The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/03113
 Material Information
Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 10-06-2011
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
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Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:03113


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B y NATARIO McKENZIE Tribune Business Reporter n mckenzie@tribunemedia.net O WNERSHIPof CIBC Trust Company (Bahamas hjas been transferred by itsC anadian parent to its Barbados-headquartered First Caribbean International Bank affiliate, it was con-f irmed yesterday, in a r estructuring designed to place all its Caribbean operations under one corporatee ntity CIBC FIRST Caribbean International Bank executives told Tribune Businessi t will be business as usual for CIBC Trust Company (Bahamas latters issued and outstand i ng shares being transferred to the commercial bank by its parent, CIBC Invest-m ents (Cayman R esponding to inquiries by Tribune Business, Ella Hoyos, FirstCaribbeans corp orate secretary and genera l consul, said: The acquisition will cause no change for CIBC Trust (Bahamas It is business as usual for all of our clients and staff. There are no planned changes in the current management structure or its licensing. CIBC First Caribbean announced it had entered into an agreement with its majority shareholder, CIBC Investments (Cayman acquire all the issued and outstanding shares in CIBC Bank and Trust Company (Cayman Company (Bahamas $76.8 million purchase price. The agreement is subject to regulatory approvals. $4. 68 $4. 51 $4. 69The information contained is from a third p arty and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.32 $5.38 $5.50 T HETRIBUNE SECTIONB business@tribunemedia.netTHURSDAY, OCTOBER 6, 2011 Sleep well while your money grows. By NEIL HARTNELL Tribune Business Editor A close to $14 million s hopping plaza investment has helped to create between 1 10-120 jobs since retail tenants started setting up earlier this year, its developer yest erday telling Tribune Busin ess it had set the standard for redeveloping Bay Street a nd downtown Nassau. Charles Klonaris, who together with his two brothers redeveloped the Elizabeth on Bay plaza at the junction of Bay Street/Elizabeth Avenue,s aid they had achieved exactl y what we anticipated and realised their vision 100 per c ent with the retail/restaurant By NEIL HARTNELL Tribune Business Editor BAHAMIANgeneral i nsurers are themselves likel y to take a $6-$8 million share of the collective $35$40 million Hurricane Irened amages payout, it was conf irmed yesterday, with total claims estimated at around 3,000. A ddressing the House of Assembly on recovery efforts in Irenes aftermath,P rime Minister Hubert Ingraham said auto and marine claims were expected to total less than $1 million in both categories, the majority balance comprising home and commercial p roperty damage. The total expected num ber of claims is 3000 for all l ines combined, with roughly 75 per cent being persona l lines (primarily homes a nd 25 per cent commerc ial, the Prime Minister said. The funding of these c laims is ultimately going to be shared between the local companies and reinsurers, with an estimated $6-8 mil l ion being funded locally, and the balance by way of reinsurance recoveries. M r Ingraham confirmed previous industry market loss estimates provided toT ribune Business by the major Bahamas-based property and casualty insurers, pegging it at $35-$40 mil-l ion. However, he acknowledged that this did not include risks placed outside t he Bahamas in markets such as Lloyds of London. Breaking down the losses by island, Mr Ingraham said A baco and New Providence each accounted for 30 per cent of all personal claims.E leuthera generated a further 25 per cent, with other islands accounting for the 15 per cent balance. B y NEIL HARTNELL Tribune Business Editor A Bahamas-based oil exploration company is expecting to this month start receiving bids from oil majors o ver a potential exploratory drilling joint venture in this B y NEIL HARTNELL T ribune Business Editor A NEWLY-OPENED downtown Nassau restaurant has created 60 jobs, adding that business has been very good since i t threw open its doors two weeks ago. Blu, the restaurant cum bar and lounge located in Bay S treets Elizabeth on Bay plaza, said it was targeting a both the l ocal and tourist markets with its Mediterranean cuisine offerings, providing seating for 212 persons and standing space for 500. Between 110-120 jobs created by tenants since Elizabeth on Bay opened this year Plaza almost 90% leased, and looking for w ater taxis/tour operator JVs to drive c onsumer traffic Shopping Village said to be eyed for former Betty K site Call for boutique hotel return to Nassau city SEE page 8B $6-$8M IRENE LOSS SHARE FOR LOCAL INSURERS OIL EXPLORER EXPECTS JV TALKS START THIS MONTH Several trillion bits of data collected from 3D seismic s urvey of Bahamas waters Says BP-type spill cannot happen in Bahamas Cuba deal confirms all licence areas in Bahamas waters SEE page 7B Total claims to number 3,000, of which 75% personal Repair duty waivers at $ 43k Total Govt facilities damage pegged at $12m SEE page 5B CIBCS BAHAMAS TRUST ARM PASSED TO FIRSTCARIBBEAN $77m deal sees regional r estructuring, where Canadian bank takes greater FirstCaribbean interest in return SEE page 7B NEW RESTAURANT CREATES 60 JOBS SEE page 9B


By DEIDRE M. BASTIAN ALL TOO often, the a pplication starts thus: I a m seeking the position of a senior graphic artist w here I can utilise my profound knowledge in desktop publishingm and to ensure further growth of the company etc, etc. Or how about: I work well w ith others, blah, blah, blah. I think you will notbe working anywhere if your resume does not appease your potential employer. If you want prospective employers to c ome directly to you, you m ust first figure out what t hey are in search of. Being hired will obviously depend on many factors, such as your experience, portfolio and so on. Everyone wants to get the job, but a graphic design resume is a bit more challenging. Applicantsh ave to express their prowess in lay-out and design, as the fine line between informality and extreme needs to be identified. To stand apart from the c rowd in a competitive e mployment market, a candidate must submit a d ocument that makes an i mmediate, positive i mpression. Your resume should have substance asw ell as style, with a clean, w ell-organised and meticulous layout. While you may never make mistakes, it is worth reviewing the dos and donts. Paper Quality: You will, o f course, focus more on t he design and contents of y our resume, but do not f orget the paper type. G rab good paper, as some e mployers are actually particular with your paper choice. The Layout: Since you are a graphic designer, always make use of yourl ay-out skills. But do not overdo it. Give it a graph ic designers touch, as your resume should be an eyec atcher at one glance. Remember that the contents of your resume are just as important as yourc reativity. In short, make it clean, simple and easyto-read, with a clear visual hierarchy. Frankly, try nott o overlook the little things. If you submit a resume with errors, you w ill be seen as a timebomb by the company, so ensure someone else proofs it. C apabilities: List your s oftware proficiency and o ther design-related skills. D o not be afraid to tell your story. As a designer y ou may feel you have not got much, but you will be a mazed by your accomplishments. Sometimes, just learning how to opera te a large format printer c an land you a great job in t he digital printing area. D ont include a vague l aundry list of job duties on your resume. Employers already know the dayto-day responsibilities of a designer. Be as specific as possible. If you are applying for a project managersp osition, and youre only a junior graphic designer, dont up the part, espe cially if it is not true. A nd dont list an unprof essional e-mail address on your resume, such as love ness@hotmail.com or sassyncute@xyz.com. Set upa professional e-mail box, as you want to convey a professional image. A wards and recognition: Enumerate your awards and recognitions, and include publications or websites if you are featured. Your awards should consist of anything rangi ng from design awards, art c ompetitions and others. T ry not to list how you won the spelling bee contest in elementary school, or the exceptional award for attendance. Affiliations: Part of improving yourself as a designer is by joining dif-f erent design organisations. Let them know that you are a social communicator. References: State that portfolio and references w ill be available upon r equest or interview. Be prepared when they are r equested. P ersonal Information: Ensure your resume focus-e s on you being a graphic d esigner, not anything else. It is not necessary to include information such as your religion, last vaccinations and favourite animal etc. Many fear a lot of information is needed, but e mployers are not intere sted in your new pet n amed Fluffy, only your p rofessional life. It is not c ompulsory to list your a ge, although employers are smart enough to figure it out by your length of employment. Use action verbs instead of the personal pronoun I. For instance, instead ofw riting: My company has provided me with five years of experience developing product packaging,s ay: Over five years experience developing packaging for a cosmetics company was lasting. Have a consistent theme: What the recruiters really look for is a graphicd esigners sense of aes t hetics. Do not use a variation of concepts in your resume because it will appear as a scrap book, not a resume. Technical Proficiency: M ake certain you're curr ent on the industry stand ards, such as Adobe Photoshop, Adobe Illustrator, Quark Xpress, Macromedia Dreamweaver and others. If you have only used a program once or twice, do not state that you are a software guru, as you may be tested on them. Ify ou are creative and build websites, say that. It doesnt hurt to shout it out. Education: Many graphic designers never graduated from college. If you d o not have two-four years s chooling in the field, your chances of landing the job m ay be slim. Yet hands-on e xperience will be your m ost effective tool and can really boost your resume. P ortfolio: Your portfolio is a big chapter, so ensure it starts strong and finishes solid. In todays job market employers expect you to have a website portfolio online, and n ot having one might work a gainst you. Y our portfolio is a separ ate entry, so strive not to s howcase your graphic s kills within your resume, as this could be shown in your collections. Avoid cramming in dozens of pieces, as an art director will get a good idea of your talent withint he first six or seven pieces. If possible have a clean portfolio that logicallyw alks you through your experience. Always fill the middle with functional pieces, and front and backw ith the wow, thats impressive; didnt know he could do that stuff. Be prepared to discuss thed ecisions you made in some pieces, and what led to those decisions. What makes you stand o ut? What sets you apart? Appear interesting, and remember that yourr esume is only the first s tep. So dont put every thing on your resume, otherwise you wont have much to discuss in the interview. As a final point, your resume is not the only one at the employers table. Remember that employers are hiring a person and not a portfolio, so be the best person you can not the person with the best resume or portfolio. So until we meet again, have fun, enjoy life and stay on top of your game. NB: The columnist wel comes feedback at deedee2111@hotmail.com Ms Bastian is a trained graphic designer who has qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas. BUSINESS PAGE 2B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE DESIGN A RESUME THAT STANDS OUT T HE A RTOF G RAPHIX BY DEIDRE M BASTIAN


By NATARIO McKENZIE Tribune Business Reporter n mckenzie@tribunemedia.net A HOTEL industry execut ive told Tribune Business yesterday that the sector as a whole has been proactive ina ddressing concerns over lang uage barriers, as the Bahamas losoks to strengthen its posi tion in the Latin American t ourist market. According to figures from the Ministry of Tourism and A viation, visitor numbers from Latin America to the Bahamas grew by 40 per cent between M ay and July this year, com pared with Mthe same period in 2010. C opa Airlines jet service f rom Panama City to Nassau accounts for 98 per cent of the increase. According to collecte d data, 79 per cent of Copas stopovers for May to July were from Latin America. B ut Copa passengers participating in a Ministry of Tourism survey, however, said they were frustrated by lan guage barriers. According to the Ministry of Tourism, a total o f 38 per cent of respondents comments addressed language problems. Of all the commentst hat specifically addressed how t he vacation experience could be improved, 44 per cent of those comments said better S panish-speaking skills in the Bahamas would have brought an improved experience. T o this end, Robert Sands, Baha Mar's senior vice-presiBy NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A LEADING PAWNBROKER yesterday told Tribune Business he thought the Governments proposed legislation for the industry was great, welcoming it as bringing order andf orcing persons to either comply with the law or be shut down. P rime Minister Hubert Ingraham tabled the Pawnbrokers and Secondhand Dealers Bill 2011 in the House of Assembly yesterday. The Bill sets out operational guidelines and regulations for pawn brokers, cash for goldo perators and scrap metal dealers, and comes amid rising incidents of armed robbery and theft said to be linked to s uch operations. The Prime Minister said the Bill s eeks to address the challenges being e xperienced as a result of the unregulated cash for gold and scrap metal b usinesses by providing a regulatory regime to protect legitimate businesses, whilst maintaining safeguards for the public. Darin Doty, Nassau Pawns chief e xecutive, told Tribune Business: Im just glad we finally got something in o rder, so all these places that dont a bide by these regulations are either shut down or made to conform to whats being put forth. We were real instrumental in helping to set these standards and reg-u lations. I think its a great thing. The Prime Minister said yesterday that the Bill, when enacted, will impose upon a business owner or d ealers the duty and r esponsibility to verify the i dentity of customers, maintain records and keep certain items in an unaltered state for specified periods. He said the Bill also provides for such busin esses to be subject to m onitoring by a policedesignated administrator. Mr Ingraham added: It i s also proposed to empower the police with a range of powers of entry, for production of r ecords, seizure and forfeiture of artic les included in the inventories of such b usiness places. The Bill proposes to empower a p olice officer, acting on reasonable suspicion, to enter a dealers premises and request the production of all articles in possession of that dealer for inspection, and request the pro-d uction of copies of records required to be kept by the dealer. Mr Doty told Tribune Business: We work very closely with the police. I h ave one, maybe two offic ers that I deal with on a r egular basis. I have officers that come in on a regular basis. We are here to help. Obviously they have to enforce these regulations they are trying to impose We scan IDs, we fingerp rint and we take pictures. T he police have access to our records so they can see certain transactions that weh ave done. Obviously there has to be some sort of privacy to it because there are high officials who m ight not want their business out there. T heres kind of a thin line there, but t hats obviously up to the Government and how they want to do it. BUSINESS T HE TRIBUNE THURSDAY, OCTOBER 6, 2011, PAGE 3B $3'/,0,7('(PSOR\PHQWSSRUWXQLW\ *DWH,QWHUFKDQJH,QVSHFWRUV 127,&( 1HZWRUHKRXUVIRU 67$5'867'58*6 % OXH+LOOG H IIHFWLYH 2 HOTELS PROACTIVE ON ADDRESSING SPANISH BARRIERS T OADVERTISEINTHETRIBUNE CALL 502-2394 P RIME MINISTER H ubert I ngraham tabled the Pawnbrokers and Secondhand Dealers Bill 2011 in theH ouse of Assembly yesterd ay DEALER BRANDS CASH FOR GOLD BILL AS GREAT SEE page 4B


Dear Editor I am soooooo very annoyed with members of the public complaining about the Government National J obs Readiness and Training P rogramme. I am currently in the programme, and I must start by stating that I have absolutely NO government/political affiliation. No, my MP (whoever he/she may be) certainly did not get m e into the programme, nor am I in the category of a politicians relative or niece, or long-term sup-p orter (so and so is a loyal party member and his pretty n iece needs a job). Sorry to those that have that ignorant misconception. The Government programme may not be perfect, and no, it may notb e offering a salary of a million dollars, but its a job, it pays and it keeps 3,000 persons from breaking into your house each day out of desperation. For an entire year people will be able to feedt heir children and pay their bills, so stop being selfish and self-centred. Our society has become so selfish and self-centred that they cant see past the tips o f their noses. In the Octob er 4, 2011, letter to the Business Editor (which I was completely offended and i nsulted by), the writer babbled on about $1 dollar here and there that the Government takes via taxes of numerous kinds. Seriously? You find it hard to give a small portion of your earnings to helping someone in society that needs assistance?P eople have been blessed to have a job and support their family, and because of that there are veils over their eyes preventing them from seeing the suffering of others. Nor d o they seem to care. T he Government is doing the best it can. Yes, there were over 10,000 personsf ighting to be placed among the 3,000 persons the Government has selected to be a part of the programme. Let m e say this: If youre complaining about the 3,000 per sons the Government is e mploying through this initiative, I cant fathom the volume of complaints thatw ould arise from the Gove rnment trying to assist 1 0,000 persons. I agree that all persons who have been placed on jobs may not be deserving of them, nor may they even have the desire to work. But to every positive, theres a negative. Speaking from personal experience, I amd elighted by where I have been placed and although Im obtaining minimum pay for formal work, I dont care. I am extremely grateful for this job and the pay cheque. M y work ethic has not d ropped, and I work as if I am being compensated beyond measure. Its alld own to the person to make the best of the experience. This program offers free t raining/education with a s tipend. What more could you ask for? Bahamians need to stop c omplaining and stop only thinking of themselves. Do you know how many peoplea re incredibly grateful to be a ble to collect their cheques, to be able to feed their children and pay even the smalle st portion of their bills? Yes, the programme in its current format is new, andt herefore there are some glitches that are still being worked out. I ve just come to a point where I am completely exhausted by the amount of complaining from Bahami a ns, with no positive mes sages, no real sensible solu tion to problems and no u nderstanding of what othe rs may be facing daily. Id also like to speak to the ignorant comment of let the unskilled work for what they are worth as apprentices until they can become skilled to earn their wage. OK, great. You want to hire unskilled workers, train them and pay them what they are worth. That once again l eaves me, the college grad, o n the streets to starve because we are over-qualified and still with no experience. The economy is low and many companies cant afford to hire persons and pay what they are worth. Y es, I am working for the same amount of money (as I agreed to when I signed up for the programme) as some-o ne far less educated than I am; but the position that I a m in is one that Ive been educated to do (and the training I am receiving in my area of interest is one that I am truly grateful for). Lesse ducated persons are working in areas of their educa tion level and are being trained to do more. So theres no cheap, hard labour being forced upon persons, and for those that dont likew hat they are doing, I am certain they are more than able to leave if they desire to do so. I will close by saying that I am not an FNM, PLP, D NA..ABC or EFC foll ower at all, so please stop making everything political and take the best out of situ-a tions. Start caring more about others than yourselves. If this i s a political move I seriousl y couldnt care less. The training and skill that I am obtaining through this pro g ramme is priceless and, if after these 50 weeks are completed I am unable to remain with this organisa t ion, I will certainly have advanced my skills and made my resume more attractivef or the next company that I apply to. S igned Grateful Government Job Initiative Trainee BUSINESS PAGE 4B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE dent for external affairs and government relations, told Tribune Business the hotel industry has taken a proactive approach. Mr Sands told Tribune Business: Its a legitimate concern, but the hotel industry has been proactive in that regard. Hotelshave introduced Spanish courses for their staff to be more a ble to deal with some of the concerns raised by tourists coming on Copa. The hotel sector is doing its part, and we just hope the retail sector also participates in this because they are also beneficiaries from these tourists arrivals. But certainly, from our sector, we have been very proactive in addressing these concerns. Maybe the numbers are not coming up in the volumes as quickly as we would like, but certainly persons are in a position or equipping themselves to deal with this growing market. Speaking on the opportunities in the Latin American market, Mr Sands said: This flight out of Panama opens up Latin America, South America in much larger numbers for the B ahamas as a destination. This is a very positive phenomenon, and the fact that their l oad factors are continuing to grow and their consideration of changing their size of aircraft, is an indication of a strong support for this flight. So we must continue to nurture it and reap the benefits from it but, at the same time, ensure that we are in a positiont o meet the needs of those tourists from a language point of view. I can speak confidently for the hotel sector, and I am sure t here are some retailers who have participated in that initiative a s well. FROM page 3B HOTELS PROACTIVE GOVT JOB PLAN CRITICS MUST OPEN THEIR EYES LETTERTOBUSINESSEDITOR I n response to the October 4 L etter to the Business Editor, entitled: Got Training plan fails to do real job


PAGE 6B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE THURSDAY, OCTOBER 6, 2011, PAGE 7B nations waters, having collected several trillion bits of data in its 3D seismic survey of its licence fields. Responding to Tribune Businesss em ailed questions, Dr Paul Gucwa, the B ahamas Petroleum Companys (BPC c hief operating officer, said the company had now closed its data room to inter-e sted parties, and was awaiting bids from major international petroleum p layers. C onfirming that Bahamas Petroleums 3 D seismic testing was complete, Dr Gucwa said the company would receive fast track findings from it in December,w ith full results emerging in the 2012 second quarter. And, with Bahamas Petroleum due to deliver its Environmental Impact A ssessment (EIA Environment, Science and Technology Commission (BEST G ucwa said he was also set to give pres entations as to why a Macondo-type s pill, which resulted from the destruct ion of British Petroleums (BP D eepwater Horizon rig in the Gulf of M exico, could not happen in Bahamian waters. Asked by Tribune Business about the status of Bahamas Petroleums negotiations on a joint venture tie-up with an oil major to begin explorator y drilling in this nation, Dr Gucwa responded: We h ave closed our data room, and now are waiting to see which companies will sub mit bids and enter into negotiations. Wee xpect to start receiving bids in October. The 3D seismic acquisition is com p leted, and we are now in the process of processing the several trillion bits of data collected. W e will get our fast t rack processing in December, and the final processing late in the 2012 second quar ter I will be reviewing the processing plans on Friday. These data will allow us to finalise a location, help us better understand the Jurassic section below2 0,000 feet, and will provide the best a vailable data to plan a safe well. Dr Gucwa last month told this news paper that seven major international oil c ompanies had either visited Bahamas Petr o leum s data room or expressed an interest in doing so, though he declined to name them. T he company which has its Bahamian offices in East Bay Streets Montague Sterling Centr e, is hoping to conclude negotiations with a pr eferred joint vent ure partner by the 2012 first quarter, giving the two par t ies one year to plan their first well in detail. The joint venture involves drilling wells in the five areas for which the Bahamas Petroleum Company holds licences, and Dr Gucwa previously told this newspaper they wanted to begin drilling the inaugural well before yearend 2012. Addressing the safety and environmental concerns raised by the explosion that destroyed BPs Gulf of Mexico rig,D r Gucwa told Tribune Business: Later this month I will begin making presentations that will outline how the Bahamas is geologically different from the US Gulf of Mexico, and why a Macondot ype spill could not happen here. The US Gulf of Mexico consists of rapidly deposited sandstones and shales. T hese sediments are deposited underc ompacted, with a large amount of w ater in the pore space. As the sedim ents are buried, which happens quite r apidly geologically in these sediments, i f the water cannot escape high press ures begin to develop. High or abnormal pressure is a common occurrence in the US Gulf of M exico because of this. The sediments in the Bahamas are carbonates that precipitate fr o m sea water very slowly, are not very compressible, and the developm ent of high pressures due to rapid burial does not occur That is not to say there are no drilling issues, and properp lanning is essential. That is why we w ould like to get a par tner by the first q uarter next year, so we will have a year to carefully plan the well along with oure mergency management plan. W hile unable to speak for the Government, and its efforts to develop a regulatory and environmental safety framework for the industry, Dr Gucwa said: I believe they are moving forward with their efforts to develop regulations. In the meantime, we are aware of the r equir ements of Nor w ay, the UK and t he US, and are striving to meet or exceed these regulations as we move for war d with our well planning. A s for the agr eement finally signed this week between the Bahamas and Cuba, which deter m ined the maritime bor ders between the two nations, Dr G ucwa said: Had the border not been a gr e ed, ther e would be some question as to the extent of our licences and whether a portion was actually owned by Cuba. T he agreed border is outside of our licenses and we ar e entir ely within Bahamas waters. Four of Bahamas Petr oleum s five l icence ar eas border the boundary with Cuba. One of the three licences it holds in a joint ventur e with the Norwegian company, Statoil, also borders Cuba. CIBC First Caribbean will issue 51,917,808 common shares as payment, which will give CIBC Investments (Cayman om 91.39 per cent. Effectively what has happened is that CIBC in Canada has transferred direct ownership of its two Caribbean offshore wealth management arms to another of its regional affiliates, in exchange for more shares and a larger stake in that affiliate. Minority shar eholders in the Barbados FirstCaribbean version, though, may not be happy that their inter est has been diluted. Mrs Hoyos said the move was made to place all of CIBCs investments in the Caribbean under one corporate entity. She added: Their acquisition will augment First Caribbeans growth strategy in the wealth segment. In ter ms of the way forward for CIBC Trust Company (Bahamas said: The closer r elationship with CIBC and FirstCaribbean will give both compa nies opportunities to leverage the client base and wider resources, as they are now have the same parent. Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you ar e raising funds for a good cause, campaigning for impr ovements in the area or have won an awar d. If so, call us on 322-1986 and share your story. FROM page one CIBCS BAHAMAS TRUST ARM PASSED TO FIRSTCARIBBEAN OIL EXPLORER EXPECTS JV TALKS START THIS MONTH FROM page one


BUSINESS PAGE 8B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE t enant mix they now had. With 89 per cent of Elizab eth on Bay now leased, and just two out of the 16 sites vacant, Mr Klonaris said that with the product and tenant mix right, the plazas man-a gement were turning their a ttention to driving consumer traffic especially tourists to it. To do this, and exploit Elizabeth on Bays docking facilities on the harbour, MrK lonaris said the developm ent was looking to establish some type of joint [venture] promotion with watertaxi and tour operator, bringing visitors directly to it for shopping and dining. H oping that Elizabeth on B ay will act as a catalyst for the redevelopment of Bay Street east of the East Street junction, Mr Klonaris expressed hope that otherd evelopers/property owners would follow the lead estab-l ished by himself and his b rothers with upscale developments that include a residential component. C alling for the return of boutique hotels to downtown Nassau to make it a living city, Mr Klonaris, who is also co-chairman of the public/private Down-t own Nassau Partnership ( DNP), said the area east of East Street held more potential than the current city core especially if the Kelly and Pritchard familiesr ealised their vision to redevelop the fire-damaged form er Betty K base into a Shopping Village. This is it in terms of setting the standard, Mr Klonaris told Tribune Busi-n ess of Elizabeth on Bay, as well as making use of the waterfront, which so far very few, if any, have done in downtown Nassau. Once the container terminals move to Arawak Cay, what were going to need fort he city to come back is exactly what weve done. Most important is residential development to make it a living city, adding more residential accommodation. E lizabeth on Bay had succeeded in the type of stores and the image it wanted to put together, Mr Klonaris explained, the main target now being to drive more cus-t omer traffic tourists and b usinesses to it. Wed like to tie-in with the water taxis as well as the tour operators to provide services to bring touristsh ere, connect with the restaurants and do some t ype of joint promotion with the restaurants and the plaza itself, Mr Klonaris told Tribune Business. That is very important g oing forward. Water taxis c ould drop off tourists here, and then they can have a drink, lunch, so shopping and relax and enjoy the fantastic atmosphere here. The Yoga Retreat on Paradise Island was alreadyu sing Elizabeth on Bay as a drop-off and pick-up point, while several yachts had come in to use it as a docking station. Construction of Elizabeth o n Bay took two years, Mr Klonaris estimating that between 110-120 jobs had been created to-date from the businesses that were now open. N egotiations to open an u pscale sushi bar/lounge/club at Elizabeth on Bay are ongoing, while a Marley-themed boutique featuring paraphernaliaa ssociated with the late reggae star, a juice bar, sportsw ear and other assorted products is aiming to open in two weeks. Outfitting all the stores, close to $14 million has beeni nvested, Mr Klonaris told T ribune Business. If youre going to do a project like this, it has to be first class. You have to go all out and do it right. This type of investment is for the longterm. Its very high-risk, lastsf or many years and the only way to do it is quality quality of architecture, quality of construction, quality of the product put in. It has to be a high level. M r Klonaris said Elizabeth on Bay continued to get multiple inquiries from potential tenants, but were very careful who comes in, what theyll do product wise,a s well as the diversification. C an they put something in that complements the plaza? We were very careful in terms of the mix. He described an integral p art of Elizabeth on Bay as being Friendly Pharmacy, w hich apart from pharmaceutical products and medicines also offers clinical services, something Mr Klonaris said was an assett o the city and employe rs/employees working in the downtown area. Other tenants include Tempo/Polo Ralph Lauren, Urban Myth, Haagen Dasz, Imagine, the Seacret Designs fashion boutique, and theC oast to Coast timeshare office, while Go Green, the specialist health foods outlet, is set to open in another week. Arguing that the entire a rea east of East Street had more potential than the current city of Nassau core, Mr Klonaris said: Everything you put in here is new. You have the Kelly and P ritchard families working o n plans for, what I understand, will be a Shopping Village. Once they get underway, I think the core of the city and exciting shop-p ing downtown will shift east of East Street. E xpressing hope that Elizabeth on Bay would act as a catalyst for the level of development undertaken by others, Mr Klonaris said: When a developer comes i n and sees this magnificent plaza, he will realise he has to compete at the same level. Its going to be a high level. Youre going to have marinas, have restaurants,h ave residential. What we would like to encourage as well is nice little boutique hotels. If we could add boutique hotels and restaurant accommodation downtown, w e would have a beautiful 24-hour city. $14 MILLION PROJECT SETS BAY STREET STANDARD FROM page one


SANTO DOMINGO, Dominican Republic A ssociated Press POISED t o expand its freetrade network in Latin Ameri-c a, the United States on Wednesday pressed governments of the region to ensure t hat all of their citizens benefit f rom the increased prosperity that expanded commerce offers. The Obama administ ration offered $17.5 million in A merican assistance toward that goal. Speaking at a regional econ omic conference in the Dominican Republic, Secretary of State Hillary Rodham Clint on said she expected Congress t o approve a set of new trade pacts with South Korea, Colombia and Panama quickly,a longside a program that would help American workers and businesses adjust to the stresse s that globalization create. C linton urged the countries of Latin America and the Caribbean to similarly offerc apital and educational opportunities for people "at the lowest levels of the economic ladd er" as their economies grow t hrough greater access to global markets. She said the United States would put up the new m oney for infrastructure assistance, support for female entre preneurs and other projects a imed at fostering "inclusive e conomic growth." Clinton said she was confi dent that Latin America, as a region, would continue its r ecent trend of impressive g rowth. "My question is: Will that growth include more and morep eople?" Clinton asked. "Will that prosperity reach down into the middle class and the poor? W ill more families realize their o wn dreams?" Started in 2005, the Pathways to Prosperity event Clinton was a ttending aims at precisely such goals. Seventeen countries were attending this fourth gath-e ring in the Dominican capital o f Santo Domingo, with the U.S. debates in Washington over the proposed trade agreements highlighting the greater e conomic opportunities in an i ncreasingly prosperous and stable region of the world. Discussions centered on how t o create better business environments, educate modern workforces and ensure envir onmental protection. Foreign m inisters were also speaking about "trade facilitation," a vague concept that can encom p ass anything from standardized weights and sizes to auto matic data processing with the e mphasis on making it easier t o import and export goods across borders. BUSINESS T HE TRIBUNE THURSDAY, OCTOBER 6, 2011, PAGE 9B The National Insurance Boardof the Commonwealth of The Bahamas Notice to Pensioners The National Insurance Board wishes to advise certain of its pensioners that recent developments at the Post Office Bank and the Royal Bank of Canada (RBC) will impact the payment of their monthly pensions. Specifically, the closure of RBCs Bay & Victoria Branch means that payments that were earmarked for this Branch cannot be deposited. Similarly, the Post Office Bankhas advised that it can no longer accept pension payments for its customers. Consequently, pensioners whose monthly benefits and assistance payments were direct deposited into accounts at the Post Office Bank, and RBCs Bay & Victoria Branch are asked to visit the National Insurance Boards Pension Department tomake arrangements for payments to be deposited elsewhere. Affected pensioners are urged to act now to avoid the suspension of their October payments. 6(&85,7,(6&200,66,21)+(%$+$0$6 38%/,&,&( 127,&((/$7,1*7$&2168/7$7,21:+,7($3(5 21+<6,&$/(6(1&( 7 KH 6HFXULWLHV&RPPLVVLRQRI7KH%DKDPDV W KH&RPPLVVLRQ f LVWKHUHIRUHSOHDVHGWRDQQRXQFHWKHSRVWLQJRIWKH&RQVXOWDWLRQ : KLWH3DSHURQ3K\VLFDO3UHVHQFHWRLWVZHEVLWHDW ZZZVFEJRYEV VFEJRYEV 7KLV&RQVXOWDWLRQ:KLWHDSHURQK\VLFDOUHVHQFHUHSUHVHQWV WKHSROLF\SHUVSHFWLYHRIWKH&RPPLVVLRQZLWKUHVSHFWWRWKH QHHGIRUDQGGHQLWLRQRISK\VLFDOSUHVHQFHDQGHQFDSVXODWHV WKHFRPSRQHQWVRIWKHXOHWKDWZLOOEHGHYHORSHGWRJRYHUQ WKLVDVSHFWRIWKHPDUNHWVRSHUDWLRQV 7KHFRQVXOWDWLRQSHULRGLVIURPRQGD\ )ULGD\Y Shannon Bruce, Blus sales and marketing manager, told Tribune Business yesterday: Weve noticed that our Facebook page has been a great asset. Weve got a lotof outstanding reviews already. Our main goal was to create, first and foremost, ar estaurant that offers phenomenal cuisine and a venue for people to come to at any time lunch, late at night, Sunday afternoon and also to cater to corporate clients. Describing Blus location a t the heart of Elizabeth on Bay as incredibly important, with its two storeys looking out on to Nassau Harbour and Paradise Island, Ms Bruce added: A restaurant such as Blu would not fit i nto a plaza other than one of this scale. Were trying to s et the standard for upscale, casual dining. Confirming that Blus crea tion had involved a significant, substantial investment, M s Bruce said many customers had commented on how they did not feel as if they were in Nassau when at the restaurant. Its ane scape, she added. NEW RESTAURANT CREATES 60 JOBS FROM page one US TELLS LATIN AMERICA TO HELP POOR GET RICHER TOO


NEW YORK A ssociated Press S TOCKSrose sharply for a second straight day Wednesday on signs that the U.S. economy grew in September and that European officialsa re moving to support the r egion's struggling banks. The Dow Jones industrial average rose 131 points. Most of the gain, 80 points, came in the last hour of trading. Analysts attributed the rise t o increasing optimism about E urope's efforts to contain its debt crisis and a pair of reports in the U.S. showing a pickup in hiring and growth in service companies last m onth. T he Financial Times reporte d late Tuesday that European officials are exploring a joint effort to support the region's banks. That triggereds harp rises in European markets, especially bank stocks. Investors are worried that E uropean banks could suffer d eep losses if Greece starts missing debt payments, which is also known as a default.T hat could cause the value of Greek bonds held by theb anks to drop sharply. If w eakened banks pull back f rom lending to each other, it could cause another freeze in global credit markets, aso ccurred in late 2008. The report, which came out a fter European markets c losed Tuesday, triggered a l ate rally in U.S. stocks that prevented the S&P 500 from closing down 20 percent from i ts recent peak, reached in April. A fall that far would have met the test of a bearm arket. Analysts cautioned that the two-day gain in stocks may not last, given the strains that are still affecting the U.S. e conomy. "The market is trading on sentiment right now, not fun-d amentals," said Rob Stein, head of Astor Asset Manage ment. "People are hoping that the bounce yesterday meanst hat we've hit a bottom, but the problems that were in the economy Monday haven't changed since then." O ther traders pointed to meetings by the European C entral Bank and the Bank of England Thursday in which o fficials are expected to discuss additional measures to increase investors' confidence in the European banking system. There's a reluctance to (bet that stocks are going to fall) when there's a chance thaty ou'll see an announcement out of Europe to help the banks by the weekend," said N ick Kalivas, vice president of r esearch at MF Global.The D ow rose 131.21 points, or 1.2 percent, to close at 10,939.95. T he Dow jumped 153 Tuesday after its late-day surge. The Standard & Poor's 500 r ose 20.09, or 1.8 percent, to 1 ,144.04. The Nasdaq composite jumped 55.69, or 2.3 percent, to 2,460.51. E uropean bank stocks soared, reflecting increasing optimism that European lead-e rs will succeed in limiting the fallout from Greece's debt problems. Credit Agricole j umped 10 percent, and BNP Paribas gained 9 percent. European markets rose broadly. Germany's DAX j umped 5 percent. Benchmark indexes in France and Italy rose 4 percent. R eports that the U.S. economy continued to grow in September also sent stock indexesh igher. The Institute of Supply Management said its gauge of t he U.S. service sector, which employs 90 percent of the w ork force, grew in line with Wall Street's expectations. The index measures the strength of health care providers, banks, real estate, and otherb usinesses outside of manufacturing. The ISM's index was 53 in September, down slight-l y from 53.3 in August. Any number above 50 indicates expansion for the sector. P ayroll processor ADP said p rivate companies added 9 1,000 jobs last month. That was a slight gain from August. A DP's figures do not always predict the outcome of the government's broader reporto n U.S. employment in Sept ember, which will be released Friday. However ADP's report can often influence t raders' expectations. Wall Street economists expect that the U.S. unemployment ratew ill remain unchanged at 9.1 percent. The latest indications that t he U.S. economy was growing, although modestly, pushed Treasury prices lower as investors moved money out of lower-risk investments. The yield on the 10-year Treasuryr ose to 1.90 percent from 1.82 percent late Tuesday. It hit a r ecord low of 1.71 percent Sept. 22. E nergy and materials companies, whose profits depend on an expanding economy more than other industries, led the stock market higher. W alt Disney Co. led the 30 stocks that make up the Dow with a 5.5 percent gain after aC iti analyst upgraded the stock, citing a recent pullback. McDonald's Corp. lagged, dipp ing 0.8 percent. M onsanto Co. rose 5.2 perc ent after the seed maker reported results that beat Wall S treet's forecasts. Wholesale club operator Costco Wholesale Corp. dropped 1.7 percenta fter its earnings came in s lightly below analysts' expectations. The company said it will raise its annual members hip fees in November. Yahoo jumped 10.1 percent after Reuters reported thatM icrosoft is considering a bid for the company. BlackBerry maker R esearch in Motion also jumped 10 percent on speculation that the company may be up for sale. BUSINESS PAGE 10B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.95AML Foods Limited1. 10.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7 .504.40Bank of Bahamas6.936.930.000.2300.10030.11.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00% 2.842.55Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.000.0970.04018.22.26% 11.108.29Cable Bahamas8.478.470.000.2450.32034.63.78% 2.802.33Colina Holdings2.602.600.000.4380.0405.91.54% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.656.650.002,4220.4960.32013.44.81% 2.001.63Consolidated Water BDRs1.741.740.000.1110.04515.72.59% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 8.405.35Finco5.395.390.000.7570.0007.10.00% 9.457.75FirstCaribbean Bank8. 6.005.00Focol (S 5.335.330.000.4350.22012.34.13% 1.001.00Focol Class B Preference1. 7.305.58ICD 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) +FBB22100.000.00 100.00100.00Fidelity 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% I nterest 19 October 2022 Prime + 1.75% Prime + 1.75% 6 .95%W EDNESDAY, 5 OCTOBER 2011BISX ALL SHARE INDEX: CLOSE 1,376.77 | CHG 0.00 | %CHG 0.00 | YTD -122.74 | YTD % -8.19BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)M aturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%30 May 2013 2 0 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 5 2wk-Hi52wk-LowSymbolBid $ A s k $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%Last 12 Months %NAV 3MTH 1.57791.4674CFAL Bond Fund1.5779263.39%5.87%1.548717 3.02482.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.72022.5398Royal Fidelity Bahamas G & I Fund2.5730-5.41%-9.79% 13.800113.2291Royal Fidelity Prime Income Fund13.73472.82%1.94% 114.128999.4177CFAL Global Bond Fund114.09222.35%13.88%114.128861 118.4255101.6693CFAL Global Equity Fund118.42552.30%8.26%116.580785 1.17491.0000FG Financial Preferred Income Fund1.18353.32%4.99% 1.13431.0000FG Financial Growth Fund1.14202.10%4.31% 1.17641.0000FG Financial Diversified Fund1.18543.16%5.14% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.498510.5308Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.96520.78%5.70% 10.68139.5037Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.60135.75%13.20% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund8.65073.01%18.38% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX 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 7/11/2007NAV Date 31-May-11 31-Aug-11BISX Listed Mutual Funds30-Jun-11 31-Aug-11 NAV 6MTH 1.535365 2.952663 1.580804 111.469744 115.762221TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Jul-11 30-Jun-11 31-Jul-11 5-Aug-11 30-Jun-11MARKET TERMS31-Aug-11 31-Jul-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. 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