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Permanent Link: http://ufdc.ufl.edu/UF00084249/01726
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Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 02-10-2011
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Spatial Coverage: Bahamas
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General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
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Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:01726

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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER PLP stir red up BTC mob anger V olume: 107 No.80FRIDAY, FEBRUARY 25, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 84F LOW 72F B U S I N E S S STARTSON16B S P O R T S Business Extra SEESECTIONE Stallions squeeze past Cavs By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net THE governing Free National Movement has accused the Progressive Liberal Party of engaging in and promoting uncivil and unruly behaviour at Wednesdays demonstration against the sale of BTC. It was a PLP-organised and paid-for political demonstration filled mostly with party supporters, and did not represent the majority of Bahamians who are shocked and appalled by the behaviour of a crowd engaged in mob-like behaviour, said a statement issued by the FNM. A number of PLP supporters at the demonstration were dressed in yellow no turning back shirts. The FNM said it was disturbing that newly-rat ified PLP candidate Cleola Hamilton, head of the nursing union, participated in the demonstration dressed in PLP colours. A video uploaded on YouTube yesterday (http://www.youtube.com/watch? v=5YkDDsLeD2I&feature=pla yer) also showed Englerston MP Glenys Hanna-Martin engaging with some members of the crowd and sharing what seemed to be encouraging words with them. PLP MP Obie Wilchcombe was also seen among the protesters, as was PLP Mical MP V Alfred Gray. After yesterday, there is no pretence left. The PLP has hijacked various unions and compromised certain union leaders in the pursuit of its own needs rather than what is in the best interest of the unions and the Bahamian people, said the Demonstration as paid forc laims FNM M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E THE Bahamas Information Services is investigating the circumstances sur rounding the presence of its head of their broadcast division, Steve McKinney, at the anti-BTC sale demonstration in Rawson Square. The demonstration, which took place between 9am and 3pm on Wednesday, was attended by hundreds of persons, many of whom were well-known PLP supporters who it is reported were bused in to attend the event. When contacted for comment yesterday, Edward Ellis, the Executive Director of BIS, said Mr McKinney was at the demonstration without their knowledge. We are presently looking into the matter. Steve is on contract, and he heads our broadcast division, he said. Like all government employees, Mr McKinney is bound by the rules and regulations of the public service what is commonly referred to as general orders. These orders spell out that a public POLITICAL hopeful Arnold Forbes said he plans to sue a Canadian television station for a programme that linked him to an alleged $170 million investment "fraud." The piece, which was broadcast on the Canadian station CTV, claims that the attorney was a director in interna tional business company GFS Limit ed, a company accused of squandering client investments. The international news station reported that GFS was run by two Quebec residents, JeanPierre Tremblay and Stephane Hardy, along with Mr Forbes. "We incorporated the company which is a normal practice for law firms especially those in corporate law," SEE page six By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net POLICE would not confirm or deny reports that intelligence officers had surveillance on a man accused of murder at Wednesdays mass demonstration. Onlookers observed intelligence officers at the scene of the protest using video and still cameras to watch the crowd. One offi cer was overheard issuing an instruction to zoom into a man who was out on bail for murder. Leon Bethel, head of the Central Detective Unit, said Wednesday was a typical day, and on typical days the police rely on the POLICE TIGHT-LIPPED ON REPORTS OF PROTEST MAN SURVEILLANCE S EE page six INVES TIGA TION INTO STEVE MCKINNEYS BTC PROTEST ATTENDANCE PROTESTPRESENCE: Broadcaster Steve McKinney (standing thrid from right in white hat) at Wednesdays BTC protest. T i m C l a r k e / T r i b u n e s t a f f SEE page six By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net WEMYSS BIGHT South Eleuthera residents spoke to The Tri bune about the deplorable condition of the water supply in the John Millars settlement, which locals describe as salty and unusable. According to Clement Thompson, chairman of the Wemyss Bight Township, the small settlement of John Millars has been dealing with the salty water for over a year now. Bishop Ernest Sweeting, a member of the township, said: Even though it is a small community, they are still Bahamians and deserve what is owed to them. SEE page six SEE page six POLITIC AL HOPEFUL PL ANS TO SUE OVER TV SHOW FRAUD ALLEGATIONS RESIDENTS SAY WATER SUPPLY IS UNUSABLE REPORTSreached The Tribune late last night that a man died after being shot multiple times. The incident happened shortly after 9pm on Baillou Hill Road, south of St Vincent Road. The victim was taken to hospital but died of his injuries. See tomorrows Tribune for more details. SHOOTINGDEATH

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M O R E t h a n 6 0 t h i r d g ra d e st u de n ts a t W oo dc ock P rimar y Sc ho ol r ece i v ed a s pec i al treat o n F ebr uar y 9 w h e n t h e y v ie w e d M i g h t y Time s, the Leg acy of Ro sa P a r k s a f i l m a b o u t t h e A f r i c a n A m e r i c a n C i v i l R ights M ovement. T h e c h i l d r e n w e r e e nt h ra lled b y t he tes t imo nia ls of the acti vists, includi ng Ro sa Pa r ks a n d D r M a rt i n L u t h e r K i n g a n d t h e s c e n e s de p ic ti n g t h e l ea d er s' s tru ggle fo r equa l ity. The s cr eening w as led by U S E m b a s s y v o l u n t e e r S a n to y a E d g e c o mb e d u r i n g t h e s t u d e n t s w e e k l y "R ead to Lead" se ssio n to comm emora te Bl ack Hi stor y M ont h. T h e US Em b a ss y a d op t ed Woo dc oc k P r i mar y Sc ho ol i n 200 5 a nd vol unte ers ha ve b e e n m e n t o r i n g s t u d e n t s e v e r s i n c e t h r o u g h t h e R e a d t o L e a d p r o g r a m m e For many of the c hi ldren, th e f i l m w as t he i r fi r st e x pos ure to the Afr i c an -Americ an Civil R ights M ovement cha r act e ri s e d by m a j or ca m p aig ns o f n on vio len t c i vil r esis tan c e du rin g th e per iod 19 551968. T h r o u g h t h e f i l m s t u d e n t s le ar n ed a b o u t R o s a P ark s' c ou rageo us dec isio n no t to mo ve fro m her s eat o n a s e g r e g a t e d M o n t g o m e r y A l a b a m a b u s w h i c h i n s p i r e d p e a c e f u l ac tion by Americ ans o f all r a c e s ai me d at a d d r es s i n g r acial in equality. Not ed l eg i sla ti ve achi ev ements th at foll o wed inc l u de d t h e p a s s a g e o f C i v i l R i g h t s A c t o f 1 9 6 4 t h a t b a n n e d d i s c r i m i n a t i o n based on "ra c e colour, rel igion o r na ti o nal or igi n in em plo yme nt pr ac t ic es an d pub li c a ccom mo dat i ons; t he V oting Rights Ac t of 1965 that r estored and p rotec ted vo ting r igh ts; an d th e Fa ir H o u s in g A c t o f 1 9 6 8 t h a t b a n n e d d i s c r i m i n a t i o n i n th e sale o r r enta l o f ho us i n g T h e Ros a Parks fi lm co nt a i n ed m a n y t h e m e s t h a t t he s t u d e n t s c o u l d r e l a t e t o D u r i n g t h e b u s b o y c o t t Afr i c an A m er ican activist s c ar po oled with th e h el p o f w h i te A me r i c a n s d e m o n st rating the values of teamw o r k a n d h e l p i n g o t h e r s Stude nts al so l earne d about the impor tanc e of p atienc e a nd pe r se v e r a nce w he n t he y h e a r d D r M a r t i n L u t h e r K i n g p r e ac h n o n vi o l en c e in the fac e o f a dvers ity. Fo llowin g the s c reen ing, San toya E dgec omb e aske d t he ch i l dr e n q ue s ti o ns a bo ut t h e f i l m t o g a u g e t h e i r u n d e r s t a n d i n g T he i r a nsw e rs sh owe d t he s t u d e n t s u n d e r s t o o d t h a t R osa P ark s sto od u p to d i s c r imina to ry la ws a nd th at h e r s i m p l e a c t i n s p i r e d a movemen t with the goal o f end ing racia l d iscri mi nat ion i n Am er ica once a nd fo r al l LOCAL NEWS P AGE 2, FRIDA Y FEBRUAR Y 25, 201 1 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM W oodcock Primary students gain insight on t he Af ri canAm eric an Ci vil Ri ght s M ove ment WATCHING THE BIG SCREEN: Third-grade students at Wood cock Primary School (above) received a special treat on February 9 when they viewed A Might Times, the Life of Rosa Parks MESSAGE DELIVERED: The screening was led by US Embassy volun teer, Santoya Edgecombe (left). She is pictured with some of the third graders fol lowing the screening.

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By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net WEMYSS BIGHT Amid promises that their concerns will soon be addressed by Cable Bahamas, frustratedSouth Eleutherans claim the lack of cable and internet ser vices is keeping them out of the 21st century. Residents of the Wemyss Bight settlement voiced theirf rustration to T he Tribune yesterday over the fact that Cable Bahamas has not cre ated the infrastructure in their community to allow them access to cable television and the internet. T hey said their children are m issing out on important opportunities in the age of technology. It is embarrassing that in 2011, where technology is so important, that we are without. They have no interest in us, they believe we live out in the wilderness, said Clement Thompson, Wemyss Bight township chairman. With a small settlement of just over 300 adults and a school student body of 100, Wemyss Bight residents feel their voices are not being heard. According to Bishop Ernest Sweeting, member of the Wemyss Bight Township, the community is one of the only settlements in South Eleuthera with no cable or internet. Bishop Sweeting said Cable Bahamas came to Eleutherato connect Greencastle and Deep Creek, which are neighbouring settlements, and bypassed Wemyss Bite. With regard to the school kids, its robbery, said Bishop Sweeting. He added that last year, Cable Bahamas went to Cape Eleuthera but once again ignored the settlement. Bishop Sweeting said numerous calls have been placed to the cable company on the matter with the only response being that there is nothing on the table for Wemyss Bight. Chairman Clement Thomp son emphasised the impact the lack of modern technolo-gy is having on school students. He said: The absence of internet and cable services is putting this school and children of this area at a disadvantage, they are being deprived. Thirteen computers were recently donated to Wemyss School Library, but children are unable to access the internet or use educational learn ing and research tools, Mr Thompson said. Meanwhile, settlements as close as two miles away are hooked up to Cable Bahamas. Mr Thompson said: It does not take much to extend cable to this area. By not doing so, they are leaving us out to dry everyone else has service but Wemyss Bight. He described the commu nitys utter disappointment when they could not watch Chris Brown, a native of Wemyss Bight, win a silver medal in the 2008 Beijing Olympics. It was such a shame, Mr Thompson said, shaking his head. I would like to be able to turn on my TV and see what is going on in the rest of the country. We have been appealing to the powers that be for years with no results nothing but excuses. Mr Thompson added that he is not blaming anyone, that their fight is not political or about taking sides in any way, but rather about what is best for their community. When asked to respond to the concerns, Anthony But ler, president of Cable Bahamas, said the company is continuing to work to con nect the Family Islands to their system, but added that he could not say when Wemyss Bight would be visited by the companys technicians. It is based on the availability of the construction crews which are currently working in Grand Bahama and Long Island, said Mr Butler. When asked why Wemyss Bight was passed over when neighbouring areas were hooked up, Mr Butler only said his crews have a schedule and will be working to that schedule on the Family Islands this year. However, Dr Keith Wisdom, public relations manager at Cable Bahamas, said Wemyss Bight has not been left out and can expect ser vices to begin being installed by the end of September. LOCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Christ Church Cathedral ACM Steak-Out that had been scheduled for Saturday February 26th, has been postponed until May 28th,2011. All tickets sold will be honored at that time. The ACM apologies for any inconvenience caused. By TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net ABACO business owners fear a repeat of last summer's island-wide black-outs, which residents say drove tourists away and crushed commerce during one of the years busiest seasons. Residents have scheduled what they refer to as a protest meeting for March 10, The Tribune was told, as their frustration mounts over the unsolved problem. Government has invited bids for the installation of an upgraded transmission line capable of carrying a reliable power supply from the new Wilson City plant to Abaco's residents and businesses. This line is expected to be in place by May 15, more than six months after the plant was originally set to begin operation. However, one entrepreneur expressed doubt that this time-line will be met. He worried the island will again have to cope with devastating power cuts, causing tourists to overlook the island for their summer travel plans. How long is it going to take for them to accept one of the bids? asked the busin ess owner, who did not want t o be named. (Environment Minister Earl) Deveaux said the new line is going to be installed by May 15. It cannot be done and we don't have any confidence in them. It's seven months later and nothing has been done except now they have gone out to bid. They haven't taken any action. Loss Abaco businesses lost $3-$4 million last year with the bulk of this loss coming from cancelled bookings or visitors leaving the island early in frustration, Abaco Chamber of Commerce president Michael Albury said earlier this month. Even if the power supply problem is rectified before the increased summer demand, Abaconians may still have to suffer a backlash from last y ear's dilemma. "It was very bad last year a nd I fear the same thing is g oing to happen, businesses a re very concerned. Abaco business cannot afford that ora lot of us are going to shut down. (Government ing all this money on advertising the islands but the tourists are turning away, we locals can put up with it but the tourists, they don't come back. The word has spread," said the businessman. Residents say officials at BEC have called a meeting with locals next Thursday to update them on the Wilson City plant. The plant was scheduled to come on stream in 2010, but has been set back, and to date testing of the generators is continuing. Load shedding and power blackouts forced residents and tourists alike to go without power on a daily basis for several days in summer 2010. Protest meeting amid fears of renewed island-wide black-outs S TEAK -OUT POS TPONED Frustration over lack of cable and internet services SIGNSOFTROUBLE: Street demonstrators show thier frustration in Abaco last year.

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EDITOR, The Tribune. Firstly, I fully disclose that I am a member of the National Development Party: Also, the Chairperson of the Disabled Persons Association of the NDP. However regarding the writing of this particular letter, I am speaking exclus ively, not on behalf of the NDP, but as an individual citizen who has a disability. I am forty-seven years of age. For the past thirty-six of them, I have been living witha sensory disability; in that I am physically unable to see(blind since the age of eleven. It is therefore with frustration and sadness that I write to you regarding what I recently learned about the proposed, d isability rights legislation for the Bahamas. I had occasion to contact the Disability Affairs Division on Wednesday, February 16, in order to acquire a copy of the draft legislation. I was subsequently advised that the Ingraham Administration has rejected the currently structured Bill that so many had worked on, for so long. The present draft of the proposed legislation possibly might not contain all that persons with disabilities truly need. However, to the best of my recall as it is currently drafted in respect to its substance, it shall provide much in the way of legal protection and mandatory requirements in the best interest of persons with disabilities in the country, if implemented as is. I must therefore ask: Since dogs were given increased protec tion in Parliament some time ago under this current Ingra ham Administration and persons with disabilities as yet, have not been given our legislative rights and protection, for which weve been fighting for more than 20 years, does this mean that we as human beings and voting citizens are now being regarded less than those animals by the governing party? It is therefore agonizing to learn that disabled persons again, may be getting short changed as it seems that the Ingraham Administration is doing something with our disability rights legislation, which just does not feel right to me. I took the opportunity to call into the Talk Show, Hard Copy on Friday February 11th, expressing my disappointment and discuss over the fact that to date, the Gov ernment-of-the Day(the Ingraham Administration nor the then, Christie Administration) have not seen fit to provide equal rights for and legal protection for Bahamians, living with disabilities. This I did because as I too am feeling it, I am hearing the cries of my fellow disabled brothers and sisters rising up, more and more increasingly over being ignored by politicians who only care to remember us for our votes, during the times of our national elections but forget us, between elections. My voice will therefore no longer remain quiet on this issue, but will continue speaking out against the insensitive manner by which many persons with disabilities have been and still are being treated in The Bahamas. All Governing Adminis t rations of our country, since 1973 have had ample opportunity to do right by disabled persons in The Bahamas, legislatively; both at home anda broad, inclusive of the Pin dling, Christie and Ingraham Administrations. However, the Ingraham and Christie Administrations, particularly since 2006, utterly failed! Case in point: None of them to date has passed any disability rights legislation through our Parliament, nor has any of them seen fit to sign on to the United Nations Convention on the Rights ofP ersons with Disabilities. The previously mentioned U.N. Convention was brought into being in December, 2006: it has been available for signing since March 30, 2007: it contains fifty Articles and eighteen Optional Protocols: it has been signed by 147 countries, 98 of which have already ratified it in their respective parliaments and, 90 countries are signatories to the Optional Protocol to the Convention, 60 of which have already ratified them. Glaringly shameful and most inexcusably, The Common wealth of The Bahamas, sup posing to be moving toward first-world status, is not one of those countries! Why is it that the Government-of-the-day in The Bahamas has to date, not signed this U.N. Convention on the Rights of Persons With Disabilities? Might it be because the Government will indeed be duty bound to honor and to legislatively provide for the implementation of all fifty Articles as Article 4, section 1., subsections [A&B] appears to say? And that maybe, just possibly maybe the Government might not wish to be so bound? And, that the Bahamass legislation might very well have to be inclusive of all fifty Articles, possibly making it more expensive than our government would like to have to pay for? The proposed Bahamian legislation, according to Minister Butler-Turner, as she announced at the F.N.M. convention in November, 2009 was practically on its way to Parliament. But that was 15 months ago! How long therefore is the Ingraham Administration going to take, before it gives the due legislative attention to persons with disabilities in The Bahamas? Another 15 months? I must therefore ask, since our next general elections are approximately 16 months away, is this Administration now waiti ng until the elections are almost upon this country, just to rush some piece of watered-down nonsense through parliament? Just so that it can say that it did something for the disabled? Bahamians with disabilit ies have the God-given and constitutional right in this country to be treated fairly. This is something we rightly deserve, just as any other citizen of this country. F urther more, we are taxpayers, very sensible and capable voters as well as intel ligent thinkers who deserve and demand to be respected. Animals, under this current Ingraham Administration, have been given increased legislative protec tion by our Parliament. However, as I recently learned from the Disability Affairs Division as previously noted, we human beings in The Bahamas with disabili ties are now faced with the cancellation of our proposed Legislation. Is one therefore left to conclude that the Ingraham Administration cares more about animals, than it cares about persons with disabili ties? JEROME THOMPSON Nassau, February, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE The Tribune Limited N ULLIUS ADDICTUS JURARE IN VERBA MAGISTRI B eing Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 E ILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972P ublished Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising A dvertising Manager (242 C irculation Department (242 Nassau Fax: (242 W EBSITE www.tribune242.com updated daily at 2pm AT LAST the masks are off. What started as a union demonstration to prevent the saleo f BTC to Cable & Wireless has been highjacked by the PLP, ostensibly also objectingt o the sale, but in reality attempting to desta bilise the Ingraham government with an eye t o the 2012 election and a PLP victory. In this effort it would seem that not only is it a no holds barred struggle, but the fact that the incorrect propaganda being sent out internationally could destroy ourt ourist economy is not being considered. To the PLP the year 2012 seems more important t han the health of the nation. None of us must ever forget a former P LP minister declaring from a public podium that God gave this country to the PLP. Ever since then whenever an FNM government has been in power the attitude in thePLP camp gives the impression that the F NM are so many imposters who hoodwinked the people into giving up their b irthright. The PLP seem to think of them selves as the valiant knights in shining a rmour, duty-bound to rescue that birthright in the name of the people. A video posted to YouTube and sent to CNN I-Report was credited to Patrick Terrence Robinson, who was the narrator and described as the PLPs webmaster. It shows PLP MPs involved and appearing to b e among those stirring up the furor on Bay Street on Tuesday. Massive protest rocks the Bahamas was also posted to Facebook and other Intern et sites. Someone was determined that the Bahamas was to have its own small Egypt even though it had to be fabricated. However, judging from public reaction to this video and the comments posted on the CNN I -Report, it would seem that the video has done more damage to the PLP than thee xaggerated massive protest to the Gov ernment. S aid one viewer: This story is a complete lie. The Government is not being held up in the Parliament building. And it is also not a massive demonstration. Please dont be deceived by political operatives in The B ahamas seeking to gain mileage. Another talks of police officers reporting s eeing money changing hands between PLP operatives and hired demonstrators. Another reminds Americans of the PLPs past reputation during the drug era, and begs no one to be fooled. America, he commented, is no stranger to who they are. A ll this recalls an episode that took place many years ago between Sir EtienneD upuch, publisher of this newspaper, and Sir Lynden Pindling, who at that time was p rime minister. Sir Etienne, a senior and highly respected publisher with the Inter-American Press Association, was invited by his colleagues to address them at a meeting the Associationh ad planned for Miami. Instead of speaking from brief notes, Sir Etienne read the text ofh is speech, because he said knowing the cloth from which Sir Lynden was cut, his w ords were certain to be twisted back in Nassau. The morning after the speech was delivered, Sir Lynden accused Sir Etienne over ZNS of warning Americans of a communist i nfluence in the Bahamas and of trying to destroy the reputation of the country. N owhere in his speech was the word com munism or communists used. Sir Etienne s ent Sir Lynden a copy of his speech demanding a retraction. Sir Lynden refused. As Sir Etienne said, he only criticised the PLP government in this column, published only in the Bahamas. To him what he wrote in this column was an argument among Bahamians. H owever, once out of the Bahamas and on foreign soil, he refused to be intervieweda bout the Bahamas problems. He always refrained from criticising his country when a broad. For him pride in country came first but not so the PLP as evidenced this week by their anxiety to get the Bahamas on foreign airwaves and mixed up with the efforts of government overthrows in the Middle E ast. If this so-called massive protest repre s ents the true feelings of the Bahamian peo ple, then why did the demonstrators have to b e bused to Bay Street with inducements to exercise their lungs and push barricades against the police for about an hour? It is unusual for an angry people to have to be prodded into action. F rom some of the comments being made by certain persons to stir up unrest, we would u rge the authorities to refer to the Penal Code and review the interpretation of sedition to determine whether some are pushing the button too far and might now be ven turing into forbidden territory. Government seems to care more about animals than people with disabilities LETTERS letters@tribunemedia.net The massive protest that rocked Bay St

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P LP DEPUTY leader Philip Brave Davis told a PLP rally on Wednesday n ight that the Bahamas d oes not need Cable and W ireless to cut phone call rates. M r Davis claimed a simp le proposal to the telecoms regulator URCA will result in cell phone rates being drastically cut today. He said: We do not need Cable and Wireless t o do that. Stop insulting t he intelligence of Bahami ans with such foolishness.W e lowered the rates b efore and the profits of B TC grew as a result. Mr Davis said that if Prime Minister Ingrahama nd the rest of the government really care about the price of telephone servicesa nd the hell Bahamians are catching trying to pay their bills, they should low e r the prices immediately. Challenge them, he urged the crowd. Chall enge your Member of Parl iament. Ask them why they wont do it now. T he opposition deputy l eader said BTC represents arguably the most valuable asset that has ever been put up for sale in the history of the Bahamas. It is an important mat ter. This is serious business. I ts debate should not be reduced to bar-room chatt er with smokes, mirrors, h alf-truths and false choic e s. The debate and vote in the House of Assembly ins everal weeks is a crucial one, he said, urging the prime minister to removet he partisan whip and let FNM MPs vote their conscience on the matter. L OCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DESPITE a public apology from the Commissioner of Police, thea ngry parents of children involved i n an accident with a police cruiser Friday night say they intend to keep the heat on until the matter is resolved. No cover-ups, said Shantell Rolle, mother of 14-year-old Wren Rolle, who was on the back of thet ruck involved in the accident. They cant try to cover that up. Those were children. Those officer left the scene of the accident. Katrice Deleveaux, the mother of 14-year-old Patrick Williams, who was also one of the children on theb ack of the truck, said she was informed on Wednesday that police were sending someone to take a statement. They hit them and left them t here. You arent supposed to leave the scene, she said. According to Mrs Deleveaux, police informed her that an investigation into the matter is ongoing. Mrs Deleveaux said that her son, who is still suffering from complica-t ions as a result of the accident, was released from hospital on Wednesday. Police reports state that around 9.35pm last Friday, there was an accident on the corner of Gladstone and Fire Trail Roads involving a 2009C rown Victoria and a 2001 Daewoo Labos truck driven by a 37-year-old man with five "people" in the rear bed. H owever, parents and eyewitnesse s claim there were seven persons in the back of the truck. The police also stated that the Crown Victoria was travelling south on Gladstone Road and the Daewoo Truck north on Gladstone Road when the two vehicles collided. O n Wednesday, Police Commissioner Ellison Greenslade acknowledged that police officers involved could have been more sensitive. Police did not demonstrate the requisite amount of sensitivity in dealing with the matter. I am not satisfied that we did due diligence, the commissioner said. By LAMECH JOHNSON IN THE span of three hours, three men were r ushed to hospital after b eing stabbed during sepa rate altercations. Elsewhere, the lifeless body of what was thoughtto have been a homeless man was found under a stairwell. Just before 6pm on Wednesday, police were called to the scene of a disturbance on the cornero f Moore Avenue and Homestead Street. Witnesses told r esponding officers that a group of men got into a fight which resulted in two of them, ages 38 and 1 7, being stabbed. They were taken to hospital by paramedics. Their c urrent conditions are u nknown. A few hours later, p olice received informat ion of another stabbing at East Street South. O fficers responded and were told that a group of men attempted to attack another man. They said another man tried to pre-v ent the attack and was stabbed in the back. H e was taken to the hospital by paramedics. His condition was also u nknown at press time last night. E arlier that day, police discovered the body of a man under the stairwell of t he Aura Lodge Hall building on CharlotteS treet South. F oul play is not suspect ed in the matter, as there were no visible signs of injury on the body. P olice are continuing their investigations into all three matters. T HREE STABBINGS, MANS LIFELESS BODY FOUND Parents intend to keep heat on over police crash Brave Davis: Bahamas does not need Cable and Wireless to cut phone call rates POLICE COMMISSIONER Ellison Greenslade has acknowledged that police officers involved could have been more sensitive. SIMPLE P ROPOSAL: Philip Brave Davis

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L OCAL NEWS P AGE 6, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM statement. A Tribune source from Farm Road said he witnessed a bus stationed at the corner of East Street and Strachan Corner picking up residents to carry them to the demonstration. I saw them taking the money. They were paying $10 to c ome downtown for one hour. I definitely witnessed it yesterday, our source said. I just thought it was amazing that they would give out money to get people to go down town. Normally I observe it during rallies. They would come around paying you to go on the bus. They give you T-shirts with something wrapped up in it. But I was surprised yesterday with the protest, he said. On Wednesday, a government minister told The Trib une c onstituents were offered between $30 and $50 plus alcoholic beverages to take part in the protest. PLP leader Perry Christie and other opposition members of Parliament who participated in a press conference on Wednesday denied any suggestion that they paid protesters. From my point of view, I paid no one, Mr Christie said. Although the protesters who arrived on the bus were s aid to come from the Farm Road area, a T ribune s ource said the bus was not engaged by the Farm Road constituency branch, but the party itself. They were recruiting guys randomly from the area. They were saying you don't have to do nothing, just come down and be there for an hour, said a Tribune source. Half of these guys don't work. They are not interested in where the money comes from, whether it is political. They would take money from anyone: PLP, FNM, BDM, a nd not just a political party, he said. T he source said he witnessed the bus driving through the community on Quakoo Street, and heard about it being parked on Strachan Corner. A Tribune source at the Post Office said he saw a bus near the parking lot off-loading people for the demonstration. Bradley Roberts, PLP party chairman, said the party did not hire a bus. He said it must have been hired by an indi v idual, but it was not contracted by Bradley Roberts. Generally speaking, he said: It is not unusual for m embers of Parliament to organise and move their constituents around. It is not unusual for the PLP. It is not unusual for the FNM. What is wrong with that? With respect to the specific BTC demonstration on Wednesday, he said he did not know anything about the payment of demonstrators or the bus. I wouldn't know what the purpose of paying anybody i s. They must have money to throw away if they did that. The PLP party has always been a party without any m oney. Where would we get money to use like that? he asked. use of intelligence officers. Intelligence officers are used in these operations where we suspect that persons may have the intentto disrupt the peaceful order of society, said Mr Bethel. There are officers who just get i ntelligence and do not arrest anyone. When you see me go and execute a warrant it is based on intelligence, he said. Intelligence officers were in the mix of the crowd on Wednesday and would not have been easily identifiable. Those officers were feeding information to the senior c ommand, who used the information for mediation efforts. They were different from plainclothes officers, who were also on the scene. We have a strong network of intelligence officers who we employ on a daily basis to assist with all types of criminal activities. In every o peration we run we use intelligence officers. We have used them to detect and prevent a lot of crime, said Mr Bethel. One strategy used by top ranking police officers on Wednesday was to enter the heated mass of demonstrators and speak directly tos pecifically identified individuals. Front line protesters who engaged i n dialogue with the police said they appreciated the efforts. We were in the front line. I appreciate the inspectors coming out here to talk to us. We are not here to incite anything. We know the police are only doing their job, said one protester. The use of intelligence officers h as generally been increased said Mr Bethel, to assist the police in identifying people who are committing crimes. officer must in no circumstances b ecome publicly involved in any political controversy, unless he becomes so involved through no fault-of his own, for example, in the proper performance of his official duties; and he must have it in mind that publication either orally or in writing of any material, whether of direct political interest or relating to the admini stration of the Government or of a department of Government or any matter relating to his official duties or other matters affecting the public service, might immediately involve the public service in such controversy. Mr Ellis pointed out that Mr M cKinney is contracted to be at BIS from 9am to 5pm. According to a source at BIS he was not on leave on Wednesday, and even up until noon yesterday when Mr Ellis spoke with The Tribune the broadcasting executive had yet to show up to work. Mr Ellis added that Mr McKinneys contract with BIS comes to an end on April 1. He did not give any indication as to whether or not it will be renewed after this date. Even if Mr McKinney were on leave, sources close to the government pointed out that a public servant, except in pursuance of his official duties therefore and with the permission of the Director of Public P ersonnel, whether he is on duty or on leave, shall speak in public, or broadcast in any way, on any matter which may reasonably be regarded as of a political or administrative nature; allow himself in any circumstances to be interviewed or express any opinion for publication on questions o f public policy, or on any matter of administrative or political nature or on matters affecting the administration or security of any state or territory. The general orders continue: The first duty of a public officer is to give his undivided allegiance to the State, ie to the Government of the day. In joining the Public Service, a public officer voluntarily enters a profession in which his service to the public will take a non-political form; and whatever may be his political inclination his impartiality in the performance of his duty must be beyond suspicion. It follows therefore that a public officer should not normally take any active part in matters of public or political cont roversy, and particularly if the matter is one with which he is officially concerned. Political activities in the Bahamas may be defined as follows: adoption as a candidate for election to the House of Assembly, holding office in a party political organization; speaking i n public on matters of national political controversy; expressing views on such matters in letters to the press, or in books, articles or leaflets or by broadcasting oron television; and canvassing or distributing pamphlets, etc on behalf of a candidate or political party. e xplained Mr Forbes of his involvement. "We provided a corporate service to a client and it was normal to alwaysa ct as officers and directors. "We got all the due diligence that is needed and these clients checked outc lean. When I found out that these guys were up to no good we terminated (business with t hem) immediately," he said. Canadian businessman Nick Djokick invested $6 mil l ion into GFS with the p romise of 20 per cent annual interest money that disap peared when he tried to cash out on his investment, accord ing to CTV. The "scam" drove Mr D jockick to allegedly kidnap and torture his former business partners. He also allegedly tried to hire a hitman to a ssassinate Mr Forbes and Freeport-based Canadian attorney Richard Devries for their connections to GFS. A segment in the programme depicts a Canadian reporter's attempts to speak with Mr Forbes about the accusations until the lawyer is cornered outside his office. On camera, Mr Forbes told the reporter that he only incorporated and registered GFS, a task he said his firm did for about "500 to 600 companies" at the timea dding that he was paid between "$1,900 to $5,000" for his work. M r Forbes was then con fronted with copies of documents that purportedly boreh is signature and alleged that h e was a director and signing officer for the company and had authorised hundreds oft housands of dollars in pay outs. On the programme, Mr Forbes asked the television crew to return in a couple of days so he could provide them with documents to clear him a nd his company of any wrongdoing. The report said when the crew returned Mr Forbes could offer nothing "conclusive." Mr Forbes, the opposition's election candidate in the Mount Moriah constituency, said the report disparaged hisc haracter and selectively portrayed the interview. "I have seen it and we plan to take the appropriate action," he told The Tribune yesterday. "It is definitely untrue we plan to make a press statement on it. They have sullied my character and I will take whatever action is n ecessary to ensure that my name is cleared, my name is all I have." H e added that he does not think the allegations will hinder his chances of being elect e d to Parliament stressing that h e will "fight to the end" to clear his name. "I have always lived a life in t he open and worked very hard for everything I have. I have no skeletons in my clos et and if they (his political opponents) plan to bring this forward I will fight this to the end. (The allegations n o bearing on what I plan to do in Mount Moriah," he said. Last year, Mr Djokich was sentenced to 20 years in a US federal prison on charges of attempted murder. During the trial Mr Djokich claimed he was defrauded out of tens of millions of dollarsb y GFS. It was revealed that he hired a hit-man, really an undercover US ICE agent, to kill Mr Devries and Mr Forbes. Mr Forbes has maintained that he never had a connec tion to Mr Djokich. He compared taking a shower in John Millars to swimming in the ocean. Mr Thompson said the water is undrinkable, turns your clothes different colours and destroys your bathroom fixtures. He explained that the water problem has led to a host of others, as for several months now they have been paying to bring in potable water, and now have hardly any Local Government funds left for the community. Bishop Sweeting said bringing water to John Millars costs around $250 a load, with about four loads needed per month. With a yearly budget of $32,000 allocated for the entire Wemyss Bight Township, which includes Wemyss Bight, Deep Creek Waterford, Bannerman Town and John Millars, funds are extremely tight and they have had to discontinue bringing in the water. Mr Thompson said the Bahamas Red Cross had been of great assistance, attempting to drill wells that, unfortunately, ended up providing water of a similarly poor quality. Red Cross director Caroline Turnquest explained that as part of their Readiness to Respond two-year programme geared towards disaster awareness, the micro-project in South Eleuthera was also taken on. The organisation spent $6,000 drilling wells and analysing the water, but Ms Turnquest said results from various water companies revealed the water to be hard and of poor quality. Members of the community expressed hopes that the effort might result in a reverse osmosis plant soon being built in the area, but the Red Cross said the funding was not available at this time. Ms Turnquest said: We were hopeful, but because of the number of persons in the area and large expense of the project, we were not approved for further funding. Minister of State for the Environment, Phenton Neymour, could not be reached for comment up to press time last night. SEEPAGETHREE P OLICE TIGHT-LIPPED ON REPORTS OF PROTEST MAN SURVEILLANCE PLP STIRRED UP BTC MOB ANGER FROM page one FROM page one FROM page one RESIDENT S SAY WATER SUPPLY IS UNUSABLE FROM page one POLITICAL HOPEFUL PLANS TO SUE OVER T V SHOWS FRAUD ALLEGATIONS FROM page one INVESTIGATION INTO STEVE MCKINNEYS BTC PROTEST ATTENDANCE STEVEMCKINNEY speaks out at Wednesdays BTC demonstration.

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LOCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 7 SANDALS Emerald Bay in Great Exuma has been n amed the ultimate C aribbean resort for 2011 by Brides Magazine, the worlds number-one bridal publication. Sandals executives said all the companys resorts, including Nassaus Sandals RoyalB ahamian, can stand proud as Sandals Resorts International was declared the worlds best all-inclusive brand. R esults were based on a s urvey conducted in conjunction with Signature Travel N etwork, a group of more t han 6,000 top travel agents nationwide. We are simply thrilled with the results of this survey, w hich demonstrates the cont inued success of our Luxury I ncluded concept, said Gord on 'Butch' Stewart, chairman of Sandals Resorts International. We take tremendous pride i n the standard of our product and the services that we deliver, and that says a lot aboutw ho we are. To be recognised by the number one bridal p ublication in the world is a t rue testament to the strength o f our brand. Honeymooners everywhere want the best, from f abulous suites with butler service to a choice of restaurants and an array of land andw ater sports. No other resort company offers more quality inclusions than SandalsR esorts. would like to acknowledge the large team of people that have helped us win t his award. Huge kudos goes to the Bahamas Hotel Association, the government and t he people of the Bahamas for their continued support. And lastly, this latest miles tone in our 30-year history w ould not be possible with out our dedicated and talent ed team members who are u ndoubtedly the best in the business. The company credits the a ccolade to marketing efforts, constant product innovation and its latest collaboration Sandals Weddings by Martha Stewart. S andals bought the propert y in 2009 after former own ers, Emerald Bay Resort Holdings, ran into financiald ifficulties which forced the property to go into administration and led to the lay-off o f 400 Bahamian workers. The rebranded resort was opened in January 2010. Brides Magazine names Sandals Emerald Bay op Caribbean Resort

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By ADRIAN GIBSON ajbahama@hotmail.com THE social issues we now face in the Bahamas are due, in part, to the large number of children who are having children. Teenage pregnancy appears to have gone wild! Teenage pregnancy is a major contributing factor to the social disintegration our country now faces. In the Bahamas, we are shifting from one generation to another too speedily, and thus resulting in a nation of poorly socialized, ill-mannered brats who are disgruntled and intent on ruining any thread of public harmony. The term teenage pregnancy refers to any teenage girl who falls pregnant during her adolescent years. Teenage pregnancies carry a social stigma, lead to poorly educated adults, increase poverty and harmfully affect the lives of the children being born. In a report by the Save the Children organization, it was found that every year, about 13 million children (worldwide mothers under age 20, primarily in developing countries. According to local statistics, the percentage of births to teenage mothers lingers around 13 per cent of the national total. Just last week, as I left a law firm on Dowdeswell Street, there walked a contingent of young girls, wearing baby-blue outfits (presumably students of the PACEProviding Access to Continued Educationprogramme) and speaking garishly, all with protruding bellies. These youngsters were on average between ages 13 to 16. I recall one of them telling the other how she couldnt wait to have her baby, leave the PACE programme and return to regular school. According to the PACE Foundation website, the PACE programme was initiated by Nurse Andrea Elizabeth Archer in 1970 and has sought to pioneer ways and means to address the problem of teen pregnancy, and, in its many years of existence, has certain ly impacted the lives of numerous teens and their babies. The website says: Over the years, it would have provided assistance to more than 3000 teenage mothers, helping them to complete high school thus ensuring them a better chance of breaking the cycle of poverty and hopelessness. However, PACE continues to face numerous problems that affect its functionality. Entry into the PACE programme is voluntary and available only to first-time teen mothers. However, less than half of the nation's firsttime mothers enter the programme yearly. Parenting The aim is to intervene in the lives of more first-time teen mothers with a view to ensuring that such girls achieve a minimum of a high school diploma, and preventing further pregnancies until they have achieved independent means by which they can care adeq uately for all their offspring. At present, our children are at risk of growing up in economically disadvantaged circumstances and with mothers who are ill-prepared for parenting and, in fact, need parenting themselves. The cost of ignoring this problem is great; theref ore it demands our immediate attention, the Foundations website read. It further stated that (a principals of government secondary schools are reluctant to allow teen mothers re-entry into regular school for fear that they will have a negative influ e nce on fellow students, both female and male; (b gramme remains fragmented, as services such as antenatal care and others are offered in different locations; (c no facilities for emergency housing or for on-site childcare; and (d erally under funded. The PACE programme nobly states the view that in accordance with article 23 of the Education Act 1996 school is compulsory age between the ages of 5 and 16, underscoring that no citizen is more entitled to education than the other. The programme asserts that it is further understood that education is important for the purposes of nation building and directly improves the standard of living and full development of human beings. With the existing make up of the economy of our country, there is little possibility of economic survival of a young teen with a child to support. Indeed, the government, and private sector entities and citizens, must see to it that worth while programmes such as PACE are properly subsidized. How can values be taught when there are 20-year-old mothers with children in primary school? Our national conscience is surely in smithereens when we now have 32-year-old grandparents and it is being viewed as relatively normal due to its growing prevalence! Today, our country is plagued by a spree of abhorrent crimes and senseless mur ders, most likely due to an absence of role models, poor social skills and a lack of values. How can ethics be taught when many of the children born are being parented by boorish youngsters? The spate of violence at our public schools is again another example of our societys failure to confront many of the underlying social problems, instead simply choosing to adopt a reactionary approach to prob P AGE 8, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The effects of teenage pregnancy Y OUNG M AN S V IEW A DRIANGIBSON SEE page 10

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ByK QUINCY PARKER Press Attach Embassy of The Bahamas Washington, DC NEW YORK, NY At the 55th Session of the Commission on the Status of Women at the United Nations on Tuesday, Minister of State for Social Development Loretta Butler-Turner said that although successes have been achieved, more must be done to realise the goals and aspirations for women of the Caribbean. The CSW session is meeting for the next two weeks under the theme: Access and participation of women and girls in education, training, science and technology, including for the promotion of womens equal access to full employment and decent work. A major outcome of the event will be the official launch of the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women The new entity is expected to be launched on Thursday, February 24, in a special ceremony to be hosted by CNN special correspondent Christiane Amanpour. UN Women was established following the adoption of General Assembly resolution 64/289 on 2 July, 2010, and brought together the following four entities the Division for the Advancement of Women (DAW cial Advisor on Gender Issues and Advancement of Women (OSAGI Research and Training Institute for the Advancement of Women (INSTRAW Nations Development Fund for Women (UNIFEM Michelle Bachelet Chiles first woman president, who left office in 2010 was appointed executive director of UN Women by the Secretary-General in September 2010, and her recently articulated vision and 100-day action plan objectives include the elimination of discrimination against women and girls, the empowerment of women, coordination of efforts by the United Nations system to ensure that commitments on gender equality and gender mainstreaming translate into action throughout the world, and building effective partnerships with national mechanisms for gender equality, civil society and other relevant actors. Mrs Turner pledged CARICOMs full support and co-operation with the new agency. She said: [We] hope that the goals and objectives we have envisioned in our calls over the years for a new gender architecture will evolve and generate concrete results and change for women throughout the world, in particular on the ground in countries where such change is greatly needed. CARICOM welcomes the Vision and 100-day action plan announced by the executive director during the first regular session of the Executive Board of UN Women held last month and looks forward to its development, with the support of member states and all stakeholders, Mrs Turner added. The minister also noted that lack of adequate funding poses a formidable challenge and could undermine the provision of assistance to national partners in the implementation of practical programmes and the strengthening of normative and policy frameworks on gender equality. We therefore encourage member states to make voluntary contributions to the core budget of UN Women to allow the entity to better respond to the needs of women and to meet the expectations of member states, she said. UN Women is governed by a 43 member executive board which held its first regular session from 24 26 January, 2011. Grenada is the only CARICOM member state elected to serve a three-year term on the board. Elections were held on 10 November, 2010. Saint Vincent and the Grenadines was not successful in its election bid. SCIENCE AND TECHNOLOGY Mrs Turner also focused on the importance of technology, stressing that the increasing significance of its role in national economic development can not be sufficiently underscored. She cited a report by the UN Secretary General, and findings from the first Caribbean Conference on Science and Technology, held in Trinidad and Tobago in September 1998. The minister pointed out that while in many societies, technological advancement has brought about significant change, many developing countries are lagging behind from a socioeconomic development standpoint. In recognising the importance of new, innovative technologies and their contribution to development, CARICOM recognises the need to increase womens and girls access and participation in the field of science and technology education and training, she said. The Caribbean Council of Science and Technology (CCST has been playing a key role in this area. In collaboration with the National Institute for Higher Education, Research, Science and Technology, CCST has undertaken a project to research, document and promote public awareness of the works and accomplishments of outstanding Caribbean women in the field of science and technology. This project was not only geared to correct the view that women have not excelled in science and technology but was also aimed at inspiring young women and girls to pursue careers in science and technology, and generally to strive for excellence in their chosen field of endeavour. LOCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM R EGIONAL vice-president for the Council of Residential Specialists Gary Williams visited Nassau to install new officers for the councils Bahamas chapter. The Certified Residential Specialist (CRS awarded to sales associates in the residential sales field. To achieve the CRS designation, a real e state agent or broker must meet high standards set by the Council of Residential Spe cialists for experience in the real estate industry and education. The CRS designation demonstrates to other realtors and the public that that agent possesses a higher level of experience and expertise in marketing property, providing genuine service and completing the sale. The Council of Residential Specialists is a national affiliate of the National Associa tion of Realtors. All US states have their own chapter and recently the organisation expanded to include the Bahamas the only non-US chapter to date. The members of this organisation repre sent the best of the best in the real estate industry with only 4 per cent of all agents in the United States and the Bahamas earning the CRS designation. This designation is considered to be the pinnacle of real estate education and production. The Council consists of around 38,000 real estate professionals in the United States a nd the Bahamas. There are 53 chapters including the Bahamas and the organisa tion is headquartered in Chicago, Illinois. The new officers for the local chapter include: Elbert Thompson, president; Gavin Christie, vice-president; Cyprianna Stuart, treasurer; Sidney Bethel, secretary; Anthony Wells, membership chairman; Perry Fer guson; education chairman; Garnett Ellis;a udit chairman; Donna Jones; Grand Bahama chairperson and Kathleen Albury; Abaco chairperson. Regional Vice-President for the Council of Residential Specialists visits Nassau COUNCIL of Residential Specialists members in Nassau. Minister: more must be done for Caribbean womens goals L oretta Butler-Turner speaks at the 55th Session of the Commission on the Status of Women at the United Nations LORETTA BUTLER-TURNER

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I NTERNATIONAL NEWS P AGE 10, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM WASHINGTON Associated Press THEObama administration threw its weight Thursday behind a European effortt o expel Libya from the U .N.'s top human rights body and said it was readying a larger sanctions package against Moammar Gadhafi's regime that it will take up w ith allies in the coming days. President Barack Obama was consulting with the leade rs of Britain and France, while officials said Secretary of State Hillary Rodham Clin-t on would help coordinate the larger international strategy to stop the violence in Libya a t a meeting of foreign policy c hiefs next week in Switzerland. As an initial punishment for Libya's violent attacks on protesters, State Department spokesman P.J. Crowley said t he U.S. is backing a Europ ean proposal for the U.N. Human Rights Council to rec ommend Libya's expulsion. O fficials, speaking on condition of anonymity to discuss administration planning, also s aid the U.S. would support e fforts to establish a U.N.-led probe into "gross and systematic violations of human r ights by the Libyan authorities." While those measures might seem tame, they were e xpected to be followed soon by tougher measures aimed at pressuring the unpre d ictable Gadhafi to end the violence that has wracked much of his country. T he U.S. was being forced to temper its tone because hundreds of Americans remained stuck in the country and many were relying on the goodwill and cooperation of Gadhafi's regime for their s afety and planned evacua tion. Crowley said 167 Ameri c ans 40 nonessential pers onnel and their family mem bers, and 127 private U.S. citizens are waiting to be evacuated by ferry from L ibya. The ferry remained docked in the capital of Tripoli because of high seas. There are also 118 foreigners on board and the boat isn't expected to leave until Friday. These people have been on board the ship for now well over 24 hours," Crowley said. "I'm sure they're uncomfortable. They slept last night o n the ship." F earful Crowley said the U.S. had s ecurity aboard the vessel and that Libyan officials were securing the port area. Hes idestepped a reporter's quest ion as to whether the U.S. was fearful of a hostage situ ation arising, and praised L ibya for cooperating with the U.S. on the planned ferry voyage to Malta. M embers of the 47-nation rights council were debating the resolution Thursday in Geneva, ahead of an emer g ency session Friday. Kicking out Libya would require twothirds approval of all the 192 countries in the United N ations. "The Libyan government h as violated the rights of its people," Crowley told reporters at the State Department. "Taking this step cont inues the increased isolation t hat the Libyan government is facing." Hundreds are believed to h ave been killed in Libya in recent days and Gadhafi's regime appears to have lost c ontrol of large parts of the c ountry. Gadhafi has ruled t he country for 42 years, and has offered the most violent r esistance to the wave of protests that have spread through the Arab world, chas i ng leaders from power in L ibya's neighbors Egypt and Tunisia. I t was unclear what the larger sanctions package might include, though asset freezes and travel bans ons enior Libyan officials are possibilities. "There are actions that are b eing teed up within our government," Crowley said. "We expect to take action in thec oming days, but it takes t ime." He said the U.S. also wants to ensure that the sanc tions chosen are "most likely t o be successful in putting pressure on the Libyan government to respect the rights a nd actions of their people." Another option could be to ban the sale of U.S. military equipment, even if that would b e largely symbolic at this point. T he U.S. has given private arms firms licenses to sell the Gadhafi regime materielr anging from explosives and i ncendiary agents to aircraft parts and targeting equipment in recent years. T he Obama administration also warned Thursday of a Libyan crackdown on foreignj ournalists to stifle news of the regime's violent assaults on protesters. In meetings called by the Libyan government to specifically discuss news reporters, the State Department said theL ibyan officials told U.S. diplomats that they would consider unregistered jour n alists as al-Qaida collaborat ors subject to immediate arrest. Be advised, entering Libya to report on the events unfolding there is additional ly hazardous with the governm ent labeling unauthorized media as terrorist collaborators and claiming they will be arrested if caught," thed epartment said in a notice to news organizations. The Libyan officials told t he U.S. diplomats that some journalists from CNN, BBC Arabic and Al Arabiya tele v ision would be allowed into the country to cover the situa tion. But the officials said journalists working independently and not in government-a pproved teams will be prose cuted on immigration charges, according to the department. T he warning comes as the Libyan government appears to have lost control of mucho f the eastern part of the nation, where some reporters are crossing the border from Egypt. Cities T he violence continued T hursday as army units and militiamen loyal to Gadhafi struck back against rebelliousL ibyans in cities close to the capital, attacking a mosque where some were protestinga gainst the government. Medical officials said 15 people were killed in the clashes. In a rambling phone call to s tate TV, Gadhafi accused alQaida leader Osama bin Laden of being behind the u prising. Crowley said the United States hasn't pursued any con-v ersations with Gadhafi hims elf. But he confirmed that U.S. officials were discussing t he situation with Libyan government counterparts at vario us levels and messages from the Libyan leader were being passed. A sked whether the U.S. b elieved Gadhafi to be a "rational actor," Crowley demurred. "Moammar Gadh afi is the leader of Libya," he answered. White House spokesman J ay Carney said Obama's calls to British Prime Minister David Cameron and French President Nicolas Sarkozy were part of a strategy to seek a concerted and broad international effort to pressure theL ibyan government. They come as the U.N. Security Council agreed to considerf urther options against Gadh afi's regime, including sanc tions. C arney said no options are off the table, including the possibility of military action. International discussions,h owever, have centered on a possible no-fly zone or other sanctions that would strike Gadhafi economically. A French government statement said Obama and Sarkozy demanded "an i mmediate halt to the use of force against the civilian population." US, allies pressure Gadhafi to halt violence in Libya A LIBYAN GUNMAN f lashes a V sign as h e stands on a military truck loaded with launcher rockets at Al-Katiba military base after it fell to anti-Libyan leader Moammar Gadhafi protesters few days ago, in Benghazi, Libya, on Thursday F eb. 24, 2011. Army units and militiamen l oyal to Moammar Gadhafi struck back T hursday against rebellious Libyans who have risen up in cities close to the capital, attacking a mosque where many were holding an anti-government sit-ina nd battling others who seized control of an airport. Medical officials said 15 people were killed in the clashes. (AP US PRESIDENT Barack Obama has been consulting with leaders of Britain and France. (AP Cr owds view last launch of space shuttle Discovery lem solving while hardly ever proposing credible, tangible solutions. It appears that many Bahamians have become desensitized and are of the view that if an issue is not directly affecting them, why care? We must adopt a proactive approach confronting an issue before it mushrooms and/or arrives at our doorsteps. The PACE Foundation holds even more compelling views about the impact of teenage pregnancy upon society, stating: Owing to the fact that the mothers are single and have limited education, their children are at increased risk of growing up in poverty. Inadequate edu cation also correlates with diminished awareness of the importance of proper health care, regardless of the fact that prenatal care, delivery, and childcare are free at government health institutions. Failure to access this care translates intomore complications of pregnancy, low birth rates and increased incidences of morbidity and mortality in children of adolescent mothers. Societal issues such as teen pregnan cies, gang-banging and any other misdeeds, stem from a breakdown in the fam ily, a lack of supervision, external influences and an erosion of our moral code. In the Bahamas, there is usually a con siderable age gap between adolescent girls and the men who impregnate them, with such marauding chaps typically being lousy predators in their late 20s or much older. Many school girls from adverse family environments seek the affection of older men, who are usually sought to fill a void left by an absentee father. Locally, its assumed that many of the men engag ing in relationships with underage girls are those who interact with them daily, that is, persons such as bus drivers, neighbours and even some professionals who ensnare them with money or a joy ride in a posh vehicle or some pie-in-the-sky promise. Some Bahamians would be surprised by the number of young girls who are enticed by men driving cars with flashy rims and a loud sound system! In his song Brendas Got a Baby, the late rap legend Tupac Shakur famously stated what has become the norm in the Bahamas when he said: Now Brendas (and one can fit any other name here) belly is getting bigger But no one seems to notice any change in her figure She's 12 years old and she's having a baby In love with the molester, whos sexing her crazy As it relates to the protection of teenage girls from predators, the legal protections against sexual abuse and indecent assault must be stiffened, a database of paedophiles and sex offenders must be established, ankle bracelets tracking these predators must be used and, moreover, some good old fashioned parental love would go a long way. Teenage pregnancy is a social epidemic that, if not effectively addressed, could further ruin our already volatile society. Frankly, sex education and Planned Parenthood programmes must be developed and further promoted and there must be greater community and parental support to curb the incidences of teenage pregnancy. In the United States, schools are encouraging abstinence while certain com munity and religious groups are promoting virginity pledges. In Holland, sex edu cation is a part of every schools curriculum, the media advances public discourse and health-care professionalsat all lev elsare prudent and discrete about such matters. Why cant the same approach be taken locally? Further, the PACE Foundation also states that: For the period from 1996-2000, 72.1 per cent (2599 of 3604 tal discharge diagnoses for adolescent females were complications of pregnancy, hinting at the impact of the teen pregnancy on the national health care bud get. Over this same time frame 331 abortions were recorded in this age group. The breakdown is as follows: 14.4 per cent spontaneous, 0.8 per cent legal and 84.9 per cent unspecified. In the Bahamas, children born to teen mothers are often poor academic per formers, social deviants and high school dropouts. Without positive influences and constructive intervention, it is very likely that the daughters of teen mothers will become adolescent parents themselves and that the sons of teen mothers will, more often than not, serve time in prison. Unfortunately, the children of teen mothers or households with absentee fathers, many times become societal miscreants, that is, the problematic, community men aces with behavioral issues that began during their formative years. Our collapsing society will only be built up when children are once again cultured and taught that manners and respect will take you throughout the world! FROM page eight The effects of teenage pregnancy CAPE CANAVERAL, Fla. Associated Press Discovery, the world's most traveled spaceship, thundered into orbit for the final time Thursday, heading toward the International Space Sta tion on a journey that marks the beginning of the end of the shuttle era. The six astronauts on board, all experienced space fliers, were thrilled to be on their way after a delay of nearly four months for fuel tank repairs. But it puts Discovery on the cusp of retirement when it returns in 11 days and eventually heads to a museum. Discovery is the oldest of NASA's three surviving space shuttles and the first to be decommissioned this year. Two missions remain, first by Atlantis and then Endeavour, to end the 30-year program. It was Discovery's 39th launch and the 133rd shuttle mission overall. "Enjoy the ride," the test conductor radioed just before liftoff. Commander Steven Lindsey thanked everyone for the work in getting Dis covery ready to go: "And for those watching, get ready to witness the majesty and the power of Discovery as she lifts off one final time." Emotions ran high as Discovery rocketed off its seaside pad into a late afternoon clear blue sky, and arced out over the Atlantic on its farewell flight. There were a tense few minutes before liftoff when an Air Force computer problem popped up. The issue was resolved and Discovery took off about three minutes late, with just a few seconds remain ing in the countdown. Discovery will reach the space sta tion Saturday, delivering a small chamber full of supplies and an experimental humanoid robot. "Look forward to having company here on ISS in a couple days," station commander Scott Kelly said in a Twitter message. The orbiting lab was soaring over the South Pacific when Discovery blasted off. "Discovery now making one last reach for the stars," the Mission Con trol commentator said once the shuttle cleared the launch tower. On-board TV cameras showed some pieces of foam insulation breaking off the external fuel tank four minutes into the flight, but shouldn't pose any safety concerns because it was late enough after liftoff. NASA is under presidential direction to retire the shuttle fleet this summer, let private companies take over trips to orbit and focus on get ting astronauts to asteroids and Mars. An estimated 40,000 guests gathered at Kennedy Space Center to witness history in the making, including a small delegation from Congress and Florida's new Gov. Rick Scott. Discovery frenzy took over not only the launch site, but neighboring towns. Roads leading to the launching site were jammed with cars parked two and three deep; recreational vehicles snagged prime viewing spots along the Banana River well before dawn. Businesses and governments joined in, their signs offering words of encouragement. "The heavens await Discovery," a Cocoa Beach church proclaimed. Groceries stocked up on extra red, white and blue cakes with shuttle pictures. Stores ran out of camera batteries. The launch team also got into the act. A competition was held to craft the departing salutation from Launch Control: "The final liftoff of Discovery, a tribute to the dedication, hard work and pride of America's space shuttle team." Kennedy's public affairs office normally comes up with the parting line. Souvenir photos of Discovery were set aside for controllers in the firing room. Many posed for group shots. Lindsey and his crew paused to take in the significance of it all, before boarding Discovery. They embraced in a group hug at the base of the launch pad. Unlike the first try back in November, no hydrogen gas leaked during Thursday's fueling. NASA also was confident no cracks would develop in the external fuel tank; nothing serious was spot ted during the final checks at the pad. Both problems cropped up dur ing the initial countdown in early November, and the repairs took almost four months. The cracks in the midsection of the tank, which holds instruments but no fuel, could have been dangerous. The lengthy postponement kept one of the original crew from flying. Astronaut Timothy Kopra, the lead spacewalker, was hurt when he wrecked his bicycle last month. Experienced spacewalker Stephen Bowen stepped in and became the first astronaut to fly back-to-back shuttle missions. SPACE SHUTTLE DISCOVERY lifts off from the Kennedy Space Center in Cape Canaveral, Fla., Thursday, Feb. 24, 2011. Discovery, the world's most traveled spaceship, thundered into orbit for the final time Thursday, head ing toward the International Space Station on a journey that marks the beginning of the end of the shuttle era. (AP

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SECTIONB business@tribunemedia.net FRIDAY, FEBRUARY 25, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.75 $4.72 $4.69 FAMILY GUARDIAN FINANCIAL CENTRE, EAST BAY & CHURCH STREETS, NASSAU, BAHAMAS I T 242-396-1300/1400 I www.famguardbahamas.com A SUBSIDIARY OFHOME AUTO MARINE COMMERCIAL & LIABILITYINSURANCECALL OR STOP IN TODAY FOR A FREE QUOTE! 396-1300/1400weve added to the Family By NEIL HARTNELL Tribune Business Editor AML Foods chairman yesterday accused businessman Mark Finlayson of trying to back door the process on his $12 million hostile takeover offer through newspaper supplements appealing to the hearts and minds of the com panys shareholders, again urging investors to consider whether they would be comfortable with a neophyte in the food management business. Speaking to Tribune Business after the Finlayson-controlled Associated Bahamian Distillers and Brewers (ABDAB paper advertisements purporting to compare its key financial indicators, such as profits, sales and dividends, with those generated by AML Foods, Dionisio DAguilar said it was Mr Finlaysons alleged failure to follow the process that forced the Securities Commission to suspend trading in the BISX-listed food groups shares. Emphasising that he was only speaking out after ABDAB, via the supple ments, breached the Securi ties Commissions instructions not to speak further via the media, and that he was not trying to belittle Mr Finlaysons business track record, Mr DAguilar said the busi nessman was comparing apples with oranges in seek ing to match ABDABs per formance to that of AML Foods. The supplement attempts to demonstrate Mr Finlaysons and ABDABs manAML: BIDDER TRYING T O B ACK DOOR OFFER DIONISIO DAGUILAR Accuses Mar k F inla yson s $12m hostile bid of using newspaper ads to win hearts and minds of investors outside process laid down by Commission Sa ys this and loc k up a greement existence led to share suspension, hurting 1,357 shareholders Br ands bidder as neophyte in food mana g ement And chairman says bulk of ABDABs $70 million dividends came last y ear in $4 2million fr om Heineken deal ... failure to follow the pr ocess SEE page 4B By NEIL HARTNELL Tribune Business Editor A former Bahamas Real Estate Association (BREA president yesterday said the property prices and rental rates in the Cable Beach area would l ikely increase by between 10-15 per cent as a result of the $2.6 billion Baha Mar projects start, adding that his firm had dropped the ReMax franchise as a cost cutting measure, William Wong, president of William Wong & Associates Realty, which operates from o ffices in Cable Beach, said that with the market still slow for m any Bahamian realtors, he was hopeful that Baha Mar a nd the expatriate workers the development will require w ould stimulate property/rental demand in the immediate vicinCABLE BEACH REALTY PRICES SET FOR 10-15% INCREASES Realtor drops ReMax franchise as cost cutting measure SEE page 5B By NEIL HARTNELL Tribune Business Editor The Grand Bahama Port Authority (GBPA urged the Government and Customs Department to join all stakeholders in developing agreed protocols for how the over-the-counter bond letter and bonded goods purchases should work in Freeport, describing the situation as unsatisfactory for all concerned. Writing on the GBPAs behalf to Prime Minister Hubert Ingraham in a December 22, 2010, letter, Callenders & Co attorney and partner, Fred Smith, said the various Judicial Review disputes between Customs and different GBPA licencees had arisen because of a lack of clarity as to the rights and obligations both sides hadu nder the Hawksbill Creek A greement and Customs Management Act, and associated regulations. Licensees consider that new and unjustified require ments are being imposed on them at short notice, whileC ustoms no doubt considers Protocols urged for Freeport bond F RED SMITH By NEIL HARTNELL Tribune Business Editor Some 210,000 staff overtime hours equivalent to an astonishing one hour of overtime per day for every employee were booked at the Bahamas Electricity Corporation (BEC during its 2009 financial year, a confidential report for the Government has revealed. Describing this level of overtime as questionable, the study by German consul tants, Fichtner, which was called Strengthening the Energy Sector in the Bahamas and conducted as part of an InterAmerican Development Bank (IDB that during BECs 2008 financial year the amount of booked overtime hours was double the 2009 total meaning there were more than 400,000 hours of overtime booked. In 2008-2009, 210,000 thousand hours of overtime have been booked, which amounts to approximately one hour a day for every employee, the Fichtner report on BECs operations noted. The year before, volume was double that value. This volume is questionable even if the recruitment stop is taken into account. Since the Fichtner study was conducted, BEC has made several noticeable adjustments, notably increasing the basic tariff rate and, coupled BECs 210,000 overtime hours n 2009 overtime was equivalent to one extra hour per day for every employee, with previous years total double that n Consultant found that without reform, BEC losses would stay at $20m per annum n Ten largest customers eat up 29% of electricity supply n Fuel surcharge shields BEC from own inefficient operations SEE page 2B SEE page 3B By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net GRAND BAHAMAs long-term economic growth has been stunted by a lack of true vision on the part of major stakeholders, Polymers Internationals chief operating officer said yesterday, as he hit out at the Grand Bahama Port Port owners slammed on exit strategy Polymers chief criticises Bahamianisation for insulating the Bahamian worker from ther eal world for too long Says education/workforce quality hampering Bahamian companies ability to compete SEE page 5B ATTENTIVE: Grand Bahama Outlook 2011 participants. By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net THE GOVERNMENT has pledged $500,000 towards the establishment of a new team to drive focused investment promotion of Grand Bahama. State minister for finance, Zhivargo Laing, announced yesterday that the Grand Bahama Business Development Board will marry and independently sustain the efforts of the Grand Bahama Chamber of Com merce, the Grand Bahama Port Authority (GBPA the Government in promoting, examining and developing strategies for growth and development on the island. Speaking at the Grand Govt pledges $500k to Grand Bahama Development Boar d SEE page 5B

PAGE 12

with other reforms, the Government is hoping the utility monopoly returned to profitability in the financial year to end-September 2010. Yet the Fichtner report highlights the inefficiencies, wastage and management issues that appear to be costing BEC and the customers/taxpayers millions of dollars annually. Had BEC made no financial adjustments, Fichtner said the Corporation would have continued to incur per annum net losses of around $20 mil lion, despite increasing demand producing higher revenues. With increasing revenues, the accounts receivables from private customers increase as well, from $85 million in fiscal 2010 to $135 million in fiscal year 2014, Fichtner projected. Government accounts receivables slowly increase with the increasing sales to government customers to $67 million in fiscal year 2014, while government accounts payable slowly decreases to $60 million due to the annual netting with accounts receiv able. The German-based consultant, in its base case scenario, said that if the Government and BEC had implemented no reforms, BECs cash deficit would have risen from an estimated $6 million in fiscal year 2009 to $88 million in fiscal year 2010, and $300 million in fiscal year 2014. C learly this will not happen, but had reforms been avoided, Fichtner said: With this development [cash deficit], BEC is not able to meet most of its covenants. Tangible net worth decreases as a result of the decrease in retained earnings. [Operating income] may be sufficient to cover the interest payments, but it is not sufficient to cover the total debt service. The operating ratio improves, but only reaches a value of 1.0 in fiscal year 2014. The Fichtner report noted that BECs 10 largest customers accounted for about 29 per cent of the energy sup plied by the Corporation in its 2009 financial year, with the largest 32 clients likely major hotels and industrial companies receiving 32 per cent of the total power supply. In other terms almost onethird of BECs revenue hinges on 0.03 per cent of the clients, the Fichtner report said. This characterises in a dramatic way the sensitivity of BECs sales market and needs predominant attention. Among other considerations, the dependency calls for a particular service approach that has so far been ignored. Setting up a Key Account Management Unit in customer services should urgently be addressed. Elsewhere, Fichtner said BECs fuel surcharge, designed to protect the Cor poration and its financial position against external oil price shocks, had created a differ ent, unwanted effect. It explained: The fuel surcharge shields BEC against its own inefficient operation by guaranteeing the recovery of all fuel costs regardless of whether these are due to price increases or inefficient oper ation. In a variety of different manners, it can be seen that BEC relies upon recovery of fuel costs through the fuel surcharge while making decisions which lead to less efficient operation, such as postponing and neglect of proper maintenance and non-optimal investment decisions. BEC is allowed to pass through the fuel price and does not have an incentive to purchase fuel at the lowest price or to operate efficiently. The Fichtner report concluded: Looking at the finan cial performance from a general perspective, the conclusion is that nearly all of the ratios, even those stipulated as covenants of the bank loans, are off the mark. The profitability ratios are nega tive. The self-financing is negative. The liquidity ratios are under acceptable levels. BUSINESS PAGE 2B, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BECs 210,000 overtime hours FROM page 1B By SIMON COOPER Theres been more hype about Baha Mar and foreign interference in our economy than for as long as I can recall. Tempers are getting frayed and some would even like to stop the project and send the Chinese home. Bahamians need to ask themselveswhether this is the right message to send other overseas investors, especially when jobs are tight and there are so many other investment oppor-t unities for foreigners elsewhere. Tourism is our vital industry Everybody knows that tourism and related activity accounts for over 60 per cent of our gross domestic product (GDP reality with which we have learned to live. In fact, one wonders whether without them we would be much more than a subsistence economy, and how our children would feel when they grew up without jobs. Tourism is here to stay, andit must grow, too, or it will continue to decline. We need economic growth Our economy is staggering out of recession, but it needs a kick-start to find its way. Even if our nation had the money, I doubt Bahamians would support massive government intervention on an Obama scale. That means the money has to come from somewhere else and that means a foreign investor with a huge amount of cash, too and an opportunity to invest in a growth market such as our tourism opportunities provide. We have a long history of Foreign Investment We are all descendents of immigrants of various kinds, and that means all our ancestors are foreigners. All these foreigners and this means Spanish explorers, British colonists, African Americans and, later, migrants brought value of some kind with them when they arrived. Why should we stop this process just because new foreigners are involved? We should be welcoming the new skills, new jobs and new business opportunities that the Chinese will bring. The state must stay out of the debate If we are to stop the Baha Mar project, this will require massive state intervention that will fly in the face of international precedent, not to mention sheer logic, too. Remember how the stricter financial regulations introduced in the year 2000 caused many overseas firms to relocate? What message will we send those that remain with us and continue to add value and jobs to our economy and what incentive would there be for them to expand, either? If not Baha Mar then what else? We need growth, and we need capital for growth that will have to come in from beyond our borders. Baha Mar has the potential to do all that, and bring in huge crowds of other potential investors on holiday, too. If we stop Baha Mar, then who will be foolish enough to invest time and money to replace it? As a nation, we have gone past that point. We need Baha Mar, and we should be welcoming it enthusiastically. NB: Res Socius was founded by Simon Cooper in 2009, and is a Business Brokerage authorised by the Bahamas Investment Authority. He has extensive private and public SME experience, and was formerly chief executive of a publicly traded investment company. He was awarded an MBA with distinction by Liverpool University in 2005. Contact him on 636-8831 or write to simon.cooper@ressocius.com. What would replace Baha Mar if its lost? SIMON C OOPER CEREMONIAL HANDSHAKE: Li Ruogu, left, chairman and president, The Export-Import Bank of China, shakes hands with Bahamian Deputy Prime Minister Brent Symonette, right, as Sarkis Izmirlian, chairman and CEO, Baha Mar, looks on at the Baha Mar groundbreaking ceremony in Cable Beach.

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SECTIONB business@tribunemedia.net FRIDAY, FEBRUARY 25, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.75 $4.72 $4.69 FAMILY GUARDIAN FINANCIAL CENTRE, EAST BAY & CHURCH STREETS, NASSAU, BAHAMAS I T 242-396-1300/1400 I www.famguardbahamas.com A SUBSIDIARY OFHOME AUTO MARINE COMMERCIAL & LIABILITYINSURANCECALL OR STOP IN TODAY FOR A FREE QUOTE! 396-1300/1400weve added to the Family By NEIL HARTNELL Tribune Business Editor AML Foods chairman yesterday accused businessman Mark Finlayson of trying to back door the process on his $12 million hostile takeover offer through newspaper supplements appealing to the hearts and minds of the com panys shareholders, again urging investors to consider whether they would be comfortable with a neophyte in the food management business. Speaking to Tribune Business after the Finlayson-controlled Associated Bahamian Distillers and Brewers (ABDAB paper advertisements purporting to compare its key financial indicators, such as profits, sales and dividends, with those generated by AML Foods, Dionisio DAguilar said it was Mr Finlaysons alleged failure to follow the process that forced the Securities Commission to suspend trading in the BISX-listed food groups shares. Emphasising that he was only speaking out after ABDAB, via the supple ments, breached the Securi ties Commissions instructions not to speak further via the media, and that he was not trying to belittle Mr Finlaysons business track record, Mr DAguilar said the busi nessman was comparing apples with oranges in seek ing to match ABDABs per formance to that of AML Foods. The supplement attempts to demonstrate Mr Finlaysons and ABDABs manAML: BIDDER TRYING T O B ACK DOOR OFFER DIONISIO DAGUILAR Accuses Mar k F inla yson s $12m hostile bid of using newspaper ads to win hearts and minds of investors outside process laid down by Commission Sa ys this and loc k up a greement existence led to share suspension, hurting 1,357 shareholders Br ands bidder as neophyte in food mana g ement And chairman says bulk of ABDABs $70 million dividends came last y ear in $4 2million fr om Heineken deal ... failure to follow the pr ocess SEE page 4B By NEIL HARTNELL Tribune Business Editor A former Bahamas Real Estate Association (BREA president yesterday said the property prices and rental rates in the Cable Beach area would l ikely increase by between 10-15 per cent as a result of the $2.6 billion Baha Mar projects start, adding that his firm had dropped the ReMax franchise as a cost cutting measure, William Wong, president of William Wong & Associates Realty, which operates from o ffices in Cable Beach, said that with the market still slow for m any Bahamian realtors, he was hopeful that Baha Mar a nd the expatriate workers the development will require w ould stimulate property/rental demand in the immediate vicinCABLE BEACH REALTY PRICES SET FOR 10-15% INCREASES Realtor drops ReMax franchise as cost cutting measure SEE page 5B By NEIL HARTNELL Tribune Business Editor The Grand Bahama Port Authority (GBPA urged the Government and Customs Department to join all stakeholders in developing agreed protocols for how the over-the-counter bond letter and bonded goods purchases should work in Freeport, describing the situation as unsatisfactory for all concerned. Writing on the GBPAs behalf to Prime Minister Hubert Ingraham in a December 22, 2010, letter, Callenders & Co attorney and partner, Fred Smith, said the various Judicial Review disputes between Customs and different GBPA licencees had arisen because of a lack of clarity as to the rights and obligations both sides hadu nder the Hawksbill Creek A greement and Customs Management Act, and associated regulations. Licensees consider that new and unjustified require ments are being imposed on them at short notice, whileC ustoms no doubt considers Protocols urged for Freeport bond F RED SMITH By NEIL HARTNELL Tribune Business Editor Some 210,000 staff overtime hours equivalent to an astonishing one hour of overtime per day for every employee were booked at the Bahamas Electricity Corporation (BEC during its 2009 financial year, a confidential report for the Government has revealed. Describing this level of overtime as questionable, the study by German consul tants, Fichtner, which was called Strengthening the Energy Sector in the Bahamas and conducted as part of an InterAmerican Development Bank (IDB that during BECs 2008 financial year the amount of booked overtime hours was double the 2009 total meaning there were more than 400,000 hours of overtime booked. In 2008-2009, 210,000 thousand hours of overtime have been booked, which amounts to approximately one hour a day for every employee, the Fichtner report on BECs operations noted. The year before, volume was double that value. This volume is questionable even if the recruitment stop is taken into account. Since the Fichtner study was conducted, BEC has made several noticeable adjustments, notably increasing the basic tariff rate and, coupled BECs 210,000 overtime hours n 2009 overtime was equivalent to one extra hour per day for every employee, with previous years total double that n Consultant found that without reform, BEC losses would stay at $20m per annum n Ten largest customers eat up 29% of electricity supply n Fuel surcharge shields BEC from own inefficient operations SEE page 2B SEE page 3B By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net GRAND BAHAMAs long-term economic growth has been stunted by a lack of true vision on the part of major stakeholders, Polymers Internationals chief operating officer said yesterday, as he hit out at the Grand Bahama Port Port owners slammed on exit strategy Polymers chief criticises Bahamianisation for insulating the Bahamian worker from ther eal world for too long Says education/workforce quality hampering Bahamian companies ability to compete SEE page 5B ATTENTIVE: Grand Bahama Outlook 2011 participants. By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net THE GOVERNMENT has pledged $500,000 towards the establishment of a new team to drive focused investment promotion of Grand Bahama. State minister for finance, Zhivargo Laing, announced yesterday that the Grand Bahama Business Development Board will marry and independently sustain the efforts of the Grand Bahama Chamber of Com merce, the Grand Bahama Port Authority (GBPA the Government in promoting, examining and developing strategies for growth and development on the island. Speaking at the Grand Govt pledges $500k to Grand Bahama Development Boar d SEE page 5B

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BUSINESS PAGE 4B, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM INTER-AMERICAN DEVELOPMENT BANKCONSULTANTThe Inter-American Development Bank invites Consultant position at its The referees to New Providence welcomes a new fast food eatery to the Bahamian market on Saturday, February 26. About ten jobs will be created. The name Muddoes, Wings N Tings is a play on a popular Bahamian expression of surprise and amazement. The restaurant is on the corner of Jerome and Edward Avenues, just north of Scotiabank. The location is planned as the first of several for the island. We plan to make Muddoes a household name, known for our commitment to a consistently delicious product with quality service at reasonable prices. says one of the companys executives. Muddoes signature dishes include cooked-to-order chicken wings with specialty sauces and homemade beef burgers. There is also a spin on some Bahamian favourites l ike cracked chicken, cracked conch, grouper fingers and c lassic fried chicken in addition to signature garden and c hicken salads, grouper and conch burgers. Party platters are available for catered events such as office parties, family gatherings and sporting events. The first location will employ approximately ten (10 workers in the private sector and is a collaboration of young Bahamians coming together to create business opportunities and entrepreneurship. NEW BAHAMIAN RESTAURANT CREATES UP TO TEN JOBS agement expertise compared to that of AML Foods. Between 1995-2010, ABDAB was shown to have generated $88.712 million in net prof-it and $69.431 million in dividends, compared to an alleged $15.265 million cumulative loss by AML Foods, and $27.074 million in dividend payouts. Much of ABDABs returns are due to a one-off sales of Burns House and Commonwealth Brewery to the Dutch [Heineken], Mr DAguilar retorted, and I think the food store business is a very different business. You really need to compare his management of City Markets to our management of AML Foods. can bundle Superwash with AML Foods and it could be wonderful, but at the endof the day you have to compare apples with apples. Mr Finlayson is making a concerted effort to prove his management expertise, and theres no way I can compare his management expertise in the food business with the experience of AMLs current management team in the food business. Its apples and oranges. Separately, Tribune Busi ness sources pointed out that the $120-$125 million purchase of ABDABs liquor industry assets by Heinekenhad resulted in a $14 per share dividend being paid to ABDAB investors last year. With 2,985,262 shares being issued and outstanding, that according to Tribune Business calculations at the time resulted in a $41.974 million total payout to ABDAB investors. Stripping out the dividends generated by that deal, the sources pointed out, would leave ABDAB with almost exactly the same total investor payout between 1995-2010 as AML Foods, namely some $27 million. Questioned The same sources also q uestioned whether much of t he dividends, profits and sales enjoyed by ABDAB in its graphs had come post-2004 and 2005, the time when Heineken paid $10 million to take over Board and management control at Burns House and Commonwealth Brewery from the Finlayson family. They suggested that dividends only resumed once Heineken took charge. Mr Finlayson could not be reached for comment last night, although the ABDAB Board of Directors and Annual General Meeting (AGM approve the companys acquisition of the 78 per cent Bahamas Supermarkets stake held by his Trans-Island Traders vehicle. That is likely to pave the way for Mr Finlayson to launch his formal tender offer for a 51 per cent majority interest in AML Foods, priced at $1.50 a share a 44 per cent premium to the cur rent trading price. With the Securities Com mission having suspended trading in AML Foods shares, Mr Finlayson has little choice other than to submit a formal Bid Circular if he is to realise his goal. Tribune Business sources yesterday suggested it was the existence of a lock up agreement, which Mr Finlayson had offered to certain AML Foods shareholders, that had prompted the regulators action, as they had no way to monitor whether it was being offered to all shareholders, and whether the terms and conditions are the same. Mr Finlayson previously said he had 20 per cent of AML Foods shares locked up. Mr DAguilar, though, suggested the newspaper supplement comparisons between ABDAB and AML Foods were designed to get around the formality of the Bid Circular, as all representations and claims in it would have to be verified for accuracy by the Securities Commission. Hes trying to back door the process, the AML Foods chairman alleged, attempting to win the hearts and minds of AML shareholders without following the proper process. This is not the proper way to do things, and is what caused the suspension of the shares. There is a process; stick to it. This is all everyone asks. The fact he has not followed the process is what caused the suspension and inconve nienced the 1,357 sharehold ers. Lets get back on base. Youre affecting peoples livelihoods; their ability to trade shares. Its just not right. Were waiting for his [Mr Finlaysons] Tender document so we can respond to it, not an ad in the paper. There was a clear message from the Commission that he should follow the process. An ad in the paper here, an ad in the paper there, is not the proper way to do things. And Mr DAguilar added: Its not that we are trying to detract from Mr Finlaysons successes. Position Our only position is that h e has no experience in the f ood business, and if you look at the current City Markets management team splashed across the newspapers, they have no food retail experience, having mostly come from luxury goods. Addressing AML Foods shareholders directly: If you feel more comfortable with a neophyte in the food business, fair enough, but our management team has been around for years, and has years of experience, and Mr Finlaysons team are just coming up the learning curve, and on the learning curve mistakes are made. I just want to assure the shareholders of AML that we feel fairly confident he will be unable, based on our current discussions with shareholders who hold in excess of 50 per cent of the shares, to yield his 51 per cent. I dont want any of our staff, management and suppliers to worry. Its amazing the amount of support we are getting from our sharehold ers. If people are jittery, I dont want them to jitter. I dont want anyone to start to doubt our resolve or intent to succeed. AML: Bidder trying to back door offer FROM page 1B Share your news The T ribune wants to hear fr o m people who are making news in their neighbourhoods. Perhaps y ou are raising funds for a g ood cause, campaigning for impr o vements in the ar ea or have won an award. If so, call us on 322-1986 and shar e your stor y

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BUSINESS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM JULIE PACE, Associated Press WASHINGTON Grappling for ways to bring down the nation's unemployment rate, President Barack Obama urged business leaders T hursday to find ways for middle-class families to share in the economic recovery some in the private sector have already e xperienced. "I don't know exactly where your future customers come from if they don't have jobs," Obama said during the first meeting of his newly created jobs and competitiveness council. The president tasked the 22-member council, comprised o f business and labor leaders, with generating ideas for increasing hiring and boosting economic growth in the shortterm. He cited streamlining regulations and reforming tax systems as steps he'll consider for creating favorable hiring cond itions and bringing down the country's 9 percent unemployment rate. Despite sluggish hiri ng, corporate profits are up, and 2010 saw record-setting earnings for some Wall Street banks. But much to the dismay of the Obama administration, many of those companies are keeping trillions of dollars on the sidelines, wary of investing while the economic recovery is s till fragile. Obama said Thursday that the private sector has to do its part to ensure that "we're not simply creating an economy in w hich one segment of it is doing very well, but the rest of the folks are out there treading water." Some members of the council said economic data from their companies suggests that disparity already exists. American Express CEO K enneth Chenault said affluent Americans are spending again but that lowerand midd le-class people are not, in part because they don't have access t o credit. And those who do, Chenault said, are wary of using it because of uncertainty over t he strength of the economy. "Seventy-five percent of the c redit out there is not being used," Chenault said. "We'veg ot to solve this credit issue." Obama created the competit iveness council last month, naming General Electric CEO Jeffrey Immelt as its head. The move came as Obama sought to increase his outreach to the b usiness community and shift his economic policies froms hort-term stabilization to increasing employment, a task t hat could affect his re-election bid. Immelt said the council plans to deliver recommenda tions to the president within 90 days. The White House said the c ouncil will hold its next meeting outside of Washington asp art of an effort to draw ideas from business owners and w orkers across the country. Obama tells business economy must work for all PLEA: USPresident Barack Obama A look at economic developments and activity in major stock markets around the world Thursday: __ L ONDON The violence in Libya dominated markets, sending stocks lower and oil prices higher. Libya produces about 1.6 million barrels of crude per day and has the biggest oil reserves in Africa. But the biggest worry in the markets is not necessarily Libya but whether the crisis spreads through the Persian Gulf. I n Europe, the FTSE 100 index of leading British shares closed down 0.1 percent, Germany's DAX fell 0.9 percent and the CAC4 0 in Paris ended 0.1 percent lower. Oil prices in New York hovered around $100 a barrel up about 20 percent in the past week while Brent crude in London rose nearly $3 to above $114. ___ T OKYO Earlier in Asia, Japan's Nikkei 225 dropped 1.2 percent as the yen jumped on a safe-haven bid. A stronger yen hurts J apan's exports. Hong Kong's Hang Seng index closed down 1.3 percent, Australia's S&P/ASX 200 shed 0.8 percent, South Korea 's Kospi fell 0.6 percent and benchmarks in Singapore, New Zealand and India also declined. China's main benchmark rose 0.6 percent. ___ R OME Libya's violent upheaval has taken 1.2 million barrels of oil off the global market as energy plants and ports are shut d own, according to Italy's Eni, the largest producer in Libya. The figure represents most of Libya's total daily production, w hich before the crisis was about 1.6 million barrels of crude. The country sits on the biggest proven oil reserves in Africa. ___ LONDON When Moammar Gadhafi told the world he was a changed man, some leaders were skeptical. Others, like Britain's Tony Blair, were quicker to see the benefits of rapprochement with the oil-rich nation. Now, as Gadhafi's regime crumbles, questions are being raised about whether Britain, the United States, and othe rs were too quick to embrace a volatile despot linked to terrorism and oppression as they sought lucrative business deals. GLOBAL ECONOMIC NEWS i ty. We are hopeful that with the Baha Mar development there will be an increase in activity in rentals and sales in the area, Mr Wong told Tribune Business. Its a good start in that direction for u s, and were all looking forward to these things becoming reality s o we can make some money. It will have a tremendous impact on the value of the land, real estate and sales and rentals in our area. Asked to estimate what increase property owners and landlords could look forward t o in property prices/rental rates, Mr Wong replied: I would think anywhere from between 10-15 per cent. The former BREA president said the boost coming from Baha Mar was badly needed. It is still slow from my perspective, he a dded, and that of other colleagues. Some say they are doing well, o thers not so well, and I am among the latter. You have to make adjustments, do things differently to survive, cutting back on expenses, so that when the economy recovers you will be in a position to benefit. O ne such measure he had taken was to drop the ReMax franchise and return to the name of William Wong & Associates Realty. Mr Wong said he and his business were better known by that n ame, and he explained: Operating a franchise can be more e xpensive if the sales are not there. With the downturn in the economy it did not make much sense for me to go ahead with that. You have to know when to cut your losses. Cable Beach realty prices set increases FROM page 1B Authoritys (GBPA for what he termed their exit strategy. Mr Ebelhar said: They do not look at the licensees as their customer. Instead, we were part of a benevolent fiefdom where we were bestowed with rights, but never cultivated for growth. Companies with true vision know their product and actively pursue customers who can benefit from their product. They know the market and can pursue potential investors in this market with the advantages of their product. Providing investor perspective into his industry for the first time at the Grand Bahama Business Outlook, Mr Ebelhar said he fell in love with the Bahamas when he first visited Freeport in 1995. However, he admitted the key to the islands economic growth was ensnared in atangled web. Mr Ebelhar said: The first thread that must be cut sooner than later is the debacle at the GBPA. New owners with a true vision for the future must be found and quickly. To the current owners I say if you have any love left for Freeport, please do the right thing for us and soon. True vision cannot come about from our current position. He added: True vision only comes from ownership that is knowledgeable of the product and takes an active part in molding this vision. The GBPA was given a man date in the Hawksbill Creek Agreement. They need to take ownership of this agreement, defend it and its customers vigorously, and get back on track with the vision that brought about this his-t oric agreement. T antamount to current ownership disputes, Mr Ebel har said, was the effect of Bahamianisation on educa tion and the existing barriers to free trade. He said: Bahamianisation h as insulated the Bahamian worker from the real world for too long. Bahamian ath letes have competed against the world with stellar results. Why, then, do we think that the Bahamian worker needs protection? Why do we not aspire to making the Bahamian worker the best in the world? Mr Ebelhar explained that pre-employment screening tests at his company in basic math and reading comprehension, including mental awareness, showed a steady and unacceptable decline. He said that while many talented Bahamians are afforded quality education, few return home, and many who were left behind are without the basic tools to be successful in life. Mr Ebelhar said: The Bahamas cannot continue with the current level of education and compete against the world, or even in the Caribbean. When coupled with Bahamianisation, companies that must compete in the world market are being asked to compete with one arm tied behind their back mostly at the general labour level. Basic math and computer skills are required by mechanics, electrical techni cians, factory workers and so on. He added: The key is to changing behaviour and attitudes. Instead of: I should have this job because I am Bahamian, would it not be more empowering to be able to say: I am the best at this job and I earned it?. Mr Ebelhar commended the Government and minis ter of state for finance, Zhivargo Laing, for progress made thus far in removing trade barriers, which he said has allowed his company to continue to compete interna tionally. He said: Barriers to free trade must be removed. Not only does this open up the Bahamas for investors, but opens up true entrepreneurship for well-educated Bahamians on a world stage. [Mr Laings] efforts with the CARIFORUM-EPA saved Bahamian jobs period. Port owners slammed on exit strategy F ROM page 1B Bahama Business Outlook, Mr Laing advised the business community that the islands potential for economic fortune could only be realised through the united and sustained action of all stakeholders. Mr Laing said: Current investments support the viability of the island. However, the island is not receiving the kind and level of sustained investment promotion it needs. We need the right and enough persons on board to get the work done, and they must be willing to work together to do so putting politics, religion, class, status aside for the common mission of the bringing the Magic back to our city, and the Grand back to our island. The minister explained that $250,000 will be immediately available for investment promotion through the budget of the Office of the Prime Minister, with the remaining balance to be funded through the 2011-2012 Budget exercise in July. Matching funds are expected from both the GBPA and the Chamber. Addressing the theme, Grand Bahama Game Plan 2011: Review, Re-strategize, Reposition Mr Laing spoke to Grand Bahamas spotty economic state. Mr Laing said: [GB] needs and can have a larger and more prosperous population, driven by a sensible permanent resi dency policy geared toward attracting high net worth and ultrahigh net worth individuals, namely from Europe and Latin America. It can be an offshore finance centre satellite for an emerg ing super economy; can be an offshore medical and education district within the Americas; second home market and recreational spot for the wealth of Latin America, namely Brazil and Mexico; can be a host to an LNG plant, providing new energy options for the Bahamas; can be a hub for regional power supply between Grand Bahama and Abaco, increasing scale and lower energy costs for both islands; have a meaningful yacht and aircraft registry; can be a high-end retail centre for offshore shopping; can be a major entertainment centre in all the Amer icas Mr Laing explained that although the island boasts broad sector diversity, which remains unparalleled in the Bahamas, eco nomic progress across-the-board was marginal. Over the next 12 months, Mr Laing estimated that BORCO and Statoil will continue to stimulate the economy through additional jobs, sub-contract business, rental revenue and broad spending. However, the tourism and construction sectors will remain subdued with no future hotel or resort develop ments planned. Mr Laing added: There is every reason to believe that the island has a bright future. It has the capacity for significant growth, and no feud between the owners of the Port or anything else stands in the way of that other than focused, deliberate and sustained effort on the part of those who should take up the charge. Govt pledges $500k to Grand Bahama Development Boar d FROM page 1B

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DAVID KOENIG, AP Airlines WriterD ALLAS A irfares are rising again, and travelers should brace for more price increases. U nited and Continental started the latest price hike Wednesday by adding $20 per round trip to most domestic flights. A merican quickly matched the move, and oth er airlines were considering it on Thursday. Airlines are trying to pass along their cost for jet fuel, w hich is rising with the surge in oil prices. Oil hit $100 a b arrel on Wednesday. It set tled around $97 on Thurs day. T he major airlines have introduced six broadly based price increases since Decem ber and two others aimed at business travelers. Therew ere just two broad hikes in the first 11 months of last year, according to Rick Seaney, CEO of FareCom pare.com. In dollar terms, the biggest price increases upt o $60 per round trip this week alone have fallen on business travelers. Air lines view leisure travelers as more budget-conscious,s o increases in economy class have averaged $5 to $12. Airlines have been using other tools to raise revenuet oo, like extra charges for flying on peak travel days during spring break or to popular destinations like the Caribbean. J et fuel accounts for roughly a third of airlines' b udgets. Fuel prices have increased by about 50 perc ent in the past year, although airlines have dodged some of the rise byh edging fuel purchases. Fuel bills threaten to u ndercut airline profits. In recent weeks, analysts have reduced their forecasts for2 011 profits among U.S. air lines by about $1 billion. Michael Derchin, an airline analyst for CRT Capital Group, said Wednesday thatt he industry could fall to break-even if jet fuel, which spiked to $3.07 a gallon, reaches and remains at $3.14. A irline shareholders feel the pain. The stocks plunged Tues day and Wednesday, wiping out $3.2 billion in share-h older value. The last big surge in oil prices in 2008 helped senda irlines into a 2-year nosedive. They are in much better shape to handle $100-a-b arrel oil now, however. They have saved cash, h edged against high fuel costs, and raised ticket p rices. The airlines have helped themselves by limiting thes upply of flights and seats for sale, which keeps flights f ull and airfares higher. Ray Neidl, an analyst with Maxim Group, said if thee conomic recovery contin ues, airlines can pass higher fuel costs to passengers. If the economy slows, he said, travel demand will weakena nd "that is when we begin to have problems." John Heimlich, chief economist of the Air Transport Association, which rep r esents the big U.S. airlines, said the carriers have limited choices. They can cut non-fuel costs, they can upgrade tom ore fuel-efficient planes but that takes time and money or they can raisef ares. As fuel prices rise, Heimlich said, more flights will become unprofitable and candidates for elimination. "We will have to cut service, and we would rather not do that," he said. BUSINESS PAGE 6B, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM CHIP CUTTER, AP Business Writers DAVID K. RANDALL, AP Business Writers NEW YORK Stocks fell for a third day Thursday as concerns continued over how violent clashes in Libya would affect the global oil market. Major indexes pared steeper losses in the afternoon after oil prices fell for the first time in nine days. Oil fell to $97.28 a barrel after the International Energy Agency said fighting between forces loyal to Moammar Gadhafi and anti-government protesters in Libya were not affecting oil inventories as much as analysts had feared. Libya is the world's 15th largest exporter of crude, accounting for 2 percent of global daily output. Oil had traded as high as $103.41 earlier in the day. Traders are worried that fighting could threaten Libya's oil production and spread to other countries in the region, such as oil-rich Saudi Arabia. Higher oil prices can also slow the U.S. economy by increasing transportation costs. Reports of ample oil inventories "calmed some of the short-term fears in the market," said Bruce McCain, chief investment strategist at Key Private Bank. "But the fact that there is very little real information coming out the country is worrying." The Dow Jones industrial average fell 37.28 points, or 0.3 percent, to 12,068.50. It had been down as many as 122 points earlier in the day. The Standard & Poor's 500 index fell 1.30, or 0.1 percent, to 1,306.10. The Nasdaq composite gained 14.91 points, or 0.5 percent, to 2,737.90. The mixed stock performance came the same day the Labor Department reported that fewer people applied for unemployment benefits last week, a sign that the job market is recovering. The fourweek average for applications, a figure closely watched by financial analysts, fell to its lowest level in more than two and a half years. The housing market, however, continued to lag. The Commerce Department said sales of new homes fell significantly in January. Several companies rose after announcing better than expected earnings. Priceline.com11 Inc. jumped 8.5 percent after the online travel service reported a 73 percent surge in fourth-quarter earnings and raised its income forecast for the current quarter. Target Corp. rose 3.5 percent after the retailer reported an 11 percent gain in profit. H&R Block Inc. rose 5 percent after the tax preparation company said it expected to report near break-even earnings in its fiscal third quarter. Bond prices rose, pushing their yields lower. The yield on the 10-year Treasury note fell to 3.46 percent from 3.49 percent late Wednesday. Rising and falling shares were about even on the New York Stock Exchange. Volume came to 1.2 billion shares. Stocks slide for a third day on Libya concerns M ARCY GORDON, AP Business Writer W ASHINGTON Government-controlled mortgage buyer Freddie Mac managed a narrower loss of $1.7 billion for the October-December quarter of last year. But it has asked for an additional $500 million i n federal aid up from the $100 million it sought in the previous quarter. F reddie Mac also posted a $19.8 billion loss for all of 2010. The government rescued Freddie Mac and sibling company F annie Mae in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $259 billion. Freddie Mac's October-December loss attributable to common stockholders works out to 53 cents a share. It takes into account $ 1.6 billion in dividend payments to the government. It compares with a loss of $7.8 billion, or $2.39 a share, in the fourth quarter of2 009. The company said the recovery of the housing market is still fragile. "As we begin 2011, the housing recovering remains vuln erable to high levels of unemployment, delinquencies and foreclosures," Chief Executive Charles Haldeman said in a statement. "We expect national home prices to decline this year as housing will continue to take some time to recover." Fannie Mae and Freddie Mac own or guarantee about half of all m ortgages in the U.S., or nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they p layed some part in almost 90 percent of new mortgages over the past year. F annie and Freddie buy home loans from banks and other lenders, package them into bonds with a guarantee against default and sell them to investors around the world. The government's estimated cost of bailing out the mortgage giants far exceeds the $132.3 billion they have received from tax p ayers so far. That would make theirs the costliest bailout of the financial crisis. T he two have been hit by massive losses on risky mortgages purchased from 2005 through 2008. The companies have tightened t heir lending standards after those loans started to go bad. Default rates on new loans are far lower. FREDDIE MAC POSTS $1.7B LOSS FOR Q4 WALLSTREET Airlines raise prices again as oil rises (AP Photo/Mary Altaffer WORKINGTHEOPTIONS: Traders work the crude oil options pit at the New York Mercantile Exchange Wednesday, Feb. 23, 2011 in New York. Oil prices continue to climb as forces loyal to Moammar Gadhafi violently clashed with protesters who have expanded their control over the country. Right: A sign advertises gas and diesel prices, plus gives an explanation to customers, at a service station in Easthampton, Mass, Wednesday, Feb. 23, 2011. INTERNATIONAL BUSINESS

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THE TRIBUNE FRIDA Y FEBRUAR Y 25, 201 1, P AGE 13B T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U S I N E S S R E V I E W By ERIC LIPTON 2011 New York Times News Service W A S H I N G T O N A s p r e s i d e n t o f t h e A m e r i c a n C h a m b e r o f C o m m e r c e o f N i c a r a g u a R o g e r A r t e a g a C a n o ro u t i n e l y d e a l t w i t h b u si ne ss i ssu e s a nd tra d e p ra c ti c e s a f f e c t i n g m e m b e r s s u c h a s E x x on Mo bi l o r C i ti g ro up B ut h e al s o l ed an u nu s ual cam pa i g n: o rg a ni si ng se c re t me e ti n g s w i t h o p p o s i t i o n p a r t y l e a d e rs i n a n e ffo rt to ou st Pre side n t D an i el Or te g a i n a n e l ec ti on th is y e a r. A fo rm er of fi c ia l in th e pr ev i o u s g o v e r n m e n t l e d b y a ri v a l p a r t y A r t e a g a t u r n e d t h e c ha m be r in to a h a rsh c ri ti c of Ort e ga, the leftist Sandi nis ta p a r t y l e a d e r a n d l o n g t i m e a d v e r sa r y o f t h e U n i t e d S t a t e s. O n t h e g r o u p s b e h a l f Ar te a g a i ss ue d f ie r y d en u n c i ations of the Nic ar a guan gove r nm e nt a nd it s g o v e r n i n g p a rty c al l in g i ts p ol i c ie s un c o nst it ut io na l a nd it s s t yle th at o f g a ng s te r s" o r t e rro ri st s" H e b r i e f e d o f f i c i a l s a t t h e U S E m b a ssy i n M a na g u a t he c a pit a l, a nd in W as hi ng t on on hi s e f f o r t s t o sp u r a n e f f e c t i v e c h a l le n g e t o Or te g a, w in n in g t he i r ta c i t a pp ro va l T h e c h a m b e r' s a c t i v i t i e s o v e r th e pa st tw o y e ar s d e ta i le d in i n t e r v i e w s w i t h N i ca r a g u a n of fi c i als and bus in ess execu ti v e s, a n d in S t at e D e pa r tm e nt c a b l e s o b t a i n e d b y W i k i L e a k s i ll u mi n a te th e re m a rk a bl e r ol e th e f ore i g n af fi l ia te s of t he US C ha m be r of C om me rc e so m et i m e s p l a y i n t h e p o l i t i c s o f t h e i r h o st n a ti o n s O c c a s i o n a l l y t h e y a r e a t o d d s w i t h U S p o l i c y B u t of te n t he c ha m be r g ro up s a re s o a l i g n e d w i t h i t t h a t t h e y a p p e a r t o a c t a s u n o f f i c i a l i n st ru m e n t s t o a d v a n c e th e U S g ov e rn me n t' s go a ls C r e a t e d m o r e t h a n a c e n t u r y a g o t o pr o m ot e t h e i n te r e st s of US c or po ra ti on s, t he g rou p s ni c k na m ed Am C ha m s to da y o p e r a t e i n m o r e t h a n 1 0 0 c o u n t r i e s Wh i l e m a n y a f f i l i a t e s a p p e a r t o r e s t r i c t t h e i r a c t i v i t i e s t o i ss u e s s u c h a s o p e n i n g a c c e s s t o g o v e r n m e n t c o n t r ac t s o r co mbating the counte r fe iting of na me bra nd g oo ds, ot he rs, l i k e t h e N i c a r a g u a n g r o u p s e e k b roa d e r i n fl u e nc e e c h oi n g th e r o l e i n c r e a s i n g l y p l a y e d i n W a shi n gt on b y t he U S C h a mbe r o f C om m e rc e In Honduras, for exa mple, e xe c u ti v e s at th e U Sa ffi l ia te d c h a m b e r e x p r e s se d su p p o r t f o r th e J un e 2 0 0 9 c ou p d 'e t at th at f o r c e d o u t P r e s i d e n t J o s e M a n u e l Z e l a y a t h e S t a t e De p a rtm e nt c a b le s sa y. Aft e r lead ers i n th e gr oup appli ed p r e s su r e o n t h e O b a m a a d m i n ist rati on US off ic ia ls re tre ate d fr om th ei r in i ti al de m a nd s t h a t Z e l a y a b e a l l o w e d t o re tu rn t o p ow e r. I n T ai w a n, t he c h a mb e r g ot i n t o a n a s t y p u b l i c d i s p u t e w it h a p r o i n d e p e n d e n c e p a r t y th e r e su g g e st in g t h e pa r ty w a s hol din g the isla nd ho stag e to it s belief t hat t r ade bet ween C hina and Ta iwa n shou ld be li m it e d, t h e c a bl e s sa y K evin Casas-Zamora, who s e r ve d as a m i n is t e r o f e co no m ic p ol i c y a n d s ec o n d v i c epre side nt of C osta R ic a u ntil 20 07 sa id th at ov ert p oli tic al a c ti on by a U Sa ffi l ia te d b u sine ss g ro up w a s a lm o st al w a y s c o u n t e r p r o d u c t i v e ' I t i s a r e a l l y b a d i d e a a n d i t t e n d s t o b a c k f i r e h e s a i d n o t i n g t h a t t he l og o fo r t he Am e r i c a n C h a m b e r o f C o m m e r c e o f N i c a r a g u a i n c l u d e d t h e U S f l a g Y ou a re si m pl y h a nd i ng on a p l a t t e r a r h e t o r i c a l w e a p o n t h a t s om e o n e l ik e O rt e g a w i l l su re l y u se ag a i nst yo u ." I ndeed, t he poli tical int erv e n t i o n e m b r a c e d b y A rt e a g a h e h a s ju st s te pp e d d ow n af te r h i s t w o y e a r t e rm a s th e c h a m b e r s p r e s i d e n t h a s b e e n d e no un c e d by t he N i c a ra gu a n g o v e r n m e n t a n d o t h e r s u p po r t er s of Or t eg a as u n wel c o m e m e dd li ng b y t he Un i te d S t a t e s '' Ev e ry tim e o utsid e fo rc es h a v e s o u g h t t o i n t e r f e r e i n N i c a ra g u a s i n t e r n a l a f f a i rs t h e re su l t ha s be e n ha rm fu l to th e N ic a r a g uan peo pl e, Fran c isc o C a m p b e l l N i c a r a g u a n a m b a s s a d o r t o t h e U n i t e d S ta t es sa i d in an in te rv i e w E x e c u t iv e s a t th e U S C h a m b e r o f C om m er c e in W a sh i ng t on w h o c a m e u n de r sc ru ti n y l a st y ea r fo r spe n di ng te ns o f m i ll io ns o f d ol l ar s on a d v er ti si n g th a t h e l pe d R e pu b li c a n s i n t h e m i d t e r m c o n g r e s s i o n a l e l e c ti o ns sa i d i t ha d p l ay e d n o r o l e i n i n s t i g a t i n g p o l i t i c a l a c t i v i t y by f o re i g n c ha m b er g ro u ps ' A m C h a m s a r e i n d e p e n d e n t o f the U S Ch am be r o f C o mm e rc e i n t er ms o f th e p o li c ie s t h e y a d v o c a t e a c h a m b e r sp ok e sw om a n sa id i n a sta te m e n t T h e U S c h a m b e r c o l l e c t s d u e s f r o m i t s i n t e r n a t i o n a l m e m b e r s a n d a p p r o v e s t h e c r e a t io n of a n y n ew fo re i gn a f fi li a t e DRIVEN BY DISDAIN I n 2 0 0 9 w h e n A r t e a g a took over as the unpaid pr esi d e n t o f t h e c h a m b e r i n N icaragua his s ma ll consultin g f irm ha s a c orpo ra te cl ie nt b a s e d i n t h e U n i t e d S t a t e s mak ing him elig ibl e for m emb er sh ip he b egan chall eng i n g O r t e ga al m o s t f r o m t h e s t ar t. T he f or m er to p fed er al t ax off ici al und er a pr evi ous ad mi nis t r ati on, Ar t eaga was d ri ven by di sd ain fo r O rt ega, w ho wa s e le c ted in 20 0 6, a fte r s e r v i n g a s p r e s i d e n t f r o m 19 85 t o 1990 and as a le ader o f t he p os t r ev ol u ti o n j u nt a f r om 1979 to 198 5. The animo s ity only grew a s t he Or t ega go ver nm ent t oo k a c t i o n s t h a t t h e c h a m b e r al on g w i th ma ny oth er gro up s i n Nica ra gua viewe d as vio l a t i n g t h e r u l e o f l a w i n a n e f f o r t t o e x p a n d i t s p o w e r li k e a rul in g t ha t Ort e ga c o u ld r u n a ga in f o r pr e s i d en t t h is yea r, even tho ugh t he cons ti tution prohibi ts a sittin g pre s i d en t f r o m s e e k i n g r e e l e c t i o n '' He h as vio lat ed th e con s t i t u t i o n o f t h i s c o u n t r y s o m a n y t i m e s h e d e s e r v e s a s po t in the Gu inn es s re cor d b ook ," Ar t eaga s aid ad di ng t h a t s u ch s t ep s d is co u r a ge d inv estme nt by US com pan ies. "T h e b us in es s comm un it y is wo rr ie d. T her e is br ead n ow, b u t t h e r e w i l l b e h u n g e r t o m o r r o w A HISTORY OF UNSUBTLE AID Dur ing t he Reagan admin i s t r a t i o n t h e C I A s e c r e t l y p r o v i d e d a i d t o r i g h t w i n g rebe ls w ho trie d to ov erth r o w O r t e ga a s s i s t an c e t h at ul t i m at el y r e s ul te d in t he I r an C o nt r a s ca n da l S i nc e t he n Was h ing to n ha s tr ied t o pl ay i t s h a n d m o r e s u b t l y t h e S t a t e D e p a r t m e n t c a b l e s s ho w, in par t b y enco ur agi ng b us in es s and civ ic l eade rs i n N i c a r a g u a t o r a l l y b e h i n d p r o U S c a n d i d a t e s o r t a k e st ances s up por tin g U S views D ur in g th e adm ini st r at ion o f P resi de n t G eo rg e W B u sh, for exa mpl e, US o ffic ial s co ns ider ed as kin g Gener al Electr ic 's co rpo ra te fi na nc in g di vi s io n t o pr es s ur e Car lo s P ellas a pr om in ent Nica ra guan ban ker and s u gar m ill executi ve, t o s up por t one of O rt eg a s r i v a l s a c c o r d i n g t o a M a r c h 2 0 0 6 c a b l e ( T h e ca b l es do n o t m a k e i t cl ea r w h e t h e r t h e p r o p o s a l w a s ever ca rr i ed o ut .) While th e Obama admin ist r a t i o n h a s t r i e d t o r e f r a i n fr om i nter ven ing in d omes t ic po lit ics Ar t eaga was no t so s h y W o r k i n g b e h i n d t h e s c e n e s h e h e l p e d o r g a n i s e m e e t i n g s a m o n g l e a d e r s o f o p p o s i t i o n p a r t i e s u r g i n g th em t o pu t as id e th eir per s ona l p oli ti cal amb it ion s and tog ethe r support a sing le ca ndi dat e or p ar ty t o ch all eng e th e p re si den t. After o ne s u ch ga therin g i n D e c e m b e r 2 0 0 9 t h e U S E m b a s s y n o t e d A r t e a g a s ro le in cables t o Washi ngton ''Th e g rou p h as b ee n w ork i ng fo r t he la st se ve ra l mo nth s t o b r i ng o p p o s i t i o n g r o u p s civ i l s ociety, and the busi ness com mun it y t oget her t o co nfr o nt Pr es id ent D ani el O rt eg a, pre se rve de mo cra ti c spa ce a n d f o r m a u n i t e d b l o c t o chal len ge O r tega and /o r th e S an di n i s t a N at i o na l L ib e r at io n F ron t (FS LN ) in t he 2 0 11 nati onal elect ions ," th e cabl e s a i d A n e a r l i e r c a b l e i n Au gus t 200 9, cal led A rt eag a on e of t he t wo p ri mar y le ade r s o f t h e o p p o s i t i o n u n i t y e f f o r t R o b e r t J C a l l a h a n t h e U S a m b a s s a d o r t o N i c a r a g u a c o n f i r m e d i n a t e le ph o ne i nt e r vi ew th at he h ad at ten ded t he Dece mbe r 200 9 me eting with Ar te aga at t he hom e of Ces ar Zam or a, A r t e a g a s p r e d e c e s s o r a s c h a m b e r p r e s i d e n t a n d a n exe cu tive of AE I a Houstonb as ed ener gy com pan y. B u t t he USgovernment did not requ est any of the ac tions t ak en by A rt eag a a nd ot he r b us in es s execu ti ves h e s ai d. ' I f t h e y a r e a r t i c u l a t i n g p o l ici e s t h at we a gr e e wit h t he n f in e, it i s a coin cid ence o f views t he re ," h e s ai d. C a l l a h a n a d d e d t h a t t h e goal of t he United St a t es was t o e n c o u r a g e a v i b r a n t d emo cr acy i n Ni car agu a. Y et ca b l e s s en t b y Ca l l a h an t o Wa s hi n gt o n go a bi t f u r t h e r s u g g e s t i n g t h e e m b a s s y a t l e a s t i n d i r e c t l y e n c o u r a g ed g r o u p s l i k e t h e chamber to work to un ify the o pp os it io n to O rt ega an d hi s p a r t y ' W e w i l l c o n t i n u e t o encourag e all pro-democ r a tic g r o u p s t o wo r k t o g e t h e r t o ad v an c e th eir common goal s, i n cl u di n g u ni t i ng f o r 2 01 1 ," s a i d a n A u g u s t 2 0 0 9 ca b l e whi c h al so ment ions Ar teaga a n d h i s r o l e a s A m e r i c a n C h a m b e r p r e s i d e n t I t i s c l e a r t h a t t h i s m e s s a g e h a s b een un der s t ood b y s o me in t h e p o l i t i c a l a n d b u s i n e s s c o m m u n i t y f o s t e r i n g t h e a bov e un it y ef f or ts ." A r t e a g a i n a n i n t e r v i e w s a i d h i s e f f o r t t o u n i f y t h e o pp os it io n wa s s up por t ed by s o me cha mbe r m emb er s a nd r ep r es ent ati ves o n it s bo ar d, a n a s s e r t i o n c o n f i r m e d b y s e v e r a l c h a m b e r m e m b e r s A rt eaga added t hat h is in ter v e n t i o n c a m e n o t a t t h e r eq ue s t o f a ny U S co r po r a ti on bu t r ef le c te d a c o nse n sus o f c h amber memb ers B u t, in a s e c o n d i n t e r v i ew h e s ai d he w a s a c tin g on hi s ow n p a rt i c u l a r l y i n e n d o r s i n g a n o pp os i t io n pr e s id en ti al ca nd i d a t e POLITICS AND APPEARANCES S uc h a dist inc ti on was not always recognised by others. Ar teaga said he was in v es tigated by Nicaraguan officials who asked for the chamber's fi nan ci al re co rds as we ll a s h is own to see if he was secretly b ei ng pa id $1 0,0 00 a mo n t h b y t h e CI A ( B o t h A r t ea g a an d Ca lla han de nie d any p ay ments.) B ut th e a p pe a ra nc e th at t he Un ite d St ate s w a s i nte rv en ing i n N ic a ra g ua n a f f a i rs t h r ou g h a c t i o n s b y t h e A m e r i c a n C h a m b e r o r t h e e m b a s s y t h e r e p r o v o k e d a n a n g r y response. I n O c t o b e r 2 0 0 9 a f t e r Ca l l a ha n s p o k e a t a n e v en t s p on s o r ed by th e A m er i ca n Ch amb er of Com me r ce an d ech o ed c om me nt s by cha mb e r l e a d e r s c o n d e m n i n g a S u p r e m e C o u r t d e c i s i o n al low ing Orteg a to run for re el ect io n d es pi t e t er m l im it s h u n d r e d s o f d e m o n s t r a t o r s a p p e a r e d o u t s i d e t h e U S Embassy in Managua. Hold ing up signs saying Death to E m p i r e a n d Y a n k e e G o Home', some protesters even la un c he d ex pl osi ve p roj ec ti le s at the build ing, accordin g t o a State Department cable. L a st mon th, a n ew spa pe r in N ic a ra gu a a c c use d Art ea g a o f t u r n i n g t h e c h a m b e r i n t o a p o l it i c a l c o ns p ir a c i e s' n e st a c h a r g e t h a t d r e w a d e f e n s e f ro m th e US a mb a ss a do r, w ho said the story falsely claimed he believed that Arteaga had gone too far. U S c h am b er s a gi t at e f o r p o l i t i c a l c h an g e NICARAG UA' S Pr e side n t Danie l Ort e g a is pas se d a not e at an edu c ation ral ly on the f i r s t day o f cla sse s a t t he Augusto C. Sand i n o sc ho ol in Ma n a g ua Nic aragua, Tues day Feb 15, 2011. (AP) rah' s rel atio nship prior to the 2 00 7 ge n e r al e l ec t i o n ( t hu s l o ck i n g t h e ca s i n o g i an t i n a n d p o s s i b l y p r e v e n t i n g i t s withdrawal when the owner ship changed hands). I t was t he n M r I n gr a ha m a n d t h e F N M w h i c h p i c k e d u p the p ie c es (so me m ig ht a rg ue t h e y t o o k t o o l o n g t o c o n c l u d e t h e J a n u a r y 2 0 0 8 s u p p l e m e n t a l He a d o f A gre em en t) p rio r to t h e H ar r a h s p u l l o u t A n d w h i l e t h e P r i m e M i n i s t e r sh o ul d pu b l ic l y h a v e b e e n le s s neg ative towa r ds Ba ha Mar, o n c e e v e r y t h i n g w i t h t h e de ve lo pe r, C hin a an d Sc oti aba nk w as fin e, th e pu bli c se ct o r t r o o p s w e re m o b i l i s e d v e r y quickly t o put all the nec es sary pe rmi ts an d ap pro va ls in p l a c e t o g e t t o M o n d a y s gro undbreaking. Ultimately, all t he sparr ing betwee n the t w o p a r t i es o v er B ah a M ar sh o w s h o w fa r t h e y ha v e t o g o in rea c hin g p ol iti ca l m at urit y, w h i l e a l s o i n t r o d u c i n g p o l i t i c a l risk a s a n u nw el c ome u nc erta in ty th at h as to be f ac to red in to in ve stors' c a lc ul at ion s. Now t hat t he past is in t he pas t, Baha M ar and it s Chi ne se pa rtn e rs s ho w e v er y si gn of want ing to hit t he grou nd run nin g' on th e proj ec t' s c ons tr uct ion Wor k o n t he f ir s t $ 6 0 mi l li o n w ort h o f c o n tra c t s h a n d e d t o B a h a m i a n c o n t r act or s h as be gun wi th th e Wes t Bay Str eet r e-r ou tin g, an d w ork o n th e C omm erc ial Vill age is set t o s tar t with in th e next t wo weeks. For t heir p art, s ome thr ee dozen C h ina St ate Cons tr ucti on & E ng in ee ri ng m an ag e rs ar e alr eady ass es sin g pro ject p la n s, ha v i n g su b mi t te d d ra w ings of t he firs t phase W or ker Village', whi c h wil l hous e all the Chin ese cons tr ucti on wor ker s br ough t in t o wor k on Baha Mar to th e Dep art m e n t o f P h y s i c a l Pl anning/ Town Plan ning for a p p r o v a l And t he delays caused by t h e H a r r a h s w i t h d r a w a l c o u l d y e t p r o v e f o r t u i t o u s D o n R o b i n s o n B a h a M a r R e s o r t s p r e s i d e n t a g r e e d e a r l i e r t h i s w e e k w i t h T r i bune Busines s's a n a l y s is th a t it coul d yet p rove a bles si ng in di sguis e', as t he developer ca n n o w ex pl o it l ow er co ns t r u c t i on p r i c es t o b u i l d i t s p r o j e c t a t a t i m e wh e n t h e m a rk e t i s s ti l l re c ov e r in g fr om rec e ss i on. The p lan ned op en ing, in 2014, c o uld be ti med j u s t r i gh t t o c a t ch a p e r i o d when th e to ur is m mar ket is appr oachin g nor malcy. "If we'd s ta rt ed con st ru c ti on when we were t hinki ng ab out i t, w e wo uld hav e b een s t a r t i n g a m i d a n e c o n o m i c cris is. W e'll now prob a bly be c o n s t r u c t i n g t h i s i n a f a v o u r a b l e e c o n o m i c e n v i ronm ent, a nd b e ope ning thi s in a f a vour able t ouris m e n v ir onm ent Al l t hin gs h appe n fo r a re a son bu t I'd h av e h at ed to open t his pr oject in t he mid st o f an economic downtu rn," said Mr Robin son The ec o n om ic be n e fi ts ma y t a ke se v e r a l m on t h s t o b e f e l t, but t here can be lit tle doubt t hat t he $40 0 mi ll io n w or t h o f c o n t r a c t s a w a r d e d t o B a h a m i a n c o n t r a c t o r s w i l l help li ft th at secto r out o f its s l u m p b y t h e m s e l v e s T h e Bahama s is a r ela t ively s mall ec onomy in w or ld terms and a n i nf us i on o f s ev e r a l h u ndr ed mil lion d ollar s m ay be a l l i t t a k e s t o t u r n t h e Bahamian economy back o n t o th e pa t h o f p o si ti v e gr o w th A nd her e is wher e the r est of u s come in. A s M r I zmirlian po inted ou t, his $2.6 billion const ructio n pr oject a n d inves tmen t can o nly s ucceed with the active, pos itive part i c i p at i o n o f t h e Ba h a m i a n p eo pl e. Bah am ia ns he s ai d at the g r oun dbr eaking, have t o m a k e t h e p u s h t o h e l p t h e m s e l v e s a n d t h e i r c o m mun ities ", for al l m anner of e m p l o y m e n t o p p o r t u n i t i e s and entrep r e neurial spin-offs a b o u n d Y e t i n t h e f i n a l anal ys is Bahami an wor ker s h a v e t o c o m m i t t o d o i n g their very best and st ick wit h it" Mr Izm irlia n sa id, at tend i n g t r a i n i n g p r o g r a m m e s imp rovin g s kills and pr ovidi n g t o p c l a s s c u s t o m e r s e r v i c e T h e le sson he ha s pro vi ded in pers ever ance, to o, s houl d not b e f orgo tten by Bahamian s e it her Ref er r ing to th e r o a d h e h a d t r a v e l l e d i n b r i n g i n g B a h a M a r t o f r u i t i o n M r I zm i r l i an s a i d : L e t i t b e a l e s s o n t o t h e y ou n g me n a n d w om e n of t he Bah am as t h at pe r s eve r an ce pays of f.. .... T oge ther t her e is nothin g w e c an't do but we mu s t al l rise to the oc c asio n." An d w i t h t h e C h i n e s e f i n a n c ia l an d c on stru c tio n b ac k in g, B a h a M a r s e e m s c e r t a i n t o r i s e to t he oc c asi on, too The re i s li ttl e dou bt tha t c onstru c tion w ill be comp leted g iven the sup port of two C hi nese g ov e rn m e nt -o w n e d e n t it ie s in t he m ix Fo r th e m, a s i t i s w i th Mr I z m i r l i a n f a i l u r e i s n o t a n o p t i o n T he rea lly intere s tin g p art w i l l c o m e w h e n B a h a Ma r a n d its fo ur new hotels, togeth er wi th t h e cas i no co nv en ti o n space an d associated ame nit ie s b e c o m e fu l ly o p e ra t io n a l. It is on ly the n tha t w e w il l see w heth er th ey ha ve grow n or spl it t he ma rke t fo r h ig h-e nd vi si to r s, t o th e d et ri men t of bo th Ba ha Ma r an d K e rzn er. W i l l t h e i n v e s t o r s e n j o y a r e t u r n o n t h e i r s u b s t a n t i a l in ve stm en t, an d boy i s it e ve r sub sta nti al Ti me w il l a nsw e r t h e se q u e st io n s, a n d h op e f u ll y th e Ba ha ma s c o me s do wn in th e po siti ve w it h a re fresh ed a nd re vi ta lise d to urism p rod u c t t h a t h a s a h o s t o f n e w am en i t ie s t o a t t r act vi s i to r s from al l ov er the wo r l d. For no w tho ug h, it i s a ll g ood FROM page 16B Baha-mas'

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THE TRIBUNE FRIDA Y FEBRUAR Y 25, 201 1, P AGE 15B T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U S I N E S S R E V I E W A A A H H H H Th e i n no c e n c e of y ou th. T he Ba ha mia n c a pita l ma r k e ts a r e y e t y o u ng a nd w ith yo ut h c omes inex per ienc e a nd m i s t a k e s b o r n o f b e i n g w e t b e h i n d th e e a r s F e b r u a r y k i c k e d off w ith y e t an o t h e r miles to ne t h e f i r s t h o s t i l e ta k e o v e r o f f e r i n t h ei r history and t he way t his p r o c e s s h a s g o n e e v e r s i n c e de mo ns tr ate s the r e is s till muc h to le ar n if we a r e to av o id h igh f a r c e F o r d e s p i t e t h e S e c u r i t i e s Comm iss i o n' s belated a t tempt to g e t a g rip on the s it u a ti o n by s u s p e n d i n g t r a d i n g i n A M L Fo od s s ha r es th er e is n oth ing in law t o s t o p Mar k F i n l a ys on a n d h i s b i d v e h i c l e ( w h e t h e r i t b e Tr a ns -I sla n d T ra d er s Ba ha ma s S u p e r m a r k e t s o r A s s o c i a t e d B ah a m ia n D is t ill e r s & B r e w e r s ) fr o m p r o c e e d in g w ith th e ir of fe r a nd if the y s o c ho os e fr o m bla tantly i g no ring or d i s r eg ar ding t he re g ul at or s st r i c t u r es a n d ad mo nis hm en ts o v er the is s ue W h i l e t h e o u t c o m e o f t h e AB DAB dir ector s a nd a nnua l g e n e r a l m e e t i n g s ( A G M ) s c h e d u l e d fo r y e s t e r d a y w a s u n k n o w n w h e n t h i s a r t ic l e w a s w r i tt e n it i s f a i r l y s a f e to a s s u m e t h a t Mr F in la ys o n (g iv en h is fa mily 's 7 0 pe r c e n t c o n tr o l) w ill s u c c e e d in p e r s ua din g wha t is no w a c as h -ric h p rop er t y ho l d i ng c om p an y t o a cq u ir e th e 7 8 p er c en t sta k e h is f am i l y cu rre nt l y ow n t h rou gh Trans-Island Traders What is no t s o c e rta in i s w ha t ha pp en s fr om h er e on ou t. L et's b e c le ar Mr F i n lay s on ha s ev e r y r ig ht to mak e h is $1 2 million a t te mp t t o a cq uir e a 5 1 p e r c e n t m a jo r i ty s ta k e in BI S Xl is te d A ML Foo ds. T he $1. 5 0 p er s ha r e p ur c ha se pr ic e s e ems r e a s o n a b le r e p r e s e nt in g a r o u n d a 44 p er c ent p remi um t o t h e s to c k's $ 1 .0 4 va lu e b efo r e it w as s u s p e n d e d t h o u g h m a n y in ve s tor s a re lik ely to h o l d o ut f o r H e a n d R o y a l F i d e l i t y s A n w ar Su n de r j i a nd M i c h ae l And er s on, ar e also r ight whe n it c om es to th e n ee d fo r c o ns o lida t i on i n t he B ah am i an f o od re t a i l i n g i n d u s t r y g i v e n t h a t t h e r e a r e t o o m a n y r e ta i le r s w it h too much product ch asing too f e w c o n s u m e r s w i t h p o c k e t b o o k s t h a t a r e e i t h e r f l a t o r de cr ea si ng W h et he r M r F i n la y so n is th e r igh t pe rs o n to d o t h e c o n s o l i d a t in g f lu s h w it h c a s h a s h e is g ive n tha t h e h as o n l y re c e n t l y t a k en o v e r a d e e p l y t r o u b l e d r i v a l s u p e r m a r k e t chai n, i n Ba ham as Sup erm ark ets is a qu es tion AML F oo ds inves t or s wil l themselves have to an s we r. T h e r e a l b e e f i s w i t h t h e p r o c e s s o r r a t h e r l a c k o f p r o c e s s th at h a s t a k en pla c e ev er s in ce M r F i n l a y s o n l e a p t i n t o t h e h e a d l i n e s b y a n n o u n c i n g h i s p la n n e d A M L F o o d s b id o n J a n u ar y 3 1 2 01 1 I t is n ow a lmos t a mo n t h la ter an d s t ill no fo rm al B id Cir c ula r the d o cu me nt th at s e t s o u t t h e p r i c e t e r m s a n d c o n d ition s o f th e o f fe r plu s a ll o the r r e l e v a n t i n f o r m a t i o n h a s b e e n r e l e a s e d to th e B I S X-l is te d fo o d g r ou p's in ve s tor s by the Tr a ns I s lan d t e a m. T h e y h a v e c e r t a i n l y b e e n s ou nd i n g out AML sh ar eh older s abou t t h eir i n t e nt ion s, a nd the d ela y in s ub mitting th e Bid C ir c u l a r m a y h a v e w o r k e d to M r Fin lay s on 's a dv a nta ge b y g ivin g h i m m o r e t i m e t o w o r k t h e 1, 3 00st rong i n vest or regi st er. Ye t th e fa ilur e t o e nd th e w ill h e / w o n t h e u n c e r t a i n t y o n whethe r a for mal o f fer will be ma de is le s s for g iva ble a n d th e d i s r u p t i o n c a u s e d t o A M L s st oc k and t rading in it pr oved the s tra w th a t b r ok e th e c a me l's ba ck pr omp t in g th e S ec ur it ie s Commi s sion to p ut eve rything i n t o c o l d s t o r a g e f o r t h e m oment via the s hare suspe ns i o n I n d e e d c r i tic a l o b s e r v e r s m a y wond er whe t h er Mr F i n l a ys on a n d h is ad v i s e r s h a v e b e e n m a k ing u p th e i r str a teg y as th ey g o alo ng g iv en th e pr ob le ms the y ha ve encoun te red espe cial l y f rom hi s own A BD AB shareh o l d e r s, w ho o b j e c t e d t o t h e AM L F o o d s d e a l o n t h e g r o u n d s t ha t t h e i ni t i a l d ea l st ru c t u re c o u ld d is a dv a n t a g e th e m b y c ut tin g th e ir r e a l e s ta t e a s s e ts t ot al ly o u t o f the p ic tur e I t al l p o in ts t o a s i t u at i o n w h e r e M r F i n lay s on fa il e d to t a k e ca r e of h is ow n ba ck y ar d fir s t a nd d id no t dot the i 's and cr os s t h e t' s ', s ome thin g tha t ha s c on trib ute d t o t h e c h a o t i c s i t u a t i o n s u r r ou nd ing the bid It i s h a rd n o t t o f e e l s o m e s y m p a t h y f o r t h e S e c u r i t i e s C o m m i s s i o n w h i c h i n t h e ab se nc e of its re vis ed s upp or tin g Ac t a n d r e g u la ti o n s is s e r v e d by w oe fully in ad eq u ate le gis la t i on i n s o m a ny res p ec t s, n ot l e ast wh en i t co m es t o pu bl i c compan y t akeovers, gi ven t he c om p l ete and total abs ence of a n y th in g r e s e m bl in g a T ak e o v e r C o d e Wh i le th e C o mm i s s i o n s h o u ld rightl y b e cr i t icised for i t s ini t i a l l y w e a k a n d h a n d s o f f r e s p o n s e t o t h e A M L F o o d s o f f e r i t h a s r e g a i n e d s o m e g rou nd with the sha re su spe ns io n Ye t the fe a r is th a t th e r e g u lato r ma y s o on r e ve r t to ty pe e x p l a in in g th a t it s g o v e r n i n g l e g i s l a t i o n p r o v i d e s n o s ta tu t e b a c k ing f o r the ac t ion s i n nee ds t o t a k e Mo r e b o tt l e is r e q u i r e d G i v e n t h a t M r F in l a y s o n a n d h is T r a n s I s l a n d T r a d e r s v e h i c l e f i r s t ann ounce d t hei r of f er t o p urc h a s e a 5 1 p e r c e n t s t a k e i n A M L F o o d s o n J a n u a r y 3 1 2 0 1 1 t h e y a r e a l r e a d y w e l l b e h i n d t h e c l o c k b e c a u s e a c c o r d i n g to th e S e c u r it ie s C o m m i s s i o n s c h e d u l e t h e i r o f f e r p ro sp e c t u s s ho u l d h av e b e e n r e lea s ed to the la tter 's in v es tor s b y F r ida y, F eb r ua r y 1 2 I n d e e d s o m e w o u l d a r g u e t hat t he t akeover bid' shoul d n e v e r b e a l lo w e d t o p r o c e e d g i v e n t h e m o n t h -l o n g d e la y t h a t h a s e ns u ed d is ru ptio n to a n or d er ly ca p it a l ma r ke t of this n atu re woul d al most cert a i nl y not be a llo we d a n y wh e r e e ls e I n t ru th gi ve n i t s l i m i t e d p o we rs su sp en din g tr a din g in AML F oo ds sh are s w as p ro ba bl y t he o n l y op t ion the Sec urities Commiss ion h ad in s e ek ing to r es to re a m e a s u r e o f c a lm t o t h e s it u a ti o n Wh il e Mr F in la y s o n 's b id is n o w s talle d u ntil h e r e lea s es the for m a l o f f e r d o c um en t t h e r ea l lo s e r s c u r r en tl y a r e AML F o o d s s h a r e h o l d e r s w h o a r e p r e v e n t e d fr o m s e l li n g a n d b u y in g t h e c o m pa ny 's sh a re s W h at h a pp e ns n e xt w i l l be i nt erest i ng. Th ere seem s l i t tl e d oub t t h at M r Fi n la yson m ay chal l enge t he Sec u r i t ies Commi s s io n s c h e d u le g iv e n th a t it i s no t ro ote d in la w, le av ing o pe n t h e pr o s pe ct tha t this w ar fo r m a j o r i t y o w n e r s h i p a t A M L Food s cou ld dr ag on for s ome t i m e e sp e ci a l l y a s a l l p ar t i es i nvo lv ed have been una ble t o ag r ee up on the p ro c es s T h e t a k e o v e r i s s u e h a s re a re d its he a d n ume r ou s time s be for e b ut to d ate t h e B ah am ia n c a pi t a l m a rk et s h av e o n l y e x p e r ie n c e d fr ie n d ly ta k e o v e r s ', wh e r e ma j or ity c o n tr o l in a p u b l i c c o m p a n y h a s b e e n r e l i n q u i s h e d in a n a g r e e d tr a n s a c ti o n T his has happened t wi ce w it h Gr an d Ba h ama Po we r C omp a ny with Co l in a I ns ur a nc e Ltd, w i t h C a b l e B a h a m a s a n d notably, wit h B a hamas Supe rm a r k e t s Ma n y w o u l d a r g u e t h a t suc h dea ls sh oul d re qui re t h e b uy er to ma k e a n o ffer on the s a me p r ic e a n d t e r ms a s th e s el le r r e c e i v e d t o t h e m i n o r i t y Ba ha mia n i n v es tor s to o, e s pe c ia l ly g i v e n B a h a ma s Su p e r m a r k et s' f a t e un d er t h e p re vi ou s o w n e r s h i p Reg r etta bly th e AML Fo o ds o f f e r e p i s o d e h a s o nc e a ga i n h ig h li g ht e d th e ne e d fo r t he r e g u lato r to ta ke a mo r e pr oa c tive ap pr oac h, s i n ce i t s ho uld ha ve s ee n the ne ed to a cc e ler a te the Take over Code in light of t he n ume r ou s c o ntr ol c h an ge s tha t h a v e a lr e a d y ta k e n p l a c e An d it a l s o sh ows the ne ed for po li tic ia n s t o ta k e th e c a p ita l ma r k e ts m o re se ri o us l y a nd r ec og ni s e the ir impo r t a n ce mov ing mor e q u i c k ly o n k e y le g i s l a ti o n t o g iv e r e g u l a t o r s a l l t h e t o o l s th e y n e e d O th e r w is e f a r c e e n s u e s a n d th e Ba ha ma s r is ks be ing s ub jec t to u n w a n te d in te r n a ti on a l s c r u ti n y AML Foods battle exposes mor e regulatory weakness MARK FINLAYSON Commission needs to take firm grip and control process, with or without statute DIONISIO D'AGUILAR

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Mired in recession for the p a st t w o -a n d -a h a lf y e ar s, a nd wit h an u nemp loym ent r at e l ik e ly t o b e n ea ri ng th e 2 0 p e r cen t le vel ( es p eci all y i f d is c ourage d w orkers a r e in clud e d) t he Ca bl e B ea ch r ed ev el o pm en t w it h it s p rom i sed f o u r n e w h o t e l s n e t r o o m in ven t or y in cr eas e o f 2 ,250 and 7 ,00 0 new job s onc e fully o p e r a t i o n a l r e p r e s e n t s a tr emendous sho t in the ar m f o r b u s i n e s s a n d co n s u m e r confidence, if nothing else. I t also represe nts a pe r son a l t r i u m p h f o r B a h a M a r c ha i rma n a nd c hi ef e x ec u ti v e, Sa rkis Iz mirl ian a nd his fami ly w ho suc ce ed ed a ga inst the o d d s a n d t h e n a y s a y e r s i n f i n d i n g n e w f i n a n c i n g a n d equi ty part ners in t he for m of t he China Expor t-I mport Bank and China Stat e Construction, during the darkest de pth s of the r e c essio n, w hen all c r edit markets were shut do wn ti ght and i nve stors had headed for the hills and the bunkers. If an Olympic gold medal was ever awarded for perse v e r a n ce t h en M r I z m i r l i a n and his family would be the d e s e r v i n g r e c i p i e n t s g i v e n t h a t t h e ea s y c o u r s e w o u l d h av e be e n t o w a lk a w ay w h en H a r ra h s E n t e r ta i n m e n t s n e w p riv a t e e qu i ty ow n e rs, A p ol lo a n d T ex a s P a ci f i c, g ot c o l d feet due to the recession and c r e d i t c r u n c h u s i n g P r i m e Mi nister Hubert I ngraham's F e b r u a r y 2 0 0 8 H o u s e o f As sem b ly ad dr es s o n th e p ro j e c t la nd t ra n sf e r s a s c o v e r / th e excus e they n eeded to w al k away. M ond ay's h appy out c o me a g a i n s h o w s w h y w e a l t h y B a h a m a s r e s i d e n t s w i t h a strong track record of deliv e r i n g w h a t t h e y p r o m i s e s ho u l d b e t a k e n s e ri o u sl y w i th t h ei r i n v es t m en t p r o p o s a ls L i k e f e l l o w b i l l i o n a i r e Jo e Le w i s w it h Al ba n y Mr Iz m ir lian and his family are longti me r esi de nts o f t hi s c ou nt ry, a n d t h e i r l o v e f o r t h e Bahamas has shone through e v e n d u ri n g B a h a M a r' s d a rk est days. His passion for this c o u n t r y a n d d e s i r e t h a t i t sh oul d suc c e ed b oth e c on om i c a ll y a n d so c ia l ly a g a i n c a me th rou gh dur ing medi a q uest i o n s a t M o n d a y s g r o u n d breaking. For starte rs hi s fa mily pe rs o n al l y p ut u p m u ch of t h e $800 million it has taken for B aha Ma r to rea ch th is p oint, i n c l u d i n g k e ep i n g t h e l o s s makin g C able Be ach Re s orts o p e n Em p h a s i s i n g t h a t h e want ed t o s ee t he Bah amas "prosper", Mr Izmirlian was just as passionate in shooting do w n K erz n er Int ern a tio na l' s a rg u m e n ts t h a t B a h a M a r a nd Atlantis would end up going h ead t oh ea d, t hu s s p li t ti n g the market for high-end visi tors to this nation. "I do n't th in k the B a ha ma s ca n't ha ndl e two projects of th is si z e, he sa id e mph at ic al l y I f y o u c o m b i n e a l l t h e h o t e l s i n N e w P r o v i d e n c e w e r e 1 0 0 0 0 r o o m s o n c e w e v e b u i l t o u t T h e r e s 150,00 hotel rooms in Orlan d o t h e r e s 1 5 0 0 0 0 h o t e l r o o m s i n L a s V e g a s Y o u c a n t t e l l m e t h a t w e a s a country can't do better than that." Th e m o r a l o f t h is t a l e i s th a t B a h a m a s r e s i d e n t s u n l i k e f or e ig n d ev el op er s ar e l es s l i k e l y t o w a l k a w a y w h e n t h i n g s g e t u n c o m f o r t a b l e When the going gets tough, th e tou gh get goin g', s o th e saying goe s and that c ert a inl y a p p l ie s t o M r I z m i rl ia n Fo r they have nowhere to go but t h e i r h o m e P r o v i d e d t h e b u s i nes s plan i s s ou nd, t he pr op o s a l f e a s i b l e f i n a n ci n g i n place, and the project of eco n om ic a n d s o ci al b e ne fi t t o the Bahamas, then the Gov er nment s hou ld tr eat development plans by foreign per man ent residents f a vourably. G e tt in g th e se p e o pl e t o i n ve s t m ore i n th e B ah am a s, an d se t up active businesses here, is an area of potential that has long been untapped. M uch was made of Pri me Min ister Hubert I ngraham's a b s e n c e f r o m M o n d a y s g r o u n d b r e a k i n g ce r e m o n y and it would have been good t o s e e t h e c o u n t r y s m a i n man' there. While the Oppo s it i o n P ro g r e ss i v e L i be r a l P a r ty (PLP) were quick to high li gh t th is no do ub t s e ek in g political mileage, the truth is th at bot h main p art ies h ave been equally responsible for b rin g in g B a ha M ar to fru iti on and for some of the delays that beset it. T r u t h b e t o l d t h e t r a d i tional political dividing lines of ten bl ur the v isio n. All g ov e r n m e n t s w h e t h e r P L P o r FNM in persuasion, build on the achievements of the pre v ious admi nistratio n and c orre ct th e pro ble ms le ft be hi nd, w h a t e v e r t h e p o l i t i c a l rhetoric. In Baha Mar's case, i t w as P e r r y C hr is t i e 's P L P gov er nme nt w hich envisaged C a b l e B e a c h s r e b i r t h a n d si gn ed t he o rig in al Ap ril 2 0 05 H e a d s o f A g re e m e n t j u s t a s i t w a s M r C h ri st i e' s g o v e rn m e n t that faile d to con clude al l the co n di t io n s r eq u ir e d t o co ns u m m a t e B a h a M a r s H a r T RUE, it was largely symbolic. But at least the shovelling of sand indicates that, finally, the long-awaited $2.6 billion Baha Mar project has reached a construction start more than seven years after the Bahamian government first mulled plans to bring the existing Cable Beach resorts together and redevelop the area so it would not become a poor second cousin' to Paradise Island. The road since has been long and tortuous, with many unexpected twists and turns, but the timing could not be better for the Bahamian economy. T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U S I N E S S R E V I E W P AGE 16B FRIDA Y FEBRUAR Y 25, 2011 Luck of the Baha-mas' S IG N IN G O N T HE DO T T E D L I NE : De p u t y Pr i m e M i n is te r Br e n t S y m o n e t t e a d d s hi s n a m e t o t h o s e wh o h a v e signed an artist's impression of what Baha Mar will look like when constructed. SEE page 14B DOING THE SPADE WORK: Baha Mar chairman Sarkis Izmirlian (front row, third left), government ministers and Baha Mar's Chinese partners break ground on the $2.6 billion Cable Beach redevelopment. US CHAM B ERS AGI T A TE FO R P OLIT ICAL C HAN GE SEE P AGE 13B CO M MUN I T I E S D E S E RT E D B Y BA N K B RAN C H E XI T S SEE P AGE 12B


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