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WEATHER TINGS TOUGH McDOUBLE FOR $3.79 ANY TIME...ANY PLACE, WE’RE #1 HIGH 75F LOW 64F The Tribune SUNSHINE, CLOUDS BAHAMAS EDITION www.tribune242.com Volume: 106 No.36 THURSDAY, JANUARY 7, 2010 PRICE – 75¢ (Abaco and Grand Bahama $1.25) ADDERLEY HITS OUT AT PLP LEADERSHIP AS HE QUITS HOUSE ‘It’s the worst personal experience I have faced’ f By ALISON LOWE worsened. From then to f
a Registration centres t
Tribune Staff Reporter now has been the worst per- s
sonal experience that my n to open today for u
family and I have ever b i r Elizabeth constituents BLAMING PLP party faced. I took the insults, the T /
leader Perry Christie for disrespect, the negative gos- e k By PAUL G TURNQUEST r
“undermining” him as a sip, the careful and calcu- a l Tribune Staff Reporter C
political representative, lated undermining that was [email protected] m
Malcolm Adderley yester- the hallmark of my politi- i day formally announced his cal journey...” T PARLIAMENTARY resignation as an MP, days He said his decision to Commissioner Errol Bethel after notifying the PLP that resign, “one of the most dif- has issued a notice advising he was leaving the party. ficult” he has made, came residents of the Elizabeth In an at times emotional not because of any personal constituency that beginning speech, Mr Adderley said disgruntlement over being today registration centres the last seven and a half denied a Cabinet position will be established at the years as MP for Elizabeth under the 2002 to 2007 Thelma Gibson School in have been “the worst per- Christie administration, as preparation for this con- sonal experience” for him some had alleged, but stituency’s impending by- and his family as his rela- because the 4,000 “loyal, election. tionship with the leadership decent and loving” con- This centre will be open of the PLP went from bad stituents in Elizabeth today and Friday from 5pm to 8pm and on Saturday, Jan- to worse. “deserve better.” uary 9, 2010 from 10am to “Ever since my election “The people of Elizabeth 3pm to facilitate any changes to this honourable House in need as their representative to the current register of vot- 2002, my relationship with someone who has the full ers in the area. the leadership of my party support of the party. Any- “If there is a need to has been strained,” said Mr thing less is almost futile for extend beyond these days Adderley. the development and arrangements will be made. “Seven and a half years The centre will accommo- later that relationship has SEE page six date applications for regis- tration, transfer on the reg- ister, and corrections to the Attorney voices register,” Mr Bethel said. Yesterday the PLP’s for- concern over retired mer Member of Parliament politicians on bench SEE page 15
By TANEKA THOMPSON Tribune Staff Reporter [email protected] INSIDE ATTORNEY Damian Gomez contends that the number of retired politicians who are taking up positions on the MALCOLM ADDERLEY’S bench makes it harder for lawyers to find a sitting judge RESIGNATION SPEECH IN FULL without an apparent conflict of interest in civil suits against PAGE TWO the AG's office. Mr Gomez claims this has created a court backlog con- PERRY CHRISTIE DENIES tributing to deteriorating public confidence in the legal UNDERMINING CHARACTER system. OF MALCOLM ADDERLEY His comments add to the growing concern that the antic- ipated appointment of former MP Malcolm Adderley to the PAGE THREE Supreme Court bench will undermine the independence of NDP CALLS FOR REFORM TO the judiciary from the influence of the executive branch of Government. LIMIT A PM’S CHANCES OF POWER ABUSE SEE page 15 MALCOLM ADDERLEY speaks in the House yesterday. PAGE FIVE Hotel Union members protest ruling on president By NOELLE NICOLLS Colebrooke. We are wonder- Tribune Staff Reporter ing who in this country cares [email protected] about the workers. The union is governed by a constitution. MEMBERS of the Bahamas They are using the courts to try Hotel, Catering and Allied to get out the first female work- f
Workers Union assembled on er elected as president of the f a t
Rawson Square yesterday to union,” said Svelynn Stuart, a s
protest a Court of Appeal rul- union member. e n
ing that challenged the legiti- The Bahamas Hotel Cater- u b i
macy of the union’s elected ing and Allied Workers Union r T /
president. (BHCAWU), representing r o “We are sick and tired of over 5,000 workers, is the j a
what is going on. We went out largest labour union in the M
to the polls already, twice, and country. It was established é p i now we are sick and tired. Our more than 50 years ago. For l e
union has been in trouble for F a long time. We voted out Roy SEE page 15 UNION MEMBER Svelynn Stuart speaks yesterday.
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PAGE 2, THURSDAY, JANUARY 7, 2010 THE TRIBUNE LOCAL NEWS Malcolm Adderley’s resignation speech in full f
“Mr Speaker, f tics that I had to deal with from not have allowed me to believe future endeavours. Let me a Members of Parliament, t those who wished me ill. that there would have been a assure each and every one of s
It is my belief that politics is e I can attest to this by draw- new day...a change of attitudes, you that I hold no animosity n about persons coming together u ing your attention to the events a change of good will for all whatsoever. b i to achieve common goals for r leading up to the 2007 election. concerned. To all those beautiful, loy- T the good of the people they / Mr Speaker, if one ever I simply cannot bury my al, decent, loving people of e k represent. r doubted that there is a God head in the sand, like the the great constituency of Eliz- a In order for the group to sur- l above...I can testify that there is proverbial ostrich and pretend abeth — who despite all — vive there must be respect, C — I am living example of this that all is well. The people of has shown me love and sup- m i
honesty, transparency and T — and God is good. Whom Elizabeth need as their repre- ported me through thick and decency towards one another. God bless, no man can curse. sentative, someone who has the thin, especially Marsha Curry, In order for progress to be In the 2007 general election — full support of the party which Cynthia Cox, Verona Wood- achieved, there must be some despite what has been said I he represents. side, Elizabeth Collie, Lilly- real fundamental bonding with was fighting two formidable The leadership of the party mae Thompson, John “Com- each other – and a vision as to giants. at its recent convention was mander” Higgs, Annamae what that group needs to Not only did I have to deal given an almost unanimous Forbes, Mrs Cash, Cindy achieve in order to capture the with the formidable, well vote of confidence by the mem- Moss, Keisha Rodgers, Sid- dream to which people aspire. organised, well-equipped polit- bership...I know what it is like ney Strachan and many many Mr Speaker, when I was ical genius of the then opposi- to be subject to that leadership. more. I extended my heart- invited to enter the political tion leader...regardless to what I have had it for seven and a felt thanks and will forever arena some time in the year you have heard and will hear in half years. I have always be indebted to you. You 2001, I had a vision of being a the future, I was exposed to the expressed my deep concern stood by me through all the part of an organisation that my forces of my own party. about the lack of vision of the storms and sheltered me from father, a humble taxi driver The only thing I had was my leadership and that has not harm. I love you all and may (taxi no. 4) was a proud and personal ambition and a deter- changed. The reality is, sir, that God continue to bless you. faithful member of since its mination to conquer both the people have spoken and I To William “Bill” Wallace inception. I reluctantly agreed forces — and like the Biblical have to respect their voice. who played an integral role to enter politics but felt it was a MALCOLM ADDERLEY speaks to the media outside of the House of shepherd boy David — the Accordingly, sir, it has been in my election of 2002; to noble cause. Over the years, Assembly yesterday. Almighty God stood by my said that when a member of an Donna Smith, who unselfish- my reluctance became sheer side and gave me victory. organisation finds that he can- ly joined our historical team love for this new career path – Praise be to God! not support its leadership — in my election of 2007 and especially as I came to know mind the noise in the market. boat “Elizabeth”. And so, Mr Mr Speaker, despite all of then the honourable thing for played an integral part in it, I the people of Elizabeth. You see, we in Elizabeth Speaker, I need not relate it this I took it like a man — nev- that member to do is resign. extend my sincere gratitude. Sir, I never once expected know what time it is. That once again. er wavering, but kept my focus. So, after many months, days To Calvin Davis, who from fame or fortune when I entered noise is not coming from the Mr Speaker, I have tried my I must confess however, sir, and nights of painful delibera- the election of 2002 to now, politics. Service to country was decent people of Elizabeth. best to serve the good people that it has not been easy. It has tions, I found that I had no oth- has stood by my side — not new to me. In earlier years, The noise is coming from the of Elizabeth. We had good and been even more difficult for er choice than to tender my whose support I find impos- I had served in the capacity of same direction that it came bad times together. During the my family. And as they say, official resignation to the chair- sible to quantify, I express my a prosecutor in the Attorney from prior to my nomination years 2002 to 2007 I sought but sir...enough is enough! man of the party effective Jan- eternal gratitude. General’s Office for four years; in 2007. could not obtain the much Mr Speaker, immediately uary 1st, 2010. Mr Prime Minister! My as an acting magistrate on sev- The people of Elizabeth are needed assistance for the peo- after the recent election, I met The Progressive Liberal Par- gratitude to you, sir! for your eral occasions; I served as the intelligent, decent, independent ple of Elizabeth; nor could I with my family and close polit- ty is a party that has the dis- statesmanship in rising above first president of the newly minded and have been calling provide the much needed infra- ical friends. Together, it was tinction of being built by the petty politics in allowing me established Bahamas Industri- me to tell me what they have structure. Nevertheless, Eliza- agreed that I should allow time blood, sweat and tears of hard- to continue to serve the peo- al Tribunal for two years; and been telling me since 2007 – beth supported me. I am happy to pass to see whether there working men and women of ple of the Bahamas as Chair- as a justice of the Supreme we support you whatever you that between 2007 and 2009 as would be any improvement in humble beginnings but proud man of the Gaming Board Court for a year – all at no sig- do. a result of the contribution of my relationship with the lead- of their commitment to uplift under your watch for the past nificant remuneration. Mr Speaker, ever since my the government members of ership. It was felt that after a the well-being and standard of two and a half years. This is a I should add, sir, that before election to this honourable parliament, I have been able two year period of mid-term the people. position I thoroughly enjoyed I left the Supreme Court bench House in 2002, my relationship to refurbish two existing parks would be a reasonable point to Men and women like my late as it allowed me to serve the I was invited to become a per- with the leadership of my par- and construct four new parks assess my political future. It parents, Malcolm Adderley, Sr Bahamian people in a small, manent judge and could have ty has been strained. Seven and for the people of Elizabeth – would be a good time for me to and Elaine Adderley, like so but meaningful way. been a judge years ago had I a half years later that relation- so that families can take their know the position and notify many of their era, played a sig- To my fellow directors, the wished. But I declined and ship has worsened. From then children for recreational activ- the people of Elizabeth nificant role in bringing the officers and employees of the returned to my own law cham- to now has been the worst per- ities at their leisure. I am happy whether I would be seeking a Progressive Liberal Party to its gaming board, I thank you for bers. sonal experience that my fam- that Elizabeth Estates park has third term in office. zenith and made it the most your support, it has been tru- So to trivialise this matter by ily and I have ever faced. I took had additional construction Mr Speaker, the decision I powerful force in our great ly a worthwhile experience. saying that this is about my not the insults, the disrespect, the recently added with the addi- make today, no doubt, is one of Bahamaland. Regrettably, if To my wife, Daphne, and having been given a Cabinet negative gossip, the careful and tion of a walking track, a soft- the most difficult decisions that they were alive today their our five children (who are seat is frightening, because it calculated undermining that ball diamond and a brand new I have ever made. The fact of hearts and souls would ache to present in the House today) shows a mentality that is total- has been the hallmark of my modern toilet facility for men the matter, sir, is that my love see the state of the party today — Eamon, Engedi, Evan, ly out of touch with reality. The political journey. and women. for politics does not matter. It as a result of the venom and ill Misty and Mia — you are my Cabinet was chosen in 2002. But through it all I took the I am indeed pleased that I is not about me. In life, we are will that is displayed almost on strength, my inspiration and This is now 2010 – why would I blows, never flinching, never was able to donate to the Eliz- mere vehicles that God some- a daily basis on any member my gift from God — I love stay for seven and a half years allowing it to make me lose my abeth Children’s Home beau- times uses to achieve worth- who tries to correct its ills. you all. afterwards if in fact I was focus of what my responsibili- tiful furniture to add to the while objectives. Mr Speaker, as I said before, Finally, Mr Speaker! “puffed up” over not being in ties were to the people of Eliz- comfort of the children and the What is important — is that politics is not about one indi- As I leave these hon- Mr Christie’s Cabinet. abeth. The interesting thing, staff in the home and also to the people of Elizabeth deserve vidual. It is about what is in the ourable chambers I am Mr Speaker, the Elizabeth sir, is that is that none of this the Thelma Gibson Primary better...much better. I decided best interest of the people that pleased to see that the land- Constituency has some 4,000 came from the good people of School two state-of-the-art eno- that this constant and perpetu- we serve. As a result, there is scape of Bahamian politics is constituents. Since the 2007 Elizabeth. In fact, it came from active boards that will go a long al undermining of the duly no benefit to the people of changing. For I am happy to election , I have spoken to those outside Elizabeth, who way to promote and assist the elected Member of Parliament Elizabeth for me to sit in this say — for the better. many of my supporters in Eliz- obviously feared anyone who advancement of the learning in total disregard and blatant house as the independent The young people of Eliza- abeth indicating to them the could think and had an inde- process of the dear children of disrespect of the will of the member for Elizabeth. beth and other constituencies possibility of my departure pendent view – and most of all, the school. people of Elizabeth....this con- Mr Speaker, issues have can no longer be persuaded from the political arena refused to be led by medioc- Even as I speak, a computer trived and calculated creation been raised as to my loyalty by bully tactics and ghetto depending on the direction in rity. lab is being established for the of confusion in Elizabeth had because of the position I have politics. Sir, they demand and which my party chose to go. In fact, sir, if it were not for children of Elizabeth as a result to stop and that the time to taken. In order to remove all deserve better Mr Speaker. Over the past few days Mr the support and encourage- of the contribution of the gov- address them is now. doubts as to who the won- A new day is dawning for the Speaker, the noise in the mar- ment of the good people of ernment made to each con- Mr Speaker, which other derful people of Elizabeth wonderful people of the ket has become quite vocifer- Elizabeth, I would have suc- stituency. constituency held by the official want to represent them...I Bahamas. One in which the ous. But, sir, I invite those who cumbed long ago to the vicious Mr Speaker, during my opposition after the 2007 elec- have decided to remove guideline is integrity and hon- are not a part of the great con- politics and hatred that was tenure in this House, I have tion other than Kennedy and myself from the political esty. stituency which I have been hatched by those wretched come to love the years of door- Elizabeth were there persons stage and allow the people of I pray, Mr Speaker, that privileged to represent, not to beings outside the boundary of to-door campaigning, the greet- being actively encouraged to Elizabeth in their wisdom to God will give me the strength the great constituency of Eliz- ings and discussions with the campaign against us with a decide who they would wish and the wisdom to continue abeth by those whom one beautiful people of Elizabeth view to becoming the parties to be their spokesman. to serve the people of the would least expect to do so. – I shall surely miss this won- candidate in the 2012 election, And so, sir, with the great- Bahamas in any other capac- But the history of my politi- derful and rewarding experi- brazenly knocking on doors, est respect and humility, I ity with integrity and charac- cal journey is well documented ence. even dispensing T-shirts, gro- hearby tender my resignation ter as I have tried to serve in the account I gave during The people of Elizabeth over ceries, even handing out Moth- to this honourable house as the wonderful people of Eliz- my first speech in this House, the years have shown me the er’s Day gifts and cards, indi- the Member of Parliament abeth — as their duly elected after the 2007 election, of the warmth and love that is crucial cating to constituents that they for the Elizabeth constituen- Member of Parliament for journey of the famous dingy for survival in the type of poli- were the party’s choice for cy effective at 5.30pm today. the past seven and a half 2012. Mr Speaker, I thank the years. Mr Speaker, we are now in officers and members of the May God Bless you all. mid-term. I am on time. I have Progressive Liberal Party for May God Bless this Hon- reviewed the period from May having allowed me to carry ourable House 2007 to December 2009...a peri- the banner of the party in the And May God Bless the od of two and a half years. last two general elections. people of The Common- Nothing has changed. In fact, it I thank the staff of the wealth of the Bahamas. has worsened. The point is, sir, Honourable House for their Thank you and God that there is still too many support, goodwill and profes- speed.” issues that separate the lead- sionalism displayed towards ership of the party and I. me during my tenure as the The record will show that my Member of Parliament. future as a member of the Pro- I thank all of my colleagues Malcolm E Adderley, Jr gressive Liberal Party has in this Honourable House Resignation address always been dim. Time would and wish you well in your January 6, 2010.
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THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 3 LOCAL NEWS f f
Perry Christie a
PLP LEADER t addresses the House of s e
Assembly yesterday. n Perry Christie denies u b i r T / e k r a l undermining character C m i of Malcolm Adderley T
By ALISON LOWE constituency and was unable has been accused of being Tribune Staff Reporter to do what he would have embittered by Mr Christie’s [email protected] liked for his constituents dur- failure to give him a Cabinet ing Mr Christie’s tenure as post during the previous PLP PLP leader Perry Christie prime minister. administration. yesterday refuted accusations As with Kenyatta Gibson Mr Christie said: “The truth that he undermined or when he quit the PLP in 2008, is we all know that this is not attacked the character of Mal- Mr Adderley revealed long- the end of the story and colm Adderley, saying his standing concerns about Mr indeed the proverbial penny behaviour towards the former Christie’s ability to lead and hasn’t yet dropped. MP was characterised by suggested that the PLP leader “extreme patience, extreme had engaged in behind-the- tolerance and sympathetic scenes tactics against those Drama understanding.” with whom he had disagree- Mr Christie claimed that he ments. “We wait to see those acts and the PLP as a whole exer- Responding to Mr Adder- in the drama that has already cised “forbearance” towards ley, Mr Christie instead paint- been scripted but not yet Mr Adderley even as the MP ed a picture of an MP who played out. for Elizabeth – who spoke in had lost interest in his party “There is more to this than and “the relevant (party) they may lose the seat any- events that have unfolded. We parliament yesterday to and constituents and whose meets the eye. We all stand councils” to determine the way. will not be deflected from our announce his resignation from decision to leave politics had alert pending a major way forward. Mr Christie added: “I can work which . . . has always politics after resigning from more to do with his own polit- announcement yet to come.” Some political insiders have assure the nation that we are been for the betterment of the the PLP over the weekend – ical deal-making than consid- The PLP leader said that in suggested that the party may in no way deterred by the Bahamian people.” displayed “what the country eration of the best interests of the wake of Mr Adderley’s not see it as worthwhile to regarded as an attitude of his constituents. resignation, which leaves Eliz- field a candidate in the by- indifference” towards his fel- It has been rumored but not abeth without a representa- election that will now result low PLPs. confirmed that Mr Adderley is tive, the party will be carry- from Mr Adderley’s depar- in short order due to accept ing out consultations both ture given the hefty cost of an appointment, on the rec- with the people in that area doing so and the possibility Nomination ommendation of Prime Min- ister Hubert Ingraham, as a He spoke of how he per- Supreme Court judge and he sonally supported Mr Adder- 5(*,675$7,21 ley as he sought a nomination in the 2007 general election, to the extent of investing “per- %*&6( 3,70$1 sonal resources” in his candi- dacy. “It would be disingenuous %RRNLQJ.HHSLQJ $FFRXQWV 2IÀFH for me to state that I am not disappointed by this course of 3URFHGXUHV (QJOLVK /DQJXDJH 0DWK action now taken by the MP for Elizabeth. 6SDQLVK 7\SHZULWLQJ &UHROH “It would be more than disingenuous of me if I were to profess not to be disap- pointed in the manner in '(*5(( $662&,$7(6 '(*5(( //% which the course of action unfolded, not only today but 3$5$/(*$/ +80$1 5(6285&( 0$1$*(0(17 in the days and weeks that preceded today. ,QVWLWXWHRI%XVLQHVVDQG&RPPHUFH “But what must be absolutely clear is that the MP for Elizabeth is his own man and he must order himself in the way he feels he should,” Mr Christie told parliament. The PLP leader’s defensive comments came as he faced the second round of accusa- tions in a year – the first com- ing from Kennedy MP Keny- atta Gibson, who quit the PLP and joined the FNM in 2009 – that he has “viciously” belit- tled one of his own MPs, undermining their position as a representative. Days after resigning from the PLP, Mr Adderley rea- soned in parliament yesterday that his “difficult decision” to quit politics altogether was informed by his belief that the constituents of Elizabeth “deserve better” than an MP who cannot properly repre- sent them because he has been undermined by a lack of support from his party’s lead- ership. The ex-MP, whose resigna- tion took effect yesterday at 5.30pm, said he and his family suffered the “worst personal experience (they had) ever faced” during the seven and a half years he was an MP as his relationship with Mr Christie went from bad to worse. He claimed he suffered “vicious politics and hatred” from those “wretched beings outside the boundary” of his
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PAGE 4, THURSDAY, JANUARY 7, 2010 THE TRIBUNE
EDITORIAL/LETTERS TO THE EDITOR The Tribune Limited 2010 should 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., be extremely (Hon.) LL.D., D.Litt .
Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. interesting Publisher/Editor 1972-
Published Daily Monday to Saturday EDITOR, The Tribune. constitution as an individual nominates, as an individual if Shirley Street, P.O. Box N-3207, Nassau, Bahamas Well many have to see and LETTERS elected throws his/her support Insurance Management Building., P.O. F-485, Freeport, Grand Bahama wonder whether all the pre- [email protected] behind one person who dictions of Copenhagen Cli- becomes PM not on political mate Conference made any allegiance but as an elected WEBSITE sense as since the conference travel to Cuba will not be MP. www.tribune242.com – updated daily at 2pm concluded certainly the relaxed. Certainly we need parlia- weather across the Canada Bahamas take a sigh of mentary election reform and the US and in Asia has relief again. urgently included in that never been so cold and have MP Malcolm Adderley should be provisions to recall Malcolm Adderley bows out – free at last those areas had so much indicates that he now wishes their MP. snow. to be an Independent MP — 2010 looks as if it certainly YESTERDAY, after seven and a half sary. Party members were even expected to Have the climate experts again we see this play out will be interesting. long years of being buffeted by a cruel polit- compromise their consciences for “the got it right or are they talking where certainly it raises the ical storm, the leaking little dingy, mv SS Chief.” The late Carlton Francis, who had rubbish? question that it would seem W THOMPSON Elizabeth dropped anchor, and her disillu- contributed so much to his party and his Cuba — the announcement to be totally contradictory Nassau, sioned captain stepped ashore — a beaten, leader, discovered in his dying days how it from the TSA, indirectly the January 4, 2010. but a free man at last. felt to be mocked and thrown on the politi- when a person offers them- Obama White House, of the selves under the banner of (This will not be necessary In July, 2007 Elizabeth MP Malcolm cal pyre because there came a day when he inclusion of Cuba, named in in the Malcolm Adderley case Adderley — through a story about a leaking decided to follow his conscience and not his party ‘a’ or ‘b’ then shows the list of those countries or support to a particular MP as Mr Adderley has not little dingy — shared with Bahamians how leader. Who will ever forget the night that Sir destinations from where any his party had shunned him, even threw up Lynden, speaking from a public platform, who obtains the largest sup- changed sides, he has just left road blocks to engineer his defeat as the spotted the dying man, pointed him out to traveller heading to the US port and becomes constitu- the political arena. It is now PLP candidate for Elizabeth in the May elec- the crowd and scoffed that there went a must receive the highest tionally the Prime Minister up to his former constituents tion of that year. three-piece suit, but all he could see was scrutiny, if not rejection seals and likewise the process in a by-election to say at least, till the first terms of “This dingy,” Mr Adderley told the suit. It was true that on Mr Francis’ shrunk- where the MP who becomes whether they want to contin- the Obama Administration ue with PLP representation House of Assembly two months after his en frame all one could see was a baggy suit, the leader of the opposition. that the strict travel restric- or whether they will opt to go election victory, “had holes from front to but what cruelty, especially from a nation’s There is a contradiction in the back. It had no sail; it had no motor; it did leader. That was the depth to which the par- tions on US citizens to freely FNM. — Ed). not even have a rudder, but, far away from ty had fallen — under Pindling there were Elizabeth I was lost at sea. At the time the many “nights of the long swords” and scrap- sea was raging, the waves were blowing and ping in the gutter. Carl Bethel is in I suggest there is a same sex there were those on the shore who were In 2002 Mr Perry Christie won a one term anxiously awaiting with baited breath to see election on the promise that he was leading the motor vessel SS Elizabeth sink. Despite the “New PLP.” It wasn’t long before it was an elite group pat down search policy the tremendous courage of the crew on the realised that the style of execution might EDITOR, The Tribune. mv Elizabeth, there were times when they have been different, but the same bitter, EDITOR, The Tribune. became discouraged because of the cries of viciousness was being conducted in the open. I would not beat this horse those from Elizabeth. But those who stood While Mr Adderley maintained a dignified too long; I just want to state an As discussions commence globally in connection with on the shore looking from without … Yes, silence, the party’s hatchetmen were about inescapable truth. There was heightened airport security and enhanced passenger sir, it was not an easy voyage.” their dirty work — in the words of Mr an attempt by the PLP to dis- At the time when reporters were trying to Adderley — constantly and perpetually credit Carl Bethel on his resig- screening, I want the government department responsi- interview Mr Adderley to find out his polit- “undermining the duly elected Member of nation from the Ministry of ble for aviation and airport security to make a distinct ical future, we predicted that this was his Parliament in total disregard and blatant Education. Then afterwards, separation in who is allowed to pat down whom. farewell speech and that it would only be a disrespect of the will of the people of Eliza- they began immediately saliva- Let me clarify, unless the process/policy has changed at matter of time before he, like the late Cecil beth.” tion like wild dogs whose eyes our airport, males are allowed to pat down females. I Wallace Whitfield and the Dissident Eight His greatest anger was levelled at the have been locked on its fright- strongly suggest that there is a same sex pat down that many years before, would be breathing a party’s leader who apparently did nothing to ened victim. They claimed he will be strictly adhered to. sigh of relief. “Free at last, my soul is free at discourage those who were actively cam- was fired. They, in their lack of This should help to eliminate any inappropriate con- last!” were the departing words of Sir Cecil paigning to unseat him in his Elizabeth con- wisdom and memory set out to tact/touching by the airport security unless of course the score some cheap political as he walked out of the House and the Cab- stituency — “brazenly knocking on doors, person in question is an unprofessional gay/lesbian who inet of former Prime Minister Sir Lynden even dispensing T-shirts, groceries, even brownie points. It is astonishing Pindling. handing out Mother’s Day gifts and cards, how supposedly intelligent relishes the thought of touching a complete stranger. Mr Adderley recalled the early days of indicating to constituents that they were the men, could, in their wildest This is equally applicable for the random checking/screen- the PLP, a party, he said, that had the “dis- party’s choice for 2012.” imagination expect to gain any ing of minors. tinction of being built by the blood, sweat If Mr Christie expected Mr Adderley to advantage from this. I do not think any parent will like to see a strange and tears of hardworking men and women of remain a loyal party supporter — as he History should have shown male patting down their underage daughter/s. humble beginnings, but proud of their com- claimed he did— then he should have taken them that Perry Gladstone Sadly we live in a world of fanatics and certain steps mitment to uplift the well being and standard note when Mr Adderley in 2007 ran up the Christie and Hubert Alexander must be taken to preserve the security of all passengers. of the people.” red flag on the SS Elizabeth informing him Ingraham were fired from the Pindling cabinet. If memory I welcome the thought that the extra screening will deter It was a party that had a dream. It was a that there were dangerous shoals ahead criminals from terrorist activities on the planes. Howev- dream that, despite what our detractors will threatening to wreck both of them. Mr serves me right, both gentle- say today, even The Tribune believed in and Christie, true to form, chose to ignore the men went on to become Prime er, we must not become over zealous in our efforts to the supported. But the party lost its way. It was- warning, obviously waiting for time to heal Minister of the Bahamas. I do point where the rights of an innocent person/child are n’t long before it espoused the dream of one all and relieve him of the bother. It is always not know if Mr Bethel has any permitted to be violated by sick/perverted security per- man — and it was more than one dared to amazing when the inevitable happens, Mr aspirations to become prime sonnel. suggest that there might be another way, Christie innocently rolls his eyes and appears minister but he is in an elite another dream. to be taken by surprise. group, if all things are consid- A CONCERNED As Mr Adderley told the House yesterday Mr Adderley has stepped aside for the ered. CITIZEN the souls of those who had sacrificed so sake of his people in Elizabeth, who he Now I am positive that there is no one in the PLP who is Nassau, much to build their party would ache as a acknowledged needed a representative who December, 2009. “result of the venom and ill will that is dis- had the full support of the party he repre- shallow enough to dispute what played almost on a daily basis on any mem- sented. Mr Adderley did not have that sup- in fact did happen, but I would ber who tries to correct its ills.” port. not be surprised, stranger things Gutter politics had entered the arena. This weekend Mr Christie and his party have been happening recently. Victimisation was the party’s battle cry dur- will have to look at the collective damage ing the Pindling era; vicious character assas- they have wrought and decide what road IVOINE W sination was the way to eliminate an adver- they will take into the future. INGRAHAM Nassau, December, 2009.
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¿FH RI QRUPDO WLVVXH 7KLV FXWWLQJHGJH WUHDWPHQW $SSOLFDWLRQV FDQ EH FROOHFWHG DW WKH UHTXLUHVKLJKO\VSHFLDOL]HGSK\VLFLDQVWKDWVHUYH DV VXUJHRQ SDWKRORJLVW DQG UHFRQVWUXFWLYH %XVLQHVV 2I¿FH RU DW WKH +LJK 6FKRRO VXUJHRQ &RQWDFW WKH VFKRRO DW 7HOHSKRQH QXPEHUV 2XU YLVLWLQJ 0RKV 6XUJHRQ KDV H[WHQVLYH H[SHULHQFHLQWKH0RKV0LFURJUDSKLF3URFHGXUH RU IRU 7KHWHFKQLTXHLVXVHGWRUHPRYHWKHWZRPRVW IXUWKHULQIRUPDWLRQ FRPPRQ IRUPV RI VNLQ FDQFHU EDVDO FHOO FDUFLQRPDDQGVTXDPRXVFHOOFDUFLQRPD +(5(¶6<285&+$1&(7281/2&.$ :25/' )RUPRUHLQIRUPDWLRQSOHDVHFRQWDFW 2)(1'/(6623325781,7< )25<285&+,/' 7KH6NLQ&HQWUH+DUERXU%D\3OD]D (DVW%D\6WUHHW7HO C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 5 LOCAL NEWS NDP calls for reform to limit a PM’s chances of power abuse f THE National Develop- f a t ment Party is calling for con- s stitution reform that would e n limit a prime minister's u b i chances of abusing his power. r T / The party charged that the e k r country's political system is a l "broken" because it is ruled C by a constitution that "offers m i very little in the way of checks T and balances on the vast pow- ers of the Prime Minister." The NDP argued that under the country's current system of governance, the position of prime minister does not facilitate democra- cy, but "is rigged to produce dictatorship." Said the NDP: "Our con- stitution is extremely vulnera- ble to abuse, since it is our constitution that permits the THE NDP’S Dr. Andre Rollins addresses the media on the steps of the prime minister to virtually act House of Assembly yesterday. alone in selecting the chief jus- tice and two of the other sit- ting members on the five- branches of our government er" and honour a 2007 cam- member Judicial and Legal – the Executive, the Legisla- paign promise to institute Services Commission – the tive and the Judiciary – to local government in New statutory body responsible for unfairly stack the deck in his Providence. deciding who becomes a judge favour." The party believes that can- of the Supreme Court. The party's comments didates from the two major "It is the prime minister came on the same day that political parties should be cho- that has constitutional author- former Elizabeth MP Mal- sen through voter primaries, ity to decide whether a sitting colm Adderley resigned his instead of being selected Supreme Court judge will be seat in Parliament and days through an internal party allowed to receive a two year after he quit the PLP. It is process. The NDP thinks extension beyond the manda- speculated that the politician allowing constituents to tory retirement age of 65; and was wooed by Government to choose nominees will help to it is the Prime Minister who give up his seat in exchange fix the country's "broken" decides when an election is for a position as a Supreme political system. called. Court judge. "Such examples of power The NDP is calling on the effectively give the prime min- Ingraham administration to ister control of all three cease games of "political pok- CORRECTION IN TUESDAY'S EDITION of The Tribune under the head- line 'PLP by-election would be indicator of party's strength and support' it was reported that former PLP Senator Philip Gala- nis is an attorney. The Tribune would like to clarify that Mr Galanis is not a lawyer but managing partner of HLB Galanis Bain which pro- vides chartered accounting, forensic and litigation support ser- vices. TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K PAGE 6, THURSDAY, JANUARY 7, 2010 THE TRIBUNE LOCAL NEWS FROM page one ‘It’s the worst personal experience I have faced’ growth of any constituency,” said the MP. Mr Adderley served as the by then Prime Minister Per- a member, remained on at being Sir Lynden Pindling Ingraham won power in 2007 ourable thing for him to do MP for Elizabeth since the ry Christie in 2005 after the the behest of Hubert Ingra- when he retired in 1997 — after finding his plans scut- was resign. 2002 general election, when resignation of Kenyatta Gib- ham when the FNM were Mr Adderley’s withdrawal tled under Mr Christie’s Highlighting the alleged the Christie-led PLP won son from the post, but in a elected in 2007. from the political arena tenure and noted his discov- extent to which he and Mr power. move which caused some to Becoming only the second means a by-election will now ery that there were people Christie were at odds He was appointed Chair- begin questioning his loyalty MP in almost 13 years to be required in the Elizabeth actively campaigning under throughout his career in pol- man of the Gaming Board to the party of which he was resign as an MP — the last constituency in February. the PLP banner in his con- itics — a career which he In the meantime, it is stituency even as he admitted entering “reluc- rumoured that Mr Adderley remained the sitting MP. tantly” before coming to feel is set to be appointed as a “They were brazenly “sheer love” for the job as a Supreme Court judge by knocking on doors, even dis- result of his interactions with Prime Minister Ingraham in pensing t-shirts, groceries, his constituents —Mr Adder- short order. He has previ- handing out mother’s day ley said he was not only fac- ously worked as a public gifts and cards, indicating to ing opposition from the prosecutor, acting magistrate constituents that they were FNM as he ran for a second and a supreme court judge the (PLP) party’s choice for term in Elizabeth in 2007 but for one year. 2012,” said the MP. from “the forces of my own Addressing accusations Mr Adderley said his deci- party.” that he was disappointed at sion to leave the political “The only thing I had was not being given a high profile arena did not come on a my personal ambition and a appointment by Mr Christie, whim, but at a time pre- determination to conquer Mr Adderley said that “nev- determined following dis- both forces — and like the er once were fame and for- cussions which began around biblical shepherd boy, David tune” his goals upon entering the time of the 2007 general — the almighty God stood politics. election with family, friends by my side and gave me vic- Instead, he claimed he and the people of Elizabeth. tory. Praise be to God!” said chose to quit after conclud- At that time, they decid- Mr Adderley. ing that this “constant and ed that he would wait until He said he had been told perpetual undermining of the mid-term to see if there was by his constituents that they duly elected Member of Par- “any improvement in my support him “whatever (he) liament in total disregard relationship with the (PLP) does” and that were it not and blatant disrespect of the leadership” before deciding for the encouragement they will of the people of Eliza- whether to remain in poli- had given him throughout his beth ... that this contrived tics, he said. tenure as their representa- and calculated creation of Given that there was none, tive he would likely have confusion in Elizabeth had and in the meantime, the “succumbed long ago to the to stop.” membership of the party vicious politics and hatred Outlining the strained rela- returned Mr Christie as that was hatched by those tionship between himself and leader “almost unanimous- wretched beings outside the his party’s leadership, Mr ly” at the PLP convention in boundary of the great con- Adderley said he was only November 2009 even as the stituency of Elizabeth by put in a position to make MP continued to harbour those whom one would least infrastructural improvements “deep concern about the lack expect to do so.” in the constituency once of vision of the leadership”, Mr Adderley paid tribute Prime Minister Hubert Mr Adderley said the hon- to the PLP as a party which “has the distinction of being built on the blood, sweat and tears of hardworking men and women ... proud of their commitment to uplift the well being and standard of the people.” However, he asserted that those same men and women, like his mother and father, would have their “hearts and souls ache to see the state of the party today as a result of the venom and ill will that is displayed on an almost daily basis on any member who tries to correct its ills.” He thanked his family, friends, political supporters, 0$5,1( 1$9,*$7,21 constituents and the staff at the Gaming Board. In a parting shot, Mr &2856(6 Adderley said that as he pre- pares to leave the lower 7KHUH LV QR VXEVWLWXWH IRU WUDLQLQJ DQG DW VHD WKHUH LV chamber he is “pleased to IUHH ÀUVW see that the landscape of OLWWOH URRP IRU HUURU VR SODQ WR DWWHQG WKH Bahamian politics is chang- FODVV RI WKH 7HUUHVWULDO 1DYLJDWLRQ &RXUVH RIIHUHG ing for the better.” 7KH %DKDPDV 6FKRRO RI 0DULQH 1DYLJDWLRQ “The young people of E\ DW Elizabeth and other con- %$65$ +HDGTXDUWHUV RQ (DVW %D\ 6WUHHW RQ 0RQGD\ stituencies can no longer be persuaded by bully tactics -DQXDU\ DW SP WKHQ FRQVLGHU HQUROOLQJ LQ and ghetto politics. They WKH PRQWK FRXUVH 2WKHU FRXUVHV LQFOXGH demand and deserve better. 6HDPDQVKLS &HOHVWLDO 1DYLJDWLRQ A new day is dawning for the DQG wonderful people of The Bahamas. One in which the guideline is integrity and 9LVLW ZZZEVPQEL] IRU GHWDLOV honesty.” TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 7 LOCAL NEWS Share your news Bradley Roberts: I won’t The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. be running for by-election If so, call us on 322-1986 and share your story. By TANEKA THOMPSON Tribune Staff Reporter [email protected] CHAIRMAN of the Pro- gressive Liberal Party Bradley Roberts laughed off reports $11281&(0(17 that he would throw his hat into a by-election race for the vacant Elizabeth seat left by former PLP Malcolm Adder- ley. 0UV .HOSKHQH &XQQLQJKDP //% +RQV /RQG //0 He also called on Prime /RQG 3RVWJUDGXDWH 'LS 3RVWJUDGXDWH &HUW /RQG Minister Hubert Ingraham to call a general election instead 0&,$UE /RQG IRUPHU 9LFH3UHVLGHQW RI WKH ,QGXVWULDO of “squandering” public mon- ey on a by-election. 7ULEXQDO RI 7KH %DKDPDV DQQRXQFHV WKH RSHQLQJ RI Speaking to The Tribune yesterday, Mr Roberts said he KHU /DZ &KDPEHUV was "tickled" by the idea of running, which he admitted some supporters have .(/3+(1( &811,1*+$0 &203$1< approached him about – but PLP CHAIRMAN Bradley Roberts claimed there was no merit to reports reaching The Tribune PLP to enter a candidate process – the PLP is not like that he will be the PLP's can- using minimal financial the FNM you know, it doesn't %DUULVWHU didate in the looming by-elec- resources, in order to test vot- have one man who runs tion. er support. everything,” he said. &RXQVHO DQG $WWRUQH\V$W/DZ "Some people have He would only say that the "What I want Mr Ingraham advanced that idea but I have nation would know "by Mon- to do is call the general elec- &RUSRUDWH DQG *HQHUDO /HJDO 6HUYLFHV $UELWUDWLRQ no interest. I've been there day" what the PLP's plans tions; that's what I want to and I've done that," he said, are. him to do instead of wasting ,QWHUQDWLRQDO 'LVSXWH laughing. Asked if a candidate had money that the government 5HVROXWLRQ DQG $OWHUQDWLYH 'LVSXWH 5HVROXWLRQ His comments came the been selected, Mr Roberts said it doesn't have". same day Mr Adderley – said that a decision would be So far, attorneys Ryan Pin- 1RWDULHV 3XEOLF who was voted in by Eliza- made when the party's der, Craig Butler and Ken beth constituents for two National General Council Dorsett have expressed inter- consecutive terms on the meets in the coming days. est in representing the PLP in PLP ticket – officially "We got to go through the the Elizabeth area. %D\ 6WUHHW resigned from the House yes- terday, just days after quit- 32 %R[ 1 ting the opposition. 1DVVDX 7KH %DKDPDV It is a move that the chair- man sees as a "betrayal" of the people of the Elizabeth constituency. 7HO This means a by-election in the area is imminent, howev- )D[ er it is still unknown if the cash-strapped PLP will offer a candidate. :HEVLWH FXQQLQJKDPODZFKDPEHUVFRP Mr Roberts refused to com- ment on speculation that it (PDLO NFXQQLQJKDP#FXQQLQJKDPODZFKDPEHUVFRP would be beneficial for the ;6CCJD6:?76=5 DRefcURj ;R_fRcj#$ #!"! :^aVcZR]3R]]c``^ *+$!A> 5``cd`aV_)+$!a^ 7`ceZT\VeZ_W`c^ReZ`_ TR]]$'$ ''!" TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K PAGE 8, THURSDAY, JANUARY 7, 2010 THE TRIBUNE LOCAL NEWS Fitzgerald fires fresh broadside at Laing PLP Senator questions Minister’s political fitness THE political row between members of the media yester- Bahamas’ recent downgrading $2.889 billion which clearly PLP Senator Jerome Fitzger- day, Mr Fitzgerald said it is now by Standard and Poor’s could shows an increase of $665 mil- ald and FNM Minister of State obvious that Minister Laing and herald an oncoming fall in the lion, but this fails to take into Zhivargo Laing continued yes- the government have missed value of the Bahamian dollar account that in June 2002 when terday with Mr Fitzgerald ques- the message and point of Stan- that would see it “unpegged” the PLP came to office, the tioning whether Minister Laing dard and Poor’s downgrading from its US counterpart. financial state of the treasury is a fit and proper person to of the Bahamas’ sovereign rat- This criticism, however, was was so poor that the PLP was occupy the position he current- ing. met with a sharp rebuttal from immediately forced to borrow ly holds. Earlier this week, Senator Minister Laing who called Mr $125 million to pay off the $100 JEROME FITZGERALD ZHIVARGO LAING In a statement issued to Fitzgerald suggested that the Fitzgerald’s remarks “non- million overdraft at the Royal sense.” Bank of Canada and $25 mil- lion of other payables. When improve following a more the $125 million is subtracted proactive government policy Constructive from the $665 million, the PLP response to reduce debt lev- can only be held responsible Yesterday, Mr Fitzgerald els’,” he said. for $540 million of debt said that his criticism of the Senator Fitzgerald added between 2002 and 2007. Those government’s borrowing has that the fact still remains that are the indisputable facts,” he been reasonable and construc- the foreign currency portion of said. tive considering the state of the the Bahamas’ national debt has With this in mind, Mr Financial Services Industry over almost tripled from $430 mil- Fitzgerald invited Minister the past two and a half years. lion in 2007 to $1.1 billion at Laing to read carefully the rea- However Mr Laing, he said, the end of 2009. sons why the sovereign rating of lashed out questioning the lev- the Bahamas was downgraded el of government borrowing by Standard and Poor’s and under the PLP between 2002 Poignant their admonition of the gov- and 2007, describing it at more ernment to “get its act togeth- “It was against the recent than $866 million. er.” poignant observations made by Mr Fitzgerald said, however, “They said: ‘It’s debt and Standard and Poor’s and my that he thought he had laid this deficits have increased and the comments made in June 2008 “outright misstatement” to rest composition of its debt has during my contribution in the during his contribution in the weakened somewhat… against Senate, that I am again plead- Senate on the Budget debate a drop in the Bahamas’ already ing with the FNM government in June 2008. narrow revenue base.’ The on behalf of the Bahamian peo- “The facts can be found by a report concluded by saying that: ple to take what I say seriously simple review of the Central ‘The ratings could come under and listen carefully to the warn- Bank reports which disclose downward pressure if the ing given by Standard and that at the end of June 2002 the Bahamas’ fiscal deterioration Poor’s. We are on a slippery national debt stood at $2.224 persists and the economic base slope indeed. billion and at the end of June erodes more severely. Con- “I again invite the Minister 2007 the national debt stood at versely the ratings could and the FNM government to consider the contents of my ini- tial release and respond in a mature and reasoned manner, which is what the Bahamian people expect of them. “I stated: To stabilize and secure our country’s future financial standing, the Govern- ment must not engage in any further foreign currency bor- rowing. It must also move with a sense of urgency to develop a plan to reduce our national debt, diversify our economy and reduce our dependence on imported goods. “This is not the time for talk of ‘proven leadership’ or ‘tested leadership’; this is the time for sound, strategic economic poli- cies void of political rhetoric and smoke and mirrors,” he said. TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 9 LOCAL NEWS Chinese govt expresses support for the Baha Mar resort project By NOELLE NICOLLS Tribune Staff Reporter [email protected] THE Chinese government is expressing strong support for ongoing negotiations between local hoteliers and Chinese busi- ness interests with regard to the development of the Baha Mar resort project. While the government is not directly involved in negotiations, embassy representatives said a deal would trigger many eco- nomic benefits for both Bahamians and the Chinese. “The government of the Republic of China will strongly support this project. It will ben- THE ORIGINAL rendering of what the Baha Mar development would look like. efit both parties and strengthen our relationship. We would like own business. The embassy can stumbling blocks delaying a “Our intention and best wish to do everything possible for it facilitate the parties, but they final agreement. is to promote bilateral relations to commence,” said Jian Tan, make the decisions by them- Mr Tan said the number of between the Bahamas and Chi- first secretary in the Chinese selves. Generally the govern- permits necessary for the pro- na. The Chinese government Embassy and head of commer- ment will not intervene in a ject would be determined by and the embassy would like to cial affairs. business decision,” said Mr Tan. Baha Mar and approved at the do our best to improve bilater- Negotiators for the China In the 1990s China imple- discretion of the Bahamian gov- al relations and ensure the Import-Export Bank, the poten- mented new regulations requir- ernment. Bahamian people profit,” said tial financier, and China State ing state owned companies to He said the Chinese govern- Mr Tan. Construction Company, the establish modern enterprise sys- ment would only be involved at potential construction compa- tems and take on their own risk. the level of screening workers to ny, are expected back in the “State owned companies ensure that only reputable citi- country early this year to carry must compete in the market zens are brought to work in the negotiations forward. with all the other companies, Bahamas. Mr Tan said while the even private and multi-national. Just five months ago, Baha embassy requests information All companies must start at the Mar officials met for the first from the Chinese negotiating same level. If the government time with a Chinese business parties from time to time, the facilitates something for state- delegation to explore opportu- negotiations are conducted owned companies the others nities for collaborating on the independently. would fail,” said Mr Tan. billion dollar resort. Now on the “Even though the company The question of how many cusp of an agreement, Baha is state-owned, it retains its work permits are to be made Mar officials are cautiously opti- direct profits and it is managed available to Chinese workers in mistic that work will soon com- independently. The negotiations connection with the project has mence with the backing of the in progress are totally of their reportedly been one of the Chinese entities. Union officer charged in connection with altercation By DENISE MAYCOCK Robert Barry, a resident of Golden Gates, Tribune Freeport Reporter New Providence, appeared in Court One [email protected] before Magistrate Debbye Ferguson. It is alleged that on January 5, Barry FREEPORT – A union officer has been assaulted union trustee Ian Neely. arraigned in Magistrates’ Court on assault Barry pleaded not guilty to the charge. charges in connection with an altercation He was granted bail and the matter was that occurred at Workers House this week. adjourned to August 30, 2010. It’s more than engineering. It’s performance art. The Mercedes-Benz C-Class is equipped automatically adjusts the suspension with many innovative technical features set-up according to the conditions of the which delivers a driving experience that is road. Along with exemplary fuel use, unique in this class. Think beautiful faster gear changes, exceptional interiors design, elegant ease and stately and increased cabin space, you will see confidence. Among the highlights is the C-Class is the perfect embodiment of the Agility Control Package which the Mercedes-Benz philosophy. 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Many believe that the only Guys. way to regain that respect is through revenge. Each young person must have an under- standing of his own power and where he fits in • D’Arcy Rahming is a violent crime so he knows that walking away doesn’t dimin- researcher and Adjunct Faculty Member at the ish his being. Prior to the last century most College of the Bahamas. He holds Black Belts societies initiated young persons through cer- in several martial arts and is an internationally emonies that taught that life was hard and renowned seminar leader for corporations, pri- could be dangerous. Think of young men in vate groups and police and security groups. Africa hunting lions. You can follow him on his blog at www.sto- In this day and age, every young person plivinginfear.org. 6XQGD\ $IWHUQRRQV DUH New Planning and Subdivisions %HWWHU ZKHQ 6KDUHG Bill is introduced for debate 5SFBUUIFGBNJMZUP4VOEBZ#SVODI BU4IFSBUPO/BTTBV#FBDI3FTPSU MOVING closer to a drawn by the government "TLBCPVUPVS revamp of the laws govern- prior to parliament’s Christ- ing town planning and the mas break after what the &WFSZ4VOEBZ /PPOUPQN TQFDJBM#BIBNJBO development of subdivi- government described as a #JNJOJ.BSLFU SPPNSBUFTGSPN sions in the Bahamas, the slew of late comments and government introduced a criticisms of the changes it QFSOJHIU 'SFF QMVTUBYBOE new Planning and Subdivi- would entail. BEVMUT DIJMESFO DIJMESFO HSBUVJUJFT sions Bill for debate in par- The latest version of the VOEFS VOEFS liament yesterday. 63 page Bill – which will be The Bill was an updated debated on January 20 – %PXO)PNF3FE#FBOTBOE3JDF 1FBSMTPGUIF#BIBNJBO version of a previous Bill takes account of those 4FB(SJMMFE.BIJ.BIJ with the same name and responses, including those #BIBNJBO4UZMF$IFFTZ HUBERT INGRAHAM .BDBSPOJBOE$IFFTF #BIBNJBO'SJFE$IJDLFO purpose, which was with- from opposition members 4QBOJTI8FMMT'SJFE'JTI'JMMFU $PODI'SJFE3JDF of parliament, the Bahamas XJUI4QJDZ5BSUBS4BVDF 1JOFBQQMF6QTJEF%PXO$BLF Real Estate Association $PODI$IPXEFS and others. (VBWB%VGG Restaurant employee Prime Minister Hubert #SVODIJODMVEFTPOFHMBTTPGXJOFPSDJEFS Ingraham said yesterday that it would be uploaded robbed by armed men onto the government’s web- 'PSIPUFMSFTFSWBUJPOTDBMMPSWJTJUTIFSBUPODPNOBTTBV POLICE are investigating the robbery of a woman site for members of the employee of the Chinese Restaurant on Madeira Street by public to view and com- two armed men late Tuesday night. ment upon, if they would The woman was reportedly approached by the men as she like. left the store. They robbed her of an undetermined amount The government intends of cash, cell phone cards and a Toshiba lap-top, before flee- to pass the legislation ing on foot. before it prorogues parlia- Ï4UBSXPPE)PUFMT3FTPSUT8PSMEXJEF *OD"MM3JHIUT3FTFSWFE4IFSBUPO BOE JUT MPHP BSF UIF USBEFNBSLT PG 4UBSXPPE )PUFMT ment. 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We s Tribune Staff Reporter legislation’s) passage and imple- arriving on commercial air- cannot afford for Grand b u [email protected] l mentation will alert the own- craft,” he added. Bahama and Freeport to col- c r ers of private aircraft that if it is Some of the benefits arising lapse and every effort must be e p LEGISLATION paving the advantageous for them to pre- from the implementation of pri- made to ensure that the pre- u S way for passengers on private clear in Grand Bahama before vate pre-clearance include: sent trend there is reversed, y b as well as commercial aircraft to flying on to their ultimate des- Increased landing fees for the with people saying that this is o t “pre-clear” US Customs and tination in the United States, GBIA; the ability for flights the worst it has ever been in o h Border Protection in Freeport then it would make sense for departing from GBIA to land their experience.” P BREEZES Resort and Spa Panama, the first Super-inclusive resort was heralded yesterday as like- them to make Grand Bahama at any airport in the US without The increased aircraft vol- in Central America officially opened on December 12, 2009, with ly to bring about major eco- their vacation destination,” having to first land at the first ume will help ensure that the statewide dignitaries, including Excelentisimo Sr. Ricardo Mar- nomic benefits for Grand added the minister. international port of entry in currently “underutilised” pre- tinelli, president of the Republic of Panama, helping to cut the rib- Bahama. He said that in the last three the US; increased commercial clearance facility in Freeport is bon. Located in the coastal community of Santa Clara, just 90 min- The convenience of being years 80,000 visitors came to opportunities at the airport; the no longer subject to discussions utes from Panama City, the 294-room resort has been booked sol- able to use pre-clearance facil- the Bahamas on private air- likelihood that pilots and pas- of whether it should remain in id with consumers and agents since its soft opening on October 1. ities in the Bahamas rather than craft, with the economic down- sengers will stopover for recre- operation at all, as has been the Pictured (left to right) Excelentisimo Sr Ricardo Martinelli, and enduring typically longer wait- turn having encouraged a pref- ation in Grand Bahama; and case in the past, he added. Hon. John J Issa, chairman of SuperClubs. ing lines in the United States erence on behalf of owners and the opportunity for aircraft Parliamentarians yesterday will attract higher volumes of leasees of such aircraft to trav- from neighbouring countries passed the legislation, which SuperClubs' executive chairman John Issa has been awarded private aircraft to land in Grand el to “closer destinations and without pre-clearance facilities had already been approved by an honorary Doctor of Laws degree by the University of the Bahama, members of parlia- airports.” to use the GBIA as an inter- the Senate. The government West Indies in Mona, Jamaica. ment said, bringing with them “We expect these numbers mediate stop prior to entering must negotiate the precise Praised for his contributions to Jamaica's tourism industry, the boosts in revenue for hotels, to grow even in a recession US airspace. MP for Fox Hill terms of the pre-clearance university praised Mr Issa as one of the field's most influential taxi drivers, restaurants and once these pre-clearance facili- Fred Mitchell said: “I think that arrangement for private aircraft consultants and entrepreneurs. Mr Issa has also played an influ- shops on the island. ties are in place and there is lit- this Bill is in the best interest of with the US, via the American ential role in Bahamas tourism with the 1995 opening of Breezes, Their comments came dur- tle debate over the fact that the the Bahamian people because it Embassy in Nassau, before pri- the all inclusive resort at Cable Beach. ing a debate in parliament on spending of those persons arriv- will do something for Freeport. vate pre-clearance can take Known for many firsts in the Jamaican hospitality sector, Mr the Pre-Clearance Agreement ing on private aircraft is con- It is in our best interests that effect. Issa pioneered the all-inclusive hotel concept on the island when (Amendment) Bill, a piece of he opened Negril Beach Village in 1976. Reshaping the resort legislation that empowers the industry, Mr Issa then introduced the Super-Inclusive holiday with Bahamian government to the inception of the adults-only playground Hedonism II in 1981. amend the 1974 Pre-Clearance He also launched the island's first all-inclusive family resort, Agreement it entered into with Boscobel Beach, in 1983. the US “from time to time” in Mr Issa's vision has grown beyond the “isle of Irie”, with 19 conjunction with US authori- resorts throughout the Caribbean and Latin America. The most ties. “In the first instance, we recent in Panama was opened in October last year and the Brazil wish to extend those pre-clear- resort is scheduled for a May opening this year. ance benefits to the pre-clear- Beyond his hotel ventures, Mr Issa has deep roots in Jamaica: ance of private aircraft,” said He served as a senator from 1983 to 1989, chairman of the Minister of National Security Jamaica Tourist Board during the same years and president of the Tommy Turnquest. Jamaica Hotel and Tourist Association in 1972. A unique honour, “It should be noted that this Mr Issa even has his own 40-cent postage stamp, which was cre- Bill provides for the pre-clear- ated to commemorate the centenary of the Jamaica Hotel Law ance of aircraft both visiting (1904-2004). Throughout the years Mr Issa has received numer- and transiting the Bahamas. ous accolades for his achievements, including being honoured with Although the Bill does not the Order of Jamaica, the country's fourth highest national order restrict the location of these (1998), and the Brazilian Order of the Southern Cross (Officer facilities in The Bahamas, it has Rank.2001). Ernst & Young named him “Caribbean Master been determined that Freeport Entrepreneur of the Year” (2003), he received the Jamaica would be the ideal location for Tourist Board's “Trail Blazer Award” (2005), Caribbean World the pre-clearance of private air- named him “Premier Hotelier of the Year” (2006); and most craft.” recently the magazine extended Mr Issa “Lifetime Achievement The Bahamas is currently Award in Travel and Tourism” (2007). Along with Mr Issa, 16 one of only five destinations in distinguished recipients received honorary degrees from the uni- the world where commercial versity during graduation ceremonies, including Barbados' former passengers are able to pre-clear prime minister Sir Lloyd Erskine Sandiford; governor general of US Customs and Border Pro- St Vincent and the Grenadines, Frederick Ballantyne GCMG; tection. This in itself has been journalist and environmental activist John Maxwell; prolific of “enormous benefit” to scholar and historian Prof. Colin A Palmer; and chairman and tourism in the islands and to managing director of The Gleaner Company Ltd., Oliver Clarke. Bahamian citizens travelling to the US, said Mr Turnquest. TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 15 LOCAL NEWS FROM page one several months the union has Hotel Union members protest ruling on president been embroiled in a battle to settle on an executive leader- The teachers and the workers were on hand to lend their sup- tributed by union members - ship committee. are really feeling it. We don’t port to workers. Party member $10 per week - to play legal Nicole Martin secured a get paid because they don’t Renward Wells said the con- games at the expense of hard landslide victory in May elec- have anyone to sign cheques. stitution allows for people to working Bahamians.” tions. The results were voided We are supposed to be paid freely organise to form labour The objective of the pro- after being challenged in court weekly and sometimes for groups, but that process was testers is the reinstatement of on the basis of procedural three to four weeks we are not being compromised. He said Nicole Martin as president. inconsistencies. Justice Neville paid. I don’t even know if I am the government needs to They appealed to the Prime Adderley, who ruled on the going to be paid this Friday,” strengthen the capacity of peo- Minister, the Minister of matter, ordered a second elec- said Erica Eneas, a union mem- ple to be able to vote and have Tourism and all individuals tion. The second election, held ber from the group of child their votes respected. in power to intervene, stress- in September, saw another care workers. Chairman of the NDP Exec- ing the importance of worker landslide victory of even “It is too early in the year utive Steering Committee, Dr satisfaction to the tourism greater margins for Nicole for this. One judge makes one Andre Rollins, said: “It is time industry and Bahamian econ- Martin and her slate of repre- decision and another judge to take seriously the business of omy. sentatives vying for executive makes another decision. I nation building. The workers “We want Nicole Martin positions. thought it was the members have spoken not once, but back in office as our president. Hanging over election results HOTEL WORKERS protest yesterday. who were supposed to make twice and they spoke loudly No judge with a wig should were two court appeals. One decisions for themselves about and clearly indicating unani- determine our right to elect a appeal was filed over the deci- tion against Ms Martin, and is is just the beginning and we are who they want as their lead- mous support for a union led leader. We are sick of politics sion to void the first election. the architect of the latest going down Burma Road. They ers,” she said. by Nicole Martin’s team. It is interfering with our business,” This appeal has not been heard appeal. better check their history, Sir Members of the National time to stop playing political said Rodwell Rolle, union in court as yet. “They do not want Nicole Clifford Darling is still alive, Development Party (NDP) games, using the money con- member. The second appeal related Martin because she is not for because someone is going to to Justice Adderley’s ruling to sale. She has the respect of the get lick,” said Mr Cox. mandate a second election. workers. The government can’t Protesters expressed disap- Monday’s ruling on this mat- buy her. The hotel executives pointment over the lack of sup- ter by Court of Appeal Justice can’t buy her, so they don’t port from political representa- George Newman has union want her,” said Perry Cox, a tives in the leading PLP and members up in arms. long-standing union member. FNM parties, saying no one Justice Newman granted a “I have been a hotel worker was speaking up on behalf of stay of Justice Adderley's rul- all my life. Our judiciary system the workers. ing, essentially invalidating the is a mockery. We are not going As a result of the outstand- September elections and to stand by idly to let no court ing legal matters, former pres- requiring Ms Martin to step determine our fate. This union ident Colebrooke is expected down for a second time. has affiliations and we are not to assume presidential duties The ruling is a victory for going to stand dead. We are once again. former first vice-president Kirk telling the politicians to act “We are the ones that suffer Wilson, who contested the elec- now, stand now, because this when this mess starts up again. Registration centres to open today months. FROM page one Additionally, applicants for transfer or cor- rection must present their current voters’ cards, Malcolm Adderley resigned from his seat as the Mr Bethel said. representative for the Elizabeth constituency “It’s not different from a general election, it’s paving the way for the first by-election in over 10 the same process rather than electing the whole years to take place. House (of Assembly) you’re electing one per- However, a by-election has not been called as son. yet as it can only be done once the Speaker of the “The (voter) register that is enforced is the House of Assembly notifies the Governor Gen- register that was used for a general election, that eral that a seat is vacant in Parliament. At that is the register that would be used for a by-elec- time the Governor General will call for a by- tion. The only difference is that any change that election which then will have to take place with- would be made to the register would change to in 21 or 26 days. This therefore could place such that extent, if anyone else registers or if any one an election at the beginning of February at the is deceased. The register is open for five years, it’s earliest. a living document and it can change every single Mr Bethel also reminded the public that first day — so it remains open,” he said. time applicants for registration must be Bahami- Currently there is an estimated 4,200 regis- an citizens 18 years or older, who must provide tered voters in Elizabeth which covers Com- proof of citizenship and must have resided in monwealth Boulevard West as far as Sea Breeze the constituency for at least the past three Drive, Joe Farrington Road, and Cool Acres. FROM page one Attorney voices concern over "It's just an impossible sit- uation and now we have another person (who may be retired politicians on bench appointed to the bench) which may add to the diffi- matters as he ought". tect the citizenry from the culty in getting a judge who "I happen to like Malcolm abuse of power by the Prime may or may not have a con- Adderley as a person but I'm Minister, that Mr Malcolm flict. just saying that I just find it Adderley is today causing the "What it does is lend cre- strange that on the eve of the public to question whether he dence to the critics of our age of ordinary retirement, he used his elected office as a court system, who say all it is, would be given a post which bargaining chip in this game is politics. I'm not prepared would, in order to make of political poker that has to say it's political interfer- sense, would require him to been played between the ence, I don't know, it doesn't be extended beyond two FNM and the PLP since May have the right smell. It under- years," he continued. of 2007," the NDP told the mines the public confidence There is also a cry for con- press in an impromptu press of the (court), " he said when stitutional reform in order to conference on the steps of the contacted yesterday for com- limit the control a prime min- House of Assembly yester- ment. ister has over the executive, day morning, after Mr Mr Adderley is 64 years legislative and judicial branch- Adderley resigned from Par- old, just shy of the mandatory es of government. liament. retirement age of 65 for a Pushing for such reform is This comes after specula- judge. It has been rumoured fringe political group, the tion that Government wooed in political circles that Mr National Development Par- Mr Adderley away from the Adderley will be offered an ty, which questioned if Mr PLP with promises of a post extension past the normal Adderley used his political within the Supreme Court in retirement age from Govern- leverage as a bargaining chip exchange for his seat. ment. to secure a judicial post. The The NDP said the country Mr Gomez thinks Mr NDP argued that his resigna- must institute constitutional Adderley is qualified for the tion from the House was safeguards to limit a prime job but said this reported proof that the constitution is minister's "absolute power", arrangement would suggest "vulnerable to abuse." if the Bahamas plans to that the ex-MP "will not be "It is because our constitu- escape being categorised as as conflict-free in public law tion was not designed to pro- a “Banana Republic.” LifeChoices Let’s talk about your life choices. 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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010 SECTION B • [email protected] Retailer’s staff Abaco’s Xmas get ‘significant $7m food market arrivals grow piece of the pie’ pledges price drop 5% in 2009 * Robin Hood owner says staff given shares in * Newly-opened Premium Foods argues Bahamas food prices too Leading resort says December ‘over business have seen stake’s high, with 50,000 square foot store employing 100 Bahamians forecast’ and ‘way up’ on 2008 worth grow to $250,000- * Chief investor former Bahamas Food Services exec, with business $300,000 in four-five years By CHESTER occupying Penn building on Gladstone Road ROBARDS * Urges more Bahamas- Business Reporter based companies to * Robin Hood says ‘no impact’ from launch, as its 45,000 SKUs [email protected] ‘spread the wealth’ and provides more variety, and targets different market, than Premium PRELIMINARY data shows Abaco’s Christmas give employees ownership By CHESTER ROBARDS has been outstanding. ment to opening Premium holiday arrivals were up 5 stake Business Reporter Though he could not say Foods. per cent year-over-year, [email protected] what revenue the store According to the store’s the minister of tourism * December numbers earned during its first month sales manager, Keishla and aviation said yester- INVESTORS told Tri- since opening the doors in Goodman, the 50,000 square day, while a large resort drop from previous 30- bune Business yesterday December 2009, Mr Light- foot outlet carries similar on the island was “pleas- that they hoped their $7 mil- bourne said his first three products to many Bahamian antly surprised” by book- 40% month-on-month lion investment in a newly- weeks in business felt like food stores, though in bulk ings during the season. VINCENT rises, although 2010 to be opened Gladstone Road- “three years”. and at wholesale prices. Vincent Vanderpool- VANDERPOOL-WALLACE based wholsale/retail mega Mr Lightbourne was a for- The store has been com- Wallace told Tribune Busi- ‘banner year’ food market will help to mer director of operations pared to the US chain Sam’s ness that increased airlift into the country’s fastest- lower the average New at Bahamas Food Services, Club, which also sells goods 0developing economy has certainly “paid off divi- * January to finish 20-30% Providence food bill over the well-known food whole- in bulk. However, Ms Good- dends” during the Christmas season, though he up year-over-year, with just time. saler based nearby, before man said Premium Foods’ warned it was still too early to predict when arrivals The principal investor in retiring after 30 years. bulk imports are split, pack- will completely turn around. under 100,000 customer Premium Foods, Phil Light- He said he had seen food aged in smaller pairs and He said flights from Miami, one of the nearest US bourne, said he hoped his price points continue to rise, sold at wholesale rates. international gateways, have been full but are not visits in December investment in a low-priced and decided that Bahami- “You basically get every- translating into connections into the Bahamas. By NEIL HARTNELL food market would drive ans were paying too much SEE page 5B Tribune Business Editor average costs down, saying in their food bill. That was SEE page 8B the public response to date when he made the commit- Robin Hood’s president yesterday urged “more com- ‘Little confidence’ in ability panies” to follow his lead Investors eye and give key/deserving staff to arrest $3.8b national debt an ownership stake in their business, telling Tribune Freeport FBO By NEIL HARTNELL * Leading fiscal hawk says Business that those who had Tribune Business Editor been granted 50 Class A government achieved ‘one shares in the retailer four to * ‘Fantastic development’ of private aviation A leading fiscal hawk yester- five years ago now had “a $4.15 day said he did not have “much year of no deficit in 36-37 significant piece of the pie” pre-clearance in Freeport likely to attract developers 68 confidence” in the Govern- worth $250,000-$300,000. $4. ment’s ability to get the nation’s$4.29years of independence’ Advocating that giving of fixed base operations finances back on the right track, given that it had achieved “one * Backs Fitzgerald’s long- select employees an owner- * Chamber chief hopes increased traffic will result in year of no deficit in 26-27 years The information ship stake in the business $4.07 contained is from a 51 of independence” and was now term concernsthird party on and dollar The , was the greatest motiva- greater airport revenues, lowering commercial faced with a national $4.29debt Tribune can not be tional tool possible, Sandy $4. totalling almost $3.8 billion. and warns:held ‘Chickens responsible for Schaefer said the 10-12 staff aircraft fees and reducing aviation fuel costs Rick Lowe, an executive with errors and/or coming homeomission to from roost’ the who had been given a stake By NEIL HARTNELL usage would lower aviation fuel $4.2169 the Nassau Institute economic$4.29 daily report. in Robin Hood “represent Tribune Business Editor costs on Grand Bahama, some- think-tank, said that with the * ‘Future generations of the best we have”. thing that has been a major $4. national debt approaching at “It engenders a sense of Several groups are looking impediment in attracting carri- least $3.8 billion, “future gen- Bahamians will have a at the establishment of a fully- ers to the island. “I think it’s a The information contained is from a third erations of Bahamians will have team spirit and collective party and The Tribune can not be held pride, as they share in the fledged fixed base operation responsible for errors and/or omission burden that no generation (FBO) at Grand Bahama Inter- SEE page 7B from the daily report. SEE page 9B good times and the bad,” Mr national Airport, the president has had to carry before’ Schaefer told this newspa- of the island’s Chamber of per. “I’d love to see more Commerce disclosed yesterday, companies do it. adding that this initiative would “The greatest asset in any receive a major boost from the business, bar none, is your “fantastic development” of US employees. They are truly pre-clearance for private air- craft in Freeport. the single greatest asset any K P Turnquest, responding company has. What greater to the legislative amendments reward can you give but extending pre-clearance facili- long-term security and own- ties to private aircraft in Grand ership?” Bahama, said the increased rev- Arguing that more enues this should generate Bahamas-based businesses could help to lower fees that needed to “spread the Grand Bahama International Airport currently levies on wealth”, Mr Schaefer said commercial airlines, thereby that unless select employees boosting airlift into the island. were granted some form of The Grand Bahama Cham- ber of Commerce’s president SEE page 10B also suggested that the increased aircraft volume gen- erated by a rise in private plane C M C M Y K Y K PAGE 2B, THURSDAY, JANUARY 7, 2010 THE TRIBUNE C M C M Y K BUSINESS Y K PAGE 2B, THURSDAY, DECEMBER 24, 2009 Protecting against THE TRIBUNE BUSINESS Twenty jobs nowcopyright rolled into thieves one “One of my BY DEIDRE BASTIAN They possess a flair for color physical and social factors in biggest pet and a solid understanding Aofre youplanning undecided and executingwhether the needs of the corporateor not dtoesigns post for your their precioustarget audi- THE ART OF peeves is looking an the life of an world, which is very impor-photos ence.on the blog because of artist/designer be tant if you expect your designs They must be able to syn- THE ART OF at posters with security concerns? 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A computer or Shrink Wrapping Images BTC and Cable: Regulations will stifle innovationShrink wrapping an image is If the transaction is successfully concluded the combination a JavaScript technique where FROM page 1B operating in the grey marketyou display (and also your as a image with result of a significant black market that exists for these services,” the BISX-listedanother, transparent,company image of these companies will result in the creation of the first Cable Bahamas said that URCA’s proposals said. overlaid on top. If copied, it meant “a step-change in the level, scope and “Cable Bahamas estimateswill usually that satellite generate a blank composite insurance holding company in e Bahamas and cost of regulation” applicable to itself and its providers currently servei aroundmage. 40However, per cent of for someone wholly-owned subsidiary, Caribbean Cross- the digital pay TV market. Moreover, it is ings. who is determined, this method entirely possible that US csatellitean be circumventedbroadcasters, as well. result in the consolidation of approximately $200 million in “Intrusive regulatory intervention in markets whose programming is already received by a that are already competitive at the platform substantial number of Bahamian customers, level, and which are trending towards addi- will apply for licences to tradeUsing in the Flash Bahamas can gross premium revenue. tional competition following market opening, now that licences to operate freely are avail- will be counterproductive at best,” the BISX- protect your image able.” It is also possible to set up a listed utility provider said in its response to Cable Bahamas pointed out that IP Solu- URCA. tions International was slideshowalso poised into enterFlash to display It is expected that the combined entity will achieve greater “URCA’s proposed regulatory regime the digital TV market viaimage, its Internet which Protocol limits the ability would encourage the [Cable Bahamas and (IP) solution, while BTCof was thieves looking to to devel- download the Caribbean Crossings] to sweat their existing op its own product in this market. assets instead of upgrading, expanding or images directly. Even if you efficiencies from the consolidation of operations at the The “existing and growingembed competition”, your images in a Flash replacing their existing networks. and absence of any market failure, indicated “It would discourage BTC, which would be price regulation of Cableobject Bahamas’ to protectdigital TV them, it's pos- holding company level as well as broaden the market access free to utilise the array of mandatory wholesale service could not be justified,sible to the take company a screen shot of offers that URCA wishes to impose on the said. the desktop as that object is dis- companies, from innovating, upgrading and “The evidence shows thatplaying the existing your image. com- for all product lines offered by both companies within the expanding their own platforms. Instead, BTC petitive constraints have had a significant would likely continue to focus its attention impact in light of the fact that Cable Bahamas and resources on its cellular monopoly. has only raised the monthly Neverrates for upload this pack- them Bahamas and the wider region. “This would add little in the way of any real age by $1 since its introductionto thein 2005, Web despite value or innovation to Bahamian consumers, the lack of any price regulation,”‘Prevention it added. is better than the economy or ‘the essential part of the back- Cable Bahamas also accused URCA of fail- bone infrastructure supporting the commercial cure’, so if you post your images ing to follow the procedureonline for implementingit is possible for someone Bahamas First and FamGuard share a similar history with and social progress of the Bahamas’.” interim SMP remedies, which it said was con- BTC appeared to effectively support Cable tained in section 116 of tothe pinch Communications them!. The only guar- Bahamas’ position on this point, telling URCA Act. It added that the Actantee stipulated that thatyour tele- images would both entities having been established as holding companies that the SMP remedies it planned for the state- coms operators were to submitnot be their stolen own is pro- to never upload owned incumbent would deter it from invest- posed obligations and, if in compliance with ments such as its $55 million next generation them to the web, which is the the law’s requirements, thesecurest regulator and was safest sup- method of for their home grown insurance subsidiaries, Bahamas network (NGN). posed to accept them. “URCA has not considered the impact of Cable Bahamas allegedprotecting that by instead your fol- digital images. the proposed regulation on infrastructure lowing a consultation process,By in whichand large, it issued full protection First General Insurance Company and Family Guardian investment incentives,” BTC warned. “BTC is a preliminary determinationof your and draftimages order, is impossible in the process of rolling out a new NGN net- URCA had “deprived [Cable Bahamas and work, which will bring considerable benefits for because screenshots can be tak- Insurance Company which were established in 1982 and Caribbean Crossings] ofen the andright toedited develop as well, so BTC customers and the wider economy. and propose specific SMP obligations... “URCA, however, has not considered that “In its place, URCA hasapproach created a this regime venture in with cau- 1965 respectively. the proposed regulations will considerably which the companies musttion. demonstrate Finally, Iwhy will leave you reduce BTC incentives to invest in these new URCA should not adoptw iththe proposedthis tip: SMPLike everything technologies.” obligations contained in theelse, preliminary if they can deter- see it, they can And Cable Bahamas added: “URCA’s pro- mination,” Cable Bahamas alleged. posal to impose an unprecedented set of steal it. Thievery is not only FamGuard became a publicly traded company in 1998 “By shifting the burdenactive in thison manner,land, it exists and heavy-handed regulations on [itself and URCA has created a process designed to sub- Caribbean Crossings] will neither encourage ject the companies to onerousroams cyberspaceSMP obliga- as well. and began the process of restructuring its insurance nor promote sustainable competition at any tions - developed by URCALet’s - that havethey would fun and stay on level of the value chain, and is contrary to the never have proposed. Thetop procedures of our game. adopted express objectives of the Communications Act by URCA also prejudice the companies’ inter- operations in 2001 with the merger with Star Insurance and the Government’s policy.” ests (and harm consumers) by delaying the Focusing on its individual products, Cable date on which the companies will be able to Bahamas argued that price regulation of its enter new electronic communications markets Company (Bahamas) and the acquisition of the remaining cable TV digital package could not be justified in the Bahamas..... due to the competition it already faced from “In effect, Parliament found Cable Bahamas rival satellite operators. ‘guilty’ of having SMP without trial, and 50% portfolio of BahamaHealth Insurance Brokers & “Cable Bahamas already faces substantial URCA is now applying procedures designed to competitive pricing pressures from Satellite allow URCA to impose the most severe ‘sen- Benefit Consultants Limited in 2002. In 2006 FamGuard SG PrivateBahamas Banking and from (Bahamas) US satellite Ltd.broadcasters tence’ without justification.” entered into a strategic alliance with Sagicor Financial Corporation with that entity acquiring 20% of its shares. In 2008 FamGuard launched its pensions and wealth ENTRY LEVEL RECRUITMENT management subsidiaries, FG Financial Limited and FG Capital Markets Limited. SG Private Banking (Bahamas) Ltd. is a No prior experience is needed but the ideal licenced Bank providing full Private candidate will be able to write and speak French Since its creation 28 years ago, Bahamas First has taken a Banking and Investment Management fluently, hold a Bachelor's degree or equivalent services to high net worth individuals. As and have excellent computer skills. lead position in the general insurance market and was the a subsidiary of Société Générale (France), the Bank is part of a worldwide network, The position offers an attractive salary and first local general insurance companyTO DISCUSS to exceed STORIES $100 million ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM operating in 82 countries and employing benefits package including, pension and in premium income in 2007. Also in 2007, the company 163,082 staff from 122 nationalities. bonus schemes. entered into a strategic arrangement with the Economical Insurance Group (EIG) of Canada with that entity acquiring SGPB Bahamas is currently looking to Applications should be submitted to the recruit for an entry level position with following address, to arrive on or before 20% of its shares. opportunities for development in the January 13, 2010. Compliance area. Your primary role will e insurance subsidiaries of both companies are currently be to administer the day to day functions Head of Human Resources of Central Filing which includes database SG Private Banking (Bahamas) Ltd. rated A-Excellent by international rating agency A.M. Best. maintenance, scanning, filing, PO Box N7789 maintenance of client files as well as the Nassau, Bahamas Bahamas First and FamGuard will issue another release periodic translation of documents from upon conclusion of these negotiations. French to English. TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 3B BUSINESS Bahamas’ US imports grow 16% per year By NEIL HARTNELL ing for 25 per cent of all US $197.476 million or 59 per Tribune Business Editor exports to the CARICOM cent of exports for the same region. period in 2008. The Bahamas’ imports This data comes after the The US Trade Representa- from the US grew at a 16 per US Trade Representative tive’s Office’s report also not- cent annual rate between 2001 Office’s report on the ed that US exports to the and 2008, data produced by Caribbean Basin Initiative Bahamas for the eight months the Caribbean Regional (CBI), published this week, to January 2009 had fallen by Negotiating Machinery found that of the $465.823 18.6 per cent, from $1.895 bil- (CRNM) has revealed, with million worth of goods lion the year before to this nation accounting for exported to the US by the $1.542.2 billion, the more than around 25 per cent of the Bahamas in the period Janu- $300 million drop likely to region’s US import bill in ary-August 2009, some 13.3 have been induced by the 2008. per cent or $62.16 million recession. A CRNM document, entered tariff-free under the Overall, for the 2008 full describing the Bahamas as preferences provided by the year, the Bahamas exported “the top import market for initiative. US goods in CARICOM”, These figures represented some $603.935 million worth said: “The Bahamas was the a drop on the 2008 compara- of products to the US, of most dynamic importer of US tive period, when $93.472 mil- which $141.048 million or 23.4 goods between 2001 and 2008, lion or 27.9 per cent of a total per cent entered the US duty- overtaking Jamaica and $334.497 million worth of free under the CBERA. The Trinidad and Tobago. goods exported to the US by main beneficiaries from the “Between 2001 and 2008, the Bahamas entered under Act’s trade preferences were the Bahamas’ appetite for US the CBERA. Bahamian crawfish, Polymers’ goods grew by 16 per cent For the eight-month peri- plastic products, salt, fruits annually.” None of this will od January-August 2009, and vegetables. come as a surprise, given the some 41 per cent or $190.832 In that same year, the US Bahamas’ proximity to the million worth of Bahamian exported some $2.76 billion US and taste for things Amer- exports also entered the US worth of goods and services ican, with this nation account- duty-free, compared to to the Bahamas. Bank invests $1.5m in its card platform Bank of the Bahamas International yester- investment opportunities, and remaining sup- day said first quarter results showed a net portive of providing solutions to customers profit of $3.6 million for the three months end- faced with financial challenges at this time.” ing September 30, 2009, representing 29 per Total assets at the end of the period dipped cent growth over the same period last year. slightly from the one-time high of $758 million “I am particularly pleased to report the at the end of the fiscal year June 30, 2009, to strength of the balance sheet, with an increased just under $744 million. risk adjusted capital ratio of 24 per cent, well above the new guideline of 14 per cent to 17 The figures were achieved despite the bank’s per cent introduced by the Central Bank,” $1.5 million investment in sophisticated soft- said Paul McWeeney, the bank’s managing ware and equipment to bring credit card pro- director. cessing in-house, a move that prepares it to He added that increasing capital provided supply that service and others to financial insti- the “financial fortification to absorb increasing tutions and business locally as well as interna- credit risk while seeking viable lending and tionally. TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K PAGE 4B, THURSDAY, JANUARY 7, 2010 THE TRIBUNE BUSINESS GM says new CFO is a candidate for CEO post Accountant to address Hundreds of the 1,350 General Motors Co. dealers who lost their franchises last year could see them restored in a con- gressionally mandated arbitration process that begins later this month, the company's interim CEO said Wednesday, according to Associated Press. infrastructure needs CEO and Chairman Ed Whitacre Jr. also said that new Chief Financial Officer Chris Liddell is a candidate for the CEO post. And Whitacre said he's not confident about selling the Simon Townend, a part- “The world is going to spend $30 tril- president, Bahamas Cham- Swedish Saab brand. ner in KPMG Bahamas and lion on infrastructure over the next 30 ber of Commerce; Dr Nel- In a wide-ranging talk with reporters at GM's Detroit head- managing director of son Clarke, pyschiatrist; quarters, Whitacre also predicted that GM would be prof- KPMG Corporate Finance, years. The global population will go Wendy Waren, chief execu- itable this year, although he said that was dependent on the will speak on the topic The up from 6.5 billion to between 9 and 12 tive and executive director, economy and other factors. Infrastructure Challenge for billion over this period. This means Bahamas Financial Services GM had planned to close the 1,350 dealerships this year in an the Bahamas 2010 and Board; Usman Saadat, effort to dump poor performers and better align its dealer beyond, when he addresses increased demands for energy, trans- director of policy and regu- base with much lower consumer demand for autos. In many cas- the 19th annual Bahamas portation, healthcare, water and waste- lation, Utilities Regulation es, GM had dealerships too close to one another and compet- Business Outlook next and Competition Authority ing too much on price, the company said. week. water, telecoms and, very importantly, (URCA); Dr Ian Strachan, Congress passed legislation late last year that forces GM Mr Townend said infra- education.” associate professsor, the and Chrysler Group LLC, which shed 789 dealers last year, to structure was considered to College of The Bahamas; give dealers a chance to appeal closure decisions. Both com- be one of the greatest chal- and panelists Scharad Light- panies went through bankruptcy protection earlier this year and lenges of the 21st century Simon Townend bourne, photographer, Allan are receiving government aid. globally. P. Wallace, artist, and “The world is going to Terneille Burrows, record- spend $30 trillion on infra- How is the Bahamas faring? ness Outlook is themed ing artist. structure over the next 30 What is its infrastructure 2010-2020: A Decade for Bahamas Business Out- *(1(5$/ years. The global popula- need over the next 10-20 Action and Accountability. look is organized by The tion will go up from 6.5 bil- years? What is being done Other presenters will Counsellors and sponsored lion to between 9 and 12 bil- about it? What could be include Minister of Tourism, by the Central Bank of The lion over this period. This done better? How will all of Vincent Vanderpool-Wal- Bahamas, First Caribbean means increased demands this get financed?” Mr Tow- lace; Algernon Cargill, International Bank, Scotia- +$1'<0$1 for energy, transportation, nend said. director, National Insurance bank (Bahamas), NIB, healthcare, water and waste- Board; Dr. K.J. Rodgers, British American Financial, water, telecoms and, very Questions opthalmologist and busi- KPMG and Sun Oil. 7KH1HZ3URYLGHQFH'HYHORSPHQW&RPSDQ\/LPLWHGLV importantly, education. And nessman; Khaalis Rolle, VHHNLQJDJHQHUDOKDQG\PDQWRSHUIRUPYDULRXVPDLQWH it is not just about building These are some of the things, rather the delivery questions he will discuss at 1 2 7 , & ( QDQFHWDVNVWKURXJKRXWWKHJURXSRI&RPSDQLHV([SH of efficient and scaleable Bahamas Business Outlook. services,” he said. Mr Townend has 17 years ULHQFHLQSRROPDLQWHQDQFHDQGODQGVFDSLQJLVDSOXV Mr Townend added that of professional and corpo- 1$)&2',17(51$7,21$//,0,7(' &DQGLGDWHVPXVWEHDEOHWRUHDGDQGZULWHDOORFDWHWLPH infrastructure was central to rate advisory experience Government planning out gained with KPMG mem- 1 2 7 , & ( ,6+(5(%<*,9(1DVIROORZV VSHQWSHUWDVNKDYHEURDGVNLOOVWKDWFRYHUFDUSHQWU\ of the current crisis for the ber firms in the Caribbean, creation of jobs and eco- the United Kingdom and D 1$)&2' ,17(51$7,21$//,0,7('LV LQGLVVROXWLRQ SOXPELQJ HOHFWULFDO DQG EH FDSDEOH RI HIÀFLHQWO\ DQG nomic activity, and the the Channel Islands. He has XQGHUWKHSURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV building of tangible assets a BA (Hons) degree from &RPSDQLHV$FW HIIHFWLYHO\RYHUVHHLQJZRUNGRQHE\WKLUGSDUW\VHUYLFH for the long term. the University of Bristol in “But in the current envi- the UK, is a Fellow of the E 7KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHGRQ SURYLGHUV ronment, governments have Institute of Chartered WKHWKGD\RI-DQXDU\ZKHQLWV$UWLFOHVRI larger debt burdens and less Accountants in England and 'LVVROXWLRQZHUHVXEPLWWHGWRDQGUHJLVWHUHGE\WKH cash to spend. Almost every Wales, and is a Member of 5HJLVWUDU*HQHUDO country in the world has a the Bahamas Institute of 3OHDVHID[\RXUUHVXPHWRE\ massive infrastructure chal- F 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV*DEULHOH Chartered Accountants. 6FKQHLGHURIUXH%HDXPRQW/ /X[HPERXUJ lenge ahead of it, and the This year’s Bahamas Busi- 0RQGD\-DQXDU\WKDW DP Bahamas is not unique. 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As vision a reality, and I HBS Professor Anita Harvard Business School’s ensure new ideas, innova- vice, education and the the first Bahamian speaker encourage all of our Elberse and Carl Smith, Caribbean Business Club, tions and inventions were social services. ever invited to present at Caribbean students at HBS vonsul general for the on the topic of Envisioning developed to positively Mr Finlayson stressed this prestigious business and alumni to do the same.” Bahamas in New York. the Caribbean as a Global impact and transform the redesigning the learning school, Mr Finlayson’s Some of the individuals in Mr Finlayson was the Centre for Design, Innova- Caribbean and the world, process in schools, universi- speech expressing a call for attendance at Mr Fin- recipient of a special award tion, and Entrepreneurship. and that new business mod- ties and communities, and action resonated with the layson’s presentation were in 2006 for innovation from Roosevelt Finlayson, who els, industries, innovations taking lessons from professors, students and students and HBS Alumni the Human Resources Asso- works as a catalyst for per- in production and delivery Caribbean festivals and the alumni in attendance. I from the Bahamas, Barba- ciation of the Caribbean. sonal and organisational processes, and new products arts to stimulate significant intend to support Mr Fin- dos, Trinidad and Jamaica. change, and is the co- devel- and services, were devel- growth in cultural and cre- oper of the Festival in the oped. ative industries. Workplace (FITW) process, He added that persons in The presentation was highlighted the history of the Caribbean should aim organised by Bahamian 0,1,675< 2) :25.6 75$163257 innovative persons from the to understand the transfor- Graham Ward, who said: 52$' 75$)),& '(3$570(17 Caribbean, including artists mational role that the cre- “On behalf of the Caribbean and scientists, who have ative design process, used Business Club of the Har- made a positive impact on by artists and scientists, can vard Business School, we theAbaco’s region and the world. play in the development Xmas of a would like to thank Mr Roo- 38%/,& 127,&( 7KH 5RDG 7UDIÀF 'HSDUWPHQW LV SOHDVHG WR UHPLQG WKH JHQHUDO SXEOLF RI WKH arrivals grow HVWDEOLVKHG SURWRFROV IRU WKH ,QVSHFWLRQ DQG /LFHQVLQJ RI &RPSDQ\ 9HKLFOHV 7KH PRQWK RI 0DUFK LV WUDGLWLRQDOO\ FRPSDQLHV· UHJLVWUDWLRQ PRQWK DW WKH 5RDG 7UDIÀF 'HSDUWPHQW ,Q DQ HIIRUW WR H[SHGLWH DQG HQVXUH D VPRRWK UHJLVWUDWLRQ SURFHVV WKH GHSDUWPHQW DGYLVHV WKDW UHJLVWUDWLRQ ZLOO FRPPHQFH )HEUXDU\ $OO FRPSDQLHV ZLWK D ÁHHW RI ÀYH RU PRUH YHKLFOHV DUH HQFRXUDJHG WR SUHSDUH DQG VXEPLW WKH UHTXLUHG GRFXPHQWV RQ WKH VHFRQG QG 5% in 2009 ÁRRU WR WKH &RQWUROOHU·V 2IÀFH LQ WKH &ODUHQFH $ %DLQ EXLOGLQJ WR HQVXUH DQ DSSRLQWPHQW IRU ,QVSHFWLRQ 7KH GHSDUWPHQW IXUWKHU ZLVKHV WR DGYLVH WKDW DSSOLFDWLRQV ZLOO EH SURFHVVHG RQ ÀUVW RQ ÀUVW FRPH ÀUVW VHUYH EDVLV FROM page 1B 2009. An art festival is also ing a slight increase in busi- planned for later this month ness month-over-month,” he in conjunction with the said. 7KH IROORZLQJ GRFXPHQWDWLRQV DUH UHTXLUHG Meanwhile, Abaco resi- Bahamas National Trust. &RYHU QRWH VWDWLQJ WKH PDNH PRGHO \HDU DQG FKDVVLV QXPEHU dents and hotel owners saw Early last year, Mr 7RWDO QXPEHU RI DOO YHKLFOHV WR EH OLFHQVHG a better Christmas than Kramm tweaked the resort’s $ FRS\ RI WKH FXUUHQW GLVF IRU HDFK YHKLFOH planned. General Manager offerings, adding full moon of the Abaco Beach Resort, 2ULJLQDO FHUWLÀFDWH RI LQVXUDQFH QR FRSLHV ZLOO EH DFFHSWHG parties and numerous enter- 6SHFLDO 3HUPLW /HWWHU 0LQLVWU\ RI :RUNV IRU DOO PLVFHOODQHRXV Bob Kramm, said their tainment options to drive December was “over fore- business during low periods YHKLFOHV cast” and “way up over last sparked by the economic year”. downturn. 3OHDVH QRWH WKDW SD\PHQWV FDQ EH PDGH LQ WKH IRUP RI He said many of the He added yesterday that guests visiting the resort dur- those strategies were still Share &HUWLÀHG &KHTXH PDGH SD\DEOH WR 3XEOLF 7UHDVXU\ ing the recent holiday sea- being employed, with the DEVROXWHO\ QR SHUVRQDOFRPSDQ\ FKHTXHV son had not made advance hotel throwing bonfire par- reservations, making occu- ties as a result of the recent your 9LVD0DVWHU &DUG pancy forecasts unpre- uncommonly cold weather 6XQFDUG dictable. across the Bahamas. news Mr Kramm said the mari- &DVK The hotel expects an over- The Tribune wants to na, one of the largest in the booked band schedule and Bahamas, had as many as 90 increase in boat arrivals this hear from people who are boats. Last September, Aba- month. making news in their co Beach Resort’s marina Mr Vanderpool-Wallace neighbourhoods. Perhaps was the emptiest it had been said that though airlift to the you are raising funds for in years. Bahamas had increased, the a good cause, Mr Kramm was cautious- turn around in business campaigning for ly optimistic that the worst might not be felt until confi- improvements in the area might be behind Abaco, as dence in the market is back or have won an award. several fishing tournaments up. If so, call us on 322-1986 that were cancelled last year “We’re optimistic of see- and share your story. have vowed to return in TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 7B BUSINESS FROM page 1B Investors eye Freeport FBO fantastic development for Grand Bahama,” K P Turn- trailer, which is not satisfactory one group looking at it.” quest told Tribune Business at all. The construction of a FBOs, such as Odyssey Avi- yesterday. “I think it also will proper Fixed Base Operation ation at Lynden Pindling Inter- necessitate the need for the to receive the kind of visitors national Airport (LPIA), pro- reconstruction of a proper and traffic that will result is a vide a complete service to the Fixed Base Operation at the fantastic development. private aviation market, includ- airport. We don’t have one at “There is a group that is ing refuelling and all necessary the moment. They, Freeport looking at developing an FBO aircraft services and mainte- Flight Services, operate out of a there. Scott Albury is a part of nance. They also allow this market’s high-end clientele to pass through Immigration and Customs swiftly when entering and exiting the Bahamas. &20021:($/7+2)7+(%$+$0$6&/(JHQ The added convenience pro- vided by FBOs is a further attraction to investors and ,17+(6835(0(&2857 tourists eyeing the Bahamas, and Tommy Turnquest, the &RPPRQ/DZDQG(TXLW\'LYLVLRQ minister of national security, in leading House of Assembly % ( 7 : ( ( 1 debate on the proposed amend- ments yesterday said some 80,000 visitors had entered this 6&27,$%$1. %$+$0$6 /,0,7(' nation via private plane in each of the past three years. More importantly, spending 3ODLQWLII by private aircraft visitors was higher than what was spent by $1' commercial aviation passen- gers, Tommy Turnquest said, 0$56+$7<281* indicating this was a business with high margin potential for tourism. )LUVW'HIHQGDQW Meanwhile, K P Turnquest $1' said of the economic effects of Grand Bahama private aircraft pre-clearance: “It will impact %(51$5'$<281* revenues at the airport, like landing fees and other aero- 6HFRQG'HIHQGDQW nautical fees, and hopefully that will be able to reduce costs for other aircraft coming in. “Then 7R 0DUVKD %HUQDUG C M C M Y K Y K PAGE 8B, THURSDAY, JANUARY 7, 2010 THE TRIBUNE BUSINESS &200(5&,$/63$&( )255(17 $7m food market *URVYHQRU6XLWHV:HVW pledges price drop *URVYHQRU&ORVHRII6KLUOH\6WUHHW man, Premium Foods is 100 long been dominated by the “I think it’s really of no FROM page 1B per cent Bahamian-run and likes of City Market, Super major concern to us because 3KRQH IRUYLHZLQJ owned, and employs almost Value and AML Foods. their market is the one thing along the lines of food 100 individuals. New players, particularly Bahamas Food Services service,” she said. “We also Mr Lightbourne alluded Robin Hood, have moved serves right now,” he added. )LUVWPRQWKIUHHZLWKUHQRYDWLRQV buy a lot our products local- to huge changes to the store into the market aggressively, “We probably have in ly.” within three months, which putting the pressure on mar- excess of 45,000 SKUs Ms Goodman said items will allow its expansion in gins and market share. [stock keeping units], and in such as fresh conch, lobster the future. For now, he said Sandy Schaefer, Robin a place like that they proba- and vegetables, and as many he has been able to keep Hood’s president, yesterday bly have a couple of thou- sundry products as possible, food price points down and said the emergence of Pre- sand. People wanting vari- are shopped for locally, will continue to attempt to mium Foods would have lit- ety come to Robin Hood, so before using international drive the prices lower. tle to no impact on his gro- we haven’t felt much of an markets. Unlike similar Premium Foods is operat- cery business. impact.” large wholesalers in the US, ing out of the property con- Premium Foods does not structed by well-known con- require membership and is tractor Edward Penn and his completely open to the pub- brother. lic. This development comes Its launch has intensified 6HUYLFH6WDWLRQ as existing large food retail- competition in an already- ers, such as Robin Hood and crowded food and grocery AML Foods, are expanding retail/wholesale market in their businesses. the Bahamas, which has According to Ms Good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´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¶V'HJUHHLQDFFRXQWLQJ 6FRWLDEDQN %DKDPDV /LPLWHGLQWKH6XSUHPH $WOHDVW\HDUVZRUNH[SHULHQFH &RXUW RI 7KH %DKDPDV E\ :ULW RI 6XPPRQV ([SHULHQFHLQDUHWDLOHQYLURQPHQW WK ÀOHG RQ WKH RI 2FWREHU $' DQG ([SHULHQFHSUHSDULQJEDQNUHFRQFLOLDWLRQV WK UHQHZHG RQ WKH RI 2FWREHU EHLQJ ([SHULHQFHFRRUGLQDWLQJSK\VLFDOLQYHQWRU\FRXQWV $FWLRQ 1R &/(JHQ ZKHUHLQ .QRZOHGJHDQGH[SHULHQFHZLWK4XLFN%RRNV WKH 3ODLQWLII·V FODLP DJDLQVW \RX LV IRU WKH ([SHULHQFHSUHSDULQJ¿QDQFLDOVWDWHPHQWV VXPVGXHDQGRZLQJXQGHUD6FRWLD3ODQ/RDQ QXPEHUHG ,QWHUHVWHGDSSOLFDQWVFDQIRUZDUGWKHLUUHVXPHV ,WKDVEHHQRUGHUHGWKDWVHUYLFHRIWKH:ULWRI WRWKHIROORZLQJHPDLODGGUHVV 6XPPRQVLQWKHVDLGDFWLRQEHHIIHFWHGRQ\RX DDFFRXQWV#\PDLOFRP E\YLUWXHRIWKLVDGYHUWLVHPHQW TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 9B BUSINESS FROM page 1B Christie administration demit- up to $4 billion,” Mr Fitzger- billion, more than 25 per cent of ‘Little confidence’ ted office in May 2007, the ald said. the national debt, and argued a burden that no generation has national debt was $2.889 bil- He also questioned the size that the Christie administration had to carry before”. lion. If this is correct, it would of the Government’s overdraft had to borrow $125 million indicate that the Ingraham gov- with the Royal Bank of Cana- when it took office to clear a Criticising both FNM and debt-to-GDP ratio was 48 per ans will have a burden that no ernment has been forced to da, querying what was happen- $100 million overdraft left by PLP governments for fiscal cent, just below Tribune Busi- generation has had to carry borrow almost $900 million in ing “if the Government contin- the first Ingraham administra- profligacy that has endured ness’s calculations. It is not before, and they can thank the two years, something that ues to run its overdraft to the tion. over successive administrations, clear what data he was using, politicians of the last 30 years equates with the $872 million max and not include it as part However, that $125 million Mr Lowe said senior Bahamian but the Government has for that. Economic growth will figure quoted by Mr Laing. of the national debt”. credit facility had been put in politicians and civil servants exceeded the 40 per cent debt return, but I don’t think it will “It’s obvious that by the time Mr Fitzgerald again reiterat- place, but not drawn down by, had shown no appetite for tack- servicing ratio that, for exam- return to the levels we saw, so ple, the Central Bank has rec- it’s going to be a long, slow we get to the next Budget in ed that the Bahamas’ foreign the then-FNM government. ling what he identified as the May, the national debt will be currency debt now stood at $1.1 key factor behind recurrent fis- ommended commercial banks grind to get the economic sys- cal deficits - ever-increasing use when assessing a potential tem back on track.” spending and the growing size borrower’s creditworthiness. And Mr Lowe added: of government. “I think both “It’s certainly a very serious “They’ve [the Government] parties are culpable. They’ve situation, but it’s a result of shown they cannot control both borrowed and spent and many years of both PLP and spending, and that’s a track printed money, and run deficits, FNM failed fiscal policies,” Mr record since independence. I for far too long,” Mr Lowe told Lowe told Tribune Business. don’t have much confidence Tribune Business yesterday. “You can’t keep expanding that they can [reverse course]. Of the Standard & Poor’s government and not expect it to “The only way to get out of (S&P) decision to downgrade cost you. Eventually, you’ll this is to shrink the size of gov- the Bahamas’ long-term sover- have to either increase taxes, ernment. Government is eign debt to ‘BBB+’, he added: the dollar will have to be deval- responsible for too much of our ued, or both. That’s not the economy. But for some reason, “It’s only the chickens coming intent of either political party, our senior civil servants and home to roost. Eventually, D- but that’s what going to hap- politicians are only willing to Day comes.” pen if we keep going.” continue with the status quo. Data from the Central Bank Arguing that successive gov- They are not willing to look at of the Bahamas’ latest statistical ernments’ fiscal policies had it through a different lense.” digest showed that at the 2009 been driven largely by short- As a result of the worsening third quarter end on Septem- term political considerations, public finances and debt met- ber 30, 2009, this nation’s as opposed to long-term needs, rics, Mr Lowe said the Gov- national debt stood at $3.675 for the past 20 years, Mr Lowe ernment was not going to have billion. Some $3.236 billion of added: “That’s what keeps “the ease of borrowing” that it that was directly owed to cred- leading us further and further enjoyed in the past. itors by the Bahamian govern- down this path. The Central Bank data ment, along with a further “I think devaluation is com- showed that since year-end $438.486 million worth of bor- ing, and obviously higher taxes. 2007, the Bahamas’ national rowings it had guaranteed on There’s no doubt in my mind. debt increased by more than behalf of public sector corpo- We’re not going to stop spend- $600 million over seven quar- rations and agencies. ing. I think we’ve had one year ters, having started out at $3.07 Taking the Bahamas’ $7.564 of no deficit in 36-37 years of million. billion GDP for 2008, and independence. Mr Fitzgerald, speaking with assuming the economy con- “As far as I’m concerned, Tribune Business yesterday, tracted by 4.5 per cent in 2009, future generations of Bahami- said that when the former gives a $7.224 billion GDP for the latter year. Using this num- ber gives the Bahamas a debt- to-GDP ratio of 50.9 per cent as at September 30, 2009. And this ratio is likely to have worsened, given that these figures do not include the net $100 million increase in the Bahamas’ national debt that resulted from its subsequent $300 million bond issue. That took the national debt to just under $3.8 billion, at $3.775 bil- lion, and would make for a 52.3 per cent debt-to-GDP ratio. Mr Lowe said that assuming a national debt of $3.75 billion, and 350,000 Bahamas residents, the debt per person was around $11,000-$12,000. And if only 150,0000 Bahamians were working, it averaged out to $25,000 per working person. Mr Lowe said he “tends to agree” with PLP Senator Jerome Fitzgerald, who told Tribune Business pre-Christ- mas that the S&P downgrade was “the first step on a slippery slope” that, if not corrected, could ultimately lead to the Bahamian dollar’s devaluation from its one:one peg to the US dollar. Their views contrasted with the Government position set out by Zhivargo Laing, minister of state for finance, who on Tuesday attacked Mr Fitzgerald for “reckless nonsense” over his comments, arguing that there was “no such threat to the value of the Bahamian dol- lar”. Mr Laing said the national TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K PAGE 10B, THURSDAY, JANUARY 7, 2010 THE TRIBUNE Retailer’s staff get ‘significantBUSINESS piece of the pie’ FROM page 1B been with Robin Hood from owners look at their busi- dollars” to charities and previously. almost the beginning, or had ness through an entirely dif- churches, the proceeds from While Christmas sales “Employees look fully “embraced the con- ferent set of eyes.” its Shop, Share and Save ini- were “up year-over-year”, ownership in their place of cept” of the retailer and its Given that they enjoyed tiative. Mr Schaefer told Tribune at their place of employment, it was difficult ethics. a share of the profits, Mr Meanwhile, the Robin Business: “I would say, odd- employment to instill such motivation “I think ownership is a Schaefer said employee- Hood president said the ly enough, that our hard through one set of unless they had been “fight- great motivator for any- owners would not just focus retailer, which is based in goods sales exceeded pro- ing in the trenches with you” body,” Mr Schaefer said. on the bottom line, but also the Summerwinds Plaza off jections. We were a little dis- eyes, but owners from the beginning. “You’ve also got another concentrate on minimising Tonique Williams-Darling appointed - we’re used to look at their busi- While many had pair of eyes that’s going to costs and expense contain- Highway, was looking for- achieving such high month- ness through an bemoaned an alleged lack be watching over your busi- ment. ward to a “banner year” in over-month growth in the of work ethic in the ness other than yourself. And Mr Schaefer added 2010 despite the Decem- high 30 to low 40 per cents, entirely different Bahamas, Mr Schaefer said Employees look at their that last month, Robin ber/Christmas sales figures but did not hit those num- set of eyes.” those staff members he had place of employment Hood sent out 125 cheques not having hit the month- bers.” granted shares to had either through one set of eyes, but for “tens of thousands of over-month growth enjoyed On customer count, Robin Hood saw “close to” Sandy Schaefer 100,000 visitors during December, although Mr nent opening of the adjacent Mario’s Bowling and Enter- &20021:($/7+2)7+(%$+$0$6&/(JHQ Schaefer said the actual fig- ure was probably close to tainment Centre, which has 95-96,000. been constructed by his ,1 7+(6835(0(&2857 “We expect to finish 20- landlord, former PLP MP Leslie Miller. &RPPRQ/DZDQG(TXLW\'LYLVLRQ 30 per cent ahead of last year,” the Robin Hood pres- Adding that the Centre’s ident said of January 2010, opening would “hopefully %(7:((1 “but last year we were still be later this month”, Mr working out the kinks, and Schaefer suggested it would not firing on all cylinders. act as a magnet to “bring Now we are.” more traffic our way”, as 6&27,$%$1. %$+$0$6 /,0,7(' Mr Schaefer said the there were “a lot of syner- retailer hoped to receive a gies we hope to exploit” further boost from the immi- between the two facilities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ÀOHGRQWKHWK RI2FWREHU DQG UHQHZHG DSSO\LQJ WR WKH 0LQLVWHU UHVSRQVLEOH IRU 1DWLRQDOLW\ DQG WK &LWL]HQVKLS IRU UHJLVWUDWLRQQDWXUDOL]DWLRQ DV D FLWL]HQ RI 7KH RQ 2FWREHU EHLQJ$FWLRQ 1R %DKDPDV DQG WKDW DQ\ SHUVRQ ZKR NQRZV DQ\ UHDVRQ ZK\ &/(JHQ ZKHUHLQ WKH 3ODLQWLII·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| CHG -0.09 | %CHG -0.01 | YTD 0.04 | YTD % 0.00 FINDEX: CLOSE 000.00 | YTD 00.00% | 2008 -12.31% WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320 52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield 1.49 1.03 AML Foods Limited 1.17 1.17 0.00 0.127 0.000 9.2 0.00% 10.75 9.90 Bahamas Property Fund 10.74 10.74 0.00 0.992 0.200 10.8 1.86% &% 6WUDWHJ\ /WG 7.00 5.77 Bank of Bahamas 5.90 5.90 0.00 0.244 0.260 24.2 4.41% 0.63 0.63 Benchmark 0.63 0.63 0.00 -0.877 0.000 N/M 0.00% /,48,'$725 3.49 3.15 Bahamas Waste 3.15 3.15 0.00 0.125 0.090 25.2 2.86% 2.15 2.14 Fidelity Bank 2.37 2.37 0.00 0.055 0.040 43.1 1.69% 13.95 9.63 Cable Bahamas 9.99 9.99 0.00 1.406 0.250 7.1 2.50% 2.88 2.72 Colina Holdings 2.72 2.72 0.00 0.249 0.040 10.9 1.47% 7.00 5.00 Commonwealth Bank (S1) 7.00 7.00 0.00 0.419 0.300 16.7 4.29% 3.65 2.21 Consolidated Water BDRs 2.88 2.79 -0.09 0.111 0.052 25.1 1.86% 2.55 1.32 Doctor's Hospital 2.55 2.55 0.00 0.625 0.080 4.1 3.14% 7.80 5.94 Famguard 6.49 6.49 0.00 0.420 0.240 15.5 3.70% 11.80 8.75 Finco 9.28 9.28 0.00 0.322 0.520 28.8 5.60% 10.45 9.80 FirstCaribbean Bank 9.99 9.99 0.00 0.631 0.350 15.8 3.50% 5.53 3.75 Focol (S) 4.77 4.77 0.00 0.326 0.150 14.6 3.14% 1.00 1.00 Focol Class B Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00% 0.30 0.27 Freeport Concrete 0.27 0.27 0.00 0.035 0.000 7.7 0.00% 6.13 5.00 ICD Utilities 5.59 5.59 0.00 0.407 0.500 13.7 8.94% 127,&( 10.50 9.95 J. 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Johnson 9.95 9.95 0.00 0.952 0.640 10.5 6.43% 10.00 10.00 Premier Real Estate 10.00 10.00 0.00 0.156 0.000 64.1 0.00% BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b ases) 52wk-Hi 52wk-Low Security Symbol Last Sale Change Daily Vol. Interest Maturity 1000.00 1000.00 Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00 7% 19 October 2017 3XUVXDQW WR WKH SURYLVLRQV RI 6HFWLRQ D E 1000.00 1000.00 Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00 Prime + 1.75% 19 October 2022 1000.00 1000.00 Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 7% 30 May 2013 DQG F RI WKH ,QWHUQDWLRQDO %XVLQHVV &RPSDQLHV $FW 1000.00 1000.00 Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75% 29 May 2015 Fidelity Over-The-Counter Securities QRWLFH LV KHUHE\ JLYHQ WKDW 52wk52wk-Hi-Hi 52wk52wk-Low-Low Symbol Bid $$ Ask $$ Last PricePrice Weekly Vol.Vol. EPS$ Div $ P/E Yield 14.60 7.92 Bahamas Supermarkets 10.06 11.06 14.00 -2.246 0.000 N/M 0.00% 8.00 6.00 Caribbean Crossings (Pref) 2.00 6.25 4.00 0.000 0.480 N/M 7.80% 0.54 0.20 RND Holdings 0.35 0.40 0.35 0.001 0.000 256.6 0.00% Colina Over-The-Counter Securities D 0$<6,(-$1( ,1& LV LQ GLVVROXWLRQ 41.00 29.00 ABDAB 30.13 31.59 29.00 4.540 0.000 9.03 0.00% 0.55 0.40 RND Holdings 0.45 0.55 0.55 0.002 0.000 261.90 0.00% BISX Listed Mutual Funds 52wk-Hi 52wk-Low Fund Name NAV YTD% Last 12 Months Div $ Yield % NAV Date 1.4160 1.3419 CFAL Bond Fund 1.4160 4.62 5.53 31-Oct-09 E 7KH GDWH RI FRPPHQFHPHQW RI WKH GLVVROXWLRQ 3.0351 2.8266 CFAL MSI Preferred Fund 2.8552 -2.88 -3.92 30-Nov-09 1.5071 1.4326 CFAL Money Market Fund 1.5071 5.12 5.20 25-Dec-09 LV WKH WK GD\ RI 2FWREHU $' DQG 3.3201 2.9343 Royal Fidelity Bahamas G & I Fund 2.9618 -12.52 -15.21 31-Oct-09 13.2400 12.6816 Royal Fidelity Prime Income Fund 13.2400 4.93 5.90 31-Oct-09 103.0956 100.0000 CFAL Global Bond Fund 103.0956 3.10 2.52 30-Sep-09 100.0000 99.4177 CFAL Global Equity Fund 99.4177 3.12 2.76 30-Sep-09 1.0804 1.0000 FG Financial Preferred Income Fund 1.0804 4.32 5.26 31-Oct-09 F WKH /LTXLGDWRU LV &% 6WUDWHJ\ /WG RI 1.0364 1.0000 FG Financial Growth Fund 1.0269 -0.59 -0.19 31-Oct-09 1.0742 1.0000 FG Financial Diversified Fund 1.0742 3.56 4.42 31-Oct-09 9.4740 9.1005 Royal Fidelity Bah Int'l Investment Fund 9.4740 4.17 4.18 31-Oct-09 (DVW %D\ 6W Principal Protected TIGRS, Series 1 10.6301 10.0000 Royal Fidelity Bah Int'l Investment Fund 10.6301 6.30 6.30 31-Oct-09 Principal Protected TIGRS, Series 2 7.4613 4.8105 Royal Fidelity Int'l Fund - Equities Sub Fund 7.4613 35.40 29.64 31-Oct-09 MARKET TERMS 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 &% 6WUDWHJ\ /WG 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 /,48,'$725 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 7/11/2007 TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C M C M Y K Y K THE TRIBUNE THURSDAY, JANUARY 7, 2010, PAGE 11B BUSINESS Winter blast sends oil prices to 14-month high NEW YORK trumped a surprise report Wednesday from the Energy Information Administration that Snow, ice and wind wreaked havoc on showed the supply of crude and gasoline is energy markets Wednesday, where a barrel growing in the U.S. of oil topped $83 for the first time since the The amount of gas placed into storage fall of 2008, according to Associated Press. last week was three times greater than what Benchmark crude settled up $1.41 at was expected by energy analysts polled by $83.18 a barrel on the New York Mercantile Platts, the energy information arm of Exchange, the highest close since Oct. 9, McGraw-Hill Cos. 2008. That hasn't stopped gasoline prices from Two fronts sent oil prices rocketing, how- rising as a sharp uptick in crude prices pulls ever, the second being divisions among Fed- pump prices along. eral Reserve policymakers over extending a By the weekend, the national average program to bolster the U.S housing industry. retail price for a gallon of gasoline in the That sent the dollar sliding to three week U.S. will top $2.70, predicted Tom Kloza, lows, and crude prices to a 15-month high. publisher and chief oil analyst at Oil Price It could be a worrisome harbinger for con- Information Service. sumers, who saw oil prices double last year That would be a rough start to the year for for much the same reason. U.S. consumers. Prices never hit that high When the dollar falls, it makes oil more .(AP Photo/Charles Krupa) last year, even during the peak of the driving affordable for anyone investor holding a JASON KILPATRICK of Wholesale Fuel heads back to his truck after making a delivery of home heating season over the summer. stronger currency because crude is bought oil in Framingham, Mass., Tuesday, Jan. 5, 2010. One of the worst winter blasts in years could not obscure In other Nymex trading in February con- and sold in dollars. the enormous amount of crude and gasoline the U.S. has in storage and most energy prices began to give tracts, heating oil rose less than a penny to According to the minutes released way Wednesday, Jan. 6 settle at $2.2032 a gallon. Gasoline rose 1.16 Wednesday from a closed-door Fed meeting cents to settle at $2.1366 a gallon. Natural in December, a "few members" believed cut off date of March 31. Within 5 minutes of temperatures knocked fruit from vines in gas futures rose 37.2 cents to settle just that the $1.25 trillion program to buy mort- that information being released, crude prices Florida and made driving treacherous in above $6. In London, Brent crude for Feb- gage securities from Fannie Mae and Fred- jumped about a quarter to above $83 a bar- New England. ruary delivery rose $1.30 to settle at $81.89 die Mac might need to go on past the current rel. Prices were already rising as dangerous The Fed minutes and Arctic air easily a barrel on the ICE Futures exchange. TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The Tribune RELIGION Thursday, January 7, 2010 • PG 35 Baptist conference aims to uplift the country and boost the economy PASTORS who make up the Nassau Branch of the West Indies Baptist Fellowship committee shown here. By REUBEN SHEARER and the public is asked to attend the 1. For the spiritual horizon of Tribune Features Reporter gatherings which will be held in the Baptist attendees to be broadened. [email protected] mornings from 9am to 12.25pm at the “The Bible teaches that the spiritual New Testament Fundamental life of the Christian has direct correla- Independent Baptist Church on New tion to the social and physical situa- THE SUM of $30,000 has Testament Way and Dolphin Drive in tions going on in our lands,” said Dr been pumped into what is Highland Park. Adams. being called the biggest The evening services will begin each 2. To showcase the Bahamas as the evening at 7pm and will be held at the greatest country in the world, to boost gathering of local and inter- BCPOU Hall on Farrington Road. the economy. national Baptists for the “We want God to be promoted and “We want to make sure that we give 49th Annual West Indies for Him to be actively and directly our visitors a great Bahamian experi- involved in our lives so that our ence,” said Dr Adams. Baptist Fellowship (WIBF) nations would be affected in a major “And they in turn will go back to conference starting January way,” said Dr David Adams, pastor of their homes and influence others to 18. the host church (New Testament choose the Bahamas as their place of The gathering has been held in over Baptist Church) for the event. vacationing.” 16 different Caribbean countries to- “In years gone by when a revival “A lot of preparation went into the date, and this year the Bahamas plays swept a town crime came to a halt, booklet that we have made for host for the third time in the confer- houses of prostitution and gambling, guests,” said Dr Adams. “The booklet ence’s 49 years. liquor stores were closed down,” said is special because it has information Over 200 hundred delegates will Dr Adams. taken from the Bahamas Handbook travel from as far as Aruba, Curacao He hopes the Bahamas and other about the Bahamas.” and Trinidad in the South, from the participating countries will see a simi- Organisers have designated days for The Tribune’s Cayman Islands and Jamaica in the lar revival. tours of the island and other events so West, Barbados in the East, and There will be a variety of Caribbean that the visiting delegates can experi- United States in the North, and of speakers each day and night, who will ence the beauty and culture of the course from the islands in between, to set conference-goers “strong spiritual country. attend the week-long of event. challenges.” WIBF was started in 1962 by a small SECTION Meetings will begin on January 18, The objectives for the conference SEE page 39 RELIGION are two-fold - PG 36 • Thursday, January 7, 2010 RELIGION The Tribune Nassau Methodist Church hosts business coach Joel Freeman By JEFFARAH GIBSON “The seminar becomes something everyone can benefit from. I am giving AT a time when people are a lot of good information and I am hoping that attendees leave with their more concerned than ever heads and their hearts filled with about their financial futures, the information,” Mr Freeman said. Nassau Methodist Church has “Dealing with God’s people who decided to assist its members by drive you crazy” is another seminar Mr Freeman will be hosting during his providing them with professional time in Nassau and this will take place advice. on Saturday at 9am. Tomorrow starting at 9am at the This seminar, he said, gives persons Casuarinas Hotel on West Bay Street, the chance to examine themselves in the Nassau Methodist Church will host ways that will help them develop skills successful business coach and motiva- conducive to enhancing individual tional consultant Joel Freeman. identity. In an interview with Tribune Religion, “There is a special focus on looking Mr Freeman said that this seminar is within. We will take a look at the inter- very timely, and will show attendees nal issues that we often deal with. We how to take a blossoming idea and turn will also discuss different personality it into a product. styles, vulnerability and ways that we “With this seminar I hope to provide can turn that same vulnerability into persons with an overview, showing strength,” Mr Freeman said. them how to take an idea from the mind “Then we will take a look at an to the market place,” he said. external aspect of things. So basically “There might be people who have people can expect to be equipped with great ideas. For instance, there might be lifetime tools that have the ability to a musician who probably has about 13 bring them success.” singles, and then what? So hopefully Although there is special focus on they will be able to take something from persons in leadership positions, “every this seminar and run with it,” he said. and anyone can come out, the youth He also said that the seminar wel- leaders, persons that work in cleaning comes all, from those just starting out as areas, or persons who work in the entrepreneurs to the seasoned profes- kitchens, so it is open to all persons,” sionals. he said. Mr Freeman said that while most On Sunday, Mr Freeman will preach seminars of this kind aim to sell a prod- to the members of the Nassau uct, his is “75 per cent education and 25 Methodist Church. per cent inspirational.” Afterwards he will present his 45- “People can benefit greatly from this minute award winning film entitled ‘A seminar. I will discuss how the ‘idea fac- Return to Glory: A White’s Man’s tory’ can help persons expand their Journey Into Black History’. This business enterprise, the science of bar- focuses on Black history, the Bible tering and its benefits, and branding and its modern application. concepts that will put persons into a Born in Maine and raised in a small personal creative zone,” he said. town in Alberta, Canada, Mr Freeman In addition, persons will also learn is an accomplished author, interna- how to enhance individual and group tionally sought-after conference success as well as learn how to fight speaker and workshop facilitator, pro- against “jadedness” and complacency in fessional counsellor, success coach, business and personal relationships, he behavioral analyst, corporate trainer, said. and a organisational culture change This is Mr Freeman’s first time visit- specialist. ing the Bahamas, but he already The film presentation will also be describes himself as “Bahamas crazy”. held at the Casuarinas Hotel. The He said he is thrilled about the oppor- entrepreneurial seminar will be held at tunity to share the knowledge he has the Epworth Hall at Ebenezer gathered over the years which could Methodist Church on Shirley Street. MOTIVATIONAL consultant Joel Freeman will speak at a seminar hosted by the Nassau help open doors for others. For more information call 326-1677. Methodist Church. The Tribune RELIGION Thursday, January 7, 2010 • PG 37 New Year’s Eve Eucharist at a historic church AS 2009 came to a close, Cat wanted to witness history being made Islanders got ready for their annual in the Cat Island Anglican Church, New Year’s Eve church celebrations. gathered at St Mary the Virgin to join But this year, the Anglican Church in the Christmas carolling pre-service. in Cat Island would hold a Eucharist Then, at 11pm, the Eucharist serv- celebration like none other in the ice began. The introit hymn, Bahamas. “Through all the changing scenes of Each year scores of Anglicans life”, was sung and voices joined assemble in their respective churches together in celebration of the church’s where a service is held for people who restoration. reside in Cat Island. Father Burton had promised at a But this New Year’s Eve all vestry meeting held in November that Anglicans who did not leave the there would be a Eucharist service for island to spend the Christmas holi- New Year’s Eve at St Mary in Old days in Nassau with their families Bight. converged and congregated at the It was mandated in the Anglican church of St Mary the Virgin in Old Diocesan Synod 2009 by Bishop Bight. Laish Boyd, that when churches are Many modern-day Bahamians planted there should be some con- hearing the name of the above men- certed effort made by the rector, tioned church would not realise or vestry and people to bring new mem- recognise the importance or signifi- bers to the fold. cance of this edifice. “From Emancipation to the present Enshrined in the wall of this church day the vision and values of people of a plaque bears this inscription: “To colour have not changed,” Father the glory of God erected in memory CAT Island Anglicans celebrate New Year’s Eve in a service at St Mary the Virgin Church Burton said. in Old Bight. of Blayney Townley Balfour, Townley He said he especially valued the Hall, Ireland, Governor of this said historic moment of the reopening of Bahamas at the passing of the “The significance and proceeding Church men’s group from St Jude’s in the church because St Mary’s pro- Emancipation Act 1834, by his widow events emanated and resounded Freeport came in mid-2009 and erect- posed rededication date is August commending him to the prayers of all throughout the fabric of Bahamian ed the roof, the mammoth task of 2010. After the concelebrated who minister at this altar or worship landscape. It meant that all people of restoration began. Members were Eucharist, church members enjoyed in this church.” colour were now free.” elated to be moving back into the fellowship at a souse fete, after which “This was the only bastion of hope The church of St Mary the Virgin church to celebrate services like those they watched as a fireworks display lit to the now free slaves who resided on lay in a dilapidated state from June of many years ago. up the night sky. Father Burton the Isle of Cat,” Father Chester 2002 to December 2009. So on New Year’s Eve night at the thanked Catechist Cedric Wilson who Burton, priest in-charge of Anglican It had no roof for seven long years. stroke of 10.30pm members and well- could not be present for spearheading Churches in Cat Island, said. Fortunately, after an Anglican wishers, as well as those who just the restoration work. MEDITATION that we have to follow, or we will to them in their present season of life? become hopelessly lost. I would venture to suggest the fol- The Word of God is a bright light lowing as a way to begin your list: Our gifts REV. ANGELA that reveals who God has been, is, and 1. Parents: Respect, gratitude, obedi- C BOSFIELD wants to be in our generation. Prayer is ence (where appropriate), and concern. This is the time in the Church’s year PALACIOUS the ongoing contact that we maintain 2. A spouse: Faithfulness, forgive- when we think of the journey of the with ‘heavenly headquarters’ like a ness, sensitivity, intimacy and compan- wisemen or magi to find the Christ- walkie-talkie system that enables us to ionship child. be directed by the will of God. 3. Children: Love, appreciation, They follow a star for quite some after teachers whom we have come to Worship occurs every time we stop understanding and discipline with fair- time until they are able to present their admire. and remember who it is that loved us ness.. gifts to this newly born King. Eventually, we either make a deci- enough to send a son to be born among 4. Friends: Loyalty, affirmation and Our life is a journey that also sion to follow God, or advertisements us, live with us, die for us, and be resur- confidentiality. involves following leads, selecting a that flaunt a materialistic and con- rected to raise us up at the last day. 5. Colleagues: Hard-work, affability, destination and the offering of gifts. Let sumer-oriented vision, or some guru The gifts we bring to God are our and honesty. us explore this further. who attests to being god, or any other lives, including our relationships, When we are born, we follow the “star” that appears (movie, rock, labours, finances, talents and every- There are others who are looking to example of the significant adults in our sports). thing else that come from God in the us for gifts as well and need our ongo- life. In following the star, the magi went first place. ing generosity: The sick, lonely, This is why all adults have the towards the east until they arrived in The gifts we give to each other are bereaved, imprisoned, orphaned, and weighty responsibility of nurturing the Bethlehem. determined by need and generosity. destitute. next generation by engaging in whole- We, too, have to determine our life What do you think that parents, Jesus says what we do for this group some and godly life-styles. direction and the final destination that spouses, children, friends, colleagues is what we do for him because they can- As we grow, we select friends who we hope to attain. If it is heaven, then and others wish most from you as a gift not reciprocate. Become a gift today. will influence us, and model ourselves there are certain guides and guidelines