The Tribune.
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Permanent Link: http://ufdc.ufl.edu/UF00084249/01916
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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: 07-08-2011
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Spatial Coverage: Bahamas
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General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
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Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:01916

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LOCAL NEWS PAGE 2, FRIDAY, JULY 8, 2011 THE TRIBUNE By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT The site of the Junkanoo Summer Festival sustained major damage when a tornado came ashore at Taino Beach yesterday morning, destroying a huge platform erected for the event. Tourism officials had made preparations for the official launch of the festival that evening at 7pm, however it had to be postponed to a later date. When The Tribune arrived at the scene, equipment was scattered about the area and a number of tents and booths were down. A crew was on site cleaning up the mess, removing huge debris and dismantling the damaged stage, which had collapsed under strong winds. Witnesses reported seeing a w ater spout approach at around 11am. Workers at the Junkanoo Beach Club were preparing to get the facility ready for cruise guests when they saw the twister come ashore. The water was spinning and it rise up from the surface and moved across onto the beach, said Trudy, an employee. She said they all took cover in the bathroom. Other than several lounge chairs that were turned over on the beach, the restaurant and nearby straw market were not damaged.The site of the Junkanoo Summer Festival, which is some 30ft away, suffered a direct hit from the tornado. The Ministry of Tourism i ssued a statement informing the public that the Junkanoo Summer Festival had been postponed due to weather constraints and that a new date will be announced later. Tornado batters Junkanoo Summer Festival site IT was incorrectly reported in Thursdays July 7th Tribune that the early warningsiren system in Hawksbill, Grand Bahama, covers a 100 to 200 mile range. The correct range is one to two miles. CORRECTION P HOTOS: VANDYKE HEPBURN

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LOCAL NEWS T HE TRIBUNE FRIDAY, JULY 8, 2011, PAGE 3 T EEN GIRL SHOT IN LEG A TEENAGE GIRLwas shot by an assailant as she visited a friend's home on Key West Street police said. The youngster was at the home at 11.30 pm Wednesday when she was shot in her leg by the occupant of as ilver Honda Civic. S he was taken to hospital where at last report she was in stable condition. P olice said they are following significant leads into the matter, but h ave asked anyone with information o n the gunman to come forward. A ctive investigations continue. EIGHT MEN ARRESTED IN SOUTHWESTERN OPERATION OFFICERS from the Southwestern division arrested seven men and one juvenile during an operation meant to curb armed robberies in their area. The officers patrolled the streets within their divisional boundary on W ednesday seeking wanted suspects and executing search warrants. At the end of the operation officers a rrested eight males seven adults and one juvenile from the Carmichael Road area. The men with the juvenile were arrested for vagrancy, possession of dangerous drugs, unlawful posses sion, stealing and an outstanding warrant of arrest. O fficers of the Southwestern division have asked residents within their boundaries to partner with them and r eport suspicious people and activities. P OLICE have arrested a man for questioning in connection with an armed robbery at Sun Tee Limited yesterd ay afternoon. R eports indicated a man armed with a gun robbed the Shirley Street store, fleeing in a car waiting nearby. No one was hurt in the incid ent, although a gun was p ointed in the face of an e mployee. Police vehicles on patrol apprehended a suspect, after respondi ng to information supp lied by the control r oom describing the r eported vehicle. By TANEKA THOMPSON Deputy Chief Reporter t thompson@ t ribunemedia.net THE United States remains committed to stemming the flow of illegal firearms from that country into the Caribbean, according to a senior official. Makila James, director of the United States' Caribbean Affairs Office, said despite the US'sr esolve, reducing the flow of arms is a huge challenge. "The most difficult part o f the issue we're dealing w ith is how to stop trade, the illicit trade in small a rms, like weapons that h ave been going across the r egion. This is a very big challenge, no one countryc an take it on alone," said M s James during a live w eb chat with reporters from the Caribbean yesterday. Problem T he US has several policies in play to fight the problem, including the C aribbean Basin Security I nitiative, she added. T he Obama administration allocated $77 million for CBSI the 2011 fiscal year. It is not yet known how much of this figure has been earmarked for the Bahamas. It's nothing the US gove rnment can do without the partnership of all the c ountries. It's part of our C BSI (Caribbean Basin S ecurity Initiative) dialogue process. . to look at this question. We're also working with other international partners we're working through the OAS, we're working with the UN t o try and grapple with this problem". Destroying confiscated weapons and more stringent licensing laws are other ways the trade of illegal w eapons from the US into countries like the Bahamas can be addressed. Weapons We have a number of p rogrammes to look at d estruction of weapons t hat have been confiscate d because stockpiling of weapons have been a problem if it falls in the wrong hands, and we are looking at the licensing process because some guns come into the country legally a nd end up in illegal hands. "So we are engaging with all the governments in the Caribbean on how we can address this problem, the illicit traffic and tightening up the regulat ions on the illegal guns that come in," said Ms James. Firearms are used in the majority of murders committed in the Bahamas. S tatistics show that guns were the weapon of choice 72 per cent of the murders c ommitted in the Bahamas a s of July 5, 2011. T he country does not m anufacture arms and it is s uspected that many of the g uns used in these crimes were brought into the country illegally. T he Organisation of American States recently gave government a firearms marking machine t o aid in the fight against illegal arms. CURSILLO NEWS The Bahamas Anglic an Cursillo will be hosting an Ultreya tonight at 7:00pm, and a Day of Deeper Unders tanding Saturday July 9th at 8.00am at Holy Spirit Anglican Church, C hippingham. B oth events will take p lace at the mentioned venue. P OLICENEWS MAN ARRESTED IN CONNECTION WITH ARMED ROBBERY THREE women two Chi nese and one Bahamian were arraigned in Magistrates Court yesterday, charged with failing to declare nearly $20,000 while attempting to leave the country for the United States. Miaozhu Ma, 62, of Carmichael Road; Yanli Ma, 34, also of Carmichael Road; and Johnauy Farrington, 21, of Turtle Drive were arraigned before Deputy Chief Magistrate Carolita Bethel in Court 8, Bank Lane. The three have been charged with making a false declaration and failing to declare. It is alleged that on July 1, the accused, being concerned together while at the US preclearance lounge in the Lyn den Pindling International Air port, made a false declaration to an officer of the United States, claiming that they were not carrying cash in excess of $10,000. It is further alleged that they failed to declare that they were carrying $17,485 in US curren cy and $53 in Bahamian cur rency. Yanli Ma pleaded guilty to the charges. Miaozhu Ma and Farrington pleaded not guilty to the charges. Their police bail was extended. They are expected back in court today when the prosecutor is expected to present a summary of the facts as alleged by police. By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net RELATIVES of one of the two teenage girls who went missing earlier this week can finally rest easy after 15-year-old Fostanique Reckley was found alive and well. According to police press liaison officer Sgt Chrislyn Skippings, Fostanique, of Walnut Street in Pinewood Gardens, was found in good health yesterday after being reported missing last Wednesday. Last night, she was still in police custody and helping officers with their investigations. Further details were not released before press time. Police are still requesting the publics assistance in locating the second teen reported miss ing 15-year-old Samoine Campbell of Florida Street off Robinson Road. She was last seen at around 6pm on Mon day, wearing a white shirt, blue jeans and white slippers. Samoine is described as being of light brown complexion and medium build. She is 5 tall and has a mole on her left cheek. Anyone with information concerning her whereabouts is asked to contact the Grove Police Station at 325-8431/2, CDU at 502-9910 or 502-9991, or Crime Stoppers at 328-TIPS. B y SANCHESKA BROWN POLICE have two men in custody for questioning aftera quantity of copper wire was stolen from the Bahamas Electricity Corporation. According to reports, offi cers attached to the PoliceT raining College made the arrest around 5am on Thursday. The men were detained at BECs Tucker Road station. The theft is the latest in a series of copper wire robberies in both New Provi dence and Grand Bahama. I n 2010, thieves stole copper wire from the Broad casting Corporation of the Bahamas, shutting down 1540AMs transmission. Two BEC workers were charged in connection with that incident. In May of this year, $12,000 worth of wire was stolen from the Bahamas Telecommunications Company in Grand Bahama. Police suspect the wire is being sold to junk and scrap yards. UScommitted to stemming flow of illegal firearms into Caribbean POLICENEWS W W e e h h a a v v e e a a n n u u m m b b e e r r o o f f p p r r o o g g r r a a m m m m e e s s t t o o l l o o o o k k a a t t d d e e s s t t r r u u c c t t i i o o n n o o f f w w e e a a p p o o n n s s t t h h a a t t h h a a v v e e b b e e e e n n c c o o n n f f i i s s c c a a t t e e d d b b e e c c a a u u s s e e s s t t o o c c k k p p i i l l i i n n g g o o f f w w e e a a p p o o n n s s h h a a v v e e b b e e e e n n a a p p r r o o b b l l e e m m i i f f i i t t f f a a l l l l s s i i n n t t h h e e w w r r o o n n g g h h a a n n d d s s , a a n n d d w w e e a a r r e e l l o o o o k k i i n n g g a a t t t t h h e e l l i i c c e e n n s s i i n n g g p p r r o o c c e e s s s s b b e e c c a a u u s s e e s s o o m m e e g g u u n n s s c c o o m m e e i i n n t t o o t t h h e e c c o o u u n n t t r r y y l l e e g g a a l l l l y y a a n n d d e e n n d d u u p p i i n n i i l l l l e e g g a a l l h h a a n n d d s s . Makila James, director of the U nited States' Caribbean Affairs Office Fostanique Reckley Samoine Campbell MEN IN CUSTODY IN CONNECTION WITH C OPPER WIRE THEFT ONE OF TWO MISSING TEENAGE GIRLS FOUND ALIVE AND WELL WOMENCHARGEDWITHFAILINGTODECLARE WHENLEAVINGCOUNTRY CHARGED: Johnauy Farrington Yanli Ma and Miaozhu Ma are seen leaving court yesterday. Felip Major /Tribune staff

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LOCAL NEWS T HE TRIBUNE FRIDAY, JULY 8, 2011, PAGE 5 THE Bahamas Constitution Party will hold the seco nd in a series of town meeti ngs on July 12 as the group prepares for its national convention, according to a party statement. The meetings are expected t o introduce BCP's agenda a nd the party will hear conc erns of residents regarding good governance of the country. Tuesday's meeting will be held at Doris Johnson SeniorH igh School. All interested p ersons especially those in the Elizabeth, Fox Hill, Marathon, Montagu, Sea Breeze, St Anne's and Yamacraw constituencies are asked to attend. O n July 18 the party will c onvene at Government High School to discuss needs for New Providence's western region. Residents from BlueH ill, Clifton, Fort Charlotte, G olden Isles, Killarney and Mount Moriah should attend. The last meeting for the m onth is set for July 25 at C V Bethel Senior School. The meeting will cover concernso f the island's southern region s uch as Bamboo Town, Garden Hills, Golden Gates, Kennedy, Pinewood and S outh Beach. Bahamas Constitution Party set to hold 2nd t own hall meeting GRAND CAYMAN The oceans just got a little safer for sharks, and conservationist, artist and scientist Guy Harvey couldnt be more pleased. Responding to this weeks announcement from Bahamian officials that they will prohibit all commercial shark fishing in its more than 240,000 square miles of territorial water, Dr Harvey said: I am very impressed and pleased that the government of the Bahamas has taken the necessary and correct step to further protect its marine resources from over-exploitation by both local and foreign interests. This new legislation compliments the ban on commercial long line fishing enacted 20 years ago. The ban on commercial shark fishing and exportation by shark by-products is a huge step in the conservation of sharks worldwide. Dr Harvey, better known throughout the world as marine wildlife artist, is also a respected scientist, holding a PhD in fisheries science and biology. He is the founder of the Guy Harvey Research Institute at Nova Southeastern University and the internationally regarded Guy Harvey Ocean Foundation (GHOF porting shark studies, including tagging and migration. Through the Bahamas National Trust, Dr Harvey met with government officials last March to add his voice and influence as a highly respected conservationist to call for strict regulations to ban the commercial fishing of all sharks in the Bahamas. The Bahamas is the fourth country to ban shark fishing after Honduras, the Maldives and Palau. Estimates are than more than 70 million sharks are killed annually around the world. One of the premier sharkwatching destinations for divers, reeling in $800 million over the past 20 years, Dr Harvey said that for the Bahamas, sharks are worth much more alive than dead. Many countries have seen their populations of sharks annihilated by commercial overexploitation, said Dr Harvey. Research has shown that shark populations do not recover. Other countries will take encouragement from the Bahamas very bold move. They are realising very quickly the value of the living shark in maintaining the health of reef ecosystems. In addition, the economic value of a living shark to ecotourism is now widely accepted as a sustainable and non-consumptive use of a marine resource with many additional benefits to respective island nations. Last year, following news that a Bahamian seafood company was considering exporting sharks to the Far East, the BNT along with the US based Pew Environmental Group and individual conservationists such as Dr Guy Harvey, who created a Protect Bahamian Sharks c ampaign logo and poster, initia ted a petition drive to force the issue of banning commercial shark-fishing. The government, upon receiving a petition signed by 5,000 Bahamian residents, acted this week to protect the some 40 sharks species found in Bahamian waters. W ith shark populations around the world continuing to spiral downward, marine scientists such as Dr Guy Harvey, are working around the clock to give these animals a fighting chance for survival. D r Harvey is also seeding cult ural change in the structure of shark fishing tournaments to creating Catch and Release divisions. Last month he brought his cause into the epicentre of one of the USs oldest and largest shark fishing tournaments in Ocean City, Maryland. T hanks in part to his efforts and a willingness to continue to adapt by the tournament founders and organisers, The Ocean City Shark Tournaments cash and prize package payment in the c atch and release division i ncreased to more than $15,000. In May, the Second Annual Guy Harvey Ultimate Shark Challenge, a catch and release only tournament was held on the West Coast of Florida in Punta Gorda. The tourna mentcreated as a model for catch and release only sharkt ournament formatsdrew some 3,000 competitors and spectators and paid out more than $15,000 in cash and prizes. By SANCHESKA BROWN WHAT began as a small Sunday school programme with 35 children has nowg rown into a community wide initiative benefitting more than 400 at-risk youths. T he Big Harvest Commu nity Sunday School Programme was started more than 15 years ago. Since its i nception it has touched and changed the lives of thou s ands of young Bahamian m en and women. Assistant Commissioner of Police John Ferguson, who is also superintendent of the Sunday school, said the idea for the year-round camp was b orn in 1995 with the aim of catering to underprivileged y ouths in inner city commun ities. He said: The non-profit community based programme helps to resolve and p revent some of the antisocial behaviour that exists among the youth. We haveb een trying to chart a new d irection in terms of combating the thoughts of young p eople and teaching them that if they surround themselves with good principles in a good direction, they can a ctually change the course of their lives. The camp meets every Sunday at 4pm through Woods Alley off Market Street. T he children are taught the fundamentals of Christian living as well as morala nd ethical principles. T he programme is funded entirely by the community a nd a few sponsors. There are eight volunteers who assist with the lessons. ACP Ferguson said he h opes the camp will eventu ally expand out of their community and touch the lives of youngsters across the entire country. Big Harvest Community Sunday School Programme continues to touch the lives of youngsters Guy Harvey applauds decision to ban commercial shark fishing in Bahamas I MPRESSED: P ictured is Guy Harvey filming Tiger Shark. Mr. Harvey (inset of all commercial shark fishing in the Bahamas. INSIGHT For the stories behind the news, read Insight on Mondays

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LOCAL NEWS PAGE 6, FRIDAY, JULY 8, 2011 THE TRIBUNE New legislation has banned commercial fishing of which animal? Sharks MEDIA houses were given an opportunity to get a first hand look at the progress ofw ork on the various corridors that fall under t he governments New Providence Road Improvement and Infrastructure Project. The tour was organised by the Ministry of Public Works and Transport. During a briefing prior to the tour, Permanent Secretary C olin Higgs said the update was designed to g ive media a better understanding of what is g oing on. Shenique Albury, environmental specialist for the NPRIIP, said significant progress is being made on the 19 corridors in the firstphase of the project. The roads are designed of high standards a nd provide a 20 year life span, said Ms Albury. Everyone will benefit in the long term. Each corridor has its own time line, but the overall completion date is the first quarter of 2012. S aunders Beach, East Street South, and the Milo Butler and Charles Saunders Highways were among the completed corridors v isited. A full road closure is still in effect on Prince Charles Drive to facilitate the installation of the 24-inch water main and other underg round works. Ms Albury said it is expected that the eastbound lane will be paved within 2-3 weeks.O ne lane of westbound traffic will be opened once paving has been completed. Local access for eastbound traffic will also be permitted. R oadworks continue on the junction of the East West Highway, Robinson and Marathon Roads. Ms Albury said the final l ayer of asphalt was installed on the east and w est bound lanes of the East West Highway. Paving of the western lane on the Marathon Road arm of the junction has com-m enced and will be completed shortly, she said. Work on Baillou Hill Road from Wulff R oad to Robinson Road has been substant ially completed. The contractor continues to make good progress on Baillou Hill Road, north of Wulff R oad. Paving has taken place from Fleming to Chapel Streets and northbound traffic is now allowed from Wulff Road to Chapel S treet. A full road closure is in progress from Chapel Street northward to Hay Street. M otorists are advised to use Market Street as an alternative, Ms Albury said. Media get first hand look at progress of road works MOW BRIEFING: Shenique A lbury, environmental specialist on the New Providence Road Improvement and Infrastructure Pro-j ect, speaks to media representatives. Also pictured from left is Sgt Garlon Rolle of the T raffic Division o f the Royal B ahamas Police F orce and Khader Alikhan, coordinator of ther oad project. WORK UNDER WAY: An open trench on Prince Charles Drive. BONUS: Playground facilities, one of the latest additions to the redevelopment of Saunders Beach. L ETISHA HENDERSON/ B IS Photos

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LOCAL NEWS T HE TRIBUNE FRIDAY, JULY 8, 2011, PAGE 7 Social re-entry programme for criminals seen as way to cut crime By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net A REDUCTION in crime could be right around the corner if a social re-entry programme for criminals is implemented, according to one stakeholder. Troy Clarke, president of the National LEAD Institute, said he is confident that within 12 to 18 months following the adoption of such a pro gramme, the Bahamas will see a drop in criminal activity. Speaking at a press confer ence at Police Headquarters yesterday, he said: The impact of violent crimes in our country has affected us negatively in one way or another as prison cells continue to overcrowd many ask the question, Is there a solution to the crime prob lem? And we think that there is. Through a joint initiative by LEAD, the Ministry of National Security, the United States Embassy and North Carolina Department of Corrections, a Project Re-entry conference will be held July 13-15 at Police Headquarters to increase awareness of var ious strategies for the suc cessful reintroduction of offenders into the community. It is clear that criminal acts are being perpetrated by repeat offenders, Mr Clarke said, explaining that the idea is to adopt a systematic approach that assists offenders build positive lives so they dont feel the need to reoffend. According to Mr Clarke, about 80 to 85 per cent of offenders who leave prison are unsupervised, which cre ates a serious public security issue. He said: Offenders who do not have the know-how or the empowerment skills to successfully re-enter the community will re-offend. Mr Clarke said the aim of a good programme is to get to former inmates and start working with them within 74 hours of their release at latest. Even before their release, he said, offenders could have the opportunity to join a voluntary programme which could begin as early as incar ceration and end with the suc cessful integration of an offender into the communi ty. We believe that all men fall but the great ones get back up, Mr Clarke added. The re-entry programme that will hopefully be imple mented in New Providence in the next three months, replicates an established ini tiative in North Carolina that has a 92 per cent success rate and has been cited as one of 15 exemplary re-entry programmes in the United States, Mr Clarke said. He said the programme will cover empowerment, education, mental health, job and skills training, mentoring and family integration. INSPIRATION: Superintendent Dr. Elliston Rahming gives brief remarks yesterday at the Inmates Education U nit and On the job Progammes exercise. ACCOMPLISHMENTS: More than 100 inmates received certificates for different programmes yesterday at Her Majestys Prison. LEAD President Troy Clarke S TEP FORWARD: P risoners listen attentively during the event. T i m C l a r k e / T r i b u n e s t a f f

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B y INIGO NAUGHTY ZENICAZELAYA INDEPENDENCE DAY is almost here, and holiday weekends in the Bahamash ave always inspired many s ocial events with various promoters trying to entice the general population to their affair. No doubt many Bahamians have a plethora o f flag parties and general p arties to choose from in the c oming days, and the town will be painted aquamarine, black and gold. Bahamians from all walks of life will beon the go. T he foundation of any holiday weekend is a barbecue. They may take place in someones home or on one of the many public beaches t hat we Bahamians barrel to en masse (like Biblical I sraelites out of Egypt). These real life social networks help determine which parties and nightclubs will be the it spots later in the evening. These barbecues provide e ndless opportunities for young Bahamian males to present themselves as a v iable option to the fairer sex. If worked correctly these b arbecues can lay the groundwork for endless possibilities both short and long term. Trust me, I know of what I speak since it was at an Independence Day gathering many, many years ago t hat I met the future Mrs Naughty (she hates when I call her that). My grandfather, the late KM Thompson, shared manya life lesson with me from an early age; one of the mosti mportant lessons he taught me was this: Women like m en who can communicate, they also like a man who can l isten. I n other words we men have to know when rap and w hen to wrap up the talking. Woman will tolerate us waxing poetic but they also expect us to shut up long enough to get their point a cross. A nd long, winding and t reacherous is the road they t ravel to get to the point. Women are full of charm a nd diplomacy, so its unders tandable that there could be s ome miscommunication a long the way which could lead to some rather embarrassing moments for any upcoming ladies men. In the spirit of Indepen d ence (though I gained and subsequently lost mine many, m any years ago) I thought I w ould impart a little knowl edge on communicating with the fairer sex on my brethren. Rule number one: Learn t o listen. Rule number two: Never assume (we all know whath appens when we assume.) Rule number three: Process what was said. Let its ink in for a second before y ou answer, then youll truly k now what youre up against. If you learn to listen you will know how to decode what a woman says versus what she really means whens hes speaking, and this could save you from barking up the wrong tree. She says: I think of you as a brother. She means: Ill friend you o n Facebook but thats as far as it goes. She says: Theres a slight difference in our ages. She means: You are one o ld geezer. She says: Im not attracted to you like that. She means: You are the u gliest troll I ever laid my e yes on, and youre broke! She says: My life is complicated right now. S he means: Dont play me too close, I dont want you t o see all the other guys who b low up my BlackBerry. She says: Its not you its me. S he means: Its not me, its you. She says: Im concentrating on my career. She means: Something as b oring and unfulfilling as my j ob is still better than dating y ou. She says: Im celibate. She means: Ive sworn off losers like you. S o now you young men out t here are forewarned and f orearmed; like GI Joe always says, Knowing is half the battle. With a little luck, while we c elebrate our great countrys Independence you may be celebrating the last days of y ours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o what you saying? COMICS VIEW I NIGO NAUGHTY ZENICAZELAYA www.rbcroyalbank.com/caribbean Trademarks of Royal Bank of Canada. Used under licence. NOTICERBC Royal Bank (Bahamas INVITES TENDERSRBC Royal Bank (Bahamas tenders for the purchase of the following: All THAT piece parcel or lot of land being Lot No. 112 situated in Westridge Estates Subdivision situated in the W estern district of the Island of New P rovidence one of the islands of the Commonwealth of the Bahamas. P roperty Size: 22,000 sq. ft. Building Size: N/A This property is being sold under Power of Sale contained in a Mortgage to RBC Royal Bank (Bahamas A ll offers should be forwarded in writing in sealed envelope, addressed to the Manager, Royal Bank Commercial Financial Services, P.O. Box N-7549, Nassau, Bahamas and marked Tender 7939. All offers must be received by the close of business 4 :00 p.m., 8th July, 2011. ORLANDO, Fla. Associated Press CASEY ANTHONYlooked ready for freedom. For the first time since her trial began, she let her hair down, smiling and playing with it as she awaited the judge's decision on when she would be released. Then she turned stone-faced as the sentence was pronounced: Freedom won't come just yet. She'll have to spend six more days in jail for lying to investigators about the death of her 2-year-old daughter, Caylee. Thursday's sentence means Anthony will go free only slightly more than a week after she was acquitted in the slaying. The extra time in jail did little to satisfy throngs of angry people convinced of her guilt who gathered outside the courthouse. But it could provide time for the public furor over her acquittal to ease somewhat and give Anthony's attorneys a chance to plan for her safety. Two days after the verdicts, m ost of the jury remained silent, with their names still kept secret by the court. One juror explained that the panel agreed to acquit Anthony because prosecutors did not show what happened to the toddler. When she is released, the 25year-old Anthony must decide whether to return to a community in which many onlookers long ago concluded that she's a killer, or to a home strained by her defense attorneys' accusations of sexual abuse. Judge Belvin Perry gave her the maximum sentence of four years for four convictions of lying to authorities. He denied a defense request to combine the misdemeanor counts, which could have made her eligible for immediate release. ANTHONY SENTENCE ALLOWS HER TO GO FREE WEDNESDAY S IXMOREDAYSINJAIL

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L ONDON Associated Press THEMurdoch media e mpire unexpectedly killed off t he muckraking News of the World tabloid Thursday aftera public backlash over the illeg al guerrilla tactics it used to e xpose the rich, the famous and the royal and remain B ritain's best-selling weekly n ewspaper. The abrupt decision stunned the paper's staff of 2 00, shocked the world's most c ompetitive news town and i gnited speculation that Rupert Murdoch's News Corp. plans to rebrand the tabloid under a new name in a bid to prevent a phone-hack i ng scandal from wrecking its bid for a far more lucrative t elevision deal. This Sunday will be the last issue of the News of the World," James Murdoch, son of the media magnate, a nnounced in a memo to staff. Mushrooming allegations of criminal behavior at the paper including bribing police officers for information and h acking into the voice mail m essages of celebrities, politicians and the families of mur der victims cast a dark c loud over News Corp.'s m ultibillion-pound plan to take full ownership of British Sky Broadcasting Group PLC,a n operation far more valuable than all of Murdoch's British newspapers. F aced with growing public outrage, political condemnation and fleeing advertisers, Murdoch stopped the presses o n the 168-year-old newspa per, whose lurid scoops have ranged from Sarah Ferguson's c laims she could provide access to ex-husband Prince Andrew to motor racing chiefM ax Mosley's penchant for sadomasochism. James Murdoch said all revenue from the final issue, w hich will carry no ads, would go to "good causes." The paper had been hemorrhaging advertisers since the phone h acking scandal escalated this week, with companies includ ing automakers Ford and Vauxhall, grocery chain J. Sainsbury and pharmacy chain Boots pulling ads from the paper. The News of the World, which sells about 2.7 million copies a week, has been engulfed by accusations that it hacked into the cell phone messages of victims ranging from missing schoolgirls to grieving families, celebrities, royals and politicians in a quest for attention-grabbing headlines. Police say they are examining 4,000 names of people who may have been targeted. The paper has acknowledged that it hacked into the mobile phone voice mails of politicians, celebrities and roy al aides, but maintained for years that the transgressions were confided to a few rouge staff. A reporter and a private investigator working for the paper were jailed for phone hacking in 2007. But in recent days the alle gations have expanded to take in the phones of missing children who were found slain,the relatives of terror victims of London's 2005 transit bombings and the families of soldiers killed in Afghanistan. James Murdoch said if the allegations were true, "it was inhuman and has no place in our company." "Wrongdoers turned a good newsroom bad," he said, "andthis was not fully understood or adequately pursued." "While we may never be able to make up for distressthat has been caused, the right thing to do is for every pennyof the circulation revenue we receive this weekend to go to organizations many of w hom are long-term friends and partners that improve l ife in Britain and are devoted t o treating others with dignit y," he said. T he announcement sent shockwaves across the British media establishment, and among News of the World staff. Features editor Jules S tenson said the news was met with gasps and some tears. Shoc ked There was no lynch mob mentality, there was just a very shocked acceptance oft he decision," he told reporters outside the company's London headquarters. "No one had any inkling." D avid Wooding, the paper's editor, said the newsroom felt "like a bomb's hit the place. W e didn't see it coming." Some suspected shutting the paper was a ploy to salvageM urdoch's British media e mpire as well as the job of Rebekah Brooks, the trusted chief executive of his Britishn ews operation. "News Corp. has taken a bold decision to stop printing the News of the World and c lose the title. Mr. Murdoch was clearly not willing to jeopardize his bid for BSkyB," said markets analyst Louise Coop er of BGC Partners in London. "Murdoch has shown what a brilliant operator he r eally is." Graham Foulkes, whose 22y ear-old son David was one of the 52 people killed in the 2005 London transit bombings and who suspects his phone m ay have been hacked said the paper's closure was "a cynical decision" by Murdoch. "The only language (Rupert the dollar and this must haveh it him hard," Foulkes said. Brooks, editor of News of the World at the time of the eavesdropping allegations, has maintained she did not know about it. James Murdoch said he was satisfied she neither had knowledge of nor directed" the phone hacking. N ews International spokeswoman Daisy Dunlop denied rumors that The Sun, the N ews of The World's sister p aper that publishes Monday through Saturday, would become a seven-day operationt o pick up the slack. Still, she seemed to leave room for further developments. It's not true at the moment," she said. A ccording to online r ecords, an unnamed U.K. individual on Tuesday bought up the rights to the domainn ame "sunonsunday.co.uk." F ormer Deputy Prime Min ister John Prescott, one of the tabloid's alleged hacking vic-t ims, said closing the paper would not resolve the problems at News International. Cutting off the arm doesn't mean to say you've solved it," he said. "There is still the body and t he head and the same culture and that's why there has be a public inquiry into it. I cannot accept for a moment that at the top of the company, Mr. Murdoch c ertainly Rebekah Brooks didn't know what was going on." B ut Charlie Beckett, director of the POLIS media institute at the London School of Economics, said it was a bold move aimed at resolving a situ ation that had got out of control. "This is a fantastically brave move to try and cleanse every-t hing and put a stop to it," Beckett said. The long-running phone h acking saga exploded Mon day with the revelation that the News of the World had h acked into the phone of Mill y Dowler, a 13-year-old girl abducted and murdered in 2002. W orse, the family's lawyer said someone at the paper had deleted some voicemail mes-s ages, giving false hope that t he girl was still alive. Later, newspapers alleged the tabloid obtained private addresses and phone numbers of relatives of people killed in the July 7, 2005, terrorista ttacks on London's transit system, as well as those tied to two more slain schoolgirls and the families of soldiersk illed in Afghanistan. What was an acceptable, if illegal, tactic used to gather s coops on drug-using celebri ties, philandering politicians or cheating star athletes sud-d enly became completely u nacceptable when missing children and grieving families were targeted. T here is so far no evidence those families' phones had been hacked or that the news p aper did anything illegal in obtaining their numbers. Nonetheless, a storm of out rage followed. T he scandal has come uncomfortably close to Prime Minister David Cameron,w ho, like predecessors Gordon Brown and Tony Blair, courted the powerful Mur d och press whose endorse ment is considered capable of swinging elections. C ameron is friendly with Brooks, and even appointed a former News of the World editor, Andy Coulson, to be his communications chief. C oulson resigned from the paper after its former royal editor Clive Goodman and private investigator GlennM ulcaire were jailed for hacking into voicemail messages in 2007, but has always insist-e d he had not known about the eavesdropping. In January, as the hacking a llegations widened, Coulson r esigned from 10 Downing St. This week Cameron spoke out against the culture of h acking at the paper, calling for public inquiries into the News of the World's behav-i or as well as into the failure of t he original London police inquiry to uncover the extent of the hacking. Victims "We are no longer talking h ere about politicians and celebrities, we are talking about murder victims, potent ially terrorist victims, having their phones hacked into," Cameron said Wednesday int he House of Commons. T he Metropolitan Police force is also facing an inquiry by the police watchdog overc laims its officers took money from the News of the World in exchange for information. The o riginal police investigation into phone hacking, shelved after Goodman and Mulcaire were jailed, was reopened ear l ier this year. Metropolitan Police Com missioner Paul Stephenson s aid he was "determined" to see any officers who received bribes from journalists facingc riminal conviction. Brian Paddick, a former senior police commander, told the BBC that one journalist saidh e had paid 30,000 pounds ($50,000 tion, and others paid cash in e nvelopes handed over a a drive-thru fast food restaurant near the News International h eadquarters. Some payoffs were "jeopardizing serious criminal investigations by giving outc onfidential information that could be useful to criminals," Paddick said. R upert Murdoch a glob al media titan with newspaper, television, movie and b ook publishing interests in t he United States, Britain, Australia and elsewhere is seeking to buy full control of b roadcaster BSkyB, in which he owns a 39 percent share. His British arm of News C orp. was within reach of g aining the British government's approval to make a bid for BSkyB when the scandal exploded, emboldening rivals and critics, who called on the government to block thet akeover. As the week went on, BSkyB's share price sank, reflecting market anxietiest hat there might be no takeover bid. On Thursday they were d own 1.8 percent at 812 pence on the London Stock Exchange. S hares in News Corp., howe ver, were up 1.6 percent Thursday at $18.22 on the Nasdaq index in New York,a lthough they have fallen from above $18.50 since Tuesday. Cameron's Conservativel ed government had insisted that the News of the World scandal had nothing to do with the decision about BSkyB. N ews Corp. had offered to spin off Sky News as an independent company to allayc oncerns that it would have a too-dominant position in the British news market R upert Murdoch refused to discuss the situation Thursday. I'm not making any com ments," he said when ambushed by reporters at a conference in Sun Valley, Idaho. INTERNATIONAL NEWS PAGE 10, FRIDAY, JULY 8, 2011 THE TRIBUNE MURDOCH KILLS OFF THE NEWS OF THE WORLD M OVECOMESAMIDPHONE-HACKINGSCANDAL A NEWS OF THE WORLD s ign is seen by an entrance to a News International building in London, Wednesday. Britain's tabloid phone hacking scandal dominated the airways Wednesday as it swelled to allegedly involve more missing schoolgirls and the families of London terror victims. (AP MEDIA MAGNATE Rupert Murdoch. (AP A MAN WALKS in front of the News International building in London, Wednesday, (AP

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$4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.25 $5.16 $5.22 T HETRIBUNE SECTIONB business@tribunemedia.netFRIDAY, JULY 8, 2011 By NEIL HARTNELL T ribune Business Editor The fact more than $1 out of every $4 lent to Bahamas-b ased companies is in default s hows this nation has quite a ways to go before we can talk about a full economic turn around, the Bahamas Chamber of Commerce and Employers Confederations ( BCCEC) chairman said yes terday, with prospects for a consumer-led recovery also remote. W inston Rolle said that with commercial loan delinquencies increasing at a rapid REC OVER Y HAS A WAYS TO GO Between 25-31% of total sum lent by banks to Bahamian business in default* Fears of cuts to private sector credit access* Data shows it wont be consumer led rebound SEE page 7B By NEIL HARTNELL Tribune Business Editor FamGuard Corporation y esterday said the 44 per cent increase in premium receiva bles to $9.361 million during the 2011 first quarter was largely related to challenges in implementing a new software and billing system, and it was very confident it would collect them. P atricia Hermanns, president and chief executive of t he BISX-listed life and health insurance holding company, said the firm was very close to completing the integration of its new Bahama Health system, and all issues with it should be resolved duri ng the current quarter. Responding to concerns FamGuard: $9.36m receivables solid PATRICIA HERMANNS BISX-listed insurer says 44% Q1 build-up relates to challenges with new software/billing system* ery confident they will be collected Firm has lower risk profile than many rivals SEE page 4B B y NEIL HARTNELL T ribune Business Editor R oyalFidelity Merchant B ank & Trusts latest international investment fund has raised the $1.5 minimum tog et off and running, Tribune Business was told yesterday, although a senior executive said its failure tog et before investors earlier w as partly responsible for falling well short of the $10m illion full subscription. J oseph Euteneuer, RoyalFidelity's mutual fund manager, said the TIGRS 5 fund, which is targetingi nvestments in the global agribusiness and energy industries, and its fellowi nternational products would always be a hard sell in a capital market dominated by fixed incomes ecurities. H e confirmed, though, that RoyalFidelity still planned to launch its sixth TIGRS fund in December 2011, subject to an internal reevaluation of the product a nd the markets reaction. We raised, and were bang on, the minimum $1.5m illion, Mr Euteneuer told T ribune Business. There were a couple of issues involved, not the least of which was the number ofp roducts being offered at the same time, and that didnt help. Id liked to have got more, but totally understand. Apart from the $31.7 mil lion College of the Bahamas ( COB) bond issue, which r aised more than $40 million and was placed by Roy alFidelity, Mr Euteneuer said many investors were also awaiting the upcoming $8 million Arawak Cay port initial public offering (IPO As a result, RoyalFidelit y failed to attract most of t he investors from its $10 million TIGRS 1 fund,w hich matured on June 30, 2 011, to migrate their capital over to the TIGRS 5, even though it tried to sweeten the deal for them and oth e rs via the 2 per cent minimum annual return guarantee. Mr Euteneuer, though, also pointed out that theres a lot of need for liq uidity in the Bahamian capi tal market currently, with r edeemed TIGRS 1 investors preferring to retain their cash payouts for the moment. Fidelity fund gets $1.5m minimum Off and running, although bank admits a hard sell Still planning sixth international TIGRS products launch in December, subject to review SEE page 5B B y ALISONLOWE Business Reporter alowe@tribunemedia.net Up to 70 per cent of gas stations are running out of fuel, while others are being forced into closure for three to six days at a time, as the industry waits to learn details of thei ncrease in per gallon fixed margins, the Bahamas Petroleum Retailers Association (BPRA BPRA spokesman Oswald Moore said that despite a drop in g lobal oil prices, the situation for gas and diesel retailers in the Bahamas remains very, very critical ahead of the Government implementing an increase in their per gallon mark-ups on fuel GAS STATIONS: 70% ARE RUNNING OUT Financial constraints forcing some to close for -6 days at a time Retailers say government tax take in line with US SEE page 11 By ALISON LOWE Business Reporter alowe@tribunemedia.net There is no question that significant opportunities to grow Bahamian tourism would result from eliminating obstacles to intraCaribbean travel, the Minister of Tourism said yesterday, while admit ting that the question of whether this happens is not one of logic and practicality but politics. Responding to criticisms from the president of the Caribbean Hotel and Tourism Association (CHTA Caribbean governments have been delinquent in failing to implement policies to encourage intra-regional travel, Vincent VanderpoolWallace told Tribune Business that he absolutely agrees in principle that this proposition is one that should be acted upon. The Minister said there was no question that some great oppor tunities would be created for the Bahamian tourism industry and economy as a whole through the easing of restrictions that current ly limit intra-Caribbean travel, despite the fact that the Bahamas has traditionally relied upon the US as its primary tourism market. However, he said the actions proposed in the San Juan Accord involve questions of politics and sovereignty, and traditional rights that are jealously guarded by governments in the Caribbean and beyond. Its one of these very difficult things that people see as one of their sovereign rights, and they dont give it up very easily, despite the logic. Its about politics and sovereignty, not logic and practicality, Mr Vanderpool-Wallace said. In a press conference earlier this week, CHTA president Josef Forstmayr urged CARICOM heads of government to take steps to ease intra-regional travel restrictions to protect local interests and small hotels throughout the Caribbean. Mr Forstmayr expressed his disappointment that tourism was not an agenda item at the CARICOM meeting, which was taking place at the same time in St Kitts and Nevis, despite the fact that three years ago CARICOM heads decided to make tourism a regular agenda item at all of their meetings. He pressed on with his call for CARICOM heads to implement the commitments they had made in 2007 in the San Juan Accord, with a view to creating an efficient and productive aviation policy and sector. That Accord stated a deadline of September 30, 2008, to get all policies in place. These steps have not been taken, and the CHTA contends that the aviation situation both into and within the Caribbean has gone from bad to worse. The Accords objective was to improve the management of O QUESTION OF BOOST FROM SINGLE REGION AL AIRSPACE PLAN SEE page 5B VINCENT VANDERPOOL-WALLACE

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A Bahamas-based health i nsurer has partnered with the N ational Insurance Boards (NIB Challenge (GWB obesity and related chronic conditions. Generali Worldwide Insura nce Company has donated a $ 40,000 cheque to secure tshirts and pedometers for Get Well Bahamas Phase two, which is set to benefit another 40 Bahamians from July 25, 2011. A lana Ingraham, business d evelopment manager of Generali Worldwide, said NIB should be praised for a programme that provides 12 weeks of wellness coaching a nd personal fitness training to participants. We are very excited to be able to contribute to Get Well Bahamas and the National Insurance Board. This initiative is certainly one that requires applause for the v isionaries because it allows B ahamian people in general t o understand the importance o f living well and living healthily. At Generali we b elieve its very important to e at the right foods and to exercise regularly, and so we support the initiative that GetW ell Bahamas has put forth, M s Ingraham said. Phaedra Mackey, NIBs vice-president of investments,G et Well Bahamas aimed to d ecrease the need for, and expense, of prescription drugs that result from a high inci-d ence of chronic diseases in t he population. Excited NIB was excited about the results from our Phase I of t he Get Well Bahamas Programme. Weve seen partici-p ants who have been able to r educe their reliance on medication, and come of off certain medications, for their chronic diseases. We want to c ontinue the programme with o ur partners like Generali to ensure that every Bahamian h as an opportunity to improve their health going forward, Mrs Mackey said. The Get Well Bahamas second phase will be implemente d by health and fitness pro fessionals, Jemi Health and Wellness and Body Zone Fit-n ess. Jan Martin-Isaacs, pres ident of Jemi Health, said new features will include morec lassroom-style testing and visits by health coaches to participants homes. Were going to search t heir cupboards and refrigerators. Were going to sit with t heir families. If we get the families on board initially and maintain our education, noto nly with the participant but along with the family members, we will obtain even bet ter results, Mrs Martin-Isaacs s aid. Generali Worldwide, a wholly owned subsidiary of A ssicurazioni Generali S.p.A (the Generali Group international presence across five continents, employing m ore than 85,000 people and operating in some 40 markets. It has a representative office in Nassau, Bahamas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y SIMON COOPER Res Socius L ife is a funny old game. Most of us potter along in ways that w orked well enough in t he past, ignoring change a round us as if economic downswings and ageing only happened to other people. When the impact of these things finally catches up sufficiently for us to sit up and take notice, its effect has already become embedded. If you like, the damage is already done. I guess this is true of businesses, too. How often do we see the guy with the shop on the corner, who has been selling paint or furniture for decades, take a nosedive in the face of the smart new shop that opened up across the road? Thats progress, I hear us say, and we shrug our shoulders. But is it progress, an inability to interpret the environment, or just plain stupidity. W hat do you think? Drop me an e-mail and let me know. M ost of us believe we would react very differently to change o urselves. But would we really? Global giant IBM thought this would be the case when they put together a think-tank in November last year at their Global Innovation Outlook Con-f erence. Those brilliant thinkers scratched their heads, looked at each other in surprise, and voted nine-to-one against this hap-p ening. Thats just 10 per cent of people being able to adapt, at least according to the boffins. The example they used was the American Health Care Industry. Even back in 1955, it seems that just about every medical student knew that 80 per cent of US healthcare costs could be traced back to self-inflicted sickness. Thats the stuffw e mostly all do to a greater or lesser degree. You got it right first time too much over-drinking, over-eating and oversmoking. Too much stress and too little exercise. And the US governments solution? Spend less on health, worry less about the problem, hope it goes away. Setting aside the question of whether the Bahamas Gove rnment is indulging in the same art of procrastination and other flights of fantasy for a moment, I wondered whether the same phenomenon is not true of at least some businesses. My research took me into the world of Harvard Business School p rofessor, John Kotter, who makes it his business to study companies going through instability. According to him, the secret of navigating through uncertainty is changing the behav iour of people, as opposed to persistent fiddling with strategy, structure, culture or the systems themselves. This has something for Bahamas business owners picking t heir way gingerly though the fallout from the recession. Being i n the same business for 20 years has less to do with business skills, and more to do with customers inabilities to shift loyalty in the face of market change. The answer surely has to be to move dynamically away from our status quo, before a new status quo muscles in on our traditional markets, and deals us a dud hand. Did you notice yet that China is expanding its tourist indus try? Dont kid yourself. It has beaches on the same latitude as us near Thailand. Is it time as a nation to start thinking innov atively, too? N B: Res Socius was founded by Simon Cooper in 2009, and is a business brokerage authorised by the Bahamas Investm ent Authority. He has extensive private and public SME experience, and was formerly chief executive of a publicly traded investment company. He was awarded an MBA with dis tinction by Liverpool University in 2005. Contact him on 6368831 or write to simon.cooper@ressocius.com. Change status quo through innovation and people focus SIMON C OOPER INSURER PARTNERS NIB OVER WELLNESS BATTLE ( TCL photo by Wendell Cleare) PICTURED FROM L TO R: Phaedra Mackey, vice-president of investments, NIB; Jan Martin-Isaacs, president, Jemi Health and Wellness; Tami Francis, drug plan manager, NIB; Alana Ingraham, business development manager, Generali Worldwide; Latisha Thompson, manager, Body Zone Fitness; and Delmaro Duncombe, business development associate, Generali Worldwide.

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By NEIL HARTNELL Tribune Business Editor The Governments fiscal d eficit for the first 10 months of the 2010-2011 year dropped by 31.6 per cent or$ 95.2 million, although it still stood at $205.9 million, largely due to the one-off proceeds from the $1.7 bil-l ion acquisition of the Bahamas Oil Refining Com-p any (BORCO The Central Bank of the Bahamas, in its report on monthly economic and f inancial developments in May, said the Governments total revenue receipts rose by 9.6 per cent or $100.8 mil-l ion to $1.148 billion at endApril 2011, bolstered by theB ORCO and Baha Mar transactions. T ax revenues grew by 19.9 per cent year-over-year or $173.3 million to $1.046 billion, due to an almost dou-b ling in non-trade Stamp taxes (BORCO departure taxes and taxes o n international trade rose by $28.9 million and $23.2 million respectively. Select ive taxes on services also grew by $19 million. However, non-tax revenues, which were boosted i n 2009-2010 by the sale of S outh Riding Point to Statoil, returned to historical trends, dropping year-over-y ear by 41.6 per cent or $ 72.6 million to $101.9 mill ion. T he Governments spendi ng, though, continued to g row, with total outlays rising by 0.4 per cent or $5.6m illion to hit $1.354 billion. Recurrent spending, on itsf ixed costs such as wages and rents, increased by 2.3 per cent year-over-year or $ 26 million to $1.17 billion, with goods and services purchased increasing by 11.4p er cent. Expansion A more than three-fold expansion in asset acquisi-t ions mainly land boosted c apital spending by 16.2 per cent ($19.8 million million, the Central Bank s aid. Also, spending on infrastructural projects rose by 3.9 per cent, in contrast to a contraction in net lending t o support the budgetary operations of public sector entities, of 48.9 per cent( $40.2 million) to $41.9 mill ion. W hile higher collections o ffset the rise in expendit ure to control the 20102 011 fiscal deficit, the Central Bank repeated its warn-i ng that progress towards greater fiscal sustainability,i n terms of the overall deficit and debt indicators over the medium to long-term, will d epend on both the strength of the ongoing economic recovery, as well as the effectiveness of the Governments measures to increase revenues and curt ail the growth in spending. W hile the Central Bank said the Bahamian econom y was likely to continue its gradual upturn in the 2011 second half, aided by improvements in tourism and construction related to projects such as Baha Mar, e nergy costs continued to r ise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iscal deficit narrows, but still some $205.9m

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r aised in a RoyalFidelity Capital Markets analysts report, which was published in thisn ewspaper, Ms Hermanns said FamGuard, and its whol ly-owned Family Guardian s ubsidiary, were not taking on more risk. Arguing that Family Guardian generally tooko n more reinsurance, and had a lower risk profile than most other large players in the Bahamian insurance mar k et, Ms Hermanns said some of the issues RoyalFidelity raised reflects a lack ofa ppreciation for how life and health insurers function. Focusing on the build-up in premium receivables, which h ad increased from $6.498 million at 2010 year-end, and had been flagged up by Roy alFidelity as a sign that Fam ily Guardians policyholders were struggling to meet duep remium payments, Ms Hermanns denied this and said it was more a computer con version and system issue. The premium receivables a ctually relate to the transit ion weve been making on the new software system on the Bahama Health platform, she explained. Weve been converting to a new b illing system, and that has been part of the challenge weve had in terms of the a ccumulation of receivables on the health side. While there had been no i mpact on Family Guardians life insurance business, Ms Hermanns admitted that implementing the BahamaH ealth categorys new software and billing system had been quite challenging. H owever, the company remains optimistic that the $9.361 million in premium receivables are financially s ecure and will be collected. A good part of the premi um receivables build-up, t hose receivables are pretty solid. We are very confident in the quality of those receiv a bles, Ms Hermanns told Tribune Business. She added t hat Family Guardian was very close to conclusion on t he billing systems implementation, and said: We are a little bit behind schedule, but believe that during the next quarter we will be fini shed with all the things pre venting full integration. When it came to the 2011 f irst quarter increase in poli cyholder benefits, Ms Her manns said it was more i mportant to focus on total benefits, which rose by $2.6 million to $18.627 million, than the $4.2 million rise ing ross policyholder benefits to $19.057 million. This was because the total benefits fig u re reflected the adjustment in reserves for future policy holder benefits. Explaining the benefits i ncrease, the Family Guardian chief executive said: A good chunk of it is related to theb usiness increase, because we were growing premium as well. Weve seen very largei ncreases in our annuity busi n ess, and that is almost total ly reserved, so there have been adjustments there. W hile the reduction in 2011 first quarter reinsurance recoveries, from $3.325 mil lion the year before to $1.921 million, had prompted some to suggest that Family Guardian was taking more risk on to its books, Ms Her manns said this was not the case. She explained that the larger the potential claim on a policy, the greater the amount of reinsurance taken on. Therefore, a large number of smaller claims would not require a heavy draw on rein surance. Our risk profile has not changed, Ms Hermanns told Tribune Business. We reinsure more, on average, than some of the larger players in the market. Our risk profile is not higher; it is a little lower than some of the other players. We are not more exposed f rom a risk perspective. R oyalFidelity also pointed o ut that Family Guardians 12 per cent loan loss provisioning ratio for its mortgage portfolio was much lower than the banking industrys 40 per cent a verage. In response, Ms Hermanns said Family Guardian had created a high level of bal ance between investment assets, lowering the percent a ge of investment assets to the mortgage portfolio. As an insurer, the company had a very conservative lend i ng posture that was completely different to that of commercial banks, focusing a lmost entirely on residential mortgages and shying away from the commercial variety. When the borrower actu a lly resides in their home, theres more of a need to secure a roof over theirh eads, said Ms Hermanns, adding: The fact we have not aggressively grown the mort g age portfolio over the last f ive years or so would reflect the higher equity build-up by borrowers. We have a very deep equi ty base in loans in the portfolio. The strength of the equity offsets against the risk of loans going bad. Ms Hermanns said the insurer wrote off only $107,000 worth of loans in its mortgage portfolio in 2010. Family Guardians actuaries also built loan loss provisions into the reserves for future policyholder benefits. Commenting on the RoyalFidelity report, she said: Some of the points theyve raised, we clearly do not agree with some of the analysis that led to that perspective. Suggesting there may be a need for reassessment, Ms Hermanns added: Our role here is to ensure there is clarity around the assessment they have made. BUSINESS PAGE 4B, FRIDAY, JULY 8, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.181.180.000.1550.0807.66.78% 10.639.05Bahamas Property Fund10.6310.630.00-0.6400.200-16.6 1.88% 7.504.40Bank of Bahamas6.946.940.000.2130.10032.61.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 11.938.44Cable Bahamas8.488.480.001.0580.3108.03.66% 2.852.35Colina Holdings2.552.550.000.4380.0405.81.57% 8.008.33Commonwealth Brewery8.408.400.000.7400.00011.40.00% 7.006.00Commonwealth Bank (S1)6.886.880.000.4960.26013.93.78% 2.191.90Consolidated Water BDRs1.851.900.050.1110.04517.12.37% 2.541.31Doctor's Hospital1.381.380.000.0740.11018.67.97% 5.994.75Famguard5.405.400.000.0830.24065.14.44% 8.805.40Finco5.405.400.000.7570.0007.10.00% 9.858.25FirstCaribbean Bank8.608.600.000.4940.35017.44.07% 6.004.57Focol (S)5.505.500.000.4350.16012.62.91% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.000.8800.64011.26.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029FRIDAY, 1 JULY 2011BISX ALL SHARE INDEX: CLOSE 1,410.62 | CHG 0.04 | %CHG 0.00 | YTD -88.89 | YTD % -5.93BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: YEAR END 2008 -12.31%30 May 2013 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 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 Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%L ast 12 Months %NAV 3MTH 1.55731.4674CFAL Bond Fund1.55732.04%6.13%1.535365 3.01852.9020CFAL MSI Preferred Fund3.01852.41%4.01%2.952663 1.59761.5289CFAL Money Market Fund1.59761.50%4.50%1.580804 3.20252.6384Royal Fidelity Bahamas G & I Fund2.5997-4.43%-16.29% 13.638813.0484Royal Fidelity Prime Income Fund13.50161.08%0.02% 116.5808103.9837CFAL Global Bond Fund116.58080.71%8.38%115.762221 114.1289101.7254CFAL Global Equity Fund114.12892.39%7.89%111.469744 1.16081.0000FG Financial Preferred Income Fund1.16551.66%5.19% 1.12141.0000FG Financial Growth Fund1.12640.71%6.11% 1.16201.0000FG Financial Diversified Fund1.16681.54%5.59% 9.99529.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.217310.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 211.28102.07%9.80% 10.42889.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.40873.83%11.49% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.78964.66%16.69% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-May-11BISX Listed Mutual FundsNAV Date 31-May-11 30-Apr-11 31-Mar-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Apr-11 31-Mar-11 30-Apr-11 29-Apr-11 31-May-11MARKET TERMS30-Apr-11 NAV 6MTH 1.512246 2.907492 1.561030 114.368369 106.552835 31-Mar-11 30-Apr-11 31-May-11 30-Apr-11 52'(1&,(&25(1,/(RI 0$56++$5%285$%$&2%$+$0$6 5 26(/,1(-$&2%RI 3RI6$1',/$1'9,//$*(1$66$8 %$+$0$6 9,1&(177+20$6 68//,9RI3RI1257+(/(87+(5$ %$+$0$6 A Bahamian financial and corporate s ervices provider is celebrating a succ essful first year, surviving the depressed economic climate after first opening its d oors in July 2010. Sean K. Longley, president and chief executive of Leno Corporate Services,s aid: Leno is pleased to see the resilienc y of the economy, capital markets and B ahamian investors. We are grateful f or the trust, confidence and commitment that our clients have shown in our a bilities to tackle and achieve their most heartfelt financial goals. Lenos success is entirely based on o ur clients success, so were extremely p roud of our accomplishments this y ear, added Khalil L. Braithwaite, L enos manager of business development and client relations. L eno Corporate Services offers college savings plans, retirement plans, investment management services,a ccounting and payroll services. FINANCIAL SERVICES PROVIDER CELEBRATES FIRST ANNIVERSARY PICTURED (L-R Khalil L. Braithwaite, manager of business development and client relations; Antneal Pinder,a ccountant; Marva Bostwick, office manager; Tricetta Small, p ortfolio manager; and Sean K. Longley, president and chief executive FamGuard: $9.36m receivables solid FROM page 1B

PAGE 12

r aised in a RoyalFidelity Capital Markets analysts report, which was published in thisn ewspaper, Ms Hermanns said FamGuard, and its whol ly-owned Family Guardian s ubsidiary, were not taking on more risk. Arguing that Family Guardian generally tooko n more reinsurance, and had a lower risk profile than most other large players in the Bahamian insurance mar k et, Ms Hermanns said some of the issues RoyalFidelity raised reflects a lack ofa ppreciation for how life and health insurers function. Focusing on the build-up in premium receivables, which h ad increased from $6.498 million at 2010 year-end, and had been flagged up by Roy alFidelity as a sign that Fam ily Guardians policyholders were struggling to meet duep remium payments, Ms Hermanns denied this and said it was more a computer con version and system issue. The premium receivables a ctually relate to the transit ion weve been making on the new software system on the Bahama Health platform, she explained. Weve been converting to a new b illing system, and that has been part of the challenge weve had in terms of the a ccumulation of receivables on the health side. While there had been no i mpact on Family Guardians life insurance business, Ms Hermanns admitted that implementing the BahamaH ealth categorys new software and billing system had been quite challenging. H owever, the company remains optimistic that the $9.361 million in premium receivables are financially s ecure and will be collected. A good part of the premi um receivables build-up, t hose receivables are pretty solid. We are very confident in the quality of those receiv a bles, Ms Hermanns told Tribune Business. She added t hat Family Guardian was very close to conclusion on t he billing systems implementation, and said: We are a little bit behind schedule, but believe that during the next quarter we will be fini shed with all the things pre venting full integration. When it came to the 2011 f irst quarter increase in poli cyholder benefits, Ms Her manns said it was more i mportant to focus on total benefits, which rose by $2.6 million to $18.627 million, than the $4.2 million rise ing ross policyholder benefits to $19.057 million. This was because the total benefits fig u re reflected the adjustment in reserves for future policy holder benefits. Explaining the benefits i ncrease, the Family Guardian chief executive said: A good chunk of it is related to theb usiness increase, because we were growing premium as well. Weve seen very largei ncreases in our annuity busi n ess, and that is almost total ly reserved, so there have been adjustments there. W hile the reduction in 2011 first quarter reinsurance recoveries, from $3.325 mil lion the year before to $1.921 million, had prompted some to suggest that Family Guardian was taking more risk on to its books, Ms Her manns said this was not the case. She explained that the larger the potential claim on a policy, the greater the amount of reinsurance taken on. Therefore, a large number of smaller claims would not require a heavy draw on rein surance. Our risk profile has not changed, Ms Hermanns told Tribune Business. We reinsure more, on average, than some of the larger players in the market. Our risk profile is not higher; it is a little lower than some of the other players. We are not more exposed f rom a risk perspective. R oyalFidelity also pointed o ut that Family Guardians 12 per cent loan loss provisioning ratio for its mortgage portfolio was much lower than the banking industrys 40 per cent a verage. In response, Ms Hermanns said Family Guardian had created a high level of bal ance between investment assets, lowering the percent a ge of investment assets to the mortgage portfolio. As an insurer, the company had a very conservative lend i ng posture that was completely different to that of commercial banks, focusing a lmost entirely on residential mortgages and shying away from the commercial variety. When the borrower actu a lly resides in their home, theres more of a need to secure a roof over theirh eads, said Ms Hermanns, adding: The fact we have not aggressively grown the mort g age portfolio over the last f ive years or so would reflect the higher equity build-up by borrowers. We have a very deep equi ty base in loans in the portfolio. The strength of the equity offsets against the risk of loans going bad. Ms Hermanns said the insurer wrote off only $107,000 worth of loans in its mortgage portfolio in 2010. Family Guardians actuaries also built loan loss provisions into the reserves for future policyholder benefits. Commenting on the RoyalFidelity report, she said: Some of the points theyve raised, we clearly do not agree with some of the analysis that led to that perspective. Suggesting there may be a need for reassessment, Ms Hermanns added: Our role here is to ensure there is clarity around the assessment they have made. BUSINESS PAGE 4B, FRIDAY, JULY 8, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1.181.180.000.1550.0807.66.78% 10.639.05Bahamas Property Fund10.6310.630.00-0.6400.200-16.6 1.88% 7.504.40Bank of Bahamas6.946.940.000.2130.10032.61.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 11.938.44Cable Bahamas8.488.480.001.0580.3108.03.66% 2.852.35Colina Holdings2.552.550.000.4380.0405.81.57% 8.008.33Commonwealth Brewery8.408.400.000.7400.00011.40.00% 7.006.00Commonwealth Bank (S1)6.886.880.000.4960.26013.93.78% 2.191.90Consolidated Water BDRs1.851.900.050.1110.04517.12.37% 2.541.31Doctor's Hospital1.381.380.000.0740.11018.67.97% 5.994.75Famguard5.405.400.000.0830.24065.14.44% 8.805.40Finco5.405.400.000.7570.0007.10.00% 9.858.25FirstCaribbean Bank8.608.600.000.4940.35017.44.07% 6.004.57Focol (S)5.505.500.000.4350.16012.62.91% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.000.8800.64011.26.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029FRIDAY, 1 JULY 2011BISX ALL SHARE INDEX: CLOSE 1,410.62 | CHG 0.04 | %CHG 0.00 | YTD -88.89 | YTD % -5.93BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: YEAR END 2008 -12.31%30 May 2013 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 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 Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%L ast 12 Months %NAV 3MTH 1.55731.4674CFAL Bond Fund1.55732.04%6.13%1.535365 3.01852.9020CFAL MSI Preferred Fund3.01852.41%4.01%2.952663 1.59761.5289CFAL Money Market Fund1.59761.50%4.50%1.580804 3.20252.6384Royal Fidelity Bahamas G & I Fund2.5997-4.43%-16.29% 13.638813.0484Royal Fidelity Prime Income Fund13.50161.08%0.02% 116.5808103.9837CFAL Global Bond Fund116.58080.71%8.38%115.762221 114.1289101.7254CFAL Global Equity Fund114.12892.39%7.89%111.469744 1.16081.0000FG Financial Preferred Income Fund1.16551.66%5.19% 1.12141.0000FG Financial Growth Fund1.12640.71%6.11% 1.16201.0000FG Financial Diversified Fund1.16681.54%5.59% 9.99529.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.217310.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 211.28102.07%9.80% 10.42889.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.40873.83%11.49% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.78964.66%16.69% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-May-11BISX Listed Mutual FundsNAV Date 31-May-11 30-Apr-11 31-Mar-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Apr-11 31-Mar-11 30-Apr-11 29-Apr-11 31-May-11MARKET TERMS30-Apr-11 NAV 6MTH 1.512246 2.907492 1.561030 114.368369 106.552835 31-Mar-11 30-Apr-11 31-May-11 30-Apr-11 52'(1&,(&25(1,/(RI 0$56++$5%285$%$&2%$+$0$6 5 26(/,1(-$&2%RI 3RI6$1',/$1'9,//$*(1$66$8 %$+$0$6 9,1&(177+20$6 68//,9RI3RI1257+(/(87+(5$ %$+$0$6 A Bahamian financial and corporate s ervices provider is celebrating a succ essful first year, surviving the depressed economic climate after first opening its d oors in July 2010. Sean K. Longley, president and chief executive of Leno Corporate Services,s aid: Leno is pleased to see the resilienc y of the economy, capital markets and B ahamian investors. We are grateful f or the trust, confidence and commitment that our clients have shown in our a bilities to tackle and achieve their most heartfelt financial goals. Lenos success is entirely based on o ur clients success, so were extremely p roud of our accomplishments this y ear, added Khalil L. Braithwaite, L enos manager of business development and client relations. L eno Corporate Services offers college savings plans, retirement plans, investment management services,a ccounting and payroll services. FINANCIAL SERVICES PROVIDER CELEBRATES FIRST ANNIVERSARY PICTURED (L-R Khalil L. Braithwaite, manager of business development and client relations; Antneal Pinder,a ccountant; Marva Bostwick, office manager; Tricetta Small, p ortfolio manager; and Sean K. Longley, president and chief executive FamGuard: $9.36m receivables solid FROM page 1B

PAGE 13

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f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ts always interesting to see how these things go, he added. The market is largel y a fixed income market, and we face that e very time we bring a TIGRS in. Its an i ndexed-linked product, and is a hard sell r ather than, say a fixed income security with a 7 per cent coupon. Its difficult to bring in new products to any new fixed income market, whether its here, Barbados or anywhere. Although this is the fifth one weve done, there is favouritism to fixed income. Mr Euteneuer said this was both because of the conservative, risk averse nature of t he Bahamian capital markets, plus the fact that historically investors had only had fixed income investments bank deposits, real e state, preference shares and bonds availa ble to them. Its a lot of work, so while wed like to see people participate, institutions take up more of this kind of product, we understand therea re other constraints as well. Some of it has to do with education about the product, the reasons for and benefits of investing in international markets, and diversifying portfolios, which is very important. And Mr Euteneuer also lamented: We didnt get out soon enough to educate and m ake presentations, and that had something t o do with it. We didnt get to the market soon enough. Because it takes more explain ing than a standard fixed income product, y ou have to get out in front of people and answer their questions. The RoyalFidelity executive confirmed to Tribune Business that the investment b ank would evaluate the TIGRS product i nternally before the next funds scheduled launch in December 2011. The plan is for the next one to come out in December, he added. We may know its a good diversifier, and addition to a fairly limited Bahamian dollar marketplace for institutional and retail investors. Its got a lot o f benefits, but its up to the investor to r elate to that. Mr Euteneuer explained that the 2 per c ent guaranteed annual return was added in t o TIGRS 5 because investors were pointing o ut the opportunity cost missed if they bought into it, rather than a fixed deposit. Thats a bit difficult to contend with, but w e will keep on teaching how, in the long run, it benefits investors, both retail and institutional, he added. Some 60 per cent of TIGRS 5 will be invested in the DAXglobal Agribusiness Index and the remaining 40 per cent in the Energy Select Sector Index. T he DAXglobal Agribusiness Index is c omposed of 46 agricultural chemical investm ents; 31 per cent agriproduct operations; 12 per cent agricultural equipment; 8 per centl ivestock operations; and 2/5 per cent e thanol/biodiesel. As for the Energy Select Sector Index, this features oil and gas service providers and pipeline companies. S ome 78 per cent of this is composed from oil and gas providers, the remaining 22 per cent from energy equipment and services. A mong the companies included in these indices are Exxon Mobil, Halliburton, Monsanto, Deere & Co and Archer Daniels Mid lan. All agribusinesses rely to some extent on f uel to produce food. Fidelity fund gets $1.5m minimum F ROM page 1B international and intra-regional air services in order to maintain and improve the vibrancy and competitiveness of the vital tourism sector. while promoting greater business, social and institutional integration in the region. In the meantime, the Caribbean Tourism Organisation (CTO intra-Caribbean visitors was down to 566,000 last year from 1.5 million several years ago. The significance of Caribbean nationals ability to travel easily within the region comes in part from the fact that they typically choose to stay in smaller indigenous hotels, owned by other Caribbean nationals. The serious downturn in this market, due in part to the lack of an efficient and affordable intraregional air service, has had a major economic impact on national economies and these small hotels, says the CHTA. Mr Forstmayr asserted that with international tourism remaining subdued, a very real opportunity for us to develop a strong and robust intraCaribbean market, which we had in previous years, would help to make a positive contribution to national economies. He called the Visa regimes that restrict the smooth flow of Caribbean nationals between island states ludicrous, adding: Our nationals should be able to travel freely from one Caribbean island to another. We tend to speak of integration, but at the same time we stand by and let our governments erect more barriers. Do not underestimate the potential for regional travel." Asked to comment on Mr Forstmayrs statements yesterday, Mr Vanderpool-Wallace said: The San Juan Accord was one of last acts I was involved in in the region before coming back to the Bahamas (in 2008, to be appointed a Senator and Minister of Tourism by Prime Minister Hubert Ingraham). The central part of it is having one Caribbean airspace that treats the region as one airspace, and allows carriers to operate much more easily with minimum red tape. Ive always supported it and I continue to support anything that facilitates travel within the region. The Minister noted that having a single Caribbean airspace would be a way to ease the collective cost and ease the collective movement of people in region. Commentators have suggested that by introducing such a single airspace and removing restrictive visa requirements, governments would likely encourage the launch of more lower-cost carriers offering service between Caribbean islands, making travel in the region cheaper and quicker, and thereby boosting intra-regional tourism numbers. One of the great benefits of a single Caribbean airspace is the elimination of the very costly capital you need to have in place to be able to manage all of the facilities that are, quite frankly, redundant throughout the region, added Mr Vanderpool-Wallace. He noted how the implementation of a single CARICOM travel visa during the Cricket World Cup in 2007, which allowed eased travel within 10 Caribbean countries that agreed to function as a Caricom Single Domestic Space for a fivemonth period, shows what CARICOM countries can do to ease travel if they choose to. FROM page 1B O QUESTION OF BOOST FROM SINGLE REGIONAL AIRSPACE PLAN

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PAGE 6B, FRIDAY, JULY 8, 2011 THE TRIBUNE Yesterdays Kakuro Answer Across 1 Amount short (7 5 Deposit for security (5 8 Utterly perplexed (2,4,4,3 9 Aliking (5 10 Facsimile (7 11 Barely sufficient (6 12 Carefree (6 15 Speak ill of (7 17 Cold and cheerless (5 19 Vicinity (13 20 Gladden (5 21 Fidelity (7 Down 1 Preliminary sketch (5 2 Illusory happiness (5,8 3 Mild (7 4 In the direction of (6 5 Slacken (3,2 6 Inveterate (4-2-3-4 7 Final stages of contest (7 11 Devilish (7 13 Power to do as one pleases (7 14 Spring back in horror (6 16 To show in (5 18 Small child (5 JUDGE PARKER A PT3-G BLONDIE M ARVIN T IGER HAGAR THE HORRIBLE CALVIN &HOBBES DENNIS THE MENACE CRYPTIC PUZZLE E A S Y P U Z Z L E Across 1 Pole inclined to be pompous (7 5 Theyre found on snowshoes not skates (5 8 Where the hands are on watch it would seem (2,3,4,2,2 9 Its bound to be a bit of a shock (5 10 To argue can cause offence (7 11 Apeach turns out to be tough (6 12 Note deserter is not charged (6 15 Work in the theatre perhaps (7 17 All the runners seen in the countryside (5 19 It cuts both ways (3-5,5 20 Start to penetrate (5 21 At length speaks of details (7 Down 1 Do they punctuate the bus route? (5 2 Sharing common troubles like shipmates (2,3,4,4 3 Anight of comedy (7 4 Find company in one churchman or another (6 5 To fuse metal waste maybe (5 6 Not right from the start? (4,2,3,4 7 They wont stand for being models (7 11 John, for example, has a job with the French (7 13 No answer (7 14 Play back? (6 16 Tree providing deal; right? (5 18 Theres some point in clothes for dandies (5 Across:1 Rigid, 8 Birthday, 9 Adore, 10 Same here, 11 Screw, 12 Tea, 16 Strike, 17 Silver, 18 Nip, 23 Grill, 24 Ornament, 25 Minor, 26 Urbanity, 27 Agree. Down:2 Indicate, 3 Israelis, 4 Tirade, 5 Strew, 6 Edges, 7 Lyres, 12 10,13 Asp, 14 Alarming, 15 Well done, 19 Ignite, 20 Focus, 21 Snubs, 22 Amend. Yesterdays Cryptic Solution Across:1 Truth, 8 Back down, 9 Snake, 10 Well done, 11 Guard, 12 Bow, 16 Coyote, 17 On land, 18 Eon, 23 Parry, 24 Hit it off, 25 Giddy, 26 In demand, 27 Verge. Down:2 Run out on, 3 Take root, 4 Make do, 5 Skill, 6 Motor, 7 Sneer, 12 Bee, 13 Won, 14 Fleabite, 15 Infra dig, 19 Offend, 20 Chain, 21 Study, 22 Stump. Yesterdays Easy Solution 1234567 8 9 10 111213 1 4 1 5161718 1 9 2021 1 234567 8 9 10 111213 1 4 15161718 19 2021 Yesterday s Sudoku Answer S udoku is a number-placing puzzle based on a 9x9 grid with s everal given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday Best described as a number crossword, the task in Kakuro is t o fill all of the empty squares, using numbers 1 to 9, so the s um of each horizontal block equals the number to its left, a nd the sum of each vertical block equals the number on its t op. No number may be used in the same block more than o nce. The difficulty level of the Conceptis Kakuro increases f rom Monday to Sunday.

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rate, Bahamians banks were likely to become even more reluctant to lend to the pri-v ate sector, and especially s mall business, cutting off credit access for entrepreneurs whose innovation is vital to dragging the economy out of recession. The Central Bank of the B ahamas report on monthly e conomic developments for May found that the expansion in total commercial bank loan arrears that month was led by a 12.9 per cent hike in d efaults on loans to Bahamian b usinesses. S ome $287.9 million worth of credit extended to companies was in default as at endMay, and the Central Bank said delinquencies in botht he 31-90 days and non-perf orming segments moved higher by $2.7 million (3.7 per cent) and $10.2 million (5.1 per cent) respectively. It is unclear whether the $287.9 million figure includes both Bahamian and foreign currency commercial bankl oans to local companies. If it i s just outstanding Bahamian dollar loans, which at endMay stood at $936.83 million, t hen some 30.7 per cent of this sum close to $1 out of every $3 lent to businesses is either i n arrears or non-performing. H owever, the $197.58 million in outstanding foreign currency loans to Bahamian businesses is added in, then 25.4 per cent of the total $ 1.134 billion outstanding sum $1 out of every $4 lent is in default. When you see an increase i n loans being in default, thats clear sign of the economy, and that we have quite aw ays to go before we can talk a bout the economy reaching a full turnaround, Mr Rolle told Tribune Business. The impact of that is obvi ously quite significant. One of the complaints we have f rom the small business community is that banks are not as open to lending to small businesses, and when loansa re in default to that degree, banks are going to scrutinise their loan portfolios even m ore closely, which further tightens access to funding. When you have that amount of commercial loans g oing into default and becom ing concerned, that tightens the access to capital, especially for small businesses. Mr Rolle suggested it would be very useful if theC entral Bank and commer cial banking sector could provide further information on the commercial loan defaultss ituation. In particular, he said it would be good to know w hether the majority of defaults were originating from large companies, or small andm edium-sized businesses, and which industries. This would be a good indicator somewhat of the things we should b e looking at for the future. While understanding the commercial banking industrys position and concerns over its arrears and non-per forming loan portfolios, Mr Rolle feared this could cutoff access to debt financing for the very entrepreneurs and small businesses that hadt he ability to create jobs and d rag the Bahamian economy from recession. These are the kinds of businesses the country needs when you talk about recovery, the BCCEC chairman told Tribune Business,e mphasising the value of innovation. Because, lets face it, we are not producing the volume of jobs to satisfy those peo-p le already separated, or s chool leavers. The entrepren eurial environment needs to be enhanced to allow people to establish businesses and become entrepreneurs, rather than employees, and create jobs themselves. O ne Bahamian banking i ndustry source, speaking on condition of anonymity, toldT ribune Business the spikes i n commercial loan delinq uencies related to the still a nemic level of overall economic activity. T hey pointed out that twothree years of recession was a long time for a business to beu nder stress and, if they had n ot been able to adjust, downsize or do what they need to do, many were finding they h ad run out of cash reserves. M eanwhile, although credit extended to Bahamian con s umers, households and businesses firmed by $7.5 million in May, compared to a $16.9 million reduction in the same month in 2010, the majority o f that some $5.2 million was concentrated in consumer l oans. These had contracted by $11.6 million in 2010, but commercial loans firmed by just $300,000 in May 2011. Mortgages also firmed by $1.9 million, but the trends shownb y the Central Bank again indicate that banks are concentrating lending in smallerb alance, higher interest ratey ielding consumer loans, rather than the productive areas of the economy. Mr Rolle acknowledged this meant the Bahamas was going the wrong way, and although consumer loansm ight be used to generate sustainable investment opportunities, this was not always the case. Unfair However, unlike Arawak H omes chairman Franklyn Wilson and former Chamber president Dionisio DAguilar, Mr Rolle said it was unfair to completely blame the com-m ercial banks for this situat ion. We cant hold the banks responsible. They have to lend in an environment that gives them sound returns fort heir shareholders, he added. We love to beat up on the banks, and to some degree I support that, but we all have to be responsible for our own financial matters and what w ere borrowing money for. F urther revealing data published by the Central Bank indicated that the debt-bur-d ened Bahamian consumer was unlikely to play a major part in any economic recove ry, as most were still focused o n paying down existing obligations. This was evidenced by the f act debt consolidation loans accounted for the majority of the credit growth in April2 011, increasing by $13.9 mill ion. While private car loans rose by $2.1 million possibly as a function of the Motor Show, net debt repayments were registered in April for credit cards ($1.9 million laneous loans ($1.8h ome improvement loans ( $1.2 million) and education ($0.8 million I guess that kind of speaks for itself, Mr Rolle told Tribune Business. It wont be a consumer led recovery for the most part. Consolidating debt is a good thing, as long as youre not consolidating to be in the same position in six-eight months. Lets hope its beingd one with at least a plan in p lace. T he Central Banks report revealed that total private sector loan arrears increased by $20 million or 1.7 per cent to $1.194 billion in May, with the total arrears ratio rising by 30b asis points to 19 per cent b ringing the default ratio ever-closer to $1 out of every $5 in outstanding credit. In terms of the average age, delinquencies in the short-term 31 to 90 days segment grew by $11 million (2.2p er cent) to $508 million, translating into an 18 basis point firming in the attendant ratio to 8.1 per cent, the Central Bank said. Similarly, the non-perf orming component those o ver 90 days rose by $9 million (1.3 per cent lion, with the corresponding ratio to loans widening by 15 b asis points to 10.9 per cent. During May 2011, mortg age delinquencies rose by $10.9 million or 1.8 per cent to $632.8 million, largely due toa $10.1 million or 3.4 per cent rise in the 31-90 days past duec ategory. Non-performing m ortgages increased by $0.7 m illion or 0.2 per cent. Consumer loan arrears, meanwhile, fell by $3.8 million or 1.4 per cent, as both the short-term and non-performing categories fell by $1.9m illion. Banking industry loan loss provisions dropped by $1.5 million or 0.5 per cent to $283.2 million, with the ratio of provisions to arrears falling by 0.5 and 0.8 percentage points, respectively, to 23.7p er cent and 41.3 per cent. Loan write-offs for May reached $11.1 million, while recoveries stood at $2.6 million. A further $19.7 million worth of Bahamian commercial bank loans were restruc-t ured. BUSINESS T HE TRIBUNE FRIDAY, JULY 8, 2011, PAGE 7B GN1263 Ministr yOf National Security GN-1264 Recovery has a ways to go FROM page 1B

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STEPHEN OHLEMACHER, Associated Press WASHINGTON Once considered untouchable, Social Security is now in play in the debt-ceiling negotiations. And that could mean higher income taxes for many U.S. families in addition to shaved benefits for tens of millions of retirees as they age. Social Security became part of the private discussions between President Barack Obama and Republican House Speaker John Boehner on coming up with "something big" to reduce deficits by $2 trillion to $4 trillion over the next decade. One option includes a new inflation measure for Social Security that could produce savings close to $200 billion through a combination of reduced benefits and higher taxes, White House officials said Thursday. Lowand middle-income families could be hit. The proposal would represent a reversal for Obama. In contrast to his pledge to target tax increases at the wealthy, high-income families would largely be spared from tax increases that would result from changing the way inflation is measured. And until now, the administration has been adamant that Social Security does not add to the deficit and should not be a part of deficit reduction talks. Adopting a new inflation measure would allow policymakers to gradually cut benefits and increase taxes in a way that might not be readily apparent to most Americans. The inflation measure under consideration is called the Chained Consumer Price Index. On average, the measure shows a lower level of inflation than the more widely used CPI. A Chained CPI assumes that as prices increase, consumers buy lower cost alternatives, reducing the amount of inflation they experience. For example, if the price of beef increases while the price of pork does not, people will buy more pork. Or, as opponents mockingly argue, if the price of home heating oil goes up, people will turn down their heat and wear more sweaters There's no indication at this point whether Obama and congressional Republicans and Democrats will agree on the change. And, if they do, how broadly it might be applied. Another private meeting at the White House is set for Sunday. The measure, if adopted across the government, would have a wide-ranging effect on taxes and government benefits, and those changes would grow over time. The change would mean smaller annual increases in Social Security payments, government pensions and veterans' benefits. Current payments would not be affected, but recipients would get smaller increases in the future. Overall, the proposal would cut Social Security benefits by $112 billion over the next decade, according to the nonpartisan Congressional Budget Office. BUSINESS PAGE 8B, FRIDAY, JULY 8, 2011 THE TRIBUNE ANDROS CAT ISLAND ELEUTHERA MAYAGUANA SAN SALVADOR GREAT INAGUA GREAT EXUMA CROOKED ISLAND / ACKLINS LONG ISLAND ABACO S hown is today's weather. Temperatures are today's highs and tonights's lows. KEY WEST WEST PALM BEACH FT. LAUDERDALE TAMPA ORLANDOL ow: 75F/24C Low: 77F/25C Low: 76F/24C L ow: 79F/26C Low: 78F/26C L ow: 81F/27C Low: 80F/27C L ow: 80F/27C High: 89F/32C High: 89F/32C H igh: 88F/31C H igh: 90F/32C H igh: 89F/32C H igh: 89F/32C High: 90F/32C L ow: 83F/28C High: 90F/32C L ow: 80F/27C H igh: 93F/34CRAGGED ISLANDLow: 74F/23C High: 92F/33C Low: 79F/26C High: 89F/32C Low: 76F/24C High: 90F/32C L ow: 77F/25C High: 92F/33C Low: 77F/25C H igh: 94F/34C L ow: 77F/25C H igh: 91F/33C Low: 75F/24C High: 93F/34C Low: 77F/25C High: 94F/34C Low: 80F/27C High: 92F/33C High: 88F/31CFREEPORT NASSAU MIAMI THE WEATHER REPORT 5-DA YFO RECASTVariable clouds, a t-storm; breezy Partly cloudy with a thunderstorm Partly sunny, a shower; breezy Partly sunny with a shower possible Sunny to partly cloudy High:9 L ow:8 H igh:9 H igh:9 H igh:9 AccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeelPartly sunny, a t-storm possible H igh:89Low:8 Low:8 Low:7 AccuWeather RealFeel 101F The exclusive AccuWeather RealFeel Temperatureis an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, a nd elevation on the human bodyeverything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day. 85F 104-86F 104-87F 104-87F 101-83F Low:8 TODAYTONIGHTSATURDAYSUNDAYMONDAYTUESDAY ALMANACHigh ..................................................90F/32C Low ....................................................77F/25C N ormal high ......................................88F/31C Normal low ........................................75F/24C Last year's high ..................................91F/33C Last year's low ..................................76F/24C As of 2 p.m. yesterday ..................................1.12" Year to date ..................................................7.98" Normal year to date ....................................19.92" Statistics are for Nassau through 2 p.m. yesterday Temperature Precipitation SUNANDMOON TI DESFORNA SSAU First FullLast N ew Jul. 8Jul. 15Jul. 23Jul. 30Sunrise . . . 6:26 a.m. S unset . . . 8:04 p.m. Moonrise . . 1:46 p.m. M oonset . . 12:33 a.m. Today Saturday Sunday Monday HighHt.(ft.LowHt.(ft. 12:39 a.m.2.77:02 a.m.-0.1 1:27 p.m.3.07:48 p.m.0.4 1:39 a.m.2.57:59 a.m.-0.1 2:30 p.m.3.08:56 p.m.0.4 2:43 a.m.2.58:59 a.m.-0.1 3:33 p.m.3.110:02 p.m.0.4 3:47 a.m.2.510:00 a.m.-0.1 4:33 p.m.3.211:04 p.m.0.3 Tuesday Wednesday Thursday 4:49 a.m.2.510:58 a.m.-0.1 5:29 p.m.3.3----5:46 a.m.2.512:00 a.m.0.1 6:22 p.m.3.311:53 a.m.-0.1 6:39 a.m.2.512:51 a.m.0.1 7:10 p.m.3.312:45 p.m.-0.1 MARINEFORECAST WINDSWAVESVISIBILITYWATER TEMPS. ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU SAN SALVADOR RAGGED ISLAND Today:SE at 8-16 Knots3-6 Feet5 Miles82F Saturday:SSE at 7-14 Knots3-6 Feet10 Miles82F Today:SE at 8-16 Knots2-4 Feet10 Miles85F Saturday:SE at 7-14 Knots2-4 Feet5 Miles85F Today:SE at 10-20 Knots3-6 Feet10 Miles83F Saturday:ESE at 8-16 Knots3-5 Feet10 Miles83F Today:ESE at 12-25 Knots4-8 Feet6 Miles83F Saturday:ESE at 10-20 Knots3-6 Feet10 Miles83F Today:SE at 10-20 Knots3-6 Feet10 Miles84F Saturday:SE at 8-16 Knots3-5 Feet10 Miles84F Today:S at 7-14 Knots1-3 Feet10 Miles84F Saturday:SSE at 7-14 Knots1-3 Feet10 Miles84F Today:SE at 10-20 Knots2-4 Feet10 Miles84F Saturday:ESE at 8-16 Knots1-3 Feet10 Miles84F Today:ESE at 12-25 Knots4-7 Feet10 Miles83F Saturday:ESE at 10-20 Knots3-6 Feet10 Miles83F Today:ESE at 12-25 Knots3-6 Feet10 Miles83F Saturday:ESE at 10-20 Knots2-4 Feet10 Miles83F Today:ESE at 12-25 Knots4-8 Feet10 Miles82F Saturday:ESE at 10-20 Knots4-8 Feet10 Miles82F Today:SE at 10-20 Knots2-4 Feet6 Miles84F Saturday:SE at 8-16 Knots2-4 Feet10 Miles84F Today:SE at 12-25 Knots4-7 Feet6 Miles84F Saturday:ESE at 10-20 Knots3-5 Feet10 Miles84F Today:SE at 10-20 Knots2-4 Feet10 Miles84F Saturday:SE at 8-16 Knots2-4 Feet10 Miles84F UV IN DEXTO DAYThe higher the AccuWeather UV IndexT Mnumber, the greater the need for eye and skin protection.Forecasts and graphics provided by AccuWeather, Inc. AccuWeather.com L Atlanta A t l a n t a Highs: 91F/33C H i g h s : 9 1 F / 3 3 C Kingston K i n g s t o n Highs: 90F/32C H i g h s : 9 0 F / 3 2 C Caracas C a r a c a s Highs: 90F/32C H i g h s : 9 0 F / 3 2 C Panama City P a n a m a C i t y Highs: 90F/32C H i g h s : 9 0 F / 3 2 C Limon L i m o n Highs: 87F/31C H i g h s : 8 7 F / 3 1 C Managua Ma n a g u a Highs: 89F/32C H i g h s : 8 9 F / 3 2 C Cozumel C o z u m e l Highs: 88F/31C H i g h s : 8 8 F / 3 1 C Belize B e l i z e Highs: 88F/31C H i g h s : 8 8 F / 3 1 C Charlotte C h a r l o t t e Highs: 90F/32C H i g h s : 9 0 F / 3 2 C Charleston C h a r l e s t o n Highs: 90F/32C H i g h s : 9 0 F / 3 2 C Savannah S a v a n n a h Highs: 88F/31C H i g h s : 8 8 F / 3 1 C Pensacola P e n s a c o l a Highs: 93F/34C H i g h s : 9 3 F / 3 4 C Daytona Beach D a y t o n a B e a c h Highs: 88F/31C H i g h s : 8 8 F / 3 1 C Tampa T a m p a Highs: 89F/32C H i g h s : 8 9 F / 3 2 C Freeport F r e e p o r t Highs: 88F/31C H i g h s : 8 8 F / 3 1 C Miami Mi a m i Highs: 89F/32C H i g h s : 8 9 F / 3 2 C Nassau N a s s a u Highs: 90F/32C H i g h s : 9 0 F / 3 2 C Havana H a v a n a Highs: 91F/33C H i g h s : 9 1 F / 3 3 C Santiago de Cuba S a n t i a g o d e C u b a Highs: 85F/29C H i g h s : 8 5 F / 2 9 C San Juan S a n J u a n Highs: 88F/31C H i g h s : 8 8 F / 3 1 C Santo S a n t o Domingo D o m i n g o Highs: 85F/29C H i g h s : 8 5 F / 2 9 C Trinidad T r i n i d a d & Tobago & T o b a g o Highs: 86F/30C H i g h s : 8 6 F / 3 0 C Port-au-Prince P o r t a u P r i n c e Highs: 93F/34C H i g h s : 9 3 F / 3 4 C Cape Hatteras C a p e H a t t e r a s H ighs: 87F/31C H i g h s : 8 7 F / 3 1 C Aruba & Curacao A r u b a & C u r a c a o Highs: 90F/32C H i g h s : 9 0 F / 3 2 C Antigua A n t i g u a Highs: 88F/31C H i g h s : 8 8 F / 3 1 C Barbados B a r b a d o s Highs: 86F/30C H i g h s : 8 6 F / 3 0 C Bermuda B e r m u d a Highs: 81F/27C H i g h s : 8 1 F / 2 7 C Atlanta Highs: 91F/33C Kingston Highs: 90F/32C Caracas Highs: 90F/32C Panama City Highs: 90F/32C Limon Highs: 87F/31C Managua Highs: 89F/32C Cozumel Highs: 88F/31C Belize Highs: 88F/31C Charlotte Highs: 90F/32C Charleston Highs: 90F/32C Savannah Highs: 88F/31C Pensacola Highs: 93F/34C Daytona Beach Highs: 88F/31C Tampa Highs: 89F/32C Freeport Highs: 88F/31C Miami Highs: 89F/32C Nassau Highs: 90F/32C Havana Highs: 91F/33C Santiago de Cuba Highs: 85F/29C San Juan Highs: 88F/31C Santo Domingo Highs: 85F/29C Trinidad & Tobago Highs: 86F/30C Port-au-Prince Highs: 93F/34C Cape Hatteras Highs: 87F/31C Aruba & Curacao Highs: 90F/32C Antigua Highs: 88F/31C Barbados Highs: 86F/30C Bermuda Highs: 81F/27C INSURANCEMANAGEMENTTRACKINGMAP Showers Warm Cold Stationary Rain T-storms Flurries Snow IceShown is today's weather. Temperatures are today's highs and t onight's lows. N S EW N S S S 7-14 knots N S EW S E 8 -16 knots N S EW N S S S 8 -16 knots N S EW S E 10-20 knots N S EW S E 10-20 knots N S EW S E 12-25 knots N S EW S E 12-25 knots N S EW S E 8 -16 knots sold. Minister of the Environment, Earl Deveaux, revealed last week that theG overnment has determined it would a gree to the BPRAs requests for an upward adjustment to the $0.44 and $0.19 cent mark-ups retailers can currently charge consumers. T he BPRA told the Government that with the cost of fuel having increased so significantly since the margins were last adjusted, they were being left in a finan-c ially unsustainable position, struggling to meet the up-front cost of purchasing fuel to fill their pumps. S peaking at a workshop held by the Marina Operators of the Bahamas, who have also lobbied for an increase, Mr D eveaux said: "Some time ago the Gove rnment received a comprehensive request from the fuel operators, and agreed in principle to review the marg ins for diesel and gas, and to do so between the distributors and the retailers. "The agreement carried with it a pres cribed implementation date, which I t hink is some time in the next month, but don't hold me to that. The Government has agreed to do it and will be implementing it." He declined to go into details on the i ssue, telling the MOB that the details rested with the Ministry of Labour, under whom responsibility for consumer affairs falls. In an interview with Tribune Business yesterday, Mr Moore said: We haventh eard when it will be implemented or w hen we might hear. They [service station operators] are asking that question. T hey are calling me daily to ask me if I know. We are still waiting and we hope it w ill be soon. M r Moore said he was aware of at least eight service stations who have b een forced to close their doors and p umps to business for up to a week at a t ime because they were unable to make e nds meet. Tanks Others are running out of fuel more o ften than they would if margin increases had been granted already, because they are operating so very close to the e dge they are not able to top up their t anks as they should be able to. Any delay in purchasing or shift in volumes means they run out. That affects about 70 p er cent of sites, he added. He also responded to comments from the Bahamas Chamber of Commercea nd Employers Confederation (BCCEC o n the Governments decision. The BCCECs chairman, Winston Rolle, described as "very concerning" the impending mark-up increases for petroleum retailers, warning that it would hit consumers and increase "the cost ofd oing business". W hile expressing sympathy for the plight of BPRA members, Mr Rolle and o ther business commentators suggested that it is the Government taxes on fuel, a long with the rents, royalties and franc hise fees levied on the BPRA and its members by the oil companies, together w ith an over-supply of service stations, t hat should also be considered when d etermining how to rationalise fuel prici ng. Focusing on the question of the Gove rnments take from fuel, and the cost this adds to the price at the pump, Mr Moore said: All countries I know tax p etroleum, even the US. When the BPRA did an investigat ion we found there are states in the US that tax petroleum between 20 per cent a nd 40 per cent. Its 27 per cent and 40 per cent here (on diesel and gas er governments] find it necessary to taxt he fuel industry, then we cannot say that o ur government should not tax the industry. I accept that as a part of everyday life, and I don't see where that will change. Gas stations: 70% are running out F ROM page 1B TALKS: INFLATION CHANGE COULD CUT SOCIAL SECURITY INTERNATIONAL BUSINESS

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By RENALDO DORSETT Sports Reporter rdorsett@tribunemedia.net Q uartermilers led the way for the Bahamas on day two of the World Youth Championships in Lille, France. Defending world junior champion Shaunae Miller earned a berth in the womens 400 metres final when she won heat two of the semifinals in 52.92s. She enters the final with the second fastest qualifying time in the field and represents the Bahamas best medal hopes. Chrisann Gordon of Jamaica took heat one in 52.79s while the second qualifier in her heat was Robin Reynolds of the US in 53.21s. Three qualifiers emerged from the third semifinal led by Christian Brennan of Canada in 53.15s, Olivia James of Jamaica in 53.51s and Ella Rasanen of Finland in 53.92s. In the mens quarter-mile, Andre Wells was able to reach the final of the event entering with the fifth fastest qualifying time. Wells finished second in semifinal one in 47.36s behind Takuta Fukunaga of Japan, who took first place in 47.30s. Alphas Leken Kishoyian of Kenya enters the final with the fastest qualifying time of 46.52s. He took semifinal three followed by Sadam Suli man Koumi of the Sudan in 47.08s, Michael Cedenio ofT rinidad and Tobago in 47.12s and Brendon Restall of Canada in 47.26s. Arman Hall of the US took heat two in 46.70s and Patryk Dobek of Poland rounded out the qualifiers in 47.19s. T he country's short sprinte rs did not fare as well as neither was able to advance to the final in the event. In the women's event, Devynne Charlton was fifth in semifinal one in 12.33s. In the men's category, Delano Davis was seventh in heat one in 11.15s while in heat three, Tommey Outten finished eighth in 11.15s. In the men's 100m hurdles, Kirk Lewis was able to make it out of the preliminary rounds. Lewis finished fifth in heat four of the event in 14.32s. Today (day three ers continue to take to the track for the Bahamas. Stephen Newbold, Anthony Adderley and Carmeisha Cox will compete in the 200m, while Lewis will continue his attempt to reach the finals of the 100mH. Also, triple jump sensations Latario and Lathone CollieMinns will compete in their signature event. T HETRIBUNE FRIDAY, JULY 8, 2011 INSIDE TRAK T T U U R R N N T T O O 1 1 4 4 . . . T T U U R R N N T T O O 1 1 4 4 . . . T T U U R R N N T T O O 1 1 2 2 . . . SPECIAL OLYMPIANS RETURN HOME THREE CRICKET PLAYERS SET TO BE HONOURED TOUR DE FRANCE: HAGEN WINS THE SIXTH STAGE BOLT TO TAKE ON EURO CHAMP IN THE 200 COPA AMERICA: ARGENTINA STUMBLES TO 0-0 DRA W GERMANY CONFIDENT AHEAD OF QUAR TERS BESIKTAS IN TALKS WITH NBA ALL-STAR T T U U R R N N T T O O 1 1 3 3 . . . T T U U R R N N T T O O 1 1 2 2 . . . T T U U R R N N T T O O 1 1 2 2 . . . T T U U R R N N T T O O 1 1 3 3 . . . TOP seed Jonathon Taylor is set to take on No.2 seed Jody Turnquest in the boys under-18 finals of the Bahamas Lawn Tennis Associations Juice Bowl Junior Nationals. The two are slated to square off at the National Tennis Center, Oakes Field, 9am today to determine the champion. RESULTS: B B o o y y s s U U 1 1 8 8 No.1 seed Jonathon Taylor def. Michael Cooper 6-1, 6-0 G G i i r r l l s s U U 1 1 8 8 Danielle Thompson def. Erin Strachan 6-3, 7-6 Gabriella Bowe def. Amber Stubbs 6-0, 6-1 B B o o y y s s U U 1 1 4 4 S S e e m m i i f f i i n n a a l l s s Michael Wallace def. Dylan Walker 6-1, 7-5 Malik Jones def. Shannon Francis 6-3, 7-6 G G i i r r l l s s U U 1 1 4 4 Iesha Shepherd def. Gabriella Donaldson 6-1, 60 G G i i r r l l s s U U 1 1 6 6 Danielle Thompson def. Erin Strachan B B o o y y s s U U 1 1 2 2 Oneal Mortimer def. Jordan Minns 6/0, 6/0 to advance to the finals against long-time rival Danny Wallace G G i i r r l l s s U U 1 1 0 0 Tshea Ferguson def. Syd ney Kerr 6-2, 6-2. Sidney Clarke def. Tshea Ferguson 6-0, 6-1 to win the girls U-10 crown S S H H O O R R T T C C O O U U R R T T Cameron Bascom def. Owen Taylor 4-2, 4-2 to advance to the finals B B o o y y s s U U 1 1 8 8 D D o o u u b b l l e e s s The team of Philip Major and Nicoy Rolle def. Dirnaj Saunders and Jonathon Tay lor 6-7, 6-4, 6-1 to advance to the finals against the team of Jody Turnquest and Kevaughn Ferguson today. G G i i r r l l s s U U 1 1 4 4 D D o o u u b b l l e e s s Sydney Clarke and TShea Ferguson def. D. Gib son and Sierra Donaldson 6-2, 6-0 Africa Smith and Lauryn Daxon def. Sydney Kerr and Ashly Loibman 6-3, 6-2 Taylor, Turnquest to battle for boys under-18 crown Its Miller time! TOP SEED: Jonathon Taylor NO.2: Jody Turnquest MEDAL HOPES: Defending world junior champion Shaunae Miller earned a berth in the womens 400 metres final when she won heat two of the semifinals in 52.92s. She enters the final with the second fastest qualifying time. SEE MORE PHOTOS ON PAGE 14 Shaunae cruises into 400 final


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