NASSAU AND BAHAMA ISLANDS LEADING NEWSPAPER Prison buses crash sparks investigation Volume: 107 No.135FRIDAY, MAY 6, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY, T-STORM HIGH 85F L OW 75F S P O R T S S EESECTIONE Tank: Holyfield avoiding fight By AVA TURNQUEST Tribune Staff Reporter firstname.lastname@example.org PRISONER transport faces renewed scrutiny after a crash between two prison buses yesterday morning. Two prisoners and one guard were taken to hospital for treatment of minor injuries as a result of the traffic accident involving prison and police escort vehicles on Bernard Road. The incident fuelled rumours of a mass prison break and shooting of a police officer yesterday, with both the police and Ministry of National Security issuing statements to dispel the concerns. National Security Minister Tommy Turnquest said: I find this disturbing to hear on the radio, and in social media that irresponsible statements would be made without checking the facts. This cre ates fear in a society without cause and there is no place for it. Its something that did nt happen and everyone that repeats the story, adds to it. The prison motorcade was Two prisoners and guard taken to hospital COOKIES & CREAM McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM SEE page 12 ACCIDENTSCENE: One ofthe prison buses is towed yesterday after the crash. Tim Clarke /Tribune staff NASSAU HARBOUR CLEAN-UP CLEAN-UP: Government workers remove derelict boats from the Potters Cay area y esterday. The work was part of the Nassau Harbour improvement project. Felip Major /Tribune staff P OLICE arrested two suspects in relation to alleged threats of death made against serving member of parliament, independent MP BranvilleM cCartney. The men were taken into c ustody a day after police released photos of two suspects t aken from surveillance footage at Mr McCartney's law office, H alsbury Chambers. The photos clearly show the faces of two men, who at times appeared to look directly into the surveillance cameras. We have two persons in cus tody and we are questioning By CELESTE NIXON Tribune Staff Reporter email@example.com THE poor performance of students in government-run schools is cause for alarm, according to P rime Minister Hubert Ingra ham. During the official opening of the Doris Johnson Senior High School yesterday, Mr Ingraham said while many educational ini tiatives are being carried out throughout the country, there is still much work to do. Our task as a nation is to fashion students of competence, c haracter and citizenship, the By NOELLE NICOLLS Tribune Staff Reporter firstname.lastname@example.org CENTRAL Bank employees are rejecting the administrations plan to slice pension ben efits in a unilateral and unlaw ful manner, according to inside sources. The banks plan was called discriminatory by employees who expressed their opposition at a confidential union meeting yesterday, attended by members of the Union of Central Bankers and the Bahamas Communication and Public TWO ARRESTED OVER ALLEGED BRAN DEATH THREATS SEE page 12 PM ALARM AT PERFORMANCE OF GOVT SCHOOL STUDENTS SEE page 12 CENTRAL BANK STAFF REJECT PLANS TO SLICE PENSIONS SEE page 12 THEBAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E
L OCAL NEWS PAGE 2, FRIDAY, MAY 6, 2011 THE TRIBUNE By LAMECH JOHNSON N EARLY a decade after its construction, an official o pening ceremony was held yesterday at Doris Johnson Senior High School. The school on Prince C harles Drive, named after educator and politician D ame Doris L Johnson, opened in 2002 while the PLP was in office, but neve r enjoyed an official opening ceremony until now. Prime Minister Hubert Ingraham, who gave thek eynote address, joked a bout the happy coinci dence that the school, w hich was constructed duri ng his first stint as the nations head, was now being officially opened after his return to office. T he Prime Minister went o n to say the value of yest erdays ceremony was t wo-fold, providing both an opportunity to reflect on the role of education in the country's national development and history, and "also an occasion to celebrate the contributions to t hat development and history by outstanding Bahamians." H e highlighted the many a ccomplishments of the l ate Dr Johnson, including her successful fights to secure the vote forB ahamian women and to protect the right of every Bahamian child to an edu cation. D oris L Johnson was an educator by profession who obtained both a master's degree and doctorate a broad in the late 1950s. U pon returning to the B ahamas, she continued to w ork in education but also became politically involved in groups like the Women's Suffrage Movement and later the PLP. She was the first woman president of the Senate a fter majority rule in 1967 and was appointed the first woman Cabinet minister in t he Bahamas in 1968. M r Ingraham said yest erdays ceremony was a fitting way to honour her, and said he had "no doubt"s he was smiling down on those in attendance. "Were she here with us this morning, she would beb ursting with pride to see how far we have come, and remind us from whence we came, he said. UNVEILING: Prime Minister Hubert Ingraham and Barbara Brooks, sister of Doris Johnson, unveil the school plaque at the official opening. Official opening ceremony held for Doris Johnson Senior High School
B y AVA TURNQUEST T ribune Staff Reporter email@example.com DESPITE the recent exod us of 10 of its members, i ncluding its former leader, the N ational Development Party h as reaffirmed that it will continue its mandate to contest t he next general election. T he party maintained that being courted by major political parties served to validate and strengthen its vision. Prince Smith, director of c ommunications, said: The N DP bears the closest resemb lance of a true democratic p rocess in the history of the B ahamas by virtue of our primary process. It is the underl ying formula for economic empowerment, and is seen by e stablished failing parties as a new beacon of hope. They s eek to neutralise us but its n ot going to work. Kendal Smith, a communications officer, said: It vali dates our position, the mere fact that you have this major political party courting leadersof a third entity if we did n ot matter they wouldnt w aste their time. R emaining party members v oted overwhelmingly against joining the official o pposition earlier this week. L indon Nairn, now the new l eader, said: Less than 48 hours ago, the National Development Party voted overwhelmingly against joining the PLP. That fact notwithstanding, the NDP thanks the PLP for their assis tance in helping to strengthen its resolve. Ten members of the third partys executive council, including leader Renward W ells, joined the official oppos ition this week. At a press conference on Tuesday, Mr Wells maintained that the former NDP members were not promised any post or nomination in the next general election in exchange fort heir membership. T he parting members a dvised that the shift was i nfluenced by Mr Christies p olitical philosophy and the c hanges in the political landscape over the last month. Mr Nairn said: The NDP is bigger than any one person or sub-group; the NDP is an institution. Those who werew ith us, we wish them well in t heir titanic leap of faith. The N DP will move forward. H e added: We are convinced that the answer to ourc ountrys problems does not reside with the political dinosaurs. We want to assure the Bahamian people who cry daily for change that not only do we hear you but we are m oved to continually act on y our behalf. T he turnaround also s hocked Workers Party L eader Rodney Moncur, who said he was not informed of t he decision despite the memo randum of understanding b etween the two parties. Mr Moncur said that the alliance between the two par ties, established last year for the next general election, has been broken. LOCAL NEWS T HE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 3 A 41-year-old man was sentenced to nine months in prison yesterday after pleading guilty to drug charges. Sunny Ezekiel Russell of Nicholls Town, Andros, was arraigned before Deputy Chief Magistrate Roger Gomez in Court 8, Bank Lane, charged with cultivation of dangerous drugs and possession of dangerous drugs with the intent to supply. It is alleged that on Friday, April 29, Russell was found cultivating a quantity of marijuana. It is also alleged that on the same dayhe was found in possession of a quantity of marijuana with intent to supply. According to the prosecution, Russell was found in possession of 44 marijuana plants, 36 marijuana seeds and 10 marijuana leaves. Russell pleaded guilty to the charges and was sentenced to nine months in jailon each charge. The sentences are to run concurrently. Man sentenced to nine months on drug charges court NEWS NDP reaffirms party mandateto contest next general election Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhapsy ou are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. L L i i n n d d o o n n N N a a i i r r n n F ORMER NDP LEADER R enward Wells left the party to join the PLP this week. The NDP is bigger than any one person or sub-group; the NDP is an institution. Those who were with us, we wish them well in their titanic leap of faith. The NDP will move forward.
EDITOR, The Tribune. I t is about that time again, w hen politicians find their way back to church. In the past, there were very activep olitical surrogate commun ities within the numerous c hurch bodies and many were even labeled as PLP or FNM denominations. H owever, the last decade has seen a decrease in thel evel of influence that political organisations have on c ongregations, due primaril y to the non-partisan stance t hat pastors have taken. This position was taken o ut of necessity. The fallout that happened following past elections had a negative impact on the ability of a congregation to do what it was mandated to do, not to say that it has stopped the ground level s kirmishes. T here are churches where members take exception to their brothers and sisters in C hrist coming to worship or p ray in particular colours. There are churches where political evangelism is toler ated and not addressed, by the clergy. There are pastors who do not have any authority, they have compromised themselves because of what they h ave allowed. It is within the above m entioned scenarios that politicking finds fertile ground. Is there a connection between our past indiscret ions in the political land scape and the present level of crime? I would think so. Too many of us who namet he name above all other n ames have a habit of running after other gods, especially in the political season. Our participation in politics and support for persons who are only interested in us every five years can only b e termed and exercise in prostitution, as we spread ourselves wide without any regard for consequences. M oreover, thinking that w hatever we get at the end of the day will be worth whatever it is that we have to go through. W hen things go wrong as they do in normal life, the question of, What is the Church doing? is bounced around the media. It is a knee jerk reaction. If there is to be change we will have to ask to ask another ques tion, What has the church (and its members allowed? especially withinc hurches where political d emonisation is rampant and pastors, priests, bishops, elders and leaders have nota llowed the full counsel of t heir mandate to be proclaimed and defended. The issue of confession, reflection and wise response must be seen as a necessityi n the life of all those who h ave to deal with the nega t ive intrusion of politicians and their surrogates, in the n ational psyche. T he upcoming election will demand a standard of accountability that we have not had the spine to demand across the board. There are pastors who have stood t heir ground, but that g round will have to be expanded in the upcoming election if we are to havet he kind of leaders who will s tand for more than what t he past has produced. The fact that more than forty years have passed since 1 967, should give us pause as we reflect upon what thisa mount of time represents in biblical terms. T he political use of church c ongregations over that perio d can be seen as a key element in our social degenera tion. This abusive exercise has separated communities and families to the extent t hat ongoing social fracturing is now rampant and ongoing. Our journey toward that promised land in what s hould be a modern B ahamas, have us adrift in a wilderness of our own mak ing. I t is up to people w hether they be in the pul pit, the community or the pew to step back and reflect upon our use of our political machine as we approach 2012. Those who are elected to represent must be constrained to do just that, and t hat alone. We will not survive as a n ation or a people if we con tinue to believe the lies and use the lies to benefit ourselves at the expense of this nations children and future. EDWARD HUTCHESON Nassau, A pril 25, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, MAY 6, 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 W EBSITE www.tribune242.com updated daily at 2pm WASHINGTON Osama bin Laden's death has Congress pointing fingers at Pakistan and many in the Obama administration expressing thinly veiled exasperation. But it probably will not mean the breakup of a marriage of convenience that is maddening to both the U.S and nuclear-armed Pakistan. The alternative would be worse. "It is not always an easy relationship," Secre tary of State Hillary Rodham Clinton acknowledged Thursday, but it is useful for both countries. "We are going to continue to cooperate between our governments, our militaries, our law enforcement agencies," she said. Yet the commando raid Monday on bin Laden's comfortable house deep inside Pakistan exposes a stark truth that bodes ill for the decadelong U.S. strategy to coax greater cooperation from its wavering counterterrorism ally and bankroll its weak leaders: Pakistani officials tolerated or helped the biggest-ever mass murderer of Americans or were so inept that he lived for years right under their noses. Shamefaced Pakistani authorities say it is the latter, but some in Congress are already clamouring to cut or eliminate the nearly $1.3 billion in annual aid to Pakistan. And the Obama admin istration may be tempted to opt for more go-italone operations. Through either complicity or incompetence, Pakistan's failure to do anything while the alQaida mastermind spent up to six years in a con spicuously oversized villa near a military academy raises alarming questions. Asked Wednesday which explanation the White House assigns to Pakistan's inaction, spokesman Jay Carney declined to comment. U.S. officials have griped for years about fringe elements of Pakistan's military and intel ligence establishment who have aided the Taliban and other militants using the country as a rear base to launch attacks on American and Afghan forces over the border in Afghanistan. But the government has been seen as a committed partner against al-Qaida, and thousands of Pakistanis have died at the hands of bin Laden's group. The Obama administration is investigating. Any evidence that points to Pakistani support for bin Laden or his terrorist network would amp up the pressure in the U.S. to cut off military and civilian assistance for President Asif Ali Zardari's fragile government. Neither government wants that. The U.S. needs Pakistan's assistance to fight bin Laden's followers and exit from Afghanistan; Zardari's government fears overthrow from an embold ened Islamist opposition if it loses its American backing. Members of Congress are divided for now on Pakistan, with some lawmakers saying the death proves that Pakistan has been playing a double game all along supporting U.S. enemies on the theory that it might one day need them and others calling for more U.S. engagement to expand the fight against terrorism. The prevailing idea seems to be to press the U.S. advantage while Pakistan's military might be more motivated to demonstrate its resolve. But the tension released by bin Laden's killing could not come at a worse time for U.S.-Pakistani relations. In recent weeks, popular anger in Pakistan spiked when CIA contractor Raymond Davis killed two Pakistanis, on top of disagree ments over U.S. drone attacks on Pakistani territory. And just last month, Adm. Mike Mullen, the chairman of the Joint Chiefs of Staff, accused Pakistan's military-run spy service of links with the Haqqani network, a major Afghan Taliban faction. The bin Laden operation has revealed the shifting ground: The Obama administration trusted its partner so little that it only told the government of the military incursion when it was over. And in a statement Tuesday, the Pakistani government warned that an "unauthorized unilateral action cannot be taken as a rule," calling it a "threat to international peace and security." It has made clear that it had nothing to do with the operation. "We have a complicated but vital and important relationship with Pakistan," Carney said. "We don't agree on everything, but their coop eration has been essential in the fight against alQaida." Pakistan's government is clearly embarrassed, though it insists that it was ignorant of bin Laden's whereabouts. The Zardari government and the Pakistani military are balancing a response that answers domestic anger at perceived U.S. highhandedness yet avoids focusing too greatly on violated sovereignty so they don't feed that anger or make it appear they are courting those aggrieved by bin Laden's death. That also could partly explain Obama's deci sion Wednesday against releasing bin Laden's death photos, saying their graphic nature could incite violence. "There's no need to spike the football," he said in an interview Wednesday with CBS' "60 Minutes." But the problems with Pakistan aren't likely to go away especially if the U.S. gathers intelli gence that more top terror suspects such as new al-Qaida No. 1 Ayman al-Zawahri, the Taliban's Mullah Omar or militant Siraj Haqqani are hid ing there. U.S. officials said this week they sus pect that al-Zawahri is in Pakistan, and the others have long been assumed to use the country as a haven to attack U.S. forces in Afghanistan. State Department spokesman Mark Toner suggested the U.S. could conduct more solo operations. "Al-Qaida hasn't abandoned its intent to attack the United States," he said. "This is an ongoing armed conflict, and we believe that the United States has authority under international law to use force to defend itself when necessary." (This article was written by Bradley Klapper of the Associated Press). Politics, the church and upcoming election LETTERS l firstname.lastname@example.org US-Pakistan relations troubled EDITOR, The Tribune. With your kind indulgence, I shall be grateful if you would allow me space in your valuable column to make a bold prediction. Obviously, we reside in a democracy. Whenever general elections are called, the registered voters decide freely to vote for whomever they wish. And if they are pleased, they will re-elect the party whos in power. And so on and so forth. A recent conversation with a colleague caused me to pause and think. The late Sir Lynden Pindling served as Prime Minister for 26 consecutive years. Prime Minister Hubert Ingraham will have served 15 non-consecutive years if the gen eral elections are called in 2012. I believe the PM wants to break Sir Lyndens record of 26 years. When the FNM wins the next general elections, the Prime Minister will have been given a mandate for an additional 5 years, that will take him into 2017. I can see the Prime Minister leading the Free National Movement Party into the 2017 elections in an attempt to become the longest serving Prime Minister in the Bahamas. PAT STRACHAN Nassau, May 4, 2011. I can see the PM leading FNM into 2017 elections Re: Is there any coincidence in the timing to amend our National Investment Policy? EDITOR, The Tribune. The government recently amended our National Invest ment Policy to open up the restaurant and entertainment sector. There are several thoughts to ponder, where time will give us the answers. Does the amended policy have anything to do with the Dart Group out of the Cayman Islands? Isnt the Dart Group involved in the entertainment and restaurant sector in the Cayman Islands? Did the Dart Group recently purchase property on Bay Street? Are they looking to acquire more property on Bay Street? I am only asking some questions. Time will give me the answers. JEROME R PINDER Nassau, May 4, 2011. SOME THOUGHTS AFTER THE AMENDMENT OF OUR N A TIONAL INVESTMENT POLICY EDITOR, The Tribune. Re: Bin Laden is dead. The Tribune, May 2, 2011 Photos and DNA would be enough for many sceptics, but I expect Donald Trump will insist on seeing a death certificate. KEN W KNOWLES, MD Nassau, May 3, 2011. W ould Trump insist on seeing bin Laden death certificate? INSIGHT For the stories behind the news, read Insight on Mondays
IN ITS first stated policy position since launching in November 2010, advocacy group We the People has called on the government to seriously consider affording the motoring public a break o n small vehicle duties. W TP is proposing a conc essionary rate of 20 per cent on vehicles that have engines of 1800 cc or less, to be put in place for a limited period of two or three years during which, the impact on government revenue could be examined. The rate, which should be applicable to vehicles three years old or less, could create a cultural change in vehicle size, the group pointed o ut. In a press release issued late yesterday afternoon, WTP chairman Ed Fields said: In response to the many emails and comments forwarded by both members and non-members, it is obvious that the public is desirous of a shift in tax policy that will alleviate the impact of rising and volatile gas prices and the continued depressed economic environment. When contacted by The Tribune last night, Mr Fields added: Our membership is challenging us to vocalise their concerns in the public domain, but to do so in a nonconfrontational, non-partisan manner that allows for a public discussion on the matter void of political content. Taking into consideration the rudimentary nature of our analysis, especially as it relates to the impact on revenue, we assume there was a negative impact on new car sales as a result of the increased duties levied on vehicles in the previous budget cycle combined with the current economic climate. The assumption is based on the marginal propensity to consume. That is if the cost increases as a result of taxes, the willingness and capacity to consume is negatively affected. In such an instance government revenues commensurately decline. If those assumptions are accurate, WTP would suggest that the increased sales (volume serve to mitigate any reduction in duty rates as a result of relaxing the rates of duty on vehicles. Mr Fields mentioned the Cash for Clunkers programme, which had a positive impact on new car sales in the United States. The WTP model however does not require the government to increase spending, but rather grant a temporary concession, which might very well increase tax revenues due to increased car sales, Mr Fields said. He emphasised that no consultation was made with the local auto industry in formulating this plan. Our organisation does not seek to be considered in any way a lobbyist for any one special interest group, but rather to foster public discourse that positively impacts the quality of life for Bahamians, he said. The press statement said that given the current eco nomic challenges, the objective of WTPs plan is to transform the way Bahamians view personal transportation by promoting the usage of smaller engine, more fuel efficient TRIBUNE news editor P aco Nunez is set to embark on a multi-city United States t our after being selected for a prestigious exchange programme sponsored by USS tate Department. Every year, the Internat ional Visitors Leadership Programme (IVL participants travel to the USf rom countries around the world to meet and confer with professional counterparts, and experience Amer ican culture first hand. T he aim, according to the State Department, is to build mutual understanding between America and other countries through careful l y designed short-term visits to the US for current and emerging foreign leaders." According to the department's website, "Since itsi nception in 1940, thousands of distinguished individuals have participated in theI nternational Visitor Leadership Programme, including more than 300 current and former Chiefs of State and Heads of Government, thou sands of cabinet-level ministers, and many other distinguished leaders from the public and private sectors." Notable alumni include UK Prime Minister Margaret Thatcher, former UN Secre tary General Boutros Boutros-Ghali and former Egyptian President Anwar Sadat. P articipants are selected by American foreign service o fficers who identify them as emerging forerunners in their fields. C ourse topics vary widely, covering everything from g overnment, to the arts, to public health, to environmental protection. Thet heme of Mr Nunez's trip is: US Foreign Policy: the Decision Making Process. The first phase, conduct ed in Washington, DC, will c oncentrate on the intricacies of the US system of fed eralism and the formation of US foreign policy. Participants will meet with Con g ressional staff, State Department officials, think tank representatives and public opin ion specialists. The group will then travel t o Tallahassee, Florida to examine the topic, "Human and civil rights and immigra-t ion policy" through visits to Florida State University's Centre for the Advancement of Human Rights; a local battered woman and child shel ter; and an immigration detention centre, among others. The programme ends in San Francisco, California, where the focus will be on foreign policy and media coverage, examining the role of media and social media in reporting US foreign policy domestically and internat ionally. The State Department d irects the IVL programme in co-operation with a wide range of non-profit and com m unity-based organisations, and in addition to official visi ts and meetings, participants also engage in a number of social and cultural activitiest hroughout the tour. Taking part in the programme with Mr Nunez are journalists from Brazil, Peru, Poland, India, Israel, Jordan,M alaysia, China, Taiwan and Turkey; and government officials from Costa Rica, Gaza, Mexico, the Philippines, Laos, Nigeria, Slove n ia, New Zealand Tanzania, Zimbabwe and Yemen. Bahamian IVL alumni include current FNM chairman Carl Bethel and formerC ollege of the Bahamas pres ident, the late Dr Keva Bethel. Updates on Mr Nunezs travels will appear in The Tribune over the next three weeks. LOCAL NEWS THE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 5 TRIBUNE NEWS EDITOR SET FOR US EXCHANGE PROGRAMME TOUR e the People calls for temporary tax concessions on small vehicles T HESUZUKI SWIFT a nd Hyundai Elantra are among the locally sold v ehicles that would qualify for W TPs proposal. SEE page eight WTP CHAIRMAN Ed Fields
B y MEGAN REYNOLDS Tribune Staff Reporter email@example.com THE Harbour Island resident who was a bridesmaid in Princess Diana and Prince Charles wedding 30 years ago returned to London to participate in the royal wedding of their son Prince William last week to play a very different role. India Hicks, model, entrepreneur and 495th in line to the British throne, featured in aw eeks worth of special royal wedding television coverage on the ABC cable network in the build-up to last Fridays royal w edding as well as appearing on an Oprah Winfrey special and reporting live from the event itself. Having stood on the balcony of Buckingham Palace with her godfather Prince Charles and his new bride as the crowd swarmed all those years ago, Ms Hicks said it was a very different experience to be a part of the crowd down below this time around. I think what struck me the most was how overcome with emotion I was; I just couldn't believe that I would be so swept away by the whole event, she said. It was such an intense feeling of affection for the Royal Family, for the day itself, for love, for everything. On ABC she described the magnificent production of a British royal wedding as a very well-oiled machine, knowledge she had come to acquire as a member of the monarchy by virtue of her matriarchal lineage. Tradition Her mother, Lady Pamela Hicks, daughter of Lord Mountbatten, the last Viceroy of India, had been a bridesmaid in Queen Elizabeths wedding, and India Hicks carried on the tradition by standing in several royal weddings as a child, including the wedding of her godfather Prince Charles. But the machine was not without room for emotion, and as the crowd gathered around Buckingham Palace to see the newlyweds share their first and second kiss as a married couple, Ms Hicks said she was further moved by the gesture of her godfather Prince Charles, taking his wife Camilla Parker-Bowles granddaughter up in his arms. I thought it was really charming, she said. Ms Hicks herself was not invited to the wedding service as William and Kate opted for a more intimate family affair in Westminster Abbey over the grander setting of St Pauls Cathedral where Williams parents wed in 1981. She said she has met Prince William and his new wife, but does not know them personally, and therefore did not expect to have been included on the guest list. Her mother, however, did attend the service in the Abbey and said the trees that lined the aisle had a beautiful effect and the music was extraordinary. Cake Cutting At the following reception at Buckingham Palace, Lady Pamela told her daughter Prince William and his father playfully teased and poked each other in the room of 600 guests, including crowned heads of state as well as the British Royal Family, Kate Middletons family and the couples friends. When the time came to cut the seven-foot tall wedding cake, Prince William drew his sword to cut the first slice, as army officers traditionally do, and adding another level of drama. It was such a remarkable event, Ms Hicks said. But the reception at Buckingham Palace felt like a family affair. You could really see this was absolutely Kate and William. They had all of those people that they needed to invite, including their generation and their close friends. Ms Hicks also commented on the brides choice of dress. I thought the dress was very fitting of Kate and her whole style. It had drama, but not too much; it was a real modern classic. And Kate did her own makeup. As the couple celebrated at a disco in Buckingham Palace that night, Ms Hicks went to a dinner party given by the Greek Royal Family, where she enjoyed being reunited with friends and rela tives in the European royal fam ilies who had attended the wedding. At the end of the week of television reporting, Ms Hicks received a personal phone call from Oprah Winfrey to thank her for her contribution to her show. It was just a real feeling of affection, Ms Hicks said. Having hosted the 12-week television series Top Design in 2008, reporting on the royal wedding was less challenging and more fun for the designer and mother of four who is now returning to her home in Harbour Island where she settled with her partner David Flint Wood 16 years ago. William and Kate have not yet visited her there, and Ms Hicks said she does not know if they have ever been to the Bahamas, but, she added: I think they are probably looking for places in the world where they will be very unbothered by the world press and the Bahamas could be one of those places. L OCAL NEWS PAGE 6, FRIDAY, MAY 6, 2011 THE TRIBUNE t t b India Hicks featured in royal wedding TV coverage Former bridesmaid to Princess Diana recounts her experience in ABCspecial EMOTIONAL E XPERIENCE: India Hicks poses with an ABCnews reporter during the week long special royal wedding televisionc overage on the ABC cable network.
LOCAL NEWS THE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 7 %$" '' & & B y DENISE MAYCOCK Tribune Freeport Reporter d firstname.lastname@example.org F REEPORT A family of four who have been on the waiting list for assistancef rom the Department of Social Services since last A ugust is only a few weeks from being put out on the street and made homeless. N icholas Pinder, an unemployed security offic er, his pregnant fiance and their two children aged eight months and one, area bout to be evicted from their apartment. His landlord served him an eviction notice last month. We have nowhere to go, said Mr Pinder, who h as not been able to find work since being laid off after he was shot while ond uty last January. His fiance has also been laid o ff. The couple reportedly owes $3,700 in back renta nd their power has been turned off because of an u npaid outstanding balance of some $1,500. Mr Pinder was one of the m any persons standing outside the Department of S ocial Services during a departmental sick-out on Tuesday, waiting to be seenb y a social worker. Although he currently r eceives a $40 food voucher every month, it is not enough to sustain his familyf or more than a week. He applied some eight months ago for the monthlya ssistance programme, but has yet to receive approval f rom Social Services. We got rental assistance for three months once lasty ear. Since then, I have been coming here almost e very week to see if we have been approved but they keep telling us to come back because they have been backed up, the frustratedf ather said. Mr Pinders NIB assist ance benefit has stopped and he has been trying to find work. He applied fors ecurity work at two government agencies. Last January, he was shot in the hand by a gunman while stationed as a security officer at the City Market F oodstore in Eight Mile Rock. Doctors removed only 10 of 52 pellets fromh is right hand. Mr Pinder said social workers have conductedt wo home investigations last August and November. They told us that we would be put on the monthly assistance programme,b ut that has not yet happened, he said. My fiance has two other children aged nine and 13, but we just could not afford to keep them anymore and so they are nows taying with their fathers. Mr Pinder said he was d own to his last $10. It has just been frustrating and depressing. As am an it makes you feel worthless and that is the harsh reality. I dont want people to feel sorry for mebut we are living by faith from day t o day, Mr Pinder said. The landlord has told us that we have to move. Weg ot a letter last month. He knows my situation and he has been trying tob e lenient with us, Mr Pinder said. S ocial worker Julitta Ingraham, BPSU shop steward, said social workers are overwhelmed with hundreds of case loads and c lients are falling through the cracks. According to Mrs Ingraham, one social worker is assigned some 500 cases.S he said more social workers are needed on Grand B ahama. It is not humanly possible for the social workers inG rand Bahama to be able to adequately meet the needs of clients and some of them are falling through the cracks, she said. FREEPORT An Eight Mile Rock m an appeared on Monday in the Eight Mile Rock Magistrates Court on c harges of shopbreaking. Deon Forbes, 30, of Jones Town, Eight Mile Rock, was arraigned on threec ounts of shopbreaking before Magistrate Gwen Claude. F orbes pleaded guilty to one count and was sentenced to six months in p rison. He pleaded not guilty to the other two counts and the matters were adjournedt o June 13 for trial. Family of fours eviction fears Father unable to find work since being shot on duty S HOOTINGINJURY INJURIES: Nicholas Pinder was shot in the hand by a gunman while stationed as a security officer. Man appears in court on charges of shopbreaking W W e e g g o o t t r r e e n n t t a a l l a a s s s s i i s s t t a a n n c c e e f f o o r r t t h h r r e e e e m m o o n n t t h h s s o o n n c c e e l l a a s s t t y y e e a a r r . S S i i n n c c e e t t h h e e n n , I I h h a a v v e e b b e e e e n n c c o o m m i i n n g g h h e e r r e e a a l l m m o o s s t t e e v v e e r r y y w w e e e e k k t t o o s s e e e e i i f f w w e e h h a a v v e e b b e e e e n n a a p p p p r r o o v v e e d d b b u u t t t t h h e e y y k k e e e e p p t t e e l l l l i i n n g g u u s s t t o o c c o o m m e e b b a a c c k k b b e e c c a a u u s s e e t t h h e e y y h h a a v v e e b b e e e e n n b b a a c c k k e e d d u u p p . Nicholas Pinder
vehicles. This shift in culture will n ot only have a long term i mpact on energy conservation, but will dramatically i mpact the overall transp ortation network as well as s erving immediately as a source of economic stimul us, it said. This position is supporte d by the National Energy P olicy (NEP second report (September 2010) which states: ...trends in transportation are influenced directly by consumer habits and lifestyles. It has been suggested that the state o f the Bahamian economy r eflects, to a degree, trends i n the global automotive transportation. For exam-p le, larger, less fuel-efficient v ehicles have been introduced into the local marketplace and these vehicles have made their way into the local fleet, thus increasing energy use and reducing mileage of the entire transp ort sector. T he NEP report indicates t hat an effort is being made t o analyse and improve e nergy consumption in the t ransportation sector. However, the WTP said, within the context of the overall report and the reality faced by thousands of motorists every day, it might be worthwhile accelerating t he immediate to mediumterm targets within this sector. There are any number of suggestions and reports that c an be made in this regard along with comparative analysis to policy and legisl ation from like countries such as Bermuda and Barb ados, the statement said noting that in addition to e nergy conservation, the p revalence of small cars in those two countries reflects the nature of the environ-m ent and the state of trans portation infrastructure. C urrently in the Bahamas, t here is a 65 per cent duty r ate for cars that are 2,000 ccs or less; a 75 per cent rate for cars between 2,000 and 2,500 ccs and an 85 per cent rate for all other cars, except for hybrids, which have a lower duty of 25 per cent. T his revised duty rate, which followed the previous policy of taxing vehicles a ccording to value, is considered by government a s ufficient compromise between revenue potential on vehicle imports and the d emand for the vehicles that fall into these classifications. However, according to WTP, the concession on hybrid vehicles was for the most part non-beneficial to consumers, as: They are expensive, prim arily due to it being a rel a tively new technology. Limited models are a vailable. Local dealers and auto mechanics are not equipped and trained to serviceh ybrids. According to WTP, if a similar concession were introduced for small, envi r onmentally friendly vehic les, not only would revenue s tability not be threatened, but other economic benefits would be realised, such as: New cars as opposed to used cars being purchased, reducing the plight of nonroadworthy, unsafe vehicles o n our streets. A boost for local car dealers that could mitigate a gainst the impact of increased tariffs in the prev ious budget cycle. A reduction in fuel costs to consumers. L ocally sold vehicles that would qualify for WTPs proposal include: the Suzuki Swift, Hyundai Elantra, Kia Soul, Nissan Almera, Ford Fiesta, Toyata Yaris, Chevy Aveo and Honda Civic and F it. O ther makes and models i nclude the growing number of manufacturers in Chinaa nd India. WTP said that in addition to the environmental benefits, the advantages to thec onsumer of driving a small er engine vehicle are: Affordability (landed cost of $25k or less) Better fuel efficiency a nd gas mileage Easier manoeuvring in small city and community environments. Lower insurance premiums. Reduced road congestion. Lower maintenance costs. According to WTP, the t iming for such a concession is perfect for at least two r easons: Fuel prices are becoming prohibitive for a signific ant segment of consumers. The economic climate is still placing pressure on dis cretionary spending. This strategy is not dissimilar to that which is now being promoted by the gove rnment in regards to the c onversion of translucent b ulbs to fluorescent and LED bulbs where no dutyi s applicable, the statement said. The WTP added that moving forward, longer termg oals should include policy and legislative support for the use of non-carbon fuelled vehicles. L OCAL NEWS PAGE 8, FRIDAY, MAY 6, 2011 THE TRIBUNE Our people are our competitive advantage.At Butterfield, we pride ourselves on being approachable, disciplined and proactive. If you embody these qualities and have the necessary experience, you may be the one were looking for.Head of Business Development Group Trust, Caribbean RegionButterfield has an exciting opportunity for an assertive, proactive, experienced and enthusiastic business development professional, with a drive for developing business and results. The successful candidate will be responsible for business development for Butterfield Trust, Group-wide, and in particular the Bahamas and Cayman businesses. Candidates should have a confident and consultative approach to business development. Practical knowledge and experience will have been developed over at least ten years in fiduciary business relevant to the North American and Latin American markets, dealing primarily with high and ultra-high net worth families. Strong interpersonal, customer service and communication skills are essential. Ideally, the candidate will be a qualified lawyer, accountant and/or TEP with a trust and business development background. He or she will be fluent in Spanish and/or Portuguese, and have experience dealing with fiduciary structuring for families with connections to North America and selected countries in Latin America.THE BAHAMAS | BARBADOS | BERMUDA | CAYMAN ISLANDS | GUERNSEY | SWITZERLAND | UNITED KINGDOMPlease apply by 20 May 2011 to: Debbie Garland, Head of Human Resources Butterfield Bank (Bahamas Montague Sterling Centre, East Bay Street P.O. Box N-3242, Nassau, Bahamas Tel (242 email@example.com www.butterfieldgroup.com e the People calls for temporary tax concessions on small vehicles T HENISSAN ALMERA i s one of the locally sold vehicles that would qualify for WTPs proposal. F ROM page five
By KATHRYN CAMPBELL Bahamas Information S ervices THEProject Execution U nit of the Ministry of Publ ic Works and Transport h eld its weekly briefing on W ednesday to update the m edia on road diversions a nd closures expected to be implemented in the upcoming weeks as the ministry seeks to complete road works under the New Providence Road Improvement and Infrastructure Project. Work continues on R obinson Road between Lincoln Boulevard and S ixth Street where there is a f ull closure. Traffic is diverte d through Lincoln Boulevard to Balfour Avenue and through 6th Street toP alm Tree Avenue to access Robinson Road. This work is expected to be com pleted by the end of next week. The junction of Clar idge Road and Robinson Road between LincolnB oulevard, presently under full closure, will re-open to traffic on May 10 and notM ay 2 and previously announced. The junction at Prince Charles Drive and BeatriceA venue is fully closed for t he crossing of the 24-inch water main. As the work progresses with the instal-l ation of the water main, other areas of Prince Charles Drive between Winters Drive and PineB arren will be closed to car ry out the works as the alignment of the pipe is directly in the centre of ther oadway. This does not allow for safe movement of through-traffic in high volumes; therefore traffic will be diverted to accommodate the work. Diversions currently in place will remain for the duration of the work. These works will be completed in phases to ensure minimal disruption as much as pos sible. The phases are expected to take a minimum of two weeks. Work has commenced on Baillou Hill Road south w ith the installation of the new water main between the roundabout heading t owards Soldier Road. W ork also continues on B aillou Hill Road north of Wulff Road. Along Market Street s outh of Wulff Road there is one lane of traffic heading south only towards Robinson Road and two lanes. In the upcoming week the contractor will be completi ng water connections that w ill require temporary road closures for periods not l onger than two days at a t ime. Water connections works will be carried out at night for the remaining junctionsa long Market Street begin ning at Cordeaux Avenue. The traffic signal at Palm Tree Avenue and Market Street is now fully operational since the installation of a new controller that isr equired to operate the sign al properly. More announcements by radio, television, print media ad door to door will be made by the ministry and the contractor to advise the remind the general pub l ic of each road diversion o r closure mentioned. Should you require further information, please contact the ministry on the hotline at 302-9700 or by email at publicworks @bahamas.gov.bs The ministry apologised to all for any inconve niences caused and also thanked all who have coop erated during this construction phase of the work. The ministry encourages all motorists to pay attention and follow the diversion signs in place and to exercise caution when trave ling in construction zones. LOCAL NEWS T HE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 9 THE Ministry of the Environment will distribute free compact fluorescent light (CFL tomorrow as part of its Promoting Energy Efficiency in Lighting Programme. Electricity customers who use less than 600 kWh (kilowatt hours) of energy per month on average are eligible to benefit. Such customers should have received a letter from the Bahamas Electricity Corporation (BEC their eligibility. Persons who have not received a letter can contact BEC to find out if they qualify to receive the CFL bulbs. Those who qualify are invited to exchange up to five working regular bulbs (incandescent following public parks Christie, Windsor, Clifford, Elizabeth Estates, AF Adderley, Golden Gates, Pinewood Gar dens Community, or at the Mall at Marathon, or SC McPherson Junior High School, from 10am to 3pm on Sat urday. Participating customers are required to bring to one of the listed distribution centres a valid photo ID along with their confirmation letter from BEC and the regular bulbs they are exchanging. The Promoting Energy Efficiency in Lighting Programme is funded by a grant from the Inter-American Bank (IDB and the Global Environment Facility (GEF seeks to reduce household energy costs, minimise the ener gy requirements of BEC and reduce the environmental impact of fossil fuels. The ministry plans to distribute 270,000 CFL bulbs nationwide. DISTRIBUTION OF CFLS IN NEW PROVIDENCE ON SATURDAY Ministry of Public Works gives update on road closures and diversions CHARLENE COLLIE project engineer for the New Providence Road Improvement Project, speaks to media representatives during a press briefing on Wednesday. Letisha Henderson /BIS Motorists encouraged to pay attention and follow diversion signs
PRINCE Albert of Monaco expressed his concerns and support for the Bahamas plight to mitigate the effects of climate change and ocean pollution within our natural environment in a letter to Minister of the Environment Earl Deveaux. On April 28, Count Niccolo Cissotti di Chivsano, the Honorary Consul of the Bahamas in Monaco, paid a courtesy call on Minister Deveaux. He personally delivered a letter from the Principality of Monaco, which addressed the Crown Prince advocating for the protection of the Bahamas from the bur geoning environmental changes that threaten to swallow Bahamian islands as global temperatures rise. Dr Deveaux also dis cussed how conservation habits should be applied combined with alternative energies to lessen the Bahamas dependency on oil. Minister Deveaux spoke about how the rising price of oil is a global issue in energy sectors throughout Europe as well as the Bahamas. As oil-producing countries draw their natural resource for as little as $2 to $3 a barrel, they divest and export the energy product to client countries for a minimum of $80 a barrel. The profit they make subsidises the oil producing countrys absorbent administrative overhead expenses. Dr Deveaux also expressed his concern about how the by-product of petroleum creates airborn polluting agents that are one of the stimulants of global climate change. Research shows that ocean pollution results from unregulated accounts of industrial and commercial marine transportation ves sels dumping waste in deep ocean areas. L OCAL NEWS PAGE 10, FRIDAY, MAY 6, 2011 THE TRIBUNE T HE Ministry of Tourism unveiled a new B ahamas Sport Fishing Network (BSFN s ite which it says will greatly enhance and strengthen the promotion of countrys sports f ishing opportunities to enthusiasts globally. Making the recent announcement, Tourisms general manager of vertical markets EarlM iller expressed thanks to Steven Cartwright, s ales director of the BSFN, and his hardw orking team for producing a top notch, comprehensive tool that is easy to navigate and will provide educational, exciting and important information, including current (dailyB ahamas. He said the website will prove beneficial to local Bahamians in the fishing industry to pro m ote their goods, services and experiences, while simultaneously providing a site for year round information on fishing in the islands. The website is an example of private sector a nd government combining efforts towards a goal that will ultimately benefit the islands of the Bahamas as a whole, Mr Miller said. H e also praised the owners of the site for being, proactive young Bahamians who have taken advantage of this lucrative market andt urned it into a dynamic investment opportu nity. During the unveiling of the new site, it was also disclosed that the ministry and BSFNa long with various public and private organisations will be announcing a series of fishing tournaments in the coming weeks including a j unior angler tournament. Finalised details on the tournaments will be posted and available at www.BahamasSportFishingNetwork.com. Also making remarks during the announcem ent, Mr Cartwright described the website as one that will allow for anglers to post fishing reports and share information through social network. Resident and visiting anglers will be able to access a vast array of information for planning a fishing adventure and for visiting the B ahamas for a sport fishing vacation, he said. Information on fishing in the Bahamas is also available at the official websitew ww.bahamas.com/fishing, which will have a l ink to the new site. BAHAMIAN sports t ourism representatives p itched a large number of s porting venues and develo ping sports facilities to sports event organisers on their recent mission to the2 011 Sports Events Congress in Ottawa, Ontario Canada. The Canadian Sport T ourism Alliance (CSTA hosted the annual congress, which brings the organise rs of national and intern ational events together w ith destination represent atives who are able to showcase their various venues and sporting disci-p lines. The Bahamas was represented by staff members of the Ministry of Tourisms S ports Tourism Unit, who compiled a brochure that g ives a comprehensive look a t sporting facilities and other resources that would be helpful to event organisers travelling to the Bahamas. The new Sports in Paradise brochure placed spec ial emphasis on the new $ 30 million National Stadium in Nassau. Sporting venues in the Bahamas get play overseas ATTENDING the 2011 Sports Events Congress in Ottawa were Ministry of Tourisms director of sports tourism Tyrone Sawyer (left a nd Golden Girl Eldece Clarke, and c ommunications manager at the B ahamas Tourist Office in Canada Ambrose Morris. Representatives at Sports Events Congress in Canada New sport fishing website for the Bahamas unveiled T T h h e e w w e e b b s s i i t t e e i i s s a a n n e e x x a a m m p p l l e e o o f f p p r r i i v v a a t t e e s s e e c c t t o o r r a a n n d d g g o o v v e e r r n n m m e e n n t t c c o o m m b b i i n n i i n n g g e e f f f f o o r r t t s s t t o o w w a a r r d d s s a a g g o o a a l l t t h h a a t t w w i i l l l l u u l l t t i i m m a a t t e e l l y y b b e e n n e e f f i i t t t t h h e e i i s s l l a a n n d d s s o o f f t t h h e e B B a a h h a a m m a a s s a a s s a a w w h h o o l l e e . T our isms general manager of vertical markets Earl Miller ENVIRONMENT MINISTER Dr Earl Deveaux and Count Niccolo Caissotti di Chiusano, Honorary Consul of the Bahamas in Monaco. PRINCE ALBERT OF MONACO VOICES ENVIRONMENTAL CONCERNS FOR BAHAMAS
ATLANTA The Ministry of Tourism and Aviation partnered with Upscale magazine to hosted a pri vate, VIP reception on April 28 designed to showcase the l ook, feel and investment opportunities of the Bahamas in the city ofA tlanta. The invitation-only event was held at Tyler Perry Stu dios, which was transformed into a Bahamian oasis for the evening. The Bahamas in Atlanta guest list includ e d international dignitaries, local elected officials, busi ness leaders, potential i nvestors and A-list celebrities from the worlds of music, film, television and sports. About 650 persons attended. Guests were treated to Bahamian art, music, J unkanoo performers and gourmet delights courtesy of Bahamian chef AndrewM oss. Ambassador of the United States of America to the Bahamas Nicole Avant served as keynote speaker. Minister of Tourism and Aviation Vincent Vander p ool-Wallace also gave brief remarks on the current state of the Bahamas. A mid the festivities of the Bahamas in Atlanta event, the Ministry of Tourism and Aviation gave away two round-trip airline tickets for two to the Bahamas, with accommodations provided b y The Cove Atlantis, Par adise Island. Guests also received parti ng gifts courtesy of Bloom ingdales. Additional sponsors of the Bahamas in Atlanta event include FIGI Water and Sands Brewery. LOCAL NEWS T HE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 11 BAHAMAS CONSUL GENERAL in Atlanta Katherine Smith (left Vanderpool-Wallace and US Ambassador Nicole Avant at Bahamas in Atlanta. Bahamas in the spotlight at Upscale Atlanta party HAVANA Associated Press A CUBAN COURT sentenced Chilean revolutionary-turnedbusinessman Max Marambio, long a friend of Fidel Castro, to 20 years in prison for fraud and bribery following a trial in absentia, official news media reported Thursday. Communist Party newspaper Granma also said a 15-year sentence was handed down to Alejandro Roca Iglesias, who was removed as food minister in March 2009. Officials gave few details about the scandal, but Granma said the court "found that the crimes committed were particularly grave and required an energetic penal response due to the considerable damage caused by the accused to the national economy." It said prosecutors presented compelling evidence that both "impaired the ethical behavior of various officials and subordinate workers." The men have 10 days to appeal the ruling. Marambio did not mount a defense, let alone attend the pro ceedings in Havana, where he was represented by a governmentappointed attorney. He said Thursday that he would not appeal what he called a show trial whose true intent was political persecution. "There is nothing in the accusations against me that has any foundation," he told Chile's Cooperativa radio. Marambio first met Fidel Castro in 1966 when he traveled to Cuba with his father, part of a delegation of sympathetic left-leaning political leaders. Marambio would later become chief bodyguard for Chile's socialist President Salvador Allende. When a military coup toppled Allende in 1973, Marambio fled for Cuba where he developed close ties to Castro and ultimately estab lished wide-ranging commercial interests including food company Rio Zaza, a joint venture with the Cuban government. The corruption probe surfaced last year after a Chilean who worked for Marambio's company and had been questioned by investigators was found dead in his Havana apartment. Authorities have not said how he died. Cuba accused top executives including Marambio and his brother Marcel Luis Marambio, a company vice president, of bribery, embezzlement and falsifying documents. Prosecutors summoned Marambio from Chile for questioning and, when he failed to appear, put out an international arrest warrant. On Thursday, Marambio said Cuba has never formally sought his extradition, "which leads one to think they have no interest in a real trial but rather a pantomime, which was what they did." He accused President Raul Castro's government of "plundering" for having seized full control of the company. Marambio filed a formal complaint against Cuba last year with an international business tribunal in Paris. CUB A C OURT SENTENCES CHILEAN TO TWENTY YEARS
Managers Union (BCPMU Central Bank employees cur rently contribute to two sepa rate pension schemes: a Central Bank Retirement Plan and the National Insurance Board. The administrations integration of the pension plan would result in a reduction of employee benefits from the internal scheme by 50 per cent of what employees receive in benefits from the NIB scheme. The administration plans to bring the integration programme into effect on June 1 for all employees who have not retired by that date. One employee said she gave the bank her youth and has already planned for her retirement based on the expected benefits. She said the bank was being unfair by trying to alter her future at such a late stage. The plan is discriminatory and defines reasonable expectation, according to employe es. Some 50 of them attended the meeting yesterday. P ersons who retire before June 1 will be on the receiving end of greater pension bene fits than people who retire after, regardless of when they were hired and how long they have served. Employees are calling for the uniform implementation of the pension scheme. The union has already sought legal counsel, and has advised the bank of its intention to seek judicial intervention if a compromise is not achieved. Union leaders say they are willing to compromise with the bank and support pension inte gration, but only for employ ees hired after the date of integration, not for current employees. Sources claim the bank is relying on an integration clause that has been a part of the industrial agreement for some 33 years. However, this is the first time the bank has sought to implement the clause. Employees are asking, Why now? This week, the bank had a series of information sessions w ith bank employees to explain the meaning of the integration o f pensions plan. Some of the sessions were described as heated. Even so, union leaders claim they have not been officially engaged by the bank to discuss the plan. Employees are unsure whether the plan will automatically come into effect on June 1. Union leaders claim they are not waiting until then to act. After receiving a mandate from members by a petition, union leaders met with Central Bank Governor Wendy Craig on April 21. Although it was not stated explicitly, union leaders said it was clear after the meeting that the bank intended to proceed, hence their decision to engage legal counsel. Central Bank officials were not available for comment yes terday. The bank was put on notice this week, in a letter sent by the unions legal representatives. If it fails to agree to implement the plan for new hires only, the union will pur sue judicial intervention without notice to ensure their reasonable and legitimate expect ations are secured. Not all employees were m ade aware of the integration clause, according to sources. Only those who participated in the induction training exercise, recently introduced. The standard employee handbook given to all employees has no mention of the integration scheme. L OCAL NEWS PAGE 12, FRIDAY, MAY 6, 2011 THE TRIBUNE them," said Superintendent Stephen D ean, officer in charge of the Royal Bahamas Police Force's Crime Prevention Unit. One of the men, age 30 years of Sir Lynden Pindling Estates surrendered to police yesterday morning. The second male, age 34 years of Seven Hills, was arrested by police in the afternoon. Earlier this week, police said they were studying the video and were confident it would soon lead to a break in the case. According to earlier reports, the alleged threat-makers showed up at Mr McCartney's law office and home, demanding he refrain from running a slate of candidates under his new party, the Democratic National Alliance (DNA It is claimed they threatened violent reprisals against Mr McCartney and his family. The threats were reported to police late last week, around Thursday or Friday, The Tribune was told. Mr McCartney, a former junior minister of Tourism and Immigration in the Ingraham administration, resigned from the Cabinet in 2010. He did not formally resign from the Free National Movement until late March this year, the same day the House of Assembly began debating the controversial sale of 51 per cent of BTC to Cable and Wireless Communications. Mr McCartney has yet to unveil his slate of candidates for the next election, nor has his party officially released a political platform. South Abaco resident Roscoe Thompson has been tipped as a potential DNA candidate for the area and was seen campaigning with Mr McCartney in Abaco several weeks ago. prime minister said. Noting that education receives the largest portion of the budget every year, Mr Ingraham said: Notwithstanding the huge and continuing investment in our education plan, in tuition, material and supplies and in qualified teaching staff, we are not satisfied that a sufficient number of students enrolled in our government-operated schools are achieving their potential. For several years now, the national grade average for graduating students has hovered around D-. Employers have reported that many graduates do not have the skills and training for entry level positions such as front desk clerks, receptionists, secretaries or construction or mechanic apprentices a fact that is a reason for alarm, Mr Ingraham said. He said the fact that the College of the Bahamas has to offer precollege courses to bring students up to the level required to enter college, reveals a clear need for remedial action. Mr Ingraham said: In todays Bahamas new possibilities are on the horizon education excites the imagination and opens new fields of enterprise and endeavour which may not have originally been thought of as a profession. According to Mr Ingraham, the opening of the Doris Johnson High School and repairs and improvements to other schools throughout the country are part of an overarching effort to improve the public school system. He said: This high school is a part of a long-range plan to repair and expand upgrade our educational institutions. Mr Ingraham also announced that as many as eight primary schools are planned to go into construction and several more existing schools will be upgraded in an effort to provide top notch accommodations for Bahamian students. on its way to court with 67 inmates and 14 officers occupying the two buses. T he high speeds of prison buses and t heir police escort are unnecessary, a ccording to Mr Turnquest, who said the matter has been revisited on numero us occasions. Preliminary reports indicate that the vehicles were travelling at about 30m iles per hour, however a full investig ation has been launched into the matter. We have talked to both prison and police officials about the way in which the convoys are driven, the safety aspect and the speed aspect, said Mr Turn q uest. You have to appreciate the persons that are being transported in that convoy and the security aspect of it, but it has to be done in a safe manner. Mr Turnquest added: There is no need for it to go at a fast rate of speed, t here is a need for it to be continuous, t hat is why it has an escort. I do appeal to the public to pull on the side when they hear the sirens. The circumstances leading up to the incident are still unclear, however, it is understood that the two buses collided i nto each other. The police is the lead vehicle in the c onvoy, they control the speed and that i s something that continues to be reviewed. I know the Commissioner of Police will be meeting with officers (yesterd ay) to speak about it again. I n a recent letter to the editor, a Trib une reader called for an end to the dangerous practice after witnessing a crash between the police escort and v isiting motorists. According to Debbie Krukowski, the i ncident took place last Tuesday at the t raffic light on East Bay Street near St Matthews Church and the new Paradise Island bridge. Ms Krukowski said: I was waiting for the light to turn green when in thed istance I heard the all too familiar sirens and saw the fast approaching flashing lights of the police car, closely followed by the yellow bus transporting t he prisoners. I realized that they were going to go s traight through the red light, without s lowing down, and I could see a car coming north, approaching the intersection, heading towards the bridge. Shortly after 5pm, Ms Krukowski s aid she watched in horror as the police c ar slammed into a rental car occupied b y tourists. Why is it that they have to speed like maniacs to take these prisoners b ack to Fox Hill? Ms Krukowski asked. Surely they could get through traff ic quite easily without having to nearly kill someone on every trip. We are all tired and disgusted at this practice and ask the powers that be to put a stop to this ridiculous and dan-g erous practice. FROM page one CENTRAL B ANK STAFF REJECT PLANS TO SLICE PENSIONS FROM page one Prison buses crash sparks investigation PM alar FROM page one THE POLICE HAD RELEASED PHOTOS earlier this week, taken from surveillance footage, of two men they wanted to speak to in connection with the alleged threats. T WO ARRESTED OVER ALLEGED BRAN THREATS FROM page one
LOCAL NEWS P AGE 16, FRIDA Y MA Y 6, 201 1 THE TRIBUNE T H E N a t i o n a l C o a s t a l A waren e s s Commi tt e e o f th e Bahamas a group of stake holders from the private and p ubl ic se cto r s with a n in te rest in promoting sustainable development together with v o l u n t e e r s f r o m N a s s a u joined forces with local resi dents, students, mem bers of g o v e r nm e nt a n d v i s i t or s o f C a t I s l a n d t o c l e a n u p t w o beaches on the north side of C a t I s l a n d n e a r A r t h u r s Town. Mo r e tha n 8 0 v olunt ee rs co m b ed t h e b e ac h es a n d re m ov e d ne a r ly 3 ,0 0 0 i te m s f r o m t h e s h o r e l i n e i n t h e f o u rh o u r cl ean u p ma ki n g a h u ge impact on the beautiful coast that faces the Atlantic. The majority of items col l e c t e d d u r i n g t h e c l e a n u p inc lu de d pl a st ic bo tt le s a nd c o n t a i n e r s g l a s s b o t t l e s b u o ys f i s h i n g t ac k l e an d g ear fishing line, traps, and rope. T h i s w a s s u c h a u n i t e d ef fo r t be twe en th e Na tio na l Coastal Awareness Commit tee, the people of Cat Island, ou r s po ns or s a nd a ll of t he i n cred ib l e vo l u nt eers f ro m all w a l ks of l if e t ha t j oi n e d us w h e t h e r t h e y f l e w i n f r o m Na ssa u or ju s t w alked o v e r; everyone did an amazing job cleaning the beaches on Cat Is la n d t og e th e r, s a id E a rl s t o n M cP h ee ch ai r ma n o f t h e National Coastal Awareness C om m i t t e e a nd d i r e c t or o f S u stai nab le Develo p ment fo r the Ministry of Tourism. I t w a s b r o u g h t t o o u r attent ion that th e beaches on C a t I s l a n d w e r e b e c o m i n g d i r t y as a re su l t o f d eb r i s f r o m p a ss i n g sh i p s t h at t r ave l i n t h e sh ip p in g l a n es a n d t hat i t was b e co m i n g a p r o b l em W e fl e w t o C a t I s l a n d t o m e e t w i t h local government and to visit t h e b ea c h es i n p e rs o n an d s a w first-hand the ma rin e de b ris was indeed brought in by the tide from ships. Our solution w a s r a l ly t og e t he r w i t h t he people of Cat Island to help a n d w e a r e h a p p y t h a t w e w e r e a b l e t o r e s t o r e t h e beaches to their pristine con dition," he said. O u r c oa s t a l a n d m a r in e r e s o u r c e s h e l p s h a p e o u r n atio n' s c h aracte r an d it s d istinctive personality. All ben e f i ci a r i es o f t h e t o u r i sm i n d u stry must take an interest and active role in conserving our natural resources, particular l y i n g r o w i n g S m a l l I s l a n d D ev el o p i n g S t a t es ( S I DS ) l i k e the Bahamas." Coastal Awareness clean-up makes impact on Cat Island Homeward Bound Volunteers from Nassau return on a special charter arranged by Sky Bahamas after cleaning up the beach and visiting sights around Cat Island. S MILING VOLU NTE ERS : S tud ents from Cat I sland j o i ne d New P rov i d en ce v ol u nt e er s t o c l ea n u p t he be a ch o n t h e no r t h s i de of C a t I sl an d. D E B R IS FR OM CLEA N UP : Most of t h e debri s col lect ed was brough t i n b y t he t i de i nc l udi n g r op es b ot t l e s, f i s hi n g l i ne s a nd ne t s. A l l deb r i s was sorted and the data recorded on data cards.
SECTIONB firstname.lastname@example.org FRIDAY, MAY 6, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission f rom the daily report.$ $5.69 $5.62 $5.73 Relax!Its not complicated. He wants to protect his family. He wants his children to have opportunities. And he wants to meet his nancial responsibilities. Thats why he has life insurance with Family Guardian. Lifes a lot less complicated when tomorrows secure. LIFE INSURANCE / are you covered? A member of the FamGuard Group of Companies A MBESTA-ExcellentFinancialStrengthRating CONTACT A SALES REPRESENTATIVES AT AN OFFICE NEAREST YOU East Bay Street, Marathon Road, Thompson Boulevard, & Blue Hill Road (top hill +242 396-1300 I www.familyguardian.com By NEIL HARTNELL T ribune Business Editor Fidelity Bank (Bahamas expects its bottom line to substantially improve in 2 011 after its dramatic $1.9 m illion net income perform ance in the 2010 second half carried through into the first quarter, its chief executive yesterday telling Tribune Business it was aiming to dri v e Return on Equity (RoE into the low to mid-teens t his year. Anwer Sunderji said the BISX-listed financial institutions year-end figures, which Fidelity eyes equity returns in mid teens Bank expects substantial profit improvement i n 2011, after dramatic $1.9m second half reversal carries into Q1 Consumer loan book grows by 10 per cent pts to 33% during 2010 Non-performing and arrears loans 2 and 7 per c ent pts below industry average respectively SEE page 6B B y NEIL HARTNELL Tribune Business Editor B enchmark (Bahamas u nlikely to revalue its $3.7 million Carmichael Road commercial centre any time soon despite the companys belief the complex is worth much more than its balance s heet carrying value, the issuance of some $2 million in preference shares last year once again preventing it from falling into negative equity. BENCHMARK: NO $3.7M PROPERTY REVALUE LIKELY IN SHORT-TERM BISX-listed firm acknowledges Carmichaeld evelopment worth more than carrying value $2m pref share issue via Alliance keeps company out of negative equity in 2010* Firm optimistic it will return to profitability in 2011, despite $236k loss in 2010 and $4m-plus deficit ANWER SUNDERJI SEE page 6B By NEIL HARTNELL Tribune Business Editor Commonwealth Brewerys placement agent yesterday said the $62.5 million initial public offering (IPObe listed on the Bahamas International Securities Exchange (BISX next week, adding that the capital markets should not worry about the demand for all those behind subscriptions to the offering to disclose their identities. Adding to the impression that the companys May 3 let ter was a storm in a tea cup, Michael Anderson, RoyalFi delity Merchant Bank & Trusts president, indicated to Tribune Business that there had been a miscommunication, with the broker/dealer and investment advisory community interpreting it in a way that was not intended. Everything is moving for ward, and hopefully we will get the shares listed some time next week, Mr Ander son told Tribune Business. As for the May 3 letter, dis closed by Tribune Business yesterday, Mr Anderson said: Its not something the mar ket should be concerned about. The company, Commonwealth Brewery, has basically clarified its request to the broker/dealers. Its a normal request, and the broker/dealers are likely to be more accommodating with it. LeRoy Archer, Common wealth Brewerys managing director, did not return Tri bune Business phone calls seeking comment. Tribune Business understands that the broker/dealer communitys main concern, based on the Commonwealth Brewery letter they received, was that persons behind $62.5m IPO likely to list next week Market told not to worry about Brewerys named persons request SEE page 7B By NEIL HARTNELL Tribune Business Editor The Freeport Container P ort enjoyed a 52 per cent operating income gain in 2010 due to the sale of unnamed fixed assets, despite seeing a 15 per centd ecline in the processing of twenty-foot equipment ( TEU) or container units. The data, contained in the 2010 annual report of Hutchison Whampoa, which owns a majority 51 per cent s take in the company, was short on detail and did not identify the assets theF reeport Container Port dis posed of. However, the Grand Bahama-based facili t y did manage to process 1.125 million TEUs during the 12 months to end-D ecember 2010. Container Port sees 52% gain But container throughput down 15% ICD Utilities suffers $1.22m net loss, indicating GrandB ahama Power lost more than $2m in 2010 SEE page 3B By NEIL HARTNELL Tribune Business Editor The bid to acquire the G rand Bahama Port Authority (GBPA vehicle linked to the AbuD habi Royal Family has r egained momentum within the last several weeks, Tribune Business has been told, w ith Sir Jack Hayward now said to be keen that negotiations progress. S ources close to developm ents confirmed to this newspaper yesterday that the Abu Dhabi bid had come back to t he table through Chris Gray, the former Hutchison Whampoa executive who pre-v iously headed its Grand B ahama-based Freeport Container Port and Freeport Harbour Company, and is still the 'point man' for the offer. Yet, while both sides appear to be keen on reachinga deal if they can agree a price for the GBPA, much remains to be done subsequently to close. A key obstacle to overcome will be keeping two fractious families, in the Haywards and St Georges, togeth-e r as united fronts, along with Hutchison Whampoa, the GBPAs 50/50 joint venturep artner in entities such as the F reeport Harbour Company, Grand Bahama Development Company (Devco a irport. One source said of Sir Jack: He seems to be keen, anda pparently talks are continui ng. I have been hearing lately that Hutchison is back talking. Things might be moving q uickly on that, so hang on to your hats. Another contact familiar w ith developments told this n ewspaper that Mr Gray had recently spent eight days in Freeport, helping to get the talks back on track following a lull when they seemed to cool. It [any deal] has to be agreed by the Haywards, St Georges and Hutchison. The Abu Dhabi people had to come back to the table through Chris Gray. Unless the families agree, Hutchisonw ont agree, the source said. Tribune Business previously reported that at one stage,a t least, the Abu Dhabi offer i ncluded some or all of Hutchison Whampoa's Freeport assets. Sources f amiliar with developments, though, suggested that John Meredith, the Hong Kong-b ased head of Hutchison Port H oldings, the conglomerate's worldwide ports division, was 'cool' to the prospects of any s uch transaction either as a cash transaction or asset swap especially if the Freeport C ontainer Port was included, g iven that its geographic location off the US east coast and near the Panama Canal approaches, make it of vital strategic importance. It still remains unclear Abu Dhabi Port offer warms up S EE page 7B By ALISON LOWE Business Reporter email@example.com President of the union rep resenting Morton Bahamas l ine workers yesterday dis missed an announcement by the salt company that it planst o unilaterally apply its own proposed changes to the workers industrial conditions after reaching an impassei n negotiations over a new agreement. Ronald Roker, of the Bahamas Industrial Manufacturing and Allied Workers Union (BIMAWU ed that there is no impassea nd the two sides simply need to get back to the negotiating table to work out what he said are around seven to 11 issues over which there is dis agreement between them. Contacted on the development, Minister of Labou,r Dion Foulkes, told this newspaper he could not comment as he anticipates this matter will end up in court and (does the outcome of a potential court proceeding. The legality of Morton Bahamas move to enforce a new industrial agreement without the consent of the union was drawn into ques tion yesterday. Labour sources suggested industrial agreements can only be applied if either con sented to by both the employer and employees, or by an order of the court. Morton Bahamas said its understanding in relation to the legality of the move was that it is lawful, in appropri ate circumstances, for an employer to implement an offer where that offer is more favourable to all of the employees in question. The company charged that the deal it now will seek to impose on workers in Inagua is indeed on the whole and, in the material respects, more favourable to all of its employees. The company, which employs around 140 Inaguans at its facilities, said the move to impose the industrial agreement based on the terms it had proposed came after over a year of attempting to INDUS TRIAL W OE AT MORTON SALT Company moves to unilaterally impose new industrial terms on workforce after reaching impasse s Minister fears matter may end up in court SEE page 4B
B USINESS P AGE 2B, FRIDAY, MAY 6, 2011 THE TRIBUNE ATLANTIC MEDICAL INSURANCE CO.LTD. Atlantic House,2nd Terrace & Collins Avenue,P.O.Box SS-5915,Nassau Tel.326-8191 Suite 5,Jasmine Corporate Center,East Sunrise Highway,P.O.Box F-42655,Freeport Tel.351-3960A member of Colonial Group International:Insurance,Health,Pensions,LifeAtlantic Medical has made lasting partnerships with customers,why?When we receive your premium,we deliver the best health care at the best possible price.From excellent maternity benefits to catastrophic care in hospitals recognised as world centres of excellence,we have delivered the care and service you deserve.Thats why customers who join Atlantic Medical rarely leave. Maternity wellness and clinical case management programme Competitive premiums Stop loss protection for overseas care (and out of network) Pharmacy benefits at home and overseas Lower than market average premium increasesCall 326-8191(Nassau) or 351-3960 (Freeport) or visit www.cgigroup.bm Colonial Group International is rated A-(Excellentby AM Best. Premier HealthOver the years,many new arrivals have become long term friends. Kerzner International (Bahamas Burke as chief operating officer for its Paradise Islandbased Atlantis resort, replacing Jean Cohen who retired at the end of April. H e joins the company from the Noble Investment Group in Atlanta, Georgia, where he was executive vice-president/principal since 2006. In that role, Mr Burke was responsible for overseeing the operations of 15 full-service branded hotels within the companys $1.8 billion investment portfolio, comprised of luxury hotels, resorts, conference centres, golf courses, spas and fine-dining operations. Prior to joining Noble Investment Group, Mr Burke was with Interstate Hotels &R esorts in Arlington, Virginia, where he held the positions of president of hotel operations from 2004-2006 and executive vice-president of operations from 2003-2004. While at Interstate, Mr Burke oversaw operations of 250-plus full-service branded hotels with a $2.6 billion portfolio, representing 42,000 rooms and 32,000 employees in 36 states in the US and four other countries. We feel very fortunate to have Paul join our Atlantis, Paradise Island team, said George Markantonis, Kerzn-e r International (Bahamas director. We are confident that with Pauls experience and his track record of strong leadership, he will continue to uphold Atlantis standards as one of the worlds leading resort destinations. In his new role, Mr Burke will be responsible for the overall day-to-day operations of Atlantis, with an emphasis on maintaining its high level of guest satisfaction. He will work closely with and report directly to Mr Markantonis. Atlantis gets chief operating officer By SIMON COOPER Res Socius I n a world where so many people have been shrugging their shoulders and turning up their collars, it has been encouraging to hear several good news stories recently. Not good news in the sense that I necessarily agree with all events, though. Good news in the sense that the news itself seems to have made a great many people happier, which is a good start. Last week, three significant things happened. The Catholics got a new Saint, and a popular one, too, by all accounts. The British got a fairytale Prince and Princess to replace a rather tatty Charles and Camilla. And Obama got his man ata time when the dollar desperately needed shoring up. I am unsure about the reaction of the Catholics because these things tend not to attract the attentions of the paparazzi. However, I do know that the Americans and the British went out to cele brate in a way not seen recently. No doubt, their rediscovered optimism resulted in a spending spree at least to the extent of buying takeaways and beer. Moreover, Westminster Abbey received a make-over and Wills got a spanking new uniform, too. All these purchases meant turnover for someone and securer jobs for all. People have a habit of cheering when things go their way, and that goes for nations, too. Remember how the Germans felt when they lost their Berlin wall, and how the Poles and Czechs celebrated when the Iron Curtain opened up? All three countries boomed in the afterglow, at least partly because their people believed in themselves again. Will America begin to believe in itself again following the death of Osama Bin Laden? The nations social depression heralded by the collapse of the Twin Towers, followed by a seemingly fruitless chase for a lone terrorist despite warships and aircraft in the sky, certainly did not help. And when an economic recession followed, many bubbles burst and even Obamas men could not put them all back together again. Self-confidence is a funny old thing. Few peo ple can hit a target or pot a snooker ball when they believe it is impossible. And competitive athletes like swimmers and runners must first see themselves beat records in their minds before they achieve them in reality, too. To the extent that Obamas military success reignites self-confidence in the minds of Americans, I believe they will go forward in greater confidence. Business will flourish because people will start buying for the future. This will support local industry and manufacturers of imported goods, and more jobs will follow. Hopefully, this will help kick-start the world economy and Bahamian fortunes, too. There are many good things happening in our country right now. Like Baha Mar, and the jobs and foreign exchange it is creating. On the microlevel, people are getting on with their lives and generating business. It would be good if, as a nation, we could re-engender our own local spirit, tighten our shoe-laces and get on with making our country great again. Now that would be really good news. NB: Res Socius was founded by Simon Cooper in 2009, and is a business brokerage authorised by the Bahamas Investment Authority. He has extensive private and public SME experience, and was formerly chief executive of a publiclytraded investment company. He was awarded an MBA with distinction by Liverpool University in 2005. Contact him on 636-8831 or write tos firstname.lastname@example.org. We must rediscover our national spirit The Ministry of Tourism believes the newlyunveiled Bahamas Sport Fishing Network (BSFN and strengthen Bahamian sports fishing inter ests. Earl Miller, general manager of vertical mark ets for the Ministry of Tourism and Aviation, expressed thanks to Steven Cartwright, sales director of the BSFN, and his hardworking team for producing a top notch, comprehensive tool that is easy to navigate and will provide educational, exciting and important information, including current [daily] fishing reports on all islands of the Bahamas. The website aims to promote the goods, ser vices and experiences of Bahamian fishermen, while also providing a site for year-round information on fishing in the islands. The website is an example of private sector and government combining efforts towards a goal that will ultimately benefit the islands of the Bahamas as a whole, Mr Miler said. He praised the owners of the site for being proactive young Bahamians who have taken advantage of this lucrative market and turned it into a dynamic investment opportunity. The Ministry of Tourism and BSFN, along with various public and private organisations,w ill be announcing a series of Bahamas fishing tournaments in the coming weeks, including a junior angler tournament. Finalized details on the tournaments will be posted and available at www.Bahamas SportFishingNetwork.com. Mr Cartwright described his site as one that will allow for anglers to post fishing reports and share information through social networking. Resident and visiting anglers will be able to accessa vast array of information for planning a fishing adventure and for visiting the Bahamas for a sport fishing vacation. Information on fishing in the Bahamas is also available at the Bahamas official website, www.bahamas.com/fishing. There will be a link between the two sites. COO: Paul Burke. WEBSITE T O AID SPORTS FISHING SIMON C OOPER
By ALISON LOWE Business Reporter email@example.com Accountants raised concerns yesterday about the extent to which the new Securities Industries Act creates a legal requirem ent on them to dismiss accountant/client protection and act as whistleblowers on clients who they suspect to bein breach of the law. Further concerns were expressed by the president of the Bahamas Institute of Chartered Accountants (BICA R eece Chipman, about who the Securities Commission of the Bahamas (SCOB an approved auditor for the purposes of having its licensees comply with the Act. These points and others were raised during a lunch and learn event hosted by BICA a t the British Colonial Hilton hotel, in which members of the institute were addressed by Kean Smith, a legal officer with the Securities Commission. Mr Smith addressed accountants on the Securities Bill 2011, which was passed in parliament on April 18, but has yet to go before the Senate and become law. The lawyer pointed to p arts of the legislation, which will repeal and replace the Securities Industries Act 1999, that representkey changes and would be of particular relevance to accountants. According to Mr Smith, who emphasised that his comments were his own and did not repr esent the views of the Commission, some of the most significant changes in the Bill relate to the regulators ability to enforce its mandate of ensuring investor protection, fair and efficient markets and systemic sustainability. He said the law requires that a ccountants, if they suspect a client is not in compliance with the Commissions regulations, must report that directly to the regulator. Mr Chipman, in his address to the luncheon, said this requirement presents a challenge to the accounting industry as it would dismiss client/accountant privilege, w hich has typically been provided for under the engagement letters signed between accountants and their clients. The BICA president said the Institute would be seeking to find out from the Commission to what extent they would require us to come forward w ith this information. Accountant Jerry Butler, another attendee at the luncheon and a former executive director at the Inter-American Development Bank, echoed Mr Chipmans sentiments, suggesting that to put the onus on an accountant for providing t hat material is a real stretch...especially if sanctions apply. I dont see it as a normal or natural thing for me being required to be a whistleblower, and being required to give any information the company is giving me, said MrB utler. Further describing the enhanced enforcement powers t he Bill creates, Mr Smith told BICA members that while under the existing act the Commission has no powers setting out [its] powers of investigation, the 2011 Act allows the regulator to initiate an investigation against any person, whether an individual or a comp any, when seeking to enforce Bahamian securities law or the securities law of another country. Under this provision of the law, Mr Smith also noted that uncooperative witnesses can be held liable for contempt under the law. At this point, Mr Chipman q uestioned how the Commission would avoid entities going on fishing expeditions through it for information relating to individuals or companies in the Bahamas. Mr Smith responded that requests for information must be very specific and not too wide. Though we are a regulator we want to grow the industry and maintain it, he said. The attorney added that requests are denied, and if a Commission registrant objects to the wideness of a request it can register that objection with t he regulator and the body will look again at the situation. Mr Smith said that unlike under the 1999 legislation, under the new Act the Commission has power to investigate any registered person whenever it chooses to do so, as well as to enter their premise s during reasonable hours and take data (and of documents for the purposes of an investigation. He added that under the 2010 Act, sanctions involving fines, suspension or revocation of registration can be ordered against any person if it is cons idered that this would prevent or restrain non-compliance with or a breach of the law relating to securities regulation. Mr Smith also highlighted the fact that the Commission can issue an order in the public interest prohibitinga n accountant from acting as an auditor of a market particip ant under the new Act. In response to an expression of concern by Mr Chipman about whether there is an appeals process related to this power, Mr Smith said there is. He added that no long-term order can be imposed without a hearing, but a short term order o f up to 15 days can be imposed in lieu of a hearing. Mr Smith also advised accountants to take note of a new administrative penalty which has been provided for within the new Act. The penalty of $1,000 a day can be applied if a person is late in providing a document which is required to be filed or delivered to the Commission. Pointing to an area which may create additional opportu nities for accountants, the attor ney noted under the Act that all individuals and entities licensed under the Commission must appoint an approved auditor. He added that the new Act creates a power on behalf of the Commission to appoint a receiver for any of its registrants, who shall have all the powers of a person appointed a s a receiver in situations where companies are declared bankrupt or are winding down. Mr Chipman noted, however, that as far as BICA is concerned, the definition of who an approved auditor would be, by the Commissions standards, is not clear. He said B ICA hopes to work with the Commission in the hope that its list may as closely as possible reflect the Institutes list of registered members. Another part of the law which Mr Chipman suggested BICA was hoping to get further clarification on is under w hat parameters foreign auditors would be allowed to enter the Bahamas. Despite what the BICA president suggested were objections from the accounting body, the new law permits foreign auditors to come in to the Bahamas to audit a foreign securities issuer. Although no such foreign securities issuers exist in the Bahamas at this time, Mr Chipman suggested this was still a point of concern f or BICA. Meanwhile, other significant areas in which Mr Smith advised that the new law represents a change include the powers of the Minister with respect to the Securities Commission. Mr Smith said the Ministers powers, in accordance with p rinciples of the International Organisation of Securities Commissions (IOSCO calls for Securities Commissions to be operationally independent, have been curtailed in a number of ways under the new Act, with more power handed to the Commission itself on key m atters. Mr Smith advised all accountants to read the bill, especially those parts relating to audits and the first schedule of Bill. BUSINESS T HE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 3B Freeport Container Port, on Grand Bahama Island, reporte d a throughput decline of 15 per cent, but an EBIT (earnings before interest and taxation) increase of 51 per cent, mainly due to a gain on disposal of certain fixed assets, the Hutchison Whampoa annual report said. Meanwhile, BISX-listed ICD Utilities, which acts as the holding vehicle for a 50 per cent stake in Grand Bahama Pow e r Company, reported a $1.22 million net loss for its 2010 financial year a $1.863 million swing from the previous years $643,618 profit. ICD Utilities incurred a $1.038 million loss on its 50 per cent Grand Bahama Power Company interest, indicating the latter suffered a more than $2 million net loss in the 12 months to December 31, 2010. The BISX-listed entity, w hich is majority owned by Canadian power giant Emera, B ahamian investors holding the minority, also ran up $183,205 in expenditures. The 2010 annual financials revealed that Emera charged ICD Utilities just over $100,000 for variouse xpenses during 2010, despite there being no written agreement between the two relating to this. During the year, the company [ICD Utilities] was charged for the annual general meeting o rganising expenses of $77,824 and corporate support charges of $23,812 by its parent company, Emera, the financials said. There is no written agreement between the company and Emera for the allocation of the above expenses. However, the B oard has approved the above allocation. ICD Utilities Board is dominated by Emera executives. The Canadian power giant also paid $15,805 in legal expensesi ncurred by ICD Utilities. Container Port sees 52% gain FROM page 1B Accountant concern on whistleblower condition
negotiate with the union in good faith. Morton Bahamas said it determined that it must end t he process to create cert ainty for employees and (its operations. The last contract between Morton and its line staff expired in April 2010. In a later response to Mr R okers claim that he felt s ure, despite the companys s tatement, that the two sides would again sit down to work out what he termed outstanding issues, Morton Bahamas said that while it would bew illing to meet with the union to clarify the new terms or to discuss other union matters, the terms of employment will remain consistent with [its] last best and final offer. The companys initial statem ent said the decision to seek t o unilaterally apply the new industrial conditions came after the union was given more than four months to properly address the companys last, best and final offer. and has failed tor espond to requests of even the Minister of Labour to do so. It said the new terms will come into effect on June 1, 2011, and remain effective until February 28, 2013. Glenn Bannister, Morton Bahamas general manager, added: We had hoped to bea ble to announce a joint a greement with the union, but for the good of the employees and the operations, time has come to implement what is in fact a very good deal. Morton Bahamas said that finalising the terms of thel abour contract improves the companys ability to understand the economics of its overall supply chain. The company must be able to forecast over the long-term w here it will best be able to s ource product in order to efficiently and effectively meet its customers demands. I t noted that the company had engaged in 15 negotiating sessions with the BIMAWU from January 2010 to January 2011. The companys good faith efforts to negotiate a new l abour agreement with the union began in January 2010, and included 15 negotiating sessions over the next 12 months. In August 2010, in r esponse to the unions r equest for the companys b est and final position, Mor ton tendered what it conside red a very beneficial offer, but the union rejected it. Duet o the stalemate, Morton r eached out to the Labour M inister, and in December all three parties met, and with the intervention of the Minister, the company agreed to enhance its offer. According to Morton Bahamas, the union commit-t ed to presenting the e nhanced offer to its members for a vote and to notifying the minister of the votes outcome within two weeks. To-date, more than four months later, the union has yet to fulfill its commitment,i t alleged. Instead, last month, despite the commitments it made during the December meeting with the Minister, the union attempted to continue negotiating the t erms. I t claimed that its commitment to the Inagua facility and its workforce should be clear after our efforts tom itigate the impact on our employees from the halt in production forced by excessive rains. In December 2010, a deal w as reached with the union to keep employees who would o therwise have been laid-off due to the decline in the availability of salt on the island employed on a rotational basis. M r Roker told Tribune B usiness that the BIMAWU w as advised of the companys p osition on the industrial terms during a meeting heade d by Mr Bannister yesterday morning at 9am. C ontrary to the position of t he company as presented to t his newspaper, Mr Roker said that coming out of that meeting he felt satisfied the company and the union could again sit down and continue to negotiate over the terms ofa deal. We came to some agreem ent and we will sit down and talk. As far as I am concerned we have not reached an impasse; there are still open issues that both parties need to come to a conclusion on, he said. A s to what steps the union might take if the company continued to take the position that it would unilaterally impose new industrial terms upon the workforce, Mr R oker said the union is reas onable and sensible, and any industrial action would be the last thing on our minds. T he company statement said that under the terms of the deal it will apply to the workforce, employee wages will increase 2.5 per cent in e very year of the agreement, retroactive to March 1, 2010. M orton will provide employees in June 2011 with a lump sum payment of back pay to account for the increase in wages effective M arch 1, 2010, and March 1, 2 011. E mployees will be eligible f or an increased production bonus based on monthly rather than an annual goal, and there will be a transition to a defined contributionr etirement savings plan. The deal would provide for a n improved grievance procedure to provide for final and binding arbitration that will reduce the time needed to resolve issues, and an increased number of unionr epresentatives equal to that of the management memberso n the Safety Committee. To account for the constantly increasing cost of providing medical insurance, Morton will ask its employ-e es to increase their contributions to their healthcare,s aid the statement. Even in the face of rising costs, the company lowered the amount of the increase it was seeking during negotia-t ions. It is believed the amount of the increase, as well as the resulting total, are in line with or below those required by other employers in the region. Based on the employees coverage needs, the increase will amount to three to 12c ents per hour by the end of the agreement. The company will be paying for 85-90 per c ent of the anticipated i ncrease in costs. M essages left seeking comment from Obie Ferguson, t he unions legal adviser, were not returned yesterday. He was said to be in court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
BUSINESS T HE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 5B The former Bimini Big Game Club will host the private pilots set to fly in to Bimini next month to kick-off the Bahamas Pilot Challenge, the competition developed to encourage aviators to visit 12 of this nations 20 ports of entry. The now-renamed Guy Harvey Big Game Club Outpost will provide hotel accommodation for the event, which is being sponsored by the Aviation Superstore, PilotMall.com The fly-in to Bimini will take place from June 10-12, and Neil Glazer, founder of the two sponsors, said: We chose Bimini as the first island in this challenge because its so close and there are so many things to do. We recently visited the Big Game Club and were very impressed with what Dr Harvey and his team have done to the property. Backcountry and bluewater fishing and diving, along with evenings aboard their 100-passenger, glass bottom dive boat, are great activities for this group. Were especially looking forward to the dolphin experience and to visit the world famous Shark Lab, along with visits to local points of interest, including the Bimini museum. The Big Game Club, which is located on the main navigation channel in Bimini Bay, currently features a 51-room resort and a 75-slip marina capable of accommodating boats up to 145 feet in length. A full service fuel dock will be operational by Spring 2012. Guest rooms and suites have been fully renovated, as with the new Bimini Big Game Bar & Grill, and completion of the Hemingway Lounge and Gulfstream conference centre. Upcoming plans include completion of an exercise centre, development of a field research installation to showcase the work of the Guy Harvey Research Institute, and the Nova Southeast University Oceanographic Centre. Big Game Club to host pilot fly-in AERIALSHOT: T he Big Game Club. We chose Bimini as the first island in this challengeb ecause its so close and there are so many things to d o. N eil Glazer P ILOTCHALLENGE: N eil Glazer.
Despite sustaining a $236,372 net loss for the year to end-December 2010, tak-i ng the BISX-listed investm ent firms accumulated d eficit to $4.22 million, Julian Brown, its chairman and president, expressed optimism it would return to profitabilityin 2011 as its investment portf olio improved in line with e conomic recovery. Telling Tribune Business that Benchmark (Bahamas 2010 performance had exceeded internal expectations despite another net loss,M r Brown said: Im hoping t hat if things continue the way they are, and we continue to climb the up side of the mountain to recovery, the performance of the [investm ent] portfolio will be a lot better in 2011. Asked by this newspaper w hether Benchmark (Bahamas return to the black, Mr Brown r eplied: Certainly, internally w ere projecting that, so I h ope we get there. I think Benchmark is in a very solid position to date, much better than we were two years ago. To help smooth out the v olatility in both its domestic (Benchmark (Alliance Investment Management) investment portfolios, the BISX-listed investment firm ventured into real estate with the developmento f its multi-million dollar commercial complex at the corner of Carmichael and Fire Trail Roads. Tenants B ank of the Bahamas Intern ational and Nassau Underwriters (NUA agency, have already beenc onfirmed as anchor tenants, l easing 50 per cent of the 1 5,000 square feet available, but despite already recording a $513,114 gain on the prope rty, Mr Brown said Benchm ark (Bahamas t o value it conservatively. Acknowledging that the Carmichael Road development was probably worth a lot more than the $3.72 mil-l ion attributed to it on Benchmark (Bahamas sheet, Mr Brown added that the company would continue to value it using the cost method rather than the more aggressive income method. I think on an income basis its probably worth a lot more, Mr Brown told Tribune Business. Were carrying it right now at cost $3.7 million. Thats what weve valued it at, and are carryingi t on the books at. Were using the cost m ethod for valuing property. We could use cost or the income method, but have decided to be very conservative. We have much more in terms of residual value than what were carrying on theb ook, but thats just our approach to be conservative with the valuation. I dontt hink any time in the shortterm we will be changing that philosophy. B enchmark (Bahamas e njoyed a $513,114 revaluat ion gain on the Carmichael Road property in 2010, Mr Brown adding that total land acquisition and construction costs had come to around$ 3.207 million. Land is valued at $764,885, and the building at $2.442 million. An upward revaluation of the Carmichael Road property would further boost Benchm ark (Bahamas l evel, which was dangerously low at just $122,666 at yearend 2009. The company onlyr emained in positive net worth territory as a result of a $1 million private preferences hare placement that year. According to the financials, Benchmark (Bahamas appeared to pull off the same trick again in 2010, as its intern ational broker/dealer subs idiary, Alliance Investment M anagement, issued $2 million worth of preference shares, paying 3 per cent, last June. Without that placement, the company could have fall-e n into negative net equity, as the year-end position showed it had net worth of $1.886 million below the preference share issue valuation. Still, Mr Brown was upbeat w hen talking to Tribune Business, stating that Benchmark (Bahamas for new public and private investment opportunities into which to deploy capital, with the Carmichael project nowf inished. Were out in the marketp lace looking for ideas and looking for opportunities, he explained. Theres a lot going on in the local market with BTC, Commonwealth Brewery and the Arawak Cay port. Opportunities Those are opportunities, and were trying to see if there are any private opport unities we might be able to get involved with. Were done with Carmichael Road as itr elates to our focus, and are l ooking to find new ideas to invest capital in. As for that real estate development, Mr Brown said additional leases had been closed since 2010 year-enda nd the company expected to achieve 70 per cent occupancy at the property by the 2011 second quarter end. In relation to the Carmichael property, were achieving exactly what wee xpected, and based on i nquiries were going to achieve the objective of having the place fully leased outb efore the end of the year, t he Benchmark (Bahamas chairman and president said. Were moving right along a t a nice pace, and getting very interesting inquiries from some very solid companies. At the end of the year, we w ere roughly 50 per cent leased. The $500,000-plus revalua t ion gain on the Carmichael r eal estate project helped to reduce Benchmark (Bahamas on investments to $22,155 in2 010, compared to an $ 823,434 loss in 2009. Over a ll, its total net loss for the year fell by 36.4 per cent from $ 371,859 to $236,372. B reaking its performance by subsidiary, Alliance Investment Management suffered a $540,448 net loss in 2010. Also suffering net losses were Benchmark (Bahamas $175,487, and Benchmark Advisors with $8,717. Benchmark Properties generated net income of $488,280, taking the companys overall operating loss for 2010 to $214,217. B USINESS PAGE 6B, FRIDAY, MAY 6, 2011 THE TRIBUNE showed a 15.9 per cent net income rise from $1.357 million to $1.573 million, had masked the $1.9 million profit swing during the final six months that reversed a $327,247 net loss during the first half. The Fidelity Bank (Bahamas turnaround to several factors, including no further deteriorationi n asset quality in its loan book; stabilisation in its non-perf orming loan book at $19.729 million or 9 per cent of the total; and a reduction in annual loan loss provisions from $1.316 million to $1.182 million a 10.2 per cent fall. Weve posted a modest increase in profit during a very difficult economy, but our annual results actually mask the very substantial improvement in the banks performance for thes econd part of the year, Mr Sunderji told Tribune Business. In the second half of the year, we did $2 million, which is actually a dramatic improvement in the banks profitability. He added that Fidelity Bank (Bahamas grow its loan book by 6.3 per cent, from $200.122 million to$ 212.665 million a more than $12 million increase during a period of tepid loan demand; there was no credit demand to speak of. Another factor behind Fidelity Bank (Bahamas s howing, Mr Sunderji added, was the almost doubling of its consumer loan portfolio. A traditional mortgage-led bank, Fidelity has been looking to diversify and increase its con-s umer loan book, given that this credit generates higher yielding interest rates. Grow T he banks consumer credit now stands at 33 per cent of its total loan book, and Mr Sunderji told Tribune Business: Our l oan mix continued to evolve. Weve been trying to grow the consumer loan book, and were successful. We nearly doubled the consumer loan book in the year. As a percentage of the total loan book, we went from the lower 20 per cents to the lower 30 per cents, so it was a 10 percentage p oint improvement. The higher yields and spreads from the consumer loan i ncrease combined with lower deposit rates, due to higher syst em liquidity levels, to enhance Fidelity Bank (Bahamas est rate spreads, Mr Sunderji said, and helped us to grow the b ottom line. The improvement in the second half continued into the 2011 first quarter, so we feel good about our numbers even through year-end, and think the bottom line will substantiallyi mprove in 2011, he added. Were looking at Return on Equity in the low to mid-teens, which is a big improvement for us. Weve been in a transition period for many years, and its not been acceptable to us, but we think we can get in the low to mid-teens and think our performance will continue to improve. Rather than expand its branch network, Mr Sunderji telling T ribune Business it traditionally took two years before a new outlet broke even, or grow a very complete suite of products, Mr Sunderji said Fidelity Bank (Bahamas concentrate on deriving economies of scale and efficiencies f rom its newly-installed IT platform and network expansion/cost containment initiatives. We are now benefiting from economies of scale, efficiencies a nd things like that, Mr Sunderji said. We are focused on building the distribution platform we have and the technology platform we have. These things taket ime, but we are there, and we are looking forward to seeing all our initiatives translate into a more robust bottom line. We feel very good about our results in 2011, based on the first quarter results. They portend a continued, robust recovery in the bottom line. We feel good about where we are, and are cautiously optimistic that 2011 will turn out to be a pretty good year for us. M r Sunderji even indicated that an increase in employment levels may occur, adding: The number of transactions we are processing is growing, so we may see the need to increase ours taff complement, which we shall do very carefully. Non-performing loans, as a percentage of Fidelity Bank (Bahamas to 9 per cent at end-2010. Mr Sunderji described this as almost two percentage points below the commercial banking industry average, attributing this to very aggressive management of our non-performing book. As for total loan arrears, which refers to anything more than 30 days past due, Mr Sunderji said Fidelity Bank (Bahamas some seven percentage points below the industry average, placing it around 11-12 per cent of the total loan book. Fidelity eyes equity returns in mid teens FROM page 1B Benchmark: No $3.7m property revalue likely in short-term FROM page 1B
whether some or all of Hutchisons investments arei ncluded in any prospective deal, although one source indicated that Abu Dhabi would still be interested in the airport, Freeport Harbour Company and Devco even without the Container Port,w hich is effectively the Crown Jewel. We need them, because theres no one else right n ow, one source told Trib une Business, stating that Abu Dhabi had been attracted by Freeport and Grand B ahamas strategic location some 80 miles off the Florida coast. Among their plans is said to be the development ofa n international financial services centre in Freeport along the lines of the Singapore model, different to the Bahamas current private wealth management focus. Prime Minister Hubert I ngraham was said by the same source to be all for some kind of deal to be struck, having wanted ac hange in the GBPAs owne rship for several years. T he GBPA is something of a n unusual asset to acquire, because apart from its equity s takes in numerous infrastructure-related assets such as Devco and Freeport Harbour Company (and a host of other entities, such as Bour-b on Street Ltd, owner of Lucaya Marketplace), it also retains quasi-governmental powers as Freeport's regulatory and governmental authority. Any buyer will thus have to be of the highestr epute and integrity, especially given that they will have to meet with the Bahamian government's approval. BUSINESS T HE TRIBUNE FRIDAY, MAY 6, 2011, PAGE 7B 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.181.180.000.1550.0407.63.39% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 7.004.40Bank of Bahamas6.896.890.000.2130.10032.31.45% 0 .530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.0470.09057.43.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.008.69Cable Bahamas8.748.740.001.0500.3108.33.55% 2.852.35Colina Holdings2.552.550.000.4590.0405.61.57% 7 .005.80Commonwealth Bank (S1)6.986.980.000.4860.26014.43.72% 2.531.90Consolidated Water BDRs1.901.88-0.020.1110.04516.92.39%2 .541.31Doctor's Hospital1.321.31-0.012,2000.1070.11012.28.40% 5 .994.75Famguard5.405.400.000.3570.24015.14.44% 9.005.65Finco6.506.500.000.6820.0009.50.00% 9 .858.60FirstCaribbean Bank8.608.600.003,4670.4940.35017.44.07% 6.004.57Focol (S)6.006.000.000.4350.16013.82.67% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7 .305.50ICD Utilities7.307.300.000.0120.240608.33.29% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 1 0.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 5 2wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 5 2wkHi 5 2wkLow S ymbol B id$ A sk$ L astPrice D ailyVol E PS$ D iv$ P /E Y ield BISX LISTED & TRADED SECURITIES AS OF:7 % I nterest 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 2029THURSDAY, 5 MAY 2011BISX ALL SHARE INDEX: CLOSE 1,441.95 | CHG -0.08 | %CHG -0.01 | YTD -57.56 | YTD % -3.84BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)M aturity 1 9 October 2017FINDEX: 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 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.54871.4525CFAL Bond Fund1.54871.48%6.06%1.526164 2.98142.8300CFAL MSI Preferred Fund2.98141.15%2.40%2.947425 1.59201.5141CFAL Money Market Fund1.59201.14%4.53%1.574964 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.50161.08%0.02% 115.7622101.6693CFAL Global Bond Fund115.76229.58%9.58%114.368369 111.469799.4177CFAL Global Equity Fund111.469711.32%11.32%106.552835 1.16081.0000FG Financial Preferred Income Fund1.16081.25%5.20% 1.12141.0000FG Financial Growth Fund1.12140.26%4.18% 1.16201.0000FG Financial Diversified Fund1.16201.12%5.24% 9.99529.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.99521.51%6.08% 11.217310.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 211.21731.50%6.41% 10.42889.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.42884.03%4.29% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.55591.88%8.41% 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-Mar-11BISX Listed Mutual FundsNAV Date 31-Mar-11 31-Mar-11 31-Mar-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 242-502-752531-Mar-11 31-Dec-10 31-Mar-11 1-Apr-11 31-Jan-11MARKET TERMS31-Mar-11 NAV 6MTH 1.505557 2.918697 1.555464 109.392860 100.183340 31-Dec-10 31-Mar-11 31-Mar-11 31-Mar-11 % 5(1'$'25*(86 67*(50$,1RI&DUPLFKDHO1DVVDX%DKDPDV ) 5('2)5$1&2,6RI +23(7$%$&2%$+$0$6 (1',&.$)5$1&(52//(RI 52&.<3,1(52$'3%2;1$66$8 %$+$0$6 0$128&+.$'20,1,48(RI 1DVVDX6WUHHW1DVVDX%DKDPDV 7+(%/,&+263,7$/6$87+25,7< %$+$0$6$7,21$/'58*$*(1&< 7(1'(5)257+(/<'58*6$1' 5(/$7(',7(067HQGHUVDUHLQYLWHGIRUWKH6XSSO\RI'UXJVDQG 5HODWHG,WHPVIRUWKH3XEOLF+RVSLWDOV$XWKRULW\ DQGWKH0LQLVWU\RI+HDOWK7KH&RPPRQZHDOWK RI7KH%DKDPDV 7KH7HQGHU'RFXPHQWZKLFKLQFOXGHV LQVWUXFWLRQVWRWKH7HQGHUHUVDORQJZLWKRWKHU UHOHYDQWLQIRUPDWLRQFDQEHFROOHFWHGIURP WKH%DKDPDV1DWLRQDO'UXJ$JHQF\0DUNHW 0F3KHUVRQ6WUHHWVIURP)ULGD\WK 0D\ $7HQGHU&'PXVWEHVXEPLWWHGDORQJZLWK SULQWHGFRS\LQVHDOHGHQYHORSHRUSDFNDJH LGHQWLHGDV 7HQGHUIRUWKH6XSSO\RI'UXJ DQGHODWHG,WHPV DQG DGGUHVVHGWR 0DQDJLQJ'LUHFWRU 3XEOLF+RVSLWDOV$XWKRULW\ 7KLUG7HUUDFH:HVW&HQWHUYLOOH 3 1DVVDX7KH%DKDPDV (OHFWURQLFDQGKDUGFRSLHVPXVWEHUHFHLYHGDW WKHDERYHDGGUHVVRQRUEHIRUH )ULGD\ -XQHWK &RSLHVRIYDOLGEXVLQHVV OLFHQVHDQG1DWLRQDO,QVXUDQFH&HUWLFDWH PXVWDFFRPSDQ\DOOSURSRVDOV 7KH3XEOLF+RVSLWDOV$XWKRULW\UHVHUYHVWKHULJKWWRUHMHFWDQ\RUDOO7HQGHUVf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investments in the IPO who wanted anonymity would be unable t o do so. The fear was that the companys request would lead to their identities coming into the public domain via the shareholder register, which can be easily and legitimately obtained from the Bahamas Central Securities Depository (BCSD Registrar and Transfer agency (RTA Broker/dealers are also understood to have been concerned on competitive grounds, because their client lists would also effectively come into the public arena. However, Tribune Business was told that Commonwealth Brewe ry was only seeking the names of investors in the IPO for its own private purposes, and had no intention of making these details public. Under Section 80 (8 Bahamian public companies have the right to ask broker/dealers to provide the with information identifying persons owning shares, for whom the latter are acting as nominees. While this has never been requested at the IPO stage in the Bahamas, Tribune Business understands this is routine practice in capital markets throughout the world, where listed companies w ant to know who their shareholders are. It is especially prevalent in Europe, where Commonwealth Brewerys 75 per cent majority owner, brewing giant Heineken BV, is based. As revealed yesterday, in a May 3 letter signed by managing director LeRoy Archer and company secretary Shun Chou, Commonwealth Brewery warned that it would not allocate shares to Bahamian retail and institutional investors unless it was provided with information identifying the ultimate beneficial owner(s behind the investment. Noting that the IPO attracted a number o f applications where broker/dealers were acting as fiduciaries for unnamed nominees, Messrs Archer and Chou wrote: It is the determination of our company that we intend to allocate shares to named persons and not to nominees, such that our register will contain the name of the persons who own our shares.......... Please be advised that the company intends to allocate only to named persons and, therefore, we would need this information as quickly as possible in order to allow us to conclude our allocation process. The Commonwealth Brewery letter than asked all broker/deale rs to provide identification information on beneficial owners they were acting for to the Bahamas Central Securities Depositor y (BCSD uments that could be used. Commonwealth Brewerys IPO attract ed 3,000 investors, who subscribed for more than $50 million of the $62.5 million offered. Institutional investors accounted for about 40 per cent of the $50 million raised, with the remaining 60 per cent coming from individual investors. The Government will take up the remaining $12.5 million, with Bahamian investors collectively h olding 25 per cent of the company. International brewing giant, Heineken BV, will own the remaining 75 per cent. $62.5m IPO likely to list next week FROM page 1B Abu Dhabi Port offer warms up FROM page 1B
FRIDAY, MAY 6, 2011 THETRIBUNE SECTIONE INSIDE International sports news s trying to dodge a bullet By RENALDO DORSETT Sports Reporter r firstname.lastname@example.org U nsuccessful in his b id to secure a rematch to the most high profile fight of his career thus far, S herman "The Tank" Williams sug gested that an aged four-time heavyweight champion EvanderH olyfield is shamelessly avoiding his challenge for a follow-up-fight. "He's trying to dodge a bullet," W illiams said. "He clearly opted to go to Denmark and fight Brian Nielsen rather than get his wounds healed up and take an automatic rematch with me. All things con-s idered, if it stays the way it is, it w ill take another few months but it should happen. He knows its a safe fight. I don't like the situation but I can't blame the guy. If the choice was to fight myself or to fight some body else I would do the same t hing." W illiams' 12-round bout with Holyfield when the fighters met in West Virginia last January was ruled a no contest after the third round. According to Williams, Holyfield i nitially agreed to a rematch but has s ince been unco-operative in terms of agreeing to a rematch and signing a deal for a second fight. "I was hoping that he would live up to his word. January 22, I pro posed to him in the middle and he a greed, three months removed and S S E E E E p p a a g g e e 3 3 E E Barrys ultimate goal is to dethrone Donald Thomas NEW CHAMPS: H urricanes blow away Comets in penalty shootout See page 2e By BRENT STUBBS Senior Sports Reporter email@example.com LAST year, Trevor Barry had to play second fiddle to Donald Thomas at the Bahamas Association of Ath letic Associations National Championships, the Central American and Caribbean Games and the Commonwealth Games. This year, however, Barry said his ultimate goal is to dethrone Thomas and take over as the top male high jumper in the country. Its a pleasure to come home and compete. I dont have too many opportunities, except for the Nationals, Barry said. This is for a good cause, so Im happy to be here. While Barry is here to prepare for the Ambassadors Athletic Clubs fourth annual Floridas Natural Fritz Grant Invitational next week at Thomas A Robinson Track and Field Stadium, he wont get to compete against Thomas. Instead, the Ambassadors Track Club is hoping to bring home collegian Ryan Ingraham the top junior high jumper in the country who has already cleared 7-feet, 2inches, to compete against Thomas. Its going to be good to see this guy, who can jump at 2.21m (right around the junior national record) to give Trevor the push that he needs to get the World Championship qualifying mark in this meet, said meet director Bernard Newbold. We know that hes going to do it again at the Nation als, but we want to have first crack at it during the Floridas Natural Fritz Grant Invitational. With this being just his sec ond meet for the year, Barry said he is hoping that Ingraham will help him to bring out his best because its good to compete against my fellow Bahamians. I dont get to compete against them except for once a year, he added. So far this year, Thomas is now sitting in fifth place on the world chart with a best of 2.30m or 7-6 1/2 behind a quartet of Americans, led by Jesse Williams at 2.34m or 78. Barry, who turns 28 on June 14, is tied with American Keith Moffatt at 14th with 2.24m or 7-4 1/4. The qualifying height for the IAAF World Champi onships in Athletics is 2.31m or 7-7, which both Barry and Thomas are close to achiev ing. The latter meet is set for August 27 to September 4 in Daegu, South Korea. Barry said in addition to winning a medal as a priority at the World Championships, he would like nothing better than to turn his three close defeats to Thomas last year into victorious this year. The duplications are going to be reversed, said Barry about his performance against Thomas last year. I expect to dethrone him this year. Hes a lot of fun to com pete against, but thats a part of the sport. CHAMPION CHALLENGE: Trevor Barry (left says his ultimate goal is to dethrone Donald Thomas (above and top right inset) and take over as the top male high jumper in the country. The T ank suggests Holyfield is shamelessly avoiding his challenge for a follow-up fight
Hurricanes blow away the Comets in penalty shootout L OCAL SPORTS PAGE 2E, FRIDAY, MAY 6, 2011 TRIBUNE SPORTS BAISS (Junior Girls Championship HIGHLIGHTS CHAMPIONSHIP PLAY: The St Andrews Hurricanes junior girls yesterday defeated the defending champions Queens College Comets in a penalty shootout for the Bahamas Association of Independent Secondary Schools (BAISS at the Roscoe Davies National Development Centre. Some game highlights can be seen here. NEW CHAMPIONS P h o t o s b y F e l i p M a j o r / T r i b u n e s t a f f
By BRENT STUBBS Senior sports Reporter b firstname.lastname@example.org WITH speculations of the Bahamas Association of Athletic Associations National Track and Field Champio nships being hosted in G rand Bahama this year, the A mbassadors Athletic Club is assembling some key match-ups next weekend at the Thomas A Robinson Track and Field Stadium. M eet organiser Bernard Newbold said the Foridas Natural fourth annual FritzG rant Invitational from May 13-14 will provide the public the opportunity to see someo f the top notch athletes in the event if the Nationals goes to Grand Bahama next m onth. A t a press conference at A sa H Pritchard the sponsors of the meet through their p roduct Florida Natural Newbold said they are preparing to showcase an array ofm ale talent in the invitational 1 00, 200 and 400 metres as well as the high jump. This year, we will continue to use the format of prelims and finals as well as timed finals, said Newbold, whop ublicly thanked Asa H Pritchard for their continued support. Heres a look at the matchups lined up: 1 1 0 0 0 0 m m e e t t r r e e s s National c hampion Adrian Griffith, B runell McKenzie, Rodney Greene and visiting visuallyimpaired Irish ParalympianJ ason Smyth. 2 2 0 0 0 0 m m e e t t r r e e s s Michael Math i eu, Andrae Williams, Andretti Bain, Griffith, Jason Smith and Jamal Moss. 4 4 0 0 0 0 m m e e t t r r e e s s Former world champion Avard Moncur, Mathieu and Williams, along w ith Moss, Wesley Neymour, A drian Mitchell and Delano Deveaux, a student at South west Christian College. H H i i g g h h j j u u m m p p Central Amer ican and Caribbean and Commonwealth Games silver m edallist Trevor Barry against collegian Ryan Ingra ham, the top junior high jumper in the country, who has already cleared 7-feet, 2inches. S myth, by the way, made h istory as the first Paralympian to compete at the European Championships,q ualifying for the semifinals of the 100, running 10.43 seconds for fourth place in his h eat. He is a training mate of Bain with Pure Athletics in Orlando, Florida, and has posted victories over Greene and McKenzie, competing at the South Florida Invitational. T he meet will serve as a q ualifier for the international meets on tap this summer, with the exception of theC AC Age Group Champi onships, which is a multievent. The Ambassadors Athleti c Club, the host of the club, is proud to announce the partnership with Floridas Natural and Asa H Pritchard, along with other sponsors, New-b old said. T he other sponsors include the dAlbenas Agency and Hunts products, Original Patties and Bakery and Fidelity Bank. G rant, the head coach of the Ambassadors, said he is o nce again grateful and thankful to God for the club honouring him by hosting another version of the meet. This promises to be a very, very exciting and entertaini ng track and field meet, G rant said. We are looking f orward to outstanding perf ormances from the youth straight up to our elite athl etes, who the country will get to see prior to the nationalt rack and field championships i n head to head competition. Its going to be a family oriented affair and were looking for the public to come out and support it and to cheer on these athletes. More importantly, you will see someo f the medallists from the recent Carifta Games. So this is going to be quite interestingf or the fans to come out and support. A s an added treat, Newb old said the public will also g et a chance to see the Carifta under-20 boys gold medal 4 x 400 relay team competea gainst the Bahamas second place team at the PennR elays, minus Chris Bay Brown, who will not be a ttending the meet. And Newbold encouraged the primary school physical e ducation teachers to register their athletes to compete in the meet, which will serve as at une-up for the Frank Pancho Rahming National Primary School Track and Field Championships that will beh eld two weeks later. R egistration has been extended from Monday to next week Thursday, the day before the meet. Interested persons can contact Newbold a t the BAAA office. Jeff Saunders, business m anager for Citrus World or brand manager for Floridas Natural & Bluebird juices, said Asa H Pritchard is delighted to be a part of the meet, considering the large a mount of athletes that they h ave seen competing in the s port. When I was approached about this, we were so happy t hat we were in a position to do something and to help witht his, said Saunders about t heir companys involvement. Im really excited about it. And Anieka Hanna, marketing manager at Asa H Pritchard, said all of their brands are always ready to be a part in community eventsa nd the meet gives them the opportunity to participate in something that is very posi-t ive and wholesome. L OCAL SPORTS T RIBUNE SPORTS FRIDAY, MAY 6, 2011, PAGE 3E Lower premiums,low deductibles,generous benefits and a fast claims service for home and motor cover.Pick up the phone and ask NIBA for a great insurance deal.Tel.Nassau 677-6422/Freeport 352-6422 or visit www.nibaquote.com Open Saturdays10.00am2.00pm NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Suite 6,Jasmine Corporate Center,East Sunrise Highway P.O.Box F-42655,Freeport Tel.Nassau 677-6422 Freeport 352-6422 www.nibaquote.com we are still having complica tions with that camp in terms o f agreeing and signing a cont ract," Williams said. "Holyfield is looking for the safe way out at the moment. I think it is a safe fight for Holyfield and I cannot say that I blame the guy for tak i ng the safe route, but the rematch clause is still recognised by the WBF." B oth fighters will now square off with other top contenders before a possible reunion for the rematch later in the year. Williams said the problems with the rematch have come from the Holyfield camp accusing him of being a "dirty fighter." "After the ruling by the WBF I was on a conference call with the Holyfield camp and his representatives said that a rematch with me would not be in his best interest because he felt that I was an excessively rough fighter and that I was intentionally trying to hurt him," he said. "I thought it was a comedic statement for the rep to make and my response was this is boxing. If he did not want contact he should have played tennis. They felt that I cut him o n purpose and they are sticking to their view that I was a dirty fighter and I headbutted him. I think the whole world that saw the fight and reviewed the fight saw that Holyfield was cut the last 10 s econds of the first round with an overhand right. They felt that a rematch wasnt in theirb est interest then and apparently not now." Holyfield is scheduled to face Dutch fighter Brian Nielsen this Saturday in a non-title bout. Nielsen, who once faced Mike Tyson, has not appeared in a professional bout since April 19, 2002. "Fortunately, the WBF has not sanctioned the fight so it will be a non-title fight, so the WBF title is not on the line. I think Holyfield should win the fight," Williams said. "I know Holyfield after fighting him recently. I know Brian Nielsen from a training camp back in 2001. I spent eight weeks training with Nielsen for the Mike Tyson fight. I was not impressed with him then and with nine years out of the ring I do not see any way he can upset Holyfield." Williams is scheduled to face Brazilian heavyweight Raphael Zumbano in midlate July. However, a venue has yet to be named. At 6'5" and with an 83" r each, Zumbano sports a 30-4 win-loss record, WBF Intercontinental champion and Brazilian National Champion and has won 15 consecutive fights dating back to March 27, 2008. It seems that before I get to Holyfield I have to go against Zumbano, who I feelc onfident facing. I have no doubts in my ability against him. It should be a good fight, with his height and reach I have my work set out for me, but I think I should go through Zumbano in an impressive way and hopefully speed up the pace to give Holyfield 90 days to defend the title," he said. "Zumbano tries to use the ring and he tries to use his height and reach so I'm sure that for the first two or three rounds of the fight, I'm going to have to be the aggressor. I'm going to have to cut off the ring, put pressure on him, attack his body and when he lets his hands down, hit him with an overhand right. Preparing for that type of fight is really a tough task because it takes a lot more effort. The flip side is, if I can keep him on his heels and I can keep him going back wards, I can possibly hit him with the right punch and end the fight early," said Williams. The T ank: Holyfield shamelessly avoiding his challenge for a follow-up fight IN repeating as champions of the New Providence Primary Schools Sports Associations junior girls volleyball championship,Y ellow Elder defeated Oakes Field Primary in the championship game and not Claridge Primary. The T ribune apologises to the schools for the error. CORRECTION F F R R O O M M p p a a g g e e 1 1 E E Top-notch athletes to compete at the Fritz Grant Invitational SHOWN (l-r B ernard Newbold. Standing is Jeff Saunders, business manager for Citrus World or brand manager, Florida's Natural and Bluebird.