Citation
The Tribune

Material Information

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

Subjects

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

Notes

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

Record Information

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

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Full Text
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Four boys in
hospital after
row over girl

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

FOUR boys were stabbed
and rushed to hospital and
four were taken into custody
yesterday when an argument
over a girl turned into a terri-
fying outbreak of violence at a
school campus.

Up to press time last night,
the condition of the injured
students was unknown. While
the identity of those involved
was not released, education
officials said all were in the
14 to 15 year age group, in
grades 10 and 11.

Angry and anxious parents
gathered outside C I Gibson
senior school in Marathon
Road shortly after lunchtime
yesterday. Some were scream-

ing their children’s names
through the locked gates, as
they tried to find out exactly
what had happened inside,
and whether their son or
daughter was injured.

Some also shouted abuse at
Director of Education Lionel
Sands, who was on the scene,
as they called for the imme-
diate release of their children
from the school for fear they
could get caught up in retal-
iatory attacks.

Children were kept in their
classrooms and the school was
placed on lockdown in an
effort to maintain order after
the stabbing incidents took
place in a foyer area of the
school sometime shortly

SEE page two

Social services unite to
crack down on incest

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net



THREE government ministries and the Attorney Gener-
al’s Office are involved in the investigation and prosecution of
incest cases reported by the government-funded teenage preg-
nancy programme, Providing Access to Continued Education

(PACE).

Directors of the programme revealed they have seen an

SEE page eight



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www.tribune242.com

FRIDAY, MAY 21, 2010

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LADY Edith Turnquest, wife of
former Governor-general Sir Orville
Turnquest was laid to rest in Wood-
lawn Gardens yesterday following a
state recognized service at Christ
Church Cathedral, George Street.

Attended by Governor-general Sir
Arthur Foulkes, and retired Gover-
nor-general Arthur Hanna, parlia-
mentarians, and members of the judi-
ciary, many family and friends filled
the church to standing room only.

In her obituary, Lady Turnquest

Lady Turnquest laid to rest

was described as a woman who
adored her family, and cherished
such family traditions as Friday
lunches, Sunday brunches, Sunday
dinners, and more recently Wednes-
day evening coffee.

“All of her extended family knew
that they were welcome to stop by
and fellowship with the family on any
of these occasions. All of her grand-
children knew that when they came

SEE page 11

A PHOTO of Lady
Turnquest at the
service.

HH More photos

on Page 11









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Oil enters Loop Current,
headed for the Bahamas

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net



5 Combos Under









DEAD BIRDS on North Breton Island,
Louisiana, are being collected for
analysis to determine if the deaths
are a result of the oil spill.



OIL from the BP Deep Horizon spill has now entered the
Loop Current in the Gulf of Mexico, according to reports by
the US National Oceanic and Atmospheric Administration in
the international media.

This latest development increases the likelihood of the
oil reaching the Bahamas.

Early yesterday, local authorities said the most up-to-date
information they had as to the location of the oil was Sunday

SEE page eight



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Felipé Major/Tribune staff

KEEPING WATCH: Police officers guard the Cl Gibson School after four students were stabbed. Four boys were later taken into custody.

MUTE TF Ry
TTC
RTT hy

RESIDENTS in Delaporte
have asked the government to
permanently stop Trecon Con-
struction from bulldozing the
manicured gardens in front of
their homes and building addi-
tional units in the
gated complex.

Signing a peti-
tion which was sent
to Michael Major,
Director of Physi-
cal Planning, Lloyd
Turnquest, Chair-
man of the Town
Planning Commit-
tee and Earl
Deveaux, Minister of the Envi-
ronment in charge of Physical
Planning, the majority of Dela-
porte Point residents are seek-
ing to halt the proposed con-
struction of four new town-
houses.

However on Monday Minis-
ter Deveaux informed the resi-
dents by letter that he has
already exhausted his minister-
ial authority in the matter.

“The stop order has been lift-

SEE page eight





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NASSAU AND BAHAM/

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PAGE 2, FRIDAY, MAY 21, 2010

ED EUEU

BIC staff protest over firing

BY DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT —- BTC workers on
Grand Bahama held a demonstration
yesterday to protest the firing of a long-
time employee.

A number of workers gathered out-
side the BTC main office on Pioneer’s

Way at around 1.30pm in support of their
colleague, Lena Basden, who was report-
edly dismissed yesterday by manage-
ment. “The entire BTC staff in Grand
Bahama feels that she was wrongfully
terminated and so we came out here
today on our lunch break to a show our
solidarity for her,” said one worker.
The Tribune has learned that union
president Bernard Evans is expected in

Grand Bahama today to meet with man-
agement and union members.

“We feel that BTC has made a mis-
take,” Mr Evans when asked about Ms
Basden’s dismissal. “The members in
Freeport are very supportive of the staff
and the union supports them.

“We are and tired of the way the Audit
Department is doing its investigation,” he
added.

THE TRIBUNE









DEMONSTRATING: The BTC staff in Grand Bahama.



Four students in
hospital after row
over girl turns into

campus terror



FROM page one

before midday.

Police took away four or
five students in a police van,
and were able to confiscate
several knives which were
believed to have been used in
the stabbings.

According to Mr Sands,
education officials made plans
to “stagger” the release of the
10th and 11th grade students -
the only students on the cam-
pus yesterday, he said, to min-
imise the possibility of further
outbreaks of violence. Extra
security will be placed at the
school today for the same rea-
son, he added.

One parent who spoke to
The Tribune said her son is
involved in gang activity and
he tells her most of the attacks
among students are usually
gang-related, although Mr
Sands said he did not believe
this to be the case with yes-
terday’s incident.

“Tt started out with a girl
and a boy issue. There was
one girl and two boys. And
of course the girl had some
connection with the two boys
and so that started off, and
once that started then other
incidents sort of followed
suit,” said the Director.

“We’ve had stabbings here
before, but not at this level.
Not involving this many peo-
ple at one time and not on
campus.”

When The Tribune reached
the scene at around 12.15pm,
students could be seen held
in their classrooms. Over a
loudspeaker, an unidentified
person could be heard telling
students and teachers that
they were “trying to maintain
order” in the school and
imploring teachers for their

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(

“We’ve had
stabbings here
before, but not at
this level. Not
involving this
many people at
One time and not
on campus.”



assistance. “This is for your
safety,” said the announcer.

Outside the locked school
gates, more and more con-
cerned parents gathered, try-
ing to find out exactly what
had occurred. Some had seen
ambulances arrive at the
school. One mother claimed
she had received an email ear-
lier that morning telling of a
shooting incident at the
school.

Tempers

After around an hour,
between ten to 15 parents and
others gathered on the bor-
der of the campus, and tem-
pers began to flare as their
questions continued to go
unanswered. Director of
Education Mr Sands told par-
ents that the Principal, Elaine
Williams, would soon come
down to speak with them.

In the meantime, one moth-
er screamed to her child:
“Come here now! Let me
take you out of school before
someone kills you!”.

Several parents expressed
their anxiety that security at
the school - four security offi-
cers are on campus - may not
be strong enough in light of
yesterday’s and previous stab-

TEWiOy TIME OFF WITHA









Felipé Major/Tribune staff



SCHOOL PRINCIPAL Elaine Williams encourages students to be good as they exit the premises.

bing incidents and fights.

Mr Sands, however, said
students were scanned in the
morning for weapons.

He said the “major prob-
lem” is that the campus is
“wide open” and the possibil-
ity remains that objects can
be introduced into the area
after the students enter.

“Anyone can come and just
throw something over the side
or go through the gate with
anything (after school starts),”
he said.

To minimise such opportu-
nities, Mr Sands said plans are
in place to introduce closed-
circuit television cameras into
the school campus which can
allow for constant monitoring
of various vulnerable points.

CCTV cameras have
already been introduced with
success at Stephen Dillett Pri-
mary School, said Mr Sands,
as well as at the Anatol
Rodgers, CR Walker and CV
Bethel schools.

“Tt’s a very expensive ven-
ture but we have to do it.
Some schools have decided
they will take the expense on
themselves,” added Mr Sands.







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-"
A POLICE CAR at Cl Gibson. In
the background is the school

motto “Self Discipline, Your Des-
tiny ... In your Hands”.

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Us

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PHONE: 822-2157



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THE TRIBUNE

LOCAL NEWS

FRIDAY, MAY 21, 2010, PAGE 3



Thugs abduct and rob phone card vendor

A PHONE card vendor was abducted and
beaten by thugs who robbed him at gun-
point on Wednesday.

Shortly after noon, police were alerted to
an armed robbery that had just taken place
at the junction of Prince Charles Drive and
Sea Breeze. According to reports, the ven-
dor was approached by the occupants of a



Charged with beating a man

to death during a dispute

black Honda Accord, licence plate number
OT 1908, one of whom was armed with a
shotgun. It is reported that the culprits
forced the vendor into the vehicle, where
they beat and robbed him of an undeter-
mined amount of cash and cell phone cards,
before releasing him. Investigations are
ongoing.

Police are also investigating an armed rob-
bery that occurred at around 6pm on
Wednesday.

The incident took place at the Cellular
Expert Store on Goggle Eye Road off Sol-
dier Road.

Two men, one armed with a handgun and
wearing a gray shirt and blue jeans, entered













ACCUSED: WALLY Joseph Francis, 36, of Pitt Road, was charged with the murder of Dwayne Christopher Johnson yesterday.

By NATARIO McKENZIE

Pointing out Francis’ bruised and

Tim Clarke/Tribune staff

the establishment demanding cash. The cul-
prits robbed the establishment of an
unknown amount of cash, cell phones and
cell phone cards and fled the area on foot in
an unknown direction.

Police are calling on anyone with infor-
mation regarding this incident to kindly con-
tact them immediately.

ohm eg hal
pei

Perit eer |

ies eit ag as

TEA

Tribune Staff Reporter
nmckenzie@tribunemedia.net



A 36-year-old Pitt Road man has
been charged with beating a man to
death during an altercation on Tues-
day.

Wally Joseph Francis was arraigned
before Chief Magistrate Roger Gomez
in Court One, Bank Lane yesterday,
charged with the murder of Dwayne

Attorney claims client was
attacked in police custody

Christopher Johnson, 41. He was not
required to offer a plea.

Johnson died in hospital shortly
before 11pm on Tuesday, becoming
the country’s 33rd homicide victim for
the year.

swollen face, attorney Ian Cargill told
the court it was clear his client had
been beaten while in police custody.

Chief Magistrate Gomez ordered
that Francis be taken to a doctor for
medical treatment.

The case was adjourned to May 26
and transferred to Court Five, Bank
Lane.

The accused was remanded to Her
Majesty’s Prison.



A WOMAN charged with operating the
money lending scheme “Lamont Pays the
Bills” was arraigned in Magistrates Court
yesterday.

Maresha Walkes, 36, of Carmichael
Road, has been charged with carrying on a
financial and corporate service without
proper authorisation between January and
May 12, 2010

According to court dockets, Walkes
allegedly operated a money lending busi-
ness without obtaining a license from the



Woman accused of operating money
lending scheme ‘Lamont Pays the Bills’

inspector of financial and corporate ser-
vice providers.

The company had been advertising the
issuance of interest free personal loans
ranging between $1,000 and $5,000.

Walkes pleaded not guilty to the charge
before Chief Magistrate Roger Gomez in
Court One, Bank Lane.

She was granted bail in the sum of
$4,000. The case has been adjourned to
October 26.





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WE APOLOGIZE FOR ANY
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PAGE 4, FRIDAY, MAY 21, 2010

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE



The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., K.C.S.G.,

(Hon.) 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

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

Armoured vehicle goes to bring ‘Dudus’ out

THE FIRST and only time that we have
seen an armoured tank, other than in an army
museum, was in the small seaside town of
Bideford, Devon, just after the second World
War.

As astudent in England we daily watched
that first summer as tanks rumbled down the
narrow Devonshire streets during England’s
demobilisation exercises — a nation no longer
at war.

And so we were surprised to see on The
Gleaner’s front page Thursday an armoured
vehicle — a much smaller version of the army
tank— being sent by the Jamaican govern-
ment to break into barricaded Tivoli Gar-
dens in west Kingston where Christopher
“Dudus” Coke, 41 — “the President” — is
being protected by thugs from the long arm of
US law. A warrant has been issued by the
Jamaican government for Dudus’ arrest.

Described by the US State Department as
one of the world’s most dangerous drug king-
pins, he is to face extradition proceedings to
expedite his trip to the US and a federal
court. This extradition fight between the US
and the Jamaica government has been
fomenting since August last year.

According to an article written Thursday
by Arthur Hall, The Gleaner’s senior staff
reporter, the Jamaica Defence Force was
called out by the National Reserve and
ordered to Tivoli and Denham Town.

"The security forces are adequately
resourced to deal with any form of intimida-
tory tactics being employed by criminals who
are seeking to destabilise the country,”
National Security Minister Dwight Nelson
told The Gleaner.

At the entrance the armoured vehicle
pushed aside an old vehicle blocking the road
into Denham only to face the full wrath of
Dudus’ protectors. Gunmen opened fire.

“When the barrage of gunfire ended,”
reported Hall, “the armoured vehicle was
seen being hastily driven out of the commu-
nity with indications that at least one of its
massive tyres had been damaged.” Appar-
ently, there were no injuries.

According to the police some barricades in
west Kingston have been reinforced by
barbed wires attached to high voltage Jamaica
Public Service electricity distribution lines.

“According to the police,” reported Hall,
“liquid petroleum gas cylinders have been
inserted into the barricades and law-abiding
citizens are being prevented from leaving
Tivoli Gardens and have had their cellular
phones confiscated by criminals.”

The message both in and out of the area is:
“Leave Dudus alone...”

Meanwhile the only sound from Dudus is
his announcement that he plans to mount a

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challenge to his arrest warrant. His lawyer
filed a motion Wednesday in Jamaica’s
Supreme Court. The action is against Justice
Minister Dorothy Lightbourne, who is also
the Attorney General, and the director of
public prosecutions.

Dr Peter Philips, a former national security
minister, has suggested that government —
according to the Gleaner — may have “pre-
pared the wicket ” for Dudus’ court defence.

In a statement to parliament on May 12,
Prime Minister Bruce Golding said that his
government will, “without hesitation, facili-
tate the extradition of any Jamaican citizen
wanted to stand trial for extraditable offences
once the obligations under the Treaty are
met. Christopher Coke is wanted for an
alleged crime in the US for which he ought to
be tried and the government of Jamaica con-
sistent with its obligations under the Treaty,
will do everything necessary to facilitate his
extradition once it is done in occordance with
the provisions of the Treaty and the laws of
our country.”

The Jamaican government has maintained
from the beginning that the US has not met
those standards — and this is the platform
from which Dudus intends to launch his chal-
lenge. There are those who argue that the
US request should have gone to the courts —
not the Minister —for a decision as to
whether the grounds on which the application
was made complied with Jamaican law.

Prime Minister Golding did not agree.
“As I have already pointed out,” he told par-
liament, “the Treaty makes it clear that infor-
mation sufficient to allow the Minister to
authorise extradition proceedings must be
presented before the request is submitted to
the courts. What we have, therefore, is a dis-
pute regarding the application of the Treaty.
A treaty dispute cannot be resolved by the
courts of either party to the dispute. This is
why we have used every conceivable means to
resolve the dispute through dialogue with
the US authorities.”

Dudus’s lawyers will probably base his
case on these arguments, maintaining that
the Jamaican government crumbled under
US pressure, thus jeopardising the rights of
one of is citizens.

The extradition proceedings are now
before a Jamaican court, which will decide
whether “President” Dudus makes the trip to
the US — that is if the authorities can bring
him out from behind the barricades. Mean-
while, Jamaica’s criminal element with its
dons, its presidents and its strong men is a
cankerous sore within that island’s body
politic.

Hopefully the Dudus Coke case will cau-
terize the sore.



BETWEEN

Police making
progress in
fighting crime

EDITOR, The Tribune.

The Police continues to
make progress in their efforts
to eradicate criminal activity
in our country. They have
been remarkable in the arrest
of persons and the seizure of
firearms and ammunition
from criminals. In spite of crit-
icisms from politicians, talk
show hosts and some so-called
prominent persons, our Police
Force remains focused and is
performing at a high level of
excellence.

We must recognize the con-
tributions made by those citi-
zens, who continue to support
the efforts of the Police. Large
numbers of persons in the
“Over-the-Hill” areas are
assisting the Police by pro-
viding information and assis-
tance. It appears that many
of these persons have come
to realise that most of the vio-
lent crimes are committed in
their districts and they must
work with the Police to erad-
icate this menace. Communi-
ty policing and the walka-
bouts by Police Officers in
these neighbourhoods have
been rewarding. Many of
these persons are working
with the Police either openly
or anonymously. The words:
Notify, Identify and TESTI-
FY are being accepted as a
major weapon in the war on
crime.

Following are some hints
on the assistance that is being
rendered and it is hoped will
continue:

e Report vehicles seen
parked for long periods. They
could be stolen vehicles used
to commit crime and left
abandoned.

¢ Provide Police with infor-
mation on garages where
motor vehicle parts can be
obtained at a cheap price.
Vehicles are being stolen and
stripped.

e Report vehicles seen
parked with persons inside in
dark areas. These could be

LETTERS

letters@triounemedia.net



the drive-by shooters waiting
for their victims.

e Many crimes on the
island of New Providence are
committed by motorcyclists
in particular the fast trail bike
riders. Most of them have no
licence plates. They do not
want to be identified. Report
all such motorcycles seen
parked or loitering in your
communities.

e Continue to develop
neighbourhood watch pro-
grammes. Work with your
Police Divisional Officer.
Effective neighbourhood
watch programmes tend to
reduce criminal activity, in
particular burglaries, house-
breakings and shopbreakings.

¢ In New Providence there
is an average of two vehicles
stolen per day. Many of them
are stolen from parking lots
where there are no security
patrols. Many are stolen from
residences and on the streets.
The theft of vehicles can be
reduced by installing proper
locking devices and alarms.
Insurance companies should
consider reducing premiums
for persons, who install
approved locking devices and
alarm systems on their vehi-
cles.

e Walking the streets with
large sums of money is
unwise. Resisting an armed
bandit is stupid.

e Report threats to the
Police. Take all threats seri-
ously and inform family mem-
bers.

¢ Information about Police
corruption or misconduct
must be communicated to
Police Executive Manage-
ment. Be assured that confi-
dentiality will be observed.

e Avoid home invasions by
installing secure locking
devices, alarm systems and

most importantly, being alert
to strange or unusual noises
outdoors. Call Police imme-
diately.

e Note descriptions of crim-
inals. Look for scars, limps,
accents, and any names or
nicknames called. The infor-
mation would help the Police.
Licence numbers of vehicles
being driven is important.

e Many items recovered by
the Police and sold at Police
auctions occur because we do
not mark valuables or record
the serial numbers for iden-
tification.

e Going to the bank to
make a large deposit or with-
drawal. Have someone drive
you to the bank and the drop
of and pick up must be at the
door or close to the door. The
same applies if making a
deposit in the night safe.

e Safes attract robbers. If
in the home it must be well
hidden. If in the business it
helps if it can be seen from
outside. If you don’t need it in
the home get rid of it. Valu-
ables can be secured in banks.

e Get the full names and
addresses of person in your
employment, part

time or full time. It is advis-
able to acquire a background
investigation.

It is well known in Police
circles that large numbers of
the population are unable to
give proper directions to the
Police with regards to locating
their residences or where-
abouts. Do not get too excit-
ed. Give clear directions when
calling the Police. It helps
them to arrive faster.

The information disclosed
herein is just a part of crime
prevention and detection edu-
cation that must be given to
the public at regular intervals
to help them protect them-
selves and help the police to
eradicate crime.

PAUL THOMPSON
Nassau,
April 29, 2010.

The evils of homosexuality and abortion

EDITOR, The Tribune.

I commend the pope for
condemning the evils of
homosexuality and abortion.

Homosexuality is a trou-
bling moral and social phe-
nomenon that is destroying
the family. Dr Francis Collins,
who received the Presidential
Medal of Freedom for his
work sequencing the human
genetic code has proven that
homosexuality is not geneti-
cally “hardwired.” The Bible

Commonwealth Of The Bahamas 2009/CLE/gen/00591
IN THE SUPREME COURT
Common Law and Equity Division

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Plaintiff

AND
BARBARA PINTARD BASTIAN

First Defendant

AND
KENNEDY BASTIAN

Second Defendant

NOTICE OF APPOINTMENT TO HEAR
ORIGINATING SUMMONS

TAKE NOTICE that the Originating Summons filed
herein on the 15th day of April A.D., 2009, will be
heard by the Honourable Mr Justice Turner of the
Supreme Court, Supreme Court Building, Bank Lane,
Nassau, New Providence, The Bahamas on Wednesday
the 28th day of July A.D., 2010 at 11:30 o’clock in the

fore-noon.

You may attend in person or by your Attorney. If you
fail to attend such Order will be made as the Court

may think fit.

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

GRAHAM, THOMPSON & CO.,
Chambers

Sasson House
Shirley Street & Victoria Avenue
Nassau, The Bahamas
Attorneys for the Plaintiff
DDG



condemns it outright.

Legalised abortion is a true
disaster that has been
unleashed throughout the
world and is turning it into a
planet of death.

Abortion affects not only
the unborn child, but also the
mother who has conceived
and all the people involved
(ie, the baby’s father, the
grandparents, health care
workers).

Since the legalisation of
abortion the population has
been prematurely aging and
is dying of sadness and
despair.

Legalised abortion is a
“right” protected by a false
freedom that leads women to

do violence against their own
bodies. Psychologically, each
one of these mothers will be
wounded for life. They will
succeed in removing “some-
thing” that today she finds
bothersome, but she will not
be able to remove from her
mind and heart what she has
done.

To choose to extinguish in
cold blood a life given by
God, to reduce to dust and
ashes the body of a human
being made in His image and
likeness, should make us
shudder.

PAUL KOKOSKI
Canada,
May 14, 2010.

FAMILY GUARDIAN

IN SUBANCLE COMPANY LIMITED

CAREER OPPORTUNITY
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Family Guardian thanks. all applicants; however, only those short
listed will he contacted.





THE TRIBUNE

FRIDAY, MAY 21, 2010, PAGE 5



a
Pledge of high police profile in Grand Bahama communities

BY DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT - Assistant Commis-
sioner of Police Willard Cunningham
said police visibility in communities
will continue to be a priority here in
Grand Bahama during his five-week
tenure as acting officer in charge.

ACP Cunningham, who is filling in
for senior ACP Quinn McCartney,
accompanied officers of the Eight Mile
Rock Division, officials of Environ-
mental Health and Road Traffic, com-
munity nurses and the area pastor on a
community walkabout in the Jones
Town area on Wednesday.

Mr Cunningham said he believes
that partnerships with other govern-
ment agencies are important in
addressing crime and other social

problems within the community. Asst
Supt Christopher Pickstock, officer in-
charge of the Eight Mile Rock police
station, and ASP Loretta Mackey, sec-
ond in-command, plan to conduct a
walkabout in every community in the
area.

This is the fourth community walk-
about in the Eight Mile Rock commu-
nity.

Walkabouts were previously carried
out in Pinedale, Seagrape, and Hep-
burn Town.

“We want persons who are afraid
to feel safe so we are going to be very
visible in Grand Bahama,” said ACP
Cunningham.

Nurse Jaslyn Rolle said they have
identified some social challenges con-
fronting residents in Jones Town.

“We discovered situations of unem-
ployment, crime, as well as environ-

Eee

JONES TOWN AREA



mental and health concerns. “We have
also identified persons with health con-
ditions in the community who are
unable to go to the clinic and so the
community nursing department will
visit those residents who are in need of
medical attention,” she said. ACP
Cunningham said police have also tak-
en notice of the several abandoned
buildings and derelict vehicles in the
area which are conducive to criminal
activity.

“We will be addressing these prob-
lems. We believe that once we get the
public to have confidence in us they
will partner with us and give us infor-

mation that will help to solve crime in
Grand Bahama,” he said.

He noted that a major drug arrests
this week in Grand Bahama were the
result of police intelligence and infor-
mation received from members of the
public.

“Three persons are behind bars and
I want to commend members of the
public for working with us, and I beg
those persons who may have any oth-
er information about criminal activities
to please come forward and call police.
We want to bring crime under control
in Grand Bahama,” he said.

ACP Cunningham said Operation
Touchdown was also successful and
resulted in the arrests of 13 persons
and the issuance of 76 citations during
road searches throughout various areas
of the island.

“That initiative will continue for the

next five weeks until I leave this juris-
diction. We will make ourselves visible
on every street corner and alley and we
will arrest persons who are carrying
firearms or stolen goods,” he said.

Rev Dr John Rolle, pastor of Bethel
Deliverance Center, commended the
police for its efforts in the Eight Mile
Rock community and Grand Bahama.

“These officers risk their lives for
the betterment of this country. I think
when the church join hands with the
police force and other government
agencies and work as a team we will
have a better community and coun-
try,” said Rev Rolle.

Police Corporal Christina King, offi-
cer in-charge of neighbourhood com-
munity policing in Eight Mile Rock,
said they are in the process of estab-
lishing a neighbourhood crime watch
in Jones Town in early June.

Le
Testa am

pee LAE

FORMER Exuma MP
George Smith is continu-
ing his drive to convince
the PLP to only run
“viable and qualified” can-
didates in the next general
election.

Mr Smith has advised
his party’s leader, Perry
Christie, to avoid running
any candidate that may
bring shame or disappoint-
ment on the PLP. He said
the party should only be
considering candidates of
sufficient quality to serve
in the Cabinet of the
Bahamas.

He said: “Every con-
stituency has a right to
believe that their member
of parliament can serve in
a position of importance in
the government of the
Bahamas. I think that is
one of the lessons we can
learn from the recent
United Kingdom elections.
If you look at the calibre
of persons who were elect-
ed, there they were at the
top of their profession.

“So in the same vein, I
think we need to have a
balance: we need to attract
business people and we
need to attract people who
have a major involvement
in local activism; we need
academics, and every voter
needs to have faith that
their MP when standing on
the floor of parliament will
do them justice.”

With the
country facing
unprecedented
unemployment
and crime, the
party has a
chance to por-
tray itself as a
Ryan viable alterna-





Pinder _ tive to the gov-
erning FNM,
Mr Smith said,
adding that the PLP

should therefore be even
more careful not to run
anyone who has been
shown to be “clearly void
of intelligence”.

“You can’t run people
who one day when they
want to make a speech
have given no thought of
what they are going to say
— be it in the House of
Assembly or in a con-
stituency meeting — where
only utter nonsense comes
out of their mouth all the
time. You cannot have this
kind of embarrassment.

“We have to raise the
standards of debate in par-
liament and it can’t just be
about age. If a brilliant
brain is in a young man,
call him to action. If it is
an old man, call him to
action. And no one who
brought embarrassment to
the PLP previously should
be brought before the
country again as a repre-
sentative for the party. If
Elizabeth could have
attracted a Ryan Pinder,
could not all the other con-
stituencies attract a candi-
date of similar calibre?” he
asked.







Man injured
in shooting

Just after 6pm on Wednes-
day, police were informed of a
shooting in Nassau Village.

Responding officers were
told that the 32-year-old male
victim was walking out of a
house on Sampson Street
when a man in a dark
coloured Honda brandished a
handgun and fired several
shots in his direction.

The victim was struck in the
leg and was rushed to hospital
by ambulance. He is listed in
serious but stable condition.

Police are investigating.

US college student

admits charges over

brawl with police

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

AN American college stu-
dent has pleaded guilty to a
number of charges stemming
from a brawl with police.

Jordan Hawks Proffitt, 20,
was arraigned before Magis-
trate Ancella Williams in Court
Six, Parliament Street, on
Wednesday.

Police have charged him with
one count of causing grievous
harm, three counts of causing
damage, two counts of aggra-
vated assault, one count of
assaulting a police officer, one
count of disorderly behaviour,
one count of using obscene lan-
guage as well as one count of
resisting arrest. He admitted all
of the charges.

Prosecutor Sergeant Timo-
thy Saunders said that at about
745pm on Tuesday, PC 3327
Hanna and PC 735 Davies of
the Tourism Police Unit, were
on foot patrol in the downtown
area when they were informed
of a disturbance at the rear of
the Straw Market, near Senor
Frogs.

The officers reportedly found
Proffitt in the street, yelling at
another man.

Officer Hanna approached
him and asked why he was
yelling. Proffitt replied: “You
all police officers ain’t got noth-
ing to do with this situation.”

Officer Hanna then informed
Proffitt that he needed to stop,
to which Proffitt replied: “You
all n*****s ain’t got nothing to
do with me.” He then pushed
the officer to the ground.

While the policemen
attempted to handcuff Proffitt,
the accused pushed Officer
Hanna down again while shout-
ing racial slurs.

According to Sergeant Saun-
ders, two other men attempt-
ed to stop the arrest. Officer
Davies was head butted by
Proffitt while Officer Hanna
suffered a dislocated shoulder
and a fractured thumb.

Proffitt, after some 15 min-
utes, was placed inside a van
and taken to the Central Police

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TWENTY-YEAR-OLD Jordan Hawks Proffitt, of Florida, appears in
court to face numerous charges.

Station. The accused disagreed
with some of the facts present-
ed by the prosecutor.

He told the court he got into
a bar fight and was dragged
outside. He claimed he was
unaware of what kind of uni-
forms Bahamian police officers
wear.

Proffitt alleged he was
grabbed from the back and
thrown to the ground, put in a

Tim Clarke/Tribune staff

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§ Scotia Private Client Group’

VACANCY

chock hold, thrown in a van and Investment Advisor, Offshore Brokerage

also punched in his face.

He admitted that he fought S
back at the police, although he
claimed he did not know they
were officers at the time.

Proffitt told the magistrate
that he has never appeared in
court before and is a student at
Daytona State College, in Flori-
da.

The prosecution objected to
bail, citing the serious nature
of the charges as well as the fact
that Proffitt has no legal status
in the country.

He was remanded to Her
Majesty’s Prison and is expect-
ed back in court next Tuesday
to be sentenced.

financial goals.

tia Private Client Group (SP

Position Summary:

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¢ Chartered Accountant
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or e-mail ross.painter@scotiabank.com

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



PAGE 6, FRIDAY, MAY 21, 2010

THE TRIBUNE

Consumer protection — a promise needing to be fulfilled

YOUNG Man’s VIEW

By ADRIAN GIBSON
ajbahama@hotmail.com

Over the past four weeks, the
loyal readers of The Tribune
and avid followers of this col-
umn must have noticed its
absence from the pages of the
country’s premier daily. It must
be noted that that absence was
because I took time off to pur-
sue my legal studies and stu-

ADRIAN

inations. Now, in the wake of
exams, this column will return to
its regular appearance every

diously prepare for recent exam- week.

To a brother and son, second to none. Died 2003,
May 21, mow its 2070, May 21.4 whole 7 years later,
still aint feel like 1, mare like yesterday.

| looked in ya face, you shined like the sun, even
when skies was grey, when i think bout your life, | ory
but | smile.

You brought plenty of lowe and that's no denial. But
you heft us so much more than you brought fram the
start. Through the 3's back to 2's, you still here in our
hearts

‘Bethel Brothers Morticians

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

FUNERAL SERVICE FOR

Eunice May
"Harls"
McKenzie, 69

of Bellot Road and

formerly of Market

Street, South and

Mangrove Cay, Andros

will be held on

Saturday, May 22nd,

2:30pm at “St.

Barnabas Anglican

Church, Baillou Hill

and Wulff Roads. Canon

Basil Tynes assisted by other ministers of the Clergy

will officiate. Interment will follow in Woodlawn
Memorial Gardens, Soldier Road.

Eunice was survived by five daughters, Rita
Strachan, Terry Bullard, Sharon Johnson, Anishka
Whyms and Sonia Christie; sons, Hugh and Patrick
Thompson; daughter-in-law, Gillian and Renee
Thompson; sons-in-law, Zephaniah Strachan,
Shedrach Johnson, William Whyms, Vivan Christie
and Wayde McPhee; grandchildren, Detective
Constable 957 Demetrius Taylor, Marine Seaman
Delano Johnson, Ricardo McDonald, Everette
Russell, Michael, Sheddina, Joseph, and Marcellas
Johnson, Wilfred Smith, Jennifer and Alliyah
Thompson, Ravyn and Ryshae Whyms, Aldean Allen,
Shannon, Sanjay and Shawn Christie; great
grandchildren, Erin Russell, Megan, Savanna,
Ricardo McDonald Jr and Milagro Taylor; one sister,
Marion "Blossom" Rolle; step sisters, Rev. Gloria
Ferguson, Maria Gibson, Debbie Munroe; aunts,
Florence Fernander, Cecilia and Lovely McKenzie;
uncles, Ernest and Emperor McKenzie of Long Bay
Cay, Andros; step brothers, Garnet Bastian, John
Curtis; special friends, Grachion Sands & family,
Eunice Sherman & family, Inger and Lynette
Saunders, Donald Wilson & family, Jewel Pierre &
family, Geneva Moree & family, Maria Knowles &
family, Dianne Clarke & family, Alvena Taylor &
family, Marsha Smith & family, Dorothy Smith &
family, Mrs Sandra Curtis and family, Mavis Johnson
& family, numerous relatives and friends including,
Alfreda Gaitor & family, Annie McKenzie & family,
Lorenzo & Olga Butler, the Smith family of Market
Street, Spurgeon & Karen Neilly, Julie Kenny &
family, Mrs Tuloch and family, Angela & Gloria
Adderley and family, Anthram McKenzie, Harold
Thompson, Pastor Ambrose & family of Cat Island,
the Cat Island Community, Dudley, Bradley,
Alphonso, Emperor JR and Basil McKenzie, the
Butler family, Anthon Todd and family, Mizpah
Bannister and family, the Johnson family, Bunnicea
Rolle, Raphelita Jones and Family, Sherilyn Fernander
and family, Lisa Duncombe and family, Melrose
Knowles and family, Stacey Skinner and family,
Camille Curry and family, Nerissa Gibson and family,
Agatha Smith, Wendy Fernander, Carnie Gibson,
Agnes Johnson, Bloneva Trotman, Alareta Bethel,
Angus Bullard, Haverson McKenzie, Althea Carey,
Mavis Thompson and family, Jason Gomez and
family, Jullian Francis, Nurse Jessie Smith and Nurse
Julia Mackey, the Market Street family, St Barnabas
Church family, the ACW family, Nurses and Doctors
of the Flamingo Gardens Clinic and Doctor's Hospital.

Friends may pay their last respects at Bethel Brothers
Morticians, #44 Nassau Street on Friday from 11:00
a.m. to 6:00 p.m. and on Saturday from 10:00 a.m.
to 12:00 noon and at the church ftom 1:00 p.m. until
service time.



G IBS ON

| HE Bahamas is a
nation of over-lever-

aged consumers. Early into the
21st century and right before
the economic crash, an era of
promiscuous credit prevailed
and was/is evident by the preda-
tory lending practices of at least
one or two local banks that con-
tinually approve unsecured,
“ne-plus-ultra, NINJA loans”,
which in certain instances
required no assets, no job and
no income.

Over the years, it appears
that the majority of local com-
mercial banks have not been
consumer-friendly, several of
them serving as nothing more
than poorly regulated outfits
that financially-handicap con-
sumers and deceptively assist
in pushing consumers deeper
into a cycle of never-ending
debt.

Frankly, many consumers
seeking bank loans under the
current rapacious business
model are promised one rate
and loaded with hidden, back-
end fees once a transaction is
concluded.

While much blame must be
laid at the feet of greedy, penu-
rious consumers, it must be not-
ed that consumer loans are
designed to keep Bahamians,
who oftentimes want every-
thing they see, in bondage.
Admittedly, greedy Bahamian
consumers obsessed with “the
following the Joneses syn-
drome” seek high-interest con-











are
c
—,

sumer loans from avaricious
financial institutions for trivial
purchases such as jewellery,
vehicle rims, trips overseas,
clothes and so on—just enough
money to become trapped in
an enduring quagmire of finan-
cial problems and continuous
refinancing. As it stands, there
appears to be little or no effort
at credit facilities to educate
the consumer and, quite
frankly, it’s practically impos-
sible for Bahamians—who are
effortlessly approved for high-
interest consumer loans—to be
approved for mortgages, com-
mercial loans or any substan-
tial financing in pursuit of self-
empowerment.

Mortgages

As hordes of people default
on their mortgages, of note is
the higher interest rates applied
to no down payment land
schemes. Bank fees continue to
spread like germs. Relative to
credit cards, egregious and
steep rates hijack the finances
of debt-ridden consumers,
whilst unreasonable fees are
applied to checking accounts
and banks further gouge cus-
tomers by attaching outrageous
fees to savings accounts and
even when an automated bank-
ing machine (ABM) is utilized
to withdraw your own money.
When I travelled to Europe and
elsewhere and had cause to use
my ABM card, I was stunned
by the exorbitant fees applied
to foreign debit transactions.
Automated teller/banking
machine fees (ATM/ABM) and
monthly service charges by
banks are overly inflated, as
even fees accompanying

ABM/ATM withdrawals from
an account at one bank using
another bank’s machine is dou-
bled and, frankly, is bordering

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on criminal. Amazingly, banks
have begun blaming rising
unemployment trends and a
sluggish economy for the high-
er fees incurred and rapacious
interest rates.

Why does the usage of dif-
ferent accounts at the same
bank carry separate fees? If a
fee must be applied, why is
there not a consistent fee across
multiple accounts? How big is
the difference between the
rates at which local banks bor-
row and the rates at which they
lend? Indeed, the fat spreads
charged by these banks yield
high profit margins!

Moreover, as an unregis-
tered bill payment/lending
scheme was recently shut down,
who is watching over those new
savings and loans operations,
no doubt run by loan sharks
ready to pounce upon desper-
ate, bankrupt borrowers?

Prior to the recession and
collapse of the real estate mar-
ket the most leveraged bor-
rowers locally—and interna-
tionally (e.g. US)—took on
adjustable rate mortgages that
reset to higher rates in two or
three years. While these mort-
gages may have been conve-
nient at the time, no doubt they
are burdensome with upward
readjustment during the cur-
rent economic crunch.

Why do mortgages still pay
new legal fees when transfer-
ring a mortgage from one finan-
cial institution to another?

I’ve long held the belief that
banks should be more open to
modifying loan payments and
restructuring mortgages to
relieve borrowers during a
weak economy. Furthermore,
the Central Bank should seek
to reduce interest rates across
the board. At present, interest
rates on mortgages for exam-
ple range between 8.75 per cent
on the lower end to an exces-
sive 11 per cent.

As the country feels the eco-
nomic pinch, the Central Bank
should have stepped in and
slashed interest rates (if only in
the short term), injecting cheap
money into the system as was
done by the US Federal
Reserve after various 90s cri-
sis. Economic theory suggests
that if the Central Bank cut
interest rates, the commercial
banks cut the Bahamian Prime
Rate, and all interest rates
charged to borrowers were also
cut, the cheaper cost of money
would encourage consumers
and businesses to increase
spending.

In The Tribune’s February 3,
2009 edition, Central Bank
Governor Wendy Craigg not-
ed that the bank would not use
interest rate cuts to stimulate
the economy “unless there is a
development that causes us to
change.” While a reduction in
the Central Bank’s discount
rate—the rate at which the
monetary policy regulator lent
to Bahamian commercial

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banks—was a
tool at its dis-
posal, Ms
Craigg said
the Central
Bank did not
want to
encourage
credit growth
that might
place this
nation’s bal-
ance of payments, foreign
exchange reserves and ulti-
mately, the one-one peg with
the US dollar under pressure.
At that time, the bank’s gover-
nor stated that the regulator
was “not overly concerned”
about the deterioration in com-
mercial bank asset quality yet,
as borrowers defaulted due to
job losses and reduced incomes,
but were watching the situation
closely.

While Ms Craigg has a point,
it should also be noted that in
order to discourage credit
growth while alleviating the
financial burden of many
Bahamians, the Central Bank
can reduce the interest rate
while at the same time enforc-
ing a more stringent criteria for
qualification for loans and
stronger regulation of com-
mercial banks.



Wendy Craigg

Reform

Indeed, the political estab-
lishment must carry-out serious
regulatory reform over finan-
cial institutions/banks that
weaken consumers’ financial
health and profiteer by ripping
bigger holes in the wallets of
consumers in every imaginable
way. The recently established
Clearing House Association
could also be more efficiently
operated as the turnaround
time on financial transactions
such as the depositing and
accessibility of cheques onto
accounts is still too long.

The government must
implement austerity measures
so that banks would alter inter-
est rates and adjust foreclosure
practices, particularly after a
housing bust that left throngs
of homeowners—some of
whom were uncreditworthy
from the get-go—stuck with
mortgages worth much more
than the value of their homes—
unable to sell, unwilling to take
a loss on their principal invest-
ment and unable to meet pay-
ments due to job cuts or, as
seen in the hotel industry,
working less than an adequate
number of days.

The FNM manifesto
addressed the provisioning of
consumer protection mecha-
nisms to “provide Bahamians
with improved protection
against dishonest and/or unfair
business practices.” It stated
that the FNM government will
“establish a consumer protec-
tion agency, mount a sustained
consumer education campaign
and provide for the transfer of
loans or mortgages between
banking institutions at no cost
to the customer, the right for
borrowers to choose lawyers to
do their home mortgages and
business loan legal work and
the right for borrowers to use
the insurance company of their
choice in relation to home and
business mortgages.”

Undoubtedly, the Bahami-
an electorate/consumers are
anticipating that these promis-
es will be fulfilled!

IS PERRY CHRISTIE
POLITICALLY TUNE DEAF?

Recently, former PM Perry
Christie warned would-be
investors in the government’s
$65 million Arawak Cay con-
tainer port that if he is returned
to the office of Prime Minister
he will reverse the deal. He
said: “My position on the $10
bill is known. My position on
the port is known, and time
doesn’t change that. What polit-

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THE TRIBUNE

BRITISH Airways cabin staff are
yet again poised to strike next week
after the High Court in the United
Kingdom overturned a ban on their
planned industrial action.

It was not clear yesterday exactly
how the strike will affect the five
direct long-haul flights per week
from London Heathrow to Nassau,
as airline spokeswoman Marcia Esk-

FRIDAY, MAY 21, 2010, PAGE 7

LOCAL NEWS

BA cabin staff poised to strike again next week

UK High Court overturns ban on planned industrial action

ine failed to return messages seeking
comment up to press time, and local-
ly-based senior staff were out of
office yesterday.

A junior staff member told The
Tribune that for now, all scheduled

flights are set to go ahead. British
Airways were granted an injunction
against the staff strike action last
Monday by the High Court.

The court ruled that the cabin
crew union Unite could not go ahead

with its strike as it had not reported
the results of its strike ballot cor-
rectly to members. But this was
rejected as a “trivial” objection by a
High Court judge yesterday.

Unite is protesting BA’s cost-cut-

ting plans including a wage freeze
and reduction in the numbers in-
flight staff. The two sides will now be
seeking to reach a settlement before
Monday’s planned five-day strike.

The union previously rejected a
BA offer as it did not include the
restoration of revoked travel perks
for employees who participated in
a previous walk-out in March.

Focus on impact of
climate change and
natural disasters

By BAHAMAS
INFORMATION SERVICES

REPRESENTATIVES of
the European Council and the
Caribbean met in Spain this
week to discuss issues concern-
ing the strengthening of bilat-
eral ties in addressing climate
change, the earthquake-strick-
en Haiti and the recovery
process from the global reces-
sion.

Deputy Prime Minister and
Minister of Foreign Affairs and
Immigration Brent Symonette
represented the Bahamas at the
Sixth Summit of Heads of State
and Government of the Euro-
pean Union, Latin America
and the Caribbean, held in
Madrid, Spain, where these
issues were discussed.

He also participated in the
EU-CARIFORUM Summit,
the EU-LAC Meeting of For-
eign Affairs, and the First
Meeting of the Joint EU-CAR-
IFORUM Council under the
Economic Partnership Agree-
ment on Monday.

The EU-CARIFORUM
Summit was co-chaired by Sen-
ator Maxine McClean, Minis-
ter of Foreign Affairs of Bar-
bados, and the President of the
European Council Herman
Van Rompuy.

The two sides discussed

iit ot gr

issues concerning the strength-
ening of the bilateral relation-
ship to include such issues as
climate change and natural dis-
asters that affect the Caribbean
region in particular, such as the
devastating earthquake that
ravaged Haiti in January of this
year.

In relation to the disaster in
Haiti, Spanish Prime Minister
José Luis Rodriguez Zapatero
reconfirmed the commitment
of the EU and Spain “to lead
the efforts and provide financial
support for the reconstruction
that has already begun”.

President Van Rompuy,
announced the launch of the
specific EU-CARIFORUM
dialogue dedicated to climate
change, as well as a bilateral
summit on this issue during the
second six months of this year.

The President of the Euro-
pean Commission José Manuel
Durao Barroso also took part
in the meeting.

The inaugural meeting of the
CARIFORUM-EU EPA Joint
Council was also convened in
Madrid on Monday.

Ministers agreed to the adop-
tion of the Rules of Procedures
of the Joint EC-CARIFORUM
Council, the CARIFORUM-
EC Trade and Development
Committee and the Special
Committees; the adoption of

a



[

AY EL CARIBE

ATE AND GOVERNMENT







the Rules of Procedures for
Dispute Settlement; and
exchanged views on the imple-
mentation of the Agreement
The Sixth EU-LAC Summit
opened with a dinner on Mon-
day hosted by His Royal High-
ness The Prince of Asturias,
Felipe, son of King Juan Carlos
and Queen Sofia of Spain, at
the Royal Palace in Madrid.
The Sixth EU-LAC Summit
series of meetings culminated
with the adoption of the
Madrid Declaration and Action
Plan, identifying areas of coop-
eration in the fields of energy,
the environment, education,
research and innovation, and
the fight against drugs - with
their respective financing

= narine Resources

! | I s i) f Fi WR i

at PN AY '

instruments - which will be
reviewed at the Seventh Sum-
mit, to take place in Chile in
2012. The two regions
promised to work together on
coming out of the international
economic crisis, combatting cli-
mate change, designing a new
international financial archi-
tecture and actively promoting
the achievement of the Millen-
nium Development Goals.

Other major achievements of
the Madrid Summit were the
launch of a Latin America
Investment Facility and the
EU-LAC Foundation.

The Latin America Invest-
ment Facility (LAIF) was
launched jointly by the Euro-
pean Commission and the

(Photo courtesy of Council of the European Union)
DEPUTY PRIME MINISTER and Minister of Foreign Affairs and Immigration Brent Symonette (back row second left) at the Sixth Summit of
Heads of State and Government of the European Union, Latin America and the Caribbean, held in Madrid, Spain from May 17-18, 2010.

Spanish presidency, and has
been established by the Euro-
pean Commission to mobilise
additional financing in Latin
America to support investment
projects by bringing together
grants from the Commission
with loans from European
development finance institu-
tions.

The EU-LAC Foundation
will contribute to the strength-
ening of the EU-LAC bi-
regional partnership process
involving participation and
inputs of civil society and other
social actors to encourage fur-
ther mutual knowledge, under-
standing and visibility between
both regions.

EU-LAC countries and the

European Commission will
financially support this new
institution.

To date, the host city of the
Foundation has yet to be decid-
ed. The candidate cities are
Hamburg, Germany; Milan,
Italy, and Paris, France.

The summit adopted an out-
line for a Joint Caribbean-EU
Partnership Strategy, which
now has to be further devel-
oped.

Accompanying the Deputy
Prime Minister to the Madrid
meetings were Frank Davis,
First Secretary and Consul in
the Bahamas High Commission
in London, and Carol Young,
assistant economist in the Min-
istry of Finance.

Pasche Bank & Trust Ltd

Investment Advisor

Responsibilities:

Subsidiary of

BNAI]UE bast

a Prtwere Bios bf ag
Vacancy for an:

The general responsibility of the Investment Advisor is to provide an 1n-
house service to Senior Management, the Investment Committee and

Relationship Managers.

Duties include, but are not limited to the following:

¢ Work closely with the Investment Committee to develop effective
business models and improve the productivity of existing models

¢ Provide support to various project development and management
initiatives within the group

¢ Management of discretionary private client portfolios

* Research, develop and implement strategies for new products (all

asset classes)

* Guide and assist staff in the training of Bank’s products
¢ Provide advisory services to sophisticated clientele

Required skills and competences:

¢ Main expertise should be in U.S. markets

¢ Sound knowledge of LatAm markets also a plus

¢ A university graduate, in business, finance, economics,
accounting or sales and marketing

¢ At least 7 years experience working in Private Wealth Management

¢ Thorough understanding of financial markets, instruments,

operations

¢ Good oral and written communication skills

¢ Excellence in risk management, finance, marketing and business

acumen skills

¢ Knowledge of French and Spanish a plus

Interested persons should apply in writing to:

The Chief Operations Officer
P.O. Box AP 59241

Nassau Bahamas

Fax: (242)327-1514

Email: robert.mullings



asche.ch

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PAGE 8, FRIDAY, MAY 21, 2010

HURL TUBS TES hy



FROM page one

ed (or instructions to do so issued). Any arrangements going for-
ward will have to be arrived at as a result of a sale, court order or
by Mr Treco agreeing, voluntarily, not to build,” the minister said.

Investors in Delaporte Point claim the bulldozing of the Dela-
porte gardens and the new buildings will devalue the investments
made by more than 100 owners who have purchased houses and
apartments. A resident told The Tribune: “Owner’s investment in
their homes is one of the largest they will ever make. Treco has
bulldozed the gardens used by families for birthday parties and
Easter egg hunts to cram four more units into the already crowd-
ed community. They are building in the garden right in front of our
home.”

Another owner said: “Our homes that are collectively worth tens
of millions stand to be devalued significantly and our lives altered
permanently simply because Treco construction wants to put four
more units here instead of turning the gardens that we use as
common areas over to Delaporte residents.”

The petition asked the Government to permanently stop the
developer from building four garden units and have the develop-
er restore the area to its previous condition.

Residents also want the developer to turn over to their home-
owners association all parking spaces, public spaces, roads, entrance
gate, sewage system, generator area, right of ways and other areas
that have been maintained at the expense of the Delaporte resi-
dents dating back to the 1960s.

Town Planning has also been asked to restrict Trecon Con-
struction from further building in front of other homes in Delaporte
Point. Delaporte residents, who have voiced strong opposition to
the construction of the garden units, say they want government to
put an immediate and permanent stop to the Trecon construction
for many reasons, including construction directly in front of their
homes, high density in the community, lack of green space and
extremely serious parking problems.

Consumer protection
FROM page six

ical organizations do is review its own thinking on a matter with
respect to the issue. And there is nothing to date that has convinced
me that there should be a change in that thinking.”

So, is Mr Christie intending to use a pick axe and dig up a port
that is well underway?

Frankly, I think most discerning people, regardless of their
political leanings, reacted with a collective smirk to Mr Christie’s
comments, which appear to border on outright nonsense and
appears to be nothing more than a psychological ploy. It is, as I see
it, nothing more than political theatre and populist grandstanding,
particularly as the former PM must be feeling reinvigorated now
that the tea leaves have been read in his favour following the
Elizabeth by-election. Indeed, Arawak Cay is a valuable piece of
property and the public can be better informed in some instances,
for example, how much money is likely to be made off the high val-
ue properties owned by the shipping landlords on Bay Street now
that the container port is being relocated? As unemployment con-
tinues to inch upwards and the country faces soaring deficits and
public debt, Mr Christie’s puerile utterances and partisan bicker-
ing lacks substance and, to use the words of US president Barack
Obama, appears to be another instance where “politics I think end-
ed up trumping practical common sense.”

Instead of engaging in partisan bickering, throwing tantrums and
stomping in the yard about reversing the port deal, it’s high time for
Mr Christie (and others) to propose solutions or ideas, rather
than using the political stage for self-serving, vainglorious political
posturing and pontificating that could only deepen the partisan dif-
ferences that divide us, the ideological divisions that keep our
people apart.

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LOCAL NEWS

Oil enters Loop Current, headed for Bahamas

FROM page one

data that placed the oil’s loca-
tion three miles away from
the loop current.

Michael Stubbs, chief cli-
matological officer at the
Meteorological Department,
said it was “very likely” the
oil would end up in the loop
current. At such a time, the
risk of the Bahamas being
directly impacted would
increase significantly.

“Whatever is deposited in
the loop current will travel
through the loop current no
matter what. Once it gets into
the loop current we can’t
duck it. If you have no wind,
no weather systems and it is
calm, the loop current will still
facilitate the movement of
material into the vicinity of
our islands,” said Mr Stubbs.

With hurricane season fast
approaching on June 1, local
responders are furthered con-
cerned about the impending
environmental disaster. Given









Ee









Patrick Semansky/AP Photo



fs
wo

“i - fa. ak TH ie
RKERS lay oil booms along a land bridge on Elmer’s Island in

Grand Isle, La., Thursday, May 20, 2010. Oil from last month’s
Deepwater Horizon oil rig explosion in the Gulf of Mexico has
started drifting ashore along the Louisiana coast.

the high number of storms
that have been predicted this
season, there is “great con-
cern” about the added chal-
lenges to possible contain-
ment efforts.

Historical records show that
early in the season cyclones
tend to originate in the vicin-
ity of the Gulf of Mexico,
North of the Bahamas, where
the source of the spill is locat-

ed, according to Mr Stubbs.
“The area in the gulf is fer-
tile ground.”

Several issues are of con-
cern. A hurricane or other
severe weather system would
likely hamper efforts in the
gulf to contain and clean up
the oil. It could also generate
strong waves or wind that
would drive surface oil, oil
residue or particles, and

THE TRIBUNE

chemical disspersants into the
area of the north-western
Bahamas.

“From our knowledge, this
is the first major one so close
to home. It is going to be with
us for a great length of time. It
has overwhelmed the imme-
diate resources, so obviously
it leads one to wonder how
and when we will be able to
control it,” said Mr Stubbs.

The loop current is an
oceanic “conveyor belt”, trav-
elling from the Western tip of
Cuba in the Caribbean Sea,
north along the Yucatan
Channel, according Mr
Stubbs.

It makes a clockwise turn
towards the Florida Keys, and
then travels eastward between
the Bahamas Islands and the
Florida peninsula.

It then moves northward
along the eastern coastline of
Florida until it joins the gulf
stream, which carries it fur-
ther north into the North
Atlantic ocean towards
Europe.

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Social services unite to crack down on incest

FROM page one

increase in under age teenage pregnan-
cies, many of which involve incest.

“The incest cases are in the hands of
the police. There is follow up, and with
any student under 16, their case is
referred to the attorney general’s office,”
said a Tribune source.

The PACE programme is regulated
by the Ministry of Education, Social Ser-
vices and Health. The organisation
recently formed a partnership with the
Royal Bahamas Police Force to strength-
en the efforts against perpetrators of
incest and child abuse.

Loretta Butler-Turner, Minister of
Social Services, said the PACE pro-
gramme has not been able to capture the
entire constituency of pregnant school
girls, so the increased intake was an indi-
cation that more people were reporting
incest and seeking assistance.

“Throughout our Family Islands and
New Providence we know there is a high
prevalence of pregnancies and sexual
molestation by family members. The fact
we are able to identify that and the police
are going to be working more closely
with us on that regard is always a very
good thing,” said Mrs Butler-Turner.

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Social workers say incest convictions
“appear to be” higher than rape, which
has a low conviction rate. They say the
issue is still surrounded by a “cloak of
secrecy”, but with new laws, like the
Child Protection Act, and advocacy
efforts, “we are making a break
through.”

“One of the things is you have a named
criminal who could deny it but then of
course there is DNA. With a rape, DNA
may be destroyed, but if a baby results
there is no getting around that,” said a
social worker.

Of concern to social workers is the fact
that “in a lot of the communities this
dysfunctional behaviour is normalised.
Everyone just keeps quiet about it.”

The devastating effect of incest on chil-
dren cannot be understated, according
to psychologist Dr David Allen.

“We need intervention. The parents
can’t handle the situation. What looks
like a bad kid is a kid in pain. The parents
need help. We can panic at the problem
or we can address it,” said Dr Allen.

He said children engaged in drug
abuse, sexual promiscuity, teenage preg-
nancy, delinquency at school and youth
gangs are not in “crisis”, but in “pain”,
which demands a different approach than

often touted crime prevention strategies
that do not address the root issues.

“These kids have nobody. A human
being with no one there for them
becomes an animal. If we do not create
the surrogate family or the community to
support their hurt, their ‘self-hate against
men’ (SHAME) creates more problems.
I believe we have a way now to deal with
it,” said Dr Allen, speaking of his pro-
gramme, The Haven.

“As a society we have to come togeth-
er and help. In a society where only the
strong are strong nobody is safe because
nobody will be strong forever. But in a
society where the weakest among us,
children, are safe then all of us are safe,”
he said. Some community leaders are
calling for more outrage over the trou-
bling national issue. Bishop Simeon Hall
questioned why more leaders were not
speaking out on the matter.

“When other things happen you hear a
lot of stuff, but I haven’t heard any out-
rage on this. I think those of us who
speak publicly should be consistent. That
is what I have been saying about the
Christian community. There should be
more public outrage. We should do more
thorough work to see that these persons
are not on the loose,” said Bishop Hall.

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THE TRIBUNE






FRIDAY, MAY 21,

PAGE 9

ort

2010



INSIDE ¢ Track & Field Results








Husband, wife duo set to make boxing history



Elkeno Saunders





By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net



THE husband and wife team of
Elkeno ‘The Punisher’ and
Altonique ‘Lady Punisher’ Saunders
will make history on Saturday night
when they become the first to fight
on the same professional boxing
card.

While Elkeno Saunders will be
gearing up for his return to the local
scene in a cruiserweight match-up
against Anthony Osbourne, his wife
Altonique will be making her debut
against Mia ‘Just Do It’ Henderson
in a four-round middleweight bout.

Their fights will come on the First
Class Promotions’ “In Your Face”
show at the Kendal Isaacs Gymnasi-
um, featuring Jermaine ‘Choo Choo’
Mackey in the main event.

Mackey, the Bahamian super mid-
dleweight champion, is scheduled to
take on Tyler ‘Undertaker’ Hughes
in the 10-round main event. The 10-
round light welterweight co-main
event will pit Anthony ‘Psycho’
Woods against Hensley ‘Bruiser’
Strachan.

In the other bouts on the under-
card, Jerome ‘Bronze Bomber’ Ellis
is expected to return home to tackle

Testie ‘Neck Breaker’ Davis in a
middleweight eight-rounder and Jer-
ry ‘Big Daddy’ Butler is set to face
Leon ‘Mountain’ Palmer in a heavy-
weight four-rounder.

Altonique Saunders, a soccer and
softball player, said after watching
her husband appear in so many
fights, she decided to give it a shot.

“It’s something that I wanted to
do for a while, but my husband has
finally given me the opportunity to
do it,” said the BTC employee.

Having spent the past few months
in the gym training with her hus-
band, Saunders said she’s looking
forward to going out on Saturday
and “just do my best and hopefully I
will come out on top.”

As a woman entering what has
predominantly been considered a
male sport, Saunders said she’s not
concerned about the nay sayers.

“There’s not that many, if any
Bahamian females, who are fighting
professionally, so it’s just something
that I thought I will try to do,” she
lamented.

As for the historic moment when
she and her husband will be appear-
ing on the same card, Saunders said
it’s “nothing out of the ordinary.”

“We will just more support
because we know that each other
will be going out there to fight.”

While Saunders will be making
her debut, her husband will be
appearing in his first fight since April
25, 2008, when he lost an eight-round
decision to Renan St Juste in Que-
bec, Canada.

Promoter Michelle Minus said the
show is gearing up to be a very excit-
ing one, especially with the women.

“We’ve been getting a lot of
responses from husband and wives,
who have been freaking out over the
fact that this husband and wife are
fighting on the card,” said Minus,
who joins her husband, Ray Minus
Jr, as the first Bahamian husband
and wife promotional team.

“Elkeno and Altonique have been
training together and they are confi-
dent that they will both be victorious
at the end of the night. So we’re
looking forward to seeing how well
they perform.”

Minus said all of the other bouts
on the card have been drawing just
as much interest because a lot of
people are delighted to know that
professional boxing is returning after
the one-year suspension by the
Bahamas Boxing Commission.

The weigh-in for the show is set
for 4pm today at the First Class Pro-
motions office on Wulff Road. There
is a general admission for the show,
slated to begin at 8:30pm.









Altonique Saunders



Bahamians help

school reach state
championships



BAHAMIAN baseball
players continue their out-
standing play on the high
school baseball circuit as
the Bahamas Baseball Fed-
eration puts the final
touches on its premier
event — "8th Annual Andre
Rodgers National Baseball
Championships".

All the players below will
be representing various
leagues at the NBC.

The BBF is extremely
pleased and excited to see
four young Bahamians play
pivotal roles in their high
school reaching the con-
ference State Champi-
onship game.

In the Florida State
Semi-Finals (District 12-
1A), the Trinity Christian
Academy Warriors
blanked the Eagle View





3-0.

The Trinity Warriors fea-
tured an All-Bahamian
outfield with Brandon
Murray in left, Kyle Hall
in centre and Byron Fer-
guson Jr. in right Field.
The other member of the
team is Geren Albury, the
designated hitter.

During the game, Fergu-
son Jr. went 3-for-4 (three
singles) with two RBI;

Brandon Murray was 2-
for-4 (single & triple) with
two runs scored; Kyle Hall
was 1-for-4 (single) and
Geren Albury was 1-for-4
(single).

Ramon Grant of Grand
Bahama is also a member
of the Warriors.

The State final was
played yesterday, but no
results were available at
presstime.

BRANDON Murray slides into third base.



Byron Ferguson Sr./Photo

MINISTRY OF WORKS & TRANSPORT

NOTICE
CORRIDOR 4

BETHEL AVENUE (Phase A)

ROADWORKS

JOSE CARTELLONE COMSTRUCCIONES CIVILES S.A would like to mfonm the motoring public that road works wall be
carried auton Bethel Avenue Phase A, effective Thorwlay May 20, 2000 for approuimately twelve (12) weeks.
The works include anew four (4) line carriageway that will be constructed between Tonique Williams Darling Highway and John F



out of Jacksonville, Florida
Kennedy Drive.

BBF to host Latin
° ° Installation of mew drainage facilities, utilities, asphalt pavement, street lighting, sidewalks, troffic signs and will constructed in this
American Caribbean dis
Motonst travelling on Bethel Avenue will nat be affected, the existing two lane traffic system will flow as normal. Millemiom Gardens
Zone Tournament

and Nicholls Cresent access will be affected, Detours will be clearly marked to allow the sale passage for pedestrians & motorist
and proper signage wall be erected delineating the work zone.

By RENALDO DORSETT

Tribune Sports Reporter

rdorsett@tribunemedia.net

THE Bahamas Baseball
Federation will host interna-
tional competition for the
first time this year and looks
to continue its recent success
at the PONY Baseball level.

The BBF will host the
Latin American Caribbean
Zone Tournament, July 6th-
12th at the Junior Baseball
League of Nassau Complex.

The tournament will fea-
ture four teams and Is geared
toward players 13 years old
and under.

Teams will include,
Bahamas Host (New Provi-
dence based team), Bahamas
Area (Grand Bahama based
team), Panama and the
Dominican Republic.

The Bahamas Host Team
will be managed by Feliepe
Sweeting with Greg Burrows
Jr and Geron Sands serving
as coaches.

The Bahamas Area Team
will be managed by Devon

Cartwright, assisted by
coaches Brandon McQuay
and Desmond Russell, with
Ali Knowles as trainer.

four patience throwphows ries project is greatly appreciated avd we de apelagize fine the incerremiaice A delays cused

PHASE I

PHASE 2



Terran Rodgers is the
Tournament Director and
Patrick Knowles as the Tour-
nament Chairperson.

The Federation’s busy
summer will culminate with
the BBF Senior Challenge.

The tournament will be
hosted, August 6th-8th at the
Grand Bahama Park in
Freeport, Grand Bahama.

The event will feature a
four team Round Robin for-
mat featuring the Freedom
Farm Baseball League,
Junior Baseball League of
Nassau, Grand Bahama
Amateur Baseball League
and Legacy Baseball League.

Each team will field 18
team members, a single man-
ager and a pair of coaches.

With no restrictions on age
limits, each league is expect-
ed to field their best team of
senior teams, irrespective of
professional or non profes-
sional status.

deer Carilipns Conprercoare Chake 28
Ofer Hawn: Mon-Fri od om ted pen
Obra ae

Ere detach bee caettliode core a

For further infeemution plea canteat :



The Propect fxecerion Links
Mishtry of Weal 2 Pracsaert
Matliee: (PI) WOF-OPae

nail pablowetaiihabemarpouls

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PAGE 10, FRIDAY, MAY 21, 2010

TRIBUNE SPORTS

SPORTS

AAO UO RG ea Gr TALULA eet hd H bs



HERE are the results of the first two days of action at the Ministry of Youth, Sports and Culture’s 29th Primary Schools Track and Field Championships being held at the Thomas A. Robin-

son Track and Field Stadium:

GIRLS 400 METER RUN CLASS D FINALS
1. 582 La'Fleur, Danah, Freeport Primary,
28.0

1:28.01.
2. 580 Farrington, Collinque, Freeport Primary,
1:28.51.

3. 1539 October, Rhema, Trinity Academy,
1:28.60.

4. 1514 Thompson, Dashand, Thelma Gibson Pr,
1:28.95.

5, 834 Rolle, Bethany, Long Island Expl, 1:29.46.
6. 524 Smith, Gabrielle, Faith Temple Aca,
1:31.56.

7. 482 Moss, Jamarie, Exuma Scorpions,
1:32.91

8. 22 Walker, Infiniti, Abaco All Stars, 1:33.43.

BOYS 400 METER RUN CLASS D

1. 30 Fox, Breon, Abaco All Stars, 1:21.72.

2. 1528 Saunders, Matthew, Thelma Gibson Pr,
1:26.03

3. 846 Fox, Isaac, Long Island Expl, 1:26.13.
4. 470 Saintilmond, Marcus, Eleuthera Distri,
1:27.93.

5. ce Bowleg, Blake, North-Central An,
1:28.5

6. 153 on Winston, C.W. Saunders, 1:28.58.
6. 606 Yallop, Myles, Freeport Primary, 1:28.58.
8. 1739 Hyppoote, Paulie, Claridge Primary,
1:30.10.

GIRLS 100 METER DASH CLASS C

1. 251 Davis, Clanae, Central Abaco Pr, 14.76.
2. 1143 Bain, Jasmine, Queen's College, 14.81.
3. 1723 Roach, Denikua, Exuma Scorpions,
14.82.

4. 940 Culmer, Kennedy, Maurice E. Moore,
14.91.

5. 1485 Wilson, Gem, Temple Christian, 14.94.
6. 1486 Wright, Dionte, Temple Christian, 15.01.
7. 1732 Lotmore, Anishka, Claridge Primary,
15.07

8. 1735 McKenzie, Tyra, Claridge Primary, 15.14.

GIRLS 200 METER DASH CLASS C
1. 4 Duncombe, Glennesha, Abaco All Stars,
31.17.

2. 485 Roach, Denikva, Exuma Scorpions, 31.42.

3. 1485 Wilson, Gem, Temple Christian, 31.74.
4. 1486 Wright, Dionte, Temple Christian, 31.95.
5, 409 Seymour, Danielle, E.P. Roberts Pri,
32.02

6. 585 Moore, Demi, Freeport Primary, 32.20.
7. 1143 Bain, Jasmine, Queen's College, 32.47.
8. 1150 Jupp, Hallie, Queen's College, 32.51.

GIRLS 800 METER RUN CLASS €

1. 589 Saunders, Kavita, Freeport Primary,
2:56.38.

2. 1748 Butler, Antonea, Claridge Primary,
2:59.49,

3. 1747 Bowe, Shania, Claridge Primary, 3:00.97.

4.1480 Lightbourne, Tyler, Temple Christian,

Ridgeline

04.41.
39 Tolas, Eleni, Long Island Expl, 3:05.76.

3:

5.8

6. 1032 Newton, Tyla, North-Central An, 3:08.17.
7. 1357 Rolle, Pazara, South Andros Pri, 3:08.51.
8.9
3:0
Gl

21 Higgs, "Jermica, Martin Town Prim,
8.92.

RLS OTHER BALL THROW CLASS C
1.7 Gibson, Adaeiah, Abaco All Stars, 29.00m.

2. 925 Rigby, Deliah, Martin Town Prim, 23.90m.

3. 1269 Stubbs, Kevinique, Saint John's Col,
23.67m.

4, 264 Stubbs, Paige, Central Abaco Pr, 23.58m.
5, 1732 Lotmore, Anishka, Claridge Primary,

23.23m.
6. 435 Outten, Destinee, Eleuthera Distri,

66m.
7. 1480 Lightbourne, Tyler, Temple Christian,
21.71m.

8. 947 Smith, Page, Maurice E. Moore, 18.98m.

BOYS 100 METER DASH CLASS C

1. 961 Stubbs, Ethnie, Maurice E. Moore, 13.89.
2. 509 Moxey ur., Rickey, Exuma Scorpions,
14.18

3. 570 Cox, Trevaughn, Freeport Gospel, 14.21.

4.598 Joseph, Travis, Freeport Primary, 14.24.

5. 847 Gordon, Nathan, Long Island Expl, 14.25.

6. 1492 Nairn, Malik, Temple Christian, 14.33.

ee Johnson, Quintanno, Eleuthera Distri,
AZ.

8. 1497 Winder, Najee, Temple Christian, 14.51.

BOYS 200 METER DASH CLASS €
1. 509 Moxey ur., Rickey, Exuma Scorpions,

29.68.
2. 1169 Smith-Bastian, Rubin, Queen's College,
30.35.

3. 1497 Winder, Najee, Temple Christian, 30.40.
4. 1492 Nairn, Malik, Temple Christian, 30.57.
5, 598 Joseph, Travis, Freeport Primary, 30.67.
6. 961 Stubbs, Ethnie, Maurice E. Moore, 30.68.
7. 301 Culmer, Arlheo, Centreville Prim, 30.77.
8. 503 Delancy, Brian, Exuma Scorpions, 31.06.

BOYS 800 METER RUN CLASS €
1.661 Rahming, Jamal, Garvin Tynes Pri,
2:28.41

2. 505 Glass, Matthew, Exuma Scorpions,
2:47.31.

3. 1737 Ferguson, Urich, Claridge Primary,
2:56.55.

4. 842 Cartwright, Brandon, Long Island Expl,

2:57.34.

5. i Green, Paul, Bartlett Hill Pr, 2:57.69.

6. 1054 Kelly, Simon, North-Central An, 2:58.16.
7. 459 Hunt, Jamal, Eleuthera Distri, 9:59.75.

8. 39 McKinney, Deshawn, Abaco All Stars,
3:00.20.

BOYS LONG JUMP CLASS C
1. 1161 Jones, Kai, Queen's College, 4.02m.

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+ Integrated Class Ill trailer
harness
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12-volt power outlet



Oe meu ier are ec are 1

2. 509 Moxey Jr., Rickey, Exuma Scorpions,
3.74m

3. 570 ‘Cox, Trevaughn, Freeport Gospel, 3.73m.
4. 1497 Winder, Najee, Temple Christian, 3.70m.
5. 474 Wilson, Michael, Eleuthera Distri, 3.54m.
6. 852 McPhee, Chester, Long Island Expl,
3.41m.

7. 782 Ingraham, Malik, Jordan Prince Wi,
3.24m.

8. 1055 Mackey, Klyhiel, North-Central An,
3.23m.

BOYS OTHER BALL THROW CLASS C

1. 1058 Munnings, Ethan, North-Central An,
41.73m.

2. 29 Cornish, Joshua, Abaco All Stars, 41.34m.
3.1771 Johnson, Darron, Thelma Gibson Pr,
35.84m.

4. 469 Rolle, Sean, Eleuthera Distri, 35.67m.

5. 267 Cornish, Kem, Central Abaco Pr, 32.69m.
6. 1362 Francis, Alexxus, South Andros Pri,

32.

61m
i 1442 ‘Sweeting, Evan, Summit Academy,
32.06m
8. 855 Rolle, Darez, Long Island Expl, 31.72m.

GIRLS 100 METER DASH CLASS B

1. 1726 Pierre, Proline, Claridge Primary, 13.09.
2. 946 Rolle, Dauanay, Maurice E. Moore, 13.34.
3. 733 Taylor, Keyshanna, Holmes Rock, 13.42.
3. 1151 Morley, Keshone, Queen's College,
13.42

5. 1149 Fountain, Brittni, Queen's College, 13.48.

6. 768 Rolle, Patigua, Jordan Prince Wi, 13.54.
7.579 Demeritte, Kiara, Freeport Primary, 13.69.
8. 430 Ferguson, Alconsta, Eleuthera Distri,
13.72.

GIRLS 200 METER DASH CLASS B
1. 1024 Fowler, Ashanique, North-Central An,
28.35.

2.733 Taylor, Keyshanna, Holmes Rock, 28.57.
3. 768 Rolle, Patigua, Jordan Prince Wi, 28.86.

4.1149 Fountain, Brittni, Queen's College, 28.91.

5. 575 Carroll Forbes, Deanna, Freeport Primary,
29.03.

6. 1726 Pierre, Proline, Claridge Primary, 29.22.
7. 1474 Taylor, Charisma, Tambearly, 29.34. 8,
926 Robinson, Davonya, Martin Town Prim,
29.38.

GIRLS 1200 METER RUN CLASS B
1. 749 Marshall, Quanisha, Hugh Campbell Pr,
30.38.

4:

2. 119 Barbes, Nikeitra, Bishop Michael E,
4:30.62.

3. 1762 Bowleg, Travisha, Claridge Primary,
4:36.44.

peeks Sanusi, Folasha, Claridge Primary,

5, 1482 Rodgers, Danielle, Temple Christian,
4:38.71.

6. 1147 Cuffy, Tate, Queen's College, 4:40.13.
7.924 Petitihomme, Joanne, Martin Town Prim,
4:44.22.

8. 588 Rolle, Sherylann, Freeport Primary,
4:45.15.

GIRLS HIGH JUMP CLASS B

1.111 Missick, Debroah, Bartlett Hill Pr, 1.29m.
2. 732 Roker, Jamese, Holmes Rock, 1.24m.

: an Jayawar, D' Ayonae, Martin Town Prim,

3. 488 Rolle, Mickela, Exuma Scorpions, 1.20m.
4.1476 Famous, Sakari, Temple Christian,
J1.20m.

5. 424 Anderson, Donaldlee, Eleuthera Distri,
J1.20m.

7 ea Cartwright, Destiny, Long Island Expl,

20m.
8. 126 Adderley, Faith, C.W. Saunders, 1.06m.
8. 1020 Barr, Albernique, North-Central An,
1.06m

8.1474 Taylor, Charisma, Tambearly, 1.06m.

8. 1254 Culmer, Tamika, Saint John’s Col,
1.06m.

8. 896 Rolle, Oliva, Mable Walker Pri, 1.06m.

8. 1306 Miller, Alexis, Sandilands Prima, 1.06m.
8. 1461 Nixon, Diondrea, Tabernacle Bapti,
1.06m.

se Edgecombe, Paige, Garvin Tynes Pri,

06m.
8. 748 Hewitt, Kaylin, Hugh Campbell Pr, 1.06m.

BOYS 100 METER DASH CLASS B

1. 569 Bain, Karon, Freeport Gospel, 12.85.

1. 1368 Pratt, Daniel, South Andros Pri, 12.85.
3. 655 Johnson, Stephon, Garvin Tynes Pri,
13.05.

4.599 Laing, Devaughn, Freeport Primary, 13.08.

5, 753 Simms, Tyrell, Hugh Campbell Pr, 13.27.
6. 573 Saunders, Zach, Freeport Gospel, 13.32.
7. 736 Lightfoot, Vindero, Holmes Rock, 13.38.
8. 447 Allenye, Travjuan, Eleuthera Distri, 13.42.

BOYS 200 METER DASH CLASS B
1. 569 Bain, Karon, Freeport Gospel, 27.38.
2. 282 Pierre, John Jean, Central Abaco Pr,

27.71.
3. 1490 Johnson, Christopher, Temple Christian,
27.91

4.599 Laing, Devaughn, Freeport Primary, 28.10.

5, 605 Watson, Ramon, Freeport Primary, 28.65.
6. 1521 Goodman, Eleanor, Thelma Gibson Pr,
28.97.

7.573 Saunders, Zach, Freeport Gospel, 29.01.
8. 857 Shearer, Cameron, Long Island Expl,
29.05.

BOYS 1200 METER RUN CLASS B

1. 817 Maycock, Elian, Kingsway Academy,
4:08.72.

2.507 McKenzie, Ernest, Exuma Scorpions,
4:13.09.

3. 647 Alenor, Ansetet, Garvin Tynes Pri, 4:14.44.

4. 49 Stuart, Jaquohon, Abaco All Stars, 4:15.11.
5. 498 Bain, Keivano, Exuma Scorpions, 4:15.45.
5. ae Knowles, Cameron, Queen's College,
415

7. 620 east Arnwill, Gambier Primary, 4:15.51.

8. 623 Davis, Danario, Gambier Primary, 4:16.29.

BOYS HIGH JUMP CLASS B

1. 751 Jones, Travon, Hugh Campbell Pr, 1.38m.
2. 931 Kemp, Shyrone, Martin Town Prim,
1.35m.

3. 1521 Goodman, Eleanor, Thelma Gibson Pr,

29m.
4. 1368 Pratt, Daniel, South Andros Pri, J1.29m.
5, 603 Swann, Javaughn, Freeport Primary,
J1.29m.

6. 381 Kelly, Samar, Columbus Primary, 1.23m.
7.530 McFall, Jonathan, Faith Temple Aca,
J1.2

23m.
8. 1246 McGregor, Eric, Saint Andrew's A,
1.20m.
8. 1367 Lockhart, Mario, South Andros Pri,
1.20m.

BOYS OTHER BALL THROW CLASS B
1.755 Thomas, Tahnoj, Hugh Campbell Pr,
50.30m.

2. 1166 Murray, Bertram, Queen's College,
49.66

.66m.
3.115 Hanna, Ackeem, Bartlett Hill Pr, 48.80m.
4.1014 Kelly, Mariano, New Providence C,
46.90m.

5. 1494 Seymour, Andreas, Temple Christian,
46.28m.

6. 530 McFall, Jonathan, Faith Temple Aca,

45.95m

re 80 f Pierre, John Jean, Central Abaco Pr,
45.80m

8. 848 Hunt, Denico, Long Island Expl, 45.79m.

GIRLS 100 METER DASH CLASS A

1. 1477 Ferguson, Indira, Temple Christian,
13.08.

2.257 Mclintodh, Dremika, Central Abaco Pr,
13.26.

3. 437 Pierre, Euisha, Eleuthera Distri, 13.57.
4.1019 Adderley, Richa, North-Central An,
13.62.

5.1025 Johnson, Jasmine, North-Central An,
13.72.

6. 1556 Strachan, Joselyn, Walter Parker Pr,
13.80.

7. 556 Austral, Chelly, Freedom Academy, 13.86.
8. 796 Cartwright, Jamie, Kingsway Academy,
13.91.

GIRLS 800 METER RUN CLASS A

1.1742 Stubbs, Melvinque, Claridge Primary,
2:41.53.

2. 1755 Bramuell, Kiera, Claridge Primary,
2:42.03.

3. 833 Moree, Shiann, Long Island Expl, 2:42.97.
4. 431 Grant, Glendira, Eleuthera Distri, 2:43.46.
5. 762 Kemp, Donenya, Jordan Prince Wi,

2:46.20.

6. 1036 Russell, Dawasha, North-Central An,
2:46.76.

7.1021 Barr, Shenequa, North-Central An,
2:48.11.

8. 441 Symonette, Wendeisha, Eleuthera Distri,
2:55.87.

GIRLS LONG JUMP CLASS A
1. 1477 Ferguson, Indira, Temple Christian,

442m.

2. 1153 Rolle, Gianna, Queen's College, 4.00m.

3. 1556 Strachan, Joselyn, Walter Parker Pr,

3.92m.

4, 558 Farrington, Jasmine, Freedom Academy,
5m.

5. 437 Pierre, Euisha, Eleuthera Distri, 3.74m.

6. 257 MclIntodh, Dremika, Central Abaco Pr,

3.67m.

7. 493 Thurston, Jasmine, Exuma Scorpions,

3.62m

8. 828 Farquharson, Attaneece, Long Island Expl,

3.58m

GIRLS SHOT PUT CLASS A

1. 362 Lockhart, Deserie, Columbus Primary,
9.09m.

2. 1478 Hanna, Tiffany, Temple Christian, 8.31m.
3. 1041 Vivido, Kendisha, North-Central An,
8.17m.

4, 263 Strachan, Destiny, Central Abaco Pr,
7.06m.

5. 1509 Pratt, Chavaz, Thelma Gibson Pr, 6.95m.
6. 581 King, Siera, Freeport Primary, 6.66m.
7.634 Hepburn, Anthonique, Garvin Tynes Pri,

6.51m.
8. 292 Rolle, Chinaza, Centreville Prim, 6.16m.

BOYS 100 METER DASH CLASS A

1. 1366 Kemp, Leo, South Andros Pri, 12.51.

2. 300 Casseus, Nichev, Centreville Prim, 12.58.
- ws Dalmon, Selvains, Central Abaco Pr,

4. 472 Scavella, D'Avo, Eleuthera Distri, 12.76.

5. 1053 Johnson, Tyrell, North-Central An, 12.93.
1167 Romer, Jyles, Queen's College, 13.03.

601 Munroe, Greg, Freeport Primary, 13.05.

145 Cox, Jousha, C.W. Saunders, 13.08.

1157 Armstrong, Tate, Queen's College, 13.08.

OYS 800 METER RUN CLASS A
7 etl: Deangelo, Hugh Campbell Pr,

nN?
—

‘se ae Leslie, Freeport Primary,
471 Saunders, Chara, Eleuthera Distri,
34.88.

—

6.

7.

8.

8.

B

1.

2:

2.

2:

3.

2:
Bone Nottage, Julius, Temple Christian,
: eal Anthony, Central Abaco Pr,
: ia Newton, Glenroy, North-Central An,
7.
2:
8.
2:
B
1.
2.
9.
3.

S281
OQ

oe ea Shawon, Central Abaco Pr,

wt
—
yn

fe Se Michael, Maurice E. Moore,

—

YS TRIPLE JUMP CLASS A

167 Romer, Jyles, Queen's College, 9.86m.
493 Nottage, Julius, Temple Christian,

9m.

Be Thompson, Jeremy, Eleuthera Distri,

ie Minns, Ricardo, Workers Academy,
92m.
5.1051 Evans, Tevin, North-Central An, 8.85m.
. — Adderley, Chester, Exuma Scorpions,

1m.

7.1247 Rolle, Pascal, Saint Andrew's A, 8.47m.
8. 594 Green, Myiles, Freeport Primary, 8.18m.

BOYS SHOT PUT CLASS A

1. 386 Novelus, Jermaine, Columbus Primary,
10.40m.

2. 499 Bain, Reno, Exuma Scorpions, 10.15m.

3. 1470 Giddings, Floid, Tabernacle Bapti, 9.87m.
ae Armbrister, Vilamdimir, C.W. Saunders,

64m.
5. 467 Orvil, Terry, Eleuthera Distri, 9.61m.

6. 752 Robinson, Deangelo, Hugh Campbell Pr,
9.30m.

7. 1067 Russell, Tommy, North-Central An,
8.67m.

8. 303 Evans, Deagelo, Centreville Prim, 7.93m.

Luo BR,

fon)

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THE TRIBUNE

FRIDAY, MAY 21, 2010, PAGE 11



LOCAL NEWS











Lady Turnquest laid to rest

ae





=

REMEMBERING LADY TURNQUEST: Sir Orville Turnquest at the service for his wife Lady Turnquest, who was laid to rest in the Woodlawn Gardens after a state recognised service at Christ Church Cathedral.

FROM page one

home from school, Granny
would cook their favourite meal
and was delighted to accede to
their requests.

“Edith supported her hus-
band throughout his political
career and was a faithful mem-
ber of his campaign team. She
encouraged him to pursue his
ambitions and stood by his side
throughout the years of disap-
pointment and the years of suc-
cess. Ever graceful and gra-
cious, as the wife of the Gover-
nor-general, Lady Turnquest
brought to Government House
her own inimitable stamp of
class and style, endearing her-
self not only to the household
staff, but also to all who visited.
She loved to entertain and was
a hostess par excellence,” her
obituary recorded.

Describing her as a “nation-
builder” who committed her-
self to performing to the best
of her ability, Prime Minister
Hubert Ingraham said that
Lady Turnquest was an exam-
ple to the nation of what can
be achieved through hard work,
commitment, loyalty and a
sense of public duty.

“Having been born in the
City of Nassau, Edith Turn-
quest grew up in the Valley, the
grand-daughter of one of the
matriarchs of the Nassau Straw
Market, Bertha Brown and
daughter of Myrtis Thompson,
also a pioneer in the straw
industry. She teased that she
learned to love a man from
Over-the-Hill — she took him
to the Valley when they began
their life together. Eventually
they would settle and raise their
family along Harrold Road.
Having lived atop Mt
Fitzwilliam for six years they
retired together to Skyline Dri-
ve,” said the Prime Minister.

“Edith Turnquest’s life’s
journey is the story of an intel-
ligent woman, born in an age
when the wives of successful
men were not typically expect-



ae FAG). 010)

Th 3 as SANDS eT Sma

ed to work outside the home.
The success of her husband did
not deter her from work. While
she was dedicated to raising
their children, entertaining busi-
ness and political associates and
colleagues of her husband and
thoroughly enjoying recre-
ational sport, especially tennis,
she was also a successful career
woman.”

Indeed, Mr Ingraham added,
Sir Orville is among the first to
say that his success, and the suc-
cess of his firm, Dupuch &
Turnquest, could not have been
achieved without the steady
leadership and loyal support of
Lady Turnquest.

“She was the modern day
Office Manager. She under-
stood the business of being a
lawyer and, though not a
trained lawyer herself, proba-
bly knew as much law — if not
more — as some who wore the
wig. It was in her role at
Dupuch & Turnquest that I
first met and interacted with
Edith Turnquest,” said the
Prime Minister. She was well
known to Bahamian lawyers as
well as to the business commu-
nity. She was the backbone of
that venerable firm.

“A kind and giving person,
she was nonetheless, forthright
in her views and advice, always
displaying a keen sense of
humour and sharp wit.

“She was a tower of strength
for her family in good times and
in more challenging times. She
played her role effectively
whether it was winning support,
raising Money or serving as an
important and indispensable
political adviser, first to her hus-
band and even more so to her
son, Tommy.

“Although she worked full
time Lady Turnquest’s primary
role was that of being the matri-
arch of the Turnquest family.
Her three children, Toni,
Michele and Tommy, have all
been successful in their respec-
tive professions and leading cit-
izens in the community: Toni, a
successful lawyer and commu-

A FEMALE police
inspector looks at a
photograph of Lady
Turnquest and her hus-
band, Sir Orville Turn-
quest, yesterday at the
funeral service.



nity worker; Michelle, an
accountant and insurance exec-
utive, and my brother, Cabinet
Minister Tommy Turnquest, is
the Member of Parliament for
Mount Moriah and Minister of
National Security.

Children

“The success of her chil-
dren,” Mr Ingraham said,
“stands as a sterling example
that working mothers can be
successful in their professional
careers as well as successful in
their primary roles as mother.

“Indeed, in more recent

Storm Frame Windows Ltd. 74

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i}

times, her role as grandmother
further entrenched her position
as a matriarch of a sizeable
clan. Long before there was so
much written on women bal-
ancing work and family, Lady
Turnquest demonstrated such
a balance in her own life over
many years as a devoted wife
and mother, as well as a pro-
fessional woman. Her dear
friends also testify to the fel-
lowship and care she showed
them over a lifetime.

“The nation came to know
Lady Turnquest best when,
between 1995 and 2001, she
served as the wife of the Gov-
ernor-general of The Bahamas.

i

Salut

Toe cHiTs

EGRESS IEESS

In public view, she performed
the duties of that office with
dignity, grace and charm. She
and Sir Orville travelled the
length and breadth of this
nation and the wider world and
made friends in every strata of
society. She was a model
Ambassador for the country.

“Tt is fitting that, as we come
to terms with her sudden and
unexpected death, the nation
should pay tribute to her for
her years of service.

“My wife, Delores, and I
extend to Sir Orville and the
children and grandchildren of
Lady Turnquest our sincere
condolences on the death of

their wife, mother and grand-
mother. On behalf of the Gov-
ernment and people of The
Bahamas, I extend the nation’s
condolences and gratitude to
the family for her years of ser-
vice and for her sterling exam-
ple of hard work, loyalty, com-
mitment and perseverance.
May she rest in peace!” the
Prime Minister concluded.

Leaving Nassau on May 4
to vacation with her husband,
and eldest grandson, Carey, in
London, she suffered a stroke
four days later. With her hus-
band, three children and grand-
son at her bedside, she died in
London on May 12.













ORM FRAME

WINDOWS

Mount Royal Ave. *

pried e

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THE TRIBUNE



FRIDAY,







Tim Clarke/Tribune staff

PHENTON NEYMOUR

BEC’s ‘serious
financial crisis’

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

RECOMMENDATIONS
to turnaround the loss-mak-
ing Bahamas Electricity Cor-
poration (BEC) could be
completed by September, as
the Government prepares to
implement an average 5 per
cent hike in its base tariff - a
move that comes as its
payables dwarf receivables by
some $66 million.

Phenton Neymour, minis-
ter of state for the environ-

* Accounts payables
of $179m dwarf
receivables by $66m

* Recommendations
to turn Corporation
around likely ready
by September

ment, said independent stud-
ies of BEC, penned by Ficht-

SEE page 10B

Lengthy debt talks ‘stymied’
City Markets revival start

By NEIL HARTNELL
Tribune Business Editor

LENGTHY negotiations
between City Markets’ major-
ity shareholder and the Royal
Bank of Canada over the refi-
nancing of the former’s $25
million debt “stymied” plans
to improve the 11-store
chain’s profit margins and
effect a quicker turnaround, it
has been revealed.

Gervase Warner, chief
executive of Neal & Massy,
the Trinidadian conglomer-
ate that controls BSL Hold-
ings, the 78 per cent majority
shareholder in City Markets,
said in the company’s annual
report that the “protracted”
talks with Royal Bank
delayed the injection of fur-
ther debt/equity capital into
the supermarket chain to
finance resumption of its
direct import programme.

This, Mr Warner conced-
ed, had combined with the
recession to delay the start of
City Markets’ turnaround,
impacting both the fiscal 2009
results and the start of the

current financial year.

Describing City Markets,
which operates as Bahamas
Supermarkets, as “a signifi-
cant turnaround effort” along
with two other Neal & Massy
businesses, Mr Warner said
the Trinidadian conglomer-
ate’s efforts in its first
Bahamian investment were
“already starting to show
some results”.

While cost reductions and
the closure of an unprofitable
store had enabled City Mar-
Kets to slash its losses for the
year to end-June 2009 by 55
per cent, or just over $6 mil-
lion, Mr Warner told Neal &
Massy shareholders: “Efforts
to improve gross profit mar-
gins were stymied by the pro-
tracted timeframe that was
required to negotiate refi-
nancing of debt at the holding
company to facilitate an injec-
tion of additional funds
required to support direct
buying and better credit terms
and prices with suppliers.”

Tribune Business reported

SEE page 3B

Minimum wage ‘limits’
teenage employment

By NEIL HARTNELL
Tribune Business Editor

THE Government was last
night urged to change the
Minimum Wage and other
laws/regulations that “limit
teenage employment” and
make it harder for unskilled
high school graduates to enter
the Bahamian workforce,
with this nation “suffering”
from its failure to develop
human capital.

Ralph Massey, a Bahamas-
based economist who played
a key role in putting together
the Coalition for Education
Reform’s seminal work on the
Bahamian education system’s
failings, and the consequences
for the Bahamian economy,
told Tribune Business that the
minimum wage - set at $4 per
hour, or $150 per week -
effectively acted as a disin-
centive for employers to hire
unskilled school leavers by
pricing them out of the labour
market.

And he warned that the
education/productivity issues
in the Bahamian workforce
were “going to hurt”, possi-
bly impeding - and prolonging

* Government urged by
economist to implement
reforms to regulations
making it difficult for
unskilled school leavers
to enter workforce

* Bahamas ‘suffering’ from
failure to develop human
capital, and deficiency
could prolong recovery

* Chamber vocational
school plan should be
looked at as BIVI
replacement

- economic recovery.

“Tf you did not have that
drag, the Bahamas would
probably be in a better posi-
tion,” Mr Massey added.
“The Bahamas does not have
heavy investment in human
capital, and is suffering for
that.”

Addressing the Men’s Club
of St. Paul’s Catholic Church
at Lyford Cay on the educa-

SEE page 2B



MAY 21, 2010

SECTION B ¢ business@tribunemedia.net



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED











Main CLICO asset not
enough for $14m ‘gap’

By NEIL HARTNELL
Tribune Business Editor



LICO (Bahamas) liq-

uidator has warned that

he is unlikely to realise

enough funds from the

sale of the Florida real
estate project, which accounts for 63
per cent of the insolvent insurer’s
assets, to cover a $14.394 million sol-
vency deficiency, as he “tentatively”
hopes to complete a sale of the firm’s
insurance policy portfolio this quar-
ter.

Warning that the sales price
achieved for Wellington Preserve
would not be enough to ensure credi-
tors and policyholders recovered 100
per cent of the sums owed to them,
Craig A. ‘Tony’ Gomez, the Baker
Tilly Gomez accountant and partner,
said he would look to call in the $58
million guarantee provided by the
Bahamian insurer’s Trinidadian par-
ent, CL Financial.

“The current real estate market in
the US is very soft, and it is very
unlikely that I will be able to realise a
more than favourable price for the
Wellington Preserve property,” Mr
Gomez said in his latest report to the
Supreme Court.

* Liquidator warns sale of Florida
real estate project, accounting for
63% of insolvent insuret’s assets,
will not be enough to cover
$14.394m solvency deficiency

* Hopes calling in parent’s $58m
guarantee will cover hole

* Sale of policy portfolio ‘tentatively’
set for Q2 2010 completion

“Tn light of these conditions, I have
asked my Trinidad counsel to proceed
with the call on the CL Financial guar-
antee.”

The liquidator has been in lengthy
negotiations with the Hines Group, a
major international real estate devel-
opment firm, for the sale of Wellington
Preserve, but a deal appears not to
have been concluded yet.

Maximising its sales price is vital to
ensuring that CLICO (Bahamas) pol-

icyholders and creditors recover the
sums due to them, but at the moment
the insolvent Bahamian life and health
insurer has total assets of some $50.865
million, with liabilities standing at
$65.259 million.

The last financial statements for
Wellington Preserve, which were
unaudited, showed it having $127 mil-
lion worth of investment property on

SEE page 4B



Chamber chief: Ease the
‘ordeal’ of Customs process

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Chamber of

* Urges government to come up with
‘creative ideas’ in Budget that balance need
for revenue with reducing business costs

Commerce’s president yes-
terday urged the Government
to incorporate “creative
ideas” in next week’s Budget
that reduce the cost of busi-
ness, especially in dealing with
the Customs bureaucracy, and
mitigate the impact of tax
increases such as the immi-
nent National Insurance
Board (NIB) contribution
rate rise.

Khaalis Rolle said that

* Says doing so would ease any pain
from NIB contribution rate rise

while he understood the need
to make the Bahamian social
security system viable and
sustainable for the long-term,
it was equally important for
the Government to minimise
the cost of doing business,
especially for small, Bahami-

an-owned firms.

“T understand the need for
it and appreciate the need to
do it,” Mr Rolle said of the
upcoming NIB contribution
rate increase, with 0.5 per cent

SEE page 2B

FAMILY GUARDIAN os

INSURANCE COMPANY LIMITED ~

call us today at 396-1355

SALES OFFICES: NASSAU | FREEPORT | ABACO | ELEUTHERA | EXUMA | CORPORATE CENTRE: EAST BAY STREET | www.famguardba

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





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[= provide a safety net for your loved ones
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A SUBSIDIARY OF

FAMGUARD

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PAGE 2B, FRIDAY, MAY 21, 2010
The ‘real front line’ in war against crime

ADMITTEDLY, I would
be the first to advocate for
changes in the law and the
how the courts are adminis-
tered. It is an overwhelming
situation for all those con-
cerned. Daily, I see the tide of
participants - from the police
to attorneys, witnesses, defen-
dants and, of course, the ever-
present spectators who flood
the Bank Lane and Nassau
Street area. It appears that
the only persons benefiting
from this are the nearby
eateries that thrive off this
customer base.

Nevertheless, this is not
where the problem with crime
in our country is. The appear-

ance of these various players
is the end result of a crime
that has already been com-
mitted. Thus, in my opinion, it
is not the best place to begin
to seek remedies and change.
I venture to say that the
courts are not even a short-
term solution to crime pre-
vention, as they have nothing
to do with the latter. The
criminal justice system is con-
cerned about investigation,
and the issuing of penalties
and punishment. Note that
crime prevention should not
be confused with an inade-
quate criminal justice system,
as one only impacts the other.
If our concern is the amount





Safe &
Secure

by Gamal Newry







of crime in the Bahamas, then
we need to at a minimum
start with the various law
enforcement agencies that are
charged with crime monitor-
ing and response. Those
groups are the Police and
Defence Forces, plus the
Immigration and Custom
Departments, not the Prisons
Services. Bear in mind that
these agencies are also a part

of the criminal justice system,
but play important roles in
prevention.

However, if we are REAL-
LY serious about reducing
crime - eliminating the oppor-
tunity for crime - we will start
with Social Services, Educa-
tion, Youth and Sports. Cer-
tainly, this suggestion is far
from the traditional focus and
lead taken by National Secu-
rity. It is these ministries, in
my opinion, that are in the
front line, and can develop
productive and creative future
citizens.

They also can provide com-
munity support for the reha-
bilitation of so many would-

be and current offenders.
They address moral and ethi-
cal issues as opposed to mat-
ters of law, thus appealing to
character building and intro-
ducing individuals to rules
and regulations. Failure to fol-
low the rules and regulations
at this stage may only cost
points or a match, not a life. If
we miss the important life
lessons that sports and edu-
cation provide for long-term
socialisation, then we will be
focused on fighting the fire
with water as opposed to just
taking away the matches.
My observations have
determined that our family
and youth groups are failing

THE TRIBUNE

horribly. This is the root prob-
lem, and where the greatest
efforts and resources need to
be placed. Before we even
arrive at the courts, simply
take a look at our streets, the
concerts, the weekend and
weekday hangouts. Here we
will see young folks behaving
rudely but, of course, to them
it is called fun.

Fun is indeed a relative
term, as what you may deem
a good time others may see
as reckless. For example, I
have friends who can spend
all day and night on the bas-
ketball court, but I am one

SEE page 7B



Minimum wage ‘limits’ teenage employment

FROM page 1B

tion crisis in the Bahamas, Mr
Massey outlined a 10-point reform
programme, one of which was to
“change laws and regulations that
now limit teenage employment so
that students can more readily be
employed upon leaving school”.

Explaining that one of the laws
he was referring to was the mini-
mum wage, Mr Massey told Tribune
Business: “One of the effects of the
minimum wage is that it limits
employment for people not worthy
of being employed.”

He explained that all employers,
whether they recognised it or not,
where engaged in processes of deter-
mining whether or not to hire extra
workers, basing their decisions on
whether a candidate was “worth the
hourly rate you pay them”.

Whenever the minimum wage was
raised in the US, the employment
of unskilled teenagers dropped
because the marginal cost of hiring
them had risen for employers, Mr
Massey explained, creating a disin-
centive to retain them.

Placing this into the Bahamian
context, he pointed to the arguments

raised by the likes of gas station
operators when the minimum wage
was enacted in 2001. They had
argued back then that its implemen-
tation would act as a disincentive to
maintain their current number of
pump attendants, resulting in deci-
sions to lay-off some employees.

“What is a kid who can neither
read, write or calculate worth in your
business?” Mr Massey asked. “It’s
a crapshoot. If the cost [of employ-
ing] them is raised, employers won’t
take that risk.”

The New Providence-based econ-
omist said there were several
Bahamian companies who were
“experts” in developing raw,
unskilled labour that came straight
out of the high school system into
the workforce.

Identifying City Markets as one
such company, Mr Massey told Tri-
bune Business: “They’re hiring mar-
ginal teenagers, adult employees.
What does it ask them to do? It’s to
take cans of food out of the box and
put them on the shelves.

“What happens at places like City
Markets is that they stay on, stay on
and become educated on the job.
City Markets had a policy of pro-

moting from within, allowing
employees to develop other skills
and educate themselves on the job.”
Mr Massey said youth unemploy-
ment among Bahamians aged 15-24
years old was “a huge problem”, and
one factor was the relative inability
of high school leavers to find a job
because they lacked the qualifica-
tions and basic skills demanded.

Implications

Expanding on the implications for
the Bahamian economy, Mr Massey
said the hotel industry at one time
had a sophisticated system for
screening candidates seeking
employment in the sector.

This involved an exam, but he
added: “One of the things they
found was that no one could pass
the exam. They had to change the
concept from one of examining basic
competency, and convert the tests
from screening for someone’s illit-
eracy to screening for attitudes.”

The hotel industry, he explained,
had to assess other variables, such as
desire to work in the industry and
“willingness to talk, carry on a con-
versation and talk to people. They

stopped testing for competency
because no one passed the exams.

“This is why we have a crisis, why
the Government finds itself in a real
catch-22. The Government goes out
for inducements to invest in physical
capital, but the Bahamas [workforce]
is insufficiently developed to take
advantage of those opportunities.
This has created opportunities for
foreigners at every level,” Mr
Massey said.

The Bahamas, and its businesses,
did not have suitably qualified
employee candidates in the quanti-
ties required, he added. The BGCSE
Mathematics results produced by all
New Providence high schools in 2006
were described as “so stunning”,
since only 18 per cent of those can-
didates passed.

“Half of them did not know the
difference between multiplication
and division,” Mr Massey added.
“Not having those skills means not
having other skills - how good you
are at your job, how disciplined you
are at your job.”

Also among his recommendations
was that the Government needed to
support the Bahamas Chamber of
Commerce with its Chamber Insti-

tute initiative, designed to enhance
vocational training, and close the
existing Bahamas Technical and
Vocational Institute (BTVI) pro-
grammes.

Instead, the Government needed
to “redirect” its practical education-
al programmes, and “openly support
the Chamber in its efforts to pro-
vide more professional training and
certification in specific fields”.

Taking this approach, Mr Massey
told Tribune Business, that ‘out-
sourcing’ technical/vocational train-
ing and certification to the private
sector would have the added advan-
tage of alleviating some Budgetary
pressure on the Government, given
that it would likely need to imple-
ment spending cuts in the upcom-
ing 2010-2011 version next week.

Arguing that BTVI had been “a
colossal failure” in many areas it had
taught, Mr Massey said the Govern-
ment should encourage any private
sector effort to offer courses lead-
ing to certification in certain fields.

“In a period of scarce resources,
where government funding is limit-
ed, they ought to encourage any pri-
vate entrepreneur that wants to do
certain things in this area,” he said.

Chamber chief: Ease the ‘ordeal’ of Customs process

FROM page 1B

rises for both employer and
employee to make a 5.9/3.9
split, in order to finance the
unemployment benefit.

“But my concern is always
anything, whether it’s a tax
for social welfare or a tax to
raise funds for infrastructure
spending, where businesses
have to pay for it,” the Cham-
ber chief added. “It impacts
the bottom line. In some
instances, it has minimal mea-
surable impact.

“My concern is for small
business. Anything that
impacts cost impacts their via-
bility. While the [NIB]
increase is not as big as some
in the past, it has an impact on



small businesses.

“We have to look at the
broader picture, and having
the ability to sustain the
national social security pro-
gramme may have a positive
impact in the long run. But
businesses may have to bear
the costs directly and indi-
rectly, and in the long-run. It’s
a difficult time for small busi-
nesses, and we need to look at
ways to decrease their costs
at the same time.”

As a result, Mr Rolle sug-
gested that to make the NIB
rate increases - and any other
new or increased taxes in the
2010-2011 Budget - “go down
easier”, the Government
should “look for ways to

make more businesses effi-
cient and decrease their oper-
ating costs.

“At the end of the day,
there has to be a net benefit
all around,” the Chamber
president explained. “I'd like
to see some creative ideas in
the upcoming Budget that
reduce the cost of doing busi-
ness for small businesses in
the Bahamas.”

Praising the Government’s
approach to consolidating the
business licensing process,
which was set to make this “a
bit more transparent and pre-
dictable, and reduce the trans-
action costs of doing busi-
ness”, Mr Rolle said he want-
ed to see a similar initiative

in relation to Customs clear-
ance procedures.

Advocating “dramatic
changes” to this area, Mr
Rolle said the process of
clearing imported goods and
equipment (for use in a busi-
ness) could be “an ordeal in
and of itself”, especially for
small businesses, as clearance
could take up to one-and-a-
half days.

Cost

“That’s a cost, a direct cost,
and I’d like that to be min-
imised and the processes of
Customs to be more trans-
parent, predictable and effi-
cient.”

Currently, Mr Rolle said
many small Bahamian com-
panies were unable to afford
to hire customs brokers to
handle their imports. They
had to first fill out the rele-
vant forms, take them to a
broker to determine the
applicable duty rates, and
then go to the Valuation
Department at Customs.

Once Valuation had accept-
ed the forms and duty rates,
businesses then had to go to
another section of Customs
which then accepted/rejected
whatever Valuation had done.
Finally, businesses had to
stand in “a long line” to pay
their bills, then return to
another section to claim their

products.

“Tt’s burdensome, and a
nightmare for small business-
es,” Mr Rolle said. “Big busi-
nesses can manage because
they can afford brokers, but
for small businesses it
becomes a real burden.

“Td like to see some cre-
ative ideas in the Budget to
raise revenues and reduce the
cost for small businesses. Fun-
damentally, I have no real
issue with making sure the
social security system is main-
tained, but equally as impor-
tant to me is that I want to
see some type of approach
taken to help businesses raise
revenues and reduce their
costs.”

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THE TRIBUNE

FRIDAY, MAY 21, 2010, PAGE 3B

Rating agency: We want
debt/deficit control plan

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net



STANDARD and Poor’s (S&P),
the Wall Street credit rating agency,
yesterday said it wants to see the
Bahamas implement a precise
counter-cyclical strategy to consoli-
date its fiscal deficit/national debt posi-
tion via next week’s 2010-2011 Budget,
its director of sovereign ratings said
yesterday, adding that it did not want
to see more borrowing.

Olga Kalinina said S&P was looking
for the Government to prove it has a
medium-term plan to reduce the
national debt and stem borrowing, in
order for the country to keep its ‘BBB’
credit rating ‘and stable’ outlook.

The rating agency slapped a nega-
tive outlook on this country’s former
‘A-’ credit rating in 2008, as global

economies began to suffer the worst
recession in years. And when, in 2009,
the Bahamas continued on a path of
negative growth, it was hit with a
downgrade.

Ms Kalinina said that in 2007,
before the recession was experienced,
the Bahamas showed signs of positive
future growth - especially with the
likes of the $2.6 billion Baha Mar pro-
ject in the pipeline.

However, the ensuing financial
breakdown in the US, coupled with
the pullout of one of that project’s
chief financiers, made S&P take
another, closer look.

According to Ms Kalinina, the
Bahamas now fits quite well in its
credit category, due to a downward
spiral in foreign direct investment and
fall-off in tourism arrivals and spend-
ing. She said that with the Bahamas’
twin-pillar economy, S&P will need

to see a positive turnaround in the
tourism sector and a return of confi-
dence in the viability of this country as
an international banking hub. And
the credit rating firm would like to
see the Bahamas become much more
competitive in those two economic
mainstays.

“Twouldn’t call the Bahamas econ-
omy diversified,” said Ms Kalinina.
“We are looking for more than diver-
sification, more competitiveness.”

She added that she was happy to
see the Bahamas, on its declaration,
inquire about the value of its prod-
uct. “It’s important,” she said.

S&P is adamant about the Bahamas
stemming its borrowing, as they
strongly advocate the Bahamas keep-
ing its external debt at a low 23 per
cent.

Ms Kalinina said her company was
never solely interested in fiscal bal-









ances, but also relies on the ability of
the Government to create counter-
cyclical policy.

“In analysing the Government’s
ability, we look at the programmes
the Government has in place and its
history,” she said. “The more confi-
dent we become, the more that the
stable outlook stays in place.”

A lowered credit rating will increase
the amount of money government will
have to pay back by way of higher
interest rates as a result.

And while this is not something the
Government wants, the minister of
state for finance, Zhivargo Laing, said
economies in the region at this time
are depending on borrowing to pull

Credit
Agricole
staffer passes
Canadian
exam

THE assistant to Credit

themselves out of the depression.

Ms Kalinina said having a strong
rating was good, as it brought credi-
bility to countries and security to mul-
tilateral lenders.

Lengthy debt talks ‘stymied’ City Markets revival start

FROM page 1B

at the time that City Markets
was due to receive a $5 mil-
lion capital injection from
BSL Holdings whose share-
holders, apart from Neal &
Massy, include the hotel
industry pension funds, Milo
B. Butler & Sons, RoyalFi-
delity’s private equity arm
and the Symonette Group.
Bahamas Supermarkets’
accounts show that the loans
the company has received
from BSL Holdings stood at

$10.783 million as at March
31, 2010, compared to $5.185
million the year before.

The need for exchange con-
trol approvals from the Cen-
tral Bank of the Bahamas,
given that Neal & Massy is a
foreign company, also delayed
the process. And Tribune
Business also reported at the
time that BSL Holdings had
to renegotiate its loan and
credit facilities with Royal
Bank, the latter having lent
the group $24 million in 2006
to help part-finance the acqui-

sition of its 78 per cent
Bahamas Supermarkets stake
from Winn-Dixie.

The refinancing - effective-
ly a recapitalisation of
Bahamas Supermarkets - was
designed to kickstart the pub-
licly-quoted grocery chain's
return to profitability by
paving the way for several
developments, namely com-
pletion Of its 2008 financial
year audit and the restart of
its direct import programme.

Meanwhile, Mr Warner
confirmed that Neal & Massy

had acquired control at BSL
Holdings through the acqui-
sition of majority voting rights
during last year’s financing
round.

He added: “Consumers are
far more price sensitive than
before.” Neal & Massy was
“implementing a full-fledged
turnaround programme that
focuses on restoring customer
confidence, realigning prod-
uct prices, motivating employ-
ees, improving the supply
chain, increasing controls with
strong financial and opera-

tions reporting and cost-
reduction.”

Agricole Suisse (Bahamas)
managing director, Patricia
Clarke, has passed the Cana-
dian Securities Course (CSC)
after training for the exam
with the Nassau-based
National Association of Secu-
rities Training and Compli-
ance (NASTAC) Group.

Ms Clarke is pictured above
with Reece Chipman, the
Nastac Group’s managing
director.

ASG.
BBA Aviation
SUPERVISOR

Legal Notice

NOTICE
DREAMS AND HOPES INC.

— -,—

/

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of DREAMS AND HOPES INC.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NEW LATTA

INVESTMENTS LTD.

——

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of NEW LATTA INVESTMENTS LTD. has
been completed; a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
MOOSE CREEK INC.

— ——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MOOSE CREEK INC. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BALANCHINE
INVESTMENTS LIMITED

—

f
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BALANCHINE INVESTMENTS LIM-
ITED has been completed; a Certificate of Dissolution has
been issued and the Company has therefore been struck

off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ALTIMA GROUP LIMITED

a

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of ALTIMA GROUP LIMITED has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
LONZA SLOPES INC.

—

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of LONZA SLOPES INC. has been complet-
ed; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)



Aircraft Service International Inc., a leading global
aviation service company has an opportunity for a
Supervisor responsible for supervising and coordinat-
ing operational functions of the fuel facility at our
Nassau, Bahamas location. Duties will include staff
supervision, ensuring effective operation of air car-
rier fueling functions and operation of the fuel facili-
ties and administrative functions.

This is a hands-on position requiring attention to de-
tail and safety while also requiring a great deal of
physical demand. The successful candidate will
have a minimum of 2 years related experience or
equivalent combination of education and experi-
ence. Must have the ability to communicate well
both verbally and written, excellent problem solving
skills, Computer literate and possess a valid driver's
license as well as any required Airport identification.

To apply, please email resume to asignassau@ya-
hoo.com.

Please no phone calls or agencies

rm lovin’ if
Employment
Opportunity

for leading Fast Food Franchise

Requirements:

¢ Must be a High School Graduate

¢ Must have Management experience

e Restaurant Management experience is
preferred.

e Must have strong leadership skills

¢ Must be customer service driven

¢ Must be results-oriented & articulate

¢ Must have excellent inter-personal skills

¢ Must have excellent oral & written
Communications skills

e Professionalism required

¢ Must be able to work flexible hours,
including late nights, weekends and
holidays.

McDonald’s offers excellent benefits!

Please submit Resume to:
Human Resources Department
McDonald’s Head Office
on Market St. North
P.O.Box SS-5925
Telephone: 325-4444
Nassau, The Bahamas

Restaurant Managers Needed



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



PAGE 4B, FRIDAY, MAY 21, 2010

THE TRIBUNE



Main CLICO asset not
enough for $14m ‘gap’

FROM page 1B

its books in January 2009, but
Mr Gomez said the property
“valued on an ‘as is’ basis
today is worth approximately
$62 million”.

Explaining that the project
consisted of 80 residential lots
and equestrian amenities, plus
commercial sites, on a 523-
acre site, Mr Gomez said: “It
was previously estimated that
the project required a sub-



stantial cash injection of a
minimum $42 million to fund
the development before it
could be reasonably present-
ed for sale. The financing is
not yet in place, and in my
opinion would not be an
option.”

Meanwhile, Mr Gomez said
the selection of an insurer to
whom CLICO (Bahamas)
remaining life and health poli-
cies would be transferred was

PUBLIC NOTICE

an ongoing process, with due
diligence being undertaken.

“This process is tentative-
ly expected to be completed
in the second quarter of
2010,” he added. It is still
believed that Colina Insur-
ance Company is the pre-
ferred acquirer.

As of January 31, 2010,
CLICO (Bahamas) had some
17,707 policies with a collec-
tive surrender value of

$23.302 million in force. The
majority of these were 11,290
life policies, with a surrender
value of $11.236 million, and
5,401 medical policies with a
surrender value of $137,465.
"There was considerable
attrition with regard to the
number of in-force policies,”
Mr Gomez said, "which was
attributed mainly to the non-
deletion by CLICO of life
policies tied to Citibank loans,

Legal Notice

NOTICE

totalling 5,873, which were no
longer needed as Citibank’s
commercial operation had
ceased doing business in the
Bahamas.

"There was further attrition
of policies due to the lapsing
of some of the student pro-
tection plans, totalling 2,441.
Based on my discussion with
many of the policyholders
cancelling their policies, the
decision to cancel is as a result
of the economic conditions
that existed, and not neces-
sarily as a result of CLICO's
insolvency.”

Between October 8, 2009,
and January 31, 2010, CLICO
(Bahamas) saw some 9,121

worth $251.789 million, lapse.

Mr Gomez said he was
reviewing and drafting
responses to offers made to
acquire 11 of CLICO
(Bahamas) real estate assets -
its former branch and sales
offices, plus associated land
parcels and the Centreville
Medical Centre - which he
wanted to raise around $5
million from.

The liquidator added that
he would apply to the
Supreme Court to settle the
$360,786 mortgage balance
owed to FirstCaribbean Inter-
national Bank (Bahamas), in
order to prevent any real
estate assets he was selling

Please be informed that

MS. KASHAN DURHAM

is no longer employed with
Advantage Insurance Brokers & Agents Ltd.
and is therfore not authorized to do business
in any way on behalf of the company.

Legal Notice

NOTICE
MURANO UNITED LIMITED

—_— -,——

#

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of MURANO UNITED LIMITED
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

RUDBECKIA INC.

——

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of RUDBECKIA INC. has been completed; a
Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
DROGNENSTRASS LTD.

——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of DROGNENSTRASS LTD. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

FAIRWINDS
MOUNTAIN LTD.

—

#
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of FAIRWINDS MOUNTAIN LTD.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
QUELINAM

CORPORATION

—

#
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of QUELINAM CORPORATION
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TIGER BALLON INC.

——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TIGER BALLON INC. has been complet-
ed; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TEEDY
MOUNTAIN CORP.

4—
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TEEDY MOUNTAIN CORP. has been
completed; a Certificate of Dissolution has been issued and

the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

policies, with a sum assured

URGENT

Notice for Claudette Pinder
Daughter of Willord Pinder (deceased)
Is hereby ask to contact
Edmund Russell
At Kevin M. Russell & Co.
373-9740/41 or
Anastacia Pinder: 352-2186 h
or 350-3515w

from being encumbered.

Legal Notice

NOTICE
TRANSCENDENTAL
VISION INC.

— + ——

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TRANSCENDENTAL VISION INC. has
been completed; a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the

Register.

ARGOSA CORP INC.
(Liquidator)

Legal Notice

NOTICE

TARAM SINGH INC.

—

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TARAM SINGH INC. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP INC.
(Liquidator)

ATTRACTIVE
BUSINESS

OPPORTUNITY

Established Downtown
Restaurant
is offered for lease on mid
to long term basis. Excellent
income potential. Only serious
enquires will be entertained.
All basic equipment already in
place and fully functional.

Please Call
557-8721 or 466-2190
to arrange a meeting.



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



THE TRIBUNE



FRIDAY, MAY 21, 2010, PAGE 5B

a 5S
CDB chief backs Bahamas over debt management

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

Caribbean
Development
Bank (CDB)
yesterday
gave the
Bahamas’ fis-
cal manage- |
ment the
‘thumbs up’,
saying it had
no concerns
about its debt
and creditworthiness.

Dr Compton Bourne, the
bank’s president, speaking to
media after the closing of the
CDB’s 40th Annual General
Meeting of the Board of Gov-
ernors, said he has not seen
any real change in the
Bahamas’ creditworthiness.

This comes after the
Bahamas signed a loan with
the bank for $10.1 million for
capital works projects in the
Family Islands. And credit
rating agencies are looking
out for what the Governmen-
t’s upcoming budget commu-
nication reveals, as they fur-
ther assess this country.

BOURNE



While Dr Bourne said the
bank does pay attention to
Standard and Poor’s (S&P)
credit ratings stamped on
their Borrowing Member
Countries (BMC), he said
more attention is paid to the
country’s quality of economic
management.

“We pay attention to the
purpose and benefits of the
investment,” he said. “We
haven’t discerned any real
change in the Bahamas’ cred-
itworthiness.”

The Bank, at its meeting,
ratified an increase of $1 bil-
lion to its lending capacity.

According to bank officials,
this increase is a clear indica-
tion that the CDB is a
“strong” institution that is
capable of supporting the
economies in this region.

Dr Bourne said prior to the
increase there had been an
increase in demand for bor-
rowing by their BMCs.

Minister of state for
finance, Zhivagro Laing, said
most countries in the region
are in need of financing to
quell their deficit situations.

However, credit rating
agencies such as S&P want to
discourage more borrowing

in the region in an effort to
keep sovereign credit ratings
in favourable standing.
Lowered credit ratings
imposed by credit rating com-
panies can hamper a country’s
chances at receiving a good
interest rate and debt maturi-

ty.

“Anyone advising us on
debt would advise us that the
growth rate of the debt could
be reduced to more manage-
able levels,” said Mr. Laing.

“They would advise and
caution about the level of
external indebtedness. They
wouldn’t say don’t borrow.

NOTICE

NOTICE is hereby given that JAMES LAMBERT OF LOVE
BEACH, P.O. BOX AP59223, NEW PROVIDENCE, THE
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 14TH day of MAY,
2010 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Nassau, The Bahamas.

Legal Notice

NOTICE
CEDER OCEAN LTD.

—




































NOTICE

NOTICE is hereby given that MICHELINE PIERRE of
THOMPSON BLVD., NASSAU, BAHAMAS, is applying
to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the
facts within twenty-eight days from the 218" DAY OF MAY, 2010
to the Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

Legal Notice

NOTICE
MUSICAL ODYSSEY INC.

——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MUSICAL ODYSSEY INC. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CEDER OCEAN LTD. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CROSSOVER MOVE LTD.

—

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CROSSOVER MOVE LTD. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

Legal Notice

NOTICE
BELLEGARDE INC.

—

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BELLEGARDE INC. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CERISIER SAUVAGE LTD.

— *+——

#



Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CERISIER SAUVAGE LTD. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP INC.
(Liquidator)

Legal Notice

NOTICE

SEINFELD CORP.

— ,——

/

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of SEINFELD CORP. has been
completed; a Certificate of Dissolution has been issued and

the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

ARGOSA CORP INC.
(Liquidator)

ARGOSA CORP. INC.
(Liquidator)
Legal Notice

NOTICE
PALANA
TARRAN CORP. STREETER CTE OF

a THURSDAY, 20 MAY 2010
# BISX ALL SHARE INDEX: CLOSE 1,568.54 | CHG -46.50 | %CHG -2.88 | YTD 3.16 | YTD % 0.20
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

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

52wk-Low Security Daily Vol. EPS §$ Div $ P/E
1.00 AML Foods Limited 0.250 4.2
9.67 Bahamas Property Fund 0.050 212.6
5.23 Bank of Bahamas 0.598 8.8
0.33 Benchmark -0.877 N/M
3.15 Bahamas Waste 0.168 18.8
2.14 Fidelity Bank 0.055 39.5
9.62 Cable Bahamas 1.408 8.6
2.69 Colina Holdings 0.249 11.4
5.00 Commonwealth Bank ($1) 0.460 15.2
2.21 Consolidated Water BDRs 0.111 22.0
1.32 Doctor's Hospital 0.627 4.1
5.94 Famguard -0.003 N/M
8.75 Finco 0.168 53.6
9.50 FirstCaribbean Bank 0.678 14.5

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 bases)
Security Symbol Last Sale Change Daily Vol.

Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00

Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00

Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00

Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
52wk-Low Symbol Bid $ Ask $ Last Price Daily Vol.
7.92 Bahamas Supermarkets 10.06 11.06 14.00
6.00 Caribbean Crossings (Pref) 2.00 6.25 4.00
0.40 RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)

30.13 31.59 29.00

0.45 0.55 0.55
BISX Listed Mutual Funds

NAV YTD%
1.4674 1.99
2.9020 0.52
1.5315 1.62
3.0368 2.57

13.5654 1.48
107.5706 3.45
105.7706 3.99
1.1080 1.67
1.0615 -0.61
1.1050 1.31
9.4839 1.52

ROYAL FIDELITY

Money at Wark













Notice is hereby given that in accordance with Section 138

S2wk-Hi Previous Close Today's Close Yield
1.05 1.05
10.63 10.63
5.24 5.24
0.33 0.33
3.15 3.15
2.17 2.17
12.07 12.07
2.84 2.84
6.99 6.99
2.58 2.44
2.54 2.54
6.07 6.07
9.00 9.00
10.60 9.85
5.08
1.00
0.27
5.59

Change
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

-0.14
0.00
0.00
0.00

-0.75
0.00
0.00
0.00
0.00

(8) of the International Business Companies Act 2000, the
dissolution of PALANA TARRAN CORP. has been com-

pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

3.75
1.00
0.27
5.00
9.95
10.00

5.08
1.00
0.27
5.59

0.366
0.000
0.035
0.407
0.952
0.156

13.9
N/M
7.7
13.7
10.5
64.1

ARGOSA CORP. INC.
(Liquidator)

S2wk-Hi 5S2wk-Low
1000.00
1000.00
1000.00

1000.00

Interest
7%
Prime + 1.75%
7%
Prime + 1.75%

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

Legal Notice

NOTICE
CLASSIC WINDMILL INC.

EPS $
-2.945
0.000
0.001

Div $
0.000
0.480
0.000

P/E

N/M

N/M
256.6

Yield

29.00 ABDAB
0.40 RND Holdings

4.540
0.002

0.000
0.000

9.03
261.90
a ~~
1.3758
2.8266
1.4611
2.9343
12.6816
100.5448
93.1998
1.0000
1.0000
1.0000
9.1005

NAV 3MTH
1.446000
2.886947
1.515417

NAV 6MTH
1.419947
2.830013
1.499936

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

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
CFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 1
Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 2

Royal Fidelity Int] Fund - Equities Sub Fund

Last 12 Months %
6.66
-0.11
4.82
-4.99
5.47
6.99
13.50
5.26
2.84
5.01
7.41

Notice is hereby given that in accordance with Section 138

103.987340
101.725415

103.095570
99.417680

(8) of the International Business Companies Act 2000, the
dissolution of CLASSIC WINDMILL INC. has been com-

pleted; a Certificate of Dissolution has been issued and the
10.0000 10.6709 -0.93 12.33 31-Mar-10
7.9664 3.23
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

Company has therefore been struck off the Register. 4.8105 58.37 31-Mar-10
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 earnings
(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

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

ARGOSA CORP. INC.
(Liquidator)





THE TRIBUNE

Credit risk

Credin risk is the risk that a customer ora counterparty will be unable or unwilling to meet a
comeniimen! thal @ had entered ak With the Treeh The Tra matics Gounberpinty! aredil
fk centrally through ihe Bank io optimize the use of credid availability and to ovoid
iba mak contenralion, Customer credit risk 1 manigged Thriugh privisioins again the
feo receivable balances. Credil risk is reduced as all demand deposits are due from the Bank.
The Ths maim posure bo ceed riak in the event Ube counterparties fail to perform
thear obligations as at December 31, 2009 in relation to each class of recognized finwncial
assets 18 Che carrying amoanl of thease aseets as indicated im the statement of financial
Feces itiecvri.

Ligeddity rick

Liquidity risk is the mk that the Trust will encounter difficulty im realicing assets or
otherwise: ral eilig, fords to meer qoearnlements. The Tren monitors eupocted cash dulflow on a
daily bas. 16 policy throughout te year has been to eneure lequidity Sy maintainang at all
times: salficient! high quality liquid assets lo cover expected net cach outflows

inferest rave risk

Exposure to interest rate risk is the risk (hal arises when there is an imbalance between rable
and mom rale-serditive aaa and bevtulities, The Tras! dete not caperienie a pect deal of rk
im this area as imierest mates related bo its fimamcial assets automatically reset to market
perioducally:

Forcign coanrency rit

ortega Sarincy riak is the ris thal tht wales of a financial instrament will fuecneane: Because:
of changes in foreign exchange rates. The Trost ensures that the met exposore to financial
acts and liahilmics nod denominated in Swiss Francs is kept to an aceeptable level by buying
or selling foreagn currencies af spot raies, where necessary, bo address shoct-berm imbalances.

Net fair value of financial instremeots

Financial instruments utilieed by the Trust include recorded assets amd liabilities. The
maponty of dhe Tiwet's Gnamce) matruments are either ehoct-berm im malar of howe indercal
rates thet automatically reset to morket on o periodic hesia. Accordingly, the estimated fir
value @ not significantly delferent from the caring value for cach major category of the
Trust's recorded assets and lisbilities. The Trost hes no off-balance sheet financial
iInetruments as of Decesber 31, S004 of December 31, 208

» Comtingeecice
The Trust is involved in several legal matters involving customers of the Trt. Mamagment

of the Trust does mot anticipane that the losses, if any, incurred as a result of these begal
proeetding will materially alles thet financed position of the Trust

» Fleck’ activilics
The Tires! provides Gugiody, ‘Irusics and Ganporale adminestration services te third parties
which mvalwe the Trust making decisions im relabion to a wide ronge of financial insonaments
Those osseis that are held im a fideclary Capacity are fxd incloded in this slabement of
financial posation

» Capital adequacy

‘The Cemtral Hank of The Batamas requires Trust Conpanics 10 maintain minimuns capital of
BE] 000 amd to maintain a capital adequacy ratio of at beast © percent of risk wewighted
atsete ar all tienes, The capital adequacy ratio ic calculced by dividing che Triat's eligible
capital base by its rickewerghied exposures. The Trust uses regulatory guidelines as the basis
for the «calculation of the ratio. There have Been no maternal changes im Ore Bank's
management of capital dering the year.

The Trust's actual capital amount and risk asset ratio at December 31, 200? and S008, as well
as Gh miinamun regulator Peguineeents ane a folberens

29 2008
Minimum Adcual Minima
Pea ret requirement

Achal

Capital SFr
Risk asset nina

1,549,452 14033, 2000
ALT Bs

| Aer 164,396
100% a

The Truea's poole is 60 MI @ S0rone Capital baat 20 a4 bo main investor, oredipar and
market confidence aed to sustain future development of the business, The impact the level
of capital on sharcholder’s retum if aso reoognized and the Trust recogmizes the need to
muacdain a balance between the higher retums that might be possible with greater gearing and
the advantages and secenty alloeded by a sotind capital postteon.

The Trust has complied with the nmgulatory imposed capital requirements throughoot the
year

Public Notice

Gaming Board For
The Commonwealth Of The Bahamas

Pursuant to Section 36(3) of the Lotteries and Gaming Act
Chapter 387, notice is hereby given that Treasure Bay
(G.B.I.) Limited a Company incorporated under the laws
of The Commonwealth of The Bahamas, has in accordance
with the provisions of Section 34(2) of the said Act, made
application to the Secretary of the Gaming Board of The
Bahamas for a licence to manage the casino premises
located at Our Lucaya Beach Resort, Freeport,Grand
Bahama, one of the islands of The Commonwealth of The
Bahamas.

Notice is also given that any person who desires to object
to the grant of the licence shall send to the Secretary of the
Gaming Board for The Commonwealth of The Bahamas,
P.O. Box N-4565, Nassau, New Providence, The Bahamas
or deliver to the Office situated in the Renaissance Building,
West Bay Street on or before noon on Monday, May 31st,
2010, two (2) copies of a brief statement in writing of the
grounds of the objection.

Dennis W. Martin
Secretary

Gaming Board

For The Commonwealth
of The Bahamas

Signed:





By CHRIS KAHN
AP Energy Writer

NEW YORK (AP) — Oil
prices swung wildly Thursday
as concerns over the Euro-
pean economy sent traders
rushing out of energy com-
modities. Oil fluctuated as
much as 10 per cent from its
highest to lowest during the
final trading day for the June
contract on the New York
Mercantile Exchange.

“Fear has obviously
gripped the market, and we’re
trading accordingly,” analyst
and trader Stephen Schork
said.

Benchmark crude for June
delivery lost $1.86 to settle at
$68.01 a barrel on the Nymex.
Prices tumbled as low as
$64.24 earlier in the day, the
lowest price for oil since July.
Oil has shed nearly 22 per
cent of its value since hitting
$86.84 on April 6.

Most of the trading has
moved to the July contract,
which lost $1.68 to settle at
$70.80 a barrel. Thursday was
the last day of trading for the
June contract.

The steep drop in oil prices
should give Memorial Day
travellers a gift at the gas
pump as they head out for the
holiday weekend. Gasoline
prices were down Thursday
for the 14th day in a row, and
theyll be pushed even lower
as oil prices continue to tum-
ble.

Futures contracts for most
energy commodities slumped
as financial troubles in

FRIDAY, MAY 21, 2010, PAGE 7B

aS
Oil settles two per cent

lower after wild swings

Europe and weak jobs num-
bers in the US sparked a sell-
off on Wall Street. The Dow
Jones Industrial Average was
down about 260 points, or 2.5
per cent, less than an hour
before the close. The NAS-
DAQ and the S&P 500 were
off by about as much.

Prices for heating oil, gaso-
line and Brent crude all
dropped by at least three per
cent. “People are saying it’s
time to get out,” said Michael
Lynch, president of Strategic
Energy & Economic
Research. Earlier this year,
Lynch stood out from many
of his peers by predicting that
oil prices would fall.

“The market has gotten
way ahead of itself,” Lynch
said. “People kept saying that
soon demand will go up and
inventories will go down. But
that's not happening.”

Traders started getting ner-
vous as the debt crisis unfold-
ed in Europe. US government
data showing that Americans
continue to have a relatively
weak appetite for fuel have
sunk energy prices even fur-
ther.

An EIA report on Thurs-
day added to those concerns,
showing that the country’s
stockpile of natural gas has
ballooned to nearly 17 per
cent more than the five-year
average.

If the world doesn’t start
sopping up excess supplies,
oil prices may fall into the
$40-per-barrel range this year,
Lynch said.

At the pump, retail gaso-

line prices dropped 1.2 cents
overnight to a new national
average of $2.84 a gallon,
according to AAA, Wright
Express and Oil Price Infor-
mation Service. A gallon of
regular unleaded is 1.9 cents
cheaper than it was a month
ago, but it’s 50.6 cents more
expensive than a year ago.

Experts say gas prices have
likely peaked already this
year, and it should cost less
to fill up this summer than in
the summer of 2009. That’s
good news for the travel
industry as Americans get
ready to hit the highways over
the Memorial Day weekend,
the unofficial start of the sum-
mer driving season.

On Thursday AAA esti-
mated that more people will
take leisure trips during the
holiday weekend than last
year. About 32.1 million peo-
ple are expected to head for
the highway or the airport.
The travel club’s report said
most people probably will
watch their wallets more
closely, however, spending
about $809 during the week-
end this year compared with
over $1,000 last year.

In other Nymex trading in
June contracts, heating oil fell
4.33 cents to settle at $1.9019
a gallon, and gasoline lost 5.07
cents to settle at $1.9645 a gal-
lon. Natural gas dropped 5.2
cents to settle at $4.106 per
1,000 cubic feet.

In London, Brent crude
July contact gave up $1.85 to
settle at $71.84 a barrel on the
ICE futures exchange.

The ‘real front line’ in

ihm kee brah mew eele

FROM page 2B

who would prefer one-on-one
fighting scenarios at my mar-
tial arts school. To each his
own, indeed. Nevertheless, all
of us, regardless of our pas-
sion, are willing participants.
How can fun be exercised at
the expense of another, where
that person’s life, property
and reputation are put at risk?

But I am not going to rant
about behaviour, especially
when it is in my power to con-
trol it. As the saying goes:
‘Bend the tree while it is

young’. Well, the question is:
Who is responsible for bend-
ing these ‘cheren dem’. Once
again, what I see is the fail-
ure of parents. Not all, but
just enough to cause, as of
May 2010, a murder count
and armed robbery count that
are unacceptable.

Thus civil society and gov-
ernment must now step up to
the plate. Should the civil
society or the Government be
raising our kids? Of course
not. However, if there are fail-
ures in parenting, something
must be done. It is better to

NOTICE
WONDOOLA LIMITED

NOTIC EIS HEREBY GIVEN as follows:

(a) WONDOOLA LIMITED is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000.

(b) The dissolution of the said company commenced
on the 19" May 2010 when the Articles of Dissolution
were submitted to and registered by the Registrar

General.

(c) The Liquidator of the said company is Mr. Paul
Evans of c/o Helvetia Court, South Esplanade, St.
Peter Port, Guernsey, Channel Islans GY1 4EE.

Dated this 21" day of May A. D. 2010



Paul Evans
Liquidator



LEGAL NOTICE

NOTICE
LONGSTONE HOLDINGS
LIMITED

Pursuant to the provisions of Section 137
(8) of the International Business Companies
Act, 2000, the dissolution of LONGSTONE

HOLDINGS LIMITED has been completed;
a Certificate of Dissolution has been issued
and the Company has therefore been struck
off the Register. The date of completion was
March 10th, 2010.

Anthony B. Dupuch
Liquidator





engage that young man or
woman now before they come
crawling through your win-
dow and place a gun to your
head.

Before is the operative
word here; it speaks to pre-
vention, delay, deterrence.
Unlike after, which speaks to
detection, detention and
penalties. If we put too much
focus on ‘after’ affects we will
miss the proverbial boat, and
not really impact the level of
crime. Our youth need posi-
tive outlets for their energy,
frustration and conflicts. A
prime example of this is
Junkanoo. Here we see the
melting pot of various back-
grounds come together to
accomplish one goal. We see
discipline, confidence and
respect for - and towards -
other persons regardless of
socioeconomic status. This
model needs to be followed,
tapped into and harnessed, as
it speaks to our ability to live
together in harmony and pro-
duce a product that is truly
Bahamian.

NB: Gamal Newry is the
president of Preventative
Measures, a loss prevention
and asset protection, training
and consulting company, spe-
cialising in policy and proce-
dure development, business
security reviews and audits,
and emergency and crisis
management. Comments can
be sent to PO Box N-3154
Nassau, Bahamas, or e-mail
info@preventativemea-
sures.net or visit us at
www.preventativemea-
sures.net

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

Fed official:
Europe’s
Crisis poses
risks to US

By JEANNINE AVERSA
AP Economics Writer

WASHINGTON (AP) —
Europe’s debt crisis poses
serious risks to the unfolding
economic recoveries in the
United States and around the
globe, a Federal Reserve offi-
cial said Thursday.

Federal Reserve Governor
Daniel Tarullo, in remarks to
a House subcommittee, said
the timing of Europe’s prob-
lems on the heels of the glob-
al financial crisis is a “poten-
tially serious setback.”

If the crisis were to crimp
lending and the flow of cred-
it globally, triggering more
financial turmoil, that would
endanger both the US and
global recoveries, he said.

“Although we view such a
development as unlikely, the
swoon in global financial mar-
kets earlier this month sug-
gests it is not out of the ques-
tion,” Tarullo said.

In a worst case scenario,
financial turmoil “could lead
to a replay of the freezing up
of financial markets that we
witnessed in 2008,” he said.

For now, Tarullo said there
are good reasons to believe
US banks and financial insti-
tutions can withstand some
fallout from European finan-
cial difficulties.

In the past year, the Fed
has pressed the biggest US
banks to raise additional cap-
ital, giving them a stronger
cushion against potential loss-
es in the future. The direct
effect on US banks of losses

stemming from exposure to
overextended governments in
Greece, Portugal, Spain, Ire-
land and Italy “would be
small,” he said.

Almost all of the US expo-
sure is held by 10 large bank
holding companies, Tarullo
said. Their balance sheet
exposure of $60 billion
accounts for only nine per
cent of the core capital that
regulators value the most,
known as Tier | capital. He
didn’t identify those banks.

However, if problems were
to spread more broadly
through Europe, US banks
would face larger losses as the
value of traded assets
dropped and loan delinquen-
cies mounted.

US money market mutual
funds and other institutions,
which hold a large amount of
commercial paper and certifi-
cates of deposit issued by
European banks, would like-
ly also be affected, he said.
Commercial paper is an
important short-term financ-
ing mechanism companies
rely on to pay for salaries and
supplies. It practically dried
up during 2008 financial crisis.

Tarullo said a moderate
economic slowdown across
Europe would slow export
growth, weighing on the US
economy “by a discernible,
but modest extent.” However,
a deep contraction in eco-
nomic activity in Europe —
along with severe financial
problems — “would have the
potential to stall the recovery
of the entire global economy.”



Leading indicators

The index of leading indicators:

2004=100

Seasonally adjusted

11 Percent
change
0.1%

109

107

103.3

AMJJASBONDJIFMA

2009

2010

oo Board A

Leading it indicators
drop in April

By The Associated Press

UNEXPECTED DROP: The Conference Board’s leading
economic indicators dropped 0.1 per cent in April, the first
decline since March 2009. Economists polled by Thomson
Reuters had expected a small gain.

SO WHAT?: The index is designed to forecast economic
activity in the next three to six months. The modest dip signals
slower growth in summer, which may weigh on hiring.

HOW COME: A steep drop-off in people filing applications
to build homes, a rise in unemployment claims and weak
consumer confidence helped depress the index.






POOR aM LT Te

FRIDAY, MAY 21, 2010, PAGE 9B

a4 hE

uns Ll
KPMG Telephone 247 399 OF
PD Box W122 Fax 242 29 12
idontague Sterling Cernire Irdernet = wana iqggmg.com be
eat Bay Saree
Klassen, Ba hanes

INDEPENDENT AUDITORS’ REPORT

To: The Shareholder of
BAC Bahamas Bank Limited

We have audited the accompanying consolidated financial statements of BAC Bahamas Bank
Limited (the Bank), which comprise the consolidated statement of financial position as at
December 31, 2009, and the consolidated statements of comprehensive income, changes in
equity and cash flows for the year then ended, and a summary of significant accounting policies
and other explanatory motes.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with International Financial Reporting Standards. This
responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error, selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances

Auditors" Resoonsibility

Our responsibility is fo express an opinion on these consolidated financial statements based on
our audit. Wwe conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the consolidated financial statements are free from material
misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated fmancial statements. The procedures selected depend on our
judgment, including the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those nisk assessments, we
consider intemal control relevant to the Bank's preparation and fair presentation of the
consolidated financial statements in order to design aude procedures that are appropriate in tha
circumstances. but mot for the purpose of expressing an opinion on the effectiveness of the
Bank's intemal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial positon of BAC Bahamas Bank Limited as of Decamber 31, 2009, and its financial

performance and its cash flows for the year then ended in accordance with International Financial
Reporting Standards.

KOWe

Nassau, Bahamas
April 19. 2070

BAC BAHAMAS BANK, LIMITED
Consolidated Statement of Financial Position

December 31, 2009, with corresponding figures for 2008
(Expressed in United States dollars)

ree _ a ””””””CSS~«



ASSETS
Cash and cash equivalants (notes 6 and 8) $ 44,928,112 72,477,754
Loans to customers, net (notes 6, 7 and 9) 26,072 046 06,375,075
Investments (note 10) 58,499.867 39,098,860
Accrued Interest recelvable (note 6) 93 326 614,574
Furniture and equipment, mat 90,213 76,510
Other receivabies and assets (notes 6 and 14 476,259 6,285,267
Total assets 100, 158 825 218,029,140
LIABILITIES AND BQ! ITY
Liabilities:
Demand deposits from customers (notes 6 and 11) 5 23,658, 154 30,673,445
Time deposits from customers (notes 6, 7 and 12} 30,218,876 190,904,795
Loans payable [notes 7 and 13) * 10,000,000
Accrued interest payable (note 6) 350,544 1,530,147
Accounts payable (note 6} 26,165,374 =
Other liabilities 125,399 214,385
60518,447 193,412,772
Equity:
Share capital (note 14) 18,000,000 24,000,000
Unrealized logs on available-for-sale Investments (G63) (103)
Reserve for loan losses (note 9) 260,720 455,312
i 1,361,341 161,159



19,6443 24,616,368
EEE =e ort oa" oo ee
Total liabilities and & 100,159,825 218,029,140

The accompanying notes are an integral part of these consolidated financial statements.



The financial statements were approved on behalf of the Board of Directors on



Rodolfo Tabash Espinash

Director

The complete Financial Statements may be obtained at the bank’s Registered Office on Frederick Street, Norfolk
House, 2nd Floor, Nassau, Bahamas.

for ad rates
-





PAGE 10B, FRIDAY, MAY 21, 2010

THE TRIBUNE



BUSINESS
Senate breaks impasse on financial regulation bill

By JIM KUHNHENN
Associated Press Writer



WASHINGTON (AP) — Barely
breaking a logjam, the Senate voted
Thursday to end debate on a massive
financial regulation bill, clearing the
way for final passage of the most
ambitious effort to write rules for
Wall Street since the Great Depres-
sion.

The vote was 60-40 to advance the
legislation, which has become a top
priority for President Barack Obama
in the aftermath of his successful
health care overhaul in March.

The president heralded Thurs-
day’s vote, saying Wall Street efforts
to undermine the legislation had
failed. “Our goal is not to punish
the banks,” he said, “but to protect
the larger economy and the Ameri-
can people from the kind of
upheavals that we’ve seen in the past
few years. Today’s action was a
major step forward in achieving that
goal.”

The bill calls for new ways to

watch for risks in the financial sys-
tem and makes it easier to liquidate
large failing financial firms. It also
writes new rules for complex securi-
ties blamed for helping precipitate
the 2008 economic crisis, and it cre-
ates a new consumer protection
agency.

Three Republicans — Senator
Scott Brown of Massachusetts and
Maine Sens. Olympia Snowe and
Susan Collins — voted for the bill.
Two Democrats — Sens. Russ Fein-
gold of Wisconsin and Maria
Cantwell of Washington — voted
with Republicans against the mea-
sure. At least two contentious
amendments remained before the
Senate could vote to approve the
sweeping bill. Senate Majority
Leader Harry Reid, D-Nev.,
expressed hope of completing the
legislation later Thursday.

Democrats succeeded by winning
Brown’s backing. The Massachusetts
Republican voted against ending
debate on Wednesday after indicat-
ing he planned to vote in its favour.



US President Barack Obama walks out of
the Oval Office in Washington to deliver
remarks on Wall Street and Financial
reform in the Rose Garden...

(AP Photo)



Without his vote, and with Democ-
ratic Sen. Arlen Specter absent, the
bill temporarily stalled.

Brown met with Reid Thursday
morning, however, to voice his con-
cerns regarding the bill’s effect on
Massachusetts banks such as State
Street and insurance firms like Mass-
Mutual. House Financial Services
Committee chairman Barney Frank,
also of Massachusetts, weighed in
Thursday with letters to Reid offer-
ing his own guarantees that the final
bill would resolve Brown’s concerns.

In a statement, Brown said: “I sup-
ported moving the financial bill for-
ward today because I received assur-
ances from Senator Reid and his
leadership team that the issues relat-
ed to Massachusetts in the financial
reform bill will be fixed before it is
signed into law.”

Cantwell and Feingold continued
to object to the bill. Cantwell
protested her inability to get a vote
on an amendment that she said
would toughen regulation of com-
plex securities known as derivatives.

Feingold has said the bill does not go
far enough to rein in Wall Street.

Two amendments stood between
the bill and final passage. One would
ban commercial banks from carrying
speculative trades with their own
money. The other would exempt
auto dealers from oversight of a new
consumer protection bureau.

Senators faced a complicated cal-
culation on the bank trading and the
auto dealer amendments. The trad-
ing proposal, if passed, would be
added to the auto dealer measure.

Support for each measure, how-
ever, comes from different factions
in the Senate, with some overlap.
That meant that senators who want
to exclude car dealers from the rules
of a consumer protection bureau,
mostly Republicans, would have to
accept the bank trading limits, a
mostly Democratic proposal.

The Obama administration on
Thursday expressed support for the
trading restriction, but said it would
accept its demise if it meant killing
an auto dealer measure it opposes.

Bahamas Electricity Corporation’s ‘serious financial crisis’

FROM page 1B

ner and Emera, will finally
give the Government some
direction. He said yesterday,
though, that a 5 per cent rate
hike for consumers will have
to come on stream in order
to help turn around BEC’s
losses.

Mr Neymour added,
though, that the rate increase
will not solve BEC’s problems
by itself, and the Government
will have to assist in some-
way.

“There will have to be a
component addressed by the

customer and a component
by the Government to assist
BEC with regard to services
like street lighting, and there
will be the requirement for
BEC to be more efficient in
order for it to return to prof-
itability,” said Mr Neymour.

“BEC has fast become a
very challenged entity, is fac-
ing a serious financial crisis
and is in dire straits.”

Mr Neymour said the com-
pany’s receivables for the
month of April 2010 stood at
$113 million, while its
payables were $179 million.

He said late last year the

Government was forced to
pay Shell/Focol a one-time
chieque of $30 million to sim-
ply keep oil coming into BEC
for power generation. At the
same time, the Government
was forced to seek refinancing
for the Corporation to the
tune of $211 million.

Mr Neymour said this
underscores the urgency in
increasing tariffs to under-
write BEC’s growing expens-
es.

Mr Neymour claimed that
BEC’s woes began when the
former government reduced
its base tariff. He said that

when the tariff was decreased
in 2003, the utility began to
lose $20 million per year.

And while the corporation
has struggled to be profitable
under the weight of Family
Island power generation,
which is financed by cus-
tomers in New Providence,
the Government is forced to
build new plants on those
islands.

According to Mr Neymour,
the problem with Family
Island generation is that the
Government has a universal
tariff that keeps rates consis-
tent across the islands, though

the cost of generation on
islands outside of New Provi-
dence is substantially higher.

When Emera’s study of
BEC is complete, the Gov-

ernment will essentially have
an action plan focused on
streamlining the utility and
fixing operational and finan-
cial challenges.

ET SA 0

RMS ER BLL
US eT are






















































INSURANCE MANAGEMENT
A (BAHAMAS) LIMITED LIMITED
INSURANCE BROKERS & AGENTS BROKERS & AGENTS
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Four boys in
hospital after
row over girl

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

FOUR boys were stabbed
and rushed to hospital and
four were taken into custody
yesterday when an argument
over a girl turned into a terri-
fying outbreak of violence at a
school campus.

Up to press time last night,
the condition of the injured
students was unknown. While
the identity of those involved
was not released, education
officials said all were in the
14 to 15 year age group, in
grades 10 and 11.

Angry and anxious parents
gathered outside C I Gibson
senior school in Marathon
Road shortly after lunchtime
yesterday. Some were scream-

ing their children’s names
through the locked gates, as
they tried to find out exactly
what had happened inside,
and whether their son or
daughter was injured.

Some also shouted abuse at
Director of Education Lionel
Sands, who was on the scene,
as they called for the imme-
diate release of their children
from the school for fear they
could get caught up in retal-
iatory attacks.

Children were kept in their
classrooms and the school was
placed on lockdown in an
effort to maintain order after
the stabbing incidents took
place in a foyer area of the
school sometime shortly

SEE page two

Social services unite to
crack down on incest

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net



THREE government ministries and the Attorney Gener-
al’s Office are involved in the investigation and prosecution of
incest cases reported by the government-funded teenage preg-
nancy programme, Providing Access to Continued Education

(PACE).

Directors of the programme revealed they have seen an

SEE page eight



KING DEALS

BAHAMAS EDITION

www.tribune242.com

FRIDAY, MAY 21, 2010

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LADY Edith Turnquest, wife of
former Governor-general Sir Orville
Turnquest was laid to rest in Wood-
lawn Gardens yesterday following a
state recognized service at Christ
Church Cathedral, George Street.

Attended by Governor-general Sir
Arthur Foulkes, and retired Gover-
nor-general Arthur Hanna, parlia-
mentarians, and members of the judi-
ciary, many family and friends filled
the church to standing room only.

In her obituary, Lady Turnquest

Lady Turnquest laid to rest

was described as a woman who
adored her family, and cherished
such family traditions as Friday
lunches, Sunday brunches, Sunday
dinners, and more recently Wednes-
day evening coffee.

“All of her extended family knew
that they were welcome to stop by
and fellowship with the family on any
of these occasions. All of her grand-
children knew that when they came

SEE page 11

A PHOTO of Lady
Turnquest at the
service.

HH More photos

on Page 11









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Oil enters Loop Current,
headed for the Bahamas

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net



5 Combos Under









DEAD BIRDS on North Breton Island,
Louisiana, are being collected for
analysis to determine if the deaths
are a result of the oil spill.



OIL from the BP Deep Horizon spill has now entered the
Loop Current in the Gulf of Mexico, according to reports by
the US National Oceanic and Atmospheric Administration in
the international media.

This latest development increases the likelihood of the
oil reaching the Bahamas.

Early yesterday, local authorities said the most up-to-date
information they had as to the location of the oil was Sunday

SEE page eight



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KEEPING WATCH: Police officers guard the Cl Gibson School after four students were stabbed. Four boys were later taken into custody.

MUTE TF Ry
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RESIDENTS in Delaporte
have asked the government to
permanently stop Trecon Con-
struction from bulldozing the
manicured gardens in front of
their homes and building addi-
tional units in the
gated complex.

Signing a peti-
tion which was sent
to Michael Major,
Director of Physi-
cal Planning, Lloyd
Turnquest, Chair-
man of the Town
Planning Commit-
tee and Earl
Deveaux, Minister of the Envi-
ronment in charge of Physical
Planning, the majority of Dela-
porte Point residents are seek-
ing to halt the proposed con-
struction of four new town-
houses.

However on Monday Minis-
ter Deveaux informed the resi-
dents by letter that he has
already exhausted his minister-
ial authority in the matter.

“The stop order has been lift-

SEE page eight





Earl
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NASSAU AND BAHAM/

ISLANDS LEADING NEWSPAPER
PAGE 2, FRIDAY, MAY 21, 2010

ED EUEU

BIC staff protest over firing

BY DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT —- BTC workers on
Grand Bahama held a demonstration
yesterday to protest the firing of a long-
time employee.

A number of workers gathered out-
side the BTC main office on Pioneer’s

Way at around 1.30pm in support of their
colleague, Lena Basden, who was report-
edly dismissed yesterday by manage-
ment. “The entire BTC staff in Grand
Bahama feels that she was wrongfully
terminated and so we came out here
today on our lunch break to a show our
solidarity for her,” said one worker.
The Tribune has learned that union
president Bernard Evans is expected in

Grand Bahama today to meet with man-
agement and union members.

“We feel that BTC has made a mis-
take,” Mr Evans when asked about Ms
Basden’s dismissal. “The members in
Freeport are very supportive of the staff
and the union supports them.

“We are and tired of the way the Audit
Department is doing its investigation,” he
added.

THE TRIBUNE









DEMONSTRATING: The BTC staff in Grand Bahama.



Four students in
hospital after row
over girl turns into

campus terror



FROM page one

before midday.

Police took away four or
five students in a police van,
and were able to confiscate
several knives which were
believed to have been used in
the stabbings.

According to Mr Sands,
education officials made plans
to “stagger” the release of the
10th and 11th grade students -
the only students on the cam-
pus yesterday, he said, to min-
imise the possibility of further
outbreaks of violence. Extra
security will be placed at the
school today for the same rea-
son, he added.

One parent who spoke to
The Tribune said her son is
involved in gang activity and
he tells her most of the attacks
among students are usually
gang-related, although Mr
Sands said he did not believe
this to be the case with yes-
terday’s incident.

“Tt started out with a girl
and a boy issue. There was
one girl and two boys. And
of course the girl had some
connection with the two boys
and so that started off, and
once that started then other
incidents sort of followed
suit,” said the Director.

“We’ve had stabbings here
before, but not at this level.
Not involving this many peo-
ple at one time and not on
campus.”

When The Tribune reached
the scene at around 12.15pm,
students could be seen held
in their classrooms. Over a
loudspeaker, an unidentified
person could be heard telling
students and teachers that
they were “trying to maintain
order” in the school and
imploring teachers for their

Â¥



(

“We’ve had
stabbings here
before, but not at
this level. Not
involving this
many people at
One time and not
on campus.”



assistance. “This is for your
safety,” said the announcer.

Outside the locked school
gates, more and more con-
cerned parents gathered, try-
ing to find out exactly what
had occurred. Some had seen
ambulances arrive at the
school. One mother claimed
she had received an email ear-
lier that morning telling of a
shooting incident at the
school.

Tempers

After around an hour,
between ten to 15 parents and
others gathered on the bor-
der of the campus, and tem-
pers began to flare as their
questions continued to go
unanswered. Director of
Education Mr Sands told par-
ents that the Principal, Elaine
Williams, would soon come
down to speak with them.

In the meantime, one moth-
er screamed to her child:
“Come here now! Let me
take you out of school before
someone kills you!”.

Several parents expressed
their anxiety that security at
the school - four security offi-
cers are on campus - may not
be strong enough in light of
yesterday’s and previous stab-

TEWiOy TIME OFF WITHA









Felipé Major/Tribune staff



SCHOOL PRINCIPAL Elaine Williams encourages students to be good as they exit the premises.

bing incidents and fights.

Mr Sands, however, said
students were scanned in the
morning for weapons.

He said the “major prob-
lem” is that the campus is
“wide open” and the possibil-
ity remains that objects can
be introduced into the area
after the students enter.

“Anyone can come and just
throw something over the side
or go through the gate with
anything (after school starts),”
he said.

To minimise such opportu-
nities, Mr Sands said plans are
in place to introduce closed-
circuit television cameras into
the school campus which can
allow for constant monitoring
of various vulnerable points.

CCTV cameras have
already been introduced with
success at Stephen Dillett Pri-
mary School, said Mr Sands,
as well as at the Anatol
Rodgers, CR Walker and CV
Bethel schools.

“Tt’s a very expensive ven-
ture but we have to do it.
Some schools have decided
they will take the expense on
themselves,” added Mr Sands.







; i e

«

" fd
ae



-"
A POLICE CAR at Cl Gibson. In
the background is the school

motto “Self Discipline, Your Des-
tiny ... In your Hands”.

ig
Us

We ti
PHONE: 822-2157



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THE TRIBUNE

LOCAL NEWS

FRIDAY, MAY 21, 2010, PAGE 3



Thugs abduct and rob phone card vendor

A PHONE card vendor was abducted and
beaten by thugs who robbed him at gun-
point on Wednesday.

Shortly after noon, police were alerted to
an armed robbery that had just taken place
at the junction of Prince Charles Drive and
Sea Breeze. According to reports, the ven-
dor was approached by the occupants of a



Charged with beating a man

to death during a dispute

black Honda Accord, licence plate number
OT 1908, one of whom was armed with a
shotgun. It is reported that the culprits
forced the vendor into the vehicle, where
they beat and robbed him of an undeter-
mined amount of cash and cell phone cards,
before releasing him. Investigations are
ongoing.

Police are also investigating an armed rob-
bery that occurred at around 6pm on
Wednesday.

The incident took place at the Cellular
Expert Store on Goggle Eye Road off Sol-
dier Road.

Two men, one armed with a handgun and
wearing a gray shirt and blue jeans, entered













ACCUSED: WALLY Joseph Francis, 36, of Pitt Road, was charged with the murder of Dwayne Christopher Johnson yesterday.

By NATARIO McKENZIE

Pointing out Francis’ bruised and

Tim Clarke/Tribune staff

the establishment demanding cash. The cul-
prits robbed the establishment of an
unknown amount of cash, cell phones and
cell phone cards and fled the area on foot in
an unknown direction.

Police are calling on anyone with infor-
mation regarding this incident to kindly con-
tact them immediately.

ohm eg hal
pei

Perit eer |

ies eit ag as

TEA

Tribune Staff Reporter
nmckenzie@tribunemedia.net



A 36-year-old Pitt Road man has
been charged with beating a man to
death during an altercation on Tues-
day.

Wally Joseph Francis was arraigned
before Chief Magistrate Roger Gomez
in Court One, Bank Lane yesterday,
charged with the murder of Dwayne

Attorney claims client was
attacked in police custody

Christopher Johnson, 41. He was not
required to offer a plea.

Johnson died in hospital shortly
before 11pm on Tuesday, becoming
the country’s 33rd homicide victim for
the year.

swollen face, attorney Ian Cargill told
the court it was clear his client had
been beaten while in police custody.

Chief Magistrate Gomez ordered
that Francis be taken to a doctor for
medical treatment.

The case was adjourned to May 26
and transferred to Court Five, Bank
Lane.

The accused was remanded to Her
Majesty’s Prison.



A WOMAN charged with operating the
money lending scheme “Lamont Pays the
Bills” was arraigned in Magistrates Court
yesterday.

Maresha Walkes, 36, of Carmichael
Road, has been charged with carrying on a
financial and corporate service without
proper authorisation between January and
May 12, 2010

According to court dockets, Walkes
allegedly operated a money lending busi-
ness without obtaining a license from the



Woman accused of operating money
lending scheme ‘Lamont Pays the Bills’

inspector of financial and corporate ser-
vice providers.

The company had been advertising the
issuance of interest free personal loans
ranging between $1,000 and $5,000.

Walkes pleaded not guilty to the charge
before Chief Magistrate Roger Gomez in
Court One, Bank Lane.

She was granted bail in the sum of
$4,000. The case has been adjourned to
October 26.





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PAGE 4, FRIDAY, MAY 21, 2010

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE



The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., K.C.S.G.,

(Hon.) 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

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

Armoured vehicle goes to bring ‘Dudus’ out

THE FIRST and only time that we have
seen an armoured tank, other than in an army
museum, was in the small seaside town of
Bideford, Devon, just after the second World
War.

As astudent in England we daily watched
that first summer as tanks rumbled down the
narrow Devonshire streets during England’s
demobilisation exercises — a nation no longer
at war.

And so we were surprised to see on The
Gleaner’s front page Thursday an armoured
vehicle — a much smaller version of the army
tank— being sent by the Jamaican govern-
ment to break into barricaded Tivoli Gar-
dens in west Kingston where Christopher
“Dudus” Coke, 41 — “the President” — is
being protected by thugs from the long arm of
US law. A warrant has been issued by the
Jamaican government for Dudus’ arrest.

Described by the US State Department as
one of the world’s most dangerous drug king-
pins, he is to face extradition proceedings to
expedite his trip to the US and a federal
court. This extradition fight between the US
and the Jamaica government has been
fomenting since August last year.

According to an article written Thursday
by Arthur Hall, The Gleaner’s senior staff
reporter, the Jamaica Defence Force was
called out by the National Reserve and
ordered to Tivoli and Denham Town.

"The security forces are adequately
resourced to deal with any form of intimida-
tory tactics being employed by criminals who
are seeking to destabilise the country,”
National Security Minister Dwight Nelson
told The Gleaner.

At the entrance the armoured vehicle
pushed aside an old vehicle blocking the road
into Denham only to face the full wrath of
Dudus’ protectors. Gunmen opened fire.

“When the barrage of gunfire ended,”
reported Hall, “the armoured vehicle was
seen being hastily driven out of the commu-
nity with indications that at least one of its
massive tyres had been damaged.” Appar-
ently, there were no injuries.

According to the police some barricades in
west Kingston have been reinforced by
barbed wires attached to high voltage Jamaica
Public Service electricity distribution lines.

“According to the police,” reported Hall,
“liquid petroleum gas cylinders have been
inserted into the barricades and law-abiding
citizens are being prevented from leaving
Tivoli Gardens and have had their cellular
phones confiscated by criminals.”

The message both in and out of the area is:
“Leave Dudus alone...”

Meanwhile the only sound from Dudus is
his announcement that he plans to mount a

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challenge to his arrest warrant. His lawyer
filed a motion Wednesday in Jamaica’s
Supreme Court. The action is against Justice
Minister Dorothy Lightbourne, who is also
the Attorney General, and the director of
public prosecutions.

Dr Peter Philips, a former national security
minister, has suggested that government —
according to the Gleaner — may have “pre-
pared the wicket ” for Dudus’ court defence.

In a statement to parliament on May 12,
Prime Minister Bruce Golding said that his
government will, “without hesitation, facili-
tate the extradition of any Jamaican citizen
wanted to stand trial for extraditable offences
once the obligations under the Treaty are
met. Christopher Coke is wanted for an
alleged crime in the US for which he ought to
be tried and the government of Jamaica con-
sistent with its obligations under the Treaty,
will do everything necessary to facilitate his
extradition once it is done in occordance with
the provisions of the Treaty and the laws of
our country.”

The Jamaican government has maintained
from the beginning that the US has not met
those standards — and this is the platform
from which Dudus intends to launch his chal-
lenge. There are those who argue that the
US request should have gone to the courts —
not the Minister —for a decision as to
whether the grounds on which the application
was made complied with Jamaican law.

Prime Minister Golding did not agree.
“As I have already pointed out,” he told par-
liament, “the Treaty makes it clear that infor-
mation sufficient to allow the Minister to
authorise extradition proceedings must be
presented before the request is submitted to
the courts. What we have, therefore, is a dis-
pute regarding the application of the Treaty.
A treaty dispute cannot be resolved by the
courts of either party to the dispute. This is
why we have used every conceivable means to
resolve the dispute through dialogue with
the US authorities.”

Dudus’s lawyers will probably base his
case on these arguments, maintaining that
the Jamaican government crumbled under
US pressure, thus jeopardising the rights of
one of is citizens.

The extradition proceedings are now
before a Jamaican court, which will decide
whether “President” Dudus makes the trip to
the US — that is if the authorities can bring
him out from behind the barricades. Mean-
while, Jamaica’s criminal element with its
dons, its presidents and its strong men is a
cankerous sore within that island’s body
politic.

Hopefully the Dudus Coke case will cau-
terize the sore.



BETWEEN

Police making
progress in
fighting crime

EDITOR, The Tribune.

The Police continues to
make progress in their efforts
to eradicate criminal activity
in our country. They have
been remarkable in the arrest
of persons and the seizure of
firearms and ammunition
from criminals. In spite of crit-
icisms from politicians, talk
show hosts and some so-called
prominent persons, our Police
Force remains focused and is
performing at a high level of
excellence.

We must recognize the con-
tributions made by those citi-
zens, who continue to support
the efforts of the Police. Large
numbers of persons in the
“Over-the-Hill” areas are
assisting the Police by pro-
viding information and assis-
tance. It appears that many
of these persons have come
to realise that most of the vio-
lent crimes are committed in
their districts and they must
work with the Police to erad-
icate this menace. Communi-
ty policing and the walka-
bouts by Police Officers in
these neighbourhoods have
been rewarding. Many of
these persons are working
with the Police either openly
or anonymously. The words:
Notify, Identify and TESTI-
FY are being accepted as a
major weapon in the war on
crime.

Following are some hints
on the assistance that is being
rendered and it is hoped will
continue:

e Report vehicles seen
parked for long periods. They
could be stolen vehicles used
to commit crime and left
abandoned.

¢ Provide Police with infor-
mation on garages where
motor vehicle parts can be
obtained at a cheap price.
Vehicles are being stolen and
stripped.

e Report vehicles seen
parked with persons inside in
dark areas. These could be

LETTERS

letters@triounemedia.net



the drive-by shooters waiting
for their victims.

e Many crimes on the
island of New Providence are
committed by motorcyclists
in particular the fast trail bike
riders. Most of them have no
licence plates. They do not
want to be identified. Report
all such motorcycles seen
parked or loitering in your
communities.

e Continue to develop
neighbourhood watch pro-
grammes. Work with your
Police Divisional Officer.
Effective neighbourhood
watch programmes tend to
reduce criminal activity, in
particular burglaries, house-
breakings and shopbreakings.

¢ In New Providence there
is an average of two vehicles
stolen per day. Many of them
are stolen from parking lots
where there are no security
patrols. Many are stolen from
residences and on the streets.
The theft of vehicles can be
reduced by installing proper
locking devices and alarms.
Insurance companies should
consider reducing premiums
for persons, who install
approved locking devices and
alarm systems on their vehi-
cles.

e Walking the streets with
large sums of money is
unwise. Resisting an armed
bandit is stupid.

e Report threats to the
Police. Take all threats seri-
ously and inform family mem-
bers.

¢ Information about Police
corruption or misconduct
must be communicated to
Police Executive Manage-
ment. Be assured that confi-
dentiality will be observed.

e Avoid home invasions by
installing secure locking
devices, alarm systems and

most importantly, being alert
to strange or unusual noises
outdoors. Call Police imme-
diately.

e Note descriptions of crim-
inals. Look for scars, limps,
accents, and any names or
nicknames called. The infor-
mation would help the Police.
Licence numbers of vehicles
being driven is important.

e Many items recovered by
the Police and sold at Police
auctions occur because we do
not mark valuables or record
the serial numbers for iden-
tification.

e Going to the bank to
make a large deposit or with-
drawal. Have someone drive
you to the bank and the drop
of and pick up must be at the
door or close to the door. The
same applies if making a
deposit in the night safe.

e Safes attract robbers. If
in the home it must be well
hidden. If in the business it
helps if it can be seen from
outside. If you don’t need it in
the home get rid of it. Valu-
ables can be secured in banks.

e Get the full names and
addresses of person in your
employment, part

time or full time. It is advis-
able to acquire a background
investigation.

It is well known in Police
circles that large numbers of
the population are unable to
give proper directions to the
Police with regards to locating
their residences or where-
abouts. Do not get too excit-
ed. Give clear directions when
calling the Police. It helps
them to arrive faster.

The information disclosed
herein is just a part of crime
prevention and detection edu-
cation that must be given to
the public at regular intervals
to help them protect them-
selves and help the police to
eradicate crime.

PAUL THOMPSON
Nassau,
April 29, 2010.

The evils of homosexuality and abortion

EDITOR, The Tribune.

I commend the pope for
condemning the evils of
homosexuality and abortion.

Homosexuality is a trou-
bling moral and social phe-
nomenon that is destroying
the family. Dr Francis Collins,
who received the Presidential
Medal of Freedom for his
work sequencing the human
genetic code has proven that
homosexuality is not geneti-
cally “hardwired.” The Bible

Commonwealth Of The Bahamas 2009/CLE/gen/00591
IN THE SUPREME COURT
Common Law and Equity Division

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Plaintiff

AND
BARBARA PINTARD BASTIAN

First Defendant

AND
KENNEDY BASTIAN

Second Defendant

NOTICE OF APPOINTMENT TO HEAR
ORIGINATING SUMMONS

TAKE NOTICE that the Originating Summons filed
herein on the 15th day of April A.D., 2009, will be
heard by the Honourable Mr Justice Turner of the
Supreme Court, Supreme Court Building, Bank Lane,
Nassau, New Providence, The Bahamas on Wednesday
the 28th day of July A.D., 2010 at 11:30 o’clock in the

fore-noon.

You may attend in person or by your Attorney. If you
fail to attend such Order will be made as the Court

may think fit.

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

GRAHAM, THOMPSON & CO.,
Chambers

Sasson House
Shirley Street & Victoria Avenue
Nassau, The Bahamas
Attorneys for the Plaintiff
DDG



condemns it outright.

Legalised abortion is a true
disaster that has been
unleashed throughout the
world and is turning it into a
planet of death.

Abortion affects not only
the unborn child, but also the
mother who has conceived
and all the people involved
(ie, the baby’s father, the
grandparents, health care
workers).

Since the legalisation of
abortion the population has
been prematurely aging and
is dying of sadness and
despair.

Legalised abortion is a
“right” protected by a false
freedom that leads women to

do violence against their own
bodies. Psychologically, each
one of these mothers will be
wounded for life. They will
succeed in removing “some-
thing” that today she finds
bothersome, but she will not
be able to remove from her
mind and heart what she has
done.

To choose to extinguish in
cold blood a life given by
God, to reduce to dust and
ashes the body of a human
being made in His image and
likeness, should make us
shudder.

PAUL KOKOSKI
Canada,
May 14, 2010.

FAMILY GUARDIAN

IN SUBANCLE COMPANY LIMITED

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Family Guardian thanks. all applicants; however, only those short
listed will he contacted.


THE TRIBUNE

FRIDAY, MAY 21, 2010, PAGE 5



a
Pledge of high police profile in Grand Bahama communities

BY DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT - Assistant Commis-
sioner of Police Willard Cunningham
said police visibility in communities
will continue to be a priority here in
Grand Bahama during his five-week
tenure as acting officer in charge.

ACP Cunningham, who is filling in
for senior ACP Quinn McCartney,
accompanied officers of the Eight Mile
Rock Division, officials of Environ-
mental Health and Road Traffic, com-
munity nurses and the area pastor on a
community walkabout in the Jones
Town area on Wednesday.

Mr Cunningham said he believes
that partnerships with other govern-
ment agencies are important in
addressing crime and other social

problems within the community. Asst
Supt Christopher Pickstock, officer in-
charge of the Eight Mile Rock police
station, and ASP Loretta Mackey, sec-
ond in-command, plan to conduct a
walkabout in every community in the
area.

This is the fourth community walk-
about in the Eight Mile Rock commu-
nity.

Walkabouts were previously carried
out in Pinedale, Seagrape, and Hep-
burn Town.

“We want persons who are afraid
to feel safe so we are going to be very
visible in Grand Bahama,” said ACP
Cunningham.

Nurse Jaslyn Rolle said they have
identified some social challenges con-
fronting residents in Jones Town.

“We discovered situations of unem-
ployment, crime, as well as environ-

Eee

JONES TOWN AREA



mental and health concerns. “We have
also identified persons with health con-
ditions in the community who are
unable to go to the clinic and so the
community nursing department will
visit those residents who are in need of
medical attention,” she said. ACP
Cunningham said police have also tak-
en notice of the several abandoned
buildings and derelict vehicles in the
area which are conducive to criminal
activity.

“We will be addressing these prob-
lems. We believe that once we get the
public to have confidence in us they
will partner with us and give us infor-

mation that will help to solve crime in
Grand Bahama,” he said.

He noted that a major drug arrests
this week in Grand Bahama were the
result of police intelligence and infor-
mation received from members of the
public.

“Three persons are behind bars and
I want to commend members of the
public for working with us, and I beg
those persons who may have any oth-
er information about criminal activities
to please come forward and call police.
We want to bring crime under control
in Grand Bahama,” he said.

ACP Cunningham said Operation
Touchdown was also successful and
resulted in the arrests of 13 persons
and the issuance of 76 citations during
road searches throughout various areas
of the island.

“That initiative will continue for the

next five weeks until I leave this juris-
diction. We will make ourselves visible
on every street corner and alley and we
will arrest persons who are carrying
firearms or stolen goods,” he said.

Rev Dr John Rolle, pastor of Bethel
Deliverance Center, commended the
police for its efforts in the Eight Mile
Rock community and Grand Bahama.

“These officers risk their lives for
the betterment of this country. I think
when the church join hands with the
police force and other government
agencies and work as a team we will
have a better community and coun-
try,” said Rev Rolle.

Police Corporal Christina King, offi-
cer in-charge of neighbourhood com-
munity policing in Eight Mile Rock,
said they are in the process of estab-
lishing a neighbourhood crime watch
in Jones Town in early June.

Le
Testa am

pee LAE

FORMER Exuma MP
George Smith is continu-
ing his drive to convince
the PLP to only run
“viable and qualified” can-
didates in the next general
election.

Mr Smith has advised
his party’s leader, Perry
Christie, to avoid running
any candidate that may
bring shame or disappoint-
ment on the PLP. He said
the party should only be
considering candidates of
sufficient quality to serve
in the Cabinet of the
Bahamas.

He said: “Every con-
stituency has a right to
believe that their member
of parliament can serve in
a position of importance in
the government of the
Bahamas. I think that is
one of the lessons we can
learn from the recent
United Kingdom elections.
If you look at the calibre
of persons who were elect-
ed, there they were at the
top of their profession.

“So in the same vein, I
think we need to have a
balance: we need to attract
business people and we
need to attract people who
have a major involvement
in local activism; we need
academics, and every voter
needs to have faith that
their MP when standing on
the floor of parliament will
do them justice.”

With the
country facing
unprecedented
unemployment
and crime, the
party has a
chance to por-
tray itself as a
Ryan viable alterna-





Pinder _ tive to the gov-
erning FNM,
Mr Smith said,
adding that the PLP

should therefore be even
more careful not to run
anyone who has been
shown to be “clearly void
of intelligence”.

“You can’t run people
who one day when they
want to make a speech
have given no thought of
what they are going to say
— be it in the House of
Assembly or in a con-
stituency meeting — where
only utter nonsense comes
out of their mouth all the
time. You cannot have this
kind of embarrassment.

“We have to raise the
standards of debate in par-
liament and it can’t just be
about age. If a brilliant
brain is in a young man,
call him to action. If it is
an old man, call him to
action. And no one who
brought embarrassment to
the PLP previously should
be brought before the
country again as a repre-
sentative for the party. If
Elizabeth could have
attracted a Ryan Pinder,
could not all the other con-
stituencies attract a candi-
date of similar calibre?” he
asked.







Man injured
in shooting

Just after 6pm on Wednes-
day, police were informed of a
shooting in Nassau Village.

Responding officers were
told that the 32-year-old male
victim was walking out of a
house on Sampson Street
when a man in a dark
coloured Honda brandished a
handgun and fired several
shots in his direction.

The victim was struck in the
leg and was rushed to hospital
by ambulance. He is listed in
serious but stable condition.

Police are investigating.

US college student

admits charges over

brawl with police

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

AN American college stu-
dent has pleaded guilty to a
number of charges stemming
from a brawl with police.

Jordan Hawks Proffitt, 20,
was arraigned before Magis-
trate Ancella Williams in Court
Six, Parliament Street, on
Wednesday.

Police have charged him with
one count of causing grievous
harm, three counts of causing
damage, two counts of aggra-
vated assault, one count of
assaulting a police officer, one
count of disorderly behaviour,
one count of using obscene lan-
guage as well as one count of
resisting arrest. He admitted all
of the charges.

Prosecutor Sergeant Timo-
thy Saunders said that at about
745pm on Tuesday, PC 3327
Hanna and PC 735 Davies of
the Tourism Police Unit, were
on foot patrol in the downtown
area when they were informed
of a disturbance at the rear of
the Straw Market, near Senor
Frogs.

The officers reportedly found
Proffitt in the street, yelling at
another man.

Officer Hanna approached
him and asked why he was
yelling. Proffitt replied: “You
all police officers ain’t got noth-
ing to do with this situation.”

Officer Hanna then informed
Proffitt that he needed to stop,
to which Proffitt replied: “You
all n*****s ain’t got nothing to
do with me.” He then pushed
the officer to the ground.

While the policemen
attempted to handcuff Proffitt,
the accused pushed Officer
Hanna down again while shout-
ing racial slurs.

According to Sergeant Saun-
ders, two other men attempt-
ed to stop the arrest. Officer
Davies was head butted by
Proffitt while Officer Hanna
suffered a dislocated shoulder
and a fractured thumb.

Proffitt, after some 15 min-
utes, was placed inside a van
and taken to the Central Police

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TWENTY-YEAR-OLD Jordan Hawks Proffitt, of Florida, appears in
court to face numerous charges.

Station. The accused disagreed
with some of the facts present-
ed by the prosecutor.

He told the court he got into
a bar fight and was dragged
outside. He claimed he was
unaware of what kind of uni-
forms Bahamian police officers
wear.

Proffitt alleged he was
grabbed from the back and
thrown to the ground, put in a

Tim Clarke/Tribune staff

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§ Scotia Private Client Group’

VACANCY

chock hold, thrown in a van and Investment Advisor, Offshore Brokerage

also punched in his face.

He admitted that he fought S
back at the police, although he
claimed he did not know they
were officers at the time.

Proffitt told the magistrate
that he has never appeared in
court before and is a student at
Daytona State College, in Flori-
da.

The prosecution objected to
bail, citing the serious nature
of the charges as well as the fact
that Proffitt has no legal status
in the country.

He was remanded to Her
Majesty’s Prison and is expect-
ed back in court next Tuesday
to be sentenced.

financial goals.

tia Private Client Group (SP

Position Summary:

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Scotiabank (Bahamas) Ltd. is seeking the services of an
Investment Advisor, Offshore Brokerage

The position is responsible for ensuring profitable portfolio growth and
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Key accountabilities for this role:

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Ensure the growth in the number, size and profitability of Offshore
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Contribute to managing the growth and profitability of the Offshore
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* Canadian Securities Course (current with CEC requirements satisfied)
¢ Fluency in French is required

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¢ Chartered Accountant
¢ Chartered Financial Analyst

Qualified candidates only should submit applications no
later than May 31, 2010 to:

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Scotia House, 404 East Bay Street.
P.O, Box N-7518, Nassau, Bahamas
or e-mail ross.painter@scotiabank.com

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 6, FRIDAY, MAY 21, 2010

THE TRIBUNE

Consumer protection — a promise needing to be fulfilled

YOUNG Man’s VIEW

By ADRIAN GIBSON
ajbahama@hotmail.com

Over the past four weeks, the
loyal readers of The Tribune
and avid followers of this col-
umn must have noticed its
absence from the pages of the
country’s premier daily. It must
be noted that that absence was
because I took time off to pur-
sue my legal studies and stu-

ADRIAN

inations. Now, in the wake of
exams, this column will return to
its regular appearance every

diously prepare for recent exam- week.

To a brother and son, second to none. Died 2003,
May 21, mow its 2070, May 21.4 whole 7 years later,
still aint feel like 1, mare like yesterday.

| looked in ya face, you shined like the sun, even
when skies was grey, when i think bout your life, | ory
but | smile.

You brought plenty of lowe and that's no denial. But
you heft us so much more than you brought fram the
start. Through the 3's back to 2's, you still here in our
hearts

‘Bethel Brothers Morticians

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

FUNERAL SERVICE FOR

Eunice May
"Harls"
McKenzie, 69

of Bellot Road and

formerly of Market

Street, South and

Mangrove Cay, Andros

will be held on

Saturday, May 22nd,

2:30pm at “St.

Barnabas Anglican

Church, Baillou Hill

and Wulff Roads. Canon

Basil Tynes assisted by other ministers of the Clergy

will officiate. Interment will follow in Woodlawn
Memorial Gardens, Soldier Road.

Eunice was survived by five daughters, Rita
Strachan, Terry Bullard, Sharon Johnson, Anishka
Whyms and Sonia Christie; sons, Hugh and Patrick
Thompson; daughter-in-law, Gillian and Renee
Thompson; sons-in-law, Zephaniah Strachan,
Shedrach Johnson, William Whyms, Vivan Christie
and Wayde McPhee; grandchildren, Detective
Constable 957 Demetrius Taylor, Marine Seaman
Delano Johnson, Ricardo McDonald, Everette
Russell, Michael, Sheddina, Joseph, and Marcellas
Johnson, Wilfred Smith, Jennifer and Alliyah
Thompson, Ravyn and Ryshae Whyms, Aldean Allen,
Shannon, Sanjay and Shawn Christie; great
grandchildren, Erin Russell, Megan, Savanna,
Ricardo McDonald Jr and Milagro Taylor; one sister,
Marion "Blossom" Rolle; step sisters, Rev. Gloria
Ferguson, Maria Gibson, Debbie Munroe; aunts,
Florence Fernander, Cecilia and Lovely McKenzie;
uncles, Ernest and Emperor McKenzie of Long Bay
Cay, Andros; step brothers, Garnet Bastian, John
Curtis; special friends, Grachion Sands & family,
Eunice Sherman & family, Inger and Lynette
Saunders, Donald Wilson & family, Jewel Pierre &
family, Geneva Moree & family, Maria Knowles &
family, Dianne Clarke & family, Alvena Taylor &
family, Marsha Smith & family, Dorothy Smith &
family, Mrs Sandra Curtis and family, Mavis Johnson
& family, numerous relatives and friends including,
Alfreda Gaitor & family, Annie McKenzie & family,
Lorenzo & Olga Butler, the Smith family of Market
Street, Spurgeon & Karen Neilly, Julie Kenny &
family, Mrs Tuloch and family, Angela & Gloria
Adderley and family, Anthram McKenzie, Harold
Thompson, Pastor Ambrose & family of Cat Island,
the Cat Island Community, Dudley, Bradley,
Alphonso, Emperor JR and Basil McKenzie, the
Butler family, Anthon Todd and family, Mizpah
Bannister and family, the Johnson family, Bunnicea
Rolle, Raphelita Jones and Family, Sherilyn Fernander
and family, Lisa Duncombe and family, Melrose
Knowles and family, Stacey Skinner and family,
Camille Curry and family, Nerissa Gibson and family,
Agatha Smith, Wendy Fernander, Carnie Gibson,
Agnes Johnson, Bloneva Trotman, Alareta Bethel,
Angus Bullard, Haverson McKenzie, Althea Carey,
Mavis Thompson and family, Jason Gomez and
family, Jullian Francis, Nurse Jessie Smith and Nurse
Julia Mackey, the Market Street family, St Barnabas
Church family, the ACW family, Nurses and Doctors
of the Flamingo Gardens Clinic and Doctor's Hospital.

Friends may pay their last respects at Bethel Brothers
Morticians, #44 Nassau Street on Friday from 11:00
a.m. to 6:00 p.m. and on Saturday from 10:00 a.m.
to 12:00 noon and at the church ftom 1:00 p.m. until
service time.



G IBS ON

| HE Bahamas is a
nation of over-lever-

aged consumers. Early into the
21st century and right before
the economic crash, an era of
promiscuous credit prevailed
and was/is evident by the preda-
tory lending practices of at least
one or two local banks that con-
tinually approve unsecured,
“ne-plus-ultra, NINJA loans”,
which in certain instances
required no assets, no job and
no income.

Over the years, it appears
that the majority of local com-
mercial banks have not been
consumer-friendly, several of
them serving as nothing more
than poorly regulated outfits
that financially-handicap con-
sumers and deceptively assist
in pushing consumers deeper
into a cycle of never-ending
debt.

Frankly, many consumers
seeking bank loans under the
current rapacious business
model are promised one rate
and loaded with hidden, back-
end fees once a transaction is
concluded.

While much blame must be
laid at the feet of greedy, penu-
rious consumers, it must be not-
ed that consumer loans are
designed to keep Bahamians,
who oftentimes want every-
thing they see, in bondage.
Admittedly, greedy Bahamian
consumers obsessed with “the
following the Joneses syn-
drome” seek high-interest con-











are
c
—,

sumer loans from avaricious
financial institutions for trivial
purchases such as jewellery,
vehicle rims, trips overseas,
clothes and so on—just enough
money to become trapped in
an enduring quagmire of finan-
cial problems and continuous
refinancing. As it stands, there
appears to be little or no effort
at credit facilities to educate
the consumer and, quite
frankly, it’s practically impos-
sible for Bahamians—who are
effortlessly approved for high-
interest consumer loans—to be
approved for mortgages, com-
mercial loans or any substan-
tial financing in pursuit of self-
empowerment.

Mortgages

As hordes of people default
on their mortgages, of note is
the higher interest rates applied
to no down payment land
schemes. Bank fees continue to
spread like germs. Relative to
credit cards, egregious and
steep rates hijack the finances
of debt-ridden consumers,
whilst unreasonable fees are
applied to checking accounts
and banks further gouge cus-
tomers by attaching outrageous
fees to savings accounts and
even when an automated bank-
ing machine (ABM) is utilized
to withdraw your own money.
When I travelled to Europe and
elsewhere and had cause to use
my ABM card, I was stunned
by the exorbitant fees applied
to foreign debit transactions.
Automated teller/banking
machine fees (ATM/ABM) and
monthly service charges by
banks are overly inflated, as
even fees accompanying

ABM/ATM withdrawals from
an account at one bank using
another bank’s machine is dou-
bled and, frankly, is bordering

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on criminal. Amazingly, banks
have begun blaming rising
unemployment trends and a
sluggish economy for the high-
er fees incurred and rapacious
interest rates.

Why does the usage of dif-
ferent accounts at the same
bank carry separate fees? If a
fee must be applied, why is
there not a consistent fee across
multiple accounts? How big is
the difference between the
rates at which local banks bor-
row and the rates at which they
lend? Indeed, the fat spreads
charged by these banks yield
high profit margins!

Moreover, as an unregis-
tered bill payment/lending
scheme was recently shut down,
who is watching over those new
savings and loans operations,
no doubt run by loan sharks
ready to pounce upon desper-
ate, bankrupt borrowers?

Prior to the recession and
collapse of the real estate mar-
ket the most leveraged bor-
rowers locally—and interna-
tionally (e.g. US)—took on
adjustable rate mortgages that
reset to higher rates in two or
three years. While these mort-
gages may have been conve-
nient at the time, no doubt they
are burdensome with upward
readjustment during the cur-
rent economic crunch.

Why do mortgages still pay
new legal fees when transfer-
ring a mortgage from one finan-
cial institution to another?

I’ve long held the belief that
banks should be more open to
modifying loan payments and
restructuring mortgages to
relieve borrowers during a
weak economy. Furthermore,
the Central Bank should seek
to reduce interest rates across
the board. At present, interest
rates on mortgages for exam-
ple range between 8.75 per cent
on the lower end to an exces-
sive 11 per cent.

As the country feels the eco-
nomic pinch, the Central Bank
should have stepped in and
slashed interest rates (if only in
the short term), injecting cheap
money into the system as was
done by the US Federal
Reserve after various 90s cri-
sis. Economic theory suggests
that if the Central Bank cut
interest rates, the commercial
banks cut the Bahamian Prime
Rate, and all interest rates
charged to borrowers were also
cut, the cheaper cost of money
would encourage consumers
and businesses to increase
spending.

In The Tribune’s February 3,
2009 edition, Central Bank
Governor Wendy Craigg not-
ed that the bank would not use
interest rate cuts to stimulate
the economy “unless there is a
development that causes us to
change.” While a reduction in
the Central Bank’s discount
rate—the rate at which the
monetary policy regulator lent
to Bahamian commercial

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banks—was a
tool at its dis-
posal, Ms
Craigg said
the Central
Bank did not
want to
encourage
credit growth
that might
place this
nation’s bal-
ance of payments, foreign
exchange reserves and ulti-
mately, the one-one peg with
the US dollar under pressure.
At that time, the bank’s gover-
nor stated that the regulator
was “not overly concerned”
about the deterioration in com-
mercial bank asset quality yet,
as borrowers defaulted due to
job losses and reduced incomes,
but were watching the situation
closely.

While Ms Craigg has a point,
it should also be noted that in
order to discourage credit
growth while alleviating the
financial burden of many
Bahamians, the Central Bank
can reduce the interest rate
while at the same time enforc-
ing a more stringent criteria for
qualification for loans and
stronger regulation of com-
mercial banks.



Wendy Craigg

Reform

Indeed, the political estab-
lishment must carry-out serious
regulatory reform over finan-
cial institutions/banks that
weaken consumers’ financial
health and profiteer by ripping
bigger holes in the wallets of
consumers in every imaginable
way. The recently established
Clearing House Association
could also be more efficiently
operated as the turnaround
time on financial transactions
such as the depositing and
accessibility of cheques onto
accounts is still too long.

The government must
implement austerity measures
so that banks would alter inter-
est rates and adjust foreclosure
practices, particularly after a
housing bust that left throngs
of homeowners—some of
whom were uncreditworthy
from the get-go—stuck with
mortgages worth much more
than the value of their homes—
unable to sell, unwilling to take
a loss on their principal invest-
ment and unable to meet pay-
ments due to job cuts or, as
seen in the hotel industry,
working less than an adequate
number of days.

The FNM manifesto
addressed the provisioning of
consumer protection mecha-
nisms to “provide Bahamians
with improved protection
against dishonest and/or unfair
business practices.” It stated
that the FNM government will
“establish a consumer protec-
tion agency, mount a sustained
consumer education campaign
and provide for the transfer of
loans or mortgages between
banking institutions at no cost
to the customer, the right for
borrowers to choose lawyers to
do their home mortgages and
business loan legal work and
the right for borrowers to use
the insurance company of their
choice in relation to home and
business mortgages.”

Undoubtedly, the Bahami-
an electorate/consumers are
anticipating that these promis-
es will be fulfilled!

IS PERRY CHRISTIE
POLITICALLY TUNE DEAF?

Recently, former PM Perry
Christie warned would-be
investors in the government’s
$65 million Arawak Cay con-
tainer port that if he is returned
to the office of Prime Minister
he will reverse the deal. He
said: “My position on the $10
bill is known. My position on
the port is known, and time
doesn’t change that. What polit-

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THE TRIBUNE

BRITISH Airways cabin staff are
yet again poised to strike next week
after the High Court in the United
Kingdom overturned a ban on their
planned industrial action.

It was not clear yesterday exactly
how the strike will affect the five
direct long-haul flights per week
from London Heathrow to Nassau,
as airline spokeswoman Marcia Esk-

FRIDAY, MAY 21, 2010, PAGE 7

LOCAL NEWS

BA cabin staff poised to strike again next week

UK High Court overturns ban on planned industrial action

ine failed to return messages seeking
comment up to press time, and local-
ly-based senior staff were out of
office yesterday.

A junior staff member told The
Tribune that for now, all scheduled

flights are set to go ahead. British
Airways were granted an injunction
against the staff strike action last
Monday by the High Court.

The court ruled that the cabin
crew union Unite could not go ahead

with its strike as it had not reported
the results of its strike ballot cor-
rectly to members. But this was
rejected as a “trivial” objection by a
High Court judge yesterday.

Unite is protesting BA’s cost-cut-

ting plans including a wage freeze
and reduction in the numbers in-
flight staff. The two sides will now be
seeking to reach a settlement before
Monday’s planned five-day strike.

The union previously rejected a
BA offer as it did not include the
restoration of revoked travel perks
for employees who participated in
a previous walk-out in March.

Focus on impact of
climate change and
natural disasters

By BAHAMAS
INFORMATION SERVICES

REPRESENTATIVES of
the European Council and the
Caribbean met in Spain this
week to discuss issues concern-
ing the strengthening of bilat-
eral ties in addressing climate
change, the earthquake-strick-
en Haiti and the recovery
process from the global reces-
sion.

Deputy Prime Minister and
Minister of Foreign Affairs and
Immigration Brent Symonette
represented the Bahamas at the
Sixth Summit of Heads of State
and Government of the Euro-
pean Union, Latin America
and the Caribbean, held in
Madrid, Spain, where these
issues were discussed.

He also participated in the
EU-CARIFORUM Summit,
the EU-LAC Meeting of For-
eign Affairs, and the First
Meeting of the Joint EU-CAR-
IFORUM Council under the
Economic Partnership Agree-
ment on Monday.

The EU-CARIFORUM
Summit was co-chaired by Sen-
ator Maxine McClean, Minis-
ter of Foreign Affairs of Bar-
bados, and the President of the
European Council Herman
Van Rompuy.

The two sides discussed

iit ot gr

issues concerning the strength-
ening of the bilateral relation-
ship to include such issues as
climate change and natural dis-
asters that affect the Caribbean
region in particular, such as the
devastating earthquake that
ravaged Haiti in January of this
year.

In relation to the disaster in
Haiti, Spanish Prime Minister
José Luis Rodriguez Zapatero
reconfirmed the commitment
of the EU and Spain “to lead
the efforts and provide financial
support for the reconstruction
that has already begun”.

President Van Rompuy,
announced the launch of the
specific EU-CARIFORUM
dialogue dedicated to climate
change, as well as a bilateral
summit on this issue during the
second six months of this year.

The President of the Euro-
pean Commission José Manuel
Durao Barroso also took part
in the meeting.

The inaugural meeting of the
CARIFORUM-EU EPA Joint
Council was also convened in
Madrid on Monday.

Ministers agreed to the adop-
tion of the Rules of Procedures
of the Joint EC-CARIFORUM
Council, the CARIFORUM-
EC Trade and Development
Committee and the Special
Committees; the adoption of

a



[

AY EL CARIBE

ATE AND GOVERNMENT







the Rules of Procedures for
Dispute Settlement; and
exchanged views on the imple-
mentation of the Agreement
The Sixth EU-LAC Summit
opened with a dinner on Mon-
day hosted by His Royal High-
ness The Prince of Asturias,
Felipe, son of King Juan Carlos
and Queen Sofia of Spain, at
the Royal Palace in Madrid.
The Sixth EU-LAC Summit
series of meetings culminated
with the adoption of the
Madrid Declaration and Action
Plan, identifying areas of coop-
eration in the fields of energy,
the environment, education,
research and innovation, and
the fight against drugs - with
their respective financing

= narine Resources

! | I s i) f Fi WR i

at PN AY '

instruments - which will be
reviewed at the Seventh Sum-
mit, to take place in Chile in
2012. The two regions
promised to work together on
coming out of the international
economic crisis, combatting cli-
mate change, designing a new
international financial archi-
tecture and actively promoting
the achievement of the Millen-
nium Development Goals.

Other major achievements of
the Madrid Summit were the
launch of a Latin America
Investment Facility and the
EU-LAC Foundation.

The Latin America Invest-
ment Facility (LAIF) was
launched jointly by the Euro-
pean Commission and the

(Photo courtesy of Council of the European Union)
DEPUTY PRIME MINISTER and Minister of Foreign Affairs and Immigration Brent Symonette (back row second left) at the Sixth Summit of
Heads of State and Government of the European Union, Latin America and the Caribbean, held in Madrid, Spain from May 17-18, 2010.

Spanish presidency, and has
been established by the Euro-
pean Commission to mobilise
additional financing in Latin
America to support investment
projects by bringing together
grants from the Commission
with loans from European
development finance institu-
tions.

The EU-LAC Foundation
will contribute to the strength-
ening of the EU-LAC bi-
regional partnership process
involving participation and
inputs of civil society and other
social actors to encourage fur-
ther mutual knowledge, under-
standing and visibility between
both regions.

EU-LAC countries and the

European Commission will
financially support this new
institution.

To date, the host city of the
Foundation has yet to be decid-
ed. The candidate cities are
Hamburg, Germany; Milan,
Italy, and Paris, France.

The summit adopted an out-
line for a Joint Caribbean-EU
Partnership Strategy, which
now has to be further devel-
oped.

Accompanying the Deputy
Prime Minister to the Madrid
meetings were Frank Davis,
First Secretary and Consul in
the Bahamas High Commission
in London, and Carol Young,
assistant economist in the Min-
istry of Finance.

Pasche Bank & Trust Ltd

Investment Advisor

Responsibilities:

Subsidiary of

BNAI]UE bast

a Prtwere Bios bf ag
Vacancy for an:

The general responsibility of the Investment Advisor is to provide an 1n-
house service to Senior Management, the Investment Committee and

Relationship Managers.

Duties include, but are not limited to the following:

¢ Work closely with the Investment Committee to develop effective
business models and improve the productivity of existing models

¢ Provide support to various project development and management
initiatives within the group

¢ Management of discretionary private client portfolios

* Research, develop and implement strategies for new products (all

asset classes)

* Guide and assist staff in the training of Bank’s products
¢ Provide advisory services to sophisticated clientele

Required skills and competences:

¢ Main expertise should be in U.S. markets

¢ Sound knowledge of LatAm markets also a plus

¢ A university graduate, in business, finance, economics,
accounting or sales and marketing

¢ At least 7 years experience working in Private Wealth Management

¢ Thorough understanding of financial markets, instruments,

operations

¢ Good oral and written communication skills

¢ Excellence in risk management, finance, marketing and business

acumen skills

¢ Knowledge of French and Spanish a plus

Interested persons should apply in writing to:

The Chief Operations Officer
P.O. Box AP 59241

Nassau Bahamas

Fax: (242)327-1514

Email: robert.mullings



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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 8, FRIDAY, MAY 21, 2010

HURL TUBS TES hy



FROM page one

ed (or instructions to do so issued). Any arrangements going for-
ward will have to be arrived at as a result of a sale, court order or
by Mr Treco agreeing, voluntarily, not to build,” the minister said.

Investors in Delaporte Point claim the bulldozing of the Dela-
porte gardens and the new buildings will devalue the investments
made by more than 100 owners who have purchased houses and
apartments. A resident told The Tribune: “Owner’s investment in
their homes is one of the largest they will ever make. Treco has
bulldozed the gardens used by families for birthday parties and
Easter egg hunts to cram four more units into the already crowd-
ed community. They are building in the garden right in front of our
home.”

Another owner said: “Our homes that are collectively worth tens
of millions stand to be devalued significantly and our lives altered
permanently simply because Treco construction wants to put four
more units here instead of turning the gardens that we use as
common areas over to Delaporte residents.”

The petition asked the Government to permanently stop the
developer from building four garden units and have the develop-
er restore the area to its previous condition.

Residents also want the developer to turn over to their home-
owners association all parking spaces, public spaces, roads, entrance
gate, sewage system, generator area, right of ways and other areas
that have been maintained at the expense of the Delaporte resi-
dents dating back to the 1960s.

Town Planning has also been asked to restrict Trecon Con-
struction from further building in front of other homes in Delaporte
Point. Delaporte residents, who have voiced strong opposition to
the construction of the garden units, say they want government to
put an immediate and permanent stop to the Trecon construction
for many reasons, including construction directly in front of their
homes, high density in the community, lack of green space and
extremely serious parking problems.

Consumer protection
FROM page six

ical organizations do is review its own thinking on a matter with
respect to the issue. And there is nothing to date that has convinced
me that there should be a change in that thinking.”

So, is Mr Christie intending to use a pick axe and dig up a port
that is well underway?

Frankly, I think most discerning people, regardless of their
political leanings, reacted with a collective smirk to Mr Christie’s
comments, which appear to border on outright nonsense and
appears to be nothing more than a psychological ploy. It is, as I see
it, nothing more than political theatre and populist grandstanding,
particularly as the former PM must be feeling reinvigorated now
that the tea leaves have been read in his favour following the
Elizabeth by-election. Indeed, Arawak Cay is a valuable piece of
property and the public can be better informed in some instances,
for example, how much money is likely to be made off the high val-
ue properties owned by the shipping landlords on Bay Street now
that the container port is being relocated? As unemployment con-
tinues to inch upwards and the country faces soaring deficits and
public debt, Mr Christie’s puerile utterances and partisan bicker-
ing lacks substance and, to use the words of US president Barack
Obama, appears to be another instance where “politics I think end-
ed up trumping practical common sense.”

Instead of engaging in partisan bickering, throwing tantrums and
stomping in the yard about reversing the port deal, it’s high time for
Mr Christie (and others) to propose solutions or ideas, rather
than using the political stage for self-serving, vainglorious political
posturing and pontificating that could only deepen the partisan dif-
ferences that divide us, the ideological divisions that keep our
people apart.

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LOCAL NEWS

Oil enters Loop Current, headed for Bahamas

FROM page one

data that placed the oil’s loca-
tion three miles away from
the loop current.

Michael Stubbs, chief cli-
matological officer at the
Meteorological Department,
said it was “very likely” the
oil would end up in the loop
current. At such a time, the
risk of the Bahamas being
directly impacted would
increase significantly.

“Whatever is deposited in
the loop current will travel
through the loop current no
matter what. Once it gets into
the loop current we can’t
duck it. If you have no wind,
no weather systems and it is
calm, the loop current will still
facilitate the movement of
material into the vicinity of
our islands,” said Mr Stubbs.

With hurricane season fast
approaching on June 1, local
responders are furthered con-
cerned about the impending
environmental disaster. Given









Ee









Patrick Semansky/AP Photo



fs
wo

“i - fa. ak TH ie
RKERS lay oil booms along a land bridge on Elmer’s Island in

Grand Isle, La., Thursday, May 20, 2010. Oil from last month’s
Deepwater Horizon oil rig explosion in the Gulf of Mexico has
started drifting ashore along the Louisiana coast.

the high number of storms
that have been predicted this
season, there is “great con-
cern” about the added chal-
lenges to possible contain-
ment efforts.

Historical records show that
early in the season cyclones
tend to originate in the vicin-
ity of the Gulf of Mexico,
North of the Bahamas, where
the source of the spill is locat-

ed, according to Mr Stubbs.
“The area in the gulf is fer-
tile ground.”

Several issues are of con-
cern. A hurricane or other
severe weather system would
likely hamper efforts in the
gulf to contain and clean up
the oil. It could also generate
strong waves or wind that
would drive surface oil, oil
residue or particles, and

THE TRIBUNE

chemical disspersants into the
area of the north-western
Bahamas.

“From our knowledge, this
is the first major one so close
to home. It is going to be with
us for a great length of time. It
has overwhelmed the imme-
diate resources, so obviously
it leads one to wonder how
and when we will be able to
control it,” said Mr Stubbs.

The loop current is an
oceanic “conveyor belt”, trav-
elling from the Western tip of
Cuba in the Caribbean Sea,
north along the Yucatan
Channel, according Mr
Stubbs.

It makes a clockwise turn
towards the Florida Keys, and
then travels eastward between
the Bahamas Islands and the
Florida peninsula.

It then moves northward
along the eastern coastline of
Florida until it joins the gulf
stream, which carries it fur-
ther north into the North
Atlantic ocean towards
Europe.

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Social services unite to crack down on incest

FROM page one

increase in under age teenage pregnan-
cies, many of which involve incest.

“The incest cases are in the hands of
the police. There is follow up, and with
any student under 16, their case is
referred to the attorney general’s office,”
said a Tribune source.

The PACE programme is regulated
by the Ministry of Education, Social Ser-
vices and Health. The organisation
recently formed a partnership with the
Royal Bahamas Police Force to strength-
en the efforts against perpetrators of
incest and child abuse.

Loretta Butler-Turner, Minister of
Social Services, said the PACE pro-
gramme has not been able to capture the
entire constituency of pregnant school
girls, so the increased intake was an indi-
cation that more people were reporting
incest and seeking assistance.

“Throughout our Family Islands and
New Providence we know there is a high
prevalence of pregnancies and sexual
molestation by family members. The fact
we are able to identify that and the police
are going to be working more closely
with us on that regard is always a very
good thing,” said Mrs Butler-Turner.

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Social workers say incest convictions
“appear to be” higher than rape, which
has a low conviction rate. They say the
issue is still surrounded by a “cloak of
secrecy”, but with new laws, like the
Child Protection Act, and advocacy
efforts, “we are making a break
through.”

“One of the things is you have a named
criminal who could deny it but then of
course there is DNA. With a rape, DNA
may be destroyed, but if a baby results
there is no getting around that,” said a
social worker.

Of concern to social workers is the fact
that “in a lot of the communities this
dysfunctional behaviour is normalised.
Everyone just keeps quiet about it.”

The devastating effect of incest on chil-
dren cannot be understated, according
to psychologist Dr David Allen.

“We need intervention. The parents
can’t handle the situation. What looks
like a bad kid is a kid in pain. The parents
need help. We can panic at the problem
or we can address it,” said Dr Allen.

He said children engaged in drug
abuse, sexual promiscuity, teenage preg-
nancy, delinquency at school and youth
gangs are not in “crisis”, but in “pain”,
which demands a different approach than

often touted crime prevention strategies
that do not address the root issues.

“These kids have nobody. A human
being with no one there for them
becomes an animal. If we do not create
the surrogate family or the community to
support their hurt, their ‘self-hate against
men’ (SHAME) creates more problems.
I believe we have a way now to deal with
it,” said Dr Allen, speaking of his pro-
gramme, The Haven.

“As a society we have to come togeth-
er and help. In a society where only the
strong are strong nobody is safe because
nobody will be strong forever. But in a
society where the weakest among us,
children, are safe then all of us are safe,”
he said. Some community leaders are
calling for more outrage over the trou-
bling national issue. Bishop Simeon Hall
questioned why more leaders were not
speaking out on the matter.

“When other things happen you hear a
lot of stuff, but I haven’t heard any out-
rage on this. I think those of us who
speak publicly should be consistent. That
is what I have been saying about the
Christian community. There should be
more public outrage. We should do more
thorough work to see that these persons
are not on the loose,” said Bishop Hall.

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THE TRIBUNE






FRIDAY, MAY 21,

PAGE 9

ort

2010



INSIDE ¢ Track & Field Results








Husband, wife duo set to make boxing history



Elkeno Saunders





By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net



THE husband and wife team of
Elkeno ‘The Punisher’ and
Altonique ‘Lady Punisher’ Saunders
will make history on Saturday night
when they become the first to fight
on the same professional boxing
card.

While Elkeno Saunders will be
gearing up for his return to the local
scene in a cruiserweight match-up
against Anthony Osbourne, his wife
Altonique will be making her debut
against Mia ‘Just Do It’ Henderson
in a four-round middleweight bout.

Their fights will come on the First
Class Promotions’ “In Your Face”
show at the Kendal Isaacs Gymnasi-
um, featuring Jermaine ‘Choo Choo’
Mackey in the main event.

Mackey, the Bahamian super mid-
dleweight champion, is scheduled to
take on Tyler ‘Undertaker’ Hughes
in the 10-round main event. The 10-
round light welterweight co-main
event will pit Anthony ‘Psycho’
Woods against Hensley ‘Bruiser’
Strachan.

In the other bouts on the under-
card, Jerome ‘Bronze Bomber’ Ellis
is expected to return home to tackle

Testie ‘Neck Breaker’ Davis in a
middleweight eight-rounder and Jer-
ry ‘Big Daddy’ Butler is set to face
Leon ‘Mountain’ Palmer in a heavy-
weight four-rounder.

Altonique Saunders, a soccer and
softball player, said after watching
her husband appear in so many
fights, she decided to give it a shot.

“It’s something that I wanted to
do for a while, but my husband has
finally given me the opportunity to
do it,” said the BTC employee.

Having spent the past few months
in the gym training with her hus-
band, Saunders said she’s looking
forward to going out on Saturday
and “just do my best and hopefully I
will come out on top.”

As a woman entering what has
predominantly been considered a
male sport, Saunders said she’s not
concerned about the nay sayers.

“There’s not that many, if any
Bahamian females, who are fighting
professionally, so it’s just something
that I thought I will try to do,” she
lamented.

As for the historic moment when
she and her husband will be appear-
ing on the same card, Saunders said
it’s “nothing out of the ordinary.”

“We will just more support
because we know that each other
will be going out there to fight.”

While Saunders will be making
her debut, her husband will be
appearing in his first fight since April
25, 2008, when he lost an eight-round
decision to Renan St Juste in Que-
bec, Canada.

Promoter Michelle Minus said the
show is gearing up to be a very excit-
ing one, especially with the women.

“We’ve been getting a lot of
responses from husband and wives,
who have been freaking out over the
fact that this husband and wife are
fighting on the card,” said Minus,
who joins her husband, Ray Minus
Jr, as the first Bahamian husband
and wife promotional team.

“Elkeno and Altonique have been
training together and they are confi-
dent that they will both be victorious
at the end of the night. So we’re
looking forward to seeing how well
they perform.”

Minus said all of the other bouts
on the card have been drawing just
as much interest because a lot of
people are delighted to know that
professional boxing is returning after
the one-year suspension by the
Bahamas Boxing Commission.

The weigh-in for the show is set
for 4pm today at the First Class Pro-
motions office on Wulff Road. There
is a general admission for the show,
slated to begin at 8:30pm.









Altonique Saunders



Bahamians help

school reach state
championships



BAHAMIAN baseball
players continue their out-
standing play on the high
school baseball circuit as
the Bahamas Baseball Fed-
eration puts the final
touches on its premier
event — "8th Annual Andre
Rodgers National Baseball
Championships".

All the players below will
be representing various
leagues at the NBC.

The BBF is extremely
pleased and excited to see
four young Bahamians play
pivotal roles in their high
school reaching the con-
ference State Champi-
onship game.

In the Florida State
Semi-Finals (District 12-
1A), the Trinity Christian
Academy Warriors
blanked the Eagle View





3-0.

The Trinity Warriors fea-
tured an All-Bahamian
outfield with Brandon
Murray in left, Kyle Hall
in centre and Byron Fer-
guson Jr. in right Field.
The other member of the
team is Geren Albury, the
designated hitter.

During the game, Fergu-
son Jr. went 3-for-4 (three
singles) with two RBI;

Brandon Murray was 2-
for-4 (single & triple) with
two runs scored; Kyle Hall
was 1-for-4 (single) and
Geren Albury was 1-for-4
(single).

Ramon Grant of Grand
Bahama is also a member
of the Warriors.

The State final was
played yesterday, but no
results were available at
presstime.

BRANDON Murray slides into third base.



Byron Ferguson Sr./Photo

MINISTRY OF WORKS & TRANSPORT

NOTICE
CORRIDOR 4

BETHEL AVENUE (Phase A)

ROADWORKS

JOSE CARTELLONE COMSTRUCCIONES CIVILES S.A would like to mfonm the motoring public that road works wall be
carried auton Bethel Avenue Phase A, effective Thorwlay May 20, 2000 for approuimately twelve (12) weeks.
The works include anew four (4) line carriageway that will be constructed between Tonique Williams Darling Highway and John F



out of Jacksonville, Florida
Kennedy Drive.

BBF to host Latin
° ° Installation of mew drainage facilities, utilities, asphalt pavement, street lighting, sidewalks, troffic signs and will constructed in this
American Caribbean dis
Motonst travelling on Bethel Avenue will nat be affected, the existing two lane traffic system will flow as normal. Millemiom Gardens
Zone Tournament

and Nicholls Cresent access will be affected, Detours will be clearly marked to allow the sale passage for pedestrians & motorist
and proper signage wall be erected delineating the work zone.

By RENALDO DORSETT

Tribune Sports Reporter

rdorsett@tribunemedia.net

THE Bahamas Baseball
Federation will host interna-
tional competition for the
first time this year and looks
to continue its recent success
at the PONY Baseball level.

The BBF will host the
Latin American Caribbean
Zone Tournament, July 6th-
12th at the Junior Baseball
League of Nassau Complex.

The tournament will fea-
ture four teams and Is geared
toward players 13 years old
and under.

Teams will include,
Bahamas Host (New Provi-
dence based team), Bahamas
Area (Grand Bahama based
team), Panama and the
Dominican Republic.

The Bahamas Host Team
will be managed by Feliepe
Sweeting with Greg Burrows
Jr and Geron Sands serving
as coaches.

The Bahamas Area Team
will be managed by Devon

Cartwright, assisted by
coaches Brandon McQuay
and Desmond Russell, with
Ali Knowles as trainer.

four patience throwphows ries project is greatly appreciated avd we de apelagize fine the incerremiaice A delays cused

PHASE I

PHASE 2



Terran Rodgers is the
Tournament Director and
Patrick Knowles as the Tour-
nament Chairperson.

The Federation’s busy
summer will culminate with
the BBF Senior Challenge.

The tournament will be
hosted, August 6th-8th at the
Grand Bahama Park in
Freeport, Grand Bahama.

The event will feature a
four team Round Robin for-
mat featuring the Freedom
Farm Baseball League,
Junior Baseball League of
Nassau, Grand Bahama
Amateur Baseball League
and Legacy Baseball League.

Each team will field 18
team members, a single man-
ager and a pair of coaches.

With no restrictions on age
limits, each league is expect-
ed to field their best team of
senior teams, irrespective of
professional or non profes-
sional status.

deer Carilipns Conprercoare Chake 28
Ofer Hawn: Mon-Fri od om ted pen
Obra ae

Ere detach bee caettliode core a

For further infeemution plea canteat :



The Propect fxecerion Links
Mishtry of Weal 2 Pracsaert
Matliee: (PI) WOF-OPae

nail pablowetaiihabemarpouls

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 10, FRIDAY, MAY 21, 2010

TRIBUNE SPORTS

SPORTS

AAO UO RG ea Gr TALULA eet hd H bs



HERE are the results of the first two days of action at the Ministry of Youth, Sports and Culture’s 29th Primary Schools Track and Field Championships being held at the Thomas A. Robin-

son Track and Field Stadium:

GIRLS 400 METER RUN CLASS D FINALS
1. 582 La'Fleur, Danah, Freeport Primary,
28.0

1:28.01.
2. 580 Farrington, Collinque, Freeport Primary,
1:28.51.

3. 1539 October, Rhema, Trinity Academy,
1:28.60.

4. 1514 Thompson, Dashand, Thelma Gibson Pr,
1:28.95.

5, 834 Rolle, Bethany, Long Island Expl, 1:29.46.
6. 524 Smith, Gabrielle, Faith Temple Aca,
1:31.56.

7. 482 Moss, Jamarie, Exuma Scorpions,
1:32.91

8. 22 Walker, Infiniti, Abaco All Stars, 1:33.43.

BOYS 400 METER RUN CLASS D

1. 30 Fox, Breon, Abaco All Stars, 1:21.72.

2. 1528 Saunders, Matthew, Thelma Gibson Pr,
1:26.03

3. 846 Fox, Isaac, Long Island Expl, 1:26.13.
4. 470 Saintilmond, Marcus, Eleuthera Distri,
1:27.93.

5. ce Bowleg, Blake, North-Central An,
1:28.5

6. 153 on Winston, C.W. Saunders, 1:28.58.
6. 606 Yallop, Myles, Freeport Primary, 1:28.58.
8. 1739 Hyppoote, Paulie, Claridge Primary,
1:30.10.

GIRLS 100 METER DASH CLASS C

1. 251 Davis, Clanae, Central Abaco Pr, 14.76.
2. 1143 Bain, Jasmine, Queen's College, 14.81.
3. 1723 Roach, Denikua, Exuma Scorpions,
14.82.

4. 940 Culmer, Kennedy, Maurice E. Moore,
14.91.

5. 1485 Wilson, Gem, Temple Christian, 14.94.
6. 1486 Wright, Dionte, Temple Christian, 15.01.
7. 1732 Lotmore, Anishka, Claridge Primary,
15.07

8. 1735 McKenzie, Tyra, Claridge Primary, 15.14.

GIRLS 200 METER DASH CLASS C
1. 4 Duncombe, Glennesha, Abaco All Stars,
31.17.

2. 485 Roach, Denikva, Exuma Scorpions, 31.42.

3. 1485 Wilson, Gem, Temple Christian, 31.74.
4. 1486 Wright, Dionte, Temple Christian, 31.95.
5, 409 Seymour, Danielle, E.P. Roberts Pri,
32.02

6. 585 Moore, Demi, Freeport Primary, 32.20.
7. 1143 Bain, Jasmine, Queen's College, 32.47.
8. 1150 Jupp, Hallie, Queen's College, 32.51.

GIRLS 800 METER RUN CLASS €

1. 589 Saunders, Kavita, Freeport Primary,
2:56.38.

2. 1748 Butler, Antonea, Claridge Primary,
2:59.49,

3. 1747 Bowe, Shania, Claridge Primary, 3:00.97.

4.1480 Lightbourne, Tyler, Temple Christian,

Ridgeline

04.41.
39 Tolas, Eleni, Long Island Expl, 3:05.76.

3:

5.8

6. 1032 Newton, Tyla, North-Central An, 3:08.17.
7. 1357 Rolle, Pazara, South Andros Pri, 3:08.51.
8.9
3:0
Gl

21 Higgs, "Jermica, Martin Town Prim,
8.92.

RLS OTHER BALL THROW CLASS C
1.7 Gibson, Adaeiah, Abaco All Stars, 29.00m.

2. 925 Rigby, Deliah, Martin Town Prim, 23.90m.

3. 1269 Stubbs, Kevinique, Saint John's Col,
23.67m.

4, 264 Stubbs, Paige, Central Abaco Pr, 23.58m.
5, 1732 Lotmore, Anishka, Claridge Primary,

23.23m.
6. 435 Outten, Destinee, Eleuthera Distri,

66m.
7. 1480 Lightbourne, Tyler, Temple Christian,
21.71m.

8. 947 Smith, Page, Maurice E. Moore, 18.98m.

BOYS 100 METER DASH CLASS C

1. 961 Stubbs, Ethnie, Maurice E. Moore, 13.89.
2. 509 Moxey ur., Rickey, Exuma Scorpions,
14.18

3. 570 Cox, Trevaughn, Freeport Gospel, 14.21.

4.598 Joseph, Travis, Freeport Primary, 14.24.

5. 847 Gordon, Nathan, Long Island Expl, 14.25.

6. 1492 Nairn, Malik, Temple Christian, 14.33.

ee Johnson, Quintanno, Eleuthera Distri,
AZ.

8. 1497 Winder, Najee, Temple Christian, 14.51.

BOYS 200 METER DASH CLASS €
1. 509 Moxey ur., Rickey, Exuma Scorpions,

29.68.
2. 1169 Smith-Bastian, Rubin, Queen's College,
30.35.

3. 1497 Winder, Najee, Temple Christian, 30.40.
4. 1492 Nairn, Malik, Temple Christian, 30.57.
5, 598 Joseph, Travis, Freeport Primary, 30.67.
6. 961 Stubbs, Ethnie, Maurice E. Moore, 30.68.
7. 301 Culmer, Arlheo, Centreville Prim, 30.77.
8. 503 Delancy, Brian, Exuma Scorpions, 31.06.

BOYS 800 METER RUN CLASS €
1.661 Rahming, Jamal, Garvin Tynes Pri,
2:28.41

2. 505 Glass, Matthew, Exuma Scorpions,
2:47.31.

3. 1737 Ferguson, Urich, Claridge Primary,
2:56.55.

4. 842 Cartwright, Brandon, Long Island Expl,

2:57.34.

5. i Green, Paul, Bartlett Hill Pr, 2:57.69.

6. 1054 Kelly, Simon, North-Central An, 2:58.16.
7. 459 Hunt, Jamal, Eleuthera Distri, 9:59.75.

8. 39 McKinney, Deshawn, Abaco All Stars,
3:00.20.

BOYS LONG JUMP CLASS C
1. 1161 Jones, Kai, Queen's College, 4.02m.

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2. 509 Moxey Jr., Rickey, Exuma Scorpions,
3.74m

3. 570 ‘Cox, Trevaughn, Freeport Gospel, 3.73m.
4. 1497 Winder, Najee, Temple Christian, 3.70m.
5. 474 Wilson, Michael, Eleuthera Distri, 3.54m.
6. 852 McPhee, Chester, Long Island Expl,
3.41m.

7. 782 Ingraham, Malik, Jordan Prince Wi,
3.24m.

8. 1055 Mackey, Klyhiel, North-Central An,
3.23m.

BOYS OTHER BALL THROW CLASS C

1. 1058 Munnings, Ethan, North-Central An,
41.73m.

2. 29 Cornish, Joshua, Abaco All Stars, 41.34m.
3.1771 Johnson, Darron, Thelma Gibson Pr,
35.84m.

4. 469 Rolle, Sean, Eleuthera Distri, 35.67m.

5. 267 Cornish, Kem, Central Abaco Pr, 32.69m.
6. 1362 Francis, Alexxus, South Andros Pri,

32.

61m
i 1442 ‘Sweeting, Evan, Summit Academy,
32.06m
8. 855 Rolle, Darez, Long Island Expl, 31.72m.

GIRLS 100 METER DASH CLASS B

1. 1726 Pierre, Proline, Claridge Primary, 13.09.
2. 946 Rolle, Dauanay, Maurice E. Moore, 13.34.
3. 733 Taylor, Keyshanna, Holmes Rock, 13.42.
3. 1151 Morley, Keshone, Queen's College,
13.42

5. 1149 Fountain, Brittni, Queen's College, 13.48.

6. 768 Rolle, Patigua, Jordan Prince Wi, 13.54.
7.579 Demeritte, Kiara, Freeport Primary, 13.69.
8. 430 Ferguson, Alconsta, Eleuthera Distri,
13.72.

GIRLS 200 METER DASH CLASS B
1. 1024 Fowler, Ashanique, North-Central An,
28.35.

2.733 Taylor, Keyshanna, Holmes Rock, 28.57.
3. 768 Rolle, Patigua, Jordan Prince Wi, 28.86.

4.1149 Fountain, Brittni, Queen's College, 28.91.

5. 575 Carroll Forbes, Deanna, Freeport Primary,
29.03.

6. 1726 Pierre, Proline, Claridge Primary, 29.22.
7. 1474 Taylor, Charisma, Tambearly, 29.34. 8,
926 Robinson, Davonya, Martin Town Prim,
29.38.

GIRLS 1200 METER RUN CLASS B
1. 749 Marshall, Quanisha, Hugh Campbell Pr,
30.38.

4:

2. 119 Barbes, Nikeitra, Bishop Michael E,
4:30.62.

3. 1762 Bowleg, Travisha, Claridge Primary,
4:36.44.

peeks Sanusi, Folasha, Claridge Primary,

5, 1482 Rodgers, Danielle, Temple Christian,
4:38.71.

6. 1147 Cuffy, Tate, Queen's College, 4:40.13.
7.924 Petitihomme, Joanne, Martin Town Prim,
4:44.22.

8. 588 Rolle, Sherylann, Freeport Primary,
4:45.15.

GIRLS HIGH JUMP CLASS B

1.111 Missick, Debroah, Bartlett Hill Pr, 1.29m.
2. 732 Roker, Jamese, Holmes Rock, 1.24m.

: an Jayawar, D' Ayonae, Martin Town Prim,

3. 488 Rolle, Mickela, Exuma Scorpions, 1.20m.
4.1476 Famous, Sakari, Temple Christian,
J1.20m.

5. 424 Anderson, Donaldlee, Eleuthera Distri,
J1.20m.

7 ea Cartwright, Destiny, Long Island Expl,

20m.
8. 126 Adderley, Faith, C.W. Saunders, 1.06m.
8. 1020 Barr, Albernique, North-Central An,
1.06m

8.1474 Taylor, Charisma, Tambearly, 1.06m.

8. 1254 Culmer, Tamika, Saint John’s Col,
1.06m.

8. 896 Rolle, Oliva, Mable Walker Pri, 1.06m.

8. 1306 Miller, Alexis, Sandilands Prima, 1.06m.
8. 1461 Nixon, Diondrea, Tabernacle Bapti,
1.06m.

se Edgecombe, Paige, Garvin Tynes Pri,

06m.
8. 748 Hewitt, Kaylin, Hugh Campbell Pr, 1.06m.

BOYS 100 METER DASH CLASS B

1. 569 Bain, Karon, Freeport Gospel, 12.85.

1. 1368 Pratt, Daniel, South Andros Pri, 12.85.
3. 655 Johnson, Stephon, Garvin Tynes Pri,
13.05.

4.599 Laing, Devaughn, Freeport Primary, 13.08.

5, 753 Simms, Tyrell, Hugh Campbell Pr, 13.27.
6. 573 Saunders, Zach, Freeport Gospel, 13.32.
7. 736 Lightfoot, Vindero, Holmes Rock, 13.38.
8. 447 Allenye, Travjuan, Eleuthera Distri, 13.42.

BOYS 200 METER DASH CLASS B
1. 569 Bain, Karon, Freeport Gospel, 27.38.
2. 282 Pierre, John Jean, Central Abaco Pr,

27.71.
3. 1490 Johnson, Christopher, Temple Christian,
27.91

4.599 Laing, Devaughn, Freeport Primary, 28.10.

5, 605 Watson, Ramon, Freeport Primary, 28.65.
6. 1521 Goodman, Eleanor, Thelma Gibson Pr,
28.97.

7.573 Saunders, Zach, Freeport Gospel, 29.01.
8. 857 Shearer, Cameron, Long Island Expl,
29.05.

BOYS 1200 METER RUN CLASS B

1. 817 Maycock, Elian, Kingsway Academy,
4:08.72.

2.507 McKenzie, Ernest, Exuma Scorpions,
4:13.09.

3. 647 Alenor, Ansetet, Garvin Tynes Pri, 4:14.44.

4. 49 Stuart, Jaquohon, Abaco All Stars, 4:15.11.
5. 498 Bain, Keivano, Exuma Scorpions, 4:15.45.
5. ae Knowles, Cameron, Queen's College,
415

7. 620 east Arnwill, Gambier Primary, 4:15.51.

8. 623 Davis, Danario, Gambier Primary, 4:16.29.

BOYS HIGH JUMP CLASS B

1. 751 Jones, Travon, Hugh Campbell Pr, 1.38m.
2. 931 Kemp, Shyrone, Martin Town Prim,
1.35m.

3. 1521 Goodman, Eleanor, Thelma Gibson Pr,

29m.
4. 1368 Pratt, Daniel, South Andros Pri, J1.29m.
5, 603 Swann, Javaughn, Freeport Primary,
J1.29m.

6. 381 Kelly, Samar, Columbus Primary, 1.23m.
7.530 McFall, Jonathan, Faith Temple Aca,
J1.2

23m.
8. 1246 McGregor, Eric, Saint Andrew's A,
1.20m.
8. 1367 Lockhart, Mario, South Andros Pri,
1.20m.

BOYS OTHER BALL THROW CLASS B
1.755 Thomas, Tahnoj, Hugh Campbell Pr,
50.30m.

2. 1166 Murray, Bertram, Queen's College,
49.66

.66m.
3.115 Hanna, Ackeem, Bartlett Hill Pr, 48.80m.
4.1014 Kelly, Mariano, New Providence C,
46.90m.

5. 1494 Seymour, Andreas, Temple Christian,
46.28m.

6. 530 McFall, Jonathan, Faith Temple Aca,

45.95m

re 80 f Pierre, John Jean, Central Abaco Pr,
45.80m

8. 848 Hunt, Denico, Long Island Expl, 45.79m.

GIRLS 100 METER DASH CLASS A

1. 1477 Ferguson, Indira, Temple Christian,
13.08.

2.257 Mclintodh, Dremika, Central Abaco Pr,
13.26.

3. 437 Pierre, Euisha, Eleuthera Distri, 13.57.
4.1019 Adderley, Richa, North-Central An,
13.62.

5.1025 Johnson, Jasmine, North-Central An,
13.72.

6. 1556 Strachan, Joselyn, Walter Parker Pr,
13.80.

7. 556 Austral, Chelly, Freedom Academy, 13.86.
8. 796 Cartwright, Jamie, Kingsway Academy,
13.91.

GIRLS 800 METER RUN CLASS A

1.1742 Stubbs, Melvinque, Claridge Primary,
2:41.53.

2. 1755 Bramuell, Kiera, Claridge Primary,
2:42.03.

3. 833 Moree, Shiann, Long Island Expl, 2:42.97.
4. 431 Grant, Glendira, Eleuthera Distri, 2:43.46.
5. 762 Kemp, Donenya, Jordan Prince Wi,

2:46.20.

6. 1036 Russell, Dawasha, North-Central An,
2:46.76.

7.1021 Barr, Shenequa, North-Central An,
2:48.11.

8. 441 Symonette, Wendeisha, Eleuthera Distri,
2:55.87.

GIRLS LONG JUMP CLASS A
1. 1477 Ferguson, Indira, Temple Christian,

442m.

2. 1153 Rolle, Gianna, Queen's College, 4.00m.

3. 1556 Strachan, Joselyn, Walter Parker Pr,

3.92m.

4, 558 Farrington, Jasmine, Freedom Academy,
5m.

5. 437 Pierre, Euisha, Eleuthera Distri, 3.74m.

6. 257 MclIntodh, Dremika, Central Abaco Pr,

3.67m.

7. 493 Thurston, Jasmine, Exuma Scorpions,

3.62m

8. 828 Farquharson, Attaneece, Long Island Expl,

3.58m

GIRLS SHOT PUT CLASS A

1. 362 Lockhart, Deserie, Columbus Primary,
9.09m.

2. 1478 Hanna, Tiffany, Temple Christian, 8.31m.
3. 1041 Vivido, Kendisha, North-Central An,
8.17m.

4, 263 Strachan, Destiny, Central Abaco Pr,
7.06m.

5. 1509 Pratt, Chavaz, Thelma Gibson Pr, 6.95m.
6. 581 King, Siera, Freeport Primary, 6.66m.
7.634 Hepburn, Anthonique, Garvin Tynes Pri,

6.51m.
8. 292 Rolle, Chinaza, Centreville Prim, 6.16m.

BOYS 100 METER DASH CLASS A

1. 1366 Kemp, Leo, South Andros Pri, 12.51.

2. 300 Casseus, Nichev, Centreville Prim, 12.58.
- ws Dalmon, Selvains, Central Abaco Pr,

4. 472 Scavella, D'Avo, Eleuthera Distri, 12.76.

5. 1053 Johnson, Tyrell, North-Central An, 12.93.
1167 Romer, Jyles, Queen's College, 13.03.

601 Munroe, Greg, Freeport Primary, 13.05.

145 Cox, Jousha, C.W. Saunders, 13.08.

1157 Armstrong, Tate, Queen's College, 13.08.

OYS 800 METER RUN CLASS A
7 etl: Deangelo, Hugh Campbell Pr,

nN?
—

‘se ae Leslie, Freeport Primary,
471 Saunders, Chara, Eleuthera Distri,
34.88.

—

6.

7.

8.

8.

B

1.

2:

2.

2:

3.

2:
Bone Nottage, Julius, Temple Christian,
: eal Anthony, Central Abaco Pr,
: ia Newton, Glenroy, North-Central An,
7.
2:
8.
2:
B
1.
2.
9.
3.

S281
OQ

oe ea Shawon, Central Abaco Pr,

wt
—
yn

fe Se Michael, Maurice E. Moore,

—

YS TRIPLE JUMP CLASS A

167 Romer, Jyles, Queen's College, 9.86m.
493 Nottage, Julius, Temple Christian,

9m.

Be Thompson, Jeremy, Eleuthera Distri,

ie Minns, Ricardo, Workers Academy,
92m.
5.1051 Evans, Tevin, North-Central An, 8.85m.
. — Adderley, Chester, Exuma Scorpions,

1m.

7.1247 Rolle, Pascal, Saint Andrew's A, 8.47m.
8. 594 Green, Myiles, Freeport Primary, 8.18m.

BOYS SHOT PUT CLASS A

1. 386 Novelus, Jermaine, Columbus Primary,
10.40m.

2. 499 Bain, Reno, Exuma Scorpions, 10.15m.

3. 1470 Giddings, Floid, Tabernacle Bapti, 9.87m.
ae Armbrister, Vilamdimir, C.W. Saunders,

64m.
5. 467 Orvil, Terry, Eleuthera Distri, 9.61m.

6. 752 Robinson, Deangelo, Hugh Campbell Pr,
9.30m.

7. 1067 Russell, Tommy, North-Central An,
8.67m.

8. 303 Evans, Deagelo, Centreville Prim, 7.93m.

Luo BR,

fon)

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THE TRIBUNE

FRIDAY, MAY 21, 2010, PAGE 11



LOCAL NEWS











Lady Turnquest laid to rest

ae





=

REMEMBERING LADY TURNQUEST: Sir Orville Turnquest at the service for his wife Lady Turnquest, who was laid to rest in the Woodlawn Gardens after a state recognised service at Christ Church Cathedral.

FROM page one

home from school, Granny
would cook their favourite meal
and was delighted to accede to
their requests.

“Edith supported her hus-
band throughout his political
career and was a faithful mem-
ber of his campaign team. She
encouraged him to pursue his
ambitions and stood by his side
throughout the years of disap-
pointment and the years of suc-
cess. Ever graceful and gra-
cious, as the wife of the Gover-
nor-general, Lady Turnquest
brought to Government House
her own inimitable stamp of
class and style, endearing her-
self not only to the household
staff, but also to all who visited.
She loved to entertain and was
a hostess par excellence,” her
obituary recorded.

Describing her as a “nation-
builder” who committed her-
self to performing to the best
of her ability, Prime Minister
Hubert Ingraham said that
Lady Turnquest was an exam-
ple to the nation of what can
be achieved through hard work,
commitment, loyalty and a
sense of public duty.

“Having been born in the
City of Nassau, Edith Turn-
quest grew up in the Valley, the
grand-daughter of one of the
matriarchs of the Nassau Straw
Market, Bertha Brown and
daughter of Myrtis Thompson,
also a pioneer in the straw
industry. She teased that she
learned to love a man from
Over-the-Hill — she took him
to the Valley when they began
their life together. Eventually
they would settle and raise their
family along Harrold Road.
Having lived atop Mt
Fitzwilliam for six years they
retired together to Skyline Dri-
ve,” said the Prime Minister.

“Edith Turnquest’s life’s
journey is the story of an intel-
ligent woman, born in an age
when the wives of successful
men were not typically expect-



ae FAG). 010)

Th 3 as SANDS eT Sma

ed to work outside the home.
The success of her husband did
not deter her from work. While
she was dedicated to raising
their children, entertaining busi-
ness and political associates and
colleagues of her husband and
thoroughly enjoying recre-
ational sport, especially tennis,
she was also a successful career
woman.”

Indeed, Mr Ingraham added,
Sir Orville is among the first to
say that his success, and the suc-
cess of his firm, Dupuch &
Turnquest, could not have been
achieved without the steady
leadership and loyal support of
Lady Turnquest.

“She was the modern day
Office Manager. She under-
stood the business of being a
lawyer and, though not a
trained lawyer herself, proba-
bly knew as much law — if not
more — as some who wore the
wig. It was in her role at
Dupuch & Turnquest that I
first met and interacted with
Edith Turnquest,” said the
Prime Minister. She was well
known to Bahamian lawyers as
well as to the business commu-
nity. She was the backbone of
that venerable firm.

“A kind and giving person,
she was nonetheless, forthright
in her views and advice, always
displaying a keen sense of
humour and sharp wit.

“She was a tower of strength
for her family in good times and
in more challenging times. She
played her role effectively
whether it was winning support,
raising Money or serving as an
important and indispensable
political adviser, first to her hus-
band and even more so to her
son, Tommy.

“Although she worked full
time Lady Turnquest’s primary
role was that of being the matri-
arch of the Turnquest family.
Her three children, Toni,
Michele and Tommy, have all
been successful in their respec-
tive professions and leading cit-
izens in the community: Toni, a
successful lawyer and commu-

A FEMALE police
inspector looks at a
photograph of Lady
Turnquest and her hus-
band, Sir Orville Turn-
quest, yesterday at the
funeral service.



nity worker; Michelle, an
accountant and insurance exec-
utive, and my brother, Cabinet
Minister Tommy Turnquest, is
the Member of Parliament for
Mount Moriah and Minister of
National Security.

Children

“The success of her chil-
dren,” Mr Ingraham said,
“stands as a sterling example
that working mothers can be
successful in their professional
careers as well as successful in
their primary roles as mother.

“Indeed, in more recent

Storm Frame Windows Ltd. 74

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i}

times, her role as grandmother
further entrenched her position
as a matriarch of a sizeable
clan. Long before there was so
much written on women bal-
ancing work and family, Lady
Turnquest demonstrated such
a balance in her own life over
many years as a devoted wife
and mother, as well as a pro-
fessional woman. Her dear
friends also testify to the fel-
lowship and care she showed
them over a lifetime.

“The nation came to know
Lady Turnquest best when,
between 1995 and 2001, she
served as the wife of the Gov-
ernor-general of The Bahamas.

i

Salut

Toe cHiTs

EGRESS IEESS

In public view, she performed
the duties of that office with
dignity, grace and charm. She
and Sir Orville travelled the
length and breadth of this
nation and the wider world and
made friends in every strata of
society. She was a model
Ambassador for the country.

“Tt is fitting that, as we come
to terms with her sudden and
unexpected death, the nation
should pay tribute to her for
her years of service.

“My wife, Delores, and I
extend to Sir Orville and the
children and grandchildren of
Lady Turnquest our sincere
condolences on the death of

their wife, mother and grand-
mother. On behalf of the Gov-
ernment and people of The
Bahamas, I extend the nation’s
condolences and gratitude to
the family for her years of ser-
vice and for her sterling exam-
ple of hard work, loyalty, com-
mitment and perseverance.
May she rest in peace!” the
Prime Minister concluded.

Leaving Nassau on May 4
to vacation with her husband,
and eldest grandson, Carey, in
London, she suffered a stroke
four days later. With her hus-
band, three children and grand-
son at her bedside, she died in
London on May 12.













ORM FRAME

WINDOWS

Mount Royal Ave. *

pried e

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THE TRIBUNE



FRIDAY,







Tim Clarke/Tribune staff

PHENTON NEYMOUR

BEC’s ‘serious
financial crisis’

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

RECOMMENDATIONS
to turnaround the loss-mak-
ing Bahamas Electricity Cor-
poration (BEC) could be
completed by September, as
the Government prepares to
implement an average 5 per
cent hike in its base tariff - a
move that comes as its
payables dwarf receivables by
some $66 million.

Phenton Neymour, minis-
ter of state for the environ-

* Accounts payables
of $179m dwarf
receivables by $66m

* Recommendations
to turn Corporation
around likely ready
by September

ment, said independent stud-
ies of BEC, penned by Ficht-

SEE page 10B

Lengthy debt talks ‘stymied’
City Markets revival start

By NEIL HARTNELL
Tribune Business Editor

LENGTHY negotiations
between City Markets’ major-
ity shareholder and the Royal
Bank of Canada over the refi-
nancing of the former’s $25
million debt “stymied” plans
to improve the 11-store
chain’s profit margins and
effect a quicker turnaround, it
has been revealed.

Gervase Warner, chief
executive of Neal & Massy,
the Trinidadian conglomer-
ate that controls BSL Hold-
ings, the 78 per cent majority
shareholder in City Markets,
said in the company’s annual
report that the “protracted”
talks with Royal Bank
delayed the injection of fur-
ther debt/equity capital into
the supermarket chain to
finance resumption of its
direct import programme.

This, Mr Warner conced-
ed, had combined with the
recession to delay the start of
City Markets’ turnaround,
impacting both the fiscal 2009
results and the start of the

current financial year.

Describing City Markets,
which operates as Bahamas
Supermarkets, as “a signifi-
cant turnaround effort” along
with two other Neal & Massy
businesses, Mr Warner said
the Trinidadian conglomer-
ate’s efforts in its first
Bahamian investment were
“already starting to show
some results”.

While cost reductions and
the closure of an unprofitable
store had enabled City Mar-
Kets to slash its losses for the
year to end-June 2009 by 55
per cent, or just over $6 mil-
lion, Mr Warner told Neal &
Massy shareholders: “Efforts
to improve gross profit mar-
gins were stymied by the pro-
tracted timeframe that was
required to negotiate refi-
nancing of debt at the holding
company to facilitate an injec-
tion of additional funds
required to support direct
buying and better credit terms
and prices with suppliers.”

Tribune Business reported

SEE page 3B

Minimum wage ‘limits’
teenage employment

By NEIL HARTNELL
Tribune Business Editor

THE Government was last
night urged to change the
Minimum Wage and other
laws/regulations that “limit
teenage employment” and
make it harder for unskilled
high school graduates to enter
the Bahamian workforce,
with this nation “suffering”
from its failure to develop
human capital.

Ralph Massey, a Bahamas-
based economist who played
a key role in putting together
the Coalition for Education
Reform’s seminal work on the
Bahamian education system’s
failings, and the consequences
for the Bahamian economy,
told Tribune Business that the
minimum wage - set at $4 per
hour, or $150 per week -
effectively acted as a disin-
centive for employers to hire
unskilled school leavers by
pricing them out of the labour
market.

And he warned that the
education/productivity issues
in the Bahamian workforce
were “going to hurt”, possi-
bly impeding - and prolonging

* Government urged by
economist to implement
reforms to regulations
making it difficult for
unskilled school leavers
to enter workforce

* Bahamas ‘suffering’ from
failure to develop human
capital, and deficiency
could prolong recovery

* Chamber vocational
school plan should be
looked at as BIVI
replacement

- economic recovery.

“Tf you did not have that
drag, the Bahamas would
probably be in a better posi-
tion,” Mr Massey added.
“The Bahamas does not have
heavy investment in human
capital, and is suffering for
that.”

Addressing the Men’s Club
of St. Paul’s Catholic Church
at Lyford Cay on the educa-

SEE page 2B



MAY 21, 2010

SECTION B ¢ business@tribunemedia.net



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED











Main CLICO asset not
enough for $14m ‘gap’

By NEIL HARTNELL
Tribune Business Editor



LICO (Bahamas) liq-

uidator has warned that

he is unlikely to realise

enough funds from the

sale of the Florida real
estate project, which accounts for 63
per cent of the insolvent insurer’s
assets, to cover a $14.394 million sol-
vency deficiency, as he “tentatively”
hopes to complete a sale of the firm’s
insurance policy portfolio this quar-
ter.

Warning that the sales price
achieved for Wellington Preserve
would not be enough to ensure credi-
tors and policyholders recovered 100
per cent of the sums owed to them,
Craig A. ‘Tony’ Gomez, the Baker
Tilly Gomez accountant and partner,
said he would look to call in the $58
million guarantee provided by the
Bahamian insurer’s Trinidadian par-
ent, CL Financial.

“The current real estate market in
the US is very soft, and it is very
unlikely that I will be able to realise a
more than favourable price for the
Wellington Preserve property,” Mr
Gomez said in his latest report to the
Supreme Court.

* Liquidator warns sale of Florida
real estate project, accounting for
63% of insolvent insuret’s assets,
will not be enough to cover
$14.394m solvency deficiency

* Hopes calling in parent’s $58m
guarantee will cover hole

* Sale of policy portfolio ‘tentatively’
set for Q2 2010 completion

“Tn light of these conditions, I have
asked my Trinidad counsel to proceed
with the call on the CL Financial guar-
antee.”

The liquidator has been in lengthy
negotiations with the Hines Group, a
major international real estate devel-
opment firm, for the sale of Wellington
Preserve, but a deal appears not to
have been concluded yet.

Maximising its sales price is vital to
ensuring that CLICO (Bahamas) pol-

icyholders and creditors recover the
sums due to them, but at the moment
the insolvent Bahamian life and health
insurer has total assets of some $50.865
million, with liabilities standing at
$65.259 million.

The last financial statements for
Wellington Preserve, which were
unaudited, showed it having $127 mil-
lion worth of investment property on

SEE page 4B



Chamber chief: Ease the
‘ordeal’ of Customs process

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Chamber of

* Urges government to come up with
‘creative ideas’ in Budget that balance need
for revenue with reducing business costs

Commerce’s president yes-
terday urged the Government
to incorporate “creative
ideas” in next week’s Budget
that reduce the cost of busi-
ness, especially in dealing with
the Customs bureaucracy, and
mitigate the impact of tax
increases such as the immi-
nent National Insurance
Board (NIB) contribution
rate rise.

Khaalis Rolle said that

* Says doing so would ease any pain
from NIB contribution rate rise

while he understood the need
to make the Bahamian social
security system viable and
sustainable for the long-term,
it was equally important for
the Government to minimise
the cost of doing business,
especially for small, Bahami-

an-owned firms.

“T understand the need for
it and appreciate the need to
do it,” Mr Rolle said of the
upcoming NIB contribution
rate increase, with 0.5 per cent

SEE page 2B

FAMILY GUARDIAN os

INSURANCE COMPANY LIMITED ~

call us today at 396-1355

SALES OFFICES: NASSAU | FREEPORT | ABACO | ELEUTHERA | EXUMA | CORPORATE CENTRE: EAST BAY STREET | www.famguardba

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





Secure future

[1 leave your children financially secure
[= provide a safety net for your loved ones
Cc ensure a bright future for your family

aA all of the above

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED


PAGE 2B, FRIDAY, MAY 21, 2010
The ‘real front line’ in war against crime

ADMITTEDLY, I would
be the first to advocate for
changes in the law and the
how the courts are adminis-
tered. It is an overwhelming
situation for all those con-
cerned. Daily, I see the tide of
participants - from the police
to attorneys, witnesses, defen-
dants and, of course, the ever-
present spectators who flood
the Bank Lane and Nassau
Street area. It appears that
the only persons benefiting
from this are the nearby
eateries that thrive off this
customer base.

Nevertheless, this is not
where the problem with crime
in our country is. The appear-

ance of these various players
is the end result of a crime
that has already been com-
mitted. Thus, in my opinion, it
is not the best place to begin
to seek remedies and change.
I venture to say that the
courts are not even a short-
term solution to crime pre-
vention, as they have nothing
to do with the latter. The
criminal justice system is con-
cerned about investigation,
and the issuing of penalties
and punishment. Note that
crime prevention should not
be confused with an inade-
quate criminal justice system,
as one only impacts the other.
If our concern is the amount





Safe &
Secure

by Gamal Newry







of crime in the Bahamas, then
we need to at a minimum
start with the various law
enforcement agencies that are
charged with crime monitor-
ing and response. Those
groups are the Police and
Defence Forces, plus the
Immigration and Custom
Departments, not the Prisons
Services. Bear in mind that
these agencies are also a part

of the criminal justice system,
but play important roles in
prevention.

However, if we are REAL-
LY serious about reducing
crime - eliminating the oppor-
tunity for crime - we will start
with Social Services, Educa-
tion, Youth and Sports. Cer-
tainly, this suggestion is far
from the traditional focus and
lead taken by National Secu-
rity. It is these ministries, in
my opinion, that are in the
front line, and can develop
productive and creative future
citizens.

They also can provide com-
munity support for the reha-
bilitation of so many would-

be and current offenders.
They address moral and ethi-
cal issues as opposed to mat-
ters of law, thus appealing to
character building and intro-
ducing individuals to rules
and regulations. Failure to fol-
low the rules and regulations
at this stage may only cost
points or a match, not a life. If
we miss the important life
lessons that sports and edu-
cation provide for long-term
socialisation, then we will be
focused on fighting the fire
with water as opposed to just
taking away the matches.
My observations have
determined that our family
and youth groups are failing

THE TRIBUNE

horribly. This is the root prob-
lem, and where the greatest
efforts and resources need to
be placed. Before we even
arrive at the courts, simply
take a look at our streets, the
concerts, the weekend and
weekday hangouts. Here we
will see young folks behaving
rudely but, of course, to them
it is called fun.

Fun is indeed a relative
term, as what you may deem
a good time others may see
as reckless. For example, I
have friends who can spend
all day and night on the bas-
ketball court, but I am one

SEE page 7B



Minimum wage ‘limits’ teenage employment

FROM page 1B

tion crisis in the Bahamas, Mr
Massey outlined a 10-point reform
programme, one of which was to
“change laws and regulations that
now limit teenage employment so
that students can more readily be
employed upon leaving school”.

Explaining that one of the laws
he was referring to was the mini-
mum wage, Mr Massey told Tribune
Business: “One of the effects of the
minimum wage is that it limits
employment for people not worthy
of being employed.”

He explained that all employers,
whether they recognised it or not,
where engaged in processes of deter-
mining whether or not to hire extra
workers, basing their decisions on
whether a candidate was “worth the
hourly rate you pay them”.

Whenever the minimum wage was
raised in the US, the employment
of unskilled teenagers dropped
because the marginal cost of hiring
them had risen for employers, Mr
Massey explained, creating a disin-
centive to retain them.

Placing this into the Bahamian
context, he pointed to the arguments

raised by the likes of gas station
operators when the minimum wage
was enacted in 2001. They had
argued back then that its implemen-
tation would act as a disincentive to
maintain their current number of
pump attendants, resulting in deci-
sions to lay-off some employees.

“What is a kid who can neither
read, write or calculate worth in your
business?” Mr Massey asked. “It’s
a crapshoot. If the cost [of employ-
ing] them is raised, employers won’t
take that risk.”

The New Providence-based econ-
omist said there were several
Bahamian companies who were
“experts” in developing raw,
unskilled labour that came straight
out of the high school system into
the workforce.

Identifying City Markets as one
such company, Mr Massey told Tri-
bune Business: “They’re hiring mar-
ginal teenagers, adult employees.
What does it ask them to do? It’s to
take cans of food out of the box and
put them on the shelves.

“What happens at places like City
Markets is that they stay on, stay on
and become educated on the job.
City Markets had a policy of pro-

moting from within, allowing
employees to develop other skills
and educate themselves on the job.”
Mr Massey said youth unemploy-
ment among Bahamians aged 15-24
years old was “a huge problem”, and
one factor was the relative inability
of high school leavers to find a job
because they lacked the qualifica-
tions and basic skills demanded.

Implications

Expanding on the implications for
the Bahamian economy, Mr Massey
said the hotel industry at one time
had a sophisticated system for
screening candidates seeking
employment in the sector.

This involved an exam, but he
added: “One of the things they
found was that no one could pass
the exam. They had to change the
concept from one of examining basic
competency, and convert the tests
from screening for someone’s illit-
eracy to screening for attitudes.”

The hotel industry, he explained,
had to assess other variables, such as
desire to work in the industry and
“willingness to talk, carry on a con-
versation and talk to people. They

stopped testing for competency
because no one passed the exams.

“This is why we have a crisis, why
the Government finds itself in a real
catch-22. The Government goes out
for inducements to invest in physical
capital, but the Bahamas [workforce]
is insufficiently developed to take
advantage of those opportunities.
This has created opportunities for
foreigners at every level,” Mr
Massey said.

The Bahamas, and its businesses,
did not have suitably qualified
employee candidates in the quanti-
ties required, he added. The BGCSE
Mathematics results produced by all
New Providence high schools in 2006
were described as “so stunning”,
since only 18 per cent of those can-
didates passed.

“Half of them did not know the
difference between multiplication
and division,” Mr Massey added.
“Not having those skills means not
having other skills - how good you
are at your job, how disciplined you
are at your job.”

Also among his recommendations
was that the Government needed to
support the Bahamas Chamber of
Commerce with its Chamber Insti-

tute initiative, designed to enhance
vocational training, and close the
existing Bahamas Technical and
Vocational Institute (BTVI) pro-
grammes.

Instead, the Government needed
to “redirect” its practical education-
al programmes, and “openly support
the Chamber in its efforts to pro-
vide more professional training and
certification in specific fields”.

Taking this approach, Mr Massey
told Tribune Business, that ‘out-
sourcing’ technical/vocational train-
ing and certification to the private
sector would have the added advan-
tage of alleviating some Budgetary
pressure on the Government, given
that it would likely need to imple-
ment spending cuts in the upcom-
ing 2010-2011 version next week.

Arguing that BTVI had been “a
colossal failure” in many areas it had
taught, Mr Massey said the Govern-
ment should encourage any private
sector effort to offer courses lead-
ing to certification in certain fields.

“In a period of scarce resources,
where government funding is limit-
ed, they ought to encourage any pri-
vate entrepreneur that wants to do
certain things in this area,” he said.

Chamber chief: Ease the ‘ordeal’ of Customs process

FROM page 1B

rises for both employer and
employee to make a 5.9/3.9
split, in order to finance the
unemployment benefit.

“But my concern is always
anything, whether it’s a tax
for social welfare or a tax to
raise funds for infrastructure
spending, where businesses
have to pay for it,” the Cham-
ber chief added. “It impacts
the bottom line. In some
instances, it has minimal mea-
surable impact.

“My concern is for small
business. Anything that
impacts cost impacts their via-
bility. While the [NIB]
increase is not as big as some
in the past, it has an impact on



small businesses.

“We have to look at the
broader picture, and having
the ability to sustain the
national social security pro-
gramme may have a positive
impact in the long run. But
businesses may have to bear
the costs directly and indi-
rectly, and in the long-run. It’s
a difficult time for small busi-
nesses, and we need to look at
ways to decrease their costs
at the same time.”

As a result, Mr Rolle sug-
gested that to make the NIB
rate increases - and any other
new or increased taxes in the
2010-2011 Budget - “go down
easier”, the Government
should “look for ways to

make more businesses effi-
cient and decrease their oper-
ating costs.

“At the end of the day,
there has to be a net benefit
all around,” the Chamber
president explained. “I'd like
to see some creative ideas in
the upcoming Budget that
reduce the cost of doing busi-
ness for small businesses in
the Bahamas.”

Praising the Government’s
approach to consolidating the
business licensing process,
which was set to make this “a
bit more transparent and pre-
dictable, and reduce the trans-
action costs of doing busi-
ness”, Mr Rolle said he want-
ed to see a similar initiative

in relation to Customs clear-
ance procedures.

Advocating “dramatic
changes” to this area, Mr
Rolle said the process of
clearing imported goods and
equipment (for use in a busi-
ness) could be “an ordeal in
and of itself”, especially for
small businesses, as clearance
could take up to one-and-a-
half days.

Cost

“That’s a cost, a direct cost,
and I’d like that to be min-
imised and the processes of
Customs to be more trans-
parent, predictable and effi-
cient.”

Currently, Mr Rolle said
many small Bahamian com-
panies were unable to afford
to hire customs brokers to
handle their imports. They
had to first fill out the rele-
vant forms, take them to a
broker to determine the
applicable duty rates, and
then go to the Valuation
Department at Customs.

Once Valuation had accept-
ed the forms and duty rates,
businesses then had to go to
another section of Customs
which then accepted/rejected
whatever Valuation had done.
Finally, businesses had to
stand in “a long line” to pay
their bills, then return to
another section to claim their

products.

“Tt’s burdensome, and a
nightmare for small business-
es,” Mr Rolle said. “Big busi-
nesses can manage because
they can afford brokers, but
for small businesses it
becomes a real burden.

“Td like to see some cre-
ative ideas in the Budget to
raise revenues and reduce the
cost for small businesses. Fun-
damentally, I have no real
issue with making sure the
social security system is main-
tained, but equally as impor-
tant to me is that I want to
see some type of approach
taken to help businesses raise
revenues and reduce their
costs.”

ECO) 15)I NUON i ta/a le
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For ticket information, call tel: 326-0997.

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THE TRIBUNE

FRIDAY, MAY 21, 2010, PAGE 3B

Rating agency: We want
debt/deficit control plan

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net



STANDARD and Poor’s (S&P),
the Wall Street credit rating agency,
yesterday said it wants to see the
Bahamas implement a precise
counter-cyclical strategy to consoli-
date its fiscal deficit/national debt posi-
tion via next week’s 2010-2011 Budget,
its director of sovereign ratings said
yesterday, adding that it did not want
to see more borrowing.

Olga Kalinina said S&P was looking
for the Government to prove it has a
medium-term plan to reduce the
national debt and stem borrowing, in
order for the country to keep its ‘BBB’
credit rating ‘and stable’ outlook.

The rating agency slapped a nega-
tive outlook on this country’s former
‘A-’ credit rating in 2008, as global

economies began to suffer the worst
recession in years. And when, in 2009,
the Bahamas continued on a path of
negative growth, it was hit with a
downgrade.

Ms Kalinina said that in 2007,
before the recession was experienced,
the Bahamas showed signs of positive
future growth - especially with the
likes of the $2.6 billion Baha Mar pro-
ject in the pipeline.

However, the ensuing financial
breakdown in the US, coupled with
the pullout of one of that project’s
chief financiers, made S&P take
another, closer look.

According to Ms Kalinina, the
Bahamas now fits quite well in its
credit category, due to a downward
spiral in foreign direct investment and
fall-off in tourism arrivals and spend-
ing. She said that with the Bahamas’
twin-pillar economy, S&P will need

to see a positive turnaround in the
tourism sector and a return of confi-
dence in the viability of this country as
an international banking hub. And
the credit rating firm would like to
see the Bahamas become much more
competitive in those two economic
mainstays.

“Twouldn’t call the Bahamas econ-
omy diversified,” said Ms Kalinina.
“We are looking for more than diver-
sification, more competitiveness.”

She added that she was happy to
see the Bahamas, on its declaration,
inquire about the value of its prod-
uct. “It’s important,” she said.

S&P is adamant about the Bahamas
stemming its borrowing, as they
strongly advocate the Bahamas keep-
ing its external debt at a low 23 per
cent.

Ms Kalinina said her company was
never solely interested in fiscal bal-









ances, but also relies on the ability of
the Government to create counter-
cyclical policy.

“In analysing the Government’s
ability, we look at the programmes
the Government has in place and its
history,” she said. “The more confi-
dent we become, the more that the
stable outlook stays in place.”

A lowered credit rating will increase
the amount of money government will
have to pay back by way of higher
interest rates as a result.

And while this is not something the
Government wants, the minister of
state for finance, Zhivargo Laing, said
economies in the region at this time
are depending on borrowing to pull

Credit
Agricole
staffer passes
Canadian
exam

THE assistant to Credit

themselves out of the depression.

Ms Kalinina said having a strong
rating was good, as it brought credi-
bility to countries and security to mul-
tilateral lenders.

Lengthy debt talks ‘stymied’ City Markets revival start

FROM page 1B

at the time that City Markets
was due to receive a $5 mil-
lion capital injection from
BSL Holdings whose share-
holders, apart from Neal &
Massy, include the hotel
industry pension funds, Milo
B. Butler & Sons, RoyalFi-
delity’s private equity arm
and the Symonette Group.
Bahamas Supermarkets’
accounts show that the loans
the company has received
from BSL Holdings stood at

$10.783 million as at March
31, 2010, compared to $5.185
million the year before.

The need for exchange con-
trol approvals from the Cen-
tral Bank of the Bahamas,
given that Neal & Massy is a
foreign company, also delayed
the process. And Tribune
Business also reported at the
time that BSL Holdings had
to renegotiate its loan and
credit facilities with Royal
Bank, the latter having lent
the group $24 million in 2006
to help part-finance the acqui-

sition of its 78 per cent
Bahamas Supermarkets stake
from Winn-Dixie.

The refinancing - effective-
ly a recapitalisation of
Bahamas Supermarkets - was
designed to kickstart the pub-
licly-quoted grocery chain's
return to profitability by
paving the way for several
developments, namely com-
pletion Of its 2008 financial
year audit and the restart of
its direct import programme.

Meanwhile, Mr Warner
confirmed that Neal & Massy

had acquired control at BSL
Holdings through the acqui-
sition of majority voting rights
during last year’s financing
round.

He added: “Consumers are
far more price sensitive than
before.” Neal & Massy was
“implementing a full-fledged
turnaround programme that
focuses on restoring customer
confidence, realigning prod-
uct prices, motivating employ-
ees, improving the supply
chain, increasing controls with
strong financial and opera-

tions reporting and cost-
reduction.”

Agricole Suisse (Bahamas)
managing director, Patricia
Clarke, has passed the Cana-
dian Securities Course (CSC)
after training for the exam
with the Nassau-based
National Association of Secu-
rities Training and Compli-
ance (NASTAC) Group.

Ms Clarke is pictured above
with Reece Chipman, the
Nastac Group’s managing
director.

ASG.
BBA Aviation
SUPERVISOR

Legal Notice

NOTICE
DREAMS AND HOPES INC.

— -,—

/

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of DREAMS AND HOPES INC.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NEW LATTA

INVESTMENTS LTD.

——

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of NEW LATTA INVESTMENTS LTD. has
been completed; a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
MOOSE CREEK INC.

— ——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MOOSE CREEK INC. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BALANCHINE
INVESTMENTS LIMITED

—

f
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BALANCHINE INVESTMENTS LIM-
ITED has been completed; a Certificate of Dissolution has
been issued and the Company has therefore been struck

off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ALTIMA GROUP LIMITED

a

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of ALTIMA GROUP LIMITED has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
LONZA SLOPES INC.

—

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of LONZA SLOPES INC. has been complet-
ed; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)



Aircraft Service International Inc., a leading global
aviation service company has an opportunity for a
Supervisor responsible for supervising and coordinat-
ing operational functions of the fuel facility at our
Nassau, Bahamas location. Duties will include staff
supervision, ensuring effective operation of air car-
rier fueling functions and operation of the fuel facili-
ties and administrative functions.

This is a hands-on position requiring attention to de-
tail and safety while also requiring a great deal of
physical demand. The successful candidate will
have a minimum of 2 years related experience or
equivalent combination of education and experi-
ence. Must have the ability to communicate well
both verbally and written, excellent problem solving
skills, Computer literate and possess a valid driver's
license as well as any required Airport identification.

To apply, please email resume to asignassau@ya-
hoo.com.

Please no phone calls or agencies

rm lovin’ if
Employment
Opportunity

for leading Fast Food Franchise

Requirements:

¢ Must be a High School Graduate

¢ Must have Management experience

e Restaurant Management experience is
preferred.

e Must have strong leadership skills

¢ Must be customer service driven

¢ Must be results-oriented & articulate

¢ Must have excellent inter-personal skills

¢ Must have excellent oral & written
Communications skills

e Professionalism required

¢ Must be able to work flexible hours,
including late nights, weekends and
holidays.

McDonald’s offers excellent benefits!

Please submit Resume to:
Human Resources Department
McDonald’s Head Office
on Market St. North
P.O.Box SS-5925
Telephone: 325-4444
Nassau, The Bahamas

Restaurant Managers Needed



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 4B, FRIDAY, MAY 21, 2010

THE TRIBUNE



Main CLICO asset not
enough for $14m ‘gap’

FROM page 1B

its books in January 2009, but
Mr Gomez said the property
“valued on an ‘as is’ basis
today is worth approximately
$62 million”.

Explaining that the project
consisted of 80 residential lots
and equestrian amenities, plus
commercial sites, on a 523-
acre site, Mr Gomez said: “It
was previously estimated that
the project required a sub-



stantial cash injection of a
minimum $42 million to fund
the development before it
could be reasonably present-
ed for sale. The financing is
not yet in place, and in my
opinion would not be an
option.”

Meanwhile, Mr Gomez said
the selection of an insurer to
whom CLICO (Bahamas)
remaining life and health poli-
cies would be transferred was

PUBLIC NOTICE

an ongoing process, with due
diligence being undertaken.

“This process is tentative-
ly expected to be completed
in the second quarter of
2010,” he added. It is still
believed that Colina Insur-
ance Company is the pre-
ferred acquirer.

As of January 31, 2010,
CLICO (Bahamas) had some
17,707 policies with a collec-
tive surrender value of

$23.302 million in force. The
majority of these were 11,290
life policies, with a surrender
value of $11.236 million, and
5,401 medical policies with a
surrender value of $137,465.
"There was considerable
attrition with regard to the
number of in-force policies,”
Mr Gomez said, "which was
attributed mainly to the non-
deletion by CLICO of life
policies tied to Citibank loans,

Legal Notice

NOTICE

totalling 5,873, which were no
longer needed as Citibank’s
commercial operation had
ceased doing business in the
Bahamas.

"There was further attrition
of policies due to the lapsing
of some of the student pro-
tection plans, totalling 2,441.
Based on my discussion with
many of the policyholders
cancelling their policies, the
decision to cancel is as a result
of the economic conditions
that existed, and not neces-
sarily as a result of CLICO's
insolvency.”

Between October 8, 2009,
and January 31, 2010, CLICO
(Bahamas) saw some 9,121

worth $251.789 million, lapse.

Mr Gomez said he was
reviewing and drafting
responses to offers made to
acquire 11 of CLICO
(Bahamas) real estate assets -
its former branch and sales
offices, plus associated land
parcels and the Centreville
Medical Centre - which he
wanted to raise around $5
million from.

The liquidator added that
he would apply to the
Supreme Court to settle the
$360,786 mortgage balance
owed to FirstCaribbean Inter-
national Bank (Bahamas), in
order to prevent any real
estate assets he was selling

Please be informed that

MS. KASHAN DURHAM

is no longer employed with
Advantage Insurance Brokers & Agents Ltd.
and is therfore not authorized to do business
in any way on behalf of the company.

Legal Notice

NOTICE
MURANO UNITED LIMITED

—_— -,——

#

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of MURANO UNITED LIMITED
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

RUDBECKIA INC.

——

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of RUDBECKIA INC. has been completed; a
Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
DROGNENSTRASS LTD.

——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of DROGNENSTRASS LTD. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

FAIRWINDS
MOUNTAIN LTD.

—

#
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of FAIRWINDS MOUNTAIN LTD.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
QUELINAM

CORPORATION

—

#
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of QUELINAM CORPORATION
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TIGER BALLON INC.

——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TIGER BALLON INC. has been complet-
ed; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TEEDY
MOUNTAIN CORP.

4—
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TEEDY MOUNTAIN CORP. has been
completed; a Certificate of Dissolution has been issued and

the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

policies, with a sum assured

URGENT

Notice for Claudette Pinder
Daughter of Willord Pinder (deceased)
Is hereby ask to contact
Edmund Russell
At Kevin M. Russell & Co.
373-9740/41 or
Anastacia Pinder: 352-2186 h
or 350-3515w

from being encumbered.

Legal Notice

NOTICE
TRANSCENDENTAL
VISION INC.

— + ——

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TRANSCENDENTAL VISION INC. has
been completed; a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the

Register.

ARGOSA CORP INC.
(Liquidator)

Legal Notice

NOTICE

TARAM SINGH INC.

—

#
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TARAM SINGH INC. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP INC.
(Liquidator)

ATTRACTIVE
BUSINESS

OPPORTUNITY

Established Downtown
Restaurant
is offered for lease on mid
to long term basis. Excellent
income potential. Only serious
enquires will be entertained.
All basic equipment already in
place and fully functional.

Please Call
557-8721 or 466-2190
to arrange a meeting.



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



FRIDAY, MAY 21, 2010, PAGE 5B

a 5S
CDB chief backs Bahamas over debt management

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

Caribbean
Development
Bank (CDB)
yesterday
gave the
Bahamas’ fis-
cal manage- |
ment the
‘thumbs up’,
saying it had
no concerns
about its debt
and creditworthiness.

Dr Compton Bourne, the
bank’s president, speaking to
media after the closing of the
CDB’s 40th Annual General
Meeting of the Board of Gov-
ernors, said he has not seen
any real change in the
Bahamas’ creditworthiness.

This comes after the
Bahamas signed a loan with
the bank for $10.1 million for
capital works projects in the
Family Islands. And credit
rating agencies are looking
out for what the Governmen-
t’s upcoming budget commu-
nication reveals, as they fur-
ther assess this country.

BOURNE



While Dr Bourne said the
bank does pay attention to
Standard and Poor’s (S&P)
credit ratings stamped on
their Borrowing Member
Countries (BMC), he said
more attention is paid to the
country’s quality of economic
management.

“We pay attention to the
purpose and benefits of the
investment,” he said. “We
haven’t discerned any real
change in the Bahamas’ cred-
itworthiness.”

The Bank, at its meeting,
ratified an increase of $1 bil-
lion to its lending capacity.

According to bank officials,
this increase is a clear indica-
tion that the CDB is a
“strong” institution that is
capable of supporting the
economies in this region.

Dr Bourne said prior to the
increase there had been an
increase in demand for bor-
rowing by their BMCs.

Minister of state for
finance, Zhivagro Laing, said
most countries in the region
are in need of financing to
quell their deficit situations.

However, credit rating
agencies such as S&P want to
discourage more borrowing

in the region in an effort to
keep sovereign credit ratings
in favourable standing.
Lowered credit ratings
imposed by credit rating com-
panies can hamper a country’s
chances at receiving a good
interest rate and debt maturi-

ty.

“Anyone advising us on
debt would advise us that the
growth rate of the debt could
be reduced to more manage-
able levels,” said Mr. Laing.

“They would advise and
caution about the level of
external indebtedness. They
wouldn’t say don’t borrow.

NOTICE

NOTICE is hereby given that JAMES LAMBERT OF LOVE
BEACH, P.O. BOX AP59223, NEW PROVIDENCE, THE
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 14TH day of MAY,
2010 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Nassau, The Bahamas.

Legal Notice

NOTICE
CEDER OCEAN LTD.

—




































NOTICE

NOTICE is hereby given that MICHELINE PIERRE of
THOMPSON BLVD., NASSAU, BAHAMAS, is applying
to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the
facts within twenty-eight days from the 218" DAY OF MAY, 2010
to the Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

Legal Notice

NOTICE
MUSICAL ODYSSEY INC.

——

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MUSICAL ODYSSEY INC. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CEDER OCEAN LTD. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CROSSOVER MOVE LTD.

—

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CROSSOVER MOVE LTD. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

Legal Notice

NOTICE
BELLEGARDE INC.

—

#

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BELLEGARDE INC. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CERISIER SAUVAGE LTD.

— *+——

#



Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CERISIER SAUVAGE LTD. has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP INC.
(Liquidator)

Legal Notice

NOTICE

SEINFELD CORP.

— ,——

/

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of SEINFELD CORP. has been
completed; a Certificate of Dissolution has been issued and

the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

ARGOSA CORP INC.
(Liquidator)

ARGOSA CORP. INC.
(Liquidator)
Legal Notice

NOTICE
PALANA
TARRAN CORP. STREETER CTE OF

a THURSDAY, 20 MAY 2010
# BISX ALL SHARE INDEX: CLOSE 1,568.54 | CHG -46.50 | %CHG -2.88 | YTD 3.16 | YTD % 0.20
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

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

52wk-Low Security Daily Vol. EPS §$ Div $ P/E
1.00 AML Foods Limited 0.250 4.2
9.67 Bahamas Property Fund 0.050 212.6
5.23 Bank of Bahamas 0.598 8.8
0.33 Benchmark -0.877 N/M
3.15 Bahamas Waste 0.168 18.8
2.14 Fidelity Bank 0.055 39.5
9.62 Cable Bahamas 1.408 8.6
2.69 Colina Holdings 0.249 11.4
5.00 Commonwealth Bank ($1) 0.460 15.2
2.21 Consolidated Water BDRs 0.111 22.0
1.32 Doctor's Hospital 0.627 4.1
5.94 Famguard -0.003 N/M
8.75 Finco 0.168 53.6
9.50 FirstCaribbean Bank 0.678 14.5

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 bases)
Security Symbol Last Sale Change Daily Vol.

Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00

Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00

Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00

Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
52wk-Low Symbol Bid $ Ask $ Last Price Daily Vol.
7.92 Bahamas Supermarkets 10.06 11.06 14.00
6.00 Caribbean Crossings (Pref) 2.00 6.25 4.00
0.40 RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)

30.13 31.59 29.00

0.45 0.55 0.55
BISX Listed Mutual Funds

NAV YTD%
1.4674 1.99
2.9020 0.52
1.5315 1.62
3.0368 2.57

13.5654 1.48
107.5706 3.45
105.7706 3.99
1.1080 1.67
1.0615 -0.61
1.1050 1.31
9.4839 1.52

ROYAL FIDELITY

Money at Wark













Notice is hereby given that in accordance with Section 138

S2wk-Hi Previous Close Today's Close Yield
1.05 1.05
10.63 10.63
5.24 5.24
0.33 0.33
3.15 3.15
2.17 2.17
12.07 12.07
2.84 2.84
6.99 6.99
2.58 2.44
2.54 2.54
6.07 6.07
9.00 9.00
10.60 9.85
5.08
1.00
0.27
5.59

Change
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

-0.14
0.00
0.00
0.00

-0.75
0.00
0.00
0.00
0.00

(8) of the International Business Companies Act 2000, the
dissolution of PALANA TARRAN CORP. has been com-

pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

3.75
1.00
0.27
5.00
9.95
10.00

5.08
1.00
0.27
5.59

0.366
0.000
0.035
0.407
0.952
0.156

13.9
N/M
7.7
13.7
10.5
64.1

ARGOSA CORP. INC.
(Liquidator)

S2wk-Hi 5S2wk-Low
1000.00
1000.00
1000.00

1000.00

Interest
7%
Prime + 1.75%
7%
Prime + 1.75%

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

Legal Notice

NOTICE
CLASSIC WINDMILL INC.

EPS $
-2.945
0.000
0.001

Div $
0.000
0.480
0.000

P/E

N/M

N/M
256.6

Yield

29.00 ABDAB
0.40 RND Holdings

4.540
0.002

0.000
0.000

9.03
261.90
a ~~
1.3758
2.8266
1.4611
2.9343
12.6816
100.5448
93.1998
1.0000
1.0000
1.0000
9.1005

NAV 3MTH
1.446000
2.886947
1.515417

NAV 6MTH
1.419947
2.830013
1.499936

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

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
CFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 1
Royal Fidelity Bah Int'l Investment Fund
Principal Protected TIGRS, Series 2

Royal Fidelity Int] Fund - Equities Sub Fund

Last 12 Months %
6.66
-0.11
4.82
-4.99
5.47
6.99
13.50
5.26
2.84
5.01
7.41

Notice is hereby given that in accordance with Section 138

103.987340
101.725415

103.095570
99.417680

(8) of the International Business Companies Act 2000, the
dissolution of CLASSIC WINDMILL INC. has been com-

pleted; a Certificate of Dissolution has been issued and the
10.0000 10.6709 -0.93 12.33 31-Mar-10
7.9664 3.23
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

Company has therefore been struck off the Register. 4.8105 58.37 31-Mar-10
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
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ARGOSA CORP. INC.
(Liquidator)


THE TRIBUNE

Credit risk

Credin risk is the risk that a customer ora counterparty will be unable or unwilling to meet a
comeniimen! thal @ had entered ak With the Treeh The Tra matics Gounberpinty! aredil
fk centrally through ihe Bank io optimize the use of credid availability and to ovoid
iba mak contenralion, Customer credit risk 1 manigged Thriugh privisioins again the
feo receivable balances. Credil risk is reduced as all demand deposits are due from the Bank.
The Ths maim posure bo ceed riak in the event Ube counterparties fail to perform
thear obligations as at December 31, 2009 in relation to each class of recognized finwncial
assets 18 Che carrying amoanl of thease aseets as indicated im the statement of financial
Feces itiecvri.

Ligeddity rick

Liquidity risk is the mk that the Trust will encounter difficulty im realicing assets or
otherwise: ral eilig, fords to meer qoearnlements. The Tren monitors eupocted cash dulflow on a
daily bas. 16 policy throughout te year has been to eneure lequidity Sy maintainang at all
times: salficient! high quality liquid assets lo cover expected net cach outflows

inferest rave risk

Exposure to interest rate risk is the risk (hal arises when there is an imbalance between rable
and mom rale-serditive aaa and bevtulities, The Tras! dete not caperienie a pect deal of rk
im this area as imierest mates related bo its fimamcial assets automatically reset to market
perioducally:

Forcign coanrency rit

ortega Sarincy riak is the ris thal tht wales of a financial instrament will fuecneane: Because:
of changes in foreign exchange rates. The Trost ensures that the met exposore to financial
acts and liahilmics nod denominated in Swiss Francs is kept to an aceeptable level by buying
or selling foreagn currencies af spot raies, where necessary, bo address shoct-berm imbalances.

Net fair value of financial instremeots

Financial instruments utilieed by the Trust include recorded assets amd liabilities. The
maponty of dhe Tiwet's Gnamce) matruments are either ehoct-berm im malar of howe indercal
rates thet automatically reset to morket on o periodic hesia. Accordingly, the estimated fir
value @ not significantly delferent from the caring value for cach major category of the
Trust's recorded assets and lisbilities. The Trost hes no off-balance sheet financial
iInetruments as of Decesber 31, S004 of December 31, 208

» Comtingeecice
The Trust is involved in several legal matters involving customers of the Trt. Mamagment

of the Trust does mot anticipane that the losses, if any, incurred as a result of these begal
proeetding will materially alles thet financed position of the Trust

» Fleck’ activilics
The Tires! provides Gugiody, ‘Irusics and Ganporale adminestration services te third parties
which mvalwe the Trust making decisions im relabion to a wide ronge of financial insonaments
Those osseis that are held im a fideclary Capacity are fxd incloded in this slabement of
financial posation

» Capital adequacy

‘The Cemtral Hank of The Batamas requires Trust Conpanics 10 maintain minimuns capital of
BE] 000 amd to maintain a capital adequacy ratio of at beast © percent of risk wewighted
atsete ar all tienes, The capital adequacy ratio ic calculced by dividing che Triat's eligible
capital base by its rickewerghied exposures. The Trust uses regulatory guidelines as the basis
for the «calculation of the ratio. There have Been no maternal changes im Ore Bank's
management of capital dering the year.

The Trust's actual capital amount and risk asset ratio at December 31, 200? and S008, as well
as Gh miinamun regulator Peguineeents ane a folberens

29 2008
Minimum Adcual Minima
Pea ret requirement

Achal

Capital SFr
Risk asset nina

1,549,452 14033, 2000
ALT Bs

| Aer 164,396
100% a

The Truea's poole is 60 MI @ S0rone Capital baat 20 a4 bo main investor, oredipar and
market confidence aed to sustain future development of the business, The impact the level
of capital on sharcholder’s retum if aso reoognized and the Trust recogmizes the need to
muacdain a balance between the higher retums that might be possible with greater gearing and
the advantages and secenty alloeded by a sotind capital postteon.

The Trust has complied with the nmgulatory imposed capital requirements throughoot the
year

Public Notice

Gaming Board For
The Commonwealth Of The Bahamas

Pursuant to Section 36(3) of the Lotteries and Gaming Act
Chapter 387, notice is hereby given that Treasure Bay
(G.B.I.) Limited a Company incorporated under the laws
of The Commonwealth of The Bahamas, has in accordance
with the provisions of Section 34(2) of the said Act, made
application to the Secretary of the Gaming Board of The
Bahamas for a licence to manage the casino premises
located at Our Lucaya Beach Resort, Freeport,Grand
Bahama, one of the islands of The Commonwealth of The
Bahamas.

Notice is also given that any person who desires to object
to the grant of the licence shall send to the Secretary of the
Gaming Board for The Commonwealth of The Bahamas,
P.O. Box N-4565, Nassau, New Providence, The Bahamas
or deliver to the Office situated in the Renaissance Building,
West Bay Street on or before noon on Monday, May 31st,
2010, two (2) copies of a brief statement in writing of the
grounds of the objection.

Dennis W. Martin
Secretary

Gaming Board

For The Commonwealth
of The Bahamas

Signed:





By CHRIS KAHN
AP Energy Writer

NEW YORK (AP) — Oil
prices swung wildly Thursday
as concerns over the Euro-
pean economy sent traders
rushing out of energy com-
modities. Oil fluctuated as
much as 10 per cent from its
highest to lowest during the
final trading day for the June
contract on the New York
Mercantile Exchange.

“Fear has obviously
gripped the market, and we’re
trading accordingly,” analyst
and trader Stephen Schork
said.

Benchmark crude for June
delivery lost $1.86 to settle at
$68.01 a barrel on the Nymex.
Prices tumbled as low as
$64.24 earlier in the day, the
lowest price for oil since July.
Oil has shed nearly 22 per
cent of its value since hitting
$86.84 on April 6.

Most of the trading has
moved to the July contract,
which lost $1.68 to settle at
$70.80 a barrel. Thursday was
the last day of trading for the
June contract.

The steep drop in oil prices
should give Memorial Day
travellers a gift at the gas
pump as they head out for the
holiday weekend. Gasoline
prices were down Thursday
for the 14th day in a row, and
theyll be pushed even lower
as oil prices continue to tum-
ble.

Futures contracts for most
energy commodities slumped
as financial troubles in

FRIDAY, MAY 21, 2010, PAGE 7B

aS
Oil settles two per cent

lower after wild swings

Europe and weak jobs num-
bers in the US sparked a sell-
off on Wall Street. The Dow
Jones Industrial Average was
down about 260 points, or 2.5
per cent, less than an hour
before the close. The NAS-
DAQ and the S&P 500 were
off by about as much.

Prices for heating oil, gaso-
line and Brent crude all
dropped by at least three per
cent. “People are saying it’s
time to get out,” said Michael
Lynch, president of Strategic
Energy & Economic
Research. Earlier this year,
Lynch stood out from many
of his peers by predicting that
oil prices would fall.

“The market has gotten
way ahead of itself,” Lynch
said. “People kept saying that
soon demand will go up and
inventories will go down. But
that's not happening.”

Traders started getting ner-
vous as the debt crisis unfold-
ed in Europe. US government
data showing that Americans
continue to have a relatively
weak appetite for fuel have
sunk energy prices even fur-
ther.

An EIA report on Thurs-
day added to those concerns,
showing that the country’s
stockpile of natural gas has
ballooned to nearly 17 per
cent more than the five-year
average.

If the world doesn’t start
sopping up excess supplies,
oil prices may fall into the
$40-per-barrel range this year,
Lynch said.

At the pump, retail gaso-

line prices dropped 1.2 cents
overnight to a new national
average of $2.84 a gallon,
according to AAA, Wright
Express and Oil Price Infor-
mation Service. A gallon of
regular unleaded is 1.9 cents
cheaper than it was a month
ago, but it’s 50.6 cents more
expensive than a year ago.

Experts say gas prices have
likely peaked already this
year, and it should cost less
to fill up this summer than in
the summer of 2009. That’s
good news for the travel
industry as Americans get
ready to hit the highways over
the Memorial Day weekend,
the unofficial start of the sum-
mer driving season.

On Thursday AAA esti-
mated that more people will
take leisure trips during the
holiday weekend than last
year. About 32.1 million peo-
ple are expected to head for
the highway or the airport.
The travel club’s report said
most people probably will
watch their wallets more
closely, however, spending
about $809 during the week-
end this year compared with
over $1,000 last year.

In other Nymex trading in
June contracts, heating oil fell
4.33 cents to settle at $1.9019
a gallon, and gasoline lost 5.07
cents to settle at $1.9645 a gal-
lon. Natural gas dropped 5.2
cents to settle at $4.106 per
1,000 cubic feet.

In London, Brent crude
July contact gave up $1.85 to
settle at $71.84 a barrel on the
ICE futures exchange.

The ‘real front line’ in

ihm kee brah mew eele

FROM page 2B

who would prefer one-on-one
fighting scenarios at my mar-
tial arts school. To each his
own, indeed. Nevertheless, all
of us, regardless of our pas-
sion, are willing participants.
How can fun be exercised at
the expense of another, where
that person’s life, property
and reputation are put at risk?

But I am not going to rant
about behaviour, especially
when it is in my power to con-
trol it. As the saying goes:
‘Bend the tree while it is

young’. Well, the question is:
Who is responsible for bend-
ing these ‘cheren dem’. Once
again, what I see is the fail-
ure of parents. Not all, but
just enough to cause, as of
May 2010, a murder count
and armed robbery count that
are unacceptable.

Thus civil society and gov-
ernment must now step up to
the plate. Should the civil
society or the Government be
raising our kids? Of course
not. However, if there are fail-
ures in parenting, something
must be done. It is better to

NOTICE
WONDOOLA LIMITED

NOTIC EIS HEREBY GIVEN as follows:

(a) WONDOOLA LIMITED is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000.

(b) The dissolution of the said company commenced
on the 19" May 2010 when the Articles of Dissolution
were submitted to and registered by the Registrar

General.

(c) The Liquidator of the said company is Mr. Paul
Evans of c/o Helvetia Court, South Esplanade, St.
Peter Port, Guernsey, Channel Islans GY1 4EE.

Dated this 21" day of May A. D. 2010



Paul Evans
Liquidator



LEGAL NOTICE

NOTICE
LONGSTONE HOLDINGS
LIMITED

Pursuant to the provisions of Section 137
(8) of the International Business Companies
Act, 2000, the dissolution of LONGSTONE

HOLDINGS LIMITED has been completed;
a Certificate of Dissolution has been issued
and the Company has therefore been struck
off the Register. The date of completion was
March 10th, 2010.

Anthony B. Dupuch
Liquidator





engage that young man or
woman now before they come
crawling through your win-
dow and place a gun to your
head.

Before is the operative
word here; it speaks to pre-
vention, delay, deterrence.
Unlike after, which speaks to
detection, detention and
penalties. If we put too much
focus on ‘after’ affects we will
miss the proverbial boat, and
not really impact the level of
crime. Our youth need posi-
tive outlets for their energy,
frustration and conflicts. A
prime example of this is
Junkanoo. Here we see the
melting pot of various back-
grounds come together to
accomplish one goal. We see
discipline, confidence and
respect for - and towards -
other persons regardless of
socioeconomic status. This
model needs to be followed,
tapped into and harnessed, as
it speaks to our ability to live
together in harmony and pro-
duce a product that is truly
Bahamian.

NB: Gamal Newry is the
president of Preventative
Measures, a loss prevention
and asset protection, training
and consulting company, spe-
cialising in policy and proce-
dure development, business
security reviews and audits,
and emergency and crisis
management. Comments can
be sent to PO Box N-3154
Nassau, Bahamas, or e-mail
info@preventativemea-
sures.net or visit us at
www.preventativemea-
sures.net

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

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THE TRIBUNE

Fed official:
Europe’s
Crisis poses
risks to US

By JEANNINE AVERSA
AP Economics Writer

WASHINGTON (AP) —
Europe’s debt crisis poses
serious risks to the unfolding
economic recoveries in the
United States and around the
globe, a Federal Reserve offi-
cial said Thursday.

Federal Reserve Governor
Daniel Tarullo, in remarks to
a House subcommittee, said
the timing of Europe’s prob-
lems on the heels of the glob-
al financial crisis is a “poten-
tially serious setback.”

If the crisis were to crimp
lending and the flow of cred-
it globally, triggering more
financial turmoil, that would
endanger both the US and
global recoveries, he said.

“Although we view such a
development as unlikely, the
swoon in global financial mar-
kets earlier this month sug-
gests it is not out of the ques-
tion,” Tarullo said.

In a worst case scenario,
financial turmoil “could lead
to a replay of the freezing up
of financial markets that we
witnessed in 2008,” he said.

For now, Tarullo said there
are good reasons to believe
US banks and financial insti-
tutions can withstand some
fallout from European finan-
cial difficulties.

In the past year, the Fed
has pressed the biggest US
banks to raise additional cap-
ital, giving them a stronger
cushion against potential loss-
es in the future. The direct
effect on US banks of losses

stemming from exposure to
overextended governments in
Greece, Portugal, Spain, Ire-
land and Italy “would be
small,” he said.

Almost all of the US expo-
sure is held by 10 large bank
holding companies, Tarullo
said. Their balance sheet
exposure of $60 billion
accounts for only nine per
cent of the core capital that
regulators value the most,
known as Tier | capital. He
didn’t identify those banks.

However, if problems were
to spread more broadly
through Europe, US banks
would face larger losses as the
value of traded assets
dropped and loan delinquen-
cies mounted.

US money market mutual
funds and other institutions,
which hold a large amount of
commercial paper and certifi-
cates of deposit issued by
European banks, would like-
ly also be affected, he said.
Commercial paper is an
important short-term financ-
ing mechanism companies
rely on to pay for salaries and
supplies. It practically dried
up during 2008 financial crisis.

Tarullo said a moderate
economic slowdown across
Europe would slow export
growth, weighing on the US
economy “by a discernible,
but modest extent.” However,
a deep contraction in eco-
nomic activity in Europe —
along with severe financial
problems — “would have the
potential to stall the recovery
of the entire global economy.”



Leading indicators

The index of leading indicators:

2004=100

Seasonally adjusted

11 Percent
change
0.1%

109

107

103.3

AMJJASBONDJIFMA

2009

2010

oo Board A

Leading it indicators
drop in April

By The Associated Press

UNEXPECTED DROP: The Conference Board’s leading
economic indicators dropped 0.1 per cent in April, the first
decline since March 2009. Economists polled by Thomson
Reuters had expected a small gain.

SO WHAT?: The index is designed to forecast economic
activity in the next three to six months. The modest dip signals
slower growth in summer, which may weigh on hiring.

HOW COME: A steep drop-off in people filing applications
to build homes, a rise in unemployment claims and weak
consumer confidence helped depress the index.






POOR aM LT Te

FRIDAY, MAY 21, 2010, PAGE 9B

a4 hE

uns Ll
KPMG Telephone 247 399 OF
PD Box W122 Fax 242 29 12
idontague Sterling Cernire Irdernet = wana iqggmg.com be
eat Bay Saree
Klassen, Ba hanes

INDEPENDENT AUDITORS’ REPORT

To: The Shareholder of
BAC Bahamas Bank Limited

We have audited the accompanying consolidated financial statements of BAC Bahamas Bank
Limited (the Bank), which comprise the consolidated statement of financial position as at
December 31, 2009, and the consolidated statements of comprehensive income, changes in
equity and cash flows for the year then ended, and a summary of significant accounting policies
and other explanatory motes.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with International Financial Reporting Standards. This
responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error, selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances

Auditors" Resoonsibility

Our responsibility is fo express an opinion on these consolidated financial statements based on
our audit. Wwe conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the consolidated financial statements are free from material
misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated fmancial statements. The procedures selected depend on our
judgment, including the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those nisk assessments, we
consider intemal control relevant to the Bank's preparation and fair presentation of the
consolidated financial statements in order to design aude procedures that are appropriate in tha
circumstances. but mot for the purpose of expressing an opinion on the effectiveness of the
Bank's intemal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial positon of BAC Bahamas Bank Limited as of Decamber 31, 2009, and its financial

performance and its cash flows for the year then ended in accordance with International Financial
Reporting Standards.

KOWe

Nassau, Bahamas
April 19. 2070

BAC BAHAMAS BANK, LIMITED
Consolidated Statement of Financial Position

December 31, 2009, with corresponding figures for 2008
(Expressed in United States dollars)

ree _ a ””””””CSS~«



ASSETS
Cash and cash equivalants (notes 6 and 8) $ 44,928,112 72,477,754
Loans to customers, net (notes 6, 7 and 9) 26,072 046 06,375,075
Investments (note 10) 58,499.867 39,098,860
Accrued Interest recelvable (note 6) 93 326 614,574
Furniture and equipment, mat 90,213 76,510
Other receivabies and assets (notes 6 and 14 476,259 6,285,267
Total assets 100, 158 825 218,029,140
LIABILITIES AND BQ! ITY
Liabilities:
Demand deposits from customers (notes 6 and 11) 5 23,658, 154 30,673,445
Time deposits from customers (notes 6, 7 and 12} 30,218,876 190,904,795
Loans payable [notes 7 and 13) * 10,000,000
Accrued interest payable (note 6) 350,544 1,530,147
Accounts payable (note 6} 26,165,374 =
Other liabilities 125,399 214,385
60518,447 193,412,772
Equity:
Share capital (note 14) 18,000,000 24,000,000
Unrealized logs on available-for-sale Investments (G63) (103)
Reserve for loan losses (note 9) 260,720 455,312
i 1,361,341 161,159



19,6443 24,616,368
EEE =e ort oa" oo ee
Total liabilities and & 100,159,825 218,029,140

The accompanying notes are an integral part of these consolidated financial statements.



The financial statements were approved on behalf of the Board of Directors on



Rodolfo Tabash Espinash

Director

The complete Financial Statements may be obtained at the bank’s Registered Office on Frederick Street, Norfolk
House, 2nd Floor, Nassau, Bahamas.

for ad rates
-


PAGE 10B, FRIDAY, MAY 21, 2010

THE TRIBUNE



BUSINESS
Senate breaks impasse on financial regulation bill

By JIM KUHNHENN
Associated Press Writer



WASHINGTON (AP) — Barely
breaking a logjam, the Senate voted
Thursday to end debate on a massive
financial regulation bill, clearing the
way for final passage of the most
ambitious effort to write rules for
Wall Street since the Great Depres-
sion.

The vote was 60-40 to advance the
legislation, which has become a top
priority for President Barack Obama
in the aftermath of his successful
health care overhaul in March.

The president heralded Thurs-
day’s vote, saying Wall Street efforts
to undermine the legislation had
failed. “Our goal is not to punish
the banks,” he said, “but to protect
the larger economy and the Ameri-
can people from the kind of
upheavals that we’ve seen in the past
few years. Today’s action was a
major step forward in achieving that
goal.”

The bill calls for new ways to

watch for risks in the financial sys-
tem and makes it easier to liquidate
large failing financial firms. It also
writes new rules for complex securi-
ties blamed for helping precipitate
the 2008 economic crisis, and it cre-
ates a new consumer protection
agency.

Three Republicans — Senator
Scott Brown of Massachusetts and
Maine Sens. Olympia Snowe and
Susan Collins — voted for the bill.
Two Democrats — Sens. Russ Fein-
gold of Wisconsin and Maria
Cantwell of Washington — voted
with Republicans against the mea-
sure. At least two contentious
amendments remained before the
Senate could vote to approve the
sweeping bill. Senate Majority
Leader Harry Reid, D-Nev.,
expressed hope of completing the
legislation later Thursday.

Democrats succeeded by winning
Brown’s backing. The Massachusetts
Republican voted against ending
debate on Wednesday after indicat-
ing he planned to vote in its favour.



US President Barack Obama walks out of
the Oval Office in Washington to deliver
remarks on Wall Street and Financial
reform in the Rose Garden...

(AP Photo)



Without his vote, and with Democ-
ratic Sen. Arlen Specter absent, the
bill temporarily stalled.

Brown met with Reid Thursday
morning, however, to voice his con-
cerns regarding the bill’s effect on
Massachusetts banks such as State
Street and insurance firms like Mass-
Mutual. House Financial Services
Committee chairman Barney Frank,
also of Massachusetts, weighed in
Thursday with letters to Reid offer-
ing his own guarantees that the final
bill would resolve Brown’s concerns.

In a statement, Brown said: “I sup-
ported moving the financial bill for-
ward today because I received assur-
ances from Senator Reid and his
leadership team that the issues relat-
ed to Massachusetts in the financial
reform bill will be fixed before it is
signed into law.”

Cantwell and Feingold continued
to object to the bill. Cantwell
protested her inability to get a vote
on an amendment that she said
would toughen regulation of com-
plex securities known as derivatives.

Feingold has said the bill does not go
far enough to rein in Wall Street.

Two amendments stood between
the bill and final passage. One would
ban commercial banks from carrying
speculative trades with their own
money. The other would exempt
auto dealers from oversight of a new
consumer protection bureau.

Senators faced a complicated cal-
culation on the bank trading and the
auto dealer amendments. The trad-
ing proposal, if passed, would be
added to the auto dealer measure.

Support for each measure, how-
ever, comes from different factions
in the Senate, with some overlap.
That meant that senators who want
to exclude car dealers from the rules
of a consumer protection bureau,
mostly Republicans, would have to
accept the bank trading limits, a
mostly Democratic proposal.

The Obama administration on
Thursday expressed support for the
trading restriction, but said it would
accept its demise if it meant killing
an auto dealer measure it opposes.

Bahamas Electricity Corporation’s ‘serious financial crisis’

FROM page 1B

ner and Emera, will finally
give the Government some
direction. He said yesterday,
though, that a 5 per cent rate
hike for consumers will have
to come on stream in order
to help turn around BEC’s
losses.

Mr Neymour added,
though, that the rate increase
will not solve BEC’s problems
by itself, and the Government
will have to assist in some-
way.

“There will have to be a
component addressed by the

customer and a component
by the Government to assist
BEC with regard to services
like street lighting, and there
will be the requirement for
BEC to be more efficient in
order for it to return to prof-
itability,” said Mr Neymour.

“BEC has fast become a
very challenged entity, is fac-
ing a serious financial crisis
and is in dire straits.”

Mr Neymour said the com-
pany’s receivables for the
month of April 2010 stood at
$113 million, while its
payables were $179 million.

He said late last year the

Government was forced to
pay Shell/Focol a one-time
chieque of $30 million to sim-
ply keep oil coming into BEC
for power generation. At the
same time, the Government
was forced to seek refinancing
for the Corporation to the
tune of $211 million.

Mr Neymour said this
underscores the urgency in
increasing tariffs to under-
write BEC’s growing expens-
es.

Mr Neymour claimed that
BEC’s woes began when the
former government reduced
its base tariff. He said that

when the tariff was decreased
in 2003, the utility began to
lose $20 million per year.

And while the corporation
has struggled to be profitable
under the weight of Family
Island power generation,
which is financed by cus-
tomers in New Providence,
the Government is forced to
build new plants on those
islands.

According to Mr Neymour,
the problem with Family
Island generation is that the
Government has a universal
tariff that keeps rates consis-
tent across the islands, though

the cost of generation on
islands outside of New Provi-
dence is substantially higher.

When Emera’s study of
BEC is complete, the Gov-

ernment will essentially have
an action plan focused on
streamlining the utility and
fixing operational and finan-
cial challenges.

ET SA 0

RMS ER BLL
US eT are






















































INSURANCE MANAGEMENT
A (BAHAMAS) LIMITED LIMITED
INSURANCE BROKERS & AGENTS BROKERS & AGENTS
5-Day Forecast Sey
ot aiajz|a14|>/5|7|3| 9}
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ORLANDO dash) suey, Ge ore choude: ad Breerp wih abardasi Time of chou: and Fenty of cunchine ag bret! We si uy rtyaell
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