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Volume: 107 No.91 FRIDAY, MARCH 11, 2011 PRICE – 75¢ (Abaco and Grand Bahama $1.25) CARS FOR SALE, Simone Pratt completes S E T

D HELP WANTED I R S O N P I AND REAL ESTATE successful COSAT tour S THE BAHAMAS’ BIGGEST SEE SPORTS IN SECTION E

PARENTS OF BABY WHO DIED IN PMH ‘UNABLE TO GET COMPLETE MEDICAL RECORDS’ By TANEKA THOMPSON Tribune Staff Reporter ‘Criminally-minded’ [email protected]

THE parents of a prema- ture baby who died in the Princess Margaret Hospital claim they have been unable to obtain their son's complete medical records – documents they need in order to get a second opinion on their child's illnesses and cause of death. For more than a year, Pan- paid in BTC protest telis and Claudia Tsakkos SEE page eight Police association claims

STUDENTS PONDER CAREER MOVES AT JOB FAIR r some demonstrators were e h c r A

e

‘advancing political groups’ i n n o R

By NOELLE Police Staff Associa- / o NICOLLS tion (PSA) president. t o Tribune Staff The association yes- h P Reporter terday called on politi- nnicolls@ cians to stop politicis- tribunemedia.net ing the issue, because the observation of CRIMINALLY- these participants by MINDED people police was simply a were overheard to say part of their job to they had been paid to maintain law and participate in the BTC DWIGHT SMITH order and to ensure mass protest of Febru- the safety of protest- ary 23, according to ers and observers. the Police Staffers Associa- Mr Smith said the police tion. had a difficulty with partici- And it is also undeniable pants in the protest who had there were people in the “nothing to do with BTC,” crowd with potential criminal motives, said Dwight Smith, SEE page eight

URCA APPROVES ACQUISITION OF BTC THE Utilities Regulation & Competition Authority last night approved Cable & Wireless Communications’ (CWC) acquisition of a 51 per cent stake in the Bahamas Telecom- munications Company (BTC) on the grounds it would not lessen competition in any of the services the state-owned incumbent currently offers. THE FIRST STEP: College of the Bahamas students line up to fill out job applications at a career and job fair yesterday. Norma The industry regulator rejected concerns that CWC would use Turnquest, co-ordinator of the fair, described it as a networking event for both students and businesses. the extended three-year cellular monopoly to “impede the • SEE PAGE FIVE growth of competition” in other markets. • SEE BUSINESS SECTION FOR FULL STORY POLICE CALLED AFTER ROAD WORKERS ROAD CLOSURES ‘UNAVOIDABLE’ AS TOLD PAY NOT IN THEIR BANK ACCOUNTS IMPROVEMENT WORK CONTINUES By TANEKA THOMPSON and remained outside until By CELESTE NIXON the eastern corridor, some Tribune Staff Reporter officers quelled the rowdy Tribune Staff Reporter road closures and diversions [email protected] crowd, police said. [email protected] are necessary and unavoidable. However, a representative The roadworks on Fox Hill POLICE were called to from the company – which A TOP official at the Min- Road and Prince Charles Dri- calm a group of road workers was hired by the government istry of Works says road clo- ve are part of the $120 million from the Jose Cartellone to carry out the New Provi- sures will be unavoidable as New Providence road Construction Company who dence road improvement the government works to com- improvement and infrastruc- were outraged that they programme – said the whole plete several road improve- ture project. ment jobs for the benefit of the could not collect their wages ordeal was a "misunder- However, business owners entire island. in the area became angry over from the bank yesterday. standing" because the men During a press conference the loss of trade on Tuesday The group of more than 20 went to the bank a day early. held yesterday to address con- after contractors closed a por- workers caused a scene at the After officers explained cerns expressed by business tion of the road. Shirley Street location of that their wages would be owners in the Prince Charles But Mr Higgs insisted the Bank of The Bahamas after available at the bank today, Drive and Fox Hill Road area, works are necessary, not only they were told their pay was the men left the scene peace- Permanent Secretary Colin to improve road networks and not in their bank accounts. Higgs explained that as a result The men then left the bank SEE page nine of the physical constraints of SEE page nine

NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER PAGE 2, FRIDAY, MARCH 11, 2011 THE TRIBUNE

LOCAL NEWS Minister ‘amazed’ by Christie’s comments on laid-off workers initiative

MINISTER of Labour Dion would not say anything pub- those workers. Millions of dol- meet the people. And they Foulkes said he was “amazed” licly about it until the manage- lars we had to allocate in our flew right back to Nassau. by comments made by Perry ment had an opportunity to budget – millions of dollars,” Zhivargo Laing, along with Christie, leader of the opposi- meet with the staff. That meet- said Mr Foulkes. four other FNM parliamentar- tion, about the government’s ing was scheduled for Friday. “The Sea Hauler victims, ians, spent hours there,” said MINISTER OF LABOUR PLP LEADER initiative to support laid-off We did not want staff mem- when we came to power, we Mr Foulkes. Dion Foulkes Perry Christie workers in Grand Bahama. bers or family members of staff had to settle up with them. It He said: “I would have members finding out about this was a ex-gracio payment. We thought that the opposition exercise through the House of were not forced to, but we would have supported this ini- Assembly or through a press thought that was the right tiative and commended the release from the government. thing to do. We thought that MONSTER CRAWFISH various agencies and depart- We thought that request was was the Christian thing to do ments participating including a reasonable request,” said Mr and we gave those families $1 the private sector who came Foulkes. million. forward. He said the government “Whenever you are termi- informed all of members of nated or dismissed, it is a very parliament from Grand Criticism traumatic experience in a per- Bahama, and instructed them son’s life. It is at that time that not to say anything about it “The CLICO employees, they need support and a help- until the staff was first we have settled up with them, ing hand. informed. He said the govern- all of their legal entitlements. ment’s programme was So I think that the criticism approved last Thursday and from the opposition, and in Employees assistance was rendered on particular the leader of the Monday. opposition, is unfair and I “To come out and to criti- “I don't know what Mr think it is insensitive, espe- cise what we did, I thought it Christie is talking about. But cially when people are hurt- was an insult to Grand going on his past record I don't ing,” he said. Bahamas and especially to the think he is in a position to crit- Mr Foulkes noted that a del- former employees of Our icise us in terms of our egation of PLP members went Lucaya,” said Mr Foulkes. response. When hundreds of to Grand Bahama on Monday. He said the government persons were laid-off at Royal He claimed they met only with found out about the layoffs just Oasis here in Grand Bahama, the management of Our over a week ago. He said the the PLP did absolutely noth- Lucaya. matter was discussed in a Cab- ing to assist. Nothing. “They did not take the time inet meeting that same morn- “When we came to power in out to come down to the centre ing, and the government came 2007 we had to complete the and meet with the workers up with a plan. payment of severance pay to who were fired. They didn't “All of us agreed that we take a minute to stop there and

A WHOPPING 15-pound crawfish (spiny lob- ster) was caught by fishermen and brought to The Tribune this week. Lllewelyn Fox proudly displays the lobster, which he said his son pur- chased on Potter’s Cay dock. PHOTO/RONNIE ARCHER Vendors say lack of Cabbage Beach bathrooms ‘creating health concerns’

By NOELLE NICOLLS there was a simple resolution,” said Mr Vander- Tribune Staff Reporter pool-Wallace, citing property rights as one of [email protected] the main obstacles. When asked for comment on the issue, Min- VENDORS on Cabbage Beach say a lack of istry of Environment officials pointed out that the bathroom facilities on the beach is giving the beach is not public, so the government is not country “bad publicity” and creating health con- responsible for managing the beach or providing cerns. public bathroom facilities. They claim most of the hundreds of tourists According to an informed Tribune source, who use the Paradise Island beach on a daily legally speaking, members of the public have a basis are cruise ship passengers, who are forced to limited right to “traverse the coast up to the high use the bush as a bathroom. water mark”, but this does not mean all beaches Atlantis and RIU facilities are for guests only, are public – despite the widespread popular belief they say, and bathrooms at the Sunrise Beach to the contrary. Club are limited to people who patronise the Beaches are public only when they sit on beach bar. Crown Land. Private land owners are not oblig- “It is am embarrassment. People always ask us ated to provide beach access for the public. where they can find the bathroom. You have no The source said the public cannot have access response,” said one vendor. to all beaches without a change in the law. However, a spokesperson for Atlantis denied With respect to Cabbage Beach, he said, ven- that only guests of the resort have access to its dors, visitors and members of the public “don’t bathrooms. have a right to it”, even though there is an He said: “Vendors and non-hotel guests on arrangement between Atlantis, the MOTA, ven- the eastern end of our property have access to the dors, and the public. Cave Bar and Grill bathrooms and vendors and A vendor said: “We have been given permis- non-hotel guests on the western end of our prop- sion by the Ministry of Tourism. (The hotels) erty have access to the bathroom facilities at the can't kick us off the beach, but they can give us a Lagoon Bar and Grill. very difficult time. The tide can be very volatile, “Vendors are aware of this as they use our so sometimes people have to encroach on hotel restroom facilities on a daily basis, as do cruise property by putting their lounge chairs there. ship and non-hotel guests.” Even though the area is not being utilised, in Vendors say they wanted the bushy piece of the past they have had their security take away vacant land near the RIU to be turned into a everything we had on the beach. They can make green space with public bathrooms. it difficult for you, because they can always con- They claim a plan to use porta-potties was fiscate your stuff. blocked because of the difficulty in creating “It is a serious balance we have to weigh. In the access for persons to service the units. meantime, the guests are being affected aversely The Ministry of Tourism and Aviation in that regard,” he said. (MOTA) licenses a number of vendors – hair Mr Vanderpool-Wallace said FNM govern- braiders, coconut vendors, those who rent out ments have negotiated unprecedented beach lounge chairs, massage therapists – to operate access for the public, with a comprehensive sys- on the beach. tem of signs designating public access areas. He One operator said the peak day is Saturday, said the government received a fight in some when 300-plus visitors use the beach. instances from private land owners, so it had the Vincent Vanderpool-Wallace, Minister of difficult task of balancing interests. Tourism, said he is “certainly aware of the con- He said the government is also mindful of cern”. capacity concerns. He said there is no doubt the issue needs to be “We have a situation right now on public hol- addressed “as a priority”, but added it would idays where there are certain beaches that reach involve much more than “just putting toilets on capacity level. We have to as a government, the beach”. decide what is going to be the maximum use of “It is a subject of much discussion. We wish any private or public space,” he said.

PUBLIC ASKED TO HELP LOCATE MAN WANTED FOR QUESTIONING POLICE are asking the public to help them locate 37-year- old Randon Burrows who is wanted for questioning in rape and burglary investigations. Burrows, who also goes by the alias “Randon Beaver”, is known to have last resided at #74 Podoleo Street in New Prov- idence. He is described as having a dark brown complexion; 5’8” tall and weighing about 160 lbs with a medium build. The Central Detective Unit warns that Burrows is considered armed and dangerous. Anyone with any information concerning Burrows’ where- abouts should immediately contact police by calling 919 or 911; the Central Detective Unit by calling 502-9930/9991; the Police Control Room on 322-3333; Crime Stoppers on 328- RANDON BURROWS 8477; or contact the nearest police station. HE TRIBUNE FRIDAY, MARCH 11, 2011, PAGE LOCAL NEWS

courtNEWS Police Staffers Association Man arraigned i c o u rt on charg asks Mitchell for apology of death threats LAWRENCE Harrison NOELLE NICOLLS The PSA said it is not trying When contacted for com- alias Lawrence Ambrister bune Staff Reporter to “beat up on anyone, whether ment, SIB head Officer Young alias Vernal Ambrister, 4 [email protected] government or the opposition”, said he doesn’t think any actu- of Sandilands Village Roa but it has a responsibility to al damage has been done by was arraigned in Court 11 THE Police Staffers Associ- address “concerning” issues Mr Mitchell’s comments. yesterday, charged with on has asked for an apology that are “direct and personal He added: “No vetting making death threats. m Fred Mitchell, opposition with the police”, and speak to process is based on hearsay or It is alleged that he mad kesman on the public ser- work conditions and morale. gossip. You cannot malign peo- the threats to Shashuna e, for what they believe were He said public servants are ple’s character or impede their Russell on Tuesday, Marc paraging comments he made often the innocent bystanders job progress on the basis of 1 . ut the Security and Intelli- in political squabbles. gossip. We would not operate It is further alleged tha ce Branch. Mr Smith claimed rank and on that fashion. he assaulted Shashuna Ru Dwight Smith, PSA presi- file officers from the SIB came “All of the reports are confi- sell with a handgun. t, said equating the inves- to the association to express dential. Whatever information Harrison, who was tive process of SIB officers their discontent with Mr we get we verify that informa- arraigned before Magistra ing vetting of public ser- Mitchell’s comments. t i o n . ” Subu Swain, pleaded not ts to “gossip and trivia” is a He stressed that he was He said any further com- guilty to both charges. against the integrity of the speaking on behalf of the PSA ment would have to be sought He was granted $1,000 ce. and not the Police Force or from the Commissioner of bail on the threats of deat We wish not for any gov- S I B . P o l i c e . and $3,000 bail on the ment or political opposition Mr Smith said he and Mr Responding to the Staff assault charge. use the police as a tool for Young did not discuss the mat- Association yesterday after- DESTROYING MORALE: Police Staffers Association president Dwight The case has been itical agendas. Superinten- ter. noon, Mr Mitchell said: “Any Smith held a press conference to ask for an apology from PLP M P F r e d adjourned to August 22, t Robert Young, who heads “We have a grave difficulty and all of the comments made Mitchell. Ronnie Archer/ P h o t o 2 0 1 1 . B, is doing a wonderful job. with what is being said. Now by me at any time are directed en you make a bold state- we have to go and motivate at politicians and policies and will continue to conduct them- nt speaking to their integri- officers at SIB who are doing a not at public servants. The selves in the same politically you destroy the morale of wonderful job. There must be comments are about public pol- neutral and above board fash- entire team,” said Mr an apology given to the hard icy. That should be crystal clear ion as their training dictates,” ith. working men and women at from the content and context of he said. Earlier this week, Mr the RBPF,” said Mr Smith. the remarks. “Police officers do not dabble tchell cautioned against He said the police run an “The police as a disciplined in political matters. As a politi- ng SIB reports as the pri- information-based operation force are to be neutral in their cian, I have tried scrupulously ry basis for decision mak- that relies on co-operation responses and reactions to these to avoid a tit-for-tat with public He said the common prac- from the public, and any action matters. That is in the very servants, who must serve PPS, was for SIB reports to be that unfairly creates concern nature of a disciplined force. FNMs and in betweens. That evated in the minds of the about the competency of the “I expect that the Security is the nature of their jobs, to eaucracy to too high a lev- police only serves to under- and Intelligence Branch of the serve all without fear or favour. mine the force. Royal Bahamas Police Force I do not intend to start now.” Mitchell calls on UK govt to ‘re s t o re p a r l i a m e n t a ry democracy’ in Turks & Caicos PAUL G TURNQUEST time the parties from the and Caicos Islands to do bune Staff Reporter Turks and Caicos Islands whatever we can to assist in [email protected] would have both gone to the trying to get them in contact meeting and made some with other governments in the WITH civil unrest brewing attempt to have CARICOM Caribbean, and also the gov- the Turks and Caicos issue even stronger state- ernment here in the Bahamas ands, PLP MP Fred ments with regard to this. to try and put some addition- chell called on the British “And we have undertaken al pressure on the British to ernment to restore parlia- with the parties in the Turks resolve this issue,” he said. ntary democracy and bring end its two year stint in ect control of that nation. or the past few days, pro- ters in the Turks and icos have taken to the eets demanding an end to administration headed by British governor, which s been in place since gust 2009. The islands are a British erseas Territory, and the K government disbanded locally elected adminis- ion and suspended its leg- ture after a Commission Inquiry found widespread ruption under the admin- ation of the islands’ for- r Premier Michael Misick. Noting that the PLP has for me time been issuing state- nts on this matter, Mr chell reiterated his party’s ition that the British were ong in taking away democ- y in the Turks and Caicos. It is not an issue which we ught would go away given disquiet on both sides out what the British has ne. And the longer it goes the more there is going to internal pressure, particu- y given the suspension of me of the rules of justice as elates to the offences they investigating and more portantly the fact that the tish cannot say when they restore democracy. Those who have talked to rom the Turks and Caicos nds, we have said to them t it is important for them get together and to pub- y demonstrate their con- n about the fact that direct e still exists and there is no metable for a return to mocracy. And so we are surprised. All that we say t it should be peaceful, y should continue to work try to get democracy tored, and we urge the tish to restore democra- ” he said. Mr Mitchell added that it of paramount importance t the people of the Turks d Caicos remain united in struggle, as a “one-sided” test will not get the job n e . The people of the Turks d Caicos Islands have to monstrate together that y are concerned about this ue. There is the CARI- M meeting which just took ce, or is coming up, and I en’t seen the results of the eting; the inter-sessional t took place. I think our puty prime minister went, d I was hoping that at that

PAGE 4, FRIDAY, MARCH 11, 2011 THE TRIBUNE EDITORIAL/LETTERS TO THE EDITOR The Tribune Limited Migrating NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 from a culture SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon.) LL.D., D.Litt .

Publisher/Editor 1919-1972 Contributing Editor 1972-1991 of blame to EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972- Published Daily Monday to Saturday responsibility Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama EDITOR, The Tribune. us that it has already given us TELEPHONES this land; it has provided Switchboard (News, Circulation and Advertising) 322-1986 I wonder what it is going to LETTERS unlimited resources and take for we the people of this [email protected] bestowed inborn talents upon nation to migrate from the us. WEBSITE valley of blame to the high The question we must ask www.tribune242.com – updated daily at 2pm hills of responsibility for our- ourselves is what have we giv- selves and for improving the looking to resolve. This bleak en in return to this land? culture of this country. perception shows our lack of What ideas have we pro- Women abused if refuse to cover head Culture is more than annu- preparation for change, lack duced, created or brought al festivals, traditions, music, of critical thinking, gratitude forth to inspire our children GROZNY, Russia — The cars pull up in "It's only at home that I could examine crafts or native dishes. Cul- deficiency and a severe short- or to change the world? This broad daylight. Security forces point guns the bruise and it was so huge and ugly," ture also embodies we the age of ideas. land is pleading that we do at terrified women and shoot. It turns out Louiza recalled. "Since then, I don't dare people of this nation; our We cannot find solutions if not sell our children on the they're paintball pellets, but still harsh pun- leave home without a headscarf." thoughts, attitudes, beliefs, we are only focused on the small ideals of problems and ishment in Chechnya for leaving home with- Another target, a 29-year-old woman confidence, the point of our problems. The acceptance of challenges. Instead, it out a headscarf. whose name was not given, said she was social compass, the quality of personal responsibility is what beseeches us to inspire them Chechnya's strongman Ramzan Kady- walking down the same central avenue in our language and the way we separates the adult from the to accept that they embody rov has imposed an Islamic dress code on June with two other women, all without behave. It appears that we child. great ideas and the courage women, and his feared security forces have headscarves, when two cars stopped nearby have become so wrapped up We owe it to our children to take responsibility for used paintball guns, threats and insults and bearded men in black uniforms fired to put away childish things. If against those refusing to obey. In a 40-page paintball guns at them, screaming: "Cover in our supposed rights that we working the land and build- are either unaware or simply we are sincerely interested in ing this nation. report released Thursday, Human Rights your hair, harlots!" supposedly saving the future Watch condemned the campaign as a fla- The woman told Human Rights Watch choose to ignore that our We all know that the only rights also come with an for our children, we should way to get up the hill is to grant violation of women's rights and urged that she knows 12 women who were shot at begin with the thousands of other nations to raise the issue with Moscow. with paintball guns in June. Overall, at least inherent social responsibility. climb. For us to evolve as a "The enforcement of a compulsory Islam- 50 or 60 women were targeted, the rights This critical aspect of our evo- children who are here right people and advance this ic dress code on women in Chechnya violates group said. Threatening leaflets also lution remains undeveloped, now. nation we must elevate our their rights to private life, personal autono- appeared on the streets of Grozny, warning rather than taking responsi- Why aren’t we teaching thinking, climb out of the val- my, freedom of expression, and freedom of women that those who fail to wear head- bility for ourselves, we are them the audacity of change ley of blame and cultivate a religion, thought, and conscience," the report scarves could face "more persuasive mea- more easily led to fight for or the power of personal new culture of responsibility. said. "It is also a form of gender-based dis- sures." The women interviewed by Human rights based on the fallacy responsibility? This thought- Our Bahama land is dehy- crimination prohibited under international Rights Watch interpreted that as a threat that someone else is the pattern would build their con- drated and in urgent need of a treaties to which Russia is a party." to use real weapons. blame for our laid-back per- fidence to choose their own positive, healthier perception. Kadyrov rules with the support of Prime Kadyrov's security force has been blamed ceptions. future, long after we are gone. And the spirit of this land Minister Vladimir Putin, who has counted on by rights activists for abductions, torture The daily servings of pro- The need for us to migrate insists that we all quench its him to stabilize the mostly Muslim region in and extrajudicial killings in Chechnya. grammes that happily remind towards a culture of responsi- thirst by heeding this call to southern Russia after two separatist wars in In July 2009, the director of the Chechen us of our issues, problems or bility is an appeal from the migrate forward, upward, the last 16 years. Russian authorities have office of Russia's Memorial rights group, the basic lack of social order spirit of this Bahama Land. onward together. turned a blind eye to the treatment of was abducted near her home in Grozny and Whose moral fiber cringes women and other rights abuses in Chech- found shot to death along a roadside a few only highlights our point of People, it’s time to move! focus. That we are a pes- every time we utter a com- nya. hours later. Natalya Estemirova had pub- plaint or point to a problem Human Rights Watch interviewed dozens licly criticized the Islamic dress campaign simistic people, who are much MICHELLE M MILLER more comfortable, looking for without voicing a solution. Its Nassau, of women who have experienced or wit- as a violation of Russian law, angering Kady- message is clear. It reminds nessed attacks or harassment for their refusal rov who had threatened her with repercus- what, is wrong, rather than March 7, 2011. to adhere to the Islamic dress code. sions. One of the victims, identified as Louiza, A few weeks after the paintball shootings, told the rights group that she and a friend Kadyrov told local television that he was were attacked while walking down Putin ready to give awards to the men who carried Looking at the tax regime Avenue in Grozny on a hot day last June, out the attacks and that the targeted women wearing skirts a little below the knee, blous- deserved the treatment. There was no EDITOR, The Tribune. (wealth used to make more distinction between the es with sleeves a bit above the elbow and no response from the federal authorities. wealth). Left wing propos- unearned income from land headscarves. Suddenly a car without a The paintball attacks ended in mid-June, Today’s article by Rick als call for society to take (nature) and the earned licence plate pulled up, its side window rolled having achieving Kadyrov's objective. The most of the wealth created, incomes of labour and capi- down and a gun barrel pointed at them. majority of women are now too scared to Lowe (limit taxation and "I thought the gun was real and when I enter the centre of Grozny without head- spending) contains many making no distinction tal. No one created nature heard the shots I thought: 'This is death,'" scarves or dare to complain against the current observations about between the income from (beaches, reefs, fresh water she recalled in the report. "I felt something "virtue campaign." the current tax regime and land, labour or capital and etc) but the presence and hitting me in the chest and was sort of At Chechen State University in Grozny the proposed alternative val- leaving only a small portion activity of society creates thrown against the wall of a building. this week, all females students wore head- ue added tax (VAT). of wealth to individuals. In location value. A just society "The sting was awful, as if my breasts scarves and, toeing the official line, defend- most cases this also entails a would capture the location were being pierced with a red-hot needle, but ed the practice as part of local tradition and However, Lowe and the Nassau Institute like the large measure of control by value for society and let the I wasn't fainting or anything and suddenly a sign of respect for Islam. society over individuals, a wealth created by labour noticed some strange green splattering on "The headscarf is part of our religion, “commentators” he criticis- es fail to recognise the dif- “planned economy” and and capital remain in the the wall and this huge green stain was also part of our faith," said Seda Sabarova, 18. lack of individual freedom. hands of these that earned it. expanding on my blouse." Kadyrov also scoffed at criticism of his ferent impact taxes have on The 25-year-old woman said her friend effort to enforce an Islamic dress code, Right wing proposals The Geologist proposal the three factors of produc- (reflect tax) hold that more achieves the goal of left was hit on her legs and stumbled to the telling foreign reporters that headscarves tion – namely land (free gifts ground. Men dressed in the black uniform of make women beautiful. wealth should remain in pri- wingers for security and Kadyrov's security forces looked out of the (This article was written by VladimirI of nature), labour (human vate hands but also makes social action but without car's windows, laughing and sneering. Isachenkov of the Associated Press). exertion in the production no distinction between land, restrictions on liberty. It of wealth) and capital labour and capital. Govern- achieves the goal of right ment should get the mini- wingers to attain freedom mum it needs for necessary but without privilege and services and leave the run- monopoly. ning of the economy to pri- This “tax shift” would vate interests. remove the unearned A mixed economy seeks income from natural to distribute wealth and resource speculation, slow power between individuals urban sprawl, reduce pollu- and society but does not tion and pay for infrastruc- make a distinction between ture that helped create land earned and unearned values in the first place. All incomes nor does it define this would happen without the proper roles of society stifling incentive and pro- and the individual. The ductivity. result is usually a hodge- podge. JOHN FISHER The American economist Nassau, Henry George does make a February 21, 2011. Thank you to helpful BEC staff EDITOR, The Tribune.

LAST night, the 4th of March, at 1.30am my power went off. I thought it might just be the usual power failure but no, it was just our house. I called the BEC power failure number and got a very polite and professional lady to answer. She took my info and said she’d have a truck there ASAP. True to her words a truck was there within 10 minutes. I went out onto the road to make sure the guys knew it was my house that was without power. They also were very polite and professional. My power was restored soon after the truck arrived. A few minutes after the power was restored, the phone rang and to my surprise it was the lady from BEC calling me back to make sure my power was back on. Most of the time people have bad things to say about BEC, so I want to say Thank You to the BEC staff that helped me, for their quick and professional response. I wish I had asked for her name so I could thank her.

AMANDA MEYERS Nassau, March 4, 2011.

THE TRIBUNE FRIDAY, MARCH 11, 2011, PAGE 5 LOCAL NEWS COB students learn about employment opportunities

By LAMECH JOHNSON

COLLEGE of the Bahamas students participated in a career and job fair yesterday, where they were they learned about what opportunities await them in the public and private sector. Norma Turnquest, co-ordi- nator of the fair, described it as a networking event for both stu- dents and businesses. “The purpose of the event is COB STUDENTS pose with a fire engine at yesterday’s career and job fair. to bring the students and busi- Photo/Ronnie Archer nesses together,” she said. Ms Turnquest believes the She was unsure how many ing major at COB, was “I’m a freshman so it’s really came to see the future crop of ticular will greatly benefit from students will benefit from learn- companies have already decided impressed by the amount of an enhancing experience to have workers that would soon be this opportunity. ing about the different careers to hire some of the students they information available. an event that open doors for us. leaving school. “We have branches in Inagua, available to them based on their met with, though she added, “It was great. There were a They don’t have stalls that pre- Selvin Basden, senior manag- Exuma and South Andros. Stu- field of study. She was pleased “some companies have already lot of options for me in the sent the law though.” er of human resources at the dents from South Andros for with the turn-out from students posted job recruitments on their accounting field and I learned CIS majors like Ashaki Bank of the Bahamas, said the example that want to go back and businesses. websites.” about scholarship opportunities Adderley found the fair to be bank “is growing and we’re home to work can do so because “We have 33 companies rep- Some students spoke with provided by KPMG.” very informative and said it seeking new talent.” we have branches there in Man- resented so we are quite pleased The Tribune about what they R Ellis Farrington III, a fresh- made them aware of the “dif- He mentioned that the bank grove Cay and Kemp’s Bay.” with the numbers. And the stu- learned and experienced at the man at COB, said the event was ferent organisations out there.” is currently hiring students on a Other private institutions dents seem to be enjoying it fair. “dominated” by business and Representatives of the busi- part-time basis and that students such as ScotiaBank, First too.” Kaynell Dames, an account- finance companies. nesses told The Tribune they from the Family Islands in par- Caribbean Bank, RBC, Doctors’ Hospital, Deloitte and Touche and Burns House Ltd were also in attendance. Among the government agen- cies represented were the Cen- MAN GETS 13 YEARS FOR CHOPPING FRIEND TO DEATH WITH CUTLASS tral Bank of the Bahamas, BTC, By NATARIO McKENZIE Thompson in seeking to defend himself tinued at Cottonwood Street, Pinewood She told the court that Thompson was the Water and Sewerage Cor- Tribune Staff Reporter from Knowles went beyond what was Gardens, where friends intervened and not aware of how many times he had [email protected] poration, the National Insurance necessary and thus self-defence could not separated the two men. chopped Knowles. Board, Bahamasair, the Defence be his legal defence. According to prosecutors, Knowles According to Mrs Seymour, Thompson Force, the Police Force. A MAN who admitted to chopping The judge, however, also noted that was subsequently seen walking with a had thought he had chopped Knowles Officers from the Fire Branch his friend to death with a cutlass during Thompson had been provoked in his cutlass. The argument between the two three times. She also asked the judge to were also there and brought an argument two years ago was sentenced actions and that his case was not one in men continued on Willow Tree Avenue take into consideration the fact that their fire engine with them. to 13 years in prison yesterday. which the maximum penalty ought to be and Saffron Street. Thompson had pleaded guilty to the They used a long grass track to On Wednesday, Maitland Thompson, imposed. There, Thompson reportedly wrestled manslaughter charge and had been forth- give the students a taste of what 28, pleaded guilty to manslaughter by “Given the injuries sustained by the the cutlass away from Knowles and right with police from the start of their a “fire run” is like. provocation in the death of Customs Offi- deceased, it is clear you would have gone chopped him nine times about the body. investigation. The fair was held at Indepen- cer Collier Knowles, 33. too far,” Senior Justice Isaacs said. Knowles was reportedly chopped to the She further submitted that her client dence Park on the college’s Thompson was initially charged with In his sentencing, he also took into head, left eye, right shoulder, left calf, had told police that he did not intend to Thompson Boulevard campus. murdering his friend, but accepted a plea consideration the two years Thompson left hand, right thigh and right arm. kill Knowles and that his death was an deal. Knowles died in hospital on June 2, has already spent in prison. His cause of death was listed as hem- accident. She asked the court to take into 2009 after being chopped about the body Thompson’s sentence is to commence orrhagic shock as a result of blood loss consideration the fact that Thompson’s nine times, according to prosecutors. from January 1, 2011. from “chop wounds”. actions were not premeditated and that Thompson told the court yesterday: “I According to prosecutors, on June 1, Thompson was later arrested at a local he had been defending his life, but went am truly and deeply sorry. I really didn’t 2009, Thompson, Knowles and several motel on Carmichael Road. too far. mean to kill this man. I really tried to friends were at a bar in Pinewood Gar- Thompson’s attorney Romona Sey- Ms Seymour told the court that walk away. I just want the court to be dens. mour submitted yesterday that her client Thompson, a father of two, had expressed lenient.” An argument reportedly broke out and was angry and drunk at the time of the remorse and asked that the court be as Senior Justice Jon Isaacs noted that Knowles left the bar. The argument con- incident. lenient as possible. PAGE 6, FRIDAY, MARCH 11, 2011 THE TRIBUNE LOCAL NEWS Health officials explore ‘inextricable’ link between kidney and heart disease By MATT MAURA overall health. water regularly is also impor- sector in implementing the Bahamas Information The day also aims to tant to maintaining healthy National Chronic Disease Services reduce the “frequency and kidney function. Prescription Drug Plan,” Dr impact of kidney disease and Dr Minnis said a statement Minnis said. PUBLIC Health officials its associated health prob- from the American Heart “This Plan allows patients worldwide have been able to lems” worldwide; to encour- Association confirmed that, with a history of chronic con- confirm an “inextricable link” age preventative behaviours “cardiovascular disease ditions such as diabetes and between kidney disease and among world citizens and to begins to have an effect on hypertension to access their cardiovascular disease, Min- educate all medical profes- the body as early as the first medications to aid compli- ister of Health Dr Hubert sionals about the key roles stage of kidney disease and ance and preservation of kid- Minnis said Wednesday. they play in detecting and most people with end-stage ney function. The Health Minister said reducing the risks of chronic renal failure die as a result of local public health officials kidney disease, particularly cardiovascular complica- Prevention will join their international in high risk populations. tions.” ‘INEXTRICABLE LINK: Health Minister Dr Hubert Minnis colleagues in further study- Chronic, non-communica- ing the relationship between ble diseases such as diabetes “It is vital that other strate- Risk gies that make the most of cation Week. Several major Public Health and the Public chronic kidney disease as a and/or hypertension or high activities have been planned Hospitals Authority for their major risk-factor for cardio- blood pressure, contribute to our fiscal, capital and human Public health officials said resources be implemented including a workshop on efforts in raising public vascular disease. renal diseases. Both are chronic kidney disease for awareness. The announcement came there are seven “golden prevalent in the Bahamas. and supported at the national rules” persons can use to level to ensure prevention, public health nurses that has “Patients and family mem- as the world celebrated Dr Minnis said research been endorsed by the Royal bers need to have a better World Kidney Day yesterday. reduce their risk of develop- shows that “intensive con- early detection and manage- ing kidney disease. ment of this debilitating and College of Nursing in Lon- understanding of how to pre- A joint initiative of the trol” of diabetes and high don; England; a public debate vent kidney disease and how International Society of Critical among those rules blood pressure can prevent life-threatening condition,” are to keep fit and active; Dr Minnis added. on kidney disease and a to manage existing condi- Nephrology and the Inter- or delay the onset of kidney speech competition on the tions,” he said. national Federation of Kid- keep regular control of blood disease. To help combat the prob- sugar levels; monitor blood lem and promote education topic “How we maintain Kid- “In addition, healthcare ney Foundations, World Kid- “Cognisant of these facts, ney Health” for high school professionals require more ney Day is used to further pressure levels; eat healthy the Government of the and awareness, public health and check kidney function if officials in the Bahamas this students. training to ensure early detec- raise awareness of the impor- Bahamas has collaborated Dr Minnis applauded offi- tion and appropriate man- tance of one’s kidneys to their you have one or more of the with the private healthcare week began celebrating “high risk” factors. Drinking Renal Awareness and Edu- cials at the Department of agement.”

Government spends TALENTED STUDENTS TAKE TO THE STAGE FOR ADJUDICATIONS ERIC ROSE/BIS $15 million annually on dialysis treatment

By MATT MAURA Bahamas Information Services

THE government of the Bahamas spends almost 15 million dollars annually to provide free dialysis treat- ment to 330 persons with kidney disease, health offi- cials revealed. This figure does not include costs associated with medications and/or hospital stays as a result of associat- ed complications. Dialysis treatment is predominantly used to manage kidney disease in the Bahamas and costs $45,000 per patient per year. Recent data confirms that there are more than 330 persons in the Bahamas receiving free dialysis treatment as a result of kidney disease. The total cost to treat those persons is $14,850,000. Public Health officials said the 330 figure does not include persons who “are unknown to nephrology ser- vices for whatever reason”. They said the number of persons with kidney problems is likely to increase as more and more Bahamians become more at-risk for the disease due to the high prevalence of chronic, non-com- municable diseases such as diabetes and hypertension – two leading causes for kidney disease – in the Bahamas. Chronic, non-communicable diseases such as diabetes and hypertension or high blood pressure can be pre- vented through proper diet and exercise. Minister of Health Dr Hubert Minnis said while the ADJUDICATIONS for the E Clement Bethel National Government has implemented and will continue to Arts Festival continued in Freeport this week, drawing implement new strategies to help battle kidney disease students from the island’s schools who showed off their and reduce the heavy costs associated with the treat- musical talents. It was the second week of Grand Bahama ment and management of the disease, the onus is on adjudications which are now coming to a close. “every single Bahamian, particularly those at-risk per- sons” to ensure that they adopt healthy lifestyles to prevent life threatening illnesses such as kidney dis- ease.” Dr Minnis said research has shown that “intensive control” of diabetes and high blood pressure” can pre- vent the onset of kidney disease. “Simple choices like eating a balanced diet, engaging in regular exercise and having an annual physical exam- ination are all necessary to help prevent the disease,” Dr Minnis said. “It is also necessary for individuals who fall within high-risk groups for renal disease to get tested for the disease in order to facilitate early detection and prompt treatment and monitoring,” Dr Minnis added. The Health Minister said conditions such as diabetes and hypertension have contributed to a rise in renal diseases in the Bahamas. The two are prevalent among Bahamians. ABOVE: Liam Brown of the Lucaya International School plays He said public health officials have launched a series the trumpet during the adjudications in Freeport, Grand of education and awareness programmes designed to Bahama, for the E Clement Bethel National Arts Festival. educate members of the public on the implications of the incidence of chronic kidney disease in the country TOP: An ensemble from St Paul's Methodist College plays the and to ensure that the disease may be prevented, where jazz piece "Santa Baby" during the adjudications in Freeport. possible, or to ensure early detection, timely referral and safe and effective client care. LEFT: Walter Parker Primary School student Lincoln Alleyne “As knowledge and understanding of the causes of beats out a solo in the Best Drummer category during the adju- kidney failure increases, so does the ability to predict dications in Freeport, Grand Bahama for the E Clement Bethel and prevent kidney disease increases,” Dr Minnis National Arts Festival. added.

Share your news 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. If so, call us on 322-1986 and share your story. THE TRIBUNE FRIDAY, MARCH 11, 2011, PAGE 7 LOCAL NEWS AFFGA calls on govt to declare ‘no-build zone’ in S Abaco G roup wants 1,800 acre s of Crown Land to be o ff limits to deve l o p e r s

By MEGAN REYNOLDS Mr Major said. Tribune Staff Reporter A review of the proposal [email protected] will be completed next week, he said. A GROUP of bonefishing The details will then be guides seeking to protect a publicised, giving people a vital fishing ground in South chance to respond, and then a Abaco is calling on the gov- draft proposal will be drawn ernment to take action before up and sent to the Attorney developers move in. General’s office for vetting, The Abaco Fly-Fishing before going to the Cabinet Guide Association (AFFGA) for final approval in around has proposed the government two months. declare around 1,800 acres of When asked why the pro- Crown Land coastline and posal had taken more than a wetlands stretching from year to cross his desk, Mr Cross Harbour to Blackwood Major said: “I can’t say it’s Point a no-build zone as it taken a year because I don’t supports a 1,000 hectare wet- recall it, but especially these land area, local fishing indus- matters that are not (plan- tries and the lucrative catch- ning) applications as such are and-release sport led by local not considered a top priori- fly-fishing guides. t y . ” AFFGA president Paul The pressure to deal with NICE CATCH: AFFGA president and fly-fishing guide Paul Pinder holds a bonefish he caught in Cross Harbour. Pinder sent a letter to the development plans takes pri- Prime Minister’s Office in ority in the Department of of fish in the creek and 300 local people and school- Mr Pinder’s wife, fly-fish- ans. It doesn’t need to be in October 2009, won support Physical Planning Mr Major proven the link between man- children. The organisation ing guide Cindy Pinder, said: the hands of foreign develop- from the Ministry of the Envi- said, as multi-million dollar grove and oceanic habitats. then initiated a fish tagging “We are just trying to do this e r s . ” ronment and submitted the projects involving landown- Dr Craig Layman who programme with local schools to protect a very good area Abaco’s fly-fishing indus- proposal to the Department ers, banks, contractors, archi- spearheaded the Friends pro- which documented twice as for the fisheries, and for the try draws an estimated annu- of Physical Planning in April tects and developers take up ject said: “It is one of the first many species upstream than people of Abaco.” al income of around $4 mil- last year. staff time. studies anywhere in the world before they had completed “We don’t need another lion, and contributes to the The association maintains And it is precisely this pres- that have directly demon- the work. under utilised marina in Abaco. $140 million associated with they were asked to resubmit sure which AFFGA fears will strated the connection Now Florida-based non- “We need to protect this catch-and-release fishing their application more than lead to encroachment on the between mangrove and profit the Bonefish Tarpon land for the future of Bahami- tourism across the country. once, both in print and online, valuable wetlands they are oceanic habitats through the Trust is undertaking a bone- and yet have heard no seeking to protect. movements of fishes. fishing tagging programme response from the govern- “We hope the government “Additionally, it directly and is expected to cement ment department. will agree this pristine area is demonstrates the rapid and important data about bone- Director of Physical Plan- far too important to the peo- concrete impacts the creek fish and the wider ecology of ning Michael Major said the ple of Abaco to sacrifice to restoration projects can have the area in the coming application came to his atten- future local or foreign devel- on marine fisheries. m o n t h s . tion on Wednesday, follow- opers as it is presently of eco- “As such, it is especially AFFGA wants to ensure ing calls from The Tribune, nomic value without being critical to protect this wetland the rich biodiversity support- and he will now initiate the developed,” Mr Pinder said. area as it may be a primary ing such scientific studies, as process of creating a zoning Studies of the area facili- nursery area for all of south- well as the fly-fishing industry o r d e r . tated by local nonprofit ern Abaco.” and local fisheries is protected “Most of the time when we organisation Friends of the Friends undertook a major as members fear developers get requests like that they are Environment have docu- creek restoration programme of resorts and marinas will be legitimate and reasonable,” mented more than 50 species in Cross Harbour five years attracted to the area by its ago with the help of around access to deep water.

PAGE 8, FRIDAY, MARCH 11, 2011 THE TRIBUNE LOCAL NEWS FROM page one BAHAMAS TO GET ‘Criminally-minded’ but were there “advancing political $5M FROM US FOR groups.” “We saw so many things that were HIV/AIDS FIGHT going on. I, for one, wondered if we were dealing with a BTC situation or paid in BTC protest THE BAHAMAS will receive more than $5 mil- if we were dealing with a political sit- lion in US assistance over uation. For the life of me I could the next five years to sup- not understand what was going on. talked to them. I heard them say, if tive of the PSA. that these are persons who are port the country’s fight “I saw, along with other execu- they did not get paid there is going He said the police force stands for known to the police. These are per- against HIV and AIDS. tive members, as we gone through to be problems. I had to encourage its integrity, and “we would wish sons who are unsavoury characters The financial assistance the downtown area, persons walking some of them to come out of the nobody to interfere with that.” and they would have been before is part of US President around with political photos of indi- stores. They had no reason to go in “If we see the type and caliber of the police on numerous occasions.” Barack Obama’s Emer- viduals.” the stores. persons coming out there. We know He said the PSA supports the gency Plan for AIDS The demonstration was said to “They were just being disruptive,” them. We have nothing to hide on public in their right to protest; how- Relief (PEPFAR) agree- have been organised by the Com- ment. said Mr Smith. that. We are the police. We know of ever, they feel groups “must not let US Ambassador to the mittee to Save BTC, but Progres- “My view is there were only a those persons. Not saying that they persons whose view is to cause a dis- Bahamas Nicole Avant will sive Liberal Party (PLP) members handful of persons there who were are going to come out there and do ruption interrupt what actually discuss the PEPFAR made a strong appearance. Many of really dealing with BTC. If you were something, but we have to make should be happening.” agreement when she opens their members were dressed in yel- to speak to some of those persons, sure officers are there in case, and to “The police are there for safety the US Caribbean Region- low political garb. A group of Brave they did not know why they were actually deal with the issues,” said and to ensure control. (A demon- al HIV/AIDS Partnership Davis supporters also carried life- out there. They did not know what Mr Smith. stration of that nature) is a perfect Framework (PEPFAR) sized “Be Brave” posters. They were they were out there for. If we were “It was strange the type persons I opportunity for any crime to Summit this coming Tues- dressed in custom-made designer to really do the due diligence, we'll saw. Certainly being a police offi- explode,” said Mr Smith. day at the Sheraton Nassau “unity shirts.” Beach Hotel. find a lot of them did not under- cer for over 21 years, we know our “We live in a real world; there are Minister of Health Dr Mr Smith said downtown mer- stand what was going on,” he said. caliber of persons that were mov- persons who don't like this person; Hubert Minnis will also chants called “left, right and cen- When the morale, welfare and ing up and down. They had nothing those who might have criminal provide opening remarks. tre” to complain about a group of integrity of the force is under threat, to do with BTC, but they were motives; that is the best time for that The three-day summit is young protesters who were dropped Mr Smith said, the association has a advancing these political groups. kind of activity. expected to attract 80 par- off in the George Street area. As responsibility to intervene. Such is The police had a difficulty with “So the police would have made ticipants from throughout they walked to the protest, mer- the case with debate around the that,” he said. sure all of its units were there to the region to discuss and chants claimed they stopped in store BTC protest, he said, where com- When pressed to explain what he look out for those persons, who may share strategies on after store “causing a disturbance.” ments being made in the public are meant by criminally-minded per- have been of a criminal nature to HIV/AIDS awareness and “I walked there personally and “concerning.” Mr Smith said he was sons, Mr Smith said: “From the per- make sure, because that was an prevention. saw them. I knew some of them and This year alone, through strictly speaking from the perspec- spective of the association, we know ample time.” PEPFAR, the US govern- ment has committed more than $1.6 million in assis- tance to the Bahamas in the areas of prevention, PARENTS OF BABY WHO DIED IN PMH ‘UNABLE TO GET COMPLETE MEDICAL RECORDS’ strategic information, labo- ratory strengthening, and FROM page one want closure," said Mr body, it's not a pleasant expe- hydrocephalus, a condition in arrest and fell into a coma human capacity develop- Tsakkos, 39. "We just want a rience," said Mr Tsakkos, which excess fluid accumu- before his death on January second opinion of what hap- while his wife, 28, wiped tears lates in the brain. 29. ment. have petitioned the hospital The Ambassador will pened. We requested the rest from her eyes. Doctors also said Yannis Thelma Rolle, PMH pub- for the medical history of of the records, our lawyer had Yannis, born prematurely had congenital heart disease lic relations officer, told The also announce a call for their infant Yannis – since his small grants proposals for made at least two official in PMH on August 12, 2009, and a hole in his heart. Tribune the hospital would death in January, 2010 – but requests, we believe we are was the Greek-Orthodox cou- The hospital discharged look into the report and con- the 2011 Ambassador Fund have only been able to secure for Prevention. entitled to a second opinion. ple's only child. Yannis in early October 2009, tact the parents in the hope Community based a portion of the records which "The response has been From his birth, the infant but he was readmitted to hos- of straightening out the situa- organisations, non-govern- detail his last stay in hospital, 'We're looking for them' and was besieged with health pital in late December 2009 tion. ment organisations, faith- they claim. according to them they are problems and spent the first after his parents noticed a "I have forwarded it to our based organisations, gov- They said PMH has not still looking. I wouldn't think few months of his life in the fever, increased vomiting and Client Feedback Unit which is ernment ministries, busi- released documents detailing it would take so long," he neo-natal intensive care unit that he was passing blood in going to catch up with the nesses, clubs, schools, and the period from the baby's said. of PMH away from his par- his urine. parents to see what's going individuals will be invited birth in August 2009 until his A year on from the tragic ents. This time he was admitted on," said Ms Rolle. to submit proposals for release from hospital in Octo- death of their son, the pair He was diagnosed with a into the Children's Ward, his "We will be in contact with one-time grant up to ber 2009. The couple fear the still have not had closure number of illnesses, including family said, and three days them within the next few days $10,000 for projects that records may have been lost. because of the delay, they told meningitis, or inflammation later he developed pneumo- and determine what went promote HIV/AIDS "We're not accusing any- The Tribune. of the membranes that cover nia. wrong, to investigate, and say awareness. The deadline is body of anything, we just April 29, 2011. "I don't wish this on any- the brain and spinal cord, and He soon went into cardiac why there was a breakdown."

THE TRIBUNE FRIDAY, MARCH 11, 2011, PAGE 9 LOCAL NEWS POLICE CALLED AFTER ROAD WORKERS Minister criticises PLP Deputy TOLD PAY NOT IN THEIR BANK ACCOUNTS FROM page one fully and no arrests were made. for ‘seeking to politicise suicide’ Still, workers told The Tribune they are normally paid on Thursdays and claimed the construction company had not informed them of any changes in salary disbursements. LABOUR Minister Dion economic times may help to lead "Every second Thursday we get paid, for over a year now I been get- Foulkes has criticised PLP to an increase in suicides as has ting paid on Thursday," said a worker who declined to give his name. Deputy Leader Philip “Brave” been seen in various countries "I had to go pay all kind of bills today. This crush my spirit.” Davis for seeking to “politicise” around the world during what Another worker claimed: "You can't tell the rent man they ain't pay the tragedy of suicide and mental have been some of the toughest us today when they know you working. This causes problems in the health issues. economic times in generations.” household, they think you lying." Hever Cordova, company administrative manager, said it is company Minister Foulkes responded in He said that “at home, the policy to pay workers on Friday but explained that sometimes the bank a press statement yesterday to Government responded with a makes the money available earlier causing a "misunderstanding" remarks made by Mr Davis at a comprehensive and intensive between employees and the company. Progressive Liberal Party rally in array of measures to respond to "I think there was a misunderstanding from our workers. We have Golden Gates Tuesday night. Mr the global financial crisis and its agreed from the beginning to pay them on Friday, so we were surprised Davis at that time suggested that impact on individuals, families they were expecting pay today (Thursday). the Free National Movement and communities. These included "We understand the employees need their money but the bank administration’s failure to create a dramatic increase in social has a system they have to complete. Our instructions were given to sufficient jobs to deal with the assistance, the National Retrain- them from Wednesday but the bank has 48 hours, the bank takes country’s unemployment prob- ing Programme, and the land- time to process payroll. lem led to the untimely deaths of mark Unemployment Benefit "Once it is released some people take advantage and go before Bahamians. Programme as well as through the specified time but it's not like the company doesn't want or can't “Suicide,” said Mr Foulkes, “is other measures to stimulate the pay salaries." a complex matter which should economy and jobs. Mr Cordova added that the company has shown police copies of be discussed and responded to “According to the World internal memos which he said were circulated to workers about pay with great care and sensitivity, as Health Organization, The day. well as compassion and proactive Bahamas has one of the lowest responses by various institutions suicide rates in the world. This FROM page one and individuals, including those may be due in part to our strong in public office. PHILIP ‘BRAVE’ DAVIS had suggested sense of community and religious relieve traffic congestion, but also that the Free National Movement to facilitate large infrastructure ROAD CLOSURES “I therefore found it disturbing faith, both of which we should unavoidable. works which are being carried out and a lack of compassion and administration’s failure to create suffi- continue to rely on in good and Ms Collie said the ministry’s underground. sensitivity that Mr Philip ‘Brave’ cient jobs to deal with the country’s difficult times.” traffic management committee is These, he said, are vital to Davis, the Deputy Leader of the unemployment problem led to the Mr Foulkes invited the Oppo- focused on the long-term benefits improving the system of providing untimely deaths of Bahamians. of the project, not the short-term Progressive Liberal Party would sition as well as all others “to potable water and to allow for liabilities. seek to politicise the tragedy of offer ideas, support and prayers future expansion of other utility Since meeting with the business suicide and related issues of men- in helping those in our homes and systems such as cable, electricity owners, the ministry has decided tal health and depression.” communities who may be tempt- and telephone lines. the hotline, a number of persons to re-examine the possibility of Mr Higgs said contractors are He noted that “suicides in The have been helped over the past ed to commit suicide. Moreover, closing only one lane at a time in trying to inconvenience businesses Bahamas are down by 33 per cent we should support those families the Prince Charles area during busi- several months. and residents as little as possible. from 2009 to 2010, from twelve to who have suffered the loss of a ness hours. “I encourage those who are in Charlene Collie, project engineer eight respectively. Still, every loved one through such a tragedy. However, Ms Collie warned this need of assistance or who have a with the Ministry of Works, said suicide is a tragedy for the indi- What is needed in such trying would extend the time the works family or church member or that in an effort to inform the pub- will take and affect the cost of the viduals and families involved as friend or work colleague in need times is love and compassion, not lic of the phases in which the works project. well as the wider community.” insensitivity or making judg- were to be carried out in the east- of assistance, to call the confi- She assured the public that both According to Mr Foulkes pri- ments.” ern corridor, flyers were distrib- dential National Suicide Hotline lanes are only closed "when or to the Christmas holidays, the Mr Foulkes invited those who uted and a walkabout was con- at 322-2763. absolutely necessary” or for safety Department of Social Services wish to be trained as volunteers ducted. They also put up signs “Bahamians should work in a reasons, and always for the absolute explaining this schedule, she said. entered into a partnership with nonpartisan manner to prevent for the Hotline to call 322-3035. minimum amount of time possible. Following Tuesday’s row, min- accounting firm Grant Thornton “I also wish to restate that the She said once the work is done, as many suicides as possible as istry officials met with business to increase the number of coun- National Suicide Hotline number drivers will have a wider Prince well as to respond to such a owners. While fully acknowledging sellors available to the national is 322-2763,” he said. Charles Drive with new drains, tragedy when it occurs,” he said. all their concerns, they sought to suicide hotline. He noted that improved lighting, sidewalks, better “The reasons for suicide are var- make it clear that some road clo- signs and ultimately, less traffic. because of the confidentiality of ied and often complex. 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THE TRIBUNE

FRIDAY, MARCH 11, 2011 SECTION B • [email protected] Planning moves ‘No evidence’ on ‘prosecution’ $100m renewable of sign owners BTC deal anti-

By ALISON LOWE Business Reporter plant’s jobs boost competitive [email protected]

The Department of Physi- I Waste-to-energy proposal for Grand Bahama promises more cal Planning has asked the * URCA approves CWC privatisation, rejecting claims cellular Attorney General’s Office than 50 permanent posts, with total impact creating 450 jobs monopoly extension will ‘impede the growth of competition’ to “prosecute” businesses who have refused to take I Construction phase could generate 348 jobs, with plant * Fears three-year monopoly will enable BTC/CWC to use down digital billboards cellular profits to cross-subsidise rival business lines around New Providence, its aiming to generate between 15-30MW within 10 months of start director said yesterday. * Other concerns involve CWC using Caribbean affiliates to With over a month having By NEIL HARTNELL - if its project was approved - said. “The green power plant passed since the Ministry of Tribune Business Editor could sell the power it pro- jobs and the construction give BTC more favourable terms, and help it cost shift the Environment issued a duced to either the Bahamas activity for both phases will * BTC international services market share 5-25% demand for the billboards to More than 50 permanent, Electricity Corporation also create a number of jobs desperately needed jobs will (BEC) or Grand Bahama indirectly from the project- be switched off or removed, By NEIL HARTNELL be created if a renewable Power at $0.13 per kilowatt related spending, and the given that they are consid- Tribune Business Editor ered illegal by the Depart- energy supplier obtains an hour. spending decisions of plant, agreement to supply Grand This, the plan said, would trucking and construction ment under a 1964 law regu- Cable & Wireless Communications’ (CWC) acquisition of Bahama Power Company pass “substantial savings” on workers. lating advertising, Michael a 51 per cent stake in the Bahamas Telecommunications with energy from Refuse to Bahamian residential and “The number of indirect or Major said the matter is now Company (BTC) was last night approved by the industry reg- Derived Fuel (RDF), Tribune commercial electricity users, induced jobs created in the out of his hands. ulator on the grounds it would not lessen competition in any Business was told yesterday, with fuel surcharges reduced Grand Bahama economy is “Nothing concrete came of the services the state-owned incumbent currently offers, with the proposed plant able and the Bahamas driven a estimated at 450 jobs over the of it. The matter is at the as it rejected concerns that CWC would use the extended to supply between 15-30 step further down the road to two project phases. From a Attorney General’s Office three-year cellular monopoly to “impede the growth of Mega Watts (MW) within 10 environmentally-friendly, sus- short-term socioeconomic for further action. If we give competition” in other markets. months of starting operations. tainable energy that could sta- point of view, the plant itself notice saying the signs In a decision that will come as no surprise to informed The business plan for E- bilise power prices. and the related construction should be removed and they observers, the Utilities Regulation & Competition Author- Fuels Bahamas, a copy of “With respect to employ- activity will immediately pro- are not in the time specified, ity (URCA) found that in regard to BTC’s privatisation which has been seen by this ment, the local economy is vide as many as 348 much then it is sent to the AG’s “there is no evidence to support a finding of a substantial office for prosecution,” said newspaper, said the energy expected to realise the full needed jobs for Grand Mr Major. supplier had obtained $100 benefit from the job and pay- SEE page 4B SEE page 5B SEE page 6B million in financing from the roll estimate,” E Fuels US Export-Import Bank, and Bahamas’ project overview Gov’t tendering PORT LICENCEES MOVE ROBIN HOOD COMES ‘UNDER ATTACK’ reform ‘critical’ * But retailer’s chief warns: TO INTERVENE ON URCA ‘I have no intention of By NEIL HARTNELL ment that underpins disappearing gracefully Tribune Business Editor Freeport’s very existence and going into the night’ and development could be Grand Bahama Port breached by the national * Claims Robin Hood has Authority (GBPA) communications supervisory ‘changed the face of licencees have applied to the regime. Supreme Court for permis- GBPA officials have been FOOD FOR THOUGHT: The Robin Hood store in Prince Charles Drive. Bahamian retail’ by forcing sion to intervene in Cable concerned since 1999 that By NEIL HARTNELL “sources” who wanted to force rivals to lower prices Bahamas’ two-year battle attempts to create a Tribune Business Editor it from the Bahamian retail with the Utilities Regulation Bahamas-wide and ALISON LOWE market, but warned: “I have no * Dismisses claims of & Competition Authority telecoms/communications Business Reporter intention of disappearing grace- lay-offs, and payroll and (URCA), given that related regulatory regime, via the [email protected] fully and going into the night.” STEPHEN Sandy Schaefer spoke to Tri- WRINKLE legal issues potentially Telecommunications Act of supplier payment issues, “abrogate or amend” the SEE page 5B Robin Hood’s president last bune Business after dismissing By NEIL HARTNELL said the company was “under SEE page 4B as ‘patently untrue’ Hawksbill Creek Agree- attack” from a host of unnamed Tribune Business Editor ment. Attorney Rawle Maynard The Bahamian Contrac- and businessman Chris tors Association’s (BCA) Lowe, in an affidavit sworn president yesterday said an in support of the Freeport Inter American Develop- Licensees and Property ment Bank (IDB) financed Owners Association’s appli- project to modernise the cation to become an inter- Government’s procure- vening party, said Cable ment system was “critical” Bahamas’ Judicial Review to maximising Bahamian action had raised three “piv- involvement in public sec- otal” issues crucial to inter- tor infrastructure projects. preting key Hawksbill Creek Stating that it was “nec- Agreement provisions, and essary” to regularise the it was critical to “safeguard” Government’s tender GBPA licensee rights. processes and protocols, The affidavit, filed with Stephen Wrinkle said of the Supreme Court on Feb- the $331,396 project, which ruary 11, 2011, said the first will be financed with an provision related to the fact $239,196 grant: “They cer- that the Hawksbill Creek tainly need that revision. Agreement stipulated that investments We hope that it proceeds any amendment to it on course. required the approval of at “That’s part of the least 80 per cent of GBPA World Trade Organisation licencees. This, Messrs May- plan your strategy (WTO) membership, as nard and Lowe alleged, one of the main require- “vest in each licencee the ments moving forward to right to be consulted, and a get sound investment advice join the WTO is improving right to be heard and be SEE page 6B counted in connection with benefit from multiple fund options all such amendments”. And they claimed that the earn potentially higher returns same Agreement also pro- hibited the GBPA from all of the above assigning its rights, and “restricted whilst providing for a transfer by the Port Authority as respect its said quasi-governmental powers and its ‘specified rights, pow- ers and obligations’ for the $4.7268 proper administration and development of the $Port $4. Area other than to a ‘Local Authority’”. The last two Hawksbill $5.1251 Creek Agreement provi- $4. sions come into play because A SUBSIDIARY OF Cable Bahamas’ Judicial Review, over the seemingly $4.7269 innocuous question of call us today at (242) 396-4076 whether its Freeport busi- $4. ness should pay $78,747 The information contained is from a third worth of licensing fees, has party and The Tribune can not be held CORPORATE CENTRE: EAST BAY & SHIRLEY STREET & EAST BAY STREET I www.famguardbahamas.com responsible for errors and/or omission highlighted how the agree- from the daily report.

PAGE 2B, FRIDAY, MARCH 11, 2011 THE TRIBUNE BUSINESS Why business M&A HIGGS & JOHNSON PARTNERS ADDRESS STUDENT SEMINAR Two Higgs & Johnson’s attorneys, Heather L. Thompson (partner) and Nadia J. Taylor makes sense now (associate), presented during the seventh annu- al Legal Education Week organised by the By SIMON COOPER and equitable price for both Eugene Dupuch Law School’s Student Asso- Res Socius sides. ciation. That said, is it a good time Under the theme, The Legal Profession – A to buy a business in the Diversified Field, the week-long event sought hen some Bahamas right now? Value is to underline the importance of integrity and people ask based on profit. diversification among legal professionals in SIMON the Bahamas. when is the COOPER In America, median closed right time to business sale prices dropped Ms Thompson spoke on the topic Moving buyW a business in the Bahamas, from $190,000 to $160,000 to Up The Corporate Ladder, emphasising the others are genuinely surprised $150,000 in 2008, 2009 and importance of recognising that law is a pro- why that question is ever asked 2010, respectively. fession rather than a job, and sharing some of her personal experiences as an attorney in the ADDRESS: Heather L. Thompson talks candidly at all. or buy a good one, lock, stock, I believe this trend applies to the students. Some of those who question barrel and customers, too? I to our islands, too, and this Bahamas. already own businesses that rest my case. means our real business prices She addressed the need to improve the rep- pop up and down like yo-yo’s. To phrase the question in a are down right now. utation of attorneys in the Bahamas interna- Others are true entrepreneurs, slightly different way, is this a Any business is potentially a tionally, and on the importance of having with enough capital and good time to go shopping for good buy, providing that cur- meaningful communication with clients, apply- patience to start from scratch. Bahamian businesses? rent profit means a competitive ing the law in layman 's terms when appropri- The rest of us fall somewhere I believe it will be, if the fol- investment, and the buyer ate. in the middle – we have restrict- lowing are true, and assuming believes its good days will come Ms Taylor informed the law students about ed funds, we are often on the that in this case you want to again relatively soon. her experiences as an attorney working in the rebound from another job or spend your days across the This is similar to purchasing a private client and wealth management practice business, and we need to gen- counter in a burger joint. house at today’s depressed group at Higgs & Johnson. erate predictable income right property prices, while secure in She added that in order to maintain its sta- away. * A proven record of sus- the knowledge that the good tus as one of the premier financial service cen- This is why so many business tained profit at a level that you days will come again, as they tres in the world, it was essential for the owners invest capital into a need. always do. Bahamas to supply an available pool of well- proven business, as opposed to * A genuine reason for sell- The world economy will qualified Bahamian financial services profes- sionals, so as to offer long-term working rela- PRESENTATION: Nadia J. Taylor presents on watching sometimes scary out- ing the business that does not rebound, and so will the private client and wealth management. ward cash flows while their new diminish its value. Bahamas. tionships with resident expertise. enterprise cranks up. * Transferrable goodwill – A wise investor buys a busi- The trick, of course, is to find the customers will stay with ness when times are low, but a solid business with audited you. are about to turn. books, and at a good price as Ongoing supply lines – the If you think this is true of our well. suppliers will support you, too. lovely chain of islands, then For the sake of an example, * A price that you can afford, take your cue right now. let’s assume you decide to open and that is also excellent value up a new hamburger joint in under current market condi- NB: Res Socius was found- your home town where several tions ed by Simon Cooper in 2009, others already exist (if they did and is a business brokerage not, then it is unlikely there is The main dealbreakers to authorised by the Bahamas business for you). any business sale are disagree- Investment Authority. He has That market will probably ments about value. The buyer extensive private and public already be saturated, and your wants to buy for next to noth- SME experience, and was for- enterprise is unlikely to result in ing, while the seller would like merly chief executive of a pub- more than a few extra ham- to be paid for the untapped licly traded investment compa- burgers being eaten on any potential in the business. ny. He was awarded an MBA night. This is where business bro- with distinction by Liverpool Which is wiser: To try to kers become matchmakers – University in 2005. Contact him seduce customers from another they are independent, unemo- on 636-8831 or write to outlet already making money, tional and adept at setting a fair [email protected]. ALL SMILES: Heather L. Thompson (c) with Eugene Dupuch Law School principal Tonya Galanis (r) and Council of Legal Education president Lanisha-Tamar Rolle (l). &)$62&,(7<2) 7+(%$+$0$6 0217+/<63($.(5/81&+(21(9(17

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By ALISON LOWE dors in the current tented Straw Mar- Bahamian handicrafts to tourists is a to help them sell more Bahamian- coming to a consensus on addressing Business Reporter ket from bases in Nassau, and can offer “sleeping giant” that could provide made items. some of the barriers that have tradi- [email protected] them an ample supply and variety of huge financial and social benefits. Ven- While many of the vendors are tionally limited the extent to which products to retail at their stalls at a dors, she said, have described sending themselves skilled craftspeople, said they have been able to work together, A trade symposium is being planned lower price, enabling greater profit children to “law school, medical school Ms Keju, they often turn to selling is planned for summer 2011. to bring Bahamian straw vendors and margins, Bahamian handicraft manu- and engineering school” using money cheaper imported souvenirs, as they “We’re hoping we can have a trade a multitude of straw/handicraft manu- facturers are located throughout the they have earned in the past from the find them easier to sell to tourists who symposium between the manufacturers facturers together to “ensure the via- Family Islands and have faced diffi- sale of straw work to tourists. are often looking for a low cost trinket and the operators, where they can sit bility” of authentically Bahamian craft- culties in pricing and distributing their or bag. together, look at what's available, talk work as a trade, ahead of the launch of goods competitively, according to The ability to get a ready supply of about pricing issues, marketing issues the new Nassau Straw Market as a Downtown Nassau Partnership man- Revive reasonably priced Bahamian handi- and begin this serious process of net- platform for locally-made souvenirs. aging director, Vaughn Roberts. crafts may be key to increasing their working and negotiating to ensure the The government hopes it can revive The Ministry of Works is leading Elizabeth Keju, undersecretary in sale, suggested both Mr Roberts and viability of this trade for all concerned, and restore the industry in this regard. efforts to enhance linkages between the Ministry of Public Works, said the Ms Keju yesterday. because if one fails all fail. We want “We're hoping that we can as much the straw work manufacturers, who Government, through the Ministries “A vendor may not be able to sell a them to sit down and work things out,” as possible have a market that sells are located throughout the Bahamas, of Works and Tourism, and entities $100 straw bag every day,” said Mr said Ms Keju. authentic Bahamian crafts. There's and vendors who will be setting up such as the Downtown Nassau Part- Roberts, “but you may be able to sell According to the Works official, the some challenges in that area in terms stalls inside the new Straw Market in a nership, are attempting to minimising quite a few $5 wallets or something Straw Market is “on target” both in of availability and cost, but we're bid to increase the opportunity for issues that have limited the penetration like that.” financial terms and construction sched- working with vendors and the manu- each set of stakeholders, and the of Bahamian handicrafts in the sou- A trade symposium where vendors ule, and remains set for a “late sum- facturers,” said Ms Keju. Bahamian tourism product, to benefit. venir market. can peruse the range of items that mer, end of year 2010” opening. Inte- A meeting was held two weeks ago The reality is that while wholesalers She said that based on her interrac- straw/handicraft manufacturers can rior work, including the installation of in which vendors were brought togeth- of foreign souvenirs “from Taiwan and tions with straw vendors, the opportu- produce, and in which discussions can counters for vendors and utilities is er with manufacturers of handicrafts to Japan” have got ready access to ven- nity to maximise the sale of authentic be held between both sides towards currently underway. begin to talk about what could be done MP blasts URCA on ‘credibility problem’

By ALISON LOWE URCA not to approve the change in control of BTC. On the question of “lack of potential effi- Business Reporter BTC on the basis of several considerations - ciencies and consumer benefits” raised by oppo- [email protected] among them, that he believed the exclusivity peri- nents of the change in control, such as Mr od granted to CWC over the cellular market was Mitchell, URCA said that it would “consider the A PLP MP again questioned the “credibility” of unconstitutional, and the fact that URCA’s CEO efficiencies and benefits claimed by the merging the Utilities Regulation and Competition Author- and a consultant to the entity have had previous parties (BTC and CWC) when there is a likeli- ity (URCA) and threatened court action, as the ties to CWC. hood of a substantial lessening of competition in communications sector regulator announced it He also contended in a February letter to a market”. has given formal approval to the sale of 51 per URCA, declaring his opposition to the BTC con- Given that it does not see the acquisition of cent of the Bahamas Telecommunications Com- trol transfer, that he did not think selling control BTC by CWC as likely to lessen competition in pany (BTC) to Cable and Wireless Communica- of BTC to CWC would result in any benefit to the Bahamas telecoms industry, URCA suggest- tions (CWC). consumers, as the Government has contended. ed such claims regarding “efficiencies and bene- URCA yesterday issued its adjudication on the fits” do not come into play. change in control of BTC, saying it approved the Mr Mitchell reiterated his belief that URCA has transaction because it did not find evidence that by Integrity a “credibility problem”, telling Tribune Business allowing CWC to take a 51 per cent interest in the body’s decisions “are really not worth the URCA’s chairman, Wayne Aranha, since issued BTC there would be a “substantial lessening of paper their written on”. a statement in defense the integrity of the regu- competition” in the telecommunications sector “It is very interesting that the Prime Minister lator and its chief executive, Usman Sadaat. It in the Bahamas. was able to say that URCA breached the rules in called for “well meaning members of the public to Noting that the regulatory authority has “been connection with the hiring of foreign personnel, desist from unproductive and damaging behaviour aware of and had due regard to public sentiment and that his government was going to write them or unsubstantiated public comments, and instead regarding the change in control, and has noted the a letter asking them to act according to govern- concentrate objectively on the core issues”. significant public interest in various aspects of ment policy. The first question in my mind is: Yesterday, URCA went further on the issue the transaction”, URCA said it reviewed “sever- What else can (the government) direct URCA of the alleged conflict of interest, stating that it was al issues which are not relevant to the matters on?” he added. Mr Mitchell said that as an “inter- satisfied “that no conflict of interest arises in which URCA is empowered by the Communica- ested individual” he will review the reasons given respect of any person who has been in any way tions Act to consider in relation to its approval or by URCA for approving the change in control involved in URCA’s consideration of the parties’ rejection of the change in control”. of BTC, and “if necessary take the necessary court request for approval of the change in control” of Fred Mitchell, MP for Fox Hill, had called on action”. HITTING OUT: Fred Mitchell, MP for Fox Hill

PAGE 4B, FRIDAY, MARCH 11, 2011 THE TRIBUNE BUSINESS FROM page 1B Robin Hood ‘under attack’ Bahama residents. “A more long-term eco- nomic benefit of a reliable $100m renewable FROM page 1B we be behind with payments? and sustainable green power Show me an invoice, show me source will be the attracting something we haven’t paid, and as “patently untrue” claims that at the end of the day I will of other businesses to Robin Hood was this week in Freeport, Grand Bahama, address it.” the process of laying-off 25-30 The Robin Hood president and the expansion of existing staff with, as stated by Tribune businesses.” then suggested to Tribune Busi- Business sources close to the ness that forces in the Nassau The plant will operate as a plant’s jobs boost situation, some 15-18 persons green power gasifier, turning business community and wider let go from the two-store retail- society were out to get him, and Refuse Derived Fuel (RDF) in two phases of renewable said, from residential waste, to West Palm Beach, Florida er on Wednesday. into gas to generate energy. potentially force him out of (green) power,” E Fuels not industrial waste, with by rail and ultimately First contacted by Tribune business, having been upset at The gas will be taken to a Freeport, Grand Bahama.” Business on Wednesday, when how his company had shaken Heat Recovery System Gen- Bahamas said. That power glass and metals removed. he also branded reports of lay- volume is significant, given “The initial feedstock for Implementing waste-to- up the Bahamian retail industry erator (HRSG), which con- offs at the retailer, which has a and forced rivals to lower their verts it into steam to power a that Grand Bahama’s maxi- the green power plant will be energy and other renewable 300-strong staff, as “not at all energy projects in the consumer prices. turbine. mum electricity demand in prepared RDF shipped from true”, Mr Schaefer said the last Telling this newspaper to “The turbine will generate 2009 was 73 MW. West Palm Beach at a blend Bahamas, E Fuels Bahamas significant staff cut backs were said, would reduce this “connect all the dots”, when it electricity that will be sent to RDF is generated from of 70% RDF and 30% tires those which took place in Jan- asked for the names of the the grid for power use. The municipal solid waste, and is a (blended onsite),” the com- nation’s greenhouse gas emis- uary. forces ranged against him, and project is proposed in two sions, as well as fossil fuel “After that it has been the suggesting that recent articles blend of paper and plastic, pany added. “The prepared status quo,” he added. “In a phases, each phase having the with chipped tyres added in RDF is baled, plastic wrapped imports, and boost energy written about Robin Hood’s capability to produce up to 35 security. week’s period do we let go new Prince Charles Drive store to generate extra heat. It is and put into standard sea- three-four people? Yes. In a MW (gross) or 30 MW (net) derived, E Fuels Bahamas going containers for shipment may have sparked competitor week, do we hire four-five peo- jealousy, Mr Schaefer said this Important ple? Yes, absolutely.” newspaper’s revelation that he Mr Schaefer also dismissed was in exploratory “The [former] is especially claims, made by various retail merger/acquisition talks with important given that the and wholesale sources, that the City Markets’ principals may annual average emission of pay cheques of some Robin have prompted the rumours in 6.7 tons of CO2 per person Hood employees had bounced a bid to reduce his company’s makes the Bahamas among when they attempted to cash value. them, and that some of the the highest per capita emit- “We’re under attack right retailer’s suppliers had been now. There’s no question. ters of Greenhouse Gases chasing it for due payment for (GHGs) in the world,” E There may be a lot of people several weeks. “That’s just not who have something to gain by Fuels Bahamas said. “This the case,” he said of both could generate an interesting putting us in a weak position,” claims. “I don’t know where all he told Tribune Business. “At potential to sell Carbon Emis- of this is coming from.” the end of the day, business is sion Reductions (CERs) When it came to supplier tough for everybody. Do we through the Clean Develop- payments, Mr Schaefer added: need to make it even tougher?” ment Mechanism (CDM) “All of our local suppliers, with Mr Schaefer said opposition developed under the Kyoto the exception of maybe two, we to Robin Hood had been Protocol. pay cash in advance, and we’ve around “since the beginning of “The E-Fuels Project will done that since we opened the time.” And he added: “There’s grocery store side so we can get one undeniable fact: Robin reduce The Bahamas’ carbon better pricing.” footprint by producing green Hood has changed the face of Dismissing the claims that retail on this island. We were power. Robin Hood had run into finan- “More importantly, the the ones who said: ‘The Emper- cial difficulties, having possibly or’s not wearing any clothes’. project is designed to encour- expanded too far, too fast, as We forced everyone to lower age the local power company “just sour grapes”, Mr Schaefer their prices. to provide a lower cost of added: “We’re paying all of our “These people hope to gain a power to residents, business local suppliers, from Bahamas lot if we disappear from the and industry, while improv- Food Services to Asa H market. Do I have any inten- ing the reliability through Pritchard; for any one of the tion of disappearing? No. I diversified power-generating local vendors we are CBD – have no intention of disap- cash by delivery. That buys us a source and site.” pearing gracefully and going few more points, so how can into the night.” Robin Hood is currently talk- NOTICE ing to City Markets’ principals and potential other interested parties, but Mr Schaefer vehe- EST-QUEST CORPORATION mently denied that these moves had been prompted by his busi- In Voluntary Liquidation ness running into financial dif- ficulties. The late opening of Robin Hood’s new Prince Charles Dri- Notice is hereby given that in accordance ve store, which is now being further impacted by the closure &DUHHURSSRUWXQLW\IRUDQDPELWLRXVFDUHHURULHQWHGLQGLYLGXDO with Section 138(4) of the International of a portion of the road in front Business Companies Act. 2000, EST-QUEST of it due to road works, was said to have cost the company CORPORATION is in dissolution as of March millions of dollars in revenues 4, 2011. over the Christmas 2010 period. The expansive retailer had 0RWRU(QJLQHHU hoped to open the new store in International Liquidator Services Inc. situated at time to catch the Christmas and New Year shopping season, a 3rd Floor Withfield Tower, 4792 Coney Drive, 0DMRU5HVSRQVLELOLWLHV period that often accounts for Belize City, Belize is the Liquidator. up to 40-50 per cent of some ‡ &RQGXFWLQVSHFWLRQVRIGDPDJHGYHKLFOHVDQGFRPSLOHDQG stores' annual sales revenues, but Tribune Business sources  UHYLHZUHSDLUHVWLPDWHV suggested the opening was &RQGXFWSUHDQGSRVWLQVSHFWLRQVRIYHKLFOHVDW%)* LIQUIDATOR delayed by the need to comply ‡ with requirements stipulated by  ,QVSHFWLRQ&HQWUHWRGHWHUPLQHPDUNHWYDOXHURDG ______the Ministry of Works and oth-  ZRUWKLQHVVDQGDFFHSWDELOLW\RIULVN er government agencies. ‡ &RQGXFWRQVFHQHDFFLGHQWLQYHVWLJDWLRQVWDNHVWDWHPHQWV  DQGPHDVXUHPHQWV ‡ 0RQLWRUDQGFRQWUROUHSDLUZRUNZLWK$SSURYHG*DUDJHV ‡ 3UHSDUHUHSRUWVDQGLQSXWGDWDLQWKHV\VWHP ‡ 3URYLGHFXVWRPHUVHUYLFH ‡ 7UDYHOWRWKH)DPLO\,VODQGV

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THE TRIBUNE FRIDAY, MARCH 11, 2011, PAGE 5B BUSINESS ‘No evidence’ BTC Port licencees move to intervene on URCA deal anti-competitive FROM page 1B Freeport under the current licensing regime, Mr Davis added: "Having regard for the criminate against other inter- ture of Cable Bahamas and provisions of the Hawksbill Creek Agree- FROM page 1B that same year, and now the Communica- national services providers in Columbus Communications. ment, the Government is minded, using tions Act 2009, could erode both its rights to the Bahamas”. Another international con- moral suasion, to seek the cooperation of lessening of competition” licence this industry in Freeport and "require And the same respondent nectivity provider, Global your [Port Authority] Board in agreeing resulting from the $210 mil- us to breach the Hawksbill Creek Agree- also expressed concern that Nexus Communications, had that the URCA regime might be extended lion acquisition by CWC. CWC, with its ‘One been licensed to provide con- ment". Pointing out that its pow- A draft February 14, 2001, letter from Sir to Freeport. In this regard, I herewith for- Caribbean’ operating model, nectivity to Freeport, and mally seek the concurrence of your Board." ers under the Communica- “would be in a position to while CWC had cables that Albert Miller to then-finance minister, Sir tions Act only allowed it to William Allen, on this issue, warned: "The Various drafts have been kicked back and cross-subsidise” BTC by pro- terminated in Florida they forth, the most recent, according to an block industry mergers and viding operational, manage- were not substitutes for proposed draft agreement first sent to us acquisition on competition August 31, 2009, legal opinion prepared by ment and administrative ser- BTC’s, as they did not link by the Office of the Prime Minister places grounds, and when the pur- Graham, Thompson & Co's Robert Adams vices to it at lower prices, the Bahamas. GBPA in a somewhat untenable position. chase of media assets was enabling the privatised enti- When it came to concerns "To agree to the assignment of our rights, for GBPA president Ian Rolle, having been against the public interest, the ty to “engage in anti-compet- about CWC providing pref- as proposed therein, would require us to a draft Deed of Assignment sent on June 18, regulator concluded of the itive cost shifting”. 2009, by T. B. Donaldson, chair of the Gov- BTC privatisation: “URCA erential call rates for BTC, breach the Hawksbill Creek Agreement." “These practices may not and leveraging its mobile In their affidavit, Messrs Lowe and May- ernment-appointed privatisation commit- finds that the change in con- be addressed by, or be tee. trol contemplated by the monopoly to ensure that calls nard said the question of whether the Com- detectable under, URCA’s According to Mr Adams, this draft transaction would not have by BTC customers were rout- munications Act applied to Freeport “raises current cost accounting and involved the GBPA assigning all its rights to either of the adverse effects ed along CWC’s networks, issues of law requiring an interpretation of accounting separation rules,” licence and regulate the provision of elec- set out [in the Act’s] section URCA said its regulatory provisions of the Agreement. the respondent said. 72; substantially lessening powers enabled it to deal with “Licensee members of the Association tronic communications services within the competition, or for a change In response, URCA said it that. wish to be heard in relation to that question, Port area to URCA for $1. in control involving a media was impossible for it to spec- On the fixed-voice side, as it concerns the meaning and legislative "GBPA's rights under the existing busi- public interest, an effect con- ulate on what would happen URCA said that while BTC effect of the 1999 Act and its potential abro- ness licences that have been issued to elec- trary to public interest.” through the extension of was estimated to have 98 per gation or amendment of the Agreement. tronic communications services providers Essentially, because CWC BTC’s cellular monopoly cent market share, the “As licensees, we stand to be affected by in the Port area will be included in the does not already have a pres- from two to three years, as remaining 2 per cent belong- assignment," Mr Adams wrote. this was a matter that had yet any abrogation or amendment of the Agree- ence in the Bahamian com- ing to Systems Resource ment, and we are compelled therefore to "For example, all of GBPA's rights, munications market, URCA to be debated and passed by Group’s (SRG) IndiGo including the right to collect the licence fees, Parliament. take appropriate steps when (and if) neces- found that its BTC acquisi- brand, this data did not sary to safeguard the inviolability and under its licence agreement with BTC and tion - taking over majority include Voice over Internet integrity of the Agreement upon which the Cable Bahamas will also be assigned to Protocol (VoIP) calls or control at an existing operator Monopoly protection of our rights and interest URCA." - would have no impact on domestic and international Summing up the implications, Mr Adams calls made via calling card. depend.” current competition levels. This, it added, was a matter Alleging that the Hawksbill Creek Agree- warned: "Although it is our view that the However, one respondent for the Government and Par- Turning to the claim that Deed does not purport to 'amend' the terms (possibly Cable Bahamas) to the BTC privatisation pre- ment vested GBPA licencees “with rights of liament, not itself, although it a proprietary nature that are to be afforded of the Hawksbill Creek Agreement, it must URCA’s consultation process noted that the cellular vents CWC from entering the on the BTC deal suggested Bahamian market as a com- constitutional protection”, Messrs Maynard be noted that an assignment of a part of monopoly was “core” to GBPA's rights under the Hawksbill Creek that the privatisation by CWC BTC’s value and that a failure petitor to the state-owned and Lowe alleged that all licencees derived Agreement to a third party would repre- would create “a substantial to consummate the CWC deal incumbent, thus constraining their rights and status from it. They also lessening of competition in might set back the introduc- its behaviour, URCA said the had the right to be consulted and heard, sent a very significant change to the regula- several markets”, as it meant tion of competition in this fixed line and data markets and consent to any amendments to the tory landscape in the Port area. the company’s Caribbean market even further. had been open to competitors Hawksbill Creek Agreement. "Accordingly, if GBPA is prepared to business, LIME, would not When it came to interna- since 2009, and CWC had The Government's current position is set give up its rights to regulate the electronic enter the Bahamas as a com- tional services, both BTC and made no move to obtain the out in two letters sent in late 2009 to the communications sector in the Port area and petitor to BTC. CWC estimated that the for- necessary licences to do so. GBPA and its legal advisors by David Davis, negotiate mutually acceptable commercial Noting BTC’s dominant mer’s market share was “URCA believes that the permanent secretary in the Prime Minis- benefits and terms for an assignment of such share of the fixed-landline between 5 per cent and 25 per high cost of entry and long ter's Office, in which he states: "The Gov- rights to URCA, it is our recommendation and cellular markets, where cent of total revenues. time to roll-out in the fixed ernment's position is that there should be a that GBPA engage in a well-planned, struc- according to URCA the state- While BTC owned and services markets (particularly single regulator for the electronic commu- tured and transparent process of public con- owned incumbent holds a 98 operated the Bahamas II fibre those in which [BTC] has sig- nications sector of the Bahamas." sultation with its existing stakeholders and per cent and 100 per cent optic cable, which provided nificant market power) sub- Adding that the Bahamas Telecommuni- licencees prior to entering into such an market share, respectively, connectivity between Florida stantially decrease the likeli- cations Company (BTC) post-privatisation assignment despite the fact that there is no this respondent argued that and New Providence/Grand hood of [CWC] entering the was expected to continue operating in strict legal obligation on GBPA to do so." the extension of BTC’s post- Bahama; the cable system market, save by way of acqui- privatisation cellular monop- linking the other Bahamian sition of existing licensed oly from two to three (likely islands and Haiti; and the operators,” the regulator said. four) years, had effectively satellite earth station at Solid- And, on the data side, com- extended the company’s abil- er Road for European con- petition would not be impact- ity to cross-subsidise its other nectivity, this was balanced ed because BTC has just a 30 businesses with profits from by the competing infrastruc- per cent market share. the cellular side. “The transaction will cause a lessening of competition in the fixed markets, as it extends the licensee’s ability 127,&( to leverage its mobile monop- oly to impede the growth of competition in the fixed voice, 3XUVXDQW WR WKH SURYLVLRQV RI 6HFWLRQ   D  E broadband, domestic long dis- DQG F RI WKH ,QWHUQDWLRQDO %XVLQHVV &RPSDQLHV $FW tance and international long distance market,” the respon-  QRWLFH LV KHUHE\ JLYHQ WKDW dent said. “The transaction will cause D 2572 0$5.(7,1* /7' LV LQ GLVVROXWLRQ a lessening of competition in the international services mar- kets because [CWC] will have E 7KH GDWH RI FRPPHQFHPHQW RI WKH GLVVROXWLRQ an incentive and the ability to LV WKH WK GD\ RI )HEUXDU\ $'  DQG favour [BTC] over other operators licensed to provide international services to cus- F WKH /LTXLGDWRU LV &% 6WUDWHJ\ /WG RI  tomers in the Bahamas.” (DVW %D\ 6W This was because, the respondent argued, CWC’s Caribbean affiliates held dom- inant positions in their home markets, and had the ability &% 6WUDWHJ\ /WG to offer call termination ser- vices to BTC “on price terms /,48,'$725 and conditions which dis-

PAGE 6B, FRIDAY, MARCH 11, 2011 THE TRIBUNE BUSINESS Planning moves Stocks lift household wealth GLOBAL ECONOMIC NEWS/AP on ‘prosecution’ A look at economic developments and activity in major stock mar- kets around the world Thursday: while companies amass cash ___ of sign owners LONDON — Weaker-than-expected economic data from the U.S. and China and the battle for control of Libya weighed on European stock FROM page 1B markets while a debt rating downgrade of Spain hit the euro a day ahead of a crucial meeting of European Union leaders. Archie Nairn, Permanent The FTSE 100 index of leading British shares closed down 1.6 per- Secretary in the office of the cent, Germany's DAX fell 1 percent and the CAC-40 in Paris was 0.8 per- Attorney General, said that cent lower. from its perspective, ___ whether prosecution of the TOKYO — Earlier in Asia, Japan's Nikkei 225 stock average ended 1.4 businesses will occur is still percent lower after the government said the economy shrank 1.3 per- to be determined. cent in the fourth quarter. “The matter is now under China's Shanghai Composite Index closed down 1.5 percent and review. It hasn’t yet been Hong Kong's Hang Seng index retreated 0.8 percent. concluded, but essentially ___ physical planning wanted a legal opinion (on how to BEIJING — China reported an unexpected trade deficit in February proceed),” said Mr Nairn. as surging prices for oil and other commodities pushed up its import The most prominent digi- bill. February export growth plunged to 2.4 percent as businesses tal billboards include Robin were idled for the weeklong Lunar New Year holiday while imports of Hood’s on Tonique (AP Photo/Paul Sakuma) higher-priced oil and other goods rose 19.4 percent for a deficit of $7.3 Williams-Darling highway, STOCK RISING: In this Feb. 28, 2011 photo, a customer looks at two new 2011 Dodger Chargers at a deal- billion. and two bill boards which ership in Burlingame, Calif. Americans’ wealth grew 3.8 percent in the final three months of 2010, ___ have been erected on the boosted by gains in stock portfolios. Companies, meanwhile, added to their cash stockpiles, which corner of the Fox Hill/Prince reached their highest point in more than a half-century. MADRID — Moody's lowered Spain's credit rating, citing worries Charles Drive junction and over the cost of the banking sector's restructuring, the government's on Shirley Street. Baha Mar ability to achieve its borrowing reduction targets and grim economic DAVE CARPENTER, the 2.6 percent increase in net Still, it would have to rise an growth prospects. operates another digital bill- AP Business Writers worth in the July-September additional 16 percent to reach board on Cable Beach, The agency reduced Spain's rating by one notch to Aa2 and warned JEANNINE AVERSA, period. its pre-recession peak of $66 that a further downgrade is possible if indications emerge that Spain's which its vice-president of AP Business Writers So far this year, stocks have trillion. fiscal targets will be missed, and if the public debt ratio increases external affairs, Robert WASHINGTON risen more than 3 percent. Fur- Companies are still holding more rapidly than currently expected. Sands, says was erected with ther gains in wealth could lead tight to their cash. Their cash ___ the permission of the Gov- Americans' wealth grew 3.8 Americans — especially higher- piles grew to $1.89 trillion last percent in the final three income consumers — to spend quarter. That's the most on ernment. NEW YORK — Oil prices tumbled as economists warned that the Sandy Schaefer, owner of months of 2010, boosted by more, strengthening the econ- quarterly records dating to recent surge in fuel prices will eventually hurt the fragile economic Robin Hood, has previously gains in stock portfolios. Com- omy. 1952. recovery. stated that his company panies, meanwhile, added to Net worth is the value of Economists predict that com- ___ planned to fight the Hovern- their cash stockpiles, which assets such as homes, checking panies will use more of their reached their highest point in accounts and investments, cash this year to make capital ment order to take down the WASHINGTON — A surge in oil prices and rising demand for foreign billboard, which provides more than a half-century. minus debts like mortgages and investments and boost hiring. cars and machinery helped push imports up at the fastest pace in 18 credit cards. It's now risen for In the April-June quarter, advertising for Robin Hood Household net worth rose to years in January, giving the country the largest trade deficit in six $56.8 trillion in the October- two straight quarters after net worth posted its first decline and Mario’s Bowling, owned months. December quarter, even shrinking last spring. since 2009, when Europe's debt The January deficit increased 15.1 percent to $46.3 billion, while by his Tonique Williams- though the value of real-estate Americans' net worth is well crisis bred turmoil on Wall Darling Highway store loca- exports rose 2.7 percent to an all-time high of $167.7 billion. But holdings fell 1.6 percent, the above the bottom hit during the Street. Since then, stock gains imports rose at nearly twice the pace of exports, to $214.1 billion. A big tion’s landlord, Leslie Federal Reserve said Thursday. recession: $49 trillion in the Jan- have continued to rebuild Miller. jump in demand for a variety of foreign goods from industrial machin- Last quarter's gain exceeded uary-March quarter of 2009. Americans' wealth. ery and telecommunications equipment to autos drove the increase. America's foreign oil bill rose 9.5 percent, underscoring concerns that higher oil prices could slow the economic growth. Gov’t tendering ___ 9$&$1&< ATHENS, Greece — Greece's finance minister asked the EU to urgently reform the way ratings agencies are allowed to operate after what he called "unbalanced and unjustified" downgrades of Greece and other struggling European economies. 3URSHUW\ 0DQDJHPHQW &RPSDQ\ LV George Papaconstantinou wrote in a letter that a ratings cut of reform ‘critical’ Greek debt by Moody's this week risked creating damaging "self-fulfilling LPPHGLDWHO\ VHHNLQJ DQ HQWU\OHYHO prophesies." PDLQWHQDQFH ZRUNHU IRU LWV PXOWL FROM page 1B ___ FRANKFURT — Exports of trade powerhouse Germany slipped 1 per- IORRU FRPPHUFLDO EXLOGLQJ 7KH LGHDO government procurement functions. It’s an important cent in January from the previous month, but sales abroad were still grant, and will go a long way to improving the internal higher than a year ago. Economists at UniCredit said China passed the FDQGLGDWH ZLOO EH UHTXLUHG WR SHUIRUP tendering process for these works. It needs it.” United States as an export destination for Germany. The project is designed to improve the Government’s ___ JHQHUDO EXLOGLQJ PDLQWHQDQFH DQG procurement system through the use of information and BERLIN — German Chancellor Angela Merkel says her country will communications technology, creating a database of Bahami- insist that any bailout funds for highly indebted eurozone countries will UHSDLU ZRUN LQYROYLQJ SOXPELQJ DQG an companies who are eligible to participate in tendering only be given out as a last resort and in return for strict austerity pro- processes, thus improving the access of small and medium- grams. HOHFWULFDO VNLOOV VRPH KHDY\ OLIWLQJ LV sized enterprises to public sector contracts. ___ “The goal of this project is to contribute to the moderni- UHTXLUHG 7KH FDQGLGDWH PXVW ZRUN sation of government procurement systems that will be DUBLIN — Ireland's newly elected prime minister, Enda Kenny, more aligned to regional and international standards with devoted his first full day on the job to lobbying European Commission ZHOO LQGHSHQGHQWO\ WDNH LQLWLDWLYH DQG new provisions for promoting the participation of medium President Jose Manuel Barroso for a better bailout deal and cutting his and small and medium-sized enterprises,” the IDB said. Cabinet ministers' salaries. EHDWHDPSOD\HU ___ Government procurement is critical in developing/sus- taining such businesses, and helping them to grow, and Mr LISBON — Debt-stressed Portugal's embattled government came Wrinkle said of the project: “It’s critical, particularly in under further political pressure as Parliament debated a motion of no light of the fact that these huge infrastructure projects are confidence brought by a fringe party. $WWUDFWLYHEHQHILWV going to be awarded to international firms. The largest opposition parties refused to support the motion, doom- “It makes it more imperative that contracts can be award- ing it to failure, but the debate was an unwelcome ordeal for the ed to Bahamian contractors, and that they are above board, minority government as it defends its economic record. 5HSO\LQFRQILGHQFHWR transparent and involve the maximum number of parties.” Markets are heaping pressure on Portugal, one of Europe's fee- Adding that the Bahamas often seemed to “live in crisis blest economies, as investors demand steep returns for lending the country money amid fears it may not be able to pay it back. YDFDQF\#JPDLOFRP management”, Mr Wrinkle said that “some regularisation of ___ the protocols and the form of tender process is necessary. RQO\VKRUWOLVWHGDSSOLFDQWVZLOOEHFRQWDFWHG The Government awards a lot of contracts during the course CAIRO — International ratings agency Standard & Poor's down- of a year, but more regularisation will help. The grant is very graded Libya's sovereign rating to junk status and suspended its rat- timely, and we will assist in any way possible”. ings for the country. ___

BERLIN — Germany froze billions of euros in assets of the Libyan Central Bank and other state-run agencies, the latest move internationally to attempt to cut off funding to Moammar Gadhafi's embattled regime. The German asset freeze came into effect just as the European Union announced that it was extending its own financial sanctions. BISX LISTED & TRADED SECURITIES AS OF: ___ THURSDAY, 10 MARCH 2011 BISX ALL SHARE INDEX: CLOSE 1,456.81 | CHG 0.35 | %CHG 0.02 | YTD -42.70 | YTD % -2.85 FINDEX: YEAR END 2008 -12.31% CAIRO — With Egypt's stock market closed for nearly five weeks, WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320 analysts and bankers are growing increasingly worried that the full effect 52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield 1.13 0.95 AML Foods Limited 1.09 1.09 0.00 0.123 0.040 8.9 3.67% of the protests that ousted Hosni Mubarak will be even larger than antic- 10.63 9.05 Bahamas Property Fund 10.63 10.63 0.00 0.013 0.200 817.7 1.88% 5.75 4.40 Bank of Bahamas 4.50 4.40 -0.10 4,000 0.153 0.100 28.8 2.27% ipated. For the past few weeks, Egyptian officials have looked to down- 0.53 0.17 Benchmark 0.18 0.18 0.00 -0.877 0.000 N/M 0.00% 2.84 2.70 Bahamas Waste 2.70 2.70 0.00 0.168 0.090 16.1 3.33% play the potential damage to the economy. They said growth for the cur- 2.20 1.96 Fidelity Bank 1.96 1.96 0.00 0.016 0.040 122.5 2.04% 12.40 9.44 Cable Bahamas 10.21 10.21 0.00 1.050 0.310 9.7 3.04% rent fiscal year may take a hit, but the Arab world's most populous 2.85 2.35 Colina Holdings 2.40 2.40 0.00 500 0.781 0.040 3.1 1.67% nation would ride through the unrest. That is now being called seriously 7.00 5.80 Commonwealth Bank (S1) 6.80 6.80 0.00 0.488 0.260 13.9 3.82% 2.86 1.90 Consolidated Water BDRs 2.16 2.07 -0.09 0.111 0.045 18.6 2.17% into question. 2.54 1.40 Doctor's Hospital 1.40 1.40 0.00 0.107 0.110 13.1 7.86% 6.50 5.25 Famguard 5.25 5.25 0.00 0.357 0.240 14.7 4.57% ___ 9.27 5.88 Finco 5.88 5.88 0.00 0.682 0.000 8.6 0.00% 11.40 8.77 FirstCaribbean Bank 9.39 9.39 0.00 0.494 0.350 19.0 3.73% 6.00 4.57 Focol (S) 5.40 5.47 0.07 3,700 0.452 0.160 12.1 2.93% 1.00 1.00 Focol Class B Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00% TOKYO — Japan's economy shrank more than initially thought in the 5.59 5.50 ICD Utilities 7.40 7.40 0.00 0.012 0.240 616.7 3.24% fourth quarter. Real gross domestic product contracted at an annual- 10.50 9.80 J. S. Johnson 9.82 9.82 0.00 0.859 0.640 11.4 6.52% 10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.207 0.200 8.3 2.00% ized rate of 1.3 percent in the October-December period, worse than the BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis) 52wk-Hi 52wk-Low Security Symbol Last Sale Change Daily Vol. Interest Maturity negative 1.1 percent growth reported last month. 99.46 99.46 Bahamas Note 6.95 (2029) BAH29 99.46 0.00 6.95% 20 November 2029 ___ 100.00 100.00 Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00 7% 19 October 2017 100.00 100.00 Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00 Prime + 1.75% 19 October 2022 100.00 100.00 Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 7% 30 May 2013 — South Korea's central bank raised its key 100.00 100.00 Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75% 29 May 2015 SEOUL, South Korea RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities) interest rate for the second time in three months as it steps up efforts 52wk-Hi52wk-Hi 52wk-Low52wk-Low Symbol Bid $$ Ask $$ Last PricePrice Daily VolVol. EPS$ Div $ P/E Yield 10.06 5.01 Bahamas Supermarkets N/A N/A 14.00 -2.945 0.000 N/M 0.00% to control inflation that has risen to its highest level in more than two 0.55 0.40 RND Holdings 0.35 0.40 0.55 0.001 0.000 256.6 0.00% CFAL Securities Ltd. (Over-The-Counter Securities) years. 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 % NAV 3MTH NAV 6MTH NAV Date 1.5122 1.4076 CFAL Bond Fund 1.5179 5.51% 6.90% 1.498004 1.475244 30-Nov-10 BERLIN — German train drivers left thousands of commuters 2.9527 2.8300 CFAL MSI Preferred Fund 2.9486 0.04% 1.45% 2.918256 2.910084 28-Feb-11 stranded across the country with a rush-hour strike aimed at pressur- 1.5837 1.5141 CFAL Money Market Fund 1.5837 0.61% 4.59% 1.564030 1.545071 11-Feb-11 3.2025 2.8522 Royal Fidelity Bahamas G & I Fund 2.7049 -0.56% -15.54% 31-Jan-11 ing the state-owned national railway and smaller, private operators for 13.6388 13.0484 Royal Fidelity Prime Income Fund 13.4392 0.61% -0.22% 31-Jan-11 114.3684 101.6693 CFAL Global Bond Fund 114.3684 9.98% 12.49% 109.392860 107.570619 30-Jun-10 higher pay. 106.5528 99.4177 CFAL Global Equity Fund 106.5528 4.75% 7.18% 100.779540 105.776543 30-Sep-10 1.1465 1.0000 FG Financial Preferred Income Fund 1.1465 5.20% 5.20% 31-Dec-10 ___ 1.1185 1.0000 FG Financial Growth Fund 1.1185 4.73% 4.73% 31-Dec-10 1.1491 1.0000 FG Financial Diversified Fund 1.1491 5.35% 5.35% 31-Dec-10 9.7485 9.1005 Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 1 9.7950 4.85% 5.45% 30-Nov-10 CAIRO — An official says that the six-nation Gulf Cooperation Coun- 11.2361 10.0000 Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 2 10.6417 -1.20% 0.50% 30-Nov-10 cil has pledged $20 billion in financial aid to Bahrain and Oman over a 10.1266 9.1708 Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 3 10.1266 1.27% 1.27% 31-Jan-11 10-year period as the two nations struggle with protests that have rav- 8.4510 4.8105 Royal Fidelity Int'l Fund - Equities Sub Fund 8.4510 0.72% 9.95% 31-Jan-11 MARKET TERMS aged the Arab world. 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 — U.S. Vice President Joe Biden said Thursday that Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths MOSCOW Daily Vol. - Number of total shares traded today NAV - Net Asset Value Washington supports Russia's accession to the World Trade Organi- DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 zation because it will lead to greater trade between the two countries, (S) - 4-for-1 Stock Split - Effective Date 8/8/2007 (S1) - 3-for-1 Stock Split - Effective Date 7/11/2007 what he called the "next frontier" of the relationship. TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

THE TRIBUNE FRIDAY, MARCH 11, 2011, PAGE 7B BUSINESS AOL cuts 900 jobs worldwide, GOVERNOR QUINN SIGNS LAW

STOPRINGFIELD, COLLECT Ill. ONLINE SALES TAX 20 per cent of the work force Illinois consumers may find themselves paying sales tax- es on some Internet purchases under a new state law. BARBARA ORTUTAY, efforts to become a go-to source for news The law says sales taxes must be charged when people buy AP Technology Writers and other content. That deal closed Mon- from online retailers through an Illinois-based partner. RACHEL METZ, day. AP Technology Writers For instance, an Illinois business might sell products NEW YORK Armstrong, speaking at a conference in through Amazon.com. New York, said the company has no Online businesses generally don't charge state sales taxes. AOL said Thursday it will slash 900 immediate plans for further layoffs. But Illinois customers are supposed to pay it directly to the jobs worldwide, or nearly 20 percent of he added, "in our situation we don't have state, but they rarely do. its work force, partly to eliminate overlap the luxury of long-term planning." Proponents say the measure that Gov. Pat Quinn signed that stems from its recent purchase of Armstrong said AOL will hire this year Thursday will level the playing field between online busi- The Huffington Post. and will try to have more full-time jour- nesses and brick-and-mortar stores. Opponents say it will dri- About 200 of the cuts are from AOL's nalists in its ranks to rely less on free- ve business out of Illinois. content and technology departments in lancers. He said about half the employees the U.S. The remaining 700 are at AOL's now have content-producing roles, and offices in India, which mainly provide he wants to increase that to 70 percent. back-office support to the U.S. But AOL Armstrong maintained his confidence spokesman Graham James said 300 of about AOL's prospects for a comeback. those will move to other companies, "AOL will turn around," he said. "No which are taking over support functions. doubt about that." Thursday's cuts leave AOL with 3,500 But AOL's revenue is contributing less employees in the U.S. and about 500 and less to the overall online advertising overseas. The total work force is a fifth of market in the U.S., eMarketer Inc. ana- what the company had at its peak in 2004, lyst David Hallerman said. when its staff numbered more than "If they're going to succeed, they're 20,000. The company pared thousands going to be succeeding as a smaller com- of workers in the years leading up to its (AP Photo/Mark Lennihan) pany," he said. "Therefore their success separation from Time Warner Inc. in late AT THE HELM: Tim Armstrong, Chairman won't be as big." 2009. After the companies broke up, and CEO of AOL, talks at a media summit, Although Hallerman said he sees AOL cut about 2,300 of its then-6,900 Thursday, March 10, 2011 in New York. AOL promise in the company's efforts to employees — or about a third of its work said Thursday it will slash 900 jobs worldwide, establish itself as a local content provider, force — through layoffs and buyouts. or nearly 20 percent of its work force, partly to he said the ads that run on these sites In the '90s, AOL was the king of dial- eliminate overlap that stems from its recent bring in less revenue than those on its up Internet access, known for its ubiqui- purchase of The Huffington Post. more popular websites. That means AOL tous CD-ROMs and "You've got mail" will have to make that up by drawing a greeting in its inboxes. The company ating a variety of websites such as the lot of traffic. Clayton Moran, an analyst even managed to buy Time Warner at popular tech blog Engadget. Since CEO with The Benchmark Co., said that the the height of the dot-com boom in 2001. Tim Armstrong was lured from Google changes made since Armstrong took con- But the companies never successfully Inc. to take the helm of AOL in April trol are sensible and probably the best melded, and as consumers moved to 2009, AOL has focused increasingly on route the company could take. faster Internet services from cable and the market for local content, helped by But he said the changes "haven't phone companies, AOL's main source the purchase and expansion of its net- shown a lot of financial progress. It's tak- of revenue dwindled. work of Patch local news sites. ing time for the changes to have an Over the past several years, AOL has The company has continued to acquire impact." struggled to reinvent itself as a company sites, too: Most recently, it paid $315 mil- Shares of AOL fell 4 cents to $19.30 in focused on advertising and content, oper- lion for The Huffington Post as part of its afternoon trading Thursday. United Technologies tweaks 2011 earnings guidance STEPHEN SINGER, rier heating, ventilating and air investments," he said. Analysts strong position as the economy AP Business Writer conditioning, Sikorsky Aircraft surveyed by FactSet are already improves. "The economic cycle HARTFORD, Conn. and other businesses backed its expecting earnings of $5.35 a still benefits UTC businesses," 2011 revenue forecast of $56 share and revenue of $57.07 bil- he said. The improvements United Technologies Corp. billion to $57 billion. lion for 2011. United Tech- were already seen last year. on Thursday raised the lower Chief Executive Louis Chen- nologies shares tumbled $1.97, In its 2010 fourth quarter, end of its profit guidance for evert credited United Tech- or 2.4 percent, to $80.92 in late United Technologies said 2011, saying businesses such as nologies' short-cycle businesses trading amid a broad market stronger results from its airline elevators, commercial plane — commercial airline spare selloff. commercial spare parts busi- spare parts and heating and air parts and installation and repair United Technologies raised ness and heating and cooling conditioning systems are doing of elevators and building heat- the lower end of its earnings building systems operations well in the economic recovery. ing, ventilation and air condi- guidance despite looming prob- helped push profit up 11.7 per- The Hartford conglomerate tioning systems for the guid- lems. cent. "We've really seen the told analysts at its annual pre- ance revision. "We got the Middle East, we trend of Q4 kind of carry sentation in New York that it "We are off to a great start got oil impact potentially but through so far in Q1," Chen- expects to earn between $5.20 with continuing strength in our at the same time ... we have evert said. and $5.35 per share this year, short-cycle businesses and are high confidence," Chenevert Chief Financial Officer Greg up from a prior range of $5.05 confident of achieving double told investment analysts. Hayes said United Technolo- to $5.35 per share. 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RUGABER, AP Economics Writer and suspends news and oil price swings WASHINGTON ery. Only a handful of S&P 500 The number of Americans companies rose. Starbucks seeking unemployment bene- Libya ratings Corp. rose 10 percent after fits rose last week. But the rise cementing a deal with Green TAREK EL-TABLAWY, comes after applications hit Mountain Coffee Roasters Inc. AP Business Writer their lowest level in nearly three to sell drinks in machines made CAIRO years, and economists expect by Keurig. Netflix Inc. rose 4 further declines as the economy percent. International ratings agency improves. The Nasdaq composite fell Standard & Poor's on Thurs- Applications increased by 43, or 1.6 percent, to 2,708. day downgraded Libya's sov- 26,000 to a seasonally adjusted Apart from several sharp ereign rating to junk status 397,000 during the week end- swings in the last month, stocks and suspended its ratings for ed March 5, the Labor Depart- have been rising nearly contin- the country. Also, the rebel- ment said Thursday. uously since last August, when led government in the The latest report covers the the Federal Reserve said it nation's east said it would week after the Presidents' Day would take steps to stimulate honor existing contracts with (AP Photo/Richard Drew) holiday (Feb. 21), when many the economy. Wednesday international oil companies. Specialist Christopher Culhane works at his post on the government offices were closed. INTERNATIONAL TOUGH TIME: marked two years since stocks The twin developments floor of the New York Stock Exchange Thursday, March 10, 2011. Applications usually rise in bottomed out at 12-year lows. spotlighted the challenges weeks following holiday-short- BUSINESS Quincy Krosby, chief market confronting an oil-rich nation ened weeks. The four-week FRANCESCA LEVY, Libyan leader Moammar Gad- ducing countries like Saudi strategist at Prudential, said the average, a less volatile measure, that just weeks ago was well AP Business Writers hafi were poised to recapture Arabia and disrupt the flow of on the path to redemption market was shaken by the com- rose to 392,250. The average MATTHEW CRAFT, the strategic oil port of Ras crude. bination of unexpectedly weak fell to its lowest level since July after enduring years of sanc- AP Business Writers Lanouf from opposition forces The Dow Jones industrial tions as a pariah supporter of economic news from China, the 2008 two weeks ago. NEW YORK sent oil down in the morning. average fell 204 points, or 1.7 downgrade of Spain's debt and Applications below 425,000 terrorism. S&P said it lowered But it jumped after Saudi Ara- percent, to 12,008. The Dow its long- and short-term sover- concerns that protests planned signal modest job growth. But Weak economic news from bian police fired at protesters. had been down as many as 224 for Friday in Saudi Arabia they need to fall consistently eign credit ratings for Libya to China, the U.S. and Spain com- In the late afternoon, crude oil points earlier, sending it briefly BB/B from BBB+/A-2, and could bring instability to the below 375,000 to signal a sus- bined with a slump in oil com- was trading below $103 a bar- below 12,000. world's largest exporter of oil. tained decline in the unem- removed the ratings from panies sent stocks sharply low- rel, below the high of nearly Wal-Mart Stores Inc. and CreditWatch negative. It also "The tone of the market has ployment rate. Unemployment er Thursday. $107 a barrel it reached on McDonald's Corp. were the clearly changed," Krosby said. benefit applications peaked said it decided to suspend its Investors were jarred when Monday. only stocks in the Dow 30 that ratings on Libya "due to the "The market trend had been to during the recession at 651,000. China reported a surprise trade Stocks fell broadly, but ener- rose. McDonald's was up 1.6 buy rather than sell and that Economists were encouraged imposition of sanctions and deficit in February. China's gy companies were hit the hard- percent after reporting that because of a lack of reliable bad news doesn't matter. The that claims remained below exports fell as businesses closed est. Exxon Mobil Corp., the sales at restaurants open at least momentum is slowing." 400,000 for the third straight economic and political infor- for the weeklong Lunar New largest company in the world a year rose more than expected. mation." The government reported week. "We still interpret the Year holiday, but imports of by market value, fell 3 percent. The Standard & Poor's 500 before the market opened that data as consistent with strength- GCC pledges $20 billion higher-priced oil and other Chevron Corp. also fell 3 per- index fell 21, or 1.6 percent, to new applications for unem- ening job creation," said John goods jumped, widening the cent. 1,298. Energy companies fell 3 ployment benefits rose more Ryding, an economist at RDQ country's deficit to $7.3 billion. Oil has been surging over the percent, the most of any indus- than expected last week and Economics. in aid for Oman, Bahrain Meanwhile Moody's down- past few weeks because of the try tracked by S&P. The last the trade deficit jumped in Jan- A separate report Thursday TAREK EL-TABLAWY, graded Spain's debt, re-igniting spreading protests in North time the index closed with a 20- uary. New unemployment showed that a sharp rise in oil AP Business Writer fears about the European debt Africa the Middle East. Libya point drop was March 1, when claims rose by 26,000, far more prices helped push imports up CAIRO crisis. The downgrade also sent produces less than 2 percent of Federal Reserve Chairman Ben than the 12,000 analyst had at the fastest pace in 18 years in the dollar higher against the the world's oil supply, investors Bernanke warned that a sus- expected. Applications fell to January. That caused the U.S. Gulf Arab foreign ministers euro. have been worried that unrest tained increase in crude prices nearly a three-year low the pre- trade deficit to widen to its pledged $20 billion in finan- News that forces loyal to will spread to major oil-pro- could pose a risk to the recov- vious week. largest level in six months. cial aid Thursday to Bahrain The January trade deficit and Oman, and warned increased 15.1 percent to $46.3 against any foreign interfer- billion, the Commerce Depart- ence as the oil-rich region ment said. Exports rose 2.7 per- struggles to rein in the unrest cent to an all-time high of that has ravaged the Arab $167.7 billion. But imports rose world and sent global oil GRAIN PRICES a faster 5.2 percent to $214.1 prices spiking. billion due to a big jump in The growing protests in America's foreign oil bill. That Bahrain and Oman — the underscores concerns that surg- poorer brothers in the oil-rich FALL ON FEWER ing oil prices could derail the region — have rattled the oth- economic recovery. er members of the six-nation Companies are hiring more, Gulf Cooperation Council, after months of sluggish job cre- raising concerns that the SUPPLY WORRIES ation. Employers added 192,000 unrest tearing through the jobs last month, the most in NEW YORK Middle East will affect the nearly a year. The unemploy- key OPEC members. ment rate ticked down to 8.9 Grain prices fell Thursday after a government report The GCC pledged $20 bil- percent, the lowest level since eased concerns about shortages later this year. lion in aid over 10 years to be April 2009. More jobs should The U.S. Department of Agriculture predicted that split between the two nations, boost incomes, which would corn and soybean reserves will be higher than initially said the United Arab Emi- fuel more consumer spending estimated, forecasting there will be about 123.1 million rates' foreign minister, Sheikh and in turn spur more econom- metric tons of corn left over after this year's harvest. Abdullah bin Zayed Al ic growth and hiring. Federal That's up from an estimated 122.5 metric tons in last Nahyan. A committee repre- Reserve Chairman Ben month's report. There should be about 58.3 million senting the donor nations will Bernanke referred to this cycle metric tons of soybeans left over, compared with last meet in two weeks to discuss last week when he said there is month's estimate of 58.2 million. the program. Foreign minis- "increased evidence that a self- Corn for May delivery dropped 18.25 cents to $6.8275 ters from the GCC announced sustaining recovery in consumer a bushel. Wheat also fell 18.25 cents to $7.405 a bushel. the measures after a meeting and business spending may be Soybeans rose 6.5 cents to $13.555 a bushel. in the Saudi capital, Riyadh. taking hold." Lower reserves caused global grain prices to double The bloc also issued a state- At the same time, Bernanke this year. Corn was trading for just $3.50 a bushel as ment warning that it would said, "until we see a sustained recently as this summer. But growing demand from not allow any foreign interfer- period of stronger job creation, ethanol producers and consumers in developing coun- ence in their affairs. we cannot consider the recov- tries like China has stripped supplies. The government ery to be truly established." Sony wins the release of predicts corn reserves this year will be at their lowest lev- Economists worry that sev- el in 15 years. eral factors could slow or even PlayStations seized by LG The longer-term trend for corn and soybeans will reverse the recovery, including probably be higher, Sanow said, because global demand AMSTERDAM rising oil prices and state and remains strong. But in the near-term, the recent run-up local government cutbacks. in prices is likely to ebb. Plenty of hiring is taking A Dutch court Thursday The government estimates that food prices could rise place. Kohl's Department ordered LG Electronics to more than 3 percent this year as processed food makers Stores Inc. said Wednesday that release 300,000 Sony PlaySta- and grocery stores pass along higher costs for raw ingre- it is opening nine stores in sev- tion 3s seized on its behalf by dients. Still, crops like corn and soybeans account for just en states, including Illinois, Dutch customs officials earlier 10 percent of the raw ingredients used in processed New York, Virginia and South this month as part of a patent foods. So it can take months for higher prices to reach Dakota. The move will create dispute case. The summary consumers. 1,200 jobs, the retailer said. decision by the Hague District Oil prices fell Thursday on weak economic news from Thursday's report also Court was a short-term win the U.S. and China, but regained some of their losses on showed the number of people for Sony, as it can now regain reports from Saudi Arabia that police had fired on receiving unemployment ben- possession of the consoles and demonstrators. efits dropped by 20,000 to 3.77 resume distributing them. Oil fell as low as $100.62 Thursday morning, the low- million. That's the lowest level But LG's aggressive pursuit est price in a week. The reaction to the Saudi develop- since mid-October 2008. And of its claim was a sign of the ment shows how sensitive the market is to news from the fewer people are receiving ben- high stakes both sides have in Middle East. Oil prices soared above $100 per barrel last efits under emergency unem- their wider intellectual prop- week as an uprising in Libya essentially shut down the ployment aid programs funded erty war. The court did not country's exports. Earlier in the day, economists were by the federal government. immediately publish a written warning that the recent surge in fuel prices will even- An additional 4.3 million version of its ruling, but (AP Photo/Seth Perlman, file) tually slow economic growth. unemployed workers received details were reported by De In this Sept. 11, 2010 file photo, central Illinois farmers har- The economic news helped cause the earlier oil sell- FALLING PRICES: benefits under the extended Telegraaf, the Netherlands' vest their corn crops near Monticello, Ill. U.S. reserves of corn have hit their off. China, which is expected to drive oil demand for programs during the week end- largest newspaper, and sever- years to come, reported overnight that surging oil and lowest level in more than 15 years, reflecting tighter supplies that will lead to ing Feb. 19, a drop of about al video game fansites who commodity prices produced a surprising trade deficit higher food prices in 2011. Increasing demand for corn from the ethanol 200,000 from the previous had reporters at the hearing. of $7.3 billion for February. industry is a major reason for the decline. week.

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