNQUEST Tribune Staff Reporter p PRIME Minister Hubert Ingraham voiced his frustration with the ingratitude of a few CLICO employe es who complained of not g etting all of the monies they were owed when the insurance agency went into liquidation. In a passionate address to FNM supporters at their pre-Christmas breakfast in Grand Bahama over the weekend, Mr Ingraham reminded the public and those former CLICO employees the government of the Bahamas was under no obligation to pay any o f them any money at all. I picked up the newsp aper this morning and I s aw on the front page w here a Ms Outten is complaining that she was an e mployee or agent of CLIC O, and that she only got $ 100,000, and that she s hould have gotten much more. And I was reminded of the story in the Bible about the lepers who were cleansed, and how one came back [to say thank you]. There were about 129 p eople or thereabouts. The Government of the B ahamas had no legal or m oral or ethical obligation t o pay anybody any money at all. It was not the Bahamas Governmentsb ill, it is not your bill as the taxpayers of the Bahamas. Out of the goodness of o ur heart we determined that we would put in placea means by which we would pay the wages thatw ere due to these people u p to $100,000, and that we would do the same thing for the policyholders up to $ 100,000. We did that for a ll 129 of them. There were only five people who were owed more than $100,000. S o 124 of the 129 were owed $100,000 or less, and w e paid them in full, he s aid. Now however, Mr Ingrah am said, because five persons who were owed more than $100,000, one of whom was owed only $280 more ($100,280 ter makes it way into the newspapers without a sing le word of the other 124. You know, in public life you often get blamed for m any things and you dont g et credit for many things y ou do, but it is not intended to be a thankful job. It is intended to be a job thaty ou do the best you can everyday and you satisfy yourself that I did all I could and the best I could, and that you will never be able to satisfy everyone, he said. By AVA TURNQUEST T ribune Staff Reporter A MASSIVE communitybased fundraiser seeks to bring about a miracle for af amily of eight who are batt ling cancer and are facing e viction from their home. I n addition to efforts by r eligious groups and concerned individuals to ensure the Thurston family are not h omeless in the new year, t he family has also received more than $10,000 in pers onal donations since their story was first published in the Tribune last week. Consuela Thurston, mother-of seven, said: My phone h as been ringing off the hook. Everybody has been c alling, asking if I am the w oman from the story. I said yes, yes I am. This has just been so amazing a real miracle. M rs Thurston was diagn osed with cancer last year, and since then it has spread t hroughout her body, affect ing her bones and brain. O ver the course of her treatment, the Solomon's Super Centre employee of 15 years had to be reduced to halfd ays as she recovers from chemo treatments, and is currently on medical leave. When her husband Peter, 4 2, was diagnosed last month with lymphoma a cancer of the immune syst em during a routine phys ical, his immediate hospital isation crippled the family f inancially. D uring the last interview Mrs Thurston said after she found out about her diseasetreatments cost her around $10,000 each her bills spi raled out of control. She said: We have never b een in this kind of debt. The couple, who live in New Hope Road, Joan'sH eights, owed their landlord $4,470 in unpaid rent, were served an eviction notice for January 4. Mrs Thurston added: The landlord, he really bear with us for a really long time for the rent to get up t hat high like that he was g iving us a break because I w as sick, but now that my husband is sick, he's saying n ow what? Who is going to pay? After learning of the T hurstons unfortunate sit uation, a community-led initiative was launched to con s truct a home using building plans the family had gotten approved but were financially unable to bringt o fruition. The joint effort by Miracle Revival Fellowship pas t or Howard Stuart, and widespread community members, is spearheaded byD wight Armbrister, the host o f ZNS morning show Inspi ration Station on 107.9FM. Mr Thurston had been w illed the land by a family member, and had planned to build an apartment complex. Now, organisers plan t o complete as much as possible to ensure not only secure housing for theT hurstons as soon as possi ble, but also a means of income while the familyr ecuperates. Mr Armbrister said: This a faith move. Every family s omehow some way is touched by this dreadful disease. Ive got some police o fficers who have already c ommitted their manpower. S everal persons have already committed to purc hase the steel bars, to get cement and plywood. Meanwhile, doctors have d iagnosed Mr Thurston with Hodgkin's lymphoma, previously known as Hodgkin'sd isease, and a 70 per cent chance for successful recovery. However, now in his fifth w eek of hospitalisation, Mr Thurston admits he is only at the beginning of his treat m ent. Mrs Thurston said: He may come out next week,b ut its up to his body actu a lly. I pray it do happen. Still undergoing treatment and now the sole care-givero f their six children, Mrs Thurston she finds the strength to keep going through prayer and staunch f aith. Moved to tears by the unbridled compassion ofs trangers, Mr Thurston pro fessed his gratitude to those dedicated to ensuring securea ccommodations for his family. Mrs Thurston added: I w ent and took my children out and bought them some new clothes. Something I h avent done in a very long t ime it felt so good, they f elt so good, just going shopping. I really appreciate t hat. An account has been set up at FYP Builders Mall, W ulff Road, to fund neces sary construction materials in the name of Peter or Con s uela Thurston. Persons can contact Consuela at 5443444 or donate to the Thurstons at the Scotiabankb ranch on East Street and Soldier Road, account number 19303. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Fundraiser seeks miracle for family battling cancer, eviction PMhits back at CLICO employees complaining over owed money SEEKINGAMIRACLE: Consuela Thurston is pictured above holding hands with her husband Peter Thurston who has been in hospital for the past month after he was diagnosed with lymphoma. Although s he is currently undergoing treatment for cancer as well, Mrs Thurston is now the primary care-giver for t he couples six children. $10,000 in personal donations since story appearedin Tribune NOOBLIGATION: Hubert Ingraham


B y SIR RONALD S ANDERS (The writer is a Consultant and former Caribbean diplomat) N OW that the general e lections in St Vincent and t he Grenadines are over I can safely comment on the recently published book, The Making of The Comrade: The political journey of Ralph Gonsalves. The book is a very welcome addition to the literature on the Caribbeans political history because it is an account by a political l eader and Head of Gove rnment of at least some of t he events that have affected our regional condition. Not enough regional leaders have bothered to record, for contemporary analysis and for history, the behind-thescenes events that led to crucial decisions, including the d ecisions not to make decis ions of which there have b een many. Gonsalves describes this book, in his Preface to it, as an autobiographical sketch. In truth, it is part autobiographical sketch and part attempt to convince the electorate of St Vincent and the Grenadines to return him and his Unity Labour Party (ULP s ecutive term in office. I n the context of the latt er point, the book is an understandably biased view of the political and economic scene in St Vincent and the Grenadines. But, even that account is written in a racy style that makes for engaging reading. The book suffers from its mixed objectives which are: to give an account of events that helped to shape contemporary Caribbean histo-r y, and to promote a political party for re-election. By its very nature, the latter objective is promotional w hile the former should be studious. It also suffers because G onsalves has written it w hile still holding office as H ead of Government. Clearly, in the interest of preserving a relationship w ith his colleague leaders, particularly in the Caribbean C ommunity and Common M arket (CARICOM pulled his punches. B ut, there is sufficient in t he book to whet the a ppetite and for Caribbean people, as a whole, to look forward to Gonsalves writing once he has left office a scholarly and no-holes b arred account of the last d ecade of the regions history; a period that I have described elsewhere as a lost decade because of the failure of regional leaders to fulfil the pledge of deeper regional integration and to bring to fruition the single Caribbean community they promised the Caribbean people. Politics N onetheless, The Maki ng of The Comrade should be required reading for all w ho are interested in the C aribbeans politics and its e conomic development. Every sixth form student int he region should be r equired to read it critically, and so too should students of the regional universities. The book contains many nuggets that indicate a rich vein to be mined of crucial Caribbean events that tell t he story of mistakes made i n pursuance of inappropria te ideologies; and indecis ion about the governance C M Y K C M Y K PAGE 8, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Restrained revelations of a Caribbean WORLDVIEW SIRRONALDSANDERS


structure of the region when, if the bull had been taken by the horns, CARICOM would today be in a better position to cope with the turbulent international e conomic environment in w hich it is engulfed. Also, the book teasingly opens windows on policies and relationships whose pursuit is not fully explained but which remain c ontroversial in the context o f hemispheric relationships in particular, the relationship with the Hugo Chavez government of V enezuela and participat ion in the Chavez-initiated B olivarian Socialist Alternative for the Americas(ALBA as a rival to a USsponsored idea of a Free Trade Area of the Americas that has been dead and cold for some time. C learly, a Ralph Gons alves unshackled from political office who r eturns to academia and s cholarship has a great a ccount to give to the Caribbean people of his ride in a political journeyt hat they shared with all its ups and downs. A few events stand out in the book. In March 1982, h e attended in Grenada a regional conference of black nationalists, antii mperialists, socialists, and c ommunists where he e xpressed concern that the New Jewel Movement theg roup led by Maurice Bisho p and Bernard Coard that had seized power in a Coup dtat in 1979 was becoming more Leninist in its structure, orientation, and articulation. According to Gonsalves: The wrong song was being s ung in a land unsuited to its lyrics, borrowed whole sale from elsewhere. He warned Bishop a gainst this trend which he clearly attributed to Coard, and he records: Interestingly, the Cuban comrades (also kind of dogma and infantile ultra-leftism. A year later Bishop was d ead, gunned down by m embers of the Army of his own revolutionary government in a classic internal power struggle and the revolution ended by external intervention. T his idea of the import ation into the region of what Gonsalves describes as an inappropriate organizational guide and the s tory of the internal conf licts in Grenada and o utside of which he has a unique insider knowledge is a lesson for the region that hopefully he will tell more fully. Failure Of more immediate conc ern to CARICOM countries is Gonsalves report o f the failure of Heads of G overnment to correct the e xisting governance and a dministrative structures which were correctly deemed to be inadequate for the deeper regional integration tasks at hand. Appointed to head a Prime Ministerial sub-comm ittee to try to settle once a nd for all governance arrangements that had b een tossed back and forth f or years, Gonsalves r ecords that it became clear to me that the political will for deeper andm ore appropriate governance structures was absent. A subsequent report in F ebruary 2007 was talked to its death. He is now a member of yet another Prime Ministe r ial Committee, and it will be interesting to see if, in his third term, as Prime Minister he will use his seniority to establish a governance structure that would imbue again in the people of CARICOM a belief that regional integ ration can help enorm ously to improve their lives and their standing in the international community. Gonalves also discusses briefly the proposal from t he former Patrick Mann ing government in Trinidad and Tobago for a political union with the members of the Organisat ion of Eastern Caribbean S tates. I ntriguingly, he says he awaits a definitive policy from the new government in Trinidad and Tobago. As distinguished Caribbean attorney and former Barbados governm ent Minister, Sir Richard C heltenham, says in the Foreword to the book: It i s a story worth telling. R esponses and previous commentaries at: C M Y K C M Y K T HE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Its more than engineering. Its performance art.The Mercedes-Benz C-Class is equipped with many innovative technical features which delivers a driving experience that is unique in this class. Think beautiful design, elegant ease and stately confidence. Among the highlights is the AgilityControl Package which automatically adjusts the suspension set-up according to the conditions of the road. Along with exemplary fuel use, faster gear changes, exceptional interiors and increased cabin space, you will see the C-Class is the perfect embodiment of the Mercedes-Benz philosophy.Tyreflex Star MotorsWulff Road, P. O. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 Fax 242.323.4667OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY. Prime Minister


C M Y K C M Y K LOCAL NEWS PAGE 10, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By MIKELIGHTBOURN H AVEyou ever heard of the home staging profession? These people assist sellers with presenting their home in a fashion that will i ncrease the likelihood of a full price offer on a prope rly priced home. This profession is more common in the US, but there are persons here who are able to assist. Successful BREA agents have been doing this for y ears. I nterior decorators do a w onderful job in furnishings, layouts, etc. While the value added by such professionals is often w orth the investment, many sellers can put the basics into action thems elves, and enjoy the same b enefits. T here are several quick f ixes that stagers comm only recommend, and h ere are some highlights for your consideration as you prepare to market your home. First, the dirty work. Youve got to clean your windows, but don't forget a bout washing all the s creens to let in as much sparkling sunlight as possib le. I n tiled bathrooms, clean a nd regrout the floors. You know what they say about cleanliness! N othing will turn a buyer off more than dirty grout. Dont forget the interior and exterior must be properly cleaned or painted. No loose shingles! Second, create space in t wo ways. I n the kitchen, roll away any movable utility carts and clear clutter from thec ountertops and the refrig erator. Dont forget to clean the fridge door. In the rest of the home, move the furniture one tot wo feet away from the walls to create the illusion of more space. F inally, impart a sense of warmth and coziness by making up beds withc olourful sheets and comforters with matching wind ow treatments. All of these preparations s hould make it that much e asier for the buyers to imagine how comfortable t hey will be in this home. Your pride of ownership w ill encourage them to feel the same! T ip of the Week Dont forget your garden! It s hould be well maintained, trimmed and tidy. A few flowering plants, s uch as hibiscus, go a long way in setting the stage. D ont put your home on the market until everythingi s in tip top shape. R emember, your BREA agent is ready to help. Useh im/her. (Mike Lightbourn is president of Coldwell Banker Lightbourn Realty). Tips for staging your home


C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM MEMBERS of the Royal Bahamas Defence Force were thanked for theirh ard work and dedication a t the RBDF Christmas C arol Service. Peter Deveaux-Isaacs, acting Permanent Secretary at the Ministry of National Security, thankedt he officers and marines f or their instrumental roles in search & rescue and search & recovery operations. He also congratulated their due diligence on the h igh seas, especially with t he recent capture of poachers in the southern Bahamas. The RBDF Chaplain, Reverend Prince Bodie, d elivered a Christmas message reminding all about the real reason of Christm as-the Christ child. At this years ceremony, Mr Deveaux-Isaacs madep resentations to the marines who have distin guished themselves. T hey are: Engineering, Leading Mechanic Terrance Culmer; Headquart ers, Leading Seaman Marc o Roberts; Squadron, Able Seaman Wayde Wat son; Force Protection, L eading Seaman Marvin Lightfoot; Commando Squadron, Leading Sea-m an Dwayne Ferguson; S upply, Leading Seaman Kevin Seymour; Training, Able Seaman Nivado Ferg uson; Administration, Able Woman Marine Christina Rahming; Air-w ing, Leading Seaman S hannandor McKenzie. The overall Marine of the Year, an award r enamed the Leon Livingstone Smith Award of Excellence went to Able S eaman Nivado Ferguson. The Defence Force also extended invitations to the students of the Gambier a nd Adelaide primary schools, who entertained with song and dance. DEFENCE FORCE MEMBERS THANKED FOR HARD WORK AT CAROL SERVICE A BLE SEAMAN N ivado Ferguson being awarded the overall Defence Force Marine of the Year 2010 from Retired Commodore Leon Smith. Standing from left are Commodore Roderick Bowe, Acting Permanent Secretary in the Ministry of National Security, Mr Peter Deveaux-Isaacs, Able Seaman Fergu-s on and Retired Commodore Leon Smith. THE OFFICERS and Marines at the Royal Bahamas Defence Force Christmas Carol Service at the Coral Harbour Base. Also shown are some of the faculty and students from the Adelaide and Gambier primary schools.


all that has to happen is for Hubert Ingraham to call down to BTC and reduce the rates. Yes, I could reduce the rates and fire hundreds of you. It follows like night follows day, said Mr Ingraham, while speaking to a group of Free National Movement supporters in Grand Bahama on the weekend. He was referencing comments made by leaders of the Bahamas Communications and Public Officers Union (BCPOU Communications and PublicManagers Union (BCPMU during last weeks protest of the governments planned sale to Cable and Wireless. Bernard Evans, BCPOU president, said it is disingenuous for the Prime Minister to suggest BTC needs a foreign partner in order for the company to reduce cellular costs. He said the URCA-controlled cellular rates could be reduced by the PM with a stroke of the pen. Responding to the claims, Prime Minister Ingraham said: The rates are high because we have more people employed there than they need there. And you have people who are seeking to protect what they have to your disadvantage. It has nothing to do with whether or not we sell to Cable and Wireless they dont want it sold, period, because there is plenty juice there for them, and we want you to have more minutes for your five dollars. We think that you are spending a disproportionate amount of your money on cellular service, and we think its being done to sustain a few people to the disadvantage and at the expense and cost of the many in The Bahamas, he said. Union leaders were unable to comment last, as they said they were unaware of the Prime Ministers comments. The leaders continue to criticise the government, however, for leaving them out of the privatisation negotiations. Of his 18-month presidency, Mr Evans claimed he was only invited to three meetings of the advisory committee, and T. B. Donaldson, chairman of the Government-appointed BTC privatisation committee, attended none of them. T Baswell Donaldson said he was surprised to hear the unions position. Well he would be surprised because he was not present to one of those three meetings. There was always an excuse for his absence, and neither did he call in between to have any discussion with the union. He was never present to hear what my position was, said Mr Evans, refuting claims that as members of the advisory committee the unions were a part of the privatisation discussion. T he meeting at which the advisory committee approved the recommendation for the government to accept the sale to C&W, Mr Evans said union representatives were not invited. Even though they have yet to receive a copy of the MOU, M r Evans said he presumed other members of the advisory committee were prived to a copy, which would have been necessary for them to arrive at a consensus on the recommendation. At its second annual State of Civil Society address, yest erday, the Bahamas Civil Society organisation called for more transparency in government. Terry Miller, president of the organisation, said the Bahamas is party to several international charters, treaties, and agreements in which they have committed to developing systems of t ransparency in government. To those who say the unions are merely being political, let me note that at the town meeting held at the BCPOU headquarters, members of the opposition were made quite uncomfortable by speaker after speaker who either stated that theyf elt the former government also abused them, or by those who directed their members to look beyond party politics and not be influenced by the Official Opposition as this was a national issue, not a political ball game, said Mr Miller. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 13 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM blue shirt with a white T-shirt underneath. I nvestigations continue as police wait for the coroners r eport to determine the cause of death. The victims identity i s not yet known. CRIME scene investigators assess the countrys 94th homicide on Saturday. FROM page one M an found dead in years 94th homicide FROM page one HUNDREDS OF LAYOFFS WOULD BE THE COST


Minister Ingraham warned those persons employed at the Bahamas Telecommunication Company (BTC lic sector to not follow the plans of the President of the NCTU Jennifier Dotson and BPOU President Bernard Evans and participate in any national strike. He cautioned these workers that if they walked off their job, there was no guarantee that they could come back to that job. Jobs are scarce, Mr Ingraham noted. Jobs are hard to find. And no one is able to stop you from cutting off your nose to spite your face; that is your face. But at the end of the day, you wont have a nose that is the judgment you can make. However, Mr Roberts said that Mr Ingraham and his party are continuing to try to poison the well by suggesting that the unions are engaged in a political fight with him, with the PLP pushing its own political agenda to the mix. If he wishes to turn it into a political fight that is his business, but the fact is the unions have legitimate grievances which they are seeking to address by lawful means. It is unconscionable and reprehensible and just plain lousy of a Prime Minister to threaten peoples jobs and to try and mix the PLP up in his lame attempt to defend an indefensible policy. The PLP simply stands with the people and their legitimate concerns. No amount of propaganda can change the facts on the ground. The PLP simply stands for the people, he said. In a statement released last night, the government also accused the unions of acting contrary to the Employment and Industrial Relations Act. It called on opposition members of parliament to support "the government's legal actions and oppose any actions by the unions not in accord with the law". "The FNM has gone to extraordinary lengths to preserve jobs at BTC, as well as to agree to a partnership with C&W which will make Bahamians shareholders in the new company. We have and will continue to act in good faith. As the Government of the day, we also have an obligation to uphold the rule of law. In accordance with that solemn obligation, we will act in an appropriate manner," stated the FNM response. On Saturday, Mr Ingraham also hinted at reports that major PLP players were in fact behind Bluewaters bid to purchase BTC back in 2007. Addressing FNM supporters at their pre-Christmas breakfast at the Mary Star of the Sea School auditorium, Mr Ingraham said he had just been reminded that morning by his Minister of State, Zhivargo Laing, that normally in the Bahamas you would find a Bahamian fronting for a foreigner. They agreed to sell to somebody who some people think were fronting for some of them, he said. However Mr Roberts said this statement by the Prime Minister is a well known untruth that is being peddled by the FNM for propaganda purposes. Mr Ingraham is being less than frank in this matter. If the Prime Minister is correct in his assertion of fronting, then his government has some explaining to do to the Bahamian people. His government recently paid $1.9 million to a foreign entity (plus significant legal fees), the company he now accuses of fronting. If the company was fronting why did the government pay the hard cash of the Bahamian tax payer to this foreign entity voluntarily? This was a penalty which the FNM agreed to pay to Bluewater the putative buyer of BTCs minority interest because the FNM cancelled the deal. If the Prime Minister is correct that there was fronting then surely by logical reasoning then the FNM is now complicit in the fronting exercise by paying those who were fronting to end the deal. There was no fronting. The Prime Minister must put up or shut up on this issue or stop his party from spinning this total and absolute lie. We call for him to put the entire file on the table and produce the evidence or cease and desist. In response to the PLP's statement, the government reiterated its criticism with respect to the "proposed fire sale of BTC to the phantom entity Bluewater Ventures". Firstly, it is not possible to know who Bluewater is because there is no history to refer to.Bluewater was a shell company registered offshore in Jersey in the Channel Islands, and was established in 2003, 140 years after Cable & Wireless commenced operations. It had no financial statements and no organisational support. It only had two issued shares of one UK pound each. It was previously called Bluewater Communications Ventures Ltd. It changed its name to Bluewater Ventures Ltd. removing the word Communications, stated the FNM. As far as we know, given the two shareholders are nominee companies, its principal is one individual foreigner who used to be in a communications business, NTL, which went into bankruptcy in 2002. We dont know who the shareholders are, as this information was never provided to us. It is mind-boggling that a decision was once taken by a Government of the Bahamas to sell BTC to this entity. It is even more astonishing that there are those still bold enough to publicly tout this experience today. The FNM maintains that Cable and Wireless is a reputable company in good financial standing. Mr Roberts also hit out at the Prime Ministers comments on reducing rates. Another incredible statement by the Prime Minister was if he reduces the rates of cellular hundreds of people at BTC would be fired. Rates changes fall within the preview of URCA ex Public Utilities Commission (PUC the government. Clearly the PM did not think that such a proposition through, as it was the then PUC who turned down BTCs request to lower cellular rates to protect SRG (Indigo We hope that in a period of sober reflection that the Prime Minister will rethink his views and provide the country with a more reasoned and considered approach to the public policy on this issue, he said. C M Y K C M Y K LOCAL NEWS PAGE 14, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM FROM page one PLP chairman hits out


terparts are eligible for international grants, and we are not. USAID and several others tells us that we are too wealthy, said Mr Miller at the second annual State of Civil Society address at Windsor Park. Civil Society Bahamas is looking at avenues for creating greater linkages between financing sources and the local nonprofit sector. With such wealth in the country, it is sad that the local non-profit sector is so challenged, said representatives of the organisation. While we boast a vibrant civil society, and a comparatively rich economy, we are really not nearly as strong as we can be, said Mr Miller. The average income calculated by the Department of Statistics includes an average of total income earned against the total number of workers, including expatriate and Bahamian workers, said Dion Foulkes, Minister of Labour. Were the calculation made based on the mean or mode income, which would be determined by looking at the middle range income or the most frequently earned income, he said t he national income picture might have a different feel. It is skewed on the higher end because we have a lot of financial services workers, for example, who make very high salaries. We also have a very large professional class, both Bahamians and non-Bahamians, who make fairly large salaries, said Mr Foulkes. So when the average is calculated, the average is skewed towards the higher end because of these high income earners. There are several other statistical means for which you can get a different feel for what the situation is. Either (the mean or the mode calculation) would probably give you a more accurate reading for the vast majority of Bahamians, he said. To the extent that civil society organisations are disadvantaged, Mr Foulkes said he could not speak authoritatively. Although he said he is aware of local charities who have traditionally received funding from any number of institutions and individuals not withstanding the high wages in the Bahamas. Leonard Archer, former Bahamas High Commissioner to the Caribbean Community (CARICOM mean or mode calculation were used to compare national incomes, the Bahamas would still rate fairly high. The per capita income calculation includes not only the people who in live in Acklins and Crooked island but alsothose who live in Lyford Cay, and other gated communities. While they might not be Bahamian nationals, their income is included in the average because they are residents, said Mr Archer. When you average that you get a high income, but that masks the fact that there are a lot of people whose incomes are way below the average. As a generalised measure it is probably not the best one to use, but it is one that the Bahamas for good or ill has to deal with, he said. Grant money is usually directed to the people who need it the most, said Mr Archer, and in the obvious comparison with regional counterparts, such as Haiti or smaller OECS countries, the Bahamas will likely lose out all the time. Some countries, Japan is one of the best known for this, will direct their grant aid to countries that have a per captia income lower than a certain amount, usually in the low $34,000 per capita income range. Quite obviously if countries have that kind of stipulation for grant aid, the Bahamas would not qualify, said Mr Archer. Because of the high per capita income, countries who are making donations are reluctant to give to the Bahamas; (the thinking goes), you can afford to do things for yourselves. That is a problem any organisation will have if you apply to international organisations that have grant money. They say, why are you asking for money when you can do things for yourself, he said. The challenge extends into the political arena as well, said Mr Archer. With an average income higher than some poorer members of the European Union, many countries look at the Bahamas per capita income in trade negotiations and because of that view what you do in a different light. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 15 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM from across the public sector joined with their umbrella bodies, the National Congress of Trade Unions (NCTU (TUC Cable and Wireless. At least 10 unions participated in the mass demonstration last week, where union leaders threatened to shut down a number of vital ser vices in protest of the sale. Of the noise and threats of the unions, Mr Ingraham said that does not get anywhere with me. He said the call for staff reductions did not originate with Cable and Wireless. He said leading into the privatisation exercise, the present Bahamian management at BTC proposed for the government to let go of more than 300 people at BTC, because they say they are overstaffed. The question of layoffs arose most recently in negotiations over the set period of exclusivity, said Mr Ingraham. He said the government wanted to limit the period of exclusivity to two years. However, it considered the assessment of Cable and Wireless that it wanted to be able to disengage up to 30 per cent of the staff immediately after the conclusion of the sale. We said we cannot have that. So we negotiated a deal that says you can have it for three years, you offer a voluntary disengagement package so that those who have entitlement to pension and others who would like to leave can do so, and that you would not terminate anyone to downsize the company for at least the two years, said Prime Minister Hubert Ingraham. Now in doing that, it affected the price we get paid for it, and it affected how long you are still going to pay higher than you should, because as soon as competition comes, cellular rates are going to drop right down. We did that for the benefit of the employees of BTC. Apparently their union leadership does not appreciate that, he said. The government is going to proceed with what we think is the right thing for The Bahamas said Mr Ingraham. He also said the government is convinced the country will be better off as a result of its privatisation plan. FROM page one PM warns BTC staff over walking off job Foreigners incomes affecting the Bahamas eligibility for grants FROM page one DIONFOULKES


C M Y K C M Y K LOCAL NEWS P AGE 18, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM FATHERS AND SONS AT BATTLE AT ATLANTIS CABINET MINISTERS took out time on Saturday night to enjoy U.S.A. Division 1 College Basketball at Atlantis, Paradise Island. ABOVE:Senator Vincent Vanderpool Wallace and his son Killian; Minister Zhivargo Laing and Mrs. Laing a nd their son Zhimaal and Senator Dion Foulkes and his son Dion William. B ELOW:Minister Tommy Turnquest and his sons Carey and Robert. Also attending were Attorney General John Delaney and Ministers Earl Deveaux and Phenton Neymour. SEESPORTSSECTIONFORMOREFROMTHEEVENT


C M Y K C M Y K INTERNATIONAL NEWS T HE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 19 SUVA, Fiji FRESH OFF an Australian tour with her frenzied talk-show fans, Oprah Winfrey is taking a respite in the South Pacific island nation of Fiji, where the military regime wished her "a great time", according to Associated Press. Fiji's tourism minister said Winfrey was spending the Christmas holiday there and that officials wanted to respect her privacy. Local media reported she arrived Thursday and that she and longtime beau Stedman Graham were to stay until Dec. 26. Tourism on Fiji is active, though relations with other countries have been strained by the lack of democracy since a December 2006 military coup. Australia and New Zealand imposed travel bans on Fiji leaders, and international trade sanctions have been imposed, but elections have only been pushed back. The U.S. State Department has warned Americans to carefully consider the risks of travel to Fiji and to be vigilant while there. OPRAH VACATIONS IN MILITARY-CONTROLLED FIJI


By ALISON LOWE Business Reporter a nd DENISE MAYCOCK Tribune Freeport Reporter d Despite a year which brought increased tourist numbers to the Our Lucaya resort when compared to 2009, the resort's Christmas occupancyl evels are "not as good as we had expected", its general manager told Tribune Business. "The Christmas season is n ot as strong as we would have liked it to be. We were expecting better occupancy," said Michael Weber. According to the general manager, "peak days" during the Christmas period the week between Christmas and New Years Day, which typically brings some of the highest visitor numbers to hotels will see occupancy rise to "a little over 50 per cent". This is "pretty close to the same" as the resort experienced last year, when tourism underwent a significant slump in light of the global economic downturn. Our Lucaya is projecting between 30 and 50 per cent occupancy during the Christmas and New Year. R oom rates have stayed "at a standstill", added Mr Weber. The competition is so fierce for the same tourist that it's hard to go out their and ask for $50 more," he said. But the Our Lucaya resort is By ALISON LOWE Business Reporter Nassau/Paradise Island hotels a re set to enjoy an average 3-4 per cent year-over-year i ncrease in occupancy levels for Christmas 2010, and a 5-6 per c ent rise in average daily room rates, leading the minister oft ourism and aviation to pron ounce that the sector is continuing the upward trend. V incent Vanderpool Wallace revealed that results from a r ecent sample of hotels in Nassau and Paradise Island suggest t hat occupancy levels for December are set to be upa round to 4 per cent for 2010 over last year. The week between Christmas and New Years Day specifically will see some h otels with 100 per cent occupancy in the Family Islands, s ome 90 per cent full in Nas sau and Paradise Island and in G rand Bahama, occupancies of around 70 per cent during this traditionally busy week. A key driver of hotel profitability average daily room r ates have climbed up by 5 to 6 per cent for Christmas visi t ors in 2010. The combination of occupancies up by 3-4 per cent and room rates up by 5-6 per cent gives us reason to b elieve that we are continuing the upward trend, said MrV anderpool Wallace of prospects for the hotel sector. L ooking back over the year, Mr Vanderpool-Wallace highl ighted the third quarter from July to September as showingt he most impressive growth visa -vis 2009. Our overall business grew b y more than 18 per cent in terms of the overall increase o ver the same period. It is a phenomenal surge, which s hows what can happen if you have the right combination ofa n attractive destination and the right pricing, he said. Ministry of Tourism officials expect the total number of vis itors to the Bahamas in 2010 tob reak the five million mark some time this week, this being only the second time ever C M Y K C M Y K SECTIONB MONDAY, DECEMBER 20, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third p arty and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.30 $4.45 $4.34 B y NEIL HARTNELL Tribune Business Editor Negotiations over revisions to the $1.8 billion Mayaguanab ased I-Group project are at a very sensitive, delicate s tage, Tribune Business has been told, with the developers i n talks with a high-end, Asian boutique resort brand as the Government seeks to transform the development into one in line with its revised Family Island model. Michael Scott, the Hotel Corp orations chairman, told this newspaper that the Ingraham $1 .8BN PR OJECT REVISION T ALK S AT VERY DELICATE, SENSITIVE STAGE Mayaguana developers in talks with high-end Asian boutique brand as government attempts to re-work repugnant initial deal* Hotel Corp chair says Christie government s agreement wasn t watertight in terms of giving I-Group timelines, goals and milestones SEE page 8B By NEIL HARTNELL T ribune Business Editor T he frontrunner to acquire the last government-owned hotel is still alive and contemplating a significant $7-$10 mill ion first phase investment in revamping Andross Lighthouse Club resort, with plans including a complete refurbishment of the marina and a 20-strong room inventory expansion. Michael Scott, the Hotel Corporation chairman and noted attorney, who has just set up his own law practice, told TribuneB usiness that the proposal by Illinois-based Scheck Industries to acquire the Lighthouse Club was still on the table, the mainu nresolved issue between the two parties being the amount of land conveyed to the developer for the first phase. Andros is still very much alive in terms of negotiations with Scheck to do a development which encompasses the Lighthouse Club, Mr Scott told this newspaper. Theyre looking at a significant investment in that first instance. Theres also going to be a fair amount of infrastructure work, because what there is at Fresh Creek is minimal. In relation to the Lighthouse Club and Scheck, the initial i nvestment will be about $7-$10 million, sorting out the marina, upgrading the hotel, residential sectors and creating a Marina V illage. Mr Scott told Tribune Business that once Scheck accom$7-$10m Andros resort deal still very much alive Scheck still eyeing significant investment in g overnment-owned Lighthouse Club, including total revamp of marina and doubling existing rooms* Later phases include FBO plans, but government g uarded on initial amount of land to be conveyed and insisting on timelines/milestones SEE page 6B By NEIL HARTNELL Tribune Business Editor A top Bahamian attor n ey who earlier this year left one of Nassaus leading law firms has set up his own boutique practice, aiming to exploit his sizea nd 34 years of commercial litigation experience to build on what is already an expanding client base. Confirming to Tribune Business that Scott & Company had been operat ing since November 22, 2010, from offices at The Lagoon Centre, Sandyport, Michael Scott, the former Callenders & Company attorney and partner, said he had already been referred two matters by the international lawyer and client relationships he had established, one of which was potentially quite big. Ive been operating since November 22, offering a T op attor ney launches his own practice SEE page 7B V INCENT V ANDERPOOL-WALLACE The average annual salary and benefit packages enjoyed by Bahamas Telecommunications Company (BTC amounted to just under $69,000 in 2009, more than double this nations per capita income, as the Prime Minister pledged this weekend to sell 25 per cent of the stateowned incumbent to Bahamian public investors within three years. Calculations carried out by Tribune Business, using data in BTCs 2009 audited finanBTC salaries more than 2x the average 25% of BTC to be sold to B ahamian public in three y ears No talks on Port area property tax, business l icences until GBPA house i n order and election finished PM wants Port area utilities t o be placed under national r egulation, as Lubert Adler pushes out Ginn from $4.9bn project SEE page 4B Nassau/PI hotels eye 5-6% Xmas rate rise n Sector continues upward trend, with occupancies also set to be up 3-4% over 2009 figures for December n 2010 Q3 business grew by 18%, with visitor five million s et to arrive this week SEE page 3B Our Lucaya sees below par Xmas Occupancy levels to rise to a little over 50% in Christmas-New Year period SEE page 3B


C M Y K C M Y K BUSINESS PAGE 2B, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 9$&$1&< By ROYALFIDELITY CAPITAL MARKETS It was another slow week of t rading in the Bahamian stock market. Investors traded in two out of the 24 listed securities, with one advancer and one decliner. E QUITY MARKET A total of 53,000 shares changed h ands, representing an increase of 32,100 shares compared to the previous week's trading volume of 2 0,900 shares. Commonwealth Bank (CBL w as the volume leader and sole advancer last week, trading a volume of 51,000 shares to see its stock price close up by $0.10 at $6.95. AML Foods (AML decliner in the week, trading a vol-u me of 2,000 shares to see its share price fall by $0.04 to close at $0.97. BOND MARKET N o notes traded during last w eek. C OMPANY NEWS Earnings Releases: ICD Utilities (ICD unaudited results for the ninemonth period ended September 30, 2010. For the period, ICD reported net income of $131,000 compared to $912,000 in the comparative period in the prior year. I t was noted that total income of $ 244,000 in the period declined by $758,000 from $1 million in the prior period, due primarily to lower dividends received. ICDs total expenditures in the nine-month period, of $113,000, increased slightly by $23,000 compared to the $90,000 reported in the same peri-o d in the prior year. Total assets a nd liabilities of ICD were $55.4 m illion and $129,000 at September 3 0, 2010, compared to $56.6 million and $63,000 at December 31, 2009. RoyalFidelity Market Wrap EQUITYMARKET TRADINGSTATISTICS BISX SYMBOL CLOSING PRICEWKLY PRICE CHANGE VOLUME YTD PRICE CHANGE AML$ 0.97$-0.042,000-17.09% BBL$ 0.18$-0-71.43% BOB$ 4.90$-0-16.95% BPF$ 10.63$-0-1.02% BSL$ 5.01$-0-50.20% BWL$ 2.70$-0-14.29% CAB$ 10.46$-04.81% CBL$ 6.95$0.1051,000-0.71% C HL$ 2.40$-0-11.76% CIB$ 9.39$-0-2.50% CWCB$ 1.84$0.040-35.44 DHS$ 1.60$-0-37.25% FAM$ 6.07$-0-6.47% FBB$ 2.17$-0-8.44% FCL$ 5.46$-014.47% FCLB$ 1.00$-00.00% FIN$ 7.23$-0-22.09% I CD$ 5.59$-00.00% JSJ$ 9.82$-0-0.30% PRE$ 10.00$-00.00% BOND MARKET TRADING STATISTICS BISX FBB13 SYMBOL DESCRIPTION: FBBSeries C Notes Due 2013 VOLUME 0 PAR VALUE $1,000 BISX FBB15 S YMBOL D ESCRIPTION: F BB Series D N otes Due 2015 V OLUME 0 P ARVALUE $ 1,000 B ISX F BB17 SYMBOL DESCRIPTION: FBB Series A Notes Due 2017 VOLUME 0 PARVALUE $1,000 BISX FBB22 SYMBOL DESCRIPTION: FBB Series B Notes Due 2022 VOLUME 0 PAR VALUE $1,000 INTERNATIONAL MARKETS F OREX WKLY %Chge R ates Currency C AD1.01202.13 GBP1.5520-1.93 EUR1.3175-0.48 Commodities WKLY %Chge Commodity C rude Oil 88.60 -2.15 Gold1,368.50 -0.49 International Stock Market WKLY % ChgeI ndexes Index DJIA11,491.90 0.71 S &P 500 1,243.91 0.28 NASDAQ 2,642.97 0.21 Nikkei 10,303.80 0.90


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such numbers have been recorded in any given y ear. Overall, visitors to the Bahamas are up by 14 to 15 per cent this year over last, with that driven primarily by an explosion in cruise visitors, as opposed to stopover visitors who stay one orm ore nights in the country. With 70 per cent of all cruise visitors to the Bahamas coming on a Bahamas only cruise, Mr Vanderpool-Wallace said this was especially m eaningful. Its the best indicator of what a low-cost, high quality vacation to the Bahamas will deliver,s aid the Minister. Mr Vanderpool-Wallace said his Ministry intends to reward the five millionth visitor with an as-yet undisclosed prize for coming to the B ahamas. The last time the Bahamas crossed the five million tourists threshold was in 2005. That years performance took place under very different domestic and global economic circumstances,w ith the Bahamas enjoying what many considered a boom period, with GDP growth in the region of 4 per cent. Nassau/PI hotels eye 5-6% Xmas rate rise FROM page 1B c ertainly not alone in this predicament. Having called other hoteliers in the Bahamas and South Florida, Mr Weber s aid he got the impression that t heir Christmas was also not so merry. "Their numbers are not as strong either," he said. O utgoing president of the Bahamas Hotel Association, R obert Sands, recently stated that many hotels were experiencing Christmas occupancy levels which were "flat to last year" or showed minori mprovements. Meanwhile, Mr Weber sugg ested that bad weather in the US and/or recent headlines r eferring to crime and labour conflict in the Bahamas could be a factor in a would-be tourist's decisions to stay at home. If you were travelling here from the States and you' googled' Bahamas and Freeport, and saw the headl ines, you'd see stuff about rape, cop's death probes, unions clashing with police. People are coming here looking for a relaxed, fun atmosphere they d ont think of stuff like that," he added. H owever, Mr Weber said he was happy with the perfor m ance at the hotel generally this year, which was up com p ared to "the last couple of years. The Our Lucaya resort e mploys around 800 staff, and this year all were able to work full weeks throughout the year, even in the traditionally slower period in August and Septem-b er, when staff have usually been put on rotation withr educed work hours. Asked about the extent to w hich Our Lucayas owner, Hong Kong-based conglomer ate Hutchison Whampoa, has had to continue to step in with capital when the hotel propertyh as been unable to meet its costs, Mr Weber said: "The c ompany is very supportive of us. Our owners have been very accommodating to our requests, if there are shortfalls. We give them a lot of credit as owners. If we need marketing funds or a ssistance in any way they are always there to help and that's n ot found easily. Many other hoteliers when they run into situ ations the owners would just be looking to sell it out." At the nearby Pelican Bay Resort, the occupancy for the Christmas period is projected t o be about 40-50 per cent. H owever, Nicoya Bethel reported the resort is expecting about 90 to 100 occupancy during the New Year. T wo properties that are reporting occupancy levels above 50 per cent during C hristmas are the Ocean Reef Yacht Club and the Island Seas Resort, which are timeshare resorts. Edmond Saunders, reservat ion supervisor at Island Seas, reported that the 189-roomt imeshare property is projecting about 70 to 80 per cent occup ancy for the Christmas week. However, the occupancy rate will drop to about 40 per cent for the New Year. The Ocean Reef Yacht Club i s reporting about 80-90 per cent occupancy for Christmasa nd the New Year. The Island Palm Resort, in F reeport, and Old Bahama Bay Resort, in West End, are r eporting very low occupancy rates for both Christmas and New Year. Our occupancy is not good, said Old Bahama Bay r eservation manager Jackie Carroll. Most of our business c omes from the marina and weather conditions have notb een good lately. Ms Carroll said Christmas w ill be slow, but she expects business to pick up at the beginning of the New Year. F ROM page 1B Our Lucaya sees below par Xmas MICHAEL WEBER


cial statements, show that b ased on total salary and bene fit costs of $84.273 million, a nd some 1,228 staff at yearend, BTCs average salaryand benefits package was worth $68,626 per person. This is more than double the estimated Gross domestic product per capita (average income) of $29,700 that Bahamians generally were estimated to take home in 2009, some 131 per cent above average salary levels. It is likely this, and other f actors, that prompted Prime Minister Hubert Ingraham to declare in Grand Bahama over the weekend that telecommunications rates in the Bahamas especially for cellular were high because there were more people employed at BTC than the company needed. And, in a thinly-veiled reference to BTC salary and benefits packages, he added: You have people who are seeking to protect what they have to your disadvantage. It has nothing to do with whether or not we sell to Cable and Wireless they dont want it sold, period, because there is plenty juice there for them, and we want you to have more minutes for your $5. I n fact, many of you have no idea how much money you spend for cellular service. Start adding up how much you are spending on it. We think that you are spending a disproportionate amount of your money on cellular service, and we think its being done to sustain a few people to the disadvantage and at the expense and cost of the many in the Bahamas. Apart from Mr Ingrahams c omments, the scale of BTC salary and benefit packages is again likely to prompt debate over whether worker productivity levels in the Bahamas are often misaligned with compensation, given the f requent complaints about BTCs service and pricing levels. One leading attorney recently told Tribune Business he had been waiting two months for BTC to respond to his request for a fax line to be installed at his new office. In fact, BTCs staff benefit and salary packages are even higher if the companys National Insurance contributions and payments to the staffs defined benefits pension plan are included in the calculation. Factoring these into the mix gave BTC total staff costs of $96.457 million for 2009, more than 25 per cent or one-quarter of its $361 million turnover for that year. D ividing this by the 1,228 BTC staff gave an average/salary benefit package of $78,548, some 164 per cent above average GDP per capita. Meanwhile, Mr Ingraham revealed that part of the Memorandum of Understanding (MoU of a 51 per cent BTC stake stipulated that Cable & Wireless could not terminate anyone to achieve its desired 30 p er cent labour force downsizing within two years of privatisation completion. Hinting that without the $210 million sales proceeds the Government would have to continue to borrow to meet p ublic sector salaries, a situation that was unsustainable, Mr Ingraham said: We intend over the next three years for 25 percent of BTC to be owned by the public. The Government will continue to own 24 percent until another point in time when decisions are taken. Elsewhere, Mr Ingraham said the Government had told the Grand Bahama Port Authority (GBPA would not discuss continuing the real property tax and business licence fee exemptions for Freeport-based businesses, which are due to expire in 2015, beyond that date until the organisation was able to get their own house in order in terms of ownership. We are not inclined, first of all, to have any discussions on it with them while they are divided, and secondly, we dont think it is appropriate to have discussion before the next election, the Prime Minister said. He also hinted that any continuation of such investments might depend on the GBPA giving up the right to licence and regulate utilities, such as electricity and water, in the Freeport area. Tribune Business brought this issue into the national spotlight when it disclosed Cable Bahamas Judicial Review application over whether it should pay licence fees to the Utilities Regulation & Comp etition Authority (URCA based on its Freeport Internet revenues, arguing that here it was regulated by the GBPA and requiring it to do this would be tantamount to double taxation. Mr Ingraham, though, reiterated his determination to bring all utilities under one national regulator, such as URCA. The Prime Minister also confirmed that Bobby Ginn was out of the $4.9 billion West End project, having met the owners last week. Tribune Business can reveal that t hey are Lubert Adler, the real estate investment/private equity firm that provided the initial seed capital (equity the project and Mr Ginn. While the Credit Suisse group has foreclosed on a substantial chunk of the property at West End, Tribune Business understands that apart from the existing Old Bahama Bay property, Lubert Adler still controls the 150 acres that were earmarked for the projects core hotels and the casino. Sources familiar with developments say Lubert Adler is now attempting to find investors/partners to help it develop this core. C M Y K C M Y K BUSINESS PAGE 4B, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1. 1 0.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6 .184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2. 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2 .842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.956.950.000.4220.26016.53.74% 3.651.63Consolidated Water BDRs1.851.850.000.1110.04516.72.43% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.23Finco7. 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S)5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1. 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29%1 0.509.82J. S. Johnson9.829.820.000.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 2 0 November 2029THURSDAY, 16 DECEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,487.84 | CHG 0.00 | %CHG 0.00 | YTD -77.54 | YTD % -4.95BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6 .95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL 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-10 30-Nov-10 107.570619 105.776543 30-Jun-10 30-Nov-10 NAV 6MTH 1.475244 2.911577 1.532712TO 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 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)30-Nov-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov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tLFWRULD$YHQXHDVVDXKH%DKDPDV 1RWLFH LVKHUHE\JLYHQWRDQ\SHUVRQVfKDYLQJ5LJKW RI'RZHU$GYHUVH&ODLPRU&ODLPQRWUHFRJQL]HGLQ WKH3HWLWLRQVKDOORQRUEHIRUHWKHH[SLUDWLRQRI7KLUW\ GD\VDIWHUWKHILQDOSXEOLFDWLRQRIWKHVHSUHVHQWV ILOHLQWKH6XSUHPH&RXUWDQGVHUYHRQWKH3HWLWLRQHU RUWKHXQGHUVLJQHGVWDWHPHQWRIKLVFODLPLQWKH SUHVFULEHGIRUPYHULILHGDQ$IILGDYLWWREHILOHG WKHUHZLWK )DLOXUHDQ\SHUVRQWRILOHDQGVHUYHVWDWHPHQWRI VXFKFODLPRQRUEHIRUHWKHVDLGGDWHZLOORSHUDWHDV EDUWRVXFKFODLP 5,&+$5'/%22'/(t& &KDPEHUV VW )ORRU.*DOFROP%XLOGLQJ %D\WUHHWtLFWRULD$YHQXH 1DVVDX%DKDPDV $WWRUQH\VIRUWKHHWLWLRQHU FROM page 1B BTC salaries more than 2x the average


C M Y K C M Y K BUSINESS PAGE 6B, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 7KH$QJOLFDQ&HQWUDO(GXFDWLRQ$XWKRULW\7KH$QJOLFDQ&HQWUDO(GXFDWLRQ$XWKRULW\LQYLWHVDSSOLFDWLRQVIRUWHDFKLQJ SRVLWLRQVDYDLODEOHDW 6W-RKQV&ROOHJHDQGW$QQHVFKRRO RQHZ 3URYLGHQFH %LVKRSLFKDHO(OGRQFKRRO RQ*UDQG%DKDPDDQG $QGUHZV$QJOLFDQFKRRO (QJOLVK/DQJXDJHDQG/LWHUDWXUSRVLWLRQVf 0DWKHPDWLFVSRVLWLRQVf 3K\VLFV&KHPLVWU\SRVLWLRQVf %LRORJ\+HDOWKFLHQFHSRVLWLRQVf +LVWRU\RFLDOWXGLHVSRVLWLRQVf *HRJUDSKSRVLWLRQVf 5HOLJLRXVWXGLHVSRVLWLRQVf )UHQFKSRVLWLRQf 6SDQLVKSRVLWLRQVf 0XVLFSRVLWLRQVf $UWSRVLWLRQVf +RPH(FRQRPLFVSRVLWLRQVf 3ULPDU\/LEUDULDQSRVLWLRQVf /RZHUULPDU\DGHV.SRVLWLRQVf 8SSHUULPDU\SRVLWLRQVf ,QIRUPDWLRQHFKQRORJ\*UDGHVSRVLWLRQVf $FFRXQWV&RPPHUFH(FRQRPLFVSRVLWLRQVf 3K\VLFDO(GXFDWLRQ*UDGHV.SRVLWLRQVf *XLGDQFHt&DUHHU&RXQVHORUDGHV.SRVLWLRQVf 7HFKQLFDO'UDZLQJSRVLWLRQf 6FKRROXUVHSRVLWLRQVf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nternational Business Companies Act ( No.45 of 2000)In Voluntary LiquidationN otice is hereby given that, in accordance with Section 138 (4Business Companies Act, (No. 45 of 2000), G.A.M. CORPORATION LIMITED (the Company is in dissolution. Jorge R odrigo Garcia Bellamy is the Liquidator and can be contacted at Via 1 4-88 zona 4 Guatemala. All persons having claims against tha above-named Company are r equired to send their names, addresses and particulars of their debts or claims to the Liquidator before 31st d ay of December, 2010. L EGAL NOTICE N OTICE I nternational Business Companies Act ( No.45 of 2000)In Voluntary LiquidationNotice is hereby given that, in accordance with Section 1 38 (4Business Companies Act, ( No. 45 of 2000), CASTLE PROPERTIES (MMI LTD. (the Company is in dissolution. Jorge R odrigo Garcia Bellamy is the Liquidator and can be c ontacted at Via 1 4-88 zona 4 Guatemala. All persons h aving claims against tha above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 31st d ay of December, 2010. p lished its first phase goals, there were further development phases that called for the creation of a Fixed Base Operation (FBO targeted at the burgeoning private aviation market, and a golf course on land leased from the Government (Hotel Corporation E mphasising that Scheck and the Government were still very much at the negotiating phase, he explained that the developers first phase proposal called for the complete refurbishment of the propertys existing 20 rooms, the expansion and addition of 20 extra rooms, and the complete refurbishment of the marina with docks and so forth. Apart from creating spin-off jobs and entrepreneurial opportunities for Bahamians in areas such as bonefishing, Mr Scott said Scheck was also looking to incorporate eco sensitive facilities s uch as a spa, with one such spa/resort operator under consideration being Virginia-based Greenbrier. The problem in negotiations with the Government has been the amount of acreage that should be conceded to the developer in the first phase, Mr Scott told Tribune Business. The Governments preference is to modulate or sell land, part with the land, in increments so that its not used for speculation. As with the $1.8 billion Mayaguana project (see other article on Page 1B) the Government is seeking to incorporate into any a greement with Scheck a series of timelines, goals and milestones for the developer to accomplish. Once the first phase targets are met, the Government and Scheck will then enter into talks over a second development phase,a nd the amount of land and investment incentives appropriate to that. T hen, once that phase and its goals are accomplished in a phased manner, the two parties will then sit down for further talks on any f uture development phases. Rejected Tribune Business previously reported that the initial Scheck d eal, which aimed to transform the Lighthouse property and surr ounding real estate into the Andros Sporting Club, was rejected by the Ingraham Cabinet on the grounds that it did not want to convey to the developer the estimated 6,000-7,000 acres surrounding the resort property owned by the former Hotel Corporation. V incent Vanderpool-Wallace, minister of tourism and aviation, effectively confirmed this to Tribune Business, also acknowledging that the previous Scheck proposal which called for the redevelopment of the Lighthouse property in a project covering 600 acres,3 50 freehold and 250 leasehold had involved the surrounding acreage. "The property is obviously still available, and we're likely to put it up for sale," Mr Vanderpool-Wallace said of the Lighthouse Yacht Club & Marina. "I believe Mr Scheck is very much interested i n putting an offer in for it. That's imminent, and should be received this week." H e added: "We have cut back significantly on what was is offered. We want to make sure the marina and hotel get going as t he core part of Fresh Creek, and thereafter other people can come in" and develop the surrounding land in planned phases. The minister indicated that the Government wanted any devel opment at the Lighthouse Yacht Club & Marina to take place in carefully staged, managed phases, keeping pace with Andros's infrastructure and population, rather than a developer getting their hands on all the real estate at once. $7-$10 million Andros resort deal still very much alive F ROM page 1B


C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 7KH$QJOLFDQ&HQWUDO(GXFDWLRQ$XWKRULW\9,&(,1&,3$/(('('7KH$QJOLFDQ&HQWUDO(GXFDWLRQ$XWKRULW\LQYLWHVDSSOLFDWLRQVIURP TXDOLHG%DKDPLDQVIRUWKHSRVLWLRQRI 9,&( 35,1&,3$/ RI 6W -RKQ &ROOHJHUHSDUDWRU\FKRROEHJLQQLQJHSWHPEHU 7KH$SSOLFDQWPXVWKDYHD'HJUHHLQ(GXFDWLRQIURPDUHFRJQL]HG 8QLYHUVLW\ZLWKDWOHDVW\HDUVDGPLQLVWUDWLYHH[SHULHQFH 7KHDSSOLFDQWPXVWDOVREHFRPSXWHUOLWHUDWH .H\MREIXQFWLRQVDQGUHVSRQVLELOLWLHVLQFOXGH $VVLVWLQJZLWKVWDIIVXSHUYLVLRQDQGHYDOXDWLRQ $GPLVVLRQVDQGVWXGHQWRULHQWDWLRQ 6FKHGXOLQJLPHWDEOHVH[DPLQDWLRQVLQYLJLODWLRQf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b outique operation, and am going to be very selective in the clients I take on, Mr Scott told Tribune Business. Ived ecided that small is better. Im busy, and I obviously have local clientele, particularly t hose I do insolvency work for, the likes of Clifford Culmer a nd BDO Mann Judd, but I also have a network of intern ational law firms and clients to refer work to me. Ive got 34 years of litigation experience, particularly trust, insolvency a nd thereforth. S cott & Companys practice areas will chiefly be comm ercial litigation and insolvency work, and Mr Scott said he aimed to expand early in the New Year through the hiring of a junior attorney to help with the leg work. He has a lready hired a secretary and clerk. A sked how small law firms managed to attract clients and compete against larger rivals, Mr Scott said: It really depends on the individual. Some people like to deal with small firms. The problem with larger firms is that you are paying for their overheads in terms of fees and services, and so forth. It all depends on who the person is and the marketing you do. Top attorney launches his own practice F ROM page 1B


C M Y K C M Y K BUSINESS PAGE 8B, MONDAY, DECEMBER 20, 2010 THE TRIBUNE administration upon taking office in May 2007 found theH eads of Agreement signed by the former Christie-led PLP administration essentially repugnant, since it handed too much land especially prime waterfront and developable land to the Bostonbased developers. Explaining that the Hotel C orporation had yet to be formally wound-up via an Act of Parliament, Mr Scott, the former Callenders & Co attorney a nd partner, said one of the residual matters that remained was to complete a renegotiated agreement with the I-Group, adding that thei nitial deal with the Christie administration wasnt watertight in terms of timelines, goals and milestones that the d eveloper had to meet. Although the Hotel Corporation is being wound-up, its not finished yet, because the Bill repealing the Hotel Cor-p oration Act has not been brought to Parliament yet, Mr Scott told Tribune Business. The Board is going to be rea ppointed to deal with some residual matters, like finishing off the audited accounts. One o f the residual matters we have t o clear up is with the I-Group on Mayaguana. The way forw ard is being negotiated. Theyre [the negotiations] at a v ery delicate, sensitive stage. Reiterating the Ingraham a dministrations opposition to the Mayaguana Heads of A greement that it inherited from its Christie-led predecessor, Mr Scott told Tribune Business: It involved too much land. It was like selling off allt he waterfront between the eastern end [of New Provi-d ence] and Lyford Cay at $600 an acre. Yes, Mayaguana is not New Providence, but its a huge and vast amount of land. The initial Heads of Agreem ent between the Government and the I-Group, which is head e d by the Roy family, involved the conveyancing of some 9,999 a cres of Crown Land to the developers. Their vision for Mayaguana initially included plans for an airport, utilities, a marina village, residential lots, p rivate villas and condos, two 200-room hotels, two golfc ourses, an equestrian ranch facility, a 500 acre industrial p ark and nature preserves. Mr Scott, who will carry on working as a tourism/hotel development consultant to the Minister of Tourism once the H otel Corporation was woundup, told Tribune Business that the intent and philosophy of the Minister and myself is to e nsure about half of that land [some 5,000 acres] comes back to the Government, and whats left does comprise all the prime, viable properties. M ayaguana covers a land mass of 310 square miles andh as a population of just 300 per sons, and Mr Scott said some prime and developable properties needed to be retained a nd made available for Bahamians to piggyback on w hat development takes place there, so they are not left out in t he cold. He added that in renegotiating the I-Group Heads of Agreement, the Government wanted to tighten the timelines and phasing for the developers, creating certain milestones they have to meet, and said of the initial agreement: It wasnt watertight. Mr Scott implied that these goals and timelines, apart from incentivising the developer, also ensured that the amount of land and investment incentives granted to them was based on physical progress made on the ground. In doing so, the Government was also guarding against huge chunks of prime Bahamian real estate being tied up for years with no development, and against unbridled land speculation. Acknowledging that the IGroup had already made a considerable investment, totalling some $30-$40 million, in the Mayaguana project, Mr Scott said the developer was entitled to an acreage to reflect that. Detailing another aspect of the Governments Out Island development strategy, Mr Scott said it was now insisting that developers brought in internationally-recognised brands, such as hotel partners, if they were not one themselves. This was the case with Mayaguana, he added, with the Government wanting to ensure that the I-Group was not just interested in golf course and villa development. The Bostonbased developer, Mr Scott said, was already talking to Six Sens es Resorts & Spas, a high-end Asian-based boutique brand of the same ilk as Banyan Tree and Aman. There are discussions going on between the IGroup and them currently, Mr Scott said, adding that Six Senses were viewed as a perfect fit from an environmental and every other perspective you can think of for Out Island development. PROJECT REVISION TALKS F ROM page 1B


POLL QUESTION Should the government continue with the sale of BTC to Cable and Wireless considering the threat of industrial a ction by the unions? READER RESPONSES Erasmus Folly: "Yes, please do. Then proceed with BEC, Water & Sewerage and every other Bahamian company. The role of government is not to r un businesses. We need a massive investment in education as well. Bahamians need to take responsibility for their own lives and their own futures. Stop looking to the nanny state. Job creation is not a government task. Entrepreneurs create jobs, not gove rnment. Government jobs invite extinction, because the actual economic value of the government job gets lost in the political game. Economics works better when unfettered by the heavy hand of the state and of politicians. Education, education, education! It's 2010 people. Wake up! C&W were the best bid. No one else bid. You can't wait til kingdom come to privatize. Every year that goes by BTC was losing value. The deal had to be done. Bahamians need to wake up to the new global reality. It is better than the Bluewater bid that was to a n on-telecoms company, hedge fund, paying in instalments allegedly as a hand over to the PLP's friends and cronies. In the real world, you don't get perfect, you get the best option possible. TB: "The unions do not, and n ever have represented the will of the people. Parliament represents the will of the people ina democracy. The poll above shows clearly that the people want BTC to be privatized. Most importantly we want competition. This will ensure low fees and good service." K: "Will of the people? Not likely, its more the will of the UNIONS! The people are sick of the uncaring and unprofessional service from BTC. Bring in someone who knows the business instead of the loud mouths who just want to keept he Bahamas on the bottom rung of telecommunications development!" I say diversify baby: "Yes, erasamus is right you dont get perfect you strive for the best option. Cable and Wireless now, rather than the same oldl ousy service and high prices later if no privatization is done..." Frank Burrows: "The quick er we can privatise the publc utilities, the sooner this country can move to the next level. The unions are only afraid of h aving to do an honest days work and be accountable for their actions. The majority of their members cannot survive working in the private sector. A bunch of lazy arrogant people." RJ Pratt: "I don't think anyone is really that against privitization, but to Cable & Wirel ess?" Lisa Rolle: "I don't care which party got the best financial deal to privatize BTC. I am all for privatization but it needs to be Bahamian privatization. Why let a viable Bahamian company go to fore igners. Cable Bahamas got the right idea they sold all their shares to Bahamians." Erasmus Folly: "Large shares will be sold to the Bahamian public in this deal as well. Check your facts." B ahamian: "The only thing the government should proceed with is educating the people of the Bahamas of the pros and cons of privatization... too much Bahamians ain sure what dey signin up for... I heard foolishness from, 'Cell phone rates ga go down so we shud sell it' to 'We don wan sell it cos we don't wan answer to da white man. Both reasons are utter stupidity if ya ask me. Obviously people ain doin dey research an da govt wud do well to hold a few forums to educate people and/or come on talk shows to show BOTH sides of the story... Then peop le wud be in a better position to decide what dey really want... juss my 5 cents! Peter Dean: "I cannot see why the unions should feel that it is their duty to mislead the world on the issue of the sale of BTC to Cable and Wireless. F or starts this divestment of government interest and participation in the operation of services like BTC is an essential component in the development of the nation. This developmental process cannot be interrupted because a minority choose to plead igno-r ance of globalisation, the EPA and shared services. This disorderly and disruptive tendency is perpetrated by Bahamians who are failing to recognise that it is misbehaviour such as this that has caused the otherwise beauti ful and stable country to beo verlooked for significant investments and important moves like regional headquar tering by foreign businesses operating locally and regionally for more than 50 years. I know that Bahamians have losts of financial resources butI fail to see how any group of B ahamians with the resources to purchase BTC could run it in a manner that produces net profits higher than Cable and Wireless could, with the ulti mate gloss that company can give the nation." Liz: "I am appalled of the w ay the unions are conducting themselves and what action represents leadership... please tell me! Racial remarks? How Stone Age are you really? Take a look around Mr Union man/woman. More than 75 per cent of our population are mixed. What does economics moving forward have to do with whether a white man or b lack man has positioned himself in life to purchase BTC? We here in the Bahamas are definitely Christians of convenience. We should take that out of our constitution because it does not relect our behaviour. Wake up Bahamians and seriously give thought t o our actions and conduct as we preach from the pulpit. Church then Country. And as for the Christians supporting this form of behaviour, maybe this is exactly why our country is where it is today. Leadership: Earn your succ ess based on service to others, not at the expense of others." Jaime: Most people don't understand what privatisation means selling a company from one entity to the other, in this instance from the public (govt ty. If you bought a monopoly from someone who was making great profits and had no competition, would you lower prices? Would I be interested in giving the customer the lowest price possible? Not if I wanted those same profits the last owner got. If I reduced p rices and got lower profits, that wouldn't be a good business model would it? It wouldn't look good for C&W management, and it wouldn't look good for C&W shareholders, eh? And what could the Bahamian consumer do about it appeal to the govt? When t he govt had the monopoly they didn't reduce the rates, so why should they interfere with a private entity's operations? What we need is a caring govt to reduce rates now, that's ALL! so simple, its unbelievable. Lets ask the FNM govt to reduce the ratesn ow. Or open the market to competition, now. Let market forces drive the prices to where they should be. Simple." Erasmus Folly: "They have a 3 year window on cell phones, in return for hard cash. Too many Bahamians have lit t le to no understanding of economics. They think they can do economics via politics. It doesn't work that way. Cable Bahamas will now go head to head with BTC for 'digital' communications and media, including cell phones etc. C&W has a three year windowt o get their house in order, the whole time knowing that Cable Bahamas/Indigo will come out of the gates roaring. The FNM has done well. Not perfect, but well. Bahamians, wake up! Work hard! Educate yourselves! Stop looking to government to solve all your probl ems! Think independently! Independence isn't just something that happens to countries, first and foremost, it is a STATE OF MIND!" Stop this mess: "The masses must empower themselves through education and hard work." Open our economy to more competition make living in the Bahamas more than bearable not expensive. Only our Celebrities the Politicians, and Lawyers and Business people living a very comfortable life. And we the people allow it. And give us the rewards for our hard work. Not materliasm but just to live comfortably not struggling." C M Y K C M Y K INSIGHT PAGE 10B, MONDAY, DECEMBER 20, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM and union chiefs who are responsible for the i ncompetent, corrupt system we must all now e ndure. C onsider this week's o nline poll (SEESTORYONTHISPAGE) on whether the government should move forward with the CWC deal in the face of union opposition. T he poll may not be scientific, but as r oughly the same number of people took part as turned up for the unions' Rawson Square protest billed as a demonstration of "the will of the people" it can at least claim equal legitimacy. More than twice as many respondents supported the sale as opposed it, but what was most telling were their comments.O verwhelmingly, readers expressed exaspera tion with the ineptitude of the public service in general, and BTC in particular. "Sell the thing already," was their message. They have heard the argument that CWC doesn't deserve the generous terms it hasb een offered, but feel this pales in comparison t o the ultimate "sweetheart deal" the one b etween politicians, union leaders, and hoards of self-satisfied slackers willing to trade their votes to the first two groups for lucrative posts for which they are not qualified, and which they do not intend to fulfil honourably. W hat do you think? email: TRIBUNE ONLINE POLL COMMENTS FROM page 12C D o BTC customers not have a say?


SAN MARTIN TEXMELUCAN, Mexico A PIPELINEexploded in central Mexico early Sunday as thieves were trying to steal oil, killing at least 27 people and sending rivers of flaming crude through city streets, according to Associated Press. A uthorities said 12 of the dead were children and estimated that the explosion and resulting spill affected a three-mile (five-kilometerr adius, injuring at least 52 people and scorching more t han 115 homes. The principal explosion, followed by four additional minor blasts, forced hundredsto flee the city of San Martin Texmelucan, 55 miles (90k ilometers) east of Mexico City. "We saw rivers of fire in the streets," Valentin Meneses, interior secretary for the state of Puebla, where San Martin is located, told Milenio Television. Television images showed a s corched ghost town of house s, businesses and trees blackened by the huge explosion and a black crude-like substance covering the streets. Meneses said the explosion, which happened before dawn Sunday, was apparent-l y provoked by thieves trying to steal crude oil. "They lost control because of the high pressure with which the fuel exits the pipeline," he said, adding that the oil began to flow downt he city's streets and into a nearby river. President Felipe Calderon expressed his condolences to the families of the dead and his support for those injureda nd affected. H e said that the federal g overnment would give its full support in investigating who was responsible and bringing them to justice. The state-owned oil comp any Petroleos Mexicanos, or P emex, said in a statement that it had shut down the pipeline. Government authorities said the fire was under control by midday, and fires are burning the remaining crude.T he area was without electricity or water. Civil protection authorities, firefighters and military officers are investigating and trying to ensure there are no more explosions. No one hasb een detained. Pemex has struggled with chronic theft, losing as much as 10 percent of all of its product. Criminals tap remote p ipelines, sometimes buildi ng pipelines of their own, to s iphon off hundreds of millions of dollars' worth of oil each year, Pemex has said. In 2009, the U.S. Justice Department said U.S. refiner-i es bought millions of dollars' w orth of oil stolen from Mexican government pipelines and smuggled across the border in illegal operations led by Mexican drug cartels expanding their reach. Two Texas oil company o fficials were sentenced to probation in September for their roles in the sale of petroleum products stolen from Mexico. Pemex sued five companies in the U.S. in June fora llegedly buying stolen Mexican petroleum products. Also in June, police arrested 13 people who they said excavated a 500-foot (150meter) tunnel under a busyn eighborhood in Mexico City t o steal fuel from oil company p ipelines. C M Y K C M Y K INSIGHT T HE TRIBUNE MONDAY, DECEMBER 20, 2010, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM r rb r THE COLLEGE OF THE BAHAMASV isit our website at SOLDIERS WALK through a street after an oil pipeline explosion in the town of San Martin Texmelucan, Mexico, Sunday Dec. 19, 2010. An oil pipeline operated by Mexico's state-owned oil company Petroleos Mexicanos, or Pemex, exploded early Sunday when thieves were attempting to steal oil, killing at least 27 people, injuring at least 52 people and scorching more than 115 homes, authorities said. (AP Thieves cause pipeline blast in Mexico, killing 27


INSIGHT C M Y K C M Y K The Tribune INSIGHT MONDAY, DECEMBER 20, 2010 The stories behind the news Crafty union bosses a nd hungry politicos would have us believe that in opposing the BTC sale, they are pro-t ecting humble labourers from a return to the colonial yoke. In reality, the self-serving culture they representi s holding the average Bahamian hostage. Insight reports... By PACO NUNEZ T ribune News Editor ORGANISED labour is s upposed to be about defend ing the right of a worker to wages, benefits and job con ditions that are a fair reflec t ion of their effort and pro ductivity. Historically, trade union i sm has represented an attempt to balance the scales of exertion and reward for thea verage worker, often in the face of a ruthless and selfish employer class. L ocal union leaders would have us believe their opposition to the BTC deal is part of this struggle that David-like, they are fighting to stop the foreign Goliath Cable and Wireless (CWC pling the little man. The trouble is, the vast majority of BTC employees aren't little men. Not even close. As it turns out, the average BTC worker earns just under $70,000 a year (see story in Business section) almost three times the salary of the average Bahamian worker. Consider, in light of this fact, a cornerstone of the argument against the sale: that CWC has a reputation for poor customer service. Undoubtedly it does, but could it possibly have performed worse than the generously compensated BTC staff over the years? It seems hard to imagine there is anywhere to go but up, even without the evidence that CWC has made consid erable efforts to reform its practices. Anyone who has seen a BTC repair crew at work understands this. Large groups of men, sitting, eating, standing around, all watching the one man whose turn it is to actually contribute some labour. Obviously, all BTC work ers don't ply their trade in the trenches or up the poles. While they are not as visible, the anemic state of customer service and the woeful record of dropped calls, loss of signal, system-wide shutdowns, billing mistakes, et cetera, give a good idea of how "office staff" earn their 70grand a year. Yet, despite all the laziness and incompetence, not to mention the gross overstaffing, BTC does actually turn a profit, and opponents of the deal say this is another reason not to sell. Most of them are well aware, however, that their argument is nothing more than a mirage, as the company's profits are completely dependent on the monopoly on cellular services it enjoys, which lends a glossy veneer to a structure that is rotting away from the inside. When the monopoly goes, BTC's profitability will come crash ing down with it. But the public desperately needs the monopoly to be broken, so competition can drive prices down and allow new providers Bahamian start-ups among them to woo us with offers of better service and cutting-edge options. Under the CWC deal, BTC will lose the monopoly in three years. Under the PLP's earlier proposal, it was to be six years. Meanwhile, the profits are declining and will continue to do so, meaning future offers will be worth less and less. As the prime minister said: "The longer we wait, the less we have to sell, so let's be thankful a serious buyer is still interested." In identifying CWC as a "serious buyer", Mr Ingraham was no doubt making an oblique reference to the anonymous hedge funds and shady Bahamian-fronted arrangements that some have touted, not to mention the various fantasy scenarios involving an all-Bahamian consortium that was always about to come forward but never actually managed to appear. Despite the urgency, union leaders are happy to hold up the sale until a number of unreasonable demands are met. They want, for example, a guarantee that all disengagement packages for staff to be let go will equal those offered in the 1990s. These earlier packages were described to Insight by one beneficiary as, "A sweet deal, the sweetest you'll ever get" as in the most advantageous, extravagant, undeserved. Some union leaders are determined to reject the sale regardless of the terms. BCPOU president Bernard Evans said as much: "We don't support this deal no matter what. We don't mind privatisation but the union's position given Cable and Wireless' track record is that it's just not a good fit for the Bahamian people and not for us. So the number one issue is that we really don't want to work for them." Of course, it is easy to say they "don't mind privatisa tion" when there is no other deal on the table, and unlikely to be one any time soon given the future prospects of BTC. Other union leaders have gone so far as to threaten a repeat of the infamous gen eral strike of 1958. This is a familiar crutch for labour bosses, who often resort to banging the drum of past achievements in an effort to bolster their positions. But despite the stale rhetoric of the past few weeks, full of class and race warfare, the Bahamian public is not what is was in the 1950s. Back then, most Bahamians were poorly educated, unskilled day labourers, unsure of where their next meal would come from. The population that rose up for 16 days were an oppressed majority. Just as in the Burma Road riots of the previous decade, they shared a common cause with the small persecuted group that sparked the chaos. Today, whereas most BTC employees are in their late 40s or 50s, the majority of the population is much younger, and far less susceptible to the kind of nationalist paranoia that encouraged the develop ment of an inefficient, bloated and corrupt public service in the name of protecting the "birthright" for Bahamians. This truth cannot be disguised by the braying of the PLP and certain fringe political groups which, thinking they smelled government blood in the water, have jumped in the deep-end with the unions. The fact is, the consumer today's common man feels no brotherhood with BTC workers at all, but rather believes they should be lumped with all the politicians Do BTC customers not have a say? P ROTEST: U nions held a downtown demonstration against the proposed sale of BTC last week. SEE page 10B

University of Florida Home Page
© 2004 - 2011 University of Florida George A. Smathers Libraries.
All rights reserved.

Acceptable Use, Copyright, and Disclaimer Statement
Last updated May 24, 2011 - Version 3.0.0 - mvs