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Net income drops 22 for CB
Commonwealth Brewery Limited (CBL) experienced a 22.3 percent decline in net income for the nine months ending September 30, 2011, with over a $3 million drop in profits.The figures for the BISX-listed company in the third quarter dropped year-on-year from$15 million in 2010 to$11.6 million in 2011. Part of the decline can be attributed to a $457,000 decline in total income for the period and a $2.6 million rise in total expenses.
A statement from the financial report said:"Other income year-to-date declined with B$1,275,969 due to lower rental income after divesting real estate in 2010 and non-recurring gains in 2010 from disposal of subsidiaries. Year-to-date operating expenses are up 3.9 percent due to a higher excise tax rate, higher operating costs due to improvements in information technology and higher employee benefit expenses."
The challenging nine months for Commonwealth Brewery was somewhat reflected in its performance during the three months ended September 30, 2011, highlighted by a 27.6 percent decline in net income for the period. Despite total income rising 6.1 percent to$27.6 million from$26 million year-on-year, total operating expenses grew 15.1 percent from$20.5 million in 2010 to$23.7 million in 2011. The net income drop
overshadowed the increase in revenue during the three month period.
"Revenue increased 5.7 percent in the third quarter compared to the same period last year,"said a statement from the report."Sales volume showed a strong performance in a continuing negative trading environment. Marketing programs contributed to the positive volume development in the third quarter . Revenue year-to-date is now up 1 percent compared to[the]same period last year."
The financial report comes a month after President and CEO of Commonwealth Brewery Leroy Archer announced he would step down from his position effective December 31 of this year. The day-to-day managing of the company will be handled by Nico Pinotsis, who will assume the duties of managing director on the first day of 2012.Archer was at the helm of Commonwealth Brewery through the company's$62.5 million initial public offering(IPO)in March and April of this year.
Commonwealth Brewery produces a number of leading beer brands in The Bahamas, including Heineken, Guinness and Kalik.
Hurricane IRENE 8pm Update
SUMMARY OF WATCHES AND WARNINGS IN EFFECT...
A HURRICANE WARNING IS IN EFFECT FOR...
* TURKS AND CAICOS ISLANDS
* THE SOUTHEASTERN...CENTRAL...AND NORTHWESTERN BAHAMAS
A TROPICAL STORM WARNING IS IN EFFECT FOR...
* NORTH COAST OF HAITI FROM LE MOLE ST. NICHOLAS EASTWARD TO THE
DOMINICAN REPUBLIC BORDER
FOR STORM INFORMATION SPECIFIC TO YOUR AREA IN THE UNITED STATES...INCLUDING POSSIBLE INLAND WATCHES AND WARNINGS...PLEASE MONITOR PRODUCTS ISSUED BY YOUR LOCAL NATIONAL WEATHER SERVICE
FORECAST OFFICE. FOR STORM INFORMATION SPECIFIC TO YOUR AREA OUTSIDE THE UNITED STATES...PLEASE MONITOR PRODUCTS ISSUED BY YOUR NATIONAL METEOROLOGICAL SERVICE.
Hurricane Irene 8pm Update
THE EYE OF HURRICANE IRENE IS MOVING BETWEEN LONG ISLAND AND RUM CAY
IN THE BAHAMAS...AND AT 800 PM EDT...0000 UTC...IT WAS LOCATED NEAR
LATITUDE 23.5 NORTH...LONGITUDE 75.0 WEST. IRENE IS MOVING TOWARD
THE NORTHWEST NEAR 12 MPH...19 KM/H...AND THIS GENERAL MOTION IS
EXPECTED TO CONTINUE THROUGH TONIGHT. A TURN TOWARD THE
NORTH-NORTHWEST AND THEN TOWARD THE NORTH ARE EXPECTED THURSDAY AND
THURSDAY NIGHT. ON THE FORECAST TRACK...THE CORE OF IRENE WILL
MOVE ACROSS THE CENTRAL BAHAMAS TONIGHT AND OVER THE NORTHWESTERN
BAHAMAS ON THURSDAY.
Birth rate drops while death rate climbs
FEWER babies are being born in The Bahamas and more people are dying, according to a new report released by the Department of Statistics. The Vital Statistics Provisional Report for The Bahamas shows that between 2007 and 2010, the birth rate fell from 17.5 to 13.8.
Hurricane Sandy 5pm Update 25th Oct 2012
..SANDY NEAR CAT ISLAND IN THE CENTRAL BAHAMAS...
...WIND FIELD EXPANDING...
SUMMARY OF 500 PM EDT...2100 UTC...INFORMATION
----------------------------------------------
LOCATION...24.5N 75.6W
ABOUT 60 MI...95 KM SE OF ELEUTHERA IN THE BAHAMAS
ABOUT 125 MI...200 KM ESE OF NASSAU IN THE BAHAMAS
MAXIMUM SUSTAINED WINDS...105 MPH...165 KM/H
PRESENT MOVEMENT...N OR 360 DEGREES AT 20 MPH...32 KM/H
MINIMUM CENTRAL PRESSURE...963 MB...28.44 INCHES
PCA 2012 - Final Table Player Profiles
Xuan Liu is the first woman to ever appear at a PCA Main Event final table. Her breakthrough came when she won PokerStars’ Italian Poker Tour San Remo €1,000 side event in December 2010 for €48,000 and then, only a few months later finished third at EPT San Remo for $524,705, a stand-out result in total career winnings so far of $655,886. She is already guaranteed $156,400 here, but she looks a good bet to get much more as the final progresses.
The independence series, part 1
Tomorrow we celebrate the 39th anniversary of Bahamian independence. The Commonwealth of The Bahamas was established by an act of the British Parliament which was passed on June 20, 1973 and took effect in the early hours of July 10, 1973, when thousands on Clifford Park witnessed for the first time the raising of the Bahamian flag after the Union Jack was lowered for the last time on this colony, ending 325 years of British rule.
This week, we begin a series of articles on The Bahamas constitution and for part one would like to Consider This... what were the salient issues facing those charged with shaping our constitution as we moved to independence, and how were those issues reconciled?
A natural progression
Bahamian independence in 1973 was a natural progression following a decade of rapid transformation, not just in The Bahamas but also in the Caribbean. In The Bahamas, the constitution twice prominently featured in the body politic, first in 1964 and then again in 1969.
The Bahamas received its first written constitution on January 7, 1964, which granted full control over its internal affairs to The Bahamas government, with the governor retaining responsibility for external defense and internal security. Cabinet government was introduced, and the upper house of the legislature, previously the Legislative Council, became the Senate. The Senate's membership increased from 11 to 15, while the House of Assembly retained its designation and the number of elected representatives numbered 33. In 1969, the British government turned over the internal and external affairs to the Government of The Bahamas and replaced the office of premier with that of prime minister.
During this period, Caribbean countries were also obtaining independence from Great Britain. It started with Jamaica and Trinidad and Tobago in August 1962. Guyana and Barbados followed in May and November 1966, respectively. The Bahamas was next in 1973 and, by the end of that decade, Grenada, Dominica and St. Lucia had also gained their independence from Great Britain.
We can appreciate that the fervor for national independence for Caribbean (and African) countries was inextricably tethered to nationalistic and socio-political realities of the era, aided by Great Britain's willingness to release its grip on the empire, upon which the sun was said never to set. For The Bahamas, the movement to independence was a natural progression, propelled by the "trade winds" of the time.
The independence conference in London
The general election of September 1972 was contested with the understanding that a victory for the Progressive Liberal Party (PLP) would begin the process of national independence for The Bahamas. It won and Loftus Roker was appointed to liaise with the official opposition Free National Movement (FNM) regarding matters relative to the Independence Conference before going to London.
Therefore, beginning in early December 1972, the PLP, headed by Sir Lynden Pindling, and the FNM, headed by Sir Kendal Isaacs, led a delegation to London to discuss an independence constitution with the British government.
Because The Bahamas already had the 1964 and 1969 constitutions, there was no need to start afresh so 90 percent of the issues regarding independence were agreed upon by both political parties before leaving for London.
The mood of the Bahamian delegation was upbeat and the talks were conducted in a very congenial atmosphere. Several of the delegates to the Constitutional Conference have noted that the drafting of the constitution was a moment in time where the PLP and FNM worked harmoniously, notwithstanding several philosophical points of departure.
One of the early issues discussed at the Constitutional Conference was Bahamian citizenship. The British attempted to persuade the delegation to accept the precedent that had been established by other colonies; that is, for British citizens and "belongers" living in the colonies to register at Government House, so that, at independence, they would automatically become Bahamian citizens. The Bahamian delegation unanimously objected to this, arguing instead that citizenship should not be so open-ended, and that there should be a process by which citizenship would be determined by the government. The Bahamian delegation was adamant and united, and the British relented and accepted the Bahamian position.
Another area of disagreement surrounded gender equality. The PLP proffered that full equality for women should not be enshrined in the constitution. The FNM argued the opposite view. Ultimately, the British government agreed with the PLP's position.
There was a discussion on the issue of rustication and the freedom of movement and the right of Bahamians to leave The Bahamas. Some in the PLP expressed the concern that Bahamians might depopulate the Family Islands and were also concerned that, in the absence of a rustication provisions, the country could suffer a brain drain. This fuelled the debate about giving Bahamians the right to leave not just their native islands but the country. The British agreed with the opposition on this issue, and consequently there were no prohibitions on Bahamians' ability to move freely within or outside The Bahamas.
With the issues fully aired and agreed, Sir Kendal Isaacs and the FNM delegates returned to The Bahamas. Some of the PLP delegates, including Sir Lynden, remained in London to finalize the terms upon which the new Bahamian constitution would be presented to the British Parliament. The delegation understood that the British Parliament would introduce and pass that all-important Bill for an Act to grant Independence to The Bahamas.
The surviving signatories of the Bahamian constitution are: Sir Arthur Foulkes, Arthur D. Hanna, Sir Orville Turnquest, Paul L. Adderley, A. Loftus Roker, George A. Smith and Rev. Philip M. Bethel. Deceased signatories included Sir Lynden Pindling, Sir Milo Butler, Sir Clement Maynard, Rev. Carlton E. Francis, Sir Kendal Isaacs, Cadwell C. Armbrister, Henry J. Bowen and Norman S. Solomon. Although there were other Bahamians present at the conference who were not part of the official delegation, these 15 signatories to the Bahamian constitution should rightly be recognized as our nation's Founding Fathers.
Post-conference activities
After returning to The Bahamas, the government developed the country's flag, the coat of arms and the national anthem. It is worth noting that the official opposition was not consulted on any of these matters.
After the Constitutional Conference, the government engaged in the most impressive public relations exercise ever conducted in Bahamian history. There was a massive national campaign to inform civil society and the Bahamian people about what independence meant to the country. The post-conference activities were spearheaded by George Smith, who was the parliamentary secretary in the Office of the Prime Minister and headed the Independence Secretariat.
In the early hours of July 10, 1973, the Commonwealth of The Bahamas was born.
Conclusion
There is no doubt that the men who assembled in London to frame the constitution of the Commonwealth of The Bahamas 40 years ago performed as impressively as the American Founding Fathers who assembled in Philadelphia in 1787 to craft that country's constitution. The Bahamian delegates to the London Constitutional Conference are to be applauded for their superlative efforts in drafting a social contract which has served us these past 39 years.
In the weeks ahead, we will examine key articles of the constitution that have guided our ship of state. We will also consider some of the issues that should be addressed in amending our constitution, hopefully before we celebrate the 40th anniversary of a nation that was born on July 10, 1973.
o Philip C. Galanis is the managing partner of HLB Galanis & Co., Chartered Accountants, Forensic & Litigation Support Services. He served 15 years in Parliament. Please send your comments to pgalanis@gmail.com.
Considering leadership in The Bahamas
Dear Editor,
What is next for our country and its people and who will be our 4th prime minister?
Sir Lynden Oscar Pindling led this country for 25 years. From 1967-1969, Sir Lynden served as the first black premier of the Colony of The Bahama Islands. From 1969-1992, Sir Lynden served as prime minister of the Commonwealth of The Bahamas. He was the only leader of the Progressive Liberal Party (PLP) from 1965-1997 (32 years) when he resigned from public life.
From 1992-2002, Hubert Ingraham served as prime minister. He was also leader of the Free National Movement (FNM) from 1990-2002.
From 2002-2007, Perry Christie served as prime minister. He has been leader of the PLP from 1997 to the present.
Ingraham was elected prime minister once again in 2007 and he remains in the post. He returned as leader of the FNM in 2005.
For 42 years The Bahamas has had only three prime ministers. In less than 12 months leaders from each party, including the new Democratic National Alliance (DNA) Leader Branville McCartney, will be contesting the upcoming general election. If lngraham regains the post of prime minister in 2012, it will mean that he will serve as prime minister of The Bahamas for 20 years once he has completed his full five-year term.
In 2013 The Bahamas will celebrate 40 years of freedom. The question is, is The Bahamas ready for a new prime minister in 2012 or do we need more time, like an additional five years, to make that change? Bahamians have to consider seriously if we are ready for this fundamental change.
Before we decide on this question we must understand what a leader is:
o A leader is a person who fears God and rules or guides or inspires others.
o A leader is a person who guides others toward a common goal, showing the way by example, and creates an environment in which other team members feel actively involved in the entire process.
o A leader is a person who listens.
o A leader should work with his or her teammates and learn how to delegate responsibilities while being mindful of everyone's interests, goals, and strengths.
o A leader is firm but fair and never flaunts personal authority.
o A leader operates well under pressure and in rapidly changing environments.
o A leader does not fear challenges or obstacles, but instead deals with them head-on.
o A leader takes responsibility.
o A leader has an exemplary character and is trustworthy.
o A leader is enthusiastic about work or cause and also about being the leader - people respond more openly to a person of passion and dedication.
o Although the responsibilities and roles of a leader may be different, the leader needs to be seen to be a part of the team working towards the goal.
o A leader is able to think and consider the future, giving it equal importance as the present.
We must remember that our children's future depends on the type of leader we choose to govern. We must ensure that this new leader has the interest of all Bahamians at heart.
Our beloved country either will move forward in prosperity and great success, or moved backwards in disarray. We have a serious decision to make when it comes to choosing a new leader and I hope and pray that this decision will not be made just on party lines. Instead, we should choose the person who is best to take our beloved country forward with all Bahamians on-board.
This country has been politically divided for so long. This new leader must be a person to build the bridge to success for all, not just the haves. We, meaning all Bahamians, must be very careful in deciding which party is suitable to govern the entire Bahamas. This is not a job for want to be leaders, indecisive leaders or leaders who find it easier to just quit under pressure.
God help us all if we choose one of the above. We need to think about what is best for our families, our children and their children.
Let us choose wisely our next leader - our next PM; let us not be moved by the hype and by those who tend to play with our emotions; let us, the Bahamian people, make a loud and bold statement.
May God continue to bless today's leaders and our future prime ministers. May God also bless you the reader and the Commonwealth of The Bahamas.
Yours, etc.,
MICHAEL STUBBS
Guiding the ship in unpredictable waters
Ian D. Fair has been involved in the financial services industry in The Bahamas since 1969. He is currently deputy chairman of Butterfield Bank (Bahamas) Limited and chairman of Bahamas First Holdings Limited, the largest general insurer in The Bahamas.
Book launch for historical Junkanoo manual today
Dr. Emmanuel (Manny) Francis has again made Junkanoo history by creating the first textbook on Junkanoo, "Manual of Junkanoo Costume Construction: A Beginner's Guide to Junkanoo Design".
The launch for this first ever handbook on Junkanoo will take place today at ChapterOne bookstore from 2 p.m. to 5 p.m. Special guest speakers will include Dr. Hubert Minnis, Dr. Hervis Bain and Percy 'Vola' Francis. This event is sponsored by Burn's House Ltd.
Junkanoo legend Dr. Emmanuel (Manny) Francis was introduced to Junkanoo by his brother, Percy (Vola) and Phillip Cooper in 1966, with the Saxons, at the age of 15 while attending GHS.
Dr. Francis has designed many winning costumes, the first of which was in 1969 while attending GHS, when he led the Saxons to its second victory over the 'invincible' Valley Boys on New Year's Day, 1970, under the theme, "Egypt 1,000 BC".
He was a mentor to many of today's renowned Junkanoo designers, but saw the need to chronicle his expertise in a handbook on the basics of Junkanoo design for teachers and students of Junkanoo.
Dr. Emmanuel (Manny) Francis is the founder of the "University of Junkanoo", a concept which recognizes the potential for educational development through Junkanoo.
In 1969, he discovered that Junkanoo costume design and construction for a competitive group was indeed an educational exercise involving science, history, art, sociology, religion, economics, parenting, mentoring, communication, acting, sports, sanitation, hygiene, safety, etc., requiring training and discipline in many areas (much like a university).
The final production we see on Boxing Day and New Year's Day is the culmination of many credit hours of didactic and practical study in libraries and Junkanoo laboratories (shacks).
The courses are hard and long, and freshmen can enter at any academic level, which makes teaching a wonderful challenge for Junkanoo professors. It is very rewarding to witness the personal development of these students as we find innovative ways to build their self-esteem and release their inner brilliance.
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