B y MEGAN REYNOLDS Tribune Staff Reporter m firstname.lastname@example.org FIRE destroyed the AID hardware store in Wulff Road yesterday afternoon and threatened homes and businesses nearby as the blaze sparked just a fter 3pm burned into the night. Around 65 employees on site w ere quickly evacuated before the fire spread to the rear of the building and flammable paints, chemicals and aerosols caught light. Explosions were heard as flames shot up to 50ft high and thick smoke filled the area, and w as visible across the island. Fire services worked with six NASSAU AND BAHAMA ISLANDS LEADING NEWSPAPER Volume: 107 No.163FRIDAY, JUNE 10, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER CLOUDY, T-STORMS HIGH 87F LOW 76F B U S I N E S S SEEPAGE1B S P O R T S $31.7 million COB bond in Tuesday launch SEESECTIONE Pinder in 400m final TRY OUR McFLURRY SNICKERS The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM AIDstore destr oyed Huge blaze threatens nearby homes and businesses BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E By TANEKA THOMPSON Tribune Staff Reporter email@example.com PRIME Minister Hubert Ingraham rebuked the leader of the opposition for suggesting Dominican poaching ves sels should be "blown out" of the water if found in Bahamian territory. Mr Ingraham said the earlier comments made by Perry Christie were unacceptable as the head of the Progressive Liberal Party, adding: "A leader he (Mr Christie "Perhaps my greatest surprise listen ing to him though was his suggestion that Dominican fishing vessels be blown out of the water when found poaching in territorial waters. I couldn't believe it," said Mr Ingraham as he gave his summation of the 2011/2012 budget. He accused Mr Christie of attempting to appeal to the emotions of Bahamian PM HITS OUT AT CHRISTIE OVER BLOWN OUT OF WATER COMMENTS SEE page nine B y TANEKA THOMPSON Tribune Staff Reporter t firstname.lastname@example.org P HILIP 'Brave' Davis told Free National Movement supporters that Progressive Liber al Party Chief Perry Christie is not his leader and is dicey during a trip to Cat Island, Prime Minister Hubert Ingraham claimed. E lizabeth MP Ryan Pinder, who accompanied Mr Davis on the trip, reportedly told thes ame supporters that his allegiance lies with the Cat Island and Rum Cay MP and not Mr C hristie. Mr Ingraham made these revelations as he g ave his summary on the 2011/2012 budget yesterday. "The member for Cat Island who is the deputy leader of his party and who expects to S EE page nine PM CLAIMS BRAVE DAVIS SAID CHRISTIE IS NOT HIS LEADER By AVA TURNQUEST Tribune Staff Reporter email@example.com THE Government will seek to implement changes to immigration policy in its bid to reduce the significant number of persons over the age of 18 who are living without citizenship. Prime Minister Hubert Ingraham highlighted disincentives within the current regularisation process for persons born in the Bahamas to foreign nationals during the 2011/2012 budget debate yesterday. The majority of persons in this category were said to be of Haitian and Jamaican descent. The number is huge, said Antoine St Louis, president of the United Association of Haitian Bahamians. SEE page nine IMMIGRATION POLICY SET FOR CHANGES By PAUL G TURNQUEST Tribune Staff Reporter firstname.lastname@example.org PRIME Minister Hubert Ingraham accused North Andros MP Vincent Peet of wasting hundreds of thousands of dollars set aside for the construction of a subdivision in his own constituency when his party was last in office. During his contribution to the budget debate yesterday, Mr Ingraham tabled a minute paper outlining the history surrounding the development of Breezy Hill, which he revealed was being developed on three parcels of land being leased to the Department of Housing by the Department of Lands and Surveys. Mr Ingraham said a subsequent police investigation into the matter, concluded in 2010, severely criticised the way the Ministry of Housing handled the situation particularly the decision to make payments on the additional works against the advice of the technical officer and without seeking INGRAHAM ACCUSES VINCENT PEET OF WASTING HUNDREDS OF THOUSANDS PRIME Minister Hubert Ingraham revealed in the House of Assembly yesterday that once the current register expires on July 14th, he intends to table a number of amend ments to the Parliamentary Act which will take into account recommendations made by the recent Election Court cases. With the current registering coming to an end in less than 35 days, Mr Ingra ham urged all eligible voters in the Bahamas to register to vote. Once the deadline expires the government will appoint the Boundaries Commission who will in turn use this register to PRIME MINIS TER TO TABLE AMENDMENTS TO THE PARLIAMENTARY ACT SEE page nine SEE page nine AMENDMENTS: Hubert Ingraham FIREFIGHTERS tackle the blaze at the AIDbuilding on Wulff Road yesterday. FIREFIGHTERSONTHESCENE SEE page two F e l i p M a j o r / T r i b u n e s t a f f
LOCAL NEWS PAGE 2, FRIDAY, JUNE 10, 2011 THE TRIBUNE f ire engines to douse the flames and tore down the eastern wall of the building in an attempt to gain access to the source of the blaze in the upstairs warehouse. When water sources on the engines ran dry they stretched hoses along Wulff Road to draw water from underground. C rowds of people looked on in disbelief as flames covered every surface and walls of the steel building fell away from the frame. By 6pm the fire had intensified and fire services called for reinforcements from the Airport Authority as the firea ppeared to be chemical. Flames threatened City Lum beryard in Marathon Road, just south of AID, while the Shell service station east of the store was protected upwind. ASP Craig Stubbs of the northeastern division said nearby homes and businesses in the immediate area were quickly evacuated, and prisoners were moved from the Wulff Road police station. However students at nearby Bahamas Academy reportedly suffered from smoke inhalation as sources said they were not evacuated until around 4pm. The evacuation area was widened throughout the evening as toxic smoke spread to neighbourhoods south of AID in Marathon Road. ASP Stubbs said police made two arrests during the fire fighting efforts as a man walked through the street brandishing a knife, and another broke into an AID managers car. Gerard Mortimer, vice president of accounting at AID, said the fire started behind the bathrooms in the upstairs ware house and staff were alerted by an alarm soon after 3pm and then smelled smoke. He was with a small group of staff who tried to extinguish the blaze but within minutes they were overcome by a huge cloud of smoke. He said: Everyone was screaming. You never guess this was going to happen. AID (Automotive Industrial Distributions Ltd) Operations manager Jason Watson called fire services and cleared the shop floor of customers and staff. When he checked the offices and warehouse upstairs he said it was black with smoke. Everyone just got out, he said. Mr Watson estimates the loss of inventory and property is well over $10 million. He said: This is what we were hoping to avoid, the fire spreading to the whole build ing. Now its completely damaged. Theres no hope for anything now. The Wulff Road branch of AID established around 50 years ago employs 70 people and supplies thousands of small business owners and mechanics with supplies, and is a pop ular home and garden centre. Mr Mortimer said: We hope we can get it back within a year. We will try as hard as we can to clear the debris and get this back up and running. We havea lot of staff who are depending on us. AID shareholder John Robertson added: I worry about the employees. We have insurance but it is just so tragic. Its hard to say what the implications are. Everything is fully insured so we will look after the employees, and we will rebuild. We will rise out of it. FROM page one SCENES from yesterdays fire which destroyed the AID build ing on Wulff Road and threatened homes and businesses. Photos by Felip Major and Tim Clarke HUGE FIRE DESTROYS AID BUILDING FIRE SERVICES worked with six fire engines to douse the flames and tore down the eastern wall of the building in an attempt to gain access to the source of the blaze in the upstairs warehouse.
By NOELLE NICOLLS Tribune Staff Reporter n email@example.com THE surface area of Saun d ers Beach will increase sixfold over the next few months a s the government moves forward with plans to restore the popular beach. The public is aware that the western end of the beach appears to be enjoying significant accretion following the y ears usual winter storm erosion. However, the area just e ast of the new roundabout r emains a bare iron shore. T he iron shore portions, while o ffering protection, do not offer much comfort. Accord ingly, the proposed expansion would add additional beach a rea at high tide by approxi mately 3.5 acres, said Earl D eveaux, Minister of Envi ronment. The beach area will i ncrease from 1.5 acres to 5 acres. For a typical urban beach, the standard carrying capacity is measured per user for every 50 to 75 square feet, or the size of a bath room or office. A ccording to that standard of measurement, Mr Deveaux said, the load capac-i ty of the beach will increase from 1,306 people to 2,904. U sing another standard for u rban beaches used in locations such as New York City, he said the new beach will be able to accommodate more than 6,000 people. Mr Deveaux added: Shade trees will be planted together with sea oats and native Scaveola along thel ength of the dune. As well, a sand fence will be installed to c ollect the normal drift. Saunders Beach restoration and expansion will haven egligible adverse environ mental impact in the mari time environment and will greatly enhance and com p lement the upland environment. Florida based coastal engi neering firm Olsen Associa tes Inc designed the plans f or the new beach. The com pany will provide the con struction oversight, while the actual construction will be conducted by a local contrac-t or, said Colin Higgs, permanent secretary in the Ministryo f Works. T he tender document is currently being prepared, as the Saunders Beach restoration is being planned to run concurrently with the Montagu Beach restoration. In both instances, the construc tion is being phased to ensurea portion of the beach is a lways available for public use. The cost of the project h as not been established as y et, said Mr Higgs. One of the major expenditures willb e the purchase and importa tion of beach-grade sand. T he two major companies that mine sand in the B ahamas are Tycoon Management and Ocean Cay Limited. Tycoon Manage ment mines aragonite off R ose Island, while Ocean C ay operates from a manmade island 20 miles south of Bimini. By NOELLE NICOLLS Tribune Staff Reporter firstname.lastname@example.org GOVERNMENT officials will increase their monitoringof bacteria levels off the Montagu foreshore amid health concerns over the state of the popular beach. In the past year, officials at the Department of Environm ental Health (DEHS vices detected an increase in bacterial levels over other recreational beaches on the island. Bacterial levels were consis tently found to be within the standard over the years; however, since the department obtained new equipment with more accurate sensors, DEHS assistant director Dwayne Cur tis said they recorded levels that warrant careful monitoring. The department tries to col lect water samples from each recreational beach on New Providence on a weekly basis, said Mr Curtis. Water standards are based o n recommendations from the World Health Organisation. The department adheres to even more stringent stan dards, said Earl Deveaux, Minister of Environment. Health risks at the site have been attributed to fuel dis charge, fish entrails, sewerage, and storm water run-off, based on an independent studyby University of Miami researcher Dr Kathleen Sullivan Sealey. The vast majority of these factors are caused by human activity. Montagu has always been a very popular beach espe cially on weekends and holidays. Unfortunately, the relatively new culture of fish vending from this site, jet ski opera tions and recreational boating, add measurably to the user conflicts at the site, said Mr D eveaux. Increase recreational use of the beach, coupled with other uses left unchecked, will result in increased potential for health risks. Accordingly, DEHS con ducted pre-restoration moni toring and has put in place a system of increased monitor ing frequency, to reduce the risk to human health caused by exposure resulting from inges tion, inhalation and body con tact, he said. Sherlin Brown, owner of Flipper Enterprise, said ven-d ors on the ramp are unfairly blamed for the problems with water quality. They say it is the rotten fish, b ut it is the sewage system, said Mr Brown. He said some businesses and homes on the harbour drain their sewerage into the harbour when their systems are full. He said this is also the case with some homes on the coast of Paradise Island. They have run-off that goes to the sea. We ended up having to plug up one drain by the ramp one day. Raw sewerage was coming out of there, he said. Mr Curtis said the DEHS is not aware of any discharge of sewerage into the harbour. He said water quality concerns exist because of a combination of factors. Fish entrails are definitely o ne of the factors, he said, because when disposed of in the sea, they provide nutrients which bacteria uses to grow. But, he said the department could not say exactly how much this contributes to the problem. One definite source of raw sewage is the beach users them selves, as there are no bath rooms in the area. A 20-year-old man was remanded to prison yesterday after being arraigned in Magistrates Court on a murder charge. Police have charged Edwin Cunningham in the June 2 murder of Darvey Basden, 37. Basden, who was also a resident of Constitution Drive,was killed on Thursday at 10.30pm. Cunningham, who is rep resented by attorney Willie Moss, was arraigned before Deputy Chief Magistrate Carolita Bethel in Court 8, Bank Lane. He was not required to enter a plea to the charge. Prosecutors intend to proceed with a voluntary bill of indictment, fast-tracking the case to the Supreme Court. Outside the courtroom fol lowing the arraignment, Cun ninghams mother broke down in tears and had to be consoled by relatives who assembled on Bank Lane as the accused was escorted to the Central Police Station. T HE initiatives set forth in t he new budget will not reverse the damage wrought by tax hikes and cut-backs in the last one, Opposition leader Perry Christie said. During his contribution to the 2011/2012 budget, Mr Christie gave a breakdown of infrastructure projects he said h is party negotiated, but w hich were brought to f ruition under the FNM a dministration. We believe that the time for the government to have a cted to bring relief, Mr Christie said, was when Bahamians were being most severely beaten and batteredby the depressed Bahamian economy. Its in times of crisis that governments are challenged to be at their most creative, at their boldest andt heir best. When Bahamians were l osing jobs, losing homes, having their families torn apart, facing unbearably high electricity bills, having to live without electricity and facing all manner of hardship; instead of bringing relief during those years, this government instead chose to heap i ncreased taxation on the b acks of the Bahamian peop le. M r Christie emphasised the s everity of the economic challenges facing the nation and o utlined the PLPs stance on several issues of national importance. He added: While the budget cuts to independent schools, mail boats and charitable organisations were reversed this year and restored to previous levels,t he damage has been done. Our people need help and t hey need it fast, too many Bahamians are sinking in a sea of disrepair. The social stability of our country is at a tipping point. We continue to be burdened by unemployment and a growing sense of hopelessness by too many Bahamians. We have the a dditional burden of crime a nd the fear of crime. We sincerely hope that all o f the developments and all o f the new jobs will have some impact. But we know that s ince the FNM commenced their governance, some 25,000 students have completed secondary education. What is going on in their lives? What do we say to the thousands who will not be admitted to the new programmes? Times will be evenh arder for them. M r Christie urged the Coll ege of the Bahamas to foster historical research, which could in turn be used to create positive social change through the cultivation of deeper public appreciation. Bahamian history has to become a dynamic part of our national consciousness, said M r Christie, and a more vital c omponent of our national s chool curriculum and our p ublic education programmes. The more we know of ourselves the more we are likely t o feel good about ourselves and hopefully feel more connected to each other and more inclined to be more respectful of the rights of others. The Farm Road and Centreville MP also confirmed that he intends to run in the same constituency in the nextg eneral election. LOCAL NEWS T HE TRIBUNE FRIDAY, JUNE 10, 2011, PAGE 3 Govt moving forward with plans to restore Saunders Beach 20-year-old man remanded on murder charge COURT NEWS Christie: New budget initiatives wont reverse damage Officials to step up monitoring of bacteria levels off Montagu Earl Deveaux O PPOSITION L eader Perry Christie speaks in the House during the 2011/2012 budget presentation.
E DITOR, The Tribune. I believe that MICAL MP V Alfred Gray was being reckless and irresponsible in advising BTC workers not to accept any severance pack-a ges from Cable and Wireless e xecutives, during his contribution to the 2011/2012 budget debate in the House of Assembly. The workers must make that decision on their own. T hat is not a decision Mr Gray should be making for BTC staff. His advice could v ery well ruin a lot of BTC w orkers, if they were to listen to him, of course. I was at a BTC substation in Freeport the other day; and one of the technicians told meh ow excited he was to be receiving his retirement pack a ge from CWC. He will be getting close to 80 grand in one payment, plus he will be receiving close to 50 thousand a year for the rest of his life. H e is only 47. What makes his deal so sweet is the fact that he didn ot even contribute one farthing towards his retirement savings. T he government paid the e ntire sum. This worker will be earn ing more in his retirement t han on the job at BTC. He told me that it was a good thing that the FNM gov-e rnment sold BTC to CWC. H e said that BTC was too far behind in technology, and t hat too many workers at the c orporation were set in their old ways. He said that there was too much slackness atB TC; and that he was fed up with persons being hired to work at the corporationb ecause of their political affiliations. The corporation need ed the change. The BTC worker also told m e that he wants to leave BTC and that he isn't tuning in to the PLP. He, like many other BTC workers, was very much in favour of BTC being sold to a private entity. Het old me that he was thrilled that PM Ingraham had the courage to finally seal the deal on BTC. What makes thisB TC workers story so fascinating is the fact that he is a loyal supporter of the PLP. He does not support the F NM. Yet, he was very much opposed to the PLP during the BTC/CWC sale debatee arlier this year. I thought that all the workers at BTC were against thes ale of the corporation to CWC. The way the unions and the PLP were carrying on, you would think that everyone was against the sale. B ut this was not true. The BTC worker told me that many of the workers at BTC in Freeport were glad that the corporation was finally sold. He admitted, though, that at f irst they were a bit appreh ensive about CWC. But after CWC executives came in and e xplained their goals and objectives for the corporation, t hey became convinced that the FNM government had made the right decision to sell BTC. The fact that Mr Gray c ould stand up in Parliament and give such a reckless reco mmendation to BTC worke rs only confirms what I have suspected all along: That the PLP party has no relevant message for the 21st century B ahamas. The PLP only s eems to be interested in gett ing power. They have even t hreatened to reverse the BTC/CWC deal if re-elected t o government in 2012. But t his move would be a major m istake. The PLP wants to use this issue as one of their major campaign messages. While it is true that CWC has had its share of problems throughout the Caribbean,t he managers and executives h ave stated over and repeatedly that they have gotten their act together. In addition, it is also true that PM Ingraham had initially promised to retain over 50 per cent ofB TC shares, but had obviously gone back on his word. Nevertheless, the BTC/CWC d eal was a good move by the F NM government. Besides, governments arent supposed t o be in the telephone business anyway. I believe that the telephone business shouldb e reserved for the private sector. T he BTC worker told me that he believes that BTC will now move into the 21st century. With the kind of sweetheart deals CWC is offeringB TC workers, they would be crazy to listen to V Alfred Gray and the PLP. KEVIN EVANS Nassau, J une 7, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, JUNE 10, 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 I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES S witchboard (News, Circulation and Advertising) 322-1986 A dvertising Manager (242 W EBSITE w ww.tribune242.com updated daily at 2pm ANYONE who has followed the rise and fall of Jamaicas drug kingpin, Christopher Dudus Coke, or read KC Samuels account of Cokes meteoric rise and eventual fall into the arms of a waiting Uncle Sam, should be grateful that the Bahamas own drug kingpin, Ninety Knowles, was eventually extradited to the US before he had time to consolidate his own growing empire. By the time Dudus, who was born into a life of crime, had run his course, he was becoming more powerful even than the Jamaican government. However, before his saga is done, what might be revealed during his trial in the US, could well bring down the JLP government of Bruce Golding. Dudus father, Jim Brown, who died mysteriously in a fire in his prison cell in Jamaica, was Prime Minister Edward Seagas man. Brown was a don who could be relied on to deliver the votes from Tivoli Gardens for Seagas Jamaica Labour Party (JLP headed the Shower Posse and violence and bloodshed entered Jamaican politics. The politicians and hoodlums were too close for comfort right up to last year when the Pres ident Dudus himself challenged the prime minister, who under pressure had agreed his extradition to the US. The don of Tivoli, who by this time had taken his fathers criminal enterprise and built it into an international empire, was receiving all the Jamaican governments con struction contracts, as well as collecting from his international drug-dealing enterprises. Over time he had built himself such a strong outpost that by the time the US government targeted him, he had an armed force ready to challenge his arrest. The residents of Tivoli barricaded themselves in to protect their don and opened fire on the forces sent to arrest him. By the time the armed forces had quelled the uprising, 74 Jamaicans, including a police officer, were dead, but Dudus was still on the run. For more than a month Dudus eluded the authorities. When he was eventually caught, disguised in a womans wig, he waived his rights and agreed to be extradit ed to the US to face drugs and weapons charges. Tivoli Gardens was former prime minister Edward Seagas stronghold. Seaga took care of the residents. Dudus, taking on his fathers mantle as head of the Posse, pushed the prime ministers care and protection of Tivoli residents to a new level. Dudus had two faces. To the people of Tivoli and all those who paid him homage he was a good man, a generous man, a man without blemish. However, to others he was a gangster, a crook, a drug and gun peddler a threat to society. The Americans described him as a dangerous narcotics king pin. Goldings government fought the extradition request. Golding explained that the attorney general and justice minister had refrained from signing Dudus extradition because the evidence as outlined by the US was obtained illegally. Eventually an embarrassed Golding, with calls for his resignation echoing in his ears, apologised and signed. Here in the Bahamas, employing every delaying tactic in the courts, Ninety Knowles from his jail cell in Fox Hill prison, held the Americans at bay for six years. President George Bush had personally labeled him an international narcotics kingpin under the Foreign Narcotics Kingpins Designation Act. He was described as the head of a multi national drug organization and in the US was found guilty of drug conspiracy and sentenced to 28 years in a Florida prison. The jury recommended that his US$19.5 million in assets be forfeited to the US government. However, Knowles extradition created a furor in Nassau, and even drew out placardcarrying demonstrators when then foreign affairs minister Fred Mitchell signed a warrant of surrender before Knowles had exhausted his legal appeals. The Court of Appeal recorded its serious concern at the manner that Knowles had been removed from the Bahamas. However, legally right or wrong, it was the best decision for the Bahamas. Already Knowles, like Dudus, was building his little empire of supporters. He was generous with his ill-gotten gains, which he distributed lib erally among the poor. According to Wikileaks, a US diplomat wrote in November 2006 that Knowles extradition would lead to the withdrawal of an important source of election funding. Yes, Knowles was a menace to society. But as Samuels concluded in his book Jamaicas first President Dudus, 19922010 What needs to be realised here even more than anything else, is the deadly end result of politics and corruption. Duduses are a dime a dozen, hundreds have been born since he was extradited. He was not the first and he wont be the last to face such a fate, and therein again is the problem because if Jamaica is to move forward as a nation, and his type of behaviour is to be confined to the pages of history, then the line between gangsterism and politics must become an electronic fence. Bahamian politicians take note. MP V Alfred Gray gave reckless advice to BTC workers LETTERS l email@example.com The line between gangsterism and politics EDITOR, The Tribune. L ike Jack Kevorkian, our present culture tends to consider s uffering the epitome of evil. In such a culture there is a great temptation to resolve the problem of suffering by eliminating it at the root, by hastening death so that it occurs at the moment considered most suitable. In Christian teaching, however, suffering, has a special place in Gods saving plan; it is in fact a sharing in Christs passion. Intentionally causing ones own death, or suicide, is a rejection of God's sovereignty and loving plan. It is a refusal of love for s elf, the denial of a natural instinct to live, a flight from the duties of justice and charity owed to ones neighbour and to society. T he pleas of the gravely ill who sometimes request death should not be understood as implying a true desire for euthana sia; in fact, it is almost always a case of an anguished plea for help a nd love. True compassion leads to sharing anothers pain; it d oes not kill the person whose suffering we cannot bear. What any sick person needs, besides medical care, is love the human and supernatural warmth provided by those close to him such as family, nurses and doctors. Unfortunately, there exists in contemporary culture a certain Promethean attitude which leads people to think that they can control life and death by taking the decisions about them into their own hands. What really happens in this case is that the indi vidual is overcome and crushed by a death deprived of any p rospect of meaning or hope. Euthanasia is senseless and inhumane and should be opposed i n all its forms. PAUL KOKOSKI Nassau, June, 2011. EUTHANASIA IS SENSELESS AND INHUMANE AND SHOULD BE OPPOSED INALLITSFORMS
LOCAL NEWS T HE TRIBUNE FRIDAY, JUNE 10, 2011, PAGE 5 FREEPORT Grand Bahama police are concerned about the recent thefts of licence disks and decals from vehicles. A sst Supt Kenwood Taylor, officer in-charge of the Traffic Division, warned that persons found in possession of stolen decals and l icence disks will be dealt with according to the law. H e said police will be looking out for stolen disks and decals during roadc hecks. Mr Taylor said car owners should ensure their vehicles are locked at all times. By DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT Police are advising the public that counterfeit US currency notes are in circulation on Grand Bahama. Asst Supt Loretta Mackey, press liaison officer, said counterfeit US $20 and $10 notes have been reported at several businesses on the island. She said members of the public are asked to exercise extreme caution when accepting US currency, especially in poorly lit areas. The counterfeit US $20 bills bear the serial numbers IF25476439F. The counterfeit US $10 currency has the serial numbers IA65277287A, JB12543863A or IF57252457A. Ms Mackey said persons coming into possession of suspected counterfeit notes, whether US or Bahamian, should contact the nearest police station or call 911. B y CELESTE NIXON T ribune Staff Reporter c email@example.com MP FORMarco City Zhivargo Laing hit out on the PLPs characterisation of the FNM as an uncaring government. Speaking during the budget debate in parliament this week, he said it has become a staple strategyo f the opposition and its cronies to say his party does not put Bahamians first. The fact is, that there are many things the government must do and provide because it is focusing on the people whether they are school, h ospital facilities, office accommod ations for workers, roads, water mains, sewerage facilities docks, m ailboat services, e-government serv ices business licensing, and the list g oes on and on, he said. The budget is about public money, spent largely on salaries and t hings Mr Laing said programmes such a s the unemployment benefits scheme, the temporary job scheme, the prescription drug plan, increased National Insurance benefits for workers, the Self-Starter programme and the City of Nassau revitalization project show the government is about the people. In his address, Mr Laing said that t he worst of the economic decline h as passed and sacrifices have been m ade through tax increases and s alary cuts, but the Bahamian people have made it through. He said: With courage and resolve, we faced head-on that horrible economic storm and in its aftermath, we sought to re-balance our financial situation while continuing t o support our ailing economy. A ccording to Mr Laing, the econ o my has grown 2.8 per cent this year w ith tourism and foreign investment improving. He that throughout the governments term in office, they have been working to transform Nassau, while l aunching projects in various other islands. The efforts in the capital have included: A redeveloped Lynden Pindling International Airport to welcome more stop over visitors to and give our citizens greater income possibilities A newly dredged harbour to w elcome more cruise visitors and g ive Bahamians more opportunities for prosperity A new container shipment port t o allow for improvements to Nass aus major tourist district and create opportunities for broader owner-s hip in this closely held lucrative a rea New utility and road works to improve the quality of life on New P rovidence Expanded hospital facilities An expanded social safety net in a time of great need A new and improved Saunders B each public recreation experience. GOVERNMENT has b ought the remainder of Commonwealth Brewery's shares so that they can be h eld off the market until a l ater date, when only B ahamians will be able to purchase them. P rime Minister Hubert Ingraham made this state ment as he responded to o pposition criticism of government's decision to buy up the leftover shares "in a rumc ompany" with money from the National Insurance Board. T he nation's chief noted that while members of the Progressive Liberal Party l ambasted the decision, the p arty never took umbrage w ith government collecting heavy taxes from liquor manu facturers. He also suggested that the oppositions campaign fundsi ncluded the proceeds of alcohol sales. "We have been heavily crit i cised by members opposite for investing National Insurance funds in Commonwealth B rewery, they say we are investing in a liquor company. These are shares that are held b y a foreigner but we are r equiring to be sold to B ahamians," said Mr Ingraham as he gave his summat ion of the 2011/2012 budget. "Bahamians didn't pick up all the shares because ofw hatever reason. We want to make sure those shares even tually go only to Bahamians a nd we said we'd hold them (to at a later date for Bahamians o nly. "But members opposite say that because they trade in and m anufacture alcoholic bevera ges, that we should not have u sed National Insurance funds to do so. Neither members opposite nor the churches in the Bahamas have ever arguedt hat we shouldn't collect taxes from liquor companies. (These taxes v ice salaries". He added that the PLP never expressed any reservat ions when some of their members owned Commonwealth Brewery and earned d ividends from that compan y and no doubt cont ributed company profits to political campaigns. COUNTERFEIT US CURRENCY CIRCULATING IN GRAND BAHAMA GOVT BUYS REMAINDER OF COMMONWEALTH BREWERY SHARES C ONCERNS OVER THEFT OF LICENCE DISKS, DECALS Laing hits back at uncaring government suggestion POLICENEWS Marco City MP says programmes show FNM is about the people BUDGETDEBATE: MP for Marco City Zhivargo Laing speaks in the House.
By DENISE MAYCOCK Tribune Freeport Reporter d firstname.lastname@example.org FREEPORT There are 62 persons nominated as candidates in the local government elections set to take place on J une 23 on Grand Bahama. A total of 30 seats are being contested, including 12 in the East Grand Bahama District, 10 in the West Grand Bahama District and eight in the Cityof Freeport. Local government was implemented in 1995, and participation and interest in serving at the local level continues grow, especially among young people, officials said. Newcomers this year include Earl Neely, Chervita K Campbell, Frazette Gibson, Don Martin, and Jennifer Ellis, who are each vying for one of the eight seats on the City of Freeport Council. For the first time, a father and daughter will be running against each other. Chervita and Clement Campbell are among five candidates vying for two council seats in High Rock for the Cityof Freeport. Mr Campbell is no stranger to local government and has served on the Freeport City Council before. Ms Campbell described her father as a community builder. I always wanted to enter local government to help my area, and I think that this is the right time, she said. Businessman Don Martin, a candidate for High Rock (City of Freeport), is running for the first time. Since these local government elections started some 20 plus years, I have never offered myself as a candidate and so this is my first time; I want to give back to the community,h e said. Vying for the two seats representing polling divisions 3, 7, 8, 9A, 10, 12, 13 and 14 in High Rock are: Chervita K Campbell, St Clair Clement Campbell, Kyle Hall, Don Martin and Fritzroy Thompson. In the Lucaya polling divisions 1-17, the three candidates vying for two seats are: Jen-n ifer Ellis, Frazette Gibson and D erick Sands. In the Marco City polling divisions 1-14, the seven candidates are: Stephen Bain, Adeshia Brice-Briggs, Kevin Rupert Ferguson, Solomon Morley, Joanna Newton-Russell, Bethsheba Strachan, and Leroy Watson. In the Pineridge polling divisions 1-13, the candidates are: Melvina Albury, William Hayward Martinborough, Earl Neely, and OBrien Rolle. In the East Grand Bahama District, High Rock polling division one, the candidates vying for five seats are: Wilson Howard Bevans, Deon Stephenson Feaster, Floyd Jefferson Feaster, Calvin Mitchell, Doral James Pyfrom, Gladstone Russell, Leo Bradley Tate, Shervin Nelson Tate. In the East Grand Bahama D istrict, High Rock polling division two, the candidates vying for four seats are: Pedyson Baillou, Aswell Kemp, Geleta E Knowles, Magdalene Mather, Elevenia McIntosh, and Carlton Roberts. In the East Grand Bahama District, High Rock polling division six, the candidatesv ying for the three seats are: D aniel Bain, Patrice D Higgs, Kendal Leathen, Philip Thomas, and Wilton Thomas. In West Grand Bahama District, Eight Mile Rock Polling division one, the candidates vying for three seats are: Wayne Forbes, Grace Poitier, Benedict Russell, Linda Marie Russell, Maydone Russell, Rommaine Russell, and Cleveland Simmons. In the West Grand Bahama District, Eight Mile Rock polling division six, the candidates vying for one seat are: Harold V Curry, Natasha Ferguson, and Ella Rolle. In the West Grand Bahama District, Eight Mile Rock polling divisions 10 and 11, the candidates vying for two seats are: Roscoe R Kemp, Andrea E Outten, and James Vega. In the West Grand Bahama D istrict, Eight Mile Rock polling division 13B, the candidates vying for three seats are: Anthony Bain, Wilfred L Bevans, Simon Lewis, Georgianna J Russell and Susan Russell. In the West Grand Bahama District, West End and Bimini polling division two, the candidates vying for two seats are:K eith Cooper, Mark Greene a nd Elizabeth Hield. In the West Grand Bahama District, West End and Bimini polling division four, the candidates vying for two seats are: Sophia Dean, Kevin Morris and Kem Stuart. LOCAL NEWS PAGE 6, FRIDAY, JUNE 10, 2011 THE TRIBUNE 62 candidates nominated for local government elections in GB D UNCAN T own All-Age School students perform the skit "Fix Ya Problem" in verse. The Ragged Island youngsters were showing off their talents during the recent E. Clement Bethel National Arts Festival Adjudications. FIX YA PROBLEM ERIC ROSE/ BIS Photo
FROM the completion of the dredging of the harbour in December 2009 to February 2011, the Bahamasr ecorded nearly $40 million in cruise passenger head tax and passenger spending from the mega ships docking in Nassau. Minister of Public Works a nd Transport Neko Grant r evealed this information as he gave his contribution to the 2011/12 Budget debate in the House of Assembly this week. Ensuring that adequate i nfrastructure exists throughout the Bahamas to support the future growth of the t ourism industry is vital, he said. Mr Grant said over the p ast three years the Ministry of Public Works has played a p ivotal role in extensive p ublic infrastructure e nhancements. These projects were designed to provide employment while upgrading infrastructure in anticipation of the strengthening of the e conomy, and to improve the quality of life for Bahamians, Mr Grant said. He described the Governments initiative to upgradep ublic infrastructure as the most ambitious and comprehensive one that has been undertaken in the history of the Bahamas. Many other countries have r esponded to the global econ omic downturn in a similar fashion, he said. Mr Grant cited initiatives in Jamaica, a country which he said is making significant strides in the tourism indus-t ry and significant financial investment in its infrastructure. Like the Bahamas, they have launched an airport gateway project (at the esti-m ated cost of $65 million), a road improvement project ( at the cost of $400 million) a nd a harbour dredging proj ect (at a cost of $140 mill ion), he said. The minister said the dredging of Nassau Harbour has allowed the Bahamas to keep abreast of changes int he cruise industry which has recently introduced mega cruise ships. There are many benefits to be derived from makingo ur harbour accessible by these vessels as we seek to maintain market share and sustain increases in the long term in market share. Mr Grant said from D ecember 2009 the comp letion of harbour dredging to February 2011, a total of 407,034 passengers have arrived by Genesis and Freedom class vessels of Royal Caribbean Cruise Lines, F2E pic of Norwegian Cruise Lines, and the Disney Dream. H e said the head tax total relative to these arrivals is $6.26 million and the pas-s enger spending total is $33.6 million. I n the 2011/12-budget y ear, the amount of $ 158,404,484 is provided for c apital development expenditure under the Ministry of Public Works and Transport. Recurrent expenditure allocation totals $29,111,348a nd $19,201,189 under the Department of Public Works. This will enable us to continue to pursue infra-s tructure upgrades where necessary through the launch of new projects and completion of projects that are already in progress, said MrG rant. LOCAL NEWS T HE TRIBUNE FRIDAY, JUNE 10, 2011, PAGE 7 PRESENTATION: The Ministry of Youth, Sports and Culture presented the winners of the 2011 Rush For Peace Parade held in Freeport, Grand Bahama with their prizes at the ministrys headquarters on Wednesday. Pictured from left to right: Percy "Vola" Francis, Saxon's leader; Sergio Armaly, organiser; Toby Austin, Saxon's chairman; Patrick Adderley, Valley Boys; Anjourn Armaly, parade organiser; and Minister of Youth, Sports and Culture, Charles Maynard. Bahamas records nearly $40 million from cruise ship passenger tax and spending Neko Grant K RISTAAN INGRAHAM/ B IS Photo RUSH FOR PEACE
F REEPORT After a s uccessful Labour Day Junkanoo Parade, Grand Bahama Port Authority officials are optimistic that the round of festivals and events slated for June will give an enormous boost to t he economy. The Junkanoo parade d efinitely impacted our local economy in a positive way, said GBPA-president Ian Rolle. The amount of support shown by domestic visitors from other islands, as well as s ome who came from a broad, was overwhelmi ng. B etween the two major c ompeting groups out of N assau, Fridays crowdp leasing event drewmore than 500 visiting participants who travelled by boat and air to the island. Rooms T hree hotel chains reported that more than 200 rooms were booked by t hose either participating in or attending last weekends event. A long with hotels, local c ar rental companies also r eported doing good busin ess during the Labour D ay Junkanoo rush-out. T ourism officials likewise confirmed that scores o f visitors were t ransported to the event by private bus charter from ships docked at Freeports harbour. The success of such an event conf irms that Grand B ahama is an ideal p lace for international festivals and events, Mr Rolle said. Spectator support for Fridays Junkanoo parade was in the thousands, with enthusiastic revelers lining t he streets. A ccording to festival o rganisers, the bleachers w ere sold out, resulting in c hairs having to be put in p lace to accommodate t he swelling crowd. After the success of the Rush For Peace parade, Freeport is getting ready to host the first-ever Downtown International Food and Cultural Festiv al. T he event is slated for June 17 and 18, and patrons can expect to e njoy two days of Bahamia n and international cuis ine, arts and crafts and m usical entertainment. O ne highlight will be the o fficial opening ceremony at 6pm on Friday, with Deputy Prime Minister Brent Symonette deliveri ng the keynote address. Popular Bahamian e ntertainer KB will be the headline act on Saturd ay evening. G rand Bahama will end the month of June by hosti ng the 9th annual Grand Bahama Port Authority A ndre Rodgers Nationals Championships on June 22 26. T he tournament is expected to draw 50 baseb all teams from nine islands. The Bahamas Associat ion of Athletic Associat ions (BAAA N ational Junior and S enior Track and Field C hampionships will also b e held in Freeport on June 24 25. Honoured Were honoured and thoroughly excited to have the opportunity to showc ase all that Grand B ahama has to offer. Not o nly do these events help to fuel the local economyb ut they also provide s ources of entertainment and opportunities for our residents to excel on a national level, Mr Rolle said. LOCAL NEWS PAGE 8, FRIDAY, JUNE 10, 2011 THE TRIBUNE www.rbcroyalbank.com/caribbean Trademarks of Royal Bank of Canada. Used under licence. NOTICERBC Royal Bank (Bahamas) Ltd. INVITES TENDERSRBC Royal Bank (Bahamas) Ltd. invites tenders for the purchase of the following: AllTHAT piece parcel or lot of land being Lot No. 112 situate in Westridge Estates Subdivision situate in the Western district of the Island of New Providence one of the islands of the Commonwealth of the Bahamas. PropertySize: 22,000 sq. ft. Building Size: N/A This property is being sold under Power ofSale contained in a Mortgage to RBC Royal Bank (Bahamas) Ltd. All offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Commercial FinancialServices, P.O. Box N-7549, Nassau, Bahamas and markedTender 7939. All offers must be received by the close of business 4:00 p.m., 17th June, 2011. June festivals boost economy in Freeport JUNKANOO ROYALTY Guests of honour Governor General Sir Arthur Foulkes and Lady Joan Foulkes donned festive headpieces as they enjoyed the excitement of the Rush For Peace Junkanoo parade in F reeport. Sarah St George is pictured on the right of Sir Arthur. C ORPORATE SPONSOR The Grand Bahama Power Company w as one of many corporate sponsors of the Rush For Peace Labour Day parade held in Freeport. Philcher Grant-Farquharson of the GBPC (3rd from right cheque to the Valley Boys.
LOCAL NEWS T HE TRIBUNE FRIDAY, JUNE 10, 2011, PAGE 9 Can you imagine, those who finish school, and at 18 you d ont have proper documenta tion? You cant get a good job, open a bank account, you are discriminated against. It affects the social status of the country, these young people have no self value because they are stateless, so instead of doing positive things they will end up doing negative stuff. The sooner the better for all concerned, he added. Amendments will provide regularisation opportunities for persons who have passed the age limit required by the cur rent process, and allow for relaxed documentation require ments. Mr Ingraham said: There are persons who have lived here all their lives who have gone to school here etc, and they are scattered throughout the Bahamas. We have requested Immigration to bring forward to us a list of such persons. If we have to amend the regulations to discontinue them having to advertise in the news papers, once they would have satisfied that they were born here, went to school here, have connections here then we will treat them as though they applied between 18 and 19. He added: We also have some rules that are disincentive to such persons, who are required to produce their [parents] birth certificate, and Haiti has known challenges with that. During yesterdays debate, Minister of Foreign Affairs Brent Symonette challenged the use of the term stateless to describe persons born in the Bahamas to foreign nationals who are without citizenship. Mr Symonette explained the term was inaccurate as it neglected the individuals right to apply for citizenship with their parents country. He said: A person in that category should they so wish has the right to apply for a Hait ian passport or Jamaican pass port. Those are the major cate gories that theyre in they can go to the embassy here and apply for a Haitian or Jamaican passport, so they are not stateless. The laws of Haiti and of Jamaica protect that, so those people have the right to apply. While we say they are stateless that is not actually the case. Mr Ingraham also noted that although persons in this cate gory were allowed to pay the same rate for college tuition as Bahamians, discrimination still existed in the health sector. It [college tuition] has been dealt with, so that they receive the same fees as Bahamians. Where it hasnt been dealt with yet is in health. When they go to the clinic they are treated as for eigners so we gotta make sure we get the policy across the board, the PM added. r eplace (Mr Christie period of time, I'm told that you told some of my men in Cat Island over the weekend that Christie is not your leader and ... that Christie is dicey. "The member for Elizabeth, somebody asked him 'I thought you supported Christie'. He t urned around and said 'Brave is my man," Mr Ingraham continued, eliciting cheers and laughs from members on his side. During his contribution, Mr Ingraham also criticised for Mr Davis for heaping blame on government for the crime problem gripping the country. The nation's chief said Mr Davis expects government to have found a "magic" solution to crime in its four years in office and has called for more resources to be allocated to police and the justice system. "But never have those resources been more generous and more in evidence than on our watch," said the North Abaco MP. Mr Ingraham told Parliament that violent crime is a symptom of seeds sown 30 to 40 years ago and is closely related to the underground activities and the drug trade. The Government plans to release the names and background of murder victims to show that many being killed are not caught in random incidents but are linked to criminal activity, said Mr Ingraham. fishermen who are frustrated with the prevalence of illegal poachers. "His comments were totally inappropriate, wrong, they are unhelpful especially in at ime (when s ettlement of disputes in our country, when we seek to lower the tenor of anger, promote respect of law, order and generally for human rights," he added. Mr Christie said his comments were taken out of context and that he was calling fort he destruction of the boats once confiscated a nd poachers prosecuted. "Clearly what I was saying was predicated on the lawful apprehension of the fishing vessel once the people were prosecuted. If my words were interpreted in that way I w ould wish to withdraw any possible interpretation," the Farm Road MP told Parliament yesterday. T he Prime Minister said the Christie administration's preoccupation with Urban Renewal led to the "neglect" of other critical crime fighting strategies such as the expansion of court infrastructure, criminal legislation reform, the introduction of anti-crime technology like CCTV and electronic moni t oring and improvements in the administration of justice. "He is also convinced that there is a sing ular solution to crime in the Bahamas U rban Renewal and he is unwilling to a ccept this remodel of an existing urban renewal programme is not necessarily the best and certainly not only the legitimate organisation of the programme." Mr Ingraham also said while he cannot c onfidently proclaim he will be the next P rime Minister as Mr Christie has he is confident his administration's record in office is stronger than the opposition's. "Yesterday the member for Farm Road and Centreville informed the Bahamian people that he will lead the next government of the Bahamas. Unlike him, I can't make sucha n announcement, I do not have that power. I and my colleagues can say this, that we are the better choice and that if re-elected we will give effective and incorruptible service tot he people of the Bahamas. We can also say, w e have a record, check our record and comp are it to theirs," he said. Mr Ingraham also castigated Mr Christie f or trying to take full credit for every project realised by government since it assumed office in 2007. Everything we do that's good is because o f them and everything bad is (not Ingraham. determine the size and number of constituencies to be named for the 2012 general elections. Mr Ingraham: I also propose (to) table in the House (of Assembly) for passage at an early date, a number of amendments to the Parliamentary Elections Act, taking account of rec ommendations made by the Courts over the years, and I note that since last year, I asked the Leader of the Opposition in writing for his recommendations and his suggestions. Despite promises made by him in fact at New Years Junkanoo he told me that he had appointed a committee, and that I would get it in weeks it hasnt come yet. spoke to the Member for Bain and Grants Town (Dr Bernard Nottage) in the House (of Assembly) here across the floor, he said its coming. Well, Mr Speaker it is more than six months later. We would like to have the recommendations of Members opposite. We cant wait for them any longer, we shall proceed with the recommendations which we have, and table them in the House hopefully when we return on June 20th, he said. Mr Ingraham also added that he had written to the Leader of the Opposition, Perry Christie on the matter, but to be very candid Mr Christie he said is not someone who is very responsive in dealing with his constitutional responsibilities and duties and/or when he is being consulted by the Prime Minister. I would be happy to say that in his presence or in his absence wherever he is, because on matters of election laws, we ought to seek as far as is possible to be on all fours, to be in agreement. We ought not have division because it is the laws that will govern all sides. And weve been waiting a long time, Mr Speaker, and we havent gotten any response. We, therefore, Mr Speaker, propose to move ahead, notwithstanding that we have been criticized by them for not having made the amendments as recommended by the Court. But yet when it comes down to step ping up to the plate, mums the word, Mr Ingraham said. the advice of the Attorney Generals Office. The police report, Mr Ingraham revealed, recommended the matter be turned over by the Ministry of Housing to the Attorney Generals Office in 2010. Going into the details of the case, Mr Ingraham said the development on one piece of the land commenced in 2005, before the actual land grant was received. The survey of the land, he said, was done by Alvin Young for $36,650 with the road work being commenced by Wendal Gaitor of Andros Farms Ltd. The original contract was awarded for $150,082, but was later revised to $516,000 due to a redesign of the subdivision for the inclusion of four additional lots. Later, Mr Gaitor submitted a bill for additional works due to the correction of defects in the subdivision, ie filling and compacting of 23 cavities in the land. The cost was $459,880. This work received no authorised approval before it was carried out. The Director of Housing for Technical Services recommended a reduced payment in the amount of $298,980.51 consequent to an assessment done after the work had been commenced. This matter was included as part of a police investigation into operations at the Ministry of Housing and no further payments were made, Mr Ingraham revealed. To date, the Prime Minister said, it is evident that payments of $499,770.80 were paid on the contract of $516,000 leaving a balance of $16,222.20. Additionally, $250,000 was paid on the additional work of $459,880 leaving a balance of $209,880. In addition to the funds paid to Messrs Y oung and Gaitor, payments of $50,310 were made to Apex Utilities for trenching and water works, and $33,500 to Bill Simmons Construction as mobilization for road works, Mr Ingraham said. FROM page one Prime Minister to table amendments to Parliamentary Act Immigration policy set for changes FROM page one FROM page one INGRAHAM ACCUSES VINCENT PEET PM CLAIMS DAVIS SAID CHRISTIE IS NOT HIS LEADER FROM page one PHILIPBRAVE DAVIS PM hits out at Christie over blown out of water comments F ROM page one
Bahamians urged to treat upgraded beaches with care LOCAL NEWS PAGE 12, FRIDAY, JUNE 10, 2011 THE TRIBUNE SHARING civic space with others for family recreation is the reason for governments investment in the upgrading of Saunders Beach and Montagu Beach. Saunders Beach and Montagu are among two of the most popular traditional beaches for Bahamians on New Providence. SaundersB each has been described by some as the poor mans Cabbage Beach, but I say Cabbage Beach wished it looked this good, said Earl Deveaux, minister of the environment at a recent Saunders Beach town h all meeting in Cable Beach. Saunders Beach restroom f acilities were added into the construction plans as a necessary human convenience to beach-goers, planning to extend their leisure time hours. The cost of construction of the restrooms elicited criticism of government's plans. Mr Deveaux disagrees with the a rgument that the facilities are t oo expensive. Ladies and gentlemen, I fully support the prime minister in his recently expressedd isagreement with the view that the restroom facilities at Saunders Beach are too expen sive and perhaps too good for Bahamian beach-goers because a toilet is a toilet, said Mr Deveaux. I am proud to be a part of a government determined to provide Bahamians with recre-a tional facilities of a standard deserved and indeed expected at this stage of our development. Since the restoration commenced, especially on weekends and holidays, peo ple marvel at the changes and the widespread use of this beach by residents and tourists alike. The planned restoration will improve this popular beach by greatly expanding its limited space. Government wants Bahamia ns to feel they are involved in the infrastructural improvements to the environment. They would also like Bahamians to fully participate inr especting the space they share with their fellow citizens. I take this opportunity to remind users of the beach that it is being improved for their use. The increased littering, grilling on the grass, and park i ng on the kerb will destroy what we have built for publicu se and enjoyment. So I urge you, use it wisely and keep it clean and treat it as the prop erty for the next generation, said Mr Deveaux. Over the last two years, these works have interconnected the Downtown Rede velopment Partnership to the S aunders Beach Reclamation a nd Restoration Programme, a s well as, the New Providence Road Improvement Project. The Saunders Beach Recla m ation and Restoration Pro gramme which you see today isa significant part of the New Providence infrastructural rehabilitation and road works. Together, Saunders Beach and Big Pond represent the centrepieces of environmental and social mitigation for that infra structural rehabilitation prog ramme, said Mr Deveaux. The public is aware that Saunders Beach is being transformed into a beautiful seaside recreational park. In the near term, Saunders Beach is in store for significantly more expansion. BEACH GRILLIN: Evidence of beach-goers using the base of the trees to grill lunches is visible on the beach. Government wants Bahamians to feel they are involved in the infrastructural improvements to the environment, however would also like public support in respecting the space they share with others. LEFT: The Government wants Bahamians to know that Saunders B each is being improved for their use. ABOVE: The public is aware that Saunders Beach is being transformed into a beautiful seaside recreational park. They have expresseda curiosity as to the extent of the expansion. G E N A G I B B S / B I S p h o t o
By NEIL HARTNELL Tribune Business Editor The Bahamian real estate market has been thrown intoa lot of confusion by the Treasurys increasing tendency to rely on real property tax valuations to determineS tamp Duty payable on prop erty purchases in this nation, a leading attorney told Tribune B usiness yesterday. Andrew OBrien, partner in the Glinton, Sweeting & OBrien law firm and head of t he Bar Associations real estate section, said the issue had the potential to reallyw reak havoc on the Bahamian real estate market if it was not addressed, since it would change the rules of the game. Under the Stamp Act, duty payable on real estate trans actions is determined by market value, Mr OBrien explained, essentially meaning the purchase price the seller and purchaser willingly agree. He argued that there was no legal basis to use real property tax valuations to determine market value, and hence the amount of Stamp Duty paid. But the Treasurys increasing use of this practice, a trend that Mr OBrien said had started over the last three months, has disturbed the continuity and predictability of the Bahamian real estate market, replacing these key conditions for stability with uncertainty. What has happened is that the Public Treasury is look ing to the Real Property Tax Department for the valuation of property purchases, Mr OBrien told Tribune Business. Lets say theres a trans action for $100,000. Lets say the Real Property Tax Department has the same property valued at $200,000. The Treasury will say they want you to pay Stamp Duty on the $200,000, rather than the $100,000, which is what youd bought the property. If Stamp Duty was paid on the $100,000 transaction price at an 8 per cent rate, the sum paid to the Treasury would be $8,000. But at the higher $200,000 value, the transac tion would be subject to a 10 per cent Stamp Duty rate increasing the payment by $12,000 to $20,000. Such an increase could be a deal breaker for many real estate transactions, especially if the deal involved either the vendor or seller paying 100 per cent of the Stamp Duty. M r OBrien said the recession, and subsequent fall in real estate prices by up to 50 per cent, had exacerbated the problems caused by the Treasurys increasing reliance on r eal property tax valuations to determine the due Stamp Duty. Market value doesf luctuate, he pointed out. Properties, which had been valued for real property tax purposes at the height of theb oom between 2006-2007, were now worth much less in terms of market value. Real e state previously valued at, for example, $1.4 million, $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.59 $5.54 $5.67 T HETRIBUNE SECTIONB email@example.comFRIDAY, JUNE 10, 2011 CONTACT ONE OF OUR SALES REPRESENTATIVES TODAY FOR A FREE QUOTEFamily Guardian Financial Centre, East Bay & Church Streets +242 396-1300/1400 I www.fgiagentsandbrokers.com Hold On!Strong winds. Torrential rains. Storm surges. Are you covered if your property is damaged in a hurricane? At FG Insurance Agents & Brokers were here to help you protect, recover, and rebuild. Act now! Insure the assets youve worked hard to own. The help you need is just a phone call away: 396-1300/1400 CAR INSURANCE / are you covered? A member of the FamGuard Group of Companies Stamp Duty policy thr ows r eal estate into confusion T reasury reliance on real property tax valuations to determine Stamp Duty due undermining sales because parties unsure of closing costs* Attorney says no basis for doing this SEE page 5B By NEIL HARTNELL Tribune Business Editor G rand Bahama Power Companys (GBPC newly-appointed chief executive yesterday said it would take until 2013 to restore the utility to levels of profitability were used to, including a target 14.2 per cent Return on Equity (RoE power plant scheduled for 2012 second quarterc ompletion. Speaking to Tribune Business, Sarah MacDonald said Grand Bahamas monopoly power supplier would recover the capital investment costs of its new plant through the 20 per cent reduction in fuel consumption its extrae fficiency would bring. She reiterated that costs would not be passed on to businesses and households through increased electricity tariffs. Disclosing that Canadian power giant, Emera, which is Grand Bahama Powers majority 80.4 per cent shareholder, wanted GB Powers 2013 wait for historic profits return Utility nowhere near target 14.2% RoE $72m new power plant construction set for 2012 Q2 end, with groundbreak in couple of weeks* Set to reduce fuel consumption by 20% $7-$10m wind turbine investment part of long-term renewable strategy SARAH MACDONALD SEE page 4B B y NEIL HARTNELL Tribune Business Editor The $31.7 million College of the Bahamas (COB vate placement bond offering is set to come to market n ext Tuesday, its placement agent expressing confidence that the issue would be full y sold within the 10-day o ffer period. M ichael Anderson, RoyalFidelity Merchant Bank & Trusts president, said thatb ased on initial feedback from targeted institutional and high net-worth investors, the issue was likel y to be fully subscribed when it closed later this month on June 24. From the initial indications that weve got back f rom investors it should be a well-received offering, and we have initial expectations that well get it fully sold in the two-week period, Mr A nderson told Tribune $31.7m COB bond in Tuesday launch Placement agent confident private issue will be fully sold Hopes Prime Rate cut will drive liquidity out of the banks into investments Believes cut will encourage more fixed income issues, and prod investors to take new equities look MICHAEL ANDERSON SEE page 5B B y ALISON LOWE Business Reporter firstname.lastname@example.org T he Government should s ave between $23 million and $25 million on debt servicing costs this year as a result of the reduction in the Discount Rate by the Central Bank of the Bahamas, the Prime Minis t er confirmed yesterday, as he described his administration along with other borrowers as one of the winners coming out of the rate reduction exercise. Hinting that he would like to have seen the Central Bank of the Bahamas, mandated to operate inde pendently of the Govern ment, reduce the Discount Rate and subsequent costs for borrowers at an earlier stage, Hubert Ingraham said he hopes the rate cut ultimately benefits not only those with loans attached to the Prime rate but also the cost of con sumer loans, which typically are not. According to what the Clearing Banks Association has so far indicated, it is unliekly consumer loan costs will be impacted in this way. Mr Ingraham said: In addition to the $2.9 billion in mortgages outstanding, theres $2.1 billion in con sumer loans outstanding, and some banks would wish GOVT TO SEE $22-$25M DEBT SERVICE COST DECREASE PRIME MINISTER HUBERT INGRAHAM NIB to lose $9 million in revenue, but compensation in form of $60m Airport Authority loan benefits SEE page 4B By ALISON LOWE Business Reporter email@example.com Superwash is set for a yearover-year $250,000 increase in energy costs based on expenditure so far, its president and former Chamber of Commerce chief, Dionisio DAguilar, said yesterday, as he admitted that despite slight sales increases he has written o ff 2011 from a business per spective. As a guest speaker at the Rotary Club of West Nassau, Mr DAguilar said that although signals are such that the recession has bottomed out, energy costs and disrup tive although necessary -r oadwork projects mean the benefits will be minimal. was the best year in 43 years of Superwash. In 2008, Lehman Brothers failed and Wall Street collapsed. Sales were down 2 per cent. In 2009, the decline sped up, we went down 6.1 per cent. In 2010, wew ere down 4 per cent more. Cumulatively, we were 12 per cent down over 08/09 and 2010. SEE page 2B $250K ENERGY COSTS RISE CAUSES 11 WRITE OFF Superwash chief says sales dropped 12% at recessions height, sucking out $1.2m
The maritime industry, t he branding of the Bahamian financial services industrya nd future possibilities for i ts growth are on the agenda f or the upcoming Nassau Conference, which takes places on June 15, 2011, at the British Colonial Hilton. F inancial Opportunities in the Maritime Industry will be explored by Chandler Sands, managing director of Nassau-based Campbell Shipping Company. A certified internal auditor, Mr Sands brings 25 years of banking & finance, account ing, internal audit, compliance and insurance experience from leadership positions held in several national and international companies. In 2009, he initiated the development of a ship technical management company in Nassau and a crew man ning company in Mumbai, India. Today, Campbell Shipping Company (Bahamas and Campbell Shipping Pri vate (India day-to-day operations of 12 international bulk cargo ships, and employ over 650 sea and shore staff, including 30 Bahamian seafarers. Branding the Bahamas Financial Services Industry will be the luncheon presentation led by Wendy Warren, chief executive and executive director, the Bahamas Financial Services Board (BFSB from Karma Bahamas, a Nassau-based design firm that has been working with BFSB and its marketing committee on creating an updated branding programme for the industry. A Look Ahead -Where Will the Industry be in Five Years will feature views from both the private and public sectors. Adrian Crosbie-Jones has been the managing director of The Private Trust Corpo ration (PTC which is now the largest independent trust company inthe Bahamas. Prior to joining PTC in 1994, he was actively involved in private banking in London with a large Liechtenstein trust and fiduciary group, principally to help them establish a UK subsidiary. Brian M. Moree is the senior partner of McKinney, Bancroft & Hughes, and the head of the litigation department. He is also the chair of the firms Financial Services Practice Area. His practice includes commercial and civil litigation, insolvency, cor porate, trusts and financial services. Stanislaw J. Bereza was appointed Inspector of Banks & Trust Companies, Central Bank of the Bahamas, on July 28, 2008. Prior to his appointment, Mr Bereza served as a senior relationship manager with the UK Financial Services Authority (FSA England, with over 13 years experience. During his tenure with the FSA, Mr Bereza held a number of other positions, including project manager for the FSA team responsible for the development of the FSAs industry-wide risk assessment framework for all UK authorised firms. BUSINESS PAGE 2B, FRIDAY, JUNE 10, 2011 THE TRIBUNE Surprise yourself! Ask for home insurance from NIBA.It only takes a few minutes on the phone or on-line,to ask for a home insurance quote from NIBA.When you receive your quote,it only takes a few seconds to realise how much better off you will be too! SAVE $$$ when you insure your home with NIBA! Convenient,interest-free installment payments Competitive deductibles,fast claims service Generous liability cover,incuding $1 million limitIts time to pay less for insuring your home! Tel.Nassau 677-6422 Freeport 352-6422 or visit www.nibaquote.com 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 Open Saturdays10.00am-2.00pm B y SIMON COOPER Res Socius T he recent reduction in the Central Banks Discount Rate was announced with the usual fanfare that the average person may have difficulty understanding. Giv-e n that most analysts and, indeed, the B ank itself do not expect much in terms of an immediate positive effect (and we are assured this has absolutely nothing at all to do with forthcoming elections), the question has to be why an adjustment at all. O ur economy is still laid low with influenza, and it, too, needs to be up and about again real soon. Classic economic theory suggests that cheaper money will cause more people to borrow, and that they will spend their money in economi cally responsible ways. But will they? A nd, for that matter, why should they? In a perfect economic model, supply and demand are in perfect balance, andt he only way to effect a change in spendi ng patterns is to manipulate prices. Charge less, people buy more. Charge more, people buy less. And so on. Atl east that is the theory. It follows that lowering the cost of borrowed money should encourage people to borrow m ore. But will they? And will they borrow an additional 13.6 per cent (which is the extent of the cut in percentage terms). What will they do with the extra money, and with any change left over? In the US, interest rates are at an alltime low, yet their economy remains slugg ish with, God help us, talk of another dip in sight. Why is this? If you do not h ave a job you cannot repay a loan (even at zero interest rates). And, if your business is in the doldrums, you are more likely to use the savings to settle with the landlord, as opposed to buying a new d elivery van. T his means that supply and demand f or borrowed money are not in equilibr ium, and probably never will be either. The response to interest rate changes d epends on many other things, especial ly business confidence. Just before the bust that followed boom in the US a few years ago, pushing up interest rates maden ot the slightest difference. Americans believed in their economy, and kept on borrowing and spending as if there was no tomorrow. Unfortunately, this time their tomorrow became today. So, what is likely to happen? Person ally, I think very little. I do not detect a huge amount of Bahamian faith in ani mpending boom. As long as that is the case, a drop in interest rates is likely to have only minimal effect. Prices of consumer goods will not come down. The very wealthy, though, may be able to afford a brand new yacht. As the French l ike to say: Plus a change, plus c'est la m me chose, or if you prefer: The more things change, the more they remain the same. So what advice do I have for those fortunate enough to benefit significantly and positively from the lower Central B ank Rate (which, it seems, could settle f or a while). Lower rates are less incentive to leave money in the bank, but what to spend it on? Real estate prices remaino verheated. This is not a good time to spend money on luxuries. Buying directly into a growing business concern could b e a better idea. Those who do so will be i n a position to take up the slack when things inevitably improve. I intend to be one of them. NB: Res Socius was founded by Simon Cooper in 2009, and is a business brokerage authorised by the Bahamas I nvestment Authority. He has extensive private and public SME experience, and was formerly chief executive of a publiclyt raded investment company. He was awarded an MBA with distinction by Liverpool University in 2005. Contacth im on 636-8831 or write to firstname.lastname@example.org. Use minimal rate cut benefit wisely SIMON C OOPER STANISLAW J. BEREZA BMM PROFILE C ROSBIE-JONES CHANDLERSANDS The Central Bank of the Bahamas has finally determined that it is now time to use monetary policy to decrease its Discount Rate from 5.5 per cent to 4.75 per cent. The commercial banks usually follow suit, but there is often a three-month delay. Although this move, despite being long overdue, will help to stimulate the economy, it is a case of too little, too late. Had the Central Bank chosen to reduce interest rates during the height of the financial crisis, many Bahamians would have been able to maintain their homes, cars, businesses and, indeed, their dignity. But as the Central Bank is always keen to point out, its main function is to maintain the structural integrity of the commercial banks, not the financial welfare of Bahamian families and businesses. Contrast this with the UK. The Bank of England has a monetary policy committee who meet on a monthly basis with economists and the business community. They collectively determine the Bank of Englands interest rates. Furthermore, members of this committee are knowledgeable economists who each give their individual opinions, and the reasons for their opinions. The results of such meetings are made public two weeks after each gathering. Who are the members of the monetary policy committee of the Central Bank of the Bahamas? What is their level of expertise, how often do they meet and, above all, what is the monetary policy of the Central Bank? All of this begs the question as to why the Central Bank has only now decided to lower its Discount Rate? As a supposedly independent body, this move is out of character given its past history of rate rigidity. Might it be that election fever is contagious? If this is not the case, then the Central Bank should lower these still astronomically high interest rates by 2-3 per cent and, consequently, really stimulate the economy while not only maintaining the structural integrity of the banks, but also, and most importantly, allowing the average Bahamian a chance for economic survival. Rate cut too little, too late for many D r Jonathan Rodgers urges t he Central Bank to cut d eeper and give more B ahamians a survival c hance, while urging it to f ollow the Bank of E nglands transparency lead MARITIME FOCUS FOR CONFERENCE WENDY WARREN It sucked $1.2 million in sales o ut of the company, Mr DAguilar said of his laundro mat chain. In 2011, the decline stopped. We have seen a 1-2 per cent increase in sales. We feel the recession has bottomed out, and were waiting to see where w e go from here. The businessman said a major concern are energy costs,w hich have sucked a large amount of profit out of the laundromat chain. January to April 2010, we spent $34,000 on electricity. January to April 2 011, we spent $45,000, up 32 per cent or $11,000 more per month sucked out. From January to April 2010 we spent $93,000 on propane. January to April 2011, we spent $103,000 on propane. A $10,000 increase, or a total $21,000 increase per month, or roughly $250,000 a year, Mr DAguilar said. While the company suffers from the energy cost increases, it cannot increase prices, therefore meaning the cost increase equates to cash flowi ng straight out of our bottom line. The scenario described by Mr DAguilar reflects the diffi culties being faced by numerous businesses throughout the Bahamas this year, as they try to recover from the recession and build their bottom lines in a fragile economy. Speaking of the roadworks that have seen sales at his flag ship Prince Charles Drive store, in particular, suffer sig nificantly, Mr DAguilar said Robinson Road now seems to b e a ghost town for business es and agreed that Robin Hood principal, Sandy Schaefer, had no choice but to close his Prince Charles Drive location as a result of losses related to the roadworsk which have seen traffic reduced to one lane heading west. I hope 2012 will be a good year, but I have written off 2011 because of everything that is going on, said Mr DAguilar. $250K ENERGY COSTS RISE CAUSES 11 WRITE OFF FROM page 1B
B y ALISON LOWE B usiness Reporter email@example.com A heated exchange developed yesterday as the Prime M inister accused the chairm an of the Bahamas Chamb er of Commerce and Employers Confederation( BCCEC) of faulty thinki ng in criticising the Gove rnments job initiative a nnounced in the Budget. H ubert Ingraham also went on to dismiss a BCCEC proposal that the Government could have done more to stimulate the economy by helping struggling businesses reduce their c osts, for example in relat ion to loan arrears or elec tricity costs, as not a seriouss uggestion. I n response, BCCEC c hairman Khaalis Rolle, said he thought it unfortunate t hat the Prime Minister m ade it appear that one cannot have a view counter t o whats been presented by the Government without being subject to criticism in return. The Prime Minister should be the Prime Minis ter and let the Chamber bet he Chamber. He cant make decisions and obser vations and draw conclu-s ions on behalf of the Chamb er, said Mr Rolle in an i nterview after Mr Ingraham made his comment in Parliament in relation to theB CCEC chairmans earlier statements on the jobs program. S peaking in the House of Assembly, Mr Ingraham told Parliament the state ments by the BCCEC in r elation to the $25 million j obs program, in which it was suggested the Govern m ent had proposed to spend t he money in ways outside of where it may be most needed, had entirely missed the mark. M r Ingraham suggested the criticisms expressed by Mr Rolle could not have represented the considered views of the private sectoras a whole on the jobs initiative, as in his assessments uch a position on the pro g ram could not have been t he considered views of a Chamber of Commerce or an Employers Confederation in the Bahamas or any place else in the world. In interviews with Tribune Business in the days follow ing the Prime Ministers 2011-2012 Budget communication, Mr Rolle stated that 95 per cent of initial calls to the Chamber about the program from BCCEC member businesses suggest ed companies were not in favour of the proposals from the Government, and felt the money would not be spent where it is most needed. Mr Rolle at that time said he felt that although the program was the right idea,it would not be enough, as it would impact only a minority of high school leavers leaving businesses w ith a majority of prospect ive employees not having t he skills needed. H e said money would be b etter spent targeting stu d ents "a lot sooner" if it was to convert them into productive workers, and that rather than subsidising the private sector to take on additional employees, grants to cut costs such as loan a rrears and electricity bills s hould have been considered. T he Prime Minister said y esterday that while he a cknowledges as a logical criticism Mr Rolles suggestion that the program could be larger than $25 million, the Government was constrained by its finan cial position. He also hinted that the program may be adjusted given any additional finan-c ial leeway such as the $ 23-$25 million reduction in interest payments that will result from the CentralB anks lowering of the Dis count Rate that took place on Monday. However, arguing against t he view that the program may not see the money spent where it is best need ed to stimulate the economy, Mr Ingraham said the Government chose to mod el the initiative this way because there is no betterw ay to provide the maximum stimulus in the econo my and ease the high levelsof unemployment now chal l enging the economy than t hrough paying wages to previously unemployed peop le.. There is no more direct, a nd indeed no other way, to accomplish these objectives other than through employ-m ent. Employment makes opportunities for people, said Mr Ingraham. The idea that $25 million i s needed more urgently somewhere other than easing the burden of unemp loyment, by means of i mproving the skills and pro f iciencies of labour, by being able to add a stimulus to thee conomy, is clearly faulty t hinking. Mr Ingraham contended that notwithstanding protests to the contrary by the members opposite (PLP parliamentarians), this Bud get is a jobs Budget. It is alsoa business budget, particul arly a pro-small business budget. R esponding to Mr Ingrah ams comments in relation to the BCCECs reaction to the substance of the jobs program, Mr Rolle said: What gets me is that its as if you shouldnt have an opinion and position counter to whats been presented. The BCCEC are presenting an alternative way to look a t this thing that we think is more beneficial. Had cons ultation taken place with the private sector they w ould be in a position to look at this more objectivel y. We didnt miss the mark; w e were spot on. Mr Rolle noted that as a f ormer chairman of the National Training Program I mplementation Committee that was put together to help implement the initiativef unded by the Government in 2009, he feels well-posit ioned to say what would be most efficient when it comes to stimulating the e conomy and creating employment. He reiterated that rather than subsidising the privates ector to hire workers the G overnment has suggested it will pay the wages of a new worker taken on by ac ompany up to $210 a week to stimulate employment t he Ingraham administration s hould have looked at the catalysts of employment. We know where to go to get employees but the industry is hurting. We get addit ional employees because t hings are better and we will p ick them up if we need them, so make things betterf or us and we will pick up e mployees we need, Mr R olle said, If you want to h elp me, help me reduce my B EC spend. If I cant keep my business open I am not going to be able to keep your employees in any event. Adding that he does not have a problem with the G overnment meeting its o bligation to try to get peo ple employed and in fact applauds them for that, M r Rolle said the BCCEC w ould wish that it selects the best option to make t his happen. We want to work togethe r to come up with a formu l a that makes sense. There will be no benefit from this in the long run. Many busi nesses are still hurting, and as oil and electricity prices continue to rise, what will happen is that businesses m ay even let go employees to bring on government-sub s idised employees. S peaking about the economy and the Budget at the Rotary Club of West Nassau yesterday, former president of the Bahamas Chamb er of Commerce, Dionisio D Aguilar, also expressed l ittle enthusiasm about the Governments offer undert he jobs program to subs idise the private sector to t ake on employees. U sing his Superwash c hain as an example, the businessman said: Just because the Governments going to give me some employees, thats not going to make me start a business. That will not make me take o n more employees Im e mployed to the hilt. Im not going to let peop le go to get subsidised o nes. Im not going to build a new laundromat to employ them. I dont think throwi ng money at the situation i s going to create jobs. Comi ng to me and throwing 10 e mployees at me for a year isnt going to help, said Mr DAguilar, adding that he, too, supports the Government providing relief to the private sector that would help owners bring their b usinesses into order financially. BUSINESS T HE TRIBUNE FRIDAY, JUNE 10, 2011, PAGE 3B 5(48,5(0(176 4 0F'RQDOGVRIIHUVH[FHOOHQWEHQHWV PM, Chamber head spar over Budget faulty thinking KHAALIS ROLLE D IONISIO DAGUILAR H UBERT INGRAHAM
to argue that the interest rates they charge on cons umer loans are not tied to P rime rate, and therefore t hey would be reluctant to follow suit in terms of reducing their consumer interest on their loans, but I trust they will reduce their rate by the 0.75 per cent. If they do it will result in a net savings to people who bought money to buy cars, furniture and other such consumer items. I talked to one of the big, big, big consumer lenders and he a ssures me that they will do s o. O n Wednesday, the C learing Banks Association confirmed that following the reduction of the Discount R ate by 0.75 basis points f rom 5.25 per cent to 4.5 per c ent that rate being the one a t which it lends money to o ther financial institutions it licenses it would correspondingly lower its benchm ark Prime lending rate by 0 .75 percentage points. T his move, anticipated by the Central Bank, allows for interest rates on variable rate loans, such as mortgages, overdrafts and commercial loans, to be repriced in a downward direct ion, creating the savings on i nterest payments for indiv iduals and businesses holding debt that Mr Ingraham highlighted in his speech in parliament yesterday. The Clearing Banks Assoc iation, however, said that f ixed rate loans, such as cons umer loans, are unlikely to see adjustments in theirl ending rates, as they typic ally keep the same rate f rom origination to maturit y. N oting that there will be winners and losers as a result of the Discount Rate reduction, Mr Ingraham said borrowers generally will be i mpacted positively, while savers will lose out. This i ncludes the National Insurance Board to the tune of around $9 million in revenue this year due to the amount of money they have in fixed deposits. Other losers noted by the Prime Minister i nclude pension funds and t rade unions. T he Government will compensate the NIB for its loss stemming from the rate reduction, the Prime Minister said, and as such does n ot expect the loss will be t hat big once that has happ ened. For instance, with the G overnments $60m loan w ith respect to the Airport A uthority, which attracts i nterest at 13 per cent b ecause of the bad times, we will now ensure that NIB gets a significant proportion of that to help to compensate on its loss. M r Ingraham highlighted s ome of the savings that will a ccrue to home mortgage holders as a result of the rate reduction during his presentation. Using mortgages issued by the Bahamas Mortgage Corporation as an example, he said that a h omeowner with a mortgage o f $250,000 the average l oan for middle class families in The Bahamas with a term of 25 years at 8.75 per cent, would have been paying $2,055.55 a month. The same mortgage over t he same period will now c ost them $1,929.79 per month a reduction of $125,o r savings of $37,700 over t he life of the mortgage, s aid Mr Ingraham, who note d that the Prime rate is now a t it lowest level ever in the history of the Bahamas since the establishment of the Central Bank in 1974, having fallen from a peak of 11 per cent in 1980. Meanwhile, the Prime M inister advised those who c an continue to pay the same amount on their loans a nd mortgages each month t o do so, noting that they w ill benefit from being able to pay off their mortgages earlier. I want to encour a ge and entreat those borrowers who can to continue to make the present pay ments they are paying, as it will be less expensive for them over the life of the mortgage and it will shorten t he mortgage life, (and t heyll pay the man less i nterest. For those who are s tretched and who need it, l ower payments will be an i mmediate financial relief. (Otherwise also decide to invest theirs avings (from the lower i nterest rate) in other nec essary needs like paying the interest on the governmentg uaranteed loan for their children...or they could begin to build a nest egg for their retirement and thef uture. BUSINESS PAGE 4B, FRIDAY, JUNE 10, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.181.180.000.1550.0807.66.78% 10.639.05Bahamas Property Fund10.6310.630.00-0.6400.200-16.6 1.88% 7.504.40Bank of Bahamas6.856.850.000.2130.10032.21.46% 0 .530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2 .842.70Bahamas Waste2.702.700.000.0470.09057.43.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 12.008.49Cable Bahamas8.748.740.001.0580.3108.33.55% 2.852.35Colina Holdings2.802.800.000.4380.0406.41.43% 8.338.33Commonwealth Brewery8.338.330.000.0000.0000.00.00% 7.005.80Commonwealth Bank (S1)6.986.50-0.481,8660.4960.26013.14.00% 2.351.90Consolidated Water BDRs1.811.76-0.050.1110.04515.92.56% 2.541.31Doctor's Hospital1.381.380.000.1070.11012.97.97% 5.994.75Famguard5.405.400.000.4460.24012.14.44% 9 .005.65Finco6.006.000.000.7570.0007.90.00% 9.858.25FirstCaribbean Bank8.608.600.000.4940.35017.44.07% 6 .004.57Focol (S)5.505.500.000.4350.16012.62.91% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.000.8800.64011.26.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00FINDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029M ONDAY, 6 JUNE 2011BISX ALL SHARE INDEX: CLOSE 1,404.19 | CHG -22.32 | %CHG -1.56 | YTD -95.32 | YTD % -6.36BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 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 Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.55731.4674CFAL Bond Fund1.55732.04%6.13%1.535365 3.01852.9020CFAL MSI Preferred Fund3.01852.41%4.01%2.952663 1.59761.5289CFAL Money Market Fund1.59761.50%4.50%1.580804 3.20252.6384Royal Fidelity Bahamas G & I Fund2.6384-3.01%-13.12% 13.638813.0484Royal Fidelity Prime Income Fund13.50161.08%0.02% 116.5808103.9837CFAL Global Bond Fund116.58080.71%8.38%115.762221 114.1289101.7254CFAL Global Equity Fund114.12892.39%7.89%111.469744 1.16081.0000FG Financial Preferred Income Fund1.16551.66%5.19% 1.12141.0000FG Financial Growth Fund1.12640.71%6.11% 1.16201.0000FG Financial Diversified Fund1.16681.54%5.59% 9.99529.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.217310.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 211.28102.07%9.80% 10.42889.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.40873.83%11.49% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.85645.46%11.17% 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-May-11 30-Apr-11 114.368369 106.552835 31-Mar-11 30-Apr-11 NAV 6MTH 1.512246 2.907492 1.561030TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Apr-11 31-Mar-11 30-Apr-11 29-Apr-11 30-Apr-11MARKET TERMS30-Apr-11 31-Mar-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)31-May-11BISX Listed Mutual FundsNAV Date 31-May-11 30-Apr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
Business. The general sense is that it should be well-received by i nvestors, particularly in l ight of the recent reduction i n the Prime Rate. Tribune Business was told by well-placed sources that the Series A COB bond notes would carry a 7 per cent fixed rate interest coupon over their 15-year l ifespan until maturity on J une 30, 2026. Meetings h ave already been held with key Bahamian financial advisers and investors. The bond interest and principal will effectively ber epaid by the Bahamian taxpayer, with the Governments annual Budget debt servicing allocation to COB being earmarked to cover this purpose. T he COB bond issue is a private placement, meaning it is only targeted at specific institutions and high netw orth individuals solicited for this purpose. It is not being offered to members o f the public, and they s hould not apply. T he $31.7 million raised w ill be used to largely repay the $32 million in debt f inancing supplied by the Royal Bank of Canada to f inance recent COB-related construction projects, such as the Harry C. Moore L ibrary and Information Centre, plus new facilities at t he Freeport campus. Meanwhile, Mr Anderson told Tribune Business thatt he Clearing Banks Associations (CBA s lash Bahamian Prime from 5.5 per cent to 4.75 per cent w ould positively impact the c apital markets, both from a debt/fixed income and e quity securities viewpoint. Given that fixed income i ssues were priced using B ahamian Prime as the benchmark, the RoyalFidleity president said the lower cost of capital should encourage more debt issuers to come to market. And from an equities standpoint, their rates of return from dividend and capital appreciation should look better in comparison top deposits and fixed income, boosting their attractiveness to investors. Mr Anderson told this newspaper that he expected t he reduction in deposit r ates (returns some of the $918 million in c urrent commercial bank s urplus liquidity out of that s ystem and into investments. With new issues coming t o market, historically what h appens is that the base rate is set for the market by Prime, Mr Anderson said. When you drop that rate by 75 basis points, it allows people to come to market with variable rate securities t hat are priced 75 basis p oints below where they w ere before. Overall, the c ost of debt for people looki ng at issuing it has dropped. I expect a number of issuers to come to market to take advantage of this opportu nity to raise money at lower rates. The RoyalFidelity presi dent said the Prime rate cutw ould also encourage investors to look more favourably at equity invest m ents, as dividend yields of 2-4 per cent per annum now looked more attractive. And, with Government securities such as registered stock (bonds priced one-eighth of a percentage higher than Prime, their return would likely now drop below 5 per cent. If youre now pricing it against that government security, with a yield of 4 per cent and capital appreciation potential, the r isk/return dynamic has c hanged, Mr Anderson said. I hope people start to l ook at equities as a better r isk/return mechanism than t hey were two-three weeks ago. If rates push lower, I h ope it pushes investors to look outside fixed income securities and CDs, and makes them take a look at equities. Look at something like the Commonwealth Brewe ry transaction, where it c ame out with a 7-8 per cent d ividend rate. Its an immed iately attractive rate, b ecause people are not get t ing that in the fixed income market. Most people holding variable rate fixed income notes have seen their yields drop 75 basis points. Investors would have to take more active decisions in managing money to maximise investment returns, and Mr Anderson added: Im hopeful this will drive some of the liquidity out of the banks into investments, and give the basis for more people to come to market and be investing in it, because of the higher yields than bank deposits. Overall, for the investment market it should be seen positively by issuers of paper and for those people looking to improve their yield. BUSINESS T HE TRIBUNE FRIDAY, JUNE 10, 2011, PAGE 5B THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bs m ight now be worth $700,000, b ut the Treasury could insist that the Stamp Duty be calculated on the former value, not the latter. At the $1.4 million valuat ion, Stamp Duty due would b e $168,000, but at $700,000 it would be $84,000 a 50 per cent difference. Again, the swing could act as a potential dealbreaker. The problem is that part ies dont know what their t ransaction costs are going to be, Mr OBrien told Tribune Business, so when they enter into an agreement for sale,t hey cant be sure what the S tamp Duty is based on. Historically, its been on the purchase price shown on the con-v eyancing documents, which has always been assumed to be the market value. Its really creating a lot of c onfusion, extra work. Some transactions are not occurring because people do not want to enter into something where they do not know what the costs are. M r OBrien and the Bar had submitted our objections to the Treasury but had yet to receive a reply. The Bahamas Real Estate Association (BREA b ers are also concerned. Im hearing from many attorneys that the Treasury sent back conveyances, soa ttorneys, vendors and purchasers are in quite aq uandry, as theyre being a sked for tens of thousands m ore than anticipated [in Stamp Duty], he added. Our firm has a handful oft ransactions were trying to resolve now. I certainly know through the Real Estate section of the B ar Association that attor neys have shared these stories where some people buckl ed under and paid the addi tion, and others are protest ing. Ive started to hear from r ealtors. The frequency is such that a couple of times a week Im speaking with some one having this issue. M any transaction parties had been left asking their attorneys why they had not b een warned about this potential pitfall, while real estate agents were also quitec onfused. The practical problem is that when vendors and pur chasers enter into an agree ment, you cant tell then what your costs are going to be, and you have to build in clauses that if the Government seeks more Stamp Duty than the purchase price, each party has the ability to get out of it, Mr OBrien explained. That leaves incredible uncertainty. Im not sure how the banks are dealing with it. The attorney suggested problems may have stemmed from the Government using an all-encompassing approach to deal with tax evasion. He explained: I think the problem the Government is trying to solve is that theyve had instances where people do not represent the correct value. We understand the need for the Government to col lect all its revenue due, and there is no problem identify ing transactions that are suspect, holding them up and investigating further. Theyre taking the blanket approach that theyre not going to recognise the transaction val ue reflected on the conveyancing if that differs from what they have at the Real Property Tax Department. Reiterating that there was no legal basis for the Treasury to look at real property tax valuations to determine market value for Stamp Duty purposes, Mr OBrien added: I think legally there was a change in the Stamp Act last year, which gave the Treasurer the flexibility to [accept] either the transaction value reflected on the conveyancing, or the market val ue. That was designed for instances where, say, some one gifted property or the Treasury felt the price on the deed was not reflective of the price of surrounding property. Stamp Duty policy throws real estate into confusion FROM page 1B $31.7m COB bond in Tuesday launch FROM page 1B
THETRIBUNE SECTIONEFRIDAY, JUNE 10, 2011 INSIDE T T U U R R N N T T O O 3 3 E E . . . T T U U R R N N T T O O 3 3 E E . . . T T U U R R N N T T O O 3 3 E E . . . REGATTA FUNDRAISER REALLY PROMISES TO BE A BIG NIGHT MIXED MARTIAL ARTS: EDWARDS TO FACE STOUT ACADEMIC ALL-BAHAMAS SWIM TEAM SET TO BE A W ARDED CANADIAN Sam Stout and Yves E dwards, of the Bahamas, are scheduled to fight in a lightweight bout at UFC 131 in Vancouver onS aturday. FRANCE finished the sea son on a high note by beating Poland 1-0 Thursday in a friendly. BOLT SETS SEASONS BEST TIME IN 200 FRANCE BEA TS POLAND 1-0 IN FRIENDLY NADAL ADVANCES TO QUAR TERS IN QUEENS CLUB MICKELSON PRACTICE ROUNDS ARE ANYTHING BUT ROUTINE T T U U R R N N T T O O 2 2 E E . . . T T U U R R N N T T O O 4 4 E E . . . T T U U R R N N T T O O 7 7 E E . . . T T U U R R N N T T O O 5 5 E E . . . By BRENT STUBBS Senior Sports Reporter firstname.lastname@example.org H igh jumper Donald Thomas was right in the mix in his latest international meet. And Demetrius Pinder got off to a fantastic start as he led the way for the Bahamian participation at the NCAA Outdoor Championships. Competing at the Exxon Mobil Bislett Games, Grand Bahamian Thomas cleared 7-feet, 4 1/4-inches to finish seventh in a hotly contested mens high jump that saw four other competitors clear the same height with three of them beating him out on fewer knockdowns. Kyriakos Ioannou, of Cyprus, Russian Andrey Silnov and Raul Spank of Germany all cleared 2.28m or 7-feet 6 1/2, but Ioannou won the event on fewer knockdowns. Thomas was the only Bahamian to compete in the event. N N C C A A A A O O U U T T D D O O O O R R S S ON day one of the championships Wednesday, Demetrius Pinder had two outstanding performances for the Texas A&M Aggies in the qualifying rounds. First, he ran the third leg of the 4 x 100 relay as the Aggies set a Texas A&M record to win their heat with the fastest qualifying time Pinder qualifies for todays 400 final Sheniqua Q Ferguson settles f or 4th place in 100 Donald Thomas 7th in high jump at Bislett Games INTO FINAL: Demetrius Pinder (right the baton to teammate Prezel Hardy (front left heat at the NCAA outdoor track and field championships at Drake Stadium in Des Moines, Iowa, on Wednesday. (AP Photo S S E E E E p p a a g g e e 2 2 E E By RENALDO DORSETT Sports Reporter email@example.com SHORTLY after being drafted into the major leagues, the latest member of the elite group of Bahamians to achieve the honour called it the culmi nation of a life-long dream. Nova Southeastern Sharks pitcher Sean Albury was selected by the Milwaukee Brewers with the 941st overall pick in the 31st round of the Major League Baseball Draft First-Year Player. Albury said after the anx iety of monitoring two days of draft coverage, hearing his name called as a selec tion came as a relief. The second day came around...I thought that was going to be my day but unfortunately that didnt happen. Then the third day came around...right when it started my name got called and it felt like a weight was lifted off my shoulders, he said. It felt amazing and I felt like I reached the point where I could do what Ive always wanted to do. It took a lot of hard work and ded ication but I made it and Im very excited about it. Right-hand ace Albury finished his senior season with a 7-2 win/loss record and a 2.08 ERA. The 22-year-old was named to the National Col Br e wers select Sharks pitcher Sean Albury S S E E E E p p a a g g e e 3 3 E E SEAN ALBURY Mavs take 3-2 lead VICTORY: Dallas Mavericks Jason Terry celebrates after Game 5 of the NBA Finals against the Miami Heat last night in Dallas. The Mavericks won 112-103 t o take a 3-2 lead in the series. (AP Photo
TRACK & FIELD PAGE 2E, FRIDAY, JUNE 10, 2011 THE TRIBUNE B y LUKE MEREDITH A P Sports Writer D ES MOINES, Iowa (AP Washington State senior J eshua Anderson won the N CAA outdoor title in the 4 00-meter hurdles as a freshm an and sophomore before f inishing second in 2010. A nderson launched his quest for a third national title in four years on Wednesday in impressive fashion, qualifying for the finals with the top time of 49.18 seconds. "I'm just going to go all out. It's my last collegiate season, my last collegiate race," Anderson said. "I'm just praying things will go well. I'm sure they will. I've been running faster in practice and so ifI can take that into my race, I'm sure I'll do great." A nderson is a former wide r eceiver for the Cougars who q uit the sport to focus on t rack. D D U U A A L L T T H H R R E E A A T T G G A A T T O O R R : : U nlike Washington S tate's Jeshua Anderson, Florida's Jeff Demps still plays football and he's often considered the fastest player in t he sport. In fact, Demps might be the fastest athlete in all of college athletics. But he won't get to show it in his best event, the 100 meters, at the NCAAO utdoor championships in D es Moines on Saturday. D emps, a 5-foot-8, 176p ound running back who's a veraged a gaudy 7.1 yards p er carry through three seasons, won't get a chance to defend his national title in the 100 after failing to make it out of the semifinals on Wednesday. Though Demps is likely thought of more as a football player nationally because oft he Gators high profile, his t rack resume outshines his a dmittedly strong gridiron e fforts. D emps will likely anchor F lorida's 400 relay team in the finals after helping the Gators post a 38.49 in the semifinals. "Jeff's done a wonderful job of handling the spotlight of being a football player. But I think the thing people forget ist hat Jeff came in a little more celebrated as a track guy," Florida coach Mike Holloway said. "If you ever got a chance to talk to Jeff he's a very hum b le man. He comes out every d ay and he works hard. If you d idn't know who he was you w ould never know. We are very excited about where he is right now." Demps sprained his left foot last fall and was limited to a career-low 551 yards and three touchdowns rushing. T T H H E E E E N N G G L L I I S S H H P P A A T T I I E E N N T T : : Oregon freshman English Gardner topped qualifying in the women's 100 in 11.17, a few hours after she bruised her knee and hip in a collision during the semifinals of 400 relay. With stars such as LSU's Semoy Hackett and Texas A&M's Jeneba Tarmoh failing to qualify for the finals, Gardner and Kimberly Dun can, also of LSU, figure to be the women to beat Friday night. Gardner also wasn't fazed by Tarmoh's false start, which cost the Aggies a key spot in the finals. "After someone false starts, I'm focused because the next false start, you're out too," Gardner said. "Once I got through my acceleration, I knew my turnover and my speed would carry me through the line." Q Q U U I I C C K K S S T T A A R R T T S S : : Florida's Tony McQuay posted the fifth fastest time in the world in the men's 400, winning the first heat of the qualifying round in 44.87... Tori Bowie of Southern Mississippi won the women's long jump at 21 feet, 9.5 inches and became the first individual athlete in school history to win an NCAA out door crown ... Brown's Craig Kinsley, the defending champion in the men's javelin, failed to even reach the finals this year ... Temperatures hovered in the 90s on Wednesday, but women's 10,000 win ner Juliet Bottorff of Duke wasn't bothered a bit. "I am from North Carolina and it has been in the 90s the last two weeks. If the heat can be my advantage, I will take it," she said. WSUs Anderson seeks to reclaim 400 hurdles title OSLO, Norway (AP B olt ran the fastest time in the world this season as he eased to victory in the 200 meters at a Diamond L eague meet Monday, while Caster Semenya finished third behind Halima Hachlaf in the 800 meters. B olt, the Jamaican world-record h older, raced through the rain at the Bislett Games to win convincingly in 19.86 seconds. NorwegianJ aysuma Saidy Ndure was second in 20.43, while Mario Forsythe of Jamaica was third in 20.49. B olt said he was pleased with a time as he tunes up for the world championships in August. "I was never really out of busi n ess," Bolt said. "Business was just a bit slow." The world and Olympic champion w as unperturbed by the downpour that fell as the race got under way and never looked under any realp ressure from the rest of the field. I always seem to compete best when it's raining," Bolt said. "I'm happy. I'm back to being Usain Bolt.N ot perfect, but I think I'm getting there." In the women's 800, Hachlaf also s et a world-leading time of 1:58.27 to h old off Russia's Mariya Savinova and Semenya of South Africa. The 20-year-old Semenya is trying to rediscover the form that carried her to victory in the 2009 world championships. She was second in last weekend's Diamond League event at Eugene, Ore. "I'm just three seconds away from my best," she told The Associated Press. She also revealed that she is preparing to race at Diamond League events in Lausanne and Stockholm this summer. "I'm happy with the time," Semenya said. "Now I just need to go back and work on it more 1:57 is what I'm planning for the next r aces." Arles Merritt of the United States won the 110 hurdles in 13.12, while N orway's Christina Vukicevic com fortably held on to an early lead to take the 100-meter hurdles in 12.79. K enyan Paul Kipsiele Koech s trode away from his rivals in the 3,000 steeplechase to set the best time of the season in a track record8 :01.83. His countryman Nicholas Kiptanui Kemboi took the 1,500 in 3:37.25, his best time of the season. W orld championship silver medallist Kyriakos Ioannou of Cyprus earned won the high jump with a leap of 2.28, while Olympic cham p ion Gerd Kanter won the discus with a throw of 65.14. In the javelin, Germany's M atthias De Zordo claimed four diamond league points with a throw of 83.94. South African GodfreyK hotso Mokoena saved the best for l ast in the long jump with a winning fifth leap of 8.08. Ivet Lalova of Bulgaria excelled in t he women's 100, sprinting first to the line in 11.01, while Zuzana Hejnova of the Czech Republic tookt he 400 hurdles in 54.38. A mantle Montsho of Cuba claimed her second Diamond League win of the season in the 400, finishing in a season's best 50.10 to add to her victory in Eugene. In the 5,000, Ethiopian Meseret Defere ran her fastest race of the season to see off four of her compatriots for a winning time of 14:37.32. Cuban triple jumper Yargelis Sav igne meanwhile earned her second Diamond League victory of the season with a jump of 14.81, while New Zealander Valerie Adams won the shot put with a throw of 20.26, and Fabiana Murer of Brazil jumped 4.60 to win the pole vault. On a wet track, Bolt sets seasons best time in 200 SIGNATURE: Jamaican Usain Bolt makes his characteristic pose after winning the 200m at the Diamond league Bislett Games Thursday. Bolt clocked the year's fastest time of 19.86 seconds in rainy conditions. ( AP Photo) Demetr ius Pinder qualif ies f or todas 400 final of 38.38, erasing the mark of 38.51 the school set in the 2009 semifinal as well. Before he was finished for the day, Pinder easily won the last of three heats in 45.35 to automatically qualify for the final today. The day, however, wasnt quite what a couple other Bahamians anticipated. Auburn Universitys Sheniqua Q Ferguson, running out of heat two in the womens 100, had to set tle for fourth place in 11.40. The time placed her ninth overall, just one spot of advancing to the final. The eighth and final qualifying time was 11.37 by Kenyanna Wilson of Louisiana State University, who was one of three qualifiers out of heat three. And in the mens 100 semis, Warren Fraser of Clemson University was seventh in the second of three heats in 10.69, placing him 23th out of 24 com petitors. He failed to move on to the final. Fraser, a sophomore, also led off for Clemson in the 4 x 100 relay that saw them finish second in heat five. They ended up 12th overall, out of the final pic ture. Also eliminated from the final was Karlton Rolle and his UCLA Bruins. Running on the second leg, Rolle helped UCLA to a third place in heat three in 39.45, but it was only good enough for 10th place. A number of Bahamians were scheduled to com pete yesterday. However, the day two results were not available up to press time last night. F F R R O O M M p p a a g g e e 1 1 E E COMPETING at the Exxon Mobil Bislett Games, Grand Bahamian Thomas cleared 7-feet, 4 1/4-inches to finish seventh in a hotly contested mens high jump. (FILE photo USAIN BOLT wins the 200m at the Diamond league Bislett Games. (AP Photo
Br ewers select Sharks pitcher Sean Albury Regatta fund-raiser eally promises to be a big night SPORTS T HE TRIBUNE FRIDAY, JUNE 10, 2011, PAGE 3E FACE OFF: Sam Stout (left Bahamas, face off as UFC president Dana White looks on after a UFC1 31 news conference in Vancouver, British Columbia, yesterday. S tout and Edwards are scheduled to fight in a lightweight bout at UFC 131 which is scheduled to be held in Vancouver on Saturday. (AP Photo Bahamian Edwards to take on Stout in lightweight mixed martial arts bout THE Proper Care Pool Lady Sharks and the MightyM itts pulled off victories in t he New Providence Softball A ssociations double header at the Bankers Field Tuesday night. In their encounter at the Baillou Hills Sporting Com-p lex, the Lady Sharks outslugged the Bommer George Operators 18-11. Alexandria Taylor went the distance, tossing a nine-hitter, walking three and striking out one for the win. BrittanyC larke suffered the loss, givi ng up 10 hits, four walks and a strike out in three innings. D esiree Coakley pitched the final inning. Offensively, Marissa Burr ows went 3-for-4 with four RBI and two runs scored, Thela Johnson was a perfect3 -for-3 with three RBI and f our runs, Trekia Munroe was 2-for-4 with two RBI and three runs, Keresha Miller was 2-for-3 with a RBI and three runs scored and Sharn ell Symonette was 1-for-3 w ith three runs scored. For Proper Care Pool, Vantrice Bowleg was a per-f ect 3-for-3 with four RBI and two runs scored, Tyriece Curry was 2-for-4 with a RBI and t hree runs scored, Neressa S eymour was 1-for-3 with a RBI and two runs scored and Christine Edmond was 1-for2 with a run scored. In the mens feature game, the Mighty Mitts nippedD orsey Park 12-11. The M ighty Mitts got out-hit 6-8 and committed one error more than Dorsey Park, 5-4. D ezon Curry got the start on the mound, giving up four hits and five runs with three w alks and three strike outs before Ryan Major came in and finished off the final three innings on four hits as well w ith a walk. Deval Storr went the distance for the loss on six hitsw ith nine walks and six strike outs. Stephen Duncombe went 2 -for-4 with three RBI and a run scored, Miguel Hannawas 1-for-3 with a RBI, Alec Rolle was 1-for-3 with threer uns scored and Chris McPhee was 1-for-2 with two runs scored. F or the Dorsey Park Boys, Rudolph Fox was 3-for-4 with two RBI and a run scored,P hilip Johnson was 2-for-4 with two RBI and two runs scored, Tori Rolle was 1-for-4 with four runs scored and Keanu Thompson was 1-for-4 with a run scored. N N O O T T E E : : T T h h e e N N P P S S A A h h a a s s a a n n n n o o u u n n c c e e d d t t h h a a t t t t h h e e d d o o u u b b l l e e h h e e a a d d e e r r s s c c h h e e d d u u l l e e d d f f o o r r S S a a t t u u r r d d a a y y n n i i g g h h t t h h a a s s b b e e e e n n p p o o s s t t p p o o n n e e d d d d u u e e t t o o t t h h e e f f u u n n e e r r a a l l s s e e r r v v i i c c e e f f o o r r t t h h e e l l a a t t e e B B a a s s i i l l Q Q u u e e b b e e l l l l H H a a l l l l , f f a a t t h h e e r r o o f f s s p p o o r r t t s s c c a a s s t t e e r r M M a a r r c c e e l l l l u u s s H H a a l l l l . Lady Sharks o ut-slug the Operators, Mighty Mitts nip Dorsey Park Boys By RENALDO DORSETT Sports Reporter firstname.lastname@example.org THE Bahamas Swimming Federation (BSF to recognise and celebrate the accomplishments of out standing studentathletes in competition and in the classroom. For the third consecutive year, the BSF, in conjunction with title sponsor RBC, will award the Academic AllBahamas Swim team. A record number of athletes will be honoured when the team is named at the RBC National Swimming Cham pionships at the Betty Kelly Kenning National Swim Complex June 18-21. The programme began with 18 award recipients in 2009 and has grown exponentially to more than 50 student-athletes this year. Kathy Dillette, BSF board member, said the develop ment of the programme is indicative of the support shown by the entire swimming community, including the athletes, parents, coaches, swim clubs and schools. Three years ago, we discussed the possibility of look ing at our athletes not just as swimmers but also to see how they were doing as students. Its something that I know is done throughout North America, and at a lot of schools, and I thought it was something we need to look at here, she said. "We started with 18 swimmers recognised in 2009. Last year, we were up to 24 swimmers and this year we are somewhere between 50-60. I guess if that is an indication, the programme is being very well received not just by the swimmers, but by the parents, the coaches, the swim clubs and the schools as well, we have had some positive feed back from them. RBC made a donation of $32,000 to assist the BSF in hosting the Nationals and supporting the Academic AllBahamas Swim Team. To be able to qualify for this award, you have to achieve a 3.5 GPA for the last academic school year as well as you would have had to qualify for the National Swimming Championships by achieving one of the qualifying standards or represent the Bahamas on a national swim team. We are excited this year that we have so many award recipients, Dillette said. I think it is very important that we encourage all sporting organisations to perhaps look at the same type of awards system because it sends a message to our young people that athletics are very important. Sports are very impor tant but you have to balance that with a strong academic career as well, she added. Academic All-Bahamas swim team to be awarded KATHY DILLETTE (File photo By BRENT STUBBS S enior Sports Reporter email@example.com LAST month, King Eric Gibson made a plea to five corporate citizens to make a contribution of $ 5,000 each to assist with the hosting of the Andros, Acklins and C at Island regattas. Yesterday, Gibson went a bit further and announced plans for the staging of another regatta fund-raiser that is all set to take place at the Luna Courtyard Centre, Saunders Beach, on Friday ( July 1). That fund night really promises to be a big night, said Gibson, a long-time entertainer turneds ailor and golfer. I promised to d o something like this for a long t ime, but I never knew how and w hen I would do it. C alling it a Mix n Mingle n ight, Gibson said he intends to h ave the three islands mentioned a bove square off in a Rake & S crape Down Home dance competition. Each island will provide four d ancers, two men and two w omen, and they will square off, he stated. Between the crowd and the committee, they will determine who the winners are. Whoever the winner is, a spe cial cash contribution will go towards that island regatta. I wont say how much the cash is. It will depend on the success of the fund-raising. Additionally, Gibson said he is challenging all of the MPs and those aspiring to become members to support the event by bringing as many people as they can. We will recognise all of the MPs in attendance, but we want to award the first, second and third place MPs, who bring the most people out to support this cause, Gibson said. Once we decide who brings the most people out, they will get to decide which island will get the special cash prizes that will be provided for the winners. Gibson, who has played a piv otal role in the formation of all three regattas, said the committees have all indicated that they experienced financial problems with last years regatta and they will need to ensure that they can take care of their bills before they can negotiate with the boats to come to their regattas this year. I see this event as being very successful because people are into community building and these islands definitely need the help, Gibson said. In an effort to help make the event a success, Gibson said he has gotten entertainers Ronnie Butler, Elon Moxey and Jay Mitchell all to offer their services free of charge. They are all willing to come out and support the event, Gibson added. A new band from Acklins called Asher have also consent ed to participate in the event. Interested persons are urged to contact Gibson at 328-8322 for further information. C C U U M M M M I I N N G G S S L L A A S S T T R R I I T T E E S S A FUNERAL service for the late Dereck Hasting Paul Cummings, affec-t ionately called Fire, will be held 10:45am today at St Josephs RomanC atholic Church. C ummings, 52, was an outstanding b asketball player in the New Provid ence Basketball Association and the Grand Bahama Amateur Basketball A ssociation. He passed his skills on to his son, D ereck Jr, who also played in both the h igh school and night leagues before he w ent on to attend college. Cummings Jr h as returned home and is now coaching at C C Sweeting High School. T he Tribune Sports Department offers its condolences to the family oft he late Cummings. H H A A L L L L S S F F U U N N E E R R A A L L FUNERAL services for the late Basil Quebell Hall, affectionately called Duren, will be held 9am Saturday at S t Georges Anglican Church. His body will be interred in Woodlawn Gardens. H all, a former outstanding baseball p itcher and cricket player, is the father of sportscaster Marcellus Hall, who played both basketball, baseball ands oftball. T he Tribune Sports Department offers its condolences to the family of the late Hall. B B A A S S E E B B A A L L L L F F R R E E E E D D O O M M F F A A R R M M T HE Freedom Farm Baseball League, home of the 2010 11-12 World Series champions, will be traveling to Longwood, Florida, to participate in t he T-Ball Babe Ruth/Cal Ripken annual tournament July 21-28. The league, headed by Greg Bur r ows, is expected to carry a total of 15 players at a cost of $500 each. Inter ested persons can make a financial cont ribution by making a cheque payable to Freedom Farm Baseball League. D D O O L L P P H H I I N N S S S S W W I I M M C C L L U U B B THE Dolphins swim club will be holding a Parent & Toddler Swimming programme 10 to 10:45am at St Johns College pool every Saturday in J une and July. The special sessions include: Introducing young children to the water Building confidence through fun and games Eliminating fear of watery environment Beginning to develop basic skills of blowing bubbles SPORTS IN BRIEF FUND-RAISER: King Eric Gibson has announced plans for a regatta fundraiser at the Luna Courtyard Centre, Saunders Beach, on July 1. (FILE photo legiate Baseball Writers Association (NCBWA was also named as a member of the (ABCA Association All-South Region teams. He was one of a class of 24 pitchers chosen by the Brewers over the course of the draft which included seven left-handed pitchers and 17 righthanded pitchers. When they started taking pitcher after pitcher after pitcher, I starting thinking to myself there is still hope, there is still a lot of teams out there that havent taken a pitcher. Right before the draft, my coach told me the scout from the Brewers liked me and he was pretty sure he would be picking me up. After seeing so many pitchers taken, naturally I had my doubts but soon enough I got picked up," Albury said. Message (The organisations was that we wouldnt have drafted you if we didnt think you were going to be in the big leagues one day. We see you as one of our top prospects later on in the future. They told me to just keep doing hard work because I had been working hard my whole life and now they expect me to keep going even harder to reach the next level in my progression, Albury added. His focus now shifts to a minor league career which begins in Helena, Montana, in short season Little A baseball, after which the natural progression is to High A, Double A, Triple A and onto the Major Leagues. Consistency One of the things I have to work on is my consistency, particularly my command on my offspeed pitches. I have a lot of confidence in my fastball. I just have to be more consistent with my change up and my curve ball, Albury said. Those will be the key to keeping batters off balanced and switching up my game. Albury closed out a star-studded career as one of the Sharks major contributors on the mound. In his junior year, Albury earned NCBWA and ABCA/Rawlings Second Team All-America honours, was named firstteam All-Sunshine State Conference, and was also selected to the Daktronics firstteam all-region, first-team NCBWA allregion and ABCA/Rawlings first-team all-region. He allowed just two runs in 23 and one third innings pitched for a 0.77 ERA. He struck out 37 batters and gave up just a .134 batting average with a 2-1 record and 10 saves in 20 appearances. Albury finished with 10 saves and 16 consecutive scoreless outings. F F R R O O M M p p a a g g e e 1 1 E E