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: 3/14/2011
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
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Resource Identifier: oclc - 09994850
oclc - 9994850
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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER V olume: 107 No.93MONDAY, MARCH 14, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER SUNNY AND PLEASANT HIGH 77F LOW 65F I N S I D E JAPANEARTHQUAKEANDTSUNAMI: RACETOPREVENTNUKEMELTDOWNS By ALISON LOWE Tribune Staff Reporter A 14-YEAR-OLD girl h as died after being shot a number of times in a rela tive's driveway. The unidentified victim succumbed to her injuries in hospital yesterday. Police said they had yet to establish a motive for the killing. The girl became the 23th homicide victim for 2011 after the car she was travelling in as a passenger was fired on by armed men as it pulled into the driveway ofa relative in Garden Hills Estates. According to police, officers were alerted to the shooting at Amaryllis A venue, Garden Hills Number One, at around 1 2.15am on Sunday. The victim was in a black 2005 Honda Accord. An unidentified male relativew ho was with her escaped unharmed. Robbery did not appear to be the motive, given that the shooting allegedly began without any attempt being made to steal the vehicle. Police spokeswoman Sergeant Chrislyn Skippings said that after being struck by the bullets, the girl was transported to hos pital in a private vehicle and died of her injuries after arrival. Investigations are ongoing. 14-year-old dies of injuries after car comes under fire TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM Teenage girl shot dead by gunmen By AVA TURNQUEST Tribune Staff Reporter A MOB of about 70 peo ple gathered following the d eath of a 25-year-old wanted man who was fatally shot in a standoff with p olice. O fficers tracked down Ricardo Rolle, believed to be involved in an armedr obbery and most recently an attempted rape, in Porgy Bay, Bimini, on Saturday S EE page three CROWD FORMS AFTER WANTED MAN KILLED BY POLICE STORYANDPHOTOSONPAGES 13, 14, 15 AND 16 POLICE discovered the tied-up body of a man with gunshot injuries on a track road near Lyford Cay over the weekend. The body was found off Western Road, with both arms and legs tied, between the residential community and Mount Pleasant on Sat urday morning. The victim was wearing a black T-shirt and grey sweat pants when he was found by police shortly after 11.30am. Up to press time, police had not yet confirmed the age, nationality, and residence of the deceased. Investigations into the matter are ongoing. Last Thursday, police responding to an anony mous tip, discovered the gunshot-riddled body of a man in bushes off Carmichael Road. The victim was believed to be a Bahamian citizen in his ear ly 20s, and the matter was classified as a murder. Anyone with any information that might assist police in their investigations into all criminal matters should call 911, 919 or call Crime Stoppers anonymously on 328-TIPS (8477 TIED-UP BODY WITH GUNSHOT W OUNDS F OUND NEAR LYFORD CAY By ALISON LOWE Tribune Staff Reporter LOUD explosions rocked mainland Abaco on Friday night when a bush fire spread to the Bahamas Electricity Corporation's Marsh Harbour power plant compound, setting alight drums filled with used oil and posing a threat to the islands' power supply. The power station blaze came after days of wild fires raging in pine forests on the mainland tested the island's six volunteer fire services' resolve, bringing together the efforts of an estimated 20 to 30 volunteer firefighters and eight fire trucks from throughout the island. "A lot of the firefighters worked around the clock. Some of them got only about two hours sleep in 48 hours," said a resident who assisted with the effort. Volunteers were initially dispatched when a fire started in the Central Pines area on Wednesday, threat ening a number of homes in the area and causing the Central Abaco Primary School to shut down for a day due to smoke clouding the area. Another separate fire was believed to have start ed in the Great Cistern area of the island, spread ing rapidly, aided by a strong breeze, until it reached the BEC power plant in Marsh Harbour in the early evening on Fri day. Along the way, one home received minor struc COMPOUND FIRE: The blaze is tackled on Friday night. SEE page 10 BL AZE AT BEC POWER PLANT COMPOUND


L OCAL NEWS PAGE 2, MONDAY, MARCH 14, 2011 THE TRIBUNE fn S TORYTIME: H undreds of child ren turned out to the Rotary of N assau Sunrise Fair, the fifth annua l reading fair where volunteers took turns to read books to the children. The event was held on the grounds of the College of the Bahamas. READALL ABOUTIT! THEROTARYOFNASSAUSUNRISEFAIR P HOTOS: Tim Clarke /Tribune staff


T HE shooting of Ricard o Rolle in Bimini over the weekend, brings to mind ar iot which took place on t he quaint island in Decemb er 2007 when police shot a nd killed 43-year-old Ashc al Dion Rolle at the Bimini Breeze nightclub. Mr Rolle, who was reported at the time to have been wanted by police for a minor traffic violation, was arrested by two offic ers and handcuffed. A ccording to eyewitnesses, Mr Rolle was shot to the h ead while he was cuffed a nd laying on the ground. Crowd After reports of the incid ent spread throughout the island, a huge crowd descended upon the police c ompound and started to d estroy the buildings and v ehicles nearby. Pushing to gain access to t he officer who they b elieved responsible for the shooting, the mob firebombed the police barracks destroying everythingi nside, and set fire to two police boats which were moored at the stations dock. R esidents then turned their anger on the police station and started throwi ng petrol bombs on to the r oof, setting it afire. When the structure was s urveyed by officers from N ew Providence who had b een flown in to provide a ssistance, it was discove red that 23 fire bombs had been hurled at the station. Riot A lso along the exterior, a ir conditioning units and security bars of the station h ad been kicked or pushed i n during the riot which officers said lasted for h ours. Rocks, bottles, bricks, and conch shells were all scattered throughout the police compound. A t the time, Police Commissioner Reginald Ferguson said officers had to fire explosives into the air to d ispel the crowd when Mr R olles body was being removed from the localc linic. A total of 71 additional police officers had to be flown into Bimini, along with 22 Defence Force offi-c ers to bring the local pop ulation until control. Minister of National S ecurity Tommy Turnquest s aid the officer responsible f or the shooting would be placed on administrative leave as they investigatet he matter. He promised at the time that whatever actions needed to be taken, be they criminal or otherwise, the public can be assured that the law will be carried o ut. C onstable Carliston Dar l ing was later charged in January 2008 with Rolles death. LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 3 morning. R olle was shot in the head after he allegedly pointed a handgun at officers attempting to arrest him. Last night, witnesses and police officials main-t ained there was no riot a fter the wanted mans death. A 58-year-old Biminite, who witnessed the scene on Saturday, said: People gathered and carried on,m ostly family members and friends. Maybe 75 p eople, mostly young children between the ages of 14 to 24. But there was no rioting, nothing like the one we had here a few y ears back. It was just some family trying to i nquire what was happening. Crowds are gonna gather once you hear a shooting in a community. Officers found the w anted man in the bathr oom of a green twostorey apartment building off Queens Highway. A ccording to witnesses, Rolle had sneaked into a relatives home to take as hower. Sgt Chrislyn Skippings, police spokeswoman, said: On opening the door to the bathroom, a male was seen with a firearm. Officers moved in to arrest the s uspect. It was at this time the suspect is said to have trained his weapon on the officers. O fficers recovered a .40 Glock handgun with ammunition. Y esterday, members of the northern Bimini com munity described locals as s plit over the issue. One resident said: The younger set are taking it the wrong way, and the o lder set are taking it another way they are sid ing more with the police. Family members and friends reacted immedi ately to the shooting, a ccording to police, with s ome persons becoming loud and boisterous in protest of police actions. S gt Skippings said: Though rowdy, there was never a riot or any such indication. Leaders of the Bimini community, including church and civic,r esponded positively by calming the agitated fami-ly members and others. Family members contacted by The Tribune declined to comment on the shooting. It was confirmed that Rolle, along with his mother and siblings, had spent most of his life in Nassau. Another resident added: It really didnt shock the community. People was trying to tell the family members, if you know where this boy is, ifyou see him, tell him to take himself in to the police. They posted up his wanted pictures all over town. It wasnt going to end well. Up to press time, it was not clear if the team of officers sent to Bimini on Saturday, including detectives and a coroner, had completed their findings. CROWD FORMS AFTER WANTED MAN KILLED BY POLICE FROM page one Weekend shooting brings to mind 2007 Bimini incident Mob firebombed barracks, set fire to two police boats 2007: Thepolice barracks were f irebombed and destroyed.


EDITOR, The Tribune. It was good to hear the Leader of the Opposition state that his Party would be taking the high road as the election 2012 campaigning begins in earnest. I was proud that he used the opportunity afforded him to do that. Apparently his deputy leader did not get the memo. This mornings front page of The Nassau Guardian has Mr Davis suggesting that the fail u re of the Free National Movement administration to create s ufficient jobs to deal with the countrys unemployment problem led to the untimely deaths of Bahamians. What is implied that there are Bahamians who commit crimes to pay their bills, andw hile that is a reality for persons in many countries, it m akes a big difference in the overall psyche of a nation when those who lead use their opportunities of speaking to take the high road. There are persons in this country who see poverty and bills and excuse for doing a loto f bad stuff, but those who lead should not be numbered among them. The bills are real, but this reality should never be used by anyone to plant seeds that will give well-meaning individuals the thought of working something if things are getting rough, financially. We forget that before 1967, it was okay to live at a particular level. Many persons living at that level found a way to send their children to college, children who became Doctors, Lawyers, Accountants and Prime Ministers. What has happened to us that give those who lead the temerity, to speak to us so offensively? Most of what has been gained by Bahamians has come from hard work, and many situations can be remedied by stepping back and scheduling our priorities instead of prioritizing our schedule; doing what i s best for ourselves and our country. I f we are to succeed, those who lead are going to have to put their best foot forward, instead of putting their foot in it, just to make a point. EDWARD H UTCHESON Nassau, M arch 10, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, MONDAY, MARCH 14, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley 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) 322-1986 Advertising Manager (242 W EBSITE w updated daily at 2pm SEVERAL years ago the late Sir Kendal I saacs, then leader of the FNM, resisted the urging of his members to lead a peaceful protest outside the House of Assembly. Wedo not recall the occasion, but it was just after the conclusion of the Commission of Inquiry into drug smuggling when there was much political unrest in the country. Sir Kendal, not only a reasonable, but a responsible man, said he would never take t he responsibility of leading a demonstra tion. Why? Because, no one could control a crowd of people, especially if they should turn into a frenzied mob. He did not want to shoulder the inevitable tragic consequences of damage a violent mob could do. So there was no demonstration. Speaking to party members at their Gambier headquarters last Tuesday, PLP Leader P erry Christie told supporters that come the 2012 election the PLP was committed to play it straight. The partys campaign will be aggressive and spirited, he promised, but would be conducted with respect for, and adherence, to the elementary values of integrity, decency and dignity that are so sorely lacking in our country today. Mr Christie said his party was going to s et the pace and set the tone because we are convinced that political morality, human decency and civility require us to do so. Of course we saw none of this high-mind edness displayed when a crowd descended on Rawson Square on February 23, as police struggled to hold the barricades and shouts went up to secure the House. It was meant to be a peaceful union d emonstration to save BTC from the clutch es of C&W, but unionists were sidelined in a swirl of PLP supporters dressed in yellow no turning back shirts and a large contingent of PLP youth. One policeman later commented that the first hand he saw touch a metal barricade to force it down was that of a man with a mur der charge pending. Rumours were rife,r esulting in National Security Minister Tommy Turnquest eventually confirming that, according to police reports, several violent criminals were also among the crowd protesting outside Parliament that day. Mr Christie was quick to deny the rumours that many protesters were paid by the PLP to demonstrate. He said he cer tainly paid no one. He also condemned Mr Turnquest for using confidential police information about criminal elements being a part of what was meant to be a peaceful demonstration, but turned out to be anything but peaceful. Of course, on such an o ccasion, Fox Hill MP Fred Mitchell had to get in his own snide remark about paid demonstrators. Aside from that being untrue, so what if they were paid?" he asked, referring to the practice during the PLP's early protests in the 1960s. "To mobilise people takes resources: food, buses, and communication, emergency care to name a few of the possible expenses. So let's not get distracted by that fact. We dont intend to get distracted by that fact, nor were the police to be distracted. Upset by another remark made in another context by Mr Mitchell about police reports, Police Staff Association president Dwight Smith stepped in to confirm on Friday that criminally-minded people were overheard to say that they had been paid to particip ate in the February 23 protest. And, he added, it was undeniable that there were people in the crowd with potential criminal motives. Mr Smith urged politicians to stop policising issues. Police already had a difficult crime problem to deal with, they had no need for politicians to add to their responsi bilities. The leader of the Oppositions office is l ocated in the Bayparl building, as are several other offices, including the Ministry of Tourism. Reports from eyewitnesses and eavesdroppers tell the following tale: After the court gave its ruling on the Elizabeth Estate election case, a group of per sons lined the stairs leading the door of the Oppositions office. Among them was a gentleman who is extremely well known tot he police. The persons on the stairs made it known to everyone within earshot that they were there for their f--money! Someone opened the Opposition door and gave them some money. They were not satisfied. Lis ten, said their spokesman, we did what you asked us to do, now we want our money! They were shouting the names of two MPs. They demanded to see them. MrC hristie was not one of them. About a week ago Wednesday, after the recent demonstration, a group of boys were again outside the same office, asking for a certain PLP politician again not Mr Christie. This time they were demanding their money for the part they had played in the Bay Street demonstration. Persons who were there described a scene that suggested that these persons needed money to reimburse them for more than Mr Mitchells necessary bus ride to get to the site of the action. Leaders should not see poverty and bills as an excuse for crime LETTERS l Why Sir Kendal refused to lead a demo D D I I V V I I D D E E N N D D N N O O T T I I C C E E TO ALL SHAREHOLDERS The Board of Directors of Commonwealth Bank Limited has Declared a Quarterly Dividend for Common,A,B,C,D, eference Shares, to all shareholders of record at March 21, 2011, as follows:Common6c per share A Preference 7% per annum payable quarterly B Preference 7% per annum payable quarterly C Preference 7% per annum payable quarterly D Preference 7% per annum payable quarterly E Preference 7% per annum payable quarterly F Preference 7% per annum payable quarterly G Preference 7% per annum payable quarterly H Preference 7% per annum payable quarterly I Preference 7% per annum payable quarterly The payment will be made on March 31, 2011 through Bahamas Central Securities Depository, the Registrar & Transfer Agent, in the usual manner. Charlene A. Bosfield Corporate Secretary Leader In Personal Banking Services E DITOR, The Tribune. In a letter to the Minister of Tourism and Aviation published in your February 8th issue, Mr Rodney Moncur asserted that the Antiquities Monuments and Museum Corporation practised discrimination against him and provided special privileges for some users of the facilities at Fort Charlotte. These accusations are categorically denied and by way of background, the following overview of the Corporations policy, of which Mr Moncur should be well aware, is provided. Some time ago, we received advice from a conservation consultant to the effect that the exposure of the Fort to emissions from vehicles had to be decreased in order to preserve thes tructure. As a consequence it was agreed that vehicular traffic within the environs would be reduced. W hen the fee structure was introduced at Fort Charlotte in 2005, the decision was made to have only the prepaid tours (conducted by the Bahamas Taxi Cab Union, Leisure Tours and Majestic Tours) drive through, drop off passen g ers and collect them from the parking lot. Mr Moncur should be able to appreciate that the management and control of this historic site rely on the cooperation and support of visitors who benefit from the cultural experience pro v ided by the guided tours that are available. He cannot be expected to drive through the Fort at will and I repeat: there is no discrimina tion or special privilege executed by the Nation al Museum of The Bahamas. CHAIRMAN Nassau, March 7, 2011. There is no discrimination or special privilege practised by National Museum of The Bahamas E DITOR, The Tribune. I t seems not only do some of our journalists try desperately to change history now politicians are trying. I recall vividly that the Bahamas enjoyed an exceptionally positive relationship with Taiwan even under the 1992 FNM Government however along came the opportunity for the potential massive investment in Grand Bahama by Hutchinson-Whampao and rationally the FNM Government decided unconditionally nor requested to recognise the single China position and we recognised The Peoples Republic of China. After the 2002 election when the FNM was defeated the PLP continued the reciprocal relations with Beijing in fact the PLP obtained the massive gift of a $40 million stadium which is close to completion. For anyone to try to rewrite history which is well documented is a travesty. Baha Mar proposal started in 2005. The Bahamas had recognised the Peoples Republic of China for 10-years + or as we all say today more than a decade! All in the same week we watched the drivel Gaddafi spewed out at his never end ing Press conferences the most ludicrous statement was that his people love him! The Prime Minister should have said concerning Baha Mar that the Izmerl lians could not have developed the project without the heavy investment of the Chi nese now thats fact ABRAHAM MOSS Nassau, March 5, 2011. WHEN DID THE BAHAMAS RECOGNISE THE PEOPLES REPUBLIC OF CHINA? EDITOR, The Tribune Well this takes the cake, on Thursday, March 10, I was travel ling north on Mackey Street in the area of K.F.C when to my surprise there was a jitney travelling south on the sidewalk which is on the west side of Mackey Street, To me this is a new one, the bus was no.1. This morning I read a letter to the editor from Mr Peter Dupuch concerning the police vehicles that travel the Eastern Road on a daily basis. I too am extremely concerned that someone will soon be killed by (especially the bus please explain why these vehicles must travel at breakneck speeds to take prisoners back to Fox Hill prison. When I am in my truck my windows are rolled up and, the radio on (as most people do right on you and, sometimes traffic is so close that you cant move to the side so quickly, and that big bus goes through swerving and rocking, could they not travel that area at 10 mph and arrive safely, and give other drivers time to move to the side. It is time the Minister in charge acts promptly to correct this jitney situation; and the Commissioner acts to correct these speeding vehicles that will eventually kill someone if action is not taken promptly, and then sorry will not be good enough. BILLY SANDS Nassau, March 12, 2011. T ime to stop these speeding vehicles


By ALISON LOWE Business Reporter THE Free National Movement yesterday defended the appointment of former FNM Senator Johnley Ferguson to a consultancy position at the Department of Lands and Surveys against suggestions from a third party that the appointment represents "an abuse of the public's finances and trust". The National Development Party (NDP statement questioning Mr Ferguson's appointment to the consultancy post. It suggested the consultancy was a "phantom position for a political operative". Mr Ferguson retired from the Senate effective February 14, leaving his post as vice president of the Senate. He was replaced by former Elizabeth constituency candidate, Dr Duane Sands. The NDP's statement questioned "what qualifies" Mr Ferguson to be eligible to advise the Department, whether the post was "created for him", what "unmet needs" existed to be served by the consultancy andhow much Mr Ferguson is to be paid. "There are many questions that this appointment begs," said the NDP. It called on the government to release Mr Ferguson's con tract for public scrutiny, along with his salary. The party suggested it is "irresponsible for the Prime Minister and his FNM government who find it easy to fire ZNS and BTC workers to create phantom positions for their political operatives". In response, both Minister of State for Lands and Local Gov ernment, Byran Woodside, andFNM Chairman Carl Bethel said Mr Ferguson's background as a dedicated public servant with a history of serving in the Family Islands makes him a clear pick for the advising post. Both denied suggestions the appointment was in any way improper or not in the public's interest. Mr Woodside said the NDP "should have done their homework" before making such a claim. "He is a former Family Island administrator as well a consummate public servant so the fit is quite a good one," said the Minister. Mr Woodside, who is attending the Commonwealth Local Government Forum in the UK, said: Mr Fergusons contract is for two years and will see him advising on land issues, with particular attention being given to the application process and how best to speed up the application process for Bahamians applying for crown land, and also serving as the adviser to myself with respect to the introduction of local government in New Provi dence. The introduction of local government in New Providence was a manifesto commitment of the FNM in the 2007 election but Prime Minister Hubert Ingra ham has since stated that it will not happen in this term due to other economic challenges that arose. Yesterday, Mr Woodside said that although the introduction of local government "won't hap pen this year, we still have to plan for it". Speaking to Mr Ferguson's ability to successfully advise the Department of Lands and Surveys, Mr Bethel added: "Anyone who takes even a cursory look at Johnley Ferguson's resume would see he is an experienced educator and former family island administrator who has served throughout length and breadth of Family Island for decades." He suggested that one of the "primary areas in which Mr Ferguson's expertise will be utilised" during his consultancy will be in the implementation of the provisions of the Land Adjudication Bill 2010, which has been tabled in Parliament but not yet passed. The Bill seeks to empower Bahamians who may have claims to generational land through facilitating their access to legal title. Asked if Mr Ferguson's appointment indicates that the Department of Lands and Surveys did not have the necessary expertise and human resources to undertake this work in-house, Mr Bethel said the implementation of the provisions of the law would require "new focus" that the Department would not have been able to provide without neglecting other already established duties. "To say you have to drop everything and focus on this, what does that do for the functions they are performing already? Sometimes when any gov ernment is moving to implement a new or revolutionary initiative you have to give it new focus." As to whether the government would be willing to publicise Mr Ferguson's contract and salary, Mr Bethel said a review of the budget would reveal his remuneration but the govern ment would not seek to "put people's business on public display on a political whim for someone trying to score cheap political points". LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 5 FNM defends former senators appointment to Lands and Surveys Department post FORMER FNM SENATOR Johnley Ferguson was appointed to a consultancy position at the Department of Lands and Surveys.


FOX Hill MP Fred Mitchell has criticised URCAs decision to allow 51 per cent of BTC to be sold to Cable and Wireless, stating the decision was not worth the paper it was written on. The decision of URCA reads like a legal treatise, Mr Mitchell said. It is no doubt designed in that way to show that all matters have been fully and judicially considered by them in order to satisfy the legal requirements for fairness. The difficulty is that the decision is a sheep in wolves clothing. It is all dressed up in legal clothes but is redolent of unfairness. It does not pass the smell test. In other words, no amount of legalisms or neologisms can deny the fact that the decision makers in this matter are too proximate to Cable and Wireless and ca not to the reasonable man dispassionately, fairly or judicially make a decision on any matter with regard to Cable and Wireless. The atmosphere at URCA is redolent of Cable and Wireless. Indeed, the whole legislative structure and communications policy and the fact of how Cable and Wireless was invited into this process smells to high heaven. In that regard the decision is fatally flawed, he said. Mr Mitchell said this decision reminds him of the logic and legal framework put up to support the apartheid regime in South Africa. The authorities there he said, used to arrest Africans for violating those laws, despite the fact that those laws were immoral. You can not build a moral structure on an immoral premise so breaking those laws was acceptable. It is the same here with URCA. The history of the Communications Act, the URCA Act is such that those who designed it and now run it are former employees or consultants of Cable and Wireless. Who would in those circumstances believe that the decision made by URCA which involves Cable and Wireless in this regard to a fair and rational one? URCA rejected the assertion that it was bound not to be party to an unconstitutional result. It took note of a case from Dominica at the Privy Council saying that the Privy Council did not finally pronounce upon the matter. Unfortunately, they did not bother to ask for additional details. If they had, they would have seen how they missed the mark. The matter of this decision was made with such indecent haste that they did not bother to be informed properly about the law. No public body should be party to an unconstitutional result. The public ought to carefully review whether or not URCA in making this decision was in fact motivated by conforming to the government's announced timetable for this deal as opposed to their legislative responsibility. In my earlier statement, I referred to a comment made by the Prime Minister who indicated that he would cause the government to write URCA to tell them that they must conform to the governments policy on hiring foreigners. I said then if the Prime Minister can give a directive to URCA on that, on what else can he give a directive? It is therefore very much a matter for URCA to have referred this matter to all the parties to address the issues before making a decision. They ought to have ordered an in depth investigation at the very least pursuant to the Communications Act, Section 78. One needs only point out to URCA that in citing the case from Dominica and dismissing it out of hand, they ought to have asked themselves the question which follows on a counter factual basis. If they had found that the Privy Council pronounced definitively on the matter, and knowing that it was unconstitutional, would they then still have come to the same result? The answer must clearly be no. It follows then that the decision that URCA is not competent to determine this point is wrong in law, he said. In addition, Mr Mitchell said there is also an effect on competition. In his opinion, the Fox Hill MP said there are several ways to deal with this matter. One is the Court of Law by judicial review. The other is by an appeal to the Utilities Appeal Tribunal (UAT cial tribunal set up under the Communications Act to deal with appeals. The other is an appeal to the Court of Public Opinion and fourthly, a combination of all of the above. The matter is being studied by me and the lawyers and party members who joined me in my objection with a view to taking the matter further, he said. L OCAL NEWS P AGE 6, MONDAY, MARCH 14, 2011 THE TRIBUNE $SSUR[LPDWHO\VTXDUHIHHWRIVHFRQG VSDFHLVDYDLODEOHLQQHZO\FRQVWUXFWHG EXLOGLQJDWWKHFRUQHURI0DUOERURXJKDQG &XPEHUODQGWUHHWV 7ZRfRQVLWHFDUVSDFHVLQFOXGHG ,GHDOORFDWLRQIRURIIVKRUHEDQN WUXVWFRPSDQ\ODZRUDFFRXQWLQJRU RWKHUSURIHVVLRQV&RQWDFWZQHU 35,0()),&($&( WEEKLY ----2 SAILINGS MIAMI TO NASSAUleaves Sundays, arrives Mondays leaves Wednesdays, arrives ThursdaysWEEKLY ----1 SAILING NASSAU TO MARSH HARBOURleaves Mondays, arrives TuesdaysMIAMI OFFICE t 305-635-4650 f 305-635-46513701 NW South River Drive (opp old Dollar Car Rental OPEN 7 DAYS/WK Mon Sat 8am 7pm, Sundays 12 noon 7pmIn Nassau t 322-2142 322-2875 322-2813 f 322-6089 Nassau Freight Warehouse 322-8926 www.bettyk.comThe same friendly, helpful staff are here to assist you from 8am 4:30pm Monday-FridayNOW OPEN ON SATURDAYS FROM 8AM 12 NOONWere now 2 blocks east of the old Betty K Offices in the House of Mosko building, Bay & Victoria StreetsNow docking at Arawak Cay THE COLLEGE OF THE BAHAMASVisit our website at MP: URCAsdecision on BTC not worth paper its written on Mitchell speaks out over decision on sale to Cable and Wireless FOXHILLMP Fred Mitchell spoke out against URCAs decision


PLP Leader Perry Christie was described yesterday by the FNM as being the Greatest Pretender in a part of great pretenders. In their latest commentary, t he FNM said their party leader Hubert Ingraham is aptly referenced at party rallies with the popular Tina Turner song, Simply theB est as it embodies his extraordinary record of publ ic service and accomplishments. In comparison however, the FNM said Mr Christies theme music at the PLPsG olden Gates rally should h ave been The Great Pretender. Even as the Government rapidly mobilised and responded with jobs, bene-f its, training and counseling f or those laid off at the Our Lucaya Hotel, the Leader of t he Opposition quickly popped in and out of GrandB ahama to take advantage of t he anxiety and loss of those w ho had just lost their jobs. Great Pretender Perry Christie pretended to care a bout the workers and their families. But he did not findt he time to actually go and meet with them. He was too busy shedding his own croco-d ile tears instead of drying the tears of those recently unemployed. The same man who pretended to care about the former employees of Our L ucaya also pretended to c are about the 1,200 workers who were laid off from the Royal Oasis in 2004. Despiteh is talk back then, he and his government did absolutely nothing to respond to one of the worst lay-offs ever in Grand Bahama. He now says another PLP government would give spe-c ial attention to Grand Bahama. Where was that special attention when they were last in office? Grand Bahamians know what theO pposition means by spec ial attention, having been a bandoned by the PLP over and over again including in the rebuilding efforts after various hurricanes, the party said. T he FNM went on to add t hat Mr Christie also abandoned the Sea Hauler victims and senior citizens by failing to initiate a prescription drug benefit. He and his party pretend t o care but usually fail to act. This is the party and the l eader who sat silently and passively as one of theirm ajor supporters tore down a p lace of worship and family h omes. This is compassion PLP style. Mr Christie is now p romising the same hope and help he failed to provide dur-i ng five disastrous years in office. Bahamians know better than to trust such an empty promise from the Great Pretender who could not get around to spending the $100,000 grant for MPs on hisc onstituents in Farm Road. During the rally in Golden Gates, Mr Christie pretended that he was above the attack and smear politics ofB radley Roberts whom he a nointed as Chairman of the P LP. But as much as he may try and pretend, he failed to rebuke his operatives for participating in an out-of-control demonstration with knownv iolent criminals. He sits by while one of his senior colleagues attacks the integrity of the Special Intelligence Branch. He remains silent when his Deputy false-l y and shamefully blames the F NM for suicides. He is presiding over a party of extremi sts. Mr Christie, the Great P retender, also keeps pret ending to be a great democr at, yet he is willing to tolerate and excuse behaviour bordering on undemocratic i ncluding a demonstration which threatened the Houseo f Assembly. The most extreme forces in the PLP are now in control of the Opposition. The Great Pretender has stacked the National Convention, his partys highestb ody, with hundreds of Stalwart Councilors personally loyal to him. This means that the PLPs elected branch representatives are always out-n umbered and are subservient to Mr Christies needs. Today, even after promising yet another remake of the PLP, Mr Christie seems set to run the same scandal-rid-d en and incompetent people in the next election. One cant pretend to be a rose when one continues to surround oneself with poison weed andb ad apples, the FNM said. THE FREE National Movement (FNM Fred Mitchell to apologise forhis attack on the integrity of the Special Intelligence Branchof the Royal Bahamas Police Force. In a press statement, the FNM said that after his attack,Mr Mitchell has now sought to deny his comments after the Police Staff Associations chair man rightly criticised his comments. On March 8, Mr Mitchell said of the SIB: In any event, I have a view which I espoused as minister and I still hold and that is that SIB reports are often based on gossip and trivia and are elevated in the minds of the bureaucracy to too high a level. Two days later on March 10, after justifiable criticism from the Staff Association and others, Mr Mitchell sought to twist his own words and to deny the clear meaning of his earlier comments. His statement read in part: I at first declined to comment but upon more mature consideration what I wish to say is that any and all of the comments made by me at any time are directed at politi cians and policies and not at public servants. The comments are about public policy. That should be crystal clear from the content and context of the remarks. What is crystal clear, the FNM said, is that Mr Mitchell said that the reports themselves are often based on gossip and trivia, directly impugning the integrity of those who produce the reports. Further, he launched an attack on the wider bureaucracy and not singularly political leaders and public policy. His prior statement refutes his later attempt to walk back his earlier reckless comments. By attempting to deny his own words, Mr Mitchell is now suggesting that the Police Staff Association and others simply misunderstood what he was saying. This is an additional insult added to the injury of his earlier rash statement, the party noted. In his second statement, the FNM highlighted that the Fox Hill MP only responded after mature consideration. The mature thing to have done was not to launch an attack on the Police in the first place. Further, after launching such an attack, he should have had enough maturity to apologise to the Royal Bahamas Police Force, the party said. When contacted for comment yesterday, Mr Mitchell said he will be answering the Police Staff Association and the FNM together on Tues day with a full and frank statement. LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 7 7 KH &RPLQJRIWKH.LQJGRP Call for Mitchell apology over SIB comments FNM describes Perry Christie as the Greatest Pretender PLP LEADER PERRYCHRISTIE was criticised by the FNM


L OCAL NEWS P AGE 8, MONDAY, MARCH 14, 2011 THE TRIBUNE By CONSTABLE 3011 MAKELLE PINDER THEREis no right or wrong way to protect youa nd your family during a home invasion. However when your home security is broken, the objective is to escape alive. Hence, the best defence a gainst a home invasion is prevention, including family education and planning. One family meeting to disc uss general rules and procedures may save a life in years to come. T herefore the police sugg est that the following prec autions are taken into consideration and utilised: P arents should teach child ren how to answer or not answer the phone or a knock on the door in the scenarios of parents being home or away. Dont forget to teach kids the basics, such as always l ocking the doors and wind ows before leaving home and anyone could be at the d oor. T he weakest home securi t y link is failing to lock doors or windows and opening the door without question at thes ound of a knock or ring of the door bell. Teach your children how to dial 9-1-1 at a young agew hile explaining the appro priate situation to dial. THE OPTIONS OF R ESPONSE: Escaping immediately, s aving yourself This option decreases the amount of time the burglars have to complete their job while having their privacy leaked. Some refuse to look like a c oward by leaving their fami ly in danger, however, radi cal actions may pay off late r if you are able to immed iately get help. Fighting and screaming Screaming and yelling works well if there are neighbors close by or in a public area. There is no pur pose in fighting if you arep hysically incapable. If fighting, make a strong, forceful hit to the nose, eyes, throat o r groin area. This will give a small window of time to escape and call for help Compliance with bur g lars This allows more time to think of an effective plan of action while creat i ng an escape opportunity once the burglars let their guard down. Pulling a weapon on an armed intruder This option should be your last r esort, most times house h old weapons are not l oaded for child safety, so in t he rare occasion you have a ccess to a loaded fire arm, b e aware the burglar is just as desperate and often will not hold back. Remember that No matter what option you choose, make sure you stay calm and p ut thought into your actions because it will affect everyone surrounding you. S hould you need more i nformation and before your h ome security is broken and invaded, please pay close attention to the informationp rovided. Or if you have informa tion pertaining to any crime, p lease do not hesitate to c ontact the police at or Crime Stoppers at 328-tips (New Providence 8476 (Family Island Royal Bahamas Police Force National Crime Prevention Office: Home invasion survival tips


BySIR RONALD SANDERS (The writer is a consultant and former Caribbean d iplomat) TRAVELLERS in the C aribbean appear set for a turbulent time because of the a pparent stand-off between t he Trinidad and Tobago owned, Caribbean Airlines L td (CAL c arrier, LIAT, whose shareh olders are the governments o f Antigua and Barbuda, Barbados and St Vincent and t he Grenadines. There is no question that, for many of the countries oft he smaller Caribbean count ries, LIAT is an essential s ervice. It has also become important for traffic to Guyana of North American and European tourists and nationals visiting froma broad who can get as far as Barbados via bigger airlines. There is also no question that however brave a face is put on it LIATs ability to continue to fly without s ubsidies from its shareholde r governments is in grave doubt. And, the possibility of its shareholder govern m ents putting money into LIAT is pretty remote since all three of them are s trapped for cash. Borrow ing on commercial terms is also not a viable option in todays market, particularly i f such borrowing is based on a need to compete against CAL on certain Caribbeanr outes. CAL has made it clear that it intends to fly some of the routes now oper a ted by LIAT. In the past, LIAT relied heavily on loans and subsi dies from shareholder gove rnments, but over the last four years it has paid its own way with no government having to give it a hand-out. Indeed, LIATs landing fees to Caribbean governmentsh ave been a source of reve nues to the airports in all countries that its serves. In Barbados, for instance,L IAT operates approximately 30 landings a day, making it the largest single source of landing fees. The same is true for Antigua and Barbuda, and for most of its eastern Caribbean destinations. But the situation is now changing. LIAT has had to increase its fares because of increased costs, not leastamong them the cost of avi ation fuel. The airline has an aging fleet in need of renewal. Experts put the capital cost of renewal of the fleet at approximately US$300 mil lion. LIATs home market, the Eastern Caribbean, is itself undergoing a period of economic recession with only limited possibilities for shortterm economic growth. Any new competition from CAL will worsen LIATs financial problems and probably push it overthe edge, particularly as CAL gets a fuel subsidy from the government of Trinidad and Tobago while LIAT pays market price. CALs fuel subsidy erroneously described as a fuel hedge is quite significant. Accord ing to Trinidad and Tobagos Finance Minister Winston Dookeran, CALs fuel subsidy claims to the Government for the years 2008, 2009 and 2010 amount ed to $43.69 million In this regard, Prime Minister Ralph Gonsalves of St Vincent and the Grenadinesis perfectly correct when he asserts the absence of a level playing field in any competition between LIAT and CAL. Gonsalves has also spoken of LIAT introducing a mix of aircraft and flying routes to Miami and New York. This is more a consummation devoutly to be w ished than a prospect g rounded in any reality. LIAT would not only have to compete on these routes with CAL which benefits from a fuel subsidy, it would a lso compete with American Airlines which several governments in the region are k nown to give subsidies in order to guarantee their flights. Since no Caribbeang overnment has shown itself willing to provide a subsidy to LIAT to guarantee its intra-Caribbean flights, they are most unlikely to make any contribution toward LIATs wider explorationst o New York and Miami. R egional airlines experts point out that CAL has nothing to gain from a LIAT acquisition, similar to the acquisition of the Jamaica airline, Air Jamaica. CALh as route rights under the CARICOM Multi-lateral Air Services Agreement, it has the necessary airplanes (with the acquisition of French ATRs), and it has a fuel subs idy. What is more, it has the s upport of countries like Grenada, St Lucia and St Kitts who are getting a ser-v ice without paying for it, and who are not attracted to helping pay for LIAT. Fur ther, CAL already flies to B arbados and Antigua and Barbuda. This probably reflects the thinking of C ALs Board of Directors why pay for something that might turn out to be an alba-t ross, if they could put it out o f business and secure a place of dominance in the Caribbean skies? G iven the assets of CAL, particularly its fuel subsidy, it could put LIAT out of busi n ess unless LIAT secures financing from somewhere to allow it to meet its cur rent financial obligations, u pgrade its fleet and offer passengers a competitive price for its service. Should that happen, CAL would enjoy a virtual monopoly. At that point, it isd oubtful that the Trinidad and Tobago government would continue the fuel subsidy at its present level, if at all. Passengers would be expected to pay the com mercial costs of the airlines service. The end result for the passengers tourists and Caribbean nationals alike will be high costs for intraregional travel. But, it could also mean a decision by the dominant airline to abandon non-profitable services and routes. Should the latter decision be taken, some gov ernments would be forced to give the airline money to guarantee continued service. This is a practice many oft hem now apply to foreign carriers such as American Airlines but they refuse tod o for regional carriers. C learly what is needed in this troubling situation is a high level consultative process involving the principals of both CAL and LIAT with the aim of developinga n action plan, including an integrated business plan, for the two carriers. The issue is how to get the two carriers to talk at the level of their Boards to work o ut such a plan that could be p ut to their shareholder governments. One approach would be for the presentC hairman of CARICOM, Grenadas Prime Minister Tillman Thomas, to appoint a team of say three people, h eaded by a seasoned diplomat and including persons familiar with the issues of C aribbean airlines, to bring representatives of the airlines to the table and facilitate the development of the p lan. What is certain is that the current stand-off benefits noo ne, least Caribbean travellers. R esponses and previous commentaries at: T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 9 The Mercedes-Benz C-ClassYour most enjoyable drive ever.T he Mercedes-Benz C-Class is a pleasure tobehold offering a new interpretation of driving pleasure. Its taut lines lend it an a ir of effortless superiority while the wide radiator grille and distinctive rear section announce a vehicle with a real presence and dynamic personality. Few cars can compete with its ability to adjust so many facets of its character f rom the interior to the drive technology so quickly and precisely in response toexternal conditions and your own particular needs. The key to this flexible response is the standard-fit Agility C ontrol Package which includes selective damping. The interior offers noticeably more space and a more distinctive atmosphere tosuit your taste. As 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 C OMPONENT NECESSARY TO ENSURE THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY. You are cordially invited to attend A presentation by Dr. David T. ConleyPROFESSOR OF EDUCATIONAL POLICY AND LEADERSHIP FOUNDER, CENTER FOR EDUCATIONAL POLICY RESEARCH, UNIVERSITY OF OREGONNEXT STEPS FOR CREATING A COLLEGE AND CAREER READY CULTUREThe rapidly changing world offers tremendous opportunities for The Bahamas to grow and thrive as a nation. Every Bahamian has a role in charting the path, including teachers, business leaders, community members, parents and students. This session will discuss the next steps in developing a culture of college and career readiness in the home, school, and community. Thursday, March 24th, 2011 7:00 pm 9:00 pm INDEPENDENCE BALLROOM B SHERATON NASSAU BEACH RESORT, WEST BAY STREETAdmission is free of charge and there will be a question and answer sessionRSVP T 362 4910 or email speakerseries@lyfordcayfoundation.orgCOLLEGE CONNECTIONS THE SPEAKER SERIESBuildingTomorrowToday CARICOM Chairman should act to end airlines stand-off WORLDVIEW S IRRONALDSANDERS


tural damage but no one was injured, according to preliminary reports. The BEC power plant blaze came on the same day that BEC announced it had offic ially taken over responsibility for the generation of electricity at the $70.8 million Wils on City power plant in Abaco from contractor MAN Diesel. The power plant is capable of generating 48 m egawatts of power and was built to address the unreliability of power generation in the A baco islands, which has faltered due to the intermittent failure of generation equipment at the Marsh Harbour power plant. However, the new Wilson City plant has yet to be brought on stream on a full time basis asi ts ability to fully service power demand in the a rea remains hampered by the need for an upgraded transmission line linking it to Marsh Harbour. The contract for the installation of that cable has been put out to tender and BEC has said it hopes the line will be in place in timef or Wilson City to serve peak summer power demand in Abaco. However, in the event it is not completed in time, BEC Chairman Michael Moss and Environment Minister Earl Deveaux have stated that BEC will rely on continued use of gene rators at the Marsh Harbour power plant t o supplement the power supplied and ensure demand is fully met. BEC Chairman Michael Moss said yesterd ay that this plan remains intact as the old B EC plant suffered "no major damage per se" as a result of the fire, with the oil drums in one portion of the compound having caught alight but the generation equipment being spared. He confirmed that immediately after the f ire a bulldozer entered the area and "extend e d the firebreaker" around the plant, clearing down any remaining bush that could carry a wildfire towards the plant. "There should be a firebreaker," he said, adding that he could not speak to the adequacy of the protective measures prior to the fire. Yesterday, sources on the island suggested m ore could have been done before the blaze r eached the plant to ensure the compound did not catch alight, including clearing down t he bush surrounding the facility in advance. O ne source questioned what systems BEC had in place to deploy in the event of a petrol eum fire at the plant, adding that BEC itself appeared to have played no part in addressing the fire. A further hindrance to the firefighting e ffort came from a limited water supply from w hich to fill the trucks which were attending t he fire, T he Tribune u nderstands. Requests a llegedly put to the Water and Sewerage Corp oration on Thursday to increase the water pressure in the area so that fire trucks could b e refilled with water to fight the fires on a more prompt basis were not responded tou ntil the following day, when the water also c ut off entirely for a period of time, said a source involved with the efforts to tackle the fires. This slowed down the firefighters response t o the blaze. "They said the lack of water was because we were using it to fight the fires, but thec apacity of that plant is 750,000 gallons. Each one of those trucks can hold no more than 3,000 gallons, so I doubt that," said a source, who did not wish to be identified. T he Water and Sewerage Corporation c ould not be reached for comment up to press time. T he cause of the fires was not clear yesterday. Attempts to reach police fire officials in Marsh Harbour were not successful. L OCAL NEWS PAGE 10, MONDAY, MARCH 14, 2011 THE TRIBUNE FROM page one Blaze at BEC power plant compound


By MIKE LIGHTBOURN MY LAST COLUMNgot you started on your purchase by determining how muchy ou could afford, getting loan p re-approval, finding the right B REA agent to help you find a suitable home. Now what? Your BREA agent will show how your preferred home(sp roperties on the market. H e/she will advise you if there are any special issues you should know about involving your choice(s Now you should be armed to make your offer, which should include a contingency regarding an inspection andf inancing, as well as any spec ial requests or repairs, a closing date and the amount of the deposit. There may be some negotiation, but once both parties have agreed on the terms, youll sign a sales a greement or letter of intent. M ake sure your lawyer sees it. The vendors insurance company needs to be advised of your interest in the property once you have signed thec ontract. Y ou should have prea pproval from your bank for financing. If you are preapproved, youll complete the loan process, order ana ppraisal and inspections. Y ou will want to do a final walk through before closing. Once all the legalities are finalised you can complete the transaction. You will sign all t he final documents and b ecome a homeowner. For most persons this will be the largest transaction of their lives and we do not want any slip ups! ( Mike Lightbourn is presid ent of Coldwell Banker Lightbourn Realty). L OCAL NEWS PAGE 12, MONDAY, MARCH 14, 2011 THE TRIBUNE Seeking full-time retail managers to work in our boutiques in Nassau and Paradise Island Must have 5+ years experience in luxury fashion apparel and/or high-end jewelr y & watches. Seeking candidates that have chosen r etail as their career and would be willing to w ork long term. Must have proven sales record and excellent management skills. Position requires strong background in m anagement, inventory, scheduling, product training, human resources, and loss pr e vention duties. Exper ience in Retail Pro a plus. Must be fluent in English. Knowledge of Spanish or another foreign language a plus. Candidate must live in Nassau or be willing to r elocate at o wn expense. Please send a detailed resume and a cover letter to, explaining your inter est in the position, availability, & salary r equirements. Please also include a photo if available. Real Estate:Reaching the finish line Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. HAVANA Associated Press A CUBAN court on Saturday found U.S. contractor Alan Gross guilty of crimes against the state and sentenced him to 15 years in prison, a verdict that brought a swift and strongly worded condemnation from Washington. The court said prosecutors had proved that Gross, 61, was working on a "subversive" program paid for by the United States that aimed to bring down Cuba's revolutionary system. Prosecutors had sought a 20-year jail term. Gloria Berbena, a spokeswoman for the U.S. diplomatic mission on the island, termed the decision "appalling" and called on Cuba to release Gross immediately. "We reject and deplore this ruling," she told The Associated Press. "It is appalling that the Cuban government seeks to criminalize what most of the world deems normal, in this case access to information and technology." Tommy Vietor, a spokesman for the White House's National Security Council, said the ruling "adds another injustice to Alan Gross' ordeal." "He has already spent too many days in detention and should not spend one more," he said. "We urge the immediate release of Mr. Gross so that he can return home to his wife and family." Gross was arrested in December 2009 while on a USAID-backed democracybuilding project. The U.S. government and Gross's family say he was working to improve Internet access for the island's Jewishc ommunity, did nothing wrong, and should be released. Cuban officials have called him a mercenary and main tained his motives were more nefarious. The court said the program that Gross worked on part of a $20 million Washington-e ffort to support democracy on the island showed that the U.S. government continues to seek the overthrow of a Cuban government ruled since 1959 by brothers Fidel and Raul Castro. The Havana court found the evidence presented at the trial" demonstrated the participation of the North American contractor in a subversive pro ject of the U.S. government that aimed to destroy the Rev olution through the use of communications systems out of the control of authorities," according to a statement read out on the afternoon news. It said that during testimony in the two-day trial, Gross "recognized having been used and manipulated" by his company Bethesda, Marylandbased Development Alternatives, Inc. as well as by USAID and the State Department. It said he has the right to appeal the sentence to the Supreme People's Tribunal, Cuba's equivalent of the U.S. Supreme Court. Since the trial began, Cuba has stepped up its denunciation of such programs. Last week, state television aired a program detailing the history of the USAID effort, with officials saying it showed Washington was waging a cyberwar. Cuban media have promised to air a second installment on Monday, possibly including footage of Gross's testimony at the trial, which was closed to the foreign press. Development Alternatives was awarded a multimilliondollar contract for the program in which Gross was involved, and Gross received more thana half million dollars through his company, despite the fact he spoke little Spanish and had no history of working in Cuba. Gross traveled to the island several times over a short period on a tourist visa, apparent ly raising Cuban suspicions. Development Alternatives President James Boomgard said Saturday the company was "profoundly disappointed" in the verdict, and called on the government to free Gross. The USAID programs have been criticized repeatedly in congressional reports as being wasteful and ineffective, and funding was held up briefly in 2010 over concerns following Gross' arrest. The money has begun flowing again, though U.S. officials say Development Alternatives is no longer part of the program. While the verdict was not unexpected, it is sure to have a chilling impact on relations. U.S. officials have said repeatedly that no rapprochement is possible while Gross remains jailed. Now that Gross has been convicted, his backers will try to get him released through a court action or executive par don, possibly on humanitarian grounds. His wife Judy says Gross has lost more than 90 pounds since his arrest, and that his 26-yearold daughter and 88-year-old mother are both suffering from cancer. US CONTRACTOR CONVICTED IN CUBA; 15-YEAR SENTENCE


KORIYAMA, Japan Associated Press J APAN'Snuclear crisis intensified Sunday as authorities raced to combat the threat of multiple reactor meltdowns and more than 180,000 people evacuated theq uakeand tsunami-savaged northeastern coast where fears spread over possible radioactive contamination. Nuclear plant operators were frantically trying to keep temperatures down in a serieso f nuclear reactors including one where officials feareda partial meltdown could be happening Sunday to prevent the disaster from growi ng worse. B ut hours after officials announced the latest dangers t o face the troubled Fukushim a Dai-ichi nuclear complex, including the possibility of a second explosion in two days, t here were few details about w hat was being done to bring t he situation under control. Chief Cabinet Secretary Y ukio Edano said Sunday that a hydrogen explosion c ould occur at the complex's U nit 3, the latest reactor to f ace a possible meltdown. T hat would follow a hydrogen blast Saturday in the plant 's Unit 1, where operators attempted to prevent a meltdown by injecting sea wateri nto it. "At the risk of raising furt her public concern, we cannot rule out the possibility of an explosion," Edano said. "If there is an explosion, however, there would be no signifi c ant impact on human health." M ore than 180,000 people have evacuated as a precaution, though Edano said the radioactivity released into the environment so far was so small it didn't pose any healtht hreats. S uch statements, though, did little to ease public worries. "First I was worried about the quake," said Kenji Koshiba, a construction worker whol ives near the plant. "Now I'm w orried about radiation." He spoke at an emergency center in Koriyama, about 40 miles (60 kilometers troubled reactors and 125 miles (190 kilometers of Tokyo. At the makeshift center set u p in a gym, a steady flow of people mostly the elderly, schoolchildren and familiesw ith babies were met by officials wearing helmets, surgical masks and goggles. A bout 1,500 people had b een scanned for radiation exposure, officials said. Up to 160 people, includi ng 60 elderly patients and medical staff who had been waiting for evacuation in then earby town of Futabe, and 1 00 others evacuating by bus, might have been exposed to radiation, said Ryo Miyake, a spokesman from Japan's nuclear agency. The severity of their exposure, or if it hadr eached dangerous levels, was not clear. Edano said none of the Fukushima Dai-ichi reactors was near the point of complete meltdown, and he was confident of escaping the w orst scenarios. Officials, though, have d eclared states of emergency at six reactors three at Daiichi and three at another nearby complex after operators lost the ability to cool the reactors using usual proce-d ures. Local evacuations have b een ordered at each location. The U.N. nuclear agency said a state of emergency was also declared Sunday at another complex after higher-thanpermitted levels of radiationw ere measured there. It said J apan informed it that all INTERNATIONAL NEWS T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 13 Japan races to prevent nuke reactor meltdowns EARTHQUAKEANDTSUNAMIDISASTER PEOPLE WALK in the rubble in Minamisanriku town, Miyagi Prefecture, northern Japan, Sunday, March 13, 2011, two days after a powerful earthquake-triggered tsunami hit the country's east coast. The Yumiuri Shimbun /AP S EE page 14


three reactors there were under control. A pump for the cooling system at yet another nuclear c omplex, the Tokai Dai-Ni p lant, also failed after Friday's quake but a second pump operated normally as did the reactor, said the utility, the Japan Atomic Power Co. Itd id not explain why it reporte d the incident Sunday. A ll of the reactors at the complexes shut down automatically when the earthquake shook the region. But with backup power supplies also failing, shutting d own the reactors is just the b eginning of the problem, scientists said. "You need to get rid of the heat," said Friedrich Steinhaeusler, a professor of physics and biophysics atS alzburg University and an a dviser to the Austrian government on nuclear issues. "You are basically putting the lid down on a pot that is boiling." "They have a window of o pportunity where they can d o a lot," he said, such as using sea water as an emergency coolant. But if the heat i s not brought down, the casc ading problems can eventually be impossible to control. "This isn't something that will happen in a few hours. It's days." Edano, for his part, denied t here had been a meltdown i n the Fukushima Dai-ichi complex, but other officials said the situation was not so clear. Hidehiko Nishiyama, a senior official of the Econom y, Trade and Industry Mini stry, indicated the reactor core in Unit 3 had melted partially, telling a news confere nce, "I don't think the fuel r ods themselves have been spared damage," according to the Kyodo News agency. A complete meltdown the collapse of a power plant's ability to keep tempera-t ures under control could r elease uranium and dangerous contaminants into the environment and pose major, widespread health risks. Experts noted, however, that even a complete meltd own would probably be far l ess severe than the 1986 disaster at Chernobyl, where a reactor exploded and sent a c loud of radiation over much o f Europe. That reactor, unlike the ones in Fukushima, was not housed in a sealed container. The nuclear crisis was triggered by twin disasters on Fri-d ay, when an 8.9-magnitude e arthquake, the most powerful in the country's recorded history, was followed by a tsunami that savaged its northeastern coast with breathtaking speed and powe r. M ore than 1,400 people were killed and hundreds more were missing, according to officials, but police in one of the worst-hit areas estimated the toll there alone was m ore than 10,000. T he scale of the multiple disasters appeared to be outpacing the efforts of Japanese authorities to bring the situation under control. Rescue teams were strugg ling to search hundreds of m iles (kilometers tated coastline, and hundreds of thousands of hungry survivors huddled in darkened emergency centers cut off from rescuers and aid. At l east 1.4 million households h ad gone without water since the quake, and food and gasoline were quickly running out I NTERNATIONAL NEWS P AGE 14, MONDAY, MARCH 14, 2011 THE TRIBUNE Archdiocese of Nassauannounces itsCitywide Lenten Mission(New Providence)Theme: A New Beginning Behold, I make all things new. (Rev: 21:5)March 14-18, 2011Loyola Hall, Gladstone Road7:00 nightly Guest Preacher Rev. Fr. Donald Chambers, STDThe FROM page 13 SEE page 15 JAPAN:EARTHQUAKEANDTSUNAMIDISASTER


T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 15 Ready to Roll!Get Pre-Approvedf or the 2011 BMDA Auto Show Today!F lexible TermsAttractive Low RatesLow Monthly Payments Visit Scotiabanks Booth at the 2011 BMDA Auto Show March 25 26 Mall at MarathonVisit Any Scotiabank Branch Today!* Trademarks of The Bank of Nova Scotia. Trademarks used under authorization and control of The Bank of Nova Scotia. **VisitBranchfordetails.Minimumapprovedloanrequirementsapply. Offer expires April 30, 2011. Certain conditions apply. I NTERNATIONAL NEWS across the region. Large areas o f the countryside were sur rounded by water and unreachable. Nearly 2 million h ouseholds were without elect ricity. Starting Monday, power will be rationed with rolling blackouts in several cities, including Tokyo. The government doubled t he number of troops pressed i nto rescue operations to about 100,000 from 51,000, as powerful aftershocks contin-u ed to rock the country. Hundreds have hit since the initial temblor. O n Saturday, an explosion d estroyed the walls and ceiling of Fukushima Dai-ichi's Unit 1 as operators despera tely tried to prevent it from overheating and melting down by releasing steam. O fficials were aware that t he steam contained hydro gen and were risking an explosion by venting it,a cknowledged Shinji Kinjo, spokesman for the govern ment's Nuclear and Industrial S afety Agency, but chose to do so because they needed to r educe the pressure. Officials insisted there was no significant radioactive leak after the explosion. W ithout power, and with its valves and pumps damaged b y the tsunami, authorities resorted to drawing sea water mixed with boron in an attempt to cool the unit's SEE page 16 A WOMAN searches through the rubble of her home destroyed in Friday's powerful earthquake-triggered t sunami in Ofunato, Iwate prefecture, northern Japan, Sunday. Kyodo News /AP J APAN: EARTHQUAKE ANDTSUNAMIDISASTER FROM page 14 A PATIENT in a wheelchair is helped by attendants as they evacuate f rom a tsunami-affected hospital at Otsuchi, northeastern Japan, on Sunday, two days after a powerful earthquake and tsunami hit the the country's northeastern coast. Kyodo News /AP


I NTERNATIONAL NEWS PAGE 16, MONDAY, MARCH 14, 2011 THE TRIBUNE Colonial Group International:Insurance,Health,Pensions,Life Colonial Group International is rated A-(Excellentby AM Best. Lifestyle ProtectionHealth,wealth and happiness,health,pensions,lifeIf you protect your lifestyle with a CGI company,you can pay less for motor and home insurance and enjoy firstrate business cover too.From health insurance,rich in benefits and offering global coverage,to pension services delivering efficient,accurate and timely reporting,CGI companies offer flexible products to make the most of your budget. Customer products and services are supported by the resources of a $300 million regional insurance and employee benefits provider. Colonial Pension Services (Bahamas Tel.502-7526 Atlantic Medical Insurance Tel.326-8191 Freeport Tel.351-3960 Security & General Insurance Tel.326-7100 R UBBLE IS SCATTERED a cross the wide areas of the town of Minami Sanriku, northeastern Japan, on Sunday, two days after a powerful earthquake and tsunami hit the the country's northeasternc oast. Kyodo News /AP JAPAN: EARTHQUAKEANDTSUNAMIDISASTER overheated uranium fuel rods. Boron disrupts nuclear chain reactions. Operators also began using sea water to cool the complex's Unit 3 reactor after earlier attempts to lower its temperature failed, the U.N. Nuclear Agency said. The move likely renders the 40-year-old reactors unusable, said a foreign ministry official briefing reporters. He said radiation levels outside the plant briefly rose above legal limits, but had since declined significantly. Japan has a total of 55 reactors spread across 17 complexes nationwide. FROM page 15 D ESTROYED CARS a re left out on a street following a massive tsunami triggered by a huge earthquake in Tagajo near Sendai, northern Japan, Sunday. Koji Sasahara /AP A FISHING BOAT which was washed away by tsunami, sits overturned in Hachinohe, Aomori, northern Japan Sunday after Friday's catastrophic earthquake and tsunami. Kyodo News /AP


SECTIONB MONDAY, MARCH 14, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held r esponsible for errors and/or omission from the daily report.$ $4.72 $5.12 $4.72 By NEIL HARTNELL T ribune Business Editor RoyalFidelity Merchant Bank & Trust will launch its next international mutual fund offering this June in a bid to capture the $10 milliont hat will be redeemed when its first such product matures that same month, its presidentt elling Tribune Business the investment bank planned to launch two funds per year. R eaffirming his belief that R oyalFidelitys TIGRS family of funds was still the right recipe for providing Bahami-a n investors with access to portfolio diversification and potentially higher returnsf rom global capital markets, M ichael Anderson said the investment bank was now w orking to develop a viable alternative to attract the $9.98 million in investor principal that will be released once its TIGRS 1 sub-fund matures. A new TIGRS will come out in June to replace TIGRS1 that matures at the end of June, Mr Anderson told Tribune Business. There is $10m illion sitting in TIGRS 1, so were trying to find a suitable investment to back with the n ext TIGRS. Its like trying to figure out whats suitable. What will be the rush over the next five-y ear period? The aim, Mr Anderson added, was for the next TIGRS sub-fund prod-u ct likely to be named T IGRS 5 was to provide a viable, alternative investment f or them [TIGRS 1 investors] to move into. We want people to maintain their diversification in international securities, he explained. Thats what the TIGRS are about, diversifyingp eoples portfolios outside Bahamian securities in a principal protected, low risk way. They provide exposure to markets outside the Bahamas. There arent any other opport unities like this for Bahamian i nvestors, so we want to continue to broaden the base of investments that people havea n opportunity to invest to allow them to do so. RoyalFidelity targets $10m fund retention Investment bank searching for viable investment for upcoming June fund, in bid to attract investor capital from maturing TIGRS* Eyeing two new international mutual funds per year Still believes strategy right recipe for Bahamian investors SEE page 4B By NEIL HARTNELL Tribune Business Editor Finance Corporation of the Bahamas (FINCO sure it can sustain dividend payments before its resumes profit returns to shareholders, its managing director has told Tri bune Business, with the mortgage lenders efficiency ratio currently between 36-40 per cent. Speaking just days after Roy alFidelity analysts suggested it would be reasonable to expect the BISX-listed lender, which is 75 per cent majority-owned by Royal Bank of Canadas FINCO: NO START-STOP DIVIDEND RESUMPTION BISX-listed mortgage lender wants to be certain it can sustain profit returns to shareholders* Efficiency ratio lies between 36-40% 10.47% non-accrual loan portfolio deteriorates further after year-end SEE page 5B TANYA MCCARTNEY By NEIL HARTNELL Tribune Business Editor Julian Francis, the Bahamas Telecommunications Companys (BTC chairman, will be appointed as chairman of Commonwealth Brewerys Board once its upcoming $62.5 million initial public offering (IPO pleted, Tribune Business can confirm. Sources familiar with the situation confirmed that Com monwealth Brewery had already discussed the post with Mr Francis as part of an extensive due diligence undertaken on the former Central Bank governor and other candidates, with the company set Francis to be Brewery chair Commonwealth set to appoint ex-Central Bank governor and current BTC exec chair once $62.5m IPO is completed* Kerzner PR chief, Ed Fields, also set for Board appointment JULIAN FRANCIS SEE page 8B By NEIL HARTNELL Tribune Business Editor A direct competitor to the Bahamas Telecommunications Company (BTC a dmitted it is not happy the mobile monopoly will remain in place and has been extended post-privatisation, but acknowledged that the clock is ticking on that last remaining protectionist barrier. Paul Hutton-Ashkenny, president of IndiGo Networks operator, Systems Resource Group (SRG said that with just the Parlia mentary debate standing between Cable & Wireless Communications (CWC and its $210 million acquisition of a 51 per cent controlling interest in BTC, it was time for the communications sector and the entire BTC rival not happy on cellular monopoly SEE page 7B By ALISON LOWE Business Reporter The prospects for Bacardis former Clifton Pier processingf acility to be turned into a bio fuel-manufacturing plant are not rosy, a former Cabinet minister behind the idea has admitted, as the group seeking to advance the proposal have run into problems in identifying where they will source raw material from and a destinationt o export the final product to. Such considerations had been deemed key to pinning down financing for the biofuel project, which businessman and ex-politician, Tennyson Wells, last year said he hoped could service the Bahamas and the Caribbean and create hun dreds of jobs for Bahamians. M r Wells revealed his investor group was hunting for the financing for the biofuel project in an October 2010 interview with this newspaper, having already got hundreds of thousands of dollars tied up in the purchase option it has on the former Bacardi Clifton Pierf acility. WELLS: BIOFUEL FACILITYS PROSPECTS ARE NOT ROSY SEE page 6B By NEIL HARTNELL Tribune Business Editor The Bahamian Contractors Associations (BCA has urged the Government to follow the Baha Mar template and ensure Bahamian construction companies get 20 per cent of the infrastructure project work to be performed by China Harbour Engineering Company, expressing concern about the deal given the work shortages and unemployment currently plaguing the sector. Speaking to Tribune Business after the Government signed a Memorandum of Understanding (MoU owned company last week, Stephen Wrinkle said the Bahamas was going to have to be very careful how we proceed with this relationship with Beijing. Acknowledging that the Government, which is struggling with a wide fiscal deficit and growing $4.2 billion national debt, would obtain numerous benefits from dealing with China, namely the low interest rates associated with the financing, Mr Wrinkle said the turnkey solution entities such as China Harbour Engi neering Company provided -finance, design and build were also attractive. However, he argued that this had to be balanced with the fact that Chinese labour was the main component in these works, at a time when many Bahamian contractors were facing work shortages, while unemployment in the Bahamian con struction industry was widespread. Thats the difficulty facing every country; the value of these works far exceeds the cost of the Chinese labour component, Mr Wrinkle told Tribune Business. We hope to get some dialogue going soon with the Government and the Chinese company to ensure there is some Bahamian component. At the moment, we are concerned because there is a shortage of work, and while we understand the inclination of the Government to go ahead with these works based on the financing component, we have to have some Bahamian component. We cannot let all these people come in and take the work Govt urged: Mandate 20% Bahamian participation SEE page 6B


By ROYALFIDELITY CAPITAL MARKETS I t was a busy week of trading in the Bahamian stock market. Investors traded in six out of the 24 listed securities, with one advancer and three decliners. EQUITY MARKET A total of 62,230 shares changed hands, representing an increase of 32,550 shares compared to the previous week's trading volume of 29,680 shares. AML Foods (AML advancer, trading a volume of 2,000 shares, its stock price increasing by $0.05 to close at $1.09. Commonwealth Bank (CBL the volume leader, trading a volume of 47,281 shares, its share price falling $0.02 to close at $6.78. Bank of the Bahamas (BOB the big decliner, trading a volume of 4,238 shares to see its stock price decrease by $0.10 to close at $4.40. Focol Holdings (FCL ume of 4,700 shares, its listed price falling $0.01 to close at $5.47. Finance Corporation of the Bahamas (FIN 2 ,621 shares to close unchanged at $5.88. BOND MARKET No notes traded during last week. COMPANY NEWS Earnings Releases: There were no earnings reports released last week. AGM Notice: Finance Corporation of the Bahamas (FIN AGM will be held at the British Colonial Hilton Hotel on March 17, 2011, at 6.30pm. B USINESS PAGE 2B, MONDAY, MARCH 14, 2011 THE TRIBUNE RoyalFidelity Market Wrap INTERNATIONAL MARKETS FOREX Rates Currency Wkly % Chge CAD1.0340 0.42 GBP1.6087 -1.11 EUR 1.3912 -0.54 Commodities Commodity Wkly % Chge Crude Oil 113.40 -2.31 Gold1,411.50 0.61 INTERNATIONAL STOCK MARKET INDEXES IndexWeekly% Change DJIA12,044.40 -1.03 S&P 5001,304.28 -1.28 NASDAQ 2,715.61 -2.48 Nikkei10,254.43 -4.11 EQUITY MARKET TRADING STATISTICS W eek ending 11.03.11 BISX SYMBOL CLOSING PRICEWKLY PRICE CHANGEVOLUMEYTD PRICE CHANGE AML$ 1.09$-0.052,00012.37% BBL$ 0.18$-00.00% BOB$ 4.40$-0.104,238-10.20% BPF$ 10.63$-00.00% BSLN/A$-00.00% B WL$ 2.70$-00.00% CAB$ 10.21$-0-2.39% CBL$ 6.78$-0.0247,271-3.14% CHL$ 2.40$-1,4000.00% CIB$ 9.39$-010.00% CWCB$ 2.11$-0.12015.30% DHS$ 1.40$-0-12.50% FAM$ 5.25$-0-13.51% FBB$ 1.96$-0-9.68% F CL$ 5.47$-0.014,7000.18% FCLB$ 1.00$-00.00% FIN$ 5.88$-2,621-18.67% ICD$ 7.40$-00.00% JSJ$ 9.82$-00.00% PRE$ 10.00$-00.00% Market wrap continues on page 8B


By ALISON LOWE Business Reporter The economic threat of a day without gasoline being served at pumps throughout the Bahamas looms, as petroleum retailers today meet with the Government to ask for a rise in the fixed mark-up they are allowed to collect on a gallon of gas or diesel, given business conditions which some claim could put them out of business altogether if not addressed. Providing evidence of their plight, the Margin Relief Committee of the Bahamas Petroleum Retailers Association (BPRA on Friday when an estimated 8 0 per cent of all gas/diesel retailers shut down their diesel p umps for 12 hours. Their protest had been set to continue for another 12 hours,until midnight on Saturday morning, but was brought to an early close following an intervention by minister of state fort he environment, Phenton Neymour, who has responsibility f or relations with the petroleum industry. One business in the transportation industry told Tribune Business that had he not hearda rumour of the planned shutdown of diesel sales ands tocked up on fuel in advance, the move wouldve had a deva stating effect on his operations. Oswald Moore, chairman of the Margin Relief Committee of the BPRA, said the inten tion among the industrys mem-bers was that no prior warning would be given of when the fuel sales shutdown would take place and, as it stands, a final decision on whether or not there will be a similar protest involving gasoline used by most of the motoring public will take place. The Margin Relief Commit tee is asking the Government to allow retailers to collect 30 cents, rather than nine cents of profit, on every gallon of gas, and 20 cents rather than four cents per gallon of diesel. Without it, Mr Moore said some retailers are likely to giveup on the industry altogether, given that as oil prices rise, costs rocket and profits shrink. Hopefully this will all be solved in an amicable, peace ful, manner. We apologise to the public for any inconvenience that may be caused, but weve been agitating for a long time. Its not right for retailers to continue to pour their assets into keeping the business afloat a nd get into a worse and worse financial situation...the industry needs to be able to stand on its own two feet, said Mr Moore, adding that margins have remained fixed at that present level for around 30 years. Oil prices fell on Friday as news spread of a massive earthquake and tsunami having struck Japan, giving reason to suspect that demand for oil from the worlds third largest importer would fall. The fall bucked a trend of price rises in recent weeks in light of the civil unrest in Libya, a major oil producer. Mr Moore said that in his call to the BPRA on Friday, which brought an end to the BPRAs diesel shutdown, Mr Neymour said the Government under-s tands our plight and they are willing to work with us towards a solution. From their end its a little more complex, and they have various other things to look into, which we understand, added Mr Moore. The official meeting between Mr Neymour, who had for some time indicated his willingness to meet with retailers to discuss the price controls, was set up for today. Meanwhile, reflecting some of the difficulties the Government will face in addressing the retailers demands, a transportation business owner told this newspaper on Friday that even without the increase in the price of diesel at the pump that would come with any concession from the Government to the petroleum retailers, he has found the overall increase in prices is affecting us big time. And the problem is we cant go up in our rates because right n ow were struggling to get business here as it is, he added. BUSINESS T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 3B Gasoline strike threat looming


Were likely to be doing two TIGRS a year, one at the end of June, one at the end of the year. R oyalFidelitys TIGRS f amily has enjoyed a mixed performance, their launch having coincided with the onset of the global recession arguably the severest, andd eepest, downturn since the 1 930s Great Depression. T he TIGRS 1 sub-fund, which matures this June, after being launched in December 2007, has rebounded somewhat from the negative 12.71p er cent return on investment s uffered during its first year. It generated positive returns of 7.02 per cent and 5.4 per cent, respectively, during 2009 and 2010, clawing back much of the ground lost during its for-m ative first 12 months. At year-end 2010, the T IGRS 1 sub-fund, whose investments are split 25 per cent each into four indexlinked funds, was showing a n n egative return of just 1.53 per cent since inception, with its net asset value (NAVc losing at $9.89 per share at end January 2011. Mr Anderson said the TIGRS 1 sub-funds performance was being impacted because some of the indices i t had invested in were still b elow water, but pointed out that the principal protection principal behind the fund family meant that the downside risk for Bahamian investors was eliminated, meaning they would recover all their initial capital investment plus benefit from anyu pside. In the overall scheme of things, we still think its the right recipe, the RoyalFidelity president said of the international investment fund strategy. We still have as trong belief that over the next three-five years, the growth in the global econom y will fuel growth in those e merging market economies, and their earnings and prices. In terms of the protection side, its a good fall back posit ion for people without the r isk of losing capital....... To get your money back is a g ood thing. The principal protection works through investing a portion of investor capital into Bahamian-based fixed income s ecurities, such as bonds, preference shares, governmentr egistered stock and bank d eposits, the certain returns from this ensuring no losses are suffered on the international investments. Elsewhere in the TIGRS family, the TIGRS 2 indexlinked sub-fund, which isi nvested in the same indices as its TIGRS 1 cousin, has benefited from being launched at a later date, June 2009, when the markets had recovered somewhat. During its first six months, i t generated positive returns of 13.38 per cent and, while these slowed during 2010, T IGRS 2 still finished the y ear with a 2.61 per cent upside, taking total returns s ince it launched to 16.33 per cent. T he TIGRS 2s NAV was $ 11.05 at the end-January close. T he TIGRS 3, the fund that was unveiled in March 2010 to invest in three commodities-linked indices copper, nickel and gold remains in p ositive territory with a 0.25 per cent return, yet it is the e quities sub-fund that remains t he most disappointing performer, having generated a negative 16.02 per cent return to end-December 2010. A s for TIGRS 4, which was offered to Bahamian investors towards the end of last year,M r Anderson acknowledged RoyalFidelitys continued disappointment that it had only raised $1.5 million, or less than 30 per cent, of its $1.5 million target. Its unfortunate, as we did not get the institutional sup-p ort we were expecting, he told Tribune Business, and the timing was such that people were not convinced that the emerging markets were the place to put their money. Its one of those things p eople need to get educated on. It will improve. I think it just comes from uncertainty a nd reluctance to take the r isk, even though theres no risk to capital. People stuck with safety; the investments they know. R oyalFidelity's TIGRS 4 f und was structured to provide 60 per cent equity expo s ure to emerging market economies such as China, Brazil, Taiwan, Korea and Singapore, balancing this with 20 per cent exposure to the S &P 500 Index and the MSCI European, Australasian and F ar East Indices. T his reflected RoyalFidelity's belief that emerging markets will provide better growth and investment return o pportunities over the next five years than developed country economies, growinga t 6-8 per cent as opposed to 2-3 per cent. B USINESS P AGE 4B, MONDAY, MARCH 14, 2011 THE TRIBUNE %DKDPDV(OHFWULFLW\&RUSRUDWLRQ7HQGHU7KH%DKDPDV(OHFWULFLW\&RUSRUDWLRQLQYLWHV 7HQGHUVIRUWKHVHUYLFHVGHVFULEHGEHORZ 7 *URXSHGLFDOt/LIH,QVXUDQFHHUYLFHV %LGGHUVDUHUHTXLUHGWRFROOHFWSDFNDJHVIURP WKH&RUSRUDWLRQ$GPLQLVWUDWLYHIFH%OXH +LOOt7XFNHURDGV &RQWDFW 0V&KDUOHQHPLWK DW WHOHSKRQH 6XEPLVVLRQVVKRXOGEHPDUNHGDVIROORZV 0U.HYLQ%DVGHQ *HQHUDODQDJHU %DKDPDV(OHFWULFLW\&RUSRUDWLRQ ([HFXWLYHIFHV%OXH+LOOtXFNHU 5RDGV 1DVVDX%DKDPDV 7 *URXSHGLFDOt /LIH,QVXUDQFHHUYLFHV 'HDGOLQHIRUGHOLYHU\WR%(& 7KH&RUSRUDWLRQUHVHUYHVWKHULJKWWRDFFHSW RUUHMHFWDQ\RUDOOSURSRVDOV )RUDOOLQTXLULHVUHJDUGLQJWKHWHQGHUVSOHDVH FRQWDFW $QWLRQHWWHXUQTXHVW DWWHOHSKRQH / (*$/,&(3(36,&2/$%$+$0$6f %277/,1*&203$1

Bahamian subsidiary, to resume dividend payments during its 2011 financial year, Tanya McCartney said FINCOs do not want to start and stop investor returns. Pointing out that FINCOs improved $18.2 million profit for the year to end-October 2010, a $13.6 million improvement on 2009, was driven entirely by a $13.7 million drop in credit allowances as a result of changes to its loan loss provisioning policy, Ms McCartney told Tribune Business: The chairman of my Board would say to you that the improvement in results is purely the change in provisioning policy, and not the result of improvements in the non-performing loan portfolio. The Board is going to continue to look at our non-performing loan position as well as provisioning. Theyre the two main factors were looking at non-performing loans and the level of provisioning on a quarterly basis. There are other factors as well, but there are the two main ones that have factored into our deliberations in the past as to whether to make a dividend payment. And she added: Those two things are impacting our abilityto pay dividends. We want to be in a position where we resume dividend payments and are able to sustain them. We do not want to start and stop. FINCOs financials disclosed that its non-accrual (non-performing) loan portfolio, con sisting of credit more than 90 days past due, accounted for 10.47 per cent of its $847.212 million portfolio at year-end 2010 some $88.64 million. Ms McCartney acknowledged that there had been further slippage in the non-accrua l column since end-October 2010, and told Tribune Business: We are being cautious and doing all we can internally to manage our delinquent portfolio. It continues to deteriorate, even though the pace of deterioration has slowed. Until we see some positive trends, w ere going to be cautious and conservative. While some borrowers had over-extended themselves, the FINCO managing director acknowledged that much of the non-performing loan deterioration had resulted from the general economic environment, a s clients who had been made redundant or seen a reduction in their incomes were simply unable to repay their loan obligations. I cant stress that enough, Ms McCartney said of how the general economic malaise was impacting FINCOs perform ance. We are optimistic that once the economy turns around and employment levels start to improve, we will see some improvement in the non-performing loan book. It depends on whether this economy really starts to turn a round. There are a lot of things happening in terms of n ew investment Baha Mar, the new airport. Hopefully, we will have some more to inject life into this economy and benefit us. But until people get back to work and are able to pay their bills, we wont see m uch of a change. Once things start to reverse, we will be in a much better position, because we will be able to reverse those provisions back into the net income line. Reiterating the message she delivered to shareholders when t hey contacted her with concerns over FINCOs current financial performance, Ms McCartney told Tribune Business: You can see its a direct result of the non-performing loans. If you look at our efficiency ratio, loan growth and keeping e xpenses flat, you can see we run an efficient operation. Its tied to provisioning and nonperforming loans. Ms McCartney told this newspaper that FINCOs efficiency ratio was in the 36-40 per cent range, and said the fact that it was purely a (largely resi dential) mortgage lender had sort of magnified our situation. Mortgages Mortgages have been the loan segment hardest hit in the recession, and FINCO has no other product on which to fall b ack unlike rival commercial banks, but Ms McCartney acknowledged this cut both ways, given that its loans were largely secured on the underlying real estate. We are in a very good posi tion because of the security of t he real estate, she told Tribune Business. Were holding it. If you look at every other line in the figures, you will see we are in pretty good shape. The change in loan loss provisioning reduced FINCOs credit loss provisions by $8.9 million $8.9 million during its 2 010 financial year. It reduced the allowance for credit (loan losses from the 40 per cent of non-accrual loan threshold used in 2009 to 30 per cent last year. This move, following a Board a nd management review of FINCO's provisioning policy, which assessed factors such as the quality of security held over its mortgage portfolio and recovery rates, resulted in a considerable boost to the mortgage lender's 2010 financial results. This review resulted in the C orporation [FINCO] reducing its provisioning policy ratio to 30 per cent of non-accrual loans, and a reduction of $8.9 million in the amount charged for provision of credit losses," the financial statements, audited by Deloitte & Touche, stated. While current provisions are considered conservative, the Corporation will continue to review its provisioning policy and methodology to ensure that levels remain appropriate and conservative." The $8.9 million reduction in FINCO's loan loss provisions went straight back into the income statement, and were a key factor behind the lender's dramatically improved performance in 2010 compared to the previous year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f5DWLQJ IURP%HVWUHHFWLQJWKHFRPSDQ\QDQFLDOVWDELOLW\DQG VRXQGULVNPDQDJHPHQWSUDFWLFHV 3OHDVHDSSO\EHIRUHDUWK *U7UDLQLQJDQDJHU %DKDPDV)LUVW&RUSRUDWHHUYLFHV 3 1DVVDX%DKDPDV 2UHPDLOWR FDUHHUV#EDKDPDVUVWFRP I n order to strengthen our team in Nassau, we have an e mployment opportunity for a Responsibilities will include : M inimum requirements : T he ideal candidate must possess strong analytical skills, and have a n extensive knowledge of IFRS and Basel II banking regulations. t han March 23rd 2011 to: FINCO: NO START-STOP DIVIDEND RESUMPTION FROM page 1B


because they have the financing. At some point, were going to have to reserve some component for Bahamian participation. Whether its as part of a Bahamian joint venture, I dont know. Expressing hope that the Government stipulated some form of Bahamian involvement in the MoU with China Harbour Engineering Company, Mr Wrinkle said the BCA and wider construction industry would like the model achieved over the $2.6 billion Baha Mar project, where some $400 million or 20 per cent of the total construction work, was reserved for Bahamian contractors. If we can get 20 per cent of the work they will be doing, thatll be good, Mr Wrinkle told Tribune Business of China Harbour Engineering Company. Thats in keeping with the amount we have with that [Baha Mar] foreign direct investment project. We hope the Prime Minister has sought to include some form of Bahamian participation. Hes aware of the problem, and is doing his best to make sure we get part of it. Mr Ingrahams a shrewd negotiator, and I have every confidence that he will do his best for us. What that is, I dont know. And the BCA president added: Certainly, islands like Exuma, where unemployment is high and the pool of labour is readily available, wed like to ensure maximum Bahamian participation. Im sure the Government has the same sentiments, and we always have the ability to say no to their offer. A little prudence goes a long way. Neko Grant, minister of works, said at the MoU signing that China Harbour Engineering Company would partner with Bahamian contractors on every work phase, but few details were provided. The projects being undertaken by China Harbour Engineering Company include designing and building the North Abaco Port and by-pass road; a bridge between Little and Great Abaco; a port and by-pass highway in Exuma; and the Eleuthera Glass Window Bridge and approaching embankments. New port facilities will be constructed at Conch Rock, near Coopers Town, North Abaco and at the Navy Dock site near George Town, Exuma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SHUVRQVLQGHEWHGWRWKHVDLG(VWDWHRI )UDQN.XFHUD DUHUHTXHVWHGWRPDNH IXOOVHWWOHPHQWRQRUEHIRUHWKHGDWH KHUHLQEHIRUHPHQWLRQHG 1$',$:5,*+7 $WWRUQH\IRUWKH([HFXWRUV &KDQFHOORUV&KDPEHUV 3 At that time, Mr Wells said he expected the issue of financing for the biofuel plant, which would convert raw organic material into fuel which could be used to power vehicles, would have to be resolved within the next six months or the group would lose its purchase option on the facility and the money they had invested in it. Last week, Mr Wells said talks continue w ith potential stakeholders about where the necessary biomass to make the fuel could be sourced for from, including the feasibility of growing some of it in the Bahamas. Meanwhile, in terms of export markets, given that there is not enough demand in the Bahamas for the quantity of fuel set to be produced at the plant, Mr Wells admitted there has been no headway made in thisa rea. However, he said the investor group is still hoping to do it, and the owners of the plant have agreed that they will not lose their purchase option just yet, despite the deadline having elapsed. They havent put a limit on it. They have said if you can put together the package then we will deal with you, said Mr Wells. Biofuel facilitys prospects are not rosy: Wells FROM page 1B T ENNYSON WELLS F ROM page 1B Govt urged: Mandate 20% Bahamian participation


Bahamas to move on. I just wish the day would come when we can compete in the mobile area, Mr Hutton-Ashkenny told Tribune B usiness. Thats the one area that remains a concern to us, but there is nothing we can do to change that. The only good coming out of it as far as mobile is concerned is the clock is ticking now. The end is in sight, w hereas the day before yesterday, there was no end in sight. To preserve BTCs value a nd encourage CWC to pay the $210 million purchase price, as well as minimise the voluntary redundancy exer-c ise that will take place over the next year at BTC, the Government is moving to amend the CommunicationsAct and regulations to extend BTCs post-privatisation cell ular monopoly from two to three years. T his means that the bidding p rocess for a second B ahamas-based cellular licence will only start in April 2 014. Given that it will possibly take one year to award the licence, and another year for the winner to get their infrastructure ready, it is possible cellular competition may only become a reality in 2016.A nd the third cellular licence will only be offered five years after privatisation is completed. Were obviously not happy that the mobile monopoly is going to remain in place fora number of years, but at least there is an end to it once the sale is closed, Mr HuttonAshkenny told Tribune Business. There is light at the end of the tunnel, but the consumer will have to have a little bit of patience yet. Of the Utilities Regulation & Competition Authoritys ( URCA) decision to approve C WCs acquisition of BTC, M r Hutton-Ashkenny said: Im not in the slightest bit s urprised. It was a foregone conclusion. Its time to move on, and it looks like well be moving on with CWC in control at BTC and ourselves merged with Cable Bahamas. The latter was itself not happy with several details sur-r ounding the impending CWC acquisition of BTC. Tribune Business was able to confirm that the BISX-listed company, which is set to be a privatised BTCs leading competitor in the local market, was indeed the respondent to the URCA consultation who suggested that the privatisation by CWC would create a substantial lessening of competition in several markets, as it meant the companys Caribbean business, LIME, would not enter the Bahamas as a competitor to BTC. N oting BTCs dominant s hare of the fixed-landline a nd cellular markets, where according to URCA the stateo wned incumbent holds a 98 per cent and 100 per cent market share, respectively, Cable Bahamas argued that t he extension of BTCs postp rivatisation cellular monopoly from two to three (likely four) years, had effectively extended the companys ability to cross-subsidise its other businesses with profits from the cellular side. The transaction will cause a lessening of competition in t he fixed markets, as it extends the licensees ability to leverage its mobile monopoly to impede the growth of c ompetition in the fixed voice, broadband, domestic long dist ance and international long distance market, Cable Bahamas said. The transaction will cause a lessening of competition in t he international services markets because [CWC] will have an incentive and the ability tof avour [BTC] over other operators licensed to provide i nternational services to cust omers in the Bahamas. And Cable Bahamas also expressed concern that CWC, with its One Caribbean operating model, would be in a position to cross-subsidise BTC by providing operational, management and administrative services to ita t lower prices, enabling the privatised entity to engage in anti-competitive cost shifting. These practices may not be addressed by, or be detectable under, URCAs current cost accounting and a ccounting separation rules, it added. URCA, though, dismissed all these arguments. A Tribune affiliate holds a small, passive stake in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rival not happy on cellular monopoly FROM page 1B


to invite him to take the chairmanship once the IPO is completed. News of Mr Franciss impending appointment also came out during presentations given by Commonwealth Brewery to leading institutional investors, regarding the IPO, last week, Tribune Business understands. And this newspaper can also confirm that the other Bahamian set to be appointed to Commonwealth Brewerys Board is Ed Fields, Kerzner International (Bahamas tions. He and Mr Francis, who will effectively act as non-executive directors and look after the interests of Bahamian investors who acquire the collective 25 per cent stake offered in the IPO, will be joined on the Commonwealth Brewery Board post-offering by LeRoy Archer, managing director, and three other representatives of 75 per cent majority shareholder, Heineken BV. While the Board will be at least six strong post-IPO, its numbers could increase to seven, as the Government has the right to appoint one member if it is called upon to act as standby purchaser in the event that the IPO is not fully subscribed. Mr Francis, who played a key role on BTCs privatisation committee as its vice-chairman, declined to comment when contacted by Tribune Business, buta source familiar with developments said: The discussions he had with them went very well, and the feedback he got from a number of sources close to the people [Commonwealth] is that they intend to invite him to join the Board, and possibly as chairman as well. Michael Anderson, RoyalFidelity Merchant Bank & Trusts president, who is acting as the offerings placement agent, confirmed to Tribune Business the appointments of both Mr Francis as chairman and Mr Fields as a director. At the end of the offering, both of those people will be appointed, he confirmed, explaining that Commonwealth Brewery had decided not to appoint them beforehand because then they would have been required to sign off on every aspect of the offering memorandum, something that needed them to become familiar with every aspect of the companys financials and oper ations. Mr Anderson, meanwhile, confirmed that the Common wealth Brewery IPO was set to launch on March 21, 2011, the Securities Commission having given approvals that allowed the prospectus to be sent to the printers last week. The remain ing issues to be resolved just require certain documents to be sent to the capital markets regulator. Apart from the Internet, Mr Anderson said there would be 23 distribution points for the prospectus via all RoyalFideli ty, Fidelity Bank (Bahamas Royal Bank and FINCO branches. In addition, all Com monwealth Brewery outlets will carry smart cards and signage with information on where copies can be found. Weve had some great responses so far, Mr Anderson said of investor interest in the $62.5 million IPO. I just dont know what it means. I think its getting some atten tion. Pre-offering weve done TV, radio and newspapers, and were trying to get out early to make more people aware. Weve done everything we could. B USINESS PAGE 8B, MONDAY, MARCH 14, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .130.95AML Foods Limited1. 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.504.40-0.104,0000.1530.10028.82.27% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2 .201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.44Cable Bahamas10.2110.210.001.0500.3109.73.04% 2.852.35Colina Holdings2.402.400.005000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1)6.806.800.000.4880.26013.93.82% 2.861.90Consolidated Water BDRs2.162.07-0.090.1110.04518.62.17% 2 .541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.505.25Famguard5. 9.275.88Finco5.885.880.000.6820.0008.60.00% 11.408.77FirstCaribbean Bank9.399.390.000.4940.35019.03.73% 6.004.57Focol (S)5.405.470.073,7000.4520.16012.12.93% 1.001.00Focol Class B Preference1. 5.595.50ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 5 2wk-Hi 5 2wk-Low S ymbol B id$ A sk$ L astPrice D ailyVol E PS$ D iv$ P /E Y ield FINDEX: YEAR END 2008 -12.31%3 0 May 2013 20 November 2029THURSDAY, 10 MARCH 2011BISX ALL SHARE INDEX: CLOSE 1,456.81 | CHG 0.35 | %CHG 0.02 | YTD -42.70 | YTD % -2.85BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)M aturity 19 October 2017 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%BISX LISTED & TRADED SECURITIES AS OF:7% I nterest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/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 Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.94860.04%1.45%2.918256 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.43920.61%-0.22% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% 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 7/11/200730-Nov-10 31-Jan-11 107.570619 105.776543 30-Jun-10 31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 28-Feb-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 31-Jan-11CFAL Securities Ltd. (Over-The-Counter Securities)31-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 &KDPEHUV $OOHQ+RXVH 'RZGHVZHOOWUHHW 1DVVDX%DKDPDV $WWRUQH\VIRUWKH 3HWLWLRQHU $1(7%(9(5/<0,//(5 R I 3%2;)5(6+$1'526 %$+$0$6 B OND MARKET TRADING STATISTICS BISX SYMBOLDESCRIPTIONVOLUMEPAR VALUE FBB13FBB Series 0$1,000 C Notes Due 2013 F BB15FBB Series0$1,000 D Notes Due 2015 FBB17FBB Series0$1,000 A Notes Due 2017 FBB22FBB Series0$1,000 B Notes Due 2022 RoyalFidelity Market Wrap (continued from Page 2B Francis to be Brewery chair FROM page 1B E DFIELDS


system itself. He decided the best way to proceed was to start with s omething small, outside the system, and let his achievements drive demand for the model to be replicated a strategy which has seen his project grow from a single b lock to a hundred-block a rea. It now embraces 10,000 s tudents. But Dr Glaze feels focusi ng only on certain schools is a mistake, as it sends the w rong message to students. S he said that while the w orst performing schools undoubtedly need special attention, no one should feell eft out of a reform process not even the best performing schools. She noted that her original m andate covered 4,000 primary schools far more than we have in the Bahamas. "Its a big system, and to be able t o organise people in such a w ay that they were helping all the schools was not easy,b ut we did it," she said. O f course, Dr Glaze's perspective is very different from that of lone ranger Geoffrey Canada. Far from being an outcast, she was embraced by the system; hired to trans form it from within. Before 2002 when things w ere really difficult," she explained, "the conservative g overnment of the time and t he teachers did not get a long. There were strikes, there was a lot of bad feelings, teachers were retiringi n droves." Then, the new provincial government under PremierD alton McGuinty came to office riding a promise to boost school performance by working with teachers, principals and the community. Dr Glaze said: "The premier did a number of things, one of the things he canv assed on was to reduce class sizes, build capacity in all areas, to focus on low performing schools to see how we would bring them up. There is a philosophy of 'excellence with equity' w hile we raise the bar for all s tudents, we have to close the g ap. It is very important to n ote that there was a strong support for educators. He c ame in with the notion that h e was going to improve perf ormance by supporting principals and teachers. He was going to build capacity. Andi t was to my mind a very positive message that really resonated with the teachers." According to Dr Glaze, t he Bahamas has a like-minded reformer inMinister of Education, Desmond Bann ister. S he said: "I think Mr Bann ister is very committed and h e really wants to do well. I really like him. The teachers and principals that I met, I think they want to do well. T here is a lot of hope and optimism here." Because it aims to change t he system from within, her m ethod would undoubtedly b e supported by our government which doesn't wantt hings to stay as they are, but d oesn't want to bring the entire system crashing down either. After all, they are the ones w ho run it. They employ the teachers who work in it, who all have a vote come election time. They are the ones whow ould have to face the Bahamas Union of Teachers if fundamental changes to the profession were to be made to the detriment of its members. But would it work here? H as Dr Glaze's experience in Canada prepared her for the realities of a place like the Bahamas? Can we, considering our deep-rooted social problems, afford to dispense with a hard-nosed, s corched earth approach to d ealing with underperformi ng teachers and parents? S he points out that as a n ative Jamaican, she is well aware of the challenges faci ng Caribbean students from d ifficult backgrounds. And b elieve it or not, she says, she has encountered many of the same challenges in Ontario. We have in Ontario a lot of those similar problems single parent families and so on that I found in other i slands, like Jamaica and Barbados. Its pervasive these days. But if you target those p roblem schools, it can be d one. I absolutely believe it c an work in the Bahamas if the focus is on building capacity.Good teaching is what is going to save the day h ere. "There are a lot of good things happening in the B ahamas. I am amazed when I meet with the principals, t he director, the superintendents. You have a great sys-t em, but it can be better, you c an still reach higher. You are not starting from zero here; I find the Bahamian teachers and principals a verys pecial group of people, but we can do better." But are all Bahamian teachers really like the hand-p icked group she interacted with at the Ministry of Edu cation's seminars? Are our teachers "highly competent" in terms of academics?Do they all have the will, but simply lack the skill? Are the p resent generation of Bahamian parents eager to help their children learn, but are simply lacking the proper kind of encouragement? What do you think? Read part one of "Re-examining our failing e ducation system" at: h ttp:// itorial/Insight/03072011_INSI GHT-Education_insight INSIGHT T HE TRIBUNE MONDAY, MARCH 14, 2011, PAGE 9B &)$&,(7<7+(%$+$0$6 0217+/<($.(5/81&+(21(9(17 723,& (&+1,&$/$1$/<6,67+(%$6,&6 '$ :HGQHVGD\ W K 0DU 7,0( $GGUHVV 3OHDVHDUULYHSURPSWO\ 3/$&( &DJOLDULRRP /XFLDQRVRIDVVDX(DVW%D\WUHHW 63($.(5 %DUU\LQH LUHFWRURIHVHDUFK&DSVWRQH &267 1RQPHPEHUV &KHTXHVSD\DEOHWR&)$RFLHW\RI7KH %DKDPDVf 5(6(59$7,216 35((*,675$7,21(48,5('E\ 4 \ \ WK 'DYLGDPLUH]&)$ GUDPLUH]#SLFWHWFRP r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

BENGHAZI, Libya Associated Press M OAMMARGadhafi's forces swept rebels from one of their final strongholds with hours of searing wavesof strikes from warships, tanks and warplanes on Sunday but the insurgents c laimed that they moved back in after nightfall. One rebel said that after their initial defeat, opposition forces destroyeda rmored vehicles and capt ured dozens of fighters from G adhafi's elite Khamis Brigade in the oil town of Brega, driving others back into the town's airport. A nother opposition fighter told The Associated Press by telephone that celebrationsh ad broken out in the nearby city of Ajdabiya, and celebratory gunfire, honking and s houting could be heard in t he background. "We are on our way to Brega to celebrate with ourb rothers there," he said. The opposition has seen a series of reversals in its battlef or control of Libya's main c oastal highway, which runs from Gadhafi's western stronghold in the capital, Tripoli, to rebel-held territory in the east. Gadhafi's forces seem emboldened byt heir string of victories but their supply lines are increas ingly stretched and they depend on artillery, airstrikes and naval attacks that are more difficult to launch at n ight. T he rebels have been pleading for Western pow ers to protect them with a n o-fly zone, and on Monday their leaders meet in Paris with U.S. Secretary of State Hilary Rodham Clinton, whop lans to assess their capabil ities and intentions. T he Arab League asked t he U.N. Security Council on Saturday to impose a no-fly zone. But the U.S. and many allies have expressed deep reservations about a tactic that would require them to destroy Gadhafi's air defenses and possibly shoot downh is planes, and they appeared no closer Sunday to imposing a no-fly zone. The poorly equipped and loosely organized fighters s aid throughout the day that they were fleeing Brega u nder heavy attack, losing a vital source of fuel for their vehicles and leaving Gadhafi's military less than 150 miles from the main opposi-t ion city of Benghazi. A spokesman for Gadh afi's military declared that it h ad seized control of the t own and was "dealing with the situation." A jdabiya is the only other major population center between Gadhafi's forcesa nd the rebel headquarters. I f his successes continue, the Libyan strongman will soon face the choice of consolid ating his control of the M editerranean coast or moving swiftly toward Benghazi a nd the prospect of a devastating battle. "Benghazi doesn't deserve a full-scale military action," army spokesman Milad Huss ein told reporters in the capital, Tripoli. "They are a g roup of rats and vermin and as soon as we go in, they will raise their hands and surrender." Gadhafi's navy, army and a ir force began pounding B rega with artillery, rockets and bombs Sunday morning a nd didn't let up all day, forcing doctors and wounded p eople from the town's hospital with a missile strike, several rebels told The Asso ciated Press after fleeing. There wasn't any time to breathe, to do anything," one fighter with responsibility for logistics said by telephone as h e fled Brega for Ajdabiya, about 50 miles (80 kilometers) by road to the east. Explosions went off in the background. Speaking on condition of anonymity for fear of retali-a tion, he said the opposition was bracing for conflict in Ajdabiya by evacuating doctors and the wounded from there, too. H e said some rebels had gathered in a seaside village a few miles east of Brega, hoping to halt Gadhafi's forces. He said more fighters from rebel strongholds in the east were heading toA jdabiya to prepare for a battle there. T he rebels were trying to s ecure the southern and easte rn roads to Ajdabiya and storing provisions and w eapons there after the loss of free access to gasoline in Brega. I think they are bombing h eavily because they want to win time before a no-fly zone is imposed," he shouted over t he phone. A n opposition leader in Ajdabiya said the rebels p lanned to retake Brega and were attacking Gadhafi's forces with guns and roadside bombs as they moved in reinforcements from gove rnment-held cities in the west. T he rebels are fighting to oust Gadhafi from power after more than 41 years, inspired by protesters who toppled authoritarian rulers i n neighboring Tunisia and E gypt. A week ago they held the entire eastern half of the c ountry and were charging toward the capital, Tripoli. T hen Gadhafi's troops began reversing those early gains with superior weaponrym and firepower from the air. W ith much of the fighting in the east taking place along a coastal highway bounded by strips of desert, there are f ew places for the rebels to t ake cover, forcing them to withdraw under fire before a ttempting to surge back. Also Sunday, Gadhafi's forces appeared to edge closer to Misrata, battling rebel fighters on the outskirts of L ibya's third-largest city, 125 m iles (200 kilometers east of Tripoli, residents r eported. One resident, who did not want his name used because he fears for his safety, said streets inside the city were e mpty as people took cover i n their homes and the noise of tanks, anti-aircraft fire and m achine guns grew evernearer. He said several tank shells had struck inside the city, hitting a mosque and an a partment building. I NSIGHT P AGE 10B, MONDAY, MARCH 14, 2011 THE TRIBUNE Gadhafi drives rebels from one of last strongholds AN ARMED Libyan rebel chants anti-Gadhafi slogans during a demonstration for students of the faculty of medicine of the University of Qar Younis, in Benghazi, Libya Sunday. Hundreds of students took the streets protesting what they called "The Libyan leader's war crimes" demanding the international community to impose a no fly zone over Libya. Nasser Nasser /AP


INSIGHT The Tribune INSIGHT MONDAY, MARCH 14, 2011 The stories behind the news B y PACO NUNEZ T ribune News Editor LAST week, Insight discussed education reformer G eoffrey Canada's strategy f or rescuing the children of Central Harlem from failing schools, and asked whetherh is approach could work in the Bahamas. After reading the article, M inistry of Education offic ials suggested I meet with Dr Avis Glaze, another pioneer of school reform who brought a bout huge improvements in the school system in Ontario, Canada and who the govern m ent had brought to Nassau t o present a series of semi nars for teachers. A n educator for almost 40 years, Dr Glaze, originally from Jamaica, started as a teacher in the Canadian pub l ic system and moved up the ranks to become a superin tendent and then director of education. In 2003, she was selected by the provincial administration to improve stu d ent performance across the length and breadth of Ontario by setting up a Literacy and Numeracy Secretariat with am andate to "drive achieve ment with a sense of urgency." Her aim: to close the gap between the top performers and those who underachieve. "Middle class kids may c ome to school with a vocabulary of 12,000 words, poor children come with a vocabu l ary of 4,000 words. From the very beginning we see the gap. The purpose of public school, if people take it serio usly, is to narrow or close that gap. And we have to have the strategies and interventions to do that," she told Insight. Her method: hire people who know about curriculum formation and effective teaching, organise them into teams and assign them to schools, where they would equip principals and teachers with the tools and strategies necessary to help children learn. "If you want to bring about improvement, you have to focus on a number of things, two of which are instructional effectiveness and the quality of the leadership of the schools, among other things," she told Insight. Those other things include: early intervention in the lives of struggling students, an intensive focus on reading, extending "time on task" for all students, and monitoring the performance of teachers. The result of this approach: It didn't take long, with the strong focus with professional development that we gave, foru s to begin to see results. When I started, 19 per cent of our schools were low per-f orming; in four years, it d ropped to five per cent." The effort to "close the gap" in particular was so successful t hat they found the children of immigrants, for whom English was a second language,w ere in many cases out per f orming students from top schools. Asked if this method could h ave similar results in the Bahamas, she replied, "Absolutely." Dr Glaze's approach shares a number of similarities with the ethos behind Geoffrey Canada's Harlem Children's Zone (HCZ rely on the conviction that: poverty is not destiny early intervention is vital good teachers are the key to a good education extended school hours improve student performance established public education systems are woefully out dated and do not prepare students for today's world failure cannot be an option for any child "We cant have any throw-away kids," Dr Glaze said. There are also some important differences. The first of these, I would describe as the "hope factor." T HE CASE FOR OPTIMISM M r Canada's HCZ depends on a recognition that schools often suffer because of thel arge number of "bad" teache rs on staff who couldn't care less about their students, but who are virtually impossible t o get rid of. For Dr Glaze, however, it's not that the majority of teach-e rs don't care, it's that they d on't have the necessary tools to do the job; the system has let them down, just as it hast he students. She said that teachers here told of a similar situation to that which she found in Ontario it is not "the will" that is lacking, but rather the skill. From my experience, teachers are people of good will. Many would have thew ill and most of the skill, but you know, some don't have it all. It's a matter then, of how we're going to retool them so they can get the job done," s he said.Beating up on teachers is certainly not the answer. In Ontario we are not like in some parts of the world, where they believe in 'shame and blame', and one size fits all. Its a very humanistic philosophy, which says if you get people motivated, if you give them the skill, they will get the job done. And it worked for us. It doesn't work in every setting, but it worked for us. "We have highly competent teachers in terms of academics, so we then provided the interventions, the support, a very good strategy, we felt that we could get results and it did happen." This is not to say that cer tain "non-negotiables" were not applied. "Someone needed to say to those low per forming schools, 'You're not doing what needs to be done, the country cannot wait, the children cannot wait, we are going to come in and help you,' and they have no choice but to co-operate." Once her programme began to succeed in some schools, Dr Glaze found there was little need to force the issue. "They realised we were going into schools and we were helping them. We were not there to put them down, and I think it increased motivation and people said 'Come and help us', because the environment was non-threatening." Dr Glaze also regards with a certain amount of optimism, the parents of children from poor backgrounds a much maligned demographic in the Bahamas. While insisting she is not making excuses for them, Dr Glaze said: "Sometimes we get so upset with parents, but has anyone taught them par enting skills? Some people just don't know what to do. "I think people care about their kids, but they don't have the skill to raise them. "I remember once in Ontario, teachers were say ing 'Oh Avis they don't care. You have too much confi dence. When we have meetings, parents don't come.' "I took down phone numbers and called some of the parents. One of them told me, 'You have meetings at 7pm, I clean offices at night and I can't come.' So we started to change our meeting times, and parents started coming. "Too often schools say 'You adjust to us', rather than really going out and learning about their community. "Many parents, especially i f they didn't have very posit ive experiences at school, are afraid of coming there. So we went out to get them, and they started coming." FINANCIAL REALITIES Hopeful though she may be when it comes to teachers and parents, Dr Glaze delivers a sobering perspective when it c omes to the question of mone y. G eoffrey Canada admits his programme is not cheap the Harlem Children'sZ one spends about $5,000 per student per year. In order to cover the costs, he augments the partial funding his schoolsg et from the US government by attracting private grants and donations. B ut the Bahamas is not the United States. Neither is Canada, and Dr Glaze pointso ut that it is foolish to create a p roject for reform that depends on resources that will not be forthcoming. People often say 'Give me more money and I'll improve, but you know, with dwindlingr esources all over the world, the challenge for educators is to do more to improve edu cation with the resources we c urrently have," she said. Dr Glaze believes support and positive reinforcement are the keys to improving teaching standards. She dismisses the "merit pay"s chemes applied by some schools, including Mr Canada's, as too "messy."O ffering financial rewards based on student performance is bound to breed hostility and division, she said, as no two students are equal and teachers lumped with more challenging classes will quickly become bitter and disillusioned. CAN THE SYSTEM CHANGE FROM WITHIN? Perhaps the biggest difference between Geoffrey Canada's system and that of Dr Glaze hinges on the question of whether the problems facing public education can be resolved from within. When he first left college eager to make his mark on education in America, Mr Canada wanted to tackle the entire system. He soon found he was banging his head against a wall of obstruction erected by unbudgeable union leaders and the engorged bureaucracy which runs the Re-examining our failing education system: Part 2 SEE page 9B I am particularly concerned with closing t he gap; you cannot say we have an excellent system if you have a long tail of failur e. W hen we talk about raising the bar for everybody and closing the gap, it means we'r e not l eaving any schools out of the strategy. Dr Avis Glaze GEOFFREY CANADA DR. ALVIS GLAZE addresses educators and stakeholders during a three-day workshop held recently at the Sheraton Nassau Beach Resort. R a y m o n d B e t h e l / B I S

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