N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Bran gets millions to form third party V olume: 107 No.105TUESDAY, MARCH 29, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 86F LOW 75F By PAUL G TURNQUEST Tribune Staff Reporter firstname.lastname@example.org INDEPENDENT MP B ranville McCartney has raised several million dollars to fund his bid to launch a successful third party in the Bahamas, claim sources. Figures range anywhere from three to $25million with sup port coming from international and local figures. Some of his financiers, it is said, are members of high-powered FNM families who are dissatisfied with the performance of the government. To win elections you need m oney, a source close to Mr McCartney told The Tribune yesterday. Supporters of Bran have already raised these monies pri vately for him, and there are other reports that he has some $25million in his war chest for this upcoming battle. The onlyt hing that is needed now are credible candidates who can add to his campaign ticket, and not distract voters with any baggage they may bring, the Support coming fr om inter national and local f igur es TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM FREE INSIDETODAY: BRIDAL PLANNER SUPPLEMENT SPORTS SECTION: Y-LEAGUE SOCCER PICTURESPECIAL SEE page 12 By AVA TURNQUEST Tribune Staff Reporter email@example.com FNM Senator Dion Foulkes yesterday implicated Neville Wisdom as a main organiser of one of the BTC demonstrations outside the House of Assembly. The former Youth, Sports and Culture minister refuted Senator Foulkes remarks during the Senate debate on bills to facilitate the privatisation and sale of BTC. Mr Wisdom has since challenged the FNM Sena tor to provide proof of his involvement or withdraw his assertion. I attended as citizen of this country to show displeasure with respect to the sale of 51 per cent of BTC to Cable and Wireless, said Mr Wisdom. I exercised my constitu tional right to attend a march and demonstration. At no time did I attend any meeting to organise anything. Mr Foulkes tabled several photographs of the FOULKES CLAIMS WISDOM WAS A MAIN ORGANISER OF BTC DEMONS TRA TION By TANEKA THOMPSON Tribune Staff Reporter firstname.lastname@example.org RECYCLING, waste-to-energy initiatives and greenhouse agriculture exports are key sectors where Canadian direct investment can flourish locally, Prime Minister Hubert Ingra ham said. PM: THE BAHAMAS WOULD WELCOME CANADIAN INVESTMENT IN WASTE-TO-ENERGY INITIATIVES SEE page 12 SEE page 12 B y CELESTE NIXON Tribune Staff Reporter email@example.com GOLDEN Gates MP S hane Gibson confirmed yesterday he has filed an o fficial complaint with the police claiming he was threatened by Charles Maynard, the Minister of Youth, Sports and Culture. T he circumstances which led to the complaint remain unclear, however it comesa fter several heated disagreements between the two men in the House of A ssembly in recent weeks. When asked about the SHANE GIBSON FILES COMPLAINT WITH POLICE AGAINST GOVT MINISTER SEE page 12 FNM SENATOR Dion Foulkes THINGSARELOOKINGUP: Cynthia Mother Pratt, member of parliament for St Cecilia (right tures at the repaired roof at the home of Baillou Hill Road resident Esther Rahming. Home owners in the St Cecilia constituency received new homes and house repairs in a renovation exercise sponsored by Howard Butch Kerzner, the late son of Atlantis owner Sol Kerzner. SEEPAGETWO ST CECILIA RENOVATION EXERCISE Felip Major /Tribune staff T H E T R I B U N E | 2 0 1 1B R I D A L P L A N N E R P h o t o / B u t t o n s F o r m a l W e a r a n d T h e B a h a m a s B r i d a l S h o w
L OCAL NEWS PAGE 2, TUESDAY, MARCH 29, 2011 THE TRIBUNE NOELLE NICOLLS Tribune Staff Reporter firstname.lastname@example.org MORE than 30 elderly home owners in the St Cecilia constituency received new homes and house repairs in a renovation exercise sponsored by Howard Butch Kerzner, the deceased son of Atlantis owner Sol Kerzner. Cynthia Mother Pratt, m ember of parliament for St Cecilia, said prior to his sud-den death in 2006, Butch Kerzner donated $500,000 to the St Cecilia constituency to finance the project. We went in search of sponsors. Robert Carron from The Tribune introduced me to B utch Kerzner, said Mrs Pratt. He wanted to do something for the people of St Cecilia, so I took him on a tour and let him have a first hand look at the plight of the people and our challenges. In doing so, we then decided the best thing to do wasto help the needy. The homes chosen for repair had been in a bad state, accord ing to Mrs Pratt. She said you could see the sky through the roof in some, and the ground through the floor in others. Kim Wallace a resident of The Grove, said: My house was really broken down and I give God thanks for Mother Pratt. She sent the contractors and they gave me a whole new house. I had wooden floor; she gave me a concrete floor. I haverunning water inside now. I have a roof that doesnt leak anymore. I had an outside toilet and now I have an inside toilet.I had three rooms and now I had five. My family lived in this house, from my mummy, to my mummys mummy, and my sisters them. When my mother lived here it was only a two b edroom house. She gave the whole yard a new look. I have been in the hospital from 2004 and I was not working. I would not have been able to do this on my own, she said. Esther Rahming, a Baillou Hill Road resident said: The roof was fixed because it was leaking. I had board floor and they poured the floor for me. It made me feel good because I did not have the funds to do it.I have lived here for 54 years. I was born in the this house. I wanted to do this for a long time, from when my mother was sick. We had to take care of her and use any money we would have had. Mrs Pratt said the elderly are often overlooked. She said they typically only have one source of income their old age pension from the National Insurance Board. They have no other means of getting any other income. When the cost of living increases, their little pensions stay the same. When we visited these homes and saw these people we could only think about the fact that they are only looking for ward to their pension and that is about $200 and that cant even pay the light bill, said Mrs Pratt. It speaks volumes of our love and compassion. They were so appreciative that we put them in a better environ ment because at least they did not have to take their old age pension and do that, she said. All of the senior citizens were happy and expressed their appreciation. Mrs Pratt said: It was just a sight to behold. They were so happy. All of the people were senior citizens. That is why I was able to talk in the House of Assembly about the things we did without the government. We went in and got people to come in the area and help. This had nothing to do with the government. Kerzner was the one to do that. Robert Carron was very instrumental in making it happen, she said. St Cecilia makeover H OMESRENOVATIONEXERCISESPONSOREDBY H OWARD UTCH K ERZNER H OUSEPROUD: E sther Rahaing thanks Mother Pratt for her new floor and roof. I NSPECTION: M other Pratt touches the newly stucco home. MONEYWELLSPENT: Cynthia Mother Pratt show The Tribune the new floor that was put down in this home. PHOTOS: Felip Major /Tribune staff The r oof was fixed because it was leaking. I had board floor and they poured the floor for me. It made me feel good because I did not have the funds to do it. Esther Rahming THANK YOU: Esther Rahming thanks Mother Pratt for heR new floor and roof.
LOCAL NEWS T HE TRIBUNE TUESDAY, MARCH 29, 2011, PAGE 3 By K QUINCY PARKER B ahamas Embassy P ress Attach W ASHINGTON, DC T he Bahamas was one of a number of Member States of the Organisation ofA merican States that met in Washington last week to examine reports on the actions taken by democra cies in the hemisphere to prevent corruption, partic ularly in the public sector. At the 18th meeting of the Committee of Experts of the OAS Mechanism for Fol low-up On Implementation o f the Inter-American Con vention Against Corruption (MESICIC was represented by Deputy Director of Public Prosecutions Franklyn Williams. The Bahamas is party to both the Convention adopted in March 1996 and the follow-up mechanism. Mr Williams said: The government of the Bahamas takes very seriously its obligations under the InterAmerican Convention Against Corruption and continues to address the issue of corruption, particularly public sector corruption, through the enactment of progressive, far reaching legislation which allows for investigation and prosecution of various acts of cor ruption. The overarching anti-cor ruption legislation in the Bahamas is the Prevention of Bribery Act. In addition, the Justice Protection Act (under section 3 corruption of a witness an offence. At the meeting, member states considered reports on anti-corruption measures in the United States, Guyana, Jamaica, St Vincent and the Grenadines, Guatemala and Canada. The Bahamas participated in the peer review of Canadas anti-corruption measures. States also discussed practices for promoting ethics in the private sector and public/private sector co-operation on anti-corruption mea sures. Promote The purpose of the InterAmerican Convention Against Corruption is to promote and strengthen the development of the mechanisms needed to prevent, detect, punish and eradicate corruption, and to promote, facilitate and regulate cooperation among OAS member states to ensure the effectiveness of anti-corrup tion measures. The convention sets out a series of prevention mea sures, provides for the criminalisation of certain acts including transnational bribery and illicit enrichment, and contains a series of provisions to strengthen co-operation between states in areas including mutual legal assistance and techni cal co-operation, extradition, and seizure and forfeiture of property and proceeds deemed to be obtained through acts of corruption. The MESICIC is an intergovernmental body established to promote the imple mentation of the convention and to facilitate technical cooperation activities through the exchange of information, best practices and the har monisation of the legislation of states. The MESICIC is impartial: it does not sanction, grade or classify states, but rather facilitates co-operation between them. The body is, at root, a process of reciprocal evalu ation among member states. Set timelines termed rounds and the aspects of the convention to be implemented within those time frames are agreed to, and states conduct peer reviews of how each state is implementing those provi sions of the convention selected for each round. The MESICIC is com posed of the Conference of States Parties, the Commit tee of Experts responsible for the technical review of the implementation of the Convention and the Technical Secretariat. Region reviews progress on public sector anti-corruption GOVERNMENT needs to invest in proper infrastructure at the Montagu Boat Ramp, said seafood vendors who pay licensing fees to operate from the public site. President of the Montagu Vendors Associ ation Sherlin Allen Brown complained that although the handful of vendors who operate from the site pay yearly fees and undergo inspections, government has not investment the capital needed to bring the area up to an acceptable standard. That's a public ramp but all the fishermen have a business licence to operate from the ramp. I was selling here from '72, and I think with government giving us business licenses and health certificates to operate, theyre sup posed to bring it to whatever standard it should be. We ask them (to do that Mr Brown. "Because they are giving us the permits we have a right to be here. I have to get a business name, business licence, show the Port Author ity a licence for my boat and carry these documents to the Department of Fisheries. Every year we do this and the area still isn't up to standard". Call for investment in proper infrastructure at Montagu Boat Ramp A DEFENCE Force officer is said to have been violently beaten by a group of men in Black Village after they accused him of assaulting a young woman early yesterd ay morning. P olice were unable to comm ent or give an account of the matter up to press timey esterday, but according to social activist and Workers Party leader Rodney Moncur,t he incident took place at around 4.30am. Mr Moncur said that when he arrived at the scene, police h ad already brought order to the situation. He shared with The Tribune the account he gleaned from talking to several eyewitnesses. A ccording to the social a ctivist, Black Village was awoken when a young woman s tarted screaming. S everal male residents of the neighbourhood went to see what was happening. They claimed to have found the woman being assaulted by a man, Mr Moncur said. H e said they first asked the m an to leave the woman alone, but claim they attacked and beat him when he refused to do so. The man reportedly attempted to escape in his car, driving west along VillageA lley heading towards Hosp ital Lane. M r Moncur said the man tried to push his car throught he crowd of men who beat him, but lost control of the vehicle in doing so, andc rashed into a chain link fence. Then, the group of men began pelting his car with s tones. Just at this point, according to Mr Moncurs account, the first police officers arrived at the scene. However, they were only able to usher them an from his own vehicle and i nto a squad car after reinforcements arrived. Defence Force officer beaten by group of men THE police want to interview two men in connection with s eparate investigations. O fficers are looking for 21-year-old Foster Sharrad Knowles, alias Lloyd, of Bamboo Town. Knowles is slim, of dark brown complexion, 5ft 6ins tall, and weighs 135lbs. Police want to question him in connection with an armed robbery investigation. T he second man wanted for questioning is 23-year-old Lavard o Smith, alias Shorts, whose last known address was in Nassau Village. H e is described as being of medium build and medium brown complexion, standing at 5ft 7ins, and weighing 140 pounds. S mith is wanted for questioning in connection with allegations o f causing harm. Police say both men should be considered armed and dangerous, and should be approached with caution. Anyone with information concerning the whereabouts of either Knowles or Smith is asked to call police on 911/919, the Central Detective Unit on 502-9930/9991, the Police Control R oom on 322-3333, Crime Stoppers on 328-8477, or contact the nearest police station. B y AVA TURNQUEST Tribune Staff Reporter a email@example.com S ENATORS clashed in the Upper Chamber yesterday over the tactics ofb oth parties in the lead-up to the privatisation and s ale of BTC. While both PLP and F NM senators acknowledged the importance ofp rivatisation, the opposition maintained that the sale of a majority stake int he telecommunications c ompany signified a betrayal of the Bahamian people. PLP Senator Jerome F itzgerald said: Bahami ans are not against the privatisation of BTC and theya re not against the liberali sation of the telecommunications market. In the majority they are againstt he sale of 51 per cent to a f oreign entity. Uncertain M r Fitzgerald said the sale to Cable and Wireless displayed a lack of faith in the Bahamian people as the price was too low and the future too uncertain. Mr Fizgerald said: There is no analysis of the strengths, weaknesses, opportunities and threats [in Cable and Wireless business plan]. No mentionof a short and long term objective and vision. There is no detail of the capital expenditure, so you have no idea how, where and when they intend to make infrastructural and technological invest ments. Mr Fitzgerald also questioned the integrity of the sales bidding process and the regulatory body URCA. Later, FNM Senator Dion Foulkes accused the opposition of using mis leading language in their account of the proposed partnership with Cable and Wireless. Mr Foulkes charged that the FNMs process was clear, trans parent and consistent. Mr Foulkes said: The PLP have yet to tell us who the Bahamians were who were involved in Bluewa ter (the proposed buyer under the former PLP government). Not a single name. This is what transparency looks like PLPstyle. I challenge the Senators opposite to name the Bahamian principals involved in Bluewater. Give the Bahamian people the names of the people they intended to sell off BTC to at bargain basement prices. Mr Foulkes also chal lenged the oppositions representation of the publics opinion of the sale. Senators clash onBTC issue POLICE WANT TO INTERVIEW TWO MEN IN SEPARATE INQUIRIES report from SENATE LAVARDOSMITH F OSTERKNOWLES REPRESENTING BAHAMAS: Deputy Director of Public Prosecutions Franklyn Williams in Washington . SENATOR JEROME F ITZGERALD INSIGHT F or the stories behind t he news, read I nsight on Mondays RODNEYMONCUR
EDITOR, The Tribune. The Radisson Resort at Our Lucayas decision to layoff 202 employees could not have come at a worse time for the island of Grand Bahama, which has been struggling to extricate itself from economic quicksand since the damage caused by two devastating hurricanes in 2004 forced the Royal Oasis Resort and Casino, the hub of economic activity in the downtown area, to shut down. With unemployment in Grand Bahama by some estimates exceeding 20 per cent, Prime Minister Hubert Ingraham and his FNM government acted quickly to try and cushion the blow for those who joined the ranks of the unemployed last Friday when they received their layoff notices from Our Lucaya, but the stop-gap measures announced by Minister of Labour and Social Development Dion Foulkes at a press conference on Friday can hardly be considered as evidence t hat the FNM government recognises the hardship being experienced by families here in Grand Bahama, especially the former employees of Our Lucaya, as Foulkes claims. Clearly, the FNM governments lack of attention to the hardships being experienced by residents of Freeport, the nations second most populous city, and Grand Bahama in general sug gests otherwise. Whats more, it is time to stop placing the blame on the word-wide recession as being the major reason for the economic plight of Grand Bahama. The truth of the matter is that the FNM Government, and particularly Prime Minis ter Hubert Ingraham, simply lacked the vision to find innovative ways to address Grand Bahamas economic problems, especially after it became quite apparent that tourism, the mainstay of The Bahamas economy, was practically on its deathbed in Grand Bahama and needed an infusion of fresh ideas to revive it. Everyone involved in tourism accepts that the crux of the problem with regard to more tourists coming to Grand Bahama is the lack of one or more of the major airlines bringing passengers to the island on a daily basis. Since we are aware of this fact, it stands to reason that more effort should have been made to correct this problem. If land ing fees at Grand Bahama International Airport (GBPA are too high, as some have suggested, rather than pick fights with the GBPA, the government should have used the negotiations process to focus more attention on this issue. I am sure officials of the GPBA are still as committed to the continued growth and development of Grand Bahama as they were when their efforts resulted in Freeport being dubbed The Magic City. M eanwhile, if nothing con crete was accomplished and reviving tourism continued to be difficult, it would have made every sense in the world to revert to the original idea behind the creation of Freeport, and that was to establish an industrial enclave for which no d uty on imported materials served as a magnet for companies wishing to invest in Freeport. This was what Edward St George, the late chairman of the GBPA, did when he successfully negotiated for companies like the Freeport Containe r Port and the Grand Bahama Shipyard, among others, to infuse new life in Grand Bahamas economy. This was also the approach the new GBPA management team, headed by Chairman Hannes Babak, had embarked upon to nurse Freeports econ o my back to good health. But for some insane reason, for which Prime Minister Hubert Ingraham has yet to provide an explanation, Babaks work permit was not renewed at the end of 2009. The decision not to renew Babaks permit was made in as urprise announcement by Ingraham at a press conference in the VIP Lounge of the Lynden Pindling International Air port shortly before he left for Copenhagen, Denmark, in December of 2009 to partici pate in the United Nations Conference on ClimateC hange. Ingraham gave no reason for his decision, which he appar ently made without informing then Minister of Immigration Branville McCartney, who was responsible for dealing with matters of this nature. However, I refuse to believe that B abaks work permit was not renewed because he had fired someone who was a friend of Ingrahams, a claim that was fodder for the rumour mill at the time. I cant possibly believe that the Prime Minister of The B ahamas would be so irresponsible. What is unquestionably true, however, is that it was a stupid decision that derailed or aborted several major projects thatB abak was working on to bring to Freeport. Babak is well known in European financial circles and along with GBPA President Ian Rolle, they seemed to be taking the GBPA in the right direction in the aftermath of the acrimonious public squabble between the two principal owners of the GBPA Sir Jack Hayward and the estate of his late partner Edward St. George that resulted in a court battle having to determine who owned what percentage of the GBPA. Surely, it can be successfully argued that if Ingraham had not refused to renew Babaks work p ermit and stubbornly declined to reconsider his decision, despite public statements of support for Babak from Sir Jack, Grand Bahama would not be in the poor economic health it is now in. To make matters worse, instead of acceding to Sir Jacks wishes that Babaks work permit be renewed, Ingraham decided to play hard ball with him because of his refusal to agree to the sale of the GBPA to the Chinese owners of the Container Port. An extremely wealthy British aris tocrat with strong conservative views, Sir Jacks opposition to the sale of the GBPA to the Chinese obviously is because o f their communist ideology. So as long as this stalemate between Ingraham and Sir Jack continues, the chances of Grand Bahama making strides towards economic recovery are dismal. Therefore, rather than announcing stop-gap measures to help ease the pain of the 202 employees laid off by Our Lucaya Resort last Friday, Labour and Social Development Minister Foulkes should be seeking the support of his cabinet colleagues to convince Ingraham to stop being so stub born and realise that he made a m istake in not renewing the work permit of Hannes Babak. He should follow this up by sending an urgent message to Sir Jack to contact Babak and inform him that he will get a work permit to continue doing the good job he was doing at GBPA aimed at nursing the islands economy back to good health. OSWALD T BROWN Freeport, Grand Bahama March 7, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, TUESDAY, MARCH 29, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising) 322-1986 Advertising Manager (242 Circulation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 F reeport fax: (242 WEBSITE www tribune242.com updated daily at 2pm WASHINGTON (AP defending the first war launched on his watch, President Barack Obama declared Monday night that the United States intervened in Libya to prevent a slaughter of civilians that would have stained the world's conscience. Yet he ruled out targeting Moammar Gadhafi, warning that trying to oust the Libyan leader militarily would be a mistake as costly as the war in Iraq. Obama announced that NATO would take command over the entire Libya operation on Wednesday, keeping his pledge to get the U.S. out of the lead fast but offering no estimate on when the conflict might end and no details about its costs despite demands for those answers from lawmak ers. He declined to label the U.S.-led military campaign as a "war," but made an expansive case for why he believed it was in the nation al interest of the United States and its allies to use force. In blunt terms, Obama said the U.S.-led response had stopped Gadhafi's advances and halted a slaughter that could have shaken the stability of an entire region. Obama cast the intervention in Libya as i mperative to keep Gadhafi from killing those rebelling against him and to prevent a refugee crisis that would drive Libyans into Egypt and Tunisia, two countries emerging from their own uprisings. "To brush aside America's responsibility as a leader and more profoundly our responsibilities to our fellow human beings under such circumstances would have been a betrayal of who we are," Obama said. He spoke in a televised address to the nation, delivered in front of a respectful audience of military members and diplomats at the National Defense University not far from the White House. "Some nations may be able to turn a blind eye to atrocities in other countries. The United States of America is different," Obama said. "And as president, I refused to wait for the images of slaughter and mass graves before taking action." Secretary of State Hillary Rodham Clinton, meanwhile, was heading to London on Tuesday for a major international conference to coordinate strategy on Libya's political future. In Libya, rebel forces bore down Monday on Gadhafi's hometown of Sirte with the help of airstrikes by the U.S.-led forces. His speech was his most aggressive attempt to answer the questions mounting from Republican critics, his own party and warweary Americans chiefly, why the U.S. was immersed in war in another Muslim nation. So far, the nation is split about Obama's leadership on Libya. Across multiple polls, about half of those surveyed approve of the way Obama is handling the situation. A Pew poll out Monday found that the public does not think the United States and its allies have a clear goal in Libya 39 percent said they do; 50 percent said they do not. Obama sought to counter criticism from both left and right over his handling of Libya. Some Democrats are disappointed that Oba ma would initiate military action against a third Muslim country after inheriting wars in Iraq and Afghanistan. Some Republicans say Obama waited too long to help anti-Gadhafi forces and that t he U.S. mission should be more clearly aimed at toppling the Libyan dictator. Oth er Republicans argue the U.S. should not intervene in a conflict that does not directly affect U.S. national security. Amid protests and crackdowns across the Middle East and North Africa, Obama stat ed his case that Libya stands alone. Obama said the United States had a unique ability to stop the violence, an international mandate and broad coalition, and the ability to stop Gadhafi's forces without sending in American ground troops. The message to his coun try and the world: Libya is not a precedent for intervention anywhere else. In essence, Obama, a Nobel Peace Prize laureate, made his case for war. He spoke of justifiable intervention in times when the United States, as the world's most powerful nation, must step in to help. (This article is by Ben Feller of the Associated Press) Layoffs are another blow in Grand Bahama LETTERS l firstname.lastname@example.org Obama defends Libya action 9$/(5<&$5/7+20$6RI +,6:$$:5(1&(9,//(*$ (9$-81(7+20$6RI +,6:$$:5(1&(9,//(*$ EDITOR, The Tribune Children are a gift of God as stated in the Holy Bible. So when a child is born to a man and woman, they are commanded to love, cherish and nurtured that child and must ensure that the child is properly educated and learn the morals and values of life. They must be taught the pros and cons of life and how to choose friends of value. Children must not be allowed to have their own way and they must not be allowed to become rebellious. Children need instruction, guidance and chastening for proper moulding and learning their purpose in life. There are many attractions and distractions out there that would cause them to go astray and they need constant help. They must not see and believe that the right way is the old fashioned way, but see it as the way that leads to life and life eternal. Jesus say I am the way, the truth and the life no man cometh to the Father unless through me (Jesus This future for the youth is through Jesus Christ and they must trust him in everyway and in everything that they do. Jesus would protect the youth from child molestation, sex before marriage, stealing, lying, murder, HIV, drugs, gangs, violence, abuse, immorality and being disrespectful to parents and humanity. The youth must seek to do good, live peaceably with mankind, love their neighbour as themselves, respect their mother and father, seek a good education, learn good morals and give reverence to God through Jesus Christ our Lord always. Then youth your future would be bright, wonderful and glorious as you serve your country (The Bahamas your fellowman. God is awesome and good all the time. MR. RUDY STUBBS Freeport, Grand Bahama, March 21, 2011. IS THERE ANY FUTURE FOR OUR YOUTHS?
THE Bahamas Human R esources Development Association (BHRDA host a half-day workforce readiness workshop designed t o prepare high school gradu ating seniors for the competitive world of work this Saturday. One of the realities identified by our association is thatt oo many high school gradu ates are not equipped to tran sition from school to work, t he BHRDA said. The programme will focus on topics such as: ethics, inter v iewing skills, resume and cover letter writing, transitioning from school to work, and completing application f orms. Onboard for this event is the Ministry of Education and several other corporate partners. Invitations to the this works hop have been extended to 300 12th grade students from public and private highs chools. We are confident that this workshop will give each par t icipant the confidence need ed to begin the journey toward starting a career, the BHRDA said. B HRDA is an affiliate of the Society of Human Resources Management (SHRM human resources professionals in the world. T he asociation meets every fourth Thursday of the month at Doctors Hospitalst raining room, Dowdeswell Street. LOCAL NEWS T HE TRIBUNE TUESDAY, MARCH 29, 2011, PAGE 5 :$17('(;3(5,(1&(%22..((3(585*(17/<(('(' 352),&,(17,1,&.%22.6 $'0,1#+%60$5,1(&20 (;3(5,(1&(:(/'(5 $/80,1,80)$%5,&$7,21 $1',167$//(5(('(' RUHPDLOWR$'0,1#+%60$5,1(&20 THE United Kingdom Consulate-General of New York will conduct a visa clinic tomorrow between 11am and 1pm at the Police Conference Centre, Police Headquar ters on East Street. The purpose of the clinic is to bring to the attention of perspective travellers recent changes to the UK student visa requirements. Experience has shown that common mistakes have been made in com-pleting the visa applica tion resulting in loss of funds and delays in students being able to travel to the UK to commence their studies. Perspective UK stu dents and high school guidance counsellors along with interested parents are encouraged to take advantage of being briefed regarding the UK student visa requirements by attending the clinic. The visa clinic will be conducted by Jasmine Boria-Djellali, entry clearance manager of the UK Consulate, New York. She will be assisted by Sandra McLaughlin, Vice-Consul at Bahamas Consulate General, New York. By NOELLE NICOLLS Tribune Staff Reporter email@example.com T HE Progressive Liberal Party ( PLP) is nearing the end of its selection process for candidates set to run in the next general election, said par-ty leader Perry Christie. He said the party is organising to w in and has a more outstanding t eam and a more outstanding mess age. No matter how the FNM tells the s tory, the themes of this election will be pride in Bahamians and the Bahamas, unemployment and crime. Who can overlook the murder on our streets every weekend? The government, in the face of this, seems paralysed. Who can ignore the unemployment t hat exists where people are reduced now to begging for food to eat b ecause they have no work and sleepi ng in cars because they cannot pay t he rent, Mr Christie told the media at a press conference at PLP headquarters on Sunday. This is Hubert Ingraham and the FNM: roads and buildings, not taking care of the people who use them. The PLP as a government will make an unprecedented focus on investment in our young people, the likes of which this country will have n ever seen. T he PLP, he said, is planning to f ight for seats in every constituency, including traditional FNM strongholdsl ike Long Island and North Abaco. A ddressing the seat former FNM member Branville McCartney holds, Mr Christie said the PLP is also plan n ing to compete in Bamboo Town, and not prepared to let any party or individual have a free ride. All applications for vacant seats are c urrently in and the PLP is now finali sing the selection process. Mr C hristie said the party is confident it will put forward candidates of thef uture. W ith Prime Minister Hubert Ingraham speaking about the impending close of the old voter register, Mr Christie encouraged PLP voters to register and get ready. We are preparing for a general election. I am encouraging all PLPs t o go out now and register. The old r egister is set to close by June of this year. It is important to register. I urge all people to support the PLP as wep ledge to restore hope to our country, e mployment to our country and return a sense of pride in the Bahamas and in Bahamians, he said. T he PLP has officially ratified 14 c andidates so far. They include Senator Jerome F itzgerald for Marathon, Senator M ichael Halkitis for Golden Isles, Senator Hope Strachan for Sea Breeze, Dr Kendal Major for Garden Hills, Senator Michael Darville for Pineridge, Arnold Forbes for Mount Moriah, Daniel Johnson for Carmichael, Gregory Moss for Marco C ity, and Clay Sweeting for North E leuthera. Incumbents Dr Bernard Nottage for Bain and Grants Town, Fred Mitchellf or Fox Hill, Obie Wilchcombe for W est End and Bimini, V Alfred Gray for MICAL and Frank Smith for St Thomas More have also been ratified. AN armed gunmen held up a local convenience store in the Grove on Sunday. A ccording to reports, sometime around 6.40pm p olice received a report of an armed robbery at the DSA Convenience Store located on Coconut Grove Avenue and Fourth Street. At the scene, police were informed that a dark male, wearing a white T-shirt, blue jeans pants and shades entered the establishment armed with a h andgun and demanded cash. T he culprit robbed the establishment, as wells as a customer, of an undetermined amount of mon-e y and fled the area on foot in an unknown direct ion. POLICE recovered a handgun and ammunition a fter executing a search on a vacant property on Sunday night. At around 8pm, officers of the Central Detective Unit acting on a tip proceeded to Pink Coral Drive, Coral Harbour where they conducted a search of a vacant property and recovered a handgun with ammunition. N o one was taken into custody and police investig ations continue. Christie: PLP is organising to win the general election VISA CLINIC TO BE HELD TOMORROW BHRDA to host workforce readiness workshop for high school seniors PLPLEADER Perry Christie speaks at Sundays press conference. Store robbed by armed gunman CRIMENEWS
WHEN the Bahamas Inter national Film Festival (BIFF begins its monthly series of film viewings next month, it will be doing so with the assistance of FirstCaribbean Inter national Banks wealth management segment. The series, which runs until November, is designed to pro mote film and visual arts in the Bahamas and will be officially launched with a cocktail recep tion/wine and cheese evening in early April for First Caribbean wealth management clients. FirstCaribbeans district manager Gezel Farrington said: Our bank cherishes its involvement in region-wide ini tiatives that promote educa tion, culture and the arts. We anticipate that the film festi val will contribute to the broadening of our world view, while providing tangible knowledge about advances in the film industry, including cinematography and other production elements to the Bahamian public. In expressing excitement about the partnership, BIFFs founder and executive direc tor Leslie Vanderpool said: In this vein of partnership with FirstCaribbean wealth management, we are pleased with their decision to support and promote film and the visual arts in the Bahamas. BIFF plays a pivotal role in the development of the film indus try within the Bahamas and around the world. First Caribbeans support will, by extension, contribute to our growth and development in the Bahamas. As part of its nine-month film series, BIFF is screening a movie every first Thursday of the month from April 7 until November 3. First up is "The Athlete", which tells the story of how an unknown, barefoot Ethiopian man stunned the world by winning Olympic gold in the marathon. The film will screen at 8pm on April 7 at Galleria Cinema 6, JFK. In addition to the film series, BIFF said it is also partnering with Via Caf and the Nassau Downtown Partnership to host "Films In The Square." Movies will be shown every Friday at 7.30pm from May 27 to August 26 in Rawson Square. L OCAL NEWS P AGE 6, TUESDAY, MARCH 29, 2011 THE TRIBUNE B y MEGAN REYNOLDS T ribune Staff Reporter m firstname.lastname@example.org A N INSPIRING movie about the Ethiopian marathon runner who won Olympic gold when he ran barefoott hrough Rome in 1960 will open a series of film screenings by the Bahamas International Film Festival (BIFF B IFFs monthly film series will open with The Athlete at Galleria Cinema in JFK Drive next Thursday as it was t he top choice for BIFF audiences w ho saw the movie during the fourd ay festival last December. First-time film star, co-director and c o-writer Rasselas Lakew, who plays r unner Abebe Bakila in the movie, spoke exclusively to The Tribune about the film before he took home BIFFs Spirit of Freedom (Narrative award and the Audience Award, to add to a collection of accolades from film festivals around the world. H e and co-writer and director Dave y Frankel submitted The Athlete for the Academy Awards Best Fore ign Language Film prize, and a lthough it was not nominated, the s ubmission marked a significant step as it was the first film submitted to the Academy from Ethiopia. T he story of Bakilas success and subsequent tragedy has all the elements of a Greek tragedy and is told in a non-linear timeline, mixing origi-n al footage of the Olympic races with sweeping wide shots of the breath taking Ethiopian countryside. H e was the first African to win an Olympic gold medal, and the first athlete to win two consecutive Olympic g olds for the marathon when he won t he marathon in Tokyo four years a fter he conquered Rome. But his greatest challenge comes w hen he is rendered disabled in a car a ccident and the phenomenal runner is left paralysed. It is at this juncture that Lakew drew the inspiration for his first acting role. The one image of him that gravi tated me was him not running, andt hats how I wanted to depict him, Lakew said. Him not at the Olympics, or not executing his duties as a runner. Cap-t uring him outside of his career was i mportant to me, so it started with the facial expression. Stoic, enigmatic, colossal, virgin, new; I wanted to create an embodim ent of all these things, and an embodiment of that in my view was someone who is just still. L akew said his natural poker-face a nd physical likeness to Bakila made h im a natural choice for the role, and as an Ethiopian, he said many of Bak-i las characteristics came naturally to h im. I knew what his mannerisms were, Lakew said. All nations have different manners, and that comes through in a very quiet way. Hes a gentleman, but hes not the E uropean gentleman. He has a unique way of doing things. The way he talks, the way he delivers his lines. Its stern. And even the way that he thinks isd ifferent. The Athlete will play at Galleria Cinema on JFK Drive at 8pm on Thursday, April 7. THE ninth Junior Minister of Tourism will be crowned on April 8, after 11th graders from around the Bahamas gather in Nassau for a competition tod ecide who will hold the office for the next 12 months. Fourteen 11th graders will take part in a national speech competition to be held at St Johns College. I t is the culmination of a s eries of competitions conducted by the Schools Unit of the Ministry of Tourismand Aviation. Speech contests and panel interviews held throughout the islands of the Bahamas have determined winners f rom 14 islands, inclusive of Nassau, and the winner of the final round on April 8w ill be named Junior Minister of Tourism 2011-2012. In a few short weeks, a new Junior Minister of Tourism will be selected from among the 57 candidates of this years compet ition from basically all of our islands, from Abaco to Inagua, said Bonnie Rolle,s enior manager of the ministrys schools unit. extend best wishes to a ll the finalists in their quest t o capture the title of Junior M inister of Tourism, and to become the recipient of the Patrick S Bain Scholarship. The scholarship is provided by the Bahamas Hotel Assoc iation, and is tenable at the College of the Bahamas to pursue a discipline specific to tourism and hospitality. Boykin Smith of St Annes School emerged as the winn er of the Nassau rounds on M arch 24. He said he felt confident and is looking forward to doing more researcho n the topic chosen specifically for the finals Tourism and Biodiversity. If I become Junior Minister of Tourism, my plan as J unior Minister is to attend t he youth conferences a ssigned to me by the Ministry of Tourism. I would a lso attend youth groups offer myself to them and show them the benefits oft he tourism industry. The winner of the Junior Minister of Tourism competition will meet with Minister of Tourism Aviation Vincent Vanderpool-Wallace for an interview on the tourism sec t or and issues facing young Bahamians. In addition, the junior m inister will have the r esponsibility of participating in promotions that i nvolve young Bahamians and presenting the Ministry of Tourisms business plan to youth groups. Film series to open with Audience Award winner Star, co-director and co-writer of The Athlete talks to The Tribune THE ATHLETE s tar, co-director and co-writer Rasselas Lakew JUNIOR MINISTER OF TOURISM SET TO BE CROWNED IN APRIL B OYKIN SMITH o f St Annes S chool emerged as the winner of the Nassau rounds. FOUNDER OF THE BAHAMAS FILM FESTIVAL Leslie Vanderpool (at centre s or FirstCaribbean. FIRSTCARIBBEAN PARTNERS WITH BIFF
SEVEN new groups of Bahamians, including publico fficers, can now apply to r eceive the benefits of the National Prescription Drug Plan (NPDP by the National Insurance Board (NIB In the House of Assembly last Thursday, Prime Minist er Hubert Ingraham, Minister responsible for National Insurance, announced the launch of Phase 1A of NPDP, which authorised the inclus ion of the following as the newest beneficiaries: Indigent persons Staff of Her Majesty's P rison and the Industrial Schools; Members of the Royal Bahamas Police Force andR oyal Bahamas Defence F orce Officers employed in the p ublic service Persons receiving anten atal care, care connected w ith child birth, post natal care or any other medical c are associated with pregnancy. Persons in receipt of disablement benefit assessed at 1 00 per cent under the N ational Insurance (Benefit and Assistance) Regulations. Algernon Cargill, director of NIB, said these newly eligible persons may apply to activate membership in the D rug Plan by completing application forms that are a vailable at all local offices o f the NIB, doctors offices, government and private clin-ics and most pharmacies. A pplication forms can also be downloaded from the NPDP website at www.nib-d rugplan.com. M r Cargill advised further: would like to remind the general public and those who belong to the newly eligible groups that NPDP is specifi cally geared to assist Bahami a ns who suffer from one or more of the 11 chronic diseases targeted by NIB and bear the often considerable c ost of long-term medication. The chronic ailments covered by the Plan include arthritis, asthma, breast cancer, diabetes, glaucoma, high cholesterol, hypertension, ischaemic heart disease, major depression, prostate cancer and psychosis. Alla pplicants must have their condition and forms certified by a physician licensed with the Bahamas Medical Coun-c il. Once this is done, the forms may be submitted to any NIB office in the Bahamas or directly to the National Prescription DrugP lan Office located at the NIB building on Wulff Road, N ew Providence for approval. Beneficiaries must be approved by Drug Plan before they can be provided w ith the necessary ACE pres cription cards. Mr Cargill commented on the Parliamentary approvalo f the expansion of coverage under the National Prescription Drug Plan. From the outset, the d esign of NPDP has made p rovision for all Bahamians suffering from chronic ailm ents to be included in plan, phased in according to the sensitivity of their situation.I n this second phase, we are p articularly pleased to extend coverage to those whose job i t is to contribute directly to public safety and national development. NIB is now also actively c onsidering adding two more groups; that is, Bahamians who now qualify for retirem ent grants instead of pen sions and Bahamians who receive survivors benefitsa nd assistance from the N ational Insurance Board. We are seeking government approval to amend theC hronic Diseases Prescription Drug Fund Act in this regard. The public will be advised in due course. Eventually, when the contributory ele ment of NPDP is in place, all Bahamians will be afforded membership in the NPDP. In response to alarming data from the Ministry of Health and private insurancec ompanies indicating that one in three Bahamians suffers from one or more chronic illnesses, NIB launched thet wo-pronged Plan in September 2010. The initiative consists of the Prescription Drug Plan and the Healthy People programme of which Get Well Bahamas is a key component. C urrently, the Drug Plan aspect is providing prescription drugs and associated medical supplies free of charge to Bahamians in fourc ategories NIB pensioners, N IB invalids, children, and Bahamians over 65 years. The complete list of drugs and adjunct supplies provided by the Plan has been published in a patient guide that is available to current benefi-c iaries and eligible persons at the Drug Plan Office on Wulff Road and at NIB local offices. Private and public pharm acists in New Providence, Grand Bahama and throughout the Family Islands nowf ill an average of 6,000 pres criptions monthly for beneficiaries of the plan. N IBs annual budget for prescription medicationse xceeds $10 million for benef iciaries in Phase 1. We wanted to turn the s potlight on the high incidence of life-threatening, chronic lifestyle disease a mong Bahamians and to foster a culture of wellness in our community in order to increase healthy life expectancy, reduce the bur d en of illness and enhance the overall quality of life of t he population. NIB is determined to make a real difference in the fight to reduce the level of the chronic diseases that plague the citizens of thisc ountry, Mr Cargill said. LOCAL NEWS T HE TRIBUNE TUESDAY, MARCH 29, 2011, PAGE 7 New beneficiaries announced for National Prescription Drug Plan Seven new groups can apply for benefits PRIME MINISTER Hubert Ingraham and Algernon Cargill, director of NIB. INTERNATIONAL N EWS T EGUCIGALPA, Honduras Associated Press HONDURAN police using tear gas and water cannons dispersed a group of protesters who blocked a main avenue in the capital to demand the return of ousted former Presi dent Manuel Zelaya from exile. The protests led by teachers are entering their third week in Honduras, where Zeyala was ousted in a 2009 coup. The teachers are demanding Zelaya be allowed to return from exile in the Dominican Republic. They are also protesting a six-month delay in salary payments and a proposal to give local communities more control over the country's highly centralized school system. The government says the protesters want to destabilize the coun-try. Students and striking health care workers were also at the protest Monday, said police spokesman Wilmer Suazo. President Porfirio Lobo said the protests are aimed at undermining Honduras' efforts to be reincorporated intothe Organization of American States, which suspended the country after Zelaya's ouster. "They are trying to destabilize my government," Lobo said at a news conference. "All of this is part of an ideologi cal strategy to provoke difficulties, especially now that there is the possibility of returning to the OAS at the next general assembly in June." Zelaya, who is in exile in the Dominican Republic, was ousted in June 28, 2009 in a dispute over changing the Honduran constitution. Lobo was elected in a previously scheduled election later that year but many Zelaya backers argue the vote was illegitimate because it occurred under an inter im government installed by the coup. A coalition of Zelaya supporters called the National Front of Popular Resistance has called for a general strike Wednesday, threatening to escalate the conflict in the polarized and impoverished Central American country. "Porfirio Lobo is once again revealing the fascist character of his government, which is trying to destroy popular organization and the gains of the people to impose an eco nomic system that only benefits the oligarchy and multilat eral companies," the front said in a statement. About 14,000 public health care workers walked off the job for four hours Monday to support the pro-Zelaya demonstrators and protest a proposal to raise the retirement age for civil servants from 65 to 70 years old. Union leader Orlando Discua said the strike ended after the president of the Honduran Congress insisted there were no immediate plans to the proposal. The teachers' union also filed a criminal complaint against the Lobo government for the death of assistant principal Ilse Velasquez during a protest last week. Protesters say shewas hit by a police vehicle that was spraying water at pro testers. HONDURAN POLICE BREAK UP PROTEST BY TEACHERS
By LARRYSMITH GOVERNOR'S HARBOUR, Eleuthera What is d escribed as "the biggest f undraising drive in history" w as launched last year by W all Street financier Warr en Buffet and Microsoft f ounder Bill Gates. They h ave roped in scores of the w ealthiest families in Ameri ca for a long-term, charitable project of unprecedented scope. Buffett and Gates have asked America's super rich to publicly commit to give away at least half of their fort unes within their lifetimes o r after their deaths, in their own ways. The pledge s temmed from a series of m eetings the two men held w ith key billionaires in 2009 to consider the effects of the recession on philanthropy. T hose who have stepped up to the plate so far include New York Mayor Michael Bloomberg, Dominos Pizza founder Tom Monaghan, software mogul Larry Elli son, hotelier Barron Hilton,b anker David Rockefeller, e Bay founder Jeff Skoll, Steve Case of AOL, Faceb ook creator Mark Zuckerb erg, and CNN founder Ted T urner. Also on the list is Shelby White, who has spent part ofe very winter over the last 30plus years in Governor's Harbour. She first came to Eleuthera in the early 1970st o attend a wedding recep tion with her then boyfriend L eon Levy, co-founder of the O ppenheimer mutual fund. Levy has been described by F orbes magazine as a Wall S treet investment genius and p rolific philanthropist. "Leon and I married in 1983 and we bought thish ouse on Banks Road a couple years later," she told me last week over a glass of wine, following the gala opening of the Leon Levy Native Plant Preserve just down the road. "We loved t he simplicity of life here, the p eople, and the beauty of the l andscape." A fter Leon died in 2003 at t he age of 77, Shelby set up a f oundation in his name. In the years since, she has made multi-million-dollar gifts to organisations like the Metropolitan Museum of Art, the Shelby White-Leon Levy Programme for Archaeologi cal Publications, the New York Botanical Garden, and New York University's Instit ute for the Study of the Ancient World. S he has also injected almost $3 million into the Governor's Harbour econo m y to create the 25-acre Native Plant Preserve the first of its kind in the region. Operated by the BahamasN ational Trust, it will serve a s a centre for the study and d isplay of indigenous Bahamian plants, and was d esigned by international l andscape architect Raym ond Jungles with subtropical plant expert Dr. Ethan Freid, who is a former lec-t urer at the College of the Bahamas. "I wanted to celebrate my husband's devotion to the island while contributing to a better future for Eleutherans," Shelby said. You have to really exper ience the environment to l earn about cultural heritage, a nd now Bahamians and visi tors can walk miles of trail t hrough the native forest habitat, and view the beautiful orchids, the food and medicinal plants, and the hardwood trees that played such an important role in the history of the island." T he Preserve features over 171 species of Bahamian trees, shrubs and herbs, i ncluding special displays of medicinal and economic p lants. Visitors can take guided walks through a man grove forest and deep intot he thick native coppice, where birds, air plants and orchids abound. At the prop erty's highest elevation, an o bservation tower provides a 360-degree view of the surrounding landscape. And there is a visitor centre and gift shop. A cacti garden, orchard, agricultural plant display and o ther activities are still in the w orks, Shelby said. "We see t he Preserve as an ethnobo tanical research centre for the Bahamas, with a soughtafter internship programme, and as an important facility for the propagation of native plants and trees." In this case, according to Ethan Freid, native' is defined as any p lant that grew on the islands b efore the arrival of Columb us. O ne of the key goals is to p reserve knowledge of Bahamian bush medicine. Before modern pharmaceuticals, cultures around thew orld used preparations made from the bark, leaves and roots of plants to treati llness. In the Bahamas, over 100 plants are used for medicinal and nutritional pur poses to reduce anxiety, r elieve respiratory infections, r estore appetite, increase sex ual vitality and treat asthma and skin allergies among oth-e r things. "It makes a big difference to learn about cultural history through living plants, andt here is a lot we can discover today from traditional herbal medicine," Shelby said. In fact, examples abound ofm odern drugs that have been developed from herbal remedies. Aspirin was derived from willow bark in 1853, fori nstance, and Aloe vera is w idely used as an effective treatment for wounds and burns. The Levy Preserve will feature a bush tea concession stand, offering locally pre pared beverages that will, as one writer on the subject sug gests, "put sparkle into tired, worn-out bodies, dredge up stamina, cure many maladies, and, most importantly, enhance male sexual perfor mance." Shelby herself admits to being partial to Five Finger Tea sweetened with honey. It's said to cure a range of ailments from fever to cramps and is also used as an astringent or mouthwash. The daughter of Russian Jewish immigrants who arrived at New York's Ellis Island in the early 1900s, Shelby was a financial jour nalist in her younger days, writing for the New York Times and other publications. In 1993 she published a book called What Every Woman Should Know About Her H usbands Money "But I n ever advised Leon on i nvestments he was a financ ial genius." She is part of a small coterie of affluent foreigners who have made Governor's Harbour their second home. They include investors like the Italian-American Urgo f amily, who operate the lowr ise Cocodimama Resort on A labaster Bay here, and A merican Eddie Lauth, who w ants to redevelop the d erelict 240-acre French Leave property. The original French Leave built in the 1950s burnt to the ground in1 972. It was reopened by Club Med, but closed again in 1999 after extensive hurri c ane damage. Back in 2008, Urgo Hotels had planned a 570-acre, three-hotel resort featuringa golf course, marina and spa a t the old US Navy base property near Governor's Harbour. Both the Urgosa nd Lauth had signed agree ments with the government to develop their respective properties, but the projectsw ere derailed by the global recession. And according to senior government officials, there has been no movemento n either project recently. Sky Beach Club is a new residential resort just outside Governor's Harbour underd evelopment by Totally F lorida, a real estate team based in Orlando. They have totally scarified the hillside overlooking the azure ocean. Described by one traveller as "a very bizarre place", the ridge at Sky Beach looks as if it has been "carpet bombed by a fleet of B52's". The property features an upscale bistro and a few ultra-modern palazzos that seem total ly out of place with the island lifestyle. In fact, the contrast with the natural Bahamian landscape on display at the Levy Preserve could not be more stark. At the Preserve's opening ceremony, remarks delivered on behalf of Deputy Prime Minister Brent Symonette called for the preservation of indige nous vegetation. "This Preserve, with its overriding mis sion to promote education, conservation and research, is a great addition to our national park system that will s howcase Eleuthera's natura l history." B ahamas National Trust P resident Neil McKinney n oted that this was the first t ime the BNT had been invite d to operate a park on priv ate land, although the organ ization currently manages over 700,000 acres of protected areas on public land throughout the country. "Hopefully, this will be a model for other private prop erties on other islands. Thisf acility sets a very high stand ard," he told hundreds of locals and guests who attende d the opening last Thursd ay. P ublic access is an important consideration for the Preserve, and the BNT con-d ucts educational tours for schoolchildren that complement the Ministry of Education's science curriculum. Topics include the uses of plants, Bahamian ecosys tems, endangered species, cli-m ate change and biodiversit y, as well as an historical overview of plants and their e thnobotanical and cultural u ses in the Bahamas. S o there is now a welldesigned museum of plants, an outdoor classroom and ane njoyable destination on Eleuthera, with the goal of teaching folks about the crit ical role that plants play in t he natural world. Shelby is also on the board of the New York Botanical Garden, which recently welcomed her$ 15 million gift for a new garden displaying plants indige nous to the northeastern United States. A t her urging, the New York Garden has launched an electronic cataloguef ocused on the Bahamian p lants represented at the Governor's Harbour site. This catalogue is linked to the Preserve's own website( www.levypreserve.org) and will be expanded in the com ing months. Greg Long, pres i dent of the New York B otanical Garden, attended the opening ceremony in Governor's Harbour. In her Eleuthera home last week, Shelby reflected on the last 30 years: "The rhythm of life here has changed somewhat," she told me. "We are not as isolated as we once were, and now there's the worry that development will spoil the natural environment. There's a lot more to do in helping people to learn about the indigenous culture and I hope the Leon Levy Preserve will play an important role." What do you think? Send comments to email@example.com Or visit www.bahamapundit.com P AGE 8, TUESDAY, MARCH 29, 2011 THE TRIBUNE DEPUTY TO THE GOVERNOR GENERAL Frank Watson (seated centre the Trumpet Awards for a courtesy call at Government House on Friday, March 25, 2011. Seated at right is Bishop Neil Ellis, senior pastor at Mount Tabor Full Gospel Baptist Church. Derek Smith/ BIS TRUMPET AWARDS EXECUTIVES AT GOVERNMENT HOUSE O O n n e e o o f f t t h h e e k k e e y y g g o o a a l l s s i i s s t t o o p p r r e e s s e e r r v v e e k k n n o o w w l l e e d d g g e e o o f f B B a a h h a a m m i i a a n n b b u u s s h h m m e e d d i i c c i i n n e e . B B e e f f o o r r e e m m o o d d e e r r n n p p h h a a r r m m a a c c e e u u t t i i c c a a l l s s , c c u u l l t t u u r r e e s s a a r r o o u u n n d d t t h h e e w w o o r r l l d d u u s s e e d d p p r r e e p p a a r r a a t t i i o o n n s s m m a a d d e e f f r r o o m m t t h h e e b b a a r r k k , l l e e a a v v e e s s a a n n d d r r o o o o t t s s o o f f p p l l a a n n t t s s t t o o t t r r e e a a t t i i l l l l n n e e s s s s . Shelby White and the Native Plant Reserve
LOCAL NEWS T HE TRIBUNE TUESDAY, MARCH 29, 2011, PAGE 9 By GLADSTONE THURSTON Bahamas Information Services PROMOTING Bahamian produce, Solomons SuperCentre has partnered with the Bahamas Agricultural and Industrial Corporation (BAIC its Buy Fresh, Buy Bahamian pro g ramme. The initiative by the BAIC is designed to offer easier access to a wider variety of Bahamian agricul ture produce. Towards this end, BAIC hosts a market information systems database on its web site at www.baic.gov.bs. It provides regular assessments of t he availability of meats, fruits, vegetables and other food products throughout the islands. Photographs of produce in the field accompany the data indicating progress on a weekly basis, thereby ensuring a wide distribution of up-todate information. The products are there, the quali ty is there, and as the largest food store on the island, we feel it is our obligation to help move them, said Gavin Watchorn, Solomons Group president and CEO. Our customers are very pleased. A lot of them are just not aware that such quality products are grown in the Bahamas. They have responded very well. BAIC agriculture marketing officer Amanda Wells said: The buyers are very relieved. This information makes it easier for them to access Bahamian products. The information is consistent and thorough. All of the products are quality checked. The prices are com petitive with the market. The result has been organisation and ease for the buyers. She insisted that Bahamian produce coming directly from the field to the market is fresher and unlike the imports, there are no preservatives and other chemical additives. Mr Watchorn said the programme was very important. We struggle with a large import bill for food every year and it is a shame that we do that when we have such wonderful products that are grown in the Bahamas that a lot of people dont know about, he said. There are lots of great farmers throughout the islands who are growing some great fruit and vegetables and herbs. We feel that as we have the best produce department on the island we need to be the leaders in promoting Bahamian produce to our customers. We have many thousands of peo ple come through our store each week and we feel we have a great opportu nity to expose those customers to such great produce that Bahamian farm ers are growing, he said. He commended the Ministry of Agriculture and BAIC for doing a great job in promoting Bahamian agriculture. If you can buy it here and support Bahamians, why not? he added. Marketing trends are pointing to onions, melons, pumpkins, peppers, mangoes, sour sops and pineapples being more in demand. The response has been very positive, said Ms Wells. CAREER environmentali sts and marine biologists are advocating conservation and clean environmental protection practices in Exuma which they hope will benefit all living in the commun ity. A group of new Bahamian residents, who have chosen t o invest in the Bahamas as a s econd home, have been agitating community concern for proper waste managem ent best practices. They are attracting international environmental o rganisations, such as the I ntegrating Watershed and C oastal Area Management (IWCAM S t Lucia, which provided s ome of the funding for the w astewater treatment plant a nd harbour management initiatives on the island. I have been working and doing research around the Exumas for about six years.T here have been scientists that have done work here in the past to identify water quality issues in the harbour from about 10 years ago, said Catherine Booker, envir onmental consultant for the IWCAM project. At that time, it was deter mined that there are impacts to water quality from noto nly boats in the harbour, but sources of pollution on l and. So this project has aimed to address the issues o f direct discharge of sewage i n the water by boats. Its been a long time coming and p eople in Exuma have been concerned with this issue for a long time. There are 4,000 Exumians currently residing on the mainland and cays, and e nvironmentalists say that a wareness for the islands natural treasures has increased significantly in t he last 10 years. The water is such an attraction for people and we w ould like to think it could be as clean as it looks, said M s Booker. The seasonal influx of yachts into the harbourp eaked out around 275 boats this year. In the past, there h as been up to 500 boats. But any given year, you can expect about 300 to 500 boats to be in the harbour f or three to four weeks out of the year and the cruising season lasts about four to f ive months with 200 to 300 b oats during that time. T he growing number of American and Canadian yachters coming to vacation in Bahamian waters have been supportive of thee fforts in Elizabeth Harbour, she said. The daily rate to moor t heir boats in the cove range from a daily rate of $15 per d ay, a weekly rate of $84 per week, and a monthly rate of about $300 a month. Right now there is a pump-out boat which goes around to vessels that call to collect sewage from their boat and that allows an alter native for them, so they wont have to directly dis charge in the water while they are here in the har b our, said Ms Booker. So its a convenient way for them to get rid of their waste responsibly. The idea of the wastewater treatment plan is to have it accessiblet o the pump out boat, so the b oat can go over and unload whatever it picks up from the yachts here in the harbour,t reat it properly and dispose of properly. Ms Booker is a certified m arine biologist and environmental educator. The project she is working on addresses wastewater solutions to the biosphere in the Elizabeth Harbourc ove and she advocates p roven methods of reducing the negative impact of human activity that haveb een contaminating the marine environment. Environmental awareness is on the rise in Exuma ABOVE: CATHERINE Booker, a marine biologist with the IWCAM project conducted in Elizabeth Harbour, Exuma, has been doing research for the last six years on resolving the wastewater issuesc aused by land pollution contaminating the marine environment near Lee Stocking Island. LEFT: LEE Stocking Island and Elizabeth Harbours cove attract many American and Canadian visitors. G ena Gibbs / BIS C ATHERINE BOOKER w orks c losely with Bahamians like Exuma Port Authority chairman Craig P arotti (above abeth Harbour and the marine environment in the cove clean. BAICS AGRICULTURE MARKETING OFFICER Amanda Wells places a Buy Fresh, B uy Bahamian logo on Bahamian tomatoes at Solomons SuperCentre. THE BUY FRESH, BUY BAHAMIAN banner at Solomons SuperCentre. Pictured from left are Gavin Watchorn, group president and CEO; BAICs agriculture marketing officer Amanda Wells, and assistant general manager Arnold Dorsett. Solomons partners with the BAIC for Buy Fresh, Buy Bahamian programme
L OCAL NEWS P AGE 10, TUESDAY, MARCH 29, 2011 THE TRIBUNE SCORES of attorneys worshipped at Bahamas Faith Ministries (BFM where former Governor General Arthur Hanna, first female MP Janet Bostwick and Graham Thompson partner Craig Roberts were honoured as long-serving members of the Bahamas Bar. BFM LEGAL SUND A Y HON OURS LONG-SERVING MEMBERS OF BAHAMAS BAR ABOVE: JANET Bostwick, the first woman to serve as a Member of Parliament, was honoured as a long-serving member of the Bahamas Bar. Mrs Bostwick is pictured here with her husband Henry Bostwick and BFM senior pastor Dr Myles Munroe. BELOW: FORMER Governor General Arthur Hanna was honoured as one of the longest serving mem bers of the Bahamas Bar. Mr Hanna has practiced as an attorney for 56 years. Pictured left to right: Mr Hanna and BFM senior pastor Dr Myles Munroe. BOTTOM: PARTNER at Graham Thompson Craig Roberts was honoured as a long-serving member of the Bahamas Bar and for greatly assisting in the establishment of BFM. He is pictured with his wife and BFM senior pastor Dr Myles Munroe. UNITED States Ambassador Nicole Avant visitedC ape Eleuthera last Friday to pledge her support of sustainable initiatives and serve as the keynote speaker at the Island Schools Leadership in Education Conference. The US Ambassador also met with Deep Creek MiddleS chool students to discuss their community leadershipp rojects focused on health care, showcasing local artists and addressing teen pregnanc y. A mbassador Avant presented a collection of African A merican literature to Deep C reek Middle students as well as two pocket-sized video cameras that will allow the students to document their c ommunity leadership efforts. Robin Symonette and US S tate Department representative Makila James also took part in the Island School event. In her official remarks, A mbassador Avant commended the Island Schools deep-rooted commitment toa ffecting change and addressed the environmental reality that the students faced. S he also emphasised the p ower that young people hold b y sharing her experience working on President Barack O bamas campaign. The Ambassador explained that although many political s trategists at the time claimed that younger Americans lacked passion and commit m ent, then-candidate Obama rejected the old labels and a ssumptions by reaching out t o students and listening to t heir concerns. T his is why the advance ment of alternative and renewable technologies is oneo f President Obama's key pri orities, Ambassador Avant explained. When it comes to the d egradation of our environm ent, unfortunately your gene ration will be the heir to the c risis so you must be ready to act and ready to lead. Ambassador Avant said. You have enormous influ ence in determining the rate in which sustainable practices area dopted in your communities due in part to your ability to i nfluence consumption patt erns. You have the ability to influence everything from whether your friends and parents buy and eat locally, or w hether your school, college, community centre or church s tarts or expands a recycling p rogramme. Ambassador Avant chose t o visit the Island School b ecause she believes that the institution embodies the bond between the United States and the Bahamas through the c ommon goal of environmen tal sustainability.. T he school was founded in 1 998 by Americans Chris and P am Maxey, with the goal of conserving marine life by developing and promoting alternative energy and agricultural techniques. T he school has expanded to i nclude Deep Creek Middle School, the Cape Eleuthera Institute, and Cape Eleuthera F oundation. D eep Creek Middle School works closely with the Island S chool and the Cape Eleuthera Institute to offer highly motivated students from throughout Eleuthera with a unique experience that c onnects them with the environment and encourages them t o be positive agents of change in their communities. Due to the rigorous curriculum, since 2002, DCMS graduates have b een awarded over $2 million in academic scholarships to attend private high schools int he US and the Bahamas. The USAmbassador commends Island School at conference US AMBASSADOR Nicole Avant donates African-American literature and two video cameras to t he students of Deep Creek Middle School. US AMBASSADOR Nicole Avant with Chris Maxey, director of t he Cape Eleuthera Foundation. US AMBASSADOR Nicole A vant visited Cape Eleuthera t o pledge her support of sust ainable initiatives and served as the keynote speaker at theI sland Schools Leadership in E ducation Conference. Support pledged to sustainable initiatives on visit to Cape Eleuthera
LOCAL NEWS T HE TRIBUNE TUESDAY, MARCH 29, 2011, PAGE 11 By BETTY VEDRINE Bahamas Information Services THE College of the Bahamas i s steadily progressing toward univ ersity status, said president of COB Dr Betsy Vogel-Boze. Shes aid the college already has in p lace some of the key elements n ecessary to achieve university s tatus. D r Vogel-Boze made the statements last Thursday when she addressed members of the Zonta Club of Nassau during their monthly luncheon held at Lucianos Restaurant. Library In many ways, COB already has components of a university. W e already have schools within t he college with a cross-section of faculties; we have a well-establ ished graduate programme and weve just completed the Harry C Moore library, which is a de facto national library of which all Bahamians can be proud, shes aid. In addition, Dr Vogel-Boze said t hat 80 per cent of students enrolled at the college are pursui ng Bachelor of Art degrees, making the college a primarily Baccalaureate institution. She explained that one of the main objectives for the college is to make it the first choice for Bahamians seeking tertiary education. Another objective is to increase the number of young men regist ering and graduating from the college. Dr Vogel-Boze said that currently only 14 per cent of gradu ates are men, representing an u nchanged rate since the college o pened. One of the main reasons for t his can be that when the college f irst opened its doors, it was initially a school for teachers, she said. Since then, COB has changed dramatically, therefore, we have to find innovative ways to bring more males into the system and to keep them in so that they c an graduate in higher numbers. D r Vogel-Boze added that there is also a need to establish s ystems to assess quality assura nce such as Academic Prog ramme Reviews to review programmes; shared governance suchas a Faculty Senate, which is sepa rate from the union and also a b enchmark, which will establish the Colleges position in the world of education. Once we can establish these k ey areas, then we can call ours elves a university with the respect o f international universities, she s aid. Funding Dr Vogel-Boze was appointed president of COB effective Janua ry 1, 2011. A former Senior Fellow at the American Association of State Colleges and Universit ies (AASCU l eadership organisation of 430 p ublic universities in 2009 after serving as Campus Dean andC hief Executive Officer of Kent S tate University Stark. Kent Stark is a public liberal arts universityoffering baccalaureate and masters degrees. During her four-year l eadership at Kent from 2005 to 2 009 she led the campus first comprehensive strategic planning process; substantially increased funding for faculty research, secured three of the campus largest private gifts and led an over 20 per cent increase in enrollm ent to its highest level in its hist ory. S he holds a PhD in Business Administration from the University of Arkansas and masters and baccalaureate degrees from Southern Methodist University. Dr Vogel-Boze is an American citizen and the mother of three c hildren. COB gaining ground for university status COB PRESIDENT Dr Betsy Vogel-Boze a ddresses members of the Zonta Club of Nassau during their monthly luncheon held at Lucianos Restaurant on Thursday, March 24. Patrick Hanna /BIS TEACHERS AND STUDENTS of the Man-O-War Cay, Abaco Primary School made a courtesy call on Prime Minster Hubert Ingraham at the Cabinet Office last Thursday. Peter Ramsay /BIS S TUDENTSPAYCOURTESYCALLONPM SENATOR JOHN DELANEY Attorney General and Minister of Legal Affairs, welcomed Herbert Volney, Minister of Justice from Trinidad and Tobago last Tuesday during a courtesy call at the Post Office building. Patrick Hanna /BIS Attorney General meets Trinidad and Tobago Minister of Justice CARACAS, Venezuela Associated Press VENEZUELANhealth officials say the number of confirmed swine flu cases in the country has risen to more than 400 people. Health Minister Eugenia Sader says the 415 people have been diagnosed with swine flu in 19 of the country's 24 states, including in the capital, Caracas. She said at a news conference on Monday that officials are run ning tests on 300 other people who have symptoms that might be the H1N1 flu. The number of people being treated for the virus has more than doubled since Friday, when 202 cases were reported. Health officials have reported two deaths since an initial spate of swine flu cases were confirmed on March 17. Venezuelan officials in 2009 attributed dozens of deaths to swine flu. Swine f lu cases rise to more than 400 in V enezuela Share your news The T ribune wants to hear from people who are making news in their neighbour hoods. Per haps you ar e raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and shar e your stor y
L OCAL NEWS P AGE 12, TUESDAY, MARCH 29, 2011 THE TRIBUNE source said. In regards to these candidates, a meeting is set to be held today at Mr McCartneys home on John F Kennedy Drive where representatives from the National Development Party and the Bahamas Democratic Movement are scheduled to be attendance. According to sources close to the MP, it is reported that persons in these third parties are of the view they should join forces against the common enemy of the established political parties if there is any hope of having an impact at the polls. In the past, one political strategist for the group said, the effect of these third parties has been to split the indepen dent vote, essentially handicapping themselves. This mistake, he said, is one they aim not to repeat in 2012. This new coalition party, it was said, is hopeful of forming a new organisation namely, the Bahamas Independent Movement (BIM Having resigned from the Free National Movement last week as the sale of BTC started in the House of Assembly, Mr McCartney went on to vote against the Bill which ultimately passed on Thursday. His departure from the governing party did not go unnoticed by Prime Min ister Hubert Ingraham who vowed that the FNM will be victorious in returning Bamboo Town to their Parliamentary caucus. Likewise, the Progressive Liberal Partys leader Perry Christie has promised the PLP will run a candidate in every constituency in the next general election leaving little hope that the Opposition would give the Independent MP their backing in the area. Some of the names revealed to The Tribune yesterday as possible candidates with Mr McCartney include John Bost wick Jr and Lincoln Bain. Others, whose names were asked to be withheld at this time, include the head of a local insurance firm, a partner of a leading law firm, a radio talkshow host, and two FNM Members of Parliament. Mr Ingraham's comments came as he addressed a crowd of Canadian business people at a luncheon in Calgary, Alberta. We are conscious of the leadership Canada is providing in important segments of the green industries, in particular waste-to-energy enterprises. The Bahamas would welcome Canadian business i nvesting in this area as well as in recycling opportunities that e xist in the Bahamas. "Many other opportunities e xist, not least of which i nvolve greenhouse winter vegetable production in the B ahamas for sale in Canadian markets with the reverse production during the summer months," the nation's chiefs aid to the gathering at the Petroleum Club. H e revealed how a current partnership between Bahamians and Canadians may lead to growth in the local forestry industry. "Additionally, other initiat ives now under way have also created opportunities for Canadian/Bahamian business cooperation in forestry-related industries. An agreement concluded with the Canadianc ompany Lindar, for example, is helping us with the develo pment of sustainable industries that enhance and improve outdoor recreational infrastructure (boardwalks, b enches, decks, gazebos)." The nation's chief added that his government is "repo-s itioning our financial services sector in partnership with the p rivate sector to produce a new strategic framework for financial services". He added: "We expect to adopt new securities regulations in the very near future soa s to fully modernise our securities industry and to prepare the way for The Bahamas to become an International Organization of Securities Commissions (IOSCOn atory country." Mr Ingraham also touched o n the current infrastructure investments that would be attractive to potential investors. Infrastructural works have included the redevelopment of our principal airport, thel argest public sector project undertaken ever in the B ahamas and the creation of a new cargo port just outside the city of Nassau. "So as to bolster our tourism sector, which is at the heart of our economy, weh ave further incentivised the development of restaurants, entertainment facilities and other tourism amenities by making available duty-free and other tax concessions.W e are particularly interested to expand leisure activities a vailable to both residents and visitors to our islands. "The convergence of our policy, legislative and Infras tructural advances provide, I believe, a cluster of business opportunities for Canadianb usiness and individuals in the tourism, second-home, financ ial services sectors of The Bahamas. "It is our fervent hope that Canadian business will help to deepen the ties between our countries and participatee ven more in the Bahamian economy," he said. Mr Ingraham and a delegation of Cabinet ministers are attending a meeting of the Ministers of Finance of theA mericas and the InterAmerican Development Bank i n Canada. The trip is a trade and investment promotion tour aimed at increasing Canadian investment and tourists i n the Bahamas. specific details of the incident or incidents in question, Mr Gibson said The Tri b une s hould speak directly with Commissioner of Police Ellison Greenslade. However, Mr Greenslade, while confirming the existence of the complaint, declined to describe the contents of the letter he received from Mr Gibson. H e added: "I have assigned a senior officer to look into the matter and I am confident all the proper procedures and protocols are being followed." The Tribune left telephone messages and emailed Mr Maynard seeking comm ent, however he did not respond before press time last night. d emonstration crowds and a Tribune article concerning an altercation at PLP headquarters during his contribution yesterday, which he said proved that the opposition party had orchestrat-e the two protests against the sale. Mr Wisdom said: This is nonsense you (Foulkes just call somebodys name that is unfair. You (Foulkes p osition of privilege, and just call peoples name. Thats wrong. Mr Wisdom added: I attended in a private capacity, and I challenge him top roduce one ounce of proof t hat I did any sort of organising. E arlier this month, Mr Foulkes charged that politic al operatives paid demons trators to take part in the protests against BTC's sale. M r Foulkes cited several h igh-profile PLP officers as a ttendants of the demons trations which he characterised as violent. M r Foulkes said yester day: Several PLP MPs, ratified candidate and seniorp arty officers were active in t hat demonstration which b ecame extremely unruly. If it were not for the fine men a nd women of the Royal Bahamas Police Force, Bahamians could have beenh urt one person was h urt. Speaking with The Tribune yesterday, Mr Wisdom countered that based on his observations the BTC demonstrations werep eaceful and did not warrant any police force. He said: It seemed to be o verkill on the part of the police. This was a peaceful d emonstration. The statement of the FNM, generally, is simply an attempt to distract thea ttention of the Bahamian p eople, even after the fact, from something that is vex i ng to the majority of the Bahamian people. PM: Bahamas would welcome Canadian investment in waste-to-energy initiatives FROM page one Bran gets millions to form third party FROM page one SHANE GIBSON FILES COMPLAINT WITH POLICE FROM page one BRANVILLE MCCARTNEY F OULKES CLAIMS FROM page one TOKYO Associated Press HIGHLYtoxic plutonium is seeping from the dam aged nuclear power plant in Japan's tsunami disaster zone into the soil outside, officials said Tuesday, heightening concerns about the expanding spread of radiation. Plutonium was detected at several spots outside the Fukushima Dai-ichi power plant the first confirmed presence of the dangerously radioactive substance, plant operator Tokyo Electric Power Co. said. There are strong indications some of the radioactivity is coming from damaged nuclear fuel rods, a worrying development in the race to bring the power plant under control, Chief Cabinet Secretary Yukio Edano said Tuesday. "The situation is very grave," Edano told reporters. "We are doing our utmost efforts to contain the damage." Officials said the traces of plutonium posed no immediate threat to public health. But the latest finding appeared to feed government frustration with TEP CO, which has failed to stem the crisis more than two weeks after a March 11 earthquake and tsunami damaged the plant. The failure to keep radioactive substances from seeping out of the facility was "deplorable," said Hidehiko Nishiyama, a spokesman for the Nuclear and Industrial Safety Agency. The government is considering temporarily nationalizing the troubled nuclear p lant operator, Japan's tops elling daily Yomiuri said T uesday, quoting unnamed government sources. The huge tsunami spawned by the earthquake destroyed the power systems needed to cool the nuclear fuel rods in the complex, 140 miles (220 kilometers northeast of Tokyo. Since then, three of the complex's six reactors are believed to have partially melted down, and emer gency crews have struggled with everything from malfunctioning pumps to dan gerous spikes in radiation that have forced temporary evacuations of workers. Residents within a 12-mile (20kilometer) radius of the plant have been urged to leave or stay indoors. Crisis Confusion at the plant has intensified fears that the nuclear crisis will continue for months or even years amid alarms over radiation making its way into produce, raw milk and even tap water as far away as Tokyo. The troubles have eclipsed Pennsylvania's 1979 crisis at Three Mile Island, when a partial meltdown raised fears of widespread radiation release. But it is still well short of the 1986 Chernobyl disaster, which killed at least 31 people with radiation sickness, raised long-term cancer rates and spewed radiation across much of the northern hemi sphere. While parts of the Japanese plant have been reconnected to the power grid, contaminated water found in numerous places around the complex, including the b asements of several buildi ngs, must be pumped out b efore electricity can be restored to the cooling system. The contaminated water has been emitting radiation exposure more than four times the amount the gov ernment considers safe for workers. That has left officials struggling with two sometimes-contradictory efforts: pumping in water to keep the fuel rods cool and pumping out and then safely storing contaminated water. Nishiyama called it "very delicate work." He said workers were still looking for safe ways to store the radioactive water. Experts are also trying to pinpoint the exact source of the radioactive water. Many now suspect it is cooling water that has leaked from one of the dis abled reactors. Meanwhile, new readings showed ocean contamination had spread about a mile (1.6 kilometers north of the nuclear site than before, but was still within the evacuation zone. Radioactive iodine-131 was discovered offshore at a level 1,150 times higher than normal, NISA said. Closer to the plant, radioactivity in seawater tested about 1,250 times higher than normal last week and climbed to 1,850 times normal over the week end. Of the five soil samples showing plutonium, two appeared to be coming from leaking reactors while the rest were likely the result of years of nuclear tests that left trace amounts of pluto nium in many places around the world, TEPCO said. Plutonium is a heavy ele ment that doesn't readily combine with other elements, so it is less likely to spread than some of the lighter, more volatile radioactive materials detected around the site, such as the radioactive forms of cesium and iodine. Dose "The relative toxicity of plutonium is much higher than that of iodine or cesium but the chance of people getting a dose of it is much lower," says Robert Henkin, professor emeritus of radiology at Loyola University's Stritch School of Medicine. "Plutonium just sits there and is a nasty actor." When plutonium decays, it emits what is known as an alpha particle, a relatively big particle that carries a lot of energy. When an alpha particle hits body tissue, it can damage the DNA of a cell and lead to a cancer-causing mutation. Plutonium also breaks down very slowly, so it remains dangerously radioactive for hundreds of thousands of years. "If you inhale it, it's there and it stays there forever," said Alan Lockwood, a professor of Neurology and Nuclear Medicine at the University at Buffalo and a member of the board of directors of Physicians for Social Responsibility, an advocacy group. The nuclear crisis has complicated the government's ability to address the humanitarian situation facing hundreds of thousands left homeless by the magnitude-9.0 quake and tsunami. The final death toll is expected to top 18,000. Gregory Jaczko, head of the U.S. Nuclear Regulatory Commission, arrived in Tokyo on Monday to meet with Japanese officials and discuss the situation. "The unprecedented chal lenge before us remains serious, and our best experts remain fully engaged to help Japan," Jaczko was quoted as saying in a U.S. Embassy statement. T oxic plutonium seeping fr om Japan's nuclear plant IN THIS PHOTO taken on Wednesday, March 16, 2011 and released on Thursday, March 17 by Tokyo Electric Power Co. (TEPCO ichi nuclear power plant in Okumamachi, Fukushima Prefecture. Tokyo Electric Power Co ./AP
SECTIONB firstname.lastname@example.org TUESDAY, MARCH 29, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held r esponsible for errors and/or omission from the daily report.$ $5.10 $5.12 $5.11 B y NEIL HARTNELL Tribune Business Editor The Bahamas and wider Caribbean are hoping lobbying efforts over the UKs controversial Air Passenger Duty (APD discourage other European nations from implementing similar measures equally harmful to tourism growth, the minister UK air tax lobby key to discourage other states Minister hopes efforts over Air Passenger Duty will deter other European states from similar measures* UK tax inherently unfair to Bahamas, and countering Ministry s Europe drive Nothing more detrimental to tourism growth than rising airlift costs SEE page 5B VINCENT VANDERPOOLWALLACE B y NEIL HARTNELL Tribune Business Editor B ahamas Motor Dealers Association (BMDA bers yesterday said they were hopeful that improvedb uyer traffic and quality at t he weekends Car Show will translate into increased sales in the coming weeks,w ith commercial banks seemingly more aggres sive on writing loans. Rick Lowe, operations m anager at Nassau Motor C ompany (NMC da, Chevrolet and Cadillac dealer, told Tribune Busi ness: Our sales consultants felt that the buyers, or the people interested in buying, were there, and it remains to be seen how it plays out. They felt more positive this year than last. The banks were more aggressive, so hopefully well see some results. Its going to take a few days; people have to get information into the banks and insurance companies to finalise things, and well go from there. MORE A GGRESSIVE BANK S T AN CE B OOST FOR DEALERS Auto firms say Car Show better this year than last, with hope better applicant quality and greater willingness to lend results in more sales* Seen as test of pent-up demand and willingness to pay higher prices* Inventory supply may present issues SEE page 5B B y NEIL HARTNELL Tribune Business Editor Subscriptions for the $62.5 million Commonwealth Brewery initial public offering (IPO fairly good pace of a 75 per day average, its placement agent told Tribune Business yesterday, with $12 millionc ommitted by the end of last week and a further $1 million received yesterday. Michael Anderson, RoyalFidelity Merchant Bank & Trusts president, said he remained hopeful that the IPO for a stock that will have the third largest market capitalisation w hen listed on the Bahamas International Securities E xchange (BISX i nvestor demand. Telling Tribune Business that based on current pace, retail (individualm illion of the IPO, creating a one-third/two-third split with institutional investors, Mr Anderson said: At the end of lastw eek, that [subscription] number was around $12 million........ $13m committed to Brewerys IPO Subscriptions coming in at rate of 75 per day, w ith another $1m taken yesterday following l ast weeks $12m Placement agent believes retail investors may t ake up to $20m, creating one-third/two-third s plit with institutions SEE page 4B B y ALISON LOWE B usiness Reporter email@example.com A gradual approach towards adjusting the mar gins Bahamian gas retailers are allowed to charge at thep ump could help alleviate what would be extremely tough increases for con sumers, if the rises requested by relief-seeking retailers were permitted by the Gov ernment. GRADU AL MARK-UP INCREASEIS AD VOCATED FOR PETROLEUM DEALERS JAMES SMITH SEE page 4B By ALISON LOWE Business Reporter firstname.lastname@example.org Destabilising world events in the Middle East, Japan and Europe do not augur well for the Bahamas and the tourism i ndustry, a former Central Bank governor and finance minister warned yesterday, adding that this nation may need to prepare for a very soft summer for tourism. If we were expecting an u ptick in tourism in the third and fourth quarter, that may n ot materialise, said James Smith in an interview with Tribune Business yesterday. In terms of the overall economy, Mr Smith said he feels it is unlikely the Bahamas will meet the economic growth projecTourism warnedof soft summer SEE page 3B By ALISON LOWE Business Reporter email@example.com The developers behind an eastern New Providence gated community yesterday said they had ploughed $40 million to date into the residential project, and foresee making a further $20 million investment this year in the form of a new club house, individual houses and a 12-unit condominium building. Tim Brown, sales and marketing director for Palm Cay Developments, the develop ment company behind Palm Cay, said the company was very positive about the prospects for 2011, viewing the real estate market as having improved significantly after a depressed 2010. Its a very, very good market for us at the present time. Its as if as soon as the bells chimed to bring in 2011, everything changed. We started taking more inquiries, closing sales... said Mr Brown. His comments were echoed by president of Bahamas Islands Realty, the primary broker for Palm Cay, Carmen Massoni, who said interest in the real estate market as a whole has increased tremendously in 2011, with Palm Cay spurring interest from young professionals, retirees and would-be investors hunting for investment opportunities. Palm Cay, located between two other gated communities, Port New Providence and Treasure Cove, is a 69-acre development set to consist of condominiums and town homes, residential lots and houses, anda 192-slip marina and amenities such as pools and clubhouses. Presently constructed are two blocks consisting of six town houses up to 2,200 square feet in size, while close to completion within the next three months are 33 ocean front town houses of the same size range. Eight-five residential lots with an average square footage of 10,000 square feet are now 75 per cent sold, said Mr Brown. The marina is totally complete and also being offered for sale. Ground was broken earlier East NP project eyes further $20m spend n Palm Cay investors look to add to $40m investment to date, with project possibly involving $300m spend at total build-out n Some 150 workers employed on development that sees improved real estate prospects in 2011 SEE page 3B
B USINESS PAGE 2B, TUESDAY, MARCH 29, 2011 THE TRIBUNE Butterfield Bank (Bahamas announced that, with effect from June 1, 2011, current managing director Robert Lotmore will take over the p osition of chairman of the b anks Board. Julien Martel, who is currently head of Butterfields trust and fiduciary services business in the Bahamas, h as been appointed as mana ging director to replace Mr Lotmore. I n his new role as chairm an, Mr Lotmore will work c losely with Butterfield management and Board members to oversee theo ngoing development of the banks Bahamas business. Mr Lotmore, who is a chartered accountant with more than 30 years financial services experience, joined Butterfield in 2003 after the B ermuda-headquartered b ank acquired Thorand B ank & Trust, of which he was one of the principals. C onor ODea, Butterf ields senior executive vicepresident for the Caribbean, said: Robert was instrumental in Butterfields successful expansion into the Bahamas and the subsequent acquisition a nd integration of two additional companies in the jurisdiction. I would like t o thank Robert for his many con tributions to But t erfield during his time as man aging director. Iam pleased that t he bank will c ontinue to bene fit from his expe rience and knowledge by having him serve as our country chairman. Upon taking his new post, M r Martel will have day-today responsibility for the overall management of Butterfields Bahamas opera t ions. He joined Butterfield in 2000 following the banks acquisition of ANZ Bank ing Groups Guernsey oper ation, where he was senior manager, client relationship management. At Butterfield Mr. Martel built a large global private client base and, from2 003 to 2006, led the private bankingt eam in Guernsey before relocating to the Bahamas. In 2009, he joined the Board of Butterfield Bank (Bahamasn amed head of trust and f iduciary services. Mr ODea said: Julien has been a great contribut or to our Bahamas operations and to Butterfield Group overall. He has a depth of experience in private wealth management and is highly regarded by our clients and his peers. We look forward to continuing to grow ourt rust and fiduciary business in the Bahamas under Juliens leadership. Butterfields Bahamian o peration provides trust, fiduciary and corporate ser vices from offices in Nassau. I ts team of 35 professionals s pecialises in the develop ment of customised finan cial structures, including private trust companies, trusts,f oundations and company structures, for succession and estate planning, wealth p reservation, asset protection and tax mitigation. The Bahamas remains a key part of Butterfields five-jurisdiction network of trust services. Butterfield unveils management move Bankers and financial services educators from across the globe were recently treated to a taste of paradise during a reception wrapping up the 19th World Conference of Banking Institutes. Hosted by Bank of the Bahamas (BOB national, the festive evening that captured B ahamian culture took place at the Balmoral Club, and featured native dishes, dancing and dress. If there is one thing that this conference has shown us, it is the value of up-to-the-moment re-education and advanced certification in the banking industry, said Beverley Farquharson, the banks deputy managing director, during a welcome address. It is with gratitude that we host this event as our way of saying thank you for advancing a constantly changing industry by keeping us pre pared. The reception on the final evening brought together prominent Bahamian bankers, indus try educators and policymakers with conference attendees, including chairpersons and members of Boards and management of international banks,a s well as senior officials representing regulatory authorities from various countries. Mrs Farquharson said continuing development was not a luxury, but a necessity. "When I entered the world of banking, and perhaps it was the same for some of you, banking was considered a staid industry," she said. "STAID as in S-T-A-I-D, stayed the same, solid, not much change. Bricks and mortar and check i ng and savings accountsWhat it lacked in excitement or glamour it more than made up for in job security. You walked in the front door, started out as a teller, and with perseverance and a bit of drive you worked your way up and through the system. But no longer. Banking today is dynamic. It's exciting, and it is always changing. The venue has changed. It is online, it is kiosks, it is ATMs, it is smart phones, it is trust work and private banking. It is financial analysis. Checking and savings have morphed into dimensions we never dreamed would be part of a banking career." The World Conference of Banking Institutes is a biennial event convening officials from the financial sector and personnel from financial training institutes worldwide. The conference addresses challenges concerning banking and finance institutes ,and their role in effectively supporting the financial sectors performance and profitability through the provision of edu cation, training and professional development. The first World Conference of Banking Institutes was held in 1975 in Edinburgh. BANK HOSTS EVENT FOR SEMINAR GUESTS BAHAMIAN WELCOME: Bank of the Bahamas employees welcome international banking guests to a Taste of Paradise Pictured L to R are: Deborah Mitchell, Qutell Adderley, Selvin Basden, Deagre Kelly, Diana Forbes, deputy managing director Beverley Farquharson, Avard Higgins, Yvette Johnson, Laura Williams, F elicia McSweeney-Burrows and Samantha Lamb-Turnquest. ADDRESSING THE CROWD: Bank of the Bahamas International deputy managing director, Beverley Farquharson, thanks guests for their contribution to the advancement of the global banking industry. (Photo courtesy of Butterfield NEWLY APPOINTED: Robert Lotmore (left a ppointed Chairman, and Julien Martel, newly appointed Managing Director, Butterfield Bank (Bahamas Julien has been a great contributor to our Bahamas operations and to Butterfield Gr oup overall. PHOTOS: Roland Rose /DP&A WELCOME: Bank of the Bahamas staffm embers welcome 19th World Conference of Banking I nstitutes particip ants at Balmoral. The evening of friendship receptionw as hosted by the award-winning bank, wrapping up thec onference hosted b y the Bahamas Institute of Financial Services.
BUSINESS T HE TRIBUNE TUESDAY, MARCH 29, 2011, PAGE 3B &$5((5781,7< /(*$/(&5(7$5<([FHOOHQWRSSRUWXQLW\LVDYDLODEOHIRUSURIHVVLRQDOLQGLYLGXDOWR PRYHDKHDGLQJUHDWFDUHHU/HDGLQJODZLVVHHNLQJWRHPSOR\ D KLJKO\TXDOLHG/HJDO6HFUHWDU\7KHVXFFHVVIXOFDQGLGDWHVKRXOG SRVVHVVWKHIROORZLQJVNLOOVDQGH[SHULHQFH$ELOLW\WR 8QGHUVWDQGDQGIROORZRUDODQGZULWWHQGLUHFWLRQV 7\SHDQGDVVHPEOHLQIRUPDWLRQLQWRSURSHUOHJDOIRUPIURP RXWOLQHGLQVWUXFWLRQVRUHVWDEOLVKHGSURFHGXUHV 3URGXFHOHJDODQGRWKHUGRFXPHQWVXVLQJZRUGSURFHVVLQJ VRIWZDU 0DLQWDLQDZLGHYDULHW\RIOHJDOOHVUHFRUGVDQGUHSRUWV ZRUNLQJLQGHSHQGHQWO\LQWKHDEVHQFHRIVSHFLF LQVWUXFWLRQV (VWDEOLVKDQGPDLQWDLQHIIHFWLYHZRUNLQJUHODWLRQVKLSVZLWK FOLHQWVOHJDODQGFRXUWUHODWHGSHUVRQQHODWWRUQH\VDQG VWDII 3ULRULWL]HDVVLJQHGGXWLHV -RE 5HTXLUHPHQWV ([WHQVLYHH[SHULHQFHDQGVRXQGNQRZOHGJHRISURSHUOHJDO IRUPDWDQGSURFHVVHV \HDUVOHJDOVHFUHWDULDOH[SHULHQFH .QRZOHGJHRILFURVRIWIFHDQGVKRUWKDQGVSHHGZULWLQJ VNLOOVDUHHVVHQWLDO 7$SSO\ ,QWHUHVWHGSHUVRQVVKRXOGDSSO\QRODWHUWKDQVW2IFHDQDJHU 3 1DVVDX7KH%DKDPDV One full circle. Thats how real estate broker Carlyle Campbell described his journey this week after joining Mario Carey Realty as the real estate firm's first junior partner. The move and the partnership seemed natural, said Mr Campbell, who developed under Mr Careys wing when they were both at Bahamas Realty. It was there that he became the only per son in the companys history to garner top awards in every category top-selling, most improved and most exclusive listing agent. started out under the direction of Mario Carey, and even after he opened his own firm he was always just a phone call away, Mr Campbell explained. Ive been in office for about two weeks now and the phones have not stopped ringing. Mr Carey made Mr Campbell the first partner in the independent firm that has grown with a team of young agents since it opened its doors in 2008. I am extremely proud to welcome Carlyle to MCR, said Mr Carey. Ive watched Carlyle grow and develop into a superior agent with an awesome record and incredible zeal for real estate. Mr Campbell, one of only 1,600 brokers world wide to carry the title of Certified International Property Specialist (CIPS appraiser, and recently earned certification as an Accredited Staging Professional (ASP ping him to give guidance to building owners on showcasing properties. I am thrilled about the opportunity to partner with Mario," said Mr Campbell. In addition to his demanding a positive work ethic and strong performance, what attracted me to the firm was its commitment to community. This is an exciting time at MCR. Were build ing a strong work force with new agents and will be expanding to the Family Islands in the near future, said Mr Carey. I expect great things from Carlyle and seek to continuously guide him and others where necessary, ensuring that resources are made available to them for greater success. Mario Carey Realty is located in the New Providence Financial Centre on East Bay Street. It originally served a high-end niche market. Less than two years later, Mr Carey launched a new division, MCR2, catering to first-time homebuyers in the under half-million dollar market. That division has reported record sales, even in a chal lenging economy. Mr Campbell's appointment was effective March 7. Mario Car ey Realty adds first partner The Bimini Big Game Clubs owner/operator yesterday announced completion of the resorts Gulfstream Conference Centre and adjoining Hemingways Rum B ar and Social Lounge, completing the restoration and transformation of the original poolside social rooms and spaces. T he 1,100-square-foot Gulfstream Conference Centre includes the Bimini Room, with the Clubs iconic murals by famed artist Phil Brinkman, and opens on to the Clubs pool patio deck. Hemingways Rum Bar and S ocial Lounge has been created around the Clubs original cocktail bar, with its colourful display of badgesf rom fishing clubs around the world. It was always our intention to take the Big Game C lub beyond that of a fishing lodge by creating a destin ation that would attract families as well as serve as a conv enient out-island venue for corporate, scientific and s ocial group events, said Mark Ellert, president of owners, Guy Harvey Outpost. Target Were only 51 rooms, so our target market is the disc riminating small meeting or wedding party looking for e xtremely personalised service and attention. The Gulfstream Conference Centre offers traditional m eeting and banqueting facilities for 75 persons, and H emingways Rum Bar & Social Lounge opens into this area for added socialising area. Founded as a dinner club in 1936 in Alice Town by N assau entrepreneur Neville Stuart, the Big Game Club has over the last 74 years hosted world-class fishermen, major tournaments, international celebrities and tens of t housands guests. H aving passed through several owners and management teams, the Bimini Big Game Club was closed for t wo years prior to being reopened by marine artist and c onservationist, Guy Harvey, and a group of partners i n 2010 following a multi-million dollar renovation. The Big Game Club has a 75-slip marina capable of a ccommodating boats up to 145 feet in length. A full s ervice fuel dock will be operational by Spring 2012. Upcoming plans also include completion of an exercise centre, and development of a field research installation to showcase the work of the Guy Harvey Research Institute and the Nova Southeast University Oceanographic Cen t re. Resort adds new facilities WELCOME: Mario Carey, president of Mario Carey Realty, welcomes Carlyle Campbell as the first partner at the independent firm. tions announced by Prime Mini ster Hubert Ingraham in January 2011, of 2-2.5 per cent. Considering we have had negative growth over the lastt wo years, growth of 2 per cent is really real growth of 3 per cent, which would be ahead ofm any developed countries. Theres nothing in our tool box to suggest we would outstrip t he growth in some of the more developed countries, charged the former minister. In fact, it may indeed be a bit less than 2 per cent because we have not had any real dent in unemployment numbers. Indeed, unemployment might have gone up, especially in Grand Bahama, and incomes really the greatest contributor to national output. Even if there is growth around the world therell be a time lag before it reaches the Bahamas. Mr Smith made his com ments in the context of world events such as the NATO-led mission in Libya and continued unrest in the Middle East, plus the disaster in Japan, where a massive earthquake and subsequent tsunami, coupled with an ongoing effort to avert a nuclear meltdown at a damaged plant, have significantly slowed or shut down industrial output and dampened consumer demand in that economy. In addition to these diverse circumstances, Europes economic stability faces fresh threats in the form of Portugals political opposition rejecting further austerity measures proposed by the government, which has subsequently collapsed, further raising the spectre of Portugal becoming the third economy to be bailedo ut by its fellow European nations to the tune of almost $100 billion. Each of these countries are also challenged with rising government debt. Such events have some analysts re-assessing what had been relatively optimistic evaluations for world econom ic stabilisation and growth in 2011. Mr Smith noted that these unfolding situations have potentially significant, but ultimately uncertain consequences, for the world and the Bahamas economy. At the global level, recognising that Japan is probably third or fourth in terms of total (global economic put, we are likely to see growth figures on the level of world growth that will be compressed somewhat because of the destruction in Japan, Mr Smith said. Having said that, you could also expect a reconstruction phase would take place, which would stimulate quite a bit of activity around the world for that rebuilding on a very massive scale. You will find many insurance companies with exposure i n Japan could have to chunk up big funds, and for that reason you could see property and casualty rates going up in the next year or so in the Bahamas. We are all tied in with globalisation, even to a catastrophe on the other side of world, so rates will go up everywhere. Meanwhile, the former finance minister proposed that a continuing conflict in Libya could have a knock-on effect on Bahamian tourism, in particular. Libya is not one of the major suppliers of petroleum, but I think they are the top supplier of the sweet crude used in the transportation industry, especially by the airlines. They are not reporting that their supplies are down, but getting to them will be difficult during a civil war, so you could see a spike in aviation fuel, which would have an impact on travel and work its way back to the Bahamas if airfares were to go up, said Mr Smith. The ex-minister concluded that, on balance, with whats happening with world wars and the global economy, circumstances do not augur well for T he Bahamas and our tourism industry. There are losses being suffered by either investors or job losses connected to places where the negative activity is taking place, so there could be a loss of income in US households, which translates to dampening in demand for vaca tion travel. I believe we ought to adopt a sort of wait and see attitude and look out for a very soft summer, which again doesnt help us, Mr Smith said. this month on the next phase of development, the Marina Drive condos. One 12unit condo building is now under construction and available for sale, with expectations that it will be completed by yearend, said Mr Brown. Some 150 people are presently employed on site in construction. Our next stage will be putting up the new club house, to add to the Governors Club, which we already have, and we expect that will be moving on later this year or early next year. We are also going to be building a lot of the houses that our lot owners have asked us to design, and build their properties for them. I would hope we would get moving on at least 15 or 20 of them this year, added the sales director. Beyond this, the developers plan to build a total of 50 condominium units to be completed by the middle of next year. M r Brown noted that the British pair who are behind the development, one a financier and the other a UK property developer who also has a home in neighb ouring Port New Providence, have already got the funding to build the entire project without relying on pre-sales. Total investment expenditure could hit in excess of $300 million by the time the development is complete, he suggested. We are committed to continue with this as weve obviously got a lot of money tied up in the project, and thankfully our British i nvestors believe in the project and in the Bahamas, said Mr Brown. East NP project eyes further $20m spend FROM page 1B Tourism warned of soft summer F ROM page 1B
Former minister of state for finance, James Smith, yesterday said he was sympathetic to petroleum retailers, who have suggested the mark-up the Government p ermits them to add to the gas and diesel they sell is too small to remain profitable, given their rising costs. But he suggested that a simple one-off increase in the fixed m ark-up allowed under the P rice Control regime may n ot be the most advisable way to solve the problem. It will be extremely tough on the consumer ( government yielding to the r etailers request to increase t heir mark-up) because gasoline is such an inelastic thing, Mr Smith said. You need it in order to get to work, and so on. People put a very high premi-um on using an automobile, a nd everybody is affected by [the cost of gas and diesel]. Following any increases y oull get buses and taxis w anting to increase their r ates, too, so its never-ending. Thats why I think [the G overnment] have to be very careful, taking into account the needs of the industry but also the impact on the public. It may need a gradual or graduated approach in the increase. Petroleum retailers, through the Petroleum Retailers Association, have c alled for a 233 per cent i ncrease in the mark-up they c an add to each gallon of gas s old, and a 400 per cent i ncrease in the mark-up they can add to a gallon of diesel. T hese price controlled c ommodities have been subj ect to the same fixed margin for 10 and 30 years respec-t ively, despite the rising cost o f oil on the global market. The retailers say their upfront costs are becoming so great, and their returns on investment so diminished, that some may notr emain in the industry much longer unless the Governm ent provides some relief in the form of an easing on mark ups. I n addition to considering a gradual approach to any a djustment permitted, Mr Smith suggested the Government may be wise to cons ider totally restructuring the way in which the price of gas is determined to take into account the cost of fuel f rom wholesalers. H is proposal is one which m any retailers have also b een supportive of, some h aving suggested that the amount of revenue they are a llowed to collect on each g allon sold should become a percentage of the cost of the gas or diesel, rather thana fixed figure. Whenever we have a large increase in the price of oil its a to and fro, with retailers saying their margins are being depressed as prices are going up and theya re paying more for the product, which is a correct a nd valid complaint. But I think in responding to that it might be useful to go back t o the drawing board and see if its possible to redesign t he structure under which the prices are determined, Mr Smith said. Theres something wrong when you have to go back every so often and ask for an increase. It should be an a utomatic stabiliser. M inister of State for the E nvironment, Phenton Neym our, met earlier this month w ith members of the petroleum retail sector and form ally received their request f or an increase in their gas a nd diesel mark-ups. He has since met with repr esentatives of the major oil c ompanies that supply the Bahamas to seek their input on the shift being advocated by the retailers. Companies which rely heavily on transportationh ave suggested that while they can understand the r etailers predicament, further increases in the cost of fuel at this time would put g reat stress on their businesses. W illiam Saunders, owner of Majestic Tours, said the increases demanded, if g ranted, would create a drastic situation for his c ompany, particularly as it is locked-into contracts with buyers of its services for the next year, and would be unable to pass on the cost b ecause of this. D ionisio DAguilar, pres i dent of Superwash, said the increases called for by retail e rs are huge, and added that he would have preferred if the Government had increased the mark-upsf or retailers by pennies each year rather than hold ing off on permitting a rise before hitting us with ah uge increase. Attempts to reach Mr Neymour yesterday for anu pdate on the Governments d eliberations were unsuc cessful as a phone message was not returned up to press time. B USINESS PAGE 4B, TUESDAY, MARCH 29, 2011 THE TRIBUNE Today, we picked up $1 million of subscriptions, so they continue to come in at a fairly good pace. We were getting 75s ubscriptions a day by the end of last week. Its actually going according to plan, and were fairly hopef ul that we will have an offering that is fully subscribed, if not oversubscribed. Mr Anderson said he and Commonwealth Brewery officials were set to make presentations to potential investors in the IPO in Abaco tomorrow, before heading to Freeport on Thursday. A dding that there remained a high level of interest in the IPO, the RoyalFidelity president said expressions of interest hadb een received from numerous investors yet to commit. These included the key institutional investors, such as pension funds and insurance companies, who were unlikely to come in until nearer the April 15 close, bringing with them the greater dollar volumes. At this stage, were reasonably likely to get $20 million from individuals, so we may only be looking for $42 millionf rom the institutions, and it may be a one-third/two-third split at the end of the day, Mr Anderson told Tribune Business. Its looking like a very good pick-up by retail investors. To boost investor demand and the IPOs accessibility to o rdinary Bahamians, Mr Anderson confirmed that RoyalFidelitys affiliate, Fidelity Bank (Bahamas available to government workers for 100 per cent of the dollara mount of Commonwealth Brewery that they wanted to acquire. In addition, Bahamians wanting to acquire more than $5,000 w orth of shares would be able to obtain a free brokerage a ccount with RoyalFidelity. The merchant bank, Mr Anderson s aid, would waive any commitment fees on margin loans (sums advanced against the collateral provided by securities such as s hares) and provide lending facilities for up to 45 per cent of the Commonwealth Brewery share subscribed for. The RoyalFidelity president added that such initiatives were i ntended to enable ordinary Bahamians acquire the amount of s hares they wanted, and said he expected subscriptions to increase this week due to the fact private and public sector employees were due to get paid. Commonwealth Brewery will be the third largest stock by market capitalisation when listed on BISX. The largest BISXlisted stock by market capitalisation is FirstCaribbean Inter-n ational Bank (Bahamas monwealth Bank at $670 million. FirstCaribbean, when it was CIBC, also holds the distinction of being the largest IPO to date a t around $30 million. With the $62.5 million Commonwealth Brewery/Burns House IPO set to be followed later this year by the flotation of the first9 per cent tranche of Bahamas Telecommunications Company ( BTC) shares retained by the Government, likely worth around $37 million, and the possible $8 million Arawak Cay port IPO, around $100 million worth of equities will be offered to theB ahamian capital markets this year. T he Government mandated that a 25 per cent stake in Com monwealth Brewery/Burns House be offered to Bahamian investors as an IPO as a condition for approving the $125 mil lion buy-out of the 50 per cent stake held by Associated Bahamian Distillers and Brewers (ABDAB cent controlled by Sir Garet 'Tiger' Finlayson and his family. T he IPO is being offered at the same terms, and price, as ABDAB received, the Government having approved the tim ing given that it agreed to effectively underwrite the offering by acquiring any shares not subscribed for by the Bahamian pub lic. $13m committed to Brewerys IPO FROM page 1B Gradual mark-up rise advocated for petroleum dealers FROM page 1B
BUSINESS T HE TRIBUNE TUESDAY, MARCH 29, 2011, PAGE 5B Have you heard the good news? You CAN save money!If you need a lower premium,low deductibles,generous benefits and a fast claims service,pick up the phone and ask NIBA for a great insurance deal.Its time to pay less for insuring your car! 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 of tourism telling Tribune Business there was nothing more d etrimental to the development of any destination than rising a irlift costs. S peaking after the UK government last week appeared to soften its position to APD reform, Vincent Vanderpool-Wall ace noted that the tax ran counter to both his drive to reduce airlift costs to the Bahamas to the bare minimum, and efforts to increase visitor numbers from Great Britain and Europe. D escribing the APD as inherently unfair for both the Bahamas and the wider Caribbean, as passengers travelling to Hawaii from London would pay less in tax than their counter p arts flying to Nassau, Mr Vanderpool-Wallace said it was impossible to determine its impact on UK and European visitor numbers a market that accounts for about 8 per cent of this nations annual tourist market. H owever, he told Tribune Business: The only thing we do know is that we do not wish to see any further increase in the costs of getting to the Bahamas, because thats always an i mpediment. In any way, shape or form, the larger issue is to discourage all other countries that might be considering such a tax froma pplying it. Mr Vanderpool-Wallace said the Bahamas was in quite a peculiar situation when it came to stopover tourist access to its product, given that especially for Europeans the only way tog et here was largely by air. Yet for many European nations, a substantial part of their tourism came from visitors who drove to their destinations f rom neighbouring countries. Hence the potential willingness to tax air travel, especially long distance travel, since although discriminatory against the Bahamas few of their citizensw ould be impacted by it. The air transportation part of it is so critical to us that, to iso late that part of transportation and apply a tax to it, is inherently unfair and, potentially, enormously impactful, Mr Vanderpool-W allace told Tribune Business. Detrimental There is nothing more detrimental to the development of any destination than the increasing cost of airfare. The single biggest difference between tourism and any other business is that I have only one shop. Comparing the Bahamas to a multi-national store such as Wal-Mart, with multiple outlets, Mr Vanderpool-Wallace explained that he had only one store. While consumers would naturally visit the Wal-Mart store closest to them, in the Bahamian tourism context, consumers only had one choice, meaning the cost of getting to this nation (airlift end product cost. Noting that this was a fundamental people seem to ignore, Mr Vanderpool-Wallace added: If I had a Bahamas that I could move to Spain, France, Germany, wed not be having this conversation. There is no question that the image and brand of the Bahamas is as good as it has ever been, the minister said. There is significant interest in coming here. But we have all the evidence in the world that this [airlift costs] is a fundamental part of the decision making process for people, so its critically important. The Bahamas and Caribbean have been lumped into Band C for the UKs APD, with passengers in the lowest travel classpaying in taxes on their ticket price, and those in other travel classes paying per person on top of the ticket price. They pay more in taxes than those travelling to the US cen tral and west coast, because the US is in the lower Band Band B by virtue of its capital, Washington, being based on the east coast. Pointing out that major tour operators and travel agencies, as well as airlines such as British Airways and Virgin Atlantic, had lobbied against APD, Mr Vanderpool-Wallace said: The way its designed is inherently unfair, particularly for the Bahamasand the Caribbean. Its based on the location of the capital of the country. The US capital, being on the east coast, allows them to be in a band lower than that for the Caribbean. The Chancellor of the Exchequer, George Osborne, said last week that the UK government had tried to replace the APD's per passenger tax with a per plane tax, but had been advised that this and other options assessed were all illegal under international law. Promising that the UK would work to change this law, Mr Osborne told the UK Parliament: "In the meantime, we are consulting today on how to improve the existing and rather arbitrary bands that appear to believe that the Caribbean is further away than California.......... "And I can tell the House that with the hefty duty rise last year, and with the cost pressures on families, we think it wouldbe fair to delay this April's Air Passenger Duty rise to next year." UK air tax lobby key to discourage other states FROM page 1B Mr Lowe said potential new car b uyers had to finalise their loan p roposals, take them to the banks and provide evidence of the appropriate downpayment, and then obtain insurance coverage for the t arget vehicle. Telling Tribune Business that the process of obtaining debt financing for new car purchases h ad been tough, as Bahamian commercial banks exercised caution over who they lent to in an environment of high loan defaults, MrL owe added: In recent months, t hat process has been quite protracted, but hopefully from whato ur people saw at the Car Show, t he banks are more serious about g etting money out of their coffers. Thats a good sign. Its probably going to take a w eek, 10 days, maybe a bit longer b efore we know whether people t here are going to go through with it. But everyone felt much better a bout this year than last year. The aggression of some of the banks they were really pounding the pavement, trying to get clients. S o most should be willing to lend. Fred Albury, Executive Motors owner/president, confirmed Mr Lowes assessment, telling Tribune B usiness: The Car Show was fairly positive. The floor traffic was s teady. The applicants; the people looking, seemed to be of a more s erious nature compared to last y ear. The banks confirmed that the q uality of customers was higher, better than last year. Theres some p ositive signs in that regard. New car sales increased yearo ver-year by 3.27 per cent in 2010, and Mr Albury added of the Car Show: The people who did come through this year are a reflection of the pent-up demand that might be out there, and people needing new cars. Some potential purchasers had i ndicated they were holding off on b uys until the New Providence Road Improvement Project and associated roadworks were com-p leted, presumably because of the wear and tear impact this might have on these vehicles. Positive Y et Mr Albury added: The b anks Ive spoken with, Commonw ealth Bank, FirstCaribbean and the Royal Bank of Canada, all had p ositive things to say about the quality of the applicants. All indications are that the applicants are o f better quality. Commonwealth Bank indicated that it was looking to do a few more applicants that what they didl ast year. All in all, it was positive. Andrew Barr, sales manager at F riendly Motors, told Tribune B usiness that closed sales resulting from the Car Show would demonstrate just how willing Bahamians were to pay the higher prices resulting from the 2010-2011 Budgets duty increases and structural c hange. I would consider the Car Show very successful, Mr Barr said yesterday. There was a big turnout, a lot of writing. Banksw ere writing out loan applications, there were a lot of insurance q uotes, and a lot of applications for quotes on vehicles. This will be the first Car Show that reflects the price increases ona lot of vehicles as a result of the B udget. Its a fact of life, affects everyone equally and we have to do the best marketing we can to ensure customer interest in purc hasing new vehicles. As far as the Show itself is concerned, it has to go down as a success. The actual legitimate success o f the Show will be determined o ver the next two to eight weeks. A pril, May will probably be the m onths that give us some indication as to how successful the Show has been, and how willing Bahamians are to pay the higher prices on show. Mr Barr, though, said new cars being sold by Bahamian dealers were still good value in comparison to US prices, especially given the new technology and features i ncorporated in models such as Fords latest Explorer and Edge versions. He, along with Mr Albury and Mr Lowe, also pointedo ut that one potential problems was whether BMDA members had e nough inventory and new vehicle supplies on order to meet potential demand. Many Bahamian dealers had opted to keep inventory levels and o rders low given the depressed state of the Bahamian economy, only for the impact of the Japanese earthquake to send shockwaves t hrough the global car industry. W ith many car parts manufacturers devastated by the earthquake and resulting tsunami, leadi ng brands such as Toyota and H onda are likely to experience diff iculty in obtaining the necessary p arts for their new cars. Mr Lowe said an Auto News report had predicted that global car production could drop by 100,000 new vehicles this year as a result of reduced parts supplies. MORE AGGRESSIVE BANK STANCE BOOST FOR DEALERS FROM page 1B The banks confirmed that the quality of customers was higher, better than last year.
CANDICE CHOI, AP Personal Finance Writer NEW YORK Steer clear of credit cards. Hoard cash for a big down payment on a home. Put off retirement savings until student loans are paid off. New graduates and young professionals are often faced with a barrage of financial advice. The challenge is separating the bankable wisdom from the myths, particularly at a time when so many of the well-established rules have been upended. Consider the many moving parts: Sweeping overhauls of credit cards and health insurance regulations were signed into law. And after suffering steep losses, retire ment accounts are just now moving past where they stood at the peak of the market. The implications of such events can be difficult to process for those just starting their financial lives. But early decisions can dra matically alter futures. Young people who've toiled to earn a degree still have more work to do. "You want to sit down and plan, so you really have something to show for it down the road," says Greg Womack, a certified financial planner in Edmond, Oklahoma. To avoid regrets, don't buy into these five myths: 1. Nobody is hiring in this economy. The unemployment rate remains stubbornly high at 8.9 percent. The bleak headlines are discouraging for those look ing for better jobs and the latest crop of May graduates. Still, positions constantly open up as a result of turnover, even when a company has a hir ing freeze. The key is to be prepared to capitalize on those opportunities. Rather than post a resume on general job sites, for exam ple, look to establish targeted connections. That could entail joining a professional or alumni association to start meeting the right people. Even if those newfound con tacts aren't in a position to hire, they can provide insight into an organization. "Make yourself a known personality," says Eleta Jones, associate director of The Center for Professional Development at the University of Hart ford. "So when a position does open up at a company, you're at the top of everyone's mind." That's not to say there won't be disappointments. But the outlook is improving. In February, companies added more workers than in any month in almost a year. It helped push down the unemployment rate a full percentage point in just three months the sharpest drop in a generation. And economists only expect stronger hiring to con tinue. 2. Debit trumps credit as a way to avoid debt. Credit cards get a lot of heat for burying consumers in debt. Young people in particular can run into trouble as they set up new apartments, buy clothes for work or spend to fill the gaps left by an entry-level paycheck. Debit cards meanwhile are viewed as a way to control spending and stay on budget. Yet when used responsibly, credit cards offer more advan tages than debit cards. Users benefit from greater fraud pro tections and can earn valuable rewards for spending. More importantly, those just starting out should understand the role credit cards play in building a strong credit history. That in turn lays the groundwork for when the time comes to buy a car or a home. It's true that carrying too high a balance or missing pay ments can seriously damage credit histories. Once those pitfalls are in check, however, there are plenty of reasons to sign up for credit cards. Besides, new regulations now protect consumers from many of the questionable practices that gave credit cards such a bad name. For example, issuers can't hike rates on existing bal ances or charge excessive penalty fees. 3. Health insurance is wasted on the young and healthy. There's a higher percentage of uninsured among 19to 29year-olds than any other group in the country, according to the Kaiser Family Foundation. That's in part because young adults are more likely to have jobs that don't offer benefits. Under the health care over haul, however, young adults can now piggyback on their parents' insurance plans until they're 26. The rule was intended to address the gap in coverage many face when transitioning from college into the work force. It's an option worth tak ing advantage of even if it costs a little extra to stay on a parent's plan. And state regulations can provide even more generous benefits. In New York, for example, unmarried children can stay on a parent's insurance until age 30 if they live in state. A stateby-state list of provisions is available from the National Conference of State Legisla tures at http://bit.ly/9Sg5El. Paying for coverage may seem like a waste, but the truth is that a single medical incident could result in considerable debt. With a few precautions, that's a scenario that can easily be avoided. 4. Saving for retirement is the least of your worries. When paychecks are modest, it can be a struggle to keep up with rent, student loans and credit card bills. Retirement seems like such a low priority. But saving early is more of a necessity than ever before. Companies are steadily scal ing back benefits and putting more responsibility for saving on workers. Today, just 15 percent of private-sector workers have a pension plan that guarantees a steady payout during retirement. That's down from 39 percent in 1980, according to the Employee Benefit Research Institute in Washing ton, D.C. The bottom line is that there's more pressure than ever before to build up a nest egg. So even if paychecks are stretched thin, be sure to sign up for a 401(k Earning compound interest for decades on even a small monthly contribution will make a huge difference. Automatic enrollment has increased 401(k participation rates. But rather than sit back, review the plan and contribution levels. It may be wise to increase the amount withheld from paychecks. If an employer offers matching contributions, don't leave any available money on the table. 5. Forget about buying a home without a big down payment. It's a great time to buy a home, with the average rate on the 30-year fixed mortgage still below 5 percent. But young people who don't have substantial savings might assume they can't take advantage. Although lenders have tightened lending standards, there are still options for individuals who have a solid credit history and a steady income. Anyone can apply for a loan from the Federal Housing Administration, which only requires a 3.5 percent down payment. Borrowers will also have to pay for mortgage insurance, but those added costs could easily be worth the value of buying in today's market. "The economy has created a lot of hesitation about buying," says Greg Herb of the National Association of Realtors. "But in a few years, a lot of people are going to be looking back and saying I wish I would've bought then." B USINESS PAGE 6B, TUESDAY, MARCH 29, 2011 THE TRIBUNE 5 money myths that can derail the inexperienced DEREK KRAVITZ, AP Real Estate Writer WASHINGTON M ore Americans signed contracts to buy homes in February, but sales were uneven across the U.S. and not enough to signal a rebound in the housing market. Sales agreements for homes rose 2.1 percent last month to a reading of 90.8, according to t he National Association of Realtors' pending home sales index released Monday. Sales rose in every region but the Northeast. Signings were 19.6 percent above June's index reading, the low point since the housing bust. Still, the index is below 1 00, which is considered a healthy level. The last time it reached that point was in April, the final month people could qualify for a home-buying tax credit. Contract signings are usually a good indicator of where the housing market is heading. T hat's because there's usually a oneto two-month lag betweena sales contract and a completed deal. But the Realtors group also noted "a measurable level of contract cancellations" that also occurred in February. Many buyers canceled after appraisals showed the properties were valued much lower than their initial bids. A sale is not final until a mortgage is closed. "Therefore, the latest pickup in pending home sales and mortgage applications might not necessarily end up in a measurable pickup in mortgage closings and translate into an increase in existing home sales," said Yelena Shulyatyeva, an analyst at BNP Paribas. T he pace of sales varied from region to region. Signings fell 10.9 percent in the Northeast. They rose 2.7 percent in the South, 4 percent in Midwest and 7 percent in the West. High unemployment, strict lending standards, and a record number of foreclosures ared eterring would-be buyers, who fear home prices haven't reached the bottom. Sales of previously owned homes fell last year to the lowest level in 13 years. Economists say it will be years before the housing market fully recovers. The rise in foreclosures has pushed the median price of previously occupied homes to its lowest point in nearly 9 years. New-home sales have fared even worse. Americans are on track to buy fewer new homes than in any year since the government began keeping data almost a half-century ago. Sales are now just half the pace of 1963 even though there are 120 million more people in the United States now. More people signed contracts to buy homes in February (AP Photo/Mary Altaffer, file WERE ON OUR WAY! In this file photo taken May 12, 2010, Elizabeth Mo, left, of Easton, Conn., smiles during New York Universitys commence m ent ceremony,at Yankee Stadium in New York. The pitfalls are all around when youre just getting started in your career. When youre young and healthy, retirement savings and insurance seem like such low priorities. (AP Photo/Nick Ut, file PENDINGSALE: In this Feb. 15, 2011 file photo, a pending sale sign is displayed at a house in Alhambra, C alif. Fewer Americans signed contracts to buy homes in January, the latest evidence that the housing mark et is struggling. SAN FRANCISCO J ack Dorsey, the Twitter cofounder responsible for the messaging service's first tweet five years ago, is returning to oversee the company's products. Twitter is tapping into its creator's ingenuity as it tries to build upon its popularity tomake more money by selling more ads. The privately held company doesn't disclose its finances, but research firm eMarketer Inc. estimates Twitter will bring in advertising revenue of about $150 million this year. Dorsey, Twitter's original C EO, announced his new role Monday on his Twitter account. He says he intends to remain CEO of a mobile payments service called Square that's located near Twitter's San Francisco headquarters. As part of his new job, Dorsey's title has been changed from Twitter's chairman to executive chairman. "I'm thrilled to get back to work at Twitter," Dorsey tweeted Monday. TWITTER'S FIRST TWEETER RETURNS AS PRODUCT GURU
DAVID K. RANDALL, AP Business Writers FRANCESCA LEVY, AP Business WritersNEW YORK Stocks edged higher to start t he week after economic reports suggested that the recovery is continuing. T he Commerce Department said consumer spending rose at its fastest pace in fourm onths in February, though some of the increase was dri ven by higher gas prices. T he National Association of Realtors said more Americans signed contracts to buy homes in February than econ-o mists were expecting. Sales rose in every region but the Northeast, but remained b elow what is considered a healthy level. The Dow Jones industrial average gained 17 points, or 0.2 percent, to 12,238 in after noon trading Monday. The broader S&P 500 index rose 2 or 0.1 percent, to 1,315. The Nasdaq composite inched up 2, or 0.1 percent, to 2,745. We are continuing to grind higher because all of the economic data that was strongert han expected," said John Brady, a senior vice president at MF Global. Stabilising "There was no more bad news out of the Middle East over the weekend and the situation in Libya looks like it'ss tabilizing." In Libya, rebels gained ground against longtime leader Moammar Gadhafi a fter international airstrikes against Gadhafi's forces. O il prices fell as Libyan rebels retook control of key p ort towns Ras Lanouf and Brega and said they would r esume exporting crude within weeks. In the U.S., Eastman K odak Co. jumped nearly 9 percent after the U.S. Trade C ommission said it will review a judge's finding in a patent d ispute with Apple Inc. and Research in Motion Ltd. A favorable ruling could pave the way for Kodak to r eap higher fees. O il-services companies Halliburton Co. and Schlum berger Ltd. each rose more t han 5 percent to lead the 500 stocks in the S&P index. N etflix Inc. rose 4.5 percent after announcing a deal with P aramount to stream more movies to subscribers in C anada. Retailer Harry & David said it would file for bankruptcy reorganizationa fter battling weak revenue and hefty debt. T he seller of fruit baskets and snack gifts has struggled a s consumers cut down on discretionary spending. T his is a data-heavy week on Wall Street. A crucial jobs r eport and manufacturing surv eys will be released over the next five days. B USINESS PAGE 8B, TUESDAY, MARCH 29, 2011 THE TRIBUNE 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.191.190.003,5000.1230.0409.73.36% 1 0.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas5.205.200.000.1530.10034.01.92% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2 .201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 1 2.409.25Cable Bahamas9.259.250.001.0500.3108.83.35% 2.852.35Colina Holdings2.402.400.001.0310.0402.31.67% 7.005.80Commonwealth Bank (S1)6.826.820.000.4880.26014.03.81% 2 .861.90Consolidated Water BDRs2.222.260.040.1110.04520.41.99% 2 .541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.305.22Famguard5.225.220.000.3570.24014.64.60% 9.275.65Finco7.507.500.000.6820.00011.00.00% 11.408.77FirstCaribbean Bank9.309.350.051,1600.4940.35018.93.74% 6 .004.57Focol (S)5.485.480.000.4520.16012.12.92% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.307.300.000.0120.240608.33.29% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.002100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.003 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6 .95%20 November 2029FRIDAY, 25 MARCH 2011BISX ALL SHARE INDEX: CLOSE 1,474.46 | CHG 3.13 | %CHG 0.21 | YTD -25.05 | YTD % -1.67BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017F INDEX: YEAR END 2008 -12.31%30 May 2013 5 2wk H i 5 2wk L ow S ymbol B id $ A sk $ L ast P rice D aily V ol E PS $ D iv $ P /E Y ield 1 0.065.01Bahamas 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 Fund2.94860.04%1.45%2.918256 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 Fund13.43920.61%-0.22% 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 7/11/200731-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 31-Jan-11CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 28-Feb-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071 107.570619 105.776543 30-Jun-10 31-Dec-10 30-Nov-10 31-Jan-11 A look at economic developments and activity in major stock markets around the world Monday: ___ LISBON, Portugal Portugal's financial tailspin gathered speed despite political efforts to contain the acute debt crisis that is also unnerving the 17-nation eurozone. The interest rate on Portugal's 10-year bond surged to a new euro-era record of 7.9 percent an unsustainable borrowing cost for the cash-strapped country. Also, ratings agency Standard & Poor's lowered the credit worthiness of the five biggest Portuguese banks and warned it may cut the country's credit rating later this week due to political uncertainty after the government resigned last week. That development compounded Portugal's already daunting prob lems. ___ TOKYO Workers discovered new pools of radioactive water leaking from Japan's crippled nuclear complex, officials said, as emergency crews struggled to pump out hundreds of tons of contaminated water and bring the plant back under control. ___ LONDON In Europe, Germany's DAX was up 0.1 percent at 6,954 while the CAC-40 in France rose 0.3 percent to 3,982. The FTSE 100 index of leading British shares was trad ing 0.2 percent higher at 5,914. ___ TOKYO In Asia, Tokyo's benchmark Nikkei 225 dropped 0.6 percent to 9,478.53, while Hong Kong's Hang Seng index shed 0.4 percent to 23,068.19. Shanghai's Composite index eked out a 0.2 percent gain to 2,984. ___ CANBERRA, Australia Australia's parliament endorsed the government's contentious plan to roll out a 36 billion Australian dollar ($37 billion work that will be among the world's fastest. ___ BEIJING A government official announced that China aims to reduce energy use and carbon emissions per unit of economic output this year by 4 percent, the official Xinhua News Agency said. ___ BAGHDAD Joined by dozens of businessmen, Turkey's prime minister led trade talks with Iraqi leaders that officials said would be a step toward greater regional stability as the Middle East roils from uprisings and unrest. ___ NICOSIA, Cyprus Cyprus' Central Bank governor says a proposed bank stability fund needs at least 500 million euros ($700 million ly backstop the financial sector in case it runs into trouble. GLOB AL ECONOMIC NEWS associated press Stocks push higher after economic reports improve NEW YORK The dollar fell against the euro in midafternoon trading Monday after a speech by European Central Bank President Jean-Claude Trichet indicated to investors that higher interest rates are likely. Investors have already expected that the European Central Bank will raise rates when they meet next month. However, Trichet's speech on Monday refocused the idea and helped push the euro higher against the dollar, said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto. Central banks raise interest rates to help counter inflation, and higher rates on government bonds tend to increase demand for the currency linked to that country or region. The euro rose to $1.4092 Monday from $1.4073 late Friday. T he dollar rose to 81.73 Japanese yen Monday from 81.41 yen late Friday. Concerns about c ontamination in Japan continued as officials said radiation was seeping into the soil and seawater outside the Fukushima Dai-ichi power plant which was crippled by an earthquake and tsunami more than two weeks ago. In the U.S., economic data showed that Americans earned more and spent more money in February thanks to a tax cut. Consumer spending jumped 0.7 percent in February while personal incomes rose 0.3 percent, according to the Commerce Department. Meanwhile, The National Association of Realtors said more Americans signed contracts to buy homes in February, with sales rising in every region but the Northeast. However, the National Association of Realtors' pending home sales index moved up to 90.8, still below 100 which is considered a healthy level. In other trading Monday, the British pound fell to $1.6006 from $1.6019 late Friday. The U.S. dollar fell to 0.9177 Swiss franc from 0.9195 franc, and it fell to 0.9767 Canadian dollars from 0.9812 Canadian dollars. DOLLAR FALLS AGAINST EURO AFTER TRICHET SPEECH TAREK EL-TABLAWY, AP Business Writer CAIRO E gypt's stock market pared early gains on Monday, retreated slightly from its market-opening rally linked to bargain hunters snapping up shares that had been heavily sold off over the past couple of sessions. The broader EGX100 index surged 5 percent within the first 15 minutes of trading, triggering a 30 minute suspension of trading for the fourth consecutive session. The benchmark EGX30 index climbed roughly 7.2 percent before trading was halted. It slumped, however, with the resumption of trading and was up just 1.66 perc ent by 11:25 a.m. Cairo time, according to the Egyptian Exchange's Web site. "Foreign buyers stepped in early," said Khaled Naga, a broker with Mega Investments, adding that institutions were also moving away from the focus on selling that they had adopted since the exchange resumed operations on Wednesday. The market had been closed since Jan. 27 as protests that eventually ousted former President Hosni Mubarak gathered momentum. The exchange's restart since then was delayed several times as o fficials set up mechanisms to safeguard the market, such as "circuit-breakers" if the EGX100 hits 5 percent and 10 percent, and looked to make sure that officials and businessmen under investigation for alleged corruption were not able to liquidate their holdings. The links behind these individuals and some of the country's biggest blue chip companies sharply eroded buying sentiment in the first couple of days, prompting many to dump shares even as the companies scrambled to distance themselves from the investiga-t ions. Several companies neared their 10 percent upper limit within minutes of the opening bell on Monday, with Commercial Inter national Bank, the country's biggest lender, surging 9.97 percent to 35.17 pounds. Orascom Telecom was up 9.91 percent to 4.66 pounds. Telecom Egypt was up 10 percent at 17.6 pounds. Still firmly in the red was Ezz Steel, the company whose chair man, Ahmed Ezz, is among the most high profile businessmen and former party officials facing criminal charges. Ezz's shares were att heir 10 percent limit down early in the day, at 11.62 pounds. The benchmark index had closed around 5 percent higher on Sunday, moving part way to reversing earlier losses accrued over the two trading days last week. Traders had expected a measure of volatility in the market, arguing that a clearer picture would likely not emerge before midweek when investors who were looking to free up capital eased back and more aggressive buyers stepped in. EGYPT STOCKS PARE GAINS AFTER EARLY RALLY (AP Photo/Amr Nabil MARKETRETREAT: An Egyptian vender adjusts her veil in front of a giant poster of a US dollar outside an exchange office in Cairo, Egypt, Monday, March 28, 2011. Egypt's stock market pared early gains on Monday, r etreated slightly from its market-opening rally linked to bargain hunters snapping up shares that had been heavily sold off over the past couple of sessions. INTERNATIONAL BUSINESS BEIJING China has issued new targets to curb carbon output and improve efficiency in using energy and water, state media reported Monday. A government official announced that China aims to reduce energy use and carbon emissions per unit of economic output this year by 4 percent, the official Xinhua News Agency said. The government also wants to reduce water use per unit of output by 7 percent this year, Zhou Changyi, an official in the Min istry of Industry and Information Technology, said during a conference in Nanjing. China's government says it successfully completed a five-year effort last year to reduce energy use per unit of output by nearly 20 percent from 2005 levels. Meeting the energy efficiency target was seen as a key marker of China's commitment toward fighting global warming. It has sur passed the United States as the world's largest producer of green house gases, largely because its economic development over the past three decades has relied on laborand energy-intensive g rowth. The new cuts are part of China's wider plan to reduce both energy consumption and carbon emissions per unit of GDP by 18 percent over the next five years, said Deputy Minister Su Bo. The government pledged a 30-percent reduction in water consumption per unit of GDP over the same period, he said. The targets are slightly higher than what China had pledged to do in its 12th Five-Year Plan released earlier this year during its annual congress. In the original plan, energy use and carbon emissions would be cut by 16 percent while water use would come down by 25 percent. CHIN A UNVEIL S NEW ENERGY, WATER EFFICIENCY GOALS JOSH FUNK, A P Business Writer OMAHA, Nebraska Warren Buffett's company offered a strong endorsement of five stocks it holds as part of discussions with regulators, sayingit believes Wells Fargo & Co., Kraft Foods Inc., Sanofi-Aven tis, Swiss Re and US Bancorp are all undervalued. Buffett's Berkshire Hathaway Inc. on Monday filed copies of letters it had exchanged with the Securities and Exchange Commission over the past several months. R egulators had questioned whether Berkshire should write down the value of those investments because their stock prices had fallen since Buffett's company first bought the shares and r emained below Berkshire's cost for more than a year. Berks hire resisted because company officials believe all five stocks will rebound and Berkshire has no immediate plans to sell them at the current lower prices. B erkshire ultimately recorded an impairment of the value of its holdings in drugmaker Sanofi Aventis, reinsurance firm Swiss Re and banking company US Bancorp at the end of 2010 to comply with accounting rules. Those changes werepart of a $938 million writedown Berkshire recorded on its $61.5 billion stock portfolio in the fourth quarter. One example of the price difference that concerned regula tors can be seen in US Bancorp's stock. Berkshire paid $2.4 bil lion for its stake in the company, which was worth $2.1 billion at the end of 2010 when the stock sold for $24.84. On Monday, the stock was selling for $26.90. BUFFETT'S FIRM DEFENDS VALUATION OF 5 STOCKS