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 )

Downloads

This item has the following downloads:


Full Text
TRY a (\

Pim blowin’ it

87F
74F

ar
LOW

MOSTLY
~~ SUNNY

Volume: 106 No.140





The Tribune



ANY TIME...ANY PLACE, WE’RE #1







BAHAMAS EDITION

www.tribune242.com



Ute by |
ETE A

SEE INSIGHT SECTION '

Friends of hanged
teenager unhappy
with police probe

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

FRIENDS of a teenage girl
found hanged in her home are
convinced foul play was
involved in her death.

They say they are not satis-
fied with the police investiga-
tion into Keisha Thurston’s
death, claiming the police
have had a “one track mind”
from the start.

Friends claim someone was
“pestering” Keisha days
before she died, and they
believe this person should be
a “person of interest” in the
investigation.

It is understood Keisha may
have had an argument with
one of her friends the day of
her death, and neighbours
may have heard a commotion
inside the house.

More than two months
after her death, the police
investigation is still open and
continuing, even though offi-



KEISHA THURSTON

cers originally said it was an
“apparent suicide”.

Friends say they are con-
vinced her death should be
classified as “suspicious”.
They believe the police were
not aggressive in following up
leads and have not been thor-
ough in their investigation.

A close friend told The Tri-
bune: “Police had a one track

SEE page 14

School Supplies

ARGET!

co

“9 Hole Puncher Electric

Hp 92A Toner
aa qh a

28

ders Legal,
Colored

| 308 56561
ae AEN



MONDAY, MAY 10, 2010



=-USA TODAY

MISS BAHAMAS CONTESTANTS TAKE TO THE STAGE




MISS BAHAMAS 2010

at the Imperial Ballroom,



contestants take to the stage

| Atlantis, Paradise Island last
night. Seventeen contestants
were in the running for the
crown. Find out who was
triumphant at tribune242.com.











Two men die in traffic accident

A TRAFFIC accident on
Eleuthera has claimed the
lives of two men.

Driver Leander
Cartwright, 44, of Gregory
Town, and David Hamil-
ton, 23, of Hatchet Bay,
Eleuthera, were travelling
north in a Honda Civic on
Queen’s Highway between
Hatchet Bay and Rainbow

Bay when the accident
occurred at about 8.45pm
on Friday.

It is understood their car
collided with a Ford bus
with two passengers. It was
driven by Wellington
Hilton, of Rock Sound.

Mr Cartwright and Mr
Hamilton died of their
injuries, while Mr Hilton

— 4

Qu 1Znos SUB- MMMM... TOASTY!

and his two passengers
were slightly hurt.

One of the passengers
had to be airlifted to New
Providence for further
treatment.

A team of officers from
the New Providence Traffic
Division has been flown to
Eleuthera to assist in the
investigation.

PRICE — 75¢ (Abaco and Grand Bahama $1.25)

ie —



fata)
ett a]
Tel

Cool yee






Tie UE:
a Cty its

‘SEE PAGE FIVE



By AVA TURNQUEST
aturnquest@tribunemedia.net





A BREAKAWAY group of
Customs and Immigration offi-
cers have ceased membership
contributions to the Bahamas

Public Services Union
(BPSU), it was revealed last
night.

And after complying with all
the prerequisites necessary for
recognition as a separate
union, the group is now await-

ing formal government
approval.
SEE page 15











‘Very high possibility’
oil will be found in
Bahamian territory

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net



THERE is a “very, very high possibili-
ty” that oil will be found in Bahamian ter-
ritory as a result of exploration currently
underway, Environment Minister Earl
Deveaux has said.

Meanwhile, the environment minister
stated that the catastrophic consequences
of the recent Deepwater Horizon oil spill
in the Gulf of Mexico will “directly affect
(The Bahamas government’s) approach”
to how it manages any oil or gas resources
that are discovered.

“We would have the top experts in the
world advising us and would certainly look
for the best in class to ensure our oversight
of any oil exploration or drilling in The
Bahamas is done with the highest safe-
guards,” said Dr Deveaux.

He said his understanding about the
likelihood of oil being found in Bahamian
territory, where a number of companies
currently hold licenses for such activity, is

SEE page 14

Lady Edith Turnquest

suffers serious stroke

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net





LADY Edith Turnquest, wife of for-
mer Governor-General Sir Orville
Turnquest, suffered a serious stroke
on Saturday morning while vacationing
in London with her husband and eldest
grandson.

Her immediate family, including
Minister of National Security and MP
for Mount Moriah Tommy Turnquest,
arrived in London yesterday to be with
their mother, who has since undergone
neurosurgery.

According to a press statement from
the family, it was determined that Lady
Edith had suffered bleeding to the left

SEE page 14





SOB SANDWICH

toasted to enhance flavours
chet-inspired recipes
quality ingredients

top quality meats
made to order

party platters
Maderia Si* Paradise [sland «2 locathons ln Freeport





NASSAU AND BAHAM/

ISLANDS LEADING NEWSPAPER



PAGE 2, MONDAY, MAY 10, 2010

THE TRIBUNE

LOCAL NEWS





sl (, | ,

) Si “Hl 1
a ay



























































a oe SEMI

wa

Orial Farring on
is laid to rest

BISHOP SIMEON HALL PRESIDES OVER SERVICE



Ue
a ay

Tee Ra diy
PHONE: 322-2197



a

EZPay Plus now
available for Land
Line Subscribers

The format of your land Ing phene billhos changed. Moving
forward, you will recelve a sumnnarny of your land fine bil in the
mail. Your detailed tall acer: will be available ta you online,

viol BT's EZPoy Plus web portal. Your ureque user nance and

Paty
ee oes

posswerd which will dilow you ta aecess BIC's EfPaoy FIL

entaute fo you vied fhe rail, Vist our website ol

wri. btcboahamas.com/thinkgreen for more information.

Registration is easy! Here's how!

* Your user name and password will be sent to
you In the mail

* Visit our website at www. btcbahamas.com/thinkgreen
* Select the EZPay Plus button and follow the steps

New Features for y

debit cards
View your bills @

For more Information: CALL BTC 225-5282 or email: thinkgreenabtcbahamas.com
waw.btcbahamascom/thinkgreen « www.facebook.com/mybte

—_—













DESPITE “suffering criti-
cism” for his decision to do
so, former Christian Council
President Bishop Simeon
Hall presided over the funer-
al of 20-year-old Orial Far-
rington, the young woman
murdered outside a gay night-
club.

The service took place at
the New Covenant Baptist
Church, where Bishop Hall
is the lead pastor.

In his sermon delivered at
the funeral, Bishop Hall took
the opportunity to recom-
mend that it is “time for
churches in our Bahamas to
broaden their repertoire of
concerns”.

Bishop Hall said: “Today I
will lead in a funeral service
for a young lady who was
(allegedly) murdered while
at a gay club. I will offer com-
fort and solace to her family.
I maintain that while we will
always affirm the traditional
family values, we must not
demonise or denigrate others
whose lifestyles fall outside
of ours.

“IT believe and proclaim
that the grace of God when
extended can save and trans-
form anyone,” he added.

Bishop Hall said he feels
that “issues about homosex-
uality and gambling must not
be the extent to which the
Christian community is
heard”.

In announcing that he
would be leading the service
for Ms Farrington, Bishop
Hall said he felt it is impor-
tant that there is a “sensible
response” to those in our
society “whose sexual behav-
iour may be different from
ours.”

Ms Farrington, of Nelson
Street, was killed in the early
hours of Sunday, April 25,
after allegedly being struck
by the driver of a 2008 Toy-
ota Corolla outside the
Garage nightclub on Glad-
stone Road.

The incident occurred after
a massive fight, started inside
the club, spilled into the park-
ing lot.

Unelta St Louis, 21, and
Angela Newchurch, 27, both
of Fox Hill Road, were
charged before Chief Magis-
trate Roger Gomez on Fri-
day, April 30, of murdering
Ms Farrington.

They were not required to
enter a plea.

Two missing fishermen rescued hy US Coast
Guard from disabled vessel adrift at sea

SAN JUAN, Puerto Rico



THE U.S. COAST GUARD says two missing fishermen
have been rescued from a disabled boat drifting 12 miles (20
kilometers) off Puerto Rico's west coast, according to Asso-

ciated Press.

Spokesman Ricardo Castrodad says a separate vessel
spotted the 16-foot (5-meter) boat drifting in the treacher-
ous Mona Passage that separates the Dominican Republic

and Puerto Rico.

Aboard were two Puerto Rican men reported missing
Saturday after they failed to return from a trip to the Los

Rabos fishing grounds.

The vessel towed the disabled boat to shore and rescued
the men, who were reunited with their families Sunday.

Guard Lt. Gerard Wenk described the rescue as a "great
case of mariners coming to the aid of others."

Share your news

The Tribune wants to hear

from people who are
making news in their

neighbourhoods. Perhaps
you are raising funds for a

good cause, campaigning
for improvements in the
area or have won an
award.

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

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





THE TRIBUNE

LOCAL NEWS

MONDAY, MAY 10, 2010, PAGE 3



Water supplies restored, but
pressure still low for many

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

WATER supplies to areas
which went without for days
last week due to a leaking
pipe were restored over the
weekend.

However for many resi-
dents the pressure in their
water pipes still remains frus-
tratingly low.

Work to fix a leaking pipe,
located underground at the
junction of 2nd Street and
Robinson Road, was com-
pleted Friday, bringing water
supply back to residents in the
affected areas, including
Robinson Road, Foxhill
Road, Prince Charles Drive,
Winton Estate and
Yamacraw, according to
Water and Sewage Corpora-
tion Assistant General Man-
ager Robert Deal.

This was a day later than

A MAN was rushed to hos-
pital after being stabbed in
Club Waterloo, on East Bay
Street.

The 21 year-old Highbury
Park resident had allegedly
been involved in an argument
with a group of men inside the
club.

He suffered a stab wound to
the back, and was taken to hos-
pital in a private vehicle, at
around 3.30am on Saturday. He
is in hospital in a “stable con-
dition”, police said.

Meanwhile, sometime
around 12.45am on Sunday, a
36-year-old man from Millers
Close was walking in Andros
Avenue when he was shot in
the right leg.

His condition was not dis-
closed.

Police investigations contin-
ue.

Bahamian charged
With attempting to
smuggle migrants

A BAHAMIAN has
been charged with
attempting to smuggle 14
Caribbean migrants into
South Florida.

Kelsey James McQueen,
41, is alleged to have left
Freeport, Grand Bahama,
for West Palm Beach,
Florida, two weeks ago
with the migrants onboard
his boat.

US prosecutors said
McQueen had attempted
to flee when ordered to
stop by US Customs and
Border Protection officers.
A high-seas chase fol-
lowed, ending 10 miles east
of Palm Beach. McQueen
and 14 others on board
were taken into custody.

McQueen and four other
unidentified Caribbean
migrants appeared ina
West Palm Beach court
last Tuesday and will
return today for a deten-
tion hearing. They could
face up to two years in jail.

ee Be ES ies
Ga LL
Pest Control

ee ect
322-2157





~*~

the WSC had initially pro-
jected, after the process got
off to a slow start due to near-
by utility cables.

Irate customers left with-
out water to bathe, cook or
clean, flooded the WSC and





The Tribune with phone calls
leading up to the weckend,
complaining that their water
had been totally cut off and
without any prior notice being
sent out.

Yesterday, residents in

Yamacraw, Winton and Joe
Farrington Road said they
continued to suffer from unac-
ceptably low water pressure
after the supply was restored.

One Yamacraw resident
complained: “What was
promised and what is being
delivered are two totally dif-
ferent things. We were
promised the restoration of
supply, instead we’re getting
just a trickle through the
taps.”

Mr Deal said that remain-
ing pressure problems may
continue for some residents
for several days while the
WSC “fully regains storage
levels” at the affected Win-
ton Estates water storage
tank, which was cut off after
the supply line was shut down
due to the leak.

He said the water pressure
levels are being adjusted at
present so that a more highly
pressurised supply is available

during “peak times” morning
and evening times, while dur-
ing the day time pressure will
drop as the WSC seeks to
save water while the storage
tank is re-filled.

“Hopefully within another
few days we will have things
back to normal,” said Mr
Deal, adding that residences
in the Winton Estates area
would be most affected.

INDEX

MAIN/SPORTS SECTION
A 2 Soni ne heh, MOL
P12,14,15,19,20

P1,2,3,4,5,6,7,11
P8,9,10

Maderia St! ONLY

ENTIRE STOCK
Waverl
Fabrics

errs i

* 20% OFF NEW OUTDOOR
FABRICS FROM BRAZIL

“EXCEPT NET ITEMS, VINYL, PLASTIC

Candleholders,
Vases etc. J

Cra Te Ua aay

Home Fabrics

Madeira St. [242] 325-8233 * Robinson Ra.[242] 322-3080 * Fax:[242] 322-5251





3 pe Queen Sleigh Bed
1 pe Dresser

1 pe Mirror

2 pe Nightstands

1 pe 5 Drawer Chest

eT ase ol
er (alc Rom omey-1)









() DeskJet OfficeJet | LaserJet

PRINT

AUTHORISED DEALER

"Micronet

BUSINESS TECHNOLOGY



Where it’s at!

26 MADEIRA STREET, PALMDALE = f4a.o2d 5040 = WW MICRONET Bo





CLASSIFIED SECTION 36 PAGES

REAL ESTATE GUIDE 20 PAGES

USA TODAY MAIN/SPORTS 12 PAGES



CARPET, FURNITURE, MARBLE & TILE CARE

The Mort Tiomooon Rereeaniow A Clean Eve, oa THe Jom bi Frm!
ALAS Oey PROPEROMAL, CORTIPD Soe CaarT a Line oe CARs S7er res.

* Gunet Upholslery. one and Marit Claaning & Riestionion
Bpesnilist

* Paoohon Cloaning Syston rencvas Deep & Hoon Bo,
Bachar Croan. Waleirarig ad Staines iron Cupating 4
FumMiura, restoring them io lke nena al a fraction of placcmant
Stra

Caan Son, Lowen, Chain, Diaing Cheers, Cats Boe
Ge Ta Maga a Sore

+ egetiean, Wacoal hk Soil Compan ln Spee eed

+ habla Tia Asstorstion, Poishing, Sealing & Gans

Verbie Counter-Top Adoration 4 Prosbiny

Authorised Some Tech Profesciosa! Cenrecnor
CALL PROCHEM BAHAMAS
PHONE: 323-8083 o 323-1594
OWEY WE CAN 00 IT RATT!
WeT RAY

TULW LAL LAr an PT
PROCEIEM SV TEM fan

Sear? ae TRA oe © ee arg
ge pond ore.coet

Pe a TT

ce

i

IP ars Cinemas

The ‘all-ai-Marsihon
OX OFFICE OPER AT Pe) AN DATLY

EFFECTIVE MAY 7TH, 2010

ronan | 10] 351 | wa | 0 | WA]

soa =[s[w |
| WiGTMMARE OUELM STREET C115 | 390 | Wm | 66 |

execs [af as [en [oa [ wr [wa]
THEgacE ura tt | 00 | 935 | om | co | a0 | eon |
proevosers ic | ts | sas | rm | ts | as | os |
[OERTHATTHE FUNERAL 0 t| 120 | 395 | wo | Gan | aun | wos |
wer Dicer waRaED TO) | 10 | 325 | wa | oxo | a2 | vos |
[naw ro Tra YoU bawGoN coh a | 110] san | nm | 60 | an |
font ceawMerRO a | 120/35 | wo | 0 | ao | ro. |
ee ee ek

YOUR E-CARD TO REBERAE TICKETS AT SA0-S6u9 OF WW GALL ERAT EWA

fecrwot2——vew] a0 [ua [eao ] wa [740]
arrwunronen—_¢ [rs [a0 [WA | ene [090 ve]
fecacx rrtm —¥ [as [aa0 [WA] 50s [oa0] ve
fwetosens [rw [a5 [WA [ore [eas] ws]
earararewemar [115 [840 [WA [ets [635] ws]
faasrarmemans + [ras [aas [WA [eae [ea0] was]
SS SS

Use your e-card bo neserve tckets at SE+-3549 or visit us at
www. bahamaslocal com



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







PAGE 4, MONDAY, MAY 10, 2010

THE TRIBUNE

EDITORIAL/LETTERS TO THE EDITOR

Bahamas should be

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 1972-199]

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387

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

Lessons from the ‘Mother of Parliaments’

THE pulsating and historic general elec-
tion in Britain on May 6 has resulted in stale-
mate — a hung parliament which was last
seen in that bastion of democracy more than
35 years ago.

In 1974, the Conservative incumbent
prime minister, Edward Heath, was forced to
resign after failing to secure a deal with the
Liberals. With a slim lead over the Conser-
vatives (also known as Tories), Labour
leader Harold Wilson formed a new gov-
ernment. But, without sufficient support in
the House of Commons, he had to call
another election in October of the same year
which he won with a tiny overall majority.

In Britain, proportional representation
does not apply. So the political party with the
most votes over all other parties is the out-
right winner under the first-past-the-post
system. This avoids horse-trading and deal-
making and is considered to produce strong
governments with a mandate to take decisive
action.

In last Thursday's election the Tories
won 306 seats against Labour's 258 but failed
to win an overall majority. The Liberal
Democrats with 57 seats hold the balance of
power together with the other minorities in
a legislature of 650. According to latest
reports, Labour has put out feelers to the Lib
Dems. But an alliance between the two
would still leave them without an overall
majority and would require other deals with
minorities like the Scottish National Party,
the Greens and others.

More likely is a Conservative minority
government or some sort of coalition
between the Tories and the Lib Dems as
long as they can reconcile, in the short term,
their differences on major issues like the
economy — notably, where to apply the nec-
essary spending cuts to tackle the nation's
huge debt and deficit - immigration, educa-
tion, the European Union and (most signif-
icantly) electoral and other political reform.
The Lib Dems have for long championed
the introduction of proportional represen-
tation. Their gain at this election of some
23 per cent of the votes but only 8 per cent of
the seats has strengthened that case.

Liberal Democrat leader Nick Clegg has
already spoken of the moral right of the
Conservatives under David Cameron, with
the largest share (36 per cent) of the popular
vote and 47 more seats than Labour, to lead
a new government. But without securing
some form of accommodation (coalition or
informal power-sharing alliance) with the
minority parties he will not have a mandate
in the House of Commons to govern.

Quality













Auto Sales
PRE-OWNED CARS

and TRUCKS

ed a
NR VAS et a

Check Out: These Great Values

06 HYUNDAI SONATA

01 HYUNDAI ELANTRA
05 HYUNDAI SANTA FE
"97 VOLKSWAGON BEETLE
"98 HYUNDAI COUPE

01 MAZDA MPV WAGON

Until he does so, under constitutional
convention the incumbent prime minister,
Gordon Brown, remains in power since the
business of governance has to be maintained.
While political deals are made, the govern-
ment must continue to function. The money
markets, not least, react badly to political
instability.

As this fascinating drama of political
intrigue and manoeuvre unfolds over the
coming days, the controversial issue of pro-
portional representation is likely to take
centre stage; particularly if Cameron is
forced to make concessions about electoral
reform as the price for Clegg's political sup-
port.

There are already indications that a new
cross-party parliamentary commission may
be set the task of studying it and making
recommendations. Nonetheless, introduc-
tion of proportional representation or some
version of it is clearly a long way off. It
appears to work in countries as diverse as
Germany and New Zealand. But, whatever
form it might take in Britain, it would rep-
resent a seismic shift in well-established elec-
toral procedures and would probably require
a referendum.

With our political system based on the
Westminster model, are there lessons to be
drawn from the British general election for
the Bahamas and its body politic? A hung
parliament demands greater cooperation
among the political parties. A coalition gov-
ernment will be under greater pressure
always to put the national interest first.
Could such solidarity be translated in some
way to politics in the Bahamas?

In our small country, where the ideolog-
ical differences between the parties are not
great, opposition politicians are neverthe-
less intent on trying to show their con-
stituents that they are active. So they seem to
criticise government policy and actions
almost for the sake of doing so.

Certainly, they need to scrutinise what the
government does and keep ministers in
check. But there is room for less bickering
and gratuitous criticism and, instead, for
more cooperation in relation to issues which
may be controversial but which need to be
resolved for the sake of ordinary Bahamians.

Can attitudes in the Bahamas change and
government become more inclusive for the
benefit of us all? Can our own politicians
be less confrontational and work together
more effectively for the common good?

As events in London develop, there may
indeed be lessons to be learnt by us here at
home.







a developed country

EDITOR, The Tribune.

THERE is no excuse why
The Bahamas is not eco-
nomically and socially
developed. During Sir Lyn-
den Pindling’s era he estab-
lished a strong foundation
for social and economic
advancement and develop-
ment. Under Sir Lynden’s
administration a few impor-
tant institutions that helped
with the foundation of our
country’s development are:
The National Insurance
Board, The College of The
Bahamas, The Industrial
Training Centre (now
BTVI) and The Central
Bank of The Bahamas.
Despite Sir Lynden’s
achievements he allegedly
became involved in the
drugs scandal which ques-
tioned his character and
integrity.

During that time, the Rt
Hon Hubert Ingraham was
under Pindling’s adminis-
tration and Mr Ingraham
fought corruption and criti-
cised his colleagues and was
dismissed from Cabinet and
the PLP. Mr Ingraham
fought his way through all
adversity, later partnering
with the FNM, and then he
eventually became leader
and subsequently became
Prime Minister of the Com-
monwealth of The
Bahamas.

Mr Ingraham added to
the development of our
nation through partnering
with the business communi-
ty within our nation, pro-
moting domestic and inter-
national investments, etc.
Mr Ingraham focused on
our two major industries; he
revitalised our tourism sec-
tor and cleaned up our
banking and trust laws and
businesses. Both Mr Ingra-
ham and Sir Lynden paved
the way for future success
of the Bahamas. Even Mr
Christie has contributed.
The leaders of our nation
have opened every door
that we desperately were in
need of. Bahamians are
always complaining about
lack of jobs and lack of
opportunities, etc. We are
always ignorantly pointing
fingers at immigrant nation-
als, but we fail to realise that
a part of development is
immigration migration to
our shores. Remember that
“small minds” never devel-
Op.

Currently the govern-
ment has in place: an unem-
ployed relief benefit plan;
grants for education; grants
for small businesses start up;
Crown land and so many
other benefits, too many to

DON STAINTON
PROTECTION Lid.

Tel: 322-8219 322-8160

TOP QUALITY TEMPERED
ALUMINUM SECURITY SCREENS

LETTERS

letters@tribunemedia.net



name. We must take advan-
tage of our opportunities
and stop blaming the gov-
ernment for crime and the
social ills of our society and
unemployment.

Everyone has a part to
play in the development of
our nation. My thing is sex
is beautiful between a man
and a woman, God designed
it, but if you are irresponsi-
ble, use prophylactics dur-
ing sex because these peo-
ple who our currently ter-
rorising our society have
parents; therefore blame
parents not the government
for crime. Development
starts within the home; as a
child when my mother could
not afford everything I
desired, I started packing
groceries from the time I
was eleven or twelve years
of age.

She hated the thought,

way to purchase those Jor-
dan tennis shoes, so I decid-
ed to work after school. The
main reasons why we are
not a developed nation and
there is so much crime is not
because of the “global
recession” but because we
are greedy, envious and self-
ish individuals who are com-
placent and lack innovation
simultaneously neglecting
our natural resources, com-
modities and other precious
opportunities that we are
blessed with (personal opin-
ion). We are a so-called
Christian nation which is
unconstitutional, but I do
understand and agree that
Christianity is predominant
in our society; therefore we
should be able to “do all
things through Christ who
strengthens us” since the
majority of the nation pro-
claims “Jesus Christ as Lord
and saviour.” We should be
a developed nation!

ELKIN
SUTHERLAND Jr
Nassau,

but I had to find an honest April 25, 2010.

Where is the traffic study?

EDITOR, The Tribune.

I RECALL clearly that the Rt Hon Hubert Ingraham
said that the Arawak Cay Container Port will be required to
have a comprehensive traffic study made to show what
impact the use of Arawak Cay as the container Port with the
resulting container traffic between Arawak and Gladstone
Road, and where they plan to have their distribution centres,
would have to the immediate area and the traffic flow, envi-
ronmental and health. Where is the study? Was there any
actually made? Is it being hidden?

Quote after quote in The Tribune that the Arawak Cay
Port deal is readied for signature but no traffic study or, and
probably more importantly to the residents on Gladstone
Road, no environmental study that this increase of heavy
industrial traffic will have on their immediate area and the
negative impact on their daily living.

Arawak Cay might be the cheapest location, it will not be
a 365-day a year port, but short and long term the locating
of the freight distribution on Gladstone Road is going to
cause hell to those who chose to buy what they thought
would be a tranquil area, unpolluted by fumes, extraordinary
noise 24-7 and a further unknown what if Baha Mar is built
is there still the plan to locate the back-room of the resort on
Gladstone Road and the car parking of the 3-4,000 employ-
ees which will add to the potentially unacceptable traffic con-
gestion, noise and unhealthy environment?

It seems there is no thought as to the health of those who
own property and reside with their young ones, but gov-
ernment totally seemingly blindly supports the commer-
cial efforts of those who once supported the Perry Christie
concept for Clifton as the location for the Port, paid to
have a study completed, but obviously had other intentions
if the PLP lost in 2007. There is not one study which supports
Arawak Cay.

K SAUNDERS
Nassau,
May 5, 2010.

MISSING PART OF THE FAMILY

HREEIN Pag

COLOR: Beier wtih black face wed
whine eugkieg on keh freer pox

NAME: Ginger
HUMBER: 1-499

Rewer fl vee how ores odeareee call

reacrd will be piven

SANS SOUCI SUBDIVISION
LOT NO. 25

PROPERTY DESCRIPTION:
Multi-family Residence, 5 beds / 4 baths

"99 PLYMOUTH VOYAGER
03 DAIHATSU TERIOS

03 HYUNDAI H1 VAN

(00 HYUNDAI ACCENT

QUALITY 8 2

#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET * 322-3775 * 325-3079

Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals, Queens Hwy, 352-6122
or Abaco Motor Mall, Don MacKay Blvd, 367-2916

OPEN: Mon to Fri 8:30am - 5:30pm ¢ Sat 8:30am - 12:30pm







with 2 Apartment Units, 1 bed / 1 bath
PROPERTY SIZE: 9,450 sq. ft.

LOCATION: From Prince Charles Drive enter
Sans Souci then turn onto Sherwood Drive;
the subject property is the 3rd building on the
right, peach trimmed white.

APPRAISED VALUE: $497,000





BEAUTYGUARD
Free Estimates
_WE DO IT WHEN WE SAY WE WILL! |
_ Serving The Bahamian Community Since 1978 |

Sey
= INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE
CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES, CREDIT RISK

MANAGEMENT DEPARTMENT, P.O BOX - SS-6263 NASSAU, BAHAMAS OR
EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.
FOR GENERAL ENQUIRIES PLEASE CALL: 394-6464 EXT. 5836.
* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.







THE TRIBUNE



By AVA TURNQUEST
aturnquest@tribunemedia.net

THE Bahamas has again
secured a top ten spot as
being the "best place to be
a mother".

This year the nation
ranked ninth out of 77
countries classified as ‘less
developed’ - a one post
increase from last year.

The Save the Children
charity made the ranking
in its eleventh annual
State of the World’s Moth-
ers Report, which focuses
on the link between the
well-being of mothers and
their children, entitled
Women on the Front
Lines of Health Care.

The report examined
countries which have
invested in training and
deploying more female
health workers and the
critical impact female
health workers potenti-
ate.

Report

Annually included in
this report is an itemised
‘Mothers’ Index’ which
statistically compares the
well-being of mothers and
children in different coun-
tries - this year they com-
pared 160 countries.

The index is categorised
into three tiers described
as: more developed, less
developed and least devel-
oped countries.

The Bahamas beat
neighbouring countries in
the region: Trinidad and
Tobago was placed 27 and
Jamaica, at 29. Within this

STRUCKUM

ea em Lea Tie Te

FLIES. MDS OUITOES. TICKS 2 FLEAS
ate ae eee Le
Pee be os teat Lal

WE SEND ER PRCKIN'!



LOCAL NEWS

Bahamas in top
ten ‘best places
to be a mother’

Nation ranked ninth
out of 77 countries



tier, Cuba listed first, fol-
lowed by Israel, Argenti-
na, Barbados, and the
Republic of Korea.

The United States, clas-
sified as a ‘more devel-
oped’ country, ws placed
28th this year - a one spot
decrease from last year -
unable to match the statis-
tics of first-place Norway.
Australia, Iceland, Sweden
and Denmark round out
the top five countries in
that tier, with the United
Kingdom ranked 14.

Recommendations
included: “Train and
deploy more health work-
ers - especially midwives
and other female health
workers; Provide and bet-
ter incentives to attract
and retain qualified female




Mela

health workers; Invest in
girls’ educations; Stregth-
en basic health care sys-
tems and design health
care programs to better
target the poorest and
most marginalized moth-
ers and children.”

Last year’s report
focused on the importance
of children’s experiences
in their early years and
suggested specific activi-
ties caretakers could
implement that would
allow children a greater
opportunity to reach their
full potential while in
school.

Interested persons
can view the report at
www.savethechildren.org.

Makt Sweeting

phone: (242)376-6121
Sec Sah eal eee)
flee connbetion.. cal today

le

le

JUST WEST OF CITY MARKET, TONIQUE DARLING HIGHWAY

S HH H! Don’t Tell Anyone,

Our

Of Pre-Owned
Honda Accords, Civics
and Nissans have arrived.

ay |
=f)

Comprehensive Insurance Available

MONDAY, MAY 10, 2010, PAGE 5





PUSHIN’ DA ENVELOF

_By Jamaal Rolle




DEY MUSSIE TINK I Foot

DEY
Ce

DEY

TINK ZL EEN Know
Dey ONLY SULKIN UP TAME

wan My Vere!

ie
Wy 2 P
J jamaaltheartishiigmail.com “ty







Colors:

White

Pink
Purple

Yellow
Orange
Black
Brown

MONTHLY
PAYMENTS

Silver
White
Turquoise

TN
SneQHErDORE

Rosetta St. - Ph: 325-3336

Zero down Payment

for Government Workers

Ee a Re Ree tL

* Nissan Cefiro * Nissan Sunny * Toyota Camry
eee eee

Royal Blue

TEL: (242) 341-0449 + (242) 341-2249 + FAX: (242) 361-1136

Visit our Website: www.autohl.com

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





PAGE 6, MONDAY, MAY 10, 2010

THE TRIBUNE



CRIMEBRIEFS



POLICE recovered a shotgun while on patrol in the
Podoleo Street area.

According to reports, sometime around 2.30pm on Friday,
officers of the Southern Division observed a group of men
acting suspiciously.

The men fled as police approached. After conducting a
search of the area officers recovered a shotgun.

Investigations continue.

¢ OFICERS on patrol in the Monastery Park area seized
a handgun and ammunition after searching a car.

According to reports, around 11.20am on Saturday, officers
from the Eastern Division conducted a search of silver 1996
Mitsubishi Lancer.

The officers recovered a handgun and ammunition from
beneath the front passenger seat. Two men aged 31 and 21
were taken into police custody.

¢ A SOUTH Beach Estates resident was held up and
robbed of jewellery and cash.

According to reports, sometime around 11.50pm on Sat-
urday, police received reports of an armed robbery.

A man was approached by two men after returning to his
home in the area. One of the men, who reportedly had a
handgun, demanded cash. He was dressed in a plaid shirt and
dark colored trousers.

The culprits robbed the man of his cell phone, jewellery
and an undetermined amount of cash before fleeing the
scene in on foot in a westerly direction. Police are investi-

gating.
-Quote
1 |
are week
Journalist / Entrepreneur

Mothers, the beauty of

a rose fades away, but

your internal beauty

will last forever!



Appeal for information

about drive-by killing

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

POLICE yesterday
appealed for the public to
come forward with informa-
tion in connection with the
drive-by killing of a young
man on Friday.

As the investigation con-
tinues, Assistant Superinten-
dent Clayton Fernander,
deputy chief of the Central
Detective Unit, said informa-
tion about the shooting has
been “coming in slowly”.

However, as yet, police
remain in the dark about a
motive for the killing.

According to a police
report, the young man was

i



THE TRIBUNE reported the incident on Saturday.

walking on Regent Street, off
West Avenue in Millar’s
Heights, when he was shot
dead in broad daylight by

coloured vehicle shortly after
6pm on Friday.

The car, believed to be a
Nissan Sentra, was then seen

Initial reports of the vic-
tim’s identity were yesterday
disputed by ASP Fernander,
who was nonetheless unable
to confirm the correct name
for the murdered man.

The victim was wearing
denim shorts, a white t-shirt
and white tennis shoes at the
time of his death.

“Things have been coming
in slow, not much at all really.
We now have to deal with
some persons in the area. [’d
encourage the public to come
forward with any leads they
may have,” said ASP Fernan-
der.

Officers can be contacted
at CDU on 502 9987, or via
your local police station or
328-TIPS.

someone inside a passing dark

fleeing the area.

SUSIE US ta asd Al

ry







i ij Bia

2 TEEN FEST 2010 proved to be a success with scores of students from public and private schools participating in the exciting talent show- |

case at the Queen Elizabeth Sports Centre recently. Professional Bahamian artists such as Bahama Byz, Christian Massive, Najee Dunn and
Monty G supported the youths by performing positive lyrics alongside the teen stars. Students performed by dancing, singing, rapping, chat-
ting and reciting poems, all geared towards encouraging their peers to do positive things with their talents. Jannifer Thurston, Marketing Direc-
tor for Vitamalt, expressed keen support for the youth group. Nassau Party Express was also a corporate sponsor for the event. Pictured stand-
ing on the left is Minister of Housing and Member of Parliament for Pinewood Byran Woodside, who co-sponsored the event because it is
powered by a group from the Pinewood Community. To the far right is Minister of Youth, Sports and Culture Charles Maynard. Standing to
his left is Teen Power's President Ken Rolle and gathered are teen and professional artists.





K EC | CHANGE IN OPERATING HOURS

a as

GOLDEN GATES

EFFECTIVE MAY 10", 2010




_ ao At

f aaseate City Opeva
presents

4 Special Encore Performance of



Front Counter: Sunday - Wednesday 11am- 10pm
Front Counter: Thursday - Saturday 11am-11pm
Drive-Thru: Sunday - Wednesday 11am - 11pm
Drive-Thru: Thursday - Saturday 11am - 12 midnight

The Story of The Spirituals

ROBINSON ROAD SOUTH BEACH
OAKES FIELD PRINCE CHARLES

Front Counter: Monday - Sunday 11am - 10pm
Drive-Thru: Sunday - Wednesday 11am-1ipm
Drive-Thru: Thursday - Saturday 11am - 12 midnight



8:00 pm, F tiday, May 14, 2010
Patrons should arrive and be seated by 7:45 p.m.
Christ Church Cathedral
Directed by: Dr. Cleveland A. Williarns
Pianist: Mrs. Audrey Dean Wright

MARATHON ROAD MACKEY STREET
VILLAGE ROAD SAUNDERS BEACH

Front Counter: Monday - Sunday 11am - 10pm ' '
nation: f
Drive-Thru: Sunday - Wednesday 11am - 10pm Denati “ $20 00
Drive-Thru: | Thursday - Saturday 11am- 11pm Tickets available at:
Logos Bookstore
Harbour Bay Shopping Center

Come enjoy this evening of Negro Spirituals with the Hassau Cy Oper Company Singers

Cate She hi OR vai

HARBOUR BAY

Front Counter & Drive Thru: Monday - Saturday 11am - 8pm
Sunday CLOSED





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



THE TRIBUNE

LOCAL NEWS

MONDAY, MAY 10, 2010, PAGE 7



NIB, BPA work together
for drug plan launch

THE National Insurance
Board and The Bahamas
Pharmaceutical Associa-
tion has announced that
they are working together
to successfully launch the
National Prescription
Drug Plan (NPDP) in
August.

Both organisations said
their single focus is to sup-
port the implementation
of the plan which will
ensure increased access to
prescription medication
for the treatment of eleven
chronic diseases in Phase
One of NPDP.

In view of this resolve
and the desire of both par-
ties to contribute to insti-
tuting the Plan in its best
possible form, NIB and
the BPA have agreed that
neither party will make
any additional public
statements regarding their
discussions towards this
goal.

Algernon Cargill, Direc-
tor of NIB said: “We do
understand that there may
be differences between
NIB’s proposal and what
the BPA and its members
may want to see. NIB is
working within a set of
approved parameters that
we believe provides for a
fair and reasonable return,
given all of the circum-
stances, to maximize the
participation of local phar-
macies.

Stakeholders

“We have consulted
widely with the BPA and
other key stakeholders to
ensure that the approved
Plan will provide signifi-
cant relief to Bahamians
suffering from one or
more of the 11 chronic dis-
eases identified by NIB in
the first phase of the Plan.

“The feedback we have

received from registered
beneficiaries and the gen-
eral public is that NPDP
is revolutionary and will
increase their access to
prescription medication
and enable them to better
manage their chronic con-
ditions.

“We believe that at the
end of the day, the NPDP
that is being introduced
will be successful and will

that our members view the
access to healthcare as a
fundamental right of every
Bahamian.

Programme

“It is the intention of the
BPA to continue to work
with NIB to produce a
programme that will bene-
fit everyone it serves.

“We will do all we can
to ensure that the Drug
Plan and the private phar-
macy sector can both be
sustained, and that this
Plan can provide benefit
to our people for genera-
tions to come. We do this
in the spirit of coopera-
tion”

e SEE PAGE NINE

be a wonderful business
opportunity for the partic-
ipating pharmacies that
choose to join the Plan.”

Dr Marvin Smith, Presi-
dent of the BPA, said the
intent of the BPA has
always been to partner
with the government to
ensure a viable, sustain-
able plan for the Bahami-
an people.

He said: “Pharmacists
are a key part of the
healthcare system and the
BPA assures the public

Marina operators to
discuss challenges
facing the industry

MARINA operators will
come together this week to
discuss challenges facing the
industry and means of pro-
moting The Bahamas as a
world leading marina desti-
nation.

Starting on Wednesday,
members of the newly-
formed Marina Operators

of the Bahamas (MOB) §

group will come together in
a series of workshop ses-
sions to “share solutions,
recognize opportunities, and
identify and address chal-
lenges we face as an indus-
try,” according to MOB
President John Bethell.
The workshops are being
held in cooperation with
the Bahamas Hotel Asso-

ciation and the Bahamas MiNiSTER OF TOURISM and



vl

in June 2009 with the goal of
“representing the needs and
interests of marinas and
marina related business by
facilitating and promoting
profitability through com-
petitive and sustainable
growth.”

“While we are still in our
infancy, we have made good
strides during our first year,
working on several key ini-
tiatives and building an
organisation which

increasingly in the future
will play a pivotal role in fur-
thering the development of
the marina industry in The
Bahamas” states MOB Pres-
ident John Bethell.

“We've added a workshop
component to the day specif-
ically to share solutions,

er AG RICE

3,

or







ALGERNON CARGILL

Bahamas Agricultural & Industrial Corporation

Name:
Address:
Tel:

Age range:

Employment Status:









Presents

Its

NEW PROVIDENCE Il
SHELL CRAFT TRAINING PROGRAM

se

Date: May 17-28, 2010
Venue: Bahamas Academy High School
Time: 6:00 — 10:00 p.m.
Location: Wulff Road, Nassau, Bahamas

Application Form

P. O. Box:

under 15



16-25































Employed

Email:

Fax:

26-40









Self-employed







41-60



















Government

61-70









Unemployed









71 and over

Private



Ministry of Tourism and
Aviation, at the British
Colonial Hilton.

Minister of Tourism and
Aviation Vincent Vander-
pool Wallace and Assistant
Commission of Police Hulan Hanna will
address the marina operators, with Mr
Hanna speaking specfically to marina and
boat security matters, which have been a
source of great concern for marina oper-
ators in recent years as boat thefts have
risen rapidly in the family islands in par-
ticular.

The MOB was formed with help from
the Inter-American Development Bank

(AP MAKE THE GRADE & "V/A!

Fr
excellence!

recognise opportunities, and
identify and address chal-
lenges we face as an indus-
try.

“The contributions made by
the marina and boating com-
munity to the overall tourism sector is sig-
nificant.

“We realise that there is great potential to
build on this, but we all must work in col-
laboration as an industry and with Govern-
ment to be successful” he added.

Registration and additional information
can be obtained by calling Charlotte
Knowles-Thompson at 322-8381 or Shamine
Johnson in Grand Bahama at 352-7849.

Aviation Vincent Vanderpool
Wallace will address the mari-
na operators.

ADMINISTRATIVE FEE:
$100 (EXCLUDING MATERIALS)

RRKEREREREREEE

Contact
Pamela Deveaux or Sharae Collie
HANDICRAFT DEVELOPMENT/MARKETING DEPARTMENTS
- BAIC

TELEPHONE: 322-3740-3 FAX: 322-2123/328-6542



Mother children
escape burning
apartment

FREEPORT- A mother
and her three children
were able to flee their
burning apartment in
Coral Gardens on Satur-
day afternoon.

According to reports,
firemen were dispatched
around 1.35pm to a build-
ing fire at Peridot Place in
Coral Gardens, where a
second floor unit was on
fire.

The apartment unit was
engulfed in thick black
smoke.

A 28-year-old woman
and her three children
aged 11, four, and 15
months, escaped
unharmed. However there
was extensive damage to
the building.

An investigation is under
way to determine the cause
of the fire.

A Laptop

(High School Prive)
Or an iMac

(For the School with the
most entries)

Custom
COMPUTERS LIMITED

A Netbook
(Primary School Prize)

4 Stores at Cable Beach & East Bay Sr. &
Sales: 242.996.1100 © Service: 242.396.1115

solutionsi@customcomputers.bs

Check Details online ac wee AforExcellence.com
Fannily laland students may enter online.



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





PAGE 8, MONDAY, MAY 10, 2010

LOCAL NEWS

THE TRIBUNE



The Bahamas participates in
family law pilot programme

By KHYLE QUINCY
PARKER

Press Attaché
Embassy of

The Bahamas

WASHINGTON, DC --
The Commonwealth of

The Bahamas has exhib-
ited the work carried out
as part of a pilot project
aimed at creating a Fam-
ily Law Cooperation Net-
work between member
states of the Organisation
of American States

Sandyport Home
FOR SALE BY OWNER

* 2 Storey 3,100 sq. ft.

*4 bedroom, 4 bathroom

* Large open plan living & dining area

* Private office/child’s play room
* Screened in patio

* Porcelain floors downstairs

* Carpet upstairs

* Dramatic tray ceilings throughout

* Beautiful kitchen

* Cedar lined closets

* 40KW backup generator with
automatic transfer switch

* Beach on canal with
Dock & Bulhead

own beach,

* Electric hurricane shutters

& Bahama Shutters

- Water pressure system

B$1,000,000 Net
Call 424-9356 for details

re A ED

STEEL TOE WORK SHOES AND BOOTS

* Electrical Hazard protection

* Steel Toe Protection: Meets or axceads
ASTM F 2473-05 requirements

*Poron ‘memory foam’ insert: shock
absorbing to protect against impact

* Long wearing dual density soles for
superior shock absorbing performance

* Oil, chemical, and slip resistance

* Exclusive Florsheim Ultra Flex
construction makes each pair as
comfortable as an athletic shoe.

FLO

Ls TA BL

A COLONIAL GROUP
Gi] INTERNATIONAL



RSHEIM
isneco Bh ise:

SECURITY

(OAS).

Kayla Green-Smith,
chief counsel in the
Office of the Attorney
General, was in Washing-
ton to discuss the
approach developed by
The Bahamas to creating
a public interface for the
proposed network.

She presented the work
done by The Bahamas to
design a website which
would serve as a com-
pendium of family and
child law, in addition to
regulations and bilateral
agreements that bear on
family and child matters.

The draft website cre-
ated by The Bahamas was
the model for the so-
called “public compo-
nent” of the Family Law
Cooperation Network
discussed at this first
meeting.

The goal of the public
component would be to
give the English-speaking
public access to the laws
of member states - such
as The Bahamas -— that
relate to family and child
matters.

This sharing of infor-
mation, Mrs Green-Smith
said, is critical.

“It is important for us
to have access to infor-
mation,” she said, “[if
only] just to facilitate any
actions that may be

“Given the importance of
the family and of being
able to protect children —
which has been the focus
of successive governments
— it was important for The
Bahamas to participate.”



made.”

The proposed network
would also have a “pri-
vate component,” which
Mrs Green-Smith
explained might likely be
a password-protected,
secure website for deal-
ings between states which
are part of the network.

All member states of
the OAS were invited to
participate in the pilot
project, and those who
chose to do so were
divided into English and
Spanish-speaking groups.
The Spanish-speaking
group first met in 2009.
The meeting attended by
Mrs Green-Smith this
week was the first for the
English-speaking partici-
pants.

The Bahamas was one
of only two Caribbean

GAR Seveting:

Love your home!
Pay less for your
insurance.

Join thousands of satisfied customers
who enjoy big savings on their home

insurance.

Home Options insurance offers lower

premiums, flexible cover to fit your lifestyle,

interest-free installment payments and an

_s,_—_ efficient claims service.

Call 326-7100 for an agent

& GENERAL

SECURITY & GENERAL INSURANCE CO. LTD.
Atlantic House, 2nd Terrace & Collins Avenue P.O. Box N-3540 Nassau
Tel. 326-7100 www.cgigroup.bm

A member of Colonial Group International:Insurance, Health, Pensions, Life

or visit www.cgigroup.bm

Colonial Group International is
rated A-(Excellent) by AM Best.





KAYLA GREEN-SMITH,
chief counsel in the Office
of The Attorney General

states that participated in
the pilot project, the oth-
er being Grenada.

Mrs Green-Smith
stressed that matters
involving family and child
law have been critical
issues for successive gov-
ernments. She cited the
large number of amend-
ments to family and child
laws in The Bahamas,
including, for example,
the Inheritance Act and
the Child Protection Act.

While the network has
yet to be formalized, the
discussion had already
given some ideas as to
the potential scope of the
network.

“Given the importance
of the family and of being
able to protect children —
which has been the focus
of successive govern-
ments — it was important
for The Bahamas to par-
ticipate,” Mrs Green-
Smith said.

REAL ESTATE



Strength in numbers

By MIKE LIGHTBOURN



SELLING your home in any-
thing other than an active mar-
ket can seem challenging, but
what do you do when yours is
only one of many homes in your
neighbourhood with For Sale
signs? Surprisingly, there are
actually some advantages to
marketing your home in this sit-
uation.

More buyers are drawn to
neighbourhoods where they can
preview more homes at once.
More buyers means more
opportunities for your home to
be seen and to attract an offer,
so make your listing stand out
against your competition.

Price your home aggressive-
ly after reviewing the compara-
ble sales figures provided by
your BREA real estate agent.
Don’t give your neighbours’
home the advantage of looking like a bargain compared to
your listing — take it yourself and show buyers what a great
value youre offering. If you’re competing against foreclosure
or “fixer-upper” listings, having your home in “like new”
condition helps because these other listings often need lots
of repairs.

With this much activity in the neighbourhood, make sure
that your home is available for showing on literally a
moment’s notice. Buyers who come to look at other listings
may spot yours and want to see it right away to make com-
parisons. Be prepared for “impulse” prospects with good
housekeeping and an escape plan for unexpected show-
ings.

Finally, don’t worry if your neighbour sells first — that just
makes for less competition!

Questions or comments? E-mail me at ask@Coldwell-
BankerBahamas.com.

MIKE LIGHTBOURN



Tip of the week: Take pride in your property if you want
to sell quickly. Keep both the exterior and interior in a
good state of repair. Remember, the first impression is
from the outside — make it a good one. If you need staging
help inside, ask your BREA agent/broker for advice. Use
your BREA representative. That’s what she/he is there for.
They only get paid when you do, so they are anxious to help.
Work with, not against them.

(Mike Lightbourn is president of
Coldwell Banker Lightbourn Realty).

PRL aT

Marco's Pizza wants YOU to join its dynamic team!

Ifyou passes the following, than this job is for you...
Must baa Bahamian citizen or elgible to work in the Bahamas
Must have own raneportation
Must have an excellant altitude towards supancor Customer Sarvice

Experience in the pieza industry (a plus)

Must ba able io work in a fast-paced, fun ervimamant

Must be -enengelic & able: to be crass-irained

Whe ees wing Ves wack rmsd, edict Paste Aas

Wig proving a safe A fun working ecmirormant, a compeblive salary ard great banalts

Nil
tn

Pizm -

Interested parson show anpiy in person at fhe Soloman Springs déare
located on Prince Charles Ori—East during stone howrs



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



THE TRIBUNE

Health official:
No sign of Haiti
diphtheria spike

PORT-AU-PRINCE, Haiti

A 15-YEAR-OLD boy :
has died of diphtheria in :
Haiti, but there is no evi- :
dence the bacterial disease :
is spreading in the earth- :
quake-ravaged country, U.N. :
health officials said Sunday, :
according to Associated :
Press. i

The boy, a survivor of the :
Jan. 12 earthquake, died last :
week despite receiving anti- :
toxin treatments, said Anshu :
Banerjee, an official with the :
World Health Organization. :

The case sparked fears of :
an outbreak after CNN :
reported the death during an :
interview with actor Sean :
Penn, who is helping man- :
age a tarp-and-tent camp in :
the capital, Port-au-Prince. :
A caption accompanying a :
story on CNN's website said: :
"Diphtheria epidemic threat- :
ens Haiti.” i

But Banerjee said the case :
was isolated, antibiotics were :
distributed to the boy's :
neighbors and no other cases :
of the contagious respiratory :
disease had been diagnosed. :

"So far as we see it, this is :
just an isolated case and }
there are no other cases," :
said Banerjee, coordinator :
for a committee of interna- :
tional organizations and :
Haitian officials overseeing :
health issues in the quake :
zone. i
But he added that con- :
cerns about the threat of :
infectious diseases breaking :
out across quake-ravaged :
areas is well-founded. Many :
of the 1.3 million people dis- :
placed by the magnitude-7 :
quake are living in squalid :
camps where infection can :
spread easily. i

A total of 900,000 people :
in quake-affected areas were :
vaccinated against diphtheria :
and other diseases ina cam- :
paign that ended last month. :
Another mass campaign is :
planned for June. i

Officials are especially ;
concerned about widespread :
diarrhea, which can be fatal :
for children, and increased :
levels of mosquito-borne
malaria. :

MONDAY, MAY 10, 2010, PAGE 9

LOCAL NEWS

Prescription Drug Plan expanded

for a fourth group of Bahamians

By MATT MAURA

CLARENCE TOWN,
Long Island: Phase One of
the National Prescription
Drug Plan (NPDP) has
been expanded to include
Bahamian citizens over 65
who are not eligible to
receive NIB pensions
either as a result of insuf-
ficient contributions for a
contributory benefit or,
have more than adequate
resources for a non-con-
tributory assistance,
NPDP manager Tami
Francis said.

Bahamians registering
under the plan in this cat-
egory will have to present
either their Voter’s Card
or Passport to complete
the process.

Launched

Scheduled to be
launched in the summer,
the National Prescrip-
tion Drug Plan had ini-
tially proposed to cover
three specific groups
including National Insur-
ance Pensioners, NIB
Invalids, and children
Under-18 or Under-25 if
the latter were full-time
students.

The National Prescrip-
tion Drug Plan is a fore-
runner to a more compre-
hensive National Health
Insurance Plan.

Mrs Francis said, in
responding to recommen-
dations made during con-
sultative meetings with
stakeholders, physicians,
wholesalers and patient
groups, it was decided to
add the fourth group.

“This group, as the oth-
ers, are presently able to

access healthcare and
medications in public
facilities, free-of-charge

and regardless of
income,” Mrs Francis
said.

“They will now be eligi-
ble to receive similar ben-
efits of the Drug Plan as
the other groups for
Phase One.”

Mrs Francis told resi-
dents from across Long
Island that the National
Prescription Drug Plan is
a critical component in
the fight against the
“major increases” in
chronic, non-communica-
ble diseases (CNCDs)
which now account for 60
per cent of the deaths
recorded in The
Bahamas.

The Plan covers 11
chronic, non-communica-
ble diseases such as
arthritis, asthma, breast
cancer, diabetes, hyper-
tension, high cholesterol,
glaucoma, ischaemic
heart disease, major
depression, prostate can-
cer and psychosis.

Health officials say
these 11 conditions have
the highest prevalence in
The Bahamas currently.

Mrs Francis said if the
problem is left
unchecked, the conditions
will continue to increase,
which will result in the
country being “overrun”
by persons battling ill-
nesses as a result of
chronic, non-communica-
ble diseases.

“Chronic, non-commu-
nicable diseases impose
major health, emotional
and financial burdens on
those persons afflicted by
these conditions because
they run the risk of not

WILLARD W. MOSS and
BEVERLEY MOSS

Of

Nassau, Bahamas.

Ref: Block: 60713/146
Cheshire Hall & Richmond Hill
TURKS & CAICOS ISLANDS

We are trying to contact the
above mention people or
any related family members
with regards to a parcel of
land located in Providenciales.

Please contact Sam Hunt
Tel:(649)-331-4066

or

(649)-946-4042
sam @nwhamiltonrealty.tc

NW Hamilton Realty Ltd.

being able to go to work,
and if they are able to go
to work, they are not able
to perform at optimum
level.

“In cases where they
cannot work, they will not
be able to generate the
necessary funds needed to
purchase the medications
needed to treat the ill-
nesses.

Pharmacies

“The National Pre-
scription Drug Plan was
developed to assist in
increasing access to cer-
tain drugs at participat-
ing public and private
pharmacies so that per-
sons who are registered
under the Plan and are
afflicted with one or more
of the eleven diseases
covered under the Plan,
will be better
able to

treat and manage those
conditions,” Mrs Francis
added.

Director of the Nation-
al Insurance Board Mr
Algernon Cargill said 165
prescription drugs that
are used in the treatment
of the eleven chronic,
non-communicable dis-
eases have been included
on the Formulary (or list
of drugs) for the Nation-
al Prescription Drug
Plan.

Mr Cargill said the Plan
does not allow for drugs
that are not approved
under the Formulary, but
it does offer persons
access to 15-16 prescrip-
tion drugs on average per
disease so there is a wide
range of drugs that physi-
cians can pre-
scribe.








The Benefits Review
Committee of the Nation-
al Insurance Board, which
comprises physicians and
pharmacists from the pri-
vate and public sectors,
NIB’s doctors and other
stakeholders, developed
the list of drugs (Formu-
lary).

“They met with special-
ists in the 11 areas to
determine what drugs
they prescribe in the
treatment of those dis-
eases to ensure that we
received input from all of
the various specialists to
ensure that when The
Plan was rolled out, the
drugs that are now widely
prescribed were included
in The Plan.

“Only the drugs that
are covered under the
Plan will be provided for
free,” Mr Cargill said.

“Tf a doctor prescribes a
drug that the Plan is not
providing for free, unfor-
tunately that means you
will have to pay and so
we are working with the
doctors so that they can
prescribe only the 165
drugs in the Plan that will
be utilized to treat the 11
chronic, non-communica-
ble diseases covered in
the Plan.”

FOR SALE

Large Lots in New Subdivision opposite
Treasure Cove. Only Four (4) Left!

Phone: (242) 324-7049 / 364-2531














Se

cs Wonca

Tyreflex Star Motors

Wulff Road, P. 0. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 * Fax 242.323.4667

7

It's more than engineering.
It's performance art.

The Mercedes-Benz C-Class is equipped
with many innovative technical features
which delivers a driving experience that is
unique in this class. Think beautiful
design, elegant ease and stately
confidence. Among the highlights is

the Agility Control Package which

automatically adjusts the suspension
set-up according to the conditions of the
road. Along with exemplary fuel use,
faster gear changes, exceptional interiors
and increased cabin space, you will see
the C-Class is the perfect embodiment of
the Mercedes-Benz philosophy.

OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE
THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY.



PAGE 10, MONDAY, MAY 10, 2010

THE TRIBUNE



CARICOM countries and UN Security
insight:

By SIR RONALD
SANDERS

(The writer is a Consul-
tant and former
Caribbean Diplomat)

A ROW has broken out
in St Vincent and the
Grenadines over the possi-
ble candidature of that small
Caribbean country for a
non-permanent seat on the

UN Security Council for the
period 2011-2012 in oppo-
sition to Colombia.

The St Vincent Opposi-
tion Leader, Arnhim
Eustace, is claiming that, in





































shop with discounted rates
from Tropical Shipping. ts)

Find unbeatable selection, prices and
brands for your home and business.

Porter + Cable
18-Volt NiCd Cordless
Drill/Driver with Case
e 1/2” keyless chuck

Devonshire * 440 in-los torque #76712

Swivel Rocker (Set of 2) / 48” Round Dining Table
¢ Rust-free aluminum frame
¢ Aged bronze powder-coated finish for durability #272928, 272927

—
als /

=| 36” Sunburst Steel
Entry Door Unit

¢ Primed and ready to paint
¢ Insulating glass for energy

efficiency #21689

Door lock and handle not included.
Valspar® Ultra Premium
Interior Flat Enamel Paint
* Gallon size
¢ Lifetime warranty #210159

-

24.8 Cu. Ft.

Stainless Steel Refrigerator

¢ 2008 ENERGY STAR® qualified

Factory-installed ice maker
(EDSPVEXWS) #285806

12” x 12” ‘

Caribbean Slate ~

Glazed Porcelain Tile

¢ Blended colouring for all
décors #16286

Van
os

Everything for hurricane preparation. Shop online or order
by phone, fax or e-mail and Lowe’s dedicated team will
facilitate shipping of your order. You'll get discounted rates

seeking to be elected to the
Security Council as a rep-
resentative of the 33-mem-
ber Latin American and
Caribbean (LAC) group,
the Ralph Gonsalves gov-
ernment is carrying out the
wishes of Venezuela’s pop-
ulist President, Hugo
Chavez, simply to deprive
Colombia of the seat.

Chavez and the Colom-
bian government have been
openly hostile to each other
in an increasingly worsen-
ing situation (about which
more later).

Candidate

This row in St Vincent
could be replicated through-
out the LAC group, and
may spread to the general
assembly of all UN member
countries if the group does
not decide on a single can-
didate for the one seat allo-
cated to it.

Historically, the LAC
group has been able to
reach consensus on one can-
didate. There have only
been five contested elec-
tions over the years, and
since 1966 when CARI-
COM countries began the
process of becoming inde-
pendent states, three
Caribbean countries have

WORLD VIEW

been selected by the LAC
group for the Security
Council five times. Guyana
was selected for the periods
1975-76 and 1982-83;
Jamaica for the periods
1979-80 and 2000-2001; and
Trinidad and Tobago for
the period 1985-86.

Eustace claims that the
St Vincent government is
contesting selection in the
LAC group because the
country’s Prime Minister
Ralph Gonsalves is tied to
Chavez through member-
ship of ALBA, a grouping
of eight countries formed at
Chavez’s initiative and in
which, it is said, Chavez
exercises influence over the
others by virtue of the
Venezuelan government’s
financial contribution to
their political survival.

It is widely felt that
Chavez does not want
Colombia on the Security
Council because he regards
that country’s government
as a proxy for the United
States administration.

FAITH AVENUE SUBDIVISION

LOT NO. 3

PROPERTY DESCRIPTION:

Commercial Building

PROPERTY SIZE: 6,050 sq. ft.
LOCATION: On the western side of Faith
Avenue about 314 feet north of St. Vincent
Road; the subject property is lime green

trimmed white.

APPRAISED VALUE: $322,000

Chavez has criticised a US-
Colombia military pact
under which the US has
access to military bases in
Colombia. According to
Chavez, the military bases
would be used for espionage
purposes and would allow
US troops there to launch
a military offensive against
Venezuela.

For its part, the Colom-
bia government has accused
Chavez of collaboration
with the Revolutionary
Armed Forces of Colombia
(FARC), a rebel military
group that is seeking to top-
ple the government.

The last time a bitter con-
test in the LAC group for a
Security Council seat
occurred was 2006 when
Guatemala clashed with
Venezucla and neither
country could muster suffi-
cient support to be
endorsed as the undisputed
candidate.

Invested

The battle then proceed-
ed to the UN general
assembly but not before
Chavez had invested mil-
lions of dollars in a year-
long campaign to get
Venezuela elected to one of
10 non-permanent seats.
After 48 ballots and two
weeks of voting, neither
country secured the two-
thirds majority to clinch the
contest and, eventually, the
LAC group became active-
ly involved in finding a com-
promise candidate in Pana-
ma but the process left
much bad feeling all round.

In response to the Arn-
him Eustace’s claims, Prime
Minister Gonsalves released
a document used to brief
Caribbean Community
(CARICOM) leaders dur-
ing a meeting in Brazil in
April regarding his govern-
ment’s position on the non-
permanent Security Coun-
cil seat.

A Caribbean Media Cor-
poration report says that the
document “acknowledged
that the island’s proposed

and complete order tracking from our preferred shipper.

Call toll-free from the Bahamas: 800-813-7613

E-mail international@Lowes.com
or visit Lowes.com/International

INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE
CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES, CREDIT RISK
MANAGEMENT DEPARTMENT, P.O BOX - SS-6263 NASSAU, BAHAMAS OR
EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.

FOR GENERAL ENQUIRIES PLEASE CALL: 394-6464 EXT. 5836.

* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.

candidacy ‘would likely
necessitate a campaign
against Columbia (sic)’,
which is currently a declared
candidate for the sole

Let's Build Something Together”

Over 1,700 stores in the
U.S., Mexico and Canada

= Bahamas

| Technical & Vocational Institute
SL ee



aT aes
MAY = JUOILY 2010
NASSAU CAMPUS

—— PROFESSIONAL DEVELOPMENT COURSES

REGISTRATION BEGINS

Protessional Development

Accounting [ (12 Weeks)
Fo. 5/14, 9pm
Accounting If (12 Weeks)
Sat. 3/15, Fam-1 2pm
Quick Bovks (12 Weeks)
Fri. 3/14, 6-)0pin

Sat. 3/14, Gam-12pem

200

Computers Applications (10 Weeks)
Sat. 3/13, Gan-] pm 535i
A+ Review Certification Exam (10 Weeks)
(One Exam Included

Fri. 5/14, 6-10pm

*Microsoft Power Point (10 Weeks)
Mion. 3/17, 6-1opum

“Alicniant Exee! (10 Weeks)

Tunes. S18, = 1pm

*Microsoft Access (10 Weeks |

Wed. 3/19, 6-1 Open

“ALicrosoft Word (10 Weeks)
Thurs. 5/20, 6-] 0pm

*Microsoft Outlook (11) Werks)

Fri. 3/14, & 10pm

S480

S380

Acrylic Malls (10 Weeks)
Sar. 4/13, 9am-l pin SATs
Force Care’ Make-up Application (10 Weeks)
Pri. 3/14, tip BIBS

Electrical Phase | (12 Weeks)

“Exam Imelda
Sau. S15, Sam=l pm
Block Laying (10 Weeks)
Sait. 3/15, Skum-3pm 3450
Cabinet Making | (10 Weeks)
Tues. Thurs. 5°78 &pm- 10pm
Cabinet Making Il (i Weeks)
Sat. S013, Sam-spm
Basic Plumbing (10 Weeks)
Sil. S13, Sam-3pm Ss
Tike Laying —Do-It-Yourself (10 weeks)
Sai. 3/03, Gam-3 per S330
Bashke Bloc Print Reading &
Estimating | Residential (10 Weeks)
Sat. 3/15, 9am-3pm 5350
Basic Moe Print Rending &
Estimating t Commerctal (10 Weeks)
Pri. S14, Gprn- 10pm $375

e260

5

Window Treatment -—Drapery & Valence
(10 Weeks)

Mon. Wed. 3/17, 6-9pr
Cushion Making (10 Weeks}
Tues, Thurs, S/1K, Spr
Shade Making (10 Weeks)
Sat. 3/03, Sam-3pm

Sewing fa 11 (1) Weeks
Thurs. Fri. 2'13, 6-9pim
Painting (10 Weeks)
(heshkbential & Comneereial)
Mion. Wied, 5/07. Sum-=3 pm

833)

S350)

RIORE HAPPENINGS! « arvi« EET

NMIARCH 18ST

Upholstery | (Chaise Making) (10 Weeks)
Tues, Thurs. 51%, 6-pm S3Â¥

Upholstery Ul (Vehicle Refurbishment)
Mion. Werk 3/17. 6-Spm SIR

Straw Craft (10 Weeks)
Tues. Thurs. 5/18, 6pm-9pm

Straw Craft Advanced I) (10 Weeks)
Whom. Wiedl 3/17, 6-9pin S350
Shall Souvenir Manufacturing (10 Weeks)
elon. Wied, 317, pnp

3420

Marine Quthoard Engine
Preventive Viaintenance (1 Weeks)
Melon, Wied, 5°77, 6p $3™

Sina Ente Repair | 1 Weeks)

Sal, 4/14, Sam-J pm S340

Automotive Preventative Malntenanee
(10 Weeks)
Sat. 3/13, 9am-ipm

CLASS SCHEDULE |

10 WEEK PROGRAMMES
May 14 - July 17, 2010

12 WEEK PROGRAMMES
May 14- July 31, 2010

=
I

I

l

l

!

|
io

- MAY 14TH,

ral EL

NLT Tit |

RULED
502-6338/9
Oe By lees
VEN Ome Mer ise)

BTV! reserves the right f2 cancel
courses if a minimum number of
PAs eM Meta e Meds ek
will receive a full refund if classes are
Pee eRe Riu R LLU ely

BTV) reserves the right to change
Steels , Course Content, Course
Lota rn eae eee ieee

Early registration helps climinate the
disappointment of course
ese

Non-Bahamians are required to pay an
nd ditional fee.



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



THE TRIBUNE

MONDAY, MAY 10, 2010, PAGE 11



Council —



' ¥

1 ff ‘ 5 *



vacancy allocated to the
Group of Latin American
and Caribbean (GRULAC)
in the October 2010 elec-
tions.”

However, the document
is also reported as saying
that St Vincent’s “proposed
candidacy is less a challenge
to Columbia (sic) than it is
an advancement of a princi-
pled position on the repre-
sentation of CARICOM,
SIDS (Small Island Devel-
oping States) and small
states at the upper echelons
of multilateral diplomacy.”

No one can question the
right of the St Vincent gov-
ernment to offer itself with-
in the LAC group as a can-
didate for the Security
Council seat. But the tim-
ing of the decision is curi-
ous because in 2009 the
group had settled that
Colombia would be the can-
didate for the 2011-2012
term. This tacit decision was
made when Colombia want-
ed to be selected for the
2010-2011 term but conced-
ed to Brazil.

It would have served
both St Vincent and the
LAC group better if the
government had declared its
decision to run for the 2011-
12 term before Colombia
had secured the nod of the
group especially Brazil, and
before relations deteriorat-
ed to its present sore point
between Colombia and
Venezuela.

Contest

The St Vincent document
suggested that CARICOM
countries should endorse
the country’s candidature
but that, if it did not pre-
vail, another CARICOM
country should step in as a
“compromise candidate.”
This suggests that the gov-
ernment is not confident of
its capacity to knock
Colombia out of the contest
and that the issue would
have to go to the full UN
body where a two-thirds
majority would be required
for success.

If CARICOM member
states vote as a bloc in the
LAC group they would
command 14 of the 33 votes,
but the dispute would con-
tinue once Colombia held
out. Nonetheless, CARI-
COM countries, acting
together, could certainly
block Colombia’s selection





if it were their intention to
ensure that one of their
members should be the can-
didate.

There is a case for a
CARICOM country to be
the candidate for the 2011-
2012 term. Since the
Caribbean joined the LAC
group, Colombia has served
four terms and the larger
countries — Argentina,
Brazil and Mexico in par-
ticular — have dominated.
But, being on the Security
Council is not a cheap affair
particularly if election is
preceded by a contest with a
richer country.

A small Caribbean coun-
try would have to invest
heavily in the election cam-
paign travelling around the
world to drum up support.
Then, it would have to
strengthen its mission with
qualified people, meeting
the significantly increased
costs for two-years. If it
does not beef up its mission,
it will do nothing more than
warm the Council seat some
of the time.

That would do no good
for the work of the Security
Council and would convince
the international communi-
ty that small states have no
place there. All of CARI-
COM would have to pitch
in financially and with qual-
ified people.

The situation would be
worse if a non-CARICOM
country paid the bill. The
international community
would see this as “he who
pays the piper, calling the
tune”, and CARICOM’s
standing would be dimin-
ished to its detriment. This
is not far-fetched; it happens
now in the International
Whaling Commission where
Japan finances the partici-
pation of some small states
and directs their votes.

If CARICOM countries
decide to support St Vin-
cent or another one of their
small members against
Colombia for as important
an organ as the UN Securi-
ty Council where all eyes
will be focused on them,
they must be prepared to
meet the costs, and they
should ensure that the can-
didature is in their own
interests and not to promote
the policies of any other
country.

Responses and previous
commentaries at:
www.sirronaldsanders.com

JAMAICA: Spanish hotelier Fiesta
to expand resort in northwest,
build convention center

KINGSTON, Jamaica



JAMAICA says Spain's Fiesta Hotel Group plans a $180

million resort expansion that

is expected to create 2,000

jobs on the island, according to Associated Press.

Tourism Minister Edmund Bartlett says construction of
800 luxury suites at the Grand Palladium Jamaica Resort &
Spa in northwestern Jamaica will begin by September.

He said Friday that Fiesta also plans to build a 3,100-
square-foot (290-square-meter) convention center near

Montego Bay.

Jamaica's crucial tourism industry was hit hard by the
global economic crisis but has rebounded somewhat this
year. Tourist arrivals rose an average of 6 percent in Janu-
ary and February compared to the same months in 2009.

Share your news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps

you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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



ae
-
>
oP
an
eo,
oo
Oh
_
=
on
Lu
QO.
eo
on
QO.

FAMILY ISLAND LISTINGS

DEVELOPED RESIDENTIAL & COMMERCIAL

1. FREEPORT CITY SUBDIVISION -_ 3.
FREEPORT
LOT NO. 5, Block ‘J’
PROPERTY DESCRIPTION:
Condominium Apartment No. 420
2 beds / 2 baths
PROPERTY SIZE: 1,177 sq. ft.
LOCATION: The subject property
is located at Jansel Court
Condominium, East Mall Drive and
East Atlantic Drive.
APPRAISED VALUE: $80,000

4

2. GREENING GLADE SUBDIVISION
- FREEPORT
LOT NO. Block 6 Unit 1
PROPERTY DESCRIPTION:
Lucayan Towers Condominium
Apartment No.408, 1 bed / 1 bath
PROPERTY SIZE: 672 sq. ft.
LOCATION: The subject property is
located on Albacore Drive.
APPRAISED VALUE: $43,000

1. ARDEN FOREST SUBDIVISION-. 10.

. HARBOUR WEST SUBDIVISION

- EIGHT MILE ROCK - GRAND
BAHAMA

LOT NO. 9Block 3

PROPERTY DESCRIPTION: Single
Family Residence, 3 beds / 2 baths
PROPERTY SIZE: 8,062 sq. ft.
LOCATION: The subject property is
located on Yvonne Drive and East
Pine Street.

APPRAISED VALUE: $169,000

. HAWKSBILL SUBDIVISION -

FREEPORT

LOT NO. 57

PROPERTY DESCRIPTION: Single
Family Residence, 3 beds/ 2 baths
PROPERTY SIZE: 0.12 acres
LOCATION: The subject property
is located on the northern side of
Abaco Drive.

APPRAISED VALUE: $95,550

. GRASMERE SUBDIVISION-

FREEPORT

LOT NO. 12 Block 3 Unit 5
PROPERTY SIZE: Single Family
Lots, 0.33 acres

LOCATION: The vacant lot is
located on the northeastern
section of Caliban Drive and Ariel
Place.

APPRAISED VALUE: $35,000

2. BAHAMA BEACH SUBDIVISION 11

FREEPORT

LOT NO. 11 Block 45 Unit 3
PROPERTY SIZE: Single Family
Lots, 0.35 acres

LOCATION: The vacant property
is located on the corner of
Grasmere Drive and Pondside
Drive.

APPRAISED VALUE: $9,200

. LINCOLN GREEN SUBDIVISION

- FREEPORT

LOT NO. 373

PROPERTY SIZE: Single Family
Lot, 0.12 acres

LOCATION: The vacant lot is
located on the western end of
Windward Lane and Wilscombe
Boulevard.

APPRAISED VALUE: $18,000

- FREEPORT

LOT NO. 15 Block 26 unit 4
PROPERTY SIZE: Duplex Lots,
0.34 acres

LOCATION: The vacant lot is
located on Manton Place and
Manton Avenue

APPRAISED VALUE: $36,000

. LINCOLN GREEN SUBDIVISION

3._BAHAMA REEF YACHT &
COUNTRY CLUB SUBDIVISION-
FREEPORT
LOT NO. 35 Block 2, Section 1
PROPERTY SIZE: Golf Course
Frontage Lot, 0.39acres
LOCATION: The vacant lot is
located 350 yards off Coral Road
APPRAISED VALUE: $110,000

- FREEPORT

LOT NO. 16 Block 26 unit 4
PROPERTY SIZE: Duplex Lots,
0.33 acres

LOCATION: The vacant lot is
located on Manton Place and
Manton Avenue.

APPRAISED VALUE: $35,000

. LINCOLN GREEN SUBDIVISION

4. BAHAMIA WEST REPLAT
SUBDIVISION - FREEPORT
LOT NO. 28 Block 19Unit 2
PROPERTY SIZE: Single Family
Lot, 0.25 acres
LOCATION: The vacant lot is
located on the northern side of
Columbus Way.

APPRAISED VALUE: $26,000

- FREEPORT
LOT NO. 26 Block 1

PROPERTY SIZE: Duplex Lot,
0.32 acres

LOCATION: The vacant lot is
located on Ludford Drive.

APPRAISED VALUE: $34,000

. LUCAYAN ESTATES

5. CHESAPEAKE SUBDIVISION -
FREEPORT
LOT NO. 29Block 21
PROPERTY SIZE: Single Family
Lot, 0.38 acres
LOCATION: The vacant lot is
located on the northwestern
section of Snipe Court and
Capstan Drive.
APPRAISED VALUE: $28,000 15.

SUBDIVISION - FREEPORT
LOT NO. 1 Block 43 unit 4
PROPERTY SIZE: Duplex Lot,
1.0 acre

LOCATION: The vacant lot is
located on the southern side of
Newby Drive.

APPRAISED VALUE: $9,000

. LUCAYAN KNOLL - FREEPORT

6. CHEROKEE SOUND - ABACO
LOT NO. 4N
PROPERTY SIZE: Multi-Family
Lot, 27,231 sq. ft.
LOCATION: The vacant lot is
located at Yellow Wood Creek
APPRAISED VALUE: $74,000

LOT NO. 8 Block 5

PROPERTY SIZE: Single Family
Lot, 15,380 sq. ft.

LOCATION: The vacant property
is located on Sergeant Major Drive
near Sea Horse Road.
APPRAISED VALUE: $30,000

. MAYFIELD PARK SUBDIVISION-

7. EMERALD BAY SUBDIVISION -
FREEPORT
LOT NO. 15 Block 48 Unit 2
PROPERTY SIZE: Single Family
Lot, 0.41 acres
LOCATION: The vacant lot is
located on the eastern boundary
of Mundon Court and Mundon
Avenue.
APPRAISED VALUE: $33,000

8. FORTUNE POINT SUBDIVISION
FREEPORT
LOT NO. 14 Block 2 Unit 3
PROPERTY SIZE: Single Family
Lots, 0.35 acres
LOCATION: The vacant lot is
located west of the intersection of 4g

FREEPORT

LOT NO. 112

PROPERTY SIZE: Multi-Family
Lot, 18,325 Sq. Ft.

LOCATION: The vacant property
is located on Farnham Crescent
APPRAISED VALUE: $54,000

. MURPHY TOWN - ABACO

LOT NO. 2 Crown Allotment #57
PROPERTY SIZE: Multi - Family
Lot, 5,310 sq. ft.

LOCATION: The vacant lot is
located on the main Murphy Town
Road.

APPRAISED VALUE: $12,000

. MURPHY TOWN - ABACO

Pearl Drive and Pearl Close.
APPRAISED VALUE: $45,000

9. GUANAHANI SUBDIVISION -
SAN SALVADOR
LOT NO. 29
PROPERTY SIZE: Single Family
Lot, 8,536 sq. ft.
LOCATION: The vacant lot is
located on the eastern side of
Queen’s Highway
APPRAISED VALUE: $25,600

LOT NO. 67 Crown Allotment #1
PROPERTY SIZE: Single Family
Lot, 6,935 sq. ft.

LOCATION: The vacant lot is
located on the main street of
Murphy Town.

APPRAISED VALUE: $1 1,000

5. SEA HORSE VILLAGE -

FREEPORT

LOT NO. 26 Block 6

PROPERTY DESCRIPTION:
Single-storey Duplex,

3 beds / 2 baths Units
PROPERTY SIZE: 0.28 acres
LOCATION: The subject property
is located on the northern side of
Turtle Cove.

APPRAISED VALUE: $223,657

VACANT LOTS

19. MURPHY TOWN - ABACO

LOT NO. 67 Crown Allotment #2
PROPERTY SIZE: Single Family
Lot, 12,100 sq. ft.

LOCATION: The vacant lot is
located on the main street of
Murphy Town

APPRAISED VALUE: $19,360

. SHANNON SUBDIVISION -

FREEPORT

LOT NO. 8 BLOCK 5 UNIT 1
PROPERTY SIZE: Multi-Family
Lot .34 acres

LOCATION: The vacant lot is
located on the eastern side of
Shannon Drive

APPRAISED VALUE: $30,000

. ROYAL BAHAMIAN ESTATES

SUBDIVISION - FREEPORT
LOT NO. 305 Section “A”
PROPERTY SIZE: Single family
lot, 0.44 acres

LOCATION: The vacant lot is
located on Dominica Avenue

APPRAISED VALUE: $30,000

22. ROYAL PALM BAY

SUBDIVISION - FREEPORT
LOT NO. 47 Block 6 Unit 5
PROPERTY SIZE: Single Family
Lots, 17,005 sq. ft.

LOCATION: The vacant property
is located on Cippinghill Drive,
south of Bartlow Lane.
APPRAISED VALUE: $40,000

. SENTINEL BAY SUBDIVISION -

FREEPORT

LOT NO. 17 Block 8 Unit 1
PROPERTY SIZE: Single Family
Lot, 0.42 acres

LOCATION: The vacant lot is
located on the northern side of
Chesterford Road.

APPRAISED VALUE: $55,000

. SHANNON SUBDIVISION -

FREEPORT

LOT NO. 5 Block 3 Unit 1
PROPERTY SIZE: Multi-Family
Lot, 0.40 acres

LOCATION: The vacant property
is located on the southern side of
Moonraker Lane.

APPRAISED VALUE: $50,000

. WOOD CAY - LITTLE ABACO

LOT NO. Parcel of Land
PROPERTY SIZE: Single Family
Lot, 39,999 sq. ft.

LOCATION: The vacant lot is
located on the western section of
the main street of Wood Cay.
APPRAISED VALUE: $25,000

. YEOMAN WOOD SUBDIVISION

- FREEPORT

LOT NO. 4 Block 58 Unit 2
PROPERTY SIZE: Single Family
Lot, 0.36 acres

LOCATION: The vacant lot is
located on the southwestern side
of Spinney Road.

APPRAISED VALUE: $25,000

INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE CONTACT AND POSTAL ADDRESS
TO: CB DISTRESSED PROPERTIES, CREDIT RISK MANAGEMENT DEPARTMENT,
P.O. BOX - SS-6263, NASSAU, BAHAMAS OR EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.
FOR GENERAL ENQUIRIES PLEASE CALL: 394-6464 EXT. 5836.
* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.





PAGE 12, MONDAY, MAY 10, 2010

INTERNATIONAL NEWS

THE TRIBUNE



‘Mountain to climb’ for
UK parties to reac

NOTICE

Notice is hereby given that the Thirtieth (30th)
Annual General Meeting of THE PUBLIC
WORKERS’ CO-OPERATIVE CREDIT UNION
LIMITED, will be held at the British Colonial
Hilton Hotel, Bay Street, on Friday, May 21,
2010, commencing at 6:30 p.m. for the following
purposes:

* To receive the report of The Board of
Directors.
* To receive the Audited Report for 2009

* To elect members of The Board of Directors,
Supervisory Committee and Credit Committee

* To discuss and approve the budget for 2011

All eligible members, wishing to run for a
position on the Board of Directors, Supervisory
Committee or Credit Committee, are asked to
submit their names to the Credit Union’s Offices
in Nassau or Freeport, no later than Monday,
May 17th, 2010, by 4 p.m.

ALL MEMBERS ARE URGED TO ATTEND

REFRESHMENTS WILL BE SERVED!

Care



LONDON

THE two parties that could
form Britain's next govern-
ment held hours of closed-
door talks Sunday without
reaching a power-sharing
deal, and there are fears that
the political uncertainty
could stoke market jitters
when trading reopens Mon-
day, according to Associated
Press.

Conservatives and Liberal
Democrats have a "mountain
to climb” on issues including
electoral reform, a senior
member of the Liberal
Democrats said. The Liberal
Democrats want Britain to
shed a system that gave them
just 9 percent of the seats in
Parliament after they won 23
percent of the popular vote,
but if Conservatives give in it
could leave them at the
smaller party's mercy in
future elections.

The divide could offer an
opening for Prime Minister
Gordon Brown's Labour
Party to stay in power
through a coalition with the
Liberal Democrats and some
smaller parties.

Liberal Democrat leader
Nick Clegg met with Conser-
vative leader David Cameron
on Sunday night, after meet-
ing Brown during the after-
noon for what a Liberal
Democrat party spokesman
said was an "amicable dis-
cussion.”

A deal must be brokered
soon to calm financial market
anxieties about Britain's eco-
nomic stability.

"We're very conscious of
the need to provide the coun-
try with a new stable and
legitimate government as
soon as possible,” Conserva-
tive foreign affairs spokesman
William Hague told reporters
before disappearing into Lon-
don's Cabinet Office for
negotiations with senior Lib-
eral Democrats.

= rt uF

stonework!

MAAR BLE & GRANITE SPECIALISTS

—4

Kitchens
mS







Tiles

Travertines
Marhles
Glass
Mosaics

Contract a



Construction
Cleaning

#91 Wulff Road
P.O.Box N-4111
Nassau, Bahamas
Tel: 242-326-8526
Fax: 242-322-5607

7

=

= “= eT ae

“S$60-S100/sg itr”
‘ Installed and






Cemetery

Monultt ents



Email: info@wecarestonework.com.......
website:www.wecarestonework.com

a ee eee

a na

After six hours of negotia-
tions, Hague emerged to
announce that the two par-
ties agreed that they should
focus on economic stability
and reducing the ballooning
budget deficit. More talks
were planned Monday, he
said.

The prospect of days of
political horse-trading has
fueled anxiety in financial
markets already unsettled by
the Greek debt crisis.

Fears that an unstable gov-
ernment could delay Britain's
ability to tackle a record
deficit dragged the FTSE 100
share index 2.6 percent lower
Friday, while the British
pound was sharply down at
$1.4720.

"With the markets being
highly nervous and fragile in
the wake of the Greek crisis
and in the mood to penalize
any country that is perceived
to be falling short on its
deficit reduction needs, it is
of paramount importance
that a credible commitment
on how to tackle the dire UK
public finances is in place
sooner rather than later,"
said Howard Archer, chief
UK and European economist
at IHS Global Insight.

Cameron's right-of-center
Conservatives won 306 of the
650 seats in the House of
Commons in Thursday's
national election but fell 20
votes short of a majority. For
the first time since 1974, vot-
ing resulted in a "hung Par-

liament" — no party is able
to take overall control of the
country.

Cameron is now hoping to
woo the center-left Liberal
Democrats, who finished
third place with 57 seats.
Labour finished with 258.

Conservatives and Liberal
Democrats are likely to find
some common ground on
issues including the economy
and taxes, but voting reform
and foreign policy have been
sticking points in the power-
sharing talks.

Britain's voting system is
based on races in individual
districts, as it is in U.S. con-
gressional elections. Clegg
wants a system common in
continental Europe in which
parties win seats in propor-
tion to their share of the total
vote — a system that is much
less likely to put one party in
a dominant position. The






BRITAIN'S CONSERVATIVE opposition leader David Cameron
walks past the media as he arrives to give a press conference in
London, Friday. (AP)





LIBERAL DEMOCRAT leader Nick Clegg leaves Liberal Democrat
national headquarters in Cowley Street, London on Sunday. (AP)

Conservatives fear such
reforms would leave the Lib-
eral Democrats holding the
balance of power indefinitely.

Former Liberal Democrat
leader Paddy Ashdown told
the BBC that although the
dialogue between the parties
was congenial and respect-
ful, "that isn't enough ...
because there is a mountain
to climb here."

"T don't believe that any-
body can now establish a new
government who is deaf to
the calls from the British
people for reform to our
political system, and part of
that is electoral reform,"
Ashdown said.

Brown, still hoping that his
unpopular party can cling to
power, offered to legislate for
a referendum on a change in
the voting system. That's a
step further than Cameron's
offer to the Liberal Democ-
rats of a "committee of
inquiry” into the issue.

Cameron and Clegg also
would have to compromise
on their positions toward
Europe. Clegg's party is in
favor of Britain eventually
joining the euro currency, a
policy Cameron's bloc bit-
terly opposes.

The Observer newspaper
reported Sunday that it
obtained a secret Conserva-
tive Party document drafted
by Hague that outlined a

strategy for Britain to take
back some powers from the
European Union and empha-
sized, "We will never join the
euro." A Conservative
spokeswoman said no one in
the party had knowledge of
it

Conservatives and Liberal
Democrats agree on the need
for spending cuts, although
Cameron wants a more
severe pace of austerity mea-
sures.

The two also have similar
policies on cutting taxes for
the lowest-paid British work-
ers.

Both have pledged action
on civil liberties and would
likely take quick action to
scrap Britain's planned
national identity card pro-
gram.

Both are committed to
keeping British troops in
Afghanistan, at least in the
short term, and both have
signaled they may take a
more skeptical tone in rela-
tions to the White House.
Cameron previously attacked

s "slavish" the links Tony
Blair and Brown have shared
with Washington.

Meanwhile, Brown
remains in power — and will
continue to reside in his
Downing Street office until
it becomes clear that
Cameron can form a new
government.

EW ARRIVALS

Exciting New Models- took Like New!

We now offer ZERO DOWN
on late models up to 2003!

1999/2000 Nissan March

We also offer 20% DOWN,
3 YEAR LOAN FOR 2005 models!

AS ALWAYS 1 Month Limited
Warranty, License,Inspection

and Insurance Included.
Restrictions apply.

VILLAGE ROAD NEAR
SHIRLEY STREET



Tel: 394-0323/5
OR 394-1377

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



PAGE 14, MONDAY, MAY 10, 2010

THE TRIBUNE





LOCAL NEWS







Lady Edith Turnquest
suffers serious stroke

terday afternoon.

FROM page one

“The family is grateful for the

many prayers and support |

side of her brain as a result of
the stroke and was left paral-
ysed on one side of her body.

At present, Lady Edith
remains in a critical care unit
for “monitoring and further
care.”

Her surgery went “rather bet-
ter than expected”, according
to the doctor who treated her,
said the statement issued yes-

added.

offered during this time,”

With Lady Edith are Sir
Orville, her three children, Mrs
Caryl Lashley, Mrs Michele
Fields and Tommy Turnquest
and two of her grandsons.

Sir Orville served almost sev-
en years as Governor-General
with Lady Edith by his side
from 1995 until late 2001.

it



Bethel Brothers Morticians

Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026



DEATH NOTICE FOR

MARINA
C. GLINTON,
73

Oleander
Avenue and
formerly of
Calabash Bay,
Andros, died at
the Princess

Margaret Hospital on Thursday, May

6th, 2010.

of

She is survived by her husband,
Lawrence H. Glinton; two daughters,
Deborah Coleby and Sonja Wallace-
Whitfield; two sons, Byron and
Lawrence Glinton; eight
grandchildren, Kristen, Chandra,
Omar, Britnee, Aliyah, Jasmyn,
Lauren and Morgan; and a host of
other relatives and friends.

Funeral arrangements will be
announced at a later date.

















FROM page one

based on conversations he has
had with persons involved in
the industry, who have to
come to his Ministry to seek
permission to go ahead with
exploration in The Bahamas,
and from findings in neigh-
bouring countries like Cuba.

Dr Deveaux said it would
be “impractical and unrea-
sonable” to say that the
Bahamas would shy away
from oil exploration or drilling
as a consequence of the poten-
tially environmentally-devas-
tating oil spill that officials are
currently seeking to contain
off the coast of the US state of
Louisiana.

“The world is not going to
shy away from oil because of
this accident. This is not the
first or the last,” he added.

While such comments may
not be news to the ears of
environmentally-conscious
Bahamians who would fear
the impact of an oil spill in
Bahamian waters, other com-
ments from the US Coast
Guard official overseeing the
Gulf of Mexico oil spill may

Mase D. GARDINER HURRICANE
AND BURGULAR PROTECTION

#34 Bay Lilly Dr. Sea Breeze Estates
P.0. Box SS-5592, Nassau, The Bahamas

Phone: (242) 324-6794 © Fax: (242) 324-7554

Burgular & Screens
to fit Every budget

Non-flus! Burgular Sereen
Doors with Double Action
Deadbolt Lock

Aina Colonial — Shutiers



‘Very high possibility’ oil will
be found in Bahamian territory

be.

Commandant Admiral
Thad Allen yesterday told the
US-based CBS news show
“Face the Nation” that there
is at present a “very, very low
probability” that the oil slick
released from the Deepwater
Horizon spill will travel
around the Florida coast and
affect the east coast of the
United States.

Fears had been raised that if
the slick were to come in con-
tact with the “loop current” —
a warm ocean current that
moves clockwise through the
Caribbean Basin to the Gulf
of Mexico and then the Flori-
da Straits — Bahamian waters
and islands could be affected.

While the situation remains
relatively unpredictable, Com-
mandant Admiral Allen told
the Sunday morning news

show that the loop current “is
significantly south of the
southern edge of the spill right
now.”

“T think it is a very, very low
probability it will be impact-
ed,” Allen added, noting that
the National Oceanic and
Atmospheric Administration
is studying the issue. “It does
not appear to be a threat right
now,” he said.

At present it is estimated
that 5,000 barrels or 210,000
gallons of oil are being emit-
ted from the site of the Deep-
water Horizon oil well, fol-
lowing the explosion and sub-
sequent collapse of the oil rig
there, which is licensed to
British energy company,
British Petroleum.

Efforts to stymie the flow
of the oil were setback over
the weekend after plans to

drop a 98 ton “containment
dome” over the oil leak and
siphon oil to the surface did
not go as planned.

The placement of the dome
was postponed after engi-
neers noticed a build-up of
crystallised gas inside the
chamber.

Commandant Admiral
Allen stated that officials are
now considering using a “junk
shot” to stem the flow of oil.

This would involve shoot-
ing a mix of debris — including
shredded tyres and golf balls —
into the well at high pressure
to clog it.

Meanwhile, crews have
begun to drill a relief well into
which oil from the original
well could be channelled, but
this is estimated to take
between one and a half to
three months.

Keisha ‘victim of foul play’

FROM page one

pass by to see if everyone forgets about it.”
Keisha, a CC Sweeting High School gradu-

mind. All of the other evidence that could
lead to someone having a motive they left it
out. Suicide is less work for them. From the
moment they looked at her hanging, they ruled
everything else out.”

It is understood one of Keisha’s friends
offered to get information from the person
they believe should be questioned by using a
wire. But they claim police failed to turn up
without explanation, after initially agreeing
to meet with the friend.

The attitude of one officer, according to the
Tribune source, was: “Well Keisha is already
dead, so what he supposed to do about it.

“The police don’t follow standard proce-
dures when they should. They already made
their conclusion and are waiting for time to

ate, was found hanged at her family home at
McKinney Drive on February 28.

Two walls in the front room of Keisha's
home are laden with medals, certificates and
trophies, proof of Keisha's star-studded, stu-
dent-athlete past. She was a national awards
honouree and a scholarship student for both
her academic and athletic pursuits.

Last night the youngster’s family said they
did not wish to comment at the moment, but
sources say that after making several requests
they have been waiting for the police to set up
a meeting to update the family and hear fur-
ther evidence.

Press Liaison Officer Sgt Chrislyn Skippings
said the matter is still being investigated.

She added: “I understand once it is com-
pleted it will go to coroner’s court.”

We're Rolling Out

The Saving

s At Our

PAINT SALE ~

12 Sai OFF...

Rollers and mare!

Bao

ee RM smc ce

WILTON STREET Wan:
(NEXT TO DW DAIS) "8

Telephone:
325-3507 of
394-0836
‘Open: 7am - dpm

Monday thru Friday
Tam » Jpn Saturday

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





THE TRIBUNE

FROM page one

BPSU President John
Pinder claims the new
group was formed by dis-
satisfied senior and lower
ranking customs officers
in Grand Bahama who had
had unsuccessful cam-
paigns for positions within
the BPSU.

He claims they were also
not happy with income
loss regarding the negoti-

union was made public, as
deflammatory and evi-
dence of unreconcilable
representational conflicts.
It highlighted a disconnect
between the needs of the

two departments and the
agenda of the union.

The statement read: “No
officer has any difficulty
with being a shift worker
or working shifts. The

KEMP'S FUNERAL HOME LIMITED

problem came into being
with the compensation in
lieu of overtime. Bluntly
put, what was promised
was not what we received.

“There was no real
empathy or concern for
the officers and the
untruths and all out des-
perate attempts to dispar-

MONDAY, MAY 10, 2010, PAGE 15

Group of Customs, Immigration officers break away from BPSU

age us has been undertak-
en in every media form
over the past two weeks.”

Mr Pinder has voiced
scepticism towards the
ability of the two depart-
ments to form a separate
union, drawing on the per-
manence of their careers
in the public sector -

unlike teachers who also
have the option of the pri-
vate sector.

Industrial relations leg-
islation dictates that every
employer recognise a
trade union that repre-
sents more than 50 per
cent of the employees in
his employment.

ated removal of overtime.

The new group is
thought to be about 300-
strong and will call itself
the Bahamas Customs and
Immigration Workers
Allied Union (BCIWAU).

However, the breakaway
group issued a statement
last week signed only by
“Officers of the Customs
& Immigration Depart-
ments”, reaffirming their
intent to be the only bar-
gaining agent for the two
departments.

The statement highlight-
ed the group’s dissatisfac-
tion with BPSU president
John Pinder.

Issues detailed include
the circumstances sur-
rounding the controversial
shift system reform, the
validity of the current
industrial agreement and
what it calls the perceived
public misrepresentation
of details surrounding
both issues by the BPSU.

It read: “The Bahamas
Customs & Immigration
departments do not belong
to the Public Service
Union. By the grace of
God and government
approval we will achieve
recognition.

“We would like to
remind the president that
he is not authorised to
speak on behalf of the
government and that he

22 Palmdale Avenue, Palmdale
Nassau, 6... The Bahamas

DEATH NOTICE

GLORIA JEAN
HILTS

WE SADLY
ANNOUNCE THE
DEATH OF LOVING
WIFE AND MOTHER
MES GLORIA JEAN
IHILITS WHO PASSED AWAY SUDDENLY
ON MAY 7, 2010 AT DOCTORS HOSPITAL,
SASSAL BAR AMIAS IN AER OFT YEAR.

LEFT TO MOURN AND REJOICE IN HER
ILIFE ARE HER HUSBAND OF FORTY
IVE YEARS, TERRY HILTS, CHILDREN
RYAN OF NASSAU AND REBECCA OF
GREENSBORO, NORTH CAROLINA,
HER VERY SPECIAL AND ONLY GRAND
DAUGHTER SADIE SCHRAMM AND
SON-IN-LAW TERRY SCHRAMM AND
DAUGHTER-IN-LAW CHANTALE HILTS
SHE ALSO LEAVES ONE SISTER-IN-
JAW, WENDE COURNOYEA OF
SIAGARA FALLS, CANADA,

CrLiRIA FIRST CAME TU) THE
BAHAMAS IN 1965 AND SHE WILL BE
LOVINGILY REMEMBERED BY HER
should cease and desist JFAMILY AND THE MANY PRIENDS SHE
from speaking on behalf |LEAVWES BEHIND. SHE WAS PRE

of the Customs & Immi- |DECEASSED BY HER MOTHER

ae Departments. WIYRELE WILLDLAMSOS NEE RUSK,
e release went on to
describe Mr Pinder’s
media remarks towards
the departments since the
intent to form a separate

A MEMORDAL SERVICE WILL BE
ANNOUNCED AT A LATER DATE

THE COLLEGE OF THE BAHAMAS

Visit our website at www.cob.edu.ds

THE SEARCH FOR A PRESIDENT

The College Council of The College of The Bahamas (COB) 1s pleased to
announce a search for a new President and invites nominations and expres-
sions of interest in this outstanding opportunity for leadership at a truly
unique institution. After nearly thirty-five years of serving The Bahamas,
first as a two-year institution, then as a four-year degree-granting College,
COB expects to become The University of The Bahamas. As it moves to
solidify its university status, COB will continue to deliver excellent under
graduate teaching while developing new undergraduate and graduate pro-
frams, increasing research and innovation activities, and focusing its work in
areas crucial to national development.

Since its founding in 1974, The College of The Bahamas has grown in repu-
tation and currently enrolls over 5000 students in undergraduate and gradu-
ate education. The institution grants primarily bachelor’s degrees, and will
launch its first master’s degree later this year. Currently, COB offers joint
master’s degrees in conjunction with other accredited universities and col-
leges within the United States and enjoys extensive links with higher educa-
tion institutions in the Caribbean, North America and Great Britain.

NOMINATION AND APPLICATION PROCESS
A prospectus for this search with information about the institution, the prior-
ities for the new president, a full enumeration of qualifications for the posi
tion, and instructions for submitting applications or nominations may be
found under “Current Searches” at wwwiacademic-search.com. Those con
sidering becoming candidates are urged to visit this Web site before submilt-
ting application materials. A complete application shall include a thoughtful
letter of interest, curriculum vitae, and a list of at least five professional ref-
erences (with email addresses and telephone numbers} and must be received
by June 9th, 2010. Nominations, inquiries and applications are treated confi-
dentially and should be submitted electronically (MS Word or PDF) to:
COB President@academic-search.com
Additional information on The College of The Bahamas may be obtained
from The College's website, hitp:!www.cob.edu.
Maya Kirkhope and Bill Franklin of Academic Search, Inc. are assisting with
this search. Nominations and expressions of interest will be treated in confi-
dence and may be directed to:

Dr. Bill Franklin

Senior Consultant
Academic Search, Inc.
bh D.C. USA
hy fii mic-search.com

(830) 249-1444

Maya Ranchod Kirkhope

Scnior Consultant

Academic Search, Inc.

Washington, DJC., US A
ava.kirkhope

(703) FH0 9195

The College of The Bahamas ts committed to providing equal educational
and employment opportunity.






















































fi

Clete elm tye lelu hs
Nor ipa pe aa Lite

AW

» HA HOE

=

Mahatma®l White Rice

egg, hard-boiled, chopped
celery stalk, chopped

onion, chopped

pickles, rinsed, minced
mayonnaise, mustard (to taste)

cup

Prepare about 1/3 cup of rice according to package directions.
Combine cooked rice and all ingredients. Chill and serve

For further recommendations and recipes using Mahaimaâ„¢ Rice,
visit website waw.mahatmarice com, hahamas

THE Min: oi ‘email OVER THE TTT

Distributed by ASA H. PRITCHARD, LTD.
Robinson & Claridge Roads « Tel: 393-2437

/atroducing wines from:
Santa Margherita,

St, Francés, Mirassou,
Washington Mile and
iaittinger

Music by:
The G-Notes
Jazz Etcetera

Caribah

Featuring art by:
Antonius Roberts
Malcolm Rae
Kevin Cooper

Tamara Russell

&y

Bid in silent auction
fo support your

favorite charity

= ¢
Jazz
May 15, 2010

The Poop Deck Sandyport
3- 7pm
Admission $30

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





THE TRIBUNE

MONDAY, MAY 10, 2010, PAGE 19





Economic well being and
free market ideology

By RALPH J MASSEY

DR. JONATHON
RODGERS must be com-
mended for his carefully rea-
soned article on the Bahami-
an economy and the causes of
the U. S. recession (see Tri-
bune Business, May 5, 2010, p.
2B). While it adds to the public
dialogue, much of his thesis can
be properly challenged. Let's
look at the U.S. recession.

The authority cited by Dr.
Rogers on key issues is Joseph
Stiglitz, a Professor at Colom-
bia University, a former World
Bank Chief Economist and a
Nobel Laureate who considers
himself to be an outstanding
critic of “free market funda-
mentalists.” Consistent with
this description Dr. Rodgers
concludes -

It was the financial institu-
tions that created the mess and
the American Government
that bailed them out.

In all countries with a paper
currency the Government con-
trols the quantity of currency in
circulation and indirectly the
amount of credit outstanding.
This function ranks with the
maintenance of the rule of law
as the most important of all
Government responsibilities.
It determines whether a coun-
try will experience —

¢ Inflation possibly with a
speculative bubble or

¢ Low inflation (stable
prices) and growth or

¢ Deflation with falling pro-
duction and employment.

In the case of any country,
the objectives of the central
bank can pit it against the polit-
ical interests of the president
and legislature when it, for
instance, properly limits the
growth in credit outstanding.

I contend that, while finan-
cial executives and institutions
both contributed to and great-
ly profited from the Housing
Bubble, the chief causal factor
was a Government that failed
in its responsibilities.

Incestuous Relations. Dr.
Rodgers states that “there is
an incestuous relationship
between the Fed and the banks
because supposedly it is
responsible for the oversight
of the same banks who actual-
ly own it.” One may call this a
“conspiracy theory” or a con-
flict of interest. Neither
describes a unique complex
reality.

The Fed was created in 1913
as a solution to the recurring
banking panics created by a
paper currency and a fraction-
al reserve banking system that
consisted of many private
banks operating in 48 different
legal jurisdictions. “The Fed
conducts the nation's monetary
policy by influencing the vol-
ume of credit and money in cir-
culation. (It) regulates private
banking, works to contain sys-
temic risk, and provides cer-
tain financial services to the
USS. government, the public,
and financial institutions.”
(Wikipedia).

The Governor, the Gover-
nors of the 12 district banks
and the Board of Governors
are appointed by the President
subject to Senate confirmation.
Yes, the Fed's shareholders are
private banks who get central
banking services, regulations,
reporting requirements and a
small dividend each year.

Nevertheless, the Fed is
responsible to the President
with Congressional oversight.
Yes, its work is highly technical
and not very glamorous; it is
staffed by those experienced in
banking and finance; and it
operates within a political envi-
ronment. It is easy to see
“incestuous relations” in such a
complex institutional arrange-
ment; and this can distort
objectivity.

M3 & Boom-and-Bust .
There are three different mea-
sures of the quantity of money
in circulation:

ise eee eel
facebook.
eit

OPINION

“M1” is the sum of the actu-
al currency (that can be legally
tendered in the exchange for
goods and services) that 1s held
outside banks, travellers
cheques, checking accounts.

“M2” is the sum of M1 plus
savings deposits, money mar-
ket accounts, small denomina-
tion time deposits and retire-
ment accounts.

“M3” is M2 plus the large
time deposits, Eurodollar
deposits, dollars held at foreign
offices of U.S. banks, and insti-
tutional money market funds.

The role of money in the
Great Depression was not
defined until the mid-1950s by
Milton Friedman at the Uni-
versity of Chicago.

His quantity theory of mon-
ey and its subsequent refine-
ment remained a key element
in the Fed's monetary and
credit management. An annual
growth of 2 per cent up to 4
per cent in M3 was deemed
acceptable.

However, in November
2005 Alan Greenspan, Gover-
nor of the Fed, and Ben
Bernanke, Governor of the
New York Fed, stopped pub-
lishing the M3 money supply
data. The reason given at the
time was that “the costs of col-
lecting the underlying data and
publishing M3 outweigh its
benefits.” This was a surprise
since M3 gives a much better
indication of the evolution of
credit creation in the economy
than M1 or M2...and, for
instance, the European Cen-
tral Bank considers M3 to be
the most important monetary
aggregate.

At the time the decision was
made, M3 started growing at 8
per cent per year; and it
exploded upward to just short
of 18 per cent per year in 2008
(as reported in Shadow Gov-
ernment Statistics) and plum-
meted to a minus 4 per cent in
2010.

Why did the Fed stop pub-
lishing the M3 data?

Alan Greenspan and Ben
Bernanke followed a clear
expansionist monetary policy
especially after 2000. Real
short-term interest rates (that is
nominal rates adjusted for
changes in consumer prices)
started low, below 1 per cent,
and turned negative between
late 2002 and late 2005. It real-
ly paid to borrow and
spend...an apparent real no-
brainer.

Since consumer prices
remained low and stable and
productivity was increasing,
Greenspan and Bernanke min-
imized the importance of the
unsustainable rise in housing
(asset) prices. That is...they did
so until it was too late; then
they eliminated the officially
published M3 warning sign.

Johan Van Overtveldt, the
economic historian, concluded

“The Fed's responsibility for
the housing bubble is consid-
erable. This conclusion has
important implications, among
others, for what is structurally
probably the worst derailment
in the American economy: the
extreme increase in relative
consumption expenditures and
its mirror image of disappear-
ing personal savings as the
basis of the huge external
deficit of the United States.”
(Bernanke's Test, p. 97)

One should note that Con-
gress passed a number of laws
between 1964 and 1999 that
granted the Fed powers to
affect lending practices both at
the consumer and financial
banking levels. Alan
Greenspan never used them.

When looking for the Gov-
ernment's hand in the Hous-
ing Bubble one must also look
at its well intentioned effort in

the housing market. It started
in the 1930s with Government
trying to provide funds (or liq-
uidity) to this market.

With the civil rights move-
ment the objective became the
end of discrimination in lend-
ing. With time the lending stan-
dards degenerated to “Sub-

prime”, the riskiest of all loans,
“Ninja Loans - No Income...No
Job...No Assets.”

It is easier for the public and
politicians to focus on the
predatory lenders to ill-
informed home buyers or the
Wall Street financiers who
ingeniously packaged these



loans, sold them around the
world and made a fortune.
They “earned” their commis-
sions; the mortgage holders suf-
fer the possible loss of their



_ BTC introduces its

BTC Connection Program



opment within our community. In addition, BTC will also sup-
port other entities seeking to stage events and concerts
through lis corporate sponsorship arm. The approved
events are expected to provide defined marketing benefits

BIC is committed to providing charitable donations and
corporate sponsorships fo the Bahamian Community. In
support of this, BIC is introducing the BTC Connection Pro-
gram. Through the program, BTC will provide a wide range
of financial sponsorship opportunities for individuals and or-
ganizations who wish to foster goodwill, growth and devel-

and appropriate exposure for BTC.



CALL BIC (225-5282)

www. btcbahamas.com = www, facebook,com/mybte

register and sign in. This will allow requestors to save the in-
formation for future submissions and assist with expediting
requests for sponsorship,





newly acquired homes; and the
politicians propose remedies,
pontificate about Goldman
Sachs and wait for their just
returns at the polls.










Visit us ot www. bicbohamas.com/btcconnection for more
details. Funding will be disbursed twice per year. Therefore,
requests should be submitted by May 13th for the first phase
and on October 14th for the second phase, Persons inter-
ested In placing a réquest for sponsorship will be required to







HD
&.

a. — ,
ROS Cae ei

Wassau

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







PAGE 20, MONDAY, MAY 10, 2010 THE TRIBUNE

LOCAL NEWS

OW

The family of
the late

Jane Fitzroy
Bethel,
MBE,

May 14, 1917 - April 22, 2010

wishes to thank the many persons, including those who travelled to be
with us on this occasion, who gave support through your thoughts,
prayers, floral arrangements, and expressions of sympathy during our
bereavement.

Special hanks are extended to The Rt. Rev’d Laish Boyd, Arch-Bishop
Drexel Gomez, Bishop Gilbert Thompson, Venerable Keith Cartwright,
Rev. Fr. Dwight Bowe, Rev. Dr. James Moultrie, Canon Delano Archer,
Canon Warren Rolle, Dr. Ada Thompson-Hepburn, Dr. Perry Gomez,
Alan Butler, Dianne Kemp-Dunn, Nicole Campbell, Setella Cox, Samuel
McIntosh, St. Mary’s Anglican Church Women, Arlene Nash-Ferguson,
Cleophas Adderley, William “Billy” Brown, Kendal Butler, Verna Elcock,
Adrian Archer and The Highgrove Singers, Leroy Thompson, Vivienne
Francis, Elliston Greenslade, Commissioner of Police, Marvin Dames,
Assistant Commissioner of Police, John Ferguson, Assistant
Commissioner of Police, and the Royal Bahamas Police Force, Michael
Symonette and the Management and Staff of The Print Shop, Manita
and Neville Wisdom and the staff of Florarama of Cable Beach, Marjorie
and Robert Archer and the Staff of Archer’s Nursery, Gertrude Demeritte,
Llewellyn Astwood Sr. and the Staff of Demeritte’s Funeral Home,
Funeral Directors and the Funeral Directors Association, Charles Brooks,
Bradley Crawley, Mitchell Ferguson, Kenneth Henfield, Nancy Mejias,
Kendal Patton, Wilfred Rahming, Doctors Hospital, Nurse Kayla Stubbs,
Deloris Fernander, Sidney Sawyer and the Staff of Bethel Brothers
Morticians.

Only when you drink from the river of silence shall you indeed sing.
And when youhave reached the mountain top,
then you shall begin to climb.
And when the earth shall claim your limbs,
then shall you truly dance.
Kahlil Gibran

Family
Rubie-Marie Nottage, Dr. Pamela Etuk, Dr. Marcus Bethel,
Paulette Bethel, Michael Bethel, Marion Bethel, Paulette Rahming, MISS BAHAMAS 2010 contestants on the stage at the Imperial Ballroom, Atlantis, Paradise Island at the
Owen Bethel. beginning of last night’s pageant. See today’s tribune242.com to found out who was crowned the winner.

tee

re AR > cccccccccal ee F

AUTO CENTRE| —















ce Se oan.
The All New

LAND ROVER Ff

$59,995.





eer eea eli ateeniyd A

ere Mace eel =) Ades

We Service Land Rovers, jaguars,
And All Other European Brands.

Give us a call at (242) 361-0000 or
come and see us on Harold Road & Knowles Dr.

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













THE TRIBUNE

usine

MONDAY,

MAY

TsO:



2010

SECTION B ¢ business@tribunemedia.net



Bahamas First
‘at low end of
forecast 5-7%
top line drop

* Aims to ‘recapture’
premium lost from non-
renewals amid ‘improving
picture’ in 2010

* Eyes tie-up with former
merger partner
FamGuard’s general
insurance agency

* ‘Never say never’ on
future merger talks

By NEIL HARTNELL
Tribune Business Editor

BAHAMAS First came in
at the "low end" of a forecast
5-7 per cent drop in top-line
premium during its 2009
financial year, as it eyes an
"improving picture” for 2010
and a business tie-up with its
former FamGuard merger
partner's general insurance
agency.

Patrick Ward, Bahamas
First Holdings’ president and
chief executive, said the
Bahamian insurance market
was seeing "green shoots of
recovery" taking place, and
expressed hope that the gen-
eral insurer could "recapture"
some of the premium income
lost due to non-renewals in
2009.

Commenting in the wake
of the joint decision by
Bahamas First Holdings and
FamGuard Corporation to
terminate their holding com-
pany merger talks, a develop-
ment first exclusively revealed
by Tribune Business last
week, Mr Ward confirmed
the two parties would still
explore joint venture oppor-
tunities where it made sense.

"We are actively going to
look for ways to cooperate
where mutual business inter-

SEE page 6B

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.





Auditor had ‘no confidence’
in failed $440m fund’s value

By NEIL HARTNELL
Tribune Business Editor

* Grant Thornton (Bahamas) partner says not allowed to audit



Bahamian auditor has
revealed that he “did
not have confidence”
in the valuation of
assets critical to a
Bahamas-domiciled investment fund
structure, and he was not permitted
to conduct an audit of them prior to its

Cdn$440 million collapse.

Paul Gomez, an accountant and

partner in Grant

Thornton
(Bahamas), told investigators prob-
ing the collapse of Canadian-based
Norshield Financial Group, and its

Bahamian-domiciled Olympus Uni-
vest investment fund, that he had to
rely on valuations provided by others
for the Channel Funds - a key

party.

Bahamas-based investment counter-

key funds at centre of Bahamian-domiciled structure’s collapse
* Ruling backs former Bahamian fund administrator and

head over claims ‘distancing themselves’ from debacle
* Investment management head had relative working

at fund administrator

receiver Raymond Massi, which was

revealed for the first time as part of an

According to Mr Gomez’s testimo-
ny to Norshield/Olympus Univest

SEE page 7B

Bahamasair’s $25m taxpayer subsidies Bahamas
‘substantially lower’ within two years

By NEIL HARTNELL
Tribune Business Editor

THE $25 million-plus tax-
payer support currently
received by Bahamasair could
be "very substantially
reduced” within two years of
the airline implementing a
proposed restructuring plan,
its chairman telling Tribune
Business the "great prize" of
totally eliminating subsidies
could be achieved in nine to
10 years’ time.

J Barrie Farrington, in an
exclusive interview with this
newspaper, said that while
some might consider the elim-
ination of Government/tax-
payer subsidies "a pipe
dream", Bahamasair had "to
start somewhere".

He said: "The model that
we've given to government,
in terms of what we project
the operating results to be, we
believe that in nine to 10
years’ time we get into posi-
tive operating margins."

The national flag carrier's
board has submitted a phased
restructuring plan, now await-
ing Cabinet approval, to the
Government, which calls for a
fleet restructuring within the
first 18-24 months.

Mr Farrington — said
Bahamasair's Board had
hoped to be close to complet-
ing the fleet transition by mid-
2011, implying that they had
wanted Cabinet approval ear-
lier this year. Yet he added:
"The cost to government in
support of Bahamasair would
have been very substantially
reduced. That could start
within the first two years,
quite frankly, and that will get
better as we go further out in
time.

"The objective is that in the
ninth and tenth years we
should have positive operat-
ing margins. The translation
of that statement is that, all

Discover Palm Ca
Lots & Marina Slips

LOTS STARTING AT
$203,000
WET SUPS STARTING AT

$84,000
Yuruacraw Bal.
Eastern NM. P.

eq -Sl

Inher! peal ec econ
wren pa mica CokMmM

44 single beta,
12.5079 ag. FL Ob ao deft!

Lp Tighe eeley

frown Source tie

194 wel alips, 25ft - 508

aqhr eect, Mr

dock, bioit & tockbe sheep.

Aol Gey,











TRIBUNE

EXCLUSIVE

* Airline’s chairman concedes some will think
it a ‘pipe dream’, but ‘great prize’ of end to
government support in 9-10 years

* Flag carrier's two jets flying ‘half empty’

most of year, _ restructure i |
Bahamasal
f )

tat ay Ww
Cre rt



A BAHAMASAIR Dash-8 waits for departure...

things being equal, the airline
should be self-sufficient. Isn't
that a great prize? The tax-
payers will have the cost of
underwriting Bahamasair
removed."

That cost is approaching
$500 million, or half-a-billion
dollars, over the airline's 37-
year history. Mr Farrington
conceded: "Is it a pipe dream?

Some people will say that.
Yes, it will take nine to 10
years, but you have to start
somewhere.

"Once we start implemen-
tation, two years after that we
will probably have better
defined expansion plans. It
will probably be Phase two
that takes us into the tourism
industry in a very substantial
way."

Bahamasair's proposed
fleet restructuring involves
replacing its existing two Boe-
ing 737-200 jets, each featur-

ing 120 seats, with four 76-
seat capacity, Q400 Bom-
bardier turbo prop aircraft.
And the national flag carri-
er's current five Dash-800
planes, which have a 65-66-
seat capacity, are slated to be
replaced by eight Saab-340
aircraft, which have a 34-seat
capacity.

The proposed fleet restruc-
turing has been criticised by
the airline's pilots, represent-
ed by the Bahamas Airline
Pilots Association (BALPA),
which argued that the con-
version to lower capacity,
non-jet aircraft was incom-
patible with Bahamasair's
stated aim to increase its
tourist market share to 30 per
cent.

Mr Farrington, though, said
the fleet restructuring would
enable Bahamasair to better
align demand with seat capac-
ity, thereby boosting load fac-

tors and profitability per
flight. He pointed out that in
the case of the two jets, there
were only at 80 per cent and
greater load factors during
"peak periods", which effec-
tively only accounted for 14
weeks out of a 52-week year.
"If you annualize it out, the
plane is half-empty or more
than half empty," Mr Far-
rington told Tribune Business.
"Why do you need a 120-
seater to operate at that level,
when in fact with a smaller
plane and greater frequency
of lift, it would be just the
same with two flights. We
need fewer seats per depar-
ture, not fewer seats in the
total fleet. We can still blend
in the Saabs and fly 34 seats to
Florida, Orlando."
Responding to the pilots’
claims that a non-jet fleet

SEE page 4B

‘Giving entitlement away and buying it
back, then told it’s to your own benefit’

By NEIL HARTNELL
Tribune Business Editor

THE offer of a maximum
12.5 per cent equity stake in
the proposed Arawak Cay
reverse osmosis plant was
described in Water & Sewer-
age Corporation internal doc-
uments as equivalent to “giv-
ing away an entitlement and
buying it back while being
told it is to your benefit”.

A November 4, 2005, spe-
cial report on the ownership
proposal submitted by BK
Water, the Bahamian investor
group headed by Senator
Jerome Fitzgerald, Mark Fin-
layson and Judson Wilmott,
poured cold water on the
equity stake offer since it was
contingent on the Water &
Sewerage Corporation hand-
ing over the right to supply
water and wastewater services
to potentially the Bahamas’
two biggest customers —

Arawak Cay reverse osmosis plant equity stake
derided, as Corporation would have to give

up rights to two biggest customers

Kerzner International and
Baha Mar.

The BK Water offer to the
Water & Sewerage Corpora-
tion of an equity stake in the
Arawak Cay reverse osmosis
plant was, according toa
mountain of documents seen
by Tribune Business, broken
down into three phases:

1. An initial 5 per cent if BK
Water won the Arawak Cay
reverse osmosis plant contract

2. A further 5 per cent if BK
Water won the right to supply
all Kerzner’s water and waste-
water needs

3. And a final 2.5 per cent if
BK Water won the right to
supply all Baha Mar’s water
and wastewater needs



A Water & Corporation
report on the (eventually
abandoned) Arawak Cay
reverse osmosis plant con-
tract, dated October 10, 2005,
had another description for
BK Water’s offer: “Equiva-
lent to giving away a build-
ing, renting that percentage
space and being told that it is
to your benefit.”

In the 100 per cent state-
owned Corporation’s subse-
quent November 4, 2005,
analysis, its management
warned that the potential lia-
bilities associated with own-
ership of a minority stake in
the Arawak Cay plant had
not been established, namely

SEE page 11B

recovery
‘protracted’
until ‘well
into’ 2011

Bahamas likely to
have to pay more
for foreign currency
borrowings

By NEIL HARTNELL
Tribune Business Editor

BAHAMIAN economic
recovery is likely to be "more
protracted and take consid-
erably longer", not arriving
until mid-2011, because US
consumer spending is likely
to be curtailed, with the Gov-
ernment also having to pay
more for its foreign currency
borrowings.

These were the key mes-
sages coming from the Inter-
national Monetary Fund's
(IMF) review of the Western
Hemisphere's economic
prospects, which found that
US consumer spending will
be "sluggish" and that an
increase in Washington's fed-
eral deficit would "put
upward pressure” on the

SEE page 5B

20-100% rise
in persons
seeking food
assistance

Hands for Hunger
sets record straight
on hunger data

THE number of Bahami-
ans seeking emergency food
assistance increased by an
average of 20-100 per cent in
the two years to 2009, a sur-
vey of agency representatives
by the Hands for Hunger ini-
tiative has revealed.

Providing strong evidence
of the recession’s impact on
the lives of ordinary Bahami-
ans, Hands for Hunger, which
collects and redistributes
about 3,000 meals to service
agencies, which provide food
assistance programmes, said
the weakened economy has
significantly increased the
poverty rate.

A 2001 study by the
Department of Statistics and
Inter-American Development
Bank (IDB) study found that
over 30,000 Bahamians did-
n't have dependable, consis-
tent access to enough food
and 9.3 per cent of the popu-
lation lived at or below the
poverty line - surviving off
$2,863 per year or less ($7.84
per day).

That, though, was before
the Bahamas was faced with a
15 per cent unemployment

SEE page 5B



PAGE 2B, MONDAY, MAY 10, 2010

THE TRIBUNE

@ ROYAL FIDELITY MARKET WRAP



By RoyalFidelity Capital
Markets

IT WAS a slow week of
trading in the Bahamian stock
market. Investors traded in
seven out of the 24 listed
securities with two decliners,
one advancer and the other

securities remaining
unchanged.
EQUITY MARKET

A total of 32,291 shares
changed hands, representing a
decrease of 90,802 shares,
compared to the previous



week's trading volume of
123,093 shares.

¢ Commonwealth Bank
(CBL) was the volume leader
again last week and the big
advancer, trading 20,402
shares to see its stock close
the week up by $0.56 at $6.40.

¢ AML Foods (AML) fol-
lowed, trading 9,535 shares to
end the week with its share
price down $0.01 at $1.04.

BOND MARKET
There was no activity last
week in the bond market.

COMPANY NEWS
Earnings Releases:

¢ Premier Commercial Real
Estate Investment Corpora-
tion (PRE) released its unau-
dited financial results for the
quarter ending December 31,
2009.

PRE reported net income
of $269,000 for the quarter,
an increase of $127,000 or 89
per cent compared to the
$142,000 reported in the same
period in 2008.

Total income of $342,000
increased by $111,000 or 48
per cent, while total expenses

of $73,000 declined by $16,000
quarter-over-quarter.

Total assets and liabilities
at December 31, 2009, stood
at $16 million and $3.3 mil-
lion respectively, compared
to $17 million and $3.8 mil-
lion at the end of the prior
year.

Net asset value per share
declined from $12.32 at
December 31, 2008, to $11.72
at the end of the quarter.

AGM Notices:

¢ Bahamas Waste (BWL)
has announced its AGM will

THE COLLEGE OF THE BAHAMAS

Visit our website at www.cob.edu.bs








The Centre for Continuing Education
& Extension Services (CEES)


















Presents a special town mecting on the

Becker CPA Review Programme

GUEST SPEAKER:
Mr. Steven Chou,

Director of International Business Operations,

Becker Professional Education, Chicago, Illinois.








DATE;

Wednesday, May 12th at 5

VE

30pm.

Michael H, Eldon Boardroom, The College of The Bahamas,
Thompson Boulevard







Students who prepare for the CPA Exams using the Becker Review pass at double
___ the rate of non-Becker candidates.
CPA Lecturers will be present at the town meeting to answer your questions.






For more information call: 328-1936, 328-0093 or
email: Ibastian@cob.edu.bs






anon hs

Ue 3 oy Tiey ESCORT eh a





The Bahamian Stock Market
BISX CLOSING CHANGE VOLUME YTD PRICE
SYMBOL PRICE CHANGE
AML $1.04 -$0.01 9,535 -11.11%
BBL $0.44 $- 0 -30.16%
BOB $5.24 $- 100 -11.19%
BPF $10.63 $- 0 -1.02%
BSL $9.42 $- 0 -6.36%
BWL $3.15 $- 0 0.00%
CAB $12.07 $- 20 20.94%
CBL $6.40 $0.56 20,402 lGo/ Yo
(Cris $2.84 $- 596 441%
CIB $10.60 $- 0 6.11%
CWCB $2.43 -$0.40 1,038 -14.74%
DHS $2.54 $- 0 -0.39%
FAM $6.07 $- 0 -6.47%
FBB $2.17 $- 0 -8.44%
Kee $0.27 $- 0 0.00%
FCL $5.08 $- 0 6.50%
FCLB $1.00 $- 0 0.00%
FIN $9.08 $- 600 -2.16%
ICD $5.59 $- 0 0.00%
JSJ $9.95 $- 0 0.00%
PRE $10.00 $- 0 0.00%





be held at the National Tennis

Centre, QE Sport Centre, on
May 18, 2010 at 6pm.

¢ Commonwealth Bank
(CBL) has announced its
AGM will be held at Super-
Club Breezes, West Bay
Street, on May 19, 2010, at
Spm.

Dividend Notes:

¢ AML Foods (AML) has
declared a dividend of $0.04
per share, payable on May 7,
2010 to all ordinary share-
holders of record date April
30, 2010.

e¢ Freeport Oil Holdings
(FCL) has declared a divi-
dend of $0.04 per share,
payable on May 11, 2010, to
all ordinary shareholders of

record date April 30, 2010.

¢ Doctors Hospital Health-
care Systems (DHS) has
declared an ordinary dividend
of $0.02 per share, payable on
May 14, 2010, to all ordinary
shareholders of record date
May 7, 2010.

¢ Consolidated Water BDR
(CWCB) has declared an
ordinary dividend of $0.015
per share, payable on June 7,
2010, to all ordinary share-
holders of record date May 1,
2010.

¢ Colina Holdings (CHL)
has declared an ordinary div-
idend of $0.06 and an extra-
ordinary dividend $0.09 per
share, payable to all ordinary
shareholders 10 days after the
record date, April 30, 2010.





International Markets

FOREX Rates
CAD$

GBP

EUR
Commodities

Crude Oil
Gold

International Stock Market Indexes:

DJIA

S & P 500
NASDAQ
Nikkei

Weekly % Change
0.9585 -2.53
1.4821 -3.13
1.2744 -4.30
Weekly % Change
$75.33 -12.37
$1,208.50 247
Weekly % Change
10,380.43 -5.71
1,110.88 -6.39
2,265.64 -7.95
10,364.59 -6.27





MRE AAMAGIE

Bi
| CEES EOS a
© WE BO BSD FSA.

“ URERE) PIERS

ot pee ea

ea
Rap cams Leva

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

5 MCRL Poe Rages per
= SURE PRL Panis un = :











THE TRIBUNE

MONDAY, MAY 10, 2010, PAGE 3B



‘Second generation’

small business boost

By CHESTER ROBARDS
Business Reporter

crobards@tribunemedia.net

THE SYSTEM for small
businesses in the Bahamas
will soon become more
accommodating and increase
their Gross Domestic Prod-
uct (GDP) contribution in the
near future, the Bahamas
Chamber of Commerce’s
president said yesterday.

Khaalis Rolle, speaking to

Tribune Business following
the sixth annual Business
Education seminar hosted by
the Bahamas Chamber of
Commerce and the US
Embassy, said small business
owners came to the seminar
looking for word on the
development of their sector.

He said many small busi-
ness owners will soon realise
that the regime for small busi-
ness start-up and growth in
the Bahamas will become a



ZHIVARGO LAING

lot less restrictive and bur-
dened with red tape.

"Many of the small busi-
ness people came there
because they are looking for
hope and inspiration,” said
Mr Rolle. "They would like
to hear that there is light at
the end of the tunnel and that
the system will begin to be
more accommodating.”

Minister of State for
Finance, Zhivargo Laing, said

Marina operators to meet in Nassau

MARINA operators from
throughout The Bahamas will
meet in Nassau this week to
discuss challenges and oppor-

tunities for positioning this
nation as one of the world’s
leading destinations.

The recently formed Mari-

NOW ACCEPTING

immediate applications:

An established marketing company requires a marketing
manager with good communication skills, sales
experience, drivers license, and personal transportation.

We are looking for energetic, career minded individuals
to aid us with our expansion goals. Must be able to
create, educate, train, develop and motivate by following
company policies and maximizing sales and profits
through our earning opportunity.

Should possess strong team building and development
skills.
Excellent base salary plus bonus.

lf you are motivated by directly influencing the success
of others, please e-mail
marketingsales2010 @hotmail.com



na Operators of The Bahamas
(MOB) will hold its Annual
General Meeting with a series
of workshop sessions this
Wednesday, May 12, 2010, in
cooperation with the
Bahamas Hotel Association
and the Ministry of Tourism
and Aviation, at the British
Colonial Hilton.

The group will hear from
Vincent Vanderpool-Wallace,
minister of tourism and avia-
tion, who will offer a lun-
cheon address. He will be
joined by assistant commis-
sioner of police Hulan Hanna,
who will speak on matters
related to marina and boat
security.

“Thanks to the support of
the Bahamas Hotel Associa-
tion and the Inter-American
Development Bank, we were
able to form the Marina
Operators of The Bahamas
last year. While we are still in
our infancy, we have made
good strides during our first
year, working on several key
initiatives and building an
organisation which increas-
ingly in the future will play a
pivotal role in furthering the
development of the marina

TEACHERS AND SALARIED WORKERS
CO-OPERATIVE CREDIT UNION LTD.

NOTICE OF

ANNUAL GENERAL MEETING

TO: All Members of Teachers and Salaried Workers
Co-operative Credit Union Limited
East Street South and Independence Drive

Notice is hereby given that the Thirty-Third (33rd)
Annual Meeting of Teachers & Salaried Workers Co-
operative Credit Union Limited will be held at the
British Colonial Hilton Hotel, located on Bay Street,
on Saturday, May 22, 2010 commencing at 8:00 a.m.

for the following purposes:

To receive the Report of the Board of Directors

of 2009

To receive the Audited Accounts of 2009.

To elect members of the Board of Directors.

To elect members of the Supervisory Committee
To discuss and approve the Budget for 2010.
To take action on such matters as may come

before the meeting.

Lenn King
Secretary

NB: VISITORS AND CHILDREN ARE WELCOMED,
HOWEVER, THEY WILL BE RESPONSIBLE FOR
THEIR LUNCH AT A COST OF $22.50 PER

PERSON

industry in the Bahamas”
said MOB president John
Bethell.

“We've added a workshop
component to the day specif-
ically to share solutions,
recognise opportunities, and
identify and address chal-
lenges we face as an industry.
The contributions made by
the marina and boating com-
munity to the overall tourism
sector are significant. We
realise that there is great
potential to build on this, but
we all must work in collabo-
ration as an industry and with
Government to be success-
ful.”

The MOB was formed in
June 2009 under the direction
of the Bahamas Hotel Asso-
ciation and the Inter-Ameri-
can Development Bank, with
funding support through its
Sustainable Tourism Entre-
preneurial Marketing Man-
agement Project. The goal of
the MOB is to represent the
needs and interests of mari-
nas and marina-related busi-
ness by facilitating and pro-
moting profitability through
competitive and sustainable
growth.

during the seminar that the
Government was one year
away from rolling out legisla-
tion that would encourage
small business growth - and
do away with many of the
barriers to that growth.

Mr Rolle said it was
through seminars and educa-
tional forums, such as the
Business Development Semi-
nar, that the Chamber was
positioning its members and
aspiring business owners to
navigate a system that often
dissuades many small busi-
ness owners.

"We are providing the

exec
‘



KHAALIS ROLLE

forums, we are increasing the
two-way dialoque and we

are providing the services,”
said Mr Rolle.

He added that the Cham-
ber was dedicated to working
with government to ease the
way in which small businesses
come into being, and said of
the Government's proposed
legislation:

"It will represent the sec-
ond generation package of
legislation, institutional sup-
port structure and incentives
needed to increase the con-
tribution of domestic small
firms to our GDP.”

Introducing
Bahamas

utive Property
Management
Company

www.BahamasEPMC.com

We are a newly formed company but we are not new to
the business of property management.

We have a combined experience of 25 years.

We provide a complete selection of high quality, cost

effective services for Communities, Associations and
Companies that have invested in
Residential/ Commercial properties.

¢ Property Management
* Financial Management
¢ Administrative Management
¢ Maintenance Management

Check out our website: www.BahamasEPMC.com
for more information.

Contact us for a quote

Cellular: 242-434-6167 «

Tel/Fax: 242-327-2635

Email:BahamasEPMC @ yahoo.com

Sheraton
Nassau

BEACH HES



The sew 700 room Sheraton Cable Beach Resort, Nassau, The Bahamas is looking

for

Banquet Manager

Effecuively monitor the daily operations of the Banquel Department, including pro-
viding support and guidance to fellow banquet personnel to ensure a successful and

eHective operation ending in a positive guest experience.

Essential Functions

* Review all written commuanication, ic., resumes, daily/weekly, Banquet Avent
Orders to determine appropriate staffing levels, room/station assignments, buffer

d&cer anc enhancements as thay relate Uc hanguets ancl meeting Trees sel-1ps.

Responsible for maintaining a strong client relationship and ensuring that all
convention specications are communicated to and executed by all hotel operating
departments. Maintain constant and timely communication with the Convention
Service/Catering Sales Manager as it applies to the clicnot at hand.

Responsible for the appropriate and timely set op of all functions and meetings
while maintaining standards of food, beverage and meeting specifications,

Skills & Abilities

Most be able to speak, read, woite and understand the English Language.
Requires good communication skills, both verbal and written.

Most possess basic computer skills and computational ability.

lost have a working knowledge of types of room set-ups and capacitica in
relation te type of event, ete.
Must have excellent interpersonal and sales-related skills.

Belial have exceplionil orpanizalional, Supervise©ry skills.

Must be able lo prepare and analyze dala and figures, and transcriplions prepared
on and generated by computer,
* Most have exceptional food and beverage knowledge and pricing.

Qualifications & Expericnce

* High School or equivalent education required, Bachelor's Degree preferred.

* Cie to two years of fool amd beverage service background and prior hospitality

expenence required,

Qualified applicants are invited to visit our website or email resumes to:

shbrpobet! sheraton.com

Note: All information will be held in strictest of confidence
Deadline for all applicants is June 7, 2010



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



PAGE 4B, MONDAY, MAY 10, 2010

THE TRIBUNE



BUSINESS
Bahamasair’s $25m taxpayer

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a)

LEONARDO DA VINCI LIMITED (SAC) is in dissolution under
the provisions of the International Business Companies Act 2000 s.

137 and section 45 of the Segregated Accounts Companies Act, Chapter
396C,

The Dissolution of said Company commenced on May 5, 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 17th 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

subsidies ‘substantially
lower’ within two years

FROM page 1B

would take Bahamasair back-
wards to 1991, the last time it
had such aircraft options, Mr

Farrington said it would be
impossible for the airline to
do this as industry dynamics
had shifted so greatly.
Henry Woods, Bahama-
sair's managing director,
pointed out that, for instance,

any distribution made before such debts are proved.







































MAY 6, 2010
ZAKRIT SERVICES LTD.

LIQUIDATOR OF THE ABOVE-NAMED COMPANY



Cohen & Klein Consulting

(www,cohenandklein,com|

KINGSWAY ACADEMY

ELEMENTARY
ENTRANCE EXAMINATIONS

Presents

The Most Practical & Comprehensive

Debt Collection Training in Bahamas oid

Kingsway Academy Elementary will
Entrance Examinations for all elementary
grade levels:- K4 to Grade 6 from 9:00 a.m. to

12:00 noon on Saturday, May 29, 2010. Parents

OCK 700 Debt Collection Strategies; June 15-18
for New and Experienced Collectors and Compliance Officers)

OCK 600 Debt Collection & Revenue Management, June 21-24

_— oe are asked to collect application forms from
for Managers acd Supervisors)

the Elementary Desk in the Administration

Registration deadline: May 19, 2010 building between 8:30 a.m. and 4:00 p.m. daily,

before the testing date. Application forms may

Foor mire Wnfiormadiom call asa OSE) 750-6340 or Pans (54) 731 -tebllb
For our brochure, traiming costs and other details visi
mew coheaandk dein com (1K e-mea! us at collect gatesnet

also be accessed from the school’s website

www.kingswayacademy.com (see Document

Truming Location Mette s Place - Cosuaninas Powalsads)
Nassau, Bahamas
For further information, kindly contact the school at

telephone numbers:- 324 - 5049 or 324 - 2158

Tehepabunnes (242) 327-315 04, Fee: (42) 7-815

FG CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

ROYAL FIDELITY

Money at Work
CVOLGI inlA

BISX LISTED & TRADED SECURITIES AS OF:
FRIDAY, 7 MAY 2010
BISX ALL SHARE INDEX: CLOSE 1,586.37 | CHG 24.99 | %CHG 1.60 | YTD 20.99 | YTD % 1.34
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

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

52wk-Low Daily Vol. EPS$ ___ Div$ PIE
0.250

0.050

0.598
-0.877

0.168

0.055

1.406

0.249

0.460

0.111

0.627 44
-0.003 N/M
0.168 54.0
0.678 15.6
0.366 13.9
0.000 N/M
0.035 7.7
0.407 ae
0.952 10.5
0.156 64.1
ases)

Interest

Securit y

AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas 20
Colina Holdings : : 195
Commonwealth Bank ($1) 10,000
Consolidated Water BDRs 1,038
Doctor's Hospital
Famguard
Finco
FirstCaribbean Bank
Focol (S)
Focol Class B Preference
Freeport Concrete
ICD Utilities
J. S. Johnson 9.95 9.95 0.00
Premier Real Estate 10.00 10.00 0.00

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

Security Symbol Last Sale Change Daily Vol.
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00 7%
Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00 Prime + 1.75%
( + FBB13 100.00 0.00 7%

FBB15 100.00 0.00 Prime + 1.75%

Previous Close Today's Close Change

1.32
5.94
8.75
9.50
3.75
1.00
0.27
5.00
9.95
10.00

2.54
6.07
9.08
10.60
5.08
1.00
0.27
5.59

2.54
6.07
9.08
10.60
5.08
1.00
0.27
5.59

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

52wk-Hi _52wk-Low
1000.00
1000.00
1000.00

1000.00

Maturity
19 October 2017
19 October 2022
30 May 2013
29 May 2015

)
)
Fidelity Bank Note 13 (Series C)

Fidelity Bank Note 15 (Series D) +
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)

EPS $
2.945
0.000
0.001

Div $ PIE
0.000 N/M
0.480 N/M
0.000 256.6

52wk -Low Symbol
7.92 Bahamas Supermarkets
6.00 Caribbean Crossings (Pref)
0.40 RND Holdings

Bid &
10.06

Ask$
11.06
2.00 6.25 4.00
0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
30.13 31.59 29.00
0.45 0.55 0.55
BISX Listed Mutual Funds
NAV YTD% Last 12 Months %
1.4602 6.57
2.9020 -0.11
1.5289 4.75 30-Apr-10
3.2025 -3.54 31-Jan-00
13.4986 5.44 31-Mar-10
107.5706 6.99 103.987340 103.095570 31-Mar-10
105.7706 13.50 101.725415 99.417680 31-Mar-10
1.1034 5.25 31-Mar-10
1.0764 437 31-Mar-10
1.1041 5.34 31-Mar-10
9.5795 5.33 31-Dec-09

Last Price.
14.00

Daily Val.

4.540
0.002

0.000
0.000

9.03
261.90

29.00 ABDAB :
0.40 RND Holdings 0.00%
NAV 6MTH
1.407626
2.830013
1.491956

NAV Date
31-Mar-10
30-Apr-10

52wk-Low
1.3702
2.8266
1.5127

NAV 3MTH
1.438700
2.886947
1.507147

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
CFAL Money Market Fund
2.9343 Royal Fidelity Bahamas G & | Fund
12.6816 Royal Fidelity Prime Income Fund
100.5448 CFAL Global Bond Fund
93.1998 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000 FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005 Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 1

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

Royal Fidelity Intl Fund - Equities Sub Fund

10.0000 10.5417 -2.13 10.96 31-Mar-10

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 earnings 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

4.8105 47.51 31-Dec-09

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV §$ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month eamings
S) - 4-for-1 Stock Split - Effective Date 8/8/2007
$1) - 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

the airline back then had no
competition in the domestic
market, unlike today’s envi-
ronment where it faced
numerous rivals in the shape
of privately-owned Bahami-
an carriers.

And, responding to pilot
concerns about the alleged
lower cargo capacity of the
Q400s and Saab-340s, the
chairman told Tribune Busi-
ness: "Our plan, if it gets
approved, will have a cargo
service associated with airline
operations, so during the peak
periods, we'll have a way to
transport excess baggage that
they'll [the customer] have to
pay for.

"We're not exactly oblivi-
ous to the operational situa-
tions that have to be dealt
with."

Mr Farrington acknowl-
edged that acquiring the four
Q400 Bombardiers would car-
ry a price tag of roughly $20
million per plane, but "not all
are going to be required at
one time". He also conceded
that the financing would
"require some guarantee"
from the Government, given
Bahamasair's financial state.

"That's unavoidable," Mr
Farrington said of the guar-
antee, "whether we use the
Export Development Corpo-
ration from Canada or do it
100 per cent here.

It would be good if we
could collateralize the planes
and let them stand on their
own, but I don't know if a

financial institution will accept
that."

And he added: "We're not
wanting to be antagonistic
towards the pilots.

This is not an exercise in
one upmanship. We're really
very genuinely focused on us
getting to a point where we
get the absolute best results,
and we must be synchronized
in effort and desire. It's in all
our best interests to get the
best results. There's a mutu-
ality in this that's undeniable.”

Still, Mr Farrington
acknowledged that Bahama-
sair was "very, very chal-
lenged", having missed bud-
get forecasts. The airline was
unable to obtain the full
amount in additional subsi-
dies it had sought from the
mid-year Budget statement,
and he added that Board and
management were focusing
on ensuring it survived the
current fiscal year.

"We've been looking at it
very closely and doing things,
and I think that we will," Mr
Farrington said of Bahama-
sair's prospects of making it to
June 30, 2010. "Getting to the
finish line might be hard, but
the Board is very engaged,
management is very engaged,
and we're looking at cost con-
tainment.

"But there's only so much
you can do before you reduce
the quality of service. We're
getting a lot more compli-
mentary comments on what
we're doing.”

PUBLIC NOTICE

INTENT T

HANGE NAME BY DEED POLL

The Public is hereby advised that |, CHARMADD
CHARDIO JONES of #48 Pine Forest E.M.R., P.O. Box
F-0666, The Bahamas, intend to change my name to
CHARDIO CHARMANO KNOWLES. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, PO.Box
N-742, Nassau, The Bahamas, no later than thirty (30)
days after the date of publication of this notice.

CLIFTON HERITAGE AUTHORITY
Clifton Heritage National Park
South West Road
Nassau Bshamas
Tel: 1242 )562-4 068 oe D242 )962-5 1021 oF Faw
Sites
Email: park clifion @ yahoo com

EMPLOYMENT OPPORTUNITY

Chiton Henlage Nateoal Park, whech is one of the
oâ„¢ontry's most beautiful and historic locations, is secking

an pieal candadatce for
ACCOUNTANT.

ihe position of ASHIATANT

FREIMARY DUTIESJRESPONSIBILITTES

® Ensure the integrity and accuracy of all financial

accouns are mainlasned threugh the mainlesance of
the geeral beleer journal weochers, accounts payable
COCurEntEtion And other Conainchal pecopds

« Compile statistical, aocoanting reports and tables
penlaining to cash receipts, expenditures, accounts

payable: and reocivables

Prepare monthly financial statements for managers

and monthly forecasting

Assia with the preparatoon of the Annual Bude
Review and prices all financial ansactiona
Prepare requailions far office and other neline supply

parchaies bor the park

Liaise with extemal auditors to produce the andual
Audited Financial Statements

UIREMENTS

Advanced proficiency in QeickBooks
Thoreugh knowledge of accomnling practices and

PrOoeines, acomnling regulalnoes and legislalion in

‘The Hahamas.

Possess slrong quantitative and problem solving skills
Alnbity lo keep systemalec and detailed records
Must be proficient in the Microantt Office suites,

especially Excel aml Word

Be disciplined to keep company information stnctly

confidential

LALTFICATIONS

Completion of an Associate's Gepree om Accmning Wil
a Thinimom of five years caperience of a Diploma in
Accounting or a related depres with a minimanm of three

YEH experience

Application forms are available af the Clifton Heritage
Authority's Office, South West Reed, and mast be swhmit-

led by 14th May. 2010.

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



THE TRIBUNE

FROM page 1B

spreads for emerging market
bonds.

Besides the limits on credit,
which were set to remain
"stringent" as US financial
institutions repaired their bal-
ance sheets following the
credit crunch, the IMF said
of US consumers: "House-
holds will face a prolonged
process of rebuilding balance
sheets, given the size of the
crisis-related damage.

"Accordingly, private con-
sumption - the main compo-
nent of aggregate demand, at
about 70 per cent of GDP -
will likely be sluggish, as the
saving rate is apt to rise fur-
ther, beyond its recent jump.
Over the medium-term, this
will support a reduction in the
current account deficit."

For the Bahamas, the trans-
lation of all this is that US
consumer spending will be
impaired/depressed for some
time to come, meaning that
less money will be spent both
on - and during -vacations to
this nation.

Analysing the implications
of the IMF's message, Anwer
Sunderji, Fidelity Bank
(Bahamas) chief executive,
said: "Bahamian economic
recovery is hugely dependent
on US consumption, and if
US consumption is not going
to have a quick recovery to
pre-crisis levels, then the
recovery in the Bahamas will
be more protracted and take
considerably longer.

"It certainly isn't very
encouraging for us, but I think
that in many respects we've
been expecting this recovery
to be much slower than his-
torical recoveries from previ-

ous recessions. The US sav-
ings rate needs to go up quite
substantially.”

Mr Sunderji said the US
personal savings rate in
March 2010 stood at 2.7 per
cent, compared to the "close
to zero" position it stood at
during the height of the last
decade's spending boom. But,
at the height of the uncer-
tainty surrounding the credit
crunch, the US savings rate
peaked at 6.49 per cent in
May 2009, with Americans
savings more than six cents
out of every $1 earned.

And total US consumer
spending rose to $10.42 tril-
lion in March 2010, a 0.6 per
cent increase upon the month
before, with total disposable
income also up by 0.3 per cent
month-over-month to $11.09
billion.

The increased US con-

sumer spending could be one
reason behind the seeming
recovery experienced by
Bahamian hotels during the
2010 first quarter, but Mr
Sunderji said: "Consumers are
spending a little more now
than they did before, but
there's little doubt that the
savings rate is not going back
to zero.

"US consumer spending
has been growing steadily
over the last 12 months, which
is the reason why recovery is
taking place in the US. If con-
sumer confidence is returning
in terms of increased spend-
ing, recovery will be faster,
but I'm not sure the spend-
ing is sustainable because
people have lots of prob-
lems."

Warning that it would be
"well into 2011 before we see
any tangible signs" of

MONDAY, MAY 10, 2010, PAGE 5B
=
Bahamas recovery ‘protracted’ until ‘well into’ 2011

Bahamian economic recov-
ery, Mr Sunderji told Tribune
Business: "Our economy is
affected not only by US con-
sumer spending, which clear-
ly affects jobs and incomes in
the Bahamas.

"We know unemployment
remains stubbornly high, and
wages and other income have
been impacted since the
financial crisis. Bahamian con-
sumer spending has dropped,
while banks are busy trying
to recover funds lent.

"There's more work to be
done before we see recovery
in the domestic economy. We
need more jobs, and will not
see them until the tourism
sector recovers. That depends
on US consumer spending.”

The Government's foreign
currency borrowing plans,
meanwhile, may also be
impacted by the likelihood

that a large increase in the US
federal deficit has, as the IMF
reported, "potential to put
upward pressure on emerging
market spreads".

"There's no doubt about
that," Mr Sunderji confirmed.
"Emerging market sovereign
paper pricing is based on US
Treasuries, so if you have an
upward bias in terms of yields,
there's a direct correlation
between that and sovereign
debt issued by emerging coun-
tries.”

The Greek crisis, he added,
had sparked "a flight to safe-
ty", and investors in emerg-
ing market countries’ bonds
wanted a higher yield, or
interest rate, to compensate
them for perceived extra risk.

"We'll see the cost of bor-
rowing go up for the Bahamas
and all emerging market
countries,” Mr Sunderji said.

BEST PRICES in Treasure Cave!

20-100” rise in persons
seeking food assistance

#1432 - 3 bedroom, 2 bathroom

fined “Eleuthers lone with



a bright & open Moor plan, a










Tibet Shin] “1
with tik

AF, Sandy pera enc lise

43993 <4 bedroom, 2 balkroom,

viii’ Luca

Nooring, central

vind, large palin, storage shed

aa)
a wid 24h security






These Pontes Hor Last Loag!






$349,000 Gross each

Take your Pick!

Craig Pinder 457-2282
email: Craign Paradise Bahanas.com









cull so a/b

TARADISE REALDY



Ww RMK



’ qt BS co MM Te,
ei =<
= f

Mar,
a.

OF THe BAHAME

Hands for Hunger told Tri-
bune Business at the week-
end that the number of peo-
ple requesting social service
assistance from the Govern-
ment increased by 50 per cent

Hands for Hunger survey of
service agency representa-
tives, the number of people
in need of emergency food
services (as measured by
requests for food assistance)

UU UT
MR BRC
US eT are

EMPLOYMENT OPPORTUNITY
SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas, a statutory agency responsible for
the oversight, supervision and regulation of the Investment Funds, Securities
and Capital Markets in or from The Bahamas, as well as the supervision of
Financial and Corporate Service Providers, invites applications from qualified
Bahamians for the following position:

Deputy Manager Corporate Affairs

Responsibilities:

Providing strong support to the Manager, Corporate Affairs and the
Executive Director in the execution of Human
Resource planning and HR benefit administration for the Commission
Assisting with managing training, human resource development,
compensation, benefits programs, ensuring compliance to policies and
procedures for the Commission.
Building and sustaining effective relationships with employees thereby
enhancing and strengthening the Commission's performance
Assisting with managing the general office administration of the

Commission

Competencies:

Sound knowledge of Compensation and benefits programs

Sound knowledge and understanding of HR management practices
Knowledge of labour legislation in the region
Developed negotiation skills

Well developed interpersonal and leadership skills

Good training delivery and facilitation skills
Must respect confidentiality

Excellent analytical skills

Proficient computer skills (Microsoft Office applications, and HRIS)

Qualifications and Experience:

A Bachelor's degree with professional Human Resources certification
3-5 years experience in all aspects of Human Resource Management

A competitive salary and benefits are being offered. To apply, please write

attaching a resume to:

MANAGER HUMAN RESOURCES
SECURITIES COMMISSION OF THE BAHAMAS

P. O. BOX N-8347
NASSAU, BAHAMAS
Fax: 356-7530

E-Mail: info@scb.gov.bs

Applications should be submitted no later than May 14, 2010

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

Rt. Hon. Hubert A. Ingraham

Jonathan Rodgers that the
level of food deprivation in
the Bahamas has risen by 25
per cent, and that Hands for
Hunger serves 10,000 meals
a week, are not correct, the
company said that the num-
ber of Bahamians seeking
food assistance is continuing
to increase.

In a statement, Hands for
Hunger said: “Although
Hands For Hunger currently
serves 14 agencies, there is
still a significant unmet need
in our community. In fact,
there are over 40 agencies on
our waiting list hoping to be
considered for food assistance
for their hungry constituen-
cies.

“Given the dearth of

PROCLAMATION

large patio With mwa
Swimming, eal, privacy
larkbacapang, all ma friendly &
pated community FROM page 1B throughout 2009 to 12,000, has risen by an average of 20- _ research relating to statistical
according to official statistics. | 100 per cent since 2007. information on poverty in the
rate. And according to a 2009 While comments by Dr Bahamas as well as poverty

alleviation efforts, the task of
first identifying and then
tracking the hunger problem
here is arduous.

“Unfortunately, hunger is
a humanitarian obstacle that
has historically challenged,
and continues to challenge,
communities across the globe.
The day when every Bahami-
an is given the opportunity to
eat three meals a day will also
be the day that Hands For
Hunger is no longer needed.
Until, this time, however, giv-
en the subdued economic
conditions and ongoing world
hunger crisis, we anticipate
that the number of people
hungry in our community will
not decrease sizably in the
near future.”

WHEREAS, the Cancer Society of The Bahamas (CSTB) was established in
1976, with its primary mission being to provide support services to cancer patients and
their families, as well as educational programmes that are aimed at the prevention and

treatment of cancer;

AND WHEREAS, the Cancer Caring Centre (CCC), a residential care facility
that is operated by the CSTB and manned by a cadre of volunteers, has become the
operational center of the organization, providing room and board for cancer patients, as
well as acting as a platform from which to launch fund-raising and other events;

AND WHEREAS, included among the many accomplishments of the CSTB are
the promotion of community educational programmes and health drives, donation of
equipment to medical facilities, educational spcnsorships such as the donation of
diagnostic and screening equipment to the Princess Margaret Hospital, the award of
scholarships to Bahamian students who express interest in the study of Cytotechnology
and Oncology Nursing, the annual observance of “Cancer Awareness Month’ in The
Bahamas, the national promotion of National Pap Smear Testing, Breast and Prostate
Screening across The Bahamas, the establishment of male and female cancer patients’
support groups, the annual sponsorship of children to Camp Good Days in New York,
and the establishment of CSTB branches in the islands of Eleuthera, Grand Bahama,
Abaco, San Salvador and Andros;

AND WHEREAS, the CSTB can be justly proud of its numerous accomplishments
over the past thirty-five (35) years of its existence as it again engages the public in
activities relative to the prevention and treatment of cancer during the worldwide
observance of May as cancer awareness month;

NOW THEREFORE, | Hubert A. Ingraham, Prime Minister of the Commonwealth
of The Bahamas, do hereby proclaim the month of May, 2010 as “ Cancer Awareness

Month”.

IN WITNESS WHEREOF, | have
Hereunto set my Hand and Seal
this 6th day of May, 2010

fh.

Hubert A. Ingraham
Prime Minister





PAGE 6B, MONDAY, MAY 10, 2010

THE TRIBUNE



LEGAL NOTICE

NOTICE

WILLARD SERVICES LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act (No.
45 of 2000). WILLARD SERVICES LIMITED, is in
Dissolution.”

The date of commencement of dissolution is the 7th day of
May, 2010.

Epsilon Management Ltd.,

Suite 13, First Floor, Oliaji Trade Centre,
Francis Rachel Street, Victoria, Mahe,
Republic of Seychelles
Liquidator





































Legal Notice

NOTICE
SANTOS GROUP
HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

BUSINESS
Bahamas First ‘at low end’ of forecast 5-7% top line drop

FROM page 1B

ests exist for us," Mr Ward
told Tribune Business.
"There's an agency Family
Guardian has in its fold of
companies that was set up to
write general insurance busi-
ness from an agency perspec-
tive, and we'll be looking to
initiate a relationship with
that for Bahamas First to
facilitate that business.”

In other words, Family
Guardian General Insurance
Agency, which the company
hopes to have launched by
end-June 2010, will write (sell
policies) for Bahamas First.

"T think the concept was a
good one," Mr Ward told Tri-
bune Business of the merger
break-up, “and to the extent
there was a level of disap-
pointment, it would be that a
very god idea did not come
to fruition.

"Like everything else, the
timing has to be right, and one
of the factors in this instance
was that the timing didn't
seem to be right.” Declining
to detail the synergies/benefits
the merger was intended to
release, Mr Ward described
as "a lot of conjecture" many
reasons given for the
Bahamas First/FamGuard tie-
up falling through.

"A lot of people in the mar-
ket have had a lot to say on
this transaction, but they're
not necessarily speaking from
a position of knowledge,” Mr
Ward added. However, Tri-
bune Business has been able
to confirm via contacts close
to both companies that the
reasons it detailed for the
break-up - differences over
which company would be in
charge post-merger, and an

inability to agree on the valu-
ations for both firms - were
the key factors that scuppered
the deal.

Still, Bahamas First appears
to be leaving the door open to
the possibility of resurrecting
merger talks with FamGuard
Corporation in the future.
"Having been involved in a
number of transactions in the
past, who's to say this will not
come up in the future?” Mr
Ward added. "It's best for me
to say: ‘Never say never'."

The Bahamas First presi-
dent also denied that the
holding company merger
device was intended to cir-
cumvent Bahamian law,
which bars composite insur-
ers - companies that offer
both property and casualty
and life and health insurance
- telling Tribune Business that
this was "not one of the dri-
ving forced behind this deal”.

Looking forward to a better
2010, Mr Ward said: "There's
quite a lot of sentiment out
there in the marketplace that
we are seeing green shoots of
recovery. We definitely antic-
ipate seeing an upturn in the
marketplace through reten-
tion of aggregate and new and
renewable business. It's an
improving picture.

"T think there's certainly an
opportunity for us to recap-
ture some of the premium lost
as a result of non-renewals.
The pace of new business is
going to continue to lag a bit,
but we will possibly recapture
some of the business lost as a
result of the increase in non-
renewals in the past year."

While different Bahamian
insurers would have different
reports to make, Mr Ward
said Bahamas First had been
"of the view that we will see a

5-7 per cent fall-off in top line
growth, and I think we will
end up with 2009 showing at
the low end of this expecta-
tion”.

He added that Bahamas
First's 2009 results were "not
disappointing having regard
to the overall economic envi-
ronment", and the company's
investment assets suffered no
major decrease in value.

The merger's demise,
though, did not come as a
major shock to the market.

"I always questioned it
from the beginning. Who's
getting what? Where's the
value being added?" queried
Kenwood Kerr, chief execu-
tive of Providence Advisors.

As previously reported by
Tribune Business, a merger
between Bahamas First Hold-
ings and FamGuard Corpo-
ration, the parent companies
for Bahamas First General
Insurance Company and
Family Guardian, would have
created a conglomerate with
just under $305 million in
assets and $178.723 million in
premium income, based on
their 2008 year-end financials
(the last year for which audit-
ed financial statements are
available for both).

Net income for 2008, if they
had been combined then,
would have been $8.364 mil-
lion - a figure some in the
insurance industry suggested
would be a relatively poor
return on top-line premium
and assets. The 2009 figure
net income figure, they added,
was likely to have been simi-
lar.

And given that FamGuard
at year-end 2008 had assets
of just over $176 million, and
Bahamas First net assets of
slightly more than $128 mil-

lion, it would appear that
based on this criteria any
merger should have been
weighted 60:40 in favour of
FamGuard.

Franklyn Wilson, chairman
of RoyalStar Assurance, a
major competitor to Bahamas
First, said the merger break-
up would have little to no
effect on either the Bahamian
insurance market or the two
companies involved.

"T don't see much fall out
from it," Mr Wilson told Tri-
bune Business. "To me, these
things are very difficult to
accomplish, and notwith-
standing the good intentions,
when you get into the detail,
these are not very easy things
to do.

"They remain very strong
companies, and the viability
of each as individual entities is
not in doubt. A business deci-
sion was made to go it alone."

Mr Wilson added that both
companies might have bene-
fited from the process, telling
this newspaper: "The process
of doing internal reviews has
left management on each side
with a true sense of each com-
pany's worth and what they
should be doing going for-
ward."

Keith Davies, the Bahamas
International Securities
Exchange's (BISX) chief
executive, also said there was
no disappointment about the
exchange not receiving an
insurance conglomerate list-
ing, as the merged Fam-
Guard-Bahamas First had
pledged to list on the
exchange.

He said it was a sign of
"maturity" that both compa-
nies had decided to end talks
before they became "too far"
advanced.

Legal Notice

NOTICE
YYBYSJCJ LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ROBINSON PLAINES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
MERCURA CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
JACARANDA PARK LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
FORT APACHE INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NEW MATTE HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P. O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
DRIZZLE BLINK

HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
AMOON TRADING

INVESTMENT LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PEARLY BAY GROUP LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 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



THE TRIBUNE

FROM page 1B

Ontario Securities Commis-
sion ruling on the collapse, he
was provided with a Decem-
ber 30, 2001, letter vouching
for the value of debentures
held in one of the Channel
Funds by Mosaic Composite.
The latter is the key Olym-
pus Univest counterparty
through which much of the
funds’ investments flowed.

“In his examination before
the receiver, Gomez stated
that he relied upon Mount
Real’s valuation of the Chan-
nel Funds’ debenture invest-
ments while performing the
audit of Mosaic Composite,”
the Ontario Securities Com-
mission said in its ruling.

“However, he [Mr Gomez]
also stated that he did not
believe Mount Real to be an
arm’s length party. He stated
that he thought there was a
connection between Mount
Real and the Norshield
investment structure, and that
he did not have confidence in
Mount Real’s valuations.

“Gomez & Gomez [Grant
Thornton (Bahamas )] also
received a management rep-
resentation letter dated Janu-
ary 2, 2002, from [Stephen]
Hancock, as a director of
Mosaic Composite, which
assured them that the valua-
tions of investments in deben-
tures were properly present-
ed.”

The Commission’s ruling
said Mr Gomez told the
receiver that he believed Dale
Smith, one of those it had
charged as a result of Nor-
shield’s collapse, was the “dri-
ving force behind the audit”.

“Gomez & Gomez asked if

Grant Thornton could per-
form an audit of the Channel
Funds for 2002. He [Mr
Gomez] stated that Smith
chose Brooks, Di Santo to
perform the audit instead,”
the Commission’s ruling said.

The Channel Funds played
a key role in the Olympus
Univest investment structure’s
collapse, the Canadian receiv-
er finding that the their net
asset values (NAVs) “were
overstated by at least $200
million for 2002 and $300 mil-
lion for 2003, an overstate-
ment of approximately 88 per
cent in 2003”.

The Norshield/Olympus
Univest saga has left the
Bahamas with something of
a black mark, given the exten-
sive losses suffered by
investors, who have yet to
receive a convincing explana-
tion as to where their millions
of dollars went. Much of the
investment structure, includ-
ing key counterparties, were
domiciled in the Bahamas.

Ruling

Apart from Mr Gomez and
Grant Thornton (Bahamas),
the Ontario regulator’s ruling
also examines the roles played
by other Bahamas-based
financial executives and firms.
Chief among them are
Stephen Hancock and the
firm he once headed, Cardinal
International, which served as
the fund administrator for
Olympus Univest before
being wound-up shortly after
the fund’s demise.

The Commission’s judg-
ment reflected reasonably on
Mr Hancock, who played an
integral role in the structure,
finding against claims by Nor-

shield’s two managing minds —
Mr Smith and John Xan-
thoudakis — that he controlled
some of the key entities and
was just as responsible as they
were for what happened.

Describing Mr Hancock as
a chartered accountant, and
director, chairman and chief
executive of Cardinal, the
Commission said he was a
Mosaic Composite director
from October 1, 1997, to Sep-
tember 27, 2004. He also held
posts as an Olympus Univest
director from January 17,
2001, to January 31, 2005, and
was also director of BICE
International — a Bahamian
International Business Com-
pany (IBC) that owned Olym-
pus Univest from November
8, 2002, to March 24, 2005.

The Commission’s judg-
ment did reveal one notable
coincidence, namely that Xan-
thoudakis’s sister-in-law
“served as an officer and/or
director of Cardinal (the com-
pany notionally in charge of
Mosaic Composite’s and the
Channel Funds’ books)”.

Summing up the evidence
provided by Xanthoudakis
and Smith, the Commission’s
judgment said: “They claim
that Mosaic Composite was
controlled by Hancock, who
was more than just a ‘rent-a-
director’.

“Xanthoudakis and Smith
express serious concern about
the reliability of Hancock’s
statements about their roles
with Mosaic Composite and
the Channel Funds. They
claim that Hancock has per-
sonal motivation to distance
himself from the events at
issue within the proceeding.”

Arguing that Mr Hancock
was “well-qualified to sit as a

director” on many Norshield
group entities, the pair alleged
that Cardinal, as the provider
of fund administration ser-
vices to Olympus Univest and
Mosaic Composite, “was ulti-
mately responsible for prob-
lems with the books and
records of those entities”

Xanthoudakis and Smith
also claimed that Cardinal, as
the fund administrator, was
responsible for calculating the
NAVs until 2004.

Judgment

Yet the Commission’s judg-
ment panel preferred Mr
Hancock’s testimony, given
under oath to the receiver, to
theirs. “Hancock, who served
as an officer and director of
Olympus Univest and Mosaic
Composite, told the receiver
under oath that all instruc-
tions in respect of Mosaic
Composite and the Channel
Funds came from Xan-
thoudakis through Smith,” the
ruling said.

“He stated that he liaised
with Smith, but it was his
understanding that Xan-
thoudakis was the decision
maker who passed instruc-
tions to Smith. Hancock also
stated that he did not make
investment decisions for the
Channel Funds, but that
instructions came from Smith,
who he presumed was acting
on decisions made by Xan-
thoudakis to accept invest-
ments that were being trans-
ferred into the Channel
Funds.

“While the respondents
submitted that Hancock had
his own reasons for distanc-
ing himself from events at
Norshield Asset Manage-

MONDAY, MAY 10, 2010, PAGE 7B
=
Auditor had ‘no confidence’ in failed $440m fund’s value

ment, his testimony was under
oath, uncontradicted by the
respondents and consistent
with that of Norshield Finan-
cial Group employees who
appeared as witnesses.”

The Ontario Securities
Commission ultimately found
that Xanthoudakis and Smith
were indeed the controlling
minds for Norshield/Olympus
Univest, concluding that they
“failed to deal fairly, honestly
and in good faith with
investors”.

The Canadian state’s secu-
rities laws were breached, and
the Commission found that
the duo failed to keep proper
books and records. They also
provided “materially mis-
leading” information to the



Commission’s staff, and with-
held facts showing securities
laws were breached.

“Only a small fraction of
the $159 million invested by
Canadian retail investors will
be recovered, according to the
receiver,” the Commission
ruled. “The fact that Xan-
thoudakis and Smith have not
provided any explanation to
the receiver for that deficit
concerns us, and is conduct
abusive to the integrity of the
capital markets.

“Xanthoudakis and Smith
engaged in a course of con-
duct that was abusive to, and
compromised, the integrity of
Ontario’s capital markets and
was contrary to the public
interest.”

Legal Notice

NOTICE
AJANTA S.A.

(In Voluntary Liquidation)









Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,

















Bahamas.

ARGOSA CORP. INC.
(Liquidator)





Legal Notice

NOTICE
OLD MAN TRAIL

HOLDINGS INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TANSY VALLEY INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
EPSOM DERBY LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
INJUP HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
AQUAMARINE INVESTMENT

HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CASTLE BAR LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BAMFORD OCEAN

INVESTMENTS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
WALSALLI S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
LUPIN PTE. LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 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



THE TRIBUNE

MONDAY, MAY 10, 2010, PAGE 11B

BUSINESS eee
‘Giving entitlement away
and buying it back, then

told it’s to your own benefit’

FROM page 1B

whether it would share in any
losses that BK Water and its
Veolia partner incurred.

“BK/BVeolia state that
there is no cost for the first 5
per cent ownership,” the
report said. “However,
because their price is $2 mil-
lion higher annually, there is a
real cost associated with
accepting this bid due to the
less competitive pricing.

“The additional needs of
Kerzner and Baha Mar
already belong to Water &
Sewerage Corporation, and
therefore giving it to BK/Veo-
lia for 5 per cent and 2.5 per
cent ownership respectively
is equivalent to giving away
an entitlement and buying it
back, while being told that
this is to your benefit.

“BK/Veolia’s price has
been uncompetitive for both
the Blue Hills and Arawak
Cay reverse osmosis projects.
Therefore, any future projects
should be competitively bid,
and BK/Veolia must offer
competitive pricing prior to
Water & Sewerage Corpora-
tion considering these owner-
ship offers.”

The internal management
document also pointed out
that the Water & Sewerage
Corporation’s legal advisers
believed the draft contract for
the Arawak Cay reverse
osmosis plant, which the
Bahamian investor group was
on the verge of winning
despite seemingly being more
expensive, “seems to impose
far more burdens on the Cor-
poration than on BK Water”.

The latter’s proposal to
guarantee the purchase of five
million imperial gallons per
day, as opposed to the three
million imperial gallons stip-
ulated by the Water & Sew-
erage Corporation for
Arawak Cay, would result in

the government-owned entity
buying two million gallons per
day for which it had no guar-
anteed sale. The report said
this was “equivalent to a $2-
$2.5 million additional annual
expenditure until the demand
is realised”.

The documents obtained by
Tribune Business show the
tension that existed at the
time between the Water &
Sewerage Corporation’s
Board and management, with
the Arawak Cay contract’s
bungled handling — and the
frenetic attempt to have the
plant ready to meet Kerzn-
er’s demands — at the centre
of the two sides’ differences.

The Board ultimately
appeared to end up pushing
the merits of BK Water/Veo-
lia, while the management
seemed to side with Consoli-
dated Water, the BISX-listed
winner of the Blue Hills
reverse osmosis plant con-
tract.

A financial review con-
ducted for former Prime Min-
ister Perry Christie by analyst
Deepak Bhatnagar agreed
that there was merit in both
approaches, and that neither
BK Water nor Consolidated
should get the Arawak Cay
deal.

He wrote that a compari-
son of BK Water/Veolia and
Consolidated’s bids showed
that the latter’s was the lower
offer by some $0.07 per 1,000
gallons sold “in regard to con-
struction and repayment of
the loan, and $0.128 lower
overall in comparison with
BK Water’s bid, which has
been accepted per letter of
November 11, 2005, issued by
general manager Abraham
Butler.

“This is despite the fact that
BK Water’s price per thou-
sand gallons is based on an
interest rate of 7 per cent, and
Consolidated has used a high-

er rate of interest of 10 per
cent. The construction of
Consolidated is cheaper by as
much as $8 million.”

BK Water’s bid was to have
been financed by a combina-
tion of CFAL, the former
Colina Financial Advisors,
and SG Hambros Bank &
Trust. Commenting on the
equity offer to Water & Sew-
erage Corporation, Mr Bhat-
nagar said it was “doubtful
whether this is what could be
construed as a strategic part-
nership”.

He added: “At best, Water
& Sewerage can expect to
have insignificant minority
interest of 12.5 per cent. The
four principals will hold 65
per cent, and reserve the right
to pick up the balance at 22.5
per cent. In any case, the val-
ue of the equity cannot mop
up the difference between the
lower bid from Consolidated
and BK Water’s higher bid.

“BK Water will have no net
asset as all capital costs are
financed by BK Water
through a loan from Colina,
who will have a lien on the
reverse osmosis plant. An
unlisted company’s shares are
valued based on net assets,
which is nil in the case of BK
Water. As for business value,
Water & Sewerage Corpora-
tion cannot expect to value
equity based on business val-
ue all of which is brought
about by Water & Sewerage
Corporation’s award of sup-
ply contract to BK Water.”

Mr Bhatnagar agreed that
giving the Arawak Cay
reverse osmosis plant contract
to Consolidated Water would
give it an effective monopoly
in water supply on New Prov-
idence, producing 11 million
gallons out of an expected
total 17 million gallons per
day. Yet there was “serious
risk” in giving BK Water the
contract.

DO YOU HAVE
WHAT IT TAKES?

Apply for the position of

Independent Sales Agen

Must have prior sales experience
Must have transportation
Must have great communication skills
Must be able to work flexible hours

Must be computer literate

Must be able to manage client
accounts/collections and receivables

lease fax to 328-2398 or

or email: tribads1903@gmail.com

We’re looking for a few good
people to join our team.



CREDIT SUISSEâ„¢

Credit Suisse AG, Nassau Branch - Wealth Management
is presently considering applications for a

Temporary Entry Level Position in the Compliance and Risk Management Department
Credit Suisse AG is one of the world’s premier banking institutions. Our dedicalon and highh qua bee
slaH provides our chantee with comprehensive solutions in indivadueal investnent coungeling and profes
sional portfolio management Our total commiimert is aiveys to our cients and we focus wethoul
comiproamiae on fei financial wedl-baing ard ther nemonal values.

The position is ooen to candidates wealh the following Tre Pequineneerics

Qualifications:
# Recent graduate of an accredited UniversityColleges
® PO Literacy (MS Word and Excel)
* Excellent compuiatonal and analytical skils

Duties:
The candidabe wil be expected tex
e Agsist with ensuring requested cocuments are pacwes and processed on a tinmnely base
* Assistin creat Nid] MENGRETHHTE PEpOreS
« Assist in ensuring that relevant policies are observed and controls maintained
« Maintain cliant dataases

Personal Qualities
* Excellent organizational and communication shils
«® Good work ethic and commibnent to service excallance
« = Ability to work under pressure and with minimum supervion
Applicalions must be in writing. Persons not meeting the minimum requirement need
nat apply.

Applications should be submitted by fax toc (249) DO2-§303

Or by mail to: PG. Box N-868071
Heeoeu, Bahan

DEADLINE FOR RECEIPT OF APPLICATIONS IS MAY 21, 20710



ott ES COMA. ‘
ah _ iy
_ i an , “4.

fips =
“P THE BAH AM

EMPLOYMENT OPPORTUNITY
SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas, a statutory agency responsible for the
oversight, supervision and regulation of the Investment Funds, Securities and Capital
Markets in or from The Bahamas, as well as the supervision of Financial and Corporate
Service Providers, invites applications from qualified Bahamians for the following
position:

Senior Officer: Policy and Research Department
Responsibilities:

Development of policies, guidelines and other regulatory tools through monitoring,
research and report development

Understanding the role and keeping abreast of developments in the global
financial regulation arena, in particular, regulatory developments related to the
securities and capital markets

Ongoing monitoring of current market activity

Interpretation of financial reports and investment data through the conduct of
research, collection of data, performance of statistical analysis, the production of
highly developed reports or detailed studies and oral briefings to department
members and management on the outcomes of their work

Completing surveys on the activities of the securities and capital markets, its
operations and regulation

Qualifications and Experience:

A Bachelor’s degree in Finance, Accounting, or Economics is essential, but a
Master's is preferred

Post-undergraduate study and/or training is highly desired, e.g.: Level | of the
CFA exam or graduate level courses in financial risk management

5 years minimum experience in a financial institution or policy development
environment or 3 years experience with a Master's degree in a noted field.

Competencies:

* A good balance between quantitative and written communication skills must be
demonstrated, in addition to the following:

* Well developed analytical thinking and problem solving skills

* Advanced research skills required to perform the duties described above

* A consistent, high degree of accuracy that leads to the composition of clear, concise
reports and analysis

* Strong quantitative skills that can be applied to assessing financial risk and
developing risk management policies

* Strong written and oral communication skills

* Excellent interpersonal skills

* Strong familiarity with databases (essential)

* Knowledge of securities legislation and the general financial sector legislative
framework is an asset.

* Strong organizational skills

* Proficiency in Microsoft Office products (Word, Advanced Excel, Access, etc.)

A competitive salary and benefits are being offered. To apply, please provide a resume
to the attention of:

MANAGER CORPORATE AFFAIRS
SECURITIES COMMISSION OF THE BAHAMAS
P. O. BOX N-8347
NASSAU, BAHAMAS
Fax: 356-7530
E-Mail: info@scb.gov.bs

Applications should be submitted no later than May 14, 2010

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





THE TRIBUNE

GENEVA

AIRLINES canceled hun-
dreds of flights across Europe
and added hours to trans-
Atlantic journeys Sunday as
planes were diverted around
a large plume of ash spewed
by an Icelandic volcano and
stretching from Greenland to
Portugal, according to Asso-
ciated Press.

So far, the weekend can-
cellations have been a frac-
tion of the flights nixed two
weeks ago when jittery Euro-
pean air traffic authorities
closed down much of the
continent's airspace for fear
the volcano's abrasive ash
could harm jet engines. But
the possibility loomed of con-
tinuing eruption, and rising
costs to airlines from ongoing
disruption.

The bulk of the cloud,
measuring 2,100 miles long
and 1,400 miles wide (3,400
kilometers by 2,200 kilome-
ters), stretched over the
North Atlantic, according to
the Irish Aviation Authori-
ty. It ordered Ireland's five
westernmost airports to close
Sunday afternoon but
allowed the country's three
biggest airports in Dublin,
Shannon and Cork to stay
open.

Airlines diverted their
trans-Atlantic traffic north
and south of the cloud, caus-
ing congestion as planes tried
to squeeze through remain-
ing routes. Some connections
were canceled entirely
because of an offshoot of the
main cloud that was snaking
its way from Portugal
through Spain, southern
France and northern Italy,
then up to Germany, the
Czech Republic and Austria.

Eurocontrol, the Brussels-
based agency that coordi-
nates air traffic control cen-
ters throughout the conti-
nent, warned airlines to plan
on taking on more fuel for
the longer flight around the
North Atlantic no-fly zone.

It said there would be
approximately 24,500 flights
within the European area
Sunday, about 500 below
average for this time of year.

A DEPARTURE board displays
cancelled flights at the Sa
Carneiro Airport in Porto, Por-
tugal, Sunday, May 9, 2010.
Dozens of flights in France, Italy
and Portugal were cancelled Sun-
day as airspace was closed
because of an ash cloud drifting
over from a volcano in Iceland
that caused major air travel
chaos last month. In Portugal,
all flights to and from the north-
ern city of Porto were suspend-
ed. (AP)

It said the ash cloud hovering
over the continent was
expected to dissipate and that
most of the closed airports
were likely to reopen later
Sunday.

Daniel Gerstgrasser, a
meteorologist with Switzer-
land's national weather
agency, said rain would help
wash out the cloud by Mon-
day morning and no further
ash drifts were expected to
reach the continent in the
coming 24 hours.

Longer-term forecasts
were less clear. Meteorolo-
gists say that until Eyjafjal-
lajokul (pronounced ay-yah-
FY AH-lah-yer-kuhl), the
volcano in southern Iceland,
stops erupting, the future
course of Europe's ash crisis
will depend heavily on the
prevailing winds. The erup-
tion of the glacier-capped
volcano has shown no signs
of stopping since it began
belching ash April 13. It last
erupted from 1821 to 1823.



Irish airline Aer Lingus
apologized to its customers
for a string of flight cancella-
tions since Tuesday, when
the ash threat returned to
Irish air space after a two-
week break.

Its trans-Atlantic services
to Boston and New York
were operating Sunday sub-
ject to delays.

United Airlines canceled
four flights from Rome,
Geneva and Zurich to Chica-
go and Washington. Other
trans-Atlantic flights were
operating with an average
delay of two hours, said
spokeswoman Megan
McCarthy.

European carriers includ-
ing British Airways, Ger-
many's Lufthansa and Air
France reported delays but
no cancellations on trans-
Atlantic flights.

Budget airline easyJet
stopped all connections to
and from its hub in Geneva
while Portuguese airports
reported 223 cancelations at
Porto and Lisbon. Like many
airlines, easyJet was using the
short messaging platform
Twitter to update passengers
on the latest developments.

Air space in northern Ital-
ian was closed for six hours
Sunday, and although
Milan's two airports were
among those coming under
the no-fly zone, other air-
ports heavily used by tourists
and Italians for weekend
trips, such as Rome’ airports
and Venice's Marco Polo air-
port, remained open.

Alitalia said Milan's
Malpensa airport quickly
geared up to resume flights
to New York, Tokyo and
Moscow. It said the great
majority of passengers who
couldn't fly out during the
six-hour shutdown would be
accommodated on flights lat-
er on Sunday.

Iberia canceled some
flights to Germany and to
and from regional airports in
the north of the country
including Bilbao, Valladolid,
Salamanca and Burgos.

Switzerland's national car-
rier canceled one trans-
Atlantic route from Zurich

YOUR CONNECTIONTO THE WORLD

PUBLIC NOTICE

TENDER - PRINTING AND
DELIVERY OF THE 2010
TELEPHONE DIRECTORIES

The Bahamas Telecommunications Company Ltd.
(BTC), is pleased to invite tenders from experienced
companies to provide printing and delivery services

for the 2011 Telephone Directories.

Interested companies may collect a specification
document from BTC's Head Office located at #21
John F. Kennedy Drive, Nassau Bahamas, between
the hours of 9:00 am and 4:30 pm, Monday to Friday.

Bids should be received by 4:00 pm, Thursday May 20,
2010. Bids are to be marked, “Tender for the Supply
of Telephone Directories” to the attention of:

Mr. | Kirk Griffin
Acting President & CEO

The Bahamas Telecommunications Company Limited

me.

#2] John F. Kennedy Drive

P.O, Box N-StM8
Nassau NLP, Bahamas



to Washington and 21 others
to destinations in Europe
because of airport closures
in Italy and Germany.
"There will definitely be
additional costs" to airlines
because of the latest disrup-

MONDAY, MAY 10, 2010, PAGE 13B

INSIGHT

tions, said Swiss spokesman
Jean-Claude Donzel. So far
however, the airline has no
plans to pass these on to cus-
tomers, he said.
Scandinavian operator
SAS, which is headquartered

BS CO
sme sme,

eh

f"
Py THE fy vHAMAâ„¢

Ash from Iceland’s volcano shuts European airports

in Stockholm, canceled four
European flights. Spokesman
Bertil Ternert said the com-
pany normally has around
700 flights on Sundays and
therefore the financial impact
would only be marginal.

Request For Proposal 05/10

Database Consultancy Services

The Securities Commission of The Bahamas (“the Commission”) is a statutory
body established in 1995 pursuant to the Securities Board Act, 1995, which
was repealed and replaced by the Securities Industry Act, 1999 (the SIA). The
Commission is responsible for the administration of the Investment Funds

Act, 2003 (the IFA) and the SIA pursuant to which it supervises and regulates
the activities of the investment funds, securities and capital markets. The
Commission, having been appointed Inspector of Financial and Corporate
Service Providers January 1, 2008, is also responsible for administering the

Financial and Corporate Service Providers Act, 2000.

The Commission invites proposals for the provision of database consultancy
services to guide the improvement of its internal database systems that house
quantitative and non-quantitative operational data, as well as information to

support its regulatory oversight and statistical functions.

Interested parties

are expected to submit a full project proposal identifying the proposed term of
engagement, the structure and nature of the consultancy and the deliverables
at each phase of the project. Copies of the detailed requirements may be
obtained by contacting the Commission as follows:

E-mail info@scb.gov.bs
Tel: 242-356-6291 /2
Fax: 242-356-7530

Mark submissions as follows:
Request for Proposal 05/10

Proposal to provide Database Consultancy Services to the Commission

Address tenders to:
Executive Director

Securities Commission of the Bahamas

3rd Floor Charlotte House
P.O. Box N-8347
Nassau, Bahamas

The Commission reserves the right to accept or reject any and all proposals.
Deadline for delivery to the Commission is on or before May 14, 2010





We take —
any trade-ins

E®

HÂ¥YLINOAI
Drive your way

SONATA HAS MORE

The award-winning Hyundai
Sonata features more
interior space with upgraded
seats and simplited

switchgear, more trunk space,
more horsepower while
impoving fuel efficiency, more

options and state-of-the art
safety technology.

Test drive the Sonata today

and experience its fresh new

European look with cutting
edge highlights.

On-the-spot financing available

Price includes rustprooting, licensing and inspection to birthday, full tank of fual,
24,000 miles/24 manths warranty and emergency roadside assistance.

QUALITY:

#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET * 322-3775 * 325-3079

Visit our showroom of Quality Auio Sales [Freeport] Lid for similar deals, Queens Hwy, 352-6122
or Abaco Motor Mall, Don Mockoy Blvd, 347-2914



auto
sales

LIMITED

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





Full Text
TRY a (\

Pim blowin’ it

87F
74F

ar
LOW

MOSTLY
~~ SUNNY

Volume: 106 No.140





The Tribune



ANY TIME...ANY PLACE, WE’RE #1







BAHAMAS EDITION

www.tribune242.com



Ute by |
ETE A

SEE INSIGHT SECTION '

Friends of hanged
teenager unhappy
with police probe

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

FRIENDS of a teenage girl
found hanged in her home are
convinced foul play was
involved in her death.

They say they are not satis-
fied with the police investiga-
tion into Keisha Thurston’s
death, claiming the police
have had a “one track mind”
from the start.

Friends claim someone was
“pestering” Keisha days
before she died, and they
believe this person should be
a “person of interest” in the
investigation.

It is understood Keisha may
have had an argument with
one of her friends the day of
her death, and neighbours
may have heard a commotion
inside the house.

More than two months
after her death, the police
investigation is still open and
continuing, even though offi-



KEISHA THURSTON

cers originally said it was an
“apparent suicide”.

Friends say they are con-
vinced her death should be
classified as “suspicious”.
They believe the police were
not aggressive in following up
leads and have not been thor-
ough in their investigation.

A close friend told The Tri-
bune: “Police had a one track

SEE page 14

School Supplies

ARGET!

co

“9 Hole Puncher Electric

Hp 92A Toner
aa qh a

28

ders Legal,
Colored

| 308 56561
ae AEN



MONDAY, MAY 10, 2010



=-USA TODAY

MISS BAHAMAS CONTESTANTS TAKE TO THE STAGE




MISS BAHAMAS 2010

at the Imperial Ballroom,



contestants take to the stage

| Atlantis, Paradise Island last
night. Seventeen contestants
were in the running for the
crown. Find out who was
triumphant at tribune242.com.











Two men die in traffic accident

A TRAFFIC accident on
Eleuthera has claimed the
lives of two men.

Driver Leander
Cartwright, 44, of Gregory
Town, and David Hamil-
ton, 23, of Hatchet Bay,
Eleuthera, were travelling
north in a Honda Civic on
Queen’s Highway between
Hatchet Bay and Rainbow

Bay when the accident
occurred at about 8.45pm
on Friday.

It is understood their car
collided with a Ford bus
with two passengers. It was
driven by Wellington
Hilton, of Rock Sound.

Mr Cartwright and Mr
Hamilton died of their
injuries, while Mr Hilton

— 4

Qu 1Znos SUB- MMMM... TOASTY!

and his two passengers
were slightly hurt.

One of the passengers
had to be airlifted to New
Providence for further
treatment.

A team of officers from
the New Providence Traffic
Division has been flown to
Eleuthera to assist in the
investigation.

PRICE — 75¢ (Abaco and Grand Bahama $1.25)

ie —



fata)
ett a]
Tel

Cool yee






Tie UE:
a Cty its

‘SEE PAGE FIVE



By AVA TURNQUEST
aturnquest@tribunemedia.net





A BREAKAWAY group of
Customs and Immigration offi-
cers have ceased membership
contributions to the Bahamas

Public Services Union
(BPSU), it was revealed last
night.

And after complying with all
the prerequisites necessary for
recognition as a separate
union, the group is now await-

ing formal government
approval.
SEE page 15











‘Very high possibility’
oil will be found in
Bahamian territory

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net



THERE is a “very, very high possibili-
ty” that oil will be found in Bahamian ter-
ritory as a result of exploration currently
underway, Environment Minister Earl
Deveaux has said.

Meanwhile, the environment minister
stated that the catastrophic consequences
of the recent Deepwater Horizon oil spill
in the Gulf of Mexico will “directly affect
(The Bahamas government’s) approach”
to how it manages any oil or gas resources
that are discovered.

“We would have the top experts in the
world advising us and would certainly look
for the best in class to ensure our oversight
of any oil exploration or drilling in The
Bahamas is done with the highest safe-
guards,” said Dr Deveaux.

He said his understanding about the
likelihood of oil being found in Bahamian
territory, where a number of companies
currently hold licenses for such activity, is

SEE page 14

Lady Edith Turnquest

suffers serious stroke

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net





LADY Edith Turnquest, wife of for-
mer Governor-General Sir Orville
Turnquest, suffered a serious stroke
on Saturday morning while vacationing
in London with her husband and eldest
grandson.

Her immediate family, including
Minister of National Security and MP
for Mount Moriah Tommy Turnquest,
arrived in London yesterday to be with
their mother, who has since undergone
neurosurgery.

According to a press statement from
the family, it was determined that Lady
Edith had suffered bleeding to the left

SEE page 14





SOB SANDWICH

toasted to enhance flavours
chet-inspired recipes
quality ingredients

top quality meats
made to order

party platters
Maderia Si* Paradise [sland «2 locathons ln Freeport





NASSAU AND BAHAM/

ISLANDS LEADING NEWSPAPER
PAGE 2, MONDAY, MAY 10, 2010

THE TRIBUNE

LOCAL NEWS





sl (, | ,

) Si “Hl 1
a ay



























































a oe SEMI

wa

Orial Farring on
is laid to rest

BISHOP SIMEON HALL PRESIDES OVER SERVICE



Ue
a ay

Tee Ra diy
PHONE: 322-2197



a

EZPay Plus now
available for Land
Line Subscribers

The format of your land Ing phene billhos changed. Moving
forward, you will recelve a sumnnarny of your land fine bil in the
mail. Your detailed tall acer: will be available ta you online,

viol BT's EZPoy Plus web portal. Your ureque user nance and

Paty
ee oes

posswerd which will dilow you ta aecess BIC's EfPaoy FIL

entaute fo you vied fhe rail, Vist our website ol

wri. btcboahamas.com/thinkgreen for more information.

Registration is easy! Here's how!

* Your user name and password will be sent to
you In the mail

* Visit our website at www. btcbahamas.com/thinkgreen
* Select the EZPay Plus button and follow the steps

New Features for y

debit cards
View your bills @

For more Information: CALL BTC 225-5282 or email: thinkgreenabtcbahamas.com
waw.btcbahamascom/thinkgreen « www.facebook.com/mybte

—_—













DESPITE “suffering criti-
cism” for his decision to do
so, former Christian Council
President Bishop Simeon
Hall presided over the funer-
al of 20-year-old Orial Far-
rington, the young woman
murdered outside a gay night-
club.

The service took place at
the New Covenant Baptist
Church, where Bishop Hall
is the lead pastor.

In his sermon delivered at
the funeral, Bishop Hall took
the opportunity to recom-
mend that it is “time for
churches in our Bahamas to
broaden their repertoire of
concerns”.

Bishop Hall said: “Today I
will lead in a funeral service
for a young lady who was
(allegedly) murdered while
at a gay club. I will offer com-
fort and solace to her family.
I maintain that while we will
always affirm the traditional
family values, we must not
demonise or denigrate others
whose lifestyles fall outside
of ours.

“IT believe and proclaim
that the grace of God when
extended can save and trans-
form anyone,” he added.

Bishop Hall said he feels
that “issues about homosex-
uality and gambling must not
be the extent to which the
Christian community is
heard”.

In announcing that he
would be leading the service
for Ms Farrington, Bishop
Hall said he felt it is impor-
tant that there is a “sensible
response” to those in our
society “whose sexual behav-
iour may be different from
ours.”

Ms Farrington, of Nelson
Street, was killed in the early
hours of Sunday, April 25,
after allegedly being struck
by the driver of a 2008 Toy-
ota Corolla outside the
Garage nightclub on Glad-
stone Road.

The incident occurred after
a massive fight, started inside
the club, spilled into the park-
ing lot.

Unelta St Louis, 21, and
Angela Newchurch, 27, both
of Fox Hill Road, were
charged before Chief Magis-
trate Roger Gomez on Fri-
day, April 30, of murdering
Ms Farrington.

They were not required to
enter a plea.

Two missing fishermen rescued hy US Coast
Guard from disabled vessel adrift at sea

SAN JUAN, Puerto Rico



THE U.S. COAST GUARD says two missing fishermen
have been rescued from a disabled boat drifting 12 miles (20
kilometers) off Puerto Rico's west coast, according to Asso-

ciated Press.

Spokesman Ricardo Castrodad says a separate vessel
spotted the 16-foot (5-meter) boat drifting in the treacher-
ous Mona Passage that separates the Dominican Republic

and Puerto Rico.

Aboard were two Puerto Rican men reported missing
Saturday after they failed to return from a trip to the Los

Rabos fishing grounds.

The vessel towed the disabled boat to shore and rescued
the men, who were reunited with their families Sunday.

Guard Lt. Gerard Wenk described the rescue as a "great
case of mariners coming to the aid of others."

Share your news

The Tribune wants to hear

from people who are
making news in their

neighbourhoods. Perhaps
you are raising funds for a

good cause, campaigning
for improvements in the
area or have won an
award.

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

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


THE TRIBUNE

LOCAL NEWS

MONDAY, MAY 10, 2010, PAGE 3



Water supplies restored, but
pressure still low for many

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

WATER supplies to areas
which went without for days
last week due to a leaking
pipe were restored over the
weekend.

However for many resi-
dents the pressure in their
water pipes still remains frus-
tratingly low.

Work to fix a leaking pipe,
located underground at the
junction of 2nd Street and
Robinson Road, was com-
pleted Friday, bringing water
supply back to residents in the
affected areas, including
Robinson Road, Foxhill
Road, Prince Charles Drive,
Winton Estate and
Yamacraw, according to
Water and Sewage Corpora-
tion Assistant General Man-
ager Robert Deal.

This was a day later than

A MAN was rushed to hos-
pital after being stabbed in
Club Waterloo, on East Bay
Street.

The 21 year-old Highbury
Park resident had allegedly
been involved in an argument
with a group of men inside the
club.

He suffered a stab wound to
the back, and was taken to hos-
pital in a private vehicle, at
around 3.30am on Saturday. He
is in hospital in a “stable con-
dition”, police said.

Meanwhile, sometime
around 12.45am on Sunday, a
36-year-old man from Millers
Close was walking in Andros
Avenue when he was shot in
the right leg.

His condition was not dis-
closed.

Police investigations contin-
ue.

Bahamian charged
With attempting to
smuggle migrants

A BAHAMIAN has
been charged with
attempting to smuggle 14
Caribbean migrants into
South Florida.

Kelsey James McQueen,
41, is alleged to have left
Freeport, Grand Bahama,
for West Palm Beach,
Florida, two weeks ago
with the migrants onboard
his boat.

US prosecutors said
McQueen had attempted
to flee when ordered to
stop by US Customs and
Border Protection officers.
A high-seas chase fol-
lowed, ending 10 miles east
of Palm Beach. McQueen
and 14 others on board
were taken into custody.

McQueen and four other
unidentified Caribbean
migrants appeared ina
West Palm Beach court
last Tuesday and will
return today for a deten-
tion hearing. They could
face up to two years in jail.

ee Be ES ies
Ga LL
Pest Control

ee ect
322-2157





~*~

the WSC had initially pro-
jected, after the process got
off to a slow start due to near-
by utility cables.

Irate customers left with-
out water to bathe, cook or
clean, flooded the WSC and





The Tribune with phone calls
leading up to the weckend,
complaining that their water
had been totally cut off and
without any prior notice being
sent out.

Yesterday, residents in

Yamacraw, Winton and Joe
Farrington Road said they
continued to suffer from unac-
ceptably low water pressure
after the supply was restored.

One Yamacraw resident
complained: “What was
promised and what is being
delivered are two totally dif-
ferent things. We were
promised the restoration of
supply, instead we’re getting
just a trickle through the
taps.”

Mr Deal said that remain-
ing pressure problems may
continue for some residents
for several days while the
WSC “fully regains storage
levels” at the affected Win-
ton Estates water storage
tank, which was cut off after
the supply line was shut down
due to the leak.

He said the water pressure
levels are being adjusted at
present so that a more highly
pressurised supply is available

during “peak times” morning
and evening times, while dur-
ing the day time pressure will
drop as the WSC seeks to
save water while the storage
tank is re-filled.

“Hopefully within another
few days we will have things
back to normal,” said Mr
Deal, adding that residences
in the Winton Estates area
would be most affected.

INDEX

MAIN/SPORTS SECTION
A 2 Soni ne heh, MOL
P12,14,15,19,20

P1,2,3,4,5,6,7,11
P8,9,10

Maderia St! ONLY

ENTIRE STOCK
Waverl
Fabrics

errs i

* 20% OFF NEW OUTDOOR
FABRICS FROM BRAZIL

“EXCEPT NET ITEMS, VINYL, PLASTIC

Candleholders,
Vases etc. J

Cra Te Ua aay

Home Fabrics

Madeira St. [242] 325-8233 * Robinson Ra.[242] 322-3080 * Fax:[242] 322-5251





3 pe Queen Sleigh Bed
1 pe Dresser

1 pe Mirror

2 pe Nightstands

1 pe 5 Drawer Chest

eT ase ol
er (alc Rom omey-1)









() DeskJet OfficeJet | LaserJet

PRINT

AUTHORISED DEALER

"Micronet

BUSINESS TECHNOLOGY



Where it’s at!

26 MADEIRA STREET, PALMDALE = f4a.o2d 5040 = WW MICRONET Bo





CLASSIFIED SECTION 36 PAGES

REAL ESTATE GUIDE 20 PAGES

USA TODAY MAIN/SPORTS 12 PAGES



CARPET, FURNITURE, MARBLE & TILE CARE

The Mort Tiomooon Rereeaniow A Clean Eve, oa THe Jom bi Frm!
ALAS Oey PROPEROMAL, CORTIPD Soe CaarT a Line oe CARs S7er res.

* Gunet Upholslery. one and Marit Claaning & Riestionion
Bpesnilist

* Paoohon Cloaning Syston rencvas Deep & Hoon Bo,
Bachar Croan. Waleirarig ad Staines iron Cupating 4
FumMiura, restoring them io lke nena al a fraction of placcmant
Stra

Caan Son, Lowen, Chain, Diaing Cheers, Cats Boe
Ge Ta Maga a Sore

+ egetiean, Wacoal hk Soil Compan ln Spee eed

+ habla Tia Asstorstion, Poishing, Sealing & Gans

Verbie Counter-Top Adoration 4 Prosbiny

Authorised Some Tech Profesciosa! Cenrecnor
CALL PROCHEM BAHAMAS
PHONE: 323-8083 o 323-1594
OWEY WE CAN 00 IT RATT!
WeT RAY

TULW LAL LAr an PT
PROCEIEM SV TEM fan

Sear? ae TRA oe © ee arg
ge pond ore.coet

Pe a TT

ce

i

IP ars Cinemas

The ‘all-ai-Marsihon
OX OFFICE OPER AT Pe) AN DATLY

EFFECTIVE MAY 7TH, 2010

ronan | 10] 351 | wa | 0 | WA]

soa =[s[w |
| WiGTMMARE OUELM STREET C115 | 390 | Wm | 66 |

execs [af as [en [oa [ wr [wa]
THEgacE ura tt | 00 | 935 | om | co | a0 | eon |
proevosers ic | ts | sas | rm | ts | as | os |
[OERTHATTHE FUNERAL 0 t| 120 | 395 | wo | Gan | aun | wos |
wer Dicer waRaED TO) | 10 | 325 | wa | oxo | a2 | vos |
[naw ro Tra YoU bawGoN coh a | 110] san | nm | 60 | an |
font ceawMerRO a | 120/35 | wo | 0 | ao | ro. |
ee ee ek

YOUR E-CARD TO REBERAE TICKETS AT SA0-S6u9 OF WW GALL ERAT EWA

fecrwot2——vew] a0 [ua [eao ] wa [740]
arrwunronen—_¢ [rs [a0 [WA | ene [090 ve]
fecacx rrtm —¥ [as [aa0 [WA] 50s [oa0] ve
fwetosens [rw [a5 [WA [ore [eas] ws]
earararewemar [115 [840 [WA [ets [635] ws]
faasrarmemans + [ras [aas [WA [eae [ea0] was]
SS SS

Use your e-card bo neserve tckets at SE+-3549 or visit us at
www. bahamaslocal com



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




PAGE 4, MONDAY, MAY 10, 2010

THE TRIBUNE

EDITORIAL/LETTERS TO THE EDITOR

Bahamas should be

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 1972-199]

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387

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

Lessons from the ‘Mother of Parliaments’

THE pulsating and historic general elec-
tion in Britain on May 6 has resulted in stale-
mate — a hung parliament which was last
seen in that bastion of democracy more than
35 years ago.

In 1974, the Conservative incumbent
prime minister, Edward Heath, was forced to
resign after failing to secure a deal with the
Liberals. With a slim lead over the Conser-
vatives (also known as Tories), Labour
leader Harold Wilson formed a new gov-
ernment. But, without sufficient support in
the House of Commons, he had to call
another election in October of the same year
which he won with a tiny overall majority.

In Britain, proportional representation
does not apply. So the political party with the
most votes over all other parties is the out-
right winner under the first-past-the-post
system. This avoids horse-trading and deal-
making and is considered to produce strong
governments with a mandate to take decisive
action.

In last Thursday's election the Tories
won 306 seats against Labour's 258 but failed
to win an overall majority. The Liberal
Democrats with 57 seats hold the balance of
power together with the other minorities in
a legislature of 650. According to latest
reports, Labour has put out feelers to the Lib
Dems. But an alliance between the two
would still leave them without an overall
majority and would require other deals with
minorities like the Scottish National Party,
the Greens and others.

More likely is a Conservative minority
government or some sort of coalition
between the Tories and the Lib Dems as
long as they can reconcile, in the short term,
their differences on major issues like the
economy — notably, where to apply the nec-
essary spending cuts to tackle the nation's
huge debt and deficit - immigration, educa-
tion, the European Union and (most signif-
icantly) electoral and other political reform.
The Lib Dems have for long championed
the introduction of proportional represen-
tation. Their gain at this election of some
23 per cent of the votes but only 8 per cent of
the seats has strengthened that case.

Liberal Democrat leader Nick Clegg has
already spoken of the moral right of the
Conservatives under David Cameron, with
the largest share (36 per cent) of the popular
vote and 47 more seats than Labour, to lead
a new government. But without securing
some form of accommodation (coalition or
informal power-sharing alliance) with the
minority parties he will not have a mandate
in the House of Commons to govern.

Quality













Auto Sales
PRE-OWNED CARS

and TRUCKS

ed a
NR VAS et a

Check Out: These Great Values

06 HYUNDAI SONATA

01 HYUNDAI ELANTRA
05 HYUNDAI SANTA FE
"97 VOLKSWAGON BEETLE
"98 HYUNDAI COUPE

01 MAZDA MPV WAGON

Until he does so, under constitutional
convention the incumbent prime minister,
Gordon Brown, remains in power since the
business of governance has to be maintained.
While political deals are made, the govern-
ment must continue to function. The money
markets, not least, react badly to political
instability.

As this fascinating drama of political
intrigue and manoeuvre unfolds over the
coming days, the controversial issue of pro-
portional representation is likely to take
centre stage; particularly if Cameron is
forced to make concessions about electoral
reform as the price for Clegg's political sup-
port.

There are already indications that a new
cross-party parliamentary commission may
be set the task of studying it and making
recommendations. Nonetheless, introduc-
tion of proportional representation or some
version of it is clearly a long way off. It
appears to work in countries as diverse as
Germany and New Zealand. But, whatever
form it might take in Britain, it would rep-
resent a seismic shift in well-established elec-
toral procedures and would probably require
a referendum.

With our political system based on the
Westminster model, are there lessons to be
drawn from the British general election for
the Bahamas and its body politic? A hung
parliament demands greater cooperation
among the political parties. A coalition gov-
ernment will be under greater pressure
always to put the national interest first.
Could such solidarity be translated in some
way to politics in the Bahamas?

In our small country, where the ideolog-
ical differences between the parties are not
great, opposition politicians are neverthe-
less intent on trying to show their con-
stituents that they are active. So they seem to
criticise government policy and actions
almost for the sake of doing so.

Certainly, they need to scrutinise what the
government does and keep ministers in
check. But there is room for less bickering
and gratuitous criticism and, instead, for
more cooperation in relation to issues which
may be controversial but which need to be
resolved for the sake of ordinary Bahamians.

Can attitudes in the Bahamas change and
government become more inclusive for the
benefit of us all? Can our own politicians
be less confrontational and work together
more effectively for the common good?

As events in London develop, there may
indeed be lessons to be learnt by us here at
home.







a developed country

EDITOR, The Tribune.

THERE is no excuse why
The Bahamas is not eco-
nomically and socially
developed. During Sir Lyn-
den Pindling’s era he estab-
lished a strong foundation
for social and economic
advancement and develop-
ment. Under Sir Lynden’s
administration a few impor-
tant institutions that helped
with the foundation of our
country’s development are:
The National Insurance
Board, The College of The
Bahamas, The Industrial
Training Centre (now
BTVI) and The Central
Bank of The Bahamas.
Despite Sir Lynden’s
achievements he allegedly
became involved in the
drugs scandal which ques-
tioned his character and
integrity.

During that time, the Rt
Hon Hubert Ingraham was
under Pindling’s adminis-
tration and Mr Ingraham
fought corruption and criti-
cised his colleagues and was
dismissed from Cabinet and
the PLP. Mr Ingraham
fought his way through all
adversity, later partnering
with the FNM, and then he
eventually became leader
and subsequently became
Prime Minister of the Com-
monwealth of The
Bahamas.

Mr Ingraham added to
the development of our
nation through partnering
with the business communi-
ty within our nation, pro-
moting domestic and inter-
national investments, etc.
Mr Ingraham focused on
our two major industries; he
revitalised our tourism sec-
tor and cleaned up our
banking and trust laws and
businesses. Both Mr Ingra-
ham and Sir Lynden paved
the way for future success
of the Bahamas. Even Mr
Christie has contributed.
The leaders of our nation
have opened every door
that we desperately were in
need of. Bahamians are
always complaining about
lack of jobs and lack of
opportunities, etc. We are
always ignorantly pointing
fingers at immigrant nation-
als, but we fail to realise that
a part of development is
immigration migration to
our shores. Remember that
“small minds” never devel-
Op.

Currently the govern-
ment has in place: an unem-
ployed relief benefit plan;
grants for education; grants
for small businesses start up;
Crown land and so many
other benefits, too many to

DON STAINTON
PROTECTION Lid.

Tel: 322-8219 322-8160

TOP QUALITY TEMPERED
ALUMINUM SECURITY SCREENS

LETTERS

letters@tribunemedia.net



name. We must take advan-
tage of our opportunities
and stop blaming the gov-
ernment for crime and the
social ills of our society and
unemployment.

Everyone has a part to
play in the development of
our nation. My thing is sex
is beautiful between a man
and a woman, God designed
it, but if you are irresponsi-
ble, use prophylactics dur-
ing sex because these peo-
ple who our currently ter-
rorising our society have
parents; therefore blame
parents not the government
for crime. Development
starts within the home; as a
child when my mother could
not afford everything I
desired, I started packing
groceries from the time I
was eleven or twelve years
of age.

She hated the thought,

way to purchase those Jor-
dan tennis shoes, so I decid-
ed to work after school. The
main reasons why we are
not a developed nation and
there is so much crime is not
because of the “global
recession” but because we
are greedy, envious and self-
ish individuals who are com-
placent and lack innovation
simultaneously neglecting
our natural resources, com-
modities and other precious
opportunities that we are
blessed with (personal opin-
ion). We are a so-called
Christian nation which is
unconstitutional, but I do
understand and agree that
Christianity is predominant
in our society; therefore we
should be able to “do all
things through Christ who
strengthens us” since the
majority of the nation pro-
claims “Jesus Christ as Lord
and saviour.” We should be
a developed nation!

ELKIN
SUTHERLAND Jr
Nassau,

but I had to find an honest April 25, 2010.

Where is the traffic study?

EDITOR, The Tribune.

I RECALL clearly that the Rt Hon Hubert Ingraham
said that the Arawak Cay Container Port will be required to
have a comprehensive traffic study made to show what
impact the use of Arawak Cay as the container Port with the
resulting container traffic between Arawak and Gladstone
Road, and where they plan to have their distribution centres,
would have to the immediate area and the traffic flow, envi-
ronmental and health. Where is the study? Was there any
actually made? Is it being hidden?

Quote after quote in The Tribune that the Arawak Cay
Port deal is readied for signature but no traffic study or, and
probably more importantly to the residents on Gladstone
Road, no environmental study that this increase of heavy
industrial traffic will have on their immediate area and the
negative impact on their daily living.

Arawak Cay might be the cheapest location, it will not be
a 365-day a year port, but short and long term the locating
of the freight distribution on Gladstone Road is going to
cause hell to those who chose to buy what they thought
would be a tranquil area, unpolluted by fumes, extraordinary
noise 24-7 and a further unknown what if Baha Mar is built
is there still the plan to locate the back-room of the resort on
Gladstone Road and the car parking of the 3-4,000 employ-
ees which will add to the potentially unacceptable traffic con-
gestion, noise and unhealthy environment?

It seems there is no thought as to the health of those who
own property and reside with their young ones, but gov-
ernment totally seemingly blindly supports the commer-
cial efforts of those who once supported the Perry Christie
concept for Clifton as the location for the Port, paid to
have a study completed, but obviously had other intentions
if the PLP lost in 2007. There is not one study which supports
Arawak Cay.

K SAUNDERS
Nassau,
May 5, 2010.

MISSING PART OF THE FAMILY

HREEIN Pag

COLOR: Beier wtih black face wed
whine eugkieg on keh freer pox

NAME: Ginger
HUMBER: 1-499

Rewer fl vee how ores odeareee call

reacrd will be piven

SANS SOUCI SUBDIVISION
LOT NO. 25

PROPERTY DESCRIPTION:
Multi-family Residence, 5 beds / 4 baths

"99 PLYMOUTH VOYAGER
03 DAIHATSU TERIOS

03 HYUNDAI H1 VAN

(00 HYUNDAI ACCENT

QUALITY 8 2

#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET * 322-3775 * 325-3079

Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals, Queens Hwy, 352-6122
or Abaco Motor Mall, Don MacKay Blvd, 367-2916

OPEN: Mon to Fri 8:30am - 5:30pm ¢ Sat 8:30am - 12:30pm







with 2 Apartment Units, 1 bed / 1 bath
PROPERTY SIZE: 9,450 sq. ft.

LOCATION: From Prince Charles Drive enter
Sans Souci then turn onto Sherwood Drive;
the subject property is the 3rd building on the
right, peach trimmed white.

APPRAISED VALUE: $497,000





BEAUTYGUARD
Free Estimates
_WE DO IT WHEN WE SAY WE WILL! |
_ Serving The Bahamian Community Since 1978 |

Sey
= INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE
CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES, CREDIT RISK

MANAGEMENT DEPARTMENT, P.O BOX - SS-6263 NASSAU, BAHAMAS OR
EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.
FOR GENERAL ENQUIRIES PLEASE CALL: 394-6464 EXT. 5836.
* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.




THE TRIBUNE



By AVA TURNQUEST
aturnquest@tribunemedia.net

THE Bahamas has again
secured a top ten spot as
being the "best place to be
a mother".

This year the nation
ranked ninth out of 77
countries classified as ‘less
developed’ - a one post
increase from last year.

The Save the Children
charity made the ranking
in its eleventh annual
State of the World’s Moth-
ers Report, which focuses
on the link between the
well-being of mothers and
their children, entitled
Women on the Front
Lines of Health Care.

The report examined
countries which have
invested in training and
deploying more female
health workers and the
critical impact female
health workers potenti-
ate.

Report

Annually included in
this report is an itemised
‘Mothers’ Index’ which
statistically compares the
well-being of mothers and
children in different coun-
tries - this year they com-
pared 160 countries.

The index is categorised
into three tiers described
as: more developed, less
developed and least devel-
oped countries.

The Bahamas beat
neighbouring countries in
the region: Trinidad and
Tobago was placed 27 and
Jamaica, at 29. Within this

STRUCKUM

ea em Lea Tie Te

FLIES. MDS OUITOES. TICKS 2 FLEAS
ate ae eee Le
Pee be os teat Lal

WE SEND ER PRCKIN'!



LOCAL NEWS

Bahamas in top
ten ‘best places
to be a mother’

Nation ranked ninth
out of 77 countries



tier, Cuba listed first, fol-
lowed by Israel, Argenti-
na, Barbados, and the
Republic of Korea.

The United States, clas-
sified as a ‘more devel-
oped’ country, ws placed
28th this year - a one spot
decrease from last year -
unable to match the statis-
tics of first-place Norway.
Australia, Iceland, Sweden
and Denmark round out
the top five countries in
that tier, with the United
Kingdom ranked 14.

Recommendations
included: “Train and
deploy more health work-
ers - especially midwives
and other female health
workers; Provide and bet-
ter incentives to attract
and retain qualified female




Mela

health workers; Invest in
girls’ educations; Stregth-
en basic health care sys-
tems and design health
care programs to better
target the poorest and
most marginalized moth-
ers and children.”

Last year’s report
focused on the importance
of children’s experiences
in their early years and
suggested specific activi-
ties caretakers could
implement that would
allow children a greater
opportunity to reach their
full potential while in
school.

Interested persons
can view the report at
www.savethechildren.org.

Makt Sweeting

phone: (242)376-6121
Sec Sah eal eee)
flee connbetion.. cal today

le

le

JUST WEST OF CITY MARKET, TONIQUE DARLING HIGHWAY

S HH H! Don’t Tell Anyone,

Our

Of Pre-Owned
Honda Accords, Civics
and Nissans have arrived.

ay |
=f)

Comprehensive Insurance Available

MONDAY, MAY 10, 2010, PAGE 5





PUSHIN’ DA ENVELOF

_By Jamaal Rolle




DEY MUSSIE TINK I Foot

DEY
Ce

DEY

TINK ZL EEN Know
Dey ONLY SULKIN UP TAME

wan My Vere!

ie
Wy 2 P
J jamaaltheartishiigmail.com “ty







Colors:

White

Pink
Purple

Yellow
Orange
Black
Brown

MONTHLY
PAYMENTS

Silver
White
Turquoise

TN
SneQHErDORE

Rosetta St. - Ph: 325-3336

Zero down Payment

for Government Workers

Ee a Re Ree tL

* Nissan Cefiro * Nissan Sunny * Toyota Camry
eee eee

Royal Blue

TEL: (242) 341-0449 + (242) 341-2249 + FAX: (242) 361-1136

Visit our Website: www.autohl.com

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


PAGE 6, MONDAY, MAY 10, 2010

THE TRIBUNE



CRIMEBRIEFS



POLICE recovered a shotgun while on patrol in the
Podoleo Street area.

According to reports, sometime around 2.30pm on Friday,
officers of the Southern Division observed a group of men
acting suspiciously.

The men fled as police approached. After conducting a
search of the area officers recovered a shotgun.

Investigations continue.

¢ OFICERS on patrol in the Monastery Park area seized
a handgun and ammunition after searching a car.

According to reports, around 11.20am on Saturday, officers
from the Eastern Division conducted a search of silver 1996
Mitsubishi Lancer.

The officers recovered a handgun and ammunition from
beneath the front passenger seat. Two men aged 31 and 21
were taken into police custody.

¢ A SOUTH Beach Estates resident was held up and
robbed of jewellery and cash.

According to reports, sometime around 11.50pm on Sat-
urday, police received reports of an armed robbery.

A man was approached by two men after returning to his
home in the area. One of the men, who reportedly had a
handgun, demanded cash. He was dressed in a plaid shirt and
dark colored trousers.

The culprits robbed the man of his cell phone, jewellery
and an undetermined amount of cash before fleeing the
scene in on foot in a westerly direction. Police are investi-

gating.
-Quote
1 |
are week
Journalist / Entrepreneur

Mothers, the beauty of

a rose fades away, but

your internal beauty

will last forever!



Appeal for information

about drive-by killing

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

POLICE yesterday
appealed for the public to
come forward with informa-
tion in connection with the
drive-by killing of a young
man on Friday.

As the investigation con-
tinues, Assistant Superinten-
dent Clayton Fernander,
deputy chief of the Central
Detective Unit, said informa-
tion about the shooting has
been “coming in slowly”.

However, as yet, police
remain in the dark about a
motive for the killing.

According to a police
report, the young man was

i



THE TRIBUNE reported the incident on Saturday.

walking on Regent Street, off
West Avenue in Millar’s
Heights, when he was shot
dead in broad daylight by

coloured vehicle shortly after
6pm on Friday.

The car, believed to be a
Nissan Sentra, was then seen

Initial reports of the vic-
tim’s identity were yesterday
disputed by ASP Fernander,
who was nonetheless unable
to confirm the correct name
for the murdered man.

The victim was wearing
denim shorts, a white t-shirt
and white tennis shoes at the
time of his death.

“Things have been coming
in slow, not much at all really.
We now have to deal with
some persons in the area. [’d
encourage the public to come
forward with any leads they
may have,” said ASP Fernan-
der.

Officers can be contacted
at CDU on 502 9987, or via
your local police station or
328-TIPS.

someone inside a passing dark

fleeing the area.

SUSIE US ta asd Al

ry







i ij Bia

2 TEEN FEST 2010 proved to be a success with scores of students from public and private schools participating in the exciting talent show- |

case at the Queen Elizabeth Sports Centre recently. Professional Bahamian artists such as Bahama Byz, Christian Massive, Najee Dunn and
Monty G supported the youths by performing positive lyrics alongside the teen stars. Students performed by dancing, singing, rapping, chat-
ting and reciting poems, all geared towards encouraging their peers to do positive things with their talents. Jannifer Thurston, Marketing Direc-
tor for Vitamalt, expressed keen support for the youth group. Nassau Party Express was also a corporate sponsor for the event. Pictured stand-
ing on the left is Minister of Housing and Member of Parliament for Pinewood Byran Woodside, who co-sponsored the event because it is
powered by a group from the Pinewood Community. To the far right is Minister of Youth, Sports and Culture Charles Maynard. Standing to
his left is Teen Power's President Ken Rolle and gathered are teen and professional artists.





K EC | CHANGE IN OPERATING HOURS

a as

GOLDEN GATES

EFFECTIVE MAY 10", 2010




_ ao At

f aaseate City Opeva
presents

4 Special Encore Performance of



Front Counter: Sunday - Wednesday 11am- 10pm
Front Counter: Thursday - Saturday 11am-11pm
Drive-Thru: Sunday - Wednesday 11am - 11pm
Drive-Thru: Thursday - Saturday 11am - 12 midnight

The Story of The Spirituals

ROBINSON ROAD SOUTH BEACH
OAKES FIELD PRINCE CHARLES

Front Counter: Monday - Sunday 11am - 10pm
Drive-Thru: Sunday - Wednesday 11am-1ipm
Drive-Thru: Thursday - Saturday 11am - 12 midnight



8:00 pm, F tiday, May 14, 2010
Patrons should arrive and be seated by 7:45 p.m.
Christ Church Cathedral
Directed by: Dr. Cleveland A. Williarns
Pianist: Mrs. Audrey Dean Wright

MARATHON ROAD MACKEY STREET
VILLAGE ROAD SAUNDERS BEACH

Front Counter: Monday - Sunday 11am - 10pm ' '
nation: f
Drive-Thru: Sunday - Wednesday 11am - 10pm Denati “ $20 00
Drive-Thru: | Thursday - Saturday 11am- 11pm Tickets available at:
Logos Bookstore
Harbour Bay Shopping Center

Come enjoy this evening of Negro Spirituals with the Hassau Cy Oper Company Singers

Cate She hi OR vai

HARBOUR BAY

Front Counter & Drive Thru: Monday - Saturday 11am - 8pm
Sunday CLOSED





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

LOCAL NEWS

MONDAY, MAY 10, 2010, PAGE 7



NIB, BPA work together
for drug plan launch

THE National Insurance
Board and The Bahamas
Pharmaceutical Associa-
tion has announced that
they are working together
to successfully launch the
National Prescription
Drug Plan (NPDP) in
August.

Both organisations said
their single focus is to sup-
port the implementation
of the plan which will
ensure increased access to
prescription medication
for the treatment of eleven
chronic diseases in Phase
One of NPDP.

In view of this resolve
and the desire of both par-
ties to contribute to insti-
tuting the Plan in its best
possible form, NIB and
the BPA have agreed that
neither party will make
any additional public
statements regarding their
discussions towards this
goal.

Algernon Cargill, Direc-
tor of NIB said: “We do
understand that there may
be differences between
NIB’s proposal and what
the BPA and its members
may want to see. NIB is
working within a set of
approved parameters that
we believe provides for a
fair and reasonable return,
given all of the circum-
stances, to maximize the
participation of local phar-
macies.

Stakeholders

“We have consulted
widely with the BPA and
other key stakeholders to
ensure that the approved
Plan will provide signifi-
cant relief to Bahamians
suffering from one or
more of the 11 chronic dis-
eases identified by NIB in
the first phase of the Plan.

“The feedback we have

received from registered
beneficiaries and the gen-
eral public is that NPDP
is revolutionary and will
increase their access to
prescription medication
and enable them to better
manage their chronic con-
ditions.

“We believe that at the
end of the day, the NPDP
that is being introduced
will be successful and will

that our members view the
access to healthcare as a
fundamental right of every
Bahamian.

Programme

“It is the intention of the
BPA to continue to work
with NIB to produce a
programme that will bene-
fit everyone it serves.

“We will do all we can
to ensure that the Drug
Plan and the private phar-
macy sector can both be
sustained, and that this
Plan can provide benefit
to our people for genera-
tions to come. We do this
in the spirit of coopera-
tion”

e SEE PAGE NINE

be a wonderful business
opportunity for the partic-
ipating pharmacies that
choose to join the Plan.”

Dr Marvin Smith, Presi-
dent of the BPA, said the
intent of the BPA has
always been to partner
with the government to
ensure a viable, sustain-
able plan for the Bahami-
an people.

He said: “Pharmacists
are a key part of the
healthcare system and the
BPA assures the public

Marina operators to
discuss challenges
facing the industry

MARINA operators will
come together this week to
discuss challenges facing the
industry and means of pro-
moting The Bahamas as a
world leading marina desti-
nation.

Starting on Wednesday,
members of the newly-
formed Marina Operators

of the Bahamas (MOB) §

group will come together in
a series of workshop ses-
sions to “share solutions,
recognize opportunities, and
identify and address chal-
lenges we face as an indus-
try,” according to MOB
President John Bethell.
The workshops are being
held in cooperation with
the Bahamas Hotel Asso-

ciation and the Bahamas MiNiSTER OF TOURISM and



vl

in June 2009 with the goal of
“representing the needs and
interests of marinas and
marina related business by
facilitating and promoting
profitability through com-
petitive and sustainable
growth.”

“While we are still in our
infancy, we have made good
strides during our first year,
working on several key ini-
tiatives and building an
organisation which

increasingly in the future
will play a pivotal role in fur-
thering the development of
the marina industry in The
Bahamas” states MOB Pres-
ident John Bethell.

“We've added a workshop
component to the day specif-
ically to share solutions,

er AG RICE

3,

or







ALGERNON CARGILL

Bahamas Agricultural & Industrial Corporation

Name:
Address:
Tel:

Age range:

Employment Status:









Presents

Its

NEW PROVIDENCE Il
SHELL CRAFT TRAINING PROGRAM

se

Date: May 17-28, 2010
Venue: Bahamas Academy High School
Time: 6:00 — 10:00 p.m.
Location: Wulff Road, Nassau, Bahamas

Application Form

P. O. Box:

under 15



16-25































Employed

Email:

Fax:

26-40









Self-employed







41-60



















Government

61-70









Unemployed









71 and over

Private



Ministry of Tourism and
Aviation, at the British
Colonial Hilton.

Minister of Tourism and
Aviation Vincent Vander-
pool Wallace and Assistant
Commission of Police Hulan Hanna will
address the marina operators, with Mr
Hanna speaking specfically to marina and
boat security matters, which have been a
source of great concern for marina oper-
ators in recent years as boat thefts have
risen rapidly in the family islands in par-
ticular.

The MOB was formed with help from
the Inter-American Development Bank

(AP MAKE THE GRADE & "V/A!

Fr
excellence!

recognise opportunities, and
identify and address chal-
lenges we face as an indus-
try.

“The contributions made by
the marina and boating com-
munity to the overall tourism sector is sig-
nificant.

“We realise that there is great potential to
build on this, but we all must work in col-
laboration as an industry and with Govern-
ment to be successful” he added.

Registration and additional information
can be obtained by calling Charlotte
Knowles-Thompson at 322-8381 or Shamine
Johnson in Grand Bahama at 352-7849.

Aviation Vincent Vanderpool
Wallace will address the mari-
na operators.

ADMINISTRATIVE FEE:
$100 (EXCLUDING MATERIALS)

RRKEREREREREEE

Contact
Pamela Deveaux or Sharae Collie
HANDICRAFT DEVELOPMENT/MARKETING DEPARTMENTS
- BAIC

TELEPHONE: 322-3740-3 FAX: 322-2123/328-6542



Mother children
escape burning
apartment

FREEPORT- A mother
and her three children
were able to flee their
burning apartment in
Coral Gardens on Satur-
day afternoon.

According to reports,
firemen were dispatched
around 1.35pm to a build-
ing fire at Peridot Place in
Coral Gardens, where a
second floor unit was on
fire.

The apartment unit was
engulfed in thick black
smoke.

A 28-year-old woman
and her three children
aged 11, four, and 15
months, escaped
unharmed. However there
was extensive damage to
the building.

An investigation is under
way to determine the cause
of the fire.

A Laptop

(High School Prive)
Or an iMac

(For the School with the
most entries)

Custom
COMPUTERS LIMITED

A Netbook
(Primary School Prize)

4 Stores at Cable Beach & East Bay Sr. &
Sales: 242.996.1100 © Service: 242.396.1115

solutionsi@customcomputers.bs

Check Details online ac wee AforExcellence.com
Fannily laland students may enter online.



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


PAGE 8, MONDAY, MAY 10, 2010

LOCAL NEWS

THE TRIBUNE



The Bahamas participates in
family law pilot programme

By KHYLE QUINCY
PARKER

Press Attaché
Embassy of

The Bahamas

WASHINGTON, DC --
The Commonwealth of

The Bahamas has exhib-
ited the work carried out
as part of a pilot project
aimed at creating a Fam-
ily Law Cooperation Net-
work between member
states of the Organisation
of American States

Sandyport Home
FOR SALE BY OWNER

* 2 Storey 3,100 sq. ft.

*4 bedroom, 4 bathroom

* Large open plan living & dining area

* Private office/child’s play room
* Screened in patio

* Porcelain floors downstairs

* Carpet upstairs

* Dramatic tray ceilings throughout

* Beautiful kitchen

* Cedar lined closets

* 40KW backup generator with
automatic transfer switch

* Beach on canal with
Dock & Bulhead

own beach,

* Electric hurricane shutters

& Bahama Shutters

- Water pressure system

B$1,000,000 Net
Call 424-9356 for details

re A ED

STEEL TOE WORK SHOES AND BOOTS

* Electrical Hazard protection

* Steel Toe Protection: Meets or axceads
ASTM F 2473-05 requirements

*Poron ‘memory foam’ insert: shock
absorbing to protect against impact

* Long wearing dual density soles for
superior shock absorbing performance

* Oil, chemical, and slip resistance

* Exclusive Florsheim Ultra Flex
construction makes each pair as
comfortable as an athletic shoe.

FLO

Ls TA BL

A COLONIAL GROUP
Gi] INTERNATIONAL



RSHEIM
isneco Bh ise:

SECURITY

(OAS).

Kayla Green-Smith,
chief counsel in the
Office of the Attorney
General, was in Washing-
ton to discuss the
approach developed by
The Bahamas to creating
a public interface for the
proposed network.

She presented the work
done by The Bahamas to
design a website which
would serve as a com-
pendium of family and
child law, in addition to
regulations and bilateral
agreements that bear on
family and child matters.

The draft website cre-
ated by The Bahamas was
the model for the so-
called “public compo-
nent” of the Family Law
Cooperation Network
discussed at this first
meeting.

The goal of the public
component would be to
give the English-speaking
public access to the laws
of member states - such
as The Bahamas -— that
relate to family and child
matters.

This sharing of infor-
mation, Mrs Green-Smith
said, is critical.

“It is important for us
to have access to infor-
mation,” she said, “[if
only] just to facilitate any
actions that may be

“Given the importance of
the family and of being
able to protect children —
which has been the focus
of successive governments
— it was important for The
Bahamas to participate.”



made.”

The proposed network
would also have a “pri-
vate component,” which
Mrs Green-Smith
explained might likely be
a password-protected,
secure website for deal-
ings between states which
are part of the network.

All member states of
the OAS were invited to
participate in the pilot
project, and those who
chose to do so were
divided into English and
Spanish-speaking groups.
The Spanish-speaking
group first met in 2009.
The meeting attended by
Mrs Green-Smith this
week was the first for the
English-speaking partici-
pants.

The Bahamas was one
of only two Caribbean

GAR Seveting:

Love your home!
Pay less for your
insurance.

Join thousands of satisfied customers
who enjoy big savings on their home

insurance.

Home Options insurance offers lower

premiums, flexible cover to fit your lifestyle,

interest-free installment payments and an

_s,_—_ efficient claims service.

Call 326-7100 for an agent

& GENERAL

SECURITY & GENERAL INSURANCE CO. LTD.
Atlantic House, 2nd Terrace & Collins Avenue P.O. Box N-3540 Nassau
Tel. 326-7100 www.cgigroup.bm

A member of Colonial Group International:Insurance, Health, Pensions, Life

or visit www.cgigroup.bm

Colonial Group International is
rated A-(Excellent) by AM Best.





KAYLA GREEN-SMITH,
chief counsel in the Office
of The Attorney General

states that participated in
the pilot project, the oth-
er being Grenada.

Mrs Green-Smith
stressed that matters
involving family and child
law have been critical
issues for successive gov-
ernments. She cited the
large number of amend-
ments to family and child
laws in The Bahamas,
including, for example,
the Inheritance Act and
the Child Protection Act.

While the network has
yet to be formalized, the
discussion had already
given some ideas as to
the potential scope of the
network.

“Given the importance
of the family and of being
able to protect children —
which has been the focus
of successive govern-
ments — it was important
for The Bahamas to par-
ticipate,” Mrs Green-
Smith said.

REAL ESTATE



Strength in numbers

By MIKE LIGHTBOURN



SELLING your home in any-
thing other than an active mar-
ket can seem challenging, but
what do you do when yours is
only one of many homes in your
neighbourhood with For Sale
signs? Surprisingly, there are
actually some advantages to
marketing your home in this sit-
uation.

More buyers are drawn to
neighbourhoods where they can
preview more homes at once.
More buyers means more
opportunities for your home to
be seen and to attract an offer,
so make your listing stand out
against your competition.

Price your home aggressive-
ly after reviewing the compara-
ble sales figures provided by
your BREA real estate agent.
Don’t give your neighbours’
home the advantage of looking like a bargain compared to
your listing — take it yourself and show buyers what a great
value youre offering. If you’re competing against foreclosure
or “fixer-upper” listings, having your home in “like new”
condition helps because these other listings often need lots
of repairs.

With this much activity in the neighbourhood, make sure
that your home is available for showing on literally a
moment’s notice. Buyers who come to look at other listings
may spot yours and want to see it right away to make com-
parisons. Be prepared for “impulse” prospects with good
housekeeping and an escape plan for unexpected show-
ings.

Finally, don’t worry if your neighbour sells first — that just
makes for less competition!

Questions or comments? E-mail me at ask@Coldwell-
BankerBahamas.com.

MIKE LIGHTBOURN



Tip of the week: Take pride in your property if you want
to sell quickly. Keep both the exterior and interior in a
good state of repair. Remember, the first impression is
from the outside — make it a good one. If you need staging
help inside, ask your BREA agent/broker for advice. Use
your BREA representative. That’s what she/he is there for.
They only get paid when you do, so they are anxious to help.
Work with, not against them.

(Mike Lightbourn is president of
Coldwell Banker Lightbourn Realty).

PRL aT

Marco's Pizza wants YOU to join its dynamic team!

Ifyou passes the following, than this job is for you...
Must baa Bahamian citizen or elgible to work in the Bahamas
Must have own raneportation
Must have an excellant altitude towards supancor Customer Sarvice

Experience in the pieza industry (a plus)

Must ba able io work in a fast-paced, fun ervimamant

Must be -enengelic & able: to be crass-irained

Whe ees wing Ves wack rmsd, edict Paste Aas

Wig proving a safe A fun working ecmirormant, a compeblive salary ard great banalts

Nil
tn

Pizm -

Interested parson show anpiy in person at fhe Soloman Springs déare
located on Prince Charles Ori—East during stone howrs



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

Health official:
No sign of Haiti
diphtheria spike

PORT-AU-PRINCE, Haiti

A 15-YEAR-OLD boy :
has died of diphtheria in :
Haiti, but there is no evi- :
dence the bacterial disease :
is spreading in the earth- :
quake-ravaged country, U.N. :
health officials said Sunday, :
according to Associated :
Press. i

The boy, a survivor of the :
Jan. 12 earthquake, died last :
week despite receiving anti- :
toxin treatments, said Anshu :
Banerjee, an official with the :
World Health Organization. :

The case sparked fears of :
an outbreak after CNN :
reported the death during an :
interview with actor Sean :
Penn, who is helping man- :
age a tarp-and-tent camp in :
the capital, Port-au-Prince. :
A caption accompanying a :
story on CNN's website said: :
"Diphtheria epidemic threat- :
ens Haiti.” i

But Banerjee said the case :
was isolated, antibiotics were :
distributed to the boy's :
neighbors and no other cases :
of the contagious respiratory :
disease had been diagnosed. :

"So far as we see it, this is :
just an isolated case and }
there are no other cases," :
said Banerjee, coordinator :
for a committee of interna- :
tional organizations and :
Haitian officials overseeing :
health issues in the quake :
zone. i
But he added that con- :
cerns about the threat of :
infectious diseases breaking :
out across quake-ravaged :
areas is well-founded. Many :
of the 1.3 million people dis- :
placed by the magnitude-7 :
quake are living in squalid :
camps where infection can :
spread easily. i

A total of 900,000 people :
in quake-affected areas were :
vaccinated against diphtheria :
and other diseases ina cam- :
paign that ended last month. :
Another mass campaign is :
planned for June. i

Officials are especially ;
concerned about widespread :
diarrhea, which can be fatal :
for children, and increased :
levels of mosquito-borne
malaria. :

MONDAY, MAY 10, 2010, PAGE 9

LOCAL NEWS

Prescription Drug Plan expanded

for a fourth group of Bahamians

By MATT MAURA

CLARENCE TOWN,
Long Island: Phase One of
the National Prescription
Drug Plan (NPDP) has
been expanded to include
Bahamian citizens over 65
who are not eligible to
receive NIB pensions
either as a result of insuf-
ficient contributions for a
contributory benefit or,
have more than adequate
resources for a non-con-
tributory assistance,
NPDP manager Tami
Francis said.

Bahamians registering
under the plan in this cat-
egory will have to present
either their Voter’s Card
or Passport to complete
the process.

Launched

Scheduled to be
launched in the summer,
the National Prescrip-
tion Drug Plan had ini-
tially proposed to cover
three specific groups
including National Insur-
ance Pensioners, NIB
Invalids, and children
Under-18 or Under-25 if
the latter were full-time
students.

The National Prescrip-
tion Drug Plan is a fore-
runner to a more compre-
hensive National Health
Insurance Plan.

Mrs Francis said, in
responding to recommen-
dations made during con-
sultative meetings with
stakeholders, physicians,
wholesalers and patient
groups, it was decided to
add the fourth group.

“This group, as the oth-
ers, are presently able to

access healthcare and
medications in public
facilities, free-of-charge

and regardless of
income,” Mrs Francis
said.

“They will now be eligi-
ble to receive similar ben-
efits of the Drug Plan as
the other groups for
Phase One.”

Mrs Francis told resi-
dents from across Long
Island that the National
Prescription Drug Plan is
a critical component in
the fight against the
“major increases” in
chronic, non-communica-
ble diseases (CNCDs)
which now account for 60
per cent of the deaths
recorded in The
Bahamas.

The Plan covers 11
chronic, non-communica-
ble diseases such as
arthritis, asthma, breast
cancer, diabetes, hyper-
tension, high cholesterol,
glaucoma, ischaemic
heart disease, major
depression, prostate can-
cer and psychosis.

Health officials say
these 11 conditions have
the highest prevalence in
The Bahamas currently.

Mrs Francis said if the
problem is left
unchecked, the conditions
will continue to increase,
which will result in the
country being “overrun”
by persons battling ill-
nesses as a result of
chronic, non-communica-
ble diseases.

“Chronic, non-commu-
nicable diseases impose
major health, emotional
and financial burdens on
those persons afflicted by
these conditions because
they run the risk of not

WILLARD W. MOSS and
BEVERLEY MOSS

Of

Nassau, Bahamas.

Ref: Block: 60713/146
Cheshire Hall & Richmond Hill
TURKS & CAICOS ISLANDS

We are trying to contact the
above mention people or
any related family members
with regards to a parcel of
land located in Providenciales.

Please contact Sam Hunt
Tel:(649)-331-4066

or

(649)-946-4042
sam @nwhamiltonrealty.tc

NW Hamilton Realty Ltd.

being able to go to work,
and if they are able to go
to work, they are not able
to perform at optimum
level.

“In cases where they
cannot work, they will not
be able to generate the
necessary funds needed to
purchase the medications
needed to treat the ill-
nesses.

Pharmacies

“The National Pre-
scription Drug Plan was
developed to assist in
increasing access to cer-
tain drugs at participat-
ing public and private
pharmacies so that per-
sons who are registered
under the Plan and are
afflicted with one or more
of the eleven diseases
covered under the Plan,
will be better
able to

treat and manage those
conditions,” Mrs Francis
added.

Director of the Nation-
al Insurance Board Mr
Algernon Cargill said 165
prescription drugs that
are used in the treatment
of the eleven chronic,
non-communicable dis-
eases have been included
on the Formulary (or list
of drugs) for the Nation-
al Prescription Drug
Plan.

Mr Cargill said the Plan
does not allow for drugs
that are not approved
under the Formulary, but
it does offer persons
access to 15-16 prescrip-
tion drugs on average per
disease so there is a wide
range of drugs that physi-
cians can pre-
scribe.








The Benefits Review
Committee of the Nation-
al Insurance Board, which
comprises physicians and
pharmacists from the pri-
vate and public sectors,
NIB’s doctors and other
stakeholders, developed
the list of drugs (Formu-
lary).

“They met with special-
ists in the 11 areas to
determine what drugs
they prescribe in the
treatment of those dis-
eases to ensure that we
received input from all of
the various specialists to
ensure that when The
Plan was rolled out, the
drugs that are now widely
prescribed were included
in The Plan.

“Only the drugs that
are covered under the
Plan will be provided for
free,” Mr Cargill said.

“Tf a doctor prescribes a
drug that the Plan is not
providing for free, unfor-
tunately that means you
will have to pay and so
we are working with the
doctors so that they can
prescribe only the 165
drugs in the Plan that will
be utilized to treat the 11
chronic, non-communica-
ble diseases covered in
the Plan.”

FOR SALE

Large Lots in New Subdivision opposite
Treasure Cove. Only Four (4) Left!

Phone: (242) 324-7049 / 364-2531














Se

cs Wonca

Tyreflex Star Motors

Wulff Road, P. 0. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 * Fax 242.323.4667

7

It's more than engineering.
It's performance art.

The Mercedes-Benz C-Class is equipped
with many innovative technical features
which delivers a driving experience that is
unique in this class. Think beautiful
design, elegant ease and stately
confidence. Among the highlights is

the Agility Control Package which

automatically adjusts the suspension
set-up according to the conditions of the
road. Along with exemplary fuel use,
faster gear changes, exceptional interiors
and increased cabin space, you will see
the C-Class is the perfect embodiment of
the Mercedes-Benz philosophy.

OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE
THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY.
PAGE 10, MONDAY, MAY 10, 2010

THE TRIBUNE



CARICOM countries and UN Security
insight:

By SIR RONALD
SANDERS

(The writer is a Consul-
tant and former
Caribbean Diplomat)

A ROW has broken out
in St Vincent and the
Grenadines over the possi-
ble candidature of that small
Caribbean country for a
non-permanent seat on the

UN Security Council for the
period 2011-2012 in oppo-
sition to Colombia.

The St Vincent Opposi-
tion Leader, Arnhim
Eustace, is claiming that, in





































shop with discounted rates
from Tropical Shipping. ts)

Find unbeatable selection, prices and
brands for your home and business.

Porter + Cable
18-Volt NiCd Cordless
Drill/Driver with Case
e 1/2” keyless chuck

Devonshire * 440 in-los torque #76712

Swivel Rocker (Set of 2) / 48” Round Dining Table
¢ Rust-free aluminum frame
¢ Aged bronze powder-coated finish for durability #272928, 272927

—
als /

=| 36” Sunburst Steel
Entry Door Unit

¢ Primed and ready to paint
¢ Insulating glass for energy

efficiency #21689

Door lock and handle not included.
Valspar® Ultra Premium
Interior Flat Enamel Paint
* Gallon size
¢ Lifetime warranty #210159

-

24.8 Cu. Ft.

Stainless Steel Refrigerator

¢ 2008 ENERGY STAR® qualified

Factory-installed ice maker
(EDSPVEXWS) #285806

12” x 12” ‘

Caribbean Slate ~

Glazed Porcelain Tile

¢ Blended colouring for all
décors #16286

Van
os

Everything for hurricane preparation. Shop online or order
by phone, fax or e-mail and Lowe’s dedicated team will
facilitate shipping of your order. You'll get discounted rates

seeking to be elected to the
Security Council as a rep-
resentative of the 33-mem-
ber Latin American and
Caribbean (LAC) group,
the Ralph Gonsalves gov-
ernment is carrying out the
wishes of Venezuela’s pop-
ulist President, Hugo
Chavez, simply to deprive
Colombia of the seat.

Chavez and the Colom-
bian government have been
openly hostile to each other
in an increasingly worsen-
ing situation (about which
more later).

Candidate

This row in St Vincent
could be replicated through-
out the LAC group, and
may spread to the general
assembly of all UN member
countries if the group does
not decide on a single can-
didate for the one seat allo-
cated to it.

Historically, the LAC
group has been able to
reach consensus on one can-
didate. There have only
been five contested elec-
tions over the years, and
since 1966 when CARI-
COM countries began the
process of becoming inde-
pendent states, three
Caribbean countries have

WORLD VIEW

been selected by the LAC
group for the Security
Council five times. Guyana
was selected for the periods
1975-76 and 1982-83;
Jamaica for the periods
1979-80 and 2000-2001; and
Trinidad and Tobago for
the period 1985-86.

Eustace claims that the
St Vincent government is
contesting selection in the
LAC group because the
country’s Prime Minister
Ralph Gonsalves is tied to
Chavez through member-
ship of ALBA, a grouping
of eight countries formed at
Chavez’s initiative and in
which, it is said, Chavez
exercises influence over the
others by virtue of the
Venezuelan government’s
financial contribution to
their political survival.

It is widely felt that
Chavez does not want
Colombia on the Security
Council because he regards
that country’s government
as a proxy for the United
States administration.

FAITH AVENUE SUBDIVISION

LOT NO. 3

PROPERTY DESCRIPTION:

Commercial Building

PROPERTY SIZE: 6,050 sq. ft.
LOCATION: On the western side of Faith
Avenue about 314 feet north of St. Vincent
Road; the subject property is lime green

trimmed white.

APPRAISED VALUE: $322,000

Chavez has criticised a US-
Colombia military pact
under which the US has
access to military bases in
Colombia. According to
Chavez, the military bases
would be used for espionage
purposes and would allow
US troops there to launch
a military offensive against
Venezuela.

For its part, the Colom-
bia government has accused
Chavez of collaboration
with the Revolutionary
Armed Forces of Colombia
(FARC), a rebel military
group that is seeking to top-
ple the government.

The last time a bitter con-
test in the LAC group for a
Security Council seat
occurred was 2006 when
Guatemala clashed with
Venezucla and neither
country could muster suffi-
cient support to be
endorsed as the undisputed
candidate.

Invested

The battle then proceed-
ed to the UN general
assembly but not before
Chavez had invested mil-
lions of dollars in a year-
long campaign to get
Venezuela elected to one of
10 non-permanent seats.
After 48 ballots and two
weeks of voting, neither
country secured the two-
thirds majority to clinch the
contest and, eventually, the
LAC group became active-
ly involved in finding a com-
promise candidate in Pana-
ma but the process left
much bad feeling all round.

In response to the Arn-
him Eustace’s claims, Prime
Minister Gonsalves released
a document used to brief
Caribbean Community
(CARICOM) leaders dur-
ing a meeting in Brazil in
April regarding his govern-
ment’s position on the non-
permanent Security Coun-
cil seat.

A Caribbean Media Cor-
poration report says that the
document “acknowledged
that the island’s proposed

and complete order tracking from our preferred shipper.

Call toll-free from the Bahamas: 800-813-7613

E-mail international@Lowes.com
or visit Lowes.com/International

INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE
CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES, CREDIT RISK
MANAGEMENT DEPARTMENT, P.O BOX - SS-6263 NASSAU, BAHAMAS OR
EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.

FOR GENERAL ENQUIRIES PLEASE CALL: 394-6464 EXT. 5836.

* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.

candidacy ‘would likely
necessitate a campaign
against Columbia (sic)’,
which is currently a declared
candidate for the sole

Let's Build Something Together”

Over 1,700 stores in the
U.S., Mexico and Canada

= Bahamas

| Technical & Vocational Institute
SL ee



aT aes
MAY = JUOILY 2010
NASSAU CAMPUS

—— PROFESSIONAL DEVELOPMENT COURSES

REGISTRATION BEGINS

Protessional Development

Accounting [ (12 Weeks)
Fo. 5/14, 9pm
Accounting If (12 Weeks)
Sat. 3/15, Fam-1 2pm
Quick Bovks (12 Weeks)
Fri. 3/14, 6-)0pin

Sat. 3/14, Gam-12pem

200

Computers Applications (10 Weeks)
Sat. 3/13, Gan-] pm 535i
A+ Review Certification Exam (10 Weeks)
(One Exam Included

Fri. 5/14, 6-10pm

*Microsoft Power Point (10 Weeks)
Mion. 3/17, 6-1opum

“Alicniant Exee! (10 Weeks)

Tunes. S18, = 1pm

*Microsoft Access (10 Weeks |

Wed. 3/19, 6-1 Open

“ALicrosoft Word (10 Weeks)
Thurs. 5/20, 6-] 0pm

*Microsoft Outlook (11) Werks)

Fri. 3/14, & 10pm

S480

S380

Acrylic Malls (10 Weeks)
Sar. 4/13, 9am-l pin SATs
Force Care’ Make-up Application (10 Weeks)
Pri. 3/14, tip BIBS

Electrical Phase | (12 Weeks)

“Exam Imelda
Sau. S15, Sam=l pm
Block Laying (10 Weeks)
Sait. 3/15, Skum-3pm 3450
Cabinet Making | (10 Weeks)
Tues. Thurs. 5°78 &pm- 10pm
Cabinet Making Il (i Weeks)
Sat. S013, Sam-spm
Basic Plumbing (10 Weeks)
Sil. S13, Sam-3pm Ss
Tike Laying —Do-It-Yourself (10 weeks)
Sai. 3/03, Gam-3 per S330
Bashke Bloc Print Reading &
Estimating | Residential (10 Weeks)
Sat. 3/15, 9am-3pm 5350
Basic Moe Print Rending &
Estimating t Commerctal (10 Weeks)
Pri. S14, Gprn- 10pm $375

e260

5

Window Treatment -—Drapery & Valence
(10 Weeks)

Mon. Wed. 3/17, 6-9pr
Cushion Making (10 Weeks}
Tues, Thurs, S/1K, Spr
Shade Making (10 Weeks)
Sat. 3/03, Sam-3pm

Sewing fa 11 (1) Weeks
Thurs. Fri. 2'13, 6-9pim
Painting (10 Weeks)
(heshkbential & Comneereial)
Mion. Wied, 5/07. Sum-=3 pm

833)

S350)

RIORE HAPPENINGS! « arvi« EET

NMIARCH 18ST

Upholstery | (Chaise Making) (10 Weeks)
Tues, Thurs. 51%, 6-pm S3Â¥

Upholstery Ul (Vehicle Refurbishment)
Mion. Werk 3/17. 6-Spm SIR

Straw Craft (10 Weeks)
Tues. Thurs. 5/18, 6pm-9pm

Straw Craft Advanced I) (10 Weeks)
Whom. Wiedl 3/17, 6-9pin S350
Shall Souvenir Manufacturing (10 Weeks)
elon. Wied, 317, pnp

3420

Marine Quthoard Engine
Preventive Viaintenance (1 Weeks)
Melon, Wied, 5°77, 6p $3™

Sina Ente Repair | 1 Weeks)

Sal, 4/14, Sam-J pm S340

Automotive Preventative Malntenanee
(10 Weeks)
Sat. 3/13, 9am-ipm

CLASS SCHEDULE |

10 WEEK PROGRAMMES
May 14 - July 17, 2010

12 WEEK PROGRAMMES
May 14- July 31, 2010

=
I

I

l

l

!

|
io

- MAY 14TH,

ral EL

NLT Tit |

RULED
502-6338/9
Oe By lees
VEN Ome Mer ise)

BTV! reserves the right f2 cancel
courses if a minimum number of
PAs eM Meta e Meds ek
will receive a full refund if classes are
Pee eRe Riu R LLU ely

BTV) reserves the right to change
Steels , Course Content, Course
Lota rn eae eee ieee

Early registration helps climinate the
disappointment of course
ese

Non-Bahamians are required to pay an
nd ditional fee.



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

MONDAY, MAY 10, 2010, PAGE 11



Council —



' ¥

1 ff ‘ 5 *



vacancy allocated to the
Group of Latin American
and Caribbean (GRULAC)
in the October 2010 elec-
tions.”

However, the document
is also reported as saying
that St Vincent’s “proposed
candidacy is less a challenge
to Columbia (sic) than it is
an advancement of a princi-
pled position on the repre-
sentation of CARICOM,
SIDS (Small Island Devel-
oping States) and small
states at the upper echelons
of multilateral diplomacy.”

No one can question the
right of the St Vincent gov-
ernment to offer itself with-
in the LAC group as a can-
didate for the Security
Council seat. But the tim-
ing of the decision is curi-
ous because in 2009 the
group had settled that
Colombia would be the can-
didate for the 2011-2012
term. This tacit decision was
made when Colombia want-
ed to be selected for the
2010-2011 term but conced-
ed to Brazil.

It would have served
both St Vincent and the
LAC group better if the
government had declared its
decision to run for the 2011-
12 term before Colombia
had secured the nod of the
group especially Brazil, and
before relations deteriorat-
ed to its present sore point
between Colombia and
Venezuela.

Contest

The St Vincent document
suggested that CARICOM
countries should endorse
the country’s candidature
but that, if it did not pre-
vail, another CARICOM
country should step in as a
“compromise candidate.”
This suggests that the gov-
ernment is not confident of
its capacity to knock
Colombia out of the contest
and that the issue would
have to go to the full UN
body where a two-thirds
majority would be required
for success.

If CARICOM member
states vote as a bloc in the
LAC group they would
command 14 of the 33 votes,
but the dispute would con-
tinue once Colombia held
out. Nonetheless, CARI-
COM countries, acting
together, could certainly
block Colombia’s selection





if it were their intention to
ensure that one of their
members should be the can-
didate.

There is a case for a
CARICOM country to be
the candidate for the 2011-
2012 term. Since the
Caribbean joined the LAC
group, Colombia has served
four terms and the larger
countries — Argentina,
Brazil and Mexico in par-
ticular — have dominated.
But, being on the Security
Council is not a cheap affair
particularly if election is
preceded by a contest with a
richer country.

A small Caribbean coun-
try would have to invest
heavily in the election cam-
paign travelling around the
world to drum up support.
Then, it would have to
strengthen its mission with
qualified people, meeting
the significantly increased
costs for two-years. If it
does not beef up its mission,
it will do nothing more than
warm the Council seat some
of the time.

That would do no good
for the work of the Security
Council and would convince
the international communi-
ty that small states have no
place there. All of CARI-
COM would have to pitch
in financially and with qual-
ified people.

The situation would be
worse if a non-CARICOM
country paid the bill. The
international community
would see this as “he who
pays the piper, calling the
tune”, and CARICOM’s
standing would be dimin-
ished to its detriment. This
is not far-fetched; it happens
now in the International
Whaling Commission where
Japan finances the partici-
pation of some small states
and directs their votes.

If CARICOM countries
decide to support St Vin-
cent or another one of their
small members against
Colombia for as important
an organ as the UN Securi-
ty Council where all eyes
will be focused on them,
they must be prepared to
meet the costs, and they
should ensure that the can-
didature is in their own
interests and not to promote
the policies of any other
country.

Responses and previous
commentaries at:
www.sirronaldsanders.com

JAMAICA: Spanish hotelier Fiesta
to expand resort in northwest,
build convention center

KINGSTON, Jamaica



JAMAICA says Spain's Fiesta Hotel Group plans a $180

million resort expansion that

is expected to create 2,000

jobs on the island, according to Associated Press.

Tourism Minister Edmund Bartlett says construction of
800 luxury suites at the Grand Palladium Jamaica Resort &
Spa in northwestern Jamaica will begin by September.

He said Friday that Fiesta also plans to build a 3,100-
square-foot (290-square-meter) convention center near

Montego Bay.

Jamaica's crucial tourism industry was hit hard by the
global economic crisis but has rebounded somewhat this
year. Tourist arrivals rose an average of 6 percent in Janu-
ary and February compared to the same months in 2009.

Share your news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps

you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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



ae
-
>
oP
an
eo,
oo
Oh
_
=
on
Lu
QO.
eo
on
QO.

FAMILY ISLAND LISTINGS

DEVELOPED RESIDENTIAL & COMMERCIAL

1. FREEPORT CITY SUBDIVISION -_ 3.
FREEPORT
LOT NO. 5, Block ‘J’
PROPERTY DESCRIPTION:
Condominium Apartment No. 420
2 beds / 2 baths
PROPERTY SIZE: 1,177 sq. ft.
LOCATION: The subject property
is located at Jansel Court
Condominium, East Mall Drive and
East Atlantic Drive.
APPRAISED VALUE: $80,000

4

2. GREENING GLADE SUBDIVISION
- FREEPORT
LOT NO. Block 6 Unit 1
PROPERTY DESCRIPTION:
Lucayan Towers Condominium
Apartment No.408, 1 bed / 1 bath
PROPERTY SIZE: 672 sq. ft.
LOCATION: The subject property is
located on Albacore Drive.
APPRAISED VALUE: $43,000

1. ARDEN FOREST SUBDIVISION-. 10.

. HARBOUR WEST SUBDIVISION

- EIGHT MILE ROCK - GRAND
BAHAMA

LOT NO. 9Block 3

PROPERTY DESCRIPTION: Single
Family Residence, 3 beds / 2 baths
PROPERTY SIZE: 8,062 sq. ft.
LOCATION: The subject property is
located on Yvonne Drive and East
Pine Street.

APPRAISED VALUE: $169,000

. HAWKSBILL SUBDIVISION -

FREEPORT

LOT NO. 57

PROPERTY DESCRIPTION: Single
Family Residence, 3 beds/ 2 baths
PROPERTY SIZE: 0.12 acres
LOCATION: The subject property
is located on the northern side of
Abaco Drive.

APPRAISED VALUE: $95,550

. GRASMERE SUBDIVISION-

FREEPORT

LOT NO. 12 Block 3 Unit 5
PROPERTY SIZE: Single Family
Lots, 0.33 acres

LOCATION: The vacant lot is
located on the northeastern
section of Caliban Drive and Ariel
Place.

APPRAISED VALUE: $35,000

2. BAHAMA BEACH SUBDIVISION 11

FREEPORT

LOT NO. 11 Block 45 Unit 3
PROPERTY SIZE: Single Family
Lots, 0.35 acres

LOCATION: The vacant property
is located on the corner of
Grasmere Drive and Pondside
Drive.

APPRAISED VALUE: $9,200

. LINCOLN GREEN SUBDIVISION

- FREEPORT

LOT NO. 373

PROPERTY SIZE: Single Family
Lot, 0.12 acres

LOCATION: The vacant lot is
located on the western end of
Windward Lane and Wilscombe
Boulevard.

APPRAISED VALUE: $18,000

- FREEPORT

LOT NO. 15 Block 26 unit 4
PROPERTY SIZE: Duplex Lots,
0.34 acres

LOCATION: The vacant lot is
located on Manton Place and
Manton Avenue

APPRAISED VALUE: $36,000

. LINCOLN GREEN SUBDIVISION

3._BAHAMA REEF YACHT &
COUNTRY CLUB SUBDIVISION-
FREEPORT
LOT NO. 35 Block 2, Section 1
PROPERTY SIZE: Golf Course
Frontage Lot, 0.39acres
LOCATION: The vacant lot is
located 350 yards off Coral Road
APPRAISED VALUE: $110,000

- FREEPORT

LOT NO. 16 Block 26 unit 4
PROPERTY SIZE: Duplex Lots,
0.33 acres

LOCATION: The vacant lot is
located on Manton Place and
Manton Avenue.

APPRAISED VALUE: $35,000

. LINCOLN GREEN SUBDIVISION

4. BAHAMIA WEST REPLAT
SUBDIVISION - FREEPORT
LOT NO. 28 Block 19Unit 2
PROPERTY SIZE: Single Family
Lot, 0.25 acres
LOCATION: The vacant lot is
located on the northern side of
Columbus Way.

APPRAISED VALUE: $26,000

- FREEPORT
LOT NO. 26 Block 1

PROPERTY SIZE: Duplex Lot,
0.32 acres

LOCATION: The vacant lot is
located on Ludford Drive.

APPRAISED VALUE: $34,000

. LUCAYAN ESTATES

5. CHESAPEAKE SUBDIVISION -
FREEPORT
LOT NO. 29Block 21
PROPERTY SIZE: Single Family
Lot, 0.38 acres
LOCATION: The vacant lot is
located on the northwestern
section of Snipe Court and
Capstan Drive.
APPRAISED VALUE: $28,000 15.

SUBDIVISION - FREEPORT
LOT NO. 1 Block 43 unit 4
PROPERTY SIZE: Duplex Lot,
1.0 acre

LOCATION: The vacant lot is
located on the southern side of
Newby Drive.

APPRAISED VALUE: $9,000

. LUCAYAN KNOLL - FREEPORT

6. CHEROKEE SOUND - ABACO
LOT NO. 4N
PROPERTY SIZE: Multi-Family
Lot, 27,231 sq. ft.
LOCATION: The vacant lot is
located at Yellow Wood Creek
APPRAISED VALUE: $74,000

LOT NO. 8 Block 5

PROPERTY SIZE: Single Family
Lot, 15,380 sq. ft.

LOCATION: The vacant property
is located on Sergeant Major Drive
near Sea Horse Road.
APPRAISED VALUE: $30,000

. MAYFIELD PARK SUBDIVISION-

7. EMERALD BAY SUBDIVISION -
FREEPORT
LOT NO. 15 Block 48 Unit 2
PROPERTY SIZE: Single Family
Lot, 0.41 acres
LOCATION: The vacant lot is
located on the eastern boundary
of Mundon Court and Mundon
Avenue.
APPRAISED VALUE: $33,000

8. FORTUNE POINT SUBDIVISION
FREEPORT
LOT NO. 14 Block 2 Unit 3
PROPERTY SIZE: Single Family
Lots, 0.35 acres
LOCATION: The vacant lot is
located west of the intersection of 4g

FREEPORT

LOT NO. 112

PROPERTY SIZE: Multi-Family
Lot, 18,325 Sq. Ft.

LOCATION: The vacant property
is located on Farnham Crescent
APPRAISED VALUE: $54,000

. MURPHY TOWN - ABACO

LOT NO. 2 Crown Allotment #57
PROPERTY SIZE: Multi - Family
Lot, 5,310 sq. ft.

LOCATION: The vacant lot is
located on the main Murphy Town
Road.

APPRAISED VALUE: $12,000

. MURPHY TOWN - ABACO

Pearl Drive and Pearl Close.
APPRAISED VALUE: $45,000

9. GUANAHANI SUBDIVISION -
SAN SALVADOR
LOT NO. 29
PROPERTY SIZE: Single Family
Lot, 8,536 sq. ft.
LOCATION: The vacant lot is
located on the eastern side of
Queen’s Highway
APPRAISED VALUE: $25,600

LOT NO. 67 Crown Allotment #1
PROPERTY SIZE: Single Family
Lot, 6,935 sq. ft.

LOCATION: The vacant lot is
located on the main street of
Murphy Town.

APPRAISED VALUE: $1 1,000

5. SEA HORSE VILLAGE -

FREEPORT

LOT NO. 26 Block 6

PROPERTY DESCRIPTION:
Single-storey Duplex,

3 beds / 2 baths Units
PROPERTY SIZE: 0.28 acres
LOCATION: The subject property
is located on the northern side of
Turtle Cove.

APPRAISED VALUE: $223,657

VACANT LOTS

19. MURPHY TOWN - ABACO

LOT NO. 67 Crown Allotment #2
PROPERTY SIZE: Single Family
Lot, 12,100 sq. ft.

LOCATION: The vacant lot is
located on the main street of
Murphy Town

APPRAISED VALUE: $19,360

. SHANNON SUBDIVISION -

FREEPORT

LOT NO. 8 BLOCK 5 UNIT 1
PROPERTY SIZE: Multi-Family
Lot .34 acres

LOCATION: The vacant lot is
located on the eastern side of
Shannon Drive

APPRAISED VALUE: $30,000

. ROYAL BAHAMIAN ESTATES

SUBDIVISION - FREEPORT
LOT NO. 305 Section “A”
PROPERTY SIZE: Single family
lot, 0.44 acres

LOCATION: The vacant lot is
located on Dominica Avenue

APPRAISED VALUE: $30,000

22. ROYAL PALM BAY

SUBDIVISION - FREEPORT
LOT NO. 47 Block 6 Unit 5
PROPERTY SIZE: Single Family
Lots, 17,005 sq. ft.

LOCATION: The vacant property
is located on Cippinghill Drive,
south of Bartlow Lane.
APPRAISED VALUE: $40,000

. SENTINEL BAY SUBDIVISION -

FREEPORT

LOT NO. 17 Block 8 Unit 1
PROPERTY SIZE: Single Family
Lot, 0.42 acres

LOCATION: The vacant lot is
located on the northern side of
Chesterford Road.

APPRAISED VALUE: $55,000

. SHANNON SUBDIVISION -

FREEPORT

LOT NO. 5 Block 3 Unit 1
PROPERTY SIZE: Multi-Family
Lot, 0.40 acres

LOCATION: The vacant property
is located on the southern side of
Moonraker Lane.

APPRAISED VALUE: $50,000

. WOOD CAY - LITTLE ABACO

LOT NO. Parcel of Land
PROPERTY SIZE: Single Family
Lot, 39,999 sq. ft.

LOCATION: The vacant lot is
located on the western section of
the main street of Wood Cay.
APPRAISED VALUE: $25,000

. YEOMAN WOOD SUBDIVISION

- FREEPORT

LOT NO. 4 Block 58 Unit 2
PROPERTY SIZE: Single Family
Lot, 0.36 acres

LOCATION: The vacant lot is
located on the southwestern side
of Spinney Road.

APPRAISED VALUE: $25,000

INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE CONTACT AND POSTAL ADDRESS
TO: CB DISTRESSED PROPERTIES, CREDIT RISK MANAGEMENT DEPARTMENT,
P.O. BOX - SS-6263, NASSAU, BAHAMAS OR EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.
FOR GENERAL ENQUIRIES PLEASE CALL: 394-6464 EXT. 5836.
* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.


PAGE 12, MONDAY, MAY 10, 2010

INTERNATIONAL NEWS

THE TRIBUNE



‘Mountain to climb’ for
UK parties to reac

NOTICE

Notice is hereby given that the Thirtieth (30th)
Annual General Meeting of THE PUBLIC
WORKERS’ CO-OPERATIVE CREDIT UNION
LIMITED, will be held at the British Colonial
Hilton Hotel, Bay Street, on Friday, May 21,
2010, commencing at 6:30 p.m. for the following
purposes:

* To receive the report of The Board of
Directors.
* To receive the Audited Report for 2009

* To elect members of The Board of Directors,
Supervisory Committee and Credit Committee

* To discuss and approve the budget for 2011

All eligible members, wishing to run for a
position on the Board of Directors, Supervisory
Committee or Credit Committee, are asked to
submit their names to the Credit Union’s Offices
in Nassau or Freeport, no later than Monday,
May 17th, 2010, by 4 p.m.

ALL MEMBERS ARE URGED TO ATTEND

REFRESHMENTS WILL BE SERVED!

Care



LONDON

THE two parties that could
form Britain's next govern-
ment held hours of closed-
door talks Sunday without
reaching a power-sharing
deal, and there are fears that
the political uncertainty
could stoke market jitters
when trading reopens Mon-
day, according to Associated
Press.

Conservatives and Liberal
Democrats have a "mountain
to climb” on issues including
electoral reform, a senior
member of the Liberal
Democrats said. The Liberal
Democrats want Britain to
shed a system that gave them
just 9 percent of the seats in
Parliament after they won 23
percent of the popular vote,
but if Conservatives give in it
could leave them at the
smaller party's mercy in
future elections.

The divide could offer an
opening for Prime Minister
Gordon Brown's Labour
Party to stay in power
through a coalition with the
Liberal Democrats and some
smaller parties.

Liberal Democrat leader
Nick Clegg met with Conser-
vative leader David Cameron
on Sunday night, after meet-
ing Brown during the after-
noon for what a Liberal
Democrat party spokesman
said was an "amicable dis-
cussion.”

A deal must be brokered
soon to calm financial market
anxieties about Britain's eco-
nomic stability.

"We're very conscious of
the need to provide the coun-
try with a new stable and
legitimate government as
soon as possible,” Conserva-
tive foreign affairs spokesman
William Hague told reporters
before disappearing into Lon-
don's Cabinet Office for
negotiations with senior Lib-
eral Democrats.

= rt uF

stonework!

MAAR BLE & GRANITE SPECIALISTS

—4

Kitchens
mS







Tiles

Travertines
Marhles
Glass
Mosaics

Contract a



Construction
Cleaning

#91 Wulff Road
P.O.Box N-4111
Nassau, Bahamas
Tel: 242-326-8526
Fax: 242-322-5607

7

=

= “= eT ae

“S$60-S100/sg itr”
‘ Installed and






Cemetery

Monultt ents



Email: info@wecarestonework.com.......
website:www.wecarestonework.com

a ee eee

a na

After six hours of negotia-
tions, Hague emerged to
announce that the two par-
ties agreed that they should
focus on economic stability
and reducing the ballooning
budget deficit. More talks
were planned Monday, he
said.

The prospect of days of
political horse-trading has
fueled anxiety in financial
markets already unsettled by
the Greek debt crisis.

Fears that an unstable gov-
ernment could delay Britain's
ability to tackle a record
deficit dragged the FTSE 100
share index 2.6 percent lower
Friday, while the British
pound was sharply down at
$1.4720.

"With the markets being
highly nervous and fragile in
the wake of the Greek crisis
and in the mood to penalize
any country that is perceived
to be falling short on its
deficit reduction needs, it is
of paramount importance
that a credible commitment
on how to tackle the dire UK
public finances is in place
sooner rather than later,"
said Howard Archer, chief
UK and European economist
at IHS Global Insight.

Cameron's right-of-center
Conservatives won 306 of the
650 seats in the House of
Commons in Thursday's
national election but fell 20
votes short of a majority. For
the first time since 1974, vot-
ing resulted in a "hung Par-

liament" — no party is able
to take overall control of the
country.

Cameron is now hoping to
woo the center-left Liberal
Democrats, who finished
third place with 57 seats.
Labour finished with 258.

Conservatives and Liberal
Democrats are likely to find
some common ground on
issues including the economy
and taxes, but voting reform
and foreign policy have been
sticking points in the power-
sharing talks.

Britain's voting system is
based on races in individual
districts, as it is in U.S. con-
gressional elections. Clegg
wants a system common in
continental Europe in which
parties win seats in propor-
tion to their share of the total
vote — a system that is much
less likely to put one party in
a dominant position. The






BRITAIN'S CONSERVATIVE opposition leader David Cameron
walks past the media as he arrives to give a press conference in
London, Friday. (AP)





LIBERAL DEMOCRAT leader Nick Clegg leaves Liberal Democrat
national headquarters in Cowley Street, London on Sunday. (AP)

Conservatives fear such
reforms would leave the Lib-
eral Democrats holding the
balance of power indefinitely.

Former Liberal Democrat
leader Paddy Ashdown told
the BBC that although the
dialogue between the parties
was congenial and respect-
ful, "that isn't enough ...
because there is a mountain
to climb here."

"T don't believe that any-
body can now establish a new
government who is deaf to
the calls from the British
people for reform to our
political system, and part of
that is electoral reform,"
Ashdown said.

Brown, still hoping that his
unpopular party can cling to
power, offered to legislate for
a referendum on a change in
the voting system. That's a
step further than Cameron's
offer to the Liberal Democ-
rats of a "committee of
inquiry” into the issue.

Cameron and Clegg also
would have to compromise
on their positions toward
Europe. Clegg's party is in
favor of Britain eventually
joining the euro currency, a
policy Cameron's bloc bit-
terly opposes.

The Observer newspaper
reported Sunday that it
obtained a secret Conserva-
tive Party document drafted
by Hague that outlined a

strategy for Britain to take
back some powers from the
European Union and empha-
sized, "We will never join the
euro." A Conservative
spokeswoman said no one in
the party had knowledge of
it

Conservatives and Liberal
Democrats agree on the need
for spending cuts, although
Cameron wants a more
severe pace of austerity mea-
sures.

The two also have similar
policies on cutting taxes for
the lowest-paid British work-
ers.

Both have pledged action
on civil liberties and would
likely take quick action to
scrap Britain's planned
national identity card pro-
gram.

Both are committed to
keeping British troops in
Afghanistan, at least in the
short term, and both have
signaled they may take a
more skeptical tone in rela-
tions to the White House.
Cameron previously attacked

s "slavish" the links Tony
Blair and Brown have shared
with Washington.

Meanwhile, Brown
remains in power — and will
continue to reside in his
Downing Street office until
it becomes clear that
Cameron can form a new
government.

EW ARRIVALS

Exciting New Models- took Like New!

We now offer ZERO DOWN
on late models up to 2003!

1999/2000 Nissan March

We also offer 20% DOWN,
3 YEAR LOAN FOR 2005 models!

AS ALWAYS 1 Month Limited
Warranty, License,Inspection

and Insurance Included.
Restrictions apply.

VILLAGE ROAD NEAR
SHIRLEY STREET



Tel: 394-0323/5
OR 394-1377

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 14, MONDAY, MAY 10, 2010

THE TRIBUNE





LOCAL NEWS







Lady Edith Turnquest
suffers serious stroke

terday afternoon.

FROM page one

“The family is grateful for the

many prayers and support |

side of her brain as a result of
the stroke and was left paral-
ysed on one side of her body.

At present, Lady Edith
remains in a critical care unit
for “monitoring and further
care.”

Her surgery went “rather bet-
ter than expected”, according
to the doctor who treated her,
said the statement issued yes-

added.

offered during this time,”

With Lady Edith are Sir
Orville, her three children, Mrs
Caryl Lashley, Mrs Michele
Fields and Tommy Turnquest
and two of her grandsons.

Sir Orville served almost sev-
en years as Governor-General
with Lady Edith by his side
from 1995 until late 2001.

it



Bethel Brothers Morticians

Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026



DEATH NOTICE FOR

MARINA
C. GLINTON,
73

Oleander
Avenue and
formerly of
Calabash Bay,
Andros, died at
the Princess

Margaret Hospital on Thursday, May

6th, 2010.

of

She is survived by her husband,
Lawrence H. Glinton; two daughters,
Deborah Coleby and Sonja Wallace-
Whitfield; two sons, Byron and
Lawrence Glinton; eight
grandchildren, Kristen, Chandra,
Omar, Britnee, Aliyah, Jasmyn,
Lauren and Morgan; and a host of
other relatives and friends.

Funeral arrangements will be
announced at a later date.

















FROM page one

based on conversations he has
had with persons involved in
the industry, who have to
come to his Ministry to seek
permission to go ahead with
exploration in The Bahamas,
and from findings in neigh-
bouring countries like Cuba.

Dr Deveaux said it would
be “impractical and unrea-
sonable” to say that the
Bahamas would shy away
from oil exploration or drilling
as a consequence of the poten-
tially environmentally-devas-
tating oil spill that officials are
currently seeking to contain
off the coast of the US state of
Louisiana.

“The world is not going to
shy away from oil because of
this accident. This is not the
first or the last,” he added.

While such comments may
not be news to the ears of
environmentally-conscious
Bahamians who would fear
the impact of an oil spill in
Bahamian waters, other com-
ments from the US Coast
Guard official overseeing the
Gulf of Mexico oil spill may

Mase D. GARDINER HURRICANE
AND BURGULAR PROTECTION

#34 Bay Lilly Dr. Sea Breeze Estates
P.0. Box SS-5592, Nassau, The Bahamas

Phone: (242) 324-6794 © Fax: (242) 324-7554

Burgular & Screens
to fit Every budget

Non-flus! Burgular Sereen
Doors with Double Action
Deadbolt Lock

Aina Colonial — Shutiers



‘Very high possibility’ oil will
be found in Bahamian territory

be.

Commandant Admiral
Thad Allen yesterday told the
US-based CBS news show
“Face the Nation” that there
is at present a “very, very low
probability” that the oil slick
released from the Deepwater
Horizon spill will travel
around the Florida coast and
affect the east coast of the
United States.

Fears had been raised that if
the slick were to come in con-
tact with the “loop current” —
a warm ocean current that
moves clockwise through the
Caribbean Basin to the Gulf
of Mexico and then the Flori-
da Straits — Bahamian waters
and islands could be affected.

While the situation remains
relatively unpredictable, Com-
mandant Admiral Allen told
the Sunday morning news

show that the loop current “is
significantly south of the
southern edge of the spill right
now.”

“T think it is a very, very low
probability it will be impact-
ed,” Allen added, noting that
the National Oceanic and
Atmospheric Administration
is studying the issue. “It does
not appear to be a threat right
now,” he said.

At present it is estimated
that 5,000 barrels or 210,000
gallons of oil are being emit-
ted from the site of the Deep-
water Horizon oil well, fol-
lowing the explosion and sub-
sequent collapse of the oil rig
there, which is licensed to
British energy company,
British Petroleum.

Efforts to stymie the flow
of the oil were setback over
the weekend after plans to

drop a 98 ton “containment
dome” over the oil leak and
siphon oil to the surface did
not go as planned.

The placement of the dome
was postponed after engi-
neers noticed a build-up of
crystallised gas inside the
chamber.

Commandant Admiral
Allen stated that officials are
now considering using a “junk
shot” to stem the flow of oil.

This would involve shoot-
ing a mix of debris — including
shredded tyres and golf balls —
into the well at high pressure
to clog it.

Meanwhile, crews have
begun to drill a relief well into
which oil from the original
well could be channelled, but
this is estimated to take
between one and a half to
three months.

Keisha ‘victim of foul play’

FROM page one

pass by to see if everyone forgets about it.”
Keisha, a CC Sweeting High School gradu-

mind. All of the other evidence that could
lead to someone having a motive they left it
out. Suicide is less work for them. From the
moment they looked at her hanging, they ruled
everything else out.”

It is understood one of Keisha’s friends
offered to get information from the person
they believe should be questioned by using a
wire. But they claim police failed to turn up
without explanation, after initially agreeing
to meet with the friend.

The attitude of one officer, according to the
Tribune source, was: “Well Keisha is already
dead, so what he supposed to do about it.

“The police don’t follow standard proce-
dures when they should. They already made
their conclusion and are waiting for time to

ate, was found hanged at her family home at
McKinney Drive on February 28.

Two walls in the front room of Keisha's
home are laden with medals, certificates and
trophies, proof of Keisha's star-studded, stu-
dent-athlete past. She was a national awards
honouree and a scholarship student for both
her academic and athletic pursuits.

Last night the youngster’s family said they
did not wish to comment at the moment, but
sources say that after making several requests
they have been waiting for the police to set up
a meeting to update the family and hear fur-
ther evidence.

Press Liaison Officer Sgt Chrislyn Skippings
said the matter is still being investigated.

She added: “I understand once it is com-
pleted it will go to coroner’s court.”

We're Rolling Out

The Saving

s At Our

PAINT SALE ~

12 Sai OFF...

Rollers and mare!

Bao

ee RM smc ce

WILTON STREET Wan:
(NEXT TO DW DAIS) "8

Telephone:
325-3507 of
394-0836
‘Open: 7am - dpm

Monday thru Friday
Tam » Jpn Saturday

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


THE TRIBUNE

FROM page one

BPSU President John
Pinder claims the new
group was formed by dis-
satisfied senior and lower
ranking customs officers
in Grand Bahama who had
had unsuccessful cam-
paigns for positions within
the BPSU.

He claims they were also
not happy with income
loss regarding the negoti-

union was made public, as
deflammatory and evi-
dence of unreconcilable
representational conflicts.
It highlighted a disconnect
between the needs of the

two departments and the
agenda of the union.

The statement read: “No
officer has any difficulty
with being a shift worker
or working shifts. The

KEMP'S FUNERAL HOME LIMITED

problem came into being
with the compensation in
lieu of overtime. Bluntly
put, what was promised
was not what we received.

“There was no real
empathy or concern for
the officers and the
untruths and all out des-
perate attempts to dispar-

MONDAY, MAY 10, 2010, PAGE 15

Group of Customs, Immigration officers break away from BPSU

age us has been undertak-
en in every media form
over the past two weeks.”

Mr Pinder has voiced
scepticism towards the
ability of the two depart-
ments to form a separate
union, drawing on the per-
manence of their careers
in the public sector -

unlike teachers who also
have the option of the pri-
vate sector.

Industrial relations leg-
islation dictates that every
employer recognise a
trade union that repre-
sents more than 50 per
cent of the employees in
his employment.

ated removal of overtime.

The new group is
thought to be about 300-
strong and will call itself
the Bahamas Customs and
Immigration Workers
Allied Union (BCIWAU).

However, the breakaway
group issued a statement
last week signed only by
“Officers of the Customs
& Immigration Depart-
ments”, reaffirming their
intent to be the only bar-
gaining agent for the two
departments.

The statement highlight-
ed the group’s dissatisfac-
tion with BPSU president
John Pinder.

Issues detailed include
the circumstances sur-
rounding the controversial
shift system reform, the
validity of the current
industrial agreement and
what it calls the perceived
public misrepresentation
of details surrounding
both issues by the BPSU.

It read: “The Bahamas
Customs & Immigration
departments do not belong
to the Public Service
Union. By the grace of
God and government
approval we will achieve
recognition.

“We would like to
remind the president that
he is not authorised to
speak on behalf of the
government and that he

22 Palmdale Avenue, Palmdale
Nassau, 6... The Bahamas

DEATH NOTICE

GLORIA JEAN
HILTS

WE SADLY
ANNOUNCE THE
DEATH OF LOVING
WIFE AND MOTHER
MES GLORIA JEAN
IHILITS WHO PASSED AWAY SUDDENLY
ON MAY 7, 2010 AT DOCTORS HOSPITAL,
SASSAL BAR AMIAS IN AER OFT YEAR.

LEFT TO MOURN AND REJOICE IN HER
ILIFE ARE HER HUSBAND OF FORTY
IVE YEARS, TERRY HILTS, CHILDREN
RYAN OF NASSAU AND REBECCA OF
GREENSBORO, NORTH CAROLINA,
HER VERY SPECIAL AND ONLY GRAND
DAUGHTER SADIE SCHRAMM AND
SON-IN-LAW TERRY SCHRAMM AND
DAUGHTER-IN-LAW CHANTALE HILTS
SHE ALSO LEAVES ONE SISTER-IN-
JAW, WENDE COURNOYEA OF
SIAGARA FALLS, CANADA,

CrLiRIA FIRST CAME TU) THE
BAHAMAS IN 1965 AND SHE WILL BE
LOVINGILY REMEMBERED BY HER
should cease and desist JFAMILY AND THE MANY PRIENDS SHE
from speaking on behalf |LEAVWES BEHIND. SHE WAS PRE

of the Customs & Immi- |DECEASSED BY HER MOTHER

ae Departments. WIYRELE WILLDLAMSOS NEE RUSK,
e release went on to
describe Mr Pinder’s
media remarks towards
the departments since the
intent to form a separate

A MEMORDAL SERVICE WILL BE
ANNOUNCED AT A LATER DATE

THE COLLEGE OF THE BAHAMAS

Visit our website at www.cob.edu.ds

THE SEARCH FOR A PRESIDENT

The College Council of The College of The Bahamas (COB) 1s pleased to
announce a search for a new President and invites nominations and expres-
sions of interest in this outstanding opportunity for leadership at a truly
unique institution. After nearly thirty-five years of serving The Bahamas,
first as a two-year institution, then as a four-year degree-granting College,
COB expects to become The University of The Bahamas. As it moves to
solidify its university status, COB will continue to deliver excellent under
graduate teaching while developing new undergraduate and graduate pro-
frams, increasing research and innovation activities, and focusing its work in
areas crucial to national development.

Since its founding in 1974, The College of The Bahamas has grown in repu-
tation and currently enrolls over 5000 students in undergraduate and gradu-
ate education. The institution grants primarily bachelor’s degrees, and will
launch its first master’s degree later this year. Currently, COB offers joint
master’s degrees in conjunction with other accredited universities and col-
leges within the United States and enjoys extensive links with higher educa-
tion institutions in the Caribbean, North America and Great Britain.

NOMINATION AND APPLICATION PROCESS
A prospectus for this search with information about the institution, the prior-
ities for the new president, a full enumeration of qualifications for the posi
tion, and instructions for submitting applications or nominations may be
found under “Current Searches” at wwwiacademic-search.com. Those con
sidering becoming candidates are urged to visit this Web site before submilt-
ting application materials. A complete application shall include a thoughtful
letter of interest, curriculum vitae, and a list of at least five professional ref-
erences (with email addresses and telephone numbers} and must be received
by June 9th, 2010. Nominations, inquiries and applications are treated confi-
dentially and should be submitted electronically (MS Word or PDF) to:
COB President@academic-search.com
Additional information on The College of The Bahamas may be obtained
from The College's website, hitp:!www.cob.edu.
Maya Kirkhope and Bill Franklin of Academic Search, Inc. are assisting with
this search. Nominations and expressions of interest will be treated in confi-
dence and may be directed to:

Dr. Bill Franklin

Senior Consultant
Academic Search, Inc.
bh D.C. USA
hy fii mic-search.com

(830) 249-1444

Maya Ranchod Kirkhope

Scnior Consultant

Academic Search, Inc.

Washington, DJC., US A
ava.kirkhope

(703) FH0 9195

The College of The Bahamas ts committed to providing equal educational
and employment opportunity.






















































fi

Clete elm tye lelu hs
Nor ipa pe aa Lite

AW

» HA HOE

=

Mahatma®l White Rice

egg, hard-boiled, chopped
celery stalk, chopped

onion, chopped

pickles, rinsed, minced
mayonnaise, mustard (to taste)

cup

Prepare about 1/3 cup of rice according to package directions.
Combine cooked rice and all ingredients. Chill and serve

For further recommendations and recipes using Mahaimaâ„¢ Rice,
visit website waw.mahatmarice com, hahamas

THE Min: oi ‘email OVER THE TTT

Distributed by ASA H. PRITCHARD, LTD.
Robinson & Claridge Roads « Tel: 393-2437

/atroducing wines from:
Santa Margherita,

St, Francés, Mirassou,
Washington Mile and
iaittinger

Music by:
The G-Notes
Jazz Etcetera

Caribah

Featuring art by:
Antonius Roberts
Malcolm Rae
Kevin Cooper

Tamara Russell

&y

Bid in silent auction
fo support your

favorite charity

= ¢
Jazz
May 15, 2010

The Poop Deck Sandyport
3- 7pm
Admission $30

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


THE TRIBUNE

MONDAY, MAY 10, 2010, PAGE 19





Economic well being and
free market ideology

By RALPH J MASSEY

DR. JONATHON
RODGERS must be com-
mended for his carefully rea-
soned article on the Bahami-
an economy and the causes of
the U. S. recession (see Tri-
bune Business, May 5, 2010, p.
2B). While it adds to the public
dialogue, much of his thesis can
be properly challenged. Let's
look at the U.S. recession.

The authority cited by Dr.
Rogers on key issues is Joseph
Stiglitz, a Professor at Colom-
bia University, a former World
Bank Chief Economist and a
Nobel Laureate who considers
himself to be an outstanding
critic of “free market funda-
mentalists.” Consistent with
this description Dr. Rodgers
concludes -

It was the financial institu-
tions that created the mess and
the American Government
that bailed them out.

In all countries with a paper
currency the Government con-
trols the quantity of currency in
circulation and indirectly the
amount of credit outstanding.
This function ranks with the
maintenance of the rule of law
as the most important of all
Government responsibilities.
It determines whether a coun-
try will experience —

¢ Inflation possibly with a
speculative bubble or

¢ Low inflation (stable
prices) and growth or

¢ Deflation with falling pro-
duction and employment.

In the case of any country,
the objectives of the central
bank can pit it against the polit-
ical interests of the president
and legislature when it, for
instance, properly limits the
growth in credit outstanding.

I contend that, while finan-
cial executives and institutions
both contributed to and great-
ly profited from the Housing
Bubble, the chief causal factor
was a Government that failed
in its responsibilities.

Incestuous Relations. Dr.
Rodgers states that “there is
an incestuous relationship
between the Fed and the banks
because supposedly it is
responsible for the oversight
of the same banks who actual-
ly own it.” One may call this a
“conspiracy theory” or a con-
flict of interest. Neither
describes a unique complex
reality.

The Fed was created in 1913
as a solution to the recurring
banking panics created by a
paper currency and a fraction-
al reserve banking system that
consisted of many private
banks operating in 48 different
legal jurisdictions. “The Fed
conducts the nation's monetary
policy by influencing the vol-
ume of credit and money in cir-
culation. (It) regulates private
banking, works to contain sys-
temic risk, and provides cer-
tain financial services to the
USS. government, the public,
and financial institutions.”
(Wikipedia).

The Governor, the Gover-
nors of the 12 district banks
and the Board of Governors
are appointed by the President
subject to Senate confirmation.
Yes, the Fed's shareholders are
private banks who get central
banking services, regulations,
reporting requirements and a
small dividend each year.

Nevertheless, the Fed is
responsible to the President
with Congressional oversight.
Yes, its work is highly technical
and not very glamorous; it is
staffed by those experienced in
banking and finance; and it
operates within a political envi-
ronment. It is easy to see
“incestuous relations” in such a
complex institutional arrange-
ment; and this can distort
objectivity.

M3 & Boom-and-Bust .
There are three different mea-
sures of the quantity of money
in circulation:

ise eee eel
facebook.
eit

OPINION

“M1” is the sum of the actu-
al currency (that can be legally
tendered in the exchange for
goods and services) that 1s held
outside banks, travellers
cheques, checking accounts.

“M2” is the sum of M1 plus
savings deposits, money mar-
ket accounts, small denomina-
tion time deposits and retire-
ment accounts.

“M3” is M2 plus the large
time deposits, Eurodollar
deposits, dollars held at foreign
offices of U.S. banks, and insti-
tutional money market funds.

The role of money in the
Great Depression was not
defined until the mid-1950s by
Milton Friedman at the Uni-
versity of Chicago.

His quantity theory of mon-
ey and its subsequent refine-
ment remained a key element
in the Fed's monetary and
credit management. An annual
growth of 2 per cent up to 4
per cent in M3 was deemed
acceptable.

However, in November
2005 Alan Greenspan, Gover-
nor of the Fed, and Ben
Bernanke, Governor of the
New York Fed, stopped pub-
lishing the M3 money supply
data. The reason given at the
time was that “the costs of col-
lecting the underlying data and
publishing M3 outweigh its
benefits.” This was a surprise
since M3 gives a much better
indication of the evolution of
credit creation in the economy
than M1 or M2...and, for
instance, the European Cen-
tral Bank considers M3 to be
the most important monetary
aggregate.

At the time the decision was
made, M3 started growing at 8
per cent per year; and it
exploded upward to just short
of 18 per cent per year in 2008
(as reported in Shadow Gov-
ernment Statistics) and plum-
meted to a minus 4 per cent in
2010.

Why did the Fed stop pub-
lishing the M3 data?

Alan Greenspan and Ben
Bernanke followed a clear
expansionist monetary policy
especially after 2000. Real
short-term interest rates (that is
nominal rates adjusted for
changes in consumer prices)
started low, below 1 per cent,
and turned negative between
late 2002 and late 2005. It real-
ly paid to borrow and
spend...an apparent real no-
brainer.

Since consumer prices
remained low and stable and
productivity was increasing,
Greenspan and Bernanke min-
imized the importance of the
unsustainable rise in housing
(asset) prices. That is...they did
so until it was too late; then
they eliminated the officially
published M3 warning sign.

Johan Van Overtveldt, the
economic historian, concluded

“The Fed's responsibility for
the housing bubble is consid-
erable. This conclusion has
important implications, among
others, for what is structurally
probably the worst derailment
in the American economy: the
extreme increase in relative
consumption expenditures and
its mirror image of disappear-
ing personal savings as the
basis of the huge external
deficit of the United States.”
(Bernanke's Test, p. 97)

One should note that Con-
gress passed a number of laws
between 1964 and 1999 that
granted the Fed powers to
affect lending practices both at
the consumer and financial
banking levels. Alan
Greenspan never used them.

When looking for the Gov-
ernment's hand in the Hous-
ing Bubble one must also look
at its well intentioned effort in

the housing market. It started
in the 1930s with Government
trying to provide funds (or liq-
uidity) to this market.

With the civil rights move-
ment the objective became the
end of discrimination in lend-
ing. With time the lending stan-
dards degenerated to “Sub-

prime”, the riskiest of all loans,
“Ninja Loans - No Income...No
Job...No Assets.”

It is easier for the public and
politicians to focus on the
predatory lenders to ill-
informed home buyers or the
Wall Street financiers who
ingeniously packaged these



loans, sold them around the
world and made a fortune.
They “earned” their commis-
sions; the mortgage holders suf-
fer the possible loss of their



_ BTC introduces its

BTC Connection Program



opment within our community. In addition, BTC will also sup-
port other entities seeking to stage events and concerts
through lis corporate sponsorship arm. The approved
events are expected to provide defined marketing benefits

BIC is committed to providing charitable donations and
corporate sponsorships fo the Bahamian Community. In
support of this, BIC is introducing the BTC Connection Pro-
gram. Through the program, BTC will provide a wide range
of financial sponsorship opportunities for individuals and or-
ganizations who wish to foster goodwill, growth and devel-

and appropriate exposure for BTC.



CALL BIC (225-5282)

www. btcbahamas.com = www, facebook,com/mybte

register and sign in. This will allow requestors to save the in-
formation for future submissions and assist with expediting
requests for sponsorship,





newly acquired homes; and the
politicians propose remedies,
pontificate about Goldman
Sachs and wait for their just
returns at the polls.










Visit us ot www. bicbohamas.com/btcconnection for more
details. Funding will be disbursed twice per year. Therefore,
requests should be submitted by May 13th for the first phase
and on October 14th for the second phase, Persons inter-
ested In placing a réquest for sponsorship will be required to







HD
&.

a. — ,
ROS Cae ei

Wassau

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




PAGE 20, MONDAY, MAY 10, 2010 THE TRIBUNE

LOCAL NEWS

OW

The family of
the late

Jane Fitzroy
Bethel,
MBE,

May 14, 1917 - April 22, 2010

wishes to thank the many persons, including those who travelled to be
with us on this occasion, who gave support through your thoughts,
prayers, floral arrangements, and expressions of sympathy during our
bereavement.

Special hanks are extended to The Rt. Rev’d Laish Boyd, Arch-Bishop
Drexel Gomez, Bishop Gilbert Thompson, Venerable Keith Cartwright,
Rev. Fr. Dwight Bowe, Rev. Dr. James Moultrie, Canon Delano Archer,
Canon Warren Rolle, Dr. Ada Thompson-Hepburn, Dr. Perry Gomez,
Alan Butler, Dianne Kemp-Dunn, Nicole Campbell, Setella Cox, Samuel
McIntosh, St. Mary’s Anglican Church Women, Arlene Nash-Ferguson,
Cleophas Adderley, William “Billy” Brown, Kendal Butler, Verna Elcock,
Adrian Archer and The Highgrove Singers, Leroy Thompson, Vivienne
Francis, Elliston Greenslade, Commissioner of Police, Marvin Dames,
Assistant Commissioner of Police, John Ferguson, Assistant
Commissioner of Police, and the Royal Bahamas Police Force, Michael
Symonette and the Management and Staff of The Print Shop, Manita
and Neville Wisdom and the staff of Florarama of Cable Beach, Marjorie
and Robert Archer and the Staff of Archer’s Nursery, Gertrude Demeritte,
Llewellyn Astwood Sr. and the Staff of Demeritte’s Funeral Home,
Funeral Directors and the Funeral Directors Association, Charles Brooks,
Bradley Crawley, Mitchell Ferguson, Kenneth Henfield, Nancy Mejias,
Kendal Patton, Wilfred Rahming, Doctors Hospital, Nurse Kayla Stubbs,
Deloris Fernander, Sidney Sawyer and the Staff of Bethel Brothers
Morticians.

Only when you drink from the river of silence shall you indeed sing.
And when youhave reached the mountain top,
then you shall begin to climb.
And when the earth shall claim your limbs,
then shall you truly dance.
Kahlil Gibran

Family
Rubie-Marie Nottage, Dr. Pamela Etuk, Dr. Marcus Bethel,
Paulette Bethel, Michael Bethel, Marion Bethel, Paulette Rahming, MISS BAHAMAS 2010 contestants on the stage at the Imperial Ballroom, Atlantis, Paradise Island at the
Owen Bethel. beginning of last night’s pageant. See today’s tribune242.com to found out who was crowned the winner.

tee

re AR > cccccccccal ee F

AUTO CENTRE| —















ce Se oan.
The All New

LAND ROVER Ff

$59,995.





eer eea eli ateeniyd A

ere Mace eel =) Ades

We Service Land Rovers, jaguars,
And All Other European Brands.

Give us a call at (242) 361-0000 or
come and see us on Harold Road & Knowles Dr.

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










THE TRIBUNE

usine

MONDAY,

MAY

TsO:



2010

SECTION B ¢ business@tribunemedia.net



Bahamas First
‘at low end of
forecast 5-7%
top line drop

* Aims to ‘recapture’
premium lost from non-
renewals amid ‘improving
picture’ in 2010

* Eyes tie-up with former
merger partner
FamGuard’s general
insurance agency

* ‘Never say never’ on
future merger talks

By NEIL HARTNELL
Tribune Business Editor

BAHAMAS First came in
at the "low end" of a forecast
5-7 per cent drop in top-line
premium during its 2009
financial year, as it eyes an
"improving picture” for 2010
and a business tie-up with its
former FamGuard merger
partner's general insurance
agency.

Patrick Ward, Bahamas
First Holdings’ president and
chief executive, said the
Bahamian insurance market
was seeing "green shoots of
recovery" taking place, and
expressed hope that the gen-
eral insurer could "recapture"
some of the premium income
lost due to non-renewals in
2009.

Commenting in the wake
of the joint decision by
Bahamas First Holdings and
FamGuard Corporation to
terminate their holding com-
pany merger talks, a develop-
ment first exclusively revealed
by Tribune Business last
week, Mr Ward confirmed
the two parties would still
explore joint venture oppor-
tunities where it made sense.

"We are actively going to
look for ways to cooperate
where mutual business inter-

SEE page 6B

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.





Auditor had ‘no confidence’
in failed $440m fund’s value

By NEIL HARTNELL
Tribune Business Editor

* Grant Thornton (Bahamas) partner says not allowed to audit



Bahamian auditor has
revealed that he “did
not have confidence”
in the valuation of
assets critical to a
Bahamas-domiciled investment fund
structure, and he was not permitted
to conduct an audit of them prior to its

Cdn$440 million collapse.

Paul Gomez, an accountant and

partner in Grant

Thornton
(Bahamas), told investigators prob-
ing the collapse of Canadian-based
Norshield Financial Group, and its

Bahamian-domiciled Olympus Uni-
vest investment fund, that he had to
rely on valuations provided by others
for the Channel Funds - a key

party.

Bahamas-based investment counter-

key funds at centre of Bahamian-domiciled structure’s collapse
* Ruling backs former Bahamian fund administrator and

head over claims ‘distancing themselves’ from debacle
* Investment management head had relative working

at fund administrator

receiver Raymond Massi, which was

revealed for the first time as part of an

According to Mr Gomez’s testimo-
ny to Norshield/Olympus Univest

SEE page 7B

Bahamasair’s $25m taxpayer subsidies Bahamas
‘substantially lower’ within two years

By NEIL HARTNELL
Tribune Business Editor

THE $25 million-plus tax-
payer support currently
received by Bahamasair could
be "very substantially
reduced” within two years of
the airline implementing a
proposed restructuring plan,
its chairman telling Tribune
Business the "great prize" of
totally eliminating subsidies
could be achieved in nine to
10 years’ time.

J Barrie Farrington, in an
exclusive interview with this
newspaper, said that while
some might consider the elim-
ination of Government/tax-
payer subsidies "a pipe
dream", Bahamasair had "to
start somewhere".

He said: "The model that
we've given to government,
in terms of what we project
the operating results to be, we
believe that in nine to 10
years’ time we get into posi-
tive operating margins."

The national flag carrier's
board has submitted a phased
restructuring plan, now await-
ing Cabinet approval, to the
Government, which calls for a
fleet restructuring within the
first 18-24 months.

Mr Farrington — said
Bahamasair's Board had
hoped to be close to complet-
ing the fleet transition by mid-
2011, implying that they had
wanted Cabinet approval ear-
lier this year. Yet he added:
"The cost to government in
support of Bahamasair would
have been very substantially
reduced. That could start
within the first two years,
quite frankly, and that will get
better as we go further out in
time.

"The objective is that in the
ninth and tenth years we
should have positive operat-
ing margins. The translation
of that statement is that, all

Discover Palm Ca
Lots & Marina Slips

LOTS STARTING AT
$203,000
WET SUPS STARTING AT

$84,000
Yuruacraw Bal.
Eastern NM. P.

eq -Sl

Inher! peal ec econ
wren pa mica CokMmM

44 single beta,
12.5079 ag. FL Ob ao deft!

Lp Tighe eeley

frown Source tie

194 wel alips, 25ft - 508

aqhr eect, Mr

dock, bioit & tockbe sheep.

Aol Gey,











TRIBUNE

EXCLUSIVE

* Airline’s chairman concedes some will think
it a ‘pipe dream’, but ‘great prize’ of end to
government support in 9-10 years

* Flag carrier's two jets flying ‘half empty’

most of year, _ restructure i |
Bahamasal
f )

tat ay Ww
Cre rt



A BAHAMASAIR Dash-8 waits for departure...

things being equal, the airline
should be self-sufficient. Isn't
that a great prize? The tax-
payers will have the cost of
underwriting Bahamasair
removed."

That cost is approaching
$500 million, or half-a-billion
dollars, over the airline's 37-
year history. Mr Farrington
conceded: "Is it a pipe dream?

Some people will say that.
Yes, it will take nine to 10
years, but you have to start
somewhere.

"Once we start implemen-
tation, two years after that we
will probably have better
defined expansion plans. It
will probably be Phase two
that takes us into the tourism
industry in a very substantial
way."

Bahamasair's proposed
fleet restructuring involves
replacing its existing two Boe-
ing 737-200 jets, each featur-

ing 120 seats, with four 76-
seat capacity, Q400 Bom-
bardier turbo prop aircraft.
And the national flag carri-
er's current five Dash-800
planes, which have a 65-66-
seat capacity, are slated to be
replaced by eight Saab-340
aircraft, which have a 34-seat
capacity.

The proposed fleet restruc-
turing has been criticised by
the airline's pilots, represent-
ed by the Bahamas Airline
Pilots Association (BALPA),
which argued that the con-
version to lower capacity,
non-jet aircraft was incom-
patible with Bahamasair's
stated aim to increase its
tourist market share to 30 per
cent.

Mr Farrington, though, said
the fleet restructuring would
enable Bahamasair to better
align demand with seat capac-
ity, thereby boosting load fac-

tors and profitability per
flight. He pointed out that in
the case of the two jets, there
were only at 80 per cent and
greater load factors during
"peak periods", which effec-
tively only accounted for 14
weeks out of a 52-week year.
"If you annualize it out, the
plane is half-empty or more
than half empty," Mr Far-
rington told Tribune Business.
"Why do you need a 120-
seater to operate at that level,
when in fact with a smaller
plane and greater frequency
of lift, it would be just the
same with two flights. We
need fewer seats per depar-
ture, not fewer seats in the
total fleet. We can still blend
in the Saabs and fly 34 seats to
Florida, Orlando."
Responding to the pilots’
claims that a non-jet fleet

SEE page 4B

‘Giving entitlement away and buying it
back, then told it’s to your own benefit’

By NEIL HARTNELL
Tribune Business Editor

THE offer of a maximum
12.5 per cent equity stake in
the proposed Arawak Cay
reverse osmosis plant was
described in Water & Sewer-
age Corporation internal doc-
uments as equivalent to “giv-
ing away an entitlement and
buying it back while being
told it is to your benefit”.

A November 4, 2005, spe-
cial report on the ownership
proposal submitted by BK
Water, the Bahamian investor
group headed by Senator
Jerome Fitzgerald, Mark Fin-
layson and Judson Wilmott,
poured cold water on the
equity stake offer since it was
contingent on the Water &
Sewerage Corporation hand-
ing over the right to supply
water and wastewater services
to potentially the Bahamas’
two biggest customers —

Arawak Cay reverse osmosis plant equity stake
derided, as Corporation would have to give

up rights to two biggest customers

Kerzner International and
Baha Mar.

The BK Water offer to the
Water & Sewerage Corpora-
tion of an equity stake in the
Arawak Cay reverse osmosis
plant was, according toa
mountain of documents seen
by Tribune Business, broken
down into three phases:

1. An initial 5 per cent if BK
Water won the Arawak Cay
reverse osmosis plant contract

2. A further 5 per cent if BK
Water won the right to supply
all Kerzner’s water and waste-
water needs

3. And a final 2.5 per cent if
BK Water won the right to
supply all Baha Mar’s water
and wastewater needs



A Water & Corporation
report on the (eventually
abandoned) Arawak Cay
reverse osmosis plant con-
tract, dated October 10, 2005,
had another description for
BK Water’s offer: “Equiva-
lent to giving away a build-
ing, renting that percentage
space and being told that it is
to your benefit.”

In the 100 per cent state-
owned Corporation’s subse-
quent November 4, 2005,
analysis, its management
warned that the potential lia-
bilities associated with own-
ership of a minority stake in
the Arawak Cay plant had
not been established, namely

SEE page 11B

recovery
‘protracted’
until ‘well
into’ 2011

Bahamas likely to
have to pay more
for foreign currency
borrowings

By NEIL HARTNELL
Tribune Business Editor

BAHAMIAN economic
recovery is likely to be "more
protracted and take consid-
erably longer", not arriving
until mid-2011, because US
consumer spending is likely
to be curtailed, with the Gov-
ernment also having to pay
more for its foreign currency
borrowings.

These were the key mes-
sages coming from the Inter-
national Monetary Fund's
(IMF) review of the Western
Hemisphere's economic
prospects, which found that
US consumer spending will
be "sluggish" and that an
increase in Washington's fed-
eral deficit would "put
upward pressure” on the

SEE page 5B

20-100% rise
in persons
seeking food
assistance

Hands for Hunger
sets record straight
on hunger data

THE number of Bahami-
ans seeking emergency food
assistance increased by an
average of 20-100 per cent in
the two years to 2009, a sur-
vey of agency representatives
by the Hands for Hunger ini-
tiative has revealed.

Providing strong evidence
of the recession’s impact on
the lives of ordinary Bahami-
ans, Hands for Hunger, which
collects and redistributes
about 3,000 meals to service
agencies, which provide food
assistance programmes, said
the weakened economy has
significantly increased the
poverty rate.

A 2001 study by the
Department of Statistics and
Inter-American Development
Bank (IDB) study found that
over 30,000 Bahamians did-
n't have dependable, consis-
tent access to enough food
and 9.3 per cent of the popu-
lation lived at or below the
poverty line - surviving off
$2,863 per year or less ($7.84
per day).

That, though, was before
the Bahamas was faced with a
15 per cent unemployment

SEE page 5B
PAGE 2B, MONDAY, MAY 10, 2010

THE TRIBUNE

@ ROYAL FIDELITY MARKET WRAP



By RoyalFidelity Capital
Markets

IT WAS a slow week of
trading in the Bahamian stock
market. Investors traded in
seven out of the 24 listed
securities with two decliners,
one advancer and the other

securities remaining
unchanged.
EQUITY MARKET

A total of 32,291 shares
changed hands, representing a
decrease of 90,802 shares,
compared to the previous



week's trading volume of
123,093 shares.

¢ Commonwealth Bank
(CBL) was the volume leader
again last week and the big
advancer, trading 20,402
shares to see its stock close
the week up by $0.56 at $6.40.

¢ AML Foods (AML) fol-
lowed, trading 9,535 shares to
end the week with its share
price down $0.01 at $1.04.

BOND MARKET
There was no activity last
week in the bond market.

COMPANY NEWS
Earnings Releases:

¢ Premier Commercial Real
Estate Investment Corpora-
tion (PRE) released its unau-
dited financial results for the
quarter ending December 31,
2009.

PRE reported net income
of $269,000 for the quarter,
an increase of $127,000 or 89
per cent compared to the
$142,000 reported in the same
period in 2008.

Total income of $342,000
increased by $111,000 or 48
per cent, while total expenses

of $73,000 declined by $16,000
quarter-over-quarter.

Total assets and liabilities
at December 31, 2009, stood
at $16 million and $3.3 mil-
lion respectively, compared
to $17 million and $3.8 mil-
lion at the end of the prior
year.

Net asset value per share
declined from $12.32 at
December 31, 2008, to $11.72
at the end of the quarter.

AGM Notices:

¢ Bahamas Waste (BWL)
has announced its AGM will

THE COLLEGE OF THE BAHAMAS

Visit our website at www.cob.edu.bs








The Centre for Continuing Education
& Extension Services (CEES)


















Presents a special town mecting on the

Becker CPA Review Programme

GUEST SPEAKER:
Mr. Steven Chou,

Director of International Business Operations,

Becker Professional Education, Chicago, Illinois.








DATE;

Wednesday, May 12th at 5

VE

30pm.

Michael H, Eldon Boardroom, The College of The Bahamas,
Thompson Boulevard







Students who prepare for the CPA Exams using the Becker Review pass at double
___ the rate of non-Becker candidates.
CPA Lecturers will be present at the town meeting to answer your questions.






For more information call: 328-1936, 328-0093 or
email: Ibastian@cob.edu.bs






anon hs

Ue 3 oy Tiey ESCORT eh a





The Bahamian Stock Market
BISX CLOSING CHANGE VOLUME YTD PRICE
SYMBOL PRICE CHANGE
AML $1.04 -$0.01 9,535 -11.11%
BBL $0.44 $- 0 -30.16%
BOB $5.24 $- 100 -11.19%
BPF $10.63 $- 0 -1.02%
BSL $9.42 $- 0 -6.36%
BWL $3.15 $- 0 0.00%
CAB $12.07 $- 20 20.94%
CBL $6.40 $0.56 20,402 lGo/ Yo
(Cris $2.84 $- 596 441%
CIB $10.60 $- 0 6.11%
CWCB $2.43 -$0.40 1,038 -14.74%
DHS $2.54 $- 0 -0.39%
FAM $6.07 $- 0 -6.47%
FBB $2.17 $- 0 -8.44%
Kee $0.27 $- 0 0.00%
FCL $5.08 $- 0 6.50%
FCLB $1.00 $- 0 0.00%
FIN $9.08 $- 600 -2.16%
ICD $5.59 $- 0 0.00%
JSJ $9.95 $- 0 0.00%
PRE $10.00 $- 0 0.00%





be held at the National Tennis

Centre, QE Sport Centre, on
May 18, 2010 at 6pm.

¢ Commonwealth Bank
(CBL) has announced its
AGM will be held at Super-
Club Breezes, West Bay
Street, on May 19, 2010, at
Spm.

Dividend Notes:

¢ AML Foods (AML) has
declared a dividend of $0.04
per share, payable on May 7,
2010 to all ordinary share-
holders of record date April
30, 2010.

e¢ Freeport Oil Holdings
(FCL) has declared a divi-
dend of $0.04 per share,
payable on May 11, 2010, to
all ordinary shareholders of

record date April 30, 2010.

¢ Doctors Hospital Health-
care Systems (DHS) has
declared an ordinary dividend
of $0.02 per share, payable on
May 14, 2010, to all ordinary
shareholders of record date
May 7, 2010.

¢ Consolidated Water BDR
(CWCB) has declared an
ordinary dividend of $0.015
per share, payable on June 7,
2010, to all ordinary share-
holders of record date May 1,
2010.

¢ Colina Holdings (CHL)
has declared an ordinary div-
idend of $0.06 and an extra-
ordinary dividend $0.09 per
share, payable to all ordinary
shareholders 10 days after the
record date, April 30, 2010.





International Markets

FOREX Rates
CAD$

GBP

EUR
Commodities

Crude Oil
Gold

International Stock Market Indexes:

DJIA

S & P 500
NASDAQ
Nikkei

Weekly % Change
0.9585 -2.53
1.4821 -3.13
1.2744 -4.30
Weekly % Change
$75.33 -12.37
$1,208.50 247
Weekly % Change
10,380.43 -5.71
1,110.88 -6.39
2,265.64 -7.95
10,364.59 -6.27





MRE AAMAGIE

Bi
| CEES EOS a
© WE BO BSD FSA.

“ URERE) PIERS

ot pee ea

ea
Rap cams Leva

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

5 MCRL Poe Rages per
= SURE PRL Panis un = :








THE TRIBUNE

MONDAY, MAY 10, 2010, PAGE 3B



‘Second generation’

small business boost

By CHESTER ROBARDS
Business Reporter

crobards@tribunemedia.net

THE SYSTEM for small
businesses in the Bahamas
will soon become more
accommodating and increase
their Gross Domestic Prod-
uct (GDP) contribution in the
near future, the Bahamas
Chamber of Commerce’s
president said yesterday.

Khaalis Rolle, speaking to

Tribune Business following
the sixth annual Business
Education seminar hosted by
the Bahamas Chamber of
Commerce and the US
Embassy, said small business
owners came to the seminar
looking for word on the
development of their sector.

He said many small busi-
ness owners will soon realise
that the regime for small busi-
ness start-up and growth in
the Bahamas will become a



ZHIVARGO LAING

lot less restrictive and bur-
dened with red tape.

"Many of the small busi-
ness people came there
because they are looking for
hope and inspiration,” said
Mr Rolle. "They would like
to hear that there is light at
the end of the tunnel and that
the system will begin to be
more accommodating.”

Minister of State for
Finance, Zhivargo Laing, said

Marina operators to meet in Nassau

MARINA operators from
throughout The Bahamas will
meet in Nassau this week to
discuss challenges and oppor-

tunities for positioning this
nation as one of the world’s
leading destinations.

The recently formed Mari-

NOW ACCEPTING

immediate applications:

An established marketing company requires a marketing
manager with good communication skills, sales
experience, drivers license, and personal transportation.

We are looking for energetic, career minded individuals
to aid us with our expansion goals. Must be able to
create, educate, train, develop and motivate by following
company policies and maximizing sales and profits
through our earning opportunity.

Should possess strong team building and development
skills.
Excellent base salary plus bonus.

lf you are motivated by directly influencing the success
of others, please e-mail
marketingsales2010 @hotmail.com



na Operators of The Bahamas
(MOB) will hold its Annual
General Meeting with a series
of workshop sessions this
Wednesday, May 12, 2010, in
cooperation with the
Bahamas Hotel Association
and the Ministry of Tourism
and Aviation, at the British
Colonial Hilton.

The group will hear from
Vincent Vanderpool-Wallace,
minister of tourism and avia-
tion, who will offer a lun-
cheon address. He will be
joined by assistant commis-
sioner of police Hulan Hanna,
who will speak on matters
related to marina and boat
security.

“Thanks to the support of
the Bahamas Hotel Associa-
tion and the Inter-American
Development Bank, we were
able to form the Marina
Operators of The Bahamas
last year. While we are still in
our infancy, we have made
good strides during our first
year, working on several key
initiatives and building an
organisation which increas-
ingly in the future will play a
pivotal role in furthering the
development of the marina

TEACHERS AND SALARIED WORKERS
CO-OPERATIVE CREDIT UNION LTD.

NOTICE OF

ANNUAL GENERAL MEETING

TO: All Members of Teachers and Salaried Workers
Co-operative Credit Union Limited
East Street South and Independence Drive

Notice is hereby given that the Thirty-Third (33rd)
Annual Meeting of Teachers & Salaried Workers Co-
operative Credit Union Limited will be held at the
British Colonial Hilton Hotel, located on Bay Street,
on Saturday, May 22, 2010 commencing at 8:00 a.m.

for the following purposes:

To receive the Report of the Board of Directors

of 2009

To receive the Audited Accounts of 2009.

To elect members of the Board of Directors.

To elect members of the Supervisory Committee
To discuss and approve the Budget for 2010.
To take action on such matters as may come

before the meeting.

Lenn King
Secretary

NB: VISITORS AND CHILDREN ARE WELCOMED,
HOWEVER, THEY WILL BE RESPONSIBLE FOR
THEIR LUNCH AT A COST OF $22.50 PER

PERSON

industry in the Bahamas”
said MOB president John
Bethell.

“We've added a workshop
component to the day specif-
ically to share solutions,
recognise opportunities, and
identify and address chal-
lenges we face as an industry.
The contributions made by
the marina and boating com-
munity to the overall tourism
sector are significant. We
realise that there is great
potential to build on this, but
we all must work in collabo-
ration as an industry and with
Government to be success-
ful.”

The MOB was formed in
June 2009 under the direction
of the Bahamas Hotel Asso-
ciation and the Inter-Ameri-
can Development Bank, with
funding support through its
Sustainable Tourism Entre-
preneurial Marketing Man-
agement Project. The goal of
the MOB is to represent the
needs and interests of mari-
nas and marina-related busi-
ness by facilitating and pro-
moting profitability through
competitive and sustainable
growth.

during the seminar that the
Government was one year
away from rolling out legisla-
tion that would encourage
small business growth - and
do away with many of the
barriers to that growth.

Mr Rolle said it was
through seminars and educa-
tional forums, such as the
Business Development Semi-
nar, that the Chamber was
positioning its members and
aspiring business owners to
navigate a system that often
dissuades many small busi-
ness owners.

"We are providing the

exec
‘



KHAALIS ROLLE

forums, we are increasing the
two-way dialoque and we

are providing the services,”
said Mr Rolle.

He added that the Cham-
ber was dedicated to working
with government to ease the
way in which small businesses
come into being, and said of
the Government's proposed
legislation:

"It will represent the sec-
ond generation package of
legislation, institutional sup-
port structure and incentives
needed to increase the con-
tribution of domestic small
firms to our GDP.”

Introducing
Bahamas

utive Property
Management
Company

www.BahamasEPMC.com

We are a newly formed company but we are not new to
the business of property management.

We have a combined experience of 25 years.

We provide a complete selection of high quality, cost

effective services for Communities, Associations and
Companies that have invested in
Residential/ Commercial properties.

¢ Property Management
* Financial Management
¢ Administrative Management
¢ Maintenance Management

Check out our website: www.BahamasEPMC.com
for more information.

Contact us for a quote

Cellular: 242-434-6167 «

Tel/Fax: 242-327-2635

Email:BahamasEPMC @ yahoo.com

Sheraton
Nassau

BEACH HES



The sew 700 room Sheraton Cable Beach Resort, Nassau, The Bahamas is looking

for

Banquet Manager

Effecuively monitor the daily operations of the Banquel Department, including pro-
viding support and guidance to fellow banquet personnel to ensure a successful and

eHective operation ending in a positive guest experience.

Essential Functions

* Review all written commuanication, ic., resumes, daily/weekly, Banquet Avent
Orders to determine appropriate staffing levels, room/station assignments, buffer

d&cer anc enhancements as thay relate Uc hanguets ancl meeting Trees sel-1ps.

Responsible for maintaining a strong client relationship and ensuring that all
convention specications are communicated to and executed by all hotel operating
departments. Maintain constant and timely communication with the Convention
Service/Catering Sales Manager as it applies to the clicnot at hand.

Responsible for the appropriate and timely set op of all functions and meetings
while maintaining standards of food, beverage and meeting specifications,

Skills & Abilities

Most be able to speak, read, woite and understand the English Language.
Requires good communication skills, both verbal and written.

Most possess basic computer skills and computational ability.

lost have a working knowledge of types of room set-ups and capacitica in
relation te type of event, ete.
Must have excellent interpersonal and sales-related skills.

Belial have exceplionil orpanizalional, Supervise©ry skills.

Must be able lo prepare and analyze dala and figures, and transcriplions prepared
on and generated by computer,
* Most have exceptional food and beverage knowledge and pricing.

Qualifications & Expericnce

* High School or equivalent education required, Bachelor's Degree preferred.

* Cie to two years of fool amd beverage service background and prior hospitality

expenence required,

Qualified applicants are invited to visit our website or email resumes to:

shbrpobet! sheraton.com

Note: All information will be held in strictest of confidence
Deadline for all applicants is June 7, 2010



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 4B, MONDAY, MAY 10, 2010

THE TRIBUNE



BUSINESS
Bahamasair’s $25m taxpayer

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a)

LEONARDO DA VINCI LIMITED (SAC) is in dissolution under
the provisions of the International Business Companies Act 2000 s.

137 and section 45 of the Segregated Accounts Companies Act, Chapter
396C,

The Dissolution of said Company commenced on May 5, 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 17th 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

subsidies ‘substantially
lower’ within two years

FROM page 1B

would take Bahamasair back-
wards to 1991, the last time it
had such aircraft options, Mr

Farrington said it would be
impossible for the airline to
do this as industry dynamics
had shifted so greatly.
Henry Woods, Bahama-
sair's managing director,
pointed out that, for instance,

any distribution made before such debts are proved.







































MAY 6, 2010
ZAKRIT SERVICES LTD.

LIQUIDATOR OF THE ABOVE-NAMED COMPANY



Cohen & Klein Consulting

(www,cohenandklein,com|

KINGSWAY ACADEMY

ELEMENTARY
ENTRANCE EXAMINATIONS

Presents

The Most Practical & Comprehensive

Debt Collection Training in Bahamas oid

Kingsway Academy Elementary will
Entrance Examinations for all elementary
grade levels:- K4 to Grade 6 from 9:00 a.m. to

12:00 noon on Saturday, May 29, 2010. Parents

OCK 700 Debt Collection Strategies; June 15-18
for New and Experienced Collectors and Compliance Officers)

OCK 600 Debt Collection & Revenue Management, June 21-24

_— oe are asked to collect application forms from
for Managers acd Supervisors)

the Elementary Desk in the Administration

Registration deadline: May 19, 2010 building between 8:30 a.m. and 4:00 p.m. daily,

before the testing date. Application forms may

Foor mire Wnfiormadiom call asa OSE) 750-6340 or Pans (54) 731 -tebllb
For our brochure, traiming costs and other details visi
mew coheaandk dein com (1K e-mea! us at collect gatesnet

also be accessed from the school’s website

www.kingswayacademy.com (see Document

Truming Location Mette s Place - Cosuaninas Powalsads)
Nassau, Bahamas
For further information, kindly contact the school at

telephone numbers:- 324 - 5049 or 324 - 2158

Tehepabunnes (242) 327-315 04, Fee: (42) 7-815

FG CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

ROYAL FIDELITY

Money at Work
CVOLGI inlA

BISX LISTED & TRADED SECURITIES AS OF:
FRIDAY, 7 MAY 2010
BISX ALL SHARE INDEX: CLOSE 1,586.37 | CHG 24.99 | %CHG 1.60 | YTD 20.99 | YTD % 1.34
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

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

52wk-Low Daily Vol. EPS$ ___ Div$ PIE
0.250

0.050

0.598
-0.877

0.168

0.055

1.406

0.249

0.460

0.111

0.627 44
-0.003 N/M
0.168 54.0
0.678 15.6
0.366 13.9
0.000 N/M
0.035 7.7
0.407 ae
0.952 10.5
0.156 64.1
ases)

Interest

Securit y

AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas 20
Colina Holdings : : 195
Commonwealth Bank ($1) 10,000
Consolidated Water BDRs 1,038
Doctor's Hospital
Famguard
Finco
FirstCaribbean Bank
Focol (S)
Focol Class B Preference
Freeport Concrete
ICD Utilities
J. S. Johnson 9.95 9.95 0.00
Premier Real Estate 10.00 10.00 0.00

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

Security Symbol Last Sale Change Daily Vol.
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00 7%
Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00 Prime + 1.75%
( + FBB13 100.00 0.00 7%

FBB15 100.00 0.00 Prime + 1.75%

Previous Close Today's Close Change

1.32
5.94
8.75
9.50
3.75
1.00
0.27
5.00
9.95
10.00

2.54
6.07
9.08
10.60
5.08
1.00
0.27
5.59

2.54
6.07
9.08
10.60
5.08
1.00
0.27
5.59

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

52wk-Hi _52wk-Low
1000.00
1000.00
1000.00

1000.00

Maturity
19 October 2017
19 October 2022
30 May 2013
29 May 2015

)
)
Fidelity Bank Note 13 (Series C)

Fidelity Bank Note 15 (Series D) +
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)

EPS $
2.945
0.000
0.001

Div $ PIE
0.000 N/M
0.480 N/M
0.000 256.6

52wk -Low Symbol
7.92 Bahamas Supermarkets
6.00 Caribbean Crossings (Pref)
0.40 RND Holdings

Bid &
10.06

Ask$
11.06
2.00 6.25 4.00
0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
30.13 31.59 29.00
0.45 0.55 0.55
BISX Listed Mutual Funds
NAV YTD% Last 12 Months %
1.4602 6.57
2.9020 -0.11
1.5289 4.75 30-Apr-10
3.2025 -3.54 31-Jan-00
13.4986 5.44 31-Mar-10
107.5706 6.99 103.987340 103.095570 31-Mar-10
105.7706 13.50 101.725415 99.417680 31-Mar-10
1.1034 5.25 31-Mar-10
1.0764 437 31-Mar-10
1.1041 5.34 31-Mar-10
9.5795 5.33 31-Dec-09

Last Price.
14.00

Daily Val.

4.540
0.002

0.000
0.000

9.03
261.90

29.00 ABDAB :
0.40 RND Holdings 0.00%
NAV 6MTH
1.407626
2.830013
1.491956

NAV Date
31-Mar-10
30-Apr-10

52wk-Low
1.3702
2.8266
1.5127

NAV 3MTH
1.438700
2.886947
1.507147

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
CFAL Money Market Fund
2.9343 Royal Fidelity Bahamas G & | Fund
12.6816 Royal Fidelity Prime Income Fund
100.5448 CFAL Global Bond Fund
93.1998 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000 FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005 Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 1

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

Royal Fidelity Intl Fund - Equities Sub Fund

10.0000 10.5417 -2.13 10.96 31-Mar-10

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 earnings 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

4.8105 47.51 31-Dec-09

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV §$ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month eamings
S) - 4-for-1 Stock Split - Effective Date 8/8/2007
$1) - 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

the airline back then had no
competition in the domestic
market, unlike today’s envi-
ronment where it faced
numerous rivals in the shape
of privately-owned Bahami-
an carriers.

And, responding to pilot
concerns about the alleged
lower cargo capacity of the
Q400s and Saab-340s, the
chairman told Tribune Busi-
ness: "Our plan, if it gets
approved, will have a cargo
service associated with airline
operations, so during the peak
periods, we'll have a way to
transport excess baggage that
they'll [the customer] have to
pay for.

"We're not exactly oblivi-
ous to the operational situa-
tions that have to be dealt
with."

Mr Farrington acknowl-
edged that acquiring the four
Q400 Bombardiers would car-
ry a price tag of roughly $20
million per plane, but "not all
are going to be required at
one time". He also conceded
that the financing would
"require some guarantee"
from the Government, given
Bahamasair's financial state.

"That's unavoidable," Mr
Farrington said of the guar-
antee, "whether we use the
Export Development Corpo-
ration from Canada or do it
100 per cent here.

It would be good if we
could collateralize the planes
and let them stand on their
own, but I don't know if a

financial institution will accept
that."

And he added: "We're not
wanting to be antagonistic
towards the pilots.

This is not an exercise in
one upmanship. We're really
very genuinely focused on us
getting to a point where we
get the absolute best results,
and we must be synchronized
in effort and desire. It's in all
our best interests to get the
best results. There's a mutu-
ality in this that's undeniable.”

Still, Mr Farrington
acknowledged that Bahama-
sair was "very, very chal-
lenged", having missed bud-
get forecasts. The airline was
unable to obtain the full
amount in additional subsi-
dies it had sought from the
mid-year Budget statement,
and he added that Board and
management were focusing
on ensuring it survived the
current fiscal year.

"We've been looking at it
very closely and doing things,
and I think that we will," Mr
Farrington said of Bahama-
sair's prospects of making it to
June 30, 2010. "Getting to the
finish line might be hard, but
the Board is very engaged,
management is very engaged,
and we're looking at cost con-
tainment.

"But there's only so much
you can do before you reduce
the quality of service. We're
getting a lot more compli-
mentary comments on what
we're doing.”

PUBLIC NOTICE

INTENT T

HANGE NAME BY DEED POLL

The Public is hereby advised that |, CHARMADD
CHARDIO JONES of #48 Pine Forest E.M.R., P.O. Box
F-0666, The Bahamas, intend to change my name to
CHARDIO CHARMANO KNOWLES. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, PO.Box
N-742, Nassau, The Bahamas, no later than thirty (30)
days after the date of publication of this notice.

CLIFTON HERITAGE AUTHORITY
Clifton Heritage National Park
South West Road
Nassau Bshamas
Tel: 1242 )562-4 068 oe D242 )962-5 1021 oF Faw
Sites
Email: park clifion @ yahoo com

EMPLOYMENT OPPORTUNITY

Chiton Henlage Nateoal Park, whech is one of the
oâ„¢ontry's most beautiful and historic locations, is secking

an pieal candadatce for
ACCOUNTANT.

ihe position of ASHIATANT

FREIMARY DUTIESJRESPONSIBILITTES

® Ensure the integrity and accuracy of all financial

accouns are mainlasned threugh the mainlesance of
the geeral beleer journal weochers, accounts payable
COCurEntEtion And other Conainchal pecopds

« Compile statistical, aocoanting reports and tables
penlaining to cash receipts, expenditures, accounts

payable: and reocivables

Prepare monthly financial statements for managers

and monthly forecasting

Assia with the preparatoon of the Annual Bude
Review and prices all financial ansactiona
Prepare requailions far office and other neline supply

parchaies bor the park

Liaise with extemal auditors to produce the andual
Audited Financial Statements

UIREMENTS

Advanced proficiency in QeickBooks
Thoreugh knowledge of accomnling practices and

PrOoeines, acomnling regulalnoes and legislalion in

‘The Hahamas.

Possess slrong quantitative and problem solving skills
Alnbity lo keep systemalec and detailed records
Must be proficient in the Microantt Office suites,

especially Excel aml Word

Be disciplined to keep company information stnctly

confidential

LALTFICATIONS

Completion of an Associate's Gepree om Accmning Wil
a Thinimom of five years caperience of a Diploma in
Accounting or a related depres with a minimanm of three

YEH experience

Application forms are available af the Clifton Heritage
Authority's Office, South West Reed, and mast be swhmit-

led by 14th May. 2010.

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

FROM page 1B

spreads for emerging market
bonds.

Besides the limits on credit,
which were set to remain
"stringent" as US financial
institutions repaired their bal-
ance sheets following the
credit crunch, the IMF said
of US consumers: "House-
holds will face a prolonged
process of rebuilding balance
sheets, given the size of the
crisis-related damage.

"Accordingly, private con-
sumption - the main compo-
nent of aggregate demand, at
about 70 per cent of GDP -
will likely be sluggish, as the
saving rate is apt to rise fur-
ther, beyond its recent jump.
Over the medium-term, this
will support a reduction in the
current account deficit."

For the Bahamas, the trans-
lation of all this is that US
consumer spending will be
impaired/depressed for some
time to come, meaning that
less money will be spent both
on - and during -vacations to
this nation.

Analysing the implications
of the IMF's message, Anwer
Sunderji, Fidelity Bank
(Bahamas) chief executive,
said: "Bahamian economic
recovery is hugely dependent
on US consumption, and if
US consumption is not going
to have a quick recovery to
pre-crisis levels, then the
recovery in the Bahamas will
be more protracted and take
considerably longer.

"It certainly isn't very
encouraging for us, but I think
that in many respects we've
been expecting this recovery
to be much slower than his-
torical recoveries from previ-

ous recessions. The US sav-
ings rate needs to go up quite
substantially.”

Mr Sunderji said the US
personal savings rate in
March 2010 stood at 2.7 per
cent, compared to the "close
to zero" position it stood at
during the height of the last
decade's spending boom. But,
at the height of the uncer-
tainty surrounding the credit
crunch, the US savings rate
peaked at 6.49 per cent in
May 2009, with Americans
savings more than six cents
out of every $1 earned.

And total US consumer
spending rose to $10.42 tril-
lion in March 2010, a 0.6 per
cent increase upon the month
before, with total disposable
income also up by 0.3 per cent
month-over-month to $11.09
billion.

The increased US con-

sumer spending could be one
reason behind the seeming
recovery experienced by
Bahamian hotels during the
2010 first quarter, but Mr
Sunderji said: "Consumers are
spending a little more now
than they did before, but
there's little doubt that the
savings rate is not going back
to zero.

"US consumer spending
has been growing steadily
over the last 12 months, which
is the reason why recovery is
taking place in the US. If con-
sumer confidence is returning
in terms of increased spend-
ing, recovery will be faster,
but I'm not sure the spend-
ing is sustainable because
people have lots of prob-
lems."

Warning that it would be
"well into 2011 before we see
any tangible signs" of

MONDAY, MAY 10, 2010, PAGE 5B
=
Bahamas recovery ‘protracted’ until ‘well into’ 2011

Bahamian economic recov-
ery, Mr Sunderji told Tribune
Business: "Our economy is
affected not only by US con-
sumer spending, which clear-
ly affects jobs and incomes in
the Bahamas.

"We know unemployment
remains stubbornly high, and
wages and other income have
been impacted since the
financial crisis. Bahamian con-
sumer spending has dropped,
while banks are busy trying
to recover funds lent.

"There's more work to be
done before we see recovery
in the domestic economy. We
need more jobs, and will not
see them until the tourism
sector recovers. That depends
on US consumer spending.”

The Government's foreign
currency borrowing plans,
meanwhile, may also be
impacted by the likelihood

that a large increase in the US
federal deficit has, as the IMF
reported, "potential to put
upward pressure on emerging
market spreads".

"There's no doubt about
that," Mr Sunderji confirmed.
"Emerging market sovereign
paper pricing is based on US
Treasuries, so if you have an
upward bias in terms of yields,
there's a direct correlation
between that and sovereign
debt issued by emerging coun-
tries.”

The Greek crisis, he added,
had sparked "a flight to safe-
ty", and investors in emerg-
ing market countries’ bonds
wanted a higher yield, or
interest rate, to compensate
them for perceived extra risk.

"We'll see the cost of bor-
rowing go up for the Bahamas
and all emerging market
countries,” Mr Sunderji said.

BEST PRICES in Treasure Cave!

20-100” rise in persons
seeking food assistance

#1432 - 3 bedroom, 2 bathroom

fined “Eleuthers lone with



a bright & open Moor plan, a










Tibet Shin] “1
with tik

AF, Sandy pera enc lise

43993 <4 bedroom, 2 balkroom,

viii’ Luca

Nooring, central

vind, large palin, storage shed

aa)
a wid 24h security






These Pontes Hor Last Loag!






$349,000 Gross each

Take your Pick!

Craig Pinder 457-2282
email: Craign Paradise Bahanas.com









cull so a/b

TARADISE REALDY



Ww RMK



’ qt BS co MM Te,
ei =<
= f

Mar,
a.

OF THe BAHAME

Hands for Hunger told Tri-
bune Business at the week-
end that the number of peo-
ple requesting social service
assistance from the Govern-
ment increased by 50 per cent

Hands for Hunger survey of
service agency representa-
tives, the number of people
in need of emergency food
services (as measured by
requests for food assistance)

UU UT
MR BRC
US eT are

EMPLOYMENT OPPORTUNITY
SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas, a statutory agency responsible for
the oversight, supervision and regulation of the Investment Funds, Securities
and Capital Markets in or from The Bahamas, as well as the supervision of
Financial and Corporate Service Providers, invites applications from qualified
Bahamians for the following position:

Deputy Manager Corporate Affairs

Responsibilities:

Providing strong support to the Manager, Corporate Affairs and the
Executive Director in the execution of Human
Resource planning and HR benefit administration for the Commission
Assisting with managing training, human resource development,
compensation, benefits programs, ensuring compliance to policies and
procedures for the Commission.
Building and sustaining effective relationships with employees thereby
enhancing and strengthening the Commission's performance
Assisting with managing the general office administration of the

Commission

Competencies:

Sound knowledge of Compensation and benefits programs

Sound knowledge and understanding of HR management practices
Knowledge of labour legislation in the region
Developed negotiation skills

Well developed interpersonal and leadership skills

Good training delivery and facilitation skills
Must respect confidentiality

Excellent analytical skills

Proficient computer skills (Microsoft Office applications, and HRIS)

Qualifications and Experience:

A Bachelor's degree with professional Human Resources certification
3-5 years experience in all aspects of Human Resource Management

A competitive salary and benefits are being offered. To apply, please write

attaching a resume to:

MANAGER HUMAN RESOURCES
SECURITIES COMMISSION OF THE BAHAMAS

P. O. BOX N-8347
NASSAU, BAHAMAS
Fax: 356-7530

E-Mail: info@scb.gov.bs

Applications should be submitted no later than May 14, 2010

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

Rt. Hon. Hubert A. Ingraham

Jonathan Rodgers that the
level of food deprivation in
the Bahamas has risen by 25
per cent, and that Hands for
Hunger serves 10,000 meals
a week, are not correct, the
company said that the num-
ber of Bahamians seeking
food assistance is continuing
to increase.

In a statement, Hands for
Hunger said: “Although
Hands For Hunger currently
serves 14 agencies, there is
still a significant unmet need
in our community. In fact,
there are over 40 agencies on
our waiting list hoping to be
considered for food assistance
for their hungry constituen-
cies.

“Given the dearth of

PROCLAMATION

large patio With mwa
Swimming, eal, privacy
larkbacapang, all ma friendly &
pated community FROM page 1B throughout 2009 to 12,000, has risen by an average of 20- _ research relating to statistical
according to official statistics. | 100 per cent since 2007. information on poverty in the
rate. And according to a 2009 While comments by Dr Bahamas as well as poverty

alleviation efforts, the task of
first identifying and then
tracking the hunger problem
here is arduous.

“Unfortunately, hunger is
a humanitarian obstacle that
has historically challenged,
and continues to challenge,
communities across the globe.
The day when every Bahami-
an is given the opportunity to
eat three meals a day will also
be the day that Hands For
Hunger is no longer needed.
Until, this time, however, giv-
en the subdued economic
conditions and ongoing world
hunger crisis, we anticipate
that the number of people
hungry in our community will
not decrease sizably in the
near future.”

WHEREAS, the Cancer Society of The Bahamas (CSTB) was established in
1976, with its primary mission being to provide support services to cancer patients and
their families, as well as educational programmes that are aimed at the prevention and

treatment of cancer;

AND WHEREAS, the Cancer Caring Centre (CCC), a residential care facility
that is operated by the CSTB and manned by a cadre of volunteers, has become the
operational center of the organization, providing room and board for cancer patients, as
well as acting as a platform from which to launch fund-raising and other events;

AND WHEREAS, included among the many accomplishments of the CSTB are
the promotion of community educational programmes and health drives, donation of
equipment to medical facilities, educational spcnsorships such as the donation of
diagnostic and screening equipment to the Princess Margaret Hospital, the award of
scholarships to Bahamian students who express interest in the study of Cytotechnology
and Oncology Nursing, the annual observance of “Cancer Awareness Month’ in The
Bahamas, the national promotion of National Pap Smear Testing, Breast and Prostate
Screening across The Bahamas, the establishment of male and female cancer patients’
support groups, the annual sponsorship of children to Camp Good Days in New York,
and the establishment of CSTB branches in the islands of Eleuthera, Grand Bahama,
Abaco, San Salvador and Andros;

AND WHEREAS, the CSTB can be justly proud of its numerous accomplishments
over the past thirty-five (35) years of its existence as it again engages the public in
activities relative to the prevention and treatment of cancer during the worldwide
observance of May as cancer awareness month;

NOW THEREFORE, | Hubert A. Ingraham, Prime Minister of the Commonwealth
of The Bahamas, do hereby proclaim the month of May, 2010 as “ Cancer Awareness

Month”.

IN WITNESS WHEREOF, | have
Hereunto set my Hand and Seal
this 6th day of May, 2010

fh.

Hubert A. Ingraham
Prime Minister


PAGE 6B, MONDAY, MAY 10, 2010

THE TRIBUNE



LEGAL NOTICE

NOTICE

WILLARD SERVICES LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act (No.
45 of 2000). WILLARD SERVICES LIMITED, is in
Dissolution.”

The date of commencement of dissolution is the 7th day of
May, 2010.

Epsilon Management Ltd.,

Suite 13, First Floor, Oliaji Trade Centre,
Francis Rachel Street, Victoria, Mahe,
Republic of Seychelles
Liquidator





































Legal Notice

NOTICE
SANTOS GROUP
HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

BUSINESS
Bahamas First ‘at low end’ of forecast 5-7% top line drop

FROM page 1B

ests exist for us," Mr Ward
told Tribune Business.
"There's an agency Family
Guardian has in its fold of
companies that was set up to
write general insurance busi-
ness from an agency perspec-
tive, and we'll be looking to
initiate a relationship with
that for Bahamas First to
facilitate that business.”

In other words, Family
Guardian General Insurance
Agency, which the company
hopes to have launched by
end-June 2010, will write (sell
policies) for Bahamas First.

"T think the concept was a
good one," Mr Ward told Tri-
bune Business of the merger
break-up, “and to the extent
there was a level of disap-
pointment, it would be that a
very god idea did not come
to fruition.

"Like everything else, the
timing has to be right, and one
of the factors in this instance
was that the timing didn't
seem to be right.” Declining
to detail the synergies/benefits
the merger was intended to
release, Mr Ward described
as "a lot of conjecture" many
reasons given for the
Bahamas First/FamGuard tie-
up falling through.

"A lot of people in the mar-
ket have had a lot to say on
this transaction, but they're
not necessarily speaking from
a position of knowledge,” Mr
Ward added. However, Tri-
bune Business has been able
to confirm via contacts close
to both companies that the
reasons it detailed for the
break-up - differences over
which company would be in
charge post-merger, and an

inability to agree on the valu-
ations for both firms - were
the key factors that scuppered
the deal.

Still, Bahamas First appears
to be leaving the door open to
the possibility of resurrecting
merger talks with FamGuard
Corporation in the future.
"Having been involved in a
number of transactions in the
past, who's to say this will not
come up in the future?” Mr
Ward added. "It's best for me
to say: ‘Never say never'."

The Bahamas First presi-
dent also denied that the
holding company merger
device was intended to cir-
cumvent Bahamian law,
which bars composite insur-
ers - companies that offer
both property and casualty
and life and health insurance
- telling Tribune Business that
this was "not one of the dri-
ving forced behind this deal”.

Looking forward to a better
2010, Mr Ward said: "There's
quite a lot of sentiment out
there in the marketplace that
we are seeing green shoots of
recovery. We definitely antic-
ipate seeing an upturn in the
marketplace through reten-
tion of aggregate and new and
renewable business. It's an
improving picture.

"T think there's certainly an
opportunity for us to recap-
ture some of the premium lost
as a result of non-renewals.
The pace of new business is
going to continue to lag a bit,
but we will possibly recapture
some of the business lost as a
result of the increase in non-
renewals in the past year."

While different Bahamian
insurers would have different
reports to make, Mr Ward
said Bahamas First had been
"of the view that we will see a

5-7 per cent fall-off in top line
growth, and I think we will
end up with 2009 showing at
the low end of this expecta-
tion”.

He added that Bahamas
First's 2009 results were "not
disappointing having regard
to the overall economic envi-
ronment", and the company's
investment assets suffered no
major decrease in value.

The merger's demise,
though, did not come as a
major shock to the market.

"I always questioned it
from the beginning. Who's
getting what? Where's the
value being added?" queried
Kenwood Kerr, chief execu-
tive of Providence Advisors.

As previously reported by
Tribune Business, a merger
between Bahamas First Hold-
ings and FamGuard Corpo-
ration, the parent companies
for Bahamas First General
Insurance Company and
Family Guardian, would have
created a conglomerate with
just under $305 million in
assets and $178.723 million in
premium income, based on
their 2008 year-end financials
(the last year for which audit-
ed financial statements are
available for both).

Net income for 2008, if they
had been combined then,
would have been $8.364 mil-
lion - a figure some in the
insurance industry suggested
would be a relatively poor
return on top-line premium
and assets. The 2009 figure
net income figure, they added,
was likely to have been simi-
lar.

And given that FamGuard
at year-end 2008 had assets
of just over $176 million, and
Bahamas First net assets of
slightly more than $128 mil-

lion, it would appear that
based on this criteria any
merger should have been
weighted 60:40 in favour of
FamGuard.

Franklyn Wilson, chairman
of RoyalStar Assurance, a
major competitor to Bahamas
First, said the merger break-
up would have little to no
effect on either the Bahamian
insurance market or the two
companies involved.

"T don't see much fall out
from it," Mr Wilson told Tri-
bune Business. "To me, these
things are very difficult to
accomplish, and notwith-
standing the good intentions,
when you get into the detail,
these are not very easy things
to do.

"They remain very strong
companies, and the viability
of each as individual entities is
not in doubt. A business deci-
sion was made to go it alone."

Mr Wilson added that both
companies might have bene-
fited from the process, telling
this newspaper: "The process
of doing internal reviews has
left management on each side
with a true sense of each com-
pany's worth and what they
should be doing going for-
ward."

Keith Davies, the Bahamas
International Securities
Exchange's (BISX) chief
executive, also said there was
no disappointment about the
exchange not receiving an
insurance conglomerate list-
ing, as the merged Fam-
Guard-Bahamas First had
pledged to list on the
exchange.

He said it was a sign of
"maturity" that both compa-
nies had decided to end talks
before they became "too far"
advanced.

Legal Notice

NOTICE
YYBYSJCJ LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ROBINSON PLAINES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
MERCURA CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
JACARANDA PARK LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
FORT APACHE INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NEW MATTE HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P. O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
DRIZZLE BLINK

HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
AMOON TRADING

INVESTMENT LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PEARLY BAY GROUP LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 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
THE TRIBUNE

FROM page 1B

Ontario Securities Commis-
sion ruling on the collapse, he
was provided with a Decem-
ber 30, 2001, letter vouching
for the value of debentures
held in one of the Channel
Funds by Mosaic Composite.
The latter is the key Olym-
pus Univest counterparty
through which much of the
funds’ investments flowed.

“In his examination before
the receiver, Gomez stated
that he relied upon Mount
Real’s valuation of the Chan-
nel Funds’ debenture invest-
ments while performing the
audit of Mosaic Composite,”
the Ontario Securities Com-
mission said in its ruling.

“However, he [Mr Gomez]
also stated that he did not
believe Mount Real to be an
arm’s length party. He stated
that he thought there was a
connection between Mount
Real and the Norshield
investment structure, and that
he did not have confidence in
Mount Real’s valuations.

“Gomez & Gomez [Grant
Thornton (Bahamas )] also
received a management rep-
resentation letter dated Janu-
ary 2, 2002, from [Stephen]
Hancock, as a director of
Mosaic Composite, which
assured them that the valua-
tions of investments in deben-
tures were properly present-
ed.”

The Commission’s ruling
said Mr Gomez told the
receiver that he believed Dale
Smith, one of those it had
charged as a result of Nor-
shield’s collapse, was the “dri-
ving force behind the audit”.

“Gomez & Gomez asked if

Grant Thornton could per-
form an audit of the Channel
Funds for 2002. He [Mr
Gomez] stated that Smith
chose Brooks, Di Santo to
perform the audit instead,”
the Commission’s ruling said.

The Channel Funds played
a key role in the Olympus
Univest investment structure’s
collapse, the Canadian receiv-
er finding that the their net
asset values (NAVs) “were
overstated by at least $200
million for 2002 and $300 mil-
lion for 2003, an overstate-
ment of approximately 88 per
cent in 2003”.

The Norshield/Olympus
Univest saga has left the
Bahamas with something of
a black mark, given the exten-
sive losses suffered by
investors, who have yet to
receive a convincing explana-
tion as to where their millions
of dollars went. Much of the
investment structure, includ-
ing key counterparties, were
domiciled in the Bahamas.

Ruling

Apart from Mr Gomez and
Grant Thornton (Bahamas),
the Ontario regulator’s ruling
also examines the roles played
by other Bahamas-based
financial executives and firms.
Chief among them are
Stephen Hancock and the
firm he once headed, Cardinal
International, which served as
the fund administrator for
Olympus Univest before
being wound-up shortly after
the fund’s demise.

The Commission’s judg-
ment reflected reasonably on
Mr Hancock, who played an
integral role in the structure,
finding against claims by Nor-

shield’s two managing minds —
Mr Smith and John Xan-
thoudakis — that he controlled
some of the key entities and
was just as responsible as they
were for what happened.

Describing Mr Hancock as
a chartered accountant, and
director, chairman and chief
executive of Cardinal, the
Commission said he was a
Mosaic Composite director
from October 1, 1997, to Sep-
tember 27, 2004. He also held
posts as an Olympus Univest
director from January 17,
2001, to January 31, 2005, and
was also director of BICE
International — a Bahamian
International Business Com-
pany (IBC) that owned Olym-
pus Univest from November
8, 2002, to March 24, 2005.

The Commission’s judg-
ment did reveal one notable
coincidence, namely that Xan-
thoudakis’s sister-in-law
“served as an officer and/or
director of Cardinal (the com-
pany notionally in charge of
Mosaic Composite’s and the
Channel Funds’ books)”.

Summing up the evidence
provided by Xanthoudakis
and Smith, the Commission’s
judgment said: “They claim
that Mosaic Composite was
controlled by Hancock, who
was more than just a ‘rent-a-
director’.

“Xanthoudakis and Smith
express serious concern about
the reliability of Hancock’s
statements about their roles
with Mosaic Composite and
the Channel Funds. They
claim that Hancock has per-
sonal motivation to distance
himself from the events at
issue within the proceeding.”

Arguing that Mr Hancock
was “well-qualified to sit as a

director” on many Norshield
group entities, the pair alleged
that Cardinal, as the provider
of fund administration ser-
vices to Olympus Univest and
Mosaic Composite, “was ulti-
mately responsible for prob-
lems with the books and
records of those entities”

Xanthoudakis and Smith
also claimed that Cardinal, as
the fund administrator, was
responsible for calculating the
NAVs until 2004.

Judgment

Yet the Commission’s judg-
ment panel preferred Mr
Hancock’s testimony, given
under oath to the receiver, to
theirs. “Hancock, who served
as an officer and director of
Olympus Univest and Mosaic
Composite, told the receiver
under oath that all instruc-
tions in respect of Mosaic
Composite and the Channel
Funds came from Xan-
thoudakis through Smith,” the
ruling said.

“He stated that he liaised
with Smith, but it was his
understanding that Xan-
thoudakis was the decision
maker who passed instruc-
tions to Smith. Hancock also
stated that he did not make
investment decisions for the
Channel Funds, but that
instructions came from Smith,
who he presumed was acting
on decisions made by Xan-
thoudakis to accept invest-
ments that were being trans-
ferred into the Channel
Funds.

“While the respondents
submitted that Hancock had
his own reasons for distanc-
ing himself from events at
Norshield Asset Manage-

MONDAY, MAY 10, 2010, PAGE 7B
=
Auditor had ‘no confidence’ in failed $440m fund’s value

ment, his testimony was under
oath, uncontradicted by the
respondents and consistent
with that of Norshield Finan-
cial Group employees who
appeared as witnesses.”

The Ontario Securities
Commission ultimately found
that Xanthoudakis and Smith
were indeed the controlling
minds for Norshield/Olympus
Univest, concluding that they
“failed to deal fairly, honestly
and in good faith with
investors”.

The Canadian state’s secu-
rities laws were breached, and
the Commission found that
the duo failed to keep proper
books and records. They also
provided “materially mis-
leading” information to the



Commission’s staff, and with-
held facts showing securities
laws were breached.

“Only a small fraction of
the $159 million invested by
Canadian retail investors will
be recovered, according to the
receiver,” the Commission
ruled. “The fact that Xan-
thoudakis and Smith have not
provided any explanation to
the receiver for that deficit
concerns us, and is conduct
abusive to the integrity of the
capital markets.

“Xanthoudakis and Smith
engaged in a course of con-
duct that was abusive to, and
compromised, the integrity of
Ontario’s capital markets and
was contrary to the public
interest.”

Legal Notice

NOTICE
AJANTA S.A.

(In Voluntary Liquidation)









Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,

















Bahamas.

ARGOSA CORP. INC.
(Liquidator)





Legal Notice

NOTICE
OLD MAN TRAIL

HOLDINGS INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TANSY VALLEY INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is

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

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
EPSOM DERBY LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
INJUP HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
AQUAMARINE INVESTMENT

HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CASTLE BAR LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., P O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BAMFORD OCEAN

INVESTMENTS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
WALSALLI S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 2010. The Liquidator is
Argosa Corp. Inc., PR O. Box N-7757 Nassau,
Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
LUPIN PTE. LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 6th day of May 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
THE TRIBUNE

MONDAY, MAY 10, 2010, PAGE 11B

BUSINESS eee
‘Giving entitlement away
and buying it back, then

told it’s to your own benefit’

FROM page 1B

whether it would share in any
losses that BK Water and its
Veolia partner incurred.

“BK/BVeolia state that
there is no cost for the first 5
per cent ownership,” the
report said. “However,
because their price is $2 mil-
lion higher annually, there is a
real cost associated with
accepting this bid due to the
less competitive pricing.

“The additional needs of
Kerzner and Baha Mar
already belong to Water &
Sewerage Corporation, and
therefore giving it to BK/Veo-
lia for 5 per cent and 2.5 per
cent ownership respectively
is equivalent to giving away
an entitlement and buying it
back, while being told that
this is to your benefit.

“BK/Veolia’s price has
been uncompetitive for both
the Blue Hills and Arawak
Cay reverse osmosis projects.
Therefore, any future projects
should be competitively bid,
and BK/Veolia must offer
competitive pricing prior to
Water & Sewerage Corpora-
tion considering these owner-
ship offers.”

The internal management
document also pointed out
that the Water & Sewerage
Corporation’s legal advisers
believed the draft contract for
the Arawak Cay reverse
osmosis plant, which the
Bahamian investor group was
on the verge of winning
despite seemingly being more
expensive, “seems to impose
far more burdens on the Cor-
poration than on BK Water”.

The latter’s proposal to
guarantee the purchase of five
million imperial gallons per
day, as opposed to the three
million imperial gallons stip-
ulated by the Water & Sew-
erage Corporation for
Arawak Cay, would result in

the government-owned entity
buying two million gallons per
day for which it had no guar-
anteed sale. The report said
this was “equivalent to a $2-
$2.5 million additional annual
expenditure until the demand
is realised”.

The documents obtained by
Tribune Business show the
tension that existed at the
time between the Water &
Sewerage Corporation’s
Board and management, with
the Arawak Cay contract’s
bungled handling — and the
frenetic attempt to have the
plant ready to meet Kerzn-
er’s demands — at the centre
of the two sides’ differences.

The Board ultimately
appeared to end up pushing
the merits of BK Water/Veo-
lia, while the management
seemed to side with Consoli-
dated Water, the BISX-listed
winner of the Blue Hills
reverse osmosis plant con-
tract.

A financial review con-
ducted for former Prime Min-
ister Perry Christie by analyst
Deepak Bhatnagar agreed
that there was merit in both
approaches, and that neither
BK Water nor Consolidated
should get the Arawak Cay
deal.

He wrote that a compari-
son of BK Water/Veolia and
Consolidated’s bids showed
that the latter’s was the lower
offer by some $0.07 per 1,000
gallons sold “in regard to con-
struction and repayment of
the loan, and $0.128 lower
overall in comparison with
BK Water’s bid, which has
been accepted per letter of
November 11, 2005, issued by
general manager Abraham
Butler.

“This is despite the fact that
BK Water’s price per thou-
sand gallons is based on an
interest rate of 7 per cent, and
Consolidated has used a high-

er rate of interest of 10 per
cent. The construction of
Consolidated is cheaper by as
much as $8 million.”

BK Water’s bid was to have
been financed by a combina-
tion of CFAL, the former
Colina Financial Advisors,
and SG Hambros Bank &
Trust. Commenting on the
equity offer to Water & Sew-
erage Corporation, Mr Bhat-
nagar said it was “doubtful
whether this is what could be
construed as a strategic part-
nership”.

He added: “At best, Water
& Sewerage can expect to
have insignificant minority
interest of 12.5 per cent. The
four principals will hold 65
per cent, and reserve the right
to pick up the balance at 22.5
per cent. In any case, the val-
ue of the equity cannot mop
up the difference between the
lower bid from Consolidated
and BK Water’s higher bid.

“BK Water will have no net
asset as all capital costs are
financed by BK Water
through a loan from Colina,
who will have a lien on the
reverse osmosis plant. An
unlisted company’s shares are
valued based on net assets,
which is nil in the case of BK
Water. As for business value,
Water & Sewerage Corpora-
tion cannot expect to value
equity based on business val-
ue all of which is brought
about by Water & Sewerage
Corporation’s award of sup-
ply contract to BK Water.”

Mr Bhatnagar agreed that
giving the Arawak Cay
reverse osmosis plant contract
to Consolidated Water would
give it an effective monopoly
in water supply on New Prov-
idence, producing 11 million
gallons out of an expected
total 17 million gallons per
day. Yet there was “serious
risk” in giving BK Water the
contract.

DO YOU HAVE
WHAT IT TAKES?

Apply for the position of

Independent Sales Agen

Must have prior sales experience
Must have transportation
Must have great communication skills
Must be able to work flexible hours

Must be computer literate

Must be able to manage client
accounts/collections and receivables

lease fax to 328-2398 or

or email: tribads1903@gmail.com

We’re looking for a few good
people to join our team.



CREDIT SUISSEâ„¢

Credit Suisse AG, Nassau Branch - Wealth Management
is presently considering applications for a

Temporary Entry Level Position in the Compliance and Risk Management Department
Credit Suisse AG is one of the world’s premier banking institutions. Our dedicalon and highh qua bee
slaH provides our chantee with comprehensive solutions in indivadueal investnent coungeling and profes
sional portfolio management Our total commiimert is aiveys to our cients and we focus wethoul
comiproamiae on fei financial wedl-baing ard ther nemonal values.

The position is ooen to candidates wealh the following Tre Pequineneerics

Qualifications:
# Recent graduate of an accredited UniversityColleges
® PO Literacy (MS Word and Excel)
* Excellent compuiatonal and analytical skils

Duties:
The candidabe wil be expected tex
e Agsist with ensuring requested cocuments are pacwes and processed on a tinmnely base
* Assistin creat Nid] MENGRETHHTE PEpOreS
« Assist in ensuring that relevant policies are observed and controls maintained
« Maintain cliant dataases

Personal Qualities
* Excellent organizational and communication shils
«® Good work ethic and commibnent to service excallance
« = Ability to work under pressure and with minimum supervion
Applicalions must be in writing. Persons not meeting the minimum requirement need
nat apply.

Applications should be submitted by fax toc (249) DO2-§303

Or by mail to: PG. Box N-868071
Heeoeu, Bahan

DEADLINE FOR RECEIPT OF APPLICATIONS IS MAY 21, 20710



ott ES COMA. ‘
ah _ iy
_ i an , “4.

fips =
“P THE BAH AM

EMPLOYMENT OPPORTUNITY
SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas, a statutory agency responsible for the
oversight, supervision and regulation of the Investment Funds, Securities and Capital
Markets in or from The Bahamas, as well as the supervision of Financial and Corporate
Service Providers, invites applications from qualified Bahamians for the following
position:

Senior Officer: Policy and Research Department
Responsibilities:

Development of policies, guidelines and other regulatory tools through monitoring,
research and report development

Understanding the role and keeping abreast of developments in the global
financial regulation arena, in particular, regulatory developments related to the
securities and capital markets

Ongoing monitoring of current market activity

Interpretation of financial reports and investment data through the conduct of
research, collection of data, performance of statistical analysis, the production of
highly developed reports or detailed studies and oral briefings to department
members and management on the outcomes of their work

Completing surveys on the activities of the securities and capital markets, its
operations and regulation

Qualifications and Experience:

A Bachelor’s degree in Finance, Accounting, or Economics is essential, but a
Master's is preferred

Post-undergraduate study and/or training is highly desired, e.g.: Level | of the
CFA exam or graduate level courses in financial risk management

5 years minimum experience in a financial institution or policy development
environment or 3 years experience with a Master's degree in a noted field.

Competencies:

* A good balance between quantitative and written communication skills must be
demonstrated, in addition to the following:

* Well developed analytical thinking and problem solving skills

* Advanced research skills required to perform the duties described above

* A consistent, high degree of accuracy that leads to the composition of clear, concise
reports and analysis

* Strong quantitative skills that can be applied to assessing financial risk and
developing risk management policies

* Strong written and oral communication skills

* Excellent interpersonal skills

* Strong familiarity with databases (essential)

* Knowledge of securities legislation and the general financial sector legislative
framework is an asset.

* Strong organizational skills

* Proficiency in Microsoft Office products (Word, Advanced Excel, Access, etc.)

A competitive salary and benefits are being offered. To apply, please provide a resume
to the attention of:

MANAGER CORPORATE AFFAIRS
SECURITIES COMMISSION OF THE BAHAMAS
P. O. BOX N-8347
NASSAU, BAHAMAS
Fax: 356-7530
E-Mail: info@scb.gov.bs

Applications should be submitted no later than May 14, 2010

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


THE TRIBUNE

GENEVA

AIRLINES canceled hun-
dreds of flights across Europe
and added hours to trans-
Atlantic journeys Sunday as
planes were diverted around
a large plume of ash spewed
by an Icelandic volcano and
stretching from Greenland to
Portugal, according to Asso-
ciated Press.

So far, the weekend can-
cellations have been a frac-
tion of the flights nixed two
weeks ago when jittery Euro-
pean air traffic authorities
closed down much of the
continent's airspace for fear
the volcano's abrasive ash
could harm jet engines. But
the possibility loomed of con-
tinuing eruption, and rising
costs to airlines from ongoing
disruption.

The bulk of the cloud,
measuring 2,100 miles long
and 1,400 miles wide (3,400
kilometers by 2,200 kilome-
ters), stretched over the
North Atlantic, according to
the Irish Aviation Authori-
ty. It ordered Ireland's five
westernmost airports to close
Sunday afternoon but
allowed the country's three
biggest airports in Dublin,
Shannon and Cork to stay
open.

Airlines diverted their
trans-Atlantic traffic north
and south of the cloud, caus-
ing congestion as planes tried
to squeeze through remain-
ing routes. Some connections
were canceled entirely
because of an offshoot of the
main cloud that was snaking
its way from Portugal
through Spain, southern
France and northern Italy,
then up to Germany, the
Czech Republic and Austria.

Eurocontrol, the Brussels-
based agency that coordi-
nates air traffic control cen-
ters throughout the conti-
nent, warned airlines to plan
on taking on more fuel for
the longer flight around the
North Atlantic no-fly zone.

It said there would be
approximately 24,500 flights
within the European area
Sunday, about 500 below
average for this time of year.

A DEPARTURE board displays
cancelled flights at the Sa
Carneiro Airport in Porto, Por-
tugal, Sunday, May 9, 2010.
Dozens of flights in France, Italy
and Portugal were cancelled Sun-
day as airspace was closed
because of an ash cloud drifting
over from a volcano in Iceland
that caused major air travel
chaos last month. In Portugal,
all flights to and from the north-
ern city of Porto were suspend-
ed. (AP)

It said the ash cloud hovering
over the continent was
expected to dissipate and that
most of the closed airports
were likely to reopen later
Sunday.

Daniel Gerstgrasser, a
meteorologist with Switzer-
land's national weather
agency, said rain would help
wash out the cloud by Mon-
day morning and no further
ash drifts were expected to
reach the continent in the
coming 24 hours.

Longer-term forecasts
were less clear. Meteorolo-
gists say that until Eyjafjal-
lajokul (pronounced ay-yah-
FY AH-lah-yer-kuhl), the
volcano in southern Iceland,
stops erupting, the future
course of Europe's ash crisis
will depend heavily on the
prevailing winds. The erup-
tion of the glacier-capped
volcano has shown no signs
of stopping since it began
belching ash April 13. It last
erupted from 1821 to 1823.



Irish airline Aer Lingus
apologized to its customers
for a string of flight cancella-
tions since Tuesday, when
the ash threat returned to
Irish air space after a two-
week break.

Its trans-Atlantic services
to Boston and New York
were operating Sunday sub-
ject to delays.

United Airlines canceled
four flights from Rome,
Geneva and Zurich to Chica-
go and Washington. Other
trans-Atlantic flights were
operating with an average
delay of two hours, said
spokeswoman Megan
McCarthy.

European carriers includ-
ing British Airways, Ger-
many's Lufthansa and Air
France reported delays but
no cancellations on trans-
Atlantic flights.

Budget airline easyJet
stopped all connections to
and from its hub in Geneva
while Portuguese airports
reported 223 cancelations at
Porto and Lisbon. Like many
airlines, easyJet was using the
short messaging platform
Twitter to update passengers
on the latest developments.

Air space in northern Ital-
ian was closed for six hours
Sunday, and although
Milan's two airports were
among those coming under
the no-fly zone, other air-
ports heavily used by tourists
and Italians for weekend
trips, such as Rome’ airports
and Venice's Marco Polo air-
port, remained open.

Alitalia said Milan's
Malpensa airport quickly
geared up to resume flights
to New York, Tokyo and
Moscow. It said the great
majority of passengers who
couldn't fly out during the
six-hour shutdown would be
accommodated on flights lat-
er on Sunday.

Iberia canceled some
flights to Germany and to
and from regional airports in
the north of the country
including Bilbao, Valladolid,
Salamanca and Burgos.

Switzerland's national car-
rier canceled one trans-
Atlantic route from Zurich

YOUR CONNECTIONTO THE WORLD

PUBLIC NOTICE

TENDER - PRINTING AND
DELIVERY OF THE 2010
TELEPHONE DIRECTORIES

The Bahamas Telecommunications Company Ltd.
(BTC), is pleased to invite tenders from experienced
companies to provide printing and delivery services

for the 2011 Telephone Directories.

Interested companies may collect a specification
document from BTC's Head Office located at #21
John F. Kennedy Drive, Nassau Bahamas, between
the hours of 9:00 am and 4:30 pm, Monday to Friday.

Bids should be received by 4:00 pm, Thursday May 20,
2010. Bids are to be marked, “Tender for the Supply
of Telephone Directories” to the attention of:

Mr. | Kirk Griffin
Acting President & CEO

The Bahamas Telecommunications Company Limited

me.

#2] John F. Kennedy Drive

P.O, Box N-StM8
Nassau NLP, Bahamas



to Washington and 21 others
to destinations in Europe
because of airport closures
in Italy and Germany.
"There will definitely be
additional costs" to airlines
because of the latest disrup-

MONDAY, MAY 10, 2010, PAGE 13B

INSIGHT

tions, said Swiss spokesman
Jean-Claude Donzel. So far
however, the airline has no
plans to pass these on to cus-
tomers, he said.
Scandinavian operator
SAS, which is headquartered

BS CO
sme sme,

eh

f"
Py THE fy vHAMAâ„¢

Ash from Iceland’s volcano shuts European airports

in Stockholm, canceled four
European flights. Spokesman
Bertil Ternert said the com-
pany normally has around
700 flights on Sundays and
therefore the financial impact
would only be marginal.

Request For Proposal 05/10

Database Consultancy Services

The Securities Commission of The Bahamas (“the Commission”) is a statutory
body established in 1995 pursuant to the Securities Board Act, 1995, which
was repealed and replaced by the Securities Industry Act, 1999 (the SIA). The
Commission is responsible for the administration of the Investment Funds

Act, 2003 (the IFA) and the SIA pursuant to which it supervises and regulates
the activities of the investment funds, securities and capital markets. The
Commission, having been appointed Inspector of Financial and Corporate
Service Providers January 1, 2008, is also responsible for administering the

Financial and Corporate Service Providers Act, 2000.

The Commission invites proposals for the provision of database consultancy
services to guide the improvement of its internal database systems that house
quantitative and non-quantitative operational data, as well as information to

support its regulatory oversight and statistical functions.

Interested parties

are expected to submit a full project proposal identifying the proposed term of
engagement, the structure and nature of the consultancy and the deliverables
at each phase of the project. Copies of the detailed requirements may be
obtained by contacting the Commission as follows:

E-mail info@scb.gov.bs
Tel: 242-356-6291 /2
Fax: 242-356-7530

Mark submissions as follows:
Request for Proposal 05/10

Proposal to provide Database Consultancy Services to the Commission

Address tenders to:
Executive Director

Securities Commission of the Bahamas

3rd Floor Charlotte House
P.O. Box N-8347
Nassau, Bahamas

The Commission reserves the right to accept or reject any and all proposals.
Deadline for delivery to the Commission is on or before May 14, 2010





We take —
any trade-ins

E®

HÂ¥YLINOAI
Drive your way

SONATA HAS MORE

The award-winning Hyundai
Sonata features more
interior space with upgraded
seats and simplited

switchgear, more trunk space,
more horsepower while
impoving fuel efficiency, more

options and state-of-the art
safety technology.

Test drive the Sonata today

and experience its fresh new

European look with cutting
edge highlights.

On-the-spot financing available

Price includes rustprooting, licensing and inspection to birthday, full tank of fual,
24,000 miles/24 manths warranty and emergency roadside assistance.

QUALITY:

#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET * 322-3775 * 325-3079

Visit our showroom of Quality Auio Sales [Freeport] Lid for similar deals, Queens Hwy, 352-6122
or Abaco Motor Mall, Don Mockoy Blvd, 347-2914



auto
sales

LIMITED

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





xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID E56M3218J_0D3YT1 INGEST_TIME 2011-07-26T23:52:04Z PACKAGE UF00084249_01568
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES