The Tribune.

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The Tribune.
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Tribune. (Nassau, Bahamas).
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Nassau tribune
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v. : ill. ; 58 cm.


newspaper ( sobekcm )
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Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Juvenile denied bail by court Volume: 107 No.324TUESDAY, NOVEMBER 15, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY AND BREEZY HIGH 87F LOW 74F B y LAMECH JOHNSON CHIEF Magistrate Roger G omez denied bail to a juve nile charged with firearm pos session and other offences in a ccordance with the stipulations of the newly amended Bail Act. T he chief magistrate made the ruling yesterday afternoon, after the prosecutionn oted that under the new Act, which was passed on Novem ber 4, a defendant arraigned on a charge of firearm possession does not have to be granted bail. The prosecution objected to the 17-year-old Wulff Road boy receiving bail on the basis that the 11 criminal offences with which he was charged were serious. Chief Magistrate Gomez remanded the boy to Her Majestys Prison, Fox Hill, until he returns to Juvenile Court in Victoria Gardens on Tuesday, November 22. He advised a friend of the f amily his parents were not present in court to ensure that a parent attended thep roceedings before the juve nile panel. Before the charges were read to the defendant, whosen ame cannot be published because he is still a minor until January, Chief Magis t rate Gomez asked him if he were okay as he was having difficulty standing. The boy told the judge that he had been beaten while in police custody, but did not give additional details. He was arraigned in Court 1, Bank Lane, in connection with seven thefts, two armed robberies, an assault with a deadly weapon and firearm possession for which he was denied bail. He was not allowed to enter pleas to the armed robbery charges, but he pleaded not guilty to the remaining nine offences. New laws lead to detention of 17-year-old TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM B y KHRISNA VIRGIL A HEATED row erupted between MICAL MP V Alfred Gray and Prime Min i ster Hubert Ingraham yesterday over allegations that hurricane supplies delivered to Acklins were distributed predominantly to FNM supporters. Taking the government to t ask on the issue, Mr Gray claimed that residents on the island of Acklins have beens ubjected to a political game, w hich has to date, left some of them still waiting two months later for assistance. M r Gray accused the island's administrator of inter fering with the distribution of t he National Emergency Management Agencys supplies while not giving fair play and equity to those residents. They were selecting whom they helped and whom they did not help on the basis of p references, Mr Gray claimed. Denying Mr Grays claim, P rime Minister Hubert Ingrah am admitted to receiving one complaint from the islands district council chairBy CELESTE NIXON Tribune Staff Reporter CAT ISLAND MP Philip Davis criticised the fact that more than two months after Hurricane Irene, schools on that island still need repairs. During his contribution to the debate on amendments to the Disaster Preparedness and Response Bill in Parlia ment yesterday, Mr Davis called on the government to address the matter, claiming the state of the schools could pose a safety threat for stu dents. By CELESTE NIXON Tribune Staff Reporter AMENDMENTS to the Disaster Preparedness and Response Bill passed by the House of Assembly last night will extend storm warning times and improve efficiency and responsiveness to tropi cal cyclones. By SANCHESKA BROWN Tribune Staff Reporter BISHOP Simeon Hall, senior pastor at New Covenant Baptist Church, is appealing to homosexuals to seek help and turn away from deadly, abnormal sex ual practices. Quoting statistics from a local newspaper, Bishop Hall said that in the Bahamas the number of men contracting AIDS because of homosexual practices has doubled in the past few years. According to Dr. Perry Gomez, director of the National HIV/AIDS pro gramme, the prevalence of HIV/AIDS in the Bahamas with men is near 14 per cent, nearly double the 8 per cent documented in 2008 in the WOMAN T T H H E E C C O O N N S S E E Q Q U U E E N N C C E E S S O O F F T T E E E E N N P P R R E E G G N N A A N N C C Y Y SEEWOMANONPAGE11B NBA BASKETBALL L L O O C C K K O O U U T T P P U U T T S S S S E E A A S S O O N N I I N N J J E E O O P P A A R R D D Y Y SEESPORTSSECTIONE REASSURAN CE OVER ANCIENT TREE SEE page 5 SEE page 8 SEE page 8 SEEpage 8 SEEpage 8 HOSPITALSTAFFhave moved quickly to reassure people that a centuries-old tree is not being cut down to make room for Princess Margaret Hospitals new surgical unit. The Tribune received a number of calls from con cerned readers worried that the tree, thought to be around 200 years old, was being cut down. However, staff dismissed such fears, and workers at the scene yesterday, where some trimming of the tree appeared to be taking place, also said that there were no plans to chop down the tree. BISHOP URGES GAY MEN TO SEEK HELP THECENTURIES-OLD tree at Princess Margaret Hospital. Photo:Felip Major/Tribune Staff BISHOPSIMEONHALL im lovin it HURRIC ANE SUPPLIES GIVEN TO FNM SUPPORTERS CRITICISM OF REPAIRS DELAY AMENDMENTS TO DISASTER BILL PASSED


B y DANA SMITH T WO missionaries who have dedicated their lives toe ducating students on drug a wareness have decided to v isit Bahamian schools, for the first time. Peter and Susan Kingston, o riginally from England and France, and both former addicts, call drug use a majorp roblem throughout the C aribbean. The couple arrived in the Bahamas two weeks ago and h ave already visited several schools, including the Ranfurly Childrens Home. Theyp lan to visit more, including CR Walker, this week. We wrote to the Ministry of Education and met with the Director of Education and he authorized our programme for the government schools h ere in the Bahamas, Mr Kingston said. We've also spoken with the Director of C atholic Education, she a uthorised us to go to Catholic schools. The programme they o rganised is aimed at informing young people on the dangers of addiction in the hopeso f discouraging them from drugs, cigarettes, and alcohol. Its a preventative programme, Mr Kingston said It helps young people to t hink and shows them, right to t heir face, the problems that taking drugs can lead to. People that start smoking, p eople that start taking drugs, they dont think about the future, they just think about h aving fun. T hey show informative DVDs to students as well as engaging lectures. We rely on graphic facts and personal life testimonies, Mrs Kingston said. A lthough this is their first v isit to the Bahamas, the cou ple has been visiting different c ountries in the Caribbean yearly, for the past five years. Mr Kingston stated: It was five years ago, we decided see w hat we can do in the way of missionary work in the Caribbean. Once we started, it didnt take long to see that drugs are quite a major prob lem. I think drugs are a big p roblem because the Caribbean is located between t he US market and the Latin A merican producers and cartels, Mr Kingston said. Theyre in the middle, unfort unately. Both missionaries work for free and rely on donations toc ontinue their work. We live without salary, we just trust God that he will sup-p ly our needs, Mr Kingston said. Once a year, we do f undraising, Mrs Kingston s aid. We also collect donations on our website. The couple explained how h otels and restaurants are often willing to provide them with free board and meals o nce they explain their nonp rofit programme. They claim hardly anyone refuses them a place to s tay and a meal to eat. We survive on donations and living cheaply, MrK ingston said. If we can prev ent one person from falling into drugs, its worth it. M rs Kingston adds: I wouldn't say its easy, but we enjoy what we do. The missionaries are based i n Fiji and have been doing non-profit work for 35 years. Theyve travelled to several different countries, including India, Nepal, Bosnia, and many countries in the Caribbean and southern A frica. LOCAL NEWS PAGE 2, TUESDAY, NOVEMBER 15, 2011 THE TRIBUNE NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I +242-396-1300+242-396-1300+242-396-1400+242-396-4076+242-396-4076 Charting Your Financial Future Well help you chart your course for life, health, and wealth. FAMGUARD CORPORATION +242-396-4000 ON A MISSION TO TACKLE DRUGS MISSIONARIES Peter and Susan Kingston, originally from England and France, have come to the Bahamas to help educate students about drug awareness. Below left, Peter speaks to students. ON A MISSION TO TACKLE DRUGS


By DANA SMITH d M INISTER of National Security Tommy Turnquest e mphasised the importance o f safety and security at tourist destinations and admitted that crime is a growi ng concern among tourism s takeholders. S peaking at the opening of the Tourism Security Works hops yesterday, Mr Turnquest said: The success or failure of a tourism destina-t ion depends on that country b eing able to provide a safe a nd secure environment for their visitors. T he workshops, which are being held at the Paul Far quharson Conference Centre a t Police Headquarters, will offer specialised security training to help officers better c ombat crime in tourist areas. The workshops were organised by the Inter-American Committee against Terrorism ( CICTE), a sub-division of the Organisation of American States (OAS Lack of safety and security and instances of crime rep resent a more serious threat t o traveling tourism than any other factor, Mr Turnquest said. Safety and security are vital to providing qualityt ourism more than any other economic activity. Mr Turnquest recalled how t he terrorist attack on New York City resulted in the Bahamas seeing a significant reduction in the volume of visitors which had a devast ating effect on the economy. Safety and security play a m ajor role in making travel c hoices, Mr Turnquest said. Indeed, it can be said that peace is the best friend of t ravel tourism while crime a nd insecurity are among its w orst enemies. Mr Turnquest noted that t he general perception of the Bahamas as a safe country is among our major assets asa tourism destination. H e said: Its a factor that h as served us well, and is expected to remain with us in t he future only if we continue to ensure that visitor safety and their security is amongo ur top priorities. We can not and we must not be complacent since there i s an urgent consensus that crime is a growing concern of our tourism stakeholders. Mr Turnquest announced t hat steps have been taken to enhance security in the areas most frequented by tourists,i ncluding the creation of a Tourism Police Unit and Ask Me tourism ambassadors. H e also said more than $14m has been spent on providing resources for the police force over the past year. The government of the Bahamas fully understands the importance of having in p lace proper safety and security measures in the tourism sector, Mr Turnquest said. Also speaking at the event w ere: Juliet E Mallet Phillips, OAS representative to the B ahamas; Alejandro Diaz de L eon, CICTE Secretariat programme manager; and Andres Otero, regional direct or of the private security firm K roll. LOCAL NEWS THE TRIBUNE TUESDAY, NOVEMBER 15, 2011, PAGE 3 By DENISE MAYCOCK T ribune Freeport Reporter FREEPORT Two t eenagers were taken into custody for questioning after a tourist was robbed on Saturday, police reported. A sst Supt Clarence Reckley said a 16-year-old and an 1 8-year-old youth were taken into custody shortly before 2 pm. Police received a report at about 1.44pm on Saturday that a male tourist was robbed of his chain while leaving the Lucayan Beach. T he culprits fled the area in a taxi which was intercepted by police on Sea Horse Road near Sea Horse Plaza. P olice officers recovered the chain and arrested the suspects. The matter is under investigation. TRIO ATTACK MAN A MALE resident of F reeport was violently a ttacked and robbed by three m en in the Freeport area. According to reports, the i ncident occurred at about 7.50pm at an apartment complex on Lawrence Close. ASP Reckley said the vict im was in the laundry room when he was attacked and robbed of his cellular phone and wallet, containing cash. T he suspects were wearing dark clothing, and fled the area on foot. The matter is under investigation. THIEF INJURED A 37-YEAR-OLD man w as injured and taken to hosp ital after being caught attempting to break into a vehicle. According to police reports, a male resident ofP ioneers Way was at home around 4.30am on Mondayw hen saw a man breaking i nto his vehicle. During a confrontation, the owner of the vehicle injured the suspect. T he police were contacted a nd the suspect was taken to Rand Memorial Hospital, w here he was treated for his i njuries and detained. Investigations are continui ng into the incident. HOME INV ASION POLICE are also investi gating a home invasion and robbery in the Bahamia area. T he incident occurred s ometime around 3am on Friday when a masked man e ntered a residence at Woods R odgers Drive and robbed the occupants of cash and personal effects. The culprit escaped. Police are investigating the incident. DRUG Enforcement Unit officers confiscated a handgun and a quantity of ammu-nition on Sunday evening. At around 7pm a team of DEU officers, acting on a tip, went to Homestead Street where they saw aman wearing a white t-shirt and a dark pants acting suspiciously. The man ran when he saw the officers and threw an object onto the roof of a nearby house. The suspect escaped, but a search of the roof turned up the loaded weapon. Moments later, the officers executed a search warrant on an apartment on the same street and found a quantity of suspected marijuana. A 26-year-old man and a 16-year-old boy were taken into custody for questioning. Active police investigations into both matters continue. M INISTER OF NATIONAL SECURITY T ommy Turnquest delivers the keynote address opening the five-day Tourism Security Specialises Training Course which is being held at the Paul Farquharson Conference Centre November 14. Concern over crime grows in tourism sector TEENAGERS HELD AS TOURIST ROBBED POLICE have requested the publics help in locating Mark E Mercer, 45, of Savan nah, Georgia, USA, who was last seen at the southern point of Winding Bay, south Abaco. At the time he was wearing blue jeans, a blue baseball cap and a light blue Gulf Stream Airline, short sleeve shirt. He is of slim build, with blue eyes, brown hair and stands 6 tall. Anyone with information to his whereabouts is asked to contact the police at 911, 919, the Marsh Harbour Police at 367-2560, 367-3437 or the nearest police station. POLICE PLEA OVER MISSING US MAN MISSING: Mark Mercer HANDGUN C ONFISCATED B Y DEAOFFICERS POLICE have confirmed that the man shot and killed on St James Road on Saturday was 28-year-old Randino Devon Pratt, of Winton. Police are asking anyone with information regarding the incident to contact them immediately. The investiga tion continues. SHOO TING VICTIM NAMED


EDITOR, The Tribune. RT HON Perry G Christie had it right, National HealthI nsurance is the best thing for o ur country. Listen to the daily Talk Shows and the media. Peoplea re crying for help for their medical bills and in these hard economic times some have p assed on before they can raise the money for their treatments. From July 2011 to now, I h ave had my trials and tribulation mountain to climb. I have seen so many B ahamians who cannot afford treatments like myself who had to pay hundreds of thou-s ands of dollars. We must give thanks regu larly because the life you save may be your own. T he special interest boss hogs from the Dukes of Hassle County could not care l ess what happens to the poor because they can afford to pay for themselves and families. I must give thanks to my sister, Gwen Hanna, Mary Hanna, Wenzel Hanna, Carolyn Farrington and Bishop Leroy and Nancy Hanna Jr who prayed for me and continue to do so. My friend Cartwright, who was running between the Eye Institute and Cira Garcia Hospital tov isit me, and Dr BA friend M r Rolle, who I met down here and went with me as far as the operation room, ourF irst Lady who had surgery at my hospital and our Ambassador. T he doctors, nurses and staff, especially Dr Iraisis Doors Cataract Specialist fort he excellent service rendered. I must give special thanks to Hon Philip Brave and Annmarie Davis for the sup port, the phone calls made to us not only checking on Dr B and myself, but enquiring about all of the Bahamians here and who will be comingt o see us before we return h ome. May God continue to bless all of you real good. AUDLEY D HANNA Sr Nassau, N ovember, 2011. EDITOR, The Tribune. I HAVE for many years struggled to have addressed the professional bias that exists in the public service. I rejoiced when we appointed our first female as t he director of public works with the odd thinking thato nce we removed the gender bias that it was only a mattero f time before the other biase s would all come tumbling d own. I n 2011, we have not moved a foot in this direction, maybe two inches (I s erved for two years as acti ng director) then it was back to their old ways. As an architect, I believe I a m equally qualified to hold t he post of director of public works, a post that has been t raditionally held by an engineer. I sought to explain to those who would listen that the tradition of having an engineer a s the head of the technical s ervices of the government stems from the colonial days and the process of dealing with its colonies. U sually, this process i nvolved their armed forces t hat travelled with engineers to be responsible for building their bridges and creating road networks. I wish to share a part of what I sent to the minister ofp ublic works: To me, it sends a very wrong message to B ahamian professionals that in 2010 we are not yet in a position that a qualified Bahamian cannot be found to hold the most senior technical p ost in the government service. This move not only affects a rchitects that have gained the hope that finally the glass ceiling had been broken butq uantity surveyors, mechanical engineers and others that saw that architects did it, theirt ime may be right around the corner. I know from the many c alls that I have received that this move is not seen as progressive. It is one thing for private companies to take a position with regards to the makeup of its staff for whatever reason i t chooses, but the government must be seen as pro-t ecting the dreams and aspirations of the Bahamian peo-p le. Once independence has b een declared, it must be a s teady progress to shed the colonial trappings and build our people to fill all those a reas of self-governance that a country allows. Included in this must be the building a cadre of Bahamian profes-s ionals, determining where w e are going as a country. We must not take this lightl y. Architects still await respect and equal treatment. GORDON C MAJOR B .Sc. I.B.A. N assau, November 10, 2011. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, TUESDAY, NOVEMBER 15, 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 C irculation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 Freeport fax: (242 POISED on the brink of power, Tony Blair made an impassioned vow: Britains jealously-held culture of official secrecy w ould be dramatically swept away. Fifteen years later, the country has a t hriving right to information law, with almost 44,000 requests made last year,a nd recently announced it would accept demands for government data postedu sing Twitter. So former prime minister B lair must now reflect with pride on delivering his promise? Not exactly. You idiot. You naive, foolish, irresponsible nincompoop, Blair wrote of himself inh is autobiography A Journey l ast year, recalling his adoption of the law in 2005. There is really no description of stupidity, no matter how vivid, that is adequate. I quake at the imbecility of it. B ritains experience gives a close-up view of how controversial freedom of information laws can be, at a time when they are spreading rapidly around the world. B lair was once a leading advocate for t he peoples right to know what their government is doing behind closed doors. But even before Britains law passed, Blair h ad hurriedly watered down his original p lans and stalled the bills progress. He a dded exemptions that mean records relate d to the Royal Family, international rela tions, national security, defence, government policy and the courts are routinely refused. T he ex-leader, who stood down in 2007, accepts that rules on access to information can help democracy, but he argues that they can also undermine government. You cant run government without being able to have confidential discus sions with people on issues that are of profound importance, a rueful Blair said. What happens in the end is that you make politicians very nervous of actually debating things honestly, because theyrew orried about whats going to happen when theres a FOI request. Critics suspect that his change of mind r eflects an unease at the public response to t he Iraq war, and his realisation seem ingly shortly after he took office that the information law could expose activities by his party that voters may find unac ceptable. B lair suffered a series of embarrassing disclosures as a result of information requests, many of which were used to scrutinise his contentious decision to join the 2003 US-led invasion of Iraq. Responses to requests showed how advisers redrafted a dossier published to support Blairs case for invasion, and that scientific e xperts for the government actually sup ported estimates of civilian casualtiesw hich it publicly dismissed as inaccurate. Files also have revealed Blairs frequent p hone calls with Rupert Murdoch, a gush ing note of congratulations sent to Presid ent George W Bush on his 2000 election w in and awkward discussions over a guest appearance on The Simpsons. He acknowledged in his autobiography that he became worried about his partys skeletons rattling around the cupboard, including allegations over the influence donors had on policy. The law is a success by the numbers: Almost 60 per cent of all requests madea re granted, and more are approved following appeals to an ombudsman. Analysts insist theres little evidence that such laws curtail discussions or hinder officialsf rom taking detailed notes. They also point t o the fact that Britains most sensitive documents on policy are already withheld from release. The problem isnt that these disclo s ures make frank discussions inside gove rnment harder, as Blair claims, said M aurice Frankel, director of Britains Campaign for Freedom of Information. Its that the disclosures make not telling the truth harder. B y David Stringer, Associated Press Last month, Prime Minister Ingraham tabled the proposed Information Act for the Bahamas, which seeks to grant the public a right to access records held by public authorities, subject to exemption required to balance the right against the public interest in excluding certain gov ernmental, commercial or personal infor mation. H owever, the Act does not apply to the judicial function of a court or the holder of a judicial office; the Royal Bahamas P olice Force, Royal Bahamas Defence F orce, the Department of Immigration, Customs or the Financial Intelligence Unit in relation to their strategic or operational intelligence gathering. Also records will be exempt from dis c losure if such disclosure would injure the foreign relations of The Bahamas or reveal other confidential information of Cabinet; trade secrets, and in other specified circumstances. Professional bias in the public service LETTERS l Blair regrets freedom of information law Christie had it right EDITOR, The Tribune Re: Bell Island effects played down by BNT. The Tri bune, November 3, 2011. THERES probably no real problem here that couldnt be easily fixed by a helicopter ride and an appropriate dona t ion. KEN W KNOWLES, MD Nassau, N ovember 6, 2011. A A n n a a i i r r b b o o r r n n e e s s o o l l u u t t i i o o n n


By LAMECH JOHNSON TWO HAITIAN men, c harged last week with a ttempting to export cocaine, w ere denied bail in Magist rates Court yesterday. Louissant Breus, 30, of S outh Beach, and Jean Arnold Tonton, 33, of Quin-t ine Alley, off Wulff Road, appeared in Court Eight, B ank Lane, for a bail heari ng. They were accompanied by their attorney, Alexander D orsett. T he pair are charged with c onspiracy to possess cocaine w ith intent to supply, conspiracy to export cocaine, poss ession of the dangerous drugs and taking steps to export the narcotic. T he prosecution alleged that the accused committed the offences on Friday, N ovember 4. The pair were reportedly at the Lynden Pindling International Airport preparing to b oard Bahamasairs 201 flight to Ft Lauderdale. While passing through the U S Customs section, the narc otics were allegedly found in their possession. The cocaine, which was r eportedly found in baby lotion and baby powder bottles, had a combined weight of7 .15lbs. A rnold Tonton was charged wih being in possession of 4.35lbs of the seized d rugs while Breus is alleged to have had the remainder. Both men have denied the c harges. Before either their attorney or the prosecutor could make submissions on the question of bail, Deputy Chief Magistrate Carolita Bethel informed them that she didnth ave the discretion to grant bail in the matter due to the newly amended Bail Act. T he judge informed the c ourt that the new Act was p assed on the same day the two men were arraigned. Had she had a copy at the t ime, she said, yesterdays hearing would not have been necessary. S he then denied the a ccused men bail and informed the defence that they have the right to appeal h er ruling to the Supreme Court. The two were remanded to H er Majestys Prison until the completion of the trial. After the hearing, Mr Dorsett indicated his intent to appeal the ruling. LOCAL NEWS THE TRIBUNE TUESDAY, NOVEMBER 15, 2011, PAGE 5 T HE government says r ecycling discarded CFL bulbs is as an important part of its energy efficiency programme. This recycling effort is expected to be conducted in a n environmentally safe mann er to ensure the public is not exposed to dormant mercury deposits. We have 270,000 bulbs that were distributed and we must develop a disposal prog ramme. The distribution of C FLs really and truly unders cores the governments comm itment to the development and implementation of a National Energy Policy, said Zendal Forbes, National Energy Policy (NEP manager. The policy says that the g overnment, by the year 2030, wants 30 per cent of the energy use to come from renewable energy and also wants a 30 per cent reduction in energy use, he said. B ut, Mr Forbes stressed, all C FLs must be disposed of in t he proper manner. O n November 10 a meeting was held at the Department of Environmental Health (DEHS retailers Kellys, Super Value, Robin Hood, and Eagle E lectric, to discuss how the C FLs that were distributed to the public should be collected, stored, and recycled. Since we started giving out the CFLs in May, theres been some misinformation g oing around, but CFLs are s afe. However, they do contain a small bit of mercury. With the United States phasing out incandescent bulbs in the next year, it stands as though we will be using increasingly more CFLs, said Mr Forbes. Given the potential haza rd of mercury, it is important that we manage this risk. For this reason, we want to adapt a disposal programme. In organising the CFLs, the Ministry of the Environm ent, through the Departm ent of Environmental H ealth, will organise an inform ation seminar for individuals who will be engaged in the collection and storage of the CFLs, he said. The ministry will provide all the training and equipm ent on handling CFL bulbs. T he government is considering using bubble bags to store the CFLs, which would minimise the chance of breakage. DEHS would supply the b ags and also be responsible f or collecting the bins in w hich the bulbs are to be disp osed of. Since these bulbs will be shipped to the United States for recycling, there are some limitations on the time from collection to when they are a ctually disposed of. Its about s ix months. Once you start a new cycle, we will have to verify the date, said Mr Forbes. This programme is concerned about the compact bulbs, but we can get larger s ized bags to accommodate diff erent-sized fluorescent lights. T HE season of giving will officially kick off on Saturday when the Salvation Armysf amiliar red kettles make their seasonal debut. The Red Kettle Campaign s upports the mission of the organisation and provides support to a number of pro grammes from offering m eals to the needy, to pro viding toys and clothing to disadvantaged children, to d onating personal care prod ucts to the elderly and insti tutionalised. L ast year, through the Red K ettle Campaign, more than $100,000 was raised. This year, Divisional Comm ander Lester Ferguson is asking the community to give just as much and maybe evena little bit more. We need all the help we can get because the need is great. We hope that peopleu nderstand that, Mr Ferguson said. On hand to help launch the K ettle Campaign at the Mall at Marathon will be Minister of Labour and Social Devel opment Loretta Butler-Turn e r, Commissioner of Police Ellison Greenslade, the Royal Bahamas Police Force B and, Salvation Army board chairman Judy Munroe and members of the divisionsa dvisory board. T he 2011 Christmas Kettle Campaign will run from November 19 to December 24. T he bright red kettles will be found outside many busi ness places, including: Phils F ood Services, Super Value f ood stores, Robin Hood, Kellys, City Market locations, Bookworld, the Mall AtM arathon, the Town Centre Mall and John Bull locations. Volunteers are always n eeded to man the kettles and ring the bells that accompany them. Mr Ferguson said families, s ocial service clubs and youth groups usually volunteer together, but anyone can join i n. Christmastime brings out the best in people, he said. People want to give. They w ant to be a part of something greater than them selves. P ersons or businesses wishing to donate funds or volun teer time can call the Salva t ion Army on 393-2340. ENERGY EFFICIENCY GOALS LEAD TO TALKS ON RECYCLING BULBS Haitians accused of trying to export drugs denied bail SALVATION ARMY workers (from left administrative assistant for the Erin H Gilmour School for the Blind; and Divisional Commander Major Lester Ferguson work to clean up the Red Kettles for the kick off of this years season. TIS THE SEASON TO GIVE The prosecution alleges that he committed these offences between August 22 and November 8. Within that 11-week peri od, it is alleged that he stole four cell phones three BlackBerries three gold c hains, a Guess watch, an Ipod, and cash belonging to nine individuals. The total value of the stolen items amounted to $2,782. The watch, Ipod and a fraction of the cash were allegedly obtained as a result of armed robbery with a knife. He is also alleged to have a ssaulted a woman with a handgun on Saturday, November 2. The last offence of which he is accused is alleged to have been committed on Tuesday, November 8, when he was found in possession of a 12-gauge Maverick shotgun. fr om page one JUVENILE DENIED BAIL BY COURT


OPINION By Hu Shan Chinese Ambassador IN THEover five months since my arrival as Chinese Ambassador to the Bahamas, I feel through communication with the Bahamian government officials and the general public that one of the issues they care and concern most about is global climate change. It is imperative for the Bahamians to pay high attention to and actively combat g lobal climate warming and rise of sea level caused by global climate change due to the geographical location and climate environment of The Bahamas. At the same time, I see the tremendous and efficient work the Bahamian governmentand people have done to conserve energy and reduce emissions in developing low-carb on economy. Global climate change and its impacts are common con cerns of human-beings. Like the Bahamas, China is also vulnerable to climate change. The climate warming trend in China is by and large in concert with that of the whole world. According to statistics by the China Meteorological A dministration, in the nearly 100 years from 1908 to 2007, the average surface tempera ture of the earth rose by 1.1C while that of Chinas coastal area has risen by 0.9C in the past nearly 30 years and the sea level in the same area has risen by 90mm. Some scientists hold the view in their research that the f uture climate warming trend in China will be more serious. Probably there will be more frequent occurrence of disas ters caused by extreme weath er conditions. Uneven distri bution of precipitation will be more distinct and drought area will grow despite increased precipitation. And sea-level will continue to rise. Therefore China is faced with huge challenge in addressing climate change. As a responsible develop ing country, like the Bahamas, China attaches great importance to climate change and has played an active and constructive role in international cooperation in this area. C hina has actively involved in the process of addressing climate change together with the rest of the world, and has conscientiously implemented the United Nations Frame-w ork Convention on Climate Change and the Kyoto Protocol. Id like to take this opportunity to briefly introduce what China has done or will do to actively fight climate change and to develop a lowcarbon economy. Being a populous and notyet-prosperous developing country, coupled with complex climate conditions and vulnerable ecological environ ment, China is prone to be affected by climate change, which presents a real challenge to Chinas natural eco-system and social and economic development. For people liv ing in eco-vulnerable areas, it is even an issue concerning their safety and survival. China, being a major manufacture country in the world with a population of over 1.3b illion, is no doubt a big carbon emitter. However, in terms of average emission per capita, China has emitted much less greenhouse gas than the leading developed coun-t ries. An energy consumption and CO2 emission report by British risk analysis company Maplecroft at the end of 2009 showed the annual per capita CO2 output of the United States and Australia were 19.58 tons and 20.58 tons respectively while that of Chi na was 4.6 tons, less than a quarter of the figure of the United States and Australia. In terms of accumulated emission in history, the aver age figure of the United King dom and the United States w as around 1100 tons, while that of China was 66 tons, only one twentieth of that of the UK and the US. Fully aware of the significance and urgency, China has worked out a national plan on addressing climate change together with a series of due policy and measures. All these were made according to the requirements of its sustainable development and economic development and eco-protection. Domestic and international situations, longands hort-term objectives have also been fully considered. Chinas strategy on climate change and sustainable development has integrated Chinasa cceleration of building a resource-conserving and envir onment-friendly society into a new-type country. The strategy placed economic development at its core, with conserving energy, optimising energy structure and reinforcing eco-protection andd evelopment as focal points, and scientific progress as pillar. Meanwhile, the strategy called for vigorous control and reduction of greenhouse gas emission and continual improvement of Chinas abili ty to adapt to climate change. Since 1992, China has made significant contribution to mitigating global climate change through its efforts in increasing energy efficiency, developing clean energy, afforestation, population control and participation in international cooperation. In 2010, renewable energy has taken up nearly 10% of Chinas overall energy con sumption. The installed capacity of hydropower generators, total area of solar heat collecting panels, accumulative generating capacity of photovoltaic solar power and manplanted forest area all ranked the first in the world. The installed capacity of wind power generators ranked the fourth in the world. More than 30 million rural households in China were using bio-gas. Additionally, China had closed several thousand small thermal power generators anda great amount of iron and steel smelting capacity as well as production capacity of cement, coal and charcoal, oil, chemical and textile plants based on outdated technologies to honor its commitment to reducing CO2 emission by 20% as was written in its 11th Five-Year Plan (2006-2010 By doing so, China saved 620 million ton standard coal, e qual to reduction of 1.5 billion ton CO2 emission. The Chinese government announced its objective and action plan of greenhouse gas emissions prior to the Copen hagen Climate Summit, that is, by 2020, China will reduce C O2 emission per unit by 4050 percent based on the 2005 level, increase the proportion of non fossil energy consumption to 15%, expand forest area by 4000 hectares and increase storage forest by 1.3 billion cubic meters. The commitment was widely received by public opinion. China has made solemn commitment to the international community and integrated its objective of controlling greenhouse gas emissions as a binding indicator into itsm edium and long term national plan for economic and social development. The period of 2005-2020 covers Chinas 11th to 13thF ive-Year Plans. Appropriate developing objectives were or w ill be set for each of the three Five-Year Plans according to the Chinas concrete situation at the time and its long term strategy, which targets its phase-by-phase medium term green developmento bjective by 2020. This represents an ideal combination of Chinas development philosophy of fiveyear plans and its green development strategy. In fact, China successfully achieved its objectives of energy conservation and mission reduction that were set in the 11th Five-Year Plan (20052010), which served as a good beginning for the 2020 green development objective. During the 11th five years, Chinas per capita GDP energy consumption, SO2 emission and the amount of oxygen demand and emission reduced by 19.1%, by 14.29% and by 12.45% respectively. China closed 70 GW small thermal power units, equal to the overall installed capacity of thermal power operators in Britain. China fulfilled the objectives in its 11th Five-Year Plan as expected. It was in its 12th Five-Year Plan (2011-2015 put forward the theme of green development and re-expound ed the concept of building an energy-conserving and environ ment-friendly society. It was clearly pointed out, being faced with increasingly tight restraints from energy environment, China must increase crisis awareness, cultivate green low-carbon devel opment concept and list energy conservation and emission reduction as top priorities. So it is of great significance to improve rewarding and pun ishing mechanism, quicken the tempo of establishing an ener g y-conserving and environment-friendly production and consumption mode so that the capability of sustainable development can be improved and the level of conservation cul ture upgraded. China raised four binding o bjectives in its 12th Five-Year Plan for industries to conserve energy and reduce emissions in this year and the following four years. It was clearly stated in the plan that in 2015, energy consumption of per capita industrial growth, the corresponding CO2 emission and water consumption should be reduced by 18%, 18% plus and 30% respectively based on that at the end of the 11th Five-Year Plan. The comprehensive utilisation of industrial solid wastes hould increase to around 72%. In 2012, the first three of the four indicators should reduce by 4%, over 4% and about 7% respectively while the fourths hould increase by 2.2%. China has made notable p rogress in emission reduction at huge domestic cost. According to a survey by China Social and Sciences Institute, 600 thousand workers will lose their jobs in the wake of the closing of small-scaled coal-generatedp ower plants by 2020. Moreover, China will close 10 thousand small coal pits and more coal miners and peasants will become unemployed because of this move. Fortunately, China has established social security system, through which those laidoff workers can receive unemployment insurance benefits. Although a great number of people will lose their jobs because of the move for energy conservation and emission reduction, a lot of new job opportunities will be created. According to a report by China Renewable Energy Association, at present China has altogether about 6,000 solar power enterprises of various scales, which can create 200,000 job opportunities for skilled workers. As a developing country, China needs both development and emission reduction, the only way out is to take a green low-carbon development road. China is standing in a key period of building a compre hensive well-off society, and in an important phase of accel erating industrialisation and urbanisation, with a huge task of developing the economy and improving livelihoods. China is facing a more serious challenge than developed countries in terms of address ing climate change. Climate change is a com mon challenge faced by the international community, so the solution lies in the collab oration of all countries. China stands ready to work c losely with the international community, including the Bahamas, to make continued efforts to realise global sustainable development and to make new contributions in protecting the climate system. LOCAL NEWS PAGE 6, TUESDAY, NOVEMBER 15, 2011 THE TRIBUNE China aims to work with other nations to tackle climate change CHINESE AMBASSADOR Hu Shan


THE BAHAMAS is comm itted to promoting its t ourism assets to the Canadi an market, Public Works and Transport Minister Neko Grant said. Addressing a reception for Sunwing Airlines inaugural f light from Canada on November 3, Mr Grant said: As you are aware, tourism is our countrys lifeline. We depend on it for the health ofour economy and indeed for much of our quality of life. We take the tourism sec tor of our economy seriously and take pride in devel o ping strategic partnerships with companies such as the Sunwing Travel Group,C anadas largest leisure c ompany. He described the new ser vice as the first step in a long and lasting partnership between the Sunwing Travel Group and the Bahamas and an opportunity to introduce Canadians and others to t he countrys rich heritage a nd its friendly, hospitable people. We are excited to have Canada's leading high frills, low cost airline service the Bahamas. Your award win n ing Champagne Service which has been voted num ber one by customers and travel agents for the last four years, is a welcomed addition to the Bahamas airlift from Canada, he said. T he Bahamas continues to upgrade infrastructure in Nassau and the Family Islands,M r Grant said. Some of the latest initiatives include: major road w orks throughout New Provi dence, a new airport gateway dual carriage road, the Baha Mar resort which is currently under construction, and upgrades to the Lynden Pindling International Airport and the Marsh Harbour airport in Abaco. Downtown Nassau is b eing rehabilitated to provide an exciting historic, entertainment and shopping expe rience for residents and visitors, Mr Grant added. Construction of a new S traw and Craft Market is completed and it will soon open for business, the historic parliament buildings are being refurbished, public green spaces are being established, commercial shipping is being m oved from the downtown area, extensive road paving and sidewalk works are beingd one and Charlotte Street will be upgraded and pedestrianised. O ther Family Island airp orts are scheduled for improvements as part of the governments efforts to accommodate growth and development, and increase capacity for airlift and tourism, he said. LOCAL NEWS THE TRIBUNE TUESDAY, NOVEMBER 15, 2011, PAGE 7 Cable Beach Branch Relocation...We wish to advise our valuable customers that effective Monday, November 21, 2011, the Cable Beach branch will relocate to its new location on West Bay Street in the new Baha Mar Commercial Village.NEW PHONE NUMBER: 242-702-8100 We look forward to serving you at our new home.*Trademark of The Bank of Nova Scotia, used under licence (where applicable) UNEMPLOYMENT is still a problem for many in Grand Bahama, but a new company is trying to help them get ready to enter the work force. The National Job Readiness and Training Programme recently helped 240 persons on Grand Bahama find work with various companies while collecting a salary from gov ernment. But, recognising that there is a need for many more jobs on the island, Benchmark Consulting Services has announced another training and development programme that is expected to begin this month. According to CEO Billie Bowe, the company is offering a wide variety of training and development pro grammes for unemployed individuals in Grand Bahama at no cost. She said interested persons can register at the YMCA, visit the Department of Labour or the National Insur ance Board, or contact her for more information. Our philosophy is to provide a positive environment with practical learning, sound advice and lasting business principals, Ms Bowe explained. These programmes are targeted towards individualswith little or no work experience or persons who just need to jump-start their careers and be ready for that next job opportunity. Its accessible, effective learning, with life changing potential. Among the topics to be covered are resume writing and interviewing skills. Ms Bowe said this course will prepare participants for their first interview or any interview for that matter. We will provide resumewriting workshops and roleplay interviews. We will expose the secrets of what most employers or recruiters are looking for in a potential candidate, she said. Another key part of this programme is the topic is how to dress to make a good impression. Ms Bowe explained that the programme is designed to help persons put their best foot forward and present a professional image. We discuss grooming standards for the workplace and how your hair, clothing, or even your nails can stand between you and getting the job of your dreams. There will also be a section on customer service, hospitality, food and beverage, and retail, which Ms Bowe said is designed to help persons interested in going into the hotel industry. We will go back to the basics and answer fundamental questions about why customer service is important KARON PINDER-JOHNSON, YMCA executive director is seen with Mrs. Billie Bowe of Benchmark Consulting Services who will be offering free job training services at the YMCA as of this month. COMPANY AIMS TO GET PEOPLE BACK TO WORK Bahamas aims to attr act the Canadian tour ist market M EMBERS of the 2011 C aribbean HIV Confere nce presented the Ranfurly Home for Children and the Elizabeth Estates Children's Home with Project Linus ComfortB lankets. P roject Linus is a nonprofit organisation that provides handmade blankets to children in need. It takes its name from the Peanuts character Linus,w ho never wanted to be s eparated from his blanket. The conference is scheduled to take place at the Atlantis Resort November 17-22. PICTURED FROM LEFT: Dianne Norcott, senior conf erence manager; Beverly Valdez, creative director; Lei F rancis, conference manager; L Alexander Roberts, administrator at the Ranfurly Home for Children; Peggy Vanness, senior VP; Bill Cox, technical m anager and Sherrilyn Wallace, first assistant secretary in the Ministry of Health. P hoto:Letisha Henderson/ BIS CHILDRENS HOME GIVEN BLANKETS BY PROJECT LINUS


LOCAL NEWS PAGE 8, TUESDAY, NOVEMBER 15, 2011 THE TRIBUNE Joint United National programme on HIV/AIDS, he said. Homosexuality, like lesbianism, is anti-family and it goes against what God has ordained. This sexual practice cannot produce anything and now we are seeing that, according to statistics, it is deadly. Bishop Hall said he is not trying to demonise homosexuals, but rather help them to seek help. I wish to affirm that homosexuals and lesbians are human beings just like every one else. I do not demonise them, but I hurriedly urge them to seek help and turn away from this non-productive deadly practice. Erin Green, spokesperson for the Gay Lesbian Bi-sexu al and Transgender commu nity (GBLT rant to think that homosexuality is the cause of the HIV/AIDS increase in the Bahamas. I invite Bishop Hall to attend the Caribbean HIV conference this weekend, where he, along with other Bahamians, can engage in activities and expel these myths that are so prevalent in Bahamian society, she said. It is dangerous to believe homosexuality equals AIDS. As a country we need to educate ourselves, not only AIDS/HIV, but also homo sexuality. According to the latest statistics, adult HIV prevalence in The Bahamas is among the highest in the Caribbean at 3.3 per cent. AIDS is also still a leading cause of death among Bahamian men and women, aged 15-44. The disease occurs primarily among heterosexuals approximately 87 per cent although under-reporting by men who have sex with men remains a challenge. The 2011 Caribbean HIV Conference will be held at the Atlantis resort, November 18 to 21, under the theme Strengthening Evidence To Achieve Sustainable Action. The conference is expected to attract 2,000,500 partici pants and will highlight sci entific research findings, implementation lessons learned, skills-building tools, and networking opportunities. man, who complained of unfair distributions to needy families. According to Mr Ingraham, NEMAs director and a r etired defence force officer w ere dispatched to the island to oversee the distribution and resolve any further claims of bias. The MICAL MP continued to fire verbal shots at NEMAs inability to ensure t he islands preparedness for Irene. Mr Gray claimed that in Acklins there was not ones tand alone generator provided by NEMA. I n fact, said Mr Gray, a generator came days after the storm. He suggested that instead of islanders suffering andw aiting for help, a NEMA representative should be sta tioned on the various islands. They should be persons who are trained in operations and able to train others inh urricane relief efforts. Building hurricane shelters on each island should also be a consideration of the government, said Mr Gray, as many of the shelt ers on the islands are churches that were also serio usly damaged. H urricane Irene affected virtually the entire Bahamas on August 24-25. While no one died from its monster force winds, both public and private properties throughout the country were extensively damaged. T he financial impact of the storm, according Mr Ingraham, ranged between $35mt o $45m, with a total number o f expected claims to total 3,000. A Hurricane Irene relief p rogramme was in place soon a fter the storm, with the government issuing tax exemptions on August 30 for buildi ng materials. T he exemptions allow duty o n goods necessary for the r epair of damage to residents homes to be waived. T he exemptions, to last for six months, mainly benefit Cat I sland and Acklins as the islands hardest hit. Children are being made to attend schools in unsafe environments, said Mr Davis. H e said electrical fixtures and wires are exposed, roofs a re still leaking and one building has a mould and mildew problem. However, Education Min i ster Desmond Bannister, ris ing on a point of order, said Mr Davis is aware of the efforts being made to repair t he damage at the schools, a dding that the matter is not one that should be politicised. A ccording to Mr Bannis ter, Melanie Roach, former director of the Ministry ofW orks, was hired by the government to provide an assess ment of damage in Cat Island a nd determine what repairs are required. Mr Bannister said bids have been issued by local contractors, however there have been n umerous obstacles that have s lowed repairs. This is something, he said, that is very important to a ll of us to have the safest environment possible for teachers and students I ama sking that this not be turned into a political issue. Responding to Mr Bannist er, Mr Davis said that up until last week no repairs had been completed. Nothing has been done thus far, said Mr Davis, I would like to know what h as been done to remedy that. This prompted another p oint of order from Mr Ban nister, who said Mr Daviss statements were inaccurate,a s work had started on the schools. Mr Davis then withdrew his a ccusation, adding that he just wanted the schools to be fixed. Environment Minister Earl D eveaux said as the Bahamas i s a low lying coastal state p rone to flooding, it is neces sary to have protective mea sures to provide for the effective planning and swift and appropriate responses to natural disasters. Proper disaster manage ment must mean long term planning to mitigate damage when natural disasters occur this must include effective and defensive coastal zone management and it must involve the adoption and observance of good building codes, Mr Ingraham said. The proposed changes will increase the time period in which cyclone alerts will be issued, with hurricane watch es extended from 36 hours to 48 hours and the issuing of hurricane warnings from 24 hours to 36 hours. According to Mr Deveaux these amendments will expand and enhance the skill level of the Department of Meteorology, improve the accuracy of track forecasting, improve skills of forecasters and assist in evacuations when needed. He added that changes were also necessary to conform with the warnings issued by Members of the Region, which include North America, Central America and the Caribbean. Disasters are also very costly, said Mr Deveaux having earlier more accurate warnings can only help to alle viate pain and suffering and reduce the loss of property and possibly lives. T hese new changes have b een made possible because of advances made by NEMA in areas of science, commu nications and organisation. Further Mr Deveaux said amendments are also necessary to mitigate changes in weather patterns as a result of global warming. Human activity has con tributed to the high levels of green house gasses, climate change, rising sea levels and to the noticeable increase in ferocity and frequency of storms, said Mr Deveaux. We in the Bahamas, he said, and indeed the Caribbean are on our guard; most especially because we are among the most vulnera ble to sea level rise but also because we are conscious of our limitations, both in terms or preparedness for disaster and for timely and appropriate response. fr om page one fr om page one from page one from page one BISHOP UR GES GA Y MEN T O SEEK HELP Activist r ejects link to HIV, invites bishop to conference Hurricane supplies were iven to FNM supporter A WAR OF WORDS h as broken out between MICALMPVAlfred Gray and Prime Minister Hubert Ingraham. Gray has accused the government o f being ill-prepared for hurricane damage to the island of Acklins, while Mr Ingraham has stated that a retired defence force officer and NEMAs director were sent to the island to oversee distribution of supplies. CRITICISM OF DELAY IN REPAIRS TO SCHOOL BUILDINGS BRAVE D AVIS has claimed c hildren are in unsafe environments in their schools due to d elays in repairs. AMENDMENT S T O DISASTER BILL PASSED ENVIRONMENT MINISTER Earl Deveaux


LOCAL NEWS THE TRIBUNE TUESDAY, NOVEMBER 15, 2011, PAGE 9 w Dont leave for tomorrow what you can do today UK distance learning from RDI Caribbean Low study costs, exible payments P ROGRAMMES OFFERED INCLUDEBachelors/Masters degrees in Business, Hospitality, Law, Computing and many more. Develop your career while studying Tutor and student support included Free membership of International Management Academy plus benetsN o attendance requirement. . N ow recruiting for January intake S ANDALS Royal Bahamia n celebrated the 30th anniversary of Sandals Resorts International this week by paying tribute to 200 returning guests with a weeko f special activities. T he resort also raised mone y for the Sandals Foundations Holiday Toy Drive initiative. Every $10 donation will be m atched in equal amount by S andals Resorts International and a toy will be donated by Hasbro Inc literally growing the gift threefold. T oys will be distributed to l ess fortunate children and f amilies around the Bahamas in December. As we celebrate this week, we wanted to say a s pecial thank you to our g uests who have returned home to Sandals year after year, Sandals Royal Bahamian general manager Patrick Drake said in hism essage to the guests. Over the past 30 years, m any have become more than just guests to us; they are our friends and undoubtedly our family, he added. GAYLE Outten Moncur, assistant secretary at the National Emergency Management Agency, has been named Cabinet Office Employee of the Year, 2011/2012. An awards and recognition ceremony was held at NEMAs offices on the ground floor of the Churchill Building last week. Secretary to the Cabinet Anita Bernard presented the award to Mrs Moncur. Later, Mrs Moncur paid a courtesy call on Prime Minister Hubert Ingraham at the Cabinet Office. Nominees for Employee of the Year included: Christina Brown, first assis tant secretary; Barbara Reckley, officer manager; Janet Carey, assistant reg istry supervisor; and Ruben Rolle, clerk. Mrs Moncur entered the Public Service on October 21, 1985. She ventured into the health sector upon earning a diploma in nursing in 1988 and was put on rotation at the Princess Margaret Hospital. In June 1993, she earned a bachelors degree in nursing with a minor in industrial nursing from the West Indies College in Mandeville, Jamaica. She furthered her education at East Tennessee State University, Johnson City where she earned a masters degree in public health and safety. She was transferred to the Ministry of Tourism in 1999 and was responsible for the implementation of the Bahama Host training programme. In July 2001, she joined NEMA, and has been charged with the responsibility of co-ordinating training programmes associated with disaster mitigation, response and recovery. Mrs Moncur also assists NEMAs director on matters that relate to disaster management. She has received extensive training and work experience through various programmes hosted by the Caribbean Dis aster Emergency Manage ment Agency, the Pan American Health Organisation and the World Health Organisation. She has been certified by the University of Miami and the American Heart Association, and is certified in hospitality education. GUESTS JOIN IN SANDALS ANNIVERSARY FUN S OME OF t he guests at the Sandals anniversary event. Honour for Cabinet Office employee FROM LEFT, Anita Bernard, Secretary to the Cabinet; Prime Minister Ingraham; Gayle Moncur; and Captain Stephen Russell, director of NEMA. Photo:Peter Ramsay/BIS


By NATARIO McKENZIE Tribune BusinessR eporter BAHAMIAN credit unions must look at getting back into microfinance lending, a leading executive said yester day, having recoiled from the sector due to high loan delin quencies that at one point e xceeded 50 per cent of the p ortfolio. Stephanie Missick, general manager of the BahamasC redit Union League, told T ribune Business of microfi nance for small Bahamian businesses and entrepreneurs: Its certainly an area that credit unions must look at. The whole issue of microfi-n ance is an issue credit unions w ill have to continue to look at and see how we can service the community. We were in it from about 2002 up to about 2009, but pretty much we are not doingt he lending component, because we realised that with micro-financing there is lending, training and other things. W hat we are focusing on now is training, because we found that to be lacking in persons who applied to us for small business loans. Ms Missick, who was a panellist at yesterdays third a nnual Caribbean Microfi nance Forum held in Nassau, said the credit unions had runa program for small and medi um-sized businesses, but the results were not favourable. S he added: Loans were e xtended from $3,000 to $30,000. The repayment period was monthly, and the term of the loan was one to five years. We experienced high delinquency. In excess of 50 per cent of the portfolio was delinquent at one point. The small business lending component is on hold for now because we need to seek ways to retool the programme. We have stayed on $4. 68 $4. 51 $4. 69The information contained is from a third p arty and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.19 $5.19 $5.17 T HETRIBUNE SECTIONB business@tribunemedia.netTUESDAY, NOVEMBER 15, 2011 InternationalInvestmentFund BAHAMASNassau:242.356.9801 Freeport:242.351.3010 BARBADOSSt.Michael:246.435.1955 [Learn more at] By NEIL HARTNELL Tribune Business Editor T HEBahamas Electricity Corporation (BEC about eliminated the gap between its current assetsand liabilities, its executive c hairman said yesterday, r educing this from $264 mill ion to just $6 million within a two-year period. T elling Tribune Business that the state-owned energy s uppliers balance sheet was much, much healthier than i t had been during the 20072 009 period, Michael Moss s aid BEC had been further boosted by an $18 million p ayment from government to eliminate the sums owed t o it by various ministries, a gencies and departments. B ut, with Bahamian businesses and consumers owing a gross $80 million, and government corporations still in By NEIL HARTNELL Tribune Business Editor T he Bahamas was suffering by far the weakest growth a mong its sovereign credit rating peers even before the 2007-2008 financial crisis and subsequent recession, an international credit rating agency has revealed, this nation growing its GDP by just a cumulative 6 per cent over the pastd ecade. Moodys, in its analysis of the Bahamian economy obtained by Tribune Business, warns that the expanding national debt and fiscal deficits are structural in nature, andn ot just related to the current global economic cycle, and that the tax increases implemented in the 2010-2011 Budget will not be enough to close the spending gap. T he Wall Street credit rating agency, while acknowledging that the Ingraham administrations tax package helped to By NEIL HARTNELL Tribune Business Editor A government minister yesterday conceded it was impossible to reverse continuing g rowth in the Bahamas national debt and fiscal deficit until the global economy resumed robust growth, as public sector revenues continue to lag projections. Z hivargo Laing, minister of state for finance, t old Tribune Business that given the continu ing uncertainties in the US and European economies, the Government could only focus on factors within its powers to control, such as its recurrent and capital spending. A nd, for the short-term at least, the Ingraham administration could only control the r ate of growth in the Bahamas debt-to-GDP ratio and fiscal deficit, the question of reducing these critical fiscal indicators having to be postponed for another day. R esponding to Tribune Businesss ques tions, Mr Laing said: You and I know were still in the same global economic environment, By NEIL HARTNELL Tribune Business Editor The Bahamas does not have the luxury of sitting b ack and doing nothing when it comes to tax reform, a former finance minister y esterday suggesting the I nternational Monetary Fund (IMF nation to act now before it did it for us. Commenting on the Funds increasing drumbeat for the Bahamas to introduce a consumption-based tax, s uch as Value Added (VAT tax or a sales tax, James Smith, also an ex-CentralB ank governor, said it had been pushing for such a move for several years. H e told Tribune Business that while in office during the 2002-2007 Christie-led PLP a dministration, he could only g et the then-Cabinet to keep tax reform options on the table, but suggested the timef or serious analysis/discussion of the issue was rapidly approaching. T he IMF, Mr Smith said, was in a veiled manner p ointing out that the current i mport duty-reliant tax sys tem was unable to raise enough revenues to meet theG overnments 20 per cent of GDP target, the end result being increased fiscal deficitsa nd a growing national debt. To be fair, they have been pushing this thing over several years, he added of the consumption-based tax advice contained in the BEC SLASHES CURRENT SOLVENCY GAP TO $6M ust about eliminated asset/liability deficit t hat was over $200m in 2009 Got pays $18m to clear past due balances But corporations still owe $38m for electric bills, and private sector gross $80m 2013-2014 beforeds full financial health restored SEE page 4B MICHAELMOSS IMPOSSIBLE TO REVERSE DEBT RISE IN SHORT-TERM 50% DELINQUENCIES DETER CREDIT UNIONS ON MICROFINANCE N O UXURY OF SITTING BACK ON TAX REFORM Govt controlling debt and deficit growth rate, but reverse some way off Revenue still lags projections ZHIVARGO LAING IMF issues v eiled warning to Bahamas to act no w bef ore it does SEE page 4B SEE page 5B Plans af oot to place credit unions under Central Bank SEE page 5B BAHAMAS BY FAR WEAKEST IN SOVEREIGN PEER GROUP Moodys says fiscal woes structural, as tax increases still leave revenues 1% pt below budget Warns Bahamas growth forecasts optimistic Stopover tourists 15% below peak SEE page 5B


BUSINESS PAGE 2B, TUESDAY, NOVEMBER 15, 2011 THE TRIBUNE Yourwith ourWin6arechancesgreatpromotion P R O M O T I O N E N D S O N D E C E M B E R 1 5 T H 2 0 1 1The Odds Are With YouBe one of two lucky customers to win your mortgage or vehicle loan payment for 6 months*plus one year free insurance .* When you are approved for a mortgage or vehicle loan you can enter our Win 6 Promotion where you are eligible to win up to US $20,000 toward your mortgage or up to US $6,000 toward your vehicle loan payment. All approved customers will also receive a Gold or Platinum Credit Card with no joining fee, a free Visa Debit Card and free Internet Banking.Its only a draw away so call us at 502-6809 or visit Up to US $1500 towards your vehicle insurance and up to US $2500 towards your home insurance Valid upon approval of mortgage and/or vehicle loan Special conditions applyPersons approved for either vehicle and/or mortgage loans will be given one (1o be eligible to win, you must answer a general knowledge question on the given entry form. Prizes of 6 months payments will be drawn on March 15th 2012 from accumulated entries. Prizes are not transferable or redeemable for cash. Ask a Sales Specialist for full terms and conditions. The CIBC logo is a trademark of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license. BTC LEAPS LIGHT YEARS AHEAD T HEBahamas Telecomm unications Companys (BTC believes this nation has leapt light years ahead with a single call, the company having placed the first test 4G cell phone call and intern et data session on Friday. This is intended to pave the way for the long-awaited 4 G, high-speed network to g o live before Christmas. There were two steps to the test," said Geoff Hous-t on, BTCs chief executive. The first was a call, and the second was transmission of data [Internet connectivity]. Each was a 100 per cent success with no delays, no faults, just as smooth as can be. For all the technicians w ho sweated through the e xercise or those in manage ment who had sleeplessn ights, your hard work has b een rewarded. The future i n telecommunications is here and it begins with this." The test call and data sess ion are key milestones in t he two-year, $45 million investment in BTCs 4G net-w ork that is currently under w ay. "Once the system is fully engaged, the Bahamas will r ank among countries with t he most advanced telecommunications capabilities in the Western Hemisphere,"s aid Mr Houston. We are extremely proud of that fact, and want to take this opportunity to thank the e ntire team who are working tirelessly to make the promise of 4G come true. W e have leapt light years a head with a single call." M arlon Johnson, BTCs spokesperson, said the 4Gl aunch will pave the way for t ouch-screen Androids, BlackBerrys and the entire hi-speed smart-phone family, which are turning handheld devices into Internet and entertainment providers. "With 4G, a phone is m uch more than an instrum ent used to place or receive calls," Mr Johnson s aid. "When 4G goes live, B TC customers with smart p hones will be able to download music, flip through YouTube, handle bankingt ransactions, reserve tickets f or a show, watch BBC News or a live game if theT V network app that is air i ng the game is part of the package they chose, or if they have the app. You will never look at your phone the same waya gain, and we at BTC are r eally excited about it." The launch of 4G will fulfill a key commitment that Cable & Wireless Communications made when it purchased 51 per cent of the company in April. BTC i ntends to launch its 4G netw ork in New Providence and Grand Bahama before C hristmas, and roll out the n etwork to the vast majority o f Family Island communities in 2012. BTC said the full schedu le of individual island 4G l aunches will be made public as the respective schedulesa re finalised. The introduc First 4G phone call and Internet session placed on $45m investment G EOFF HOUSTON BTCs chief executive SEE page 3B


BUSINESS T HE TRIBUNE TUESDAY, NOVEMBER 15, 2011, PAGE 3B tion of 4G will be the latest in a series of improvements in service and rate reductions since the company was privatised six months ago. In August, BTC elimin ated all connection charges for cell phone calls made within theB ahamas, doing away with long distance connection charges between islands and creating a sing le domestic rate structure. It has also unveiled a f ull range of money-savi ng summer promotions, i ntroduced online and r etail location topping up o f minutes for pre-paid customers, and a nnounced plans to transform telecom buying, serv icing and payment experiences throughout the islands within the next t wo years. BTC leaps light years ahead FROM page two By NATARIO McKENZIE T ribune Business Reporter THE absence of a clear definition for what constitutes micro-financing has proven to be a challenge in the Bahamas,i t was disclosed by local entrepreneurs yesterday. Ethan Quant, president and chief executive of Progressive Consumer Services (PCSw ho was a panellist at yesterd ays session of the Multilateral Investment Funds (MIF third annual Caribbean Microfinance forum, said: We need to define what micro-financing is and the difference between micro-financing and SME lending. There is a challenge in actua lly defining what microfinance is. Depending on who you go to and what day of the week it is, that definition may vary, so trying to fit a company into a category for access to finance isa challenge. Mr Quant added: For our p urposes, micro-financing is f inancing individuals and small businesses with loan requirements between $1,000 and $10,000. He said that last year his business made the transition to a micro-finance institution. One of the biggest complaintsw as people didnt know that i nstitutions like us existed, he added, noting that having a risk management methodology with an industry focus was extremely important. Stephanie Missick, general m anager of the Bahamas C redit Union League, said: There are businesses in the country that can be classified as micro-businesses. In the Bahamas there is very little documented on thes ector. There are no nationally d efined parameters to classify business as a micro-business. Addressing some of the challenges facing micro-businesses, Nina Maynard, managing director of the Corner Hotel, said: For us in ouri ndustry I think one of our biggest challenges is being able to maintain our operating costst o make our businesses sustainable enough to have access to micro-financing. Here in the B ahamas, labour is also expens ive. Ms Maynard said there was also a need for business sup-p ort services. Microfinance lenders: Definition challenging THE BAHAMIANfinancial services industry has moved to raise the profile of its relatively unknown brand in Asia, completing a series of meetings and presentations in Hong Kong, Shanghai and Singapore. The promotional tour was organised by the Bahamas Financial Services Board (BFSB and executive director, Wendy Warren, said the visit was key to the industrys strategy to gain a foothold in the growing and strong economies of the Far East. The Bahamas financial services brand is relatively unknown in Asia, said Ms Warren. The tour was a first stage of increasing the knowledge of the Bahamas among our target audience, and a concerted effort to establish relationships with these individuals and their institutions, which hold the key to considering the Bahamas as a jurisdiction for their clients and investment. We also gained insights into the market, which you can only obtain by being on the ground and meeting personally with business peers. Ms Warren said she was especially pleased with the first leg of the tour, which included 12 representatives from the financial services industry. The BFSB hosted financial services presentations in Hong Kong on October 24-25 under the banner Bahamas Landfall: Destination Hong Kong and a reception under the banner, The Bahamas Advantage With approximately 200 financial services and business professionals attending, we believe the visit was helpful in increasing their understanding of the Bahamas, she added. Bahamas Landfall focused on the Bahamian financial services industrys legal and regulatory regime; specifically, private wealth and asset management products and ser vices, including investment funds. The Bahamas Advantage highlighted business and lifestyle opportunities in the Bahamas, covering financial services, maritime, transhipment, logistics and residency. Sponsors of the Bahamas Landfall events were key to its success, and included ATC Trustees (Bahamas Bahamas, BSI Overseas (Bahamas and Trust, Deltec, Equity Trust, Higgs & Johnson, Scotia Private Client Group, Societe Generale, Windermere Corporate Management Limited and the Winterbotham Trust Company. The Bahamian Ambassador to China, Elma Campbell, was present for all the financial services presentations and gave remarks at the cocktail reception in Hong Kong. The Bahamas Advantage cocktail reception was sponsored by John Meredith, the Bahamas Honorary Consul in Hong Kong, and group managing director of Hutchinson Port Holdings (HPH Bahamas Maritime Authority (BMA Mr Merediths reinforced the strong relations between the Bahamas and China, and the opportunities to strengthen these ties through tourism, financial services and interna tional business. In Shanghai, the BFSB and industry representatives who were also in Hong Kong attended the China Offshore Summit from October 26-27, where they interacted with a wide range of Chinese institutions interested in conduct ing international business and finance with offshore jurisdictions. Ms Warren spoke on a panel called, Chasing the Dragon External Perspectives addressing efforts the Bahamas was making to align itself with China, and to ensure that when Chinese investors seek an international destination, the Bahamas is among their options. The BFSB was also an exhibitor at this event. The final leg of the tour included BFSB exhibiting at a conference for the Society of Trust and Estate Practitioners (STEP 1-2, in Singapore. More than 400 financial services professionals attended the confer ence, including countries and territories seeking business from the region. It marked the second consecutive year that BFSB has attended the STEP Asia conference, recognising that the Bahamas suite of financial products in particular its trusts and foundations can meet the needs of Asian investors. The BFSB is already plan ning a follow-up Asian brief ing tour next year. FINANCIAL SECTOR RAISES UNKNOWN ASIA PROFILE Anita Bain; Osborne Lockart, Butterfield Bank and Trust; Ivy Cassar, Equity Trust; John Levert; Wendy Warren, Bahamas Financial Services Board; Julien Martel, Butterfield Bank and Trust; Elma Campbell, Bahamas Ambassador to China; Geoffrey Hooper, W interbotham Trust Company; Surinder Deal, Higgs & Johnson; John Lawrence, Windermere Corporate Man agement; Dianne Bingham, Bank of Bahamas; and Venetia Gibson, Bahamas Financial Services Board.


d ebt to BEC to the tune of a collective $38 million, MrM oss said the utility monopoly would not be restored to full financial health until 2013-2014. Again implying that BECs f inancial woes were a legac y the current Ingraham administration and Board inherited from the Christieled PLP government, Mr Moss told Tribune Business the latter failed to heedw arnings contained in a cons ultants report delivered to the Corporations general manager in January 2006 some 17 months before they were voted out of office. That report, prepared by D avid Keith of PA Consulti ng, said that while BECs net income remained in the $10 million range, other indicators have deteriorated to what (in many companies might be called a danger zone. Among the warnings signs i dentified was the $7 million n egative cash flow BEC suffered in its 2003-2004 financial year, coupled with current liabilities and accounts payables that even then bothe xceeded their counterparts, c urrent assets and accounts r eceivables. Mr Moss said yesterday that, while still waiting for final figures for BECs yearend to September 30, 2011,t he Corporation was now s eeing a modest, positive cash flow. He told Tribune Business: Accounts receivables are still high, but weve started to make some inroads there. The Government has liquidated all government department electricity accounts. That was achieved some t ime in August and September, but we still have an issue with sums owed by the public corporations. Mr Moss said the Governm ent paid BEC a total of $18 m illion, in three equal instalm ents of $6 million, to liquidate past due electricity bills owed by its ministries, departments and agencies. Sums owed by public corp orations, though, have yet t o be dealt with, and BECs executive chairman added: It [the Government] is looking to deal with the balances from the corporations via a swap method, and that is presently under consideration. Mr Moss said the total sum owed to BEC by the Gov-e rnment-owned Corporations was $38 million, and t he energy utility was also gradually making some inroads into debt owned by private accounts. The private sector, if I do n ot take into account provisions for bad debts, owes in t he order of $80 million. But some of that has been previously provided for. He added that the Board had also worked to reduce the deficit between BECsc urrent assets and liabilities, which at year-ends 2008 and 2009 had easily exceeded $200 million. A significant portion of those deficits related to more than $200 million in debtt hat had become due and needed refinancing, but Mr Moss said the improvement was also due to the 2010 basic tariff rate increase and other internal controls implemented since 2007. At year-end 2008, he told T ribune Business, BECs current assets were $254.837 m illion, and these were dwarfed by $467.517 million in current liabilities. The pattern was repeated again at year-end 2009, when currenta ssets were just over $221 million, and current liabilit ies $485 million. That deficit, though, was closed during BECs 2010 financial year, which it ended with $243.586 million in current assets and $261.336 mil-l ion in current liabilities. The audited figures, as of September 30, 2010, showed current liabilities were $18 million more than current assets, Mr Moss told Tribune Business. The figuresw e have for August 31, 2011, show current liabilities were $6 million more than current assets. We believe the gap has been eliminated, but unfortunately I dont have the number at my finger tips.T he gap has just about disa ppeared, or is about to disappear. H e said the improvement w as aided by the tariff i ncrease that took place, and some of the internal controls that have been implement-e d, although I would be the first to admit theres more to b e done. M r Moss also admitted B EC was still struggling a l ittle bit with its accounts payables, which on a net basis tends to average around $100 million. There was a huge amount owedt o Shell for fuel supplies, which BEC was trying to g et under better control. Still, the executive chairman said BEC was gradually re-establishing our creditworthiness with suppliers, a lthough some were still demanding pre-payment for services and products ren-d ered. We had cumulative losses of probably the order of $85 m illion, so its going to take quite some time to get it resolved, Mr Moss told Tribune Business, in reference t o the period 2007-2009. I had said it would take three-four years following the tariff increase. That is what I had said initially, and unless year-end 2011 provesm e off course, I still feel comfortable with that kind o f timeframe. Mr Moss said he could find no evidence, nones whatsoever, that the Christie-led government and formerB oard had taken heed of PA Consultings advice and acte d on its recommendations. That report had noted that, as far back as 2005, overdue sums owed to BEC by government ministries, departments and corpora-t ions had hit $35 million, and that bank overdrafts and demand bank loans have grown and total more than two months revenues. Mr Moss said BECs financial realities had been masked in 2005 by the $14 million net gain on the sale of its Cable Bahamas shares to the National Insurance Board (NIB Without this gain, BECs net income would have been $1.306 million, not $15.306m illion. A nd for 2004, he noted that BEC had written back i n $2.837 million of bad debt r ecoveries as income, as o pposed to a $3.944 million expense the previous year. This, Mr Moss said, effec-t ively enabled the Corporation to enjoy an almost $6.8 m illion profit swing that f inancial year. T he PA Consulting report s aid that while BECs 20052006 operating budget projected $10 million net income for that year, profits for the previous two financial yearsh ad come in $5-$6 million under budget. T he report also suggested some politically correct ways to reverse the 20032004 BEC basic tariff rate cut of 11-17 per cent, sugg esting it not be described as a rate increase or financial shot in the arm. W hen asked why nothing was done under the former government, Mr Moss said: I assume there was a lot of political reluctance to do anything, because a year before they reduced the rate a nd declared it in glowing terms. BUSINESS PAGE 4B, TUESDAY, NOVEMBER 15, 2011 THE TRIBUNE and you and I know there are uncertainties and some issues in r espect of economic circumstances, so at this point the most p ractical thing to do is control what we can control, and we are focused more on controlling the rate of growth. Reversing it is some way off, given the practicalities of the c ircumstances in which we find ourselves. It is impossible for us to look at reversing this without more robust global and US economic growth that feeds into our own growth and economicp rospects. Thats a fact. The Governments own Budgetary projections, together with those of the International Monetary Fund (IMF Standard & Poors (S&P percentage of GDP, finishing the 2011-2012 fiscal year just below the 50 per cent mark. Add in the debt guaranteed for government-owned corpo rations, which is around a collective 8 percentage points of GDP, and the Bahamas national debt is around 55 per cent of GDP rapidly approaching 60 per cent. The IMF has described a national debt ratio of 60-70 per cent of GDP as a danger threshold, and projected the Bahamas will enter this bad territory within the next five years certainly by 2016. It has urged the Bahamas to alter policy course, and first sta bilise, then reverse, the growing national debt, fiscal deficit and attendant ratios as rapidly as possible. The Funds prescribed medicine includes the implementation of a potential consumption-based tax, enhanced revenue enforcement and administration, and reduced subsidies for loss-making public corporations. Meanwhile, describing the public finances as a dynamic process, Mr Laing said that while the Government could largely control spending, revenue is subject to the dynamics of the economy and all kinds of things. Revenue continues against forecast to lag, he added, but this is the first half, and weve seen this in many previous first halves. Were continuing to monitor and analyse what is happening. Expenditure is always a more manageable proposition, so there are no issues in terms of our being off with what we expected at this time. Mr Laing said the Government had to try and collect what is legally due, and maintain spending within the limits that Parliament has set. The Central Bank of the Bahamas, in its monthly report on economic and financial developments for September, said that for the first two months of the Government's 2011-2012 Bud get year, the total fiscal deficit fell year-over-year by 13.5 per cent or $8.6 million to $54.9 million, driven by a 2.8 per cent or $5.1 million improvement in recurrent revenues to $188.3 million. Tax receipts rose 2.2 per cent to $172.7 million, driven by a $4.6 million increase in business and professional fees, and a $1.7 million rise in services taxes. This offset a $3 million decline in the Bahamas' main revenue source, taxes on international trade. Non-tax collections increased by 9.3 per cent to $15.5 million, due to a rise in fines, forfeits and administrative fees. The Government's total spending, meanwhile, fell by 1.4 per cent to $243.2 million, due largely to a 43.7 per cent decline in capital outlays to $15.9 million. This reflected a fall in asset acquisitions and infrastructure outlays, by $8.2 million and $4.1 million respectively. Recurrent spending, though, rose by 4.1 per cent to $222 million. FROM page one IMPOSSIBLE T O REVERSE DEBT RISE IN SHOR T -TERM FROM page one BEC SLASHES CURRENT SOLVENCY GAP TO $6M


BUSINESS T HE TRIBUNE TUESDAY, NOVEMBER 15, 2011, PAGE 5B pace with the training, so we hope that one day we can resume the program. A ccording to Ms Missick, the c redit union movement in the Bahamas has about $253 million in assets with more than 3,000 mem b ers. Mo v e Ms Missick, meanwhile, said placing all the Bahamas creditu nions under the Central Banks regulatory regime is a move presently being explored. Theres a program under way n ow that is examining the Central Bank taking over the regulation of the credit unions. The consultanth as been hired and is on the g round doing the research into all t he particulars, Ms Missick told Tribune Business yesterday. As to what effect this move may potentially have on credit unionsi n the Bahamas, Ms Missick said she maintains an optimistic out l ook. We have to wait and see w hat it is that they are going to do, so I want to keep a positive approach. The consultation has literally just started so we have tos ee. We are certainly hoping it will be a positive thing, she added. Dr Winsome Leslie, a specialist at the Multilateral InvestmentF und (MIF American Development Bank (IDBa n opportunity for Bahamian instit utions to hear from others abroad on what has and has not worked in the area of micro-financing. We know that based on our disc ussions with institutions here who have approached us to start microfinance programs, the time is right to really build the sector here int he sense that with the down econ omy, people are now looking at s tarting their own businesses and t hey will be looking for financing, Dr Leslie said. Lending So, there is already a demand f or this. I know that the league had done micro-finance lending and it hadnt worked very well, so the time is right to restart microfinancel ending in the Bahamas and putting it on a better footing with best practices, which is what this con ference seeks to do. I MFs recent summary of its Article IV consultation find-i ngs with the Bahamian government. They [the IMF] did the first kind of study on this some time ago. They were s aying: You guys have p retty much exhausted w hat youre going to get out of the existing tax system. They did a very comprehensive study on this, and following it up, we went to UK-based Crown Agents, who did a very precise study how you administer it, the practicalities of operating this. The Government has not taken an official stanceon it. When I was there, I w as only able to get the Cabinet to agree to continue to look at it. W hile unaware of what w ork had been done on a VAT or sales tax by the Ingraham administration, M r Smith said documents a nd knowledge likely r emained in the Ministry of Finance, in the shape ofa cting financial secretary, E hurd Cunningham, and director of economic planning, Simon Wilson. The ex-finance minister, though, summarised the I MFs message as thus: You have a problem with the tax system and its ability to generate the monies required. You experimented with the rates, and thats not yielded results, and you m ight need to change the system to get yields over 20 per cent of GDP. And Mr Smith added: Theyre pushing to look at this matter again,b ecause if not the implications are that we will have rising deficits, so its in our interests to do so. What they might also be saying, in a veiled way, is: Why dont you guys do it, r ather than waiting for us t o do it for you? E mphasising that he understands the sensitivi-t ies of tax reform, given t he profound cultural, operational and way of life c hanges it might entail, Mr S mith said the Bahamas had not choice but to confront the issue head on via an inclusive process that involved all stakeholders. I dont know if weve got the luxury any more of s itting back and doing nothing, Mr Smith told Tribune Business. Im all for examining it very closely, and in earnest. The Government, he a dded, needed to ensure stakeholders know what is being planned, the costs and benefits of options, the w inners and losers. An analysis also needed to be done of what happened if t he Bahamas did nothing o n tax reform. As a small, open economy, our options are not allt hat wide, Mr Smith told T ribune Business. Theyve [the IMF] not g iven us bad advice over t he years, so its worth our while to look at it on our own terms, where were not subject to imposition and it [reform] being imposed on us. In announcing the end to i ts Article IV consultation with the Bahamas, the IMF warned that unless the Governments fiscal policies changed, the fiscal deficit will remain at a high4 .5 per cent of GDP per annum. The Fund underscored that the main policy chall enge within this nation's control was "to ensure sustainable public finances", a nd called for "steadfast i mplementation of r eforms" to achieve this by the Government. The ratio of governm ent debt to GDP continued rising and exceeded 48 p ercent of GDP by mid2 011. The bulk of the debt is held domestically by commercial banks, public corporations, and pension funds," the IMF said. "Real GDP growth is expected to hover around 2 .5-3 per cent per year, but the central government deficit is projected to remain at about 4.5 per cent of GDP over the medium term under cur-r ent policies." "Directors called for steadfast implementation of reforms to place public d ebt on a sustainable path, build fiscal buffers and enhance medium-term g rowth prospects," the I MF added. Directors underscored that the key policy chal-l enge is to ensure sustaina ble public finances. They encouraged the authorities t o strengthen revenue mobilisation by improving t ax administration and reducing tax expenditures. "Directors noted that revenue reforms, such as a b road-based consumption t ax, would improve debt dynamics. They also advised the a uthorities to exercise e xpenditure restraint, strengthen the financial position of public enterp rises, and enhance fiscal transparency." grow revenues by an amount equivalent to two percentage points of GDP during the 2010-2011 fiscal year, noted that the Governments income still came in one per centage point below forecast. And, while tourist arrivals in 2o10 had increased for the first time since 2005, Moodys was quick to pour on the cold water by noting that higher spending, higher yielding stopover visitor numbers were still 15 per cent below peak levels. Indicating that the Bahamian economy had been slowly stagnating, and that its problems had mere ly been exacerbated by the recession, Moodys said: Even before the financial crisis, however, the Bahamas suffered from low growth. Between 2000 and 2007, it exhibited cumula tive growth of less than 13 per cent. Including the last three years, that figure falls to just 6 per cent, which is by far the weakest perfor mance in its rating range. The next lowest is Mexico, which grew more than three times as much over the same period, followedby South Africa and Brazil, both of which grew by approximately seven times as much. The Bahamas compound average annual growth rate for the past 10 years has been just 0.6 per cent, compared to the median of 4.3 per cent for the rating range. While the $2.6 billion Baha Mar project would boost the Bahamas prospects after many years of false starts on its con struction, Moodys said its impact and that of the $500 million Bahamas Oil Refining Company (BORCO) expansion and $80 million Grand Bahama Power Company would be somewhat limited, given the importation of all materials and labour from abroad. This was especially true of Baha Mar. And, while Baha Mar would increase the Bahamas hotel room inventory by 10 per cent when completed in mid2014, Moodys warned: Tourist arrivals in 2010 for the first time since 2005, but the number of stopover visitors (which generate much higher revenues than cruise visitors) remained 15 per cent below peak levels. Tourism, the Wall Street credit rating agency said, accounted for two-thirds of Bahamian foreign exchange earnings, but had been heavily exposed to the US downturn due to its reliance on this market for around 80 per cent of visitors. Dome 35 per cent of all tourists, it added, came from Florida. Moodys also warned that its GDP growth esti mates for the Bahamian economy, pegged at 1.5 per cent for 2011 and 2.3 per cent for 2012, may now be optimistic given the continuing uncertainty sur rounding the world economy, especially the European sovereign debt crisis and possibility of a US double dip recession. The assessment was just as gloomy on the fiscal front. Although the Bahamas financial deterioration accelerated sharply in the past two years, the fact is that it began well before the recent recession, during years of very favourable economic conditions, suggests that its problems are structural as well as cyclical, Moodys said. Though the worst appears to be behind it, both in terms of fiscal deficits and economic deterioration, the Government will be challenged to restore balance to its fiscal accounts and to start reduc ing its debt levels over the next several years. And the credit rating agency said the Government had acknowledged an improved economy and revenue administration would not be enough to reverse the increased fiscal deficits and debt it had incurred, opening the door to new and/or increased taxes. Though revenues grew by nearly two percentage points of GDP in fiscal year 2011 as a result of various recently implemented rev enue enhancing measures, they remain just one percentage point higher than fiscal year 2008 levels and one percentage point lower than had been budgeted, Moodys warned. 50% DELINQUEN CIES DETER CREDIT UNIONS ON MICROFINANCE FROM page one BAHAMAS BY FAR WEAKEST IN SOVEREIGN PEER GR OUP FROM page one NO LUXURY OF SITTING BACK ON TAX REFORM FROM page one J AMESSMITH


NEW YORK A ssociated Press THE STOCK MARKET fell Monday after a jump inI taly's borrowing costs r eminded investors of how much work remains to be done to contain Europe'sd ebt problems. The Dow Jones industri al average lost nearly 75 points. Bank stocks fell them ost. European markets also fell and the euro weakened against the dollar. Major indexes closed h igher last week as Greece and Italy moved to form new governments and took other decisive steps to get their debt troubles under control. However worri some signs re-emerged Monday. The Italian government had to pay 6.29 percent at a n auction of five-year bonds, the highest rate since since 1997. Italy paida much lower rate of 5.32 p ercent at a similar auction last month. That's a sign investors are still concerneda bout Italy's ability to r epay its debts. Stocks tanked last Wednesday after key Italian borrowing rates jumped above 7 per c ent, a level widely seen as unsustainable. Also Italy's biggest bank, U nicredit, reported a $14.4 billion loss. Months The problems these countries are dealing with go well beyond their prime ministers," said Dan Greenhaus, chief global strategist at the brokerage B TIG. "Italy didn't get where it is in five minutes. And it's not going to get out of where it is in fivem inutes. This is going to take months." The Dow fell 74.70 p oints, or 0.6 percent, to c lose at 12,078.98. Bank of America Corp. fell 2.6 per cent and JPMorgan Chase & Co. fell 2.2 percent, the l argest drops among the 30 large companies in the Dow. T he Standard & Poor's 500 index fell 12.06 points, or 1 percent, to 1,251.79. The Nasdaq compositei ndex fell 21.53, or 0.8 perc ent, to 2,657.22. Three stocks fell for every one that rose on the New York Stock Exchange. Volume was very light at 3 billion shares. Stocks have risen since early October on encouraging signs of progress in containing Europe's debt crisis, stronger U.S. corpo rate earnings and better news on the U.S. economy. The S&P 500 has soared 13.7 percent since hitting its low for the year on Oct. 3. That surge has drawn big investors back into the stock market and opened the door to a long line of companies waiting to go public. The flow of money from institutions into U.S. stock funds hit $7.3 billion last week, the third largest tally this year, according to fund tracker EPFR Glob a l. Angie's List, a customer review website, Delphi Automotive and seven oth e r companies are scheduled to go public this week. If they all wind up goingt hrough, it would be the b iggest week for IPOs in four years, according to Renaissance Capital, an IPO advisory firm. Airline In corporate news, the airline Emirates placed an order for 50 Boeing 777s, one of the largest orders ever placed with the aircraft maker. Boeing Co. a lso picked up a new customer, Oman Air, which ordered six 787s. Boeing rose 1.5 percent. J.C. Penney Co. fell 2.8 percent after reporting a quarterly loss. The depart ment store operator said its results were weighed down by restructuring costs. The company also lowered its earnings outlook for the rest of the year. Lowe's Cos. rose 1.7 percent after the country's second-largest home-improve ment retailer reported revenue and earnings that beat analysts' expectations. The Dow has made gains in six of the past seven weeks, and is still up 1 percent for the month. The S&P 500 and the Nasdaq are slightly lower. BUSINESS PAGE 6B, TUESDAY, NOVEMBER 15, 2011 THE TRIBUNE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000 FELLSTONE LIMITED In Voluntary liquidation Notice is hereby given that in accordance with Section 137 (4International Business Companies Act (No. 45 of 2000). FELLSTONE LIMITED is in Dissolution. The date of commencement of dissolution is the 15th day of November, 2011. Terry John Northcott, of 43/45 La Motte Street, St. Helier, Jersey JE4 8SD Liquidator N O T I C E BUMLEY HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (aBUMLEY HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 137 (4 Companies Act 2000. (bThe dissolution of the said company commenced on the 14th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General. (cThe Liquidator of the said company is Dominik 039393._________________________________ Dominik Birri Liquidator STOCKS SLIP AS ITALIAN BOND SALE RENEWS EURO FEARS ITALY'S NEW premier-designate Mario Monti addresses the media, at the Senate, in Rome, Monday, Nov. 14, 2011. Mario Monti says it is 'premature' to say if the country needs additional measures to rescue the nation's finances and revive its economy. Two d ays after Silvio Berlusconi resigned, the economist spent Monday meeting with political parties to see if he has enough support in P arliament to form government. (AP DUBAI, United Arab Emirates Associated Press Airbus on Monday fattened an order for its new A320neo jets and Boeing snagged another customer for the 787 at the Dubai Airshow as Mideast buyers showed they remain bullish despite the uncertain global economy. The deals, which followed a record $18 billion airplane order from Dubai airline Emirates the day before, added ammunition to forecasts from the two major aircraft manufacturers that predicted the region will continue to generate hundreds of billions of dollars in demand for new planes for years to come. European manufacturer Airbus predicted Monday that the Middle East will require some 1,920 new planes worth more than $347 billion through 2030. It estimates Mideast passenger numbers will grow 6.4 percent annually well above the predicted world average increase of 4.8 percent. Boeing thinks the potential market is even bigger. Its own forecast, released shortly after its rival's, puts Mideast demand at 2,520 planes worth $450 billion by the end of next decade. Much of the growth is driven by fast-growing Gulf airlines, which have boomed in recent years by funneling longhaul travelers through expanding global hubs like Dubai and the Qatari capital Doha. In terms of deals, Airbus scored the biggest prize of the day, boosting an existing commitment from Kuwait's Aviation Lease and Finance Co. for the A320neo to 50 planes. The leasing firm, known as ALAFCO, also took options to buy another 30 of the planes. The deal extends an initial agreement signed by ALAFCO at this summer's Paris Le Bourget show, when it agreed to buy 30 of the narrow-body planes. The A320neo offers a new engine option and other fea tures designed to use 15 per cent less fuel than older models of the single-aisle A320. It is scheduled to enter service in 2015. The deal, before options, is worth about $4.6 billion at list prices, though buyers typically negotiate discounts. Leasing companies like ALAFCO rent out planes to airlines, so the carriers don't have to assume the costs and risks of owning all the planes in their fleets. It leases planes mainly to regional airlines in the Middle East and Asia. Boeing Co., meanwhile, picked up a new regional customer for its much-hyped 787. It and Oman Air said the carrier ordered six Boeing 7878 aircraft, though the twinengine planes won't translate into additional business for the Chicago-based plane maker. That's because Oman Air is taking over orders previously placed by ALAFCO. Each 787-8 costs $193.5 million at list prices. ALAFCO Chairman Ahmed al-Zabin said the decision to shift the 787 orders to Oman Air represented an extension of the company's view that it is a "strategic partner" for Boeing in the region. It previously announced plans to lease the planes to the Omani carrier. "Whatever is good for us and Boeing and the customer, we just do it, and that's what you're seeing," he said when asked about the Oman Air deal. Japan's All Nippon Airways operated the first commercial flight of the 787 late last month following a series of manufacturing delays. The plane is made of lightweight composite materials and promises to be 20 percent more fuel-efficient than similar planes. Long lines of curious spectators have lined up in Dubai to step aboard a 787 display model, which is making its debut at the Mideast airshow. Oman Air is the flagship car rier of the Sultanate of Oman, located on the southeastern tip of the Arabian Peninsula. The airline, set up in 1993, is far smaller than Gulf behemoths such as Dubai's Emirates and Qatar Airways. Qatar Airways is among the regional carriers that have already signed up for the Dreamliner. It has ordered 30 of the planes and has options for 30 more. The carrier is expected to announce additional aircraft orders at this week's show. KUWAITI LEASING FIRM BOOSTS ORDER FOR AIRBUS JETS ADDRESSINGITALYSFINANCIALPROBLEMS


BUSINESS T HE TRIBUNE TUESDAY, NOVEMBER 15, 2011, PAGE 7B MOORESVILLE, N.C. Associated Press THEhome improvement retailer Lowe's Cos. says costs related to closings tores and other restructuring pushed its net income down 44 percent, but adjusted results beat expec-t ations. R etailers such as Lowe's are facing tough times as consumers continue to holdb ack on large scale home improvement projects. Lowe's has started closing stores and cutting costs too ffset weak demand. But with the housing market moribund and consumers' continued cautiono n spending, CEO Robert Niblock said in an interview with The Associated Presst hat he does not expect a f ull rebound until at least 2013. The Mooresville, N.C., company said Monday it recorded charges in the third quarter that reduced pre-tax earnings by $336 million, or 17 cents per share. Lowe's announced last month that it would close 20 underperforming stores in 15 states and cut nearly 2,000 jobs to focus on its more profitable locations. The company also has scaled back expansion p lans. Its results have been pressured as consumers continue to stick to home renovation products under$ 500. The company said p urchases over $500 fell nearly 1 percent. Niblock said he expects c onsumer demand will improve once home prices bottom out, which could occur in 2012. Once we get through that, and employment starts moving in the right direction, there's quite a bit ofp ent up demand," he said. But he doesn't expect that to be fully realized until 2013. L owe's executives told analysts Monday morning that, in addition to the store c losings, the company was w orking to reduce promotions and move toward an "everyday low price" philosophy. "Our performance is not at the level we expect relative to the market or frankly that we demand of ourselves as we define suc cess, so we're taking action," Niblock said. L owe's reported net income of $225 million, or 18 cents per share, in the three months that endedO ct. 28, down from $404 m illion, or 29 cents per share, a year earlier. Revenue climbed 2 perc ent to $11.9 billion. Adjusted earnings amounted to 35 cents per share, not counting thec harges. Analysts surveyed by FactSet expected, on average, earnings of 33 cents pers hare on revenue of $11.7 billion. Lowe's shares rose 39 cents Monday, or 1.7 per c ent, to close at $23.50, while the Dow Jones indus trial average fell less than 1 percent. L owe's operates 1,744 stores in the United States, Canada and Mexico. Revenue at stores open at least a year climbed less than 1 percent in the third quarter, helped mostly by Hurricane Irene preparations and cleanup on the East Coast. This is an important metric of a retailer's health b ecause it measures results at established stores rather than newly opened ones. C iti analyst Kate McShane said the compa n y's third-quarter results were "a modest disappointment," and she expects the company to continue tou nderperform against its main competitor, the larger Home Depot Inc. HomeD epot reports its results on T uesday. Lowe's expects earnings per share of 20 cents to 23 cents in the fourth quarter,w ith revenue at stores open at least a year coming in flat or rising 1 percent. A nalysts expect, on average, earnings of 23 cents per share. For the company's full fis c al year, which ends in earl y February, Lowe's expects earnings of $1.37 to $1.40 per share, including charges of about 20 cents per share tied to store closings and discontinued projects. P reviously, the company forecast net income of $1.54 to $1.60, excluding one-time items, but that was prior to the store closing plan. Analysts typically exclude one-time items from their estimates, and they expect full-year earnings of $1.59 per share from Lowe's. CUSTOMERS LEAVE the Lowe's store in Saugus, Mass., Monday, Nov. 14, 2011. Lowe's Cos.' third-quarter net income sank 44 percent, weighed down by charges tied to store closings and discontinued projects. (AP LOWE'S 3Q PROFIT SINKS 4 4 PERCENT ON CHARGES BUDAPEST, Hungary Associated Press HUNGARYwill not seek a credit line with the International Monetary Fund, despite concerns that the coun try's credit rating is close to a down grade to junk status, Prime Minister Viktor Orban's spokesman said Monday. Peter Szijjarto said Hungary can "stand on its own feet," not wanting to rely on the IMF because that would lead to unpopular austerity measures. "There is no need" for a deal with the IMF, Szijjarto said on state television. "We are financing ourselves from the financial markets." Hungary's debt management agency, however, has had some difficulties getting investors to buy bonds and Treasury bills at its auctions during the past few weeks, issuing less paper than initially planned on some dates and even canceling a 12-month auction in late October because of low demand. Two credit rating agencies Fitch and Standard and Poor's issued unfavorable reports on the Hungarian economy on Friday, warning that faltering growth because of exposure to the eurozone's debt crisis and the gov ernment's unpredictable economic policies have pushed Hungary to the brink of a downgrade. Hungary's debt rating is now at the lowest rung of investment grade and a cut would mean falling into non-invest ment or, junk status, which would likely lead to rising interest rates on government debt and increasing chal lenges to finance state expenditures. Euro Hungary, which is unlikely to switch to the euro until the end of the decade, has the highest debt level among its regional peers around 76 percent of GDP, down from 81 percent in late 2010 and the government has had limited success in driving down unem ployment, currently at 10.7 percent. Hungary received a $25.1 billion IMF-led bailout in 2008, during Social ist-led government, but Orban, whose center-right Fidesz party secured a twothirds majority in the 2010 elections, decided not to renew a standby loan agreement last year. "If Hungary is cut off from market financing, an option that is increasing ly likely, want of any other alternative, it may fall back to the IMF's hands," said analyst Gabor Ambrus from Lon don's 4Cast. While Hungary has so far been able to meet its strict budget deficit tar gets, it has resorted to unorthodox means to raise revenues, including special taxes on sectors like banking, energy and telecommunications, as well as the nationalization of some $14 billion in assets managed by private pension funds, which critics say have deteriorated investor confi dence. Hungary's economic growth has come solely from rising exports lately. With its main markets in Western Europe struggling with the sovereign debt crisis, some analysts are predicting that Hungary may fall back into reces sion next year. For now, the government is sticking to its forecast of growth of 1.5 percent in 2012, even though the European Commission expects expansion of only 0.5 percent next year and others say even a contraction is possible. HUNGARY AVOIDING IMF DEAL DESPITE DOWNGRADE RISK Tough times for retailers as consumers hold back KUALA LUMPUR, Malaysia Associated Press AIRASIAChief Executive Tony Fernandes says S outheast Asia's largest budget carrier hopes to bols ter sales by another 500 million ringgit ($160 million) annually with the launch of a passenger rewards program. Fernandes said the program, launched Monday, will help fill up an average 20 percent of seats on AirAsia flights that are unsold. He says members can earn points when traveling and shopping, and r edeem those points for free air tickets and other r ewards. O fficials say AirAsia hopes to attract 1 million loyalty members by mid-2012. The launch comes as AirAsia and other airlines face pressure from soaring fuel costs. AirAsia reported a 48 percent drop in net profit in the quarter t hrough June. AIRASIA LAUNCHES LOYALTY SCHEME TO BOOST SALES Share your news The Tribune wants to hear f rom people who are making news in their neighbourhoods. 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OMAHA, Nebraska Associated Press INVESTORWarren Buff ett says his company bought a bout $10.7 billion worth of IBM stock this year, giving it a stake of more than 5 percent in the technology company. Buffett revealed the investm ent during an interview on C NBC on Monday. Buffett's company, Berkshire Hathaway Inc., planned to file a full quarterly update on its U.S. stock portfolio Mondaya fternoon. B uffett has long refused to invest in high-tech companies because he has said it's too difficult to predict which technology businesses will pros-p er in the long run. But he said he recently realized his view of IBM wasw rong based on what he read in the company's annual reports and what he learned b y talking to informationt echnology departments at Berkshire subsidiaries. He said he should have realized years sooner that hardware is no longer the heart of I BM's business. Now they're very much a s ervices company, and they're very intertwined with their customers," Buffett said. Andh e said IBM's customers are reluctant to change once theys tart working with IBM. S o Berkshire has bought a bout 64 million shares since March, or about 5.5 percent of IBM. Buffett says he b elieves IBM has a sound plan for the future. Andy Kilpatrick, the stockbroker-author of "Of Perma n ent Value, the Story of Warren Buffett," said it's surpris ing to see Buffett invest in a h igh-tech company, but the investment appears to an example of Buffett spottings omething in plain sight that he had previously overlooked. "I don't think it moves t hings very far from what he's always done," Kilpatrick said. IBM joins several other American business icons in Berkshire's stock portfolio. Buffett's company alreadyh olds stakes in Coca-Cola C o., American Express Co., Wells Fargo & Co., among others. I BM officials declined to comment Monday on Buffett's investment. I nternational Business Machines Corp., which marked its 100-year anniversary in June, has proven resilient even in a downturn b ecause of hard decisions it made in the 1990s, when it t apped an outsider as CEO to help with a turnaround. At the time, IBM was slipping with the rise of cheap m icroprocessors and rapid changes in the industry. Although it helped make thep ersonal computer a mainstream product, it quickly found itself outmatched in am arket it helped create. PCs also began to perform many of the functions of main frames computer, throwing I BM's main moneymaking business into disarray. The company decided then to focus on the high-margin areas of software and tech nology services and move a way from computer hard w are. That intensified with IBM's $3.5 billion purchase of PricewaterhouseCoopers'c onsulting business in 2002 and the sale of its PC business to Lenovo for $1.75 bil l ion in 2005. Today, IBM is the world's biggest technology services provider. The shift is important because it has allowed IBM t o ride two recessions. When times are tough, businesses p ay IBM to help them find ways to cut costs and handle technology chores that would be more expensive to per f orm in-house. IBM's stock has more than doubled since the depth oft he recession in 2008. IBM shares gained as much as $2.46 Monday to trade neari ts 52-week high of $190.53 before slipping to close at $187.35, down 3 cents. Buffett said Berkshire paid a n average of about $170 per share for the IBM stock. IBM executives insist the company's focus on longterm contracts insulates it from economic swings. Thec ompany has said it is ahead o f its own aggressive fore casts. IBM has disclosed a g oal of hitting $20 per share i n adjusted earnings by 2015, a rare example of a long-term earnings target made public by a major company. IBM, which is based in Armonk, New York, says it plans to continue growing its softwareb usiness and invest about $20 billion in acquisitions from 2011 to 2015. Berkshire's investments are closely watched in the market because of Buffett's successful record. Buffett hass aid that Berkshire has been buying aggressively during the recent market turmoil. Buffett said Monday that Berkshire had been adding to its already sizeable stake i n Wells Fargo, but he didn't say how many more shares h ad been bought recently. At t he end of June, Berkshire held 352.3 million Wells Farg o shares. That was up from 3 42.6 million shares Berkshire h eld at the end of March. M onday afternoon's filing with the Securities and Exchange Commission may not reveal a full picture of B erkshire's investments b ecause regulators often allow the Omaha-based comp any to conceal new investments for a time while building a position. Berkshire occasionally receives permission from the S ecurities and Exchange Commission to delay disclos i ng some stock purchases to p revent others from driving up the price of those stocks before Berkshire completes its purchases. Berkshire then discloses the purchases or sales in as ubsequent quarter and issues a mended reports for previ ous quarters. The SEC says it grants such confidentiality to investment managers only when they can show they would be harmeds ubstantially by immediate disclosure. Buffett said that the thirdquarter report that will be f iled Monday won't show all of Berkshire's new IBM stake because some of the shares w ere bought in the fourth quarter. Besides investments, Berk s hire owns roughly 80 subs idiaries including insurance, railroad and utility firms. BUSINESS PAGE 8B, TUESDAY, NOVEMBER 15, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.97AML Foods Limited1. 10.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7.504.40Bank of Bahamas6.936.930.000.2300.10030.11.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2.842.55Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 10.468.29Cable Bahamas8.468.43-0.0310,0000.2450.32034.43.80% 2.802.33Colina Holdings2.342.340.000.4380.0405.31.71% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.516.510.000.4960.32013.14.92% 2.001.63Consolidated Water BDRs1.801.77-0.030.1110.04515.92.54% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 7.504.82Finco5.354.82-0.536,1850.7570.0006.40.00% 9.457.75CIBC FirstCaribbean Bank8. 6.005.00Focol (S 5.335.330.000.4350.22012.34.13% 1.001.00Focol Class B Preference1. 7.305.58ICD 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 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%MONDAY, 14 NOVEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,355.65 | CHG -7.02 | %CHG -0.52 | YTD -143.86 | YTD % -9.59BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320 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%L ast 12 Months %NAV 3MTH 1.57791.4674CFAL Bond Fund1.5779263.39%5.87%1.548717 3.02482.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.72022.5398Royal Fidelity Bahamas G & I Fund2.4974-8.19%-7.45% 13.849313.2825Royal Fidelity Prime Income Fund13.91804.19%5.21% 114.128999.4177CFAL Global Bond Fund114.09222.35%13.88%114.128861 118.4255101.6693CFAL Global Equity Fund118.42552.30%8.26%116.580785 1.17491.0000FG Financial Preferred Income Fund1.18773.59%4.94% 1.13431.0000FG Financial Growth Fund1.14152.06%4.07% 1.17641.0000FG Financial Diversified Fund1.18903.47%5.04% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.49859.8690Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.3699-6.17%-2.17% 10.68139.6635Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.20631.81%7.39% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund8.65073.01%18.38% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX 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-Oct-11 31-Jul-11 31-Oct-11TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Jul-11 30-Jun-11 31-Jul-11 5-Aug-11 30-Oct-11MARKET TERMS30-Sep-11 31-Oct-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities) BISX Listed Mutual Funds30-Jun-11 30-Sep-11 NAV 6MTH 1.535365 2.952663 1.580804 111.469744 115.762221 NAV Date 31-May-11 30-Sep-11 -($1(1$1'3$8/6$,17 RI%HUQDUG5RDG1DVVDX%DKDPDV 3 RI RI NOTICE is hereby given that EUGENE DIEUDONNE, of Earnest Street, Nassau, Bahamasis applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of November, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE International Business Companies Act 2000Pursuant to the provisions of Section 137 (8national Business Companies Act, 2000, Notice is hereby given that the above-named Company has been dissolved General on the 19th day of October, 2011Eric Turner Liquidator L EGAL NOTICENOTICESASTRE ESTATE MANAGEMENT LTD. BUFFETT'S FIRM BUYS ABOUT $10.7B IN IBM SHARES INVESTOR W arren Buffett WASHINGTON Associated Press THEmillions that Jon Corzine amassed as head of Goldman Sachs have becomea n alluring target for investors who were crushed by the collapse of MF Global, the brokerage firm he led until earlier this month. And Corzine isn't the only one who may be financially vulnerable after the eighthlargest bankruptcy in U.S. history. Others include MF Global's other top executives; its auditor, PricewaterhouseCoopers; and some big WallS treet banks. Even MF Global itself, w hich can't be sued while in bankruptcy protection, could sue its former executives. Corzine and other senior executives likely share a liability insurance policy to coverp otential lawsuits against them. B ut experts say potential damages sought could well exceed the limits of their policy. C orporate bankruptcy is a litigation nightmare: Everyone ends up suing everyone," said Charles Elson, a profes-s or and director of the Wein berg Center for Corporate G overnance at the University o f Delaware. "The officers and d irectors are in for a lot of litigation." Private litigation has already b egun. At least two class-action lawsuits on behalf of MF Global shareholders have been filed a gainst Corzine and three othe r top executives. They accuse t he firm and its top executives of making false and misleadi ng statements about MF Glob al's financial strength, internal controls and cash balances.MFG lobal filed for bankruptcy p rotection on Oct. 31 after a disastrous bet on European g overnment debt. In just a week, stock investors lost about $585 million, the shareholders say. M ore than $600 million in clients' money is still missing. Regulators say MF Global m oved the money out of client accounts within days as the firm's cash dried up. No one at MF Global has been charged with a crime orc ivil violation. But regulators a nd the FBI and other criminal investigators are investigating MF Global's failure, and Corzine has hired a prominent white-collar defense attorney. A public relations firm hired b y Corzine and a spokesw oman for MF Global declined to comment Monday. Corzine's lawyer didn't immediately return a call. It isn't clear just how much money Corzine is worth. Hes pent roughly $100 million of h is fortune to win a U.S. Senate seat and the New Jersey governorship. In 2005, the last full year that he was a U.S. senator, he was estimated to be worth b etween $125 million and $175 m illion. C orzine's disclosure filings as governor, through 2009, provide less detail on his finances. They do show he held inter-e sts in real estate partnerships, investment companies, hedge funds and private equity funds. A fter the MF Global bankr uptcy, Corzine declined to take his $12 million severance pay. L egal experts say Corzine could be held personally liable for misrepresenting to investorst he risks that the firm had taken. MF Global didn't list the European debt on its balance sheet for all to see. Instead, those holdings were shifted to t he company's "off-balance s heet," deep in its financial statements. Some separate fil ings with regulators excluded t he European debt entirely. Under a 2002 anti-corporate fraud law which Corzine cow rote as a U.S. senator C EOs of public companies must personally certify the accuracy of their company'sf inancial statements. If client money was used by the firm for its own purposes, Corzine could be held respon s ible, said Thomas Ajamie, an attorney who specializes in financial fraud cases. That would be the house gambling with customers' mon ey," Ajamie said. EX-CEO'S FORTUNE COULD INVITE MORE LAWSUITS