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Permanent Link: http://ufdc.ufl.edu/UF00084249/03135
 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: 11-11-2011
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Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
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: UF00084249:03135

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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Roads to reopen for Christmas Volume: 107 No.322FRIDAY, NOVEMBER 11, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUN, WIND, SHOWER HIGH 81F LOW 70F B EFORE Christmas, the Ministry of Works expects to reopen several key roadsc urrently closed for construction. Portions of Marathon Road, Robinson Road, Bail l ou Hill Road and the EastWest Highway undergoing substantial renovations as part o f the New Providence Road Improvement Project (NPRIPf or traffic by December 20 the last day the contractors are scheduled to work before taking a Christmas break. Were going to have some r oadways open prior to Christmas. Were working on severa l key areas. Marathon Road an additional section was paved just yesterday, traffic will be reallowed on that,s aid ministry spokesperson Shenique Albury. We are also looking at R obinson Road, the area between Market and First Streets. We hope to have traf f ic on Baillou Hill Road up to Duke Street by Christmas. We are also working on Early present fr om Ministr y TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM S OFTBALL C C H H A A M M P P I I O O N N S S R R E E A A D D Y Y T T O O R R A A I I S S E E C C R R O O W W N N SEESPORTSECTIONE MICHAEL ROONEY and Mihai Stoichoi were charged yesterday in Court #8 with 18 counts of fraud. Photo: Felip Major /Tribune Staff B y CELESTE NIXON T ribune Staff Reporter cnixon@tribunemedia.net THE government has regu larised 783 people less than 1 0 per cent of the 10,000 suggested by a newspaper. A iming to set the record straight, Deputy Prime Mini ster Brent Symonette held a press conference yesterday at the Department of Immigra-t ion where he revealed that 783 applicants have been regularised since January. In the recent couple of weeks, there has been a lot of i ssues raised in the press sur rounding the issue of citizen s hip and what we are doing a t the Department of Immi gration. I believe a lot of unfair statements have beenm ade, Mr Symonette said. A total of 896 applications have been heard in Cabinet meetings to date this year, hes aid. Of that number, 783 were granted citizenship, four were r efused, 71 were granted per manent residency with the right to work and 33 were toldt o remain in their current sta t us, while five persons were deferred pending further investigations. By LAMECH JOHNSON ljohnson@tribunemedia.net TWO Canadians were charged before Magistrates Court yesterday afternoon in connection with an attempt to obtain more than $250,000 under false pretences from a bank. Michael Rooney, 38, of Brampton, Ontario, and Mihai Stoichoi, 42, of Ancaster, Ontario, were arraigned before Deputy Chief Magis trate Carolita Bethel and charged with 18 fraud relat ed offences alleged to have been committed in the span By DANA SMITH dsmith@tribunemedia.net PRIME Minister Hubert Ingraham yesterday thanked the US Coast Guard for its aid in the successful nighttime helicopter rescue of all eighteen passengers on board a ship that had run aground in Abaco due to rough seas. Mr Ingraham gave his thanks during a speech at the Second Caribbean-United States Security Cooperation Dialogue at the Atlantis resort. The 150-foot mail boat Legacy was on its way to Abaco from New Providence on Wednesday when it was hit by a large wave around 6.15pm, forcing the vessel onto a reef, immobile and flooding. Seas that evening had 20ft swells as a result of tropical storm Sean. According to reports, emergency calls were made from the distressed vessel to the Bahamas Defence Force, the Bahamas Air Sea Rescue Association (BASRA By CHESTER ROBARDS Tribune Senior Reporter crobards@tribunemedia.net THE DEMOCRATIC National Alliance has always been prepared for the likeli hood that the constituency of Clifton would be scrapped before the next general election, its Chairman Mark Humes told The Tribune yes terday. The party planned to run entrepreneur Farrell Goff on the Clifton ticket against incumbent MP Kendal Wright. Though it has not yet been confirmed by the Boundaries Commission that the constituency of Clifton will be axed, the DNA is making plans to shift its political can CANADIAN PAIR CHARGED WITH FRAUD DNA READY FOR BOUNDARY CHANGE S S E E E E p p a a g g e e 6 6 S S E E E E p p a a g g e e 8 8 S S E E E E p p a a g g e e 1 1 0 0 S S E E E E p p a a g g e e 8 8 S S E E E E p p a a g g e e 8 8 IMMIGRATION FIGURES REVEALED COAST GUARD THANKED FOR SHIP RESCUE NEWS SPORT FASHION MOVIES TV MUSIC ONSALETOMORROW S S A A V V E E M M O O N N E E Y Y W W I I T T H H C C O O U U P P O O N N S S i m lovin it

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By KHRISNA VIRGIL SOCIAL Services Minister Loretta Butler-Turner yesterday announced plans to place conditions on those whob enefit from government aid. To be introduced in early 2 012, the stipulations aim to ensure that children whose parents depend on the gov-e rnments food stamp programme are healthy and a ttend school. She said: If youre going t o be getting food stamps, w ere going to ensure that your children are first of all healthy, so theyre getting allo f their vaccinations, or your k ids are going to have to be g oing to school. The new policy is important, according to Mrs Butler-Turner, as persons havet aken advantage of her d epartments assistance programmes in the past. It happens, there are people who do that. There arep eople who get the stamps to d o things like that, and they've been able to con the system, Ms Butler Turner said. Officials are now in discussions with the Inter-Ameri c an Development Bank (IDB new initiative. Mrs Butler-Turner believes the move will improve the g overnments efforts to help those stuck in the cycle of poverty. S he made the announcement at the New Covenant Baptist Church, as the Department of Rehabilitative a nd Welfare Services wrapped up a week of activities aimed at raising its profilew ith the public. The department helps rehabilitate minors who have had problems with the law and adults who have been in prison. Mrs Butler Turner said: It i s the intent of the court that while institutionalised, these individuals will be restored toa state of useful life. In his address, Bishop Simeon Hall said the countrys social problems stem from the fact that many women are having multiple pregnancies that are unwanted. While he does not believe a g overnment ministry should determine if a woman should become pregnant, the bishopg ave a possible solution. I ask this rhetorical ques tion: Ought women who are living off the state and already w ith several children, to be encouraged by the state to seek tubal-ligation (sterilisa-t ion)?. When asked about Bishop Halls suggestion, Mrs ButlerTurner said the Department of Social Services holds parenting classes to help individuals make the right choice. Some of what we do is also to ensure that people are able to determine that theyw ould like to have tubal legation and sterilisation, whatever the case may be, so that they dont have unwantedp regnancies, she said. LOCAL NEWS PAGE 2, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE Conditions to be placed on food stamps AWOMAN takes part in the Department of Rehabiliatative and Welf are Services event at the New Covenant Baptist Church. A POLICEOFFICER j oins in the celebration.

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N ATIONAL Security minister Tommy Turnquest welcomed United States Secretary for Homeland Security,J anet Napolitano to New P rovidence late Wednesday afternoon ahead of the Second Caribbean-United States Security Cooperation Dia-l ogue (CBSI i n New Providence yesterday morning at the Atlantis resort, Paradise Island. The two-day event was a h igh-level meeting that involved Ministers of National Security from severalC aribbean Community ( CARICOM) Nations, Secretary Napolitano, Senior Government officials from the Dominican Republic, andH eads of Delegates from C ARICOM Nations. The CBSI Dialogue yesterd ay was the second of its kind. The first took place in Wash ington, DC, in May, 2010 at w hich The Bahamas was represented. We had the opportunity (at that Dialogue T urnquest, to serve on the Working Group related to Maritime and Aerial Domain S ecurity which is very impor tant from our point of view considering the challenges we have that relate to illicit traff icking whether it be small arms, drugs or migrants and s o those are areas that we are very focused on. The CBSI Initiative was launched under the auspices of US President Barak Oba m a in 2009 in Trinidad and Tobago at the 5th Summit of the Americas. An initial $46 million was allocated to the Caribbean region for regional security initiatives. That numb er was subsequently increased to more than $70 million. Thursdays meeting will a llow Caribbean Community countries and the Dominican Republic to dialogue with o fficials from the United States of America who obvi ously, in terms of The B ahamas, are our principle partners in terms of the fight a gainst drugs and crime, Mr Turnquest added.. M r Turnquest said even though 18 months have passed between the First and Second Dialogues many other technical meetings havet aken place in terms of working out the various components that will form part of the CBSI particularly those that relate to youth involvement, an holistic approach to s ecurity and including Prison Reform all of which have a very meaningful role for us in The Bahamas. M r Turnquest said that The Bahamas has already receiveda number of benefits as a r esult of the partnership. Those benefits relate to funding initiatives for securityp urposes insofar as boats, equipment and training and i nformation sharing with regards to members of the R oyal Bahamas Defence Force and the Royal Bahamas Police Force, Mr Turnquest said. Its been a wonderful part n ership that we look forward to continuing for many years to come, Mr Turnquest added. By TANEKA THOMPSON D eputy Chief Reporter tthompson@tribunemedia.net THE global phenomenon of human trafficking for child s ex, slave labour and other illegal activities is a threat to r egional security and a top priority for the Caribbean Basin Security Initiative. American and regional stakeholders met in the capital yesterday to discuss solutions to this crisis as well as weapons/drug smuggling, increased border security and terrorist threats at the 2nd C aribbean-United States C BSI Dialogue. It is a global phenomenon now, we are seeing a lot of movement of people around the world and it presents several different types of prob-l ems at several different leve ls, said US Secretary of Homeland Security Janet Napolitano at a press conference following the opening ceremony. One of which is the need to know who is iny our country and who isn't a nd the need as sovereign countries to be able to say w ho should be allowed in y our country and who shouldnt. So you have that level, you have the exploitation of illegal migrants for nefarious purposes, child sex traffic somet hat almost equates to slavery. Y ouve got the whole illegal market in human beings and then you have the use of illegal immigrants for purposes of drug trafficking and committing other crimes. So when we talk in the C aribbean region about security and about human traff icking, one of the reasons we t alk about that is its an ever growing problem, it implicates other issues and its a top priority for the Department of Homeland Security in the United States and increasing-l y a top priority for countries i n the Caribbean, Ms Napolitano said. During the opening ceremony, Ms Napolitano stressed that countries must work together to stamp out the ille-g al flow of migrants, drugs, s tolen goods and weapons. To facilitate this, CBSI i ncludes prescreening of USb ound shipping containers to detect dangerous materials; Customs Department training; and training in better airport security screening. Speaking yesterday at the o pening ceremony, Prime M inister Hubert Ingraham lauded the efforts of the CBSI initiative to help keep regional borders secure. Critical though it is, CBSI is not a quick fix for the manys ecurity challenges facing the c ountries of the Caribbean and the United States. Rather, C BSI is grounded in the r egions realities and reflects the traditional co-operative relationship with the United States. It is an important opportunity for us to act together toc ounter our regions continu ed vulnerability to transnational criminal activity, including drugs and arms trafficking, human smuggling, illegal immigration and money laundering. T he two-day conference e nds today. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 11, 2011, PAGE 3 Cable Beach Branch Relocation...We wish to advise our valuable customers that effective Monday, November 21, 2011, the Cable Beach branch will relocate to its new location on West Bay Street in the new Baha Mar Commercial Village.NEW PHONE NUMBER: 242-702-8100 We look forward to serving you at our new home.*Trademark of The Bank of Nova Scotia, used under licence (where applicable) Human trafficking threatens security S MARTLY-DRESSED marines of the Royal Bahamas Defence Force presented a colourful Parade of Flags ofp articipating countries for the official opening of the Second Caribbean-United States Security Cooperation Dialogue. U nder the theme Fostering Greater Regional Coordination and Ensuring LongTerm Sustainment, leaders from around the region and the United States of America converged for the meeting. The conference formally opened amidst much pomp and pageantry at Atlantis Resort, Paradise Island, Thursday, November 10. The Royal Bahamas Police Force Band led the national anthems for The Bahamas and the United States of America and also provided entertainment for the event. Participants included Prime Minister Hubert Ingraham, and Minister of National Security Tommy Turnquest. Among those in attendance were Cabinet Ministers, mem bers of parliament, senators, permanent secretaries and a cross-section of senior government officials. Permanent Secretary Carl Smith served as moderator for the opening. Dr Errol Cort, Minister of National Security for Antigua and Barbuda and Janet Napolitano, United States Secretary of Homeland Security, also spoke at the opening. Local law enforcement rep resentatives included the Royal Bahamas Police Force, the Royal Bahamas Defence Force (RBDF Majestys Prisons. Recruits of these organizations were also present. The two-day event was hosted by the Bahamas Govern ment and sponsored by the United States Government. The meeting also involved ministers of National Securityfrom the Caribbean community, Caribbean Community Heads of Government and representatives of the Dominican Republic. MINISTER OF NATIONAL SECURITY Tommy Turnquest introduces Prime Minister Hubert Ingraham. Sitting on the dais, from left, are: Carl Francis Smith, Permanent Secretary, Ministry of National Security; Nicole A vant, US Ambassador to the Bahamas; Janet Napolitano, United States Secretary of Homeland Securit y; Prime Minister Ingraham.Photo: K ristaan Ingraham / BIS USHEAD OF HOMELAND SECURITY WELCOMED COLOURFUL OPENING FOR CBSI EVENT THEmember states issued a statement setting out aims to: Develop and implement sustainable programmes to address security challenges in the region. Adopt policy and legislative r eforms to implement information sharing on a region-wide basis, including radar and sensor data, fingerprints and ballistics data. Develop a common strategy to allow for co-ordination of maritime interdiction efforts between and among Caribbean countries. Adopt a sustained approach to citizen safety in the Caribbean by strengthening budgetary measures to meet security costs. Develop a sustainable regional defence, maritime and security training capacity in the Caribbean. Enact and harmonise legislat ion that allows for the seizure of assets used in illicit activity and, in turn, makes these assets available to support law enforcement and crime prevention initiatives. Develop a regional juvenile justice policy and harmonised legislation promoting community intervention and alternatives to sentencing and incarceration.

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EDITOR, The Tribune. I would like to thank all those involved in the preparations this week-end for thec elebration of the 150th a nniversary of the twin events commemorating the 150th anniversary of the establishment of Christ Church Cathedral, Nassau, and the granting of city sta tus to the town of Nassau by Queen Victoria in 1861. The church service was truly inspirational: The hymns, music and anthem chosen by the Diocesan choir were of great significance; and the Charge byt he Archbishop should be h eard throughout the islands not only for the benefit of Anglicans, but for all the inhabitants. Finally, the ceremony incorporating music, prayers, readings from the Holy Scriptures and the blessing of the City of Nassau in Rawson Square were remarkable. This is the best thing that has happened in that place for a long time, erasing the memories of the usual vitriolic rhetoric which usually takes place there. Overall, it reminded me of the passage in Romans 10:15 which states: Blessed are the feet of t hose who bring good tid i ngs... A heartfelt thank you to the Anglican community and the visiting Bishops from the region for uplift ing our spirits when we most needed it at this time of spiritual drought. To God be praise and glory and may God continue to bless your endeavours. NASSAUVIAN FROM THE EAST Nassau, November 7, 2011. E DITOR, The Tribune. Please allow me space to make some observations about the crime statistics r ecently published in the m edia. C rimes against property 5.829. Crimes against the person 1192. Preventable crimes, in particular housebreaking 1789, stealing f rom vehicles 1442 and stealing vehicles 1001 shows an increase. V ictims of housebreaking m ust consider getting involved in Neighbourhood Watch Programmes in their areas. It is a pro-active concept designed to reduce resi dential break and enter and other property crimes within a community. T hrough increased awaren ess and crime prevention e ducation, participating community members are encouraged to develop good s ecurity habits and watch o ut for each others property. A police officer patrolling y our neighbourhood may n ot recognise a stranger in your yard or a strange vehicle in your neighbourhood, b ut you and your neighb ours would. The programme works t hrough mutual aid as N eighbourhood Watch members look out for eacho ther. Keep in touch with t he police in your area. Stealing from vehicles is a crime that could be eradi c ated if the victims would s top leaving items on the seats of their vehicles, with in view of thieves, who are v ery often opportunists. The damage done to get i nto the vehicle is very often more costly than the items stolen. D uring the Yuletide season this type of crime escal ates, in spite of the warnings from the police. T his crime accounts for 1 442 of the total crimes against property, an increase of 51 per cent. S tealing vehicles 1001 t hus far for the year. The n umber of vehicles stolen each year increases. The percentage of recove ry is low and many of the vehicles found are stripped. Vehicles are stolen for the following purposes; ( a) to joy ride, (b c rime, in particular murders and armed robberies; ( c) to extract and sell the parts to unscrupulous dealers and mechanics and ( d) to clone (repaint, r eupholster and fraudulently register). The latter is a major criminal undertaking,w hich stretches to the Fam i ly Islands. The hijacking of vehicles occasionally occur. Neglect by victims to provide available antitheft equipment for the protection of their vehi-c les is a major factor. The fact that the vehicles are adequately insured and m ost of their cost can be r etrieved could be a reason f or the lack of concern about the security of their vehicles. Any number of anti-theft d evices are available in The Bahamas. The most efficient b eing the GPS system, that provides for the tracking and recovery of the vehicles. Car dealers and Insurance Companies could providei ncentives to motivate owners to install anti-theft equipm ent in their vehicles. In s ome countries Insurance C ompanies lower the premiums on vehicle insurance if the owners install equip-m ent they recommend. T he Road Traffic Departm ents Vehicle Inspection Programme must include t he checking of the chassis a nd vin numbers for proper i dentification and the confirmation of ownership. This type of inspection is common practice the world over. I t could eliminate the steali ng and cloning of vehic les. W e can reduce crime against property by heedingt o crime prevention education frequently published by the police. Reducing crime against property would enable the police to tackle t he more serious and violent c rimes which would be good for all of us. It will make y our neighbourhood and the country a safer place to live. N otify-Identify-Testify, to win the war against crimi nals. PAUL THOMPSON Sr Nassau, October 28, 2011. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES S witchboard (News, Circulation and Advertising) 322-1986 A dvertising Manager (242 C irculation Department (242 P ALO ALTO, California Former UN Secretary-General KofiA nnan criticised world leaders Thursday for failing to take bold action on climate change, which hes aid threatens to worsen the food crisis that has already left a billionp eople hungry. S peaking at Stanford University, the Nobel Peace Prize winner said rising temperatures and rainwater shortages are having a devastating affect on food production. Failing to a ddress the problem will have repercussions on health, security and sta bility, he warned. et so far, our generation my g eneration of leaders, including t hose here in the United States, have failed to find the vision or courage to tackle it, Annan said. This lack of long-term collective vision and l eadership is inexcusable. A nnan said the food crisis is an unconscionable moral failing and ab rake on overall development. H e said the need for a universal and fair framework to addr ess cli mate change is imperative. W ithout such action, the r e sult will be mass migration, gr o wing food shor tages, loss of social cohesion and even political instability. The bulk of Annan s keynote addr ess to about 1,400 people exam ined the link between climate change and food supply andi mplor ed action on that front. But he also touched on inequalities in agricultural policies, unfair trade r ules and food price fluctuations. e urgently need to find ways of dampening extr e me volatility in food prices, par t icularly the exces sive speculation in agricultural comm odities which causes it, he said. The W orld Bank says rapidly rising food prices this year and last pushed an additional 70 million people into extreme poverty. One in seven people on the planet are hungry. Annan said as the population gr ows, greater prosperity will mean mor e people eating dairy and meat, and grain used to feed people will be increasingly switched to feed animals. R ising oil prices, too, have brought competition from agroorb iofuels, he said. Last month, the Rome-based UN Food and Agriculture Organizationf orecast improved prospects for world cereals production but warned therei s uncertainty about the impact on f ood security because of the global economic slump and increased risks of recession. It also cited concern about irregular rains in West Africa in the 2011 cropping season and of s evere monsoons in Far East Asia. Annan, who chairs the Alliance for a Green Revolution in Africa, which aims to boost food production o n his native continent, argued that A frica, despite the headlines of famine and war is a key player in solving the hunger crisis. It may now be the only continent w hich cannot feed its own people. B ut it also contains some 60 per cent of the world's uncultivated arablel and, he said. With the right investm ents, research and support, he said, Africa could boost pr oduction and help fight hunger Annan s speech was par t of several events marking the university s launch of the Centre for Food Security and the Environment at the Fr eeman Spogli Institute for Inter national Studies. Former Defence Secretary Robert Gates was also scheduled to speak ata private dinner While Annan blasted gover nments for their failur es to act on climate change, he said he s encouraged by signs they want to addr ess access to and availability of food as a means to overall gr o wth. He praised Feed the Future, the U S initiative to r educe pover ty and under -nutrition, and said he met r ecently with Secretary of State Hillary Clinton, Agriculture Secretary Tom Vilsack, and Raj Shah, the head of the US Agency for International Development. If we pool our ef forts and r esources we can finally break the back of this problem, he said. By Brooke Donald, Associated Press. Join forces to defeat house crime LETTERS letters@tribunemedia.net Global food crisis a moral failing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hank y ou f or helping to celebrate anniversary

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BEC chairman sets record straight on rate reductions By DANA SMITH dsmith@tribunemedia.net PRESIDENT and founder of the Spanish-American Inter national Chaplains Association bestowed honours on a local bishop yesterday morning. Rev Enrique Hernandez made the trip from Florida to Mount Tabor Baptist Church o n Willow Tree Avenue to con fer on Bishop Lawrence Rolle, also known as the Singing Bishop, the title of Area Superintendent International of Nas sau. The new accolade was presented to Bishop Rolle in front of his family, friends, and cong regation. The reason we are here in Nassau, Bahamas is because we are going to be part of a change, Rev Hernandez said. We honour Bishop and Prophet Lawrence Rolle to be a Superintendent International for my organisation. Rev Hernandez presented Bishop Rolle with a special cer tificate, pin, and badge, which gives him the power to rep resent the institution. Rev Hernandez also named Bishop Rolle a diplomat. Bishop Rolle spoke with The Tribune about his new titles. Rev Hernandez has bestowed all those powerful accolades upon me, he said. I still feel low and humble and now I just have to continue to fast and pray and do even more extraordinary things for all mankind, not just my Bahamian people. My borders have been extended around the world and I give God every glory. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 11, 2011, PAGE 5 HUNDREDS of travel agents will descend on Sandals Royal Bahamian and Sandals Emerald Bay in the coming week as the resorts continue their travel agent familiarisation season. By the end of December, each resort would have hosted around 1,200 travel agents. Last week, the season opened with an enthusiastic group of 196 agents from Philadelphia and Orlando. They were taken by private charter to Sandals Emerald Bay, then for a stopover at Beaches Turks and Caicos, and capped off their trip at Sandals Royal Bahamian. During the two night/three day trips, agents attend a training workshop obtaining a Certified Sandals Specialist (CSS fication, have the opportunity to tour the select resort properties and experience the resorts Luxury Included vacation as they are wined and dined at exclusive hosted events. The agents will be given a sneak preview of the $17.5 million in renovations underway at Sandals Royal Bahamian, including a transformation of the Manor building with all new rooms, suites and additional oversized balconies, a sophisticated lobby with marble floors and stylish chandeliers. Beachfront rooms will also boast balconies with direct ocean views while new Bahamian Beachfront Walkout Suites will allow guests to step from their suite to their private patio, featuring a firepit and lounge bed, and then directly down to the beach. On Tuesday, chairman of Sandals Resorts International Gordon Butch Stewart surprised the agents by showing up at Sandals Emerald Bay for the first leg of their tour. Sandals has always had a great love affair with travel agents, and that relationship continues. Seeing is believing and it is important for them to not only experience the incredible product Sandals Royal Bahamian Spa Resort and Off Shore Island and Sandals Emerald Bay has to offer; but to see the beauty of the Bahamas as a destination and the warmth of the Bahamian people, that help to make these properties so special, said Patrick Drake, general manager of Sandals Royal Bahamian. S ANDALS TO HOST MORE THAN 1,000 TRAVEL AGENTS By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net BEC chairman Michael Moss yesterday presented documents to support his claims that rate reductions in 2003/2004 when the PLP were in office significantly contributed to BECs negative financial position. The rate reduction that was imposed on BEC put BEC in a downward spiral in terms of its finances copies of the PA report and copies of financial statements reveal this, he said. At a press conference held at BEC headquarters to clear the air regarding BECs financial position, Mr Moss said: It was pointed out to BEC as early as January 2006 that the rate reduction was illinformed, ill-advised, illogical and irresponsible and something needs to be done about it. Among the documents provided to the press were excerpts of PA Consultings report on BEC completed in 2006. It said: BECs financial performance has deteriorated to what in many companies might be called the danger zone. The report cited the reduction in BEC tariffs by 11-17 per cent beginning in 2003/2004 as one of the causes. Recently, PLP chairman Bradley Roberts released a statement claiming BECs finances were sound under the former PLP government and placing the blame for its current predicament on the FNM. In response, Mr Moss provided a financial report from 2006 which he said indicates the company was mismanaged under the PLP. He said Mr Roberts ought to have intimate knowledge of what was going on at BEC at the time. The company endured five years of significant losses, said Mr Moss, only seeing a turnaround in September 2010. At the end of 2009, there was a loss of $30 million, said Mr Moss. The first step that needed to take place was stem the losses and gradually bring about the kind of profitability needed for the organisation to be self sustaining. It is not there yet but we believe it is on the road to recovery, said Mr Moss. By DENISE MAYCOCK Tribune Freeport Reporter d maycock@tribunemedia.net FREEPORT Another young person has been reported missing here on Grand Bahama, bringing the total number of reported cases to three for the year. Anthony McDonald Rolle, 2 6, was reported missing to the police last week by his mother, who has not seen or heard from her son since October 29. According to reports, Rolles mother had heard that her son went on a boat with Whistel Marcus Laing, the young man who was reported missing ats ea. Laing was reported missing to police on October 28. It is believed that he left the islandon a boat headed for Fort Pierce, Florida. It is not known whether the young men were friends orknew each other, or if their disappearances are linked. Acting Assistant Commis sioner of Police Emrick Seymour said police have received no further updates concerning the whereabouts of Laing. At last report a search was continuing for him, but nothing has turned up, he said. Mr Seymour said the case involving 21-year-old mother of two, Krishanna Shanna Higgs, is still open. He stated that there have been no new developments in Higgs disappearance. Krishanna disappeared in January after travelling to Grand Bahama from New Providence. Her mother, Krista Fox, reported her missing to police on March 29. Krishanna had moved to Nassau last year in search of a job, but returned to Freeport on January 12 on a ticket purchased by her former boyfriend, said her mother. The young mother has not been seen or heard from since. Shanna was last seen in a blue-coloured Chevy Suburban. She was wearing a black fitted top with a gold design, dark blue jeans and gold heeled sandals. Police are also now searching for her ex-boyfriend, 25-yearold Charles Tony Fitzgerald, who has also disappeared. ACP Seymour said anyone with information concerning missing persons cases should contact the police. In other matters, ACP Seymour said police are also searching for Travel agent Eunice Morris, of Freeport, Grand Bahama. Morris, owner of Morris Travel Agency, has been missing since August, and is wanted for questioning by police in connection with complaints of stealing. We are still continuing our search for Ms Morris, and we are appealing to anyone who has information concerning her whereabouts to contact the police. This is still an active inves tigation, Mr Seymour said. Man reported missing on GB Singing bishop honoured MICHAEL MOSS

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By SANCHESKA BROWN Tribune Staff Reporter sbrown@tribunemedia.net REGARDLESS of how the boundaries are cut and w hat seats are eliminated we must remember, lines dont vote, people do, Free National Movement chairman Carl Bethel said yesterday. R esponding to claims made b y Opposition members regarding the proposed changes in the Boundaries C ommission report, Mr Bethel said if the PLP is as confident as they say are, boundary cuts should not be a big deal. Im not even surprised the Opposition is complaining, thats what they do, thats what we did when we were in Opposition, he said. But how can they say we a re manipulating the bound aries for our own benefit when they did the exact thing i n 2007? They created St Annes in order to put every possible FNM polling division in that seat. We complained then but nothing changed. O pposition parties always like to make these sorts of claims because they are not the ones using the red pen. Its a nat ural response. M r Bethel says all this b oundary talk is premature because as far as he knows, the Boundaries Commission h as not released an official report. Nothing official has b een made public and the Boundaries Commission was very careful not to given ames to the seats. So at this point it would be premature for anyone to say what seats will be eliminated. As of n ow it is all a speculation exercise, he said. When push comes to s hove, Mr Bethel said it is up to the people of the Bahamas to decide who willb e the next government and if the PLP is confident, changes in boundaries should not affect them. At the end of the day no matter what happens with the constituencies, its the p eople who will vote not the lines. The FNM is confident we will win the next generale lection and we do not have to cheat or gerrymander to do it. d idates if need be, according to Mr Humes. Speaking with The Tribune y esterday, Mr Wright would not say what he thought of the pending decision by the Boundaries Commission to s crap his constituency. He said, however, that he would consider speaking to the pressa bout losing the area if it is confirmed. Im still the member for Clifton, he said. M r Wright has not been a very popular representative for the Clifton area, accord ing to some of his constituents, who said they would gladly be rid of the con s tituency if it meant ousting the MP. Some described him as the worst MP the area has everh ad. Comments on The Tri bunes website revealed similar sentiments: Kendal Wright has hardly ever done anything in Clifton, the comment by writer Coral Harbour Resident said. Only heard from him once i n five years and the con stituency office in Tropical Gardens is never open. Somehow, because the c onstituency of Clifton is labelled to be a predominant ly well off area, he probably t hought he could have an easy sail through five years. News for you, buddy, not e veryone is looking for a hand out, persons have ideas and concerns they want to see addressed in their communi ties. Mr Humes said because the DNA will make good on its promise to run a candidate in every constituency, the party is not concerned about the shifting boundaries. We had anticipated all of the options, he said. We anticipated that Clifton might be done away with. He added that the new boundary lines and reduced seats in the House of Assembly would simply mean that the DNA has excess candidates with which to work. Mr Humes said the party had been paying attention to what was happening on the political scene and decided to put in place a contingency plan for after the Boundaries Commission came back with its decisions. It has been suggested that some of the constituency cuts and gerrymandering of the boundaries could work in the DNAs favour. Were not concerned about that (constituency changes), said Mr Humes. ELECTION 2012:FIVE CRUCIAL CONSTITUENCIES PAGE 6, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE FNM:Lines dont vote people do 5 4 19 THENEWCARMICHAEL THE NEW ELIZABETH THE NEW SEABREEZE DNA READY FOR BOUNDARY CHANGE f f r r o o m m p p a a g g e e o o n n e e THECHAIRMAN of the Free National Movement, Carl Bethel, has defended the proposed changes to elect oral boundaries. ONTHESE two pages, we show how five crucialc onstituencies will look undert he proposed changes.

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B y PAUL G TURNQUEST Chief Reporter p turnquest@tribunemedia.net THE 2012 general election will be determined by the r esults of five key constituenc ies, party insiders have pre dicted. According to information gleaned from the recently r evealed Boundaries Commission report, it is believed that a victory by either the PLP or the FNM can only come with a victory in what will be the new Elizabeth, Sea Breeze, Bamboo Town, Carmichael, and the as yet unnamed constituency 21 in the South of New Providence. O f the 38 seats being rec ommended by the Commission for the 2012 election, the PLP believe that they are p oised to win 10 or 11 out of the 23 in New Providence, two out of the five in Grand B ahama, and possibly six out o f the 10 seats in the Family Islands. However, when it comes to these five coin toss seats in New Providence, party insiders said the results can go either way. As it currently stands, constituency 21, which will be created out of polling divisions from the old Golden Isles, S outh Beach, and Blue Hills constituencies will compriseo f some 4020 voters. A look at the 2007 general election results of these respectivep olling divisions, which now m ake up Constituency 21, reveals a slight lead in the f avour of the FNM with 1695 votes to the PLPs 1670. The new Elizabeth, which essentially will encom-p ass the old boundary lines o f the 1997 Yamacraw cons tituency, shows from the 2007 election results that the FNM will yet again have a slight edge over the PLP having secured 1689 votes to the P LPs 1630. S ea Breeze, although currently represented by the FNMs chairman Carl Bethel is being reported to be a seat that will be up for grabs come 2012. However, evenP LP party officials have admitt ed that it is likely that this seat would not go to either the PLP or the FNM, but rather to the DNAs Chris Mortimer. Bamboo Town, yet another seat that will be up for g rabs is currently represent ed by the DNAs leader Branville McCartney, who ise xpected to face a tremend ous challenge from both the PLP and the FNM. As for Carmichael curr ently represented by the FNM in its Minister of Education Desmond Bannister i t is unknown who will return to carry the partys banner in the 2012 election as it is believed that Mr Bannister w ill be the partys next candidate for North Andros and the Berry Islands. Y esterday, it was revealed that the Boundaries Commis sion had recommended that t hree seats should be cut from the current 41-member Parliament, bringing the new total for the 2012 general elec t ion to 38. The seats proposed to be eliminated at that time wereE ight Mile Rock, Kennedy, and Clifton. However it is understood that while the Kennedy constituency might r emain, the constituency of Montagu and Englerston have been eliminated in NewP rovidence to make way for l arger inner-city seats, and a new seat (constituency 21 the south of New Providence. S peaking to The Tribune yesterday on the reports of the possibility of Kennedys e limination, the areas current MP Kenyatta Gibson said that he generally had no comment as the reports are only recommendations at this time. However, notwithstanding t hat, I will run wherever my leader and my party decide for me to run in the next gen e ral election, Mr Gibson said. Other changes to the cur rent make-up of the con s tituencies show that drastic cuts have been made to many of the inner city areas, sucha s Farm Road and Centreville, Mount Moriah, and St Cecilia. ELECTION 2012:FIVE CRUCIAL CONSTITUENCIES THE TRIBUNE FRIDAY, NOVEMBER 11, 2011, PAGE 7 3 21 THE NEW DISTRICT 21 THE NEW BAMBOOTOWN F F i i v v e e k k e e y y s s e e a a t t s s t t o o 2 2 0 0 1 1 2 2 v v i i c c t t o o r r y y DNALEADER Branville McCartney will be fighting it out in the redrawn Bamboo Town constituency, where he wil face a strong challenge from both the PLPand the FNM.

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LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE to US Forces at the Atlantic Undersea Test and Evalua-tion Centre (AUTEC base in Andros. A fter news of the crisis r eached the mainland, several boats were launched from Hope Town to help. Luckily, the rescue took place shortly before 10pm. Allof the passengers, 11 men, six women, and one child, were airlifted by helicopter to safety. Mr Ingraham said: Just last night a mail and passen-g er boat, the mv Legacy, ran a ground and was taking on water just off the coast of Abaco, my home island. It was soon determined that conditions would not perm it a rescue by boat. Only the US Coast Guard helicopter, dispatched from Andros, was able to rescue the nine crew and the nine passengers from the Legacy and transport them all tos afety in Marsh Harbour, A baco. It is impossible to adequately express the appreciation of the Bahamian people for this kind of assistance a nd support which we have been fortunate enough to benefit from and continue to enjoy today. The Prime Minister said US Coast Guard rescue operations in the Bahamas are notu nusual and can be r ecounted from experience had over many years. Indeed, we have come to almost expect, that in times of disasters of this kind, we c an always count on the assistance of the United States of America, the Prime Minister said. He added: On the official front, it would be remiss of me if I were not to acknowl-e dge, with much appreciat ion, the time-honoured relationship between my country and the US Coast Guard in the area of search and rescue. P olice are investigating the incident. of nine days since October 30. T he prosecution alleges that between Sunday, Octo ber 30, and Monday, Novemb er 7, the accused by obtaining and attempting to obtainfunds from Scotiabank Limited under false pretences c ommitted nine counts of fraud, nine counts of attempt ed fraud and a count of pos s essing forged documents. On October 30, according to court dockets, the accused men allegedly obtained $8,880 from t he bank by false pretences. Then over the next eight days, they are accused of taking$ 67,660 under false pretences, together totalling $76,540. Court dockets also noted that the two men attemptedt o swindle $198,630 from the financial institution. Prosecution also alleges they were in possession of f orged documents. It is alleged that the two had 33 Red LCBO gift cards, 24B rown LCBO gift cards and nine White LCBO gift cards on their person. The cards are issues of the Liquor Con t rol Board of Ontario, Canada. Both men represented by lawyer Jiaram Mangra deny a ll the charges. They were remanded to Her Majestys Prison until Thursday,N ovember 17, for a bail hear ing in Court 8, Bank Lane. getting reopened the juncture of East-West Highway and Marathon Road, she said. A lot of the traffic management thats in place now (cones and concrete blocks will be removed before Christmas break, Ms Albury a dded. This announcement comes after numerous protests and d emonstrations over the road works, which are being undert aken in several high traffic areas of the capital at the same time. T he NPRIP has drawn the ire of drivers, who have had t o suffer long detours and m assive traffic jams; shop o wners, who claim their businesses have suffered and in some cases had to close b ecause of a lack of access for c ustomers; and the road workers themselves, who t hreatened to walk off the job l ast month, claiming poor t reatment. M ost have criticised the t iming of the initiative, claimi ng a more staggered a pproach to tackling the indiv idual sections of the project w ould have had a less negat ive impact. T he government has apolo gised for any inconvenience c aused by the project, which o fficials say aims to modernise t he road system and significantly improve the ever-worsening traffic conditions in the capital. f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e Coast guard thanked for ship rescue ROADWORKS TO END BEFORE CHRISTMAS CANADIAN PAIR CHARGED WITH FRAUD FIREFIGHTERS were called to the scene of a blaze o f a nine-room structure in eastern New Providence on Wednesday night. S uperintendent Jeffrey Deleveaux said firemen responded to the call at 9.11 pm and were able to quickly extinguish the fire that had started in the western portion o f the building on Seagrape R oad. No one was found inside the burning building. L ast night, police could not say what caused the fire, buta n investigation is underway. Photos: Tim Clarke / Tribune Staff FIREFIGHTERS TACKLE BURNING BUILDING

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EXCLUSIVEBy PACO NUNEZ Tribune News Editor pnunez@tribunemedia.net T HE Bahamas has an incredible opportunity to improve on energy security while also increasing the safety of its citizens, a top US official said. Acting Assistant Secretary o f State Roberta Jacobson said the entire Caribbean is well positioned to get involved in the energy industry whether in terms of pursuing renewable energy or developing traditional hydroc arbon products. This potential can in turn be used to create economic opportunities that erode the underlying causes of crime and violence, she said. M s Jacobson, who is in N assau to take part in the second Caribbean Basin Security I nitiative (CBSI explained that while combating the trafficking of drugs,g uns and people is a cornerstone of the initiative, true r egional security can only be attained if citizens feel their everyday lives have been impacted. She said: One of the reas ons we talk now about citizen security and considerably less about just counter-narcotics is because its so obvious that the phenomenon is broader than just drugs. It is in fact about whether p eople feel personally safe, secure, and we all know that in many respects thats a governments first duty to keep its citizens safe. But when you start to look at the problem a nd you disaggregate it, it isnt j ust about where drugs or gangs may come from and the supply, it isnt just about thed emand its about the socioeconomic causes that underlie crime and criminality. If you go about fixing it o nly by trying to attack the symptoms and not the underl ying causes, youre never g oing to get more than half way there. A lack of economic opport unities particularly for y oung men is often significant among these root factors, and this is where energy d iversification can come in, Ms Jacobson said. It isnt just economic o pportunity, she said, there a re other things that have to come with it, but certainly if people dont feel they have an opportunity to progress economically, to have a life that holds promise for them, itm akes it easier for gangs, for drug cartels to recruit. Once a country accepts that crime prevention starts with social and economic opportun ity, Ms Jacobson said, the n ext step is to identify the e merging fields that Bahamians can be prepared for. Obviously, theres a lot t hats going on in the B ahamas that speaks to some of the, perhaps, more tradi tional areas of economic g rowth there are building projects for new hotels, there are lots of industries related to t ourism but the fact of the matter is, as you look ahead, the issue of energy produc-t ion, energy self-sufficiency, i s also one in which you can really significantly generate jobs. Now, the kinds of jobs you are going to generate are also going to be fairly well payingj obs, but they may also be j obs where fairly specialised training is necessary. In recognition of the regions potential, Ms Jacobson said, President Obama launched the Energy and Cli m ate Partnership of the Americas (ECPA Caribbean at the Summit of the Americas in Trinidad and Tobago in 2009. T he ECPA, a relatively s mall agency, helps create p ilot projects in countries where either private or public sector entities are interestedi n breaking into the energy i ndustry. Our focus, she said, has been heavily on how we workw ith countries on energy secu rity, on clean energy, on renewables. A t the moment, the ECPA is involved in around 40 projects throughout the hemi-s phere. A sked how the Bahamas could qualify for an ECPA pilot project, Ms Jacobson s aid: The way that you have to look at that is, how do we develop the market forr enewable energies? Because u ntil those are really economically viable and there is a structure in place for those industries, theyre not going to be developed by the private sector. I think in the end, obviously, every government has to make its own decision on how they proceed on this, but I think the more you look t owards diverse sources of e nergy, the more governm ents are going to realise that they need expertise from those in the private sectora nd, hopefully, will work in p artnership with them. See part 2 of our exclus ive interview with Acting Assistant Secretary Jacobson in Mondays Tribune. LOCAL NEWS PAGE 10, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE Energy security could be valuable for the Bahamas ACTING ASSISTANT SECRETARY of State Roberta Jacobson with Tribune News Editor Paco Nunez. Mr Symonette said that of the 278 persons regularised u nder section seven of the Bahamas Nationality Act, 1973, which pertains to chil dren born in the Bahamas to non-Bahamian parents, 247 were Haitian. O f the spouses of Bahami ans granted citizenship, the largest group were Jamaicans, followed by Americas and Haitians. Of the 7,883 work permit applications, Mr Symonette said, 6,686 were approved and 1,038 denied. The Minister also advised there has been an increase in the number of persons attempting to live in the Bahamas. He said it is policy to try and repatriate illegals as soon as possible, and from the island where they are found, but there is a procedure that must be followed which involves the government noti fying and getting permission from immigrants native coun tries. He said: It is a procedure that involves Immigration and Foreign Affairs in some cases it is actually very difficult. Speaking on repatriation efforts, Immigration Director Jack Thompson said 2,784 persons have been sent to their country of origin so far this year 2,117 of them being Haitian. He added the Jamaicans, followed by Dominicans, were the second and third largest groups of nationals to be repatriated. With $1 million allocated in the 2011-2012 budget for repatriation efforts, the government has spent $193,533 so far this fiscal year, said Mr Thompson. The smuggling of light arms, weapons, drugs and humans is of great concern for the whole region, Mr Symonette said. IMMIGRATION FIGURES REVEALED f f r r o o m m p p a a g g e e o o n n e e

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LOCAL NEWS PAGE 12, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE PAUL TURNQUEST Chief Reporter of The Tribune, takes grade five students of Charles W Saunders on a tour yesterday. TOUR THE TRIBUNE CW SAUNDERS STUDENTS JOHN FLEET Managing Editor of The Tribune, explains to the students the printing process during their tour. T ONY ZERVOS ( background) and Chris Bain (right), show the students the Tribune archives section. Photos by: Felip Major /Tribune staff

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By NEIL HARTNELL Tribune Business Editor DESPITE seeing an increase in revenues and occupancies at their existing Old Bahama Bay resort, the owners/developers of key assets in Grand Bahamas West End do not expect to be adding any other hotels evena casino any time soon. Executives for US private equity firm, Lubert Adler, which has retained control ofa 294-acre parcel that includes the core site for the former $4.9 billion Ginn sur mer developments proposed hotels and casino, and their Canadian partner have placed such ambitions on the backB y NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THEBAHAMAS Electricity Corporation (BEC a round $5 million in net income f or its just-closed 2011 financial year, its chairman yesterday saying the improvement on the less than$ 1 million yield in 2010 showed it was headed towards recovery. I expect there to be a slight improvement in profitability over w hat we saw last year. I expect a profit to the order of $5 million, M ichael Moss said. I dont have numbers yet to see if its going to be in line with that expectation, but certainly I expecti t to be more than $1 million. The road to recovery has started. Mr Moss added: The year that ended September 30, 2010, saw BEC having its first year of a profit, minuscule, less than $1m illion, but not a loss. Accounts ending September 30, 2011, have not been tabled as yet. He said that the basic tariff rate increase introduced in 2010, w hich restored BECs tariff to about the same position it was 18 $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.19 $5.19 $5.17 T HETRIBUNE SECTIONB business@tribunemedia.netFRIDAY, NOVEMBER 11, 2011 NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I www.famguardbahamas.com +242-396-1300+242-396-1300+242-396-1400+242-396-4076+242-396-4076 Charting Your Financial Future Well help you chart your course for life, health, and wealth. FAMGUARD CORPORATION +242-396-4000 By NEIL HARTNELL T ribune Business Editor A CANADIAN developer yesterday said it had signed an agreement to developthe 18-acre front door to Grand B ahamas West End, telling Tribune Busin ess the ambiguities surrounding who controlled what at the former $4.9 billion Ginn sur mer project needed to be resolved t o restore market confidence. U nveiling an agreement with the Pine Island and Isles subdivision owner, West WEST ENDS FRONT DOOR DEAL BOOST By NEIL HARTNELL Tribune Business Editor CONSOLIDATED WATER yesterday said it did expect to face a lengthy damages period, if any, for failing to complete the 67 per cent expansion of its Blue Hills r everse osmosis plant by the November 1 target deadline. U nder the terms of the expansion contract with the Water & Sewerage Corporation, the BISX-listed desalin ated water supplier potentially faces a $5,000 per day f ine until Blue Hills construction completion, despite get t ing the plant operational in company record time. WATER SUPPLIER SAYS: NO LENGTHY DAMAGES PERIOD BISX-listed Consolidated Water could face $ 5,000 fine per day until Blue Hills close Plants 67% expansion done in company record time Building costs $9.6m, with $10m Scotiabank f acility to be drawn on SEE page 4B Agreement for former Ginn financier and partner to develop 18-acre harbour site Ambiguities and housekeeping i ssues with lender neighbours key to restoring market confidence Airstrip control back to lenders SEE page 4B By NEIL HARTNELL T ribune Business Editor GINNSformer lead financier, and i ts development partner, are spending b etween $3-$4 million per year in maintaining $160 million worth of infrastructure in Grand Bahamas West End, T ribune Business was told yesterday. Describing the infrastructure put in to-date as second to none, DerekG ape, project manager for OBB Resort L td, the company that holds the West End interests of US private equity firm, Lubert Adler, said the developer was in a great place because it did not have to expand utilities until another hotel project emerged. Mr Gape said some $124 million had been invested in hard infrastructure costs, with another $36 million going into the West End golf course thatr emains under the control of Lubert Adler and its developer partner, The C rave Group. Were still maintaining the golf course; thats an expensive exercise,M r Gape told Tribune Business. As far as actual construction activity, nothings going on apart from two homes under construction on lot 26, but maintenance costs are ongoing. OBB Resort was paying landscaping firm Austin Outdoors over $1 million EX-GINN PROJECT IN $3M-$4M ANNUAL MAINTENANCE SPEND Has to keep $160m in infrastructure investment fully functional Quality second to none, and utilities in a great place as serving all existing site needs SEE page 3B BEC STILL EYEING $5M 2011 PROFIT Chairman anticipates improvement from less than $1m net income in 2010 MICHAELMOSS SEE page 2B OT PUSHING ON WEST END HOTEL/CASINO Former $4.9bn Ginn site likely to be lot lower density Old Bahama Ba y revenues and occupancies up on prior years Set to go to next marketing level with website SEE page 3B

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B ySIMON COOPER Res Socius SOUNDS CRAZY, doesnt it. Youre in business and Im telling you to replace yourself? No, not b y letting competition take y our market over. Im talki ng about replacing yourself as hands-on manager. If you still think this sounds crazy, when last did you take a month-long holiday? If you say it would be i mpossible to go away because your firm would fall to pieces, then you havea real problem. Whats going to happen if you have to take time off for healthc are? You might need to take some serious action now. W rite Down What You D o Dont guess. Keep a diary and create a pie chart divided into why am I doing this, who else could do this and this is what smart business owners do themselves. By the way, smart business owners take time out to team-build with their clients, which is why successful businesspeople play golf and enjoy fishing. Maybe you should spend t ime with clients, too? Prioritise your Day A fter a spot of delegati ng/dumping your current workload, list the remaining tasks in order of import ance. These are the things t hat will stop happening w hen something unexpected takes you out of action. Make a plan for who will take these over, and make sure they know about it, too. Download your Expert Systems Expert systems are thought processes we develop over time to improve the things we do. Often they are just below t he level of our normal consciousness, and you could benefit from a good busin ess coach to tie them d own. I like to call these apps, because like data p rocessing add-ons they are p lug-ins we switch over to w hen we need them. S hare your Expertise Explain your methods to the people nominated to s tand in for you. Hint: If y ou do not trust them, then w hy are they there? Now comes the hard part all back-ups need testing. Takea week out to see what happens, but stay on the other end of the telephone. The Next Logical Step Imagine the impact if one, or even two, key staff members were unexpectedly unavailable. How would you cope, and what would h appen to your business? Perhaps its a good idea to download other peoples e xpert systems, too? As my i nsurance adviser likes to remind me: Dont wait for t he house to burn down b efore you call me about i nsurance. I shared these thoughts with a business associate whose health was under s train the other day. He k nows he needs to take a g ood, long break. Unfortunately, he also suffers from the belief that nobody else could be half that good. Maybe I should explain to him that the cavalry are not waiting behind the nearest hill to rescue him. Dont kid yourself. Its a tough old world out there. As the Boy Scout movement motto says Be Prepared. NB: Simon Cooper is a founding partner of Res S ocius, a business brokera ge firm authorised by the Bahamas Investment A uthority that facilitates t he sale and purchase of b usinesses. Contact 6368831 or visit www.resso-c ius.com. BUSINESS PAGE 2B, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE CMV = Chevrolet Micro Van FOR ALL LIFES ROADS C MV 36-month/100,000 kms factory warranty.Designed with strength and capability to take on any project.Cargo Van Passenger VanFeatures: Fuel-ecient, 38-hp, 800cc, 3-cylinder SOHC-engineExcellent load/passenger capacityFront disc brakes, rear drum brakesAir conditioning Shirley Street 302-0130 Fax: 323-7272 info@nassaumotor.com www.chevroletbahamas.com www.chevroletcaribbean.com BE MORE HANDS ON WITH HEALTH S IMON COOPER A HOPE TOWN-BASEDhotel, Firefly S unset Resort on Elbow Cay, is set to hold its grand opening on November 25, 2011. B uilt by Firefly Vodka co-creator, Jim and Ann Irvin of Charleston, South Carolina, the r esort offers seven villas and cottages with f ull-size kitchens, three pools, a snorkeling r eef, WIFI and an on-site restaurant. Were very excited about the opening of t his resort. We were looking for a place to r ent so our whole family could vacation togethe r, but as soon as we saw this property we fell in love with it, said resort owner, Ann Irvin, w hose husband Jim is a partner of Firefly Vodka, made at Irvin~House Vineyard. T he resort is managed by property manager L orenzo Barigelli and his wife Patricia, who l ive on the property. The resort opened quietly i n May 2011, but enjoyed plenty of guests who h eard about the resort via word of mouth. Abaco resort holds opening years ago, had helped to curb the Corporations downward financial spiral. M r Moss added: BEC had a loss of around $30 million in the year ending 2009. Whent he tariff was proposed to government, the expectation was that the Governmentw ould give BEC $12 million a y ear for street lights. In terms of the tariff imposed on customers, thatw ould earn but $12 million a year. In terms of the tariff increase and the Government paying for the street lights, it represents a change of around $24 million a year, but if you are having a loss of $30 mil lion you need to do things internally in order to over come that hurdle. We said we thought we could effect $6 to $12 million of improvements internally in order to be able to move the organisation from losing money to an area of profitabilit y. Mr Moss added that BEC was still owed significant sums o f money by several public corporations, particularly the Water and Sewerage Corpo ration. H e said: In terms of public corporations there are still significant sums owed by some,p articularly the Water and Sewerage Corporation, although there are a few others, and government is in disc ussion with BEC at this time with a view to those sums being settled. When asked his view on p rivatisation of BEC, Mr Moss replied: On a personal note I believe its the appro p riate course of action to be taken. On a public note, the Gov ernment of the day has indi c ated that they believe it is an appropriate course to be taken. The issue now has to be what would be an appropriate timeframe and circumstances for that to take place. T hose criteria have not been determined yet to the best of my knowledge. BEC still eyeing $5m 2011 profit FROM page one NEW YORK Associated Press ONLINEbroker E-Trade Financial Corp. shares fell 3.5 percent during the trading day and plunged another 5 percent in after-market trading following its announce ment that it had concluded a strategic review and has no plans for a sale. Shares fell 34 cents to close at $9.48. After it made the announcement, shares fell 42 cents, or 4.4 percent, to $9.02. As of Thursday's close shares were off more than 40 percent since the beginning of the year. They've traded as high as $18.13 in the past 52 weeks, but that was back in February. The company said it has concluded the review begun in August that was designed to consider all alternatives including a possible sale. The board unanimously determined that the continued execution of the company's business plan is currently the best alternative, it said. That also was the recommendation of Goldman Sachs & Co., hired as an adviser for the review. "We will remain focused on delivering the best invest ing experience to our customers, strengthening our brokerage business, continuing to improve the performance of our loan portfolio and enhancing our franchise," CEO Steven Freiberg said in a statement. E-Trade's largest shareholder and bondholder, Citadel Advisors LLC, pushed the company earlier this year to seek a buyer and was been critical of management. E-TRADE ENDS REVIEW WITH N O PL ANS FOR SALE

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g roups different countries a nd offers different rates in relation to a countrys dist ance from the UK. The Bahamas, along with otherC aribbean countries, had init ially lobbied to be placed in the same band as the US, w hich has APD fees up to 25 per cent lower than the C aribbean. M inister Vanderpool-Wallace said: Right now there is a very strong lobby in the U nited Kingdom by several ministers of government in the Caribbean that the UK not add to the Air Passenger D uty (APD elling from the UK into the Caribbean. The same way that we are protesting the addition of tax es by the UK on to the tick e ts, we need to take a look at what we are doing to make sure we are not following the same path in the Caribbean.W e will work vigorously to make sure the UK does not add to its passenger duty, but I think the countries protest ing need to be careful to practice what they preach. Thats really what the m essage is. In protesting the UK taxes, they are themselves saying taxes adding on t o tickets is going to reduce d emand, so we need to do it in a bilateral way as best we c an in order to achieve the success that we believe wen eed to achieve in lowering t he cost of admission into the Caribbean region. We need t o look at it on both ends to make sure that we are keepi ng the cost of admission as l ow as possible. Mr Vanderpool-Wallace further noted that while t ourist destinations within the US, such as Orlando and Las Vegas, were generally accessed by land travel, the c ost of airfare to those locations is still generally very low. H e added: We have only one channel, in terms of highvalue channel, and that is byf lying, so we have to be ever mindful of those competing destinations like Orlando, like Miami, like Los Vegas,w here the vast majority of customers are going to drive there so they dont have extra c ost. We have to realise that that, too, is competition fort he product we have. We h ave to practice what we have been preaching with respect to what has been hap pening in the UK. Mr Vanderpool-Wallace said: We want to build tourism that is land-based t ourism where people come, stay in hotels and move around freely. We dont want all inclusives, necessarily. We dont want them to be confined to any particular island necessarily, and the fastest way for us to do that is to make sure that the cost of transportation is affordable. B y NATARIO McKENZIE Tribune Business Reporter n mckenzie@tribunemedia.net THE Caribbean must practice what it preaches" o n air passenger taxes, the Minister of Tourism and Aviation, Vincent VanderpoolWallace, said yesterday, noting that increased taxes on airfare only lead to reducev isitor demand. Mr Vanderpool-Wallace, who was a panellist the HVS Caribbean Hotel InvestmentC onference and Operations Summit, said that providing a low cost of admission to the r egion was key to remaining competitive in the tourism market. A nother panellist, Chad M eyerson, director of global sales for Jet Blue, added that taxes added to airline ticketsh ad negatively impacted the airline industry. Speaking to Tribune Busin ess, Mr Vanderpool-Wallace noted that while the Caribbean had lobbied against increases to the Air P assenger Duty in the United Kingdom (UK be mindful of the same withi n the region. Many countries in the region have taken a hit from t he Air Passenger Duty affecting travellers out of the UK. Passengers travelling tot he Bahamas and other countries in the Caribbean from the UK already pay up to $240 in taxes. T he APD is divided into four different bands, which BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 11, 2011, PAGE 3B By NEIL HARTNELL T ribune Business Editor The Government yesterday confirmed it had decided to leave alone legislative amendments that would require Bahamian small and mediumsized businesses to keep accountingr ecords for five years, recognising the challenge this would impose upon them. Zhivargo Laing, minister of state for finance, confirmed the Government was seeking a more practical solution attuned to the Bahamian business environment and model, as its ought to satisfy the Organisation for Economic Co-Operation and Developments (OECD keeping demands. Acknowledging that the Governm ent, for the moment, was not proceeding with planned amendments to t he Business Licence Act, Companies Act and General Partnership Act to bring them in line with the OECDs demand, Mr Laing told Tribune Busi-ness: We believe that it may put some requirements on that very small and medium-sized grouping of domestic business that might, at this point, be challenging for them. A s a result, the Government planned to leave that alone until one can approve a more practical solution for the domestic Bahamian economy. He indicated that the Ingraham administration was having discussions about the implications with interna-t ional regulatory bodies and partners, the Bahamas being a member of the grouping that had committed to complying with the OECDs tax transparency and information exchange initiatives. The OECD, in its Phase One Peer R eview of the Bahamas transparency and information exchange mechanisms, identified the absence of requirements to keep accounting records for a five-year minimum ast he main deficiency. Yet, by enacting this requirement into statute law affecting domestic Bahamian companies, the fear is that they will be burdened by bureaucratic red tape and suffer from increased costs, reducing their competitiveness.M any small and medium-sized Bahamian businesses do not keep the detailed accounts, or have systems in place to produce them, that the OECD is seeking. What we propose to do with this element of compliance is speak to howi t can be done practically for the domestic economy, Mr Laing told Tribune Business. Many of the international players are accustomed to that level of compliance. But one has to be practical a bout these things, so whatever level of c ompliance is done, there has to be a recognition of the circumstances, because society has to move along. That all has to taken into account. Mr Laing, meanwhile, said he suspected provisions in the Bills tabledi n the Senate the Exempted Limited P artnership (Amendment Foundations (Amendment IBC (Amendment nership Limited Liability (Amendment) Bill 2011; Purpose Trust (Amendmentg ated Accounts Companies (Amendment) Bill 2011, which have all been brought forward to address the OECD demands would be amended to reduce the penalties for non-compliance to a monetary fine, rather than imprisonment. This would likely bet he law, apart from when fraud was involved. CHALLENGES FORCE ACCOUNTS RE-THINK Got to leave alone five-year record-keeping r equirements for domestic Bahamian firms until more practical solution devised Penalties likely to change from imprisonment to fines ZHIVARGOLAING C ARIBBEAN TOLD: PRACTICE WHAT PREACH ON AIR TAXES per year to maintain the golf course, while another $2-$3 million was spent annually on keeping the water system and wastewater treatment plant operational. Its a huge investment just to do that, maintain it, keeping it going, really it is, Mr Gape added. In the last couple of years, weve expanded the wastewater treatment plant. It has the capacity to do 200,000 gallons daily, or 200 homes. We do not have to do anything. Were in a great place. The only thing that will cause an expansion of utilities is if someone decides: Lets do a hotel. All of the work has been done to an extremely high standard. The infrastructure is second to none. Mr Gape said the wastewater treatment plant served the entire first phase of the West End development. The project was also completely connected to Grand Bahama Power Companys electrical grid, and had enough power to serve its current needs. b urner for now. Lorne Bassel, president and chief executive for The Crave Group, the Canadian-based developer that has partneredw ith Lubert Adler to masterplan the development of its landholdings and move them forward, said market conditions m eant it was not pushing too hard on the hotel/casino option. The big hotel will come when it comes, Mr Bassel told Tribune Business. Its not ready. Its on the backburner, but these things are strange. You have it on the backburner, andt hen youre approached by a group from Spain, a group from China, and its ready to be fully plugged in. Mr Bassel added that the 294-acre site identified at the form er Ginn projects core still had to be planned, and the density worked out. Its one of those things we have ready. We are talking to p eople about it, he told Tribune Business of the hotel/casi no option. We are doing what we can to stimulate interest, and itll come when the market and the financing is available. We aret alking to different groups. We are making sure the oppor tunity is known internationally, but we arent pushing too hard. M r Bassel said Lubert Adler/The Crave Groups plans for their West End landholdings were likely to feature a lot lower density. I think its going to be a slow growth and long-t erm project. H e explained that projects often hit momentum, While large real estate developments might only see 20-30 unit sales in the first two years, they then might explode to 200-300 int he following year. But Mr Bassel said of the former Ginn site: This is a place where we have to figure out how the first 100 is going to hap p en, and because of the location, ease of access to Florida and attraction....... He did not complete his sentence, but he was indicating that a relatively small critical mass could be enough to get things going again in West End. Just 10 homes being built makes other people confident, Mr Bassel said. Its how resort projects are getting momentum again. Just getting some momentum going herei s like a snowball effect. While unable to provide any figures, Mr Bassel said the Old Bahama Bay resort was performing better than last year. Revenues are up on the lodging side. Occupanciesa re again a little bit better than in previous years, and were setting up a website in the US thats just about to launch, so were going to the next level of marketing. Derek Gape, project manager for The Crave Group and Lubert Adler, said the website for Old Bahama Bay, which features 73 condos and 72 marina slips, should be complet ed in another three-four weeks. Between Old Bahama Bay and its other West End operations, Lubert Adler/The Crave Group employ 75 persons. FROM page one VINCENT V ANDERPOOL-WALLACE Ex-Ginn project in $3m-$4m annual maintenance spend OT PUSHING ON WEST END HOTEL/CASINO FROM page one

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Rick McTaggart, Consolidated Waters chief executive, told a conference call with Wall Street analysts: Our new 4.8 million gall on per day expansion at B lue Hills was designed, constructed and commissioned in company-record time of less than nine months. We continue to finishu p construction, and a p unch-list of items to deliver water to our customers [the Water & SewerageC orporation] reservoirs. This expansion repres ents a 67 per cent increase i n water production capacity at this plant, and this additional capacity will allow our customer to provide a much more reliable, and efficient, service to the population of Nassau by r eplacing the water barging o peration between Andros and Nassau. M r McTaggart added that t he water barging operation w as ceasing this week, with water deliveries from Consolidated Waters expand-e d Blue Hills plant starting last week. The BISX-listed company, in its 10-Q form filed with the Securities & Exchange Commission (SEC p otential impact of any fines b eing levied as a result of f ailing to complete construction by the November1 2011, target date. Under the terms of the amended agreement, we were required to expand the production capacity of theB lue Hills plant to 12 million US gallons per day on or before September 30,2 011, Consolidated Water said. If this expansion was not completed by November 1,2 011, we were liable for liq uidated damages at the rate o f $5,000 for each day until t he expansion is completed........ The Blue Hills plant expansion was operational but not complete as of November 1, 2011. However, we expect that the period for which liquid ated damages could be assessed, if any, will not be lengthy. Consolidated Water added that it had obtained a $10 million loan commitm ent from Scotiabank to f inance the Blue Hills plant s expansion, and it expected to draw on this facilityl ater this year. If we elect to utilise this f acility, we will be required t o pledge cash collateral for b orrowings under this facility in an amount approximately equal to 110 per cento f the amount borrowed, the BISX-listed firm added. Some $9.6 million worth of Blue Hills-related cons truction costs had been incurred by the company as at September 30, 2011, and C onsolidated Water said in i ts 10-Q: Our investing a ctivities used approximately $7.3 million in netc ash during the nine months e nded September 30, 2011. Approximately $10.2 million was used for construction in progress (consisting almost entirely of the expansion of our Blue Hills plant), and property, plant a nd equipment additions..... S ubstantially all of the con struction in progress as ofS eptember 30, 2011, relates t o the Blue Hills plant e xpansion, which inclusdes capitalised interest of $176,785. C onsolidated Water also has a $500,000 working capital credit facility with Sco t iabank (Bahamas on the assets of its Bahamian subsidiary, but has elect ed not to use this so far. A n Inter-American D evelopment Bank (IDB report recently obtained by Tribune Business revealed that the Water & Sewerage Corporation could save up to $8 million a year by phasing out the barging of waterf rom Andros to New Provi dence. To compensate for the loss of barged water, Con solidated Water signed a January 31, 2011, deal with the Water & Sewerage Corporation that amended theB lue Hills water supply a greement, increasing production from 7.2 million gallons per day to 12 million gallons per day. Under the deals terms, the Water & Sewerage Cor poration is required to buy 63 million gallons of water per week from the Blue Hills plant. The agreement lasts for 20 years or until 65.5 billion gallons of water are delivered, whichever comes earlier. Mr McTaggart, meanwhile, said Consolidated Water saw its 2011 third quarter bulk water segment gross profits increase 55 per cent year-over-year to $1.646 million, largely due to a $296,000 reduction in repair and maintenance costs at its plants in the Bahamas, Belize and the Cayman Islands. End Resort Group, that will s ee his firm masterplan and d evelop the harbour island s ite between their property and the Old Bahama Bay resort, Lorne Bassel, president and chief executive of The Crave Group, said various housekeeping issues needed to be determined for all West End stakeholders to move forward. While unable to give provide figures on projected investment and employment,d ue to the fact planning was in the early stages, Mr Bassel told this newspaper: We have signed an agreement with the other neighbour on the property, West End Resort Limit-ed (WERL develop the harbour islands ite. Weve partnered with WERL, and are doing the masterplan and development for them. We have to think of i t [the harbour island] as the f ront door to the resort. Emphasising that The C rave Group wanted to develop West End via a partnership approach with all other landowners and stakeholders, Mr Bassel said the harbour i sland would likely be developed via a little huddle of r esidential development, followed by potential commercial units. All we have at this point is block mapping, he added. The concept is: If you do ther esidential to begin with, and w e did not have the real estate boom we had several years ago, this is what it would look like. Mr Bassel acknowledged that The Crave Group hads ome impressive foundations to build on, given that Ginn and its financing partner, plus the lending syndicate, had i nvested some $214 million as estimated by the Prime Minister in laying out West E nds roads and other infra structure. I dont think were going t o see another resort built in t he Caribbean for a long time having this infrastructure. Its incredible; unique, Mr Bassel told Tribune Business. That type of infrastructure, that type of development, Im not sure youre going to seet hat again, the quality and extent of it. The tables set. The Crave Group was brought in to aid West Ends development in July 2010 by U S private equity firm Lubert Adler, which had provided the initial seed financing for the $ 4.9 billion Ginn sur mer proj ect. After Ginn defaulted on its f inancing and ran into financ ial difficulties, Lubert Adler took ownership possession of the existing Old Bahama Bay resort, its marina and associa ted facilities, sitting on 225 acres of land, plus another 2 94-acre tract that was intende d to be the hotel/casino core for Ginn sur mer. Its holdings, placed under the company OBB (Old B ahama Bay) Resort Ltd, are s eparate from the 1,476 acres that the Credit Suisse-led l ending syndicate, under the G-LA Resorts Holdings ( Bahamas), recently too poss ession of. In effect, Lubert A dler and The Crave Group h ave ended up with the project core and existing facilities; the lenders with the residential real estate component. Acknowledging that the i nvolvement of so many parties, together with uncertainty over division of land/respons ibilities and the protracted process for the Credit Suisseled lending syndicate to take c ontrol had undermined investor/buyer confidence in West End, Mr Bassel said clarity needed to be restored. We have to finish the housekeeping issues, and work them out with the [Cred-i t Suisse] lender group, he added. Theres a whole variety of separation issues, what gets conveyed, and who takes responsibility. Were in the m idst of re-working operational responsibilities with various stakeholders. We have to c lean up the ambiguities. I think it can take as little as a couple of months to finish i t. The items are pretty simp le. We had to wait for the lending group to re-establish themselves, their control, their relationships, and we have to b e clear about responsibilities and what they want to do. We have to allow for that t ransition a little bit. Its the type of thing that if people want to move ahead and have the issues resolved, it could be r esolved quite quickly. T he relationship between the Crave Group and Replay R esorts, and the lending syn dicate behind the latter, and t heir ability to work together i n a co-ordinated fashion, will t hus be key to West Ends f uture development. This, in theory, will be aided by the fact the two developers know each other well, Mr Bas sel and Replays chief operat i ng officer, Bill Green, having worked together before at Interwest. To date, minimal d iscussion has taken place between the two developers, especially given that decisionmaking power on the syndicate side still lies with the lenders. Were waiting for Replay a nd those guys to put someb ody on the grosnd, and that will make a big difference, Mr Bassel added. Its going to help to have a guy on site. Thats when the real works tarts. Masterplanning The Crave G roup/Lubert Adlers landholdings, and resolving the final housekeeping issues with all the stakeholders go hand in hand, Mr Bassel added.D ealing with the latter issues w ould enable The Crave Group to go on the offence and start marketing to potential development partners and investors. Theres a lot of pent-up demand there, Mr Bassels aid. Im very confident, once we get over the obstacles, and believe its still a luxury item. He explained that while the parties were being very careful about operating expense s, they were talking about other people joining in and w anting to develop parcels of their landholdings. Mr Bassel said it was critical for all developer parties to work together while maint aining responsibility for their s eparate landholdings. D isclosing that Lubert Adler/The Crave Group had handed back operation of West Ends airstrip to the Credit Suisse-led syndicate a nd their own developer, C anadian-based Replay R esorts, Mr Bassel said: Part o f what were saying is that its important every group c omes together with us, and takes care of their ownr esponsibilities, as opposed to r elying on one group to do everything. We want other people to stand up and take responsib ility. Resorts are now becomi ng more successful when indi viduals and homeowner groups stand up and assume r esponsibility, rather than waiting for one person to take care of it all. You have people who c ome just wanting to make things happen. BUSINESS PAGE 4B, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE WEST ENDS FRONT DOOR DEAL BOOST FROM page one I I d d o o n n t t t t h h i i n n k k w w e e r r e e g g o o i i n n g g t t o o s s e e e e a a n n o o t t h h e e r r r r e e s s o o r r t t b b u u i i l l t t i i n n t t h h e e C C a a r r i i b b b b e e a a n n f f o o r r a a l l o o n n g g t t i i m m e e h h a a v v i i n n g g t t h h i i s s i i n n f f r r a a s s t t r r u u c c t t u u r r e e . I I t t s s i i n n c c r r e e d d i i b b l l e e ; ; u u n n i i q q u u e e . Lorne Bassel, president and chief executive of The Crave Group WATER SUPPLIER SAYS: NO LENGTHY DAMAGES PERIOD FROM page one Share your news The T ribune wants to hear from people who are making news in their neighbour hoods. Perhaps you ar e raising funds for a good cause, campaigning for improvements in the area or have won an awar d. If so, call us on 322-1986 and shar e your story.

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BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 11, 2011, PAGE 5B N EW YORK A ssociated Press The credit ratings for France have not been downgraded by Standard & Poor's, the company said Thursday,c larifying what it says was an accid ental transmission of a message to some subscribers that it had downgraded the nation's credit. In a statement, S&P says a technical error caused the automatic dissemination of a message to some subscribers of its Global Credit Por-t al "suggesting that France's credit rating had been changed." S&P says that is not the case and France's ratings remain at "AAA," the highest investment-grade rating, w ith a "Stable" outlook. The release was sent to some S&P Ratings subscribers under the headline, "DOWNGRADE," and a link to the France ratings. Anyone who would have clicked on the link would have seen that France's rating was u nchanged, said S&P spokesman Martin Winn in London. The original notice was sent at around 9:57 a.m. (1457 GMT new release acknowledging the error and affirming France's credit rating was sent out at 11:30 a.m. French Finance Minister Francois B aroin said in a statement that he has asked the European and French market regulators to investigate the error. The French regulator AMF conf irmed an investigation has been opened and it has contacted the European Securities and Markets Authority. S&P said it also is investigating. A downgrade of France's credit rating would likely be a hard hit to investors, who have shown little patience with the economic instabili ty in Europe. Traders have been concerned in recent days that debt troubles in Italy and Greece could spread to the U.S. and lead to a global crisis. The Dow Jones industrial average dropped 389 points Wednesday after Italy's borrowing rates soared t o a dangerous level and talks in Greece on naming a new prime minister broke down. Worries eased on Thursday after Italy sold debt at more favorabler ates than analysts expected and there were also signs of progress in Greece. The Dow rose 115 points, or 1 percent, in late afternoon trading. A TRADER watches his screen in a business bank, in Paris, Thursday. (AP S&P SAYS RATINGSFOR FRANCE REMAIN 'AAA' LOS ANGELES Associated Press DISNEYsaid Thursday t hat its fourth-quarter net i ncome rose 30 percent, t hanks to higher spending by t heme park visitors and g rowth at pay TV operations E SPN and Disney Channel. Advertising revenue was up, but like other media companies, The Walt Disney Co. maintained a cautious outlook. The price forTV ads booked at the last m inute "has slowed slightly these last few weeks," Chief Executive Bob Iger told analysts on a conference call. E ven as analysts digested the record-breaking profit and revenues for the year, they kept an eye on a poten t ial slowdown. "There's been a little bit of cautious commentary ont he slowdown," said Janney a nalyst Tony Wible. "The bigger question is, is the dipwe're seeing here a nearterm thing or is this a biggeri ssue?" Net income in the July through September periodr ose to $1.09 billion, or 58 cents per share. A year ago, Disney posted net income of $835 million, or 43 cents pershare, for the same period. Excluding one-time items, adjusted earnings came to 59 cents per share, beating the 54 cents expected by analysts polled by FactSet. Revenue rose 7 percent to $10.43 billion, also beating the $10.37 billion expected by analysts. Disney's movie studio profits grew, helped by the theatrical re-release of "The Lion King" in 3-D. The growth occurred in spite of lower revenue in home entertainment. Consumer products sales and profits grew and the company trimmed losses at its interactive unit. Its pay TV segment rev enue grew 11 percent to $3.47 billion, lifted by the spread of the Disney Channel overseas. ESPN was buoyed by 8 percent higher fees paid by d istributors and 7 percent h igher ad revenue, when excluding the impact of theF IFA World Cup, which b oosted viewership a year ago. The ad growth is slower than the 9 percent gain in the previous quarter and the 23 percent growth in the quarter before that. Revenue for Disney's A BC broadcast division rose j ust 4 percent to $1.33 billion, as local TV station ad s ales were up in the singled igit percentages when excluding a bump in political spending a year ago. Lastminute buys at the ABC net-w ork were priced 25 percent h igher than the bulk buying season in the spring. Meanwhile, profits grew by moret han a third, due in part to cost savings from producing fewer scripted shows in prime-time and more realityp rograms. The conglomerate's theme parks saw revenue grow 11 percent to $3.13 billion. Higher ticket prices and hotel rates, in addition to higher food and merchan-d ise sales, contributed to the g rowth. Attendance at its U.S. theme parks rose 1 per cent, even though the com pany has been scaling back discounts that it put in during the recession in 2008 and 2009. Analysts had been look ing for any sign that the weak economy would hurt consumer spending, "but there was no sign of that in the parks," said Evercore analyst Alan Gould. "The stock price should work a lit tle higher from here." The company's net income for its full-year fiscal 2011 grew 21 percent to a record $4.8 billion, or $2.52 per share. Annual revenue also rose 7 percent to a record $40.89 billion. Disney's shares rose $1.02, or 3 percent, at $35.66 in after-hours trading Thurs day following the release of the earnings report. They had closed the regular session up 85 cents, or 2.5 percent, at $34.64. DISNEY 4Q BEATS ESTIMATES ON PAY TV GROWTH

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F RANKFURT, Germany A ssociated Press THEEuropean Central Bank is for now the eurozone's only battle-ready w eapon against the market t urmoil that is nudging Italy and the entire 17-nation currency bloc to the brink of financial disaster. But although its program to buy the bonds of indebted g overnments such as Italy theoretically has unlimited financ ial power, the ECB is unwilling to use it aggressively, saying it's up to governments toget their finances straightened o ut. Defining the ECB's role in the crisis has become urgent b ecause Europe has no other effective backstop to contain its raging debt crisis and givei ndebted countries the m onths and years they n eed to pass new legislation and fix their finances. The eurozone bailout fund, which governments recently gave new powers to shore up c onfidence in government b ond markets, was meant to be the main tool to protect economies like Italy. But European officials need more time to finalize it. The crisis meanwhile is worsening by the day, withI taly's bond yields this week jumping above 7 percent, the level that eventually pushed Greece, Ireland and Portugalt o ask for rescue loans. Higher borrowing rates mean the country pays more to raise money to pay off oldl oans last year its average b orrowing rate was 4 percent. T he higher costs add to its debt pile, worsening its financial prospects in a vicious cycle. European officials need a w ay to keep Italy's borrowi ng rates down while the country labors to pass reforms to cut deficits and improve growth, a job that will take time. Options are limited. Their new eurozone bailout fund,t he EFSF, isn't ready yet and may not have enough lending power. Eurozone governments have balked at addingm ore money, so they are looking at ways to increase the existing euro440 billion ($600 billion o ver euro1 trillion by allowing it to partially insure against losses on government bonds. S uch an insurance scheme has yet to be finalized, how ever, and might not cover Italy's massive financing needs euro300 billion next year alone. A lternatively, eurozone c ountries could jointly issue eurobonds, effectively linking the finances of stronger coun-t ries with weaker ones. But Germany, which is alreadyf unding the bulk of the existi ng bailouts, has made it clear t hat eurobonds are not an option. That leaves the ECB. The b ank has intervened in markets at critical moments during the debt crisis and again this month. Analysts say the E CB likely helped bring Italy's bond yields down somewhat on Thursday. B ut while the ECB might lend a hand in moments of panic, it has made clear it isn ot in the business of pro tecting countries from the c onsequences of poor financial planning. New ECB president Mario Draghi said forcefully last week that the bank wasn't going to ramp up the purchases and that it was up to governments to do what needed to be done to savet hemselves. He said it would be "pointless" to expect the ECB tob ring down rates long-term, i nsisting the purchases are t emporary and limited. If a country's economic plans are credible, that will be reflected in the country's market borrowing rates. T he question these days, h owever, is not only one of principle but speed. Drafting, approving and implementing e conomic reforms can take weeks or months, whereas market movements canc hange a country's prospects in a matter of minutes. This week's increase in Italian bond yields, for example, will cost the country an added euro60 billion ($82 billion or 4 percent of GDP, to rollo ver its debt through 2015 if they don't come back down. That's almost the size of Rome's most recent austerity p lan. Jennifer McKeown, analyst at Capital Economics, says the ECB may eventually cave in and buy large mounts of bonds, but not yet. Desperate times call for desperate measures and if policymakers fail to come up w ith a way of boosting the EFSF's firepower, the risk of a collapse of the eurozone's financial system might ultimately force the ECB to step in," she said in a note to clients. "But we do not expect it to come to the rescue in the near future." T he ECB in theory has unlimited power to help Italy, because as a central bank itc an simply create new money t o buy bonds. The problem is t hat can create inflation, which the ECB is tasked with keeping low as its primary job. It would also be difficult politically, because the bankw ould appear to be helping g overnments that did not properly reform their economies. B oth the U.S. Federal Reserve and Bank of England have created new money toh elp their economies, but the ECB has avoided doing so by withdrawing an equal amount of money from the financial system. The Federal Reserve, however, has a broader mandate to control inflation, promote financial stability and boost growth and jobs. The ECB, under the EU treaty t hat created the euro, must focus on inflation. With no other help in sight, though, Draghi and the ECB may eventually find them selves before a momentous c hoice. The ECB can stick to its mandate and its efforts to push governments to reform and watch Europe's thirdlargest economy default on its debts, with disastrous consequences that could include a breakup of Europe's 13-year old shared currency. Or it can turn on the money taps and increase its purchases of Italy's bonds, so far lim-i ted to some euro90 billion ($123 billion percent of outstanding Italiand ebt. Last week it bought e uro9.5 billion in eurozone b onds, double the euro4.5 billion from the week before, but Italian yields still rose. Some economists say the bank will have to buy muchl arger amounts, or otherwise d eploy its full potential to stop the crisis. Charles Wyplosz, an expert on monetary policy a t the Graduate Institute in Geneva, says guaranteeing a fixed amount of Europeanp ublic debt would do it. That would put a floor under bond prices and show markets that "the game is over," he said. "The beauty of central bank guarantees is that theya re 100 percent credible because they can create as much money as they want," said Wyplosz. "Markets may t est the ECB, but most likely they won't even. So it will cost the ECB nothing but a twoline press communique. The task is "not how to teach a lesson to governmentsb ut how to rescue the euro," he said. BUSINESS PAGE 6B, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .190.97AML Foods Limited1.181.180.000.1480.0408.03.39% 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 Bahamas8.468.460.000.2450.32034.53.78%2 .802.33Colina Holdings2.342.340.000.4380.0405.31.71% 8.508.33Commonwealth Brewery8.508.500.001000.7400.00011.50.00% 7 .006.21Commonwealth Bank (S1 6.536.51-0.02152,3320.4960.32013.14.92% 2.001.63Consolidated Water BDRs1.781.74-0.049150.1110.04515.72.59% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 7.505.35Finco5.355.350.000.7570.0007.10.00% 9 .457.75CIBC FirstCaribbean Bank8.148.140.000.4940.35016.54.30% 6.005.00Focol (S 5.335.330.009150.4350.22012.34.13% 1 .001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.58ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.001,0000.8800.64011.26.52% 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 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%THURSDAY, 10 NOVEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,362.61 | CHG -0.97 | %CHG -0.07 | YTD -136.90 | YTD % -9.13B ISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%30 May 2013 20 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 Fund2.4974-8.19%-7.45% 13.849313.2825Royal Fidelity Prime Income Fund13.91804.19%5.21% 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 Fund1.18773.59%4.94% 1.13431.0000FG Financial Growth Fund1.14152.06%4.07% 1.17641.0000FG Financial Diversified Fund1.18903.47%5.04% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.49859.8690Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.3699-6.17%-2.17% 10.68139.6635Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.20631.81%7.39% 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 30-Sep-11BISX Listed Mutual Funds30-Jun-11 30-Sep-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-Oct-11MARKET TERMS30-Sep-11 31-Oct-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. 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(AP

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NEW YORK A ssociated Press S IGNS OF PROGRESS i n Europe's debt crisis and a n unexpected drop in u nemployment claims pushed stocks higher Thursday, a day after the stock market took its worst fall since the summer. Greece named a new prime minister Thursday a nd Italy borrowed $6.8 b illion at lower interest rates than analysts expecte d. Italy's benchmark rate d ropped below 7 percent a fter spiking above that level Wednesday. Investors were also r elieved by talk that the economist Mario Monti is likely to replace Premier Silvio Berlusconi, who was seen as an obstacle to meaningful economic reforms. Italy's president p ledged that Berlusconi w ill step down soon. The Dow Jones industrial average rose 112.92 p oints, or 1 percent, to close at 11,893.86. It plunged 389 points Wednesday after Italy'sb orrowing rates soared a nd talks in Greece to name a new prime minister broke down. Traders have b een concerned that debt t roubles in Italy and Greece could create a liquidity crisis and lead to a global financial meltdown. The Labor Department reported early Thursday that the number of people a pplying for unemploym ent benefits fell to 3 90,000 last week. That figu re and the four-week a verage were the lowest s ince April. Peter Cardillo, chief market economist at Rockwell Global Capital, called the drop in unemployment claims and the news from Europe encouraging. "It's g ot the markets on the cheerful side," he said. The S&P 500 index g ained 10.60, or 0.9 perc ent, to 1,239.70. The Nasd aq rose 3.50 points, or 0.1 percent, to 2,625.15. AppleI nc. fell 2.5 percent, dragg ing down the Nasdaq. Cardillo said he didn't believe that the worst predictions about Europe'sd ebt crisis would come true. If things get bad enough, he said, the U.S. would have no choice butt o come to the rescue. "If Italy was to fail, you can rest assured Europew ould fail and the global e conomy would fail," he s aid. "The U.S. is in a global economy. Whatever happens in one part of the globe is no longer isolated." In Greece, a day after a breakdown in power-shari ng talks jolted financial m arkets, senior banker L ucas Papademos was n amed prime minister of a n ew coalition government. P apademos, a former vice president at the European Central Bank, is tasked with passing austerity measures being demanded by international lenders. In corporate news: Cisco Systems Inc. r ose 5.7 percent after it r eported quarterly results l ate Wednesday beat Wall Street's estimates. Green Mountain Coff ee Roasters Inc. plunged 39 percent after its revenues fell short of analyst expectations. Viacom Inc., owner of MTV Networks and Com edy Central, rose 8.2 per cent after it earned more t han analysts predicted. Most of the increase came from its Paramount Pic-t ures division. BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 11, 2011, PAGE 7B SPECIALISTS WILLIAM BOTT, left, Christian Sanfilippo, third from left, and floor official Chris Casaliggi second left, work on the floor of the New York Stock Exchange Thursday, Nov. 10, 2011. Stocks are opening broadly higher after an unexpected drop in unemployment claims and signs of progress in Europe's debt crisis. The gains came one day after the Dow Jones industrial average sank nearly 400 points. (AP PROGRESS IN ITALY, GREECE ON DEBT SENDS STOCKS UP PORTLAND, Oregon Associated Press STARBUCKS CORP. hopes to do for juice what it's done for coffee. Starbucks, which changed the way Americans drink coffee, acquired juice maker Evolution Fresh Inc. for $30 million as part of a larger effort to move beyond coffee and focus on health and wellness. The Seattle-based coffee giant said Thursday that it plans to "reinvent" the $1.6 billion super-premium juice segment with its acquisition of Evolution, which is based in San Bernadino, California. It plans to open new health and wellness stores in the coming year, although it did not disclose how many of these stores it will open, their location or the name. Starbucks said the stores will emphasize Evolution juice and carry wholesome, simple foods. The company also plans to upgrade some of its existing stores to make room for the Evolution products and plans to dis tribute Evolution's products to other retailers. Evolution, started by the founder of Naked juice, makes fresh fruit and veg etable juices. Its products are currently sold at Whole Foods, Safeway, Costco and other select retailers on the West Coast. Starbucks said the acqui sition is part of a larger shift of its business to focus on health and wellness. The company has made several changes to its business to reflect consumer demands for healthier products such as introducing lower-calorie and lower-fat food options, sugar-free syrups and switching from whole milk to 2 percent milk as the default in its drinks a few years ago. Shares of the company rose 58 cents to $43.53 in afternoon trading. STARBUCKS ACQUIRES JUICE BUSINESS FOR $30M TRADERS FADY TANIOS left, and Steven Marcus work on the floor of the New York Stock Exchange Thursday. (AP



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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Roads to reopenfor ChristmasVolume: 107 No.322 FRIDAY, NOVEMBER 11, 2011 PRICE 75 (Abaco and Grand Bahama $1.25) WEATHER SUN, WIND, SHOWER HIGH 81F LOW 70F BEFORE Christmas, the Ministry of Works expects to reopen several key roads currently closed for construction. Portions of Marathon Road, Robinson Road, Baillou Hill Road and the EastWest Highway undergoing substantial renovations as part of the New Providence Road Improvement Project (NPRIP) should all be open for traffic by December 20 the last day the contractors are scheduled to work before taking a Christmas break. Were going to have some roadways open prior to Christmas. Were working on several key areas. Marathon Road an additional section was paved just yesterday, traffic will be reallowed on that, said ministry spokesperson Shenique Albury. We are also looking at Robinson Road, the area between Market and First Streets. We hope to have traf fic on Baillou Hill Road up to Duke Street by Christmas. We are also working on Early present fr om Ministry TRY OUR PINA COLADA McFLURRY The TribuneTHEPEOPLESPAPER BIGGESTANDBESTLATESTNEWSONWWW.TRIBUNE242.COM SOFTBALLCCHHAAMMPPIIOONNSS RREEAADDYY TTOO RRAAIISSEE CCRROOWWNNSEESPORTSECTIONE MICHAEL ROONEY and Mihai Stoichoi were charged yesterday in Court #8 with 18 counts of fraud. Photo: Felip Major /Tribune Staff By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net THE government has regularised 783 people less than 10 per cent of the 10,000 suggested by a newspaper. Aiming to set the record straight, Deputy Prime Minister Brent Symonette held a press conference yesterday at the Department of Immigration where he revealed that 783 applicants have been regularised since January. In the recent couple of weeks, there has been a lot of issues raised in the press surrounding the issue of citizenship and what we are doing at the Department of Immigration. I believe a lot of unfair statements have been made, Mr Symonette said. A total of 896 applications have been heard in Cabinet meetings to date this year, he said. Of that number, 783 were granted citizenship, four were refused, 71 were granted per manent residency with the right to work and 33 were told to remain in their current sta tus, while five persons were deferred pending further investigations. By LAMECH JOHNSON ljohnson@tribunemedia.net TWO Canadians were charged before Magistrates Court yesterday afternoon in connection with an attempt to obtain more than $250,000 under false pretences from a bank. Michael Rooney, 38, of Brampton, Ontario, and Mihai Stoichoi, 42, of Ancaster, Ontario, were arraigned before Deputy Chief Magistrate Carolita Bethel and charged with 18 fraud relat ed offences alleged to have been committed in the span By DANA SMITH dsmith@tribunemedia.net PRIME Minister Hubert Ingraham yesterday thanked the US Coast Guard for its aid in the successful nighttime helicopter rescue of all eighteen passengers on board a ship that had run aground in Abaco due to rough seas. Mr Ingraham gave his thanks during a speech at the Second Caribbean-United States Security Cooperation Dialogue at the Atlantis resort. The 150-foot mail boat Legacy was on its way to Abaco from New Providence on Wednesday when it was hit by a large wave around 6.15pm, forcing the vessel onto a reef, immobile and flooding. Seas that evening had 20ft swells as a result of tropical storm Sean. According to reports, emergency calls were made from the distressed vessel to the Bahamas Defence Force, the Bahamas Air Sea Rescue Association (BASRA), and By CHESTER ROBARDS Tribune Senior Reporter crobards@tribunemedia.net THE DEMOCRATIC National Alliance has always been prepared for the likelihood that the constituency of Clifton would be scrapped before the next general election, its Chairman Mark Humes told The Tribune yes terday. The party planned to run entrepreneur Farrell Goff on the Clifton ticket against incumbent MP Kendal Wright. Though it has not yet been confirmed by the Boundaries Commission that the constituency of Clifton will be axed, the DNA is making plans to shift its political can CANADIAN PAIR CHARGED WITH FRAUD DNA READY FOR BOUNDARY CHANGE S S E E E E p p a a g g e e 6 6 S S E E E E p p a a g g e e 8 8 S S E E E E p p a a g g e e 1 1 0 0 S S E E E E p p a a g g e e 8 8 S S E E E E p p a a g g e e 8 8 IMMIGRATION FIGURES REVEALED COAST GUARD THANKED FOR SHIP RESCUE NEWS SPORT FASHION MOVIES TVMUSIC ONSALETOMORROWSSAAVVEE MMOONNEEYY WWIITTHHCCOOUUPPOONNSS im lovin it

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By KHRISNA VIRGIL SOCIAL Services Minister Loretta Butler-Turner yesterday announced plans to place conditions on those who benefit from government aid. To be introduced in early 2012, the stipulations aim to ensure that children whose parents depend on the governments food stamp programme are healthy and attend school. She said: If youre going to be getting food stamps, were going to ensure that your children are first of all healthy, so theyre getting all of their vaccinations, or your kids are going to have to be going to school. The new policy is important, according to Mrs Butler-Turner, as persons have taken advantage of her departments assistance programmes in the past. It happens, there are people who do that. There are people who get the stamps to do things like that, and they've been able to con the system, Ms Butler Turner said. Officials are now in discussions with the Inter-Ameri can Development Bank (IDB) about funding for the new initiative. Mrs Butler-Turner believes the move will improve the governments efforts to help those stuck in the cycle of poverty. She made the announcement at the New Covenant Baptist Church, as the Department of Rehabilitative and Welfare Services wrapped up a week of activities aimed at raising its profile with the public. The department helps rehabilitate minors who have had problems with the law and adults who have been in prison. Mrs Butler Turner said: It is the intent of the court that while institutionalised, these individuals will be restored to a state of useful life. In his address, Bishop Simeon Hall said the countrys social problems stem from the fact that many women are having multiple pregnancies that are unwanted. While he does not believe a government ministry should determine if a woman should become pregnant, the bishop gave a possible solution. I ask this rhetorical question: Ought women who are living off the state and already with several children, to be encouraged by the state to seek tubal-ligation (sterilisation)?. When asked about Bishop Halls suggestion, Mrs ButlerTurner said the Department of Social Services holds parenting classes to help individuals make the right choice. Some of what we do is also to ensure that people are able to determine that they would like to have tubal legation and sterilisation, whatever the case may be, so that they dont have unwanted pregnancies, she said. LOCAL NEWS PAGE 2, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE Conditions to be placed on food stamps AWOMAN takes part in the Department of Rehabiliatative and Welfare Services event at the New Covenant Baptist Church. APOLICEOFFICER joins in the celebration.

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NATIONAL Security minister Tommy Turnquest welcomed United States Secretary for Homeland Security, Janet Napolitano to New Providence late Wednesday afternoon ahead of the Second Caribbean-United States Security Cooperation Dialogue (CBSI) which opened inNew Providence yesterday morning at the Atlantis resort, Paradise Island. The two-day event was a high-level meeting that involved Ministers of National Security from several Caribbean Community (CARICOM) Nations, Secretary Napolitano, Senior Government officials from the Dominican Republic, and Heads of Delegates from CARICOM Nations. The CBSI Dialogue yesterday was the second of its kind. The first took place in Washington, DC, in May, 2010 at which The Bahamas was represented. We had the opportunity (at that Dialogue), said Mr Turnquest, to serve on the Working Group related to Maritime and Aerial Domain Security which is very impor tant from our point of view considering the challenges we have that relate to illicit trafficking whether it be small arms, drugs or migrants and so those are areas that we are very focused on. The CBSI Initiative was launched under the auspices of US President Barak Obama in 2009 in Trinidad and Tobago at the 5th Summit of the Americas. An initial $46 million was allocated to the Caribbean region for regional security initiatives. That number was subsequently increased to more than $70 million. Thursdays meeting will allow Caribbean Community countries and the Dominican Republic to dialogue with officials from the United States of America who obviously, in terms of The Bahamas, are our principle partners in terms of the fight against drugs and crime, Mr Turnquest added.. Mr Turnquest said even though 18 months have passed between the First and Second Dialogues many other technical meetings have taken place in terms of working out the various components that will form part of the CBSI particularly those that relate to youth involvement, an holistic approach to security and including Prison Reform all of which have a very meaningful role for us in The Bahamas. Mr Turnquest said that The Bahamas has already received a number of benefits as a result of the partnership. Those benefits relate to funding initiatives for security purposes insofar as boats, equipment and training and information sharing with regards to members of the Royal Bahamas Defence Force and the Royal Bahamas Police Force, Mr Turnquest said. Its been a wonderful part nership that we look forward to continuing for many years to come, Mr Turnquest added. By TANEKA THOMPSON Deputy Chief Reporter tthompson@tribunemedia.net THE global phenomenon of human trafficking for child sex, slave labour and other illegal activities is a threat to regional security and a top priority for the Caribbean Basin Security Initiative. American and regional stakeholders met in the capital yesterday to discuss solutions to this crisis as well as weapons/drug smuggling, increased border security and terrorist threats at the 2nd Caribbean-United States CBSI Dialogue. It is a global phenomenon now, we are seeing a lot of movement of people around the world and it presents several different types of problems at several different levels, said US Secretary of Homeland Security Janet Napolitano at a press conference following the opening ceremony. One of which is the need to know who is in your country and who isn't and the need as sovereign countries to be able to say who should be allowed in your country and who shouldnt. So you have that level, you have the exploitation of illegal migrants for nefarious purposes, child sex traffic some that almost equates to slavery. Youve got the whole illegal market in human beings and then you have the use of illegal immigrants for purposes of drug trafficking and committing other crimes. So when we talk in the Caribbean region about security and about human trafficking, one of the reasons we talk about that is its an ever growing problem, it implicates other issues and its a top priority for the Department of Homeland Security in the United States and increasinglya top priority for countries in the Caribbean, Ms Napolitano said. During the opening ceremony, Ms Napolitano stressed that countries must work together to stamp out the illegal flow of migrants, drugs, stolen goods and weapons. To facilitate this, CBSI includes prescreening of USbound shipping containers to detect dangerous materials; Customs Department training; and training in better airport security screening. Speaking yesterday at the opening ceremony, Prime Minister Hubert Ingraham lauded the efforts of the CBSI initiative to help keep regional borders secure. Critical though it is, CBSI is not a quick fix for the many security challenges facing the countries of the Caribbean and the United States. Rather, CBSI is grounded in the regions realities and reflects the traditional co-operative relationship with the United States. It is an important opportunity for us to act together to counter our regions continued vulnerability to transnational criminal activity, including drugs and arms trafficking, human smuggling, illegal immigration and money laundering. The two-day conference ends today. LOCAL NEWS THE TRIBUNE FRIDA Y, NOVEMBER 11, 2011, PAGE 3 Cable Beach Branch Relocation...We wish to advise our valuable customers that effective Monday, November 21, 2011, the Cable Beach branch will relocate to its new location on West Bay Street in the new Baha Mar Commercial Village.NEW PHONE NUMBER: 242-702-8100 We look forward to serving you at our new home.*Trademark of The Bank of Nova Scotia, used under licence (where applicable). Human tr af f ic king thr eatens secur ity SMARTLY-DRESSED marines of the Royal Bahamas Defence Force presented a colourful Parade of Flags of participating countries for the official opening of the Second Caribbean-United States Security Cooperation Dialogue. Under the theme Fostering Greater Regional Coordination and Ensuring LongTerm Sustainment, leaders from around the region and the United States of America converged for the meeting. The conference formally opened amidst much pomp and pageantry at Atlantis Resort, Paradise Island, Thursday, November 10. The Royal Bahamas Police Force Band led the national anthems for The Bahamas and the United States of America and also provided entertainment for the event. Participants included Prime Minister Hubert Ingraham, and Minister of National Security Tommy Turnquest. Among those in attendance were Cabinet Ministers, mem bers of parliament, senators, permanent secretaries and a cross-section of senior government officials. Permanent Secretary Carl Smith served as moderator for the opening. Dr Errol Cort, Minister of National Security for Antigua and Barbuda and Janet Napolitano, United States Secretary of Homeland Security, also spoke at the opening. Local law enforcement rep resentatives included the Royal Bahamas Police Force, the Royal Bahamas Defence Force (RBDF) and Her Majestys Prisons. Recruits of these organizations were also present. The two-day event was hosted by the Bahamas Govern ment and sponsored by the United States Government. The meeting also involved ministers of National Security from the Caribbean community, Caribbean Community Heads of Government and representatives of the Dominican Republic. MINISTER OF NATIONAL SECURITY Tommy Turnquest introduces Prime Minister Hubert Ingraham. Sitting on the dais, from left, are: Carl Francis Smith, Permanent Secretary, Ministry of National Security; Nicole Avant, US Ambassador to the Bahamas; Janet Napolitano, United States Secretary of Homeland Security; Prime Minister Ingraham. Photo: Kristaan Ingraham /BIS US HEAD OF HOMEL AND SECURIT Y WEL C OMED C OLOURFUL OPENING FOR CBSI EVENT THE member states issued a statement setting out aims to: Develop and implement sustainable programmes to address security challenges in the region. Adopt policy and legislative reforms to implement information sharing on a region-wide basis, including radar and sensor data, fingerprints and ballistics data. Develop a common strategy to allow for co-ordination of maritime interdiction efforts between and among Caribbean countries. Adopt a sustained approach to citizen safety in the Caribbean by strengthening budgetary measures to meet security costs. Develop a sustainable regional defence, maritime and security training capacity in the Caribbean. Enact and harmonise legislation that allows for the seizure of assets used in illicit activity and, in turn, makes these assets available to support law enforcement and crime prevention initiatives. Develop a regional juvenile justice policy and harmonised legislation promoting community intervention and alternatives to sentencing and incarceration.

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EDITOR, The Tribune. I would like to thank all those involved in the preparations this week-end for the celebration of the 150th anniversary of the twin events commemorating the 150th anniversary of the establishment of Christ Church Cathedral, Nassau, and the granting of city status to the town of Nassau by Queen Victoria in 1861. The church service was truly inspirational: The hymns, music and anthem chosen by the Diocesan choir were of great significance; and the Charge by the Archbishop should be heard throughout the islands not only for the benefit of Anglicans, but for all the inhabitants. Finally, the ceremony incorporating music, prayers, readings from the Holy Scriptures and the blessing of the City of Nassau in Rawson Square were remarkable. This is the best thing that has happened in that place for a long time, erasing the memories of the usual vitriolic rhetoric which usually takes place there. Overall, it reminded me of the passage in Romans 10:15 which states: Blessed are the feet of those who bring good tidings... A heartfelt thank you to the Anglican community and the visiting Bishops from the region for uplift ing our spirits when we most needed it at this time of spiritual drought. To God be praise and glory and may God continue to bless your endeavours. NASSAUVIAN FROM THE EAST Nassau, November 7, 2011. EDITOR, The Tribune. Please allow me space to make some observations about the crime statistics recently published in the media. Crimes against property 5.829. Crimes against the person 1192. Preventable crimes, in particular housebreaking 1789, stealing from vehicles 1442 and stealing vehicles 1001 shows an increase. Victims of housebreaking must consider getting involved in Neighbourhood Watch Programmes in their areas. It is a pro-active concept designed to reduce residential break and enter and other property crimes within a community. Through increased awareness and crime prevention education, participating community members are encouraged to develop good security habits and watch out for each others property. A police officer patrolling your neighbourhood may not recognise a stranger in your yard or a strange vehicle in your neighbourhood, but you and your neighbours would. The programme works through mutual aid as Neighbourhood Watch members look out for each other. Keep in touch with the police in your area. Stealing from vehicles is a crime that could be eradicated if the victims would stop leaving items on the seats of their vehicles, with in view of thieves, who are very often opportunists. The damage done to get into the vehicle is very often more costly than the items stolen. During the Yuletide season this type of crime escalates, in spite of the warnings from the police. This crime accounts for 1442 of the total crimes against property, an increase of 51 per cent. Stealing vehicles 1001 thus far for the year. The number of vehicles stolen each year increases. The percentage of recovery is low and many of the vehicles found are stripped. Vehicles are stolen for the following purposes; (a) to joy ride, (b) to be used to commit crime, in particular murders and armed robberies; (c) to extract and sell the parts to unscrupulous dealers and mechanics and (d) to clone (repaint, reupholster and fraudulently register). The latter is a major criminal undertaking, which stretches to the Family Islands. The hijacking of vehicles occasionally occur. Neglect by victims to provide available antitheft equipment for the protection of their vehicles is a major factor. The fact that the vehicles are adequately insured and most of their cost can be retrieved could be a reason for the lack of concern about the security of their vehicles. Any number of anti-theft devices are available in The Bahamas. The most efficient being the GPS system, that provides for the tracking and recovery of the vehicles. Car dealers and Insurance Companies could provide incentives to motivate owners to install anti-theft equipment in their vehicles. In some countries Insurance Companies lower the premiums on vehicle insurance if the owners install equipment they recommend. The Road Traffic Departments Vehicle Inspection Programme must include the checking of the chassis and vin numbers for proper identification and the confirmation of ownership. This type of inspection is common practice the world over. It could eliminate the stealing and cloning of vehicles. We can reduce crime against property by heeding to crime prevention education frequently published by the police. Reducing crime against property would enable the police to tackle the more serious and violent crimes which would be good for all of us. It will make your neighbourhood and the country a safer place to live. Notify-Identify-Testify, to win the war against crimi nals. PAUL THOMPSON Sr Nassau, October 28, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE The Tribune LimitedNULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon.) LL.D., D.Litt Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P .O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES Switchboard (News, Circulation and Advertising) 322-1986 Advertising Manager (242) 502-2352 Circulation Department (242) 502-2386 PALO ALTO, California Former UN Secretary-General Kofi Annan criticised world leaders Thursday for failing to take bold action on climate change, which he said threatens to worsen the food crisis that has already left a billion people hungry. Speaking at Stanford University, the Nobel Peace Prize winner said rising temperatures and rainwater shortages are having a devastating affect on food production. Failing to address the problem will have repercussions on health, security and stability, he warned. Yet so far, our generation my generation of leaders, including those here in the United States, have failed to find the vision or courage to tackle it, Annan said. This lack of long-term collective vision and leadership is inexcusable. Annan said the food crisis is an unconscionable moral failing and a brakeon overall development. He said the need for a universal and fair framework to address climate change is imperative. Without such action, the r esult will be mass migration, gr owing food shortages, loss of social cohesion and even political instability. The bulk of Annan s keynote address to about 1,400 people examined the link between climate change and food supply and implored action on that front. But he also touched on inequalities in agricultural policies, unfair trade rules and food price fluctuations. W e urgently need to find ways of dampening extr eme volatility in food prices, par ticularly the excessive speculation in agricultural commodities which causes it, he said. The World Bank says rapidly rising food prices this year and last pushed an additional 70 million people into extreme poverty. One in seven people on the planet are hungry. Annan said as the population grows, greater prosperity will mean more people eating dairy and meat, and grain used to feed people will be increasingly switched to feed animals. Rising oil prices, too, have brought competition from agroor biofuels, he said. Last month, the Rome-based UN Food and Agriculture Organization forecast improved prospects for world cereals production but warned there is uncertainty about the impact on food security because of the global economic slump and increased risks of recession. It also cited concern about irregular rains in West Africa in the 2011 cropping season and of severe monsoons in Far East Asia. Annan, who chairs the Alliance for a Green Revolution in Africa, which aims to boost food production on his native continent, argued that Africa, despite the headlines of famine and war is a key player in solving the hunger crisis. It may now be the only continent which cannot feed its own people. But it also contains some 60 per cent of the world's uncultivated arable land, he said. With the right investments, research and support, he said, Africa could boost production and help fight hunger. Annan s speech was par t of several events marking the universitys launch of the Centre for Food Security and the Environment at the Freeman Spogli Institute for International Studies. Former Defence Secretary Robert Gates was also scheduled to speak at a private dinner. While Annan blasted governments for their failures to act on climate change, he said he s encouraged by signs they want to address access to and availability of food as a means to overall gr owth. He praised Feed the Future, the US initiative to reduce poverty and under-nutrition, and said he met recently with Secretary of State Hillary Clinton, Agriculture Secretary Tom Vilsack, and Raj Shah, the head of the US Agency for International Development. If we pool our efforts and resources we can finally break the back of this problem, he said.By Brooke Donald, Associated Press. Join forces to defeat house crime LETTERSletters@tribunemedia.net Global food crisis a moral failing ,$P/RRNLQJ)RU $&DUHHUSSRUWXQLW\ 4XDOLFDWLRQV 0%$%DFKHORUV'HJUHHLQ$FFRXQWLQJDQG+XPDQ 5HVRXUFH0DQDJHPHQWt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hank you for helping to celebrate anniversary

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BEC chairman sets record straight on rate reductions ByDANA SMITH dsmith@tribunemedia.net PRESIDENT and founder of the Spanish-American Inter national Chaplains Association bestowed honours on a local bishop yesterday morning. Rev Enrique Hernandez made the trip from Florida to Mount Tabor Baptist Church on Willow Tree Avenue to con fer on Bishop Lawrence Rolle, also known as the Singing Bishop, the title of Area Superintendent International of Nas sau. The new accolade was presented to Bishop Rolle in front of his family, friends, and congregation. The reason we are here in Nassau, Bahamas is because we are going to be part of a change, Rev Hernandez said. We honour Bishop and Prophet Lawrence Rolle to be a Superintendent International for my organisation. Rev Hernandez presented Bishop Rolle with a special cer tificate, pin, and badge, which gives him the power to represent the institution. Rev Hernandez also named Bishop Rolle a diplomat. Bishop Rolle spoke with The Tribune about his new titles. Rev Hernandez has bestowed all those powerful accolades upon me, he said. I still feel low and humble and now I just have to continue to fast and pray and do even more extraordinary things for all mankind, not just my Bahamian people. My borders have been extended around the world and I give God every glory. LOCAL NEWS THE TRIBUNE FRIDA Y, NOVEMBER 11, 2011, PAGE 5 HUNDREDS of travel agents will descend on Sandals Royal Bahamian and Sandals Emerald Bay in the coming week as the resorts continue their travel agent familiarisation season. By the end of December, each resort would have hosted around 1,200 travel agents. Last week, the season opened with an enthusiastic group of 196 agents from Philadelphia and Orlando. They were taken by private charter to Sandals Emerald Bay, then for a stopover at Beaches Turks and Caicos, and capped off their trip at Sandals Royal Bahamian. During the two night/three day trips, agents attend a training workshop obtaining a Certified Sandals Specialist (CSS) certification, have the opportunity to tour the select resort properties and experience the resorts Luxury Included vacation as they are wined and dined at exclusive hosted events. The agents will be given a sneak preview of the $17.5 million in renovations underway at Sandals Royal Bahamian, including a transformation of the Manor building with all new rooms, suites and additional oversized balconies, a sophisticated lobby with marble floors and stylish chandeliers. Beachfront rooms will also boast balconies with direct ocean views while new Bahamian Beachfront Walkout Suites will allow guests to step from their suite to their private patio, featuring a firepit and lounge bed, and then directly down to the beach. On Tuesday, chairman of Sandals Resorts International Gordon Butch Stewart surprised the agents by showing up at Sandals Emerald Bay for the first leg of their tour. Sandals has always had a great love affair with travel agents, and that relationship continues. Seeing is believing and it is important for them to not only experience the incredible product Sandals Royal Bahamian Spa Resort and Off Shore Island and Sandals Emerald Bay has to offer; but to see the beauty of the Bahamas as a destination and the warmth of the Bahamian people, that help to make these properties so special, said Patrick Drake, general manager of Sandals Royal Bahamian. S ANDALS TO HOST MORE THAN 1,000 TRAVEL AGENTS By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net BEC chairman Michael Moss yesterday presented documents to support his claims that rate reductions in 2003/2004 when the PLP were in office significantly contributed to BECs negative financial position. The rate reduction that was imposed on BEC put BEC in a downward spiral in terms of its finances copies of the PA report and copies of financial statements reveal this, he said. At a press conference held at BEC headquarters to clear the air regarding BECs financial position, Mr Moss said: It was pointed out to BEC as early as January 2006 that the rate reduction was illinformed, ill-advised, illogical and irresponsible and something needs to be done about it. Among the documents provided to the press were excerpts of PA Consultings report on BEC completed in 2006. It said: BECs financial performance has deteriorated to what in many companies might be called the danger zone. The report cited the reduction in BEC tariffs by 11-17 per cent beginning in 2003/2004 as one of the causes. Recently, PLP chairman Bradley Roberts released a statement claiming BECs finances were sound under the former PLP government and placing the blame for its current predicament on the FNM. In response, Mr Moss provided a financial report from 2006 which he said indicates the company was mismanaged under the PLP. He said Mr Roberts ought to have intimate knowledge of what was going on at BEC at the time. The company endured five years of significant losses, said Mr Moss, only seeing a turnaround in September 2010. At the end of 2009, there was a loss of $30 million, said Mr Moss. The first step that needed to take place was stem the losses and gradually bring about the kind of profitability needed for the organisation to be self sustaining. It is not there yet but we believe it is on the road to recovery, said Mr Moss. By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT Another young person has been reported missing here on Grand Bahama, bringing the total number of reported cases to three for the year. Anthony McDonald Rolle, 26, was reported missing to the police last week by his mother, who has not seen or heard from her son since October 29. According to reports, Rolles mother had heard that her son went on a boat with Whistel Marcus Laing, the young man who was reported missing at sea. Laing was reported missing to police on October 28. It is believed that he left the island on a boat headed for Fort Pierce, Florida. It is not known whether the young men were friends or knew each other, or if their disappearances are linked. Acting Assistant Commis sioner of Police Emrick Seymour said police have received no further updates concerning the whereabouts of Laing. At last report a search was continuing for him, but nothing has turned up, he said. Mr Seymour said the case involving 21-year-old mother of two, Krishanna Shanna Higgs, is still open. He stated that there have been no new developments in Higgs disappearance. Krishanna disappeared in January after travelling to Grand Bahama from New Providence. Her mother, Krista Fox, reported her missing to police on March 29. Krishanna had moved to Nassau last year in search of a job, but returned to Freeport on January 12 on a ticket purchased by her former boyfriend, said her mother. The young mother has not been seen or heard from since. Shanna was last seen in a blue-coloured Chevy Suburban. She was wearing a black fitted top with a gold design, dark blue jeans and gold heeled sandals. Police are also now searching for her ex-boyfriend, 25-yearold Charles Tony Fitzgerald, who has also disappeared. ACP Seymour said anyone with information concerning missing persons cases should contact the police. In other matters, ACP Seymour said police are also searching for Travel agent Eunice Morris, of Freeport, Grand Bahama. Morris, owner of Morris Travel Agency, has been missing since August, and is wanted for questioning by police in connection with complaints of stealing. We are still continuing our search for Ms Morris, and we are appealing to anyone who has information concerning her whereabouts to contact the police. This is still an active inves tigation, Mr Seymour said. Man r epor ted missing on GB Singing bishop honour ed MICHAEL MOSS

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By SANCHESKA BROWN Tribune Staff Reporter sbrown@tribunemedia.net REGARDLESS of how the boundaries are cut and what seats are eliminated we must remember, lines dont vote, people do, Free National Movement chairman Carl Bethel said yesterday. Responding to claims made by Opposition members regarding the proposed changes in the Boundaries Commission report, Mr Bethel said if the PLP is as confident as they say are, boundary cuts should not be a big deal. Im not even surprised the Opposition is complaining, thats what they do, thats what we did when we were in Opposition, he said. But how can they say we are manipulating the boundaries for our own benefit when they did the exact thing in 2007? They created St Annes in order to put every possible FNM polling division in that seat. We complained then but nothing changed. Opposition parties always like to make these sorts of claims because they are not the ones using the red pen. Its a natural response. Mr Bethel says all this boundary talk is premature because as far as he knows, the Boundaries Commission has not released an official report. Nothing official has been made public and the Boundaries Commission was very careful not to give names to the seats. So at this point it would be premature for anyone to say what seats will be eliminated. As of now it is all a speculation exercise, he said. When push comes to shove, Mr Bethel said it is up to the people of the Bahamas to decide who will be the next government and if the PLP is confident, changes in boundaries should not affect them. At the end of the day no matter what happens with the constituencies, its the people who will vote not the lines. The FNM is confident we will win the next general election and we do not have to cheat or gerrymander to do it. didates if need be, according to Mr Humes. Speaking with The Tribune yesterday, Mr Wright would not say what he thought of the pending decision by the Boundaries Commission to scrap his constituency. He said, however, that he would consider speaking to the press about losing the area if it is confirmed. Im still the member for Clifton, he said. Mr Wright has not been a very popular representative for the Clifton area, accord ing to some of his constituents, who said they would gladly be rid of the con stituency if it meant ousting the MP. Some described him as the worst MP the area has ever had. Comments on The Tri bunes website revealed similar sentiments: Kendal Wright has hardly ever done anything in Clifton, the comment by writer Coral Harbour Resident said. Only heard from him once in five years and the con stituency office in Tropical Gardens is never open. Somehow, because the constituency of Clifton is labelled to be a predominantly well off area, he probably thought he could have an easy sail through five years. News for you, buddy, not everyone is looking for a hand out, persons have ideas and concerns they want to see addressed in their communities. Mr Humes said because the DNA will make good on its promise to run a candidate in every constituency, the party is not concerned about the shifting boundaries. We had anticipated all of the options, he said. We anticipated that Clifton might be done away with. He added that the new boundary lines and reduced seats in the House of Assembly would simply mean that the DNA has excess candidates with which to work. Mr Humes said the party had been paying attention to what was happening on the political scene and decided to put in place a contingency plan for after the Boundaries Commission came back with its decisions. It has been suggested that some of the constituency cuts and gerrymandering of the boundaries could work in the DNAs favour. Were not concerned about that (constituency changes), said Mr Humes. ELECTION 2012:FIVE CRUCIAL CONSTITUENCIES PAGE 6, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE FNM:Lines dont vote people do 5 4 19 THENEWCARMICHAEL THE NEW ELIZABETH THE NEW SEABREEZE DNA READY FOR BOUNDARY CHANGE f f r r o o m m p p a a g g e e o o n n e e THECHAIRMAN of the Free National Movement, Carl Bethel, has defended the proposed changes to electoral boundaries. ONTHESE two pages, we show how five crucial constituencies will look under the proposed changes.

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By PAUL G TURNQUEST Chief Reporter pturnquest@tribunemedia.net THE 2012 general election will be determined by the results of five key constituencies, party insiders have predicted. According to information gleaned from the recently revealed Boundaries Commission report, it is believed that a victory by either the PLPor the FNM can only come with a victory in what will be the new Elizabeth, Sea Breeze, Bamboo Town, Carmichael, and the as yet unnamed constituency 21 in the South of New Providence. Of the 38 seats being recommended by the Commission for the 2012 election, the PLP believe that they are poised to win 10 or 11 out of the 23 in New Providence, two out of the five in Grand Bahama, and possibly six out of the 10 seats in the Family Islands. However, when it comes to these five coin toss seats in New Providence, party insiders said the results can go either way. As it currently stands, constituency 21, which will be created out of polling divisions from the old Golden Isles, South Beach, and Blue Hills constituencies will comprise of some 4020 voters. A look at the 2007 general election results of these respective polling divisions, which now make up Constituency 21, reveals a slight lead in the favour of the FNM with 1695 votes to the PLPs 1670. The new Elizabeth, which essentially will encompass the old boundary lines of the 1997 Yamacraw constituency, shows from the 2007 election results that the FNM will yet again have a slight edge over the PLP having secured 1689 votes to the PLPs 1630. SeaBreeze, although currently represented by the FNMs chairman Carl Bethel is being reported to be a seat that will be up for grabs come 2012. However, even PLP party officials have admitted that it is likely that this seat would not go to either the PLP or the FNM, but rather to the DNAs Chris Mortimer. Bamboo Town, yet another seat that will be up for grabs is currently represent ed by the DNAs leader Branville McCartney, who is expected to face a tremendous challenge from both the PLP and the FNM. As for Carmichael currently represented by the FNM in its Minister of Education Desmond Bannister it is unknown who will return to carry the partys banner in the 2012 election as it is believed that Mr Bannister will be the partys next candidate for North Andros and the Berry Islands. Yesterday, it was revealed that the Boundaries Commis sion had recommended that three seats should be cut from the current 41-member Parliament, bringing the new total for the 2012 general elec tion to 38. The seats proposed to be eliminated at that time were Eight Mile Rock, Kennedy, and Clifton. However it is understood that while the Kennedy constituency might remain, the constituency of Montagu and Englerston have been eliminated in New Providence to make way for larger inner-city seats, and a new seat (constituency 21) in the south of New Providence. Speaking to The Tribune yesterday on the reports of the possibility of Kennedys elimination, the areas current MP Kenyatta Gibson said that he generally had no comment as the reports are only recommendations at this time. However, notwithstanding that, I will run wherever my leader and my party decide for me to run in the next gen eral election, Mr Gibson said. Other changes to the cur rent make-up of the con stituencies show that drastic cuts have been made to many of the inner city areas, such as Farm Road and Centreville, Mount Moriah, and St Cecilia. ELECTION 2012:FIVE CRUCIAL CONSTITUENCIES THE TRIBUNE FRIDA Y, NOVEMBER 11, 2011, PAGE 7 3 21 THE NEW DISTRICT 21 THE NEW BAMBOOTOWN F F i i v v e e k k e e y y s s e e a a t t s s t t o o 2 2 0 0 1 1 2 2 v v i i c c t t o o r r y y DNALEADER Branville McCartney will be fighting it out in the redrawn Bamboo Town constituency, where he wil face a strong challenge from both the PLP and the FNM.

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LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE r toUS Forces at the Atlantic Undersea Test and Evaluation Centre (AUTEC) naval base in Andros. After news of the crisis reached the mainland, several boats were launched from Hope Town to help. Luckily, the rescue took place shortly before 10pm. All of the passengers, 11 men, six women, and one child, were airlifted by helicopter to safety. Mr Ingraham said: Just last night a mail and passenger boat, the mv Legacy, ran aground and was taking on water just off the coast of Abaco, my home island. It was soon determined that conditions would not permit a rescue by boat. Only the US Coast Guard helicopter, dispatched from Andros, was able to rescue the nine crew and the nine passengers from the Legacy and transport them all to safety in Marsh Harbour, Abaco. It is impossible to adequately express the appreciation of the Bahamian people for this kind of assistance and support which we have been fortunate enough to benefit from and continue to enjoy today. The Prime Minister said US Coast Guard rescue operations in the Bahamas are not unusual and can be recounted from experience had over many years. Indeed, we have come to almost expect, that in times of disasters of this kind, we can always count on the assistance of the United States of America, the Prime Minister said. He added: On the official front, it would be remiss of me if I were not to acknowledge, with much appreciation, the time-honoured relationship between my country and the US Coast Guard in the area of search and rescue. Police are investigating the incident. of nine days since October 30. The prosecution alleges that between Sunday, Octo ber 30, and Monday, November 7, the accused by obtaining and attempting to obtain funds from Scotiabank Limited under false pretences committed nine counts of fraud, nine counts of attempt ed fraud and a count of possessing forged documents. On October 30, according to court dockets, the accused men allegedly obtained $8,880 from the bank by false pretences. Then over the next eight days, they are accused of taking $67,660 under false pretences, together totalling $76,540. Court dockets also noted that the two men attempted to swindle $198,630 from the financial institution. Prosecution also alleges they were in possession of forged documents. It is alleged that the two had 33 Red LCBO gift cards, 24 Brown LCBO gift cards and nine White LCBO gift cards on their person. The cards are issues of the Liquor Con trol Board of Ontario, Canada. Both men represented by lawyer Jiaram Mangra deny all the charges. They were remanded to Her Majestys Prison until Thursday, November 17, for a bail hear ing in Court 8, Bank Lane. getting reopened the juncture of East-West Highway and Marathon Road, she said. A lot of the traffic management thats in place now (cones and concrete blocks) will be removed before Christmas break, Ms Albury added. This announcement comes after numerous protests and demonstrations over the road works, which are being undertaken in several high traffic areas of the capital at the same time. The NPRIP has drawn the ire of drivers, who have had to suffer long detours and massive traffic jams; shop owners, who claim their businesses have suffered and in some cases had to close because of a lack of access for customers; and the road workers themselves, who threatened to walk off the job last month, claiming poor treatment. Most have criticised the timing of the initiative, claiming a more staggered approach to tackling the individual sections of the project would have had a less negative impact. The government has apologised for any inconvenience caused by the project, which officials say aims to modernise the road system and significantly improve the ever-worsening traffic conditions in the capital. f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e Coast guard thanked for ship rescue ROADWORKS TO END BEFORE CHRISTMAS CANADIAN PAIR CHARGED WITH FRAUD FIREFIGHTERS were called to the scene of a blaze of a nine-room structure in eastern New Providence on Wednesday night. Superintendent Jeffrey Deleveaux said firemen responded to the call at 9.11 pm and were able to quickly extinguish the fire that had started in the western portion of the building on Seagrape Road. No one was found inside the burning building. Last night, police could not say what caused the fire, but an investigation is underway. Photos: Tim Clarke / Tribune Staff FIREFIGHTERS TACKLE BURNING BUILDING

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EXCLUSIVEBy PACO NUNEZTribune News Editor pnunez@tribunemedia.net THE Bahamas has an incredible opportunity to improve on energy security while also increasing the safety of its citizens, a top US official said. Acting Assistant Secretary of State Roberta Jacobson said the entire Caribbean is well positioned to get involved in the energy industry whether in terms of pursuing renewable energy or developing traditional hydrocarbon products. This potential can in turn be used to create economic opportunities that erode the underlying causes of crime and violence, she said. Ms Jacobson, who is in Nassau to take part in the second Caribbean Basin Security Initiative (CBSI) Dialogue, explained that while combating the trafficking of drugs, guns and people is a cornerstone of the initiative, true regional security can only be attained if citizens feel their everyday lives have been impacted. She said: One of the reasons we talk now about citizen security and considerably less about just counter-narcotics is because its so obvious that the phenomenon is broader than just drugs. It is in fact about whether people feel personally safe, secure, and we all know that in many respects thats a governments first duty to keep its citizens safe. But when you start to look at the problem and you disaggregate it, it isnt just about where drugs or gangs may come from and the supply, it isnt just about the demand its about the socioeconomic causes that underlie crime and criminality. If you go about fixing it only by trying to attack the symptoms and not the underlying causes, youre never going to get more than half way there. A lack of economic opportunities particularly for young men is often significant among these root factors, and this is where energy diversification can come in, Ms Jacobson said. It isnt just economic opportunity, she said, there are other things that have to come with it, but certainly if people dont feel they have an opportunity to progress economically, to have a life that holds promise for them, it makes it easier for gangs, for drug cartels to recruit. Once a country accepts that crime prevention starts with social and economic opportunity, Ms Jacobson said, the next step is to identify the emerging fields that Bahamians can be prepared for. Obviously, theres a lot thats going on in the Bahamas that speaks to some of the, perhaps, more tradi tional areas of economic growth there are building projects for new hotels, there are lots of industries related to tourism but the fact of the matter is, as you look ahead, the issue of energy production, energy self-sufficiency, is also one in which you can really significantly generate jobs. Now, the kinds of jobs you are going to generate are also going to be fairly well paying jobs, but they may also be jobs where fairly specialised training is necessary. In recognition of the regions potential, Ms Jacobson said, President Obama launched the Energy and Cli mate Partnership of the Americas (ECPA) in the Caribbean at the Summit of the Americas in Trinidad and Tobago in 2009. The ECPA, a relatively small agency, helps create pilot projects in countries where either private or public sector entities are interested in breaking into the energy industry. Our focus, she said, has been heavily on how we work with countries on energy secu rity, on clean energy, on renewables. At the moment, the ECPA is involved in around 40 projects throughout the hemisphere. Asked how the Bahamas could qualify for an ECPA pilot project, Ms Jacobson said: The way that you have to look at that is, how do we develop the market for renewable energies? Because until those are really economically viable and there is a structure in place for those industries, theyre not going to be developed by the private sector. I think in the end, obviously, every government has to make its own decision on how they proceed on this, but I think the more you look towards diverse sources of energy, the more governments are going to realise that they need expertise from those in the private sector and, hopefully, will work in partnership with them. See part 2 of our exclusive interview with Acting Assistant Secretary Jacobson in Mondays Tribune. LOCAL NEWS PAGE 10, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE Energy security could be valuable for the Bahamas ACTING ASSISTANT SECRETARY of State Roberta Jacobson with Tribune News Editor Paco Nunez. Mr Symonette said that of the 278 persons regularised under section seven of the Bahamas Nationality Act, 1973, which pertains to children born in the Bahamas to non-Bahamian parents, 247 were Haitian. Of the spouses of Bahamians granted citizenship, the largest group were Jamaicans, followed by Americas and Haitians. Of the 7,883 work permit applications, Mr Symonette said, 6,686 were approved and 1,038 denied. The Minister also advised there has been an increase in the number of persons attempting to live in the Bahamas. He said it is policy to try and repatriate illegals as soon as possible, and from the island where they are found, but there is a procedure that must be followed which involves the government noti fying and getting permission from immigrants native coun tries. He said: It is a procedure that involves Immigration and Foreign Affairs in some cases it is actually very difficult. Speaking on repatriation efforts, Immigration Director Jack Thompson said 2,784 persons have been sent to their country of origin so far this year 2,117 of them being Haitian. He added the Jamaicans, followed by Dominicans, were the second and third largest groups of nationals to be repatriated. With $1 million allocated in the 2011-2012 budget for repatriation efforts, the government has spent $193,533 so far this fiscal year, said Mr Thompson. The smuggling of light arms, weapons, drugs and humans is of great concern for the whole region, Mr Symonette said. IMMIGRATION FIGURES REVEALED f f r r o o m m p p a a g g e e o o n n e e

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LOCAL NEWS PAGE 12, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE PAUL TURNQUEST Chief Reporter of The Tribune, takes grade five students of Charles W Saunders on a tour yesterday. TOUR THETRIBUNECW SAUNDERS STUDENTS JOHN FLEET Managing Editor of The Tribune, explains to the students the printing process during their tour. TONY ZERVOS (background) and Chris Bain (right), show the students the Tribune archives section.Photos by: Felip Major /Tribune staff

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By NEIL HARTNELL Tribune Business Editor DESPITE seeing an increase in revenues and occupancies at their existing Old Bahama Bay resort, the owners/developers of key assets in Grand Bahamas West End do not expect to be adding any other hotels even a casino any time soon. Executives for US private equity firm, Lubert Adler, which has retained control of a 294-acre parcel that includes the core site for the former $4.9 billion Ginn sur mer developments proposed hotels and casino, and their Canadian partner have placed such ambitions on the backBy NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THEBAHAMAS Electricity Corporation (BEC) should make around $5 million in net income for its just-closed 2011 financial year, its chairman yesterday saying the improvement on the less than$1 million yield in 2010 showed it was headed towards recovery. I expect there to be a slight improvement in profitability over what we saw last year. I expect a profit to the order of $5 million, Michael Moss said. I dont have numbers yet to see if its going to be in line with that expectation, but certainly I expect ittobe more than $1 million. The road to recovery has started. Mr Moss added: The year that ended September 30, 2010, saw BEC having its first year of a profit, minuscule, less than $1 million, but not a loss. Accounts ending September 30, 2011, have not been tabled as yet. He said that the basic tariff rate increase introduced in 2010, which restored BECs tariff to about the same position it was 18 $4.68 $4.51 $4.69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.19 $5.19 $5.17 THETRIBUNE SECTIONB business@tribunemedia.netFRIDAY, NOVEMBER 11, 2011 NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I www.famguardbahamas.com +242-396-1300+242-396-1300+242-396-1400+242-396-4076+242-396-4076 Charting Your Financial Future Well help you chart your course for life, health, and wealth. FAMGUARD CORPORATION +242-396-4000 By NEIL HARTNELL Tribune Business Editor A CANADIAN developer yesterday said it had signed an agreement to develop the 18-acre front door to Grand Bahamas West End, telling Tribune Business the ambiguities surrounding who controlled what at the former $4.9 billion Ginn sur mer project needed to be resolved to restore market confidence. Unveiling an agreement with the Pine Island and Isles subdivision owner, West WEST ENDS FRONT DOOR DEAL BOOST By NEIL HARTNELL Tribune Business Editor CONSOLIDATED WATER yesterday said it did expect to face a lengthy damages period, if any, for failing to complete the 67 per cent expansion of its Blue Hills reverse osmosis plant by the November 1 target deadline. Under the terms of the expansion contract with the Water & Sewerage Corporation, the BISX-listed desalinated water supplier potentially faces a $5,000 per day fine until Blue Hills construction completion, despite get ting the plant operational in company record time. WATER SUPPLIER SAYS: NO LENGTHY DAMAGES PERIOD BISX-listed Consolidated Water could face $5,000 fine per day until Blue Hills close Plants 67% expansion done in company record time Building costs $9.6m, with $10m Scotiabank facility to be drawn on SEE page 4B Agreement for former Ginn financier and partner to develop 18-acre harbour site Ambiguities and housekeeping issues with lender neighbours key to restoring market confidence Airstrip control back to lenders SEE page 4B By NEIL HARTNELL Tribune Business Editor GINNSformer lead financier, and its development partner, are spending between $3-$4 million per year in maintaining $160 million worth of infrastructure in Grand Bahamas West End, Tribune Business was told yesterday. Describing the infrastructure put in to-date as second to none, Derek Gape, project manager for OBB Resort Ltd, the company that holds the West End interests of US private equity firm, Lubert Adler, said the developer was in a great place because it did not have to expand utilities until another hotel project emerged. Mr Gape said some $124 million had been invested in hard infrastructure costs, with another $36 million going into the West End golf course that remains under the control of Lubert Adler and its developer partner, The Crave Group. Were still maintaining the golf course; thats an expensive exercise, Mr Gape told Tribune Business. As far as actual construction activity, nothings going on apart from two homes under construction on lot 26, but maintenance costs are ongoing. OBB Resort was paying landscaping firm Austin Outdoors over $1 million EX-GINN PROJECT IN $3M-$4M ANNUAL MAINTENANCE SPEND Has to keep $160m in infrastructure investment fully functional Quality second to none, and utilities in a great place as serving all existing site needs SEE page 3B BEC STILL EYEING $5M 2011 PROFIT Chairman anticipates improvement from less than $1m net income in 2010 MICHAELMOSS SEE page 2B NOT PUSHING ON WEST ENDHOTEL/CASINO Former $4.9bn Ginn site likely to be lot lower density Old Bahama Ba y revenues and occupancies up on prior years Set to go to next marketing level with website SEE page 3B

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BySIMON COOPER Res Socius SOUNDS CRAZY, doesnt it. Youre in business and Im telling you to replace yourself? No, not by letting competition take your market over. Im talking about replacing yourself as hands-on manager. If you still think this sounds crazy, when last did you take a month-long holiday? If you say it would be impossible to go away because your firm would fall to pieces, then you have a real problem. Whats going to happen if you have to take time off for health care? You might need to take some serious action now. Write Down What You Do Dont guess. Keep a diary and create a pie chart divided into why am I doing this, who else could do this and this is what smart business owners do themselves. By the way, smart business owners take time out to team-build with their clients, which is why successful businesspeople play golf and enjoy fishing. Maybe you should spend time with clients, too? Prioritise your Day After a spot of delegating/dumping your current workload, list the remaining tasks in order of importance. These are the things that will stop happening when something unexpected takes you out of action. Make a plan for who will take these over, and make sure they know about it, too. Download your Expert Systems Expert systems are thought processes we develop over time to improve the things we do. Often they are just below the level of our normal consciousness, and you could benefit from a good business coach to tie them down. I like to call these apps, because like data processing add-ons they are plug-ins we switch over to when we need them. Share your Expertise Explain your methods to the people nominated to stand in for you. Hint: If you do not trust them, then why are they there? Now comes the hard part all back-ups need testing. Take a week out to see what happens, but stay on the other end of the telephone. The Next Logical Step Imagine the impact if one, or even two, key staff members were unexpectedly unavailable. How would you cope, and what would happen to your business? Perhaps its a good idea to download other peoples expert systems, too? As my insurance adviser likes to remind me: Dont wait for the house to burn down before you call me about insurance. I shared these thoughts with a business associate whose health was under strain the other day. He knows he needs to take a good, long break. Unfortunately, he also suffers from the belief that nobody else could be half that good. Maybe I should explain to him that the cavalry are not waiting behind the nearest hill to rescue him. Dont kid yourself. Its a tough old world out there. As the Boy Scout movement motto says Be Prepared. NB: Simon Cooper is a founding partner of Res Socius, a business brokerage firm authorised by the Bahamas Investment Authority that facilitates the sale and purchase of businesses. Contact 6368831 or visit www.ressocius.com. BUSINESS PAGE 2B, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE CMV = Chevrolet Micro Van FOR ALL LIFES ROADS CMV 36-month/100,000 kms factory warranty.Designed with strength and capability to take on any project.Cargo Van Passenger VanFeatures: Fuel-ecient, 38-hp, 800cc, 3-cylinder SOHC-engineExcellent load/passenger capacityFront disc brakes, rear drum brakesAir conditioning Shirley Street 302-0130 Fax: 323-7272 info@nassaumotor.com www.chevroletbahamas.com www.chevroletcaribbean.com BE MORE HANDS ON WITH HEALTH SIMON COOPER A HOPE TOWN-BASEDhotel, Firefly Sunset Resort on Elbow Cay, is set to hold its grand opening on November 25, 2011. Built by Firefly Vodka co-creator, Jim and Ann Irvin of Charleston, South Carolina, the resort offers seven villas and cottages with full-size kitchens, three pools, a snorkeling reef, WIFI and an on-site restaurant. Were very excited about the opening of this resort. We were looking for a place to rent so our whole family could vacation together, but as soon as we saw this property we fell in love with it, said resort owner, Ann Irvin, whose husband Jim is a partner of Firefly Vodka, made at Irvin~House Vineyard. The resort is managed by property manager Lorenzo Barigelli and his wife Patricia, who live on the property. The resort opened quietly in May 2011, but enjoyed plenty of guests who heard about the resort via word of mouth. Abaco resort holds opening years ago, had helped to curb the Corporations downward financial spiral. Mr Moss added: BEC had a loss of around $30 million in the year ending 2009. When the tariff was proposed to government, the expectation was that the Government would give BEC $12 million a year for street lights. In terms of the tariff imposed on customers, that would earn but $12 million a year. In terms of the tariff increase and the Government paying for the street lights, it represents a change of around $24 million a year, but if you are having a loss of $30 million you need to do things internally in order to over come that hurdle. We said we thought we could effect $6 to $12 million of improvements internally in order to be able to move the organisation from losing money to an area of profitability. Mr Moss added that BEC was still owed significant sums of money by several public corporations, particularly the Water and Sewerage Corporation. He said: In terms of public corporations there are still significant sums owed by some, particularly the Water and Sewerage Corporation, although there are a few others, and government is in discussion with BEC at this time with a view to those sums being settled. When asked his view on privatisation of BEC, Mr Moss replied: On a personal note I believe its the appropriate course of action to be taken. On a public note, the Gov ernment of the day has indicated that they believe it is an appropriate course to be taken. The issue now has to be what would be an appropriate timeframe and circumstances for that to take place. Those criteria have not been determined yet to the best of my knowledge. BEC still eyeing $5m 2011 profit FROM page one NEW YORK Associated Press ONLINEbroker E-Trade Financial Corp. shares fell 3.5 percent during the trading day and plunged another 5 percent in after-market trading following its announcement that it had concluded a strategic review and has no plans for a sale. Shares fell 34 cents to close at $9.48. After it made the announcement, shares fell 42 cents, or 4.4 percent, to $9.02. As of Thursday's close shares were off more than 40 percent since the beginning of the year. They've traded as high as $18.13 in the past 52 weeks, but that was back in February. The company said it has concluded the review begun in August that was designed to consider all alternatives including a possible sale. The board unanimously determined that the continued execution of the company's business plan is currently the best alternative, it said. That also was the recommendation of Goldman Sachs & Co., hired as an adviser for the review. "We will remain focused on delivering the best investing experience to our customers, strengthening our brokerage business, continuing to improve the performance of our loan portfolio and enhancing our franchise," CEO Steven Freiberg said in a statement. E-Trade's largest shareholder and bondholder, Citadel Advisors LLC, pushed the company earlier this year to seek a buyer and was been critical of management. E-TRADE ENDS REVIEW WITH NO PLANS FOR SALE

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groups different countries and offers different rates in relation to a countrys distance from the UK. The Bahamas, along with other Caribbean countries, had initially lobbied to be placed in the same band as the US, which has APD fees up to 25 per cent lower than the Caribbean. Minister Vanderpool-Wallace said: Right now there is a very strong lobby in the United Kingdom by several ministers of government in the Caribbean that the UK not add to the Air Passenger Duty (APD) for people travelling from the UK into the Caribbean. The same way that we are protesting the addition of tax es by the UK on to the tickets, we need to take a look at what we are doing to make sure we are not following the same path in the Caribbean. We will work vigorously to make sure the UK does not add to its passenger duty, but I think the countries protest ing need to be careful to practice what they preach. Thats really what the message is. In protesting the UK taxes, they are themselves saying taxes adding on to tickets is going to reduce demand, so we need to do it in a bilateral way as best we can in order to achieve the success that we believe we need to achieve in lowering the cost of admission into the Caribbean region. We need to look at it on both ends to make sure that we are keeping the cost of admission as low as possible. Mr Vanderpool-Wallace further noted that while tourist destinations within the US, such as Orlando and Las Vegas, were generally accessed by land travel, the cost of airfare to those locations is still generally very low. He added: We have only one channel, in terms of highvalue channel, and that is by flying, so we have to be ever mindful of those competing destinations like Orlando, like Miami, like Los Vegas, where the vast majority of customers are going to drive there so they dont have extra cost. We have to realise that that, too, is competition for the product we have. We have to practice what we have been preaching with respect to what has been hap pening in the UK. Mr Vanderpool-Wallace said: We want to build tourism that is land-based tourism where people come, stay in hotels and move around freely. We dont want all inclusives, necessarily. We dont want them to be confined to any particular island necessarily, and the fastest way for us to do that is to make sure that the cost of transportation is affordable. By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Caribbean must "practice what it preaches" on air passenger taxes, the Minister of Tourism and Aviation, Vincent VanderpoolWallace, said yesterday, noting that increased taxes on airfare only lead to reduce visitor demand. Mr Vanderpool-Wallace, who was a panellist the HVS Caribbean Hotel Investment Conference and Operations Summit, said that providing a low cost of admission to the region was key to remaining competitive in the tourism market. Another panellist, Chad Meyerson, director of global sales for Jet Blue, added that taxes added to airline tickets had negatively impacted the airline industry. Speaking to Tribune Business, Mr Vanderpool-Wallace noted that while the Caribbean had lobbied against increases to the Air Passenger Duty in the United Kingdom (UK), it needed to be mindful of the same within the region. Many countries in the region have taken a hit from the Air Passenger Duty affecting travellers out of the UK. Passengers travelling to the Bahamas and other countries in the Caribbean from the UK already pay up to $240 in taxes. The APD is divided into four different bands, which BUSINESS THE TRIBUNE FRIDA Y, NOVEMBER 11, 2011, PAGE 3B By NEIL HARTNELL Tribune Business Editor The Government yesterday confirmed it had decided to leave alone legislative amendments that would require Bahamian small and mediumsized businesses to keep accounting records for five years, recognising the challenge this would impose upon them. Zhivargo Laing, minister of state for finance, confirmed the Government was seeking a more practical solution attuned to the Bahamian business environment and model, as it sought to satisfy the Organisation for Economic Co-Operation and Developments (OECD) accounts recordkeeping demands. Acknowledging that the Government, for the moment, was not proceeding with planned amendments to the Business Licence Act, Companies Act and General Partnership Act to bring them in line with the OECDs demand, Mr Laing told Tribune Business:We believe that it may put some requirements on that very small and medium-sized grouping of domestic business that might, at this point, be challenging for them. Asa result, the Government planned to leave that alone until one can approve a more practical solution for the domestic Bahamian economy. He indicated that the Ingraham administration was having discussions about the implications with international regulatory bodies and partners, the Bahamas being a member of the grouping that had committed to complying with the OECDs tax transparency and information exchange initiatives. The OECD, in its Phase One Peer Review of the Bahamas transparency and information exchange mechanisms, identified the absence of requirements to keep accounting records for a five-year minimum as the main deficiency. Yet, by enacting this requirement into statute law affecting domestic Bahamian companies, the fear is that they will be burdened by bureaucratic red tape and suffer from increased costs, reducing their competitiveness. Many small and medium-sized Bahamian businesses do not keep the detailed accounts, or have systems in place to produce them, that the OECD is seeking. What we propose to do with this element of compliance is speak to how it can be done practically for the domestic economy, Mr Laing told Tribune Business. Many of the international players are accustomed to that level of compliance. But one has to be practical about these things, so whatever level of compliance is done, there has to be a recognition of the circumstances, because society has to move along. That all has to taken into account. Mr Laing, meanwhile, said he suspected provisions in the Bills tabled in the Senate the Exempted Limited Partnership (Amendment) Bill 2011; Foundations (Amendment) Bill 2011; IBC (Amendment) Bill 2011; Partnership Limited Liability (Amendment) Bill 2011; Purpose Trust (Amendment) Bill 2011; and Segregated Accounts Companies (Amendment) Bill 2011, which have all been brought forward to address the OECD demands would be amended to reduce the penalties for non-compliance to a monetary fine, rather than imprisonment. This would likely be the law, apart from when fraud was involved. CHALLENGES FORCE ACCOUNTS RE-THINK Govt to leave alone five-year record-keeping requirements for domestic Bahamian firms until more practical solution devised Penalties likely to change from imprisonment to fines ZHIVARGOLAING CARIBBEAN TOLD: PRACTICE WHAT PREACH ON AIR TAXES per year to maintain the golf course, while another $2-$3 million was spent annually on keeping the water system and wastewater treatment plant operational. Its a huge investment just to do that, maintain it, keeping it going, really it is, Mr Gape added. In the last couple of years, weve expanded the wastewater treatment plant. It has the capacity to do 200,000 gallons daily, or 200 homes. We do not have to do anything. Were in a great place. The only thing that will cause an expansion of utilities is if someone decides: Lets do a hotel. All of the work has been done to an extremely high standard. The infrastructure is second to none. Mr Gape said the wastewater treatment plant served the entire first phase of the West End development. The project was also completely connected to Grand Bahama Power Companys electrical grid, and had enough power to serve its current needs. burner for now. Lorne Bassel, president and chief executive for The Crave Group, the Canadian-based developer that has partnered with Lubert Adler to masterplan the development of its landholdings and move them forward, said market conditions meant it was not pushing too hard on the hotel/casino option. The big hotel will come when it comes, Mr Bassel told Tribune Business. Its not ready. Its on the backburner, but these things are strange. You have it on the backburner, and then youre approached by a group from Spain, a group from China, and its ready to be fully plugged in. Mr Bassel added that the 294-acre site identified at the former Ginn projects core still had to be planned, and the density worked out. Its one of those things we have ready. We are talking to people about it, he told Tribune Business of the hotel/casi no option. We are doing what we can to stimulate interest, and itll come when the market and the financing is available. We are talking to different groups. We are making sure the oppor tunity is known internationally, but we arent pushing too hard. Mr Bassel said Lubert Adler/The Crave Groups plans for their West End landholdings were likely to feature a lot lower density. I think its going to be a slow growth and longterm project. He explained that projects often hit momentum, While large real estate developments might only see 20-30 unit sales in the first two years, they then might explode to 200-300 in the following year. But Mr Bassel said of the former Ginn site: This is a place where we have to figure out how the first 100 is going to hap pen, and because of the location, ease of access to Florida and attraction....... He did not complete his sentence, but he was indicating that a relatively small critical mass could be enough to get things going again in West End. Just 10 homes being built makes other people confident, Mr Bassel said. Its how resort projects are getting momentum again. Just getting some momentum going here is like a snowball effect. While unable to provide any figures, Mr Bassel said the Old Bahama Bay resort was performing better than last year. Revenues are up on the lodging side. Occupancies are again a little bit better than in previous years, and were setting up a website in the US thats just about to launch, so were going to the next level of marketing. Derek Gape, project manager for The Crave Group and Lubert Adler, said the website for Old Bahama Bay, which features 73 condos and 72 marina slips, should be complet ed in another three-four weeks. Between Old Bahama Bay and its other West End operations, Lubert Adler/The Crave Group employ 75 persons. FROM page one VINCENT VANDERPOOL-WALLACE Ex-Ginn project in $3m-$4m annual maintenance spend NOT PUSHING ON WEST ENDHOTEL/CASINO FROM page one

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Rick McTaggart, Consolidated Waters chief executive, told a conference call with Wall Street analysts: Our new 4.8 million gallon per day expansion at Blue Hills was designed, constructed and commissioned in company-record time of less than nine months. We continue to finishup construction, and a punch-list of items to deliver water to our customers [the Water & Sewerage Corporation] reservoirs. This expansion represents a 67 per cent increase in water production capacity at this plant, and this additional capacity will allow our customer to provide a much more reliable, and efficient, service to the population of Nassau by replacing the water barging operation between Andros and Nassau. Mr McTaggart added that the water barging operation was ceasing this week, with water deliveries from Consolidated Waters expanded Blue Hills plant starting last week. The BISX-listed company, in its 10-Q form filed with the Securities & Exchange Commission (SEC), downplayed the potential impact of any fines being levied as a result of failing to complete construction by the November 1, 2011, target date. Under the terms of the amended agreement, we were required to expand the production capacity of the Blue Hills plant to 12 million US gallons per day on or before September 30, 2011, Consolidated Water said. If this expansion was not completed by November 1, 2011, we were liable for liq uidated damages at the rate of $5,000 for each day until the expansion is completed........ The Blue Hills plant expansion was operational but not complete as of November 1, 2011. However, we expect that the period for which liquidated damages could be assessed, if any, will not be lengthy. Consolidated Water added that it had obtained a $10 million loan commitment from Scotiabank to finance the Blue Hills plants expansion, and it expected to draw on this facility later this year. If we elect to utilise this facility, we will be required to pledge cash collateral for borrowings under this facility in an amount approximately equal to 110 per cent of the amount borrowed, the BISX-listed firm added. Some $9.6 million worth of Blue Hills-related construction costs had been incurred by the company as at September 30, 2011, and Consolidated Water said in its 10-Q: Our investing activities used approximately $7.3 million in net cash during the nine months ended September 30, 2011. Approximately $10.2 million was used for construction in progress (consisting almost entirely of the expansion of our Blue Hills plant), and property, plant and equipment additions..... Substantially all of the con struction in progress as of September 30, 2011, relates to the Blue Hills plant expansion, which inclusdes capitalised interest of $176,785. Consolidated Water also has a $500,000 working capital credit facility with Sco tiabank (Bahamas), secured on the assets of its Bahamian subsidiary, but has elect ed not to use this so far. An Inter-American Development Bank (IDB) report recently obtained by Tribune Business revealed that the Water & Sewerage Corporation could save up to $8 million a year by phasing out the barging of water from Andros to New Providence. To compensate for the loss of barged water, Con solidated Water signed a January 31, 2011, deal with the Water & Sewerage Corporation that amended the Blue Hills water supply agreement, increasing production from 7.2 million gallons per day to 12 million gallons per day. Under the deals terms, the Water & Sewerage Cor poration is required to buy 63 million gallons of water per week from the Blue Hills plant. The agreement lasts for 20 years or until 65.5 billion gallons of water are delivered, whichever comes earlier. Mr McTaggart, meanwhile, said Consolidated Water saw its 2011 third quarter bulk water segment gross profits increase 55 per cent year-over-year to $1.646 million, largely due to a $296,000 reduction in repair and maintenance costs at its plants in the Bahamas, Belize and the Cayman Islands. End Resort Group, that will seehis firm masterplan and develop the harbour island site between their property and the Old Bahama Bay resort, Lorne Bassel, president and chief executive of The Crave Group, said various housekeeping issues needed to be determined for all West End stakeholders to move forward. While unable to give provide figures on projected investment and employment, due to the fact planning was in the early stages, Mr Bassel told this newspaper: We have signed an agreement with the other neighbour on the property, West End Resort Limited (WERL), to so we can develop the harbour island site. Weve partnered with WERL, and are doing the masterplan and development for them. We have to think of it [the harbour island] as the front door to the resort. Emphasising that The Crave Group wanted to develop West End via a partnership approach with all other landowners and stakeholders, Mr Bassel said the harbour island would likely be developed via a little huddle of residential development, followed by potential commercial units. Allwe have at this point is block mapping, he added. The concept is: If you do the residential to begin with, and we did not have the real estate boom we had several years ago, this is what it would look like. Mr Bassel acknowledged that The Crave Group had some impressive foundations to build on, given that Ginn and its financing partner, plus the lending syndicate, had invested some $214 million as estimated by the Prime Minister in laying out West Ends roads and other infra structure. I dont think were going to see another resort built in the Caribbean for a long time having this infrastructure. Its incredible; unique, Mr Bassel told Tribune Business. That type of infrastructure, that type of development, Im not sure youre going to see that again, the quality and extent of it. The tables set. The Crave Group was brought in to aid West Ends development in July 2010 by US private equity firm Lubert Adler, which had provided the initial seed financing for the $4.9 billion Ginn sur mer project. After Ginn defaulted on its financing and ran into financial difficulties, Lubert Adler took ownership possession of the existing Old Bahama Bay resort, its marina and associated facilities, sitting on 225 acres of land, plus another 294-acre tract that was intended to be the hotel/casino core for Ginn sur mer. Its holdings, placed under the company OBB (Old Bahama Bay) Resort Ltd, are separate from the 1,476 acres that the Credit Suisse-led lending syndicate, under the G-LA Resorts Holdings (Bahamas), recently too possession of. In effect, Lubert Adler and The Crave Group have ended up with the project core and existing facilities; the lenders with the residential real estate component. Acknowledging that the involvement of so many parties, together with uncertainty over division of land/responsibilities and the protracted process for the Credit Suisseled lending syndicate to take control had undermined investor/buyer confidence in West End, Mr Bassel said clarity needed to be restored. We have to finish the housekeeping issues, and work them out with the [Credit Suisse] lender group, he added. Theres a whole variety of separation issues, what gets conveyed, and who takes responsibility. Were in the midst of re-working operational responsibilities with various stakeholders. We have to clean up the ambiguities. I think it can take as little as a couple of months to finish it. The items are pretty simple. We had to wait for the lending group to re-establish themselves, their control, their relationships, and we have to be clear about responsibilities and what they want to do. We have to allow for that transition a little bit. Its the type of thing that if people want to move ahead and have the issues resolved, it could be resolved quite quickly. The relationship between the Crave Group and Replay Resorts, and the lending syn dicate behind the latter, and their ability to work together ina co-ordinated fashion, will thus be key to West Ends future development. This, in theory, will be aided by the fact the two developers know each other well, Mr Bas sel and Replays chief operat ing officer, Bill Green, having worked together before at Interwest. To date, minimal discussion has taken place between the two developers, especially given that decisionmaking power on the syndicate side still lies with the lenders. Were waiting for Replay and those guys to put somebody on the grosnd, and that will make a big difference, Mr Bassel added. Its going to help to have a guy on site. Thats when the real work starts. Masterplanning The Crave Group/Lubert Adlers landholdings, and resolving the final housekeeping issues with all the stakeholders go hand in hand, Mr Bassel added. Dealing with the latter issues would enable The Crave Group to go on the offence and start marketing to potential development partners and investors. Theres a lot of pent-up demand there, Mr Bassel said. Im very confident, once we get over the obstacles, and believe its still a luxury item. He explained that while the parties were being very careful about operating expenses, they were talking about other people joining in and wanting to develop parcels of their landholdings. Mr Bassel said it was critical for all developer parties to work together while maintaining responsibility for their separate landholdings. Disclosing that Lubert Adler/The Crave Group had handed back operation of West Ends airstrip to the Credit Suisse-led syndicate and their own developer, Canadian-based Replay Resorts, Mr Bassel said: Part of what were saying is that its important every group comes together with us, and takes care of their own responsibilities, as opposed to relying on one group to do everything. We want other people to stand up and take responsibility. Resorts are now becoming more successful when indi viduals and homeowner groups stand up and assume responsibility, rather than waiting for one person to take care of it all. You have people who come just wanting to make things happen. BUSINESS PAGE 4B, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE WEST ENDS FRONT DOOR DEAL BOOST FROM page one I I d d o o n n t t t t h h i i n n k k w w e e r r e e g g o o i i n n g g t t o o s s e e e e a a n n o o t t h h e e r r r r e e s s o o r r t t b b u u i i l l t t i i n n t t h h e e C C a a r r i i b b b b e e a a n n f f o o r r a a l l o o n n g g t t i i m m e e h h a a v v i i n n g g t t h h i i s s i i n n f f r r a a s s t t r r u u c c t t u u r r e e . I I t t s s i i n n c c r r e e d d i i b b l l e e ; ; u u n n i i q q u u e e . Lorne Bassel, president and chief executive of The Crave Group WATER SUPPLIER SAYS: NO LENGTHY DAMAGES PERIOD FROM page one Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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BUSINESS THE TRIBUNE FRIDA Y, NOVEMBER 11, 2011, PAGE 5B NEW YORK Associated Press The credit ratings for France have not been downgraded by Standard & Poor's, the company said Thursday, clarifying what it says was an accidental transmission of a message to some subscribers that it had downgraded the nation's credit. In a statement, S&P says a technical error caused the automatic dissemination of a message to some subscribers of its Global Credit Portal "suggesting that France's credit rating had been changed." S&P says that is not the case and France's ratings remain at "AAA," the highest investment-grade rating, with a "Stable" outlook. The release was sent to some S&P Ratings subscribers under the headline, "DOWNGRADE," and a link to the France ratings. Anyone who would have clicked on the link would have seen that France's rating was unchanged, said S&P spokesman Martin Winn in London. The original notice was sent at around 9:57 a.m. (1457 GMT), and a new release acknowledging the error and affirming France's credit rating was sent out at 11:30 a.m. French Finance Minister Francois Baroin said in a statement that he has asked the European and French market regulators to investigate the error. The French regulator AMF confirmed an investigation has been opened and it has contacted the European Securities and Markets Authority. S&P said it also is investigating. A downgrade of France's credit rating would likely be a hard hit to investors, who have shown little patience with the economic instability in Europe. Traders have been concerned in recent days that debt troubles in Italy and Greece could spread to the U.S. and lead to a global crisis. The Dow Jones industrial average dropped 389 points Wednesday after Italy's borrowing rates soared toa dangerous level and talks in Greece on naming a new prime minister broke down. Worries eased on Thursday after Italy sold debt at more favorable rates than analysts expected and there were also signs of progress in Greece. The Dow rose 115 points, or 1 percent, in late afternoon trading. A TRADER watches his screen in a business bank, in Paris, Thursday. (AP) S&P SAYS RATINGSFOR FRANCE REMAIN 'AAA' LOS ANGELES Associated Press DISNEYsaid Thursday that its fourth-quarter net income rose 30 percent, thanks to higher spending by theme park visitors and growth at pay TV operations ESPN and Disney Channel. Advertising revenue was up, but like other media companies, The Walt Disney Co. maintained a cautious outlook. The price for TVads booked at the last minute "has slowed slightly these last few weeks," Chief Executive Bob Iger told analysts on a conference call. Even as analysts digested the record-breaking profit and revenues for the year, they kept an eye on a poten tial slowdown. "There's been a little bit of cautious commentary on the slowdown," said Janney analyst Tony Wible. "The bigger question is, is the dip we're seeing here a nearterm thing or is this a bigger issue?" Net income in the July through September period rose to $1.09 billion, or 58 cents per share. A year ago, Disney posted net income of $835 million, or 43 cents per share, for the same period. Excluding one-time items, adjusted earnings came to 59 cents per share, beating the 54 cents expected by analysts polled by FactSet. Revenue rose 7 percent to $10.43 billion, also beating the $10.37 billion expected by analysts. Disney's movie studio profits grew, helped by the theatrical re-release of "The Lion King" in 3-D. The growth occurred in spite of lower revenue in home entertainment. Consumer products sales and profits grew and the company trimmed losses at its interactive unit. Its pay TV segment rev enue grew 11 percent to $3.47 billion, lifted by the spread of the Disney Channel overseas. ESPN was buoyed by 8 percent higher fees paid by distributors and 7 percent higher ad revenue, when excluding the impact of the FIFA World Cup, which boosted viewership a year ago. The ad growth is slower than the 9 percent gain in the previous quarter and the 23 percent growth in the quarter before that. Revenue for Disney's ABC broadcast division rose just 4 percent to $1.33 billion, as local TV station ad sales were up in the singledigit percentages when excluding a bump in political spending a year ago. Lastminute buys at the ABC network were priced 25 percent higher than the bulk buying season in the spring. Meanwhile, profits grew by more than a third, due in part to cost savings from producing fewer scripted shows in prime-time and more reality programs. The conglomerate's theme parks saw revenue grow 11 percent to $3.13 billion. Higher ticket prices and hotel rates, in addition to higher food and merchandise sales, contributed to the growth. Attendance at its U.S. theme parks rose 1 per cent, even though the com pany has been scaling back discounts that it put in during the recession in 2008 and 2009. Analysts had been look ing for any sign that the weak economy would hurt consumer spending, "but there was no sign of that in the parks," said Evercore analyst Alan Gould. "The stock price should work a lit tle higher from here." The company's net income for its full-year fiscal 2011 grew 21 percent to a record $4.8 billion, or $2.52 per share. Annual revenue also rose 7 percent to a record $40.89 billion. Disney's shares rose $1.02, or 3 percent, at $35.66 in after-hours trading Thurs day following the release of the earnings report. They had closed the regular session up 85 cents, or 2.5 percent, at $34.64. DISNEY 4Q BEATS ESTIMATESONPAY TV GROWTH

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FRANKFURT, Germany Associated Press THEEuropean Central Bank is for now the eurozone's only battle-ready weapon against the market turmoil that is nudging Italy and the entire 17-nation currency bloc to the brink of financial disaster. But although its program to buy the bonds of indebted governments such as Italy theoretically has unlimited financial power, the ECB is unwilling to use it aggressively, saying it's up to governments to get their finances straightened out. Defining the ECB's role in the crisis has become urgent because Europe has no other effective backstop to contain its raging debt crisis and give indebted countries the months and years they need to pass new legislation and fix their finances. The eurozone bailout fund, which governments recently gave new powers to shore up confidence in government bond markets, was meant to be the main tool to protect economies like Italy. But European officials need more time to finalize it. The crisis meanwhile is worsening by the day, with Italy's bond yields this week jumping above 7 percent, the level that eventually pushed Greece, Ireland and Portugal to ask for rescue loans. Higher borrowing rates mean the country pays more to raise money to pay off old loans last year its average borrowing rate was 4 percent. The higher costs add to its debt pile, worsening its financial prospects in a vicious cycle. European officials need a way to keep Italy's borrowing rates down while the country labors to pass reforms to cut deficits and improve growth, a job that will take time. Options are limited. Their new eurozone bailout fund, the EFSF, isn't ready yet and may not have enough lending power. Eurozone governments have balked at adding more money, so they are looking at ways to increase the existing euro440 billion ($600 billion) in financing to over euro1 trillion by allowing it to partially insure against losses on government bonds. Such an insurance scheme has yet to be finalized, however, and might not cover Italy's massive financing needs euro300 billion next year alone. Alternatively, eurozone countries could jointly issue eurobonds, effectively linking the finances of stronger countries with weaker ones. But Germany, which is already funding the bulk of the existing bailouts, has made it clear that eurobonds are not an option. That leaves the ECB. The bank has intervened in markets at critical moments during the debt crisis and again this month. Analysts say the ECB likely helped bring Italy's bond yields down somewhat on Thursday. But while the ECB might lend a hand in moments of panic, it has made clear it is not in the business of pro tecting countries from the consequences of poor financial planning. New ECB president Mario Draghi said forcefully last week that the bank wasn't going to ramp up the purchases and that it was up to governments to do what needed to be done to save themselves. He said it would be "pointless" to expect the ECB to bring down rates long-term, insisting the purchases are temporary and limited. If a country's economic plans are credible, that will be reflected in the country's market borrowing rates. The question these days, however, is not only one of principle but speed. Drafting, approving and implementing economic reforms can take weeks or months, whereas market movements can change a country's prospects in a matter of minutes. This week's increase in Italian bond yields, for example, will cost the country an added euro60 billion ($82 billion), or 4 percent of GDP, to roll over its debt through 2015 if they don't come back down. That's almost the size of Rome's most recent austerity plan. Jennifer McKeown, analyst at Capital Economics, says the ECB may eventually cave in and buy large mounts of bonds, but not yet. "Desperate times call for desperate measures and if policymakers fail to come up with a way of boosting the EFSF's firepower, the risk of a collapse of the eurozone's financial system might ultimately force the ECB to step in," she said in a note to clients. "But we do not expect it to come to the rescue in the near future." The ECB in theory has unlimited power to help Italy, because as a central bank it can simply create new money to buy bonds. The problem is that can create inflation, which the ECB is tasked with keeping low as its primary job. It would also be difficult politically, because the bank would appear to be helping governments that did not properly reform their economies. Both the U.S. Federal Reserve and Bank of England have created new money to help their economies, but the ECB has avoided doing so by withdrawing an equal amount of money from the financial system. The Federal Reserve, however, has a broader mandate to control inflation, promote financial stability and boost growth and jobs. The ECB, under the EU treaty that created the euro, must focus on inflation. With no other help in sight, though, Draghi and the ECB may eventually find them selves before a momentous choice. The ECB can stick to its mandate and its efforts to push governments to reform and watch Europe's thirdlargest economy default on its debts, with disastrous consequences that could include a breakup of Europe's 13-year old shared currency. Or it can turn on the money taps and increase its purchases of Italy's bonds, so far limited to some euro90 billion ($123 billion), or less than 5 percent of outstanding Italian debt. Last week it bought euro9.5 billion in eurozone bonds, double the euro4.5 billion from the week before, but Italian yields still rose. Some economists say the bank will have to buy much larger amounts, or otherwise deploy its full potential to stop the crisis. Charles Wyplosz, an expert on monetary policy at the Graduate Institute in Geneva, says guaranteeing a fixed amount of European public debt would do it. That would put a floor under bond prices and show markets that "the game is over," he said. "The beauty of central bank guarantees is that they are 100 percent credible because they can create as much money as they want," said Wyplosz. "Markets may test the ECB, but most likely they won't even. So it will cost the ECB nothing but a twoline press communique. The task is "not how to teach a lesson to governments but how to rescue the euro," he said. BUSINESS PAGE 6B, FRIDAY, NOVEMBER 11, 2011 THE TRIBUNE 52wk-Hi52wk-Low Securit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.19 0.97AML Foods Limited 1.18 1.18 0.00 0.1480.0408.03.39% 10.639.05Bahamas Property Fund 10.63 10.63 0.00 -0.6420.080-16.6 0.75% 7 .50 4.40Bank of Bahamas 6.93 6.93 0.00 0.2300.10030.11.44% 0.53 0.17Benchmark 0.18 0.18 0.00 -0.0480.000N/M0.00% 2.84 2.55Bahamas Waste 2.70 2.70 0.00 0.0300.09090.03.33% 1.96 1.77Fidelity Bank 1.77 1.77 0.00 0.0970.04018.22.26% 11.108.29Cable Bahamas 8.46 8.46 0.00 0.2450.32034.53.78% 2 .80 2.33Colina Holdings 2.34 2.34 0.00 0.4380.0405.31.71% 8.50 8.33Commonwealth Brewery 8.50 8.50 0.00 1000.7400.00011.50.00% 7.00 6.21Commonwealth Bank (S1) 6.53 6.51 -0.02152,3320.4960.32013.14.92% 2.00 1.63Consolidated Water BDRs 1.78 1.74 -0.04 9150.1110.04515.72.59% 1.77 1.31Doctor's Hospital 1.37 1.37 0.00 0.0740.04018.52.92% 5.50 4.75Famguard 5.43 5.43 0.00 0.4980.24010.94.42% 7.50 5.35Finco 5.35 5.35 0.00 0.7570.0007.10.00% 9.45 7.75CIBC FirstCaribbean Bank 8.14 8.14 0.00 0.4940.35016.54.30% 6.00 5.00Focol (S) 5.33 5.33 0.00 9150.4350.22012.34.13% 1.00 1.00Focol Class B Preference 1.00 1.00 0.00 0.0000.000N/M0.00% 7.30 5.58ICD Utilities 7.30 7.30 0.00 -0.1220.240-59.8 3.29% 10.809.80J. S. Johnson 9.82 9.82 0.001,0000.8800.64011.26.52% 10.0010.00Premier Real Estate 10.00 10.00 0.00 1.2070.2008.32.00% 52wk-Hi52wk-Low Security SymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029) BAH29 99.460.00 100.00100.00Fidelity Bank Note 17 (Series A) + FBB17 100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) + FBB22 100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) + FBB13 100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) + FBB15 100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%THURSDAY, 10 NOVEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,362.61 | CHG -0.97 | %CHG -0.07 | YTD -136.90 | YTD % -9.13B ISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 52wk-Hi52wk-Low Symbol Bid $ 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%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 Fund2.4974-8.19%-7.45% 13.849313.2825Royal Fidelity Prime Income Fund13.91804.19%5.21% 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 Fund1.18773.59%4.94% 1.13431.0000FG Financial Growth Fund1.14152.06%4.07% 1.17641.0000FG Financial Diversified Fund1.18903.47%5.04% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.49859.8690Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.3699-6.17%-2.17% 10.68139.6635Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.20631.81%7.39% 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 30-Sep-11BISX Listed Mutual Funds30-Jun-11 30-Sep-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-Oct-11MARKET TERMS30-Sep-11 31-Oct-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)31-Oct-11 31-Jul-11 31-Oct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fWRKDYHKLVWLWOHWRWKHVDLGODQG LQYHVWLJDWHGDQGWKHQDWXUHDQGH[WHQWWKHUHRI GHWHUPLQHGDQGGHFODUHGLQD&HUWLFDWHRI7LWOH WREHJUDQWHGE\WKH&RXUWLQDFFRUGDQFHZLWKWKH SURYLVLRQVRIWKHVDLG$FW $1'7$.(,&(WKDWFRSLHVRIWKHHWLWLRQDQG DSODQRIWKHVDLGODQGPD\EHLQVSHFWHGGXULQJ QRUPDORIFHKRXUVDWWKHIROORZLQJSODFHV 7KH5HJLVWU\RIWKH6XSUHPH&RXUWRIWKH &RPPRQZHDOWKRI7KH%DKDPDVRQWKHUVWRRURI WKH%ULWLVK$PHULFDQ%XLOGLQJVLWXDWHRQ%D\6WUHHW RQWKH,VODQGRI1HZ3URYLGHQFHRQHRIWKH,VODQGV RIWKHVDLG&RPPRQZHDOWKRI7KH%DKDPDV 7KH&KDPEHUVRI3UHVWLJH/HJDO6HUYLFHV 1DVVDX6WUHHWLQWKH&LW\RI1DVVDX1HZ 3URYLGHQFHDIRUHVDLG $1'7$.()857+(5127,&(WKDWDQ\SHUVRQ KDYLQJGRZHURUULJKWWRGRZHUDQDGYHUVHRUD FODLPQRWUHFRJQL]HGLQWKH3HWLWLRQVKDOOE\WKH WK GD\DIWHUWKHODVWGD\RQZKLFKWKHDGYHUWLVHPHQW DSSHDUVLQWKHSDSHUVOHLQWKH6XSUHPH&RXUW DQGVHUYHRQWKH3HWLWLRQHUVRIWKHLU$WWRUQH\VDQG $GYHUVH&ODLPLQWKHSUHVFULEHGIRUPVXSSRUWHGE\ $IGDYLW )$,/85(2)$1<3(5621WROHDQGVHUYHDQ DGYHUVH&ODLPRQRUEHIRUHWKH WK GD\DIWHUWKH ODVWGD\RQZKLFKWKHDGYHUWLVHPHQWDSSHDUVLQWKH SDSHUVZLOORSHUDWHDVDEDUWRVXFKFODLP '$7('WKH VW GD\RIFWREHU$' 35(67,*(/(*$/(59,&(6 &KDPEHUV DVVDXWUHHW 1DVVDX%DKDPDV RI WK6WUHHW7KH*URYH1HZ3URYLGHQFH EUROPE LACKS FIREWALL IN DEBT CRISIS MARIO DRAGHI new President of the European Central Bank speaks during a press conference in Frankfurt, Germany. (AP)

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NEW YORK Associated Press SIGNS OF PROGRESS in Europe's debt crisis and an unexpected drop in unemployment claims pushed stocks higher Thursday, a day after the stock market took its worst fall since the summer. Greece named a new prime minister Thursday and Italy borrowed $6.8 billion at lower interest rates than analysts expected. Italy's benchmark rate dropped below 7 percent after spiking above that level Wednesday. Investors were also relieved by talk that the economist Mario Monti is likely to replace Premier Silvio Berlusconi, who was seen as an obstacle to meaningful economic reforms. Italy's president pledged that Berlusconi will step down soon. The Dow Jones industrial average rose 112.92 points, or 1 percent, to close at 11,893.86. It plunged 389 points Wednesday after Italy's borrowing rates soared and talks in Greece to name a new prime minister broke down. Traders have been concerned that debt troubles in Italy and Greece could create a liquidity crisis and lead to a global financial meltdown. The Labor Department reported early Thursday that the number of people applying for unemployment benefits fell to 390,000 last week. That figure and the four-week average were the lowest since April. Peter Cardillo, chief market economist at Rockwell Global Capital, called the drop in unemployment claims and the news from Europe encouraging. "It's got the markets on the cheerful side," he said. The S&P 500 index gained 10.60, or 0.9 percent, to 1,239.70. The Nasdaq rose 3.50 points, or 0.1 percent, to 2,625.15. Apple Inc. fell 2.5 percent, dragging down the Nasdaq. Cardillo said he didn't believe that the worst predictions about Europe's debt crisis would come true. If things get bad enough, he said, the U.S. would have no choice but to come to the rescue. "If Italy was to fail, you can rest assured Europe would fail and the global economy would fail," he said. "The U.S. is in a global economy. Whatever happens in one part of the globe is no longer isolated." In Greece, a day after a breakdown in power-sharing talks jolted financial markets, senior banker Lucas Papademos was named prime minister of a new coalition government. Papademos, a former vice president at the European Central Bank, is tasked with passing austerity measures being demanded by international lenders. In corporate news: Cisco Systems Inc. rose 5.7 percent after it reported quarterly results late Wednesday beat Wall Street's estimates. Green Mountain Coffee Roasters Inc. plunged 39 percent after its revenues fell short of analyst expectations. Viacom Inc., owner of MTV Networks and Com edy Central, rose 8.2 percent after it earned more than analysts predicted. Most of the increase came from its Paramount Pictures division. BUSINESS THE TRIBUNE FRIDA Y, NOVEMBER 11, 2011, PAGE 7B SPECIALISTS WILLIAM BOTT, left, Christian Sanfilippo, third from left, and floor official Chris Casaliggi second left, work on the floor of the New York Stock Exchange Thursday, Nov. 10, 2011. Stocks are opening broadly higher after an unexpected drop in unemployment claims and signs of progress in Europe's debt crisis. The gains came one day after the Dow Jones industrial average sank nearly 400 points. (AP) PROGRESS IN ITALY, GREECE ON DEBT SENDS STOCKS UP PORTLAND, Oregon Associated Press STARBUCKS CORP. hopes to do for juice what it's done for coffee. Starbucks, which changed the way Americans drink coffee, acquired juice maker Evolution Fresh Inc. for $30 million as part of a larger effort to move beyond coffee and focus on health and wellness. The Seattle-based coffee giant said Thursday that it plans to "reinvent" the $1.6 billion super-premium juice segment with its acquisition of Evolution, which is based in San Bernadino, California. It plans to open new health and wellness stores in the coming year, although it did not disclose how many of these stores it will open, their location or the name. Starbucks said the stores will emphasize Evolution juice and carry wholesome, simple foods. The company also plans to upgrade some of its existing stores to make room for the Evolution products and plans to dis tribute Evolution's products to other retailers. Evolution, started by the founder of Naked juice, makes fresh fruit and veg etable juices. Its products are currently sold at Whole Foods, Safeway, Costco and other select retailers on the West Coast. Starbucks said the acquisition is part of a larger shift of its business to focus on health and wellness. The company has made several changes to its business to reflect consumer demands for healthier products such as introducing lower-calorie and lower-fat food options, sugar-free syrups and switching from whole milk to 2 percent milk as the default in its drinks a few years ago. Shares of the company rose 58 cents to $43.53 in afternoon trading. STARBUCKS ACQUIRESJUICE BUSINESS FOR $30M TRADERS FADY TANIOS left, and Steven Marcus work on the floor of the New York Stock Exchange Thursday. (AP)