Citation
The Tribune

Material Information

Title:
The Tribune
Uniform Title:
Tribune (Nassau, Bahamas)
Portion of title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( sobekcm )
newspaper ( marcgt )
Spatial Coverage:
Bahamas

Notes

General Note:
Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item.
Resource Identifier:
09994850 ( OCLC )

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SUNNY AND

HIGH
LOW

BREELY

Volume: 106 No.132

The Tribune







USA TODAY.

BAHAMAS EDITION

www.tribune242.com

FRIDAY, APRIL 30, 2010

TTS A SLAP IN

TEARS OF A GRIEF-
STRICKEN MOTHER:
Rosetta Smith (right)
cries in agony after a
Coroner’s Court
inquest returned a ver-
dict that her son, Bren-
ton Smith (left), was
shot by Detective Cor-
poral Kelsie Munroe
(below) in self-defence.







Inquest jury rules police officer
shot teenager in self-defence

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

THE family of shot
teenager Brenton Smith last
night told of their devasta-
tion after an inquest jury
decided that the police offi-
cer who killed him did so in
self-defence.

The seven-member jury
ruled Detective Corporal
Kelsie Munroe’s use of
lethal force was reasonable
as he was in fear for his life.

They made the decision
after one hour of delibera-
tions.

The other possible ver-
dicts presented to them by
Coroner William Campbell
were: Manslaughter by
means of excessive force;
manslaughter by means of
gross negligence; or an open
verdict.

By ruling DC Munroe act-
ed in self-defence, the jury
accepted his evidence as
presented in court, claiming
Mr Smith, 18, “came at him”
when they met face to face

at a pedestrian shortcut
between the Village Road
City Market store and Bar-
ber Street, off Kemp Road,
as the Fox Hill police officer
responded to an armed rob-
bery at the supermarket.
However, Mr Campbell
had warned the evidence
DC Munroe presented
under oath of being put in
fear by Mr Smith was not
included in the officer’s writ-
ten statement recorded on
the night of the shooting.
Mr Smith’s family contin-
ue to proclaim their son’s
innocence based on the evi-
dence presented by Leshad
Thompson who had been
with the teenager when he
was shot as well as witnesses
of the armed robbery, and
Wulff Road Police Station
Detective Constable Obinna
Okpuno who supported Mr
Thompson’s statement.
Having endured five
adjournments in the inquest
since it opened in Novem-

SEE page 17















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THE FAGE’











Teacher accused of having unnatural
intercourse to stand trial in Freeport
By NATARIO McKENZIE

Tribune Staff Reporter
nmckenzie@tribunemedia.net



A TRINIDADIAN teacher accused of having
unnatural intercourse with two male students will
stand trial in Freeport.

Andre Birbal, 47, appeared before Senior
Supreme Court Justice Jon Isaacs yesterday for his
arraignment. Prosecutors had filed a Voluntary Bill
of Indictment in his case, bypassing a preliminary
inquiry so that the matter could proceed in Supreme
Court.

According to the charges against him, Birbal, a

SEE page 15

SPECIAL

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5 Door Hatchback

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_ Man dies of stabbing
_ injuries to become

latest murder victim

GEORGE CAREY of Bamboo Street,
Pinewood, is the latest murder victim, hav-
ing died of his injuries this week, said
Sergeant Chrislyn Skippings, police press
liaison officer.

Mr Carey was admitted to hospital on
Saturday in critical condition after he was
stabbed multiple times over the weekend.

Police received information that Mr
Carey was at Lockhart’s Place on Wulff
Road when he was attacked by a group of
men. He was taken to hospital in a private
vehicle in critical condition.

The 21 year old is thought to have come
from Eleuthera. Police are investigating
the matter.

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NASSAU AND BAHAM/

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Tel: 394405255 OR $04 1377

Officer who killed
Brenton Smith to
return to duty

THE police officer who
shot and killed teenager
Brenton Smith is to return
to duty with the force, it was
revealed yesterday.

Detective Corporal Kelsie
Munroe, of the Fox Hill
Division, was ruled to have
acted in self-defence using
reasonable lethal force
because he was in fear for
his life when he shot and
killed Mr Smith in July last
year.

The unanimous verdict
was delivered by a seven-
member jury at the close of
the coroner’s inquest yes-
terday.

Royal Bahamas Police
Force Superintendent Hulan
Hanna was unable to con-
firm yesterday whether DC
Munroe had been removed
from the force during the
six-month inquest.

SEE page 17

em TA

TER Ly)
ATS TTT



THE Progressive Lib-
eral Party refuted claims
yesterday that they were
unable to keep their web-
site, www.myplp.com, up
and running on the Inter-
net as was suggested by
the FNM’s chairman Carl
Bethel.

In a statement issued
to the media yesterday,
Mr Bethel said that the
PLP’s website domain
had expired last week on
April 22, 2010.

“Because of apparent
negligence and a late-
again culture, the PLP
proved incompetent in
doing something as sim-
ple as keeping its website
on. Perhaps this is anoth-
er bill the PLP has
neglected to pay, similar
to funds owed to public
corporations like
Bahamasair and the
Broadcasting Corpora-
tion of the Bahamas,” he
said.

Mr Bethel reminded
the public that the
FNM’s website,
www.freenationalmove-
ment.org remains online,
and is updated on an
amongst daily basis with
current national and par-

SEE page 15









PAGE 2, FRIDAY, APRIL 30, 2010 THE TRIBUNE

LOCAL NEWS



US AMBASSADOR
Nicole Avant and Shaun
Robinson pose for a
group photo with the
participants in this year’s
Debutante Ball on Satur-
day, April 24.











(Photo, US Embassy)











(Photo, US Embassy)
A DEBUTANTE reads an excerpt of the book “Exactly As | Am:
Celebrated Women Share Candid Advice with Today’s Girls
on What it Takes to Believe in Yourself” as the book’s author,
Shaun Robinson, looks on.

SHAUN Robinson, weekend co-host and correspondent of the
entertainment news magazine show Access Hollywood, last week-
end visited the Bahamas and the girls at the Willie Mae Centre.

Ms Robinson was the special guest of US Ambassador Nicole
Avant. She is an Emmy Award-winning journalist and author and
was invited by Ambassador Avant to support her goal of empow-
ering young women.

Ms Robinson is the author of the book, “Exactly As I Am: Cel-
ebrated Women Share Candid Advice with Today’s Girls on What
\ Il i a it Takes to Believe in Yourself.”

i Tf ‘a, D i M i This book was born out of her passion to help girls be more com-
- 0 T E A : A \ , A z 9 T fortable in their own skin and beconis tomorrow’s leaders.

It is the collected wisdom of both celebrity women and everyday
teenagers on building self-esteem. While in Nassau, Ms Robinson
was invited by Ambassador Avant and the Ministry of Labour and
Social Development to visit the Willie Mae Pratt Centre for Girls.

There, she talked with the girls about self-esteem and present-
ed copies of her books. Ms Robinson told the girls they were spe-

: cial and important and that although they may have had chal-
The John Bull family encourages you to honour ieneing lives, they could still do great things.

those: spectal Mom's in your life. Tip your hat Speaker

lice Vom anc make this Mother's Day absolutely She was also the keynote speaker at the Bahamas Debutante

Foundation Banquet. The theme of this year’s banquet was
“Empowering Girls to Embrace the Future.” Ms Robinson spoke

unforgettable with a gilt from John Bull Win

. ss : about the pressure to fit in and invited the debutantes to read
fabulous gifts for Mom when wee participate in passages fom her book. She asked the girls not to let outside
' : aoa forces define their beauty or intelligence.
John Bull's Mother's Day Hat Competition, “The only people that can validate us is us,” she said.

The US Ambassador said she will continue to work closely with
the government in bringing other celebrities to the Bahamas to

: . , . encourage and help others.
* Submit a photo of Mom dressed in Ms Robinson has had a long and distinguished career including
contributing reports to the “Today Show”, MSNBC, CNN, and
her best hat. NBC Nightly News.

She was a panel guest on “Larry King Live” and served as a guest
co-host on “The View” and guest host on “Who Wants To Be A
. Millionaire?”

* * Dron phote to any participating location In the past few years she has also co-hosted the official pre-shows
PI eri eek ~ at for the Academy Awards and the Golden Globe Awards.
Ms Robinson’s acting credits include, “Bruce Almighty”, “Amer-





and com plete an entry for,

: ica's Sweethearts”, “Dr Dolittle 2”, “Law & Order”, “Monk”,
“Everybody Hates Chris”, “Studio 60 on the Sunset Strip”, “Dirt”,
ns ull “Charmed”, “She Spies”, “The Parkers”, “The Proud Family”,
i ; 7 3 1+ eat one “Half & Half”, “Days of our Lives” and “Any Day Now.”
0 a tT There is nothing more alluring, more feminine Off the red carpet, Ms Robinson dovote: her dae to many
— y charitable organisations including being named to the board of
Participating Locations: and mere sophisticated thana lady ina eredt hat. Girls, Inc, which inspires all girls to be “strong, smart, and bold.”
a She served as the official spokesperson for the Los Angeles Coun-
284 Bay Street * Mall at Marathon ty "Share Your Heart, Share Your Home" programme that helps
Harbour Bay * Palmdale find permanent homes for minority children waiting for adop-
p : ey 7 tion. Ms Robinson has also dedicated her time to JumpStart; the US
La Parlumerie, Marina Village Saturday May I- gth = Tip Your Hat To Mom national literacy organisation aimed at making sure every child in

America enters school ready to succeed.
She is a native of Detroit, Michigan and a graduate of Spelman

: . llege in Atlanta.
Saturday, May 8th - Tea With A Twist Event, a
Mall at Marathon, 12 Noon - G00 pm. '









Derek Smith/BIS





GRAND PRIZE

bee) de yf I) | et rl | | ( il PC MINISTER of State for Labour and Social Development Loretta Butler-
Turner (centre) poses with TV personality, author and Access Holly-
wood host Shaun Robinson (left) and US Ambassador Nicole Avant
(right) at the Willie Mae Pratt Centre for Girls, Saturday, April 24.



RODEO BURGER 5FPC CHICKEN TENDERS

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM





THE TRIBUNE

FRIDAY, APRIL 30, 2010, PAGE 3



Government vows to look into safety
concerns at Freeport Container Port

Minister of State for Finance says inquiries will be

conducted ‘in interest of promoting worker safety

By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net



FREEPORT- Minister of
State for Finance Zhivargo
Laing confirmed that the
government intends to look
into the safety concerns of
workers at the Freeport
Container Port.

He said inquiries will be
conducted “in the interest
of promoting worker safety
at the container port and
any industrial corporation
in Grand Bahama and the
Bahamas.”

Following the tragic death
of three container port
workers when a tornado hit
the facility on March 29,
employees spoke out -
claiming safety is not suffi-
ciently emphasised at the
facility. They noted the fre-
quency of fatalities, injuries
and cases of chemical expo-
sure.

This comes as PLP MP
Obie Wilchcombe revealed
that according to a report
he received, officials at the
nearby VOPAK oil refinery
had warned container port
employees about the torna-
do ahead of time.

The accuracy of this
report has yet to be verified,
but Mr Wilchcombe empha-
sized that despite the lack
of an official tornado warn-
ing from the Department of
Meteorology, the container
port had a responsibility to
monitor the weather inde-



NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

CHINESE investors look-
ing to enter the Bahamian
agriculture market have a
good reputation in their own
country, Chinese Embassy
officials said in an exclusive
interview with The Tribune.

Jian Tan, chief of the com-
mercial section in the
Embassy of the People’s
Republic of China said the
Chinese government only
endorses plans for foreign
direct investment in the
Bahamas with qualified com-
panies.

“Tf it may cause a problem
to our relationship we would
not let them come. For this
company, they have very
good experience in China in
the agriculture field,” said Mr
Tan.

Representatives from Chi-
na’s Shandong International
Economic and Technical Co-
operation Corporation, a sub-
sidiary of Shandong Hi-Speed
Qila Build Group, conducted
several prospecting trips to
Abaco in the past year.

They were hosted by the
Bahamas Agricultural and
Industrial Corporation
(BAIC) to explore investment
opportunities in the agricul-
ture sector.

Mr Tan said the embassy
did not find any negative
reports out of China about
the companies involved in
talks with BAIC that would
make they not want to sup-
port the talks.

Shandong Hi-Speed Qila
Build Group has experience
working in the Bahamas, as
their other subsidiary, Qilu
Construction Group Corpo-
ration, is the Chinese con-
struction company working
on the new national stadium.

Bahamian and Chinese
government officials are wait-
ing on official plans from the
Chinese investors, but initial
reports suggest they will fea-
ture a commercial initiative
in the area of vegetable, fruit
and livestock farming, and a
possible food processing
plant.

In the face of early criticism
from some Bahamians, who
have expressed concern about
agro-pollution, an influx of
Chinese labour and competi-



9

Zhivargo Laing

pendently. According to Mr
Laing, the government’s
investigation will be led by
the Ministry of Labour,
which will evaluate the safe-
ty standards at similar ports,
as well as the procedures
normally adopted at such
facilities with regard to
weather.

Pastors

The minister said he
spoke to several of the
workers at a meeting organ-
ised by local pastors follow-
ing the tornado.

He said: “I believe the
workers made a very articu-
late and clear set of state-
ments about the concerns
they have, and those con-
cerns were captured ina

tion, Chinese officials have
joined Bahamian government
representatives in saying it is
too early for criticism.

“Tn the Bahamas there are
strict procedures in different
government agencies.

“After the company pro-
vides the plan, the govern-
ment agencies will review the
plan in detail. I believe under
the control of the Bahamian
government, the investors can
do a good job for environ-
mental protection,” said Mr
Tan.

Environment

He confirmed the Abaco
investment would be a private
sector deal. He identified the
natural environment as an
area of competitive advantage
for the Bahamas, particularly
for the tourism industry, and
said the policy and intention







7.
m..

w+ My
: ra

ae



SCENE OF TRAGEDY:
Following the tragic
death of three con-
tainer port workers
when a tornado hit
the facility on March
29, employees spoke
out — claiming safety
is not sufficiently
emphasised at the
facility. They noted
the frequency of fatal-
ities, injuries and cas-
es of chemical expo-
Sure. The Freeport
Container Port is cur-
rently operating at 50
per cent capacity as a
result of the severe
damage sustained
during the tornado.







report which we did, and
have communicated to the
government.

“TI believe as a conse-
quence the necessary
inquiries will be made in
relation to very specific con-
cerns the workers pointed
out, and I think those
inquires have to be made in
the interest of promoting
worker safety at the con-
tainer port and any indus-
trial corporation in Grand
Bahama, and the Bahamas.

“Whatever findings result,
I think they will benefit
industrial operations in the
Bahamas generally, and not
just in Grand Bahama,” he
said.

The Freeport Container
Port is currently operating
at 50 per cent capacity as a

Chinese government hacks Abaco

of the Chinese people is to
protect the natural resources
of the country. He said
employment is also a top pri-
ority for the Bahamas, so Chi-
nese companies are encour-
aged to employ as many local
workers as possible.

“For foreign direct invest-
ment, the Chinese govern-
ment always emphasises to
Chinese companies they must
obey the laws and the good
customs of host countries.
They cannot break the laws
nor do anything immoral,”
said Mr Tan.

He said the Chinese way
was one of co-operation and
that his government would
work to ensure both countries
benefited from the arrange-
ment and achieved a win-win
outcome.

“If the embassy predicts
there will be some problems
caused by the investment of
an individual Chinese com-

“I believe the
workers made a
very articulate and
clear set of state-
ments about the
concerns they have,
and those concerns
were captured in a
report which we
did, and have com-
municated to the
government.”

Zhivargo Laing

result of the severe damage
sustained during the torna-
do.

Five of the 10 cranes, val-
ued at $10 million each,
were damaged.

agri talks

pany we would rather they
not come. We inform the
companies at the very begin-
ning that they should and
must do an environmental
impact assessment (EIA),
because it is a major concern
of the local people,” said Mr
Tan.

“T think for the agriculture
investment in Abaco we can
boast of not only bringing in
the competition but also the
co-operation.

“What the companies in the
Abaco can do we can find
many opportunities for co-
operation,” he said.

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Local News
Editorial/Letters

Sports

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PAGE 4, FRIDAY, APRIL 30, 2010

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

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.) 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 1972-

Published Daily Monday to Saturday

Shirley Street, RO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986

WEBSITE
www.tribune242.com — updated daily at 2pm

Melissa Sears and PLP smears

FIRST IT was Malcolm Adderley, now it
is Melissa Sears, and today as the years roll
by the PLP party seems to have forgotten its
purpose for existence, reminding us rather of
the Grand Inquisitor in Dostoyevsky’s Broth-
ers Karamzov.

This powerful soliloquy in the Russian
novel is a deep, philosophical argument
about God, free will and morality.

The Grand Inquisitor berates Christ for
giving man the impossible burden of freewill,
rather than security. He says that the so-call
gift is no gift at all, rather this freedom to
choose is a devastating, impossible burden.

People, said the Grand Inquisitor, should
have been given no choice, instead, like
automatons, they should just shuffle forward
according to the will of their Creator.

“Nothing has ever been more insuffer-
able for man than freedom!” concludes the
Grand Inquisitor, a belief that seems to be
gathering ascendancy within the Opposition
party. Rather, like the Grand Inquisitor, the
PLP offer their members security — not
freedom of thought. As long as they toe the
party line, they will remain secure in the
party fold. But get out of line and the Grand
Inquisitor turns vicious — out to destroy
any idea of free will.

This tendency did not start recently, under
what the electorate was duped into believing
was to be a “new” PLP. It started way back
in the days when Lynden Pindling returned
from England, joined a party that he did not
start, and quickly took over.

Malcolm Adderley, who, in the first week
of this new year not only walked out of the
PLP, but resigned as MP for Elizabeth,
reminded his former colleagues that once
upon a time in the distant past their party
had the “distinction of being built by the
blood, sweat and tears of hardworking men
and women of humble beginnings, proud of
their commitment to uplift the well being
and standard of the people.”

However, under the Pindling leadership,
the party had lost its way. One man’s dream
replaced the dreams of the many, and for
those who did not follow slavishly, political
oblivion was the price they had to pay for
having a mind of their own. Some of them,
like Carlton Francis, a competent teacher,
had difficulty finding a job to support their
families. Mr Francis certainly was not accept-
able in the government’s educational sys-
tem from which he had come and for which
he was eminently qualified. Then there were
the Dissident Eight, followed by Ed Moxey,
and many others who didn’t make the head-
lines, but certainly felt the pain of rejection
and vicious scorn.

For seven long years Malcolm Adderley
suffered stoically as MP for Elizabeth, until





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exasperated, he shook the dust from his san-
dals and walked out. In his farewell speech to
the House, he talked of the souls of those
who had sacrificed so much to build their
party, but would ache as a “result of the
venom and ill will that is displayed almost on
a daily basis on any member who tries to
correct its ills.” He talked of the back-biting
whispers and disrespect shown him.

And now it is the turn of a young woman,
Melissa Sears, who like Mr Adderley was
spotted by the party as a rising political star,
and invited to join. Recently, for personal
reasons — not political — she decided to
step down as vice-chairman of the PLP. She
made no fuss, she gave no interviews, she
tried to keep a low profile so as not to
embarrass her party. Persons close to her
speculated that she had resigned because of
disparaging remarks made by Opposition
Leader Perry Christie. Mr Christie vehe-
mently denied that he had made any such
remarks. She remained silent.

And now the vicious party hacks, using
the sophistication of the electronic age, are
spreading unfair and untrue rumours to
destroy this young woman. It is understood
that this vehicle is being financially under-
written by two party hefties, one allegedly a
sitting MP. We are not surprised by one of
the names mentioned, but, if true, we are
certainly surprised by the second. We gave
him credit for being smarter than that.

The latest smear was imbedded on the cell
phone of an FNM MP, allegedly from Ms
Sears. It was an obvious trap. The MP knew
that it was not from Ms Sears, because they
did not have the type of relationship that
was being suggested by the caller. All the
sender wanted was for the MP to incriminate
himself by falling for the bait, and answering
the call. Instead, instinctively knowing that
there was a plot afoot and guessing the
source, he submitted it to the authorities for
investigation. It is now being said that there
is no room in the PLP for a strong woman.
We say that as long as the Grand Inquisitor
controls the party machine, there is no room
for a strong man. The others will remain,
tip-toeing around in craven fear.

Mr Adderley blamed Mr Christie for
allowing PLP hacks to torture him right out
of the party. It would probably be nearer
the truth to speculate that Mr Christie is as
afraid as his colleagues to have the smear-
mongers on his case. After all the website has
also given him a good flaying when it has
suited those behind it.

If someone does not become more
responsible in that party and respect the
thoughts and opinions of others, that same
irresponsible website is going to be the funer-
al site of the PLP.








naturalization should not be granted,
written and signed statement of the facts within twenty-
eight days from the 30" day of April, 2010 to the Minister
responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

Responding to Paul
Moss on the recent

roads change
LETTERS

EDITOR, The Tribune.

Paul Moss intends to host a
town meeting to discuss the
new Market Street/Blue Hill
Road one-way system this
week; calling it utter madness
and very distressing for busi-
nesses and residents. He wants
the government to reconsider
its road reversal plans on Mar-
ket Street and Baillou Hill
Road, and to stop it immedi-
ately — plan it properly — and
then come back to the people.

It sounds like Mr Moss is
advocating putting the cart
before the horse, as the one-
way system is already in place —
and it’s obviously no turning
back for it.

Where was he, and those of
whom he’s advocating for when
the proposed changes were first
announced?

Mr Moss comes across to me
as a typical third world politi-
cian who is ready to react when
he senses supportive barking
on any issue — even when that
matter is way out of the gate
and beyond a U-turn.

letters@tribunemedia.net



This writer refuses to believe
that the one-way system in
question is bad for businesses
along the routes, or was imple-
mented without consideration
for the people of the areas con-
cerned.

Every child who walks the
streets of New Providence is in
danger; every pedestrian,
cyclist, and so on risks their
lives whenever they travel the
roads of Nassau. Even with the
proper road signs, our streets
are a hazard to all and sundry.

It is agreed that we need
more enforcement on our thor-
oughfares — to deal with bad
drivers of every mixture. It’s
something that’s worth advo-
cating for.

Road works are a daily affair
in New Providence, and we all
would agree that they need to
be better managed and coordi-

nated to reduce the inconve-
nience of every motorist; from
east to west, and north to south.

It is hoped that when Mr
Moss has his town meeting —
he would include the positive
aspects of the change in ques-
tion.

They include among others:
increased business activity for
those operating along the new
one way paths, the golden
opportunity for new commer-
cial ventures, and the increased
possibility of pleasingly appre-
ciated property value.

It is my opinion that the new-
ly implemented one-way sys-
tem is a grand occasion for
business people and residents
alike in the Grove, and the sur-
rounding areas — to take advan-
tage of the situation, and pre-
pare accordingly for the pros-
perous spin-off that the change
is likely to present.

That’s where the focus
should be in my humble view.

DENNIS DAMES
Nassau,
April 12, 2010.

Rev. Dr. Gary Curry and Rev. Dr. Vaughan
Cash — I thank these two men of God

EDITOR, The Tribune.

I have been blessed and
highly favoured to be under
the spiritual and religious
leadership of two of the most
enlightened “men of the
cloth” here in the common-
wealth of The Bahamas; Rev.
Dr. Gary Curry (Senior Pas-
tor) and Rev. Dr. Vaughan
Cash (Associate Pastor Extra-
ordinaire) at Evangelistic
Temple (Assemblies of God)
up in Collins Avenue for the
past decade.

Over 20 years ago, I was
rightly disbarred due to a seri-
ous ethical breach. 99.9 per
cent of the churches which I
sought to affiliate myself with
turned their collective backs
and noses up at me. They
referred to me as everything
other than a repentant and
redeemed “child of The
King.” Indeed, some of the
appellations are, even to this
day, unmentionable.

I thank Jehovah, daily, that
He and His Son, Jesus Christ,
stopped along my road to
Damascus and stooped down
to pick me up; dust me off
and gave me a totally second
chance in this mortal life.

Whom God blesses, no
man can curse.

When I brag, as I often do,
about my beloved pastors;
brothers and friends, people
question why I do so. Allow
me to postulate, for a minute
or two as to why I am com-
pelled so to do.

NOTICE

NOTICE is hereby given that
MARATHON ROAD, NASSAU, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and

DANIEL JUSLENE of

that any person who knows any reason why registration/

should send a



This is not flesh and blood
but the command of the Holy
Spirit.

Many years ago, I faced a
serious criminal investigation
down at CDU.

I called Pastor Curry and
he was there in a flash.

We prayed and he told me
that “everything would be all
right.”

This, mind you, is a white
man from Spanish Wells. So
said.... so done.

After I got to know Pastor
Cash, he held my hands and
prayed with me.

Within a matter of weeks,
the Lord restored me and
gave me a radio ministry.

Whereas before I would
have spoken to a twelve
man/woman jury, as a Barris-
ter, I am now able to speak
to 2.1 million, via the inter-

net, daily. All Bahamians,
PLP, FNM and the rest, inclu-
sive of the powers that be (the
whole 350,000 of them), now
listen to every word uttered
by me.

Hate me, if you must, but
all of you listen, religiously.

Truly, the Lord is on the
Throne and I, again, publicly
thank these two men of God
for their utterances of life and
prosperity, not so much the
material, but the spiritual in
my walk with the Master.
“Love and forgiveness are the
spiritual keys which must
unlock all doors and open the
windows of Heaven. To God
then, in all things, be the glo-
ry.

ORTLAND H BODIE Jr
Nassau,
April 11, 2010.

PCRS aE

TCR CT MUTT TTP at



EDITOR, The Tribune.

PAUL KOKOSKI
Canada,
April 3, 2010.



I find it rich that Archbishop of Canterbury, Rowan Williams,
would attempt to discredit the Catholic Church over its dealing
with paedophilia priests in Ireland. Where the Catholic church
is trying to weed out vice among the clergy the Anglican denom-
ination is accepting it in spades as part of their teaching.

In fact, the Anglican denomination of Christianity is over.
Like Judas they have sold out to modernity by including open-
ly homosexual bishops among their ranks. Studies prove that
there is a close link between paedophilia and homosexual erot-
ic development. Indeed their severance from truth first began
at their inception when they decided to break with the Catholic
Church and go off on their own. Their foreseen downfall is now
coming to fruition as an increasing number of orthodox Angli-
cans are retracing their spiritual steps and returning to Rome.

Unlike the Pope, who has supreme power over the Catholic
Church, Rowan Williams is nothing more than a figurehead for
Anglicans. He will not be able stem the tide of spiritual poison
that has infected the Anglican hierarchy.

I encourage Anglican traditionalists and others — including
atheists and dissenting Catholics — tossed about by the waves of
false doctrines to climb aboard the barque of Peter for it will be
their only safe haven in these troubling times.





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THE TRIBUNE

LOCAL NEWS

FRIDAY, APRIL 30, 2010, PAGE 5



Pastor hits out at possible
legalisation of gambling

PASTOR Mario Moxey has
hit out at what he believes is the
government’s intention to
legalise the numbers industry —
claiming the country stands
poised to “readily concede moral
ground for the sake of greed.”

In a press statement issued
yesterday, the pastor said
Bahamians are too quick to “‘dis-
mantle our value system” at the
expense of future generations,
“all for the immediate purpose
of self-gratification.”

On April 13, Prime Minister
Hubert Ingraham said: “The
government has been consider-
ing the question as to whether or
not we ought to bring into the
formal economy of the Bahamas
an operation that tens of thou-
sands of Bahamians are engaged
in on a daily basis. I've made
previous public comments on
this and referred to my distress



THE TRIBUNE reported recently on talks over the possible legalisa-
tion of gambling.

and discomfort at our inability to
be able to police our laws with
respect to the numbers busi-
ness.”

UTEB seeks legal atvice over pay cuts issue

JENNIFER Isaacs-Dotson, president of the Union of Tertiary
Educators of the Bahamas (UTEB), said the union is seeking
legal advice to resolve the issue of pay cuts for union members.

Mrs Isaacs-Dotson said the College of the Bahamas did not
document pay cuts on salary slips this month, although union
members reported receiving pay cuts of $400 and $700 in their

salary cheques.

She said the pay cuts were not consistent, because they occurred
for some members who participated in the April 19 to 22 strike
action, and for some members who did not participate.

She said the union is still at the negotiating table, but the new dis-

pute would not stall negotiations.

In an apparent response to
this, pastor Moxey said: “It is a
sad day in the life of any country
when its leader publicly states
that because we are unable to
enforce the law, consideration
should be given to legalising the
numbers business. We should
expect better from our leaders.
We should expect our leaders to
take whatever steps are neces-
sary to enact legislation that
would strengthen our existing
laws, rather than take the easy
way out and remove those laws
altogether.”

The pastor said he can think
of several laws the Bahamas
seems unable to enforce —
including those against drug traf-

ficking, prostitution and Cus-
toms fraud. “Will the prime min-
ister suggest legalising these vio-
lations as well simply because
they are so difficult to enforce? I
seriously doubt that.”

Pastor Moxey asked if the
inability to control illegal gam-
bling was the result of incompe-
tence on the part of the police
and judicial system, or a sign that
“our legislators, our members of
parliament and Cabinet minis-
ters, lack the will to enforce such
laws.”

“How long will our govern-
ment leaders toy with the sensi-
bilities of our Bahamian people
under the pretence that no deci-
sion has been made regarding
the legalisation of gambling? We
all have seen this drama, sys-
tematically and strategically
orchestrated before the Bahami-
an people. The deal has already
been made in secret; it’s just a
matter of going through the
motions,” he claimed.

The pastor added: “The argu-
ment whether gambling is moral-
ly right or wrong has already
been made.

“Those who seek to ignore
God’s moral standard of how we
should obtain wealth (by work-
ing for it, by love gifts or by
inheritance), violate their own
conscience on this matter and
do so at their own disgrace,
shame and eventual eternal
detriment.”

Man charged with armed robbery

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT - A 34-year-old Freeport
man was charged with armed robbery in
the Freeport Magistrate’s Court yester-
day.

Cancino Navardo Lightbourne
appeared in Court Two before Magis-
trate Andrew Forbes.

It is alleged that on April 26, the
accused, while armed with a handgun,

CREDIT suisse

robbed the Athlete’s Foot Store of cash.

Murrio Ducille represented Light-
bourne, who was not required to enter a
plea to the charge.

Lightbourne was granted $15,000 bail
with two sureties. He was also required to
surrender his passport to the court.

The matter was adjourned to Decem-
ber 6 for a preliminary inquiry.

UNLICENSED FIREARM CHARGE
Joel Rolle, 44, was arraigned on drug
and firearm possession charges in Court

Credit Suisse Group, Bahamas
Graduate Trainee Program

Two yesterday.

Rolle appeared before Magistrate
Andrew Forbes on charges of unlicensed
firearm possession, possession of ammu-
nition and possession of dangerous drugs.

Rolle was represented by Attorney
Jairam Mangra.

He pleaded not guilty to the charges
and was granted $7,000 bail on the
firearm and ammunition charges and
$2,500 bail on the drug charge.

The matters were adjourned to Decem-
ber 7 for trial.

Credit Suisse Group, Bahamas has operated an Apprenticeship Training
Program in The Bahamas since the early 1990's. Credit Suisse Group, Bahamas
is now pleased to announce the continuation of its Graduate Trainee Program,
with the second intake of trainees intended for July 5, 2010. Full details and an
application form can be obtained from:

The Graduate Trainee Program Administrator

Credit Suisse AG, Nassau Branch

The Bahamas Financial Centre, 4" Floor

Shirley & Charlotte Streets
P.O. Box N-4928
Nassau, Bahamas

Fax No.: 242-356-8148

Application forms should be returned NO LATER THAN MAY 31, 2010

A) _AIM

Credit Suisse Group, Bahamas is committed to identifying and
developing the best young talent in The Bahamas. The Group is

offering one (1) year Graduate Trainee Contracts to College of The

Bahamas graduates or graduates returning to The Bahamas from
accredited colleges or universities abroad.

The program will accommodate three (3) graduates. Successful
applicants will be awarded a one year contract of employment during

which time the graduates will rotate between or within different business

units or departments of Credit Suisse Group entities. Permanent

employment opportunities will be evaluated at the end of this period.

B) CONDITIONS

The candidate is required to have a Bachelors Degree in one of the following or

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Banking and Finance
Engineering
Mathematics

Finance

Economics
Economics & Finance
Management
Accounting

Computer Information Systems

The candidate must have graduated with a minimum grade point average of

3.5 and have graduated within the past 12 months.



Good Samaritan Bill
_ is passed in House

PARLIAMENT passed
the Good Samaritan (Food
Donation) Bill 2010 in a
landmark move that will
boost the work of a local
non-governmental organisa-
tion.

“Tt is timely in that it seeks
to encourage the donation }
of food to persons in need
throughout the length and
breadth of the Common-
wealth of the Bahamas.

“The main intention
behind the Bill is to provide
protection from any civil and
criminal liability for donors
and non-profit organisations
who either collect and distribute food or receive and
distribute food for the benefit of persons in need,” said
Loretta Butler-Turner, Minister of Social Services.

“Without this legislation, tons of fresh, high quality
food items will continue to be wasted everyday. Instead,
this surplus food can be re-distributed to Bahamians
who need it most,” she said.

Local NGO Hands for Hunger has been advocating for
the Bill for some time. Similar bills have been adopted in
other countries around the world, including the United
States, Canada, France, Israel, and Australia.

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PAGE 6, FRIDAY, APRIL 30, 2010

THE TRIBUNE



Bishop Chester Hille
icPastor Letty Rolle .** i
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Tourism chiefs seek
to tap US and Latin
American markets

New airlifts and cruises seen as vital to Grand Bahama’s success

BY DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - Executives
in the tourism industry are
seeking to boost visitor num-
bers by going after the emerg-
ing Latin American market
and by tapping into US mar-
kets that proved lucrative for
Grand Bahama in the past.

Michael Webber, general
manager of the island’s only
anchor property, the Our
Lucaya Beach and Golf
Resort, said new airlifts and
cruises are vital to Grand
Bahama’s success. “We are
speaking with Spirit Airlines
to try to get new feeder mar-
kets that were popular in the
past such as North Carolina,
Kentucky, and Ohio, to see if
we can get some new flights in
from those areas,” he said at
the Grand Bahama Chamber
of Commerce’s monthly lun-
cheon meeting on Wednes-
day.

Mr Webber, who was made
general manager of Our
Lucaya in January, said his
resort is stable and doing well
at the moment, maintaining
a staff of around 800.

“The Celebration cruise
ship is a new initiative which
has been doing fantastic for
the hotel. We are getting 400



“The Celebration
cruise ship is a new
initiative which has
been doing fantastic
for the hotel. We are
getting 400 to 700
day passengers com-
ing to the hotel and
check-ins of about
70 to 80 every other
day.”

Michael Webber

to 700 day passengers coming
to the hotel and check-ins of
about 70 to 80 every other
day.”

Steady

He said business is expect-
ed to remain steady during
the slow season when they are
expecting to see an influx of
European visitors at the hotel.

Additionally, Mr Webber
said, they are focusing more
attention on the Latin Amer-
ican market, which is begin-
ning to show some potential
for growth.

He revealed that a Colom-

bian tour operator has
expressed interest in provid-
ing packages to Freeport.

“T don’t think the hotel has
been strong in the Latin mar-
ket and the Ministry of
Tourism is actively working
with us.

“Tt is one of those markets
you didn’t think would come
to the Bahamas, but we have
seen a change in trend, and I
think that is going to be an
up and coming growing mar-
ket for us,” the resort man-
ager said.

Mr Webber noted that
things are going well with
Treasure Bay Casino, which
has teamed up with Our
Lucaya to offer incentives to
guests and groups staying at
the resort.

According to Mr Webber,
the resort’s destination wed-
ding programme is also show-
ing signs of growth.

Our Lucaya Resort is the
only anchor property on
Grand Bahama. It has a mul-
ti-million dollar budget that
is spent on promoting the
island.

When speaking about the
resort’s staff, Mr Webber said,
“it is in our best interest to
have a happy staff. They are a
reflection of us and that
reflects directly on our cus-
tomers.”



Safety worries over misuse of
inland waterways, canals in GB











WARNING FOR BOATERS -— According to Freeport bylaws, no sea craft should create a wash or wake when using

inland waterways or canals.

THE misuse of inland
waterways and canals by
boaters in Grand Bahama is
on the rise and has become
a safety concern for the Port
Authority.

Arthur Jones, vice-presi-
dent of Building and Devel-
opment Services for the
Grand Bahama Port
Authority (GBPA),
explained that some boaters
are speeding to the point of
creating a wash or wake.

“They’re causing too

394-5767 aebahamas.com





much turbidity in the water
and creating excessive scour-
ing effects on the founda-
tion of seawalls.

“This thereby creates ero-
sion, making the seawalls
unstable and damaging pro-
tection to the properties
along the waterways,” he
said.

Complaints

Mr Jones said that “fol-
lowing legitimate complaints
from residents who live
along the canals regarding
abuse of sea craft move-
ments, it has become neces-
sary to remind the public of
some of the bylaws which
govern the inland waterways
and canals.”

He said the Building and
Development Services
Department of the GBPA
is hereby advising the public
that in accordance with the
Freeport (Marina and
Inland Waterways) Bylaws,

CANAL
VIOLATERS —
Water sport
operators
bringing tours,
©] including
banana boat
rides, into
inland canals
are advised that
such activities
are against the

certain restrictions apply
when using the island’s canal
system.

According to the bylaws,
commercial sea craft opera-
tors are not allowed to bring
booze cruises, banana boats,
jet skis and similar vessels
into the canals. The penalty
for violation of such laws is
three months imprisonment
and revocation of licenses.

“The Port’s stance is that
we want persons to obey the
bylaws.

“We will post signs to
remind the public of the
bylaws and penalties for vio-
lating them.

“Also, we expect to
receive additional monitor-
ing from the police with
regard to this matter,” Mr
Jones said.

He further clarified that
these bylaws pertain to the
use of inland waterways or
canals, and not to the chan-
nel leading into Port Lucaya
which has a marina with
commercial operations.







PAGE 8, FRIDAY, APRIL 30, 2010

LOCAL NEWS

THE TRIBUNE



NOTICE

ache ee la

Ud) ce ay ce ee |
Ve eta Le

Clients can collect records at the clinic
May 3rd thru May 7th, 2010 from
Cm Par lime a

Legal Notice

NOTICE

NITRA VANWA INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

MAXPOLO LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
SLIP SCREENSHOT INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is

Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ANGEL WING CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)



‘Woman of Worth’
to hold first summit

HELPING Bahamian women
recognise their worth and creating
an environment in which they can
help each other overcome life’s chal-
lenges are the goals of a new non-
denominational ministry.

Psalmist Lorna Joy Simmons
founded the Woman of Worth Inter-
national Ministries after many years
of observing the obstacles and prob-
lems women face in today’s society.

This ministry is for women who
share the same burdens and a pas-
sion for helping their sisters over-
come these challenges.

The idea for the ministry started in
2006 with a group of women, some of
who were terminally ill, who began
meeting, praying and fasting togeth-
er to overcome their problems.

As the number of members grew it
became evident to Ms Simmons that
women needed an environment for
fostering a deeper spiritual connec-
tion with one another and the Lord.

Ms Simmons said she struggled for
many years in getting this ministry
off the ground, and it was not until





Tien ia



WOMAN OF WORTH International Ministries will hold a summit tomorrow.

March of this year that it was finally
accomplished.

Women from all walks of life, from
all denominations and socio-eco-
nomic groups that believe in the
Holy Trinity are welcome.

The Woman of Worth Interna-
tional Ministries outreach pro-
grammes, Ms Simmons said, will
assist various agencies where women
are the primary concern, not only
from a spiritual stance, but also in
practical and tangible ways.

Among the objectives of the
Woman of Worth International Min-
istries is the aim to contribute to the
Bahamas and the nations of the
world in uplifting and empowering
Christian women who understand
who they are and what they are
worth to God; to reach and teach
women who are saved but are wait-
ing for deliverance from the bondage
of abuse, rejection, failures and
downfalls that have assaulted their
lives; and to comfort women who

are downtrodden and those who are
in need of spiritual rest and guid-
ance.

Tomorrow, at the British Colonial
Hilton, Woman of Worth Interna-
tional Ministries will hold its first
summit entitled “When Women
Worship”.

There will be intercessory prayer,
praise and worship, ministry of the
Word by Ms Simmons and the guest
speaker will be evangelist Carnetta
Ferguson.

Legal Notice

NOTICE

ZENITH UNITED LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
HAZEL PINE UNITED LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
AMBROSE

GARDENS LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NORTH PEAK
VENTURES LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

DYXLOME INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
FIDELON RURAL CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM



Level 2

preces.
and sued simactured deh
COUN LTT & revit risk are Bloomberg and Reqiers

Level 3
(unobservable imparts)
slemlicunl unohserrable compres.

The hierarchy requires the ose of observable market data when availvhle

below shows the fair value hierarchy lewels for financial assets. onc linbalities

Agold] Devember De

Financial assets designaied at fair value
- Derntive fininéia
Total ackeets at fair va lee io

Finan! liabililics desaynatied wt fair

wale
Dera financial metrics

Total liabilities at Gir valor

As of 01 December Die

Fingal asscis desigreatel al Gain valuc

-Derhntive fimincial mere 2HR OLE

Total paris at fear valee HR O1K

Financial liabilities designated at fair
value

- Dernatie: financial merients
Total abilities at flr valoe

‘Capital Management

The Bank's objectives when managing capital, which is
an the faee of the consolidated balance sheet, are

« To comply with the capital requirements set by the Central Bank of The Bahamas (the

Central Rank;

* To sofepuard ihe Bank's ability to continues as a poing comes so that if can continue

to prowide returns for its shareholders and benefits for other stakeholders: and
« To mamiain a Strong capvlal base lo support the development of 1s business.

Caniial hibequacy fel the use of feu lorry capital Are monitored hw the Pank's
With gusdelines
The required information ts filed with the Central Hamk

Tange, employing techniques designed to enaure compliance
established by the Central Hank
ona quarterly basis

The Central Bank requires the Gank toc (a) have negulabory capital of at least $5,020 (MM)
and (bh) maintain a ratio of total regulatory capital to risk-weighted assets af or above a
Thien oF 1% PW: 1h).

The tabke below summorises the composition of regulatory copital and shows the capital
adequacy ratio of the Bank as of the balance sheet date. Dearing 20449 ard 2008, the Bank
has complied with all of the externally imped capital requirements to which iL was
siuhject.

SH DIMA
i 4S

Tier | capital
Share cupatal
Ketained camings

15, CMHC, Hi
1 34,349

15, 08H)
163,719

Tatal Wi Aah

Hisk-weighted asaiets Oa ei TAT

Capital adequacy ratio 45%

PRICEWATERHOUSA(COPERS @

Priccey icrieered pepe
Privclicaer Hous

Raw Hit Sent

Polk Bio Fe 0

Sana, Heber

Aiur -wewsa pas, oan

INDEPENDENT ALDITORS REPORT Tene amen ce
chips [Las 4 ]
Pack ke (i) WO 7a

To the Shorchelders of Private [nveeiment Bank Limited

We have audited the sceompanyieg consolidated balance sheet of Private Invesement Bank
Lamated (Ihe Bank) and its subsidiaries (topether, the Croup) a@ of 31 December 2008, and a
sUmMery Ol digicam! aocounting policies and other explanatory noes

Moaagement 's Resposstbiliny for the Fimauclal Sremente

Management if resporsible for the preperaiion and fair presentation of this comeolidmed balance
tiact in accordance with International Financial Reporting Standards. This responsibility
ues ces prianig. kines menting and maintaining miemal control relevant po the preparation
and Tair presenigivon of financial statenesits thal ac free from material missisiement, whether
duc to fraud of enor selecting and upp ying Oppomate acceine policies: and making
ECCOUnTIGE Seles thal are Pee G i the carsmstances.

Anairarn Reanonsifiity

Our responsibility is to eupress on opinien om thia conaolidaed balance aheed based on our auclit
We Soucied ar aude in accordande with Intemational Standards on Auditing, Those standards
require that we comply with ethical requarnnesas and plan and perform the audit bo obtain
reasonable aura whether the financial statements are free from pisterial (miaeLibement.

An audit involves performing procedures to obtain audit evidemer about the amounts and
disctkuures if the financial slalements. The procedures selected depend on the auditors’
judement, inchoding the assesament of the fiaks of malonal misstatement of the financial
Slabements,. whether dee to fraad.or error. In making these risk assessments, the wadinors consider
intemal contre! reicwant io the entity's peoparation and fair presentation of the financial
statements in onder to design audit procedures that are appropriale in ihe circumstances, but mat
for the purpose of expressing an opinion on the effectiveness of the eediny’s internal eoetral. An
mati ale includes cvalualing the appropriateness of accounting policies used ond the
Teasonablemess of SDOoUntng, Sstlimaies. made hy TMaNApeNent, ae well am GÂ¥ alualing Lhe aeetrall
presentation of the Gnancial staiements.

We beltewe that the aadit evidence we hove obtained is sufficient and appecpriane bo providks a
basis for or adil opinien.

Opinian

In cur opinion, the COMPnying cornaliied balance: sect presenta faily, in all maternal
respects. the financial position of the Group as af 31 December 2M) im occondance with
Intematicanel Financial Reporting Saandareds

Enmpliacs of Marer

Without qualifying our opinion, we emphasise that the accompanying consolidated balance sheet
(ots fot Gomnpraé a complete ant of financial Watements in accordance with Intemational
Financial Reporting Standards. Information on results of operations, cash flows end changes in
Gquiy is Nestesery be obtain a complete umceretamiing of the financial position, performance and
Changes in financial position of the Cercup.

my

L) { /\

Hidaiatioutel nofledt

Charred Accountants

Nossa, Bohomas

23 April SO



Inputs other than quoted prices imcluded wothin Level | that are abservabbe for
the seset or liability, either direcily (thet is, a6 prices) or indineacthy (that is, derived fram
Tat level ibelucks the mayank of the OC denvalve contracts. traded keane
The sources of input parameters like LIOR yield curve ar

Inputs fer the asset or linbility that are not based on observable market data
This level includes equity investneenis and det instruments with

The Bank

corm iders relevant an observable market prices in ils walualions when possible. The table

Level 2 : Z otal
Lisi 4 Usp

Aerts 108 : oF

262,012

Pee

a broader concent than “equity”

THE TRIBUNE

FRIDAY, APRIL 30, 2010, PAGE 11



Stop Living in Fear

Our Young Women
and Thug Life - Part 2



By D’ARCY RAHMING

GO AND tell your young
women these things.

They really want a Knight
and not a Thug. The desire
to be taken care of is natur-
al, but being taken care of
does not mean that the
Knight is there to satisfy
your every material desire.

You may think its okay to
trade your body for the
things you want. The prob-
lem is that the Thug believes
that once he starts paying,
it is no longer your body and
soul, but his — to do with as
he wants, when he wants.

Everything is cool up to
the point you say no. PROP-
ERTY does not have the
right to say no.

For example, no dog can
really say no to her master
without paying the conse-
quences. You are not a dog
and you deserve better so
don’t fall into that trap.

We don’t have a violent
crime problem, we have a
problem recognsing the dig-
nity of the human person.

D’Arcy Rahming is a vio-
lent crime researcher and
adjunct faculty member at
the College of the Bahamas.



DVS CNM ota\a YING

He holds Black Belts in sev-
eral martial arts and is an
internationally renowned
seminar leader for corpora-
tions, private groups and
police and security groups.
You can follow him on his
blog at www.stoplivingin-
fear.org.

Caribbean Airlines poised to take over
Air Jamaica, rehire 1,000 employees

KINGSTON, Jamaica

to announce other routes soon. All tickets



TRINIDAD'S Caribbean Airlines will
take over operations of cash-strapped Air
Jamaica and its seven routes, retaining 1,000
employees, according to aviation officials,
according to Associated Press.

Air Jamaica will keep its equipment and
offices at the airport, and the Jamaican gov-

previously issued will be honored, Lalor

said late Wednesday.

Government officials in Trinidad will
invest $50 million in the airline following
the May 1 takeover, he said.

The Jamaican government had set a

ernment will have a 16 percent share in debt.

Caribbean Airlines, said Denis Lalor, chair-
man of Air Jamaica's divestment committee.
Flights to cities such as New York, Fort

March 2009 deadline to divest Air Jamaica
after it accumulated roughly $1.3 billion in

In 2007, the government sold the
Kingston-to-London route to Virgin
Atlantic, and last year, the airline laid off

Lauderdale, Florida, and Philadelphia will
continue, and Caribbean Airlines expects

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

roughly 500 employees as it eliminated
routes to Atlanta, Miami and Los Angeles.

Fetal pei oe pep co

award. If so, call us on 322-1986 and share

your story.





Badash C




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has

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Fax: (242) 393-4096 swrRelysbohamas.com

rystal
Arc Glass & C
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rystal

me

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Handbags
Picture Frames
Artificial Flowers
Gift Baskets

from Max’s

April 30th-May 8th, 2010












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at ae
Miia)
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are Over!

e
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Now open 7am

*Except on net items



PAGE 12, FRIDAY, APRIL 30, 2010

THE TRIBUNE



Pa
Disturbing repetition and no movement ahead:
Is the Bahamas trapped in its own prison?

YOUR SAY



TENT SAL
Upto
75°00

Selected Shoes

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By IAN BETHELL
BENNETT

ON READING the Tribune
recently, I had to ask myself,
what have we been doing over
the last year or so since signing

3 DAYS
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Thursday,
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Saturday
APRIL
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MAY 1

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The Bahamas Electricity Corporation
invites the public to a

MEETING

PROPOSED TARIFF
ADJUSTMENTS

Friday, April 30, 2010 at 7:00pm
§.C. McPherson Junior High School,





on to the EPA. Between a few
articles, one on the fate of
South Ocean and the other on
the fact that our education sys-
tem is in the sewer, it became
clear that neither government
nor community really sees the
importance of getting ready for
this new way of life.

Therefore, the Bahamas
seems poised to be obliterated
by our competition. Sadly, one
thing is for sure with trade
agreements — they are here to
stay. We can talk about them
today and forget about the
tomorrow, but just because
they are not on the talk shows
and TV anymore does not
mean that they are not occur-
ring as usual. We as Bahami-
ans seem to forget that. We
think, or seem to at any rate,
that the world moves to our
drummer. It doesn’t. The
world is leaving us far behind.

The articles to which I
respond are “The Bahamas in
‘last place’ on the EPA prepa-
rations’, ‘Government pledges
support on trade deals’, both
by Chester Robards; ‘Extreme
concern on $867m project’s
woes’ by Neil Hartnell — which
all speak to the article ‘Fiscal
deficit grows by 14% to strike
$139m’.

The other thing that is
apparent, is our lack of caring
about the situation we find
ourselves in. People seem
astonishingly numb to the fact
that we are in such poor fiscal
shape as a country, and that
the possibility of many young-
sters finding jobs when they
leave school is almost nil.

How have we got to this
point? As I have pomted out in
earlier commentaries, a trade
competitive country needs to
have an educated workforce.

Greg Ebelhar, as quoted in
Mr Robards’s article, said that
40 per cent of public high
school graduates are function-
ally illiterate, and that the
country is not going to grow
“because we have no future
ahead of us”. And there is the
rub. We cannot grow with 40
per cent of our graduates from
government schools not really
being able to read or write, and
certainly not being able to do
so to a standard that would
make an potential employer
want to give them a job.

Governments are constantly

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talking about growing the
country, the economy et
cetera, but the obvious is nev-
er mentioned; how do we grow
with such an abysmal educa-
tion record? In order to com-
pete in the global market we
need, to repeat the main point
once again, an educated popu-
lation. Clearly and painfully,
we do not have that.

So, where will global com-
panies go? Why not develop
bases in countries with edu-
cated populations, like India,
where wages are also lower
than they are here. And this
then leads to the logical con-
nection, what is government
doing to fight illiteracy and
prepare the country for the
EPA or even the future?

It seems that government,
not political parties, but the
system of government as a
whole, in spite of who is in
power, has done little or noth-
ing to prepare the country for
the future.

As all the articles intimate,
our legislation is poorly lacking
and this opens the country,
especially the government, up
to legal action from companies
and governments alike for not
observing intellectual property
rights.

But we have known this for
years and nothing has been
done, nor does there seem to
be the political will to do any-
thing, to be proactive in the
face of such a hostile future.

To be sure, the Bahamas has
lost a great deal of its business
and so jobs which means that
the economy will shrink. How-
ever, governments are con-
stantly and continually insisting
that employment is being cre-
ated. But, what kind of jobs
are replacing the ones we lose?
Are these permanent or tem-
porary, high-paying, or low-
wage jobs? Most of the new
jobs seem to be limited to the
construction arena and once
the initial growth spurt is over,
those jobs are gone. That
means they are temporary and
often low-paying jobs. A coun-
try cannot live by low-paying
jobs alone. Where will the pro-
fessionals go?

In an overall analysis of the
situation:

¢ Government has done
almost nothing to prepare for
what they knew was coming.

¢ Education has worsened
over the last few years instead
of getting better as government
has argued it was.

¢ Frustration, anger, crime
and violence will continue to
grow as a direct result of low
employment rates, low-paying
jobs, lack of education and no
opportunities.

¢ These factors have an
impact on the social, econom-
ic and political life of the coun-
try which in turn encourage or
discourage future investment.

¢ Trade will not come to
countries that are unprepared
for it.

¢ The country cannot pull
itself out of this hole without
changing almost every aspect
of its development plan.

¢ The fiscal deficit will wors-
en as the economy shrinks.

¢ With no jobs, or high
unemployment, loans will con-
tinue to go unpaid and banks
will lose money, charge more
for services and stop lending.

¢ Large companies will con-
tinue to flee our shores if gov-
ernments do not pay attention
to trade and making trade
deals.

Government has continued
to sell off large swaths of land
to foreign concerns without
putting any real protective
measures in place. Investors
can flee and leave a mess that
the country will be left to clean

up.

Such is life in development.
But if the public does not
demand more, then nothing
more will be given. It seems
clear that the Bahamas is set to
fall further and further behind
its competitors under its cur-
rent structure. What does the
country plan to do with all
these illiterate high school
graduates? We seem stuck in a
prison of our own design. Is
there any way out?

¢ Jan A Bethell Bennett is an
Associate Professor in the
Department of English at the
University of Puerto Rico. He
specialises in cultural studies,
Caribbean literature and litera-
ture of the British Common-
wealth. His research interests
include youth, masculinity,
HIV and gender-based violence
and trade.

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THE TRIBUNE FRIDAY, APRIL 30, 2010, PAGE 15

LOCAL NEWS

PLP denies being unable
to Keep website running

Credit Suisse Brazil (Bahamas) Limited

Notes to Statement of Financial Position
December 31, 2009

fier eco of DLE oodles)

10) Borrowed funds

FROM page one porate the views and opinions of the
aaa pag Bahamian people through our revolution-
Bocrawed fands with related portion 1,518,997 ty news. ary section called Have Your Say. While

Credit linked aves. 159.214
Deposits from banks Lana

Teal LSBs

(Cn fiona of LS dollars!

Perical frome balaace sheet dole to contractual matunty doe:
Up do 3 menths | 485 677
2 - 12 months £1, Lz
1-4 yoann 101 61
Over 5 years 1200

Taal Lobe Gen

The Company's borrowed funds with related parties consi of ghom-term collateralized financing
inmaaclioes, carried af aneetized cost with fined imeres nies rangmg from 0.24 % w 0.30%
(2008. = LED io 4.21) per ance.

(Credit Linked moles ore shori and long-term obligations of the Company. The redemplion of the
nglet it lmbed io ene or mipre debt inginaments of leata “Reference Instrument”) med by
corporate isseers or borrowers (Reference isueris}"), The Company's obligation to redecm the
oles kcondticdal apie ihe nor-occurrence of a hunmber ef event, sack as a poymicee defaule by
a Reference Lesuer in respect of a Reference betrument or certain other debt obligations. oF a
probibilion of peinclion on the coereertibalty of ihe Referee Inetruiment

The redemption valve of the noes may also be sutgoct io adjusimen! for, among olber things,
changes ma Reference Iasuer"s country, imeluding lox change.

The effective inferes! on these notes it based on the Reference Instrimenis and period to
ceaarity

Sharcholder's equity

The wathorized, isued umd fally paid share capiial of he Company amounis we USS 70,000,
@rvided into 7 million common chares of U5 1,00 each

Capital! saeagemeny

The Central Bank of the Bahamas requires all Bonds co mmoiniain o capiial adequacy roils of at
least E percent of risk weighted assats af all ties. The capital adequacy ratio is calculaied by
dividing the Baak's eligihke capital bese by ils cik-ereighind) exposures. The Hank uses
regulaiory guidelines: ea the basis for the calculation of the ratlo. There hawe been mn rmevterial
Ginges in the Bank's memagemerndt of capital daring the pear,

The Company's objeciives when managing capital, which io breeder osncepe than ‘eqqty” on
he fen of the solemn of finance) position, are:

To comply with the capital requirements set by the Central Bank of The Bahamas (the
‘(Central Hank’;
Tosafeguard the Company's ability to contiaue as 2 poimg comeenn so that it cam continue to
peowide petures fir ite shareholders stad benef with puidelines combed by the Central
Bank

. Tormalniain a strong capital base to support the developmen of its busimess

Capital adequacy and the we of regulatory capinal are mositored by ihe Company's management,
employing lechniques designed Io ensure compliance with poidelines established by the Central
Bask, The reqeered informatern ia filed with the Central Rank on @ cpearterly beagis,

The Bank hee complied with thie pegelatocy impored capital requirements throughout the year.
Fair vale disclosure of financial insiruments

Fair value eslimaies ape made at a specific poi in Gime, hase) om marker conditions and
information of financial instruments. These estimates ore sabjeciive in nature and involve
unmterbiniiet and ceiers Of significant julgment and therefore, cannol be determined with
precision. Changes in asumpioons could significantly affset the estimates,

Management extimabes deel the teal fpir walee of financial eesets and bohbilities carried a1
Aantal ens Go nec dite: freertally Trem Gass carrying valu: given thal average effective
interest mies approximate the curment inierest ries available io the Compary for boats ate
Placements and adler’ by the Company for deposi! lishilitees with colar matorities.
Management does oot conser there to be 0 significant difference berwees the fair vase of
Cireencial agsety ard lisbilitice corres’ al amortiend cost and their carrying value. The method of
determinang fair value of Conmemcial asses ane lebelines i described i nites 26 and 20

Related partiea
Fanlaied panties of the Oredic Subse Brazil (Bahamas) Limited iecloded Cred Suisse Securities

(Eurepe) Lid, Crechit Semens Intermatsonal, Credit Sumse, Ag Neca Branch, Credit Suisse, Ag
Leadon Bromch, Credit Sunse, Coyman sland Reanch are! Credit Sees LLC.

(in thonsords of DLS ciple!
Asbet and liabilines ariimag freee trantectiona wall related. parthes are os Sol loves:

ea

Agerts

‘Cash and cosh equivalents

Placements with bunks

Detia ve Fisermaccal i mevbrinecets

Receivables from brokers, dealers, clearing
Orgeeical ire feed) custo

‘Other assets

Total Ba,

Linbilities

Eeerrowed Feds 1536, 143 1b 00
Derivative financial inrumnents: 202,695 24ba1T
Depost: bom ceiemers Lo
Payables to brokers, dealers, clearmg
alls ead cuviceners aa7 1342
Other lesbalities: _ 2258 350
Laba 588

Teowal 1,842,173

However, the PLP maintains that their
websites are up and running despite expe-
riencing a disruption to access by users for
“half a day” starting Wednesday, April
28th, in the afternoon to around 7 pm of
the same date.

“The former Vice Chair responsible for
the registration of the domains was unable
to access the account in time to avoid a
disruption to access. The notice on the
placeholder said that the site’s URL had
expired on April 22, 2010, however, con-
trary to Mr Bethel’s misleading statement,
the site remained active and viewable until
noon April 28th because the domain com-
pany provides that grace,” the party said.

The PLP continued that their official
party website remains “by far” the most
widely read website of any political party in
this country.

“Our website is updated on a daily basis
with not only Parliamentary related items
but also innovative content. It is laughable
that the Free National Movement would
try to characterize their website as a trend-
setter when the facts do not support this.

“The PLP’s website predates the FNM’s.

“As a matter of fact, tt was the FNM that
sought out the developers of the PLP’s
website and based their current site on our
upgraded site. We were the first to incor-


























the FNM can only muster a few hundred
pages of comments, Have Your Say has
amassed over 3,170 pages of comments.

“This section has allowed Bahamians the
opportunity to comment freely about mat-
ters relative to our party and country with-
out the heavy censorship found on the
FNM’s website. One need only ask a diffi-
cult question or criticise the government
to find out how free the FNM is with their
website. Our party’s website was the first to
feature a regular live web chat with our
Party Leader responding to the questions
and views of the Bahamian public.

“Our website was the first to provide live
video streaming coverage of political rallies
and meetings both in New Providence and
on several of the Family Islands. Our web-
site was the first to provide live video
streaming of our leader, Perry Christie
interacting with viewers and being inter-
viewed.

“Our website was the first to stream a
live debate between candidates vying for
National Party offices and did so from
Freeport, Grand Bahama. Our website was
the first to stream from start to finish, a
National Party Convention.

“The FNM has always followed the PLP’s
lead with regard to the Internet,” the par-
ty said.

Teacher accused of
having unnatural
intercourse to stand
trial in Freeport

FROM page one

former art teacher at the Eight Mile
Rock High School, between January
1, 2002, and June, 2007, while in
Grand Bahama, had unnatural inter-
course with a male under the age of
18.

It is further alleged that between
September 1, 2001, and February 28,
2007, also while in Grand Bahama,
Birbal had unnatural intercourse with
another 18-year-old male.

Birbal pleaded not guilty to both
charges in Supreme Court yesterday.
He informed the court that he will
consult with his attorney Carlson
Shurland and give notice in 21 days if
he intends to present evidence in sup-
port of an alibi.

Mr Shurland was not present in
court yesterday. Terry Archer
appeared on behalf of the Attorney
General’s Office.

The date of May 10 has been set
for the commencement of Birbal’s

trial in Supreme Court.



The above ierecligns were ads iy the ordinary course of besiners and om substantially the
sume berms, rates, and amcanis usally charged in the eamket on the dates of the operons
conskiering (bm back of risk

Commitments related to loans and advances

Ag at December 21", 3000 the Company's commitments related te loang and advances were in
the total ameoent of USS 75.65) (2008 - WES ee









ona complete bathroom set for

Mt S337 G8 aut
7 ctr dn ae

includes porcelain 19° round
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LEGAL
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THIS SATURDAY
MAY dst at our
LIVE REMOTE
on LOVE 97 Gar - 12 regee
Dear vias cel on Lh
le-Sters SPECIALS
and GIVEAWAYS
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The Tribune’s Sales Department

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Open: Mon to Fri 7am - 4pm * Sat 7am - 3pm



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THE TRIBUNE

Geographical Analysis of Assets and Liabilities

The Group’s assets and liabilities may be analyzed by geographical area, based on the
domicile of the counterparty, as follows:

2009 2008

$ $

246,056
18,623,965
112,707,092
391,442

Assets;

Latin America

North America

Europe

The Bahamas & Caribbean

290,192
13,708,496
147,103,938
9,364,494

131,968,555 170,467
91,242,491

Liabilities:

Latin America 132,821,257

Europe 530 -
North America
The Bahamas & Caribbean

13,784
3,966,590

25.223,395

430,241

133,251,498

Maturities of Assets and Liabilities

The Group’s assets and liabilities may be analyzed into relevant maturity groupings,
based principally on the remaining period from the consolidated statement of financial
position date to the contractual maturity date, as follows:

2009 2008
$ $
Assets:
Demand and less than three months
From three to twelve months
From three to five years
Over five years

112,952,378
18,946,527

169,538,963
582,139
276,996

69,022

170,467,120

69.650

131,968,555

Liabilities:
Demand and less than three months
From three to twelve months

92,048,373
— 3,175,022

95,223,395

132,462,627

—_ 788.871

133,251,498

Related Party Balances and Transactions

Related parties include: i) key management personnel, including directors; ii) entities that
have the ability to control or exercise significant influence over the Group in making
fmancial or operational decisions; and iii) entities that are controlled, jointly or
significantly by parties described in i) and ii).

Other balances with affiliates included in this consolidated statement of financial
position, but not separately disclosed elsewhere, are shown in the following table:

2009
$
Consolidated Statement of
Financial Position:
Cash and demand deposits
with banks
Time deposits with banks
Customers’ deposits

- 7,192,601
112,753,236 147,150,056
13,784 =

Lease Commitment

The Bank has a commitment under a non-cancellable operating lease agreement relating

to its offices that expires on 31 January 2010. The future aggregate minimum lease
payments under the non-cancellable operating lease are as follows:

2009 2008

$ $

Not later than 1 year 24,512
Later than 1 year and not later than 5 years -

294,144
24,512
=24,512 318,656

Pension Plan

The Bank has an independently administered defined contribution plan covering all full-
time employees. A defined contribution plan is a pension plan under which the Bank
pays fixed contributions in a separate entity. The Bank has no legal or constructive
obligation to pay further contributions if the fund does not hold sufficient assets to pay all
employees the benefits relating to employee service in the current and prior periods.

All full-time employees who have completed a probationary period of employment are
eligible and required to become members of the plan. Members are required to
contribute, by way of monthly payroll deduction, from one percent up to a maximum of
six percent of their eligible earnings to the plan. The Bank in turn contributes an amount
equal to six percent of the member’s eligible earnings to the plan. Members have a fully
vested interest in the Bank’s contributions after five years of continuous service.

Financial Risk Management

The Group’s activities expose it to a variety of financial risks and those activities involve
the analysis, evaluation, acceptance and management of some degree of risk or
combination of risks. Taking risk is core to the financial business, and the operational
risks are an inevitable consequence of being in business. The Group’s aim is therefore to
achieve an appropriate balance between risk and return and minimize potential adverse
effects on the Group’s financial performance.

The Group’s risk management policies are designed to identify and analyze these risks, to
set appropriate risk limits and controls, and to monitor the risks and adherence to limits
by means of reliable and up-to-date information systems. The Group regularly reviews
its risk management policies and systems to reflect changes in markets, products and
emerging best practice.

Fiduciary Risk

The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in
carrying out certain mandates in accordance with the wishes of its clients. To manage
this risk, the Group takes a very prudent approach in its fiduciary undertakings.

Credit Risk

Credit risk arises from the failure of a counterparty to perform according to the terms of
the contract. From this perspective, the Group’s exposure to credit risk is primarily
concentrated in demand and time deposits with banks. The deposits are mainly in United
States dollars and placed with recognized international banks.

Interest rate risk

Interest rate risk is the risk that the fair value or cash flows of a financial instrument may
fluctuate significantly as a result of changes in market interest rates. The Group’s
exposure to fair value interest rate risk is minimal as the relevant financial instruments
are usually at interest rates which frequently reset to market rates, and it considers the
cash flow interest rate risk to have a minimal impact on its profitability.

Liquidity risk

Liquidity risk is the risk that the Group might not have the necessary liquidity to meet its
contractual obligations. The Group’s policy is to maintain a favourable ratio of liquid
assets to financial liabilities as indicated in Note 8.

Fair Values of Financial Instruments

Fair value estimates are generally subjective in nature and are dependent upon a number
of significant assumptions associated with each instrument or group of similar
instruments, including estimates of discount rates, risks associated with specific financial
instruments, estimates of future cash flows and relevant available market information.
Fair value information is intended to represent an estimate of an amount at which a
financial instrument could be exchanged in a current transaction between a willing buyer
and seller engaging in an exchange transaction.

The methods and assumptions used to estimate the fair values of the Group’s financial
instruments are as follows:

Due from banks. The fair value of cash at bank and time deposits placed on relatively
short terms is their carrying value.

Other Financial Instruments. Other financial instruments utilized by the Group are
generally limited to those types of financial assets and financial liabilities shown in the
consolidated statement of financial position.

The carrying amounts of these other financial instruments are considered to approximate
their fair value, given that they are either short-term in nature or have rates that
automatically reprice to market on a periodic basis.





LOCAL NEWS

eae et x 1

DETECTIVE CONSTABLE Darrington S$
(centre) and lawyer Romona Farquharson yesterday after the inquest.

FRIDAY, APRIL 30, 2010, PAGE 17

ands walks with his partner Detective Corporal Kelsie Munroe







‘|





Officer who killed Brenton
Smith to return to duty

FROM page one

However, he said DC
Munroe will now be wel-
comed back.

“Now that the matter has
been disposed of by the
courts we are looking for-
ward to him resuming his
duties,” Mr Hanna said.

The police officer declined
to comment on the inquest
verdict yesterday, however
his attorney Ramona Far-
quharson said they were
pleased with the outcome as
it indicates her client did
nothing wrong.

“It’s been quite a rough
trial, particularly for Mr

Munroe,” Ms Farquharson
said.

“He’s now quite relieved
that it’s over and he can
move on.”

She described her client
as a productive individual
who will now press on with
his law studies and sit exams
today.









‘Its a slap
in the face’

FROM page one

ber, the family hit out at the
verdict.

Brenton’s father Hector
said: “It’s a slap in the face
for the whole Bahamas, not
just us, to say it is OK to gun
down an innocent teenager
for absolutely no reason.”

He said the circumstances
of his son’s death should
have been heard in a crimi-
nal court rather than a coro-
ner’s inquest, and he intends
to meet with his lawyers
today to explore how he
may take the matter further.

“We are distraught,” Mr
Smith said.

“However, the facts are
the facts, the truth came out,
and this is a further indica-
tion of exactly what we have
to pursue and reflect on in
terms of our system of jus-
tice in the Bahamas.

“The truth is Brenton was
an innocent Bahamian and
we have a number of per-
sons who believe that any-
thing any law official does
is okay.

“They want to say that
our son Brenton is a statistic
and it’s okay for him to be
killed by any means to curb
crime in this country.

“This is wrong.”

Mr Smith’s wife, Rosetta,
mother Shirley, relatives and
friends comforted each oth-
er as they cried outside the

coroner’s court in Victoria
Gardens yesterday.

DC Munroe declined to
comment on the verdict as
his attorney Ramona Far-
quharson said they were
pleased with the result.

“We do feel it was the cor-
rect verdict, having consid-
ered all the facts, as it clear-
ly indicates officer Munroe
did nothing wrong,” Ms Far-
quharson said.

“It’s been quite a rough
trial, particularly for Mr
Munroe.

“He’s now quite relieved
that it’s over and he can
move on.”

The attorney said DC
Munroe would now press on
with his legal studies and sit
law exams today.

She said he would not
apologise to the teenager’s
mourning family as it was
Mr Smith’s actions that pro-
voked DC Munroe’s use of
lethal force.

The coroner had asked
the jury to consider the ver-
dict of manslaughter by
means of excessive force if
they were certain he had act-
ed in self-defence and used
excessive force, of
manslaughter by gross neg-
ligence if they did not doubt
DC Munroe should have
taken more care before
shooting Mr Smith.

An open verdict would
have been accepted if jurors

were unable to reach any
other conclusion.

The self-defence verdict is
based on the balance of
probabilities rather than
beyond reasonable doubt.

Jury forewoman Patrice
Farrington said: “The jury
unanimously agreed the
actions of officer Munroe
were of self-defence and his
action was of reasonable
lethal force because he was
in fear for his life.”

Coroner’s court marshall
Cheryl Grant-Bethel from
the Attorney General’s
office sympathised with the
difficulty of the jury’s deci-
sion.

“Any verdict of the jury
is always just,” she said.

“T think it was a difficult
decision for them to make
because you have a police
officer acting in the course
of duty and it’s not always
easy to decide when to use
force and when to not.”

Mrs Grant-Bethel would
not comment on whether
she thought there was
enough evidence for crimi-
nal charges to be filed as she
said that is a Separate issue
for the Attorney General,
and something that will have
to be reviewed.

A website established in
Brenton Smith’s memory
can be accessed by logging
on to: www.thebrenton-
foundation.org



THE TRIBUNE

’

/
5





Knowles,

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



TOUGH times continue for
Mark Knowles and his carousel of
doubles partners as his latest tour-
nament outing resulted in an early
exit.

Knowles and Bruno Soares of
Brazil fell in an exciting three set
thriller in the opening round of the
Internazionalli BNL D’Italia in
Rome, Italy.

After a first round bye, Knowles
and Soares were upset by the
home grown Italian pair, Simone
Bolleli and Petito Soares, 6-3, 7-
6, 10-3 in the final match of
evening.

Bolleli and Soares will advance

FRIDAY, APRIL 30,

PAGE 18
r
‘FZ

2010

ooares

Duo falls to
Italian team
in three sets

to face another upset minded team
in the quarterfinals when they
square off against Pablo Cuevas
of Uruguay and Juan Monaco of
Argentina.

Cuevas and Monaco, unseeded
in the draw, pulled off the tourna-
ment’s biggest upset when they
topped the number one ranked
team of Daniel Nestor, Canada,
and Nenad Zimonjic, Serbia, 6-2,
7-6.

The Bahamian Brazilian duo fell



behind early in the opening set and
struggled to recover and challenge
the advantage.

The Italian pair held slight
advantages in service points won
with MK/BS netting, 11-15 and
SB/PS netting 14-19.

Second serve points followed
suit with SB/SP winning 6-7 while
K/BS managed just 4-7.

Neither team managed to save a
break point but the Italians held a
sizeable advantage on return
points as they won 43 percent of
second return points while MK/BS
won just 14 percent.

The second set was a see-saw
battle with both teams going on
timely streaks and taking control.

Knowles and Soares jumped out
to an early 2-0 lead in the second













set, but that advantage would be
short lived as Bolelli and Starace
rallied to take a commanding three
set lead after they won five con-
secutive games.

Trailing 5-2 and on the brink of
elimination, Knowles and Soares
reeled off three winning games to
tie the match at 5 games apiece.

The Italians regained a 6-5
advantage but Knowles and Soares
regained momentum to complete
the comeback and take the fol-
lowing pair of games.

The Bahamian-Brazilian pair
had a more successful set from a
Statistical aspect as they took 67
percent of total service points and
43 percent of total return points
won whereas their opponents took
57 percent of service points and

lose in opening round thriller

33 return points.

Bollelli and Starace made quick
work in the third and final set.

They dominated in service
points won as they took 5-7 for 71
percent while Knowles and Soares
were just 1-6 for 17 percent.

The same held true for return
points as SB/PS took 5-6 for 83
percent while MK/BS were just 2-
7 for 29 percent.

Knowles has been ousted from
his last two tournaments by the
Nestor and Zimonjic pair.

At the Monte Carlo Masters
alongside Soares he fell in the
quarterfinals 6-2, 6-7, 10-6 and in
Barcelona last week, paired with
Lleyton Hewitt, Knowles lost 4-6,
6-3, 10-6 to the ATP Tour’s second
ranked team.



Bail, Carey still

making their mark

In AAU circuit

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



ALTHOUGH April is closed to :
NCAA coaches, the summer AAU }
circuit is in full swing for prospective :
underclassmen around the United :
States and a pair of Bahamians con- ;

tinue to make their presence felt.

Wannah Bail and Michael Carey :
continue to impress scouts nation- :
wide with their latest performance at :
one of the most popular AAU tour- :
naments in the Southern U.S, the :
Verizon Real Deal at the Rock, held :

in Little Rock Arkansas.

The duo continue to improve the }
stock and Bail has received particu- :
lar recognition for his efforts andis :
staking a claim as one of the true :
blue chip prospects in the class of :

2012.

ented Franchize All-Stars team.

Bail was heralded for his length, :
shooting touch and advanced ball :
handling abilities for his size along :
with his ability to play both forward :
positions, drawing comparisons to :

Lamar Odom.

Carey, at 6’5”, has been pegged as
a combo guard with improving :
potential if he develops into a “legit- :

imate point guard.”

The Franchize All Stars lost in an :
all Texas final at the finale of the ;
tournament when they fell to the ;

Dallas Mustangs, 101 - 90.

The Mustangs were led by top 10
recruit for the class of 2011, star for- :
ward LeBryan Nash, who posted 25

points and 10 rebounds.

The All-Stars were led by DeAn-
gelo Harrison wh finished with a :
game high 47 points, including six :

three pointers.

Bail finished with 14 while Carey

added 11.

Mavin Saunders, the most recent :
member of the Frank Rutherford :
Elite Development Program saw :
limited action at the tournament but :
has also been noted as an up and :
coming player for the class of 2014. :

The 6’8” 210 pound forward was }
highlighted by internationally :
renown high school recruiting ser- :
vice, Rivals.com as the “most :
intriguing” player on a vastly tal- :

Theodore "Trae" Sweeting

A PAIR of young Bahaians are having out-
standing varsity high school seasons in new sour-
roundings at schools based in the United States.

Theodore "Trae" Sweeting of the Junior Base-
ball League of Nassau and Jervis "Champ" Stu-
art of the Bimini Baseball have shown early signs
of stardom thus far for Christ School in North

Carolina.

Both have reached noteworthy marks in top
statistical categories for the Western district of

North Carolina.

Sweeting is third in hitting with a batting aver-
age of 552 while Stuart is 14th with an average of

484.

batting average of .553

North Carolina.



Both are aMongst the top 10 in stolen bases as
Stuart ranks seventh with nine and Sweeting
ninth with eight bases stolen.

After 13 games, Sweeting is on pace to break
the Underclassman Record of the Western North
Carolina Region for High School Baseball with a

Had the 3rd best batting average in Western
North Carolina HS Baseball (3A Baseball), the
highest state ranking for baseball in Western

He also leads the Christ School Greenies in

Young Bahamians standout in US high school baseball



ATAU CHET] OMS vO Ua

batting average, Mos hits, slugging, on base per-

centage, is second in runs batted in (RBI) and
stolen bases and is tied for home runs.

Stuart has received numerous scholarship
offers and has possibility to be drafted out of
high school for the 2010 MLB Draft.

He leads the Christ School Greenies in runs

scored and stolen bases.

Both players are looking forward to competing
in the upcoming "8th Annual Andre Rodgers
National Baseball Championship" scheduled for

June 3rd through 6th 2010 in Freeport, Grand

Bahama.



Lundy and Rahming deserve some national recognition

By BRENT STUBBS
Senior Sports Reporter



WITH the pre-retirement of Mar-
tin Lundy and Frank ‘Pancho’ Rah-
ming, the Ministry of Youth, Sports
and Culture has already gone into a
transformation with the replace-
ments of their director and assistant
director of sports.

Although he was not formally
introduced to the public in that
capacity, senior sports officer Kevin
Colebrooke has been elevated to
the post of acting director of sports,
while Grand Bahamian Burrows will
assume the responsibility of assis-
tant director for Grand Bahama
after an announcement last week.

Not two bad choices, considering
the fact that there were quite a num-
ber of names tossed around in
recent months as to who will emerge
as the replacements for Lundy and
Rahming.

And rather than just concentrat-
ing on New Providence, the min-
istry is paying more attention to
Grand Bahama where there is just

a

as much a hub
of sporting
activities and
facilities.

I’m sure that
whoever was
responsible for
the final selec-
tion deliberated
long and hard
before settling
on the two
names.

Both take
over roles at
the ministry
that were somewhat low-keyed in
the fact that neither Lundy or Rah-
ming cared to be in the forefront.
They both preferred to do their jobs
behind the scenes.

It will be interesting to see if their
replacements follow suit, or they
continue to be more visible in their
duties that they performed prior to
taking up their new roles within the
ministry.

In recent years, Colebrooke func-
tioned as the manager of the Betty

STUBBS





OPINION

Kelly Swim Complex and he was
actively involved in having a number
of international college and club
teams come in from the United
States and Canada to train.

Burrows, on the other hand,
worked diligently as an executive in
a number of sporting bodies in
Grand Bahama, most notably base-
ball. So like Colebrooke, he brings a
wealth of experience in sports to the
table.

Out of the names that had sur-
faced, it would have been good to
see one of the females, namely
retired Golden Girl and IAAF
council member Pauline Davis-
Thompson, Olympic long jumper
Jackie Edwards or even Oria ‘Big O’
Knowles, who currently serves as a
sports officer and has been one of
the most predominating figures in
multi-sporting events in the coun-
try, given a shot at one of the jobs.

The choices have been made and

now it’s just a matter of waiting to
see how these two men will func-
tion in the coming months.

But as they make their exit out
of public life, 11 would be good to see
some type of national event hosted
in honour of the contributions that
both Lundy and Rahming made to
our sporting community.

From the time he left St
Augustine’s College as the famed
track and field coach of the Big Red
Machine that produced such names
as Oralee Fowler and Maryann Hig-
gs and the senior boys basketball
team, Lundy has served as the direc-
tor of sports, a position he held for
more than 20 years.

During his era, Lundy was instru-
mental in the hosting of the defunct
Mychal ‘Sweet Bells’ Thompson and
Osbourne ‘Goose’ Lockhart Sum-
mer Basketball Camp and existing
Father Marcian Peters Basketball
Tournament.

And although many would be
quick to criticize and point out that
Rahming was basically more con-
cerned about track and field, he did

help to take the sport to an unprece-
dented level that 1s currently reaping
big dividends.

Among his claim to fame is the
hosting of the Ovaltine or Milo Pri-
mary School Track and Field Cham-
pionships, which will be hosted for
the 29th year May 19-21 at Thomas
A Robinson Track and Field Stadi-
um that served as the breakthrough
for a number of athletes who Rah-
ming went on to coach, including
Olympic star Debbie Ferguson-
McKenzie.

This year, the committee is hon-
ouring Rahming as this may turn
out to be the final year that he
serves as the meet director, now that
he’s in retirement mode. I’m sure,
however, that he will be back
because it’s hard to think about the
meet without Rahming.

Whatever happens as they move
forward, one thing is for sure, both
Lundy and Rahming deserve some
national recognition for the invalu-
able contributions that they gave to
the Ministry of Sports for more than
two decades.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM



TRIBUNE SPORTS

SPORTS

ma

Eagles sign OB
Kolb through
2011 season

FOOTBALL
PHILADELPHIA
Associated Press



THE EAGLES have
signed quarterback Kevin
Kolb to a one-year contract
extension that could keep
him in Philadelphia through
the 2011 season.

Eagles general manager
Howie Roseman made the
announcement in a state-
ment Thursday. Terms of
the deal were not disclosed.

"We're happy to have
Kevin under contract for the
next two seasons,” Eagles
coach Andy Reid. "When
given the chance, Kevin has
proven to have good com-
mand of this offense and
we're looking forward to
having him operate as the
No. 1 quarterback for the
Philadelphia Eagles.”

Kolb spent his first three
seasons with the Eagles

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“.



THIS APRIL 12, 2010, file photo shows Sacramento Kings guard Tyreke Evans
bringing the ball up court against the Houston Rockets during the second half of

FRIDAY, APRIL 30, 2010, PAGE 19

SPORTS

Tyreke Evans wins NBA Rookie of the Year

BASKETBALL
SACRAMENTO, Calif.
Associated Press



TYREKE Evans has won hundreds
of trophies in his young basketball
career and many of them seem to have
lost an arm, a basketball or some oth-
er piece in his mother's care.

Bonita Evans will have to wait to
get the NBA Rookie of the Year tro-
phy Evans won Thursday until some
safeguards are in place in the home he
is building her in Delaware.

"She's broken too many," Evans
said. "I probably have 400 trophies
and about a hundred of them broke.
I'd come downstairs and she'd try to
glue them back together but it was
too late. I didn't care about it. But
the main important trophies, we're
going to put them in a glass case for
her.”

Evans capped his fabulous rookie
year for the Sacramento Kings by
beating out Golden State's Stephen
Curry and Milwaukee's Brandon Jen-
nings for the coveted award.

Evans became the fourth rookie
ever to average at least 20 points, five
rebounds and five assists per game,
joining Oscar Robertson, Michael Jor-
dan and LeBron James in an exclusive
club.

"This is one of the awards I had a
goal of since I came into the NBA,
being rookie of the year,” Evans said.
"I'm proud it came true. It was one
of my dreams since I was little. I final-
ly had a chance for my dream to come

season at Memphis. Like Chicago's
Derrick Rose a year ago, that one
year at Memphis was enough to make
him Rookie of the Year.

He led all rookies in scoring at 20.1
points per game, was second in assists
at 5.8 per game and fifth in rebounds
at 5.3.

"After maybe the first week or two
in the regular season, the level of con-
sistency that he settled into was just
remarkable given his age and one year
of experience in college," Kings pres-
ident of basketball operations Geoff
Petrie said. "It was just fun to watch it
all unfold.”

Evans was the only rookie to appear
on all 123 ballots from a media panel,
getting 67 first-place votes and 491
total points. Curry was second with
43 first-place votes and 391 points,
with Jennings getting 12 first-place
votes and 204 points. Players were
awarded five points for a first-place
vote, three for a second and one for a
third.

While Jennings got off to a fast
start, scoring 55 points in his seventh
career game, and Curry finished the
season with a flourish, Evans was con-
sistently strong all season long.

Evans drew praise from around the
league, with Kobe Bryant calling him
a "grown man" when asked to assess
the rookie race after playing Curry
and Evans in successive nights in
March.

Evans’ performance this season
brought life back to Arco Arena,
where fans had grown disinterested
in recent years as the Kings struggled.

an NBA basketball game in Sacramento, Calif. Evans beat out Golden State's true."

behind Donovan McNabb,
Stephen Curry and Milwaukee's Brandon Jennings to win the NBA Rookie of the

Gulsieppedamahen Mow There was even a rally planned at a

abb was injured in the sea-
son opener last year at Car-
olina. The 2007 second-
round draft choice prompt-
ly became the first NFL
quarterback to throw for
300 yards in his first two
starts.

His emergence made
McNabb expendable, and
the No. 2 overall pick in the
1999 draft was traded to the
Washington Redskins ear-
lier this month for a pair of
draft picks.

When McNabb was
injured in the season opener
last year at Carolina, Kolb
showed he was ready. He
threw for 391 yards against
New Orleans and 327 yards
a week later vs. Kansas City.

—

me ail
Ben Roethlisberger





Roethlisherger's
police buddies
under scrutiny

FOOTBALL
PITTSBURGH
Associated Press

TWO off-duty Pennsylva-
nia police officers who were
working for Steelers quar-
terback Ben Roethlisberger
the night he was accused of
sexual assault in Georgia still
face internal investigations
that could cost them their
full-time jobs.

NFL Commissioner
Roger Goodell punished
Roethlisberger even though
a prosecutor declined to
charge him over the case,
saying the league's players
must abide by a higher stan-
dard.

In Pennsylvania — and
across the country — so
must police. That's why the
quarterback’'s police buddies
still face scrutiny for being
present when Roethlisberg-
er was accused of assaulting
a 20-year-old college student
at a Milledgeville, Ga.,
nightclub March 5. Internal
investigations will look at
more than just each officer's
actions related to the alleged
assault. They'll also review
questions such as whether
either officer provided alco-
hol to minors, or knew that
was happening.

The International Associ-
ation of Chiefs of Police
Code of Ethics says, "'I will
keep my private life unsul-
lied as an example to all,’”
said Thomas Martinelli, a
former Detroit officer-
turned-attorney who serves
as an expert witness on
police misconduct.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM

Year award, Thursday April 29, 2010.

Henin, Jankovic,

Stosur win at
Porsche GP

TENNIS
STUTTGART, Germany
Associated Press

JUSTINE Henin ignored a
broken finger to win her open-
ing match at the Porsche
Grand Prix on Wednesday,
ending a two-match losing
streak with a 7-6 (3), 6-1 victo-
ry over Julia Goerges of Ger-
many.

Defending champion Svet-
lana Kuznetsova was upset by
Li Na of China, who overcame
the third-seeded Russian 6-3, 7-
5.

Li needed three match
points to end a three-match
losing streak to Kuznetsova,
which included a loss in
Stuttgart last year at the same
stage. Kuznetsova, the French
Open champion, still has a 6-3
career edge.

"I was nervous at the end,
my heart was going 220," Li
said of her wasting two match
points.

Henin, a right-hander who
uses a one-handed backhand,
broke her left pinkie while
practicing for last weekend's
Fed Cup, where she played
and lost.

She had to save three set
points to beat Goerges and set
up a second-round match with
Belgian teammate Yanina
Wickmayer.

"Thad to change the splint,
but it's much better now,"
Henin said. "The pain is much
less, although it is still very
blue.”

Fourth-seeded Jelena
Jankovic of Serbia beat Gisela
Dulko of Argentina 6-2, 6-2,
and seventh-seeded Samantha
Stosur of Australia was a 6-2,
6-1 winner over Marion Bartoli
of France to remain unbeaten
in seven matches on clay this
year.

But fifth-seeded Agnieszka
Radwanska of Poland went
out against Shahar Peer in the
second round. The 20th-
ranked Israeli won 6-3, 6-7 (4),
6-2 after wasting a match point
before the tiebreaker in the
second set.

Henin, who came out of
retirement in January and
entered as a wild card, faced
three set points and saved
them all as Goerges, also a wild
card, caved under pressure.

Once Henin had won the
tiebreaker, she cruised.

"She was positioned to win
the first set, but I tried to stay
focused," Henin said. "After
that, in the second I started to
feel more relaxed and I was
more aggressive on the court.

"It's my fifth tournament, it
takes time. It's good to be play-
ing matches."

Henin, a seven-time Grand
Slam champion, reached the
final of her first comeback

tournament in Brisbane and
was runner-up at the Aus-
tralian Open. She lost to fel-
low Belgian Kim Clijsters,
another player who returned
from retirement, in the final at
Indian Wells and then lost to
Kaia Kanepi of Estonia in the
Fed Cup last week.

Eighth-seeded Wickmayer
beat Francesca Schiavone of
Italy 6-3, 6-3.

Jankovic succeeded Henin
in 2008 as Stuttgart champion.
She improved to 4-1 against
Dulko in her bid for a second
title this year.

"It was good for the first
match. Dulko is tough to play
on clay. I played a good first
set, but had a few ups and
downs in the second," Jankovic
said.

Lucie Safarova advanced
when Selima Sfar of Tunisia
retired with an ankle injury in
the second set.



Evans was the fourth pick in last
year's NBA draft after spending one

Sacramento mall on Thursday night in
Evans’ honor.







SERBIA'S Jelena
Jankovic returns
a ball during her
first round
match against
Argentina's
Gisela Dulko at
the Porsche
Tennis Grand
Prix in Stuttgart,
Germany,
Wednesday,
April 28, 2010.
The Porsche
Tennis Grand
Prix takes place
from April 26 to
May 2, 2010.



Daniel Maurer/AP Photo



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PAGE 20, FRIDAY, APRIL 30, 2010

THE TRIBUNE









MINISTER of Youth, Sports and Culture Charles Maynard (centre); president and CEO of NAD Craig

LOCAL NEWS

Vision Photography Photo Courtesy of NAD

Richmond and project manager from the Ministry of Youth, Sports and Culture and Angelique McKay
view the junkanoo piece “Dragon Fish” in the Lynden Pindling International Airport.

Junkanoo artwork goes on display at
Lynden Pindling International Airport

By ERIC ROSE

THE Ministry of Youth,
Sports and Culture, the Nation-
al Airport Development Com-
pany (NAD) and Cultural Expe-
rience Productions (CEP) have
partnered in the programme “A
Taste of Junkanoo”, bringing
junkanoo artwork to the millions
of travellers passing through the
Lynden Pindling International
Airport each year.

During a tour of the artwork
at the airport on Monday, Min-
ister of Youth, Sports and Cul-
ture Charles Maynard said his
ministry is excited about the
exposure of Bahamian culture
in general and, in this instance,
junkanoo.

“This is something that per-
sons have been advocating for a
long time,” he said.

“We found NAD to be very
cooperative and it took a small
commitment from our ministry,
in terms of resources, to make it
happen.

“Tt is a test project in the first
instance, but based on the ini-
tial success and the feedback, we
expect that this is going to be a
long-term venture where we
would be able to get the winners
from each of the parades to have
their pieces displayed for a peri-
od of time. It gives the exposure

to our national celebration and
causes people to, hopefully, want
to experience it in its full splen-
dour,” Mr Maynard said.

The installation of the
junkanoo displays took place on
March 15 and they will be up
until the end of May in the
Domestic Departures Lounge,
International Terminal/B Pier,
Bahamas Customs Hall and the
US Terminal C Pier.

Project manager from the
Ministry of Youth, Sports and
Culture Angelique McKay said
the programme was an exten-
sion of an earlier project that
was aimed at businesses dis-
playing Bahamian artwork, as
artists were seeking more spaces
and galleries to showcase their
talent.

She said NAD is big enough
in space and visitor traffic to
showcase even larger junkanoo
pieces.

“We met with NAD a few
times and they were more in
agreement to be able to accom-
modate the junkanoo artists and
to be in a position to be able to
rotate those pieces; so what that
does is it allows us to continual-
ly expose another area of the
culture of the Bahamas,” Ms
McKay said.

President and CEO of NAD
Craig Richmond said the part-

nership is in keeping with the
company’s cultural mandate and
the programme is sensitising vis-
itors to the Bahamian experi-
ence.

“We would like to keep doing
that (displaying junkanoo pieces)
in the future,” Mr Richmond
said. ‘““We will bring in some of
the most spectacular costumes
because we think that it is fun
for people to see that; most of
our visitors have never seen it
before — fun for Bahamians to be
reminded, but fun for people
especially here in the US termi-
nal who have never seen it
before.

“This is part of our art pro-
gramme. We have permanent
art, the commissioned pieces,
that are going in. We have rotat-
ing art, which will be artists
putting in their pieces for six
months behind glass. And then
we have aspects like this, where
you have a big junkanoo cos-
tume out where people can see,”
he said.

Mr Richmond added that
NAD would like to continue the
showcasing of Bahamian culture
in new and progressive ways.

“I would even like to see in
the future, especially in the new
terminal during times like Christ-
mas; I would like to see
junkanoo live,” he said.

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KFC Nassau

: ant ,
a WU



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JU
FT Be

Car rental
firm’s 35-
40% fall in
business
levels

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia. net





DOLLAR Thrifty car rental saw
35 to 40 per cent declines last year
in the Bahamian market, its gener-
al manager told Tribune Business
yesterday, after Hertz moved to
acquire its parent for $1.2 billion - a
move touted as being an immediate
revenue earner.

Norman Murdock said Hertz’s
eventual absorption of Dollar
Thrifty will not have an immedi-
ate effect on the Bahamian fran-
chises for both firms, though, as
the deal is still six months to a year
away from completion. “Right now,
everything is up in the air,” he said.
“The deal won’t be concluded right
now.”

According to Investopedia.com,
an investment and stock advice
website, the integration of the two
companies will not only produce
$180 million in savings for Hertz,
but will expand its share in the
leisure travel market. Hertz has tra-
ditionally been know to be a
favourite car rental company of
business travelers.

And while Mr Murdock said 30
per cent of his business in Nassau is
from leisure travellers, local rentals
account for 40 to 50 per cent. “We
are thankful for the local business
we have received,” he said.

Mr Murdock added that the
company was hoping to see a turn-
around in business this year after
suffering an extremely slow 2009,
due to the fallout from the global
recession, which triggered a signif-
icant decrease in stopover visitors
to this island. “Volumes just
weren’t there,” said Mr Murdock.

According to him, Hertz recog-
nized the benefit to securing the
leisure travel markets where Dollar
Thrifty currently holds market
share. Among those markets are
the Caribbean, Latin America and
Europe.

Investopedia.com suggested the
purchase of Dollar Thrifty will dri-
ve Hertz Global’s (NYSE:HTZ)
stock higher, and will be a incentive
for shareholder to continue to incu-
bate that particular nest egg. “I’d
hang on to the shares,” said
Investopedia.com.

THE TRIBUNE



©@
c
. nh e
ps a BNO,

FRIDAY,

APRIL 30,



2010

SECTION B ¢ business@tribunemedia.net

Living standards fell 0.3% per year, 02-09

By NEIL HARTNELL
Tribune Business Editor

he Bahamian econ-

omy and living

standards shrunk at

a rate of 0.3 per
cent per annum between 2002-
2009 “as a result of its narrow”
base, a Wall Street credit rat-
ing agency has concluded,
while surprisingly questioning
whether the Bahamas
Telecommunications Compa-
ny’s (BTC) privatisation
process had been “postponed”
yet again.

Standard & Poor’s (S&P),
in its full country report on the
Bahamas’ sovereign credit rat-
ing that was released this week
and obtained by Tribune Busi-
ness, raised questions about
whether the 2002-2007 period
- described as ‘years of plenty’



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED







* Wall Street credit rating agency says Bahamian per capita income
declined as result of ‘narrow economic base’ and recession

* Raises questions on BTC privatisation, saying government ‘postponed it yet again’

* Foreign direct investment expected to decline again in 2010 and not finance as
great a chunk of current account, hitting $600m in 2009’s first nine months

* Foreign reserves boosted by $300m bond issue, IMF rights

by the then-governing Christie
administration - actually deliv-
ered the major increase in
salaries/living standards for
most Bahamians that it was
supposed to have done.
Placing the Bahamas’ short-
term sovereign credit rating at
‘BBB+’, down from the previ-
ous ‘A-2’, S&P said: “The
Bahamian economy contracted
by an average of 0.3 per cent
per year on a capita basis from
2002-2009 as a result of its nar-

row economy and close eco-
nomic ties to the US.

“This lags the growth rates
of most peers, and is less than
the ‘BBB’ median average of
3.7 per cent growth. The weak-
er performance results from
several factors. These include
the adverse weather conditions
that the Bahamas, like other
Caribbean islands, is suscepti-
ble to; a lacklustre tourism
arrival performance over the
past few years; greater compe-

tition in the tourism industry;
and the global recession in
2008-2009. Medium terms
prospects remain subdued.”

Data released by S&P
reveals that the Bahamas’
GDP per capita, or income per
person, has been impacted
heavily by the global recession,
having not increased much
during the Christie adminis-
tration.

While GDP per capita rose
from $22,223 in 2006 to



By NEIL HARTNELL
Tribune Business Editor



Pilots association head suggests plans for all-tturbo prop



AIRLINE pilots yesterday criticised

fleet ‘incompatible’ with 30% tourist market share aim

Bahamasair’s proposed fleet restructuring
as taking the airline “back to 1991” and
converting it into a “regional turbo prop
carrier”, suggesting to Tribune Business
that the plans were incompatible with the
Board’s intention to increase market share
in the tourism travel category.

Emil Saunders, president of the
Bahamas Airline Pilots Association
(BALPA), told this newspaper that the
organisation was “not pleased” with the
fleet restructuring plan as presented to
them in a December 2009 meeting with
Bahamasair’s Board and its chairman, J.
Barrie Farrington.

He said the plan shown to them was to
replace Bahamasair’s two existing Boe-
ing 737-200 jets with four Q-400 turbo

prop aircraft, manufactured by Bom-
bardier, which recently trialled and pub-
licised them in Nassau.

The national flag carrier’s remaining
fleet, the five Dash-800s, were also to be
replaced by eight SAAB-340s - planes
that Mr Saunders said were currently
operated by Western Air, Sky Bahamas
and other privately-owned Bahamian air-
lines.

Effectively, Mr Saunders said the pro-
posal was to replace Bahamasair’s two
120-seat “straight configuration” jets with
four aircraft that had a much lower pas-
senger capacity, just 76 seats. And the 65-
seat capacity Dash-8s compared to just
33 seats in the Saab 340s, meaning that
passenger carrying capacity would be low-

ered for both models.

“We were not pleased with what was
presented, because in essence it takes
Bahamasair back to 1991, when they tried
going with an all-turbo prop fleet,” Mr
Saunders told Tribune Business. “They
reduced Bahamasair to a regional turbo
prop carrier in 1991, and were forced to
bring back the jet fleet.

“We felt this was taking the airline itself
back to a backwards situation. I thought it
was really disheartening, because in
March the chairman was talking about
Bahamasair taking a 30 per cent share of
the tourist market in this country. We feel
it’s a step backward by going back to an

SEE page 4B



$22,577 in 2007, the onset of
the global financial crisis saw it
fall back to $22,465 in 2008,
followed by a further contrac-
tion to $21,449 in 2009.
Bahamian GDP per capita is
predicted to ‘bottom out’ this
year at $21,433, before rising to
$22,099 in 2011 and $22,559 in
2012.

Meanwhile, S&P’s analysis
raised questions as to whether
it knew something the rest of
the Bahamas did not on the
status of the BTC privatisation
process.

The Wall Street credit rating
agency said: “The Government
hoped to receive $200-$300
million in proceeds from the
sale of a 51 per cent stake in
BTC in the first half of 2010
to alleviate financing needs.

“However, the Government
has once again postponed the
privatisation following seem-
ing disappointment with the
bids and prices offered at the
end of 2009. Plans have existed
to sell BTC since the first
Ingraham government, and
when it took office again in
2007, it cancelled the sale of

SEE page 4B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission |
from the daily report.







BTC forgoes $2-$3m

emo me lImesreeto.



By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Telecommu-
nications Company (BTC) will
give up $2-$3 million in rev-
enue per annum when it elimi-
nates charges imposed on its
cellular customers for receiv-
ing incoming calls, a company
executive telling Tribune Busi-
ness that the change would
occur “in a matter of weeks”.

Marlon Johnson, BTC’s vice-
president of sales and market-
ing, told this newspaper that
the 100 per cent state-owned
incumbent had now imple-
mented technology to differen-
tiate between incoming inter-
national calls to its fixed-line

FNM ‘stalled

* Carrier concerned on ‘equal
treatment’, arguing regulatory
burden ‘not as onerous’
on Cable Bahamas

* Wants regulator to reassess
policy on price ceilings,
promotions and bundling

and cellular subscribers,
enabling it to implement
changes required by the sector
regulator.

The elimination of incoming
call charges for its cellular sub-
scribers will also bring BTC
and, by extension, the
Bahamas, into line with other

SEE page 15B

’ economy:

S&P sticks to guns

By NEIL HARTNELL
Tribune Business Editor

A WALL Street credit rat-
ing agency has stuck to its guns
in finding that the Ingraham
administration’s 2007 review of
contracts issued by its PLP pre-
decessor “stalled numerous
investment projects”, helping
to drop real gross domestic
product (GDP) growth that
year to just 0.7 per cent.

Standard & Poor’s (S&P)
repeated the criticism it made
last year in its latest full country
report on the Bahamas’ sover-
eign credit rating, a copy of
which has been obtained by
Tribune Business. The report,
released late on Wednesday,

SEE page 11B

* Wall Street rating agency
alleges that economic growth
fell to 0.7% in 2007, after
$80m contract review
‘negatively affected investor
sentiment and brought
substantial disruption
to the contractors’

* Risks reigniting row with
Ingraham administration

* Unemployment predicted to
peak at 14.5% this year, but
remain in double digits
through 2012

* Prospects for $10bn worth

of tourism projects ‘more
subdued’, with Ritz-Carlton
Rose Island now ‘smaller scale’

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PAGE 2B, FRIDAY, APRIL 30, 2010

THE TRIBUNE



Greek debt crisis sends shudder through global financial markets

By TOMOKO A HOSAKA
and MARTIN CRUTSINGER
Associated Press Writers

WASHINGTON (AP) —
The Greek debt crisis sent a
shudder through global finan-
cial markets and served as a
dramatic reminder of how vul-
nerable the world economy
remains to the threat of a fast-
spreading financial panic.

To many, market develop-
ments this week served as a
spooky reminder of the fall of
2008 and the panic that spread
worldwide after Lehman Broth-
ers collapsed with disastrous
consequences in September
2008. “If people get scared that
Greece could default, they are
going to be scared that Portugal

will default and then other
countries. Once people panic,
they panic about everything,”
said David Wyss, chief econo-
mist at Standard and Poor's in
New York. “We saw that in the
wake of the Lehman Brothers
failure.”

The Dow Jones industrial
average was up 130 points in
late afternoon trading Thurs-
day, following overseas gains
in Britain, Germany and
France. Those market gains,
which followed big losses earli-
er in the week, came as Euro-
pean and Germany officials
sought to assure investors that
they were working quickly to
approve a bailout for Greece
with European Union mone-
tary affairs commission Olli

Rehn, saying he was confident
that talks on a bailout package
of support from European
countries and the International
Monetary Fund would be
wrapped up in a few days.

Underscoring the need for
quick solutions, the White
House released a statement late
Wednesday that President
Barack Obama and German
Chancellor Angela Merkel had
discussed the “importance of
resolute action by Greece and
timely support from the IMF
and Europe to address Greece's
economic difficulties.”

In Asia, while there are not
yet significant concerns about
the creditworthiness of the
region’s governments, big
economies like China and

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Japan still have much at stake.
Europe is an important export
market for Asia, and China and
Japan are among the biggest
investors in the debt issued by
the United States and Euro-
pean countries with holdings
worth billions of dollars.

Some lenders in the region,
meanwhile, are already fretting
that Europe’s problems will
chill the financial system, mak-
ing it harder for banks to bor-
row the short and long-term
money that helps fund their
own lending to businesses and
consumers.

There are also concerns the
turmoil in Europe could con-
vince China to delay any appre-
ciation of its currency — wide-
ly viewed as undervalued —
aggravating tensions with the
US and other trading partners.

A key meeting on this issue is
scheduled for May 24-25 when
Treasury Secretary Timothy
Geithner and Secretary of State
Hillary Rodham Clinton will
meet with their counterparts
for talks in Beijing.

Economists noted that the
debt problems hitting Greece
and other European countries
often occur after a financial cri-
sis. That is because govern-
ments borrow heavily to prop
up their banking systems, which
sends their own debt burdens
soaring.

In the current crisis, the Unit-
ed States has seen its publicly
held debt jump from 36 per
cent of the total economy in
2007 to 64 per cent this year.
That’s the highest level since
1951, when the country was still
paying off the debt run up to
fight World War II.

Debt levels of all developing

“Tf people get scared
that Greece could
SHI eR ayaa
going to be scared
that Portugal will

default and then other
countries. Once
Tere) b) Com DHNI Con
they panic about
everything.”
— David Wyss



countries are rising to levels not
seen over the past 60 years, the
IMF said in an economic survey
released last week. “The Greek
problem highlights a broader
problem across the globe,” said
Mark Zandi, chief economist
at Moody’s Analytics. “Gov-
ernments used their resources
to end the financial panic and
the Great Recession, but now
they have to figure out how to
pay for it.”

While the United States and
Japan, the world’s two biggest
economies, also have heavy
debt loads, they enjoy advan-
tages in financing that debt that
Greece does not have.

More than 90 per cent of
Japan’s debt is funded domes-
tically, putting the country at
low risk for capital flight and
servicing that debt remains
manageable because of low
interest rates.

Trinidad’s
Caribbean
Airlines to
take over
cash-strapped
Air Jamaica

KINGSTON, Jamaica (AP)
— Trinidad’s Caribbean Air-
lines will take over operations
of cash-strapped Air Jamaica
and its seven routes, retaining
1,000 employees, according to
aviation officials.

Air Jamaica will keep its
equipment and offices at the
airport, and the Jamaican gov-
ernment will have a 16 per
cent share in Caribbean Air-
lines, said Denis Lalor, chair-
man of Air Jamaica’s divest-
ment committee.

Flights to cities such as New
York, Fort Lauderdale, Flori-
da, and Philadelphia will con-
tinue, and Caribbean Airlines
expects to announce other
routes soon. All tickets previ-
ously issued will be honored,
Lalor said late Wednesday.

Government officials in
Trinidad will invest $50 mil-
lion in the airline following
the May 1 takeover, he said.

The Jamaican government
had set a March 2009 deadline
to divest Air Jamaica after it
accumulated roughly $1.3 bil-
lion in debt.

In 2007, the government
sold the Kingston-to-London
route to Virgin Atlantic, and
last year, the airline laid off
roughly 500 employees as it
eliminated routes to Atlanta,
Miami and Los Angeles.



Bad weather crimps BK Holdings Inc’s Q3 profit

By ASHLEY M HEHER
AP Retail Writer

CHICAGO (AP) — Bad winter weather
crimped fiscal third-quarter results at Burger
King Holdings Inc. But the nation’s No 2 burger
chain said a key sales measure rose in March
and it expects the trend to continue as diners

return to its restaurants.

Still, the company continued to lag its biggest
competitor, McDonald’s Corp. “The US econo-
my is showing mixed signs of improvement,”
Chairman and CEO John Chidsey told investors
during a conference call Thursday. “However,

as we move forward, high levels of unemploy-
ment are expected to remain the industry’s
biggest head wind. We believe the recovery will

be fragmented.”

For the three months that ended on March
31, the Miami company earned $41 million, or 30
cents per share. That’s 12.9 per cent below the
profit of $47.1 million, or 34 cents per share, it

posted a year earlier.

Revenue dipped one per cent to $596.9 million
from $599.9 million. Analysts surveyed by Thom-
son Reuters, whose estimates usually exclude
one-time items, predicted a profit of 29 cents
per share on revenue of $597.7 million.





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©2009 P&G







THE TRIBUNE

FRIDAY, APRIL 30, 2010, PAGE 3B



FamGuard suffers
26.5% profits fall

FAMGUARD Corporation
net income declined by 26.5 per
cent in 2009, dropping from
$4.899 million to $3.605 million,
as the increase in policyholder
benefits paid out - especially
for health claims - outweighed
the rise in premium income.

The BISX-listed life and
health insurer, which operates
as Family Guardian, realized a
net premium income increase
for the 12 months to Decem-
ber 31, 2009, of almost 10 per
cent year-over-year, recognis-
ing a $7 million increase over
2008.

According to the company’s
financial statements, report, it
generated $75.620 million in net
preium income for 2009, even
as policyholder benefits
increased some $14 million
year-over-year.

Total benefits paid out to
policy holders cited by the
report were pegged at $60.898
million, representing a 22 per
cent increase over 2008.

Benchmark suffers net loss
of more than $370,000

Meanwhile, Benchmark
(Bahamas) yesterday reported
losses of more that $370,000
fopr the 2009 full-year, though
showing comparatively better
figures than it logged the pre-
vious year, while net loss on
investments was more than
$820,000.

Benchmark realised net
operating income of $451,575
in 2009, compared to a loss of
425,607 in 2008. Expenses year-
on-year declined by 59 per cent.

According to a release put
out by the company, net con-
solidated losses for the compa-
ny were $371,859, and the net
realised loss on its investment
portfolio value was $823,434.

“Consolidated net losses of
$371,859 was contributed by
Alliance Investment Manage-
ment, $391,783; Benchmark
Advisors (Bahamas), $18,007;
and Benchmark (Bahamas),
$37,931,” the release said.

The firm cited the impact of
the global economic crisis as
the catalyst that drove the six-
figure loss.

“Our investment portfolio
suffered as concerns about the
impact of the global economic
recovery from the worst finan-
cial crisis since the great depres-
sion limited the recovery in the
share values both at home and
abroad,” Benchmark said.

“However, we believe the

worst is behind us and we
remain confident that once the
global economy fully recovers
our investment portfolio should
recover.”

Benchmark also announced
that is has completed construc-
tion of its new commercial cen-
tre at the intersection of
Carmichael and Fire Trail
Roads, and is finalising lease
agreements to garner rental
income. “Interest in leasing
commercial space continues to
be very high, and we foresee
full tenant occupancy by the
end of this fiscal year,” the
company said. It is hoping to
gain rental income from June 1,
2010, onwards.

More signs of improving US economy
lifts stocks for second straight day

By STEPHEN BERNARD
AP Business Writer

NEW YORK (AP) — More
signs of an improving US econ-
omy lifted stocks for a second
straight day.

The Dow Jones industrials
rose almost 130 points Thurs-
day after the Labour Depart-
ment said initial claims for
unemployment benefits fell last
week. First-time claims dipped
to 448,000, slightly above ana-
lysts' forecast of 445,000,
according to Thomson Reuters.

Dealmaking and strong cor-
porate earnings reports also
provided fresh evidence that
the US economy is healing.

Hewlett-Packard Co. said
late Wednesday it is buying

smart phone maker Palm Inc.
in an all-cash deal worth $1.4
billion. Acquisitions are a sign
that the economy is recovering
and companies are comfortable
spending cash to build their
businesses.

“Businesses are in a very
strong position financially,” said
Doug Lockwood, chief invest-
ment officer at Cornerstone
Wealth Management in
Auburn, Ind. Companies have
built up big cash reserves that
can not only go toward deals,
but also eventually to hire back
workers, Lockwood said.

Companies including
Motorola, Time Warner Cable
and Starwood Hotels & Resorts
reported earnings that topped
analysts’ expectations, as have

LEGAL NOTICE

NOTICE

International Business Companies Act.

MAXALEX CORP LTD

Notice is hereby given that in accordance with Section 137(4)
of the International Business Companies Act. (No. 45 of
2000) Maxalex Corp Ltd is in Dissolution.

The date of commencement of the dissolution is 26th June,

2009.

many other companies that
announced first-quarter results
in recent weeks. “It just seems
like the market is moving and
moving and nothing is going to
get in its way,” said Steve
Stahler, president of the Stahler

Group Inc. in Baton Rouge, La.

Over the past two days, the
Dow has recovered most of the
213-point loss it posted on
Tuesday in response to growing
concerns about European coun-
tries’ debt problems.

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) MARAMANAGEMENT OVERSEAS LIMITED is in dissolution
under the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on April 29, 2010
when its Articles of Dissolution were submitted and registered by

the Registrar General.

The Liquidator of the said company is Zakrit Services Ltd. of 2nd
Terrace West, Centreville, Nassau, Bahamas.

All persons having Claims against the above-named Company are
required on or before the 11th day of June, 2010 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or, in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

APRIL 30, 2010

ZAKRIT SERVICES LTD.

LIQUIDATOR OF THE ABOVE-NAMED COMPANY

Good service ‘more
valuable than money’

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

THE COST to business and
the overall economy in the
Bahamas is incalculable when
customer service is not up to
scratch, a trainer and consul-
tant told Tribune Business yes-
terday.

Principal of CP Training and
Consulting Services, Cherrylee
Pinder, speaking at the Cham-
ber Institute’s customer service
seminar, said poor customer
service not only equates to loss
of revenue, but also can dimin-
ish a company’s reputation to
the point of no return.

“In some cases it (customer
service) is just as important as
money,” she said. “Or it can be
more valuable than money.”

Ms Pinder said that when the
line of customer service is bro-
ken, it can cause transactions
to collapse, often with dire con-
sequences.

She said that within a com-
pany structure, every employee,
manager and owner plays a role
in providing good customer ser-
vice.

And while this country
depends on the hospitality
industry (tourism) for its sur-
vival, she acknowledged that
good people skills were critical
for the survival of the sector
and the sustainability of the
Bahamas’ economy.

Ms Pinder also acknowl-
edged that bad customer ser-




vice is a stain on many Bahami-
an businesses, and while she
can only speculate as to why
this persists, she said Bahami-
ans may have had it too easy
to appreciate their jobs.

“Their self-esteem is so
strong, it could be detrimental
to your business,” she said.
“One of the most important
parts of National Development
is to provide good customer ser-
vice.”

Ms Pinder said superb cus-
tomer service almost ensures
longevity and sustainability of a
company “despite a recession”.

She said customers are will-
ing to drive, and overlook prox-
imity and convenience, when
patronising a business with
good customer service.

“Even if something is out of
the way, “ said Ms Pinder.
“they are willing to travel
through the corner of the
Grove - they are willing to take
the long route.”

PURO eetcume satel
leneltoee |
Positions Available

eR D.AY INE

1h tae V PIAL

Email:
henfield@lincolnbethel.com



NOTICE

Bahamas Supermarkets Limited's
Management Accounts for the
first through third quarters for 2010
are available
for viewing on the City Market web site at
www.citymarketbahamas.com
Go to:

Investor Relations






7

BAHAMAS

mathe,

LIMITED

Bahamas Supermarkets operates 11 City Market supermarkets in New Providence and Grand Bahama

East-West Highway « P.O. Box N 3738
Nassau, Bahamas ¢ (242) 393-2830

COMMONWEALTH OF THE BAHAMAS

2006/FAM/div/588

IN THE SUPREME COURT

Divorce & Matrimonial Side

BETWEEN

R. Clive Moore (Liquidator)
Octogone Fund Management Limited
P.O. Box SP-63157
No. 3 Offices at Old Fort Bay
Western Road
Nassau, Bahamas

NOTICE

IN THE ESTATE of WINIFRED EMILY
CHRISTOFILLS late and domiciled of the West-
ern District of the Island of New Providence, one
of the Islands of The Commonwealth of The Ba-
hamas, deceased.

Notice is hereby given that all persons having
any claim or demand against the above Estate are
requested to send their names, addresses and par-
ticulars of the same certified in writing to the un-
dersigned on or before the 21st day of May A.D.
2010 and if required, to prove such debts or claims
or in default be excluded from any distribution;
after the above date the assets will be distributed
having regard only to the proved debts or claims
of which the Executors shall have had notice.

And Notice is hereby given that all persons in-
debted to the said Estate are requested to make full
settlement on or before the 21st day of May A.D.
2010.

Dated the 27th day of April, A.D. 2010

ROBERTS, ISAACS & WARD
Attorney for the Executor
Chambers
Bay Street & Victoria Avenue
Nassau, Bahamas



Teacher Vacancies for September 2010

Kingsway Academy invites applicants from qualified and
experienced candidates for teaching positions at the:

High School level

* Technical Drawing and Woodwork (Grades 7 to 9)

* Music (Grades 8 to 12)

* Information Technology (Grades 7 to 12 and
Advanced Placement level)

* Physics (Grades 10 to 12 and Advanced Placement
level)

The successful candidates should have the following:
* An academic degree in the area of specialization

* A teaching certificate

* Excellent communication skills

* A love for children and learning

* High standards of morality

* Be a born-again Christian

Acomplete application package consists of:
(a) completed and signed Kingsway Academy application form
- available at the school’s Administration building or on the website

www.kingswayacademy.com (See Document Downloads)

(b) detailed resume with cover letter

(c) recent photograph

(d) three (3) reference letters, one (1) being from your church’s
minister

(e) legible e-mail address and working telephone contacts

Note: All documents should be submitted
at the same time.

Please forward to:

Kingsway Academy Employment Application

Kingsway Academy

Box N-4378

Bernard Road

Nassau, The Bahamas
e-mail:jbethell@kingswayacademy.com

Deadline: To ensure consideration, complete
application materials must be received by
Friday, May 14", 2010

JOHNATHAN MONCUR
Petitioner
AND

LEAH ESTHER MONCUR
Respondent

AND
EVAMAE RAHMING
Party-cited

NOTICE OF PROCEEDINGS

TAKE NOTICE that the Petitioner
JOHNATHAN MONCUR has commenced
Divorce Proceedings in the Family Division
of the Supreme Court against LEAH
ESTHER MONCUR. EVAMAE RAHMING
has been named as the ist Party-cited.

AND TAKE FURTHER NOTICE that in the
event EVAMAE RAHMING desires to defend
the proceedings in the Supreme Court
EVAMAE RAHMING will be required to enter
an Appearance in the Supreme Court by
filing a Memorandum of Appearance in the
Registry of the Supreme Court which is situate
on the Third Floor in the Ansbacher Building,
Bank Lane and East Street North in the City
of Nassau in the Island of New Providence
and by delivering the said Memorandum
of Appearance at the Chambers. of
Clarita V. Lockhart, No. 90 Shirley Street,
Shirley Street & Elizabeth Avenue, on or
before the 22nd day of May, A.D., 2010.

Dated: This 21st day of April, A.D., 2010

CLARITA V. LOCKHART

CHAMBERS

NO. 90

SHIRLEY STREET SHIRLEY STREET & ELIZABETH AVE.

NASSAU, BAHAMAS

Attorney for the Respondent



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM



PAGE 4B, FRIDAY, APRIL 30, 2010

THE TRIBUNE



NOTICE

GIUSE LTD

In Voluntary Liquidation

Notice is hereby given that in accordance
with Section 138(4) of the International
Business Companies Act. 2000, GIUSE
LTD is in dissolution as of April 26, 2010.

International Liquidator Services Inc.
situated at 35A Regent Street, PRO. Box
1777, Belize City, Belize is the Liquidator.

LIQUIDATOR












































BAHAMAS
WASTE

NOTICE

May 1st 2010

To our Valued Shareholders and
the Bahamian Public.

On March 31st 2010, Bahamas Waste Limited (BWL)
entered into an agreement to acquire the Rear Load
Commercial Garbage business (only) from Wastenot
Limited (Wastenot). The agreement will take effect
on May 1st, when BWL will take over all rear load
routes and equipment. As a sign of our commitment
and loyalty to Wastenot’s customers, BWL has
agreed to honor their existing rates for at least 1
year, and provide our new customers with
unmatched service for the duration. BWL will also be
incorporating these new customers into our existing

routes and Operations has expressed complete
optimism in a complete and smooth transition.

BWL purchased the business from Wastenot for a
total of $400k. This amount will be fully paid by BWL
on or before August 31st 2010.

As a publicly traded company, we take great pride in
our relationships with our customers and our com-
mitment to service. With a fleet of over 50 collection
and maintenance vehicles, we cut no corners in the
maintenance and appearance of our vehicles, as
fleet performance is critical in dealing with any
concerns promptly and to the customer's complete
satisfaction.

Francisco de Cardenas
Managing Director
Bahamas Waste Limited
fdc@bahamaswaste.com

Bist

Money at Work

FLEET, from 1B

all-turbo prop fleet.

“We can’t understand why,
in this day and time, when the
Bahamas is building a $400 mil-
lon structure in terms of an air-
port, that the national flag car-
rier is taking a step backwards.”

To achieve this, Mr Saunders
said Bahamasair needed to
invest in “newer, more modern
jet aircraft” that were more fuel
efficient, could cruise at high
altitude and had the range to
open up potential tourist mar-
kets beyond Florida, even going
into Canada and Latin Ameri-
ca.

The tourist market share
objective announced by Mr
Farrington, he added, “totally
contradicts what he said to us in
the meeting back in December”
when it came to the fleet
restructuring plans.

“When you're talking about
route expansion for Bahama-
sair, and taking 30 per cent of
the tourist market, you’re talk-

LIVING, from 1B

ing about replacing the jets and
venturing into new markets,”
Mr Saunders added. “You need
jets that give better perfor-
mance than ones 30 years-old,
and can go more than 500 nau-
tical miles beyond Nassau.”

To achieve its tourist market
share ambition, BALPA had
recommended that rather than
acquire the Q-400 model,
Bahamasair purchase some
Boeing 737-300s, one step up
from the jets it had now.

Mr Saunders said that while
Boeing had stopped manufac-
turing this model, Cayman Air-
ways and Southwest Airlines
still employed it in service.

With 140 seats, he added: “It
gives you much better range,
greater fuel efficiency, more
than 20 per cent better than our
current 737-200 jets. It gives
you the ability to fly at a higher
altitude; the Dash-8s can go to
25,000 feet maximum, but the
737-300 has the capability to fly
in the 30,000s - at 35,000 feet. It
has longer and better range,

and is excellent for expansion”.

Air crews would require only
five days’ training for the 737-
300, given that it was similar to
the existing planes, while no
training would be required for
mechanics and maintenance
personnel.

None of this could be done
by the Q-400, said Mr Saun-
ders, who suggested that the
Bahamian public had been
“misled” by the recent trial
flight in the Bahamas, as there
had been no suggestion the tur-
bo prop was replacing the exist-
ing jets.

With the 737-300, Mr Saun-
ders said the “mid-US, Cana-
da will be no problem, and
South America will be on your
doorstep with an aircraft such
as this”.

In addition, he argued that
the 737-300 would cost $7-$10
million per plane, while the Q-
400 would be priced at $20 mil-
lion per aircraft. “Given the
economic times, we have ques-
tioned spending that money

and what we will get in return
for value for that money,” Mr
Saunders said.

He added that while the Q-
400s had 3,800 pounds of bag-
gage capacity, the two jets
Bahamasair currently has in its
fleet had 8,000 pounds of capac-
ity, which was routinely maxed
out during peak travel times.

Mr Saunders said he believed
Mr Farrington was “on the
right track” with his route
expansion and tourism market
comments, and Bahamasair
wanted to be part of the
tourism product and solving
this nation’s airlift issues. He
questioned, though, why the
airline would seek to spend $80-
$90 million on the wrong air-
craft.

As for local routes, Mr Saun-
ders said BALPA had pro-
posed sticking with the current
Dash-8s given that Bahamasair
now owned them, and mixing in
four Saab-340s for Family
Island routes serving a small
population base.



BTC to Bluewater Communi-
cations, which the previous
administration had arranged.”

BTC’s “postponed” state-
ment is at odds with the Gov-
ernment-appointed privatisa-
tion committee’s recent asser-
tion that ‘due diligence’ on the
prospective bidders was con-
tinuing.

Zhivargo Laing, minister of

state for finance, who heads the
advisory committee overseeing
the process, could not be
reached for comment before
press deadline. And nor could
T. B. Donaldson, chair of the
privatisation committee, or
Julian Francis, BTC’s chairman,
despite messages being left.

It appears likely that S&P
may have got it slightly wrong,
and that privatisation is not

NOTICE

BILCON CHART LTD.

In Voluntary Liquidation

Notice is hereby given that in accordance
with Section 138(4) of the International
Business Companies Act. 2000, BILCON
CHART LID. is in dissolution as of April

28, 2010.

International

Liquidator

Services Inc.

situated at 35A Regent Street, PO. Box
1777, Belize City, Belize is the Liquidator.

LIQUI

DATOR

NOTICE
BATTICK VALLEY INC.

In Voluntary Liquidation

Notice is hereby given that in accordance
with Section 138(4) of the International
Business Companies Act. 2000, BATTICK

VALLEY INC. is in
21, 2010.

International

Liquidator

dissolution as of April

Services Inc.

situated at 35A Regent Street, RO. Box
1777, Belize City, Belize is the Liquidator.

LIQUIDATOR

ROYAL FIDELITY

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 29 APRIL 2010

FG CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX ALL SHARE INDEX: CLOSE 1,556.59 | CHG 0.15 | %CHG 0.01 | YTD -8.79 | YTD % -0.56

FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

WWW .BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

52wk-Low
1.00
9.67
5.23
0.44
3.15
2.14
9.62
2.69
5.00
2.21
1.32
5.94
8.75
9.50
3.75
1.00

Benchmark
Fidelity Bank
Colina Holdings
Commonwealth
Famguard
Finco

Focol (S)

0.27
5.00

9.95
10.00

ICD Utilities
J. S. Johnson

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Bahamas Waste
Cable Bahamas
Consolidated Water BDRs
Doctor's Hospital
FirstCaribbean Bank
Focol Class B Preference

Freeport Concrete

Premier Real Estate

Previous Close Today's Close Change Daily Vol.
1.02
10.63

5.24

1.05
10.63
5.24

0.03
0.00
0.00
0.44
3.15
2.17
12.07
2.84
5.80
2.91
2.54
6.07
9.08
10.60
5.08
1.00

0.44
3.15
2.17
12.07
2.84
5.80
2.90
2.54
6.07
9.08
10.60
5.08
1.00

0.00
0.00
0.00
0.00
0.00
0.00
-0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Bank ($1)

0.27
5.59
9.95 9.95 0.00

10.00 10.00 0.00

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b

0.27
6,53

Div $
0.250
0.050
0.598
-0.877
0.168
0.055
1.406
0.249
0.460
0.111
0.627
-0.003
0.168
0.678
0.366
0.000
0.035
0.407
0.952

0.156 64.1

‘postponed’. It may, though,
have been delayed, as the pro-
tracted seven-month ‘due dili-
gence’ period indicates that the
Government may indeed have
not received the quality of
offers and prices it was hoping
for, and has possibly engaged
in talks with one or more bid-
ders.

Those invited through to the
due diligence round included J.
P. Morgan/Vodafone; Atlantic
Tele-Network/CFAL; Trilogy
International Partners; and Dig-
icel. Tribune Business last week
heard whispers that both Digi-
cel and J. P. Morgan/Vodafone
were no longer interested,
which would be a surprise in
the latter’s case, given that it
was a frontrunner.

Those rumours have not
been confirmed, though, and
nor has speculation of a $130
million purchase price for 51
per cent of BTC.

Elsewhere, S&P reported
that foreign direct investment,
so crucial to the Bahamian
economy and its foreign cur-
rency earnings/reserves, was
likely to decline even further
in 2010 compared to last year.

“Traditionally, foreign direct
investment has financed a large
part of the current account
deficit,” S&P said. “From 2005-
2008, foreign direct investment

financed almost two-thirds of
the current account deficit.

“In the first three quarters
of 2009, foreign direct invest-
ment inflows were greater than
the current account deficit.
However, we believe that in
2010 and over the following
years, foreign direct investment
will not fully finance the deficit.

“Foreign direct investment
totalled $600 million during the
first nine months of 2009, com-
pared with $1 billion in full-year
2008. We expect foreign direct
investment to slow further in
2010 as tourism projects
progress slowly.”

And while international
reserves grew to $825 million
in 2009 compared to $563 mil-
lion at year-end 2008, they
received a “particular boost”
in the 2009 second half from
the Government’s $300 million
foreign currency bond, coupled
with $178.7 million in ‘special
drawing rights’ from the Inter-
national Monetary Fund (IMF).

In addition, S&P said analy-
sis of the Bahamas’ current
account deficit financing was
complicated by the “presence
of persistently large positive
errors and omissions”, which
were 24 per cent and 85 per
cent of the current account
deficit in 2007 and 2004 respec-
tively.

NOTICE

NOTICE is hereby given that GERALDINE PAUL of 2206
ADAMS STREET, APT. #3, HOLLYWOOD, FLORIDA 33020
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30‘ day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JEAN SIRRA of WEST BAY
STREET, P.O. BOX AP-59223, NASSAU, BAHAMAS is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30‘ day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FRITZ PIERRE of COLLINS
AVENUE, NASSAU, BAHAMAS is applying to the
Minister responsible for Nationality and Citizenship, for

registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a
written and signed statement of the facts within twenty-
eight days from the 30% day of April, 2010 to the Minister

responsible for nationality and Citizenship, PO. Box

N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MARCELLIN PIERRE of TALL
PINE OFF GLADSTONE ROAD, NASSAU, BAHAMAS
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The

52wk-Hi 52wk-Low Interest
1000.00
1000.00
1000.00

1000.00

Security Symbol Last Sale Change Daily Vol.
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00
Fidelity Bank Note 22 (Series B) + FBB22
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
52wk-Low Symbol Bids Ask & Last Price Daily Vol..
7.92 Bahamas Supermarkets 10.06 11.06 14.00
6.00 Caribbean Crossings (Pref) 2.00 6.25 4.00
0.40 RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
29.00 ABDAB 30.13 31.59
0.40 RND Holdings 0.45 0.55
BISX Listed Mutual Funds
YTD% Last 12 Months %
1.50 6.57
0.85 0.52
1.34 4.98
2.75 -3.54
0.98 5.44
3.45
3.99
1.25
0.79
1.23
5.33

Maturity

79 October 2017

19 October 2022
30 May 2013
29 May 2015

Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30‘ day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RODNEY EDWARD PURVIS
of #16 SEAHORSE LANE, FREEPORT, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 23rd day of APRIL, 2010 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

100.00 0.00 Prime + 1.75%

7%

Prime + 1.75%
EPS$ Div S
0.000
0.480
0.000

P/E Yield

0.000
0.001

4.540
0.002

0.000
0.55 0.000
NAV
7.4602
2.9116
1.5274
3.2025
13.4986
107.5706
105.7706
1.1034
1.0764
1.1041
9.5795

NAV 3MTH
1.438700
2.886947
1.507147

NAV GMTH
1.407626
2.830013
1.491956

52wk-Low
1.3702
2.8266
1.4467
2.9343
12.6816
100.5448
93.1998
1.0000
1.0000
1.0000
9.1005

Fund Name
CFAL Bond Fund

CFAL MSI Preferred Fund

CFAL Money Market Fund

Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund

CFAL Global Equity Fund

FG Financial Preferred Income Fund
FG Financial Growth Fund

6.99
13.50
S25
4.37
5.34
5.33

103.987340
101.725415

103.095570
99.417680

FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 1

Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 2

Royal Fidelity Int'l Fund - Equities Sub Fund

10.0000 10.5417 -2.13 10.96

4.8105 7.6928 -0.31
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported eamings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

47.51

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest

Previous Close -

Today's Close -

5 traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month eamings

KS) - 4-for-1 Stock Split - Effective Date 8/8/2007

KS1) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM





THE TRIBUNE








































































LOSSES ON SUBORDINATED SECURITIES

As at December 31, 2008, the Bank had in custody from customers shares in the Optima!
Strategic US Equity Series of Optimal Multiadvisors Ltd. the Optimal Strategic US Equity
Ireland US Dollar Fund, and the Optimal Strategic US Equity Ireland Euro Fund of Optimal
Multiadvisors Ireland ple (the “Strategic US Equity Shares”), whose value as per the
November 30, 2008 NAV was 422,956,240 US Dollars and 1,704,350 Euros for the Strategic
US Equity Shares denominated in, respectively, US Dollars and Euros. The Optimal Strategic
US Equity Ireland US Dollar Fund and the Optimal Strategic US Equity Ireland Euro Fund
invested all of their assets in shares in the Optimal Strategic US Equity Series of Optimal
Multiadvisors Ltd. Optimal Multiadvisors Ltd. is a Bahamian Fund whose assets
corresponding to its Optimal Strategic US Equity Series are held by and through its Bahamian
trading subsidiary, Optimal Strategic US Equity Ltd.

Optimal Strategic US Equity Ltd., in turn, had engaged Bernard L. Madoff Investment
Securities LLC (“Madoff Securities”), an entity registered as a broker-dealer and investment
advisor with the Securities and Exchange Commission of the United States of America
(“SEC”) and regulated and supervised by the SEC and the Financial Industry Regulatory
Authority of the United States of America (“FINRA”), to execute its investment strategy and
had all or a substantial part of its assets deposited with and traded through Madoff Securities.

On December 15, 2008, the U.S. Federal Court for the Southern District of New York ordered
that Madoff Securities be placed into bankruptcy and simultaneously appointed a trustee to
oversee the liquidation of Madoff Securities as well as the issuance of claims against the
Securities Investor Protection Corporation (“SIPC”).

As a consequence of the foregoing events, all redemptions and the calculation of the net asset
value (the “NAV”) for the shares in the Optimal Strategic US Equity Series and the Optimal
Strategic US Equity Ireland Funds were suspended with immediate effect on, respectively,
December 15, 2008 and December 16, 2008.

In January 2009 the Bank, in view of the exceptional circumstances in the case and on the
basis of exclusively business considerations, decided to offer a solution to its private banking
clients who had invested in the Strategic US Equity Shares. The solution consisted of an
exchange in which the private banking clients of the bank were offered the possibility of
exchanging their Strategic US Equity Shares for long term subordinated securities to be issued
by Santander Group (the “Group”) with a maturity of 30 years. The securities have an annual
yield of 2% and are callable by the Group from year 10.

The Bank has acted at all times with the due diligence in the management of its clients’
investments in the Optimal Strategic US Equity Shares and in accordance with all applicable
laws and sound banking practices and procedures with respect to those investments. The sale
of these products has always been transparent and in compliance with all applicable
regulations and established procedures.

As of April 9, 2010 the Bank has not been served with any lawsuit filed against it in
connection with the Strategic US Equity Shares. The Group is considering the initiation of the
appropriate legal actions against the relevant parties.

Deloitte.

Deloitte & Touche

Chartered Accountants

and Management Consultants
2nd Terrace, Centreville

P.G. Box N-7120

Nassau, Bahamas

Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
hetp://www.deloitte.com. bs

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors of
Santander Bank & Trust Ltd.:

We have audited the accompanying statement cf financial position of Santander Bank & Trust Ltd.
(the “Bank”) as at December 31, 2009. This statement of financial position is the responsibility of
the Bank’s management. Our responsibility is to express an opinion on this statement of financial
position.

We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
statement of financial position is free from material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the statement of financial position.
An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the statement of financial position.
We believe that the audit provide a reasonable basis for our opinion.

In our opinion, the statement of financial position presents fairly, in all material respects, the
financial position of the Bank as at December 31, 2009, in accordance with International Financial
Reporting Standards.

Without qualifying our opinion, we emphasize that the statement of financial position does not
comprise a complete set of financial statements in accordance with International Financial Reporting
Standards. Information on results of operations, cash flows and changes in equity is necessary to
obtain a complete understanding of the financial position, performance and changes in financial
position of the Bank.

April 9, 2010

SOA wi Oily

LEGAL

NOTICES.

nA
The Tribune’s Sales
Pee VMI

502-2394

WASHINGTON (AP) — Putting a bigger
stamp on the Federal Reserve, President Barack
Obama on Thursday chose Janet Yellen as vice
chairwoman of the central bank and filled two
other vacancies on the board, which has enor-
mous power over Americans’ pocketbooks.

The nominations are subject to Senate

FRIDAY, APRIL 30, 2010, PAGE 11B

Obama selects Yellen as No. 2 at Federal Reserve

lenges.



approval. If the Senate confirms all three nomi-
nees, Obama will have appointed five of the sev-
en members of the Federal Reserve Board.

His moves come as the Fed, whose decisions
influence economic activity, employment and
inflation, is facing political and economic chal-



FNM, from page 1B

said the FNM government’s
review of $80 million worth of
public contracts damaged
investor confidence and “dis-
rupted” the construction indus-
try.

Those remarks risk reignit-
ing the Ingraham administra-
tion’s fury, the Government last
year vigorously denying that its
decision to review numerous
contracts issued by the Christie
administration just prior to the
2007 election had any impact
on the economy’s momentum,
or that it was responsible for
exacerbating the deep reces-
sion the Bahamas is now expe-
riencing as a result of global
factors.

Referring to the FNM’s 2007
election “Trust Agenda, which
focused on improved gover-
nance, and improved govern-
ment accountability and trans-
parency, S&P’s 2010 report on
the Bahamas said: “On the
back of these promises, the
Government initiated a wide-
spread review of the public con-
tracts upon assuming office in
mid-2007.

“This stalled numerous
investment projects, some of
which have only recently
moved forward, such as the
signing of the construction con-
tract for the Straw Market in
December 2009.........

“After posting real GDP
growth of 5.7 per cent in 2005,
momentum slowed sharply, and
then the economy contracted.
In 2007, the increase in real
GDP was a mere 0.7 per cent as
growth was interrupted, first by
the elections and then by the
new administration’s protracted
period of reviewing contracts
after it came into office in May
2007.

“The review of $80 million
worth of contracts, and the
eventual cancellation of a $23
million public contract for the
Straw Market, negatively affect-
ed investor sentiment and
brought substantial disruption
to the contractors’ activity.”

S&P added that the Bay
Street Straw Market’s con-
struction did not get “back on

track” until December 2009,
when the Government signed
a contract with Cavalier Con-
struction.

The Wall Street credit rating
agency’s report is again likely to
be seized upon by the opposi-
tion Progressive Liberal Party
(PLP) for political purposes,
and used as evidence to sup-
port their charge that the so-
called ‘Stop, Review and Can-
cel’ policy of the Ingraham
administration robbed the
Bahamian economy of vital
momentum at a critical time
just before the recession/finan-
cial crisis took hold.

The reality, though, is likely
to be less straightforward. Pri-
vate sector executives at the
time told Tribune Business that
while the Ingraham adminis-
tration’s review took too long,
and created too much uncer-
tainty, no government would
‘rubber stamp’ contracts award-
ed in haste by its predecessor,
instead wanting to make sure
spending plans were in accor-
dance with their policies.

One government minister
also told Tribune Business that,
for example, the Government
cancelled its Christie predeces-
sor’s $23 million Straw Market
contract because it would take
up too large a chunk of that fis-
cal year’s capital works budget
- something the Ingraham
administration was not com-
fortable with.

In its projections for the
Bahamas, S&P said that fol-
lowing a 4 per cent contraction
in 2009, this nation’s economy
was likely to shrink again in
2010, albeit by a smaller 0.5 per
cent. That estimate is in line
with the International Mone-
tary Fund’s (IMF) forecast, but
lower than the Inter-American
Development Bank’s ‘worst
case’ scenario of a 1 per cent
contraction.

The Wall Street credit rating
agency said the Bahamian
economy would return to
growth in 2011 and 2012, with
GDP expansion rates of 2 per
cent and 2.5 per cent respec-
tively, although that will not be
enough to recover ground lost
in 2008-2010.

Unemployment is also likely
to remain stubbornly high, S&P
projecting that it will peak at
14.5 per cent this year before
shrinking to 12 per cent in 2011
and 10 per cent in 2012.

“Once buoyant prospects for
a major expansion of tourism
projects, totalling more than
$10 billion over the next five to
10 years, are more subdued,”
S&P noted. “The slowdown in
construction in 2009, despite
some public works projects,
reflects the slowdown in for-
eign tourism projects, which
includes construction of second
homes and real estate pre-sales
to finance tourism investments.

“According to some mem-
bers of the Government, the
Bahamas’ strategy for the
tourism sector is to develop
smaller, boutique-type devel-
opments and eco-sensitive
tourism.”

The Baker’s Bay Golf &
Ocean Club on Great Guana
Cay was cited as an example
for an eco-resort.

“Very high-end, niche pro-
jects continue to advances
because of their exclusivity and
the pre-funding of many of
these projects,” S&P added.
“These include the Cat Island
PGA Village (with the first
PGA golf course outside the
US), the Albany project in New
Providence, the Ritz-Carlton
Rose Island development (on
a smaller scale than originally
planned).”

Uncertainty was the watch-
word, though, for the $4.9 bil-
lion Ginn sur mer project in
Grand Bahama, something
that, with Baha Mar, would
“dramatically alter the scale of
tourism in the Bahamas”.

Ginn sur met’s development
“continues at a very slow pace”,
the Wall Street credit rating
agency said, as a result of the
recession and legal issues result-
ing from its owner’s bankrupt-
cy.

“The main idea behind the
project is to alleviate marina
congestion in Florida by bring-
ing yachts to Grand Bahama
(only 40 minutes away) with a
large, residential marina com-
munity,” S&P said.

CAREER OPPORTUNITY

A Major Bahamian Company seeks to employ a qualified and
experienced Mechanical Engineer for the referenced position:

PROJECT ENGINEER

Qualifications: a Bachelor’s Degree in Engineering (preferably
Mechanical Engineering), or a similar discipline or extensive
knowledge and experience with the development and execution
of industrial projects. A strong and working knowledge of time
management and project scheduling would be a plus.

Experience: The successful applicant must have a minimum of
5 years experience in industrial construction with technical and
administrative competences in all phases of project development-
from conceptualization to construction and maintenance.

Skills & Key Attributes:

* The position requires professional skills in fast tracking
projects with the appropriate level of contract management
and supervising and coordinating personnel activities.

* The successful candidate must have a wealth of experience
and knowledge of safe work practices and procedures in an
industrial environment.

* Excellent written and verbal communication skills are
required for preparing regular reports, acting as a liaison
with government agencies and delivering presentations to

management

* High integrity, goal oriented and a strong work ethics are
essential in addition to the proven ability to learn, develop
and comply with international industry best practices.

Competitive salary and benefits package, (commensurate with
work experience and qualifications).

For prompt consideration, please submit a detailed resume no
later than May 14,2010 to: applybahamas@yahoo.com



PAGE 16B, FRIDAY, APRIL 30, 2010

THE TRIBUNE





Realtor opens fifth office in Abacos

A BAHAMIAN realtor has opened
its 10th office, and fifth in the Abacos,
through its Guana Cay premises.

Damianos Sotheby’s International
Realty’s latest office will be located on
Front Street, near to the Orchid Bay
development, with its operations over-
seen by Christopher Albury. The office
will service Guana Cay and Man-o-War
Cay.

"The economy continues to present
us with great opportunities,” said
George Damianos, president of Dami-
anos Sotheby’s International Realty,
whose late father founded the firm 65
years ago. “We're excited about our
expansion in Abaco because it has so
much to offer. With miles of powdery
white beaches and stunning views, the
Abaco Cays have become the islands of

choice for world-class
vacation properties.”

“The Bakers Bay
Golf and Ocean Club
on Guana Cay fea-
tures a Tom Fazio-
designed golf course
directly overlooking
the beach and azure
blue waters of the
Atlantic. A truly spec-
tacular destination
with residential prop-
erties available on the
beach, and along the
super-luxurious mega-yacht marina. At
the south end of the island, there's a
feeling of tranquility and privacy
offered within the exclusive Orchid Bay
community. Homeowners and guests



ALBURY



PULLING oil from the ground is
proving to be easier and more prof-
itable than getting drivers to fill up their
cars and trucks with gasoline and diesel
fuel.

Exxon Mobil and ConocoPhillips,
the No 1 and No 3 oil companies in the
US, said Thursday that first-quarter
profit jumped because oil prices were
substantially higher than a year ago.
That was more than enough to offset
losses both had from their struggling

WiMedia

enjoy lush natural landscaping, seclud-
ed beaches, and excellent on-site resort
facilities”, said Christopher Albury, a
native of Man-o-War Cay.

With the Guana Cay office opening,
Damianos Sotheby’s International
Realty will have a total of 10 offices
throughout the Bahamas with five
offices in the Abaco's.

These include two in Hope Town,
one in Marsh Harbour, and one in
Treasure Cay, in addition to its offices
in Nassau, Old Fort Bay and Lyford
Cay, and Governor’s Harbour and
Spanish Wells, Eleuthera.

“The market, though certainly
impacted, has not been as badly affect-
ed in the Bahamas as in many other
places, is coming around,” Mr Dami-
anos said. “People from all over the

world are attracted to the communities
of Guana Cay and Man-o- War Cay.

“There is smart money out there.
People who made it will spend it when
they see value, and there is value in the
Bahamas. I don’t know when the econ-
omy is going to turn around. It’s not
as if it is going to happen on a given
day, but when it begins to gain momen-
tum, we will to be positioned to go with
it.”

The Sotheby's International Realty
network currently has more than 10,700
sales associates, located in about 500
offices in 40 countries and territories
worldwide.

Damianos, Lyford Cay and Old Fort
Bay Sotheby’s International Realty list-
ings are marketed on the sothebysreal-
ty.com global website.



High crude prices driving profit for oil companies

refining businesses, which have been
unable to pass along all of their costs for
higher crude prices to consumers.
Exxon’s US downstream operations,
which include refineries, lost $60 million
in the first quarter, compared with a
profit of $352 million a year ago. Cono-
coPhillips’ refining and marketing busi-
ness lost $4 million in the quarter. In the













same quarter of 2009 it had a profit of
$205 million.

The No. 4 oil company, Occidental
Petroleum, has no refining operations.
It reported profit nearly tripled to $1.06
billion for the quarter.

Oil companies are becoming more
profitable as the price of oil has sky-
rocketed from $33 a barrel in the first

quarter of last year during the depths of
the Great Recession to above $85 a
barrel Thursday.

But integrated oil companies, which
refine oil as well as explore for it, have
seen their refining businesses decline
because of soft demand for gasoline
and diesel.

US petroleum consumption dropped
in the first quarter for the third year in
a row, according to the Energy Infor-
mation Administration.































EDGECOMBE

Compliance
Officer passes
the Series 7

T. Yvette Edgecombe, a
compliance officer, successfully
passed the Series 7 exam in the
US after studying at the Nas-
sau-based Securities Training
Institute (STI).

Ms Albury, course adminis-
trator at STI, said: “Ms Edge-
combe has performed excep-
tionally well, having distin-
guished herself by obtaining
both the Series 7 and the Series
6 qualifications.”














































































































INSURANCE MANAGEMENT
(BAHAMAS) LIMITED LIMITED
INSURANCE BROKERS & AGENTS BROKERS & AGENTS
5-Day FORECAST UV INDEX ToDAY
Vv
Z <= * 0|1|2|3|4
lll. Low MODERATE
Partly sunny and Partly cloudy Sunny and breezy Bright sunshine, Sunshine mixing with A full day of sunshine The higher the AccuWeather UV Indexâ„¢ number, the
breezy warm and humid some clouds greater the need for eye and skin protection.
ign: L oe 87° oe 88° fps 87° an 87° 7 rT
igh gee | toe | paboW Za ov Ty | ey | | MCL
49> pall OTE aad ET lla PCE TU Te cod TOE a CE to DYE TTL lle eo sna
82° F 94°-78° F 108°-75° F 104°-74° F 96°-82° F High Ht.(ft.) Low __Ht.(ft.)_
Teste = Oa tho Hunad boty event tt efde how war or ate poser eae enpoaues lee heheh aed helow brine Gar NN ‘Today B:4Bam, 25 2:68am, -04
\ 9:16 p.m. 3.1 2:53 p.m. -0.6
N Saturday 9:35am. 24 3:45am. -0.3
\ 10:02 p.m. 2.9 3:39p.m. -0.3
N <=] — Statistics are for Nassau through 2 p.m. yesterday Sunday 10:23am. 2.2 4:33am. 0.0
> v . ABACO . A Temperature 10:49p.m. 2.7 4:25p.m. 0.0
lll 40-20 knots pear Eo pee e oe bbs ie Monday 11:12am. 2.1 5:22am. 0.1
\ ee 4 =i y . Normai high 82° F/28° 11:38p.m. 26 5:14pm. 03
@ WEST PALM BEACH Normal low .... + 70° F/21° C Tuesday 12:05p.m. 21 6:12am. 03
. 2 tne HS ai ss Last year's high .. ... 82° F/28° C 25 . _m. i
High: 62° 523° %, 8-16 knots Last year's low 72° F/22° C S07 p.m. _0.4
Low:69°F/21°C a Precipitation Wednesdayl2:29a.m. 2.5 7:03am. 0.4
FT. LAUDERDALE FREEPORT As of 2 p.m. yesterday ... 0.00" 1:02 p.m. 2.1 7:05 p.m. 0.6
High: 80° F/27° C e@ High: 83° F/28° C ae ee cae - oe Thursday 1:22am. 24 7:55am. 0.6
Low: 71° F/22°C —? Low: 74° F/23°C ee 1:59p.m. 2.1 8:05p.m. 0.7
<1 > a a4
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“ a AccuWeather.com
— MIAMI ELEUTHERA Forecasts and graphics provided by Sun AND Moon
10-20 knots High: 84° F/29°C a High: 86° F/30°C AccuWeather, Inc. ©2010
Low: 73° F/23°C NASSAU igh: 86° F/30° Sunrise... ... 6:35 a.m. Moonrise ... 10:11 p.m.
y F High: 84° F/29°| ~ bow: 76 F/24a°C Sunset....... 7:39 p.m. Moonset..... 7:59 a.m.
A aa F/24°G SS Last New First Full
KEY WEST —_ <3 CAT ISLAND ph
High: 81° F/27* c = e Low:76°F/24°C ~ Vv meebo: 73° F/23°C May6 © May13 © May20.— May 27
4 é q lay jay jay jay
10-20 knots a B
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i. VV GREAT EXUMA __ High: 86° F/30" C
Se. 10-20 knots ex or. F/31° " Low: 75° F/24°C
r Low: 76° F/24°
Shown is today's weather. Temperatures are today's es . ANDROS" y . A
highs and tonights's lows. J peta aa , Pi, a aus
Ow: a
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INSURANCE MANAGMENT TRACKING Map ISLAND Vv
rp Ee 10-20 knots
( ~ Ow:
i= i: Cape Hatteras Sy (SEN USan iss SSs panSiss as ncaa rs : MAYAGUANA
Peer Charlotte ® Highs: 73°F/23°C NSSS 0 Shown is today's = teh 20 Faz’ C
| > Highs: 82°F/28°C ~> > weather. Temperatures >> = ee”
| Atlanta Se \ Charleston Bermuda ae an i SS CROOKEDIS /ACKLINS =
| Highs:\80° F/27°C\ e Highs: 83°F/28°C Highs: 70°F/21°C are today’s highs and High: 91° F/33° C
Pensacolat ° ° Savannah : tonight's lows. RAGGEDISLAND ow:76°F/24°C
) H . \o o
)) Highs: 80°F/27°C _._ Highs: 82°F/28°C fo ere =
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~30 - Daytona Beach ® GREAT INAGUA :
=< * Hi hs: 82°F/28°C High: 92° F/33°
ed NN g 7 A Low: 77° F/25° C - A
Tampas ® & 3e= reeport = al
* *High3$::86°F/30°C- Highs: 83°F/28°C SNNS << > <1 <=>
S 8 SEE SSS SERS SP a ‘S. 45S SPN
SESSSSSASE SSS $ RENN Vv Vv
~ xxx xx Miami. ss & NNN
25 ~ == ** Highs: 84°F/2 \ 12-25 knots ae
cane S
S
Havana e ** ;
Highs: 90°F/32°C = Se ey
ed dex ‘ =
HTpQom =k ee y oa WINDS WAVES VISIBILITY _ WATER TEMPS.
20 ° lions rane? creo ear sPrince . ABACO Today: SE at 8-16 Knots 2-4 Feet 10 Miles 75° F
Cozumel = “Highs: > 95°F/35°C San Juan Saturday: SE at 8-16 Knots 2-4 Feet 10 Miles 75° F
Highs: 89°F/32°C oS ° ANDROS Today: SE at 10-20 Knots 3-5 Feet 10 Miles 719° F
3 ‘e5 , e Highs: 89°F/32°C Saturday: _ ESE at 8-16 Knots 3-5 Feet 10 Miles 79° F
ie Baise i A Santa Antigua CAT ISLAND Today: E at 10-20 Knots 2-4 Feet 10 Miles TT°F
ingston Domingo B ° ° Saturday: ESE at 8-16 Knots 2-4 Feet 10 Miles 78° F
Highs: 90°F/32°C Highs: 88°F/31°C Highs: ea ic mullals: SS Sie C CROOKED ISLAND Today: ENE at 10-20 Knots 2-4 Feet 7 Miles 80° F
ar > g = SS NIST Saturday: E at 10-20 Knots 3-5 Feet 10 Miles 81°F
15 aa Ra INES ENE NES ELEUTHERA Today: ESE at 10-20 Knots 2-4 Feet 10 Miles 77° F
Sak a aS SiS io Barbados Saturday: ESE at 10-20 Knots 2-4 Feet 10 Miles TE
30, i SING Aruba Curacao Highs: 85°F/29°C FREEPORT Today: SE at 10-20 Knots 1-3 Feet 10 Miles 78° F
ee ee ore i . ° ° a Saturday: SE at 10-20 Knots 1-3 Feet 10 Miles 78°F
iS we - Yeo Maneguan 5 aan Sei oul fe o-Trini GREAT EXUMA Today: E at 10-20 Knots 1-3 Feet 10 Miles 78° F
SRESES Highs: S0.F/32 c » Trinidad Saturday: _E at 8-16 Knots 1-3 Feet 10 Miles 78°F
SAS = * 8 Bion ps a ee Tobago GREAT INAGUA Today: ENE at 10-20 Knots 2-4 Feet 6 Miles 82° F
tae yea Sleek e a - RQ° ° Saturday: _E at 10-20 Knots 2-4 Feet 10 Miles 82°F
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(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS





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84F
76F

SUNNY AND

HIGH
LOW

BREELY

Volume: 106 No.132

The Tribune







USA TODAY.

BAHAMAS EDITION

www.tribune242.com

FRIDAY, APRIL 30, 2010

TTS A SLAP IN

TEARS OF A GRIEF-
STRICKEN MOTHER:
Rosetta Smith (right)
cries in agony after a
Coroner’s Court
inquest returned a ver-
dict that her son, Bren-
ton Smith (left), was
shot by Detective Cor-
poral Kelsie Munroe
(below) in self-defence.







Inquest jury rules police officer
shot teenager in self-defence

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

THE family of shot
teenager Brenton Smith last
night told of their devasta-
tion after an inquest jury
decided that the police offi-
cer who killed him did so in
self-defence.

The seven-member jury
ruled Detective Corporal
Kelsie Munroe’s use of
lethal force was reasonable
as he was in fear for his life.

They made the decision
after one hour of delibera-
tions.

The other possible ver-
dicts presented to them by
Coroner William Campbell
were: Manslaughter by
means of excessive force;
manslaughter by means of
gross negligence; or an open
verdict.

By ruling DC Munroe act-
ed in self-defence, the jury
accepted his evidence as
presented in court, claiming
Mr Smith, 18, “came at him”
when they met face to face

at a pedestrian shortcut
between the Village Road
City Market store and Bar-
ber Street, off Kemp Road,
as the Fox Hill police officer
responded to an armed rob-
bery at the supermarket.
However, Mr Campbell
had warned the evidence
DC Munroe presented
under oath of being put in
fear by Mr Smith was not
included in the officer’s writ-
ten statement recorded on
the night of the shooting.
Mr Smith’s family contin-
ue to proclaim their son’s
innocence based on the evi-
dence presented by Leshad
Thompson who had been
with the teenager when he
was shot as well as witnesses
of the armed robbery, and
Wulff Road Police Station
Detective Constable Obinna
Okpuno who supported Mr
Thompson’s statement.
Having endured five
adjournments in the inquest
since it opened in Novem-

SEE page 17















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THE FAGE’











Teacher accused of having unnatural
intercourse to stand trial in Freeport
By NATARIO McKENZIE

Tribune Staff Reporter
nmckenzie@tribunemedia.net



A TRINIDADIAN teacher accused of having
unnatural intercourse with two male students will
stand trial in Freeport.

Andre Birbal, 47, appeared before Senior
Supreme Court Justice Jon Isaacs yesterday for his
arraignment. Prosecutors had filed a Voluntary Bill
of Indictment in his case, bypassing a preliminary
inquiry so that the matter could proceed in Supreme
Court.

According to the charges against him, Birbal, a

SEE page 15

SPECIAL

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5 Door Hatchback

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_ Man dies of stabbing
_ injuries to become

latest murder victim

GEORGE CAREY of Bamboo Street,
Pinewood, is the latest murder victim, hav-
ing died of his injuries this week, said
Sergeant Chrislyn Skippings, police press
liaison officer.

Mr Carey was admitted to hospital on
Saturday in critical condition after he was
stabbed multiple times over the weekend.

Police received information that Mr
Carey was at Lockhart’s Place on Wulff
Road when he was attacked by a group of
men. He was taken to hospital in a private
vehicle in critical condition.

The 21 year old is thought to have come
from Eleuthera. Police are investigating
the matter.

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Officer who killed
Brenton Smith to
return to duty

THE police officer who
shot and killed teenager
Brenton Smith is to return
to duty with the force, it was
revealed yesterday.

Detective Corporal Kelsie
Munroe, of the Fox Hill
Division, was ruled to have
acted in self-defence using
reasonable lethal force
because he was in fear for
his life when he shot and
killed Mr Smith in July last
year.

The unanimous verdict
was delivered by a seven-
member jury at the close of
the coroner’s inquest yes-
terday.

Royal Bahamas Police
Force Superintendent Hulan
Hanna was unable to con-
firm yesterday whether DC
Munroe had been removed
from the force during the
six-month inquest.

SEE page 17

em TA

TER Ly)
ATS TTT



THE Progressive Lib-
eral Party refuted claims
yesterday that they were
unable to keep their web-
site, www.myplp.com, up
and running on the Inter-
net as was suggested by
the FNM’s chairman Carl
Bethel.

In a statement issued
to the media yesterday,
Mr Bethel said that the
PLP’s website domain
had expired last week on
April 22, 2010.

“Because of apparent
negligence and a late-
again culture, the PLP
proved incompetent in
doing something as sim-
ple as keeping its website
on. Perhaps this is anoth-
er bill the PLP has
neglected to pay, similar
to funds owed to public
corporations like
Bahamasair and the
Broadcasting Corpora-
tion of the Bahamas,” he
said.

Mr Bethel reminded
the public that the
FNM’s website,
www.freenationalmove-
ment.org remains online,
and is updated on an
amongst daily basis with
current national and par-

SEE page 15






PAGE 2, FRIDAY, APRIL 30, 2010 THE TRIBUNE

LOCAL NEWS



US AMBASSADOR
Nicole Avant and Shaun
Robinson pose for a
group photo with the
participants in this year’s
Debutante Ball on Satur-
day, April 24.











(Photo, US Embassy)











(Photo, US Embassy)
A DEBUTANTE reads an excerpt of the book “Exactly As | Am:
Celebrated Women Share Candid Advice with Today’s Girls
on What it Takes to Believe in Yourself” as the book’s author,
Shaun Robinson, looks on.

SHAUN Robinson, weekend co-host and correspondent of the
entertainment news magazine show Access Hollywood, last week-
end visited the Bahamas and the girls at the Willie Mae Centre.

Ms Robinson was the special guest of US Ambassador Nicole
Avant. She is an Emmy Award-winning journalist and author and
was invited by Ambassador Avant to support her goal of empow-
ering young women.

Ms Robinson is the author of the book, “Exactly As I Am: Cel-
ebrated Women Share Candid Advice with Today’s Girls on What
\ Il i a it Takes to Believe in Yourself.”

i Tf ‘a, D i M i This book was born out of her passion to help girls be more com-
- 0 T E A : A \ , A z 9 T fortable in their own skin and beconis tomorrow’s leaders.

It is the collected wisdom of both celebrity women and everyday
teenagers on building self-esteem. While in Nassau, Ms Robinson
was invited by Ambassador Avant and the Ministry of Labour and
Social Development to visit the Willie Mae Pratt Centre for Girls.

There, she talked with the girls about self-esteem and present-
ed copies of her books. Ms Robinson told the girls they were spe-

: cial and important and that although they may have had chal-
The John Bull family encourages you to honour ieneing lives, they could still do great things.

those: spectal Mom's in your life. Tip your hat Speaker

lice Vom anc make this Mother's Day absolutely She was also the keynote speaker at the Bahamas Debutante

Foundation Banquet. The theme of this year’s banquet was
“Empowering Girls to Embrace the Future.” Ms Robinson spoke

unforgettable with a gilt from John Bull Win

. ss : about the pressure to fit in and invited the debutantes to read
fabulous gifts for Mom when wee participate in passages fom her book. She asked the girls not to let outside
' : aoa forces define their beauty or intelligence.
John Bull's Mother's Day Hat Competition, “The only people that can validate us is us,” she said.

The US Ambassador said she will continue to work closely with
the government in bringing other celebrities to the Bahamas to

: . , . encourage and help others.
* Submit a photo of Mom dressed in Ms Robinson has had a long and distinguished career including
contributing reports to the “Today Show”, MSNBC, CNN, and
her best hat. NBC Nightly News.

She was a panel guest on “Larry King Live” and served as a guest
co-host on “The View” and guest host on “Who Wants To Be A
. Millionaire?”

* * Dron phote to any participating location In the past few years she has also co-hosted the official pre-shows
PI eri eek ~ at for the Academy Awards and the Golden Globe Awards.
Ms Robinson’s acting credits include, “Bruce Almighty”, “Amer-





and com plete an entry for,

: ica's Sweethearts”, “Dr Dolittle 2”, “Law & Order”, “Monk”,
“Everybody Hates Chris”, “Studio 60 on the Sunset Strip”, “Dirt”,
ns ull “Charmed”, “She Spies”, “The Parkers”, “The Proud Family”,
i ; 7 3 1+ eat one “Half & Half”, “Days of our Lives” and “Any Day Now.”
0 a tT There is nothing more alluring, more feminine Off the red carpet, Ms Robinson dovote: her dae to many
— y charitable organisations including being named to the board of
Participating Locations: and mere sophisticated thana lady ina eredt hat. Girls, Inc, which inspires all girls to be “strong, smart, and bold.”
a She served as the official spokesperson for the Los Angeles Coun-
284 Bay Street * Mall at Marathon ty "Share Your Heart, Share Your Home" programme that helps
Harbour Bay * Palmdale find permanent homes for minority children waiting for adop-
p : ey 7 tion. Ms Robinson has also dedicated her time to JumpStart; the US
La Parlumerie, Marina Village Saturday May I- gth = Tip Your Hat To Mom national literacy organisation aimed at making sure every child in

America enters school ready to succeed.
She is a native of Detroit, Michigan and a graduate of Spelman

: . llege in Atlanta.
Saturday, May 8th - Tea With A Twist Event, a
Mall at Marathon, 12 Noon - G00 pm. '









Derek Smith/BIS





GRAND PRIZE

bee) de yf I) | et rl | | ( il PC MINISTER of State for Labour and Social Development Loretta Butler-
Turner (centre) poses with TV personality, author and Access Holly-
wood host Shaun Robinson (left) and US Ambassador Nicole Avant
(right) at the Willie Mae Pratt Centre for Girls, Saturday, April 24.



RODEO BURGER 5FPC CHICKEN TENDERS

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM


THE TRIBUNE

FRIDAY, APRIL 30, 2010, PAGE 3



Government vows to look into safety
concerns at Freeport Container Port

Minister of State for Finance says inquiries will be

conducted ‘in interest of promoting worker safety

By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net



FREEPORT- Minister of
State for Finance Zhivargo
Laing confirmed that the
government intends to look
into the safety concerns of
workers at the Freeport
Container Port.

He said inquiries will be
conducted “in the interest
of promoting worker safety
at the container port and
any industrial corporation
in Grand Bahama and the
Bahamas.”

Following the tragic death
of three container port
workers when a tornado hit
the facility on March 29,
employees spoke out -
claiming safety is not suffi-
ciently emphasised at the
facility. They noted the fre-
quency of fatalities, injuries
and cases of chemical expo-
sure.

This comes as PLP MP
Obie Wilchcombe revealed
that according to a report
he received, officials at the
nearby VOPAK oil refinery
had warned container port
employees about the torna-
do ahead of time.

The accuracy of this
report has yet to be verified,
but Mr Wilchcombe empha-
sized that despite the lack
of an official tornado warn-
ing from the Department of
Meteorology, the container
port had a responsibility to
monitor the weather inde-



NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

CHINESE investors look-
ing to enter the Bahamian
agriculture market have a
good reputation in their own
country, Chinese Embassy
officials said in an exclusive
interview with The Tribune.

Jian Tan, chief of the com-
mercial section in the
Embassy of the People’s
Republic of China said the
Chinese government only
endorses plans for foreign
direct investment in the
Bahamas with qualified com-
panies.

“Tf it may cause a problem
to our relationship we would
not let them come. For this
company, they have very
good experience in China in
the agriculture field,” said Mr
Tan.

Representatives from Chi-
na’s Shandong International
Economic and Technical Co-
operation Corporation, a sub-
sidiary of Shandong Hi-Speed
Qila Build Group, conducted
several prospecting trips to
Abaco in the past year.

They were hosted by the
Bahamas Agricultural and
Industrial Corporation
(BAIC) to explore investment
opportunities in the agricul-
ture sector.

Mr Tan said the embassy
did not find any negative
reports out of China about
the companies involved in
talks with BAIC that would
make they not want to sup-
port the talks.

Shandong Hi-Speed Qila
Build Group has experience
working in the Bahamas, as
their other subsidiary, Qilu
Construction Group Corpo-
ration, is the Chinese con-
struction company working
on the new national stadium.

Bahamian and Chinese
government officials are wait-
ing on official plans from the
Chinese investors, but initial
reports suggest they will fea-
ture a commercial initiative
in the area of vegetable, fruit
and livestock farming, and a
possible food processing
plant.

In the face of early criticism
from some Bahamians, who
have expressed concern about
agro-pollution, an influx of
Chinese labour and competi-



9

Zhivargo Laing

pendently. According to Mr
Laing, the government’s
investigation will be led by
the Ministry of Labour,
which will evaluate the safe-
ty standards at similar ports,
as well as the procedures
normally adopted at such
facilities with regard to
weather.

Pastors

The minister said he
spoke to several of the
workers at a meeting organ-
ised by local pastors follow-
ing the tornado.

He said: “I believe the
workers made a very articu-
late and clear set of state-
ments about the concerns
they have, and those con-
cerns were captured ina

tion, Chinese officials have
joined Bahamian government
representatives in saying it is
too early for criticism.

“Tn the Bahamas there are
strict procedures in different
government agencies.

“After the company pro-
vides the plan, the govern-
ment agencies will review the
plan in detail. I believe under
the control of the Bahamian
government, the investors can
do a good job for environ-
mental protection,” said Mr
Tan.

Environment

He confirmed the Abaco
investment would be a private
sector deal. He identified the
natural environment as an
area of competitive advantage
for the Bahamas, particularly
for the tourism industry, and
said the policy and intention







7.
m..

w+ My
: ra

ae



SCENE OF TRAGEDY:
Following the tragic
death of three con-
tainer port workers
when a tornado hit
the facility on March
29, employees spoke
out — claiming safety
is not sufficiently
emphasised at the
facility. They noted
the frequency of fatal-
ities, injuries and cas-
es of chemical expo-
Sure. The Freeport
Container Port is cur-
rently operating at 50
per cent capacity as a
result of the severe
damage sustained
during the tornado.







report which we did, and
have communicated to the
government.

“TI believe as a conse-
quence the necessary
inquiries will be made in
relation to very specific con-
cerns the workers pointed
out, and I think those
inquires have to be made in
the interest of promoting
worker safety at the con-
tainer port and any indus-
trial corporation in Grand
Bahama, and the Bahamas.

“Whatever findings result,
I think they will benefit
industrial operations in the
Bahamas generally, and not
just in Grand Bahama,” he
said.

The Freeport Container
Port is currently operating
at 50 per cent capacity as a

Chinese government hacks Abaco

of the Chinese people is to
protect the natural resources
of the country. He said
employment is also a top pri-
ority for the Bahamas, so Chi-
nese companies are encour-
aged to employ as many local
workers as possible.

“For foreign direct invest-
ment, the Chinese govern-
ment always emphasises to
Chinese companies they must
obey the laws and the good
customs of host countries.
They cannot break the laws
nor do anything immoral,”
said Mr Tan.

He said the Chinese way
was one of co-operation and
that his government would
work to ensure both countries
benefited from the arrange-
ment and achieved a win-win
outcome.

“If the embassy predicts
there will be some problems
caused by the investment of
an individual Chinese com-

“I believe the
workers made a
very articulate and
clear set of state-
ments about the
concerns they have,
and those concerns
were captured in a
report which we
did, and have com-
municated to the
government.”

Zhivargo Laing

result of the severe damage
sustained during the torna-
do.

Five of the 10 cranes, val-
ued at $10 million each,
were damaged.

agri talks

pany we would rather they
not come. We inform the
companies at the very begin-
ning that they should and
must do an environmental
impact assessment (EIA),
because it is a major concern
of the local people,” said Mr
Tan.

“T think for the agriculture
investment in Abaco we can
boast of not only bringing in
the competition but also the
co-operation.

“What the companies in the
Abaco can do we can find
many opportunities for co-
operation,” he said.

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PAGE 4, FRIDAY, APRIL 30, 2010

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

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.) 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 1972-

Published Daily Monday to Saturday

Shirley Street, RO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986

WEBSITE
www.tribune242.com — updated daily at 2pm

Melissa Sears and PLP smears

FIRST IT was Malcolm Adderley, now it
is Melissa Sears, and today as the years roll
by the PLP party seems to have forgotten its
purpose for existence, reminding us rather of
the Grand Inquisitor in Dostoyevsky’s Broth-
ers Karamzov.

This powerful soliloquy in the Russian
novel is a deep, philosophical argument
about God, free will and morality.

The Grand Inquisitor berates Christ for
giving man the impossible burden of freewill,
rather than security. He says that the so-call
gift is no gift at all, rather this freedom to
choose is a devastating, impossible burden.

People, said the Grand Inquisitor, should
have been given no choice, instead, like
automatons, they should just shuffle forward
according to the will of their Creator.

“Nothing has ever been more insuffer-
able for man than freedom!” concludes the
Grand Inquisitor, a belief that seems to be
gathering ascendancy within the Opposition
party. Rather, like the Grand Inquisitor, the
PLP offer their members security — not
freedom of thought. As long as they toe the
party line, they will remain secure in the
party fold. But get out of line and the Grand
Inquisitor turns vicious — out to destroy
any idea of free will.

This tendency did not start recently, under
what the electorate was duped into believing
was to be a “new” PLP. It started way back
in the days when Lynden Pindling returned
from England, joined a party that he did not
start, and quickly took over.

Malcolm Adderley, who, in the first week
of this new year not only walked out of the
PLP, but resigned as MP for Elizabeth,
reminded his former colleagues that once
upon a time in the distant past their party
had the “distinction of being built by the
blood, sweat and tears of hardworking men
and women of humble beginnings, proud of
their commitment to uplift the well being
and standard of the people.”

However, under the Pindling leadership,
the party had lost its way. One man’s dream
replaced the dreams of the many, and for
those who did not follow slavishly, political
oblivion was the price they had to pay for
having a mind of their own. Some of them,
like Carlton Francis, a competent teacher,
had difficulty finding a job to support their
families. Mr Francis certainly was not accept-
able in the government’s educational sys-
tem from which he had come and for which
he was eminently qualified. Then there were
the Dissident Eight, followed by Ed Moxey,
and many others who didn’t make the head-
lines, but certainly felt the pain of rejection
and vicious scorn.

For seven long years Malcolm Adderley
suffered stoically as MP for Elizabeth, until





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exasperated, he shook the dust from his san-
dals and walked out. In his farewell speech to
the House, he talked of the souls of those
who had sacrificed so much to build their
party, but would ache as a “result of the
venom and ill will that is displayed almost on
a daily basis on any member who tries to
correct its ills.” He talked of the back-biting
whispers and disrespect shown him.

And now it is the turn of a young woman,
Melissa Sears, who like Mr Adderley was
spotted by the party as a rising political star,
and invited to join. Recently, for personal
reasons — not political — she decided to
step down as vice-chairman of the PLP. She
made no fuss, she gave no interviews, she
tried to keep a low profile so as not to
embarrass her party. Persons close to her
speculated that she had resigned because of
disparaging remarks made by Opposition
Leader Perry Christie. Mr Christie vehe-
mently denied that he had made any such
remarks. She remained silent.

And now the vicious party hacks, using
the sophistication of the electronic age, are
spreading unfair and untrue rumours to
destroy this young woman. It is understood
that this vehicle is being financially under-
written by two party hefties, one allegedly a
sitting MP. We are not surprised by one of
the names mentioned, but, if true, we are
certainly surprised by the second. We gave
him credit for being smarter than that.

The latest smear was imbedded on the cell
phone of an FNM MP, allegedly from Ms
Sears. It was an obvious trap. The MP knew
that it was not from Ms Sears, because they
did not have the type of relationship that
was being suggested by the caller. All the
sender wanted was for the MP to incriminate
himself by falling for the bait, and answering
the call. Instead, instinctively knowing that
there was a plot afoot and guessing the
source, he submitted it to the authorities for
investigation. It is now being said that there
is no room in the PLP for a strong woman.
We say that as long as the Grand Inquisitor
controls the party machine, there is no room
for a strong man. The others will remain,
tip-toeing around in craven fear.

Mr Adderley blamed Mr Christie for
allowing PLP hacks to torture him right out
of the party. It would probably be nearer
the truth to speculate that Mr Christie is as
afraid as his colleagues to have the smear-
mongers on his case. After all the website has
also given him a good flaying when it has
suited those behind it.

If someone does not become more
responsible in that party and respect the
thoughts and opinions of others, that same
irresponsible website is going to be the funer-
al site of the PLP.








naturalization should not be granted,
written and signed statement of the facts within twenty-
eight days from the 30" day of April, 2010 to the Minister
responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

Responding to Paul
Moss on the recent

roads change
LETTERS

EDITOR, The Tribune.

Paul Moss intends to host a
town meeting to discuss the
new Market Street/Blue Hill
Road one-way system this
week; calling it utter madness
and very distressing for busi-
nesses and residents. He wants
the government to reconsider
its road reversal plans on Mar-
ket Street and Baillou Hill
Road, and to stop it immedi-
ately — plan it properly — and
then come back to the people.

It sounds like Mr Moss is
advocating putting the cart
before the horse, as the one-
way system is already in place —
and it’s obviously no turning
back for it.

Where was he, and those of
whom he’s advocating for when
the proposed changes were first
announced?

Mr Moss comes across to me
as a typical third world politi-
cian who is ready to react when
he senses supportive barking
on any issue — even when that
matter is way out of the gate
and beyond a U-turn.

letters@tribunemedia.net



This writer refuses to believe
that the one-way system in
question is bad for businesses
along the routes, or was imple-
mented without consideration
for the people of the areas con-
cerned.

Every child who walks the
streets of New Providence is in
danger; every pedestrian,
cyclist, and so on risks their
lives whenever they travel the
roads of Nassau. Even with the
proper road signs, our streets
are a hazard to all and sundry.

It is agreed that we need
more enforcement on our thor-
oughfares — to deal with bad
drivers of every mixture. It’s
something that’s worth advo-
cating for.

Road works are a daily affair
in New Providence, and we all
would agree that they need to
be better managed and coordi-

nated to reduce the inconve-
nience of every motorist; from
east to west, and north to south.

It is hoped that when Mr
Moss has his town meeting —
he would include the positive
aspects of the change in ques-
tion.

They include among others:
increased business activity for
those operating along the new
one way paths, the golden
opportunity for new commer-
cial ventures, and the increased
possibility of pleasingly appre-
ciated property value.

It is my opinion that the new-
ly implemented one-way sys-
tem is a grand occasion for
business people and residents
alike in the Grove, and the sur-
rounding areas — to take advan-
tage of the situation, and pre-
pare accordingly for the pros-
perous spin-off that the change
is likely to present.

That’s where the focus
should be in my humble view.

DENNIS DAMES
Nassau,
April 12, 2010.

Rev. Dr. Gary Curry and Rev. Dr. Vaughan
Cash — I thank these two men of God

EDITOR, The Tribune.

I have been blessed and
highly favoured to be under
the spiritual and religious
leadership of two of the most
enlightened “men of the
cloth” here in the common-
wealth of The Bahamas; Rev.
Dr. Gary Curry (Senior Pas-
tor) and Rev. Dr. Vaughan
Cash (Associate Pastor Extra-
ordinaire) at Evangelistic
Temple (Assemblies of God)
up in Collins Avenue for the
past decade.

Over 20 years ago, I was
rightly disbarred due to a seri-
ous ethical breach. 99.9 per
cent of the churches which I
sought to affiliate myself with
turned their collective backs
and noses up at me. They
referred to me as everything
other than a repentant and
redeemed “child of The
King.” Indeed, some of the
appellations are, even to this
day, unmentionable.

I thank Jehovah, daily, that
He and His Son, Jesus Christ,
stopped along my road to
Damascus and stooped down
to pick me up; dust me off
and gave me a totally second
chance in this mortal life.

Whom God blesses, no
man can curse.

When I brag, as I often do,
about my beloved pastors;
brothers and friends, people
question why I do so. Allow
me to postulate, for a minute
or two as to why I am com-
pelled so to do.

NOTICE

NOTICE is hereby given that
MARATHON ROAD, NASSAU, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and

DANIEL JUSLENE of

that any person who knows any reason why registration/

should send a



This is not flesh and blood
but the command of the Holy
Spirit.

Many years ago, I faced a
serious criminal investigation
down at CDU.

I called Pastor Curry and
he was there in a flash.

We prayed and he told me
that “everything would be all
right.”

This, mind you, is a white
man from Spanish Wells. So
said.... so done.

After I got to know Pastor
Cash, he held my hands and
prayed with me.

Within a matter of weeks,
the Lord restored me and
gave me a radio ministry.

Whereas before I would
have spoken to a twelve
man/woman jury, as a Barris-
ter, I am now able to speak
to 2.1 million, via the inter-

net, daily. All Bahamians,
PLP, FNM and the rest, inclu-
sive of the powers that be (the
whole 350,000 of them), now
listen to every word uttered
by me.

Hate me, if you must, but
all of you listen, religiously.

Truly, the Lord is on the
Throne and I, again, publicly
thank these two men of God
for their utterances of life and
prosperity, not so much the
material, but the spiritual in
my walk with the Master.
“Love and forgiveness are the
spiritual keys which must
unlock all doors and open the
windows of Heaven. To God
then, in all things, be the glo-
ry.

ORTLAND H BODIE Jr
Nassau,
April 11, 2010.

PCRS aE

TCR CT MUTT TTP at



EDITOR, The Tribune.

PAUL KOKOSKI
Canada,
April 3, 2010.



I find it rich that Archbishop of Canterbury, Rowan Williams,
would attempt to discredit the Catholic Church over its dealing
with paedophilia priests in Ireland. Where the Catholic church
is trying to weed out vice among the clergy the Anglican denom-
ination is accepting it in spades as part of their teaching.

In fact, the Anglican denomination of Christianity is over.
Like Judas they have sold out to modernity by including open-
ly homosexual bishops among their ranks. Studies prove that
there is a close link between paedophilia and homosexual erot-
ic development. Indeed their severance from truth first began
at their inception when they decided to break with the Catholic
Church and go off on their own. Their foreseen downfall is now
coming to fruition as an increasing number of orthodox Angli-
cans are retracing their spiritual steps and returning to Rome.

Unlike the Pope, who has supreme power over the Catholic
Church, Rowan Williams is nothing more than a figurehead for
Anglicans. He will not be able stem the tide of spiritual poison
that has infected the Anglican hierarchy.

I encourage Anglican traditionalists and others — including
atheists and dissenting Catholics — tossed about by the waves of
false doctrines to climb aboard the barque of Peter for it will be
their only safe haven in these troubling times.





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THE TRIBUNE

LOCAL NEWS

FRIDAY, APRIL 30, 2010, PAGE 5



Pastor hits out at possible
legalisation of gambling

PASTOR Mario Moxey has
hit out at what he believes is the
government’s intention to
legalise the numbers industry —
claiming the country stands
poised to “readily concede moral
ground for the sake of greed.”

In a press statement issued
yesterday, the pastor said
Bahamians are too quick to “‘dis-
mantle our value system” at the
expense of future generations,
“all for the immediate purpose
of self-gratification.”

On April 13, Prime Minister
Hubert Ingraham said: “The
government has been consider-
ing the question as to whether or
not we ought to bring into the
formal economy of the Bahamas
an operation that tens of thou-
sands of Bahamians are engaged
in on a daily basis. I've made
previous public comments on
this and referred to my distress



THE TRIBUNE reported recently on talks over the possible legalisa-
tion of gambling.

and discomfort at our inability to
be able to police our laws with
respect to the numbers busi-
ness.”

UTEB seeks legal atvice over pay cuts issue

JENNIFER Isaacs-Dotson, president of the Union of Tertiary
Educators of the Bahamas (UTEB), said the union is seeking
legal advice to resolve the issue of pay cuts for union members.

Mrs Isaacs-Dotson said the College of the Bahamas did not
document pay cuts on salary slips this month, although union
members reported receiving pay cuts of $400 and $700 in their

salary cheques.

She said the pay cuts were not consistent, because they occurred
for some members who participated in the April 19 to 22 strike
action, and for some members who did not participate.

She said the union is still at the negotiating table, but the new dis-

pute would not stall negotiations.

In an apparent response to
this, pastor Moxey said: “It is a
sad day in the life of any country
when its leader publicly states
that because we are unable to
enforce the law, consideration
should be given to legalising the
numbers business. We should
expect better from our leaders.
We should expect our leaders to
take whatever steps are neces-
sary to enact legislation that
would strengthen our existing
laws, rather than take the easy
way out and remove those laws
altogether.”

The pastor said he can think
of several laws the Bahamas
seems unable to enforce —
including those against drug traf-

ficking, prostitution and Cus-
toms fraud. “Will the prime min-
ister suggest legalising these vio-
lations as well simply because
they are so difficult to enforce? I
seriously doubt that.”

Pastor Moxey asked if the
inability to control illegal gam-
bling was the result of incompe-
tence on the part of the police
and judicial system, or a sign that
“our legislators, our members of
parliament and Cabinet minis-
ters, lack the will to enforce such
laws.”

“How long will our govern-
ment leaders toy with the sensi-
bilities of our Bahamian people
under the pretence that no deci-
sion has been made regarding
the legalisation of gambling? We
all have seen this drama, sys-
tematically and strategically
orchestrated before the Bahami-
an people. The deal has already
been made in secret; it’s just a
matter of going through the
motions,” he claimed.

The pastor added: “The argu-
ment whether gambling is moral-
ly right or wrong has already
been made.

“Those who seek to ignore
God’s moral standard of how we
should obtain wealth (by work-
ing for it, by love gifts or by
inheritance), violate their own
conscience on this matter and
do so at their own disgrace,
shame and eventual eternal
detriment.”

Man charged with armed robbery

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT - A 34-year-old Freeport
man was charged with armed robbery in
the Freeport Magistrate’s Court yester-
day.

Cancino Navardo Lightbourne
appeared in Court Two before Magis-
trate Andrew Forbes.

It is alleged that on April 26, the
accused, while armed with a handgun,

CREDIT suisse

robbed the Athlete’s Foot Store of cash.

Murrio Ducille represented Light-
bourne, who was not required to enter a
plea to the charge.

Lightbourne was granted $15,000 bail
with two sureties. He was also required to
surrender his passport to the court.

The matter was adjourned to Decem-
ber 6 for a preliminary inquiry.

UNLICENSED FIREARM CHARGE
Joel Rolle, 44, was arraigned on drug
and firearm possession charges in Court

Credit Suisse Group, Bahamas
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Two yesterday.

Rolle appeared before Magistrate
Andrew Forbes on charges of unlicensed
firearm possession, possession of ammu-
nition and possession of dangerous drugs.

Rolle was represented by Attorney
Jairam Mangra.

He pleaded not guilty to the charges
and was granted $7,000 bail on the
firearm and ammunition charges and
$2,500 bail on the drug charge.

The matters were adjourned to Decem-
ber 7 for trial.

Credit Suisse Group, Bahamas has operated an Apprenticeship Training
Program in The Bahamas since the early 1990's. Credit Suisse Group, Bahamas
is now pleased to announce the continuation of its Graduate Trainee Program,
with the second intake of trainees intended for July 5, 2010. Full details and an
application form can be obtained from:

The Graduate Trainee Program Administrator

Credit Suisse AG, Nassau Branch

The Bahamas Financial Centre, 4" Floor

Shirley & Charlotte Streets
P.O. Box N-4928
Nassau, Bahamas

Fax No.: 242-356-8148

Application forms should be returned NO LATER THAN MAY 31, 2010

A) _AIM

Credit Suisse Group, Bahamas is committed to identifying and
developing the best young talent in The Bahamas. The Group is

offering one (1) year Graduate Trainee Contracts to College of The

Bahamas graduates or graduates returning to The Bahamas from
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The program will accommodate three (3) graduates. Successful
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which time the graduates will rotate between or within different business

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The candidate is required to have a Bachelors Degree in one of the following or

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The candidate must have graduated with a minimum grade point average of

3.5 and have graduated within the past 12 months.



Good Samaritan Bill
_ is passed in House

PARLIAMENT passed
the Good Samaritan (Food
Donation) Bill 2010 in a
landmark move that will
boost the work of a local
non-governmental organisa-
tion.

“Tt is timely in that it seeks
to encourage the donation }
of food to persons in need
throughout the length and
breadth of the Common-
wealth of the Bahamas.

“The main intention
behind the Bill is to provide
protection from any civil and
criminal liability for donors
and non-profit organisations
who either collect and distribute food or receive and
distribute food for the benefit of persons in need,” said
Loretta Butler-Turner, Minister of Social Services.

“Without this legislation, tons of fresh, high quality
food items will continue to be wasted everyday. Instead,
this surplus food can be re-distributed to Bahamians
who need it most,” she said.

Local NGO Hands for Hunger has been advocating for
the Bill for some time. Similar bills have been adopted in
other countries around the world, including the United
States, Canada, France, Israel, and Australia.

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PAGE 6, FRIDAY, APRIL 30, 2010

THE TRIBUNE



Bishop Chester Hille
icPastor Letty Rolle .** i
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Tourism chiefs seek
to tap US and Latin
American markets

New airlifts and cruises seen as vital to Grand Bahama’s success

BY DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - Executives
in the tourism industry are
seeking to boost visitor num-
bers by going after the emerg-
ing Latin American market
and by tapping into US mar-
kets that proved lucrative for
Grand Bahama in the past.

Michael Webber, general
manager of the island’s only
anchor property, the Our
Lucaya Beach and Golf
Resort, said new airlifts and
cruises are vital to Grand
Bahama’s success. “We are
speaking with Spirit Airlines
to try to get new feeder mar-
kets that were popular in the
past such as North Carolina,
Kentucky, and Ohio, to see if
we can get some new flights in
from those areas,” he said at
the Grand Bahama Chamber
of Commerce’s monthly lun-
cheon meeting on Wednes-
day.

Mr Webber, who was made
general manager of Our
Lucaya in January, said his
resort is stable and doing well
at the moment, maintaining
a staff of around 800.

“The Celebration cruise
ship is a new initiative which
has been doing fantastic for
the hotel. We are getting 400



“The Celebration
cruise ship is a new
initiative which has
been doing fantastic
for the hotel. We are
getting 400 to 700
day passengers com-
ing to the hotel and
check-ins of about
70 to 80 every other
day.”

Michael Webber

to 700 day passengers coming
to the hotel and check-ins of
about 70 to 80 every other
day.”

Steady

He said business is expect-
ed to remain steady during
the slow season when they are
expecting to see an influx of
European visitors at the hotel.

Additionally, Mr Webber
said, they are focusing more
attention on the Latin Amer-
ican market, which is begin-
ning to show some potential
for growth.

He revealed that a Colom-

bian tour operator has
expressed interest in provid-
ing packages to Freeport.

“T don’t think the hotel has
been strong in the Latin mar-
ket and the Ministry of
Tourism is actively working
with us.

“Tt is one of those markets
you didn’t think would come
to the Bahamas, but we have
seen a change in trend, and I
think that is going to be an
up and coming growing mar-
ket for us,” the resort man-
ager said.

Mr Webber noted that
things are going well with
Treasure Bay Casino, which
has teamed up with Our
Lucaya to offer incentives to
guests and groups staying at
the resort.

According to Mr Webber,
the resort’s destination wed-
ding programme is also show-
ing signs of growth.

Our Lucaya Resort is the
only anchor property on
Grand Bahama. It has a mul-
ti-million dollar budget that
is spent on promoting the
island.

When speaking about the
resort’s staff, Mr Webber said,
“it is in our best interest to
have a happy staff. They are a
reflection of us and that
reflects directly on our cus-
tomers.”



Safety worries over misuse of
inland waterways, canals in GB











WARNING FOR BOATERS -— According to Freeport bylaws, no sea craft should create a wash or wake when using

inland waterways or canals.

THE misuse of inland
waterways and canals by
boaters in Grand Bahama is
on the rise and has become
a safety concern for the Port
Authority.

Arthur Jones, vice-presi-
dent of Building and Devel-
opment Services for the
Grand Bahama Port
Authority (GBPA),
explained that some boaters
are speeding to the point of
creating a wash or wake.

“They’re causing too

394-5767 aebahamas.com





much turbidity in the water
and creating excessive scour-
ing effects on the founda-
tion of seawalls.

“This thereby creates ero-
sion, making the seawalls
unstable and damaging pro-
tection to the properties
along the waterways,” he
said.

Complaints

Mr Jones said that “fol-
lowing legitimate complaints
from residents who live
along the canals regarding
abuse of sea craft move-
ments, it has become neces-
sary to remind the public of
some of the bylaws which
govern the inland waterways
and canals.”

He said the Building and
Development Services
Department of the GBPA
is hereby advising the public
that in accordance with the
Freeport (Marina and
Inland Waterways) Bylaws,

CANAL
VIOLATERS —
Water sport
operators
bringing tours,
©] including
banana boat
rides, into
inland canals
are advised that
such activities
are against the

certain restrictions apply
when using the island’s canal
system.

According to the bylaws,
commercial sea craft opera-
tors are not allowed to bring
booze cruises, banana boats,
jet skis and similar vessels
into the canals. The penalty
for violation of such laws is
three months imprisonment
and revocation of licenses.

“The Port’s stance is that
we want persons to obey the
bylaws.

“We will post signs to
remind the public of the
bylaws and penalties for vio-
lating them.

“Also, we expect to
receive additional monitor-
ing from the police with
regard to this matter,” Mr
Jones said.

He further clarified that
these bylaws pertain to the
use of inland waterways or
canals, and not to the chan-
nel leading into Port Lucaya
which has a marina with
commercial operations.




PAGE 8, FRIDAY, APRIL 30, 2010

LOCAL NEWS

THE TRIBUNE



NOTICE

ache ee la

Ud) ce ay ce ee |
Ve eta Le

Clients can collect records at the clinic
May 3rd thru May 7th, 2010 from
Cm Par lime a

Legal Notice

NOTICE

NITRA VANWA INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

MAXPOLO LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
SLIP SCREENSHOT INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is

Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ANGEL WING CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)



‘Woman of Worth’
to hold first summit

HELPING Bahamian women
recognise their worth and creating
an environment in which they can
help each other overcome life’s chal-
lenges are the goals of a new non-
denominational ministry.

Psalmist Lorna Joy Simmons
founded the Woman of Worth Inter-
national Ministries after many years
of observing the obstacles and prob-
lems women face in today’s society.

This ministry is for women who
share the same burdens and a pas-
sion for helping their sisters over-
come these challenges.

The idea for the ministry started in
2006 with a group of women, some of
who were terminally ill, who began
meeting, praying and fasting togeth-
er to overcome their problems.

As the number of members grew it
became evident to Ms Simmons that
women needed an environment for
fostering a deeper spiritual connec-
tion with one another and the Lord.

Ms Simmons said she struggled for
many years in getting this ministry
off the ground, and it was not until





Tien ia



WOMAN OF WORTH International Ministries will hold a summit tomorrow.

March of this year that it was finally
accomplished.

Women from all walks of life, from
all denominations and socio-eco-
nomic groups that believe in the
Holy Trinity are welcome.

The Woman of Worth Interna-
tional Ministries outreach pro-
grammes, Ms Simmons said, will
assist various agencies where women
are the primary concern, not only
from a spiritual stance, but also in
practical and tangible ways.

Among the objectives of the
Woman of Worth International Min-
istries is the aim to contribute to the
Bahamas and the nations of the
world in uplifting and empowering
Christian women who understand
who they are and what they are
worth to God; to reach and teach
women who are saved but are wait-
ing for deliverance from the bondage
of abuse, rejection, failures and
downfalls that have assaulted their
lives; and to comfort women who

are downtrodden and those who are
in need of spiritual rest and guid-
ance.

Tomorrow, at the British Colonial
Hilton, Woman of Worth Interna-
tional Ministries will hold its first
summit entitled “When Women
Worship”.

There will be intercessory prayer,
praise and worship, ministry of the
Word by Ms Simmons and the guest
speaker will be evangelist Carnetta
Ferguson.

Legal Notice

NOTICE

ZENITH UNITED LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
HAZEL PINE UNITED LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
AMBROSE

GARDENS LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NORTH PEAK
VENTURES LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

DYXLOME INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
FIDELON RURAL CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of April 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
Level 2

preces.
and sued simactured deh
COUN LTT & revit risk are Bloomberg and Reqiers

Level 3
(unobservable imparts)
slemlicunl unohserrable compres.

The hierarchy requires the ose of observable market data when availvhle

below shows the fair value hierarchy lewels for financial assets. onc linbalities

Agold] Devember De

Financial assets designaied at fair value
- Derntive fininéia
Total ackeets at fair va lee io

Finan! liabililics desaynatied wt fair

wale
Dera financial metrics

Total liabilities at Gir valor

As of 01 December Die

Fingal asscis desigreatel al Gain valuc

-Derhntive fimincial mere 2HR OLE

Total paris at fear valee HR O1K

Financial liabilities designated at fair
value

- Dernatie: financial merients
Total abilities at flr valoe

‘Capital Management

The Bank's objectives when managing capital, which is
an the faee of the consolidated balance sheet, are

« To comply with the capital requirements set by the Central Bank of The Bahamas (the

Central Rank;

* To sofepuard ihe Bank's ability to continues as a poing comes so that if can continue

to prowide returns for its shareholders and benefits for other stakeholders: and
« To mamiain a Strong capvlal base lo support the development of 1s business.

Caniial hibequacy fel the use of feu lorry capital Are monitored hw the Pank's
With gusdelines
The required information ts filed with the Central Hamk

Tange, employing techniques designed to enaure compliance
established by the Central Hank
ona quarterly basis

The Central Bank requires the Gank toc (a) have negulabory capital of at least $5,020 (MM)
and (bh) maintain a ratio of total regulatory capital to risk-weighted assets af or above a
Thien oF 1% PW: 1h).

The tabke below summorises the composition of regulatory copital and shows the capital
adequacy ratio of the Bank as of the balance sheet date. Dearing 20449 ard 2008, the Bank
has complied with all of the externally imped capital requirements to which iL was
siuhject.

SH DIMA
i 4S

Tier | capital
Share cupatal
Ketained camings

15, CMHC, Hi
1 34,349

15, 08H)
163,719

Tatal Wi Aah

Hisk-weighted asaiets Oa ei TAT

Capital adequacy ratio 45%

PRICEWATERHOUSA(COPERS @

Priccey icrieered pepe
Privclicaer Hous

Raw Hit Sent

Polk Bio Fe 0

Sana, Heber

Aiur -wewsa pas, oan

INDEPENDENT ALDITORS REPORT Tene amen ce
chips [Las 4 ]
Pack ke (i) WO 7a

To the Shorchelders of Private [nveeiment Bank Limited

We have audited the sceompanyieg consolidated balance sheet of Private Invesement Bank
Lamated (Ihe Bank) and its subsidiaries (topether, the Croup) a@ of 31 December 2008, and a
sUmMery Ol digicam! aocounting policies and other explanatory noes

Moaagement 's Resposstbiliny for the Fimauclal Sremente

Management if resporsible for the preperaiion and fair presentation of this comeolidmed balance
tiact in accordance with International Financial Reporting Standards. This responsibility
ues ces prianig. kines menting and maintaining miemal control relevant po the preparation
and Tair presenigivon of financial statenesits thal ac free from material missisiement, whether
duc to fraud of enor selecting and upp ying Oppomate acceine policies: and making
ECCOUnTIGE Seles thal are Pee G i the carsmstances.

Anairarn Reanonsifiity

Our responsibility is to eupress on opinien om thia conaolidaed balance aheed based on our auclit
We Soucied ar aude in accordande with Intemational Standards on Auditing, Those standards
require that we comply with ethical requarnnesas and plan and perform the audit bo obtain
reasonable aura whether the financial statements are free from pisterial (miaeLibement.

An audit involves performing procedures to obtain audit evidemer about the amounts and
disctkuures if the financial slalements. The procedures selected depend on the auditors’
judement, inchoding the assesament of the fiaks of malonal misstatement of the financial
Slabements,. whether dee to fraad.or error. In making these risk assessments, the wadinors consider
intemal contre! reicwant io the entity's peoparation and fair presentation of the financial
statements in onder to design audit procedures that are appropriale in ihe circumstances, but mat
for the purpose of expressing an opinion on the effectiveness of the eediny’s internal eoetral. An
mati ale includes cvalualing the appropriateness of accounting policies used ond the
Teasonablemess of SDOoUntng, Sstlimaies. made hy TMaNApeNent, ae well am GÂ¥ alualing Lhe aeetrall
presentation of the Gnancial staiements.

We beltewe that the aadit evidence we hove obtained is sufficient and appecpriane bo providks a
basis for or adil opinien.

Opinian

In cur opinion, the COMPnying cornaliied balance: sect presenta faily, in all maternal
respects. the financial position of the Group as af 31 December 2M) im occondance with
Intematicanel Financial Reporting Saandareds

Enmpliacs of Marer

Without qualifying our opinion, we emphasise that the accompanying consolidated balance sheet
(ots fot Gomnpraé a complete ant of financial Watements in accordance with Intemational
Financial Reporting Standards. Information on results of operations, cash flows end changes in
Gquiy is Nestesery be obtain a complete umceretamiing of the financial position, performance and
Changes in financial position of the Cercup.

my

L) { /\

Hidaiatioutel nofledt

Charred Accountants

Nossa, Bohomas

23 April SO



Inputs other than quoted prices imcluded wothin Level | that are abservabbe for
the seset or liability, either direcily (thet is, a6 prices) or indineacthy (that is, derived fram
Tat level ibelucks the mayank of the OC denvalve contracts. traded keane
The sources of input parameters like LIOR yield curve ar

Inputs fer the asset or linbility that are not based on observable market data
This level includes equity investneenis and det instruments with

The Bank

corm iders relevant an observable market prices in ils walualions when possible. The table

Level 2 : Z otal
Lisi 4 Usp

Aerts 108 : oF

262,012

Pee

a broader concent than “equity”

THE TRIBUNE

FRIDAY, APRIL 30, 2010, PAGE 11



Stop Living in Fear

Our Young Women
and Thug Life - Part 2



By D’ARCY RAHMING

GO AND tell your young
women these things.

They really want a Knight
and not a Thug. The desire
to be taken care of is natur-
al, but being taken care of
does not mean that the
Knight is there to satisfy
your every material desire.

You may think its okay to
trade your body for the
things you want. The prob-
lem is that the Thug believes
that once he starts paying,
it is no longer your body and
soul, but his — to do with as
he wants, when he wants.

Everything is cool up to
the point you say no. PROP-
ERTY does not have the
right to say no.

For example, no dog can
really say no to her master
without paying the conse-
quences. You are not a dog
and you deserve better so
don’t fall into that trap.

We don’t have a violent
crime problem, we have a
problem recognsing the dig-
nity of the human person.

D’Arcy Rahming is a vio-
lent crime researcher and
adjunct faculty member at
the College of the Bahamas.



DVS CNM ota\a YING

He holds Black Belts in sev-
eral martial arts and is an
internationally renowned
seminar leader for corpora-
tions, private groups and
police and security groups.
You can follow him on his
blog at www.stoplivingin-
fear.org.

Caribbean Airlines poised to take over
Air Jamaica, rehire 1,000 employees

KINGSTON, Jamaica

to announce other routes soon. All tickets



TRINIDAD'S Caribbean Airlines will
take over operations of cash-strapped Air
Jamaica and its seven routes, retaining 1,000
employees, according to aviation officials,
according to Associated Press.

Air Jamaica will keep its equipment and
offices at the airport, and the Jamaican gov-

previously issued will be honored, Lalor

said late Wednesday.

Government officials in Trinidad will
invest $50 million in the airline following
the May 1 takeover, he said.

The Jamaican government had set a

ernment will have a 16 percent share in debt.

Caribbean Airlines, said Denis Lalor, chair-
man of Air Jamaica's divestment committee.
Flights to cities such as New York, Fort

March 2009 deadline to divest Air Jamaica
after it accumulated roughly $1.3 billion in

In 2007, the government sold the
Kingston-to-London route to Virgin
Atlantic, and last year, the airline laid off

Lauderdale, Florida, and Philadelphia will
continue, and Caribbean Airlines expects

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

roughly 500 employees as it eliminated
routes to Atlanta, Miami and Los Angeles.

Fetal pei oe pep co

award. If so, call us on 322-1986 and share

your story.





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Fax: (242) 393-4096 swrRelysbohamas.com

rystal
Arc Glass & C
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April 30th-May 8th, 2010












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Miia)
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Now open 7am

*Except on net items
PAGE 12, FRIDAY, APRIL 30, 2010

THE TRIBUNE



Pa
Disturbing repetition and no movement ahead:
Is the Bahamas trapped in its own prison?

YOUR SAY



TENT SAL
Upto
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By IAN BETHELL
BENNETT

ON READING the Tribune
recently, I had to ask myself,
what have we been doing over
the last year or so since signing

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APRIL
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The Bahamas Electricity Corporation
invites the public to a

MEETING

PROPOSED TARIFF
ADJUSTMENTS

Friday, April 30, 2010 at 7:00pm
§.C. McPherson Junior High School,





on to the EPA. Between a few
articles, one on the fate of
South Ocean and the other on
the fact that our education sys-
tem is in the sewer, it became
clear that neither government
nor community really sees the
importance of getting ready for
this new way of life.

Therefore, the Bahamas
seems poised to be obliterated
by our competition. Sadly, one
thing is for sure with trade
agreements — they are here to
stay. We can talk about them
today and forget about the
tomorrow, but just because
they are not on the talk shows
and TV anymore does not
mean that they are not occur-
ring as usual. We as Bahami-
ans seem to forget that. We
think, or seem to at any rate,
that the world moves to our
drummer. It doesn’t. The
world is leaving us far behind.

The articles to which I
respond are “The Bahamas in
‘last place’ on the EPA prepa-
rations’, ‘Government pledges
support on trade deals’, both
by Chester Robards; ‘Extreme
concern on $867m project’s
woes’ by Neil Hartnell — which
all speak to the article ‘Fiscal
deficit grows by 14% to strike
$139m’.

The other thing that is
apparent, is our lack of caring
about the situation we find
ourselves in. People seem
astonishingly numb to the fact
that we are in such poor fiscal
shape as a country, and that
the possibility of many young-
sters finding jobs when they
leave school is almost nil.

How have we got to this
point? As I have pomted out in
earlier commentaries, a trade
competitive country needs to
have an educated workforce.

Greg Ebelhar, as quoted in
Mr Robards’s article, said that
40 per cent of public high
school graduates are function-
ally illiterate, and that the
country is not going to grow
“because we have no future
ahead of us”. And there is the
rub. We cannot grow with 40
per cent of our graduates from
government schools not really
being able to read or write, and
certainly not being able to do
so to a standard that would
make an potential employer
want to give them a job.

Governments are constantly

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talking about growing the
country, the economy et
cetera, but the obvious is nev-
er mentioned; how do we grow
with such an abysmal educa-
tion record? In order to com-
pete in the global market we
need, to repeat the main point
once again, an educated popu-
lation. Clearly and painfully,
we do not have that.

So, where will global com-
panies go? Why not develop
bases in countries with edu-
cated populations, like India,
where wages are also lower
than they are here. And this
then leads to the logical con-
nection, what is government
doing to fight illiteracy and
prepare the country for the
EPA or even the future?

It seems that government,
not political parties, but the
system of government as a
whole, in spite of who is in
power, has done little or noth-
ing to prepare the country for
the future.

As all the articles intimate,
our legislation is poorly lacking
and this opens the country,
especially the government, up
to legal action from companies
and governments alike for not
observing intellectual property
rights.

But we have known this for
years and nothing has been
done, nor does there seem to
be the political will to do any-
thing, to be proactive in the
face of such a hostile future.

To be sure, the Bahamas has
lost a great deal of its business
and so jobs which means that
the economy will shrink. How-
ever, governments are con-
stantly and continually insisting
that employment is being cre-
ated. But, what kind of jobs
are replacing the ones we lose?
Are these permanent or tem-
porary, high-paying, or low-
wage jobs? Most of the new
jobs seem to be limited to the
construction arena and once
the initial growth spurt is over,
those jobs are gone. That
means they are temporary and
often low-paying jobs. A coun-
try cannot live by low-paying
jobs alone. Where will the pro-
fessionals go?

In an overall analysis of the
situation:

¢ Government has done
almost nothing to prepare for
what they knew was coming.

¢ Education has worsened
over the last few years instead
of getting better as government
has argued it was.

¢ Frustration, anger, crime
and violence will continue to
grow as a direct result of low
employment rates, low-paying
jobs, lack of education and no
opportunities.

¢ These factors have an
impact on the social, econom-
ic and political life of the coun-
try which in turn encourage or
discourage future investment.

¢ Trade will not come to
countries that are unprepared
for it.

¢ The country cannot pull
itself out of this hole without
changing almost every aspect
of its development plan.

¢ The fiscal deficit will wors-
en as the economy shrinks.

¢ With no jobs, or high
unemployment, loans will con-
tinue to go unpaid and banks
will lose money, charge more
for services and stop lending.

¢ Large companies will con-
tinue to flee our shores if gov-
ernments do not pay attention
to trade and making trade
deals.

Government has continued
to sell off large swaths of land
to foreign concerns without
putting any real protective
measures in place. Investors
can flee and leave a mess that
the country will be left to clean

up.

Such is life in development.
But if the public does not
demand more, then nothing
more will be given. It seems
clear that the Bahamas is set to
fall further and further behind
its competitors under its cur-
rent structure. What does the
country plan to do with all
these illiterate high school
graduates? We seem stuck in a
prison of our own design. Is
there any way out?

¢ Jan A Bethell Bennett is an
Associate Professor in the
Department of English at the
University of Puerto Rico. He
specialises in cultural studies,
Caribbean literature and litera-
ture of the British Common-
wealth. His research interests
include youth, masculinity,
HIV and gender-based violence
and trade.

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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM


THE TRIBUNE FRIDAY, APRIL 30, 2010, PAGE 15

LOCAL NEWS

PLP denies being unable
to Keep website running

Credit Suisse Brazil (Bahamas) Limited

Notes to Statement of Financial Position
December 31, 2009

fier eco of DLE oodles)

10) Borrowed funds

FROM page one porate the views and opinions of the
aaa pag Bahamian people through our revolution-
Bocrawed fands with related portion 1,518,997 ty news. ary section called Have Your Say. While

Credit linked aves. 159.214
Deposits from banks Lana

Teal LSBs

(Cn fiona of LS dollars!

Perical frome balaace sheet dole to contractual matunty doe:
Up do 3 menths | 485 677
2 - 12 months £1, Lz
1-4 yoann 101 61
Over 5 years 1200

Taal Lobe Gen

The Company's borrowed funds with related parties consi of ghom-term collateralized financing
inmaaclioes, carried af aneetized cost with fined imeres nies rangmg from 0.24 % w 0.30%
(2008. = LED io 4.21) per ance.

(Credit Linked moles ore shori and long-term obligations of the Company. The redemplion of the
nglet it lmbed io ene or mipre debt inginaments of leata “Reference Instrument”) med by
corporate isseers or borrowers (Reference isueris}"), The Company's obligation to redecm the
oles kcondticdal apie ihe nor-occurrence of a hunmber ef event, sack as a poymicee defaule by
a Reference Lesuer in respect of a Reference betrument or certain other debt obligations. oF a
probibilion of peinclion on the coereertibalty of ihe Referee Inetruiment

The redemption valve of the noes may also be sutgoct io adjusimen! for, among olber things,
changes ma Reference Iasuer"s country, imeluding lox change.

The effective inferes! on these notes it based on the Reference Instrimenis and period to
ceaarity

Sharcholder's equity

The wathorized, isued umd fally paid share capiial of he Company amounis we USS 70,000,
@rvided into 7 million common chares of U5 1,00 each

Capital! saeagemeny

The Central Bank of the Bahamas requires all Bonds co mmoiniain o capiial adequacy roils of at
least E percent of risk weighted assats af all ties. The capital adequacy ratio is calculaied by
dividing the Baak's eligihke capital bese by ils cik-ereighind) exposures. The Hank uses
regulaiory guidelines: ea the basis for the calculation of the ratlo. There hawe been mn rmevterial
Ginges in the Bank's memagemerndt of capital daring the pear,

The Company's objeciives when managing capital, which io breeder osncepe than ‘eqqty” on
he fen of the solemn of finance) position, are:

To comply with the capital requirements set by the Central Bank of The Bahamas (the
‘(Central Hank’;
Tosafeguard the Company's ability to contiaue as 2 poimg comeenn so that it cam continue to
peowide petures fir ite shareholders stad benef with puidelines combed by the Central
Bank

. Tormalniain a strong capital base to support the developmen of its busimess

Capital adequacy and the we of regulatory capinal are mositored by ihe Company's management,
employing lechniques designed Io ensure compliance with poidelines established by the Central
Bask, The reqeered informatern ia filed with the Central Rank on @ cpearterly beagis,

The Bank hee complied with thie pegelatocy impored capital requirements throughout the year.
Fair vale disclosure of financial insiruments

Fair value eslimaies ape made at a specific poi in Gime, hase) om marker conditions and
information of financial instruments. These estimates ore sabjeciive in nature and involve
unmterbiniiet and ceiers Of significant julgment and therefore, cannol be determined with
precision. Changes in asumpioons could significantly affset the estimates,

Management extimabes deel the teal fpir walee of financial eesets and bohbilities carried a1
Aantal ens Go nec dite: freertally Trem Gass carrying valu: given thal average effective
interest mies approximate the curment inierest ries available io the Compary for boats ate
Placements and adler’ by the Company for deposi! lishilitees with colar matorities.
Management does oot conser there to be 0 significant difference berwees the fair vase of
Cireencial agsety ard lisbilitice corres’ al amortiend cost and their carrying value. The method of
determinang fair value of Conmemcial asses ane lebelines i described i nites 26 and 20

Related partiea
Fanlaied panties of the Oredic Subse Brazil (Bahamas) Limited iecloded Cred Suisse Securities

(Eurepe) Lid, Crechit Semens Intermatsonal, Credit Sumse, Ag Neca Branch, Credit Suisse, Ag
Leadon Bromch, Credit Sunse, Coyman sland Reanch are! Credit Sees LLC.

(in thonsords of DLS ciple!
Asbet and liabilines ariimag freee trantectiona wall related. parthes are os Sol loves:

ea

Agerts

‘Cash and cosh equivalents

Placements with bunks

Detia ve Fisermaccal i mevbrinecets

Receivables from brokers, dealers, clearing
Orgeeical ire feed) custo

‘Other assets

Total Ba,

Linbilities

Eeerrowed Feds 1536, 143 1b 00
Derivative financial inrumnents: 202,695 24ba1T
Depost: bom ceiemers Lo
Payables to brokers, dealers, clearmg
alls ead cuviceners aa7 1342
Other lesbalities: _ 2258 350
Laba 588

Teowal 1,842,173

However, the PLP maintains that their
websites are up and running despite expe-
riencing a disruption to access by users for
“half a day” starting Wednesday, April
28th, in the afternoon to around 7 pm of
the same date.

“The former Vice Chair responsible for
the registration of the domains was unable
to access the account in time to avoid a
disruption to access. The notice on the
placeholder said that the site’s URL had
expired on April 22, 2010, however, con-
trary to Mr Bethel’s misleading statement,
the site remained active and viewable until
noon April 28th because the domain com-
pany provides that grace,” the party said.

The PLP continued that their official
party website remains “by far” the most
widely read website of any political party in
this country.

“Our website is updated on a daily basis
with not only Parliamentary related items
but also innovative content. It is laughable
that the Free National Movement would
try to characterize their website as a trend-
setter when the facts do not support this.

“The PLP’s website predates the FNM’s.

“As a matter of fact, tt was the FNM that
sought out the developers of the PLP’s
website and based their current site on our
upgraded site. We were the first to incor-


























the FNM can only muster a few hundred
pages of comments, Have Your Say has
amassed over 3,170 pages of comments.

“This section has allowed Bahamians the
opportunity to comment freely about mat-
ters relative to our party and country with-
out the heavy censorship found on the
FNM’s website. One need only ask a diffi-
cult question or criticise the government
to find out how free the FNM is with their
website. Our party’s website was the first to
feature a regular live web chat with our
Party Leader responding to the questions
and views of the Bahamian public.

“Our website was the first to provide live
video streaming coverage of political rallies
and meetings both in New Providence and
on several of the Family Islands. Our web-
site was the first to provide live video
streaming of our leader, Perry Christie
interacting with viewers and being inter-
viewed.

“Our website was the first to stream a
live debate between candidates vying for
National Party offices and did so from
Freeport, Grand Bahama. Our website was
the first to stream from start to finish, a
National Party Convention.

“The FNM has always followed the PLP’s
lead with regard to the Internet,” the par-
ty said.

Teacher accused of
having unnatural
intercourse to stand
trial in Freeport

FROM page one

former art teacher at the Eight Mile
Rock High School, between January
1, 2002, and June, 2007, while in
Grand Bahama, had unnatural inter-
course with a male under the age of
18.

It is further alleged that between
September 1, 2001, and February 28,
2007, also while in Grand Bahama,
Birbal had unnatural intercourse with
another 18-year-old male.

Birbal pleaded not guilty to both
charges in Supreme Court yesterday.
He informed the court that he will
consult with his attorney Carlson
Shurland and give notice in 21 days if
he intends to present evidence in sup-
port of an alibi.

Mr Shurland was not present in
court yesterday. Terry Archer
appeared on behalf of the Attorney
General’s Office.

The date of May 10 has been set
for the commencement of Birbal’s

trial in Supreme Court.



The above ierecligns were ads iy the ordinary course of besiners and om substantially the
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conskiering (bm back of risk

Commitments related to loans and advances

Ag at December 21", 3000 the Company's commitments related te loang and advances were in
the total ameoent of USS 75.65) (2008 - WES ee









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THE TRIBUNE

Geographical Analysis of Assets and Liabilities

The Group’s assets and liabilities may be analyzed by geographical area, based on the
domicile of the counterparty, as follows:

2009 2008

$ $

246,056
18,623,965
112,707,092
391,442

Assets;

Latin America

North America

Europe

The Bahamas & Caribbean

290,192
13,708,496
147,103,938
9,364,494

131,968,555 170,467
91,242,491

Liabilities:

Latin America 132,821,257

Europe 530 -
North America
The Bahamas & Caribbean

13,784
3,966,590

25.223,395

430,241

133,251,498

Maturities of Assets and Liabilities

The Group’s assets and liabilities may be analyzed into relevant maturity groupings,
based principally on the remaining period from the consolidated statement of financial
position date to the contractual maturity date, as follows:

2009 2008
$ $
Assets:
Demand and less than three months
From three to twelve months
From three to five years
Over five years

112,952,378
18,946,527

169,538,963
582,139
276,996

69,022

170,467,120

69.650

131,968,555

Liabilities:
Demand and less than three months
From three to twelve months

92,048,373
— 3,175,022

95,223,395

132,462,627

—_ 788.871

133,251,498

Related Party Balances and Transactions

Related parties include: i) key management personnel, including directors; ii) entities that
have the ability to control or exercise significant influence over the Group in making
fmancial or operational decisions; and iii) entities that are controlled, jointly or
significantly by parties described in i) and ii).

Other balances with affiliates included in this consolidated statement of financial
position, but not separately disclosed elsewhere, are shown in the following table:

2009
$
Consolidated Statement of
Financial Position:
Cash and demand deposits
with banks
Time deposits with banks
Customers’ deposits

- 7,192,601
112,753,236 147,150,056
13,784 =

Lease Commitment

The Bank has a commitment under a non-cancellable operating lease agreement relating

to its offices that expires on 31 January 2010. The future aggregate minimum lease
payments under the non-cancellable operating lease are as follows:

2009 2008

$ $

Not later than 1 year 24,512
Later than 1 year and not later than 5 years -

294,144
24,512
=24,512 318,656

Pension Plan

The Bank has an independently administered defined contribution plan covering all full-
time employees. A defined contribution plan is a pension plan under which the Bank
pays fixed contributions in a separate entity. The Bank has no legal or constructive
obligation to pay further contributions if the fund does not hold sufficient assets to pay all
employees the benefits relating to employee service in the current and prior periods.

All full-time employees who have completed a probationary period of employment are
eligible and required to become members of the plan. Members are required to
contribute, by way of monthly payroll deduction, from one percent up to a maximum of
six percent of their eligible earnings to the plan. The Bank in turn contributes an amount
equal to six percent of the member’s eligible earnings to the plan. Members have a fully
vested interest in the Bank’s contributions after five years of continuous service.

Financial Risk Management

The Group’s activities expose it to a variety of financial risks and those activities involve
the analysis, evaluation, acceptance and management of some degree of risk or
combination of risks. Taking risk is core to the financial business, and the operational
risks are an inevitable consequence of being in business. The Group’s aim is therefore to
achieve an appropriate balance between risk and return and minimize potential adverse
effects on the Group’s financial performance.

The Group’s risk management policies are designed to identify and analyze these risks, to
set appropriate risk limits and controls, and to monitor the risks and adherence to limits
by means of reliable and up-to-date information systems. The Group regularly reviews
its risk management policies and systems to reflect changes in markets, products and
emerging best practice.

Fiduciary Risk

The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in
carrying out certain mandates in accordance with the wishes of its clients. To manage
this risk, the Group takes a very prudent approach in its fiduciary undertakings.

Credit Risk

Credit risk arises from the failure of a counterparty to perform according to the terms of
the contract. From this perspective, the Group’s exposure to credit risk is primarily
concentrated in demand and time deposits with banks. The deposits are mainly in United
States dollars and placed with recognized international banks.

Interest rate risk

Interest rate risk is the risk that the fair value or cash flows of a financial instrument may
fluctuate significantly as a result of changes in market interest rates. The Group’s
exposure to fair value interest rate risk is minimal as the relevant financial instruments
are usually at interest rates which frequently reset to market rates, and it considers the
cash flow interest rate risk to have a minimal impact on its profitability.

Liquidity risk

Liquidity risk is the risk that the Group might not have the necessary liquidity to meet its
contractual obligations. The Group’s policy is to maintain a favourable ratio of liquid
assets to financial liabilities as indicated in Note 8.

Fair Values of Financial Instruments

Fair value estimates are generally subjective in nature and are dependent upon a number
of significant assumptions associated with each instrument or group of similar
instruments, including estimates of discount rates, risks associated with specific financial
instruments, estimates of future cash flows and relevant available market information.
Fair value information is intended to represent an estimate of an amount at which a
financial instrument could be exchanged in a current transaction between a willing buyer
and seller engaging in an exchange transaction.

The methods and assumptions used to estimate the fair values of the Group’s financial
instruments are as follows:

Due from banks. The fair value of cash at bank and time deposits placed on relatively
short terms is their carrying value.

Other Financial Instruments. Other financial instruments utilized by the Group are
generally limited to those types of financial assets and financial liabilities shown in the
consolidated statement of financial position.

The carrying amounts of these other financial instruments are considered to approximate
their fair value, given that they are either short-term in nature or have rates that
automatically reprice to market on a periodic basis.





LOCAL NEWS

eae et x 1

DETECTIVE CONSTABLE Darrington S$
(centre) and lawyer Romona Farquharson yesterday after the inquest.

FRIDAY, APRIL 30, 2010, PAGE 17

ands walks with his partner Detective Corporal Kelsie Munroe







‘|





Officer who killed Brenton
Smith to return to duty

FROM page one

However, he said DC
Munroe will now be wel-
comed back.

“Now that the matter has
been disposed of by the
courts we are looking for-
ward to him resuming his
duties,” Mr Hanna said.

The police officer declined
to comment on the inquest
verdict yesterday, however
his attorney Ramona Far-
quharson said they were
pleased with the outcome as
it indicates her client did
nothing wrong.

“It’s been quite a rough
trial, particularly for Mr

Munroe,” Ms Farquharson
said.

“He’s now quite relieved
that it’s over and he can
move on.”

She described her client
as a productive individual
who will now press on with
his law studies and sit exams
today.









‘Its a slap
in the face’

FROM page one

ber, the family hit out at the
verdict.

Brenton’s father Hector
said: “It’s a slap in the face
for the whole Bahamas, not
just us, to say it is OK to gun
down an innocent teenager
for absolutely no reason.”

He said the circumstances
of his son’s death should
have been heard in a crimi-
nal court rather than a coro-
ner’s inquest, and he intends
to meet with his lawyers
today to explore how he
may take the matter further.

“We are distraught,” Mr
Smith said.

“However, the facts are
the facts, the truth came out,
and this is a further indica-
tion of exactly what we have
to pursue and reflect on in
terms of our system of jus-
tice in the Bahamas.

“The truth is Brenton was
an innocent Bahamian and
we have a number of per-
sons who believe that any-
thing any law official does
is okay.

“They want to say that
our son Brenton is a statistic
and it’s okay for him to be
killed by any means to curb
crime in this country.

“This is wrong.”

Mr Smith’s wife, Rosetta,
mother Shirley, relatives and
friends comforted each oth-
er as they cried outside the

coroner’s court in Victoria
Gardens yesterday.

DC Munroe declined to
comment on the verdict as
his attorney Ramona Far-
quharson said they were
pleased with the result.

“We do feel it was the cor-
rect verdict, having consid-
ered all the facts, as it clear-
ly indicates officer Munroe
did nothing wrong,” Ms Far-
quharson said.

“It’s been quite a rough
trial, particularly for Mr
Munroe.

“He’s now quite relieved
that it’s over and he can
move on.”

The attorney said DC
Munroe would now press on
with his legal studies and sit
law exams today.

She said he would not
apologise to the teenager’s
mourning family as it was
Mr Smith’s actions that pro-
voked DC Munroe’s use of
lethal force.

The coroner had asked
the jury to consider the ver-
dict of manslaughter by
means of excessive force if
they were certain he had act-
ed in self-defence and used
excessive force, of
manslaughter by gross neg-
ligence if they did not doubt
DC Munroe should have
taken more care before
shooting Mr Smith.

An open verdict would
have been accepted if jurors

were unable to reach any
other conclusion.

The self-defence verdict is
based on the balance of
probabilities rather than
beyond reasonable doubt.

Jury forewoman Patrice
Farrington said: “The jury
unanimously agreed the
actions of officer Munroe
were of self-defence and his
action was of reasonable
lethal force because he was
in fear for his life.”

Coroner’s court marshall
Cheryl Grant-Bethel from
the Attorney General’s
office sympathised with the
difficulty of the jury’s deci-
sion.

“Any verdict of the jury
is always just,” she said.

“T think it was a difficult
decision for them to make
because you have a police
officer acting in the course
of duty and it’s not always
easy to decide when to use
force and when to not.”

Mrs Grant-Bethel would
not comment on whether
she thought there was
enough evidence for crimi-
nal charges to be filed as she
said that is a Separate issue
for the Attorney General,
and something that will have
to be reviewed.

A website established in
Brenton Smith’s memory
can be accessed by logging
on to: www.thebrenton-
foundation.org
THE TRIBUNE

’

/
5





Knowles,

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



TOUGH times continue for
Mark Knowles and his carousel of
doubles partners as his latest tour-
nament outing resulted in an early
exit.

Knowles and Bruno Soares of
Brazil fell in an exciting three set
thriller in the opening round of the
Internazionalli BNL D’Italia in
Rome, Italy.

After a first round bye, Knowles
and Soares were upset by the
home grown Italian pair, Simone
Bolleli and Petito Soares, 6-3, 7-
6, 10-3 in the final match of
evening.

Bolleli and Soares will advance

FRIDAY, APRIL 30,

PAGE 18
r
‘FZ

2010

ooares

Duo falls to
Italian team
in three sets

to face another upset minded team
in the quarterfinals when they
square off against Pablo Cuevas
of Uruguay and Juan Monaco of
Argentina.

Cuevas and Monaco, unseeded
in the draw, pulled off the tourna-
ment’s biggest upset when they
topped the number one ranked
team of Daniel Nestor, Canada,
and Nenad Zimonjic, Serbia, 6-2,
7-6.

The Bahamian Brazilian duo fell



behind early in the opening set and
struggled to recover and challenge
the advantage.

The Italian pair held slight
advantages in service points won
with MK/BS netting, 11-15 and
SB/PS netting 14-19.

Second serve points followed
suit with SB/SP winning 6-7 while
K/BS managed just 4-7.

Neither team managed to save a
break point but the Italians held a
sizeable advantage on return
points as they won 43 percent of
second return points while MK/BS
won just 14 percent.

The second set was a see-saw
battle with both teams going on
timely streaks and taking control.

Knowles and Soares jumped out
to an early 2-0 lead in the second













set, but that advantage would be
short lived as Bolelli and Starace
rallied to take a commanding three
set lead after they won five con-
secutive games.

Trailing 5-2 and on the brink of
elimination, Knowles and Soares
reeled off three winning games to
tie the match at 5 games apiece.

The Italians regained a 6-5
advantage but Knowles and Soares
regained momentum to complete
the comeback and take the fol-
lowing pair of games.

The Bahamian-Brazilian pair
had a more successful set from a
Statistical aspect as they took 67
percent of total service points and
43 percent of total return points
won whereas their opponents took
57 percent of service points and

lose in opening round thriller

33 return points.

Bollelli and Starace made quick
work in the third and final set.

They dominated in service
points won as they took 5-7 for 71
percent while Knowles and Soares
were just 1-6 for 17 percent.

The same held true for return
points as SB/PS took 5-6 for 83
percent while MK/BS were just 2-
7 for 29 percent.

Knowles has been ousted from
his last two tournaments by the
Nestor and Zimonjic pair.

At the Monte Carlo Masters
alongside Soares he fell in the
quarterfinals 6-2, 6-7, 10-6 and in
Barcelona last week, paired with
Lleyton Hewitt, Knowles lost 4-6,
6-3, 10-6 to the ATP Tour’s second
ranked team.



Bail, Carey still

making their mark

In AAU circuit

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



ALTHOUGH April is closed to :
NCAA coaches, the summer AAU }
circuit is in full swing for prospective :
underclassmen around the United :
States and a pair of Bahamians con- ;

tinue to make their presence felt.

Wannah Bail and Michael Carey :
continue to impress scouts nation- :
wide with their latest performance at :
one of the most popular AAU tour- :
naments in the Southern U.S, the :
Verizon Real Deal at the Rock, held :

in Little Rock Arkansas.

The duo continue to improve the }
stock and Bail has received particu- :
lar recognition for his efforts andis :
staking a claim as one of the true :
blue chip prospects in the class of :

2012.

ented Franchize All-Stars team.

Bail was heralded for his length, :
shooting touch and advanced ball :
handling abilities for his size along :
with his ability to play both forward :
positions, drawing comparisons to :

Lamar Odom.

Carey, at 6’5”, has been pegged as
a combo guard with improving :
potential if he develops into a “legit- :

imate point guard.”

The Franchize All Stars lost in an :
all Texas final at the finale of the ;
tournament when they fell to the ;

Dallas Mustangs, 101 - 90.

The Mustangs were led by top 10
recruit for the class of 2011, star for- :
ward LeBryan Nash, who posted 25

points and 10 rebounds.

The All-Stars were led by DeAn-
gelo Harrison wh finished with a :
game high 47 points, including six :

three pointers.

Bail finished with 14 while Carey

added 11.

Mavin Saunders, the most recent :
member of the Frank Rutherford :
Elite Development Program saw :
limited action at the tournament but :
has also been noted as an up and :
coming player for the class of 2014. :

The 6’8” 210 pound forward was }
highlighted by internationally :
renown high school recruiting ser- :
vice, Rivals.com as the “most :
intriguing” player on a vastly tal- :

Theodore "Trae" Sweeting

A PAIR of young Bahaians are having out-
standing varsity high school seasons in new sour-
roundings at schools based in the United States.

Theodore "Trae" Sweeting of the Junior Base-
ball League of Nassau and Jervis "Champ" Stu-
art of the Bimini Baseball have shown early signs
of stardom thus far for Christ School in North

Carolina.

Both have reached noteworthy marks in top
statistical categories for the Western district of

North Carolina.

Sweeting is third in hitting with a batting aver-
age of 552 while Stuart is 14th with an average of

484.

batting average of .553

North Carolina.



Both are aMongst the top 10 in stolen bases as
Stuart ranks seventh with nine and Sweeting
ninth with eight bases stolen.

After 13 games, Sweeting is on pace to break
the Underclassman Record of the Western North
Carolina Region for High School Baseball with a

Had the 3rd best batting average in Western
North Carolina HS Baseball (3A Baseball), the
highest state ranking for baseball in Western

He also leads the Christ School Greenies in

Young Bahamians standout in US high school baseball



ATAU CHET] OMS vO Ua

batting average, Mos hits, slugging, on base per-

centage, is second in runs batted in (RBI) and
stolen bases and is tied for home runs.

Stuart has received numerous scholarship
offers and has possibility to be drafted out of
high school for the 2010 MLB Draft.

He leads the Christ School Greenies in runs

scored and stolen bases.

Both players are looking forward to competing
in the upcoming "8th Annual Andre Rodgers
National Baseball Championship" scheduled for

June 3rd through 6th 2010 in Freeport, Grand

Bahama.



Lundy and Rahming deserve some national recognition

By BRENT STUBBS
Senior Sports Reporter



WITH the pre-retirement of Mar-
tin Lundy and Frank ‘Pancho’ Rah-
ming, the Ministry of Youth, Sports
and Culture has already gone into a
transformation with the replace-
ments of their director and assistant
director of sports.

Although he was not formally
introduced to the public in that
capacity, senior sports officer Kevin
Colebrooke has been elevated to
the post of acting director of sports,
while Grand Bahamian Burrows will
assume the responsibility of assis-
tant director for Grand Bahama
after an announcement last week.

Not two bad choices, considering
the fact that there were quite a num-
ber of names tossed around in
recent months as to who will emerge
as the replacements for Lundy and
Rahming.

And rather than just concentrat-
ing on New Providence, the min-
istry is paying more attention to
Grand Bahama where there is just

a

as much a hub
of sporting
activities and
facilities.

I’m sure that
whoever was
responsible for
the final selec-
tion deliberated
long and hard
before settling
on the two
names.

Both take
over roles at
the ministry
that were somewhat low-keyed in
the fact that neither Lundy or Rah-
ming cared to be in the forefront.
They both preferred to do their jobs
behind the scenes.

It will be interesting to see if their
replacements follow suit, or they
continue to be more visible in their
duties that they performed prior to
taking up their new roles within the
ministry.

In recent years, Colebrooke func-
tioned as the manager of the Betty

STUBBS





OPINION

Kelly Swim Complex and he was
actively involved in having a number
of international college and club
teams come in from the United
States and Canada to train.

Burrows, on the other hand,
worked diligently as an executive in
a number of sporting bodies in
Grand Bahama, most notably base-
ball. So like Colebrooke, he brings a
wealth of experience in sports to the
table.

Out of the names that had sur-
faced, it would have been good to
see one of the females, namely
retired Golden Girl and IAAF
council member Pauline Davis-
Thompson, Olympic long jumper
Jackie Edwards or even Oria ‘Big O’
Knowles, who currently serves as a
sports officer and has been one of
the most predominating figures in
multi-sporting events in the coun-
try, given a shot at one of the jobs.

The choices have been made and

now it’s just a matter of waiting to
see how these two men will func-
tion in the coming months.

But as they make their exit out
of public life, 11 would be good to see
some type of national event hosted
in honour of the contributions that
both Lundy and Rahming made to
our sporting community.

From the time he left St
Augustine’s College as the famed
track and field coach of the Big Red
Machine that produced such names
as Oralee Fowler and Maryann Hig-
gs and the senior boys basketball
team, Lundy has served as the direc-
tor of sports, a position he held for
more than 20 years.

During his era, Lundy was instru-
mental in the hosting of the defunct
Mychal ‘Sweet Bells’ Thompson and
Osbourne ‘Goose’ Lockhart Sum-
mer Basketball Camp and existing
Father Marcian Peters Basketball
Tournament.

And although many would be
quick to criticize and point out that
Rahming was basically more con-
cerned about track and field, he did

help to take the sport to an unprece-
dented level that 1s currently reaping
big dividends.

Among his claim to fame is the
hosting of the Ovaltine or Milo Pri-
mary School Track and Field Cham-
pionships, which will be hosted for
the 29th year May 19-21 at Thomas
A Robinson Track and Field Stadi-
um that served as the breakthrough
for a number of athletes who Rah-
ming went on to coach, including
Olympic star Debbie Ferguson-
McKenzie.

This year, the committee is hon-
ouring Rahming as this may turn
out to be the final year that he
serves as the meet director, now that
he’s in retirement mode. I’m sure,
however, that he will be back
because it’s hard to think about the
meet without Rahming.

Whatever happens as they move
forward, one thing is for sure, both
Lundy and Rahming deserve some
national recognition for the invalu-
able contributions that they gave to
the Ministry of Sports for more than
two decades.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
TRIBUNE SPORTS

SPORTS

ma

Eagles sign OB
Kolb through
2011 season

FOOTBALL
PHILADELPHIA
Associated Press



THE EAGLES have
signed quarterback Kevin
Kolb to a one-year contract
extension that could keep
him in Philadelphia through
the 2011 season.

Eagles general manager
Howie Roseman made the
announcement in a state-
ment Thursday. Terms of
the deal were not disclosed.

"We're happy to have
Kevin under contract for the
next two seasons,” Eagles
coach Andy Reid. "When
given the chance, Kevin has
proven to have good com-
mand of this offense and
we're looking forward to
having him operate as the
No. 1 quarterback for the
Philadelphia Eagles.”

Kolb spent his first three
seasons with the Eagles

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THIS APRIL 12, 2010, file photo shows Sacramento Kings guard Tyreke Evans
bringing the ball up court against the Houston Rockets during the second half of

FRIDAY, APRIL 30, 2010, PAGE 19

SPORTS

Tyreke Evans wins NBA Rookie of the Year

BASKETBALL
SACRAMENTO, Calif.
Associated Press



TYREKE Evans has won hundreds
of trophies in his young basketball
career and many of them seem to have
lost an arm, a basketball or some oth-
er piece in his mother's care.

Bonita Evans will have to wait to
get the NBA Rookie of the Year tro-
phy Evans won Thursday until some
safeguards are in place in the home he
is building her in Delaware.

"She's broken too many," Evans
said. "I probably have 400 trophies
and about a hundred of them broke.
I'd come downstairs and she'd try to
glue them back together but it was
too late. I didn't care about it. But
the main important trophies, we're
going to put them in a glass case for
her.”

Evans capped his fabulous rookie
year for the Sacramento Kings by
beating out Golden State's Stephen
Curry and Milwaukee's Brandon Jen-
nings for the coveted award.

Evans became the fourth rookie
ever to average at least 20 points, five
rebounds and five assists per game,
joining Oscar Robertson, Michael Jor-
dan and LeBron James in an exclusive
club.

"This is one of the awards I had a
goal of since I came into the NBA,
being rookie of the year,” Evans said.
"I'm proud it came true. It was one
of my dreams since I was little. I final-
ly had a chance for my dream to come

season at Memphis. Like Chicago's
Derrick Rose a year ago, that one
year at Memphis was enough to make
him Rookie of the Year.

He led all rookies in scoring at 20.1
points per game, was second in assists
at 5.8 per game and fifth in rebounds
at 5.3.

"After maybe the first week or two
in the regular season, the level of con-
sistency that he settled into was just
remarkable given his age and one year
of experience in college," Kings pres-
ident of basketball operations Geoff
Petrie said. "It was just fun to watch it
all unfold.”

Evans was the only rookie to appear
on all 123 ballots from a media panel,
getting 67 first-place votes and 491
total points. Curry was second with
43 first-place votes and 391 points,
with Jennings getting 12 first-place
votes and 204 points. Players were
awarded five points for a first-place
vote, three for a second and one for a
third.

While Jennings got off to a fast
start, scoring 55 points in his seventh
career game, and Curry finished the
season with a flourish, Evans was con-
sistently strong all season long.

Evans drew praise from around the
league, with Kobe Bryant calling him
a "grown man" when asked to assess
the rookie race after playing Curry
and Evans in successive nights in
March.

Evans’ performance this season
brought life back to Arco Arena,
where fans had grown disinterested
in recent years as the Kings struggled.

an NBA basketball game in Sacramento, Calif. Evans beat out Golden State's true."

behind Donovan McNabb,
Stephen Curry and Milwaukee's Brandon Jennings to win the NBA Rookie of the

Gulsieppedamahen Mow There was even a rally planned at a

abb was injured in the sea-
son opener last year at Car-
olina. The 2007 second-
round draft choice prompt-
ly became the first NFL
quarterback to throw for
300 yards in his first two
starts.

His emergence made
McNabb expendable, and
the No. 2 overall pick in the
1999 draft was traded to the
Washington Redskins ear-
lier this month for a pair of
draft picks.

When McNabb was
injured in the season opener
last year at Carolina, Kolb
showed he was ready. He
threw for 391 yards against
New Orleans and 327 yards
a week later vs. Kansas City.

—

me ail
Ben Roethlisberger





Roethlisherger's
police buddies
under scrutiny

FOOTBALL
PITTSBURGH
Associated Press

TWO off-duty Pennsylva-
nia police officers who were
working for Steelers quar-
terback Ben Roethlisberger
the night he was accused of
sexual assault in Georgia still
face internal investigations
that could cost them their
full-time jobs.

NFL Commissioner
Roger Goodell punished
Roethlisberger even though
a prosecutor declined to
charge him over the case,
saying the league's players
must abide by a higher stan-
dard.

In Pennsylvania — and
across the country — so
must police. That's why the
quarterback’'s police buddies
still face scrutiny for being
present when Roethlisberg-
er was accused of assaulting
a 20-year-old college student
at a Milledgeville, Ga.,
nightclub March 5. Internal
investigations will look at
more than just each officer's
actions related to the alleged
assault. They'll also review
questions such as whether
either officer provided alco-
hol to minors, or knew that
was happening.

The International Associ-
ation of Chiefs of Police
Code of Ethics says, "'I will
keep my private life unsul-
lied as an example to all,’”
said Thomas Martinelli, a
former Detroit officer-
turned-attorney who serves
as an expert witness on
police misconduct.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM

Year award, Thursday April 29, 2010.

Henin, Jankovic,

Stosur win at
Porsche GP

TENNIS
STUTTGART, Germany
Associated Press

JUSTINE Henin ignored a
broken finger to win her open-
ing match at the Porsche
Grand Prix on Wednesday,
ending a two-match losing
streak with a 7-6 (3), 6-1 victo-
ry over Julia Goerges of Ger-
many.

Defending champion Svet-
lana Kuznetsova was upset by
Li Na of China, who overcame
the third-seeded Russian 6-3, 7-
5.

Li needed three match
points to end a three-match
losing streak to Kuznetsova,
which included a loss in
Stuttgart last year at the same
stage. Kuznetsova, the French
Open champion, still has a 6-3
career edge.

"I was nervous at the end,
my heart was going 220," Li
said of her wasting two match
points.

Henin, a right-hander who
uses a one-handed backhand,
broke her left pinkie while
practicing for last weekend's
Fed Cup, where she played
and lost.

She had to save three set
points to beat Goerges and set
up a second-round match with
Belgian teammate Yanina
Wickmayer.

"Thad to change the splint,
but it's much better now,"
Henin said. "The pain is much
less, although it is still very
blue.”

Fourth-seeded Jelena
Jankovic of Serbia beat Gisela
Dulko of Argentina 6-2, 6-2,
and seventh-seeded Samantha
Stosur of Australia was a 6-2,
6-1 winner over Marion Bartoli
of France to remain unbeaten
in seven matches on clay this
year.

But fifth-seeded Agnieszka
Radwanska of Poland went
out against Shahar Peer in the
second round. The 20th-
ranked Israeli won 6-3, 6-7 (4),
6-2 after wasting a match point
before the tiebreaker in the
second set.

Henin, who came out of
retirement in January and
entered as a wild card, faced
three set points and saved
them all as Goerges, also a wild
card, caved under pressure.

Once Henin had won the
tiebreaker, she cruised.

"She was positioned to win
the first set, but I tried to stay
focused," Henin said. "After
that, in the second I started to
feel more relaxed and I was
more aggressive on the court.

"It's my fifth tournament, it
takes time. It's good to be play-
ing matches."

Henin, a seven-time Grand
Slam champion, reached the
final of her first comeback

tournament in Brisbane and
was runner-up at the Aus-
tralian Open. She lost to fel-
low Belgian Kim Clijsters,
another player who returned
from retirement, in the final at
Indian Wells and then lost to
Kaia Kanepi of Estonia in the
Fed Cup last week.

Eighth-seeded Wickmayer
beat Francesca Schiavone of
Italy 6-3, 6-3.

Jankovic succeeded Henin
in 2008 as Stuttgart champion.
She improved to 4-1 against
Dulko in her bid for a second
title this year.

"It was good for the first
match. Dulko is tough to play
on clay. I played a good first
set, but had a few ups and
downs in the second," Jankovic
said.

Lucie Safarova advanced
when Selima Sfar of Tunisia
retired with an ankle injury in
the second set.



Evans was the fourth pick in last
year's NBA draft after spending one

Sacramento mall on Thursday night in
Evans’ honor.







SERBIA'S Jelena
Jankovic returns
a ball during her
first round
match against
Argentina's
Gisela Dulko at
the Porsche
Tennis Grand
Prix in Stuttgart,
Germany,
Wednesday,
April 28, 2010.
The Porsche
Tennis Grand
Prix takes place
from April 26 to
May 2, 2010.



Daniel Maurer/AP Photo



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PAGE 20, FRIDAY, APRIL 30, 2010

THE TRIBUNE









MINISTER of Youth, Sports and Culture Charles Maynard (centre); president and CEO of NAD Craig

LOCAL NEWS

Vision Photography Photo Courtesy of NAD

Richmond and project manager from the Ministry of Youth, Sports and Culture and Angelique McKay
view the junkanoo piece “Dragon Fish” in the Lynden Pindling International Airport.

Junkanoo artwork goes on display at
Lynden Pindling International Airport

By ERIC ROSE

THE Ministry of Youth,
Sports and Culture, the Nation-
al Airport Development Com-
pany (NAD) and Cultural Expe-
rience Productions (CEP) have
partnered in the programme “A
Taste of Junkanoo”, bringing
junkanoo artwork to the millions
of travellers passing through the
Lynden Pindling International
Airport each year.

During a tour of the artwork
at the airport on Monday, Min-
ister of Youth, Sports and Cul-
ture Charles Maynard said his
ministry is excited about the
exposure of Bahamian culture
in general and, in this instance,
junkanoo.

“This is something that per-
sons have been advocating for a
long time,” he said.

“We found NAD to be very
cooperative and it took a small
commitment from our ministry,
in terms of resources, to make it
happen.

“Tt is a test project in the first
instance, but based on the ini-
tial success and the feedback, we
expect that this is going to be a
long-term venture where we
would be able to get the winners
from each of the parades to have
their pieces displayed for a peri-
od of time. It gives the exposure

to our national celebration and
causes people to, hopefully, want
to experience it in its full splen-
dour,” Mr Maynard said.

The installation of the
junkanoo displays took place on
March 15 and they will be up
until the end of May in the
Domestic Departures Lounge,
International Terminal/B Pier,
Bahamas Customs Hall and the
US Terminal C Pier.

Project manager from the
Ministry of Youth, Sports and
Culture Angelique McKay said
the programme was an exten-
sion of an earlier project that
was aimed at businesses dis-
playing Bahamian artwork, as
artists were seeking more spaces
and galleries to showcase their
talent.

She said NAD is big enough
in space and visitor traffic to
showcase even larger junkanoo
pieces.

“We met with NAD a few
times and they were more in
agreement to be able to accom-
modate the junkanoo artists and
to be in a position to be able to
rotate those pieces; so what that
does is it allows us to continual-
ly expose another area of the
culture of the Bahamas,” Ms
McKay said.

President and CEO of NAD
Craig Richmond said the part-

nership is in keeping with the
company’s cultural mandate and
the programme is sensitising vis-
itors to the Bahamian experi-
ence.

“We would like to keep doing
that (displaying junkanoo pieces)
in the future,” Mr Richmond
said. ‘““We will bring in some of
the most spectacular costumes
because we think that it is fun
for people to see that; most of
our visitors have never seen it
before — fun for Bahamians to be
reminded, but fun for people
especially here in the US termi-
nal who have never seen it
before.

“This is part of our art pro-
gramme. We have permanent
art, the commissioned pieces,
that are going in. We have rotat-
ing art, which will be artists
putting in their pieces for six
months behind glass. And then
we have aspects like this, where
you have a big junkanoo cos-
tume out where people can see,”
he said.

Mr Richmond added that
NAD would like to continue the
showcasing of Bahamian culture
in new and progressive ways.

“I would even like to see in
the future, especially in the new
terminal during times like Christ-
mas; I would like to see
junkanoo live,” he said.

facebook
KFC Nassau

: ant ,
a WU



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JU
FT Be

Car rental
firm’s 35-
40% fall in
business
levels

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia. net





DOLLAR Thrifty car rental saw
35 to 40 per cent declines last year
in the Bahamian market, its gener-
al manager told Tribune Business
yesterday, after Hertz moved to
acquire its parent for $1.2 billion - a
move touted as being an immediate
revenue earner.

Norman Murdock said Hertz’s
eventual absorption of Dollar
Thrifty will not have an immedi-
ate effect on the Bahamian fran-
chises for both firms, though, as
the deal is still six months to a year
away from completion. “Right now,
everything is up in the air,” he said.
“The deal won’t be concluded right
now.”

According to Investopedia.com,
an investment and stock advice
website, the integration of the two
companies will not only produce
$180 million in savings for Hertz,
but will expand its share in the
leisure travel market. Hertz has tra-
ditionally been know to be a
favourite car rental company of
business travelers.

And while Mr Murdock said 30
per cent of his business in Nassau is
from leisure travellers, local rentals
account for 40 to 50 per cent. “We
are thankful for the local business
we have received,” he said.

Mr Murdock added that the
company was hoping to see a turn-
around in business this year after
suffering an extremely slow 2009,
due to the fallout from the global
recession, which triggered a signif-
icant decrease in stopover visitors
to this island. “Volumes just
weren’t there,” said Mr Murdock.

According to him, Hertz recog-
nized the benefit to securing the
leisure travel markets where Dollar
Thrifty currently holds market
share. Among those markets are
the Caribbean, Latin America and
Europe.

Investopedia.com suggested the
purchase of Dollar Thrifty will dri-
ve Hertz Global’s (NYSE:HTZ)
stock higher, and will be a incentive
for shareholder to continue to incu-
bate that particular nest egg. “I’d
hang on to the shares,” said
Investopedia.com.

THE TRIBUNE



©@
c
. nh e
ps a BNO,

FRIDAY,

APRIL 30,



2010

SECTION B ¢ business@tribunemedia.net

Living standards fell 0.3% per year, 02-09

By NEIL HARTNELL
Tribune Business Editor

he Bahamian econ-

omy and living

standards shrunk at

a rate of 0.3 per
cent per annum between 2002-
2009 “as a result of its narrow”
base, a Wall Street credit rat-
ing agency has concluded,
while surprisingly questioning
whether the Bahamas
Telecommunications Compa-
ny’s (BTC) privatisation
process had been “postponed”
yet again.

Standard & Poor’s (S&P),
in its full country report on the
Bahamas’ sovereign credit rat-
ing that was released this week
and obtained by Tribune Busi-
ness, raised questions about
whether the 2002-2007 period
- described as ‘years of plenty’



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED







* Wall Street credit rating agency says Bahamian per capita income
declined as result of ‘narrow economic base’ and recession

* Raises questions on BTC privatisation, saying government ‘postponed it yet again’

* Foreign direct investment expected to decline again in 2010 and not finance as
great a chunk of current account, hitting $600m in 2009’s first nine months

* Foreign reserves boosted by $300m bond issue, IMF rights

by the then-governing Christie
administration - actually deliv-
ered the major increase in
salaries/living standards for
most Bahamians that it was
supposed to have done.
Placing the Bahamas’ short-
term sovereign credit rating at
‘BBB+’, down from the previ-
ous ‘A-2’, S&P said: “The
Bahamian economy contracted
by an average of 0.3 per cent
per year on a capita basis from
2002-2009 as a result of its nar-

row economy and close eco-
nomic ties to the US.

“This lags the growth rates
of most peers, and is less than
the ‘BBB’ median average of
3.7 per cent growth. The weak-
er performance results from
several factors. These include
the adverse weather conditions
that the Bahamas, like other
Caribbean islands, is suscepti-
ble to; a lacklustre tourism
arrival performance over the
past few years; greater compe-

tition in the tourism industry;
and the global recession in
2008-2009. Medium terms
prospects remain subdued.”

Data released by S&P
reveals that the Bahamas’
GDP per capita, or income per
person, has been impacted
heavily by the global recession,
having not increased much
during the Christie adminis-
tration.

While GDP per capita rose
from $22,223 in 2006 to



By NEIL HARTNELL
Tribune Business Editor



Pilots association head suggests plans for all-tturbo prop



AIRLINE pilots yesterday criticised

fleet ‘incompatible’ with 30% tourist market share aim

Bahamasair’s proposed fleet restructuring
as taking the airline “back to 1991” and
converting it into a “regional turbo prop
carrier”, suggesting to Tribune Business
that the plans were incompatible with the
Board’s intention to increase market share
in the tourism travel category.

Emil Saunders, president of the
Bahamas Airline Pilots Association
(BALPA), told this newspaper that the
organisation was “not pleased” with the
fleet restructuring plan as presented to
them in a December 2009 meeting with
Bahamasair’s Board and its chairman, J.
Barrie Farrington.

He said the plan shown to them was to
replace Bahamasair’s two existing Boe-
ing 737-200 jets with four Q-400 turbo

prop aircraft, manufactured by Bom-
bardier, which recently trialled and pub-
licised them in Nassau.

The national flag carrier’s remaining
fleet, the five Dash-800s, were also to be
replaced by eight SAAB-340s - planes
that Mr Saunders said were currently
operated by Western Air, Sky Bahamas
and other privately-owned Bahamian air-
lines.

Effectively, Mr Saunders said the pro-
posal was to replace Bahamasair’s two
120-seat “straight configuration” jets with
four aircraft that had a much lower pas-
senger capacity, just 76 seats. And the 65-
seat capacity Dash-8s compared to just
33 seats in the Saab 340s, meaning that
passenger carrying capacity would be low-

ered for both models.

“We were not pleased with what was
presented, because in essence it takes
Bahamasair back to 1991, when they tried
going with an all-turbo prop fleet,” Mr
Saunders told Tribune Business. “They
reduced Bahamasair to a regional turbo
prop carrier in 1991, and were forced to
bring back the jet fleet.

“We felt this was taking the airline itself
back to a backwards situation. I thought it
was really disheartening, because in
March the chairman was talking about
Bahamasair taking a 30 per cent share of
the tourist market in this country. We feel
it’s a step backward by going back to an

SEE page 4B



$22,577 in 2007, the onset of
the global financial crisis saw it
fall back to $22,465 in 2008,
followed by a further contrac-
tion to $21,449 in 2009.
Bahamian GDP per capita is
predicted to ‘bottom out’ this
year at $21,433, before rising to
$22,099 in 2011 and $22,559 in
2012.

Meanwhile, S&P’s analysis
raised questions as to whether
it knew something the rest of
the Bahamas did not on the
status of the BTC privatisation
process.

The Wall Street credit rating
agency said: “The Government
hoped to receive $200-$300
million in proceeds from the
sale of a 51 per cent stake in
BTC in the first half of 2010
to alleviate financing needs.

“However, the Government
has once again postponed the
privatisation following seem-
ing disappointment with the
bids and prices offered at the
end of 2009. Plans have existed
to sell BTC since the first
Ingraham government, and
when it took office again in
2007, it cancelled the sale of

SEE page 4B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission |
from the daily report.







BTC forgoes $2-$3m

emo me lImesreeto.



By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Telecommu-
nications Company (BTC) will
give up $2-$3 million in rev-
enue per annum when it elimi-
nates charges imposed on its
cellular customers for receiv-
ing incoming calls, a company
executive telling Tribune Busi-
ness that the change would
occur “in a matter of weeks”.

Marlon Johnson, BTC’s vice-
president of sales and market-
ing, told this newspaper that
the 100 per cent state-owned
incumbent had now imple-
mented technology to differen-
tiate between incoming inter-
national calls to its fixed-line

FNM ‘stalled

* Carrier concerned on ‘equal
treatment’, arguing regulatory
burden ‘not as onerous’
on Cable Bahamas

* Wants regulator to reassess
policy on price ceilings,
promotions and bundling

and cellular subscribers,
enabling it to implement
changes required by the sector
regulator.

The elimination of incoming
call charges for its cellular sub-
scribers will also bring BTC
and, by extension, the
Bahamas, into line with other

SEE page 15B

’ economy:

S&P sticks to guns

By NEIL HARTNELL
Tribune Business Editor

A WALL Street credit rat-
ing agency has stuck to its guns
in finding that the Ingraham
administration’s 2007 review of
contracts issued by its PLP pre-
decessor “stalled numerous
investment projects”, helping
to drop real gross domestic
product (GDP) growth that
year to just 0.7 per cent.

Standard & Poor’s (S&P)
repeated the criticism it made
last year in its latest full country
report on the Bahamas’ sover-
eign credit rating, a copy of
which has been obtained by
Tribune Business. The report,
released late on Wednesday,

SEE page 11B

* Wall Street rating agency
alleges that economic growth
fell to 0.7% in 2007, after
$80m contract review
‘negatively affected investor
sentiment and brought
substantial disruption
to the contractors’

* Risks reigniting row with
Ingraham administration

* Unemployment predicted to
peak at 14.5% this year, but
remain in double digits
through 2012

* Prospects for $10bn worth

of tourism projects ‘more
subdued’, with Ritz-Carlton
Rose Island now ‘smaller scale’

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PAGE 2B, FRIDAY, APRIL 30, 2010

THE TRIBUNE



Greek debt crisis sends shudder through global financial markets

By TOMOKO A HOSAKA
and MARTIN CRUTSINGER
Associated Press Writers

WASHINGTON (AP) —
The Greek debt crisis sent a
shudder through global finan-
cial markets and served as a
dramatic reminder of how vul-
nerable the world economy
remains to the threat of a fast-
spreading financial panic.

To many, market develop-
ments this week served as a
spooky reminder of the fall of
2008 and the panic that spread
worldwide after Lehman Broth-
ers collapsed with disastrous
consequences in September
2008. “If people get scared that
Greece could default, they are
going to be scared that Portugal

will default and then other
countries. Once people panic,
they panic about everything,”
said David Wyss, chief econo-
mist at Standard and Poor's in
New York. “We saw that in the
wake of the Lehman Brothers
failure.”

The Dow Jones industrial
average was up 130 points in
late afternoon trading Thurs-
day, following overseas gains
in Britain, Germany and
France. Those market gains,
which followed big losses earli-
er in the week, came as Euro-
pean and Germany officials
sought to assure investors that
they were working quickly to
approve a bailout for Greece
with European Union mone-
tary affairs commission Olli

Rehn, saying he was confident
that talks on a bailout package
of support from European
countries and the International
Monetary Fund would be
wrapped up in a few days.

Underscoring the need for
quick solutions, the White
House released a statement late
Wednesday that President
Barack Obama and German
Chancellor Angela Merkel had
discussed the “importance of
resolute action by Greece and
timely support from the IMF
and Europe to address Greece's
economic difficulties.”

In Asia, while there are not
yet significant concerns about
the creditworthiness of the
region’s governments, big
economies like China and

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Japan still have much at stake.
Europe is an important export
market for Asia, and China and
Japan are among the biggest
investors in the debt issued by
the United States and Euro-
pean countries with holdings
worth billions of dollars.

Some lenders in the region,
meanwhile, are already fretting
that Europe’s problems will
chill the financial system, mak-
ing it harder for banks to bor-
row the short and long-term
money that helps fund their
own lending to businesses and
consumers.

There are also concerns the
turmoil in Europe could con-
vince China to delay any appre-
ciation of its currency — wide-
ly viewed as undervalued —
aggravating tensions with the
US and other trading partners.

A key meeting on this issue is
scheduled for May 24-25 when
Treasury Secretary Timothy
Geithner and Secretary of State
Hillary Rodham Clinton will
meet with their counterparts
for talks in Beijing.

Economists noted that the
debt problems hitting Greece
and other European countries
often occur after a financial cri-
sis. That is because govern-
ments borrow heavily to prop
up their banking systems, which
sends their own debt burdens
soaring.

In the current crisis, the Unit-
ed States has seen its publicly
held debt jump from 36 per
cent of the total economy in
2007 to 64 per cent this year.
That’s the highest level since
1951, when the country was still
paying off the debt run up to
fight World War II.

Debt levels of all developing

“Tf people get scared
that Greece could
SHI eR ayaa
going to be scared
that Portugal will

default and then other
countries. Once
Tere) b) Com DHNI Con
they panic about
everything.”
— David Wyss



countries are rising to levels not
seen over the past 60 years, the
IMF said in an economic survey
released last week. “The Greek
problem highlights a broader
problem across the globe,” said
Mark Zandi, chief economist
at Moody’s Analytics. “Gov-
ernments used their resources
to end the financial panic and
the Great Recession, but now
they have to figure out how to
pay for it.”

While the United States and
Japan, the world’s two biggest
economies, also have heavy
debt loads, they enjoy advan-
tages in financing that debt that
Greece does not have.

More than 90 per cent of
Japan’s debt is funded domes-
tically, putting the country at
low risk for capital flight and
servicing that debt remains
manageable because of low
interest rates.

Trinidad’s
Caribbean
Airlines to
take over
cash-strapped
Air Jamaica

KINGSTON, Jamaica (AP)
— Trinidad’s Caribbean Air-
lines will take over operations
of cash-strapped Air Jamaica
and its seven routes, retaining
1,000 employees, according to
aviation officials.

Air Jamaica will keep its
equipment and offices at the
airport, and the Jamaican gov-
ernment will have a 16 per
cent share in Caribbean Air-
lines, said Denis Lalor, chair-
man of Air Jamaica’s divest-
ment committee.

Flights to cities such as New
York, Fort Lauderdale, Flori-
da, and Philadelphia will con-
tinue, and Caribbean Airlines
expects to announce other
routes soon. All tickets previ-
ously issued will be honored,
Lalor said late Wednesday.

Government officials in
Trinidad will invest $50 mil-
lion in the airline following
the May 1 takeover, he said.

The Jamaican government
had set a March 2009 deadline
to divest Air Jamaica after it
accumulated roughly $1.3 bil-
lion in debt.

In 2007, the government
sold the Kingston-to-London
route to Virgin Atlantic, and
last year, the airline laid off
roughly 500 employees as it
eliminated routes to Atlanta,
Miami and Los Angeles.



Bad weather crimps BK Holdings Inc’s Q3 profit

By ASHLEY M HEHER
AP Retail Writer

CHICAGO (AP) — Bad winter weather
crimped fiscal third-quarter results at Burger
King Holdings Inc. But the nation’s No 2 burger
chain said a key sales measure rose in March
and it expects the trend to continue as diners

return to its restaurants.

Still, the company continued to lag its biggest
competitor, McDonald’s Corp. “The US econo-
my is showing mixed signs of improvement,”
Chairman and CEO John Chidsey told investors
during a conference call Thursday. “However,

as we move forward, high levels of unemploy-
ment are expected to remain the industry’s
biggest head wind. We believe the recovery will

be fragmented.”

For the three months that ended on March
31, the Miami company earned $41 million, or 30
cents per share. That’s 12.9 per cent below the
profit of $47.1 million, or 34 cents per share, it

posted a year earlier.

Revenue dipped one per cent to $596.9 million
from $599.9 million. Analysts surveyed by Thom-
son Reuters, whose estimates usually exclude
one-time items, predicted a profit of 29 cents
per share on revenue of $597.7 million.





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©2009 P&G




THE TRIBUNE

FRIDAY, APRIL 30, 2010, PAGE 3B



FamGuard suffers
26.5% profits fall

FAMGUARD Corporation
net income declined by 26.5 per
cent in 2009, dropping from
$4.899 million to $3.605 million,
as the increase in policyholder
benefits paid out - especially
for health claims - outweighed
the rise in premium income.

The BISX-listed life and
health insurer, which operates
as Family Guardian, realized a
net premium income increase
for the 12 months to Decem-
ber 31, 2009, of almost 10 per
cent year-over-year, recognis-
ing a $7 million increase over
2008.

According to the company’s
financial statements, report, it
generated $75.620 million in net
preium income for 2009, even
as policyholder benefits
increased some $14 million
year-over-year.

Total benefits paid out to
policy holders cited by the
report were pegged at $60.898
million, representing a 22 per
cent increase over 2008.

Benchmark suffers net loss
of more than $370,000

Meanwhile, Benchmark
(Bahamas) yesterday reported
losses of more that $370,000
fopr the 2009 full-year, though
showing comparatively better
figures than it logged the pre-
vious year, while net loss on
investments was more than
$820,000.

Benchmark realised net
operating income of $451,575
in 2009, compared to a loss of
425,607 in 2008. Expenses year-
on-year declined by 59 per cent.

According to a release put
out by the company, net con-
solidated losses for the compa-
ny were $371,859, and the net
realised loss on its investment
portfolio value was $823,434.

“Consolidated net losses of
$371,859 was contributed by
Alliance Investment Manage-
ment, $391,783; Benchmark
Advisors (Bahamas), $18,007;
and Benchmark (Bahamas),
$37,931,” the release said.

The firm cited the impact of
the global economic crisis as
the catalyst that drove the six-
figure loss.

“Our investment portfolio
suffered as concerns about the
impact of the global economic
recovery from the worst finan-
cial crisis since the great depres-
sion limited the recovery in the
share values both at home and
abroad,” Benchmark said.

“However, we believe the

worst is behind us and we
remain confident that once the
global economy fully recovers
our investment portfolio should
recover.”

Benchmark also announced
that is has completed construc-
tion of its new commercial cen-
tre at the intersection of
Carmichael and Fire Trail
Roads, and is finalising lease
agreements to garner rental
income. “Interest in leasing
commercial space continues to
be very high, and we foresee
full tenant occupancy by the
end of this fiscal year,” the
company said. It is hoping to
gain rental income from June 1,
2010, onwards.

More signs of improving US economy
lifts stocks for second straight day

By STEPHEN BERNARD
AP Business Writer

NEW YORK (AP) — More
signs of an improving US econ-
omy lifted stocks for a second
straight day.

The Dow Jones industrials
rose almost 130 points Thurs-
day after the Labour Depart-
ment said initial claims for
unemployment benefits fell last
week. First-time claims dipped
to 448,000, slightly above ana-
lysts' forecast of 445,000,
according to Thomson Reuters.

Dealmaking and strong cor-
porate earnings reports also
provided fresh evidence that
the US economy is healing.

Hewlett-Packard Co. said
late Wednesday it is buying

smart phone maker Palm Inc.
in an all-cash deal worth $1.4
billion. Acquisitions are a sign
that the economy is recovering
and companies are comfortable
spending cash to build their
businesses.

“Businesses are in a very
strong position financially,” said
Doug Lockwood, chief invest-
ment officer at Cornerstone
Wealth Management in
Auburn, Ind. Companies have
built up big cash reserves that
can not only go toward deals,
but also eventually to hire back
workers, Lockwood said.

Companies including
Motorola, Time Warner Cable
and Starwood Hotels & Resorts
reported earnings that topped
analysts’ expectations, as have

LEGAL NOTICE

NOTICE

International Business Companies Act.

MAXALEX CORP LTD

Notice is hereby given that in accordance with Section 137(4)
of the International Business Companies Act. (No. 45 of
2000) Maxalex Corp Ltd is in Dissolution.

The date of commencement of the dissolution is 26th June,

2009.

many other companies that
announced first-quarter results
in recent weeks. “It just seems
like the market is moving and
moving and nothing is going to
get in its way,” said Steve
Stahler, president of the Stahler

Group Inc. in Baton Rouge, La.

Over the past two days, the
Dow has recovered most of the
213-point loss it posted on
Tuesday in response to growing
concerns about European coun-
tries’ debt problems.

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) MARAMANAGEMENT OVERSEAS LIMITED is in dissolution
under the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on April 29, 2010
when its Articles of Dissolution were submitted and registered by

the Registrar General.

The Liquidator of the said company is Zakrit Services Ltd. of 2nd
Terrace West, Centreville, Nassau, Bahamas.

All persons having Claims against the above-named Company are
required on or before the 11th day of June, 2010 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or, in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

APRIL 30, 2010

ZAKRIT SERVICES LTD.

LIQUIDATOR OF THE ABOVE-NAMED COMPANY

Good service ‘more
valuable than money’

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

THE COST to business and
the overall economy in the
Bahamas is incalculable when
customer service is not up to
scratch, a trainer and consul-
tant told Tribune Business yes-
terday.

Principal of CP Training and
Consulting Services, Cherrylee
Pinder, speaking at the Cham-
ber Institute’s customer service
seminar, said poor customer
service not only equates to loss
of revenue, but also can dimin-
ish a company’s reputation to
the point of no return.

“In some cases it (customer
service) is just as important as
money,” she said. “Or it can be
more valuable than money.”

Ms Pinder said that when the
line of customer service is bro-
ken, it can cause transactions
to collapse, often with dire con-
sequences.

She said that within a com-
pany structure, every employee,
manager and owner plays a role
in providing good customer ser-
vice.

And while this country
depends on the hospitality
industry (tourism) for its sur-
vival, she acknowledged that
good people skills were critical
for the survival of the sector
and the sustainability of the
Bahamas’ economy.

Ms Pinder also acknowl-
edged that bad customer ser-




vice is a stain on many Bahami-
an businesses, and while she
can only speculate as to why
this persists, she said Bahami-
ans may have had it too easy
to appreciate their jobs.

“Their self-esteem is so
strong, it could be detrimental
to your business,” she said.
“One of the most important
parts of National Development
is to provide good customer ser-
vice.”

Ms Pinder said superb cus-
tomer service almost ensures
longevity and sustainability of a
company “despite a recession”.

She said customers are will-
ing to drive, and overlook prox-
imity and convenience, when
patronising a business with
good customer service.

“Even if something is out of
the way, “ said Ms Pinder.
“they are willing to travel
through the corner of the
Grove - they are willing to take
the long route.”

PURO eetcume satel
leneltoee |
Positions Available

eR D.AY INE

1h tae V PIAL

Email:
henfield@lincolnbethel.com



NOTICE

Bahamas Supermarkets Limited's
Management Accounts for the
first through third quarters for 2010
are available
for viewing on the City Market web site at
www.citymarketbahamas.com
Go to:

Investor Relations






7

BAHAMAS

mathe,

LIMITED

Bahamas Supermarkets operates 11 City Market supermarkets in New Providence and Grand Bahama

East-West Highway « P.O. Box N 3738
Nassau, Bahamas ¢ (242) 393-2830

COMMONWEALTH OF THE BAHAMAS

2006/FAM/div/588

IN THE SUPREME COURT

Divorce & Matrimonial Side

BETWEEN

R. Clive Moore (Liquidator)
Octogone Fund Management Limited
P.O. Box SP-63157
No. 3 Offices at Old Fort Bay
Western Road
Nassau, Bahamas

NOTICE

IN THE ESTATE of WINIFRED EMILY
CHRISTOFILLS late and domiciled of the West-
ern District of the Island of New Providence, one
of the Islands of The Commonwealth of The Ba-
hamas, deceased.

Notice is hereby given that all persons having
any claim or demand against the above Estate are
requested to send their names, addresses and par-
ticulars of the same certified in writing to the un-
dersigned on or before the 21st day of May A.D.
2010 and if required, to prove such debts or claims
or in default be excluded from any distribution;
after the above date the assets will be distributed
having regard only to the proved debts or claims
of which the Executors shall have had notice.

And Notice is hereby given that all persons in-
debted to the said Estate are requested to make full
settlement on or before the 21st day of May A.D.
2010.

Dated the 27th day of April, A.D. 2010

ROBERTS, ISAACS & WARD
Attorney for the Executor
Chambers
Bay Street & Victoria Avenue
Nassau, Bahamas



Teacher Vacancies for September 2010

Kingsway Academy invites applicants from qualified and
experienced candidates for teaching positions at the:

High School level

* Technical Drawing and Woodwork (Grades 7 to 9)

* Music (Grades 8 to 12)

* Information Technology (Grades 7 to 12 and
Advanced Placement level)

* Physics (Grades 10 to 12 and Advanced Placement
level)

The successful candidates should have the following:
* An academic degree in the area of specialization

* A teaching certificate

* Excellent communication skills

* A love for children and learning

* High standards of morality

* Be a born-again Christian

Acomplete application package consists of:
(a) completed and signed Kingsway Academy application form
- available at the school’s Administration building or on the website

www.kingswayacademy.com (See Document Downloads)

(b) detailed resume with cover letter

(c) recent photograph

(d) three (3) reference letters, one (1) being from your church’s
minister

(e) legible e-mail address and working telephone contacts

Note: All documents should be submitted
at the same time.

Please forward to:

Kingsway Academy Employment Application

Kingsway Academy

Box N-4378

Bernard Road

Nassau, The Bahamas
e-mail:jbethell@kingswayacademy.com

Deadline: To ensure consideration, complete
application materials must be received by
Friday, May 14", 2010

JOHNATHAN MONCUR
Petitioner
AND

LEAH ESTHER MONCUR
Respondent

AND
EVAMAE RAHMING
Party-cited

NOTICE OF PROCEEDINGS

TAKE NOTICE that the Petitioner
JOHNATHAN MONCUR has commenced
Divorce Proceedings in the Family Division
of the Supreme Court against LEAH
ESTHER MONCUR. EVAMAE RAHMING
has been named as the ist Party-cited.

AND TAKE FURTHER NOTICE that in the
event EVAMAE RAHMING desires to defend
the proceedings in the Supreme Court
EVAMAE RAHMING will be required to enter
an Appearance in the Supreme Court by
filing a Memorandum of Appearance in the
Registry of the Supreme Court which is situate
on the Third Floor in the Ansbacher Building,
Bank Lane and East Street North in the City
of Nassau in the Island of New Providence
and by delivering the said Memorandum
of Appearance at the Chambers. of
Clarita V. Lockhart, No. 90 Shirley Street,
Shirley Street & Elizabeth Avenue, on or
before the 22nd day of May, A.D., 2010.

Dated: This 21st day of April, A.D., 2010

CLARITA V. LOCKHART

CHAMBERS

NO. 90

SHIRLEY STREET SHIRLEY STREET & ELIZABETH AVE.

NASSAU, BAHAMAS

Attorney for the Respondent



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 4B, FRIDAY, APRIL 30, 2010

THE TRIBUNE



NOTICE

GIUSE LTD

In Voluntary Liquidation

Notice is hereby given that in accordance
with Section 138(4) of the International
Business Companies Act. 2000, GIUSE
LTD is in dissolution as of April 26, 2010.

International Liquidator Services Inc.
situated at 35A Regent Street, PRO. Box
1777, Belize City, Belize is the Liquidator.

LIQUIDATOR












































BAHAMAS
WASTE

NOTICE

May 1st 2010

To our Valued Shareholders and
the Bahamian Public.

On March 31st 2010, Bahamas Waste Limited (BWL)
entered into an agreement to acquire the Rear Load
Commercial Garbage business (only) from Wastenot
Limited (Wastenot). The agreement will take effect
on May 1st, when BWL will take over all rear load
routes and equipment. As a sign of our commitment
and loyalty to Wastenot’s customers, BWL has
agreed to honor their existing rates for at least 1
year, and provide our new customers with
unmatched service for the duration. BWL will also be
incorporating these new customers into our existing

routes and Operations has expressed complete
optimism in a complete and smooth transition.

BWL purchased the business from Wastenot for a
total of $400k. This amount will be fully paid by BWL
on or before August 31st 2010.

As a publicly traded company, we take great pride in
our relationships with our customers and our com-
mitment to service. With a fleet of over 50 collection
and maintenance vehicles, we cut no corners in the
maintenance and appearance of our vehicles, as
fleet performance is critical in dealing with any
concerns promptly and to the customer's complete
satisfaction.

Francisco de Cardenas
Managing Director
Bahamas Waste Limited
fdc@bahamaswaste.com

Bist

Money at Work

FLEET, from 1B

all-turbo prop fleet.

“We can’t understand why,
in this day and time, when the
Bahamas is building a $400 mil-
lon structure in terms of an air-
port, that the national flag car-
rier is taking a step backwards.”

To achieve this, Mr Saunders
said Bahamasair needed to
invest in “newer, more modern
jet aircraft” that were more fuel
efficient, could cruise at high
altitude and had the range to
open up potential tourist mar-
kets beyond Florida, even going
into Canada and Latin Ameri-
ca.

The tourist market share
objective announced by Mr
Farrington, he added, “totally
contradicts what he said to us in
the meeting back in December”
when it came to the fleet
restructuring plans.

“When you're talking about
route expansion for Bahama-
sair, and taking 30 per cent of
the tourist market, you’re talk-

LIVING, from 1B

ing about replacing the jets and
venturing into new markets,”
Mr Saunders added. “You need
jets that give better perfor-
mance than ones 30 years-old,
and can go more than 500 nau-
tical miles beyond Nassau.”

To achieve its tourist market
share ambition, BALPA had
recommended that rather than
acquire the Q-400 model,
Bahamasair purchase some
Boeing 737-300s, one step up
from the jets it had now.

Mr Saunders said that while
Boeing had stopped manufac-
turing this model, Cayman Air-
ways and Southwest Airlines
still employed it in service.

With 140 seats, he added: “It
gives you much better range,
greater fuel efficiency, more
than 20 per cent better than our
current 737-200 jets. It gives
you the ability to fly at a higher
altitude; the Dash-8s can go to
25,000 feet maximum, but the
737-300 has the capability to fly
in the 30,000s - at 35,000 feet. It
has longer and better range,

and is excellent for expansion”.

Air crews would require only
five days’ training for the 737-
300, given that it was similar to
the existing planes, while no
training would be required for
mechanics and maintenance
personnel.

None of this could be done
by the Q-400, said Mr Saun-
ders, who suggested that the
Bahamian public had been
“misled” by the recent trial
flight in the Bahamas, as there
had been no suggestion the tur-
bo prop was replacing the exist-
ing jets.

With the 737-300, Mr Saun-
ders said the “mid-US, Cana-
da will be no problem, and
South America will be on your
doorstep with an aircraft such
as this”.

In addition, he argued that
the 737-300 would cost $7-$10
million per plane, while the Q-
400 would be priced at $20 mil-
lion per aircraft. “Given the
economic times, we have ques-
tioned spending that money

and what we will get in return
for value for that money,” Mr
Saunders said.

He added that while the Q-
400s had 3,800 pounds of bag-
gage capacity, the two jets
Bahamasair currently has in its
fleet had 8,000 pounds of capac-
ity, which was routinely maxed
out during peak travel times.

Mr Saunders said he believed
Mr Farrington was “on the
right track” with his route
expansion and tourism market
comments, and Bahamasair
wanted to be part of the
tourism product and solving
this nation’s airlift issues. He
questioned, though, why the
airline would seek to spend $80-
$90 million on the wrong air-
craft.

As for local routes, Mr Saun-
ders said BALPA had pro-
posed sticking with the current
Dash-8s given that Bahamasair
now owned them, and mixing in
four Saab-340s for Family
Island routes serving a small
population base.



BTC to Bluewater Communi-
cations, which the previous
administration had arranged.”

BTC’s “postponed” state-
ment is at odds with the Gov-
ernment-appointed privatisa-
tion committee’s recent asser-
tion that ‘due diligence’ on the
prospective bidders was con-
tinuing.

Zhivargo Laing, minister of

state for finance, who heads the
advisory committee overseeing
the process, could not be
reached for comment before
press deadline. And nor could
T. B. Donaldson, chair of the
privatisation committee, or
Julian Francis, BTC’s chairman,
despite messages being left.

It appears likely that S&P
may have got it slightly wrong,
and that privatisation is not

NOTICE

BILCON CHART LTD.

In Voluntary Liquidation

Notice is hereby given that in accordance
with Section 138(4) of the International
Business Companies Act. 2000, BILCON
CHART LID. is in dissolution as of April

28, 2010.

International

Liquidator

Services Inc.

situated at 35A Regent Street, PO. Box
1777, Belize City, Belize is the Liquidator.

LIQUI

DATOR

NOTICE
BATTICK VALLEY INC.

In Voluntary Liquidation

Notice is hereby given that in accordance
with Section 138(4) of the International
Business Companies Act. 2000, BATTICK

VALLEY INC. is in
21, 2010.

International

Liquidator

dissolution as of April

Services Inc.

situated at 35A Regent Street, RO. Box
1777, Belize City, Belize is the Liquidator.

LIQUIDATOR

ROYAL FIDELITY

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 29 APRIL 2010

FG CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX ALL SHARE INDEX: CLOSE 1,556.59 | CHG 0.15 | %CHG 0.01 | YTD -8.79 | YTD % -0.56

FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

WWW .BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

52wk-Low
1.00
9.67
5.23
0.44
3.15
2.14
9.62
2.69
5.00
2.21
1.32
5.94
8.75
9.50
3.75
1.00

Benchmark
Fidelity Bank
Colina Holdings
Commonwealth
Famguard
Finco

Focol (S)

0.27
5.00

9.95
10.00

ICD Utilities
J. S. Johnson

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Bahamas Waste
Cable Bahamas
Consolidated Water BDRs
Doctor's Hospital
FirstCaribbean Bank
Focol Class B Preference

Freeport Concrete

Premier Real Estate

Previous Close Today's Close Change Daily Vol.
1.02
10.63

5.24

1.05
10.63
5.24

0.03
0.00
0.00
0.44
3.15
2.17
12.07
2.84
5.80
2.91
2.54
6.07
9.08
10.60
5.08
1.00

0.44
3.15
2.17
12.07
2.84
5.80
2.90
2.54
6.07
9.08
10.60
5.08
1.00

0.00
0.00
0.00
0.00
0.00
0.00
-0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Bank ($1)

0.27
5.59
9.95 9.95 0.00

10.00 10.00 0.00

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b

0.27
6,53

Div $
0.250
0.050
0.598
-0.877
0.168
0.055
1.406
0.249
0.460
0.111
0.627
-0.003
0.168
0.678
0.366
0.000
0.035
0.407
0.952

0.156 64.1

‘postponed’. It may, though,
have been delayed, as the pro-
tracted seven-month ‘due dili-
gence’ period indicates that the
Government may indeed have
not received the quality of
offers and prices it was hoping
for, and has possibly engaged
in talks with one or more bid-
ders.

Those invited through to the
due diligence round included J.
P. Morgan/Vodafone; Atlantic
Tele-Network/CFAL; Trilogy
International Partners; and Dig-
icel. Tribune Business last week
heard whispers that both Digi-
cel and J. P. Morgan/Vodafone
were no longer interested,
which would be a surprise in
the latter’s case, given that it
was a frontrunner.

Those rumours have not
been confirmed, though, and
nor has speculation of a $130
million purchase price for 51
per cent of BTC.

Elsewhere, S&P reported
that foreign direct investment,
so crucial to the Bahamian
economy and its foreign cur-
rency earnings/reserves, was
likely to decline even further
in 2010 compared to last year.

“Traditionally, foreign direct
investment has financed a large
part of the current account
deficit,” S&P said. “From 2005-
2008, foreign direct investment

financed almost two-thirds of
the current account deficit.

“In the first three quarters
of 2009, foreign direct invest-
ment inflows were greater than
the current account deficit.
However, we believe that in
2010 and over the following
years, foreign direct investment
will not fully finance the deficit.

“Foreign direct investment
totalled $600 million during the
first nine months of 2009, com-
pared with $1 billion in full-year
2008. We expect foreign direct
investment to slow further in
2010 as tourism projects
progress slowly.”

And while international
reserves grew to $825 million
in 2009 compared to $563 mil-
lion at year-end 2008, they
received a “particular boost”
in the 2009 second half from
the Government’s $300 million
foreign currency bond, coupled
with $178.7 million in ‘special
drawing rights’ from the Inter-
national Monetary Fund (IMF).

In addition, S&P said analy-
sis of the Bahamas’ current
account deficit financing was
complicated by the “presence
of persistently large positive
errors and omissions”, which
were 24 per cent and 85 per
cent of the current account
deficit in 2007 and 2004 respec-
tively.

NOTICE

NOTICE is hereby given that GERALDINE PAUL of 2206
ADAMS STREET, APT. #3, HOLLYWOOD, FLORIDA 33020
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30‘ day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JEAN SIRRA of WEST BAY
STREET, P.O. BOX AP-59223, NASSAU, BAHAMAS is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30‘ day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FRITZ PIERRE of COLLINS
AVENUE, NASSAU, BAHAMAS is applying to the
Minister responsible for Nationality and Citizenship, for

registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a
written and signed statement of the facts within twenty-
eight days from the 30% day of April, 2010 to the Minister

responsible for nationality and Citizenship, PO. Box

N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MARCELLIN PIERRE of TALL
PINE OFF GLADSTONE ROAD, NASSAU, BAHAMAS
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The

52wk-Hi 52wk-Low Interest
1000.00
1000.00
1000.00

1000.00

Security Symbol Last Sale Change Daily Vol.
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00
Fidelity Bank Note 22 (Series B) + FBB22
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
52wk-Low Symbol Bids Ask & Last Price Daily Vol..
7.92 Bahamas Supermarkets 10.06 11.06 14.00
6.00 Caribbean Crossings (Pref) 2.00 6.25 4.00
0.40 RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
29.00 ABDAB 30.13 31.59
0.40 RND Holdings 0.45 0.55
BISX Listed Mutual Funds
YTD% Last 12 Months %
1.50 6.57
0.85 0.52
1.34 4.98
2.75 -3.54
0.98 5.44
3.45
3.99
1.25
0.79
1.23
5.33

Maturity

79 October 2017

19 October 2022
30 May 2013
29 May 2015

Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30‘ day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RODNEY EDWARD PURVIS
of #16 SEAHORSE LANE, FREEPORT, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 23rd day of APRIL, 2010 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

100.00 0.00 Prime + 1.75%

7%

Prime + 1.75%
EPS$ Div S
0.000
0.480
0.000

P/E Yield

0.000
0.001

4.540
0.002

0.000
0.55 0.000
NAV
7.4602
2.9116
1.5274
3.2025
13.4986
107.5706
105.7706
1.1034
1.0764
1.1041
9.5795

NAV 3MTH
1.438700
2.886947
1.507147

NAV GMTH
1.407626
2.830013
1.491956

52wk-Low
1.3702
2.8266
1.4467
2.9343
12.6816
100.5448
93.1998
1.0000
1.0000
1.0000
9.1005

Fund Name
CFAL Bond Fund

CFAL MSI Preferred Fund

CFAL Money Market Fund

Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund

CFAL Global Equity Fund

FG Financial Preferred Income Fund
FG Financial Growth Fund

6.99
13.50
S25
4.37
5.34
5.33

103.987340
101.725415

103.095570
99.417680

FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 1

Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 2

Royal Fidelity Int'l Fund - Equities Sub Fund

10.0000 10.5417 -2.13 10.96

4.8105 7.6928 -0.31
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported eamings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

47.51

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest

Previous Close -

Today's Close -

5 traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month eamings

KS) - 4-for-1 Stock Split - Effective Date 8/8/2007

KS1) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM


THE TRIBUNE








































































LOSSES ON SUBORDINATED SECURITIES

As at December 31, 2008, the Bank had in custody from customers shares in the Optima!
Strategic US Equity Series of Optimal Multiadvisors Ltd. the Optimal Strategic US Equity
Ireland US Dollar Fund, and the Optimal Strategic US Equity Ireland Euro Fund of Optimal
Multiadvisors Ireland ple (the “Strategic US Equity Shares”), whose value as per the
November 30, 2008 NAV was 422,956,240 US Dollars and 1,704,350 Euros for the Strategic
US Equity Shares denominated in, respectively, US Dollars and Euros. The Optimal Strategic
US Equity Ireland US Dollar Fund and the Optimal Strategic US Equity Ireland Euro Fund
invested all of their assets in shares in the Optimal Strategic US Equity Series of Optimal
Multiadvisors Ltd. Optimal Multiadvisors Ltd. is a Bahamian Fund whose assets
corresponding to its Optimal Strategic US Equity Series are held by and through its Bahamian
trading subsidiary, Optimal Strategic US Equity Ltd.

Optimal Strategic US Equity Ltd., in turn, had engaged Bernard L. Madoff Investment
Securities LLC (“Madoff Securities”), an entity registered as a broker-dealer and investment
advisor with the Securities and Exchange Commission of the United States of America
(“SEC”) and regulated and supervised by the SEC and the Financial Industry Regulatory
Authority of the United States of America (“FINRA”), to execute its investment strategy and
had all or a substantial part of its assets deposited with and traded through Madoff Securities.

On December 15, 2008, the U.S. Federal Court for the Southern District of New York ordered
that Madoff Securities be placed into bankruptcy and simultaneously appointed a trustee to
oversee the liquidation of Madoff Securities as well as the issuance of claims against the
Securities Investor Protection Corporation (“SIPC”).

As a consequence of the foregoing events, all redemptions and the calculation of the net asset
value (the “NAV”) for the shares in the Optimal Strategic US Equity Series and the Optimal
Strategic US Equity Ireland Funds were suspended with immediate effect on, respectively,
December 15, 2008 and December 16, 2008.

In January 2009 the Bank, in view of the exceptional circumstances in the case and on the
basis of exclusively business considerations, decided to offer a solution to its private banking
clients who had invested in the Strategic US Equity Shares. The solution consisted of an
exchange in which the private banking clients of the bank were offered the possibility of
exchanging their Strategic US Equity Shares for long term subordinated securities to be issued
by Santander Group (the “Group”) with a maturity of 30 years. The securities have an annual
yield of 2% and are callable by the Group from year 10.

The Bank has acted at all times with the due diligence in the management of its clients’
investments in the Optimal Strategic US Equity Shares and in accordance with all applicable
laws and sound banking practices and procedures with respect to those investments. The sale
of these products has always been transparent and in compliance with all applicable
regulations and established procedures.

As of April 9, 2010 the Bank has not been served with any lawsuit filed against it in
connection with the Strategic US Equity Shares. The Group is considering the initiation of the
appropriate legal actions against the relevant parties.

Deloitte.

Deloitte & Touche

Chartered Accountants

and Management Consultants
2nd Terrace, Centreville

P.G. Box N-7120

Nassau, Bahamas

Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
hetp://www.deloitte.com. bs

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors of
Santander Bank & Trust Ltd.:

We have audited the accompanying statement cf financial position of Santander Bank & Trust Ltd.
(the “Bank”) as at December 31, 2009. This statement of financial position is the responsibility of
the Bank’s management. Our responsibility is to express an opinion on this statement of financial
position.

We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
statement of financial position is free from material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the statement of financial position.
An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the statement of financial position.
We believe that the audit provide a reasonable basis for our opinion.

In our opinion, the statement of financial position presents fairly, in all material respects, the
financial position of the Bank as at December 31, 2009, in accordance with International Financial
Reporting Standards.

Without qualifying our opinion, we emphasize that the statement of financial position does not
comprise a complete set of financial statements in accordance with International Financial Reporting
Standards. Information on results of operations, cash flows and changes in equity is necessary to
obtain a complete understanding of the financial position, performance and changes in financial
position of the Bank.

April 9, 2010

SOA wi Oily

LEGAL

NOTICES.

nA
The Tribune’s Sales
Pee VMI

502-2394

WASHINGTON (AP) — Putting a bigger
stamp on the Federal Reserve, President Barack
Obama on Thursday chose Janet Yellen as vice
chairwoman of the central bank and filled two
other vacancies on the board, which has enor-
mous power over Americans’ pocketbooks.

The nominations are subject to Senate

FRIDAY, APRIL 30, 2010, PAGE 11B

Obama selects Yellen as No. 2 at Federal Reserve

lenges.



approval. If the Senate confirms all three nomi-
nees, Obama will have appointed five of the sev-
en members of the Federal Reserve Board.

His moves come as the Fed, whose decisions
influence economic activity, employment and
inflation, is facing political and economic chal-



FNM, from page 1B

said the FNM government’s
review of $80 million worth of
public contracts damaged
investor confidence and “dis-
rupted” the construction indus-
try.

Those remarks risk reignit-
ing the Ingraham administra-
tion’s fury, the Government last
year vigorously denying that its
decision to review numerous
contracts issued by the Christie
administration just prior to the
2007 election had any impact
on the economy’s momentum,
or that it was responsible for
exacerbating the deep reces-
sion the Bahamas is now expe-
riencing as a result of global
factors.

Referring to the FNM’s 2007
election “Trust Agenda, which
focused on improved gover-
nance, and improved govern-
ment accountability and trans-
parency, S&P’s 2010 report on
the Bahamas said: “On the
back of these promises, the
Government initiated a wide-
spread review of the public con-
tracts upon assuming office in
mid-2007.

“This stalled numerous
investment projects, some of
which have only recently
moved forward, such as the
signing of the construction con-
tract for the Straw Market in
December 2009.........

“After posting real GDP
growth of 5.7 per cent in 2005,
momentum slowed sharply, and
then the economy contracted.
In 2007, the increase in real
GDP was a mere 0.7 per cent as
growth was interrupted, first by
the elections and then by the
new administration’s protracted
period of reviewing contracts
after it came into office in May
2007.

“The review of $80 million
worth of contracts, and the
eventual cancellation of a $23
million public contract for the
Straw Market, negatively affect-
ed investor sentiment and
brought substantial disruption
to the contractors’ activity.”

S&P added that the Bay
Street Straw Market’s con-
struction did not get “back on

track” until December 2009,
when the Government signed
a contract with Cavalier Con-
struction.

The Wall Street credit rating
agency’s report is again likely to
be seized upon by the opposi-
tion Progressive Liberal Party
(PLP) for political purposes,
and used as evidence to sup-
port their charge that the so-
called ‘Stop, Review and Can-
cel’ policy of the Ingraham
administration robbed the
Bahamian economy of vital
momentum at a critical time
just before the recession/finan-
cial crisis took hold.

The reality, though, is likely
to be less straightforward. Pri-
vate sector executives at the
time told Tribune Business that
while the Ingraham adminis-
tration’s review took too long,
and created too much uncer-
tainty, no government would
‘rubber stamp’ contracts award-
ed in haste by its predecessor,
instead wanting to make sure
spending plans were in accor-
dance with their policies.

One government minister
also told Tribune Business that,
for example, the Government
cancelled its Christie predeces-
sor’s $23 million Straw Market
contract because it would take
up too large a chunk of that fis-
cal year’s capital works budget
- something the Ingraham
administration was not com-
fortable with.

In its projections for the
Bahamas, S&P said that fol-
lowing a 4 per cent contraction
in 2009, this nation’s economy
was likely to shrink again in
2010, albeit by a smaller 0.5 per
cent. That estimate is in line
with the International Mone-
tary Fund’s (IMF) forecast, but
lower than the Inter-American
Development Bank’s ‘worst
case’ scenario of a 1 per cent
contraction.

The Wall Street credit rating
agency said the Bahamian
economy would return to
growth in 2011 and 2012, with
GDP expansion rates of 2 per
cent and 2.5 per cent respec-
tively, although that will not be
enough to recover ground lost
in 2008-2010.

Unemployment is also likely
to remain stubbornly high, S&P
projecting that it will peak at
14.5 per cent this year before
shrinking to 12 per cent in 2011
and 10 per cent in 2012.

“Once buoyant prospects for
a major expansion of tourism
projects, totalling more than
$10 billion over the next five to
10 years, are more subdued,”
S&P noted. “The slowdown in
construction in 2009, despite
some public works projects,
reflects the slowdown in for-
eign tourism projects, which
includes construction of second
homes and real estate pre-sales
to finance tourism investments.

“According to some mem-
bers of the Government, the
Bahamas’ strategy for the
tourism sector is to develop
smaller, boutique-type devel-
opments and eco-sensitive
tourism.”

The Baker’s Bay Golf &
Ocean Club on Great Guana
Cay was cited as an example
for an eco-resort.

“Very high-end, niche pro-
jects continue to advances
because of their exclusivity and
the pre-funding of many of
these projects,” S&P added.
“These include the Cat Island
PGA Village (with the first
PGA golf course outside the
US), the Albany project in New
Providence, the Ritz-Carlton
Rose Island development (on
a smaller scale than originally
planned).”

Uncertainty was the watch-
word, though, for the $4.9 bil-
lion Ginn sur mer project in
Grand Bahama, something
that, with Baha Mar, would
“dramatically alter the scale of
tourism in the Bahamas”.

Ginn sur met’s development
“continues at a very slow pace”,
the Wall Street credit rating
agency said, as a result of the
recession and legal issues result-
ing from its owner’s bankrupt-
cy.

“The main idea behind the
project is to alleviate marina
congestion in Florida by bring-
ing yachts to Grand Bahama
(only 40 minutes away) with a
large, residential marina com-
munity,” S&P said.

CAREER OPPORTUNITY

A Major Bahamian Company seeks to employ a qualified and
experienced Mechanical Engineer for the referenced position:

PROJECT ENGINEER

Qualifications: a Bachelor’s Degree in Engineering (preferably
Mechanical Engineering), or a similar discipline or extensive
knowledge and experience with the development and execution
of industrial projects. A strong and working knowledge of time
management and project scheduling would be a plus.

Experience: The successful applicant must have a minimum of
5 years experience in industrial construction with technical and
administrative competences in all phases of project development-
from conceptualization to construction and maintenance.

Skills & Key Attributes:

* The position requires professional skills in fast tracking
projects with the appropriate level of contract management
and supervising and coordinating personnel activities.

* The successful candidate must have a wealth of experience
and knowledge of safe work practices and procedures in an
industrial environment.

* Excellent written and verbal communication skills are
required for preparing regular reports, acting as a liaison
with government agencies and delivering presentations to

management

* High integrity, goal oriented and a strong work ethics are
essential in addition to the proven ability to learn, develop
and comply with international industry best practices.

Competitive salary and benefits package, (commensurate with
work experience and qualifications).

For prompt consideration, please submit a detailed resume no
later than May 14,2010 to: applybahamas@yahoo.com
PAGE 16B, FRIDAY, APRIL 30, 2010

THE TRIBUNE





Realtor opens fifth office in Abacos

A BAHAMIAN realtor has opened
its 10th office, and fifth in the Abacos,
through its Guana Cay premises.

Damianos Sotheby’s International
Realty’s latest office will be located on
Front Street, near to the Orchid Bay
development, with its operations over-
seen by Christopher Albury. The office
will service Guana Cay and Man-o-War
Cay.

"The economy continues to present
us with great opportunities,” said
George Damianos, president of Dami-
anos Sotheby’s International Realty,
whose late father founded the firm 65
years ago. “We're excited about our
expansion in Abaco because it has so
much to offer. With miles of powdery
white beaches and stunning views, the
Abaco Cays have become the islands of

choice for world-class
vacation properties.”

“The Bakers Bay
Golf and Ocean Club
on Guana Cay fea-
tures a Tom Fazio-
designed golf course
directly overlooking
the beach and azure
blue waters of the
Atlantic. A truly spec-
tacular destination
with residential prop-
erties available on the
beach, and along the
super-luxurious mega-yacht marina. At
the south end of the island, there's a
feeling of tranquility and privacy
offered within the exclusive Orchid Bay
community. Homeowners and guests



ALBURY



PULLING oil from the ground is
proving to be easier and more prof-
itable than getting drivers to fill up their
cars and trucks with gasoline and diesel
fuel.

Exxon Mobil and ConocoPhillips,
the No 1 and No 3 oil companies in the
US, said Thursday that first-quarter
profit jumped because oil prices were
substantially higher than a year ago.
That was more than enough to offset
losses both had from their struggling

WiMedia

enjoy lush natural landscaping, seclud-
ed beaches, and excellent on-site resort
facilities”, said Christopher Albury, a
native of Man-o-War Cay.

With the Guana Cay office opening,
Damianos Sotheby’s International
Realty will have a total of 10 offices
throughout the Bahamas with five
offices in the Abaco's.

These include two in Hope Town,
one in Marsh Harbour, and one in
Treasure Cay, in addition to its offices
in Nassau, Old Fort Bay and Lyford
Cay, and Governor’s Harbour and
Spanish Wells, Eleuthera.

“The market, though certainly
impacted, has not been as badly affect-
ed in the Bahamas as in many other
places, is coming around,” Mr Dami-
anos said. “People from all over the

world are attracted to the communities
of Guana Cay and Man-o- War Cay.

“There is smart money out there.
People who made it will spend it when
they see value, and there is value in the
Bahamas. I don’t know when the econ-
omy is going to turn around. It’s not
as if it is going to happen on a given
day, but when it begins to gain momen-
tum, we will to be positioned to go with
it.”

The Sotheby's International Realty
network currently has more than 10,700
sales associates, located in about 500
offices in 40 countries and territories
worldwide.

Damianos, Lyford Cay and Old Fort
Bay Sotheby’s International Realty list-
ings are marketed on the sothebysreal-
ty.com global website.



High crude prices driving profit for oil companies

refining businesses, which have been
unable to pass along all of their costs for
higher crude prices to consumers.
Exxon’s US downstream operations,
which include refineries, lost $60 million
in the first quarter, compared with a
profit of $352 million a year ago. Cono-
coPhillips’ refining and marketing busi-
ness lost $4 million in the quarter. In the













same quarter of 2009 it had a profit of
$205 million.

The No. 4 oil company, Occidental
Petroleum, has no refining operations.
It reported profit nearly tripled to $1.06
billion for the quarter.

Oil companies are becoming more
profitable as the price of oil has sky-
rocketed from $33 a barrel in the first

quarter of last year during the depths of
the Great Recession to above $85 a
barrel Thursday.

But integrated oil companies, which
refine oil as well as explore for it, have
seen their refining businesses decline
because of soft demand for gasoline
and diesel.

US petroleum consumption dropped
in the first quarter for the third year in
a row, according to the Energy Infor-
mation Administration.































EDGECOMBE

Compliance
Officer passes
the Series 7

T. Yvette Edgecombe, a
compliance officer, successfully
passed the Series 7 exam in the
US after studying at the Nas-
sau-based Securities Training
Institute (STI).

Ms Albury, course adminis-
trator at STI, said: “Ms Edge-
combe has performed excep-
tionally well, having distin-
guished herself by obtaining
both the Series 7 and the Series
6 qualifications.”














































































































INSURANCE MANAGEMENT
(BAHAMAS) LIMITED LIMITED
INSURANCE BROKERS & AGENTS BROKERS & AGENTS
5-Day FORECAST UV INDEX ToDAY
Vv
Z <= * 0|1|2|3|4
lll. Low MODERATE
Partly sunny and Partly cloudy Sunny and breezy Bright sunshine, Sunshine mixing with A full day of sunshine The higher the AccuWeather UV Indexâ„¢ number, the
breezy warm and humid some clouds greater the need for eye and skin protection.
ign: L oe 87° oe 88° fps 87° an 87° 7 rT
igh gee | toe | paboW Za ov Ty | ey | | MCL
49> pall OTE aad ET lla PCE TU Te cod TOE a CE to DYE TTL lle eo sna
82° F 94°-78° F 108°-75° F 104°-74° F 96°-82° F High Ht.(ft.) Low __Ht.(ft.)_
Teste = Oa tho Hunad boty event tt efde how war or ate poser eae enpoaues lee heheh aed helow brine Gar NN ‘Today B:4Bam, 25 2:68am, -04
\ 9:16 p.m. 3.1 2:53 p.m. -0.6
N Saturday 9:35am. 24 3:45am. -0.3
\ 10:02 p.m. 2.9 3:39p.m. -0.3
N <=] — Statistics are for Nassau through 2 p.m. yesterday Sunday 10:23am. 2.2 4:33am. 0.0
> v . ABACO . A Temperature 10:49p.m. 2.7 4:25p.m. 0.0
lll 40-20 knots pear Eo pee e oe bbs ie Monday 11:12am. 2.1 5:22am. 0.1
\ ee 4 =i y . Normai high 82° F/28° 11:38p.m. 26 5:14pm. 03
@ WEST PALM BEACH Normal low .... + 70° F/21° C Tuesday 12:05p.m. 21 6:12am. 03
. 2 tne HS ai ss Last year's high .. ... 82° F/28° C 25 . _m. i
High: 62° 523° %, 8-16 knots Last year's low 72° F/22° C S07 p.m. _0.4
Low:69°F/21°C a Precipitation Wednesdayl2:29a.m. 2.5 7:03am. 0.4
FT. LAUDERDALE FREEPORT As of 2 p.m. yesterday ... 0.00" 1:02 p.m. 2.1 7:05 p.m. 0.6
High: 80° F/27° C e@ High: 83° F/28° C ae ee cae - oe Thursday 1:22am. 24 7:55am. 0.6
Low: 71° F/22°C —? Low: 74° F/23°C ee 1:59p.m. 2.1 8:05p.m. 0.7
<1 > a a4
i Re ' }
“ a AccuWeather.com
— MIAMI ELEUTHERA Forecasts and graphics provided by Sun AND Moon
10-20 knots High: 84° F/29°C a High: 86° F/30°C AccuWeather, Inc. ©2010
Low: 73° F/23°C NASSAU igh: 86° F/30° Sunrise... ... 6:35 a.m. Moonrise ... 10:11 p.m.
y F High: 84° F/29°| ~ bow: 76 F/24a°C Sunset....... 7:39 p.m. Moonset..... 7:59 a.m.
A aa F/24°G SS Last New First Full
KEY WEST —_ <3 CAT ISLAND ph
High: 81° F/27* c = e Low:76°F/24°C ~ Vv meebo: 73° F/23°C May6 © May13 © May20.— May 27
4 é q lay jay jay jay
10-20 knots a B
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i. VV GREAT EXUMA __ High: 86° F/30" C
Se. 10-20 knots ex or. F/31° " Low: 75° F/24°C
r Low: 76° F/24°
Shown is today's weather. Temperatures are today's es . ANDROS" y . A
highs and tonights's lows. J peta aa , Pi, a aus
Ow: a
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INSURANCE MANAGMENT TRACKING Map ISLAND Vv
rp Ee 10-20 knots
( ~ Ow:
i= i: Cape Hatteras Sy (SEN USan iss SSs panSiss as ncaa rs : MAYAGUANA
Peer Charlotte ® Highs: 73°F/23°C NSSS 0 Shown is today's = teh 20 Faz’ C
| > Highs: 82°F/28°C ~> > weather. Temperatures >> = ee”
| Atlanta Se \ Charleston Bermuda ae an i SS CROOKEDIS /ACKLINS =
| Highs:\80° F/27°C\ e Highs: 83°F/28°C Highs: 70°F/21°C are today’s highs and High: 91° F/33° C
Pensacolat ° ° Savannah : tonight's lows. RAGGEDISLAND ow:76°F/24°C
) H . \o o
)) Highs: 80°F/27°C _._ Highs: 82°F/28°C fo ere =
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~30 - Daytona Beach ® GREAT INAGUA :
=< * Hi hs: 82°F/28°C High: 92° F/33°
ed NN g 7 A Low: 77° F/25° C - A
Tampas ® & 3e= reeport = al
* *High3$::86°F/30°C- Highs: 83°F/28°C SNNS << > <1 <=>
S 8 SEE SSS SERS SP a ‘S. 45S SPN
SESSSSSASE SSS $ RENN Vv Vv
~ xxx xx Miami. ss & NNN
25 ~ == ** Highs: 84°F/2 \ 12-25 knots ae
cane S
S
Havana e ** ;
Highs: 90°F/32°C = Se ey
ed dex ‘ =
HTpQom =k ee y oa WINDS WAVES VISIBILITY _ WATER TEMPS.
20 ° lions rane? creo ear sPrince . ABACO Today: SE at 8-16 Knots 2-4 Feet 10 Miles 75° F
Cozumel = “Highs: > 95°F/35°C San Juan Saturday: SE at 8-16 Knots 2-4 Feet 10 Miles 75° F
Highs: 89°F/32°C oS ° ANDROS Today: SE at 10-20 Knots 3-5 Feet 10 Miles 719° F
3 ‘e5 , e Highs: 89°F/32°C Saturday: _ ESE at 8-16 Knots 3-5 Feet 10 Miles 79° F
ie Baise i A Santa Antigua CAT ISLAND Today: E at 10-20 Knots 2-4 Feet 10 Miles TT°F
ingston Domingo B ° ° Saturday: ESE at 8-16 Knots 2-4 Feet 10 Miles 78° F
Highs: 90°F/32°C Highs: 88°F/31°C Highs: ea ic mullals: SS Sie C CROOKED ISLAND Today: ENE at 10-20 Knots 2-4 Feet 7 Miles 80° F
ar > g = SS NIST Saturday: E at 10-20 Knots 3-5 Feet 10 Miles 81°F
15 aa Ra INES ENE NES ELEUTHERA Today: ESE at 10-20 Knots 2-4 Feet 10 Miles 77° F
Sak a aS SiS io Barbados Saturday: ESE at 10-20 Knots 2-4 Feet 10 Miles TE
30, i SING Aruba Curacao Highs: 85°F/29°C FREEPORT Today: SE at 10-20 Knots 1-3 Feet 10 Miles 78° F
ee ee ore i . ° ° a Saturday: SE at 10-20 Knots 1-3 Feet 10 Miles 78°F
iS we - Yeo Maneguan 5 aan Sei oul fe o-Trini GREAT EXUMA Today: E at 10-20 Knots 1-3 Feet 10 Miles 78° F
SRESES Highs: S0.F/32 c » Trinidad Saturday: _E at 8-16 Knots 1-3 Feet 10 Miles 78°F
SAS = * 8 Bion ps a ee Tobago GREAT INAGUA Today: ENE at 10-20 Knots 2-4 Feet 6 Miles 82° F
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Warm Cold Stationary Showers Rain T-storms Flurries Snow Ice RAGGED ISLAND Today: E at 10-20 Knots 1-3 Feet 10 Miles 77°F
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