EDITOR, The Tribune. V ery many younger people in the Bahamas only have a cur sory knowledge of agriculture, farming, and even backyard gardening. Modern cultivation techniques employ the use of computerised technology, high external inputs in the form ofm achine fuel (energy c als (energy), and water (ener gy). Unfortunately for many Bahamian farming enterprisesa doption of modern techniques is still a dream because the resources are not available for the benefit of the local entre preneur. The Bahamian government seems to have lost its way in attempts to establish agricul ture as a viable sector of the local economy even though the p olitics makes a lot of noise a bout self sufficiency, $400 million in opportunities, the five year agricultural plan ($42 million), and a new push to encourage local food produc tion. It is very sad to realise that it is all just so much noise in the market place. There was one very bright s park in the fire, and his death n ow leaves the embers of the coals to blow away in the breeze. His name is Claude Smith. C laude was born earlier in the 1900s, grew up in Nassau, and on leaving school made his way to the UK as a volunteer to the war effort. He left the Royal Air Force in the mid-1940s and followed various degrees in top British universities. He had the opportunity to continue in high profile careers but his Exuma roots were calling him back tot he soil. Claude Smith went to Jamaica where he worked with the sugar industry in sampling a nd research. Later he returned to his beloved country to work as the research head for the s ugar operation in Abaco, and then on to the Ministry of Agriculture as its top technical offi cer. He left public service to go into private enterprise, where he remained until his recent death. C laude belongs to an exem plary group of Bahamians who above anything else wanted to help build the Bahamas into an institution of diversification, successes, Bahamian dignity, and self worth. Others of his peers include Oris Russell, Conrad Knowles, Patsy Isaacs, and Lois Symonette; each one trying to make some sanity out of a chaotic move through independence within the public service. The importance of being pragmatic and non political in their efforts were essential to their service. Unfortunately none of them has been appropriately recognised for their efforts. For myself Claude was a hero, a mentor, a repository of practical agricultural knowledge and ideas. He never lost his love of the land and always stayed close to it. It always seems to me that his rejection by his agricultural colleagues was their loss, and unfortunately a bigger loss for the Bahamas. After all he was instrumental in many major advances in Bahamian knowledge of the land and production systems. Some of these include the establishment of Central Agri cultural Station on Gladstone Road for trials and research; the details of the Land Resources study by the Commonwealth Secretariat; the establishing of a viable exten sion service to bring the out islands closer to the knowledge base of the capital; a marketing arm of the Ministry of Agri culture to assist these outlying communities; and finally a sense of reality and worth to those of us involved in the agricultural sector. Agriculture now is a dying industry, lying on the side of the road waiting to be covered up; and Claude Smiths passing leaves no bright lights for me to look up to. J F HEDDEN Abaco, February 22, 2011. EDITOR, The Tribune. In a quaint, distinctive and small settlement in Acklins in November, 1949 emerged a male child who moved to New Providence to an area known as The Valley. The Valley is where he was moulded. It was there he encountered his childhood friends the likes of Offfffffff, Peko, Zeus, Waldo, Tabs, Killer, Ram, Desee, Slimey, Boom Shack, Scrooge, Sexy, Rat Bat, Manager, Funky, Lord Bull, Chamberlain, Billy Jack, Candy, Moon, Pinewood, Andy Capp, Kid, Doodle Bug, Sparky, Trouble man, Scar, Acid, Spanky and many others with handles not so complimentary. Also it was in the Valley that he encountered so many other pers ons who did not carry handles a nd it was inappropriate for them to have handles as they w ere the models that ensured that the proper manners, r espect for others, and discipline was instilled. Our friends h andle was crabb. He has an infectious persona lity that is so very contagious. A ll and everyone that he comes i n contact with marvels at how h e manages his interpersonal relationships. He is loved and cherished by so many. He's as c ompelling as the candy man. T here are so many episodes of experiences at Cleso's, Vick i's, Deltec, Miami, Guyana, The Islands of The Bahamas, Cuba, Panama, The Rock Sound Club, The Playboy Club, Top of The Hill, Postern Gates and other venues that an anthology would be necessary to record these experiences. His family, he treasures and his friends are not far behind. S ometimes one cannot tell the difference. One of his most valuable traits is his penchant for fair play. He believes fervently that everybody should be allowed to live and have a piece of the pie even when there may be impediments to exclude some. H e is a peacemaker but does not know how to take last. His love for The Bahamas and its people is his formidable driving force which led him t o the political arena. He was c hairman of the PLP and later a candidate for the FNM for the E nglerston constituency. He is a warrior, a five star g eneral. We watched him deal with his daily ordeal as hem oved about without com plaints Don't cry for me A rgentina. A s a devout Anglican he attended St. George's Church r egularly. Also he is a member in good standing with the lunch b unch. His discernment of right and w rong is simply amazing Leave them alone, they'd come home. The care and concerns he has for people is unmatched. H e successfully manages to become personal with all of his f riends by getting to know their most personal and treasured i nner thoughts and desires beyond that of any grouping. He is considered the Minister of Information. For more than a decade The Gator was wounded and afflicted. This did not, however, prevent him from attending roll call to say present. He has summoned his friends to inform us that he is taking his journey. Brenville Hanna Bullah has shared with us the zeal of living, the endurance to cope with and combat adversities, how to be a friend to all manner of man, how to share, h ow to love, how to care, to promote civility and more so how to live Christ like and toa ccept the eventual departure from this earth graciously with dignity and honour. H e is prepared for his journey and invited those who are special and dear to him to bid h im farewell. He has a word and individual message for each of them be it reprimand or encouragement or directives. The time of his departure is unknown. It's pending thea uthorization of heaven's Tower Control. His E.T.A is also unknown. H owever, those who have travelled that route before him would have a welcoming e ntourage in place. M arilyn, Bullah will be there soon! Are you ready Offfffffff? C anon Dudley Strachan? We wish that we knew all that made up the Gator as you are special to so many of us i ndividually and collectively. The Gator is moving to another pond. T hank you my friend! Bon Voyage! The Lord be with you! B ARRY A. SAWYER Nassau, February 21, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, WEDNESDAY, FEBRUARY 23, 2011 THE TRIBUNE The Tribune Limited N ULLIUS ADDICTUS JURARE IN VERBA MAGISTRI B eing Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 E ILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972P ublished Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama W EBSITE www.tribune242.com updated daily at 2pm ON MONDAY, after a nine-year struggle with two governments, the Izmirlian family f inally participated with its new partners the Export-Import Bank of China and China S tate Construction Company in a groundbreaking ceremony to launch its 1,000-acre $ 3.4 billion resort development at Cable B each. Will the new resort benefit the Bahamas? Yes, in the short term it will put many Bahamians to work. But on the long stretch? T hat will depend upon whether it is successful in attracting new clientele to the Bahamas. If it dilutes what is already here and tries to share the visitors established atA tlantis then the future is bleak. If the two c an successfully flourish in tandem, then the Bahamas will flourish. If not, we shall be in for tough times. We can only hope that they both succeed. H owever, the success of the two resorts does not just depend upon its developers.B ahamians are also a part of the equation that will contribute to the success or failure of t he Bahamas as a tourist resort. Attitudes, service, honesty and whether or not crime can be controlled can make or break an industry upon which the economy of a whole nation depends. I t would be well for Bahamian workers to heed the advice of Bishop Simeon Hall,w hich he gave shortly after the Prime Minister announced that the Baha Mar project h ad been approved and would create at least 4,500 jobs for Bahamian labourers. The Baptist leader urged the Bahamian work force to shed its bad work habits arrive on the job with a positive attitude and a commitment to p erform well. The Prime Minister had said that in addit ion to construction jobs, about 7,000 new jobs will be open to Bahamians who qualify o nce the construction has been completed. The many opportunities for employment which the Baha Mar project will create for thousands of Bahamian workers, said the bishop, must be met with a new and differ e nt attitude towards work and rendering ser vice on the part of employees. H e said that many Bahamians seem mired in a culture that they are owed somet hing and that they are doing the boss a favour. That attitude must change. He said that this project will change the landscape of the industrial life of the Bahamas and those who will be directly a ffected by it must respond with good and exemplary work habits. There must be a shift in the national culture of apathy, carelessness and bad work habits on the part of many Bahamian workers, he said. Bahamians know that at some stage of construction an unprecedented number of C hinese workers will be joining them. The Chinese, a hardworking, disciplined peop lequite unlike their laid-back Bahamian counterparts will demonstrate what good w orkmanship really is. Bahamians have a lready been informed of their arrival and it is hoped that any objection that any of them might still harbour will be put in their pockets and carried home. T hey must remember that if government had not agreed to the arrival and participation of the Chinese, Bahamians, who have been out of work for so long, would still beo ut of work. Labour unrest should be a thing o f the past. If workers are tempted, they should just remember the lean days, concentrate on the job and thank God that they can at last feed their family, pay the rent, u tilities and school fees. We are nearing an election and politics is certain to try to stirt hings up. Workers should ignore whatever temptation might be strewn in their path by u nion leaders and concentrate on providing for their families and securing their future. The days for strikes are over, particularly by those who are lucky enough to have a job. F or years Bahamians have been urged to qualify for positions that will become avail a ble now that the Bahamas has entered the global market. Some have taken the advice, o thers have not. Like, Bishop Hall has said, they expect the goodies to drop into their laps just because they are Bahamian. However, that is not the way it works. Employers do not employ nationality, they employ e xpertise. No one cares what colour you are, or what passport you carry. The question is:D o you measure up to what the job requires? A few days ago a Sandals executive sounde d a warning about the need for better trained Bahamians. Sandals has establisheda five-star resort at Exuma, but although Exumians are clamouring for work, there isa void of skilled and certified workers. For e xample, said the executive, most of the islanders dont swim at all, so I cant even get t hem to work in water sports. Its not that you dont have the labour out there, but they d ont have the skills for what you really need. Sandals has launched a training pro gramme, but it is obvious without anyone having to spell it out that to keep the hotel u p to a five-star standard, foreigners will have to be employed in the interim. B ahamians should try to find out what positions will be needed at Baha Mar and start intensive training now because only those who have the skills will get the jobs. The journey: a tribute to Brenville Hanna aka Bullah LETTERS firstname.lastname@example.org Baha Mar off the ground at last Claude Smith was a hero and mentor who never lost his love of the land
SECTIONB email@example.com WEDNESDAY, FEBRUARY 23, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.75 $4.72 $4.69 BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 [Learn more at royaldelity.com] By NEIL HARTNELL Tribune Business Editor Between 20-30 per cent o f the contract value leaves the Bahamas when construction projects are givent o foreign contractors, the Bahamian Contractors A ssociations (BCA dent telling Tribune Business that the $400 millionw orth of work pledged to Bahamians by Baha Mar would have a profound trickle down effect into our -30% contract value loss if given to foreign firms Contractors chief estimates Bahamian economy loses one-third of potential spin-off effect everyt ime construction deal goes to overseas company Says $400m going direct to Bahamians from Baha Mar will have profound trickle down effect STEPHEN W RINKLE S EE page 4B By NEIL HARTNELL Tribune Business Editor The Insurance Commission of the Bahamas has flexed its enhanced regula tory muscles for the first time by extending the exist ing ban on Atlantic First Insurance Company writing new business to the renewal of its existing portfolio, suspending its licence. Confirming that the small carrier had been under scrutiny from the Commissions predecessor, Lennox McCartney, the outgoing Superintendent of Insurance, told Tribune Business that between 100-200 general insurance policies, involving gross premiums collectively worth $500,000 per year, had been impacted. They were restricted under the previous regulator [the Registrar of Insurance] from writing new business, and thats been going on for many years over five years, Mr McCartney told Tribune Business. This is another step in that process. For many years theyve only been able to write renewal business, and now they cannot write renewal business at all. Even that is restricted at this time. Indeed, Atlantic First has been ordered to cancel its existing insurance policies, and return unearned premiums to policyholders, the regulator describing this as a pretty important step, since customers were being told to take their business and seek coverage from other REGULATOR EXTENDS ATLANTIC FIRST BAN Insurance supervisor expands prohibition on writing new business to renewal of small carriers existing business, suspending licence* Regulator says between 100-200 policies, and annual premiums totalling $500,000, impacted LENNOX MCCARTNEY SEE page 3B By NEIL HARTNELL T ribune Business Editor The Securities Commis s ion last night suspended trading in the shares of BISX-listed AML Foods with immediate effect, mov ing to maintain an orderly m arket in the food retail groups shares following the turbulence created by businessman Mark Finlaysons REGUL A T OR SUSPENDS AML FOODS SHARES Move designed to maintain orderly market amid turbulence caused by Finlayson offer, with three sides unable to agree process for takeover bid SEE page 3B By NEIL HARTNELL T ribune Business Editor A real estate developer y esterday expressed concern that the upcoming $2.6 billion Baha Mar project will raise his construc-t ion costs and force him to increase his property prices, which have alreadyr isen 8 per cent over the past year. J ason Kinsale, principal of the Sandford Drivebased The Balmoral pro-j ect, confirmed that another price increase for the homes he was constructing would take effect on March 1, 2011, and warnedB ahamian purchasers: I dont know how long this buying opportunity will remain open. Telling Tribune Business t hat the development was getting ready for the Phase Three kick start in 90 days, which will see another 2026 town homes constructed, Developers property prices up 8% in year Concerned Baha Mar may push up his construction c osts, with home prices set to r ise on March 1 Warns buying window will not last forever Balmoral second phase 90% s old out, with 100-150 construction workers expected to be on site this year SEE page 2B By NEIL HARTNELL Tribune Business Editor The Governments insis tence that a Consumer Code be included in the Contractors Bill to protect Bahamian homeowners is the only outstanding issue to be dealt with in relation to the long-awaited legislation, the Bahamian Contractors Associations (BCA terday. Stephen Wrinkle said: We have met continuously with the Ministry of Works since early Novem ber last year to try and finalise the Contractors Bill. Weve resolved virtu ally every aspect of it, and agreed with all stakeholders on virtually every aspect of it, except for the fact the Cabinet have required a Consumer Code be formed and become part of the Bill. Although the Bill itself offers substantial consumer protection through thingslike educational require ments, contractor certification and licensing, insuranceand bonding applications, the Government is still concerned about defective work and negligence on the part Consumer Code soughtin contractor legislation SEE page 4B By NEIL HARTNELL T ribune Business Editor C otton Bay will have one of the greatest golf courses in the world once it opens in2 012, the developments principal yesterday told Trib une Business, with some 65 workers employed on the Eleuthera-based project that has received millions of dollars in investment every y ear for the past eight years. Speaking to Tribune Business after visiting the proj ect on Sunday, Eleuthera P roperties president F ranklyn Wilson said that by staying away from bank and debt financing mortgaged on their landholdings, the developers had been able to w eather the storm from the global recession and emerge stronger. P ledging that Cotton Bay would re-establish itself as the destination of choice in t he Bahamas, Mr Wilson said Bahamian must investi n hotel and tourism-related projects in their own nation if development is to be development. Speaking of the develop ments golf course, which is being designed by Jim Fazio,M r Wilson told Tribune B usiness: I was there yes terday, and Ill tell you, it was absolutely heavenly.W ere building a golf course there that will be one of the greatest golf courses in thew orld. We are hoping that by n ext summer, in 2012, people will be playing golf in Grand Bahama on one of Destination of choice n Cotton Bay principal pledges project to h ave one of the greatest golf courses in t he world by 2012 n Millions invested every year over past eight years, with 65 workers now on site n Principal says Bahamians simply must invest in tourism for it to be sustainable S EE page 2B
Mr Kinsale said the 28 Phase Two units were three to four months awayf rom completion. Phase Two, he added, was 90 per cent sold out, witht he 26 units in the first phase already finished six to eight m onths before. Mr Kinsale said The Balmoral was getting ready to start pre-sellingP hase Three, although it was being careful about selling off too much inventory in the early going, only to be caught by rising construc-t ion costs. While Baha Mars start would benefit the entire Bahamas, Mr Kinsale said The Balmoral was con c erned that the $2.6 billion development may take our construction workers, and we may have to pay more to keep them on the job, andt hat will cause higher prices to the homes. The Balmoral had e mployed an average of 100150 construction workers over the past year, and was expected to maintain thisn umber during 2011. Fill and building material prices may also increase due to demand from Baha Mar, and Mr Kinsale said of the projects likely effects on hisc onstruction costs: Its hard to say. I dont know what the r eal effects are going to be, but its not going to getc heaper. Weve increased our prices 8 per cent over last year on the townh omes. Constr ucted A total of 107 town homes are set to be constructed atB almoral, and Mr Kinsale said the four-bed and twob ed options were priced at $ 579,000 and $379,000 respectively, and the condosa t $329,000. Some 70 single family lots are also on offer, and Mr Kinsale added: We have plans for a future phase. Weve not determined exactly were waiting for the market to tell us what were going to do before we make a determination. He added that with all electricity and water utilities in, and the roads due to be finished this week, The Balmoral would be per cent complete in the next 90 days on infrastructure for the single family lots. The last five purchasers at T he Balmoral have been Canadians, and Mr Kinsale described that countrys market as very strong, due to the strength of thatn ations currency and economy compared to others in the hemisphere. ManyC anadian buyers, he added, w ere coming in with cash and a lot of confidence. The foreign market is definitely picking up, MrK insale told Tribune Busi ness. The Bahamian market is i mproving as well, but foreigners are a little bit ahead of us in relation to their con fidence. I think theres a lot of B ahamians that want to buy but are still sitting on the fence and, unfortunately, I dont know how long this buying opportunity will remain open. I dont want to sound self-centred but Baha Mar is significant, and things change very quickly in the real estate market. BUSINESS PAGE 2B, WEDNESDAY, FEBRUARY 23, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bsNOTICE The College of The Bahamas will be closed Thursday, February 24th, 2011 Inobservance of the state service for late College President Dr.Keva M. Bethel, C.M.G. The College will reopen Friday, February 25th, 2011. F ROM page 1B Developers property prices up 8% in year the best courses in the w orld. This is a world class golf course, and this is not just my view. This was the view of some very substantial individuals, New Yorkl aw firm partners, who have played golf all over the world. Some seven-eight holes at Cotton Bay would be situ-a ted on the water, including one on a cliff, exploiting what Mr Wilson described as the undulating land in south Eleuthera. He added: Jim Fazio said that if heh ad built this course earlier, it would have redefined his career. Mr Wilson said he and his f ellow investors had delibe rately stayed away from debt financing using Cotton Bays 5,000-7,000 acre landholdings as collateral, andt he project did not owe any money to a single bank, something he views as critical now the worst is behindu s in terms of the recession. Our strategy is for potential lot buyers to see that these people, at the depth of the recession, we nevers topped building. We b elieve that will be a significant confidence booster for those wanting to buy real estate, Mr Wilson told Tribune Business. H e and his Bahamian partners had started building at Cotton Bay in 1985, 26y ears ago, and Mr Wilson added: It shows that we are great stewards of a truly special piece of land. At theh eight of the boom time we w ere offered hundreds of millions in financing to do another Atlantis. We said no, because it would haved estroyed Eleuthera. Those people were terribly impressed by the fact we have all this real estate and have no debt. For us, we resisted that. It wasa bout being good stewards. We have a truly exceptional piece of property. There is no question that Cotton Bay will re-establish itself as the destination of choice in the Bahamas fort he most discerning. T he 26,000 square foot clubhouse, which hosted a Board of Directors meeting at the weekend, is virtuallyc omplete, and with the d evelopers not wanting to rush the build-out, Mr Wilson said: Were going to be spending money here for a very long time after Img one. Among Cotton Bays equity investors are RoyalB ank of Canada, its first ever participation in this way in a Caribbean tourism product, and companiess uch as BAF Financial and C olina. Mr Wilson said tourism development in the Bahamas would not be sus-t ainable without Bahamian i nvestor participation, and he said: We must have Bahamians putting money into these projects...... Its a matter of faith, a matter ofc onfidence in our country. Lets forget short-term returns. Lets take the longterm view like the Japanese, because the real estate isa ppreciating. We believe very strongly that Bahamians have to do this if development is really going to bed evelopment. Destination of choice F ROM page 1B FRANKLYNWILSON CEREMONIALHANDSHAKE: Li Ruogu, left, chairman and president, The Export-Import Bank of China, s hakes hands with Bahamian Deputy Prime Minister Brent Symonette, right, as Sarkis Izmirlian, chairman a nd CEO, Baha Mar, looks on at the Baha Mar groundbreaking ceremony in Cable Beach this week.
hostile takeover attempt. After the capital markets regulator confirmed the sus pension of AML Foods shares, sources familiar witht he situation told Tribune Business the move was sparked after the Securities Commission became increasingly concerneda bout the impact public statements from both sides were having on the marketf or the companys shares. The Securities Commis s ion, these sources suggest ed, had been particularly exercised by the failure ofM r Finlayson and his TransIsland Traders vehicle to produce a Bid Circular, a document telling AML Foods shareholders of thep rice, terms and conditions of their offer for 51 per cent of the shares, more than three weeks after first announcing their intention to mount the bid. And the regulator is also understood to be concerned about statements such as the one in which Mr Finlayson told Tribune Business hehad 20 per cent of AML Foods shares locked up, despite producing no evidence to this effect. These, and other comments by the Trans-Island and AML Foods sides, have disrupted the market in the latters shares and caused uncertainty/confusion among its shareholders, so the Securities Commission has moved to maintain an orderly market via the share suspension. While the trading suspension will prevent existing AML Foods investors from buying/selling their shares, depriving the market of liq uidity, the biggest impact from the Securities Commissions move is likely to be felt by Mr Finlayson and Trans-Island Traders. Thisis because, for the moment, they are unable to acquireany more AML Foods shares on the open market, blocking their move towards the 51 per cent majority target. Dionisio DAguilar, AML Foods chairman, declined to comment when contacted by Tribune Business last night, while Mr Finlayson could not be reached for comment. The Securities Commission, in its statement last night, confirmed that in the absence of a Takeover Codethat was embedded in statute law or regulation, there has not been full a greement on the specifics of the process between i tself, Mr Finlayson and AML Foods. Offers such as TransI slands are normally governed by this, in a bid to protect shareholder rights and ensure equal treatment of investors. In the absenceo f an agreement, the Secu r ities Commission released an outline of the process it w anted to see, based on best practices taken from a draft Takeover Code it had devel o ped, and which will be released for industry con sultation soon. The regulator said that once the bid announcementw as made, it triggered the timeline for when the trans action was completed. With in 10 business days of that announcement, the offeringc ompany should send a Bid Circular or Prospectus to the target entitys shareholders, setting out the offer terms. Given that Mr Finlayson and his Trans-Island Traders vehicle first announced their offer to purchase a 51 per cent stake in AML Foods on January 31, 2011, they are already well behind the clock, because according to the Securities Commission schedule their offer prospectus should have been released to the latters investors by Friday, February 12. The Securities Commission said the target companys Board should respond to the offer via a Directors Circular within 10 days of the bid prospectus being released, giving its views and recommendations on the offer. The regulator also recommended a period of 25 business days be allowed, after the offer is announced, for shareholders to decide what to do some 18 of these days are now up in the TransIsland/AML situation. And the bid prospectus is only valid for 60 days, meaning the Trans-Island offer must close before this time. Given that Mr Finlayson will not make his move until the outcome of tomorrows Associated Bahamian Distillers & Brewers (ABDAB annual general meeting (AGM possible that the Bid Circular may not be released to AML Foods shareholders until March. Given that he is so far out side the timescale proposed by the Securities Commission, it remains to be seen whether the offer by TransIsland, or either ABDAB or B ahamas Supermarkets, proceeds or is allowed to p roceed. However, given that none of this is contained in s tatute, meaning the Securities Commission has nothing in law to back the schedule it wants the parties to stick to, it is possible Mr Finl ayson and Trans-Island Traders could simply proc eed by ignoring the regulator. It is also possible that Mr F inlayson and his company could revive their offer at a later date, since there is nothing to stop them from doing so. BUSINESS THE TRIBUNE WEDNESDAY, FEBRUARY 23, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The Sheraton Nassau Beach Resort rolled out the red carpet for Bahamian business leaders during its second Creating Connections Client Appreciation Reception earlier this month. Almost 200 business leaders mingled with each other and the resorts management team during the reception while enjoying live music, food, cocktails, interactive games and prize giveaways. Thanking Creating Connections is not only an interactive networking event for business leaders and VIPs, but its also our way of thanking the local and corporate community for their loyalty and continued support of the Sheraton Nas-sau Beach Resort, said Andrew Neubauer, its directorof sales and marketing. During the event, Starwood Preferred Guest (SPG resentatives were on hand to provide information about the resorts Booking Rewards Incentive Program, which enables Bahamian clients to accumulate points to be redeemed at Starwood Hotels and Resorts worldwide. The Sheraton Nassau Beach Resort has 25,000 square feet of indoor and outdoor function space, which can accommodate meetings or events of up to 1,200 attendees. The largest facility a 12,500square-foot ballroom is complemented by four breakout rooms for meetings and banquets as well as cocktail receptions. All meetings facilities are outfitted with audiovisual equipment and highspeed Internet access. Sheraton makes connection with Bahamian businesses P hoto courtesy of Ronnie Archer TEAMEFFORT: The Sheraton Nassau Beach Resort sales team. From L to R: Andre Newbold, business trave l sales manager; Lynne Johnson, director of catering and conventions; Andrew Neubauer, director of sales and marketing; Cora Cartwright, catering sales manager; Christerlina Francis, catering sales manager; Arlene Rodgers, convention services manager; Danielle Armbrister, sales and marketing; Tekeyo Bodie, catering sales manager; and Myron Jones, group sales manager. Bahamas-based carriers. While the companys licence has not been cancelled, Mr McCartney said it had the option of appealing against the Insurance Commissions decision. It remains that the company is given an opportunity to put in place mechanisms they are now deficient in, so they can be licensed to write insurance business, the Superintendent added. The new regulations do have more teeth, and it has helped in this case. The Commission is trying to fulfill its mandate. Weve beefed up the office, and are more vigilant about these things. We continue to monitor the companies, and if we fell policyholders are unduly at risk, we take action and make them aware of the circumstances as soon as we can. Atlantis Firsts latest troubles are unlikely to come as a surprise to many in the Bahamian insurance industry, given the regulatory history outlined by Mr McCartney. REGULATOR EXTENDS ATLANTIC FIRST BAN F ROM page 1B Regulator suspends AML Foods shares FROM page 1B
e conomy. E xplaining that this $400 m illion would be paid directl y to Bahamian contractors, l arge and small, by the $2.6 billion Cable Beach develo per, Stephen Wrinkle said that if the same sum was paid to foreign contractors,o nly around $300 million at best would find its way into the Bahamian economy a difference of $100 million. M r Wrinkle described the G overnments move to mandate that 20 per cent, or $400 million, of BahaM ars construction contracts go to Bahamian companies, as significant a very important step in our n ational development. The d evelopers $8 million investment in the Baha Mar Service and Training Academy also tied into this. And, while foreign cont ractors usually had completing the job and moving on to the next project as their main goal, Mr Wrinkle said Baha Mars structure would ensure knowledge transfer, skills enhancement and wealth distribut ion. Cheque Baha Mar will be cutting a cheque directly to Bahamian contractors, not foreign c ontractors with just a Bahamian payroll, Mr Wrinkle told Tribune Busin ess. All the residual monies s tay here, because Baha Mar i s cutting a cheque to Bahamian contractors, andt hat will have a profound trickle down effect into our economy. You could be talking 2030 per cent of the contract funds leaving this country through foreign overheads, e quipment costs, administ ration and profits, the B CA chief added of cons truction contracts awarded to foreign companies for work in the Bahamas. Only around two-thirds o f that money remains in the Bahamas. We lose about one-third o f the money every time we give money to foreign cont ractors, and with Baha Mar we have the ability to have $400 million remain in the B ahamas. Whereas if they were foreign contractors, we woulds ee around $300 million of that remain here. We pick up one-third of the money that would not otherwise be here. BUSINESS PAGE 4B, WEDNESDAY, FEBRUARY 23, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM -30% contract value loss if given to foreign firms FROM page 1B of a contractor. So they were trying to adopt a Consumer Code into the Bill. This, the BCA president said, was being dealt with by the Attorney Generals Office,a nd all other principal areas of the legis lation had been agreed. The Bill offers a very comprehensive piece of legislation for the construction industry and consumer protection, Mr W rinkle said. It is extremely important that we try and get this Bill passed, because t he education and training features incorporated in the Baha Mar Training College will be directly related to the specifics oft he Bill........ We have an excellent opportunity with t he Baha Mar training facility to incorporate the programmes we want for our Contractors Licence. Consumer Code sought in contractor legislation F ROM page 1B SIGNINGON: Minister of Tourism and Aviation Vincent VanderpoolWallace adds his name to the Baha Mar groundbreaking ceremony.
N EW YORK The dollar turned in a mixed performance Tuesday against o ther currencies amid deepening unrest in the Middle East, which sent oil prices jumping to their highest point in more t han two years. T he U.S. currency finished higher against the euro and the British pound, but fell against Japanese yen. H ope that the European Central Bank will lift interest rates sooner than the Federal Reserve will act helped curb t he euro's losses for the day. T he euro traded at $1.3662 late Tuesday from $1.3680 Monday, recovering from a low of $1.3523 in overnight trading in A sia. Yves Mersch, a member of the ECB's Governing Council, which sets interest rates, was the latest European central b anker to talk about the risk of r ising prices in Europe. In an interview with Bloomberg, he said that the euro bloc's interestr ates were at an "exceptionally low level," and bankers wouldh ave to "rebalance our monetary policy stance" because of r ising prices and stronger growth. Higher interest rates act as a means to counter inflation as they slow down borrowing and lending. Rising rates also tend to support a cur-r ency. "The ECB is clearly prepared to hike interest rates ahead of the Fed," said Michael Woolfolk, a currency strategist with Bank of New York Mel-l on. Turmoil in Libya prompted concerns about a slowdown in the world's oil production. Seve ral oil companies have begun recalling their employees from Libya or shutting down pro-d uction entirely. Libya provides about 2 percent of the world's oil needs. Oil prices on the New York M ercantile Exchange rose to near $96 a barrel, the highest level since October 2008. Traders tend to buy the dollar, which they consider a safeh aven, during times of geopolitical tensions. The British pound fell to $1.6145 from $1.6222, but the d ollar dipped to 82.71 Japanese yen from 83.11 yen. The yen is also a "safe haven" currency, but a warning from a major ratings agencyo n Japan's debt load offset some of the safety demand for the yen. Moody's Investors Service on Tuesday cut its outlook o n Japan's credit rating from stable to negative, the first negative action against the world's No. 3 economy by Moody's s ince May 2002. BUSINESS THE TRIBUNE WEDNESDAY, FEBRUARY 23, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NEW YORK A tight hold on expenses h elped Macy's Inc. increase its fourth-quarter net income by 50 percent, but the department store operator said Tuesday t hat it will raise some prices to contend with rising costs. The Cincinnati company's price hikes do not come as m uch of a surprise, though. M any clothing sellers, including Abercrombie & Fitch and Brooks Brothers, either already have increased spring prices or s aid they will hike prices soon. Macy's, which operates the Bloomingdale's and Macy's chains and their websites, r emains upbeat on its prospects f or the year, forecasting 2011 earnings in a range that includes analysts' average estimate. Its stock fell 56 cents, or 2 .4 percent, to $23.19 in midday trading. For the fourth quarter, Macy's earned $667 million, or $ 1.55 per share. It posted net i ncome of $445 million, or $1.05 per share, a year earlier. MAE ANDERSON, AP Retail WriterN EW YORK C ustomers spending more on higher-priced items like refriger ators and windows helped Home Depot's fourth-quarter net i ncome rise 72 percent, the company said Tuesday. The largest U.S. home-improvement retailer raised its earn ings guidance and dividend but kept its outlook relatively modest as it reported its financial results. The results include Home Depot's first yearly revenue increase s ince 2006, before the recession and housing crash hammered the home-improvement business. The overall picture is one of a stabilizing business," CEO Frank Blake said in a call with analysts. "This is a source of some c onfidence for 2011 because it is occurring despite the continued weakness of the housing markets." The number of transactions worth $900 or more each a group that makes up about 20 percent of Home Depot's sales rose 10 percent during the quarter, the first time that category had risen in a year, said CFO Carol Tome. (AP Photo/Paul Sakuma NETINCOMEFALL: In this Dec. 5, 2010 photo, the exterior of a Barnes & Noble bookstore in Redwood City, Calif.is shown. MAE ANDERSON, AP Retail Writer NEW YORK Book seller Barnes & Noble's third-quarter revenue rose, but its net income fell 25 percent as it continued to invest in its online o perations and Nook e-readers, the company said Tuesday. The largest U.S. traditional book store chain also said it was suspending its quarterly dividend, and it doesn't plan to forecast its fourth-quarter or full-year earnings due to the effect of last week's bankruptcy filing by its chief rival, Borders Group Inc. B orders is closing 200 stores, about one-third of its total. Barnes & Noble CEO William Lynch said his company might be interested in "a minority" of the 200 locations. Suspending the company's divi dend will give it $60 million in cash and more flexibility to expand, Lynch said. Some of (the closing Borders stores Lynch said. "And having the financial flexibility to negotiate withl andlords and opportunistically put up stores in those locations could be attractive to us as well." T he bankruptcy could hurt Barnes & Noble in the short run, said S&P analyst Michael Souers, who kept his "Hold" recommendation on the shares. "We expect significant sales and margin gains as a result of Borders store closures, with 75 percent of shuttered stores in closep roximity to Barnes & Noble stores, but the resulting clearance sales could pressure Barnes & Noble margins near term," hew rote in a client note. Barnes and Noble shares fell $2.20, or 11.9 percent, to $16.41 T uesday. They have traded between $11.89 and $24.71 during the past 52 weeks. The company said its quarterly net income fell to $60.6 million, or $1 per share, from $80.4 million, or $1.38 per share. Ana lysts expected $1.13 per share, according to FactSet. R evenue rose 7 percent to $2.33 billion. The company said its sales at stores open at least a year rose 7.3 percent, beating its fore c ast for a 5 percent to 7 percent increase. Online sales were a bright spot, rising 64 percent. Online sales h ave steadily increased since the company introduced its Nook electronic reader in 2009. Barnes & Noble estimates it has one-fourth of the e-book market. Amazon.com and its Kindle have led in electronic books and e-readers since the Kindle launched in 2007. Barnes & Noble 3Q net income falls Dollar ends mixed against other major currencies Home Depot revenue picks up in 4th quarter M ACY'S 4Q EARNINGS INCREASE, WILL R AISE SOME PRICES INTERNATIONAL BUSINESS
BUSINESS PAGE 6B, WEDNESDAY, FEBRUARY 23, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C AIRO Egypt's stock exchange postponed its already longdelayed reopening until next week and markets in the Gulf Arab region posted their third consecutive day of declines as unrest in Libya and elsewhere in the region battered already fragile investor c onfidence in the Mideast. __ MILAN Two oil companies, including the biggest energy producer in Libya, suspended production in the country due to thed eadly protests against the regime of Moammar Gadhafi. Oil prices jumped in New York. Italy's Eni halted and Spain's Repsol-YPF halted operations. Eni puts out 244,000 barrels of gas and oil equivalent a day in Libya, about a quarter of the country's e xports. Repsol produced 34,777 barrels in the country last year, a bout 3.8 percent of national output. ___ TOKYO Moody's Investors Service sounded the latest a larm on Japan's massive debt, cutting the outlook on the country's credit rating as it questioned the government's power to enact reforms. ___ NEW YORK Oil prices soared to the highest level in more than two years as violence spread in Libya and Moammar Gadhafi's grip weakened over the country. Only a small amount of Libya's oil production appear to have been affected, though ana-l ysts fear that revolts will spread to OPEC heavyweights like Iran. Libya is the world's 18th largest oil producer, pumping out a round 1.8 million barrels a day, or a little under 2 percent of globa l daily output. The OPEC country also sits atop the biggest oil reserves in the whole of Africa. With so much uncertainty surrounding a large chunk of the world's daily oil production, market prices surged. __ LONDON Growing concerns over Libya's violent crisis weighed on stocks worldwide. With deep rifts opening up in M oammar Gadhafi's regime, air force pilots defecting and a b loody crackdown in the capital of Tripoli, investors are fretting over how the crisis will end and what the impact on the North African country's oil production will be. The jump in crude prices i s a worry for investors. It reinforces fears of inflation and rising raw materials costs. The FTSE 100 index of leading British shares closed down 0.3 percent, the CAC-40 in France dropped 1.2 percent and Germany's DAX ended less than 0.1 percent lower. __ TOKYO Earlier in Asia, the Nikkei 225 stock average dropped 1.8 percent, Hong Kong's Hang Seng lost 2.1 percent, South Korea's Kospi dropped 1.8 percent and China's bench-m ark Shanghai Composite Index fell 2.6 percent. ___ CHRISTCHURCH, New Zealand At least 100 people were r eportedly missing and believed buried after a powerful earthq uake that killed at least 65 in one of New Zealand's largest cities. The quake toppled the spire of the city's historic stone cathedral, flattened tall buildings and sent chunks of concrete and bricks hurtling onto cars, buses and pedestrians below. T he New Zealand dollar slid 1 percent against the dollar while the country's benchmark stock index fell 0.7 percent. ___ B RUSSELS The European Central Bank warned that the eurozone needs much stricter rules on government borrowing and tighter oversight on spending by households and businesses. The warning comes as the European Union and its member states haggle over how to improve the so-called Stability andG rowth Pact, whose caps on budget deficits and debts were never strictly enforced in the years leading up to the debt crisis. (AP Photo/Ahmed Ali MARKETFORCES: An Egyptian army soldier stands alert in front of Cairo's stock market in Cairo, Egypt, Sunday, Feb. 20, 2011. GLOBAL ECONOMIC DEVELOPMENTS Associated Press
NANCY BENAC, Associated Press CLEVELAND Twenty months ahead of the 2012 election, President Barack Obama is traveling the nation, vying for the public's attention o ne state at a time, while international crises and budget fights compete with his plans for economic revival. On Tuesday, Obama curried favor with small businesses in politically important Ohio, pushing his plans to boost American competitiveness by i ncreasing spending on sectors like education and infrastructure. That agenda, however, is running up against opposition from some Republican governors in cash-strapped states, and GOP lawmakers on Capitol Hill, whose demands for deep spending cuts raise the prospect of a federal govern-m ent shutdown. The president's domestic init iatives have also been overshadowed by the turmoil in the M iddle East. Tuesday's trip came amid an escalation of violence in Libya, where government-backed security forcesc lashed with protesters, and n ews that four Americans were killed at the hands of pirates off the coast of Africa. Since his State of the Union a ddress last month, Obama has traveled away from Washington at least once a week, mostly stopping in political battleground states that will be cru c ial to his re-election bid, including Wisconsin, Michigan a nd Pennsylvania. He plans a trip to Florida next week. A s was the case during the 2008 campaign, Obama aides a re willing to forego national media headlines in favor of mostly positive coverage in local media outlets in regions t he president visits. They're also courting the press in swing s tates even when Obama is not on the road, inviting reportersf rom local television stations in Virginia, Wisconsin and Ohio t o the White House for interviews last week. Keeping with his pledge to focus more on jobs following his party's sweeping defeats int he midterm elections, Obama's message to swing state votersi s strictly economic. He's touting cuts to some domestic prog rams in his proposed budget as a way to bring down the deficit, while also citing the need for increased spending on education, infrastructure and research as a way to boost job growth and help the country compete i n the global economy. "By cutting back on what we d on't need, we can invest in the future. We can invest in the t hings that are critical to our long-term success," Obama said T uesday to more than 100 small business leaders gathered at Cleveland State University. However, Obama's calls for i ncreased spending run counter to the deep budget cutting steps b eing taken by governors in Wisconsin, New Jersey, Indi-a na and Ohio, where Gov. John Kasich is backing state legislat ion that would end collective bargaining for public employees. Kasich greeted Obama at the airport Tuesday upon his arrival in Cleveland. S upporters of the Ohio bill, as well as a similar measureb acked by Wisconsin Gov. Scott Walker, say the measures w ould help control spending and provide cash-strapped states greater flexibility. Opponents of the bill were expected to protest in Ohio's capital Tuesday. Similar protests in Wisconsin have attracted national attention, a nd Obama himself waded into the dispute last week by arguing that limiting bargaining rights "seems like more of an assault o n unions." O bama also faces budget battles back in Washington, where the lawmakers are debating a bill to fund the government t hrough Sept. 30. The Republican-led House passed a bill early Saturday that cuts $61 billion for hundreds of federal p rogram. Though the bill faces l onger odds in the Senate, Obama has threatened a veto should the measure land on his desk. I f no compromise over the budget is reached by March 4, parts of the government could shut down. O bama has said the drastic cuts could cause the still fragile economic recovery to stale, and make it harder for small business owners, like the ones he spoke to in Cleveland, to access capital and hire new workers. "It's small businesses like y our that help drive America's economic growth," Obama said Tuesday. "When our small businesses do well, then Amer-i ca does well." A dministration officials also plan to hold additional forums with small business owners across the country. Sessions are p lanned for Atlanta, Boston, Pittsburgh, Minneapolis and Silicon Valley as well as Austin, Texas; Durham, N.C., andB oulder, Colo. BUSINESS THE TRIBUNE WEDNESDAY, FEBRUARY 23, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Have you heard the good news? 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Tel.677-6422 or visit www.nibaquote.com NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Tel.677-6422 www.nibaquote.com Open Saturdays10.00am2.00pm 1 2 7 & ( 6FL9HVW,QYHVWPHQWDQDJHPHQW,QF 1 27,&(,6+(5(%<*,9(1DVIROORZV 6FL9HVW,QYHVWPHQW0DQDJHPHQW,QF LVLQGLVVROXWLRQ XQGHUWKHSURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV 7KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHGRQWKH WK )HEUXDU\ ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHG WRDQGUHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV0U'HODQR$UDQKD RI2FHDQ&HQWUH0RQWDJX)RUHVKRUH(DVW%D\6WUHHW3%R[ 1 'DWHGWKH WK GD\RI)HEUXDU\ + t &25325$7((59,&(6/7' 5HJLVWHUHG$JHQW I RU WKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( $YHQFR/WG 9ROXQWDU\/LTXLGDWLRQf &UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYHQDPHG &RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUVWKHUHRIWRWKH XQGHUVLJQHG3%R[1DVVDX%DKDPDVRQ RU EHIRUHWKH WK GD\RI0DUFK,QGHIDXOWWKHUHRI WKH\ZLOOEHH[FOXGHGIURPWKHEHQHWRIDQ\GLVWULEXWLRQ PDGHE\WKH/LTXLGDWRU 'DWHGWKHWKGD\RI)HEUXDU\ 'HODQR$UDQKD /LTXLGDWRU RI $YHQFR/WG 1 2 7 & ( $YHQFR/WG 127,&(,6+(5(%<*,9(1DVIROORZV $YHQFR/WG LVLQGLVVROXWLRQXQGHUWKHSURYLVLRQVRIWKH ,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV 7KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHGRQWKH WK )HEUXDU\ ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHG WRDQGUHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV0U'HODQR$UDQKD RI2FHDQ&HQWUH0RQWDJX)RUHVKRUH(DVW%D\6WUHHW3%R[ 'DWHGWKH WK GD\RI)HEUXDU\ + t &25325$7((59,&(6/7' 5HJLVWHUHG$JHQW IRUWKHDERYHQDPHG&RPSDQ\ Obama pitches economic message one state at a time TRAVELLINGTHENATION: Barack Obama ELLEN GIBSON, A P Retail Writer NEW YORK Americans are feeling more chipper about the economy thant hey have in three years. The Consumer Confidence Index rose to 70.4 this month, up from 64.8 in January, as A mericans expressed more optimism about their income prospects and the direction the economy is headed, a private research group reported Tues-d ay. It's the strongest reading since the early days of the most severe recession the U.S. has s een since the 1930s. A robust stock market and falling unemployment are lifting Americans' spirits in spite of rising food and energy prices and a still-weak housing sector. In addition, a cut to the Social Security tax meant Americans started seeing more money in their pay-c hecks in January, which may be boosting consumer spending. Retailers including Macy's Inc., Home Depot Inc. and VF Corp., maker of Lee jeans and Vans shoes, reported better-than-expected earnings Tuesday. Home Depot posted its first annual reve nue increase since before the housing crash in 2006, while Macy's, the country's second-largest department store chain, saw sales at stores open at least a year climb 4.3 percent. Since November there has been a gradual improvement in the consumer mood, but it's not happy days are here again," says Chris Christopher, an economist with IHS Global Insight. "Household net worth is still about $10 trillion below its peak, and with what's going on in the housing market now, it doesn't look liket hat's going to improve anytime soon." The S&P/Case-Shiller index of home values in 20 U.S. cities fell 2 .4 percent last year, the group said Tuesday, and economists pre dict foreclosures will increase this year. T he Conference Board, which puts out the confidence survey, found that the number of families planning to buy a home in the next six months fell to 4.4 percent in February from 5.2 percent in January. While consumer confidence is rising, continued troubles in the h ousing market and other lingering effects of the recession are keeping the index well below the 90-plus readings that signal a sta-b le economy. Confidence fell off a cliff after the U.S. housing bubble burst and the financial crisis took hold in 2007. The index dropped below 90 in January 2008 and hit an all-time low of 25.3 a year later. While confidence and spending have inched back up as business conditions improve, Americans are still f eeling cautious, especially when it comes to jobs. Unemployment fell 0.4 percentage points in January after dropp ing the same amount in December, but the rate remains at 9 percent, historically high. That may be one reason consumers' a ssessment of current business and employment conditions improved only moderately in February. Henry Snyder, a resident of Charleston, S.C., who recently com pleted a master's degree in school counseling, says job availability in his area remains limited, especially for young people. Many of his friends who are a few years out of college are still working the same low-paying jobs they took while students. "They don't want to quit a job any job without some con fidence they'll be able to get a new one," he said. W hile Americans' assessment of current business conditions "remains rather weak," the Consumer Confidence Index is at a three-year high "due to growing optimism about the short-term future," says Lynn Franco, director of the Conference Board Consumer Research Center. Consumers' short-term outlook has improved since January. The share of respondents who expected business conditions to improve over the next six months increased to 24.4 percent from 24.0 percent, while the number who expected business conditions t o worsen declined. "I'm definitely feeling better about how things are going," said David Liang of Manhattan. "With the stuff I pay attention to, unemployment isn't too bad and inflation is still pretty low. I don't have a car, so I'm not worried about gas prices." CONSUMER CONFIDENCE AT 3YEAR HIGH ON JOB OPTIMISM INTERNATIONAL BUSINESS
BUSINESS PAGE 8B, WEDNESDAY, FEBRUARY 23, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .260.97AML Foods Limited1.041.040.000.1230.0408.53.85% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6 .184.40Bank of Bahamas4.424.40-0.021,5000.1530.10028.82.27% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 1 2.509.62Cable Bahamas10.2110.210.001.0500.3109.73.04% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.846.840.000.4880.26014.03.80% 3.651.63Consolidated Water BDRs2.202.13-0.070.1110.04519.22.11% 2.551.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6 .995.47Famguard5.475.470.000.3570.24015.34.39% 1 0.207.23Finco6.516.510.005,2500.2870.00022.70.00% 1 1.408.77FirstCaribbean Bank9.399.390.000.4940.35019.03.73% 6.003.75Focol (S)6.006.000.000.4520.16013.32.67% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.405.00ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.82J. S. Johnson9.829.820.000.8590.64011.46.52%1 0.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 9 9.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 20 November 2029TUESDAY, 22 FEBURARY 2011BISX ALL SHARE INDEX: CLOSE 1,481.02 | CHG -0.24 | %CHG -0.02| YTD -18.49 | YTD % -1.23BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)M aturity 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% I nterest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.95270.18%1.61%2.918697 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.41640.44%-0.10% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 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% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% 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 31-Jan-11 107.570619 105.776543 30-Jun-10 31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071TO 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 31-Jan-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 31-Jan-11CFAL Securities Ltd. (Over-The-Counter Securities)31-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 '$9,':,//,$0)$55$17RI $VKIRUG9LOODV'HYRQVKLUH6WUHHW3 1$66$8%$+$0$6 5,&$5'2 -($1%$37,67( RI0LQQLH6WUHHW31$66$8%$+$0$6 CHRIS KAHN, AP Energy Writer N EW YORK Oil prices soared to the highest level in more than two yearsas Libyan leader Moammar Gadhafi urged his supporters to attack protesters who are violently challenging his 42-year rule. O nly a small part of Libya's oil production appeared to be affected, though analysts fear that similar revolts will spread t o OPEC heavyweights like Iran. Benchmark West Texas Intermediate for April delivery jumped $5.71, or 6.4 percent,t o settle at $95.42 per barrel on the New York Mercantile Exchange. Oil hasn't been that high since it settled at $97.92 o n Oct. 1, 2008. Retail gasoline prices in the U.S. held steady overnight at a national average of $3.171 per g allon. Libya holds the most oil r eserves in Africa and is the world's 15th-largest crude e xporter at 1.2 million barrels p er day, according to the Energy Information Administration. As the Libyan government cracked down on protesters, W estern oil companies including Eni and Repsol-YPF temp orarily suspended oil production in the country. BP has s tarted evacuating workers. A ny production losses in Libya could be quickly absorbed by other countries like Saudi Arabia. The official S audi Press Agency quoted Saudi Arabia's oil minister Ali Naimi as saying that Saudi's production capacity of 12.5 million barrels per day can help" compensate for any shortage i n international supplies." Saudi Arabia currently produces a round 8 million barrels per day. T he International Energy Agency said in a statement on i ts website that it is ready "to m ake oil available to the market in the event of a major supp ly disruption." The Wall Street Journal reports that the IEA p lans to meet this week to discuss the possible release ofs trategic stockpiles, if neces sary. T he main concern stalking markets is that revolts in the Middle East and North Africa w ill spread to other members of the Organization of Petroleum Exporting Countries, particularly Iran, the group's second-largest producer. E nergy consultant Jim Ritt erbusch said a "fear premium" has added about $10 per barr el to the price of oil. That means prices could tumble oncet he region settles down. "But that doesn't look like it's going t o happen anytime soon, he s aid." Eni, Libya's biggest oil prod ucer, idled operations that produce one-quarter of the c ountry's output at 244,000 barrels of oil and gas per day.S pain's Repsol-YPF, which also suspended production Tuesday, p roduces about 34,777 barrels a day. BP evacuated 70 people from Libya, including 40 worke rs and their families. BP isn't producing oil in Libya, but it has been working on an exploration project. BP has 140 e mployees at its Libyan operat ion. Other oil companies, including Royal Dutch Shell PLC, Marathon Oil Co. and Germany's Wintershall, also s tarted pulling out employees. Meanwhile, key Libyan officials resigned and air force pilots defected amid a bloody crackd own on the protests. A t least 300 people have been killed in the uprising, according to New York-based Human Rights Watch. As units o f Gadhafi's army defected, protesters said they were watching several oil fields and facilities and hoped to protect t hem against damage or vand alism. In Iran, government opposition groups this week held their largest protests in more than a y ear, resulting in two deaths, t hough the demonstrations have failed to gain the moment um seen in North Africa. Two Iranian naval vessels entered the Suez Canal on Tuesday en route to a trainingm ission in Syria, officials said, t he first time that Tehran has sent military ships through thes trategic waterway since the 1979 Islamic Revolution. B rent crude, which is delivered around the world and is seen as a better reflection of global demand than WTI, added 4 cents to settle at$ 105.78 per barrel on the ICE Futures exchange. (AP Photo/Alaguri MEANSTREETS: Libyan medical volunteers walk past of Benghazi court, Libya, Tuesday, Feb. 22, 2011. Libyan leader Moammar Gadhafi vowed to fight on and die a "martyr," calling on his supporters to take back the s treets from protesters demanding his ouster, shouting and pounding his fist in a furious speech Tuesday on state TV. Arabic graffiti reads: "The end of lost years" and "Your time ended" Oil prices surge 6 percent as Libya protests mount GABRIELE STEINHAUSER, AP Business Writer BRUSSELS T he European Central Bank warned Tuesday that the euro-z one needs not only much stricter rules on government b orrowing but also tighter oversight of overspending by households and businesses. The warning comes as the European Union and its mem b er states haggle over how to improve the so-called Stabilitya nd Growth Pact, whose caps on budget deficits and debts were never strictly enforced in the years leading up to the debt crisis. Bailouts G reece and Ireland have already been forced to seek massive international bailouts, with many economists fearing that Portugal and possibly much larger Spain might soon follow suit. At the heart of the overhaul of those rules is the realization that not only government spending needs to be kept in check, but also other factors such as high debt among households and private firms like banks. In the fall, the European Commission, the EU's e xecutive, proposed a range of new rules that would not only sanction overspending governments but also ring alarm bells whenp rivate debts, overall competitiveness and the current account take a wrong turn. The current account measures trade and capi t al flows in and out of a country. Portugal's large current account deficit is often cited as one of the country's main problems, while it was huge losses at banks that turned Ireland from the region's economic star into a basket case. However, the ECB said the 17-country eurozone needs "a more a mbitious governance structure" than even the one proposed by the Commission, which is already being watered down by eurozoneg overnments worried about their national sovereignty. In addition to more automatic and immediate sanctions for r ule-breakers, the bank, which oversees monetary policy in the eurozone, said governments should include "strong national budgetary frameworks" into national law and establish independent fiscal policy institutions. That demand is similar to a proposal made by Germany that would force other countries to follow its example and include a socalled "debt brake" into their constitutions as part of a broader push for more economic coordination in the eurozone. The ECB has already voiced its discontent with attempts by n ational governments to water down the Commission's proposals, but Tuesday's statement goes beyond that. I n the past the ECB supported the Commission's proposals, said Amadeu Altafaj-Tardio, spokesman for the EU's Monetary Affairs Commissioner Olli Rehn. "We think that the proposals from the Commission represent the necessary level of ambition to ensure reinforced economic governance to ensure the credibility of the euro area," Altafaj Tardio said. ECB APPEALS FOR TOUGHER ECONOMIC RULES IN EUROZONE AP Photo/Michael Probst, File SHAPINGTHEFUTURE: In this Sept. 2, 2009 file picture the Euro sculpture is see in front of the European Central Bank ECB in Frankfurt, central Germany. INTERNATIONAL BUSINESS
ENTERTAINMENT THE TRIBUNE WEDNESDAY, FEBRUARY 23, 2011, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM J ust a few images of what we the Bahamas looked like 40...50...60... years in the past 1973 Lady Marguerite Pindling dances with Prince Charles at one of the many balls held in celebration of the Bahamas independence from Great Britain. Inset: Prince Charles congratulates the Bahamas in an official ceremony at Clifford Park. Flash Back BY ROLAND R OSE The year so far BY the end of February we are more than halfway through thev egetable growing season. Indeed, the veggies that love really cool weather spinach, English peas, lettuce are on their last reliable cropping and then we can sayg ood-bye to them. October was c ooler than average and the warm w eather vegetables stalled while the cool weather crops thrived. Had I known we would have such a cool autumn I would have planted several beds of lettuce andp eas in September. N ovember and particularly December were viciously cold by B ahamian standards and there was a lot of wind damage. My autumn summer squash and cucumbers w ere a disaster because of the weather. I was unable to pick any zucchin i and only about half a dozen cucumbers. Meanwhile the winter s quash did well and gave an abundance of butternut for the table. A later sowing of Golden Hub-b ard is looking very healthy. The peas I tried this year were O regon Bush, a variety that produces snow pea-like pods early, then mangetout, then shelling peas. I gave some to a friend who said they were the best peas he had ever tasted. I will definitely grow them again next year. I was about to pull upt he first row when I noticed a new set of flowers so I am now waiting for a small second crop. My familyd oes not consume much in the way of cabbage and broccoli so this year I freed up more tomato room by omitting them from the sched-u le. On visits to local farms, however, I have seen some giant broc-c oli heads and sturdy heading cabbage. O nions do better when sown after the equinox and this was proven true by the bunchingo nions I set out in September. To this day they are still on the small side for pulling. I was given some regular onions sets by Melbourne Wells of Pep p erpot Farm on Abaco via Patrick J Bethel and put them in during January. They are now established but it will be May before I can e njoy them. It has been a wonderful year for sweet peppers, although they have been a little slow to ripen. My ear-l iest variety was Cal Wonder, followed by two sets of Burpee hybrids: one green, one a mixtureo f green, red, yellow, orange and purple. T he green peppers produced well starting in December but the coloured varieties waited untilF ebruary. The cool weather definitely had a great influence on my tomatoes. I started with Early Girl, Floridade and Solar Fire. The Early Girl pro-d uced fruit in good numbers that were on the small side. F loridade produced massive fruits but were weeks behind Early Girl, ripening taking place inJ anuary. Solar Fire was a total bust. The second sowing of tomatoes the main crop went in during early October. T hese were mostly Cherokee Purple, Black From Tula, and Mortgage Lifter, all heirloom vari-e ties. Mortgage Lifter died off before g iving any fruit but I have been enjoying the delicious taste of the black and purple tomatoes. I n December my friend Madis sent me seeds from Toronto i ncluding Giant Calabash, Giant Pink Ruffled, Green Zebra and Estonian Green. These are noww ell on their way. In January I was given many packages of heirloom tomato seeds by friends from Minnesota, Steve and Janene Roessler. These included Giant Syrian, G olden Sunray, Plum Lemon, T ommy Toe, Green Sausage, John Baer, Silvery Fir Tree, German P ink, Black Krim, and Dr Wyches Yellow. It turns out I have more seeds t han I have room to grow plants. Heirloom tomatoes grow true from s eed so my main objective is to grow at least one of each to maturity and have seeds for next season.I have given away most of the heirloom seeds with the admonition that I receive one ripe fruit from each variety. In order to raise as many of the h eirloom tomatoes as possible myself I have reverted to container growing for the smaller varietiess uch as Green Sausage and Silvery Fir Tree. I f all goes well I will have an even greater number of heirloom seeds, enough to start a farm. For questions and more informa tion e-mail firstname.lastname@example.org COLOURFUL: Coloured peppers took a long time to reach maturity but were well worth waiting for. SATISFIED: Winter squash such as Butternut and this Golden Hubbard did very well for Gardener Jack while summer squash was disappointing. By GARDENER JACK GREEN SCENE
ENTERT AINMENT P AGE 10B, WEDNESDA Y FEBRUAR Y 23, 201 1 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM By JASON DONALD I T'S been an unusually strong year for movies and a look at this year's Oscar nominees shows a field of quality and diversity. T h e K i n g s S p e e c h h a s b e e n ho ov er i ng u p t he p r i zes in t h e ear l y p art of the a w ards sea son, but i t fac e s t o u g h c o m p e t i t i o n f r o m D a v i d F i n c h e r s F a c e b o o k d r a m a T h e S o ci a l N e t wo r k ", t h e C oe n Br ot h ers cr iti c al ly acclaimed "Tr ue G rit ", Pi xa r 's m as t er f u l "T o y S to r y 3 an d a n o u t s i d e t h r e a t f r o m D a r r e n A r o no f k s y s r i d i cu l ou s l y e n jo y ab l e "Bl ack S wa n" B ut outsid e of the B est Pic ture c atego r y t he f ie ld is fa r m or e o pe n. S o wi t h t h at in mi n d, he r e ar e th e no mi n ees I t h in k wi l l wi n th e m ai n Os ca r s al o n gs id e t h e o n e s I p er s o n a l l y t h i n k a r e t h e m o s t d es er v i n g A CTRESS I N A S UPP ORTI N G R OLE N o m i n e e s : A my A d a ms ( Th e Fi g h te r ) H e l e n a B o n h a m C a r t e r ( T h e K i n g s S p e e c h ) M e l i s s a L e o ( T h e F ig h te r), H a il e e S te in fe l d (Tru e G ri t), Jacki Weaver (Animal Kingdom) W h o w i l l w i n : M e li s sa L e o 's G o l de n Globe-winning turn as a hard-bitten ma t riarch in T he Fighter" may have trumped at the BAFTAS by Helena B o n h a m C a r t e r s Q u e e n M u m i n Th e K i ng s S pe e c h ", bu t I fa nc y bo th t o m i ss o u t to H a i l e e S t e i n fe l d 's p o te n t i a l l y s t a r m a k i n g p e r f o r m a n c e i n "True Grit". Who s ho uld wi n: I can 't h elp bu t f e e l T r u e G r i t h a s b e e n s l i g h t l y overpraised, but young Hailee was a definite stand-out. A CT OR IN A SUPPORTING R OLE N o m i n e e s : C h r i s t i a n B a l e ( T h e F i g h t e r ) J o h n H a w k e s ( W i n t e r s Bone), Jeremy Renner (The Town), M a r k R u f f a l o ( T h e K i d s a r e A l l Rig ht ) Geo f fr ey R us h ( T he K in g's Speech) Wh o wil l wi n: I t 's bee n al l ab ou t C h r i s t i a n B a l e s w i l d e y e d c r a c k a d di c te d Di c ky E kl un d in Th e Fi g hter" so far and I don't expect that to cha ng e. T h e D ar k K ni gh t can st a r t writing his speech now. Who should win: Despite the plaudits, Christian Bale was whisper it a little bit OTT for me. I would go for John Hawkes' sympathetically sinister Teardrop in "Winter's Bone". A CTRESS I N A LEADING R OL E Nominees: Annette Bening (The Kids are All Right), Nicole Kidman (Rabbit Hole), Jennifer Lawrence (Winter's Bone), Natalie Portman (Black Swan), Michelle Williams (Blue Valentine) Who will win: Natalie Portman's riv eting portrayal of a tormented ballet dancer has been lifting all the preliminary prizes and I expect her to do the same here. Who should win: All of these actresses might have been up for the Oscar in another year, but 2011 belongs to Natalie. A C TOR I N A LEADING R OL E Nominees: Javier Bardem (Biutiful), Jesse Eisenberg (The Social Network), Colin Firth (The King's Speech), James Franco (127 Hours), Jeff Bridges (True Grit) Who will win: There's no doubt Col in Firth is the front runner following up last year's "A Single Man" with another excellent performance and I would be astounded if he doesn't come out on top. Who should win: It's a pity James Franco's brilliant one-man show in "127 Hours" has to go head-to-head with "The King's Speech". I'm afraid he'll just have to settle for being the Oscar co-host. Colin Firth to triumph. BES T PICTURE Nominated films: Black Swan, The Fighter, Inception, The Kids are All Right, The King's Speech, The Social Network, 127 Hours, Toy Story 3, True Grit, Winter's Bone Who will win: I think this is a three horse race between The King's Speech, The Social Network and True Grit. After last year's Hurt Locker surprise, I fancy the Academy will go with a more traditional Best Picture and that can only mean The King's Speech. Who should win: It's nice to see so many different genres represented especially Toy Story 3 (which should win a hastily arranged Saddest Ending Ever Oscar) but me for it comes down to "The Social Network" and "The King's Speech". Both are driven by superb dialogue and performances and deserve the recognition they've received so far. But "The King's Speech" just edges it. Can you predict this year's Oscar winners? Here's your cheat sheet for nominees in some of the other major categories: DOCUM ENT AR Y (FE A T UR E) "Exit through the Gift Shop" "Gasland" "Inside Job" "Restrepo" "Waste Land" A N I M A TE D FEA TURE F I L M "How to Train Your Dragon" "The Illusionist" "Toy Story 3" MUSI C (OR IGIN AL SCOR E) "How to Train Your Dragon" John Powell "Inception" Hans Zimmer "The King's Speech" Alexandre Desplat "127 Hours" AR Rahman "The Social Network" Trent Reznor and Atticus Ross MUSI C (OR IGIN AL SONG) "Coming Home" from "Country Strong" Music and Lyric by Tom Douglas, Troy Verges and Hillary Lindsey "I See the Light" from "Tangled" Music by Alan Menken Lyric by Glenn Slater "If I Rise" from "127 Hours" Music by AR Rahman Lyric by Dido and Rollo Armstrong "We Belong Together" from "Toy Story 3" Music and Lyric by Randy Newman DI RECTING B la c k S w a n D a rre n A ro n o fs ky T h e F i g h te r D a v i d O R u s se l l T h e K i n g s S p e e c h T o m H o o p e r "The Social Network" David Fincher "True Grit" Joel Coen and Ethan Coen WR ITING (ADAPTED SCREENP L A Y) "127 Hours" Screenplay by Danny Boyle and Simon Beaufoy "The Social Network" Screenplay by Aaron Sorkin "Toy Story 3" Screenplay by Michael Arndt; Story by John Lasseter, Andrew Stanton and Lee Unkrich "True Grit" Written for the screen by Joel Coen and Ethan Coen "Winter's Bone" Adapted for the screen by Debra Granik and Anne Rosellini WR ITING (ORI G I N AL S C R EE NPL A Y) "Another Year" Written by Mike Leigh "The Fighter" Screenplay by Scott Silver, Paul Tamasy and Eric Johnson; Story by Keith Dorrington, Paul Tamasy and Eric Johnson "Inception" Written by Christopher Nolan "The Kids Are All Right" Written by Lisa Cholodenko & Stuart Blumberg "The King's Speech" Screenplay by David Seidler T he O s c ars t a kes plac e this Sunda y at 8pm ET. FEBRUARY 24 THURSDAY ST ANNE'S CHOIR: "ROCK N' ROLL" St Anne's School choir presents a one-night show ing only of "Rock 'n Roll", a musical drama set in the 1950s. It starts 8pm at the National Centre for the Performing Arts. Cost: $15. T: 324-1203. FEBRUARY 25 FRIDAY AN EVENING WITH PAT RAHMING The Rotary Club of West Nassau presents an evening of music, art and fine food with Pat Rahming, award-winning architect, writer, musician and poet; 7pm at Orry J Sands and Co. Tickets: $50, available at Orry J Sands and Co. Proceeds in aid of Programme SURE. T: 326-2430 E: email@example.com. FEBRUARY 26 SATURDAY "STOP THE WORLD AND LET ME OFF": TRIBUTE TO EZRA HEPBURN Kalik and Dyglosity Boiz present "Stop the World and Let me Off", a tribute to living legend Ezra Hepburn in Da Backyard, Arawak Cay. SOCA EXPLOSIVE Kalik and Dyglosity Boiz present "Soca Explosive" at Da Backyard, with music provided by DJ One Touch, DJ Chronic and DJ Choppa and a special performance by Willis and the Illest reggae band. Cost: $15/men; $10/ladies before 11pm; $15/ladies after 11pm. Part proceeds in aid of Ezra Hep burn medical fund. FEBRUARY 27 MARCH 6 GRA CE COM MU NIT Y CHURCH LECTURE SERIES Grace Community Church hosts a lecture series with speaker Josh McDowell, author of bestseller books such as "A Ready Defence", "The Unshakable Truth", "The New Evidence", "More Than a Car penter" and "Jesus: Dead or Alive". T: 394-7223 E-mail: firstname.lastname@example.org. 2 0 1 1 O s c a r n o m i n e e p r e d i c t i o n s things 2 D O FOR th e se con d consecutive ye ar, t he S idn e y P oitier F ilm Fe s tiv a l w ill be he ld in N a s s a u t o hono ur the le g a c y of t he ren o wned B a h amian acto r and d ir e ct or. S tart in g t o mor ro w n i ght th e fes ti val w il l f o cu s o n Si r S i dn ey' s earl y yea r s i n Ho llywo o d, sho wcasi ng 1 1 o f h is mo vies fro m t he 1 950s i n cl u d i n g "B l ack b o ard Ju n gl e ", i n wh ic h h e h a d h i s b r ea k o ut ro le as a n i ncorri g i ble high sch oo l stud e n t; "The D efi a n t On es", and "P orgy a n d Bess All scr e en in gs a r e f ree an d are sho wn at th e C ol lege o f t he B a h amas' P erfo rmin g A rt s Cen tre on th e Oakes F ield Camp us. T h e f e st i v al w as es t ab l i s h e d b y t h e S c h o o l o f E n g l i sh S t u d i e s a t C OB as a me an s of h o no u rin g t he achi ev emen ts of Si r S i dn ey w ho was bo rn in F lo rid a to t wo Cat I slan d t omato f a r me rs and w e n t o n to b e co me the fi rst b lack p erso n t o wi n an Academy Award f or Best Acto r. "Our ai m i s to p rese r v e h is l eg acy fo r fu tu re ge n erati on s o f B a h amian s," organ isers said Th e fest ival ru ns un ti l Su n day, F e b ru ary 27. In t erest ed per so n s can go to p o i terf est ival yo las it e.c om or cal l 302-4381 / 5 fo r more in fo rmatio n Sidne y P oitier F ilm F estiv al set to be held in Nassau T HE KI NG' S SPE ECH: Co lin Firt h p or t rays Kin g Geor ge VI lef t and He l e n a Bon ham Carter portrays the Queen Mother in a scene from "The King's Speech." (AP) (all screenings are free at the College of the Bahamas Perform ing Arts Centre) THURSDAY, FEBRUARY 24: 4pm "Good-bye, My Lady" (1956) Sidney Poitier appears in a supporting role as Gates Watson in this coming-of-age story about a boy in rural Georgia who discovers and befriends a rear breed of African dog. (94 min) 6pm "Band of Angels" (1957) Sidney Poitier plays alongside the legendary Clark Gable and Yvonne De Carlo in this drama of a pre-Civil War South. Poitier plays Rau-Ru, a proud educated slave raised as Clark Gable's son, in this melodramatic love affair between slave master and the mixed race beauty who comes to his property. (127 min) 8.30pm "Mark of the Hawk" (1958) Sidney Poitier and Eartha Kitt star in this drama about the liberation movements in colonial sub-Saharan Africa. (84 min) FRIDAY, FEBRUARY 25 4pm "Red Ball Express" (1952) A World War II drama in which Poitier plays a supporting role as Corporal Andrew Robertson, a quick tempered black soldier sent on a harrowing mission in Naziheld territory. (84 min) 6pm "Edge of the City" (1957) Two dockside laborers (Sidney Poitier and John Cas savetes) face corruption on the New York waterfront and share a bond cutting across society's black/white divide in this gritty drama. (85 min) 8pm "No Way Out" (1950) Sidney Poitier plays Dr Luther Brooks, a competent young black intern who is accused of negligence in the death of a white patient. (106 min) SATURDAY, FEBRUARY 26, 3pm "Blackboard Jungle" (1955) Glenn Ford, Vic Morrow and Sidney Poitier star in this drama about the teachers and students of North Manual High School. Poitier plays one of the teenage trouble makers, Glenn Ford plays the idealist teacher. The film was nominated for four Oscars. (101 minutes) 5pm "Porgy and Bess" (1959) Sidney Poitier plays Porgy beside Dorothy Dandridge in a performance that earned him a Golden Globe nomination for Best Actor in a Musical or Comedy. The film also stars such greats as Sammy Davis Jr, Diahann Carol, Pearl Bailey and Brock Peters. (138 min) 8pm "Something of Value" (1957) A drama that focuses on the racial tensions and violence in Kenya during the Mau Mau Rebellion. (113 min) SUNDAY, FEBRUARY 27 6pm "Cry, the Beloved Country" (1951) In this adaptation of Alan Paton's poignant novel about South Africa in the midst of apartheid, Sidney Poitier plays Reverend Msimangu, a young priest assisting Canada Lee's Rev Stephen Kumalo in his search for his son. (100 min) 8pm "The Defiant Ones" (1958) Nominated for nine Academy Awards, including Best Picture, "The Defiant Ones" tells the story of two prison ers chained together and on the run. The problem is one is white and one is black (Tony Curtis and Sidney Poitier); and they may kill each other long before they get caught by the posse and bloodhounds that pursue them. (97 min) S C H E D U L E F O R T HE S I D N EY P O I T I ER F I L M F E ST I V AL
ARTS THE TRIBUNE WEDNESDA Y FEBRUAR Y 23, 201 1, P AGE 1 1B T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM By LESH THE RUNDOWN A F T E R t h e e x c i t e m e n t a n d dr ama of t he gr oup c o mpe t itions the re ma in ing Am eri ca n Idol c on t es ta nts got a ch ance t o per fo r m t hei r s o los fo r t he j ud ges d ur in g t he se cond Ho ll ywoo d wee k. D es p it e t he h i g h s t a k e s v e r y f e w o f t h e c o n t e s t a n t s s e e m e d n e r v o u s ; t h i s s e a s o n i s r e a l l y b ri ngin g a lot of con fi dent tal ent Ne ver th eles s on ly hal f of t he AI h o p e f u l s m a d e i t t h r o u g h l a s t w e e k To nig ht, we c an e xpe c t the c on t es ta nts t o head to L as Vega s t o p e r f o r m s o n g s b y T h e B e a t l e s W e w i l l g e t t o s e e w h o h a s imp rov ed upo n th ei r pe rform anc e a n d w h o d e s e r v e s t o r e a l l y b e t h e r e RECAPS Ashton Jones By this stage it's been estab lished that Ashton has talent, but it was still quite a wow' moment when she came out and nailed "And I Am Telling You" the Dreamgirls song that past AI contestant Jennifer Hudson made a signature song for the show. Not surprisingly she sang her way straight to Vegas. CHRIS MEDINA AND CARSON HIGGINS As both Chris and Carson wanted to sing Bobby Brown's "My Prerogative," the judges decided to let them sing together. Chris is a favourite of mine, but Carson really surprised me. I guess it's true when they say "looks are deceiving" because by looking at him you wouldn't know that he can deliver those amazing vocals and display that incredible stage presence. They both added their very own style to the song and they both made it to the Las Vegas round. LAUREN ALAINA She is only 15 years old, but this little lady definitely has what it takes to win the competition. A huge fan of Steven Tyler's, she performed Aerosmith's "Don't Want to Miss a Thing" for a second time on the show. I can't wait to see more of her in future. JACOB LUSK I must say this one was a surprise, when he started to sing I didn't think he would make it any further in the competition. But last week he gave everyone something to talk about when he sang "God Bless The Child" with the most beautiful vocals the judges had heard for the entire night. After giving his all he was welcomed to Vegas with open arms, causing him to cry in hap piness after leaving the stage. ASHLEY SULLIVAN The always fun, happy and smiling Ashley let her nerves get the best of her when she got on the stage to perform a song she dedicated to her boyfriend and forgot the words. Ashley's cool personality and relationship she has developed with the judges already got her through to the next round. THE DELIBERATIONS A f t e r t he pe r f o r m an c es t h e j u d ge s d el i b er a t e d o ve r wh o w il l s t ay an d wh o w il l go T he c on t e s t an t s we r e di v id e d a n d p l ac ed i nt o d if f e r e n t r o o m s as g r o u ps T h e w ai t i ng p r o ces s l o o ke d n e r v ew r ac ki n g Ro o m o n e wh e r e f a vo u r i t es s u c h a s Cas ey Ab r a m s J ac ob L u s k Ch r i s M ed i n a a nd L a ur en A l a in a w er e wa i t in g we r e t o l d t h a t t h e y al l ma d e i t th r o u g h. Ro o m t w o g o t m o r e n e r vo u s a n d a nx i o us a s t h ey h e ar d t h e s c r e am s f r o m r o o m o n e T h e j u d ge s ca me in an d ga v e t h em t h e b a d n ew s t h at t he y h a d n' t m a de it t o th e ne x t r o u n d R o om t h r ee wa s a l s o s en t h o m e I n t h e f i n a l r o o m w he r e C ar s o n Hi g gi n s an d S co t t y M c Cr e er y wa i t ed t h e j u d ge s g av e t h e m t h e g oo d n ews t h a t t h e y m ad e i t t o t h e L a s Ve g as r o u n d By JEFFARAH GIBSON Tribune Features Writer B ANNED in 11 countries, Rihanna's new video for her latest track "S&M" has stirred up a level of controversy that exceeds even the outrage caused by the release of her single "Russian Roulette" in 2009. According to the director of "S&M", Melina Matsoukas, the video represents the Barbadian's "sadomasochist relationship with the press" and was intended to be provocative. Although the lyrics are littered with references of sex, pleasure and pain, the "S&M" apparently stands for "Scandals and Media" in this case. Following the controversy caused by the single in the US, the decision was made to rename the song "Come On" before its official release in the UK last week. In addition, the words "sex," "chains," and "whips" have been bleeped for British radio listeners. Now In Ya Ear asks Rihanna's Bahamian fans the question, "did she go too far this time?" Too Far? Talia Farrington* said: "I do not think (the video) is sexually racy. In fact, people seem to be making a hoopla over the sexual undertones like the banana sucking and the blow-up doll humping, but those are minor issues compared to what people should really be upset about. We need to be concerned about the sexu al violence in this video, forget the sexual connota tions. Look at how this woman is constantly shown pressed against a wall, and secured there by plastic and tape. Is this suggesting to girls/women that they should be on display, or worse yet, confined? "Secondly, I find the scene where she is bound by ropes on her hands, waist, and butt extremely, excruciatingly disturbing! She is there laying down trying to wiggle her way out of the bound hands and this is supposed to be cute or a good representation?" Talia also feels that Rihanna should be more mindful of her responsibility as a celebrity who has a lot of influence. "The thing about creativity is that it still comes with a level of responsibility. The thing about art and cre ativity is that the artist may have an intention, but he/she has to be aware that her/his work is open to interpretation. "So many people have different ways of seeing', so even if the artist doesn't want to conform then at least don't be ignorant that you are offending people, which Rihanna seems to be ignorant of the connotations in this video." Artistic Some people argue that what Rihanna is doing with "S&M" is nothing different from what Madonna was doing over two decades ago. Madon na did i t lik e in he r Eroti ca v ideo This also h as sc ene s of S& M type sex b onda ge etc a nd so does R iha nna sa me imag es, but y et Riha nna is say ing it's no t ab out sex ? L e t's ke ep it rea l he re. Ri Ri's lyric s are also abo ut sex Poi nt bl ank. So in e ss e nc e I wou ld say thi s is an artistic v ide o, y es, I s e e good s o cia l c omm enta r y a bout re porting an d he r disda in for the med ia, but there are other theme s w ove n into the v ide o (lik e v iole nc e a gai nst w omen ) that s h e nee ds to b e a wa re of. And she sho uld not be surprised th at th is vi deo is offe nsive to som e a nd h as bee n ba nned in 11 co untries. I'm n ot surprised at all, T a lia said. Bahamian singer and member of the band Avante Garden Jayne Doh, had this to say about the video: "I saw it and I've seen worse, it is a little racy, still not as bad as Madonna! It did not offend me, but I wouldn't show it to kids. I think she should have been much more mindful of her younger fans." While some viewers feel that she went too far and believe that Rihanna is simply acting on the unresolved hurt, shame and embarrassment from the domestic squabble between her and her ex-boyfriend Chris Brown, others believe that this is her greatest video to date. One Bahamian had this to say in Rihanna's defence: "Its a creative video that is not meant to be taken seriously. I don't see anything wrong with it. She's having fun and expressing her sexuality. However, it is unsuit able for persons under age. And for those who have a problem with the video then don't watch it, simple." Names have been changed MDE EZ W ell Fresh VISAG E 6 and a Half Dozen MAJO R BOY DUN NA Wher e Y ou From EUGENE D AV IS Jungless EZRA H EPBURN Stop The W orld R O N NI E BUT LER Bang Bang Lulu BAHAMIAN C H A RT S T O P P E R S
2011 Oscar Nomination pr edictions See page 10 W E D N E S D A Y F E B R U A R Y 2 3 2 0 1 1 Is Rihanna' s S&M' too hot to handle? See page nine The T ribune SECTION B B y JE F FA RA H GI BS O N Tri b une F eat u r es Wri ter F AR AND L OCK H A RT an d his b ro th er are th e t alen ted ar tis ts b ehind t h e airb r u s h art wo r k t h at is emb lazon ed o n th e s ide o f t he S ands Bee r b uilding o n S hir ley St ree t. The ar t c apt u re s f un i s l an d t h em es l i ke t he Ba ham a s' bea uti ful tu rquoi se be ache s. Fa r a nd t o l d T r i bu n e A r t t h a t h e a nd hi s b r o t he r we n t c r a z y w or ki ng on it I t t o o k a p p r ox i m a t e l y on e m on t h f o r t h e t w o t o c o m p l et e t h e e n t i r e b u i l d i n g A d i g i t a l d r a f t o f t h e f i n i s h w a s c r e a t e d a n d t h e n a l igh t ske tc h of the c har act ers w a s ma de on the wal l Fa ra nd t ook s i m il a r st e ps wh en he ai r br us he d t h e c ha ra c te r s of t h e a ni m a te d adu l t s how Fam i l y G uy an d T he Si m ps on s i n a t r u c k du r i n g a c us t o m f i x H e m a de a l i g h t s k et c h o n t he s u r f a ce of the tr uck an d wit h th e spl as h of col our S tewi e, Pet er, Bri an, Chr is H om er and Bar t cam e al i ve. The i ns pi ra ti on fo r t hi s par ti c ul ar one wit h F am il y Gu y an d T he S i m p s on s c a m e f r om wh at we di d o n t he i n s i d e of t he t r u c k. In the tr uck we ha d di ce, a nd i t w a s a gam bl i ng t hem e g oin g on t h e i n s i d e S o I de c i d e d t o p u t bo t h t h e S i m ps o n s a n d F a m i l y G u y ga m bl i n g t o ge t he r, whe re as t h e c a st f r o m Fa mi l y G uy i s h ol di n g al l of t he mone y becaus e the y are a m ore popular show and t h e y a re ma k in g mo r e mo n e y t h a n t h e S im p s o n s a r e h e ex pla ine d t o Tri bune Art s The ext ent of h is t al ent i s not onl y evi dent i n t hes e p art ic ul ar works but als o in t he cus tom desi gns he does for indi vidua ls who wa n t a n u nu s ua l wh i p" H e h a s cr e a t ed h i s v er y o wn "P i m p M y R i d e i n t h a t a n y t h i n g i m a g i n a b l e c a n b e c o m e c o n c r e t e o n t h e sur fac es of bi cy cl es, tr ucks ca rs or any ve hic le f or t hat m at ter F ar a nd s a i d t h e r e i s ab s ol u t e l y no t hi n g he c a n' t d o t o e n ha nc e t h e appe ar anc e of a ny sur f ace "I f you can i ma gi ne it I ca n do i t," he s a i d A l on g w i t h a l l of th a t he ha s t ak en p ar t f r om o t he r ve hi c l e s an d done body w o rk t hat m ake the car l ook br and new. For i ns tan ce If you can imagine it, I can do it o n o n e p a r t i c u l a r c ar h e t o ok t he f r o nt f r o m a H o nd a c i vi c a d d e d t h e bac k of a Corvet te, and wi th som e spray pai nt, the ca r w a s cust om is ed. D esi gni ng has so meho w al ways been a par t of his po rt fol i o. And wha t s ome ma y not know i s t hat bef ore Fara nd st ar te d ai r br ushi ng h e wa s a n as pi r in g f as hi on des i gne r. H owev er t hi ngs di d n ot l ook so p ro m is i ng fo r th e y oun g t ai l or s o he t ra de d i n h i s n ee dl e a nd t h re ad f or a s pray g un. "I t r i ed t o f i g ur e o ut whe r e t h e i nt e r es t i n d es i gn in g cl ot h i ng ca m e fr om b ut I do n' t kn ow. I wa s ar oun d e i gh t or so an d I e m br oi de re d a ca r i n t he bac k of a ja c ket b ut I ne ve r got a ro un d t o f i ni s hi n g t he c ar T h en I found my sel f croc het ing T h en t here was t hi s t im e I was in B on nevi ll e Bone s, becau se I used t o l ove t o dres s an d that was m y f a v o u r i t e s t o r e t o g o i n I s a w j e a n s i n t h e r e a n d s a i d t o m y s e l f : I c ou l d make th ese sam e j ea ns. So i ns tea d of pur chas in g t he j eans I went t o b uy the fabric and wen t h ome and stitched the same jean s And som e of t he guys t ol d me "m an you c ould s ew g ood," he expl ai ned. W i th t he m ot i va t i on, co m pl em e nt s an d d i sc ov er y of t h is n ew in t er est Fara nd t ook up a t ail or ing cour se at the Baham as V oc at iona l T r ai ni ng C o ll ege i n whi ch he c ame o ut to p o f the c la ss H angi ng ar ound an auto b ody sh op, h e pic ked up a few s kil l s t hen he st art ed dabbl i ng i nto aut o ai rbr ushi ng and f ound hi s ni che. T ho u g h p e o pl e t r y t o g e t h i m t o a i r b r us h t h e i r c l ot hi ng Fa r a n d s ai d that is som et hing he h as re ti red f rom I m i g ht a i r b r u s h o n e o r t w o t h i n g s f o r p e o p l e B u t I a m n o t i n t o t h a t anym ore That 's not m y thi ng, I have r et ir ed fr om t hat h e s ai d. Far and Lockh art is t he now t he owner of Aut o T e ch l ocat ed on Was hing ton St re et and ha s been i n busi nes s si nce 2 003. C A L LI N G : S ta r t in g o u t a s as pi r i ng fa s hi o n d e s i g n e r, F a ra n d L oc k h a rt h a s found his true talent in airbrush art. F AR AND LO CKHAR T