The Tribune.
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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: 11/22/2010
Spatial Coverage: Bahamas
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: UF00084249:01769


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By AVA TURNQUEST Tribune Staff Reporter GRIEF turned to fury in B ain Town following the fatal shooting of an 18-yearold youth by a reserve offi-c er on patrol in the area. Police reinforcements, m embers of the media and residents were pelted with stones, a squad car was burnt t o a shell, and a ZNS vehicle was severely damaged by people protesting the shoot ing. S harmoco Newbold, of K ing Street, was reportedly shot in the head while flee ing from police in the Hospital Lane and Meadow Street area at about middayon Saturday, according to eyewitnesses. F amily members reported that Mr Newbold and a group of other men were gambling in the area whent hey were approached by police. In their attempt to flee the scene, Mr Newbold was killed. However when speaking to members of the press in Bain Town, Commissioner o f Police Ellison Greenslade s aid officers were on patrol in the area of Hospital Lane and Meadow Street when they saw a young adult malewith what appeared to be a weapon in his possession. In his initial report, Mr Greenslade said when the armed officers approached the young man shots rang out from both sides and a short while thereafter it was confirmed that a young adult male resident in the area was deceased. The Commissioner said he was called to the scene shortly after the shooting by officials who indicated that the community was quite alarmed and very distressed as a result of a shooting. Mr Greenslade did not identify the shooting victim whom he admitted was member of his family. Police confirmed that Mr Newbold, whose father is a police sergeant, was out on bail on charges of possession of an unlicensed firearm and ammunition. Eyewitnesses say the unrest that followed the N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R Bain Town rage C M Y K C M Y K V olume: 107 No.1MONDAY, NOVEMBER 22, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER PARTLYSUNNY, A SHOWER HIGH 82F LOW 70F n Grief and fury after teenager shot by police n Three people murdered in weekend violence McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM By NOELLE NICOLLS Tribune Staff Reporter VIOLENCE rocked other parts of Nassau over the weekend, with three murders and a number of shootings that left several victims badly injured, including the brother of Police Commissioner Ellison Greenslade. Mr Greenslades brother was hit in the leg after a shooting incident at a Charmichael Road Junkanoo shack. His injuries were not life-threatening. A 37-year-old Chinese woman is believed to be the latest murder victim. She was robbed and shot in her abdomen in the parking lot of her workplace, the Montagu Inn, Shirley Street. She died of her injuries a short time after arriving at the hospital. Police reports state the woman B AINTOWNPICTURESPECIAL:PAGESTWO, THREE, FIVE AND SIX SEE page 14 ABOVE: A family member is comforted by Com missioner of Police Ellison Greenslade minutes before the second wave of violence erupts. RIGHT: Rev C B Moss (centre establish order as stones are thrown by unknown culprits. At left, the body of Mr Newbold is shielded by officers and residents as they attempt to transport the deceased out of the area. Felip Major/ Tribune staff THREE MURDERS, COMMISSIONERS BROTHER INJURED IN SHOOTING SEE page 14


C M Y K C M Y K LOCAL NEWS PAGE 2, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM t b DOOWKHZD\RQERDUG 'LVFRYHU\&UXLVH/LQH BAINTOWNCHAOS Pictured below is the patrol car which was burnt to a shell on Saturday following the fatal shooting of an 18-year-old youth by a reserve officer on patrol in the area. Felip Major /Tribune staff CHAOS: Commissioner of Police Ellison Greenslade attempts to hold back grieving family members. D OGSONTHESCENE: O fficers from the K-9 unit were also deployed to assist with control measures.


By NOELLE NICOLLS Tribune Staff Reporter THERE could be repeat events such as the Bain Town unrest if structural issues arenot addressed in communities, said a local community leader. Rev CB Moss, pastor at Mount Olive Baptist Church and president of the Bain and Grants Town Advancement Association, was speaking out after 18-year-old King Street resident Sharmoco Newbold was shot by police. There have been a number of shootings involving members of the law enforcement agency that the residents have questioned, said Mr Moss. The incident touched off the venting of their feelings. It was unfortunate, but as I said, it was bound to happen because we have some structural problems in this and many other communities. Unless these problemsare addressed there will be repeats not only in Bain Town, but other areas of New Providence. It is beyond the police. We are talking about addressing the social deficiencies like unem-ployment; things like youth development. There is no national youth plan to advance the development of young people in these communities; resources need to be invested,and there has to be more inclusion by the various sectors. The government needs to include more of the stakeholders in the planning and implementationof programmes. Police Commissioner Ellison Greenslade, while speaking at the scene, commended Mr Moss for his role in diffusing commu nity tension. Seeking his assistance, the police gave Mr Moss a bull horn, from which he gave his commitment to stay engagedto ensure proper investigations are done. Mr Moss said he was not injured in the rock throwing, despite media reports to the contrary. He commended the police for exercising excellent restraintin handling the matter. It could have escalated into a very, very serious situation, he said. As for the teenager who died, Rev Moss said he was a well known person in the communi ty. He comes from a very large, upstanding family. He was a stu dent in our summer youth programme for years, as he grew up in the community. I know the entire family. A finer young man you would not want to meet. I say that from personal experience. His record was known by everyone in the com munity. I think that is what cre ated the depth of feelings, because they know him, said Mr Moss. Obviously that ignited longstanding feelings that the people in the community were not being treated with the kind of respect and dignity they felt they deserved, he said. The official opening of the West Street Festival, staged a few blocks away from the police shooting, was delayed as a result of the incident. According to Mr Moss, the annual community festival is designed to strengthen families and strengthen relationships. The festival served also to divert the minds and attention of residents from that ugly scene early in the day. We have no doubt that community strengthening is the way to go to address the social issues we have that sometimes result in crime and criminality, he said. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM x xChairs Chairsx xTables Tablesx xBenches Benchesx xUmbrellas Umbrellasx xLoungers Loungersx xDrinks Trolleys Drinks Trolleysx xCoffee Tables Coffee Tablesx xEnd Tables End Tablesx xCushions CushionsT T h h e e J J a a v v a a G G a a l l l l e e r r y y T T h h e e J Ja a v v a a G G a a l ll l e e r r y yWongs Plaza Madeira St. Wongs Plaza Madeira St. Tel: (242 Tel: (242)326 2335 2335Outdoor Elegance Outdoor Elegance %*&6( 5HJLVWUDWLRQ'HDGOLQHRYHPEHU, 167,787()%86,1(66$1'&200(5&(7 Bain Town could see repeat events if structural issues are not addressed COMMUNITYLEADER Rev CB M oss at the scene on Saturday. EMOTIONSRUNHIGH: Officers attempt to assist grieving family members and protect the crime scene.


EDITOR, The Tribune This is in response to Chris Loiss letter, in the November 18th edition, berating the Bahamas International Film Festival for sending the clear message that it does not support Bahamian film. I worked for BIFF for two years and I worked on the set of Windjammers for a few days when they were shooting additional footage early this year. Let me be clear, I have not watched Windjam mers, and have not spoken to Ric Van Maur (Writer/Direc-t or/Producer of the film) or Leslie Vanderpool (Executive Director of BIFF) about this matter. I am not a reporter. When considering a film to open the festival, you have to understand that the screening leads right into a party, at which alcohol is served, that often goes on into the wee hours of the morning.To that end, Leslie always looks for content aimed mainly at adults. For the past two years, BIFF has been opened by R ain and Children of God; both films written and direct ed by talented Bahamian filmmakers, Maria Govan and Kareem Mortimer, respectively. The films were not only deserving, the content was also appropriate for the open-i ng night atmosphere.From what I have seen and heard, Windjammers is a Disney styled film aimed mainly at children. If the festival were to be rearranged just to accommodate a single film that has some Bahamian cast and crew, wouldnt that be supporting the kind of self entitled nepotism many of us complain about? Besides, if Mr. Loiss argu ment really is that a Bahami an Festival should be opened by a Bahamian film, then he should be arguing for CrazyL ove, written and directed by Bahamian Filmmaker Clarence Rolle, using a B ahamian cast and crew. But he isnt. Hes arguing for the film his daughter has a small part in. Also Mr. Lois does not mention that Windjammers was scheduled to screen later in the festival. As for that scheduled screening being cancelled, Leslie has a rule (misguided or not festival does not show films that have already premiered in the Bahamas. This is a rule that a lot of major festivals around the world have, it just isnt talked about. Rics private screening at the Atlantis theatre could be construed as violating this rule, especially when you con sider that the theatre seats over 500. For Ric to screen his film at the same venue as BIFFs opening night film, on the very night before it opens, seems to send the clear message of I am going to open the Festival whether you want me to or not (I can only imagine Leslies reaction). However, Im sure Ric has a justification for this. I also notice that The Eye of The Dolphin was recently screened in Freeport but is still on this years schedule. Im sure Leslie has a justification for this. I am not arguing who has the right or wrong in this. Frankly, I dont believe either party is on the side of the Angels here. Bahamian film should be supporting itself, not tearing itself down every time someone feels slighted. I just think that to publicly blast BIFF without even mentioning the conditions of the situation means that Mr. Lois is either irresponsibly ignorant for someone condemn ing so openly, or does not consider the truth important. JASON DARCY Nassau, November 19, 2010. EDITOR, The Tribune. Please published the following letter which is addressed to: Fellow Bahamians, In writing this letter, The Bahamas International Film Festival (BIFF ify the subject of festival programming for locally made films, which has been recently raised in the form of an open letter to The Tribune. Like all other film festivals around the world, BIFF exists to provide the local community with a diverse presentation of films, be these local or from around the world.In addition to offering films that might not otherwise be released theatrically in the Bahamas, BIFF provides a unique cultural experience,e ducational programmes, and forums for exploring the future of cinema. BIFF fully embraces, celebrates and promotes Bahamian films and it is happy to be showcasing 12 of them this year. The festival track record speaks for itself. No local event does more to champion home grown talent and entertainment product than BIFF and this dedication will only grow stronger as the years pass. This is truly the Peoples festival, as its growth and suc cess is determined solely by the passionate, energetic citizens who bring it to life each year and experience something new and unique. As due process dictates, the film in question was submitted to the Festival for consideration and after reviewing it (along with hundreds of other films submitted) BIFF was very happy to include it in this years programme. This speaks volumes for the support of the film, given that a more restricted number of films will be programmed this year, making the selection process more challenging and difficult. Rather than celebrating what would have been an amazing screening at BIFF, it seems that some individuals associated with the film were unhappy that it would not be shown at the opening or the closing night of the festival. The Festivals is sure that anyone associated with a filmw ould want it to be an opening night gala or closing night gala. That would amount to over 64 requests for just 2 slots and as much as the Festival would love to provide every film the biggest platform and the brightest stage, this simply cannot be achieved. This reality is true for every major film festival around the world. The producers of the film therefore chose to screen it independently before the Fes tival, which is unfortunately not abiding to the rule of the Festival (and of many other prime Festivals around the World) that states that films presented must be at least National Premieres, hence creating the impossibility for BIFF to screen it. At the Festival each film is carefully evaluated on its own merit in a long and arduous process and then difficult programming decisions must be made. When all is said and done, every film is promoted to the fullest extent in the hopes that each and every film is a sell out and leaves an indelible mark on those who saw it. But in order to maintain the structure and honest integrity of the Festival, certain guidelines must be adhered to year in and year out. Whilst we would wish to s upport as many Bahamian films as possible, the Festival cannot afford that the breaking of a rule jeopardizes its i nternational recognition. In closing, the Festival believes that with the support of the public every film willb e a major success! And this is what the Festival strives to achieve as a non-profit organization. W e hope that you will also participate to a celebration of film and a special cultural event from December 1 to 5 a t Atlantis and Galleria Cinemas JFK. Most sincerely, MS. LESLIE V ANDERPOOL Founder & Executive Director, Bahamas International Film Festival November 18, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 S IR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972Published 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 Advertising Manager (242 W EBSITE updated daily at 2pm ON SATURDAY evening a former Atlantis employee took a walk down memory lane. He recalled his days with Kerzner International. He hoped, as has been suggested,t hat Sir Sol would never sell his resort. Sir Sol recently dismissed the rumour by announcingh e had no intention of selling. He might be peeved in his belief that B aha Mar has received extra concessions and that his most favoured nation status has not been protected, but he will never sell, declared another staff member. The former employee conceded that if s old Atlantis would continue to operate, but would never be the same. The Kerzners, hes aid referring to Sir Sol and his much love son, Butch, who tragically died in a helic opter crash were unique employers they cared for their staff. A senior staff memb er later confirmed that the very essence of father and son was that they were always cognisant of doing the right thing. The former staff member, now in his own business, recalled November 2008 when the K erzners reluctantly announced that they had to layoff 800 employees because of f alling room rates, the results of a worsening global economy. This was 10 per cent of thew ork force. The same was happening in all Kerzner Internationals offices around the w orld. George Markantonis, president and managing director of Kerzner International, noted that Americans were just not focusing on travel at that time. He hoped there would be a relatively quick turnaround in the globa l market, specifically in the US economy which would result in an upswing in visitora rrivals. That, he said, would enable them to recreate some of the employment oppor t unities they were then eliminating. But staff were not just given pay slips and waved goodbye. They received enhanced severance pay in other words higher sev erance than required by law. They were prov ided with a rsum and briefed on inter view skills. All those covered under the com p anys health programme were given a sixmonth extension, where necessary a call was m ade to their bank to explain the situation so that something could be worked out for them. And when it was discovered that a h usband and wife worked in different departments of the resort, which meant that both b readwinners of that family would have lost their jobs, one was rehired. What company today would be so concerned about their staff? asked the former employee. In fact today a number of persons let go during the downsizing have been rehired, and the resort has created more jobs so that eventually the net impact on the economy was not seriously affected. Speaking in the House on the Resolution on the Baha Mar project, Prime Minister Ingraham recorded with satisfaction thata mong two of the three hotel operators who are to partner with Baha Mar resort are twot op luxury operators of small hotels Rosewood and Morgans. We do not contest t hat, but we are concerned with the latest financial report on Hard Rock Caf in Vegas the town recognised as the queen of the gambling market. Morgans has 12.8 per cent ownership in, and a management agreementw ith Hard Rock, which is now in financial difficulty because the gamblers are not com-i ng. It was said that it was difficult to predict w hat will happen for the remainder of the year at the Hard Rock given the short term b ooking patterns and transient nature of the hotel business, especially in the fourth quar ter of Morgan Hotel Groups major markets. It was reported: Due to the continued d ifficulties in the Las Vegas market, Hard Rock's operating cash flows have not been s ufficient to cover the aggregate debt service this year. There have been some monthsw here the ownership joint venture was required to use funds from reserves to service t he debt. Unless the market improves markedly, or the joint venture generates additional liquidity, there is a risk to Morgan Hotel Group's equity position and manage ment agreement, which may be terminated b y the lenders in the event of foreclosure or under certain other circumstances. H ere in the Bahamas Atlantis has a 60,000 square foot casino. Baha Mar plans to build a 100,000 square foot casino. By the time Baha Mars casino comes on stream, Floridas casinos will be in full swing, there will be casinos in Jamaica, the Dominican Republic, New York and Pennsylvania some of them t he Bahamas primary markets. Today an American gambler only has to get in his cart o go to the neighourhood casino. With the gaming house virtually at his back door, he n o longer has to join the gambling junkets to fly to the nearest gaming house the Bahamas. If Las Vegas Hard Rock cant f ill its casino and now faces forceclosure, how can Nassau successfully fill two large c asinos? Does Baha Mar plan to cannibalise the gambling hot spots of Macau and Shangh ai if not, then from where else, other than the dwindling American market, will they lure their players? We hope for the sake of all involved that the Baha Mar principals have crunched their numbers and have not gambled their future on gaming stakes that are too high. BIFF and its festival programming for locally made films LETTERS Can Nassau support two large casinos? BIFF opening films are aimed mainly at adults


C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BAINTOWNCHAOS T OPLEFT: A rmed police officers at the scene in Bain Town. TOPRIGHT: Reinforcements are called in to assist crime scene investigators, who were pelted with rocks while trying to assess the shooting scene. ABOVE: Firefighters tackle the vehicle which was set ablaze. LEFT: An armed police officer stands guard in an effort to maintain control following thef atal shooting of 18-year-old Sharmoco New bold of King Street. ALL PHOTOS: Felip Major / Tribune staff


C M Y K C M Y K PAGE 6, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM %4+2674'*17)*6 LOCALNEWS ALTHOUGH originally scheduled to retire at the end of the month, Mrs Elma Garraway, Permanent Secretarya t the Ministry of Education, h as agreed to stay on in her post for an additional six months, Education Minister Desmond Bannister confirmed yesterday. P raising his permanent secretary for her extensive career in the education field, Mr Bannister said they were delighted to have Mrs Gar-r away agree to stay on in her p ost. Mrs Garraway was first appointed as a Permanent Secretary in the Ministry of Health in February 2000, foll owing her appointment as Under Secretary in the Ministry of Education in May 1997. According to the governm ents profile of Mrs Garr away, she also served as the Deputy Director of Education from January 1993 to May 1999. A veteran teacher and educ ator, she brings 49 years of experience in the field of education to her present position; having served as chairperson, assistant chair-p erson and lecturer in the T eachers Education Division of The College of the Bahamas and as senior mistress, team leader and teacher at the primary school l evel. Ministrys Permanent Secretary to stay on in post for six months CHAOSIN BAINTOWN CRIME SCENE INVESTIGATORS are shown, alongside Police Commissioner Ellison Greenslade, bringing Mr Newb olds body out to the hearse. FIRE SERVICES accompanied by armed officers, enter the area to extinguish the blaze. P OLICEATTEMPT t o control the area F e l i p M a j o r / T r i b u n e s t a f f


EXUMA realtors are calling on the Government to intervene in what they term is the over-valuation of properties by the Treasury departm ent on that island, causing home and land owners to pay property taxes of upwards to three times what they are legally entitled to pay. Collingwood Turnquest, a r ealtor in Exuma with Coldw ell Banker Lightbourn R ealty, told T he Tribune y esterday that winter residentsi n particular have even cons idered leaving the island b ecause of this. These people have b reathed life into Exuma for six months of every year, especially since the recession.T he only other money-maker on the Island is Sandals Resort at Emerald Bay. I find myself asking the q uestion of how does this killing of the goose with golden egg benefit us, the Exum ians? If the winter residents l eave and tell everyone the B ahamas is no longer taxfriendly, where will the gov-e rnment collect their taxes? W ill they then start taxing us who are already struggling to pay the high cost of BEC, BTC and all of the other raised taxes? he asked. In one example, Mr Turn quest explained that an indi-v idual had purchased a home f or $950,000, and a year later the same building was a ppraised by agents of the T reasurys tax department at $ 1.5million. I dont see how in this type of economy anythingw ould dictate that kind of increase, he exclaimed. Does the Bahamas gove rnment no longer want us here? One resident said they have considered hiring a tractor to push off their housea nd leaving the property to the government and walking away. I ask the powers-thatbe to think about the longterm effect of this policy they a re using to try and get mone y in the Treasury that never comes back to us the Exumians anyway, he said. Floyd Ambrister, another realtor on the island, told The T ribune t hat this developing situation is damaging an already fragile economy. The difficulty has arisen over the way new Real Property Tax legislation is being applied in Exuma. Many h ome owners have paid their p roperty tax for years and believed they were in compliance with the law. Recently their property has been reassessed and they have b een presented with new bills. The problems that arise from this are several. Many of the bills reflect the current years bill plus several years of arrears. In some cases the total amount owed is in the h undreds of thousands of dollars. People feel it is unfair to charge the arrears when payments were accepted by the Ministry of Finance without any question over severa l years. They argue that the a cceptance of the payment a nd the issue of a receipt indicated that the bill has beens atisfactorily paid. Further, the new assessm ents are apparently based o n what prices were in Exum a four or five years ago. Property prices have dropped here by 50 per cent and more in recent years reflecting the fact that the very high prices were seriously inflated. Home owners argue that the market value is what they can r easonably expect to get for their property today, he said. Mr Ambrister said several people have expressed doubt that the officers making the a ssessments are even comp etent to do so. There are cases where home owners who have sim-i lar property have compared t heir assessments and found t hem wildly different. Cert ainly they have a very diff erent view of values than the six qualified appraisers on the island. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Call for government to intervene over property taxes on Exuma THE Soaring Eagles of C ommonwealth Baptist C hurch celebrate Bishop A rnold and Elder Vernita Joseys twenty-third pastoral annivesary this evening at 7.30pm. The celebration takes place at the church in Elizabeth Estates. Soaring Eagles of Commonwealth Baptist Church set for celebration Home, land owners paying up to three times what they are legally entitled


C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Its more than engineering. Its performance art.The Mercedes-Benz C-Class is equipped with many innovative technical features which delivers a driving experience that is unique in this class. Think beautiful design, elegant ease and stately confidence. Among the highlights is the AgilityControl Package which automatically adjusts the suspension set-up according to the conditions of the road. Along with exemplary fuel use, faster gear changes, exceptional interiors and increased cabin space, you will see the C-Class is the perfect embodiment of the Mercedes-Benz philosophy.Tyreflex Star MotorsWulff Road, P. O. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 Fax 242.323.4667OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY. By NOELLE NICOLLS Tribune Staff Reporter n THE Bahamas National Trust said yesterday it has no interest in destabalising private property rights by engaging in a militant cam-p aign against managed priv ate developments in national parks. The issue of minimal localised development proposals that will be conducted under strict environmental protocols using best manage-ment practices is not worth t he fight, said a statement issued by the Bahamas National Trust (BNT body charged with the protection and management of more than 700,000 acres of land and sea territory. Pr operty Reasonable access to, and use of, private property is a right that is guaranteed by the Bahamian constitution, a nd that right extends to p roperty in the Exuma park, s tated the BNT. The matter of regulating development on private landi n national parks has been a sticky issue for the BNT, ast here are several instances w here national parks stradd le private land. The issue came to a boil over approvals given to P rince Karim Aga Khan IV for dredging and excavation of his 349-acre Bell Island in the protected Exuma Cays L and and Sea Park. When the government leased the 176 square mileso f Exuma land and sea territory to the BNT in 1958, about one third was already privately owned and not included in the lease agreement. There are still at least three p rivate islands, including Bell Island and Halls Pond Cay,w hich is owned by Viktor Kozeny, a national of the Czech Republic, who is wanted in the United States to face corruption charges. Home The situation is not unique t o Exuma. In Andros West Side National Park, about 40,000 acres of prime real e state is owned by the Bethell family, of the late C WF Bethell. The property, k nown as the Flamingo or Turner Islands, is home to a commercial bone fishing c amp. W ith the government failing to exercise its right to compulsory acquisition ofp rivate land in the formation of protected areas, the BNT has to juggle competing intere sts. I n the case of Bell Island, t he BNT says the development is not commercial and there will be limited and short-term disturbance of the seabed for the provision ofn avigable access to the owne rs inland yacht basin and s ervice dock. If properly executed, using best management practices, dredging imposes a tolerable and temporary impacto n the marine environment. In order to travel from island to island, boaters need safe h arbours and navigable chan nels. As a nation we must learn how to dredge withouti t becoming an incendiary i ssue every time the word is mentioned, stated the BNT. The owners original plan for Bell Island would have involved the dredging of more than 43,000 cubic yardso f spoil. As a result of the BNTs efforts, the projectsi mpact has now been further reduced so that less than 13,000 cubic yards will now be dredged, stated the BNT. P rime Minister Hubert I ngraham recently weighed in on the debate, insisting the public should not be conc erned. He said: First of all I am very happy indeed that theB ahamas was able to attract t he Aga Khan to take up residence in the Bahamas, it's a wonderful thing. It will help us to attract even more people of his ilk to the Bahamas. Secondly, I am satisfied that the dredging that is proposed can be done safely with minimal impact on thee nvironment and that the material dredging can be disposed of in the appropriate w ay. And I think that the noise in the market is really justt hat, noise. BNThas no interest in militant campaign against developments MINIMALIMPACT: H ubert Ingraham


C M Y K C M Y K T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By CONSTABLE 3011 MAKELLE PINDER 919 is a nationally recognised, easy to remember, nocost method of contacting the p olice, fire and emergency medical service agencies. Since919 is for emergencies, its common to wonder if making the call is the right thing to do. Emergencies are any situation where the police, fire fighters or medical help is needed. I f you are unsure, call 919 and a call taker will talk you through your situation and get the appropriate help. Calling 911 is stressful but call-takers are trained to help you. Knowing what to expect can make calling go smoothly and get you any needed help. When Calling 919 1. REMAIN CALM Speak slowly and clearly. 2. EXPLAIN WHY YOU ARE CALLING Explain what you are reporting. Describe if the situa tion is still happening or not. 919 operators will ask questions about the Who, What, Where, When, Why & How of the incident. 3. GIVE THE ADDRESS Give the exact location/address of the situation. Include street or House or apartment numbers, and any information that will help emergency responders find the correct location. 4. GIVE YOUR NAME AND YOUR CURRENT LOCATION While not required, giving your name helps with any investigations that occur. 5. GIVE THE TELEPHONE NUMBER FROM WHERE YOU ARE CALLING Provide this information in case more information is later needed. 6. STAY ON THE LINE. DO NOT HANG UP Do not hang up until the 919 operator releases your call. Provide all the information you have. Situations change constantly and updated information may be needed. Emergency Calls: -Crimes in progress -Offender at the scene of the crime -Witnesses at the scene of the crime -Any incident involving injuries TIPS Remain CALM! Explain your situation. Answer all questions and follow directions as instructed. Should you be a victim of crime, please do not resist but take note of the description of the culprit e.g. his appearance, clothing, height, physical details and the direction or mode of escape. Call the police as soon as it is safe to do so. If you come across any suspicious person(s around your business or have any information pertaining to any crime, please do not hesitate to contact call the police emergency at or Crime Stoppers at 328-tips (New Providence), 1-300-8476 (Family Islands) Royal Bahamas Police Force National Crime Prevention Office Calling 919 Emergency


By SIR RONALD SANDERS (The writer is a Consultant and former Caribbean diplomat) PROBLEMS have emerged in the Bahamas over the number of Chinese workers on a project funded in part by the ExportImport (Ex-Im Peoples Republic of China. The original number of Chinese workers appears extraordinarily high 8,150 even though there is an undertaking from the owners of the project that the peak number of foreign workers, at any given time, will not exceed 5,000 non Bahamians. Rightly, Bahamas Prime Minister, Hubert Ingraham, has raised concerns about the large number of Chinese workers. His concerns are particularly relevant against the background that, according to the International Monetary Fund tourist arrivals declined by 10 per cent and foreign direct investment fell by over 30 per cent, leading to a sharp contraction in domestic activity and a large rise in unemployment in the Bahamas in 2009. Construction is a critical engine of growth in any economy, but especially so in small economies where payments to local workers and suppliers keep money in circulation over a wide area including supermarkets, transport providers, clothing and footwear stores, real estate rentals and banks. If 8,150 Bahamians or close to it as possible could be employed in this project, it would definitely be a fillip to the Bahamian economy and help to expand domestic activity and create jobs directly and indirectly. The issue troubled Ingraham enough for him to travel to China to raise the matter with the Chinese government and return to the Bahamas with the news that he had succeeded in securing $200 million dollars more for construction workers and for Bahamian sub-contractors, raising the total that would be allocated to them to $400 million. How this translates into jobs for Bahamians and a reduction in the number of Chinese workers is unclear, but note should be taken that, not surprisingly, the opposition Progressive Labour Party (PLP terised Ingrahams journey to China as a failure. To be fair, it should also be pointed out that it was the PLP that introduced this project, known as Baha Mar, when it served as the government. Baha Mar, projected to cost $2.5 billion, is a very large tourist project. On completion it is expected to rival the Bahamas biggest tourist plant, Atlantis, which was developed by Kerzner International. The operators behind Baha Mar include Sarkis Izmirlian, its Chief Executive Officer, whose published profile says he currently manages most of the Izmirlian family businesses from offices in The Bahamas. These businesses include commodities trading and processing, manufacturing, real estate, and public market investments. Mr. Izmirlian is said to have overseen the negotiations with the Government of The Bahamas and the acquisition of the Baha Mar project site. Like every commercial business, Baha Mar puts its profitability first, and, clearly, in seeking financing from Ex-Im Bank of China, the company apparently accepted that the work force, in effect, would be 71 per cent Chinese and 29 per cent Bahamian a bitter pill for Bahamians to swallow in the best of economic times and certainly indigestible in the present economic climate. No one in the Bahamas or elsewhere doubts the contribution that Baha Mar will make to the Bahamas economy in the short and long term, but the conditions of the Chinese loan rankles on the requirement for such a large number of Chinese workers. After all, this is not aid. It is not even emergency or disaster aid when a high component of Chinese material and people would be acceptable. It is purely and simply a commercial contract, lending money that will have to be repaid. The only reason one can surmise for the insistence on such a large number of Chinese workers, vastly outnumbering Bahamian ones, is that the Chinese will work for less and trade union conditions, and rights, would not apply in their case thus reducing the cost of the project. This commentary is less concerned about the local politics of the Bahamas that are involved in this issue; more qualified people can comment on them. It is more concerned with the present and future relations between Caribbean Community (CARICOM na. The experience of African countries, notably Angolar ecently, in relation to Chinas use of an overwhelming number of Chinese workers, shows a strain in their relations with China. In 2006, the former Presi dent of South Africa Thabo Mbeki famously remarked: Africa must guard against falling into a "colonial relationship"w ith China. I have long argued that CARICOM countries should negotiate with China at least a long-term framework treaty that covers aid, trade and investment. It should be a treaty along the lines of the Lom and Cotonou Agreements that existed with the European Union. As in all their bargaining with third countries, the CARICOM states would secure better terms if they negotiated with China as a collective than if each of them tried to bargain alone. And, if they succeeded in set tling a treaty with China, issues such as the paramountcy of local labour in commercial projects and in loan-funded projects could be settled upfront, as would issues such as the supremacy of labour laws and respect for human rights in the countries where such projects are undertaken. To negotiate such a Treaty with China, however, CARICOM countries have to do one of two things: those who now recognise Taiwan over China will have to drop that stance so that there is a united CARICOM recognition of China only; or those that recognise China should proceed to negotiate the Treaty with China leaving the others to join when they can. There is a small window of opportunity left to negotiate a meaningful treaty with China. As China grows more powerful economically crowding out CARICOMs traditional aid donors and investment partners, it will become very difficult for small Caribbean countries to bargain for the best terms even on commercial projects. Beggar thy neighbour poli cies will get CARICOM countries nowhere in the long term and the time is right for all CARICOM countries to strengthen their relations with China on the basis of a structured and predictable treaty. My friend and fellow writer, Anthony Hall, wrote recently that Hubert Ingrahams challenge to China on the issue of the 8,150 Chinese workers is precedent setting... and it behoves all leaders in our region to support, and be prepared to emulate, the stand hes taking: for together we stand, divided we fall. China has itself faced the challenges of division; it might just might respect Caribbean unity. Responses and previous commentaries at: C M Y K C M Y K LOCAL NEWS PAGE 12, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Chinese take away? WORLDVIEW


T ALENTED 11-year-old T yja Braynen, a Bahamian student at Saints Peter and Paul School in Miami, has been selected to represent her school and the state of Florida a t the junior national young l eaders conference (JrNYLC in the spring of 2011 in Washington, DC. Tyja was nominated by her teacher Vicky Alvarez for being an outstanding individual, displaying academic excellence and strong leaders hip potential. This disting uished honour will afford the s eventh grader the opportunity to become a junior national scholar and join a select group of middle school students from throughout the United States on a tour of hist orical sites and museums in t he American capitol, and m eet with some of the countrys congressional leaders. Past participants of the JrNYCLC have had the privilege of being addressed by world leaders such as former U S Vice President and Noble P eace Prize Winner Al Gore; r etired General Colin Powell, former Secretary of State and founder of Americas Promise Alliance, and Newt Gingrich, former Speaker of the US House of Representatives. T he junior national young l eaders conference is dedicate d to honouring the most promising sixth and seventh grade students and preparing them for the world of leadership and opportunities which lie ahead of them. In addition to her trip to W ashington, DC, Tyja received a certificate signed by President Barack Obama and the United States Secretary for Education, Arne Duncan, in recognition of her outstanding academic achievement. C M Y K C M Y K LOCAL NEWS PAGE 16, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM -RE 9DFDQF\ $ Q HVWDEOLVKHG1DVVDXEDVHGFRPSDQ\VHHNV WRWKHSRVLWLRQRI $VVLVWDQW$GPLQLVWUDWRU LQWKH3URFXUHPHQWDQG$VVHW0DQDJHPHQW / RJLVWLFV'HSW $OODSSOLFDQWV0867SRVVHVV WKHIROORZLQJ &ROOHJHGHJUHHLQ%XVLQHVV ,7NQRZOHGJH 7KH DELOLW\WROHDUQTXLFNO\ ([FHOOHQWFRPPXQLFDWLRQDQGWHDPZRUN V NLOOV 2 QO\FRPPLWWHGKDUGZRUNLQJDQGVHOI \ J P RWLYDWHGSHUVRQVQHHGDSSO\ S SSO\ 5 HVXPHVVKRXOGEHVXEPLWWHGWR M REYDFDQF\EV#KRWPDLOFRP $ OOUHVXPHVPXVWEHUHFHLYHGE\ 'HFHPEHU VW Bahamian student to represent her school in Washington, DC T yja Braynen 11-year-old receives certificate signed by President Obama


C M Y K C M Y K INTERNATIONAL NEWS PAGE 20, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM We W e , ve Got v e G o t What You Need W h a t Y o u N e e d Junkanoo Rods J u nk a no o R o ds Junkanoo Tubes J u n k a n o o T ub es (Available in all sizes) ( A v a i la b le i n a l l s ize s ) Paint for Costumes Pai nt f o r C o s t um e s & So Much More! 188 Wulff Road 1 88 W ul f f Roa d Phone: 323-3973 or 325-3976 Pho ne: 32 3 39 7 3 or 3 25-3 976 Open Mon-Fri 7:00am-4:00pm O pen Mon -F r i 7 :00 am-4:0 0pm Saturdays 7:00am-3:00pm Sat ur d ays 7:0 0 a m-3:00pm w ww .builder sma llbaha ma s. com 2 0 1 0 C r e a t i v e E d g e 2 0 1 0 C r e a t i v e E d g e follow us f o l l o w u s A DAM GELLER, A P National Writer How did an agency created to protect the public become t he target of so much public scorn? After nine years of funneling travelers into ever longer l ines with orders to have shoes o ff, sippy cups empty and laptops out for inspection, the most surprising thing about increasingly heated frustration w ith the federal Transportation Security Administration may be that it took so long to boil over. E ven Secretary of State Hillary Rodham Clinton, who is not subjected to security patdowns when she travels, unders tands the public's irritation. She, for one, wouldn't want to go through such scrutiny. "Not if I could avoid it. No. I mean, who would?" Clintont old CBS' "Face the Nation" in an interview broadcast Sunday. The agency, a marvel of nearly instant government when it was launched in the fearful months following the9 /11 terror attacks, started out with a strong measure of publicg oodwill. Americans wanted the assurance of safety when t hey boarded planes and entrusted the government with the responsibility. But in episode after episode since then, the TSA has demon s trated a knack for ignoring the basics of customer relations,w hile struggling with what experts say is an all but imposs ible task. It must stand as the last line against unknown terror, yet somehow do so without treating everyone from frequent business travelers to the f amily heading home to visit grandma as a potential terrorist. T he TSA "is not a flier-cen tered system. It's a terroristc entered system and the travelers get caught in it," said Paul Light, a professor of public service at New York University who has tracked the agency's e ffectiveness since its creation. That built-in conflict is at the h eart of a growing backlash against the TSA for ordering travelers to step before a fullb ody scanner that sees through their clothing, undergo a potentially invasive pat-down or not fly at all. "After 9/11 people were scared and when people are scared they'll do anything for someone who will maket hem less scared," said Bruce S chneier, a Minneapolis security technology expert who has long been critical of the TSA. "But ... this is particularly invas ive. It's strip-searching. It's body groping. As abhorrent goes, this pegs it." A traveler in San Diego, J ohn Tyner, has become an I nternet hero after resisting both the scan and the pat-down, telling a TSA screener: "If you touch my junk, I'm gonna have y ou arrested." That has helped ignite a campaign urging people t o refuse such searches on Nov. 24, which immediately precedes T hanksgiving and is one of the year's busiest travel days. The outcry, though, "is symptomatic of a bigger issue," said Geoff Freeman, executive vice p resident of the U.S. Travel Association, an industry groupt hat says it has received nearly 1,000 calls and e-mails from c onsumers about the new policy in the last week. "It's almost as if it's a tipping point," Freeman said. "What we've heard from travelers time and again is that there must be a better way." Indeed, TSA has a history of stirring public irritation. There was the time in 2004 when Sen. Ted Kennedy complained after being stopped five times while trying to board planes becausea name similar to his appeared o n the agency's no-fly list. And the time in 2006 when a Maine woman went public with her tale of being ordered by a TSA a gent to dump the gel packs she was using to cool bags of breast milk. And the time in 2007, when a Washington, D.C.,w oman charged that another T SA agent threatened to have her arrested for spilling water out of her child's sippy cup. TSA denied the last, releasi ng security camera footage to try and prove its point. But that d id little to offset the agency's longtime struggle to explain i tself and win traveler cooperation. It wasn't supposed to be this way. After Congress approved creation of the agency in late 2001, the TSA g rew quickly from just 13 employees in January 2002 to6 5,000 a year later. In the first year, agency workers confisc ated more than 4.8 million firearms, knives and other prohibited items, according to a report by the U.S. Government Accountability Office. Fliers anger at TSAboils over ( AP Photo/ The Denver Post, Craig F. Walker, File) PAT-DOWN: In this Nov. 17, 2010 photo, a Transportation Security Administration agent performs an enhanced pat-down on a traveler at a security area at Denver International Airport in Denver. The TSA has demonstrated a knack for ignoring the basics of customer relations, while struggling with what experts say is an all but impossible task. It must stand as the last line against unknown terror, yet somehow do so without treating everyone from frequent business travelers to the family heading home to visit grandma as a potential terrorist.


C M Y K C M Y K SECTIONB MONDAY, NOVEMBER 22, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.36 $4.42 $4.26 PICTURED FROM LEFT TO RIGHT: Archbishop Patrick C. Pinder; T. Rhys Duggan Presid ent & CEO The N ew Providence Development Company Limited (NPDCo Ginns President & CEO SMG Construction; Gavin F. Watchorn President AML Foods Limited. By NEIL HARTNELL Tribune Business Editor New Providence Development Company has broken ground on the $18 million first phase construction of its Old Fort Bay Town Centre, a project that will generate 200 construction sector jobs and act as the anchor for the fully-Masterplanned development of its remaining 2,200acre landholdings in the western end of the island. T. Rhys Duggan, New Providence Development 200 construction jobs in $18m Town Centre Phs 1 n New Providence Development receives Letters of Intent for 75% of 15,000 sq ft Phase I retail space, accompanying 37,000 Solomons Fresh Market store n Ground broken for Old Fort Bay Town Centre, which will act as new commercial centre for west of island and also as anchor for developers remaining 2,200-acre real estate inventory n Full project to cost $25m, and developer aims for unprecedented shopping experience that will help turn western New Providence into more than bedroom community n Targeting first phase completion in 10-11 months S EE page 6B By NEIL HARTNELL T ribune Business Editor E nergy costs incurred by its new Solomons Fresh Market s tore are expected to be at least 2 5 per cent below those at AML Foods existing outlets, the groups chief executive telling Tribune Business that t he concept would be a leap into the 21st century and not o nly shine in the Bahamas, but the Caribbean. G avin Watchorn, who is also president of the BISX-listed food retailing group, said supAML FOODS EYES 25% NEW STORE ENERGY COST FALL BISX-listed food group says S olomons Fresh Market to be leap i nto 21st century and not only shine in the Bahamas, but Caribbean Some $2.7m already set aside to fund $4.5m pre-opening costs, with $130,000 in monthly cash flow also dedicated to project Some 2,200 developed and undeveloped apartments /lots in immediate vicinity, says chief executive S EE page 8B By ALISON LOWE Business Reporter T he Bahamas chief negotiator for World Trade Organisa t ion (WTO outlined how he will seek to r educe the pain associated with the multitude of changes this nations business climate will be forced to undergo, describing strategies he has to p rotect Bahamian industries, but warning that some willi nevitably die a slow death SOME BAHAMIAN INDUSTRIES WILL DIE SLOW DEATH Chief negotiator sounds wake-up call for Bahamas over WTO membership implications SEE page 9B By NEIL HARTNELL Tribune Business Editor Most Bahamians fail to understand that the high level of government services they desire depends on them pay ing their due taxes, a former Tax avoidance a national pastime Ex-finance minister says fundamental disconnect, asB ahamians want big g overnment but dont want t o pay for it Bahamas ranked 50th in w orld for ease of paying taxes SEE page 5B By ALISON LOWE Business Reporter Forecasting more business closures and a worsening predicament for previously laid-off workers, the Bahamas Chamber chief in recovery plan call Says Chamber survey s howed most firms have s uffered 20-30% top-line f alls Adds that local impact of $ 100m government roads p roject may only be $30m SEE page 4B


C M Y K C M Y K BUSINESS PAGE 2B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By ROYALFIDELITY CAPITAL MARKETS It was an active week of trading in the Bahamian stock market. Investors traded in four out of the 24 listed securities with four decliners. EQUITY MARKET A total of 107,017 shares changed hands, representing an increase of 98,067 shares compared to the previous week's trading volume of 8,950 shares. Commonwealth Bank (CBL in the week, trading a volume of 86,660 shares to see its stock close up $0.35 at $6.85. FirstCaribbean International (FCIB decliner last week, trading a volume of 2,250 shares to see its stock fall $0.35, closing at $9.39. BOND MARKET Fidelity Bank Bahamas Series C Notes (FBBSC e d a volume of $2,000 notes at p ar value. COMPANY NEWS Earnings Releases: There were no earnings report released last week. RoyalFidelity Market Wrap E QUITY MARKET TRADING STATISTICS Week ending 19.11.10 BISX CLOSINGWKLYPRICE VOLUMEYTD PRICE SYMBOL PRICE CHANGECHANGE AML$ 1.01$-0-13.68% BBL$ 0.18$-0-71.43% BOB$ 4.90$-0-16.95% BPF$ 10.63$-0-1.02% BSL$ 5.01$-0-50.20% BWL$ 2.70-$0.144,000-14.29% CAB$ 10.46$-04.81% CBL$ 6.85$0.3586,370-2.14% CHL$ 2.40$-10,095-11.76% CIB$ 9.74-$0.353,250-2.50% CWCB $1.87-$0.010-34.39% DHS$ 1.60$-0-37.25% FAM$ 6.07$-0-6.47% FBB$ 2.17$-0-8.44% FCL$ 5.46$-1,25014.47% FCLB$ 1.00$-00.00% FIN$ 7.26$-0-21.44% ICD$ 5.59$-00.00% JSJ$ 9.82-$0.101,750-0.30% PRE$ 10.00$-00.00% BOND MARKET TRADING STATISTICS BISXDESCRIPTION VOLUMEPARVALUE SYMBOL FBB13FBB Series C2$1,000 Notes Due 2013 FBB15FBB Series D0$1,000 Notes Due 2015 FBB17FBB Series A0$1,000 Notes Due 2017 FBB22FBB Series B0$1,000 Notes Due 2022 INTERNATIONAL MARKETS FOREX Rates Weekly %Change Currency CAD1.01802.70 GBP1.5990-0.94 EUR1.3678-0.14 Commodities Weekly %Change Commodity Crude Oil81.99-4.68 Gold1,342.50-3.31 International Stock Market Indexes IndexWeekly% Change DJIA11,203.500.10 S&P 5001,199.730.04 NASDAQ 2,518.120.00 Nikkei10,022.403.06 Share your news The T r ibune wants to hear f rom people who are making news in their neighbour hoods. Per haps you are raising funds for a g ood cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.


By NEIL HARTNELL Tribune Business Editor AML Foods is confident that it will enjoy a good Christmas, the key sales period in the calendar of most retailers, its top man telling Tribune Business that over the last two to three months it has reversed a sales decline that began in its 2009-2010 third quarter. Gavin Watchorn, the BISX-listed food retail groups president and chief executive, told Tribune Business that the company now had between 80-90 per cent of its Christmas inventory in the Bahamas, and was also on track to complete the addition of 5,000 square feet of s hopping space at its Solomons SuperCentre outlet i n Freeport. Weve had a pretty satisf actory last two to three months, Mr Watchorn told Tribune Business. Our sales decline, which we had from about the third quarter of last y ear, has been reversed. Were now just knuckling down, getting ready for Christmas. Most of ours is here. Some 80-90 per cent of Christmas stock is on the island. Christmas seems to be getting earlier and earlier every year. Were confident we will have a good Christ mas experience. As for Solomons SuperCentre in Freeport, Mr Watchorn added: Solomons Freeport is moving on schedule, and were close to finalising and finishing that. We were adding about 5,000 square feet of increased shopping space, floor area. When asked whether this would be completed in time for Christmas, Mr Watchorn replied: Most definitely. M eanwhile, the AML F oods chief said the compan ys latest store, Solomons Fresh Market, would employ between 65-75 staff once it was open, which he anticipated being some time in the 2011 third quarter. Weve already recruited, he said of that stores workforce. We have a number of people already put into the system now, so we could start bedding them into our system and culture. Overall, we will have 65-75 employees in total there, and from here on we will be adding as we go along. We have a manager in mind that were speaking to, and I think you will see heavy recruiting three months before we open to get the staff trained. It will be a mix of old and new staff. When asked when Solomons Fresh Market, the anchor tenant for New Providence Development Compa nys Old Fort Bay Town Centre, was set to open, Mr Watchorn told Tribune Busi ness: I think the third quarter of next year is a very realistic target. C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM &RPIRUWDEOHRRPVDW&RPIRUWDEOHDWHV5HVWDXUDXQWDQG%DURROHFUHDWLRQRRPHHWLQJRRP$OEDQV'ULYH AML Foods reverses its top line fall Retailer confident of good Christmas, and expecting to employ 65-75 at new store scheduled to open in 2011 Q3 GAVINWATCHORN


Chamber of Commerces president said his greatest fear is that this nation lacks a clear and decisive recovery plan. Khaalis Rolle, also chief marketing officer for Bahamas Ferries, charged on Friday that while many of the larger companies in the Bahamas were able to stave off closures and major lay-offs during the earlier part of the recession by restructuring their debt, and going to their shareholders for extra capital, we are seeing the impact of this ability vanishing. Closure, rightsizing, people consolidatingIts a likely strategy youll see taking place, and when you dont have any viable options the next step is closure, said Mr Rolle. He added that a quick survey the Chamber undertook recently revealed many businesses have seen 20 to 30 per cent of their top-line gross sales revenue vanish. Thats the brink of failure. If you dont have access to cash to ride this storm youre in some serious issues, he said. Meanwhile, Mr Rolle predicted that for individuals laid-off during the initial part of the recession, things may be about to get much worse for them and, consequently, for anyone to whom they may have a financial responsibility over the next six to 12 months. When the crisis initially hit and we went through the layoff period, most of the people laid off had a package that went with them that allowed them money to ride through that period. I think we are coming to the end of that period, and that money that they had, which allowed them to pay the bare minimum of their necessities food, light, water I think were coming t o the end of that. So that is s omething that needs to be c onsidered when we factor in what the likely impact is going to be over the next six to 12 months, said Mr Rolle. He was speaking at the Bahamas Institute of Chartered Accountants (BICA Accountants Week seminar on Friday, as part of a panel discussion on Economic Opportunities in the Bahamas, along with K. Peter Turnquest, president of the Grand Bahama Chamber of Commerce. Mr Rolle described current business conditions in the Bahamas as tenuous at best, with many companies just beginning to understand that this (recession extremely serious thing. He said that while there has been a lot of talk about the impact of the recession in the Bahamas, he is concerned not enough emphasis has been placed on the development of a recovery plan. Its critical. The recovery e ffort has to be driven by a clear and decisive public sector intervention domestically, said Mr Rolle, adding that he feels the public sector has been lagging behind in the stablisation process. Suggesting that the policy intervention strategy by the Government outside of the capital works project is not clear, Mr Rolle charged that even the economic impact of these initiatives is questionable. The projects are quality of life projects. You upgrade the roads so your car wont be damaged and you get home quicker they are long range and dont provide the immediate benefits to the overall economy, he added. Domestic spending is limited in those projects to about 30 per cent of the total value of those projects, so youve got an $100 million project and only $30 million of that remains here. And I still question whether or not that number is completely valid, said Mr Rolle. The Chamber president suggested a direct private sector stimulus program as an initiative on the part of the Government that could still be implemented and help aid recovery. Those businesses that are on the brink, lets go in and see what the exposure is, and see how best we can assist them. How best can we reduce the cost of doing businesses for them. Thats one of things we need to consider, he added. Many businesses are on the brink of failure. They are asking How do I remain viable and keep my doors open? and thats a challenge. If we dont emerge from this process very quickly and stabilise we will have a crisis that will last for a long time. The Chamber President also identified agriculture, alternative energy and outsourcing of technical assistance that will be required as the Bahamas transitions to the more liberal trading regime associated with accession to the World Trade Organisation and implementation of the Economic Partnership Agreement as areas where potential business opportunities lie going for ward. C M Y K C M Y K BUSINESS PAGE 4B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Chamber chief in recovery plan call F ROM page 1B KHAALIS ROLLE


C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 38%/,&+263,7$/6$87+25,7< $'9(57,6(0(17 $&$1&<)25 $0%8/$1&('5,9(5(:,'(1&(f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minister of state for finance telling Tribune Business that tax evasion and avoidance had become a national pastime. James Smith, who headed the Ministry of Finance during the 2002-2007 Christie administration, highlighted the fundamental disconnect afflicting many Bahamians the fact that they wanted big government and a high level of public sector service provision, yet did not want to pay for it. In the Bahamas, we have a history of avoiding taxes. Weve learned to do that quite well, and even the authorities who ought to be f ollowing up do so in lacka daisical fashion, the former f inance minister told Tribune Business. We dont understand the full nexus between this and the Governments ability to provides services such as health, education and welfare. The only way to do that is through the proper paymentof due taxes, and I dont see the connection. We want the services but dont accept we have to pay for these things, so our pastime is finding ways and means to avoid the tax guys. Mr Smith was speaking after a joint World bank/PricewaterhouseCoop ers (PwC Bahamas 50th out of 183 nations in the world when it came to the ease of business es paying their taxes, placing this nation some 12 spots above the US. Indeed, the Bahamas was ranked as the fifth-best nation in the world when it came to the time Bahamian companies spent complying with due taxes, finding that on average they spent just 58 hours per year preparing, filing and paying three types of taxes cor porate income tax, VAT or sales taxes, and labour (payroll) taxes. Of course, as Mr Smith pointed out, the Bahamas high ranking in this category and the general survey is due to the fact it has no income, capital, corporation, VAT or sales taxes, meaning that the only area it is rated is on payroll taxes such as NIB, or Business Licence fees. The World Bank/PwC survey also ranked the Bahamas 60th out of 183 when it came to tax payments, finding that Bahamian companies on average had to make some 18 separate tax payments during the course of the year. The category the Bahamas fared worst in was on the Total Tax Rate, which measured the amount of taxes and mandatory contributions born by a company in its second year of operation as a per centage of commercial profits, ranking the Bahamas 121st out of 183. Mr Smith, though, told Tribune Business that the World Bank/PwC survey did not measure our efficiency of tax collection, and did not account for the fact that the Bahamas collected the bulk of its revenues at the border through import/Excise duties. Pointing out that Business Licence fees were the closest thing the Bahamas had to a corporate income tax system, Mr Smith said this nation relied largely on an inefficient system of indirect taxes, and direct taxes such as income tax or sales tax would require different skills from the private sector, as they would involve the filling out of much paperwork. We might be better off with a lower ranking if we had a more efficient system of direct taxation like a sales tax, Mr Smith told Tribune Business. What were seeing now with the depletion of government revenues is that our tax base is not quite resistant enough because of its dependency on external forces. It taxes very little activity generated locally, and taxes instead the consumption of imports and tourists. It shows up in very poor revenue coll ections. M ore direct taxation, he argued, could generate extra revenue buoyancy through targeting Bahamas-based activity and by expanding the tax base to include the lightlyburdened services sector. We really need to revisit our system, not only from the point of view of improved col lection, but also attacking the deficit and debt, Mr Smith said. We simply need to get more taxes out of the systemw ithout disrupting it too much. Tax avoidance a national pastime FROM page 1B JAMES SMITH


Companys chief executive, told Tribune Business that apart from AML Foods 37,000 square foot Solomons Fresh Market store, which will act as the first phase anchor, the developer had received Letters of Intent (LOI about 75 per cent of the other 15,000 square feet of retail space that will be constructed at this time. Telling this newspaper that the four-phase development of the Town Centre would involve a total investment of $25 million, Mr Duggan explained that it was designed to provide an unprecedented shopping experience that would attract residents not just from western New Providence, but across the island. He added that the Town Centre, located on Windsor Field Road just opposite the Charlotteville subdivision, would provide retail amenities to match the quality of upcoming real estate developments in western New Providence, and be a key component in making the area more than just a bedroom community. I think it does a couple of things, Mr Duggan said of the Old Fort Bay Town Centre, adding that he was targeting first phase completion in about 10-11 months. It provides an unprecedented shopping experience for residents not only in thew est but, we hope, a larger percentage of the island. It is, first and foremost, taking an antiquated shopping centre at Lyford Cay and replacing it with something state-of-theart. Its not a cheap proposit ion. Its a big investment for us and AML. Thats why we need to make sure we get it right. Mr Duggan said environmental and eco-friendly concerns weighed heavily in the design and construction process, and the development signals a shift of the centre of commerce in western New Providence from its traditional base at Lyford Cay to a location at Old Fort Bay. He added that the Town Centre, when constructed, would also be situated at the top of the balance of our real estate holdings, some 2,200 acres. It becomes an anchor for that acreage, and will become an anchor for the building out of that acreage. New Providence Development Company was investing $1 million in associated infrastructure improvements, including a roundabout that would serve both the Town Centre and Charlotteville entrances, plus roads. Mr Duggan told Tribune Busi ness that this planned spend had already attracted a devel oper interested in the land immediately to the Town Centres south, adding: It just opens up all these lands. C M Y K C M Y K BUSINESS PAGE 6B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 38%/,&+263,7$/6$87+25,7< $'9(57,6(0(17 $&$1&<)25 $0%8/$1&('5,9(5$%$&2f 7KH3XEOLF+RVSLWDOV$XWKRULW\LQYLWHVVXLWDEO\TXDOLHGLQGLYLGXDOV IRUWKHSRVW$PEXODQFH'ULYHU$EDFR6WDWLRQ3XEOLF+RVSLWDOV $XWKRULW\ $SSOLFDQWVPXVWSRVVHVVWKHIROORZLQJTXDOLFDWLRQV &OHDQROLFHHFRUG $ YDOLG'ULYHUV/LFHQVHDQGDPLQLPXPRI GULYLQJH[SHULHQFH 0XVWKDYHH[FHOOHQWLQWHUSHUVRQDOFRPPXQLFDWLRQVNLOOV -2%$5< 5HVSRQVLEOHIRUWUDQVSRUWLQJSDWLHQWVDQGVWDIZKRUHTXLUH HPHUJHQF\PHGLFDODVVLVWDQFH6HFXUHVVFHQHDQGPDLQWDLQV VDIHW\$ELOLW\WRRSHUDWH7HPHUJHQF\YHKLFOHV '87,(6,1&/8'('%87/,0,7(' HVSRQGVLPPHGLDWHO\WRHPHUJHQF\FDOOV HFXUHVWKHVFHQHRIDQHPHUJHQF\VLWXDWLRQDQGPDLQWDLQV VDIHW\ $VVLVWVLQWKHDGPLQLVWUDWLRQRI)LUVW$LGDVGLUHFWHGWKHWHDP OHDGHU $VVLVWV7HDP/HDGHULQWUDQVSRUWLQJSDWLHQW SHUDWHVWKHYHKLFOHVDIHO\DQGHIFLHQWO\ DLQWDLQFRPPXQLFDWLRQEHWZHHQWKHVFHQH'LVSDWFKHUDQG $FFLGHQWDQG(PHUJHQF\'HSDUWPHQWLQFRPSOLDQFHZLWK(PHUJHQF\ HGLFDOHUYLFHV'ULYLQJURWRFROV /HWWHURIDSSOLFDWLRQDQGFXUULFXODYLWDHVKRXOGEHVXEPLWWHGWKURXJK \RXU+HDGRIGHSDUWPHQWWRWKH'LUHFWRURI+XPDQ5HVRXUFHV &RUSRUDWH3XEOLF+RVSLWDOV$XWKRULW\UG7HUUDFH: &HQWUHYLOOHRU3%R[1DVVDX%DKDPDVQRODWHUWKDQ WK 1RYHPEHU 200 construction jobs in $18 million Town Centre Phs 1 F ROM page 1B A RENDERING of the Solomons Fresh Market. SEE page 7B


Weve phased it, the New Providence Development Company chief executive added of the Town Centre. Most of our energies have been directed to the Solomons Fresh Market store, making sure were designing that as efficiently as we can. We have a number of Letters of Intent with other retail tenants. Weve got Letters of Intent on about 75 per cent of first phase retail space, which is 15,000 square feet. We see the demand for office space out west becoming very strong, too. Mr Duggan said New Providence Development Compa-ny had not gone to market yet on the 15,000 square feet of office space also included in the Old Fort Bays first phase, although this would happen shortly. Were going to do four main phases, he added. The first phase is going to kick-off with the Fresh Market and 15,000 square feet of retail and 15,000 square feet of office space. The second phase will be demand driven, and which we expect to roll into very shortly, another 15,000 square feet of retail and 15,000 square feet of office space. Then we will go into our second anchor, which will be at the eastern end of the site. We see that as beinga general merchandise store. A cknowledging that the market is still fairly green and growing in western New Providence, hence the controlled phasing of the Old Fort Bay Town Centres development, Mr Duggans aid the developers were targ eting several consumer mar kets. We see the existing shopper, who shops at the LyfordCay stores, and we see the shopper that used to shop at the Lyford Cay Centre and has been frustrated with the deteriorating quality of that centre. So we hope to recapture that customer, Mr Duggan told Tribune Business. We have the new growth from housing developments such as Serenity, Lyford Hills, Old Fort Bay, Albany and Charlotteville. With what Gavin [Watchorn, AML Foods president and chief executive] and his team have designed for their store, we see a customer wanting a quality shopping experience they cant get elsewhere on the island, and will want to drive to get there. Mr Duggan said he expected the Old Fort Bay Town Centre would contain about 20 retail outlets once the four phases were fully completed, and about six retailers at New Providence Development Companys existing Lyford Cay Shopping Centre had already agreed to move to the new development. The Solomons Fresh Market store will cost the developer some $5 million alone to construct, but Mr Duggan said New Providence Development Companys 50-year history, with extensive investments and being the largest private landholder on the island, meant it could take a long-term development view. Asked why the company was taking such a project on in the midst of a deep recession, Mr Duggan told Tribune Business: If you look at the history of New Providence Development Company, itsa company over 50 years-old in the Bahamas, and that enables us to take a longer term view than newer developers, who want to be in and out. This is an anchor for 2,200 acres, so we can take a longterm view. For the west tob uild out, we need to have l ong-term amenities. That build-out was already happening, Mr Duggan said, adding: If you drive through Old Fort Bay, you have 20 houses in development at an given time. That has been pretty consistent for the past four to five years, and has not slowed down. Albany is coming on big time, and also Charlotteville and Serenity. I dont want to overstate the importance of t his, but at the end of the day we are replacing a retail centre that already exists, and upon which deferred mainte nance has built up. Its retail keeping pace with the quality of roof topsb eing built out here, and gives r esidents another reason to live out west. It provides them with a reason to stay out here and spend their retail dollars out west. Mr Duggan said many resi dents in western New Provi-d ence went into Nassau as little as once per month, disliking the drive and commute especially the heavy traffic. This is what the Old Fort Bay Town Centre is designed to play to both the retail and office space and give western New Providence dwellers the ability to live and work their full-time, creating a strong sense of community and eliminating the Nassau commute. I think youll see the west become less of a bedroom community, Mr Duggan told Tribune Business. SMG Construction has been hired as the general contractor for the Old Fort BayT own Centres construction, a nd the firm will be hiring numerous sub-contractors to perform specialist tasks. Leasing inquiries for the new development should be directed to Sara Callender at 362-4177 or scallender@old-f C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM :$17(' 38%/,&+263,7$/6$87+25,7< $'9(57,6(0(17 $&$1&,(6 (0(5*(1&<(',&$/(&+1,&,$1(07f%$6,& 7KH3XEOLF+RVSLWDOV$XWKRULW\LQYLWHVVXLWDEO\TXDOLHGLQGLYLGXDOV IRUWKHSRVW(PHUJHQF\0HGLFDO7HFKQLFLDQ%DVLF1DWLRQDO (PHUJHQF\HGLFDOHUYLFHVXEOLF+RVSLWDOV$XWKRULW\ $SSOLFDQWVPXVWSRVVHVVWKHIROORZLQJTXDOLFDWLRQV $PLQLPXPRIWZRfVXEMHFWVDWWKH%*&(OHYHODW &HUWLFDWLRQDVDQ(PHUJHQF\HGLFDO7HFKQLFLDQ%DVLF ZLWKWKUHHf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bs in $18 million Town Centre Phs 1 A SITE PLAN of the centre. F ROM page 6B


pliers were jostling to be involved with the development of Solomons Fresh Market, which will act as the anchor retail tenant for New Provid ence Development Companys Old Fort Bay Town Centre, with one suppliers owner planning to visit the Bahamas personally to work on the format. AML Foods was still budgeting to invest $4-$4.5 million in covering pre-opening costs for Solomons Fresh Market, w hich Mr Watchorn estimated would open its doors to consumers in the 2010 third quarter. He added that there would certainly be minimal debt required for that, as AML Foods had already accumulated some $2.7 million on fixed d eposit to cover the Solomons Fresh Market investment. The BISX-listed retail group is setting aside a further $130,000 in cash flow per month to also finance the pre-opening costs. I think its got great potent ial for our company, and were very pleased to partner with New Providence Development Company on this, Mr W atchorn told Tribune Business. Were going to create a store that not only shines in the Bahamas, but the Caribbean. A number of people were g oing to work with, seeing the designs, expressed pleasure to be part of this concept because it was going to be special. One s uppliers owner is coming down to work on this, because he wants it to be part of his resume. Its good when you have suppliers jostling to bep art of a project. When AML Foods researched the consumer demographics and market reach for i ts new outlet, Mr Watchorn said it determined that there were about 2,200 lots and apartm ents both developed and undeveloped between Blake Road and Albany/the Lynden Pindling International Airport. The AML Foods chief execu tive added that once Solomons Fresh Market became established and successful, the group would look a t expanding the concept to other locations in the Bahamas possibly even the wider Caribbean. We have our eye on that l ong-term, but need to build this first, develop it and make it successful. With the planning that has gone into this, the prot otype can roll out very quickly to another location if we so choose. It opens new markets, revenue streams for us, Mr Watchorn told Tribune Busi-n ess. Once this beds down and becomes successful, it will, I think, serve as a prototype for stores of this nature. Our aim is to provide a store to the community that serves all the needs of the community out here. It will have a significant focus on healthierl iving, and fresh produce will be available to the consumer that is not necessarily here right now. S olomons Fresh Market will cover some 37,000 square feet in space, some 30,000 square feet of that being earmarked as s elling space for consumers. Mr Watchorn said AML F oods had been working with a California-based designer for 1 2 months on its Solomons Fresh Market design, anda dded: Every inch of this store is planned. The interior decor will fit in with both the Town C entre and general Bahamian themes, as well as having an environmentally friendly focus as well. I think its going to be somet hing that people will be very excited to see, and I frankly believe our store and the Town Centre will become a destinat ion shopping experience. I think were going to see a leap into the 21st century. Rhys Duggan, New Providence Development Compa-n ys chief executive, developer and landlord at the Town Centre, said the Solomons Fresh Market store would contain s ome 54 skylights, making it a much brighter and airy shopping experience. Mr Watchorn said all equipment employed by SolomonsF resh Market would be imported from the US and energy-rated, while the store would also collect and recycle rainwater. Weve put a lot of work and research into this, and pretty much everything that goes in there will be energy-rated, the AML Foods chief said. W hen asked by Tribune Business how much he expected this investment to reduce Solomons Fresh Markets e nergy costs, Mr Watchorn said that when initial projections were done, it expected the light bill to be between 30-40 per c ent lower than its existing outlets. However, recent cost rises h ad caused some adjustment to these projections, and AML F oods was now looking at a minimum 25 per cent reductioni n costs compared to existing stores. C M Y K C M Y K BUSINESS PAGE 8B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1. 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2. 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.003,5950.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.856.850.002,2090.4220.26016.23.80% 3.651.63Consolidated Water BDRs1.841.870.030.1110.04516.82.41% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6 .995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7. 11.408.77FirstCaribbean Bank9.749.39-0.353,2500.6450.35014.63.73%5 .513.75Focol (S)5.465.460.001,0000.3660.21014.93.85% 1.001.00Focol Class B Preference1. 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 1 0.509.82J. S. Johnson9.909.82-0.081,6500.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.002100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029THURSDAY, 18 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51225.11%6.79%1.490421 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56551.4954CFAL Money Market Fund1.56553.87%4.48%1.545071 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13671.0000FG Financial Preferred Income Fund1.13674.30%5.21% 1.09741.0000FG Financial Growth Fund1.09742.75%6.87% 1.13631.0000FG Financial Diversified Fund1.13634.18%5.78% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.74584.35%5.22% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6000-1.59%4.26% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.5037-4.96%-4.96% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund8.16435.79%9.42% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-10BISX Listed Mutual FundsNAV Date 31-Oct-10 31-Oct-10 30-Sep-10CFAL Securities Ltd. 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C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM through trade liberalisation. R esponding to a concerned industry stakeholder on Friday, Raymond Winder, Deloitte & T ouche (Bahamas partner, said he is hoping a twopronged approach will bear fruit for the Bahamas in the WTO accession negotiation process. This will see Bahamian negot iators seek to maintain protective tariffs on imports on goods that Bahamian manufacturers also produce and, where this does not work, to call for an extended adjustment period before elimination of those tari ffs. But he warned that the fact s ome light industries in The Bahamas do not generate a lot of jobs and, in some cases, have very few companies participating in them, could increase the challenge he will face as he negotiates with coun-t ries such as the US or Canada over why these Bahamian sectors should remain protected to the extent they are now from foreign competition. S peaking on the Bahamas proposed WTO membership at the Bahamas Institute of Chartered Accountants (BICA week-long seminar on Friday,M r Winder said: One of the c hallenges with light industry is that its not really an industry per se, because we dont have more than one, maybe two, companies involved in that i ndustry. For example, with B lanco Bleach. So when I sit at t he table to talk about that, it doesnt look like a scenario where we are a country talking about an industry. That looks like I am trying to give myf riend Pinder a good deal. N onetheless, Mr Winder described his plan of attack to protect certain Bahamian manufacturers, in particular, which seems to involve putting forw ard a position on behalf of t his nation that would allow s pace for it to concede tariff eliminations/reductions without moving substantially from where matters stand in practice at present. We are going to attempt to b ind our tariffs for light indust ry much higher than where they are now. In other words, for example, the rate on bleach is 40 per cent, so we are going to give them our binding rate at 6 0 per cent, Mr Winder said. And to the extent that we cant get what we want to get, our next level of commitment would be to stretch out for as long as we possibly can the transitional period as to whent hose reductions will happen. Mr Winder noted that most countries acceding to WTO membership had an average import tariff rate of between 9 t o 20 per cent, while the average tariff for the Bahamas is 33p er cent. He and a team from the Ministry of Finance have a lready begun meeting with industry representatives from sectors such as beverage manufacturing, packaging, publishing and furniture operations toa ppraise them of the accession process and seek their input ont he changes that will have to be made affecting their indust ries. Other meetings with key groups are planned. We have to go through a painful process of identifying where we are going to make c hanges to accomplish a lower average tariff. We all know that w ill have an impact on revenue, so government will have to do that in line with whatever changes they plan to make to where they get their revenue f rom, said Mr Winder. He added that there are 12 s ervice areas that the WTO has asked the Bahamas to debate, d iscuss and determine what kind of commitment and level of involvement we are going to allow for non-resident companies and individuals to partici pate in our economy in those areas. Mr Winder said there were inevitably winners and losers in the trade liberalisation process that the WTOd emands, and suggested that negotiators for the Bahamas will probably focus most of their efforts on ensuring this nation is able to remain most c ompetitive in the goods and services industries that havem ost potential for future growth. If your enterprises lack the ability to compete then theyre going to go out of business. Some industries in the Bahamas will die a slow death. The real-i ty is unless light industry can move from simply manufac-t uring to being able to compete on a global basis, it becomes s tagnated and with very limited growth. Financial services and tourism are clearly areas where the Bahamas has great strength, so we need to harness our s trength in that regard, he added. Mr Winder said that the n egotiating team will try not to liberalise the Bahamas posi tion regarding its trade with the US, Canada and other large markets more than it was o pened up under the terms of the agreement recently signed r egarding trade in goods and services between The Bahamas a nd Europe under the Eco nomic Partnership Agreement (EPA I know we are negotiating backwards in a sense. In other words its better to be part of WTO then do an EPA. But in our research we have seen thato ther countries have been able to accomplish that. In other words, they went into bilateral agreements first, then went intoW TO and agreed to terms that w ere not as liberal as those agreements. So thats the plan. Big countries like the US are likely to test us on that, butt hats the plan, Mr Winder said. Asked how long it may be before the tariff reductions and other easing of access to the B ahamian market for foreign entities becomes a reality for Bahamian companies, Mr Winder suggested this dependso n the particular sector. Theres not going to be one item in totality. I think different services will require different periods of liberalisation. There a re certain things we will fight harder on depending on the impact to our country, he said. Mr Winder noted that the sad reality is that the B ahamas is the only country in the western hemisphere that is not a part of the 153-member WTO, which aims to ease trade globally through lessening barr iers and resolving disputes that a rise between countries. T his leaves The Bahamas o pen to being discriminated against in global trade without recourse, he suggested, and has allowed the continuation of out-of-date practices that may not be in the best interests of Bahamians such as decisionm aking based on policies subject to ministerial discretion, r ather than hard and fast rules to be prolonged. H e encouraged accountants to become more knowledgeable on the WTO accession p rocess and its implications, noting that the changes that it w ill involve have implications for every facet of life in theB ahamas, and therefore the capacity for Bahamians to have a real debate on the pros andc ons of its various aspects would be beneficial. I do believe this particular group has responsibility and opportunity to become more engaged in understanding thisp rocess. Too many dont understand the process, said Mr Winder. F ROM page 1B SOME BAHAMIAN INDUSTRIES WILL DIE SLOW DEATH Photo by Tim Clarke/Tribune staff WARNING: Raymond Winder, Deloitte & Touche (Bahamas ing partner.


DUBLIN D EBT-STRUCK Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was ab ooming Celtic Tiger and the economic envy of Europe, according to Associated Press. European Union finance ministers quickly agreed to t he bailout, saying it "is warranted to safeguard financial stability in the EU and euroa rea." The European Central Bank, which oversees monetary policy for the 16-nation eurozone, welcomed the agreement and confirmed t hat the International Monet ary Fund would contribute financing, while Sweden and Britain not members oft he euro currency said they were willing to provide bilateral loans to Ireland, too. I rish Finance Minister Bria n Lenihan spent much of the night talking to other eurozone financial chiefs a bout the complex terms and conditions of the emergency aid package taking shape. Lenihan said Ireland needed less than euro100 billion ($140 billionc redit line for its state-backed banks, which are losing deposits and struggling tob orrow funds on open mark ets. The money will come from the EU's executive c ommission and a financial backstop set up by eurozonen ations earlier this year. There may also be additional b ilateral loans from countries o utside the eurozone. Ireland has been brought t o the brink of bankruptcy b y its fateful 2008 decision to i nsure its banks against all l osses a bill that is swelling beyond euro50 billion ($69 b illion) and driving Ireland's deficit into uncharted territory. T his country of 4.5 million now faces at least four more y ears of deep budget cuts and tax hikes totaling at least euro15 billion ($20.5 billion just to get its deficit bloated this year to a European record of 32 percent of GDP back to the eurozone's limit of 3 percent by 2014. The European Central B ank and other eurozone m embers had been pressing behind the scenes for Ireland long struggling to come to grips with the true scale ofi ts banking losses to accept a bailout that would r eassure investors the count ry won't, and can't, go bankrupt. Those fears have been d riving up the already inflate d borrowing costs of several e urozone members, particul arly Portugal and Spain, on bond markets. Pace S till, the rapid pace of Sunday's humiliating Irish U-turn surprised many analysts.M ore than 30 banking e xperts from the IMF, ECB and European Commission had arrived in Dublin only t hree days before to begin poring over the books and projections of the govern-m ent, treasury and banks, a mammoth task expected to take weeks. But Lenihan said it was n ow painfully clear that Ireland couldn't go it alone any longer, and its cutthroat plans f or recovery would require a major shot of "financial firepower" immediately. L enihan said Ireland was a sking eurozone and IMF donors to loan money to a "contingency" fund fromw hich Irish banks could borrow. He said the funds would "not necessarily" be used. Hee mphasized that the govern ment's own operations are fully funded through mid-2 011. "Not all the money will go in (to the banks standby fund," Lenihan told Irish state broadcasters RTE. Ireland's move comes just six months after the EU andI MF organized a euro110 billion ($150 billion Greece and declared a e uro750 billion ($1.05 trillion) safety net for any other eurozone members facing the risk of imminent loan defaults. I t demonstrates that creati ng the three-layered fund d idn't, by itself, reassure g lobal investors that it would be safe, or smart, to keep l ending to the eurozone's w eakest members. I reland's precipitous fall h as been tied to the fate of its overgrown banks, which received access to mountains of cheap money once Ireland joined the eurozone in 1999.T he Dublin banks bet the bulk of its borrowed funds o n rampant property markets in Ireland, Britain and the United States, a strategy that paid rich dividends until 2008, when investors begant o see the Irish banking system as a house of cards. When the most reckless s peculator, Anglo Irish Bank, faced bankruptcy in September 2008, it and other Irishb anks persuaded Lenihan and aides that they faced only short-term cash prob lems, not a terminal collapse o f their loan books. Lenihan announced that Ireland would insure all d eposits and, much more critically, the banks' massive borrowing from overseasi nvestors against any d efault, an unprecedented move. At the time, Lenihan billed h is fateful decision as "the cheapest bailout in history" and claimed it wouldn't cost the Irish taxpayer a penny. T he presumption was that confidence would return and Ireland's lending wouldr esume its runaway trend. But two years later, Lenihan had already nationalized Anglo and two other smallb anks and taken major stakes in the country's two domi nant banks, Allied Irish and Bank of Ireland. The flight o f foreign capital was accelerating again amid renewed doubts that the government understood the full scale of its losses. L enihan and the Irish Cent ral Bank responded by estim ating the final bill at euro45 b illion to euro50 billion ($62 billion to $69 billion). But i nvestors resumed their withd rawal from Irish banks and b ond markets in mid-Octob er, driving up the borrowing costs for Portugal and Spain, which face their own deficit and debt crises. Economists increasingly d oubt that the economies of Ireland, Portugal, Spain and G reece will grow sufficiently to build their tax bases and permit them to keep financing, never mind paying down, their debts. Mone y T he first portion of Ire land's loan might come from t he European Commission, t he EU's executive. After that, the Washington-based IMF and a facility funded bye urozone nations could raise m oney in bond markets. When Irish Prime Minis ter Brian Cowen gathered his 15-member Cabinet together for a rare Sunday meet ing, his aides briefed r eporters that the main topic would be approval of Ireland's four-year austerityp lan. It has been in the works since September and seeks to close the gap between Ire-l and's spending, currently running at euro50 billion, and depressed tax revenues ofj ust euro31 billion. It proposes the toughest steps in the 2011 budget,w hen euro4.5 billion will be cut from spending and euro1.5 billion in new taxes imposed steps that threaten to drive Ireland's morib und economy into recession and civil unrest. Both Cowen and Lenihan have stressed that Ireland's 12.5 percent rate of tax on b usiness profits its most p owerful lure for attracting a nd keeping 600 U.S. comp anies based here would not be touched no matter w hat happened. F rance, Germany and othe r eurozone members have r epeatedly criticized the rate as unfair and say it should be raised now given the depth of Ireland's red ink. The 2011 budget faces a d ifficult passage through parliament when it is unveiled D ec. 7. Cowen has an undependable three-vote majority that is expected to disappear by the spring as byelections, or special elections, are heldt o fill seats. Cowen and his long-domi nant Fianna Fail party are l anguishing at record lows in opinion polls. The latest survey published i n the Sunday Business Post newspaper said Fianna Fail has just 17 percent support, whereas the two main oppo s ition parties, Fine Gael and Labour, command 33 percent and 27 percent respectively. T hose two parties are widely expected to form a center-left government afterC owen loses his majority, w hich would force an early election. Reflecting the national m ood, the Sunday Independent newspaper displayed the photos of Ireland's 15 Cabinet ministers on its front p age, expressed hope that the IMF would order the Irish political class to take hugec uts in positions, pay and benefits and called for Fianna Fail's destruction at the next election. Slaughter them after Christmas," the Sunday Inde pendent's lead editorial urged. C M Y K C M Y K INSIGHT PAGE 10B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Ireland says EU, IMF agree to fund emergency aid IRISH PRIME MINISTER Brian Cowen, left, and The Minister for Finance, Brian Lenihan leave a press conference at government buildings, Dublin, Ireland, Sunday, Nov. 21, 2010. Debt-struck Ireland on Sunday formally appealed for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic tiger and the economic envy of Europe. (AP Country brought to brink of bankruptcy


C M Y K C M Y K INSIGHT T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM GREYMOUTH, New Zealand THEexplosion that left 29 miners missing in New Zealand resembled "a shotgun blast, but much, much louder and more powerful," said a coal miner who was smashed into the mine wall before collapsing amid the smoky, swirling gas and dust, according to Associated Press. When he came to, Daniel Rockhouse, 24, dragged himself upright and staggered to a nearby compressed air line to breathe in fresh air and gain some strength. "I got up and there was thick white smoke everywhere worse than a fire. I knew straight away that it was car-bon monoxide," Rockhouse, whose brother Ben remains underground, told the New Zealand Herald newspaper in its Monday edition. "I couldn't see anything, and it was dead quiet," he said. "I yelled, 'Help, somebody help me!' But no one came. There was no one there." Toxic gases after Friday's explosion were still keeping rescuers from entering the mine near Atarau on South Island Monday, and evidence of heat underground was concerning officials, who feared there could be another blast. Fresh air was being pumped down an open air line, but gas levels were still fluctuating wildly, authorities said. A six-inch (15-centimeter wide hole is being drilled from the mountain above down 500 feet (150 meters to assess air quality and to low-er listening devices. The missing miners have not been heard from since the blast but o fficials insist the search for them is a rescue operation. The drill was expected to reach the mine wall overnight. A n open phone line to the bottom of the pit rings unan swered after nearly three days. New Zealand's mining sector is generally safe. In China which has the world's deadliest mines water flooded a small coal mine Sunday, trap ping 28 workers, officials said.T hirteen workers escaped and rescue work continued for the missing men. The only other survivor in the New Zealand blast so far, Russell Smith told New Zealand's TV3 news that he was driving a loader into the mine when he saw a flash in f ront of him. "It wasn't just a bang, fin ish, it just kept coming, kept coming, kept coming, so I crouched down as low as I could in the seat and tried to get behind this metal door, to stop getting pelted with all this debris," Smith said. I remember struggling for breath. I thought at the time it was gas, but ... it was dust, stone dust, I just couldn't breathe. And that's the last I remember," he said. Shortly after, Rockhouse who was himself "drunk" from c arbon monoxide poisoning and on weak legs came across another miner lying on the ground. "I grabbed his hair and pulled his head back, and realized it was Russell Smith," he told the New Zealand Herald. U nable to rouse him, Rockhouse grabbed Smith under the armpits and dragged him 550 yards (500 meters fresh-air base. But it was filled with carbon monoxide. They stumbled on, using the compressed air line for fresh air, and after an agonizing twohour struggle, they finally emerged from the mine. Both were treated at a hospital for minor injuries. "I could have easily been blown to bits," Smith said, acknowledging he was lucky to have survived. Smith said he couldn't help worrying about his colleagues still underground. "There's a lot of young guys down there. A lot of people waiting," he said. "Whether they're still alive or dead or ... in an air pocket, you just don't know, because we're not too sure where the explosion was." Anguished relatives of the missing miners were given a tour of the site Sunday in order to better understand the situation, but the emotional trip did little to allay their concerns. It was good to see the layout of the place, but it's still hard," said Laurie Drew, whose 21-year-old son, Zen, is missing. "We just want to be there when they walk out." Police have said the miners, aged 17 to 62, are believed to b e about 1.2 miles (two kilometers) down the main tunnel. "Teams are on standby and at the first opportunity, day or night, they're going to go down in there," police superintendent Gary Knowles, the rescue controller, told Sky News television. He could not say how long a rescue operation would take, given the unstable gas levels. Officials believe the blast was most likely caused by coal gas igniting. An electricity failure shortly before the explosion may have caused ventilation problems that let gas build up. The miners' union said Sunday there had been no previous safety issues at the mine. "As far as I know, there had been pretty standard procedures in place and nothing ... that would have pointed to a potential risk was raised by workers," Andrew Little, spokesman for the Engineering, Printing and Manufacturing Union, told reporters. Australian and British citiz ens were among the missing men, and Australia sent a team of mine rescue experts to assist the operation. The coal seam at the mine is reached through a 1.4-mile (2.3-kilometer nel into the mountain. T he seam lies about 650 feet (200 meters face. The vertical ventilation shaft rises 354 feet (108 meters) from the tunnel to the surface. Each miner carried 30 minutes of oxygen, and more stored in the mine could allow several days of survival. The 2-year-old Pike River mine is working the largestknown deposit of hard coking coal in New Zealand, about 58.5 million tons. A total of 181 people have been killed in New Zealand's mines in 114 years. The worst disaster was in March 1896, when 65 died in a gas explosion. Friday's explosion occurred in the same coal seam. The Pike River coal mine differs from the Chilean gold and copper mine where 33 men were rescued after being trapped 69 days. Methane gas was not a con cern at the Chilean mine, but its only access shaft was blocked, while the Pike River mine has two exits. Survivor struggled to breathe after New Zealand coal blast AGONY: Relatives of one of the 29 miners and contractors trapped in the Pike River Mine leave a meeting after being briefed by mine management, in Greymouth, New Zealand, Saturday. (AP THE ENTRANCE to the Pike River coal mine is seen in Greymouth, New Zealand, Sunday. (AP


INSIGHT C M Y K C M Y K The Tribune INSIGHT M ONDAY, NOVEMBER 22, 2010 The stories behind the news By PAUL G TURNQUEST Tribune Staff Reporter A NEW day is dawning in the Bahamas. An entity that w as once only talked about will soon become a reality on Cable Beach Baha Mar. A t an estimated value of over $2.6 billion, it is conside red by all estimates to be a m onolithic project. To some it is considered a monstrosity that will consume all that was here before it. To others it is a golden egg. To the chairman and CEO of Kerzner International, Sir Sol Kernel, it is somethinge lse altogether. Last week, Sir Sol made a rare appearance in the local press by issuing a statement to the media on the impendi ng approval of Bah Mar. In his statement, Sir Sol said that while they welcomed a ny project that would enhance and improve the tourism sector in The Bahamas, the proposed terms of the Baha Mar project violates the Kerzner Headso f Agreement with The Bahamas. He promised that Kerzner International would d iscuss with the Government h ow to address this breach i n their most favoured nation clause. Principle Since this statement there has been much talk in the press about what exactly a most favoured nation clause is. According to the Minister of State for Finance, Zhivargo Laing, a MFN classification is an internationally established economic principle, centrally recognized by the World Trade Organization (WTO which seeks to establish a lev el playing field between mutu al parties. "The term is counter intuitive, Minister Laing explained. The name suggests that you treat the entity with MFN status more favourably than others, but what it really means is that you treat everyone alike; you don't treat anyone more favourably," he said. Based on the MFN principle, if one MFN entity is granted special Customs rates, for example, then all MFN entities should be granted special Customs rates. The specific rates would be established by government policy or law. In the case of the Bahamas, the Hotels Encour a gement Act addresses the issue of concessions, while a llowances for labour are specified in government policy, he said. In order to establish whether a breach of MFN privilege exists, Mr Laing suggested one would have to assess a competing agreement "in its totality" and not compare a single line item. He said the question of a breach is "not so simple from the government's point of view." In fact during the Prime Ministers wrap up on the Baha Mar debate he said, "I do not concede that we would be in breach of the deal with Kerzner. The relationship between the Bahamas and Kerzner has been mutually beneficial, Prime Minister Ingraham said. Sir Sol, however, has taken the conversation to another level when he revealed during a teleconference with the press last week that if Baha Mar were to be approved in its current state the jobs of over 8,000 employees at Atlantis could be put at risk. It seems to me pretty ridiculous in this current envi ronment, even if the economic environment were a lot bett er to look to come in and double the current number of r ooms overnight. It seems to me pretty irresponsible. I also believe that one should take into account that we have 8,000 people working with us, and if this were to move forward the likelihood is that people's jobs would have to be threatened. It is just impossible, practically impossible to double the size of the market. Pressure As we said in our statement, last year was a tough year and occupancy was under pressure. Well guess what, this year is even tougher. So it seems pretty ridiculous to me that these folks are wanting to move for ward, he said. And move forward they have. The Baha Mar labour resolution was passed unani mously before the House of Assembly (36 voting for, with four absent), which allows for 8,150 foreign workers, but no more than 5,000 at one time to be employed on the Baha Mar Cable Beach project. Following this unanimous v ote in the House of Assembly last week, Baha Mars s enior vice-president of external affairs, Robert Sandy Sands said that construction for the single-phase $2.6 bil lion Baha Mar development project could break ground as early as January, pending the close of the Export Import (EXIM na loan. Contractors have already been chosen for the first six construction packages, total ing $60 million, which will include the new Commercial Village contracts and the new West Bay Street. According to Mr Sands, the initial payout will cover construction contracts and also includes numerous Bahamian architects, engineers, quantity surveyors, sup pliers and many other related parties who will participate in these first six contract packages. Prior to the approval of this massive project, Sir Sol said that he did not want to speculate on what he would do if Baha Mar was approved without at least the development being phased in as his Atlantis properties were. Now that the project has been p ushed through the proverbial pipeline, the question r emains: What will Atlantis do in response? Addressing these concerns, Prime Minister Hubert Ingra ham informed the nation that he was confident that Sir Sols concerns about Baha Mar could be resolved satisfacto rily. He also publicly proclaimed his respect and gratitude for Sir Sol's contribu tions to the country, adding that he will do anything in his power to ensure the Atlantis product remains successful on Paradise Island. However this commitment, he said, does not mean he will not be fair to other developers. "We were always con cerned, when we came to office that there was nothing in the Baha Mar deal that would have given them a better deal than Kerzner. I think I can say that the thing that ticked Kerzner (off than anything else is a state ment by Perry Christie to the effect that Baha Mar only wants to get what Kerzner got," said Mr Ingraham on the radio show Issues of the Day. "There is no question in m y mind of my high regard f or Sol Kerzner and what he has done for the Bahamas. I w as berated by many when he came in 1994 and what he has done for the Bahamas has transformed our tourism i ndustry. He has provided us with 2,000 more jobs than he committed to, he has a very suc-c essful project on Paradise I sland and I will do all I can, for as long as I can, to ensure that his project is successful. That has nothing to do with whether I will be fair to anybody else. (Butk nowingly give anybody else a b etter deal than Kerzner got, s tated the nations chief. During his live radio interview, Mr Ingraham alsoa ccused the former Christie administration of engaging in secret deals with Baha Marb y promising them conces sions not included in their contract. H e said these secret concessions are part of what gov ernment is trying to renegoti a te. The PLP government gave Baha Mar a deal over and above what they signed in the contract. So on thes ame day that they signed the contract they issued what was called side letters offering Baha Mar more. "We tried to pull those things back. We are now doing an analysis to see the extent to which we have been successful, we think we have been somewhat successful in ensuring that there is equity and balance between the two." Hopefully this equity and balance between the two resorts will eventually allow the two properties to complement each other, without there being any cannibalism in the marketplace, he said. However, this appears highly unlikely if both hotels will be aiming for the same dwindling number of highend visitors. At this stage it is not easy to dismiss Atlantis concerns as a mere fear of competition when one considers that our air arrivals have not actually been booming over the past few years. With a global recession still wreaking havoc on our tourism industry, no expert is willing to guess on when things are expected to turn around in that sector. Maybe, like the haunting voice in the Hollywood film A Field of Dreams, if Baha Mar builds it, the tourists will come. Kerzners concerns on Baha Mar project BAHAMAR DEBATE: Minister of State for Finance Zhivargo Laing, CEO of Kerzner International Sir Sol Kerzner and Prime Minister Hubert Ingraham

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