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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The Tribune



THE PEOPLE’S PAPER - BIGGEST AND BEST





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SEE BUSINESS FRONT Fe

USA TODAY

BAHAMAS EDITION

www.tribune242.com

FRIDAY, JUNE 11, 2010

OTE ee
TUT salad

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PUES TT ee ty gry

House to vote on
Chinese workers

PM: Parliament will
decide whether 5,000
labourers get go ahead
for Baha Mar resort

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

WHETHER or not the
investors in the proposed Baha
Mar resort will get the go-ahead
to bring in the almost 5,000 Chi-
nese labourers they consider nec-
essary to construct the project
will be put to a vote in parlia-
ment, the Prime Minister has
confirmed.

Prime Minister Hubert Ingra-
ham told MPs in the House of
Assembly last night during the
wrap-up of the 2010/ 2011 Bud-
get debate that each of them will
have a chance to say whether
the foreign workers should
come.

“If Baha Mar goes ahead, as I

have told the Leader of the
Opposition, they will need thou-
sands of foreign workers and I
will not carry that load alone. I
will bring the deal here and each
of you will have the chance to
vote ‘yay’ or ‘nay’. Everyone will
have a chance to vote ‘yes’ or
‘no’.

“But I won’t count those
chickens because they haven’t
hatched yet. When it happens,
you will know,” he told parlia-
mentarians.

In April, The Tribune
revealed that investors in the
Baha Mar project on Cable
Beach had submitted applica-
tions for almost 5,000 foreign
workers — a figure about which

SEE page six

Water and Sewerage seeks public’s

help in search for gas cylinders

THE WATER and Sewerage Corporation is seeking the assis-
tance of the general public in the recovery of seven cylinders filled
with chlorine gas that were recently removed by unknown persons
without authorisation from one of the corporation’s facilities in

New Providence.

The theft it is said was reported sometime on Tuesday after a
standard check of the facility was made.
The matter has been reported to the Police and to the major

SEE page six



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UATE
OTe

SEE PAGE NINE

Davis calls



for names

of ‘beneficial owners’
in port relocation



By PAUL G TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia. net





Wednesday.

SEE page eight



PLP DEPUTY Leader Philip Davis |7
called on the government to disclose the
names of the “beneficial owners” of the
19 shipping companies that will be relo-
cated to the new container port at
Arawak Cay during his Budget contri- |
bution in the House of Assembly on



ne PNAS





Ue at eh

JUST before 9 o’clock last night, when the
Budget was in its final committal stage, the 12
Opposition members present, collected their
belongings and walked out of the House. They
refrained from voting on all Bills before the



House. These included the government’s $7
million social services Bill, the Bill for civil ser-
vice salaries and contracts for infrastructure.

SEE page six











Felipé Major/Tribune staff

PAULINE DAVIS-THOMPSON,
43, was presented with the 2000
Olympic Games women’s 200
metres gold medal at an emo-
tional ceremony last night at
Government House. The medal
was presented by Cuba’s 1976
Olympic double 400 and 800
metres gold medallist Alberto
Juantorena on behalf of the IAAF
and the IOC. The medal came
10 years late because of Amer-
ican gold medallist Marion
Jones’ testing positive for
steroids in 2007. Davis-Thomp-
son was the silver medallist at
the games, but was elevated to
the gold. See Sports on page
nine for full story.







Woman charged with stabbing death of hustand

By NATARIO McKENZIE
Tribune Staff Reporter

nmckenzie@tribunemedia.net

A WOMAN charged with
murder in the stabbing
death of her husband was
arraigned in a Magistrate’s
Court yesterday afternoon.

Marsha Lewis, 35, of
Lightbourne Avenue was
arraigned before Chief

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Magistrate Roger Gomez in
Court One, Bank Lane yes-
terday, charged with the
June 7 murder of her hus-
band Selvin Lewis. Eleven
witnesses are listed on court
dockets.

Reports state that Lewis,
a 46-year-old father and
grandfather, was found

SEE page eight

Tourist dies
‘after being
struck by
lightning’

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

A TOURIST who died
while swimming in the sea
during a thunderstorm on
Wednesday is believed to
have been struck by light-
ning.

Larry Jackson, 44, of Her-
nando, Mississippi, had just
arrived in Nassau and
checked into the Wyndham
Hotel in Cable Beach hours
before he went swimming
with his brother and wife
Tammy.

Hotel spokesman Robert
Sands, the senior vice presi-
dent of external affairs for
Baha Mar resorts, confirmed
that Mr Jackson was pulled
from the water at around
3.45pm and his brother
worked with hotel staff to

SEE page eight

PM pleased with
Director of Public
Prosecutions and
deputies selection

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

THE Prime Minister
expressed his pleasure that a
new Director of Public Pros-
ecutions and two new Deputy
Directors have now been
selected for the Attorney
General’s Office, suggesting
that the three new post hold-
ers will assist in reducing the
backlog of cases waiting to be
heard in the judicial system.

Prime Minister Hubert
Ingraham said his adminis-
tration is “horrified” and “not
in the least satisfied” with
“the question of prosecutions
in the Bahamas” and expects

SEE page 11

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PAGE 2, FRIDAY, JUNE 11, 2010 THE TRIBUNE
LOCAL NEWS

Straw vendors fear
another ‘arson attack’

Advocates call for security officers in the wake of fire

By ALESHA CADET



SAFETY LESSON: Koji
Wright, managing direc-
tor of Bahamas Fire and
Safety Protection, shows
straw vendors how to
use the fire extinguishers
yesterday at the market
in Cable Beach.





VENDORS in the portion
of the Cable Beach Straw

Market that survived a recent

fire now fear they will become

the victims of an arson attack.

Sam "Marathon Man"

Williams, president of the

a Bahamas Loving Care Asso-
! ciation which supports the

\W | N D 0 \V S vendors, is calling on the
police and the nearby hotels

‘ : to provide security guards for

An Innovative Product | | eee
om an or by the May 30 fire that dis- § aM WILLIAMS speaks to the

placed 40 workers. press yesterday outside the straw
Straw vendor Joanne market at Cable Beach.

In nova tive Com an i Thompson, who has a stall in
p Yy. the western market, said the approved. Straw vendor
. fire has left her and her col- Joanne Thompson added:
leagues feeling nervous. “We are still in need of pro-

“It made us feel unsafe tection from the rain, we

because it could have hap- often have break-ins and peo-
pened to us instead of those at ple sleeping around.

the eastern market,” she said. “We do not know our posi-
Although investigations — tion with Baha Mar at this
continue, the straw vendors time. In the near future we
believe the fire was set by an want to start an association,”
arsonist. . . she said.
Director of Fire Services
Superintendent Jeffrey Dele- :
“a said earlier ne week Promise
that his unit suspects arson .
but that he could not provide A former straw vendor in
further details because the the eastern market is still
investigation is still in its ear- sceptical about the gover-
ly stages. ment’s promise of assistance.
Hotel developer Baha Mar “We still need rain shelters
has said it hopes to construct and security. We do not know
an upgraded straw market on Whether or not we are going
the same site, but this © Stay located there or be
depends on whether its plan Telocated,” she said.

to revitalise Cable Beach is Koji Wright, managing
director of Bahamas Fire and

Safety Protection, donated

SD Be Be two fire extinguishers to the

an Lara vendors at the western mar-
ket. “We want to make sure
AMO)

; i, these guys are protected. We
Ug) te: Exterminators will carefully demonstrate to

the vendors how to proper!
nL a A i use them in case of . one

gency,” he said.



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



THE TRIBUNE

LOCAL NEWS

0 In brief

Stranded BA
Passengers
accept refunds
or rebook flights











A BRITISH AIRWAYS plane
comes into land at London’s
Heathrow Airport, on Thursday,
May, 27, 2010.

By MEGAN REYNOLDS
Tribune Staff Reporter

mreynolds@tribunemedia.net

STRANDED airline pas-
sengers whose British Air-
ways flights between Nassau
and London were cancelled
because of the cabin crew
strike have either accepted
refunds or rebooked their
travel plans.

The latest in a series of
strikes by cabin crew union
Unite which ended yester-
day, led to the cancellation
of flights between London
and Nassau on Friday, Sat-
urday, Sunday, Tuesday and
Wednesday.

It is uncertain whether
future strikes will go ahead
as negotiations between BA
and the union continue.

BA spokeswoman Marcia
Erskine said: “There are no
penalty fees for anyone
booked on a BA flight
which was cancelled as a
result of the cabin crew
strike.

“British Airways has been
doing everything it can to
reduce the disruption to our
customers all over the
world.

“Customers booked on
cancelled flights have been
given the option of rebook-
ing on an alternative BA
flight or on another airline
subject to availability.

“They can also claim a full
refund if their flight has
been cancelled.

“Passengers have been
rebooking online, through
their travel agents and via
the extra freephone call cen-
tre in the UK, staffed by vol-
unteers from across the air-
line, who are helping to
rebook, refund, or reroute
customers as quickly as we
can.”

Former police
constable faces
murder charge

A former police constable
charged with murder
appeared in Supreme Court
yesterday where his attorney
argued that the prosecution
had no case.

Kenneth Gibson, 29, of
Sandilands, Village Road
was arraigned in Magistrates
Court in May, charged in the
murder of George Carey.

According to court dock-
ets, Gibson allegedly caused
Carey’s death between April
24 and 27.

Carey, 21, was stabbed in
Wulff Road near Lockhart’s
Bar.

On Thursday, Gibson’s
attorney Wayne Munroe
told Justice Vera Watkins
that the prosecution had no
case against his client and
that none of the witness
statements established a
case against his client.

Justice Watkins said she
that too had reviewed the
statements and had not seen
anything in them connecting
Gibson to the crime.

The judge said she would
review the statements again,
and adjourned the matter to
June 14 at 2.30pm.

DEU officers
find marijuana

DRUG Enforcement Unit
officers found marijuana
when searching a home off
Cowpen Road at around
4.30pm on Wednesday.

A 24-year-old man was tak-
en into custody.

Police investigations con-
tinue.

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

HOUSE OF ASSEMBLY



Opposition wants
10 per cent pay cut

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE opposition plans to
introduce a resolution to cut
the salaries of all members of
parliament by 10 per cent —
double the government’s orig-
inal proposal for salary cuts
for MPs, senators and minis-
ters of government.

A 10 per cent cut would
amount to a savings of
$114,800, which PLP leader
Perry Christie called a “mean-
ingful sacrifice”.

Speaking in the House of
Assembly yesterday, Mr
Christie said the difference in
savings between five and 10
per cent should be allocated
to restoring some of the cuts
government made to charita-
ble organisations.

Responding to the opposi-
tion’s proposal, Minister of
Finance Zhivargo Laing said
he believes it is a result of the
PLP’s embarrassment over
their initial rejection of the
five per cent cut.

“IT think that (the opposi-
tion) is embarrassed by the
fact that their initial reaction
was no.

“As an act of political pos-
turing they said cut salaries
by 10 per cent. I don’t think
they really want any cuts at
all.”

Meanwhile, Mr Christie





Perry Christie

said the government’s origi-
nal proposal was itself a pub-
lic relations strategy that
would not result in any mean-
ingful savings.

Protest

Several PLP members of
parliament initially expressed
their intention to vote against
the government’s resolution,
in protest of the fact that the
government did not consult
the opposition before propos-
ing the cuts.

Mr Laing said opposition
politicians got a “slap (on the
wrist) for being so greedy”.

Bahamian dollar
strong, says Laing

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE Bahamian dollar is
strong, declared Minister of
State for Finance Zhivargo
Laing — despite what he said
were suggestions from fresh-
man Member of Parliament
Ryan Pinder that government
policies were putting the dollar
at risk.

“There has been no, no, no
indication, and there is no
threat to the value of the




Zhivargo Laing

Bahamian dollar. Bahamians, your dollar is strong and there is no
problem. I was surprised that it was uttered by the Member for

Elizabeth,” said Mr Laing.

In his contribution to the budget debate, Mr Pinder quoted a
credit report produced by the international rating agency, Standard

and Poor’s (S&P).

The report stated: “The (Bahamian) government cannot sustain
the expansionary fiscal stance for a long period of time because it
would eventually put pressure on the fixed exchange rate regime.”

Mr Laing said the Elizabeth MP went further than quoting the
S&P report, stating that the government was putting the Bahami-
an dollar at risk based on its fiscal policies.

Incredible

“T find it absolutely incredible that there are members in this
place who would dare to say that the value of the Bahamian dol-
lar is at risk of being devalued. It is so dangerous because it is
something that could very well cause investors and others to react

in a way that would absolutely be injurious to our well being,”

Mr Laing.

said

He said the main indicator of the strength of the Bahamian dol-
lar is the status of foreign reserves, which are maintained by the

Central Bank of the Bahamas.

Foreign reserves currently stand at about $900 million, said
Mr Laing. This is up from $700 million in 2007 — a time of relative
prosperity in comparison to the current global economic crisis. “In
the midst of a crisis, when the reserves are $900 million, there are
some who would suggest the Bahamian dollar is at risk. It is
absolute nonsense. The Bahamas dollar has no risk of devaluation.

None whatsoever,”

said Mr Laing.

Months ago, Mr Laing slammed PLP Senator Jerome Fitzger-

ald for similar statements, which he called

“reckless misinfor-

mation” that could threaten the international reputation of the

Bahamas.

MAIN/SPORTS SECTION

Local News
Editorial/Letters

CLASSIFIED SECTION 32 PAGES

USA TODAY MAIN/SPORTS 12 PAGES



“Now they are trying to re-
posture the statement — you
don’t get any more public
relations than that,” he said.

Mr Laing said that since the
last time salaries were
increased, 26 years ago, there
has been a 40 per cent
decrease in their relative
worth.

At the same time, politi-
cians’ expenses in terms of
food, rent, bills and other liv-
ing expenses have increased.

In light of this, he said, the
government’s proposal repre-
sents “real money” and par-
liamentarians need to “cease
politicking on the issue”.

He said the cuts were not
“symbolic”, but rather “nec-
essary” to lead the way in the
present economic environ-
ment.

Prime Minister Hubert
Ingraham said Mr Christie
should consider accepting the
same salary he was paid when
the FNM was in opposition
and he was its leader.

At the time, Mr Ingraham
said he received $50,000 per
year.

Mr Ingraham noted that
when the government
changed, Mr Christie request-
ed a salary increase to
$78,000, which was granted.

In response, Mr Christie
said he was able to match any
level of sacrifice Mr Ingraham
made.

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PAGE 4, FRIDAY, JUNE 11, 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 1972-1991

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

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

Where did the donor’s money go?

PRIME MINISTER Ingraham made a
comment in the House of Assembly yester-
day as he brought to a close the 2010/11
Budget debate, which reminded us of a
recent conversation we had with a critic of
the College of the Bahamas and its dispute
with its union staff.

The dispute between the College and the
Union of Tertiary Educators of the Bahamas
(UTEB) is now before an arbitration board.
Both sides are sealed to silence until the
matter is settled.

The negotiations, which started in Janu-
ary last year, broke down this year when it
was decided that an arbitration hearing was
the only way out. It is understood that
among the matters left to be settled were
appointments, the duties and responsibili-
ties of faculty members, promotions and
financial matters.

The person with whom we were speaking
made us believe that the financial matters
were the most pressing. Of course, we cannot
confirm this as we have not spoken with
anyone involved in the dispute — but during
the course of our conversation we were left
with the impression that more money is what
was wanted.

However, we were surprised when the
person suggested how this money, which the
College had made clear it could not afford at
this time, was to be raised to meet staff
demands.

“Surely,” said the person, “with all those
wealthy donors and the amount of money
they give the college, some of it could go
towards paying the lecturers.”

We were astounded by the ignorance of
this remark. If this person did not know the
law on donor money, then no wonder the
teachers — if in fact this might be their prob-
lem — might have the idea that the College
is flush with lose change that can be spent on
them.

The same idea came up in the House yes-
terday when the Prime Minister said there
were those who could not understand why
the government continued with the present
road works when, considering the austerity
measures being imposed on the people,
those funds were not diverted to lighten the
poor man’s burdens.

“Criticism of the continued road works
programme in the face of austerity measures
elsewhere is largely uninformed,” the Prime
Minister told the House. “In the first place,
the international lending agencies will in
ordinary circumstances make loans avail-
able for capital investment which is what
the road works are; they do not make such
loans available for recurrent expenditure.

“The purpose of such loans is to enable
the economy by investing in the fixed assets
required to sustain it and to permit its
growth,” he explained. “The basic fixed
assets which enable an economy — its
telecommunications, electricity, water and

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roadways are the capital investments without
which it has no future. It is for this reason the
international funding agencies concerned
with economic and national development
devote themselves to capital investment
loans.”

One would have thought that Sir Jack
Hayward had made enough noise in 2005
in demanding what NEMA had done with
the $1 million donation that he and his late
partner, Edward St George, had made to
the hurricane relief fund, to know that any-
one who plays fast and lose with donor mon-
ey does so at their peril.

Sir Jack and Mr St George had made it
clear that their million dollar donation was
exclusively for Grand Bahama, primarily for
repairs to the damaged educational facili-
ties on that island. Instead NEMA put it
into the general hurricane relief fund. This
was against all established law — a law that
goes back more than 150 years— about mon-
ey given for a specific purpose.

And so it would be more than the College
dare do to divert any donors’ money for
specific purposes to raise staff’s salaries.
And so any staff member who might have
this fancy thought in the back of his or her
head should dismiss it immediately — it is
against the law.

We recall many years ago when a Miami
nurse sought the help of the late Sir Eti-
enne Dupuch to raise funds for several oper-
ations needed by a badly crippled Bahamian
boy who was a patient at Miami Children’s
Hospital. Sir Etienne wrote several articles in
this column. Not only were donors generous,
but after the child was returned to his par-
ents in Nassau, it was found that the fund
had been over subscribed. Sir Etienne had to
go back to the remaining donors and get
their permission to transfer what remained
into a general fund for the use of all needy
Bahamian children. They agreed, and this
was the beginning of the Cripple Children’s
fund and committee, which made treatment
possible for thousands of crippled children
over the years.

And so as Sir Etienne could not use funds
for other children without donors’ permis-
sion, so the Prime Minister, no matter how
difficult our economy becomes, cannot divert
funds given by an international organisa-
tion for road works to buy groceries for indi-
gent people.

Nor can the College use their patrons’
money to raise lecturers’ salaries.

Persons should not undertake to handle
such funds unless they understand what they
are doing and the legal consequences if they
fail to follow instructions.

If they misstep they will find themselves in
the hot water and public embarrassment
that NEMA found itself when Sir Jack went
in search of his million dollar donation giv-
en only for hurricane repairs on Grand
Bahama.




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Injustice at
Miss Grand
Bahama

pageants

LETTERS

EDITOR, The Tribune.

This article is written to chal-
lenge the people of Grand
Bahama to take a stand and
fight against the injustice that
takes place at The Miss Grand
Bahama pageants. Those who
were in attendance at the Miss
Grand Bahama pageant on
May 16, 2010 must have come
to the realization that some
things were dreadfully wrong.
The lists of those things are as
follows:

1) The panel of the four
judges — Dr Hector C Singsong,
Dr Vermie J Florendo, Lauren
Huffe and Ruby Branett all
Caucasian and all foreign. How
is it that foreigners would pre-
side over a pageant to select
possible representatives for the
Bahamas to go overseas and
represent our native land effec-
tively. These judges do not have
a oneness with our culture and
it is quite evident based on their
selection of first and second
runner ups that they have no
desire to choose, intelligent
young women to represent our
native land. And let me not fail
to mention that both of these
girls have at least one Cau-
casian parent. Now I’m not a
prejudiced person but it sure
looks like prejudice played
some part in this. In my opinion
those two candidates failed to
deliver their platforms intelli-
gently, pausing with awkward
silent moments and embarrass-
ing redundancies. When the
platforms were a vital criteria
for selecting from the top five
the final top three contestants.
Yet the judges decided to rid
off the stage two intelligent can-
didates that should have been.
Think about it Grand Bahami-
ans, God forbid, for some rea-
son Tempest Stubbs cannot ful-
fil her full reign, we will have in
the line up to take over the first
runner up who cannot pro-
nounce the word archipelago
or answer the question of what
values does she possess that
would make her a
valuable/effective emissary for
the Bahamas? And second run-
ner up who when asked what
itinerary would she construct
for the President of the United
States as a fun tour, if he were
to come to the Bahamas for
one day? Stuttering yet again
and with awkward pauses evad-
ed the question going off on a
tangent about mentoring the
youth. It makes me wonder
does she even know what the
definition of itinerary is? Grand
Bahamuians we have resorted to
having two 16 year old 11th
graders as Ist and second run-
ner ups who cannot publicly
speak or render concise and
clear answers to questions giv-
en. For many of us who are
professionals with degrees this
should concern us. Tourism is
our main source of income and

letters@triounemedia.net



the United States of America is
one of the countries we solely
depend on. This is not just a
pageant, this is selecting a capa-
ble individual who can go
abroad and create change for
our country.

2) Dr Hector C Singsong,
Dr Vermie J Florendo two of
the judges on the panel are doc-
tors employed at the Rand
Memorial Hospital, as well as
the mother of the first runner
up who serves as a nurse at the
same hospital. How can you
have judges that are affiliated
with one of the contestant’s
parents? In my opinion it is
conflict of interest. Those doc-
tors should have refrained from
or stepped down when asked
to be a judge, knowing full well
that they would be evaluating a
fellow colleague’s child. This
illuminates the ignorance that
these judges feel we posses by
not seeing the importance of
fair judgment to be given when
choosing proper representation
for the Bahamian people. In
my opinion is a lack of respect
for our intellect that these
judges have toward us. It is tru-
ly insulting. Does the Bahamas
not have qualified, intelligent
Bahamian judges who could
have done a much better job?

3) Another question that
raised concern is that the sec-
ond runner up’s aunt, a former
Miss Bahamas, was a Miss
Grand Bahama committee
chair person and the franchise
holder of the Miss Grand
Bahama Pageant has trained
and coached the second runner
up for years. Again another
conflict of interest.

4) It is my understanding that
the franchise holder of the Miss
Grand Bahama Pageant fails to
co-operatively get along with
The Miss Bahamas committee,
which has caused any Miss
Grand Bahama Queen to have
to give up her title prematurely
or get permission before enter-
ing The Miss Bahamas Pageant.
If this is so, why is this? When
Grand Bahama remains one of
the islands in the Bahamas?
The Miss Bahamas pageant
should be the next step up for
any Miss Grand Bahama reign-
ing Queen. For example Miss
Florida doesn’t need permis-
sion to enter Miss USA nor
does she have to give up her
crown.

What are we as a people
doing about this? Many of us
left that pageant disgusted with
a large number of persons leav-
ing after the top three were
determined seeing the injustice.
And what do we do? We go
home or sit in our little groups
and complain about the blatant

unfairness that takes place. This
would not stand in Nassau,
Bahamas, so why do we permit
it here. I challenge you, Grand
Bahamians, to stand up and be
vocal about the unfairness that
takes place when choosing
ambassadors for the Bahamas.
If this were a regular pageant, I
would care less, but because it
is a chosen franchise that rep-
resents me, and us Grand
Bahamians, in the title ““Miss
Grand Bahama”, I have to take
a just stance. My advice to the
young girls of Grand Bahama
who desire to enter this
pageant, is to be aware that this
event requires a lot of money,
time, effort, sweat and tears so
if cheating and blatantly rigged
Miss Grand Bahama Pageants
will remain, I strongly suggest
refraining from entering them.
To the people of Grand
Bahama I would no longer sup-
port this event, because it seems
clear to me that the histories of
The Miss Grand Bahama
Pageants are rigged in favour
of pre-chosen winners. If Don-
ald Trump the CEO of the Miss
USA Pageant were to sit in that
audience as a possible investor
he would have left out laughing
and saying to himself: “If this is
the highest level of quality in
which Bahamians choose to
represent themselves, I’ll pass.”

The entire Bahamas should
be concerned because when
Miss Grand Bahama is sent
abroad to China, Colombia or
wherever, she does not wear
the banner Miss Grand
Bahama, but Bahamas, which
collectively includes us all.

This change MUST start with
us!

A CONCERNED
NATIVE
BAHAMIAN
May, 2010.

TR Teg

ETRE Ute

EDITOR, The Tribune.



Re: Our futile war on
crime,

The Tribune, Insight, May
31, 2010.

WHO would have thought
there were so many African
solutions to our ‘western’
crime problems? Next time
we are faced with a crime
problem, we should not
bother to call our police —
we should just call an
African!

KEN W
KNOWLES, MD
Nassau,

June 2, 2010.







GM- 100)

Government Notice

NOTICE

MINISTRY OF AGRICULTURE AND MARINE RESOURCES
THE AGRICULTURAL MANUFACTORIES ACT

(CHAPTER 243)

It es hereby notified pursuant to Section (4) of the Agricultural

manufactones Act that

the = Muernester

& about

fa consider whether

BAHAMIAN PEPPERSOUR should be declared a manufacturer for the

purpose of that Act. The said company proposes to manufacture pepper
SAUCE.

Any interested person having objection to such a declaration should
give notice in wrting of this abjection and of the grounds thereof to the
Ministry of Agriculture and Marine Resources before Tuesday 13th July
2010 by letter addressed ta:

Pom

Permanent Secretary

Ministry of Agriculture and Marine Resources

PO Box N 3026

Nassau, The Bahamas

Creswell Sturrup

PERMANENT SECRETARY





THE TRIBUNE

LOCAL NEWS

FRIDAY, JUNE 11, 2010, PAGE 5



Police identify

pedestrian
killed in car
Collision

By MEGAN REYNOLDS
Tribune Staff Reporter

A PEDESTRIAN killed
when hit by a car in
Carmichael Road early
Wednesday morning has
been identified by police.

Daniel Alexander Butler,
52, of Hamster and Shrimp
Roads in Avocado Gar-
dens, Nassau, was struck
near Sammy’s Chicken.

Witnesses claim a Honda
Accord and Lincoln Town
car were travelling east on
Carmichael Road when Mr
Butler was hit and both dri-
vers stopped as he was
thrown to the ground.

Police found him lying in
the middle of the road with
serious injuries and Emer-

gency Medical Services staff :
pronounced him dead at the }

scene.

Officers have not yet
indicated whether the dri-
vers mentioned will be held
responsible for the death as
investigations continue.

Police are also investigat-
ing the death of a man
believed to have been fatal-
ly hit by a car as he was
walking in Fox Town, Aba-
co, shortly after midnight
on Saturday.

The man, who has not yet:

been identified, was found
lying in the road with back
injuries shortly after mid-
night and later died at the
local clinic.

Police from the Road
Traffic division travelled to
Abaco to assist with investi-

gations and are appealing to }

the public for information.

Any information pertain-
ing to either of the road
deaths should be reported
as a matter of urgency by
calling 911, 919 or Crime
Stoppers on 328-TIPS
(8477).

Bahamas among
Caribbean islands

suffering homicide

mreynolds@tribunemedia.net

surge in 2009

US Secretary of State Hillary Clinton
unveils regional security initiative

CARIBBEAN islands had
one of their bloodiest years
on record in 2009 as they bat-
tled drug-fuelled crime, with
Jamaica, the Bahamas and
Puerto Rico hitting or com-
ing close to all-time highs for
homicides, according to an
article on the Associated
Press.

Alarmed by a dramatic
increase in narcotics-related
violence in the Caribbean, the
Obama administration is
pledging to help island
nations combat drug and
weapons traffickers.

US Secretary of State
Hillary Rodham Clinton, in
Barbados for a regional meet-
ing of foreign ministers,
unveiled the administration’s
Caribbean Basin Security Ini-
tiative yesterday.

The programme devotes
$124 million over two years
to help countries counter the
illegal narcotics and arms
trade and improve their abil-
ity to prosecute offenders.

“We all know well that
addressing transnational secu-
rity challenges in the 21st cen-
tury requires a comprehen-

sive approach,” Clinton said.
The programme augments
similar US cooperation efforts
in Mexico, Central America
and Colombia and helps
Caribbean countries deal with
any spillover of crime that
results from successes there.
Last weekend, Jamaican
authorities imposed a tempo-
rary curfew in troubled slums
of the capital Kingston as
security forces hunted for
reputed drug lord Christopher
“Dudus” Coke. He is wanted
in the US on drug and arms
trafficking charges.

CEG

|





U.S. SECRETARY OF STATE Hillary Rodham Clinton poses for a

picture with Barbados’ Deputy Prime Minister Freundel Stuart, dur-
ing a visit to George Washington House, in St. Michael Parish, out-
side Bridgetown, Barbados, yesterday. Clinton is in Barbados for a
for a regional meeting of foreign ministers. (AP)

Jamaican police and sol-
diers hunting for Coke in a
raid of the West Kingston
slums triggered four days of
street battles in which author-
ities say 73 civilians and three
security officers were killed.

The broader deteriorating

situation reflects the drug
trade’s deep entrenchment in
the region, with high murder
rates becoming a fact of life at
tourist havens that traffickers
use as transit points for South
American drugs bound for
Europe and the US.

TESTES CRTC UTD i a DSU

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net



THE REJECTION of UN Human
Rights Council’s recommendation to cri-
minilise rape within marriage was a nec-
essary move for legislative reasons, the
Ministry of Foreign Affairs has con-
firmed.

The United Kingdom called for the
Bahamas to amend existing legislation so
as to outlaw marital rape, and Sweden
recommended that the government con-
tinue efforts to promote gender equali-
ty and consider appropriate legislative
changes including criminalising marital
rape in a review of the country’s human
rights record in March last year.

Amnesty International highlighted
this in an annual report published last
month.

And director general of Foreign
Affairs Joshua Sears explained how the
motions could not be accepted by gov-

ernment because of their legislative
implications.

“As the amendment was not in law we
couldn’t commit ourselves to a legislative
process in Geneva without reviewing
the policy,” he said.

“During the review a number of rec-
ommendations are made by member
states — some are accepted, some are
considered and others we simply can-
not accept at the time, simply because
they have legislative implications.

“Some also carry severe cultural
implications and we can’t just do away
with them.”

Rejection of the motion did however
kick-start a process whereby govern-
ment proposed to amend the Sexual
Offences and Domestic Violence Act
in July and outlaw marital rape.

But the subsequent outcry from fac-
tions in the community and the church
drove government to shelve the amend-
ment in March.

“The Biblical justification is astonish-

ing,” Mr Sears said. “But at least we
have begun the process.

“Like with many other recommen-
dations, we have started to look at
it.

“And by the time the next report is
due, in the next four years, things may
have changed.”

Further progress has yet to be seen in
terms of accepting UN member states’
recommendations to enhance the rights
of women, children, migrants and con-
victed criminals.

The Bahamas rejected Haiti’s recom-
mendation to put an end to corporal
punishment in schools and the home,
Algeria’s recommendation to withdraw
its reservations to the Convention on
the Elimination of All Forms of Dis-
crimination against Women, and
Canada’s recommendation to subject
any detention of migrants, refugees or
asylum seekers to judicial review and
ensure persons are informed of their
rights.

The government was also not in a
position to support Bangladesh’s sug-
gestion to consider undertaking studies
in children involved in the commercial
sex industry and take appropriate action,
nor Canada’s call for the Bahamas to
focus more efforts on combatting child
prostitution and pornography in accor-
dance with the recommendations of the
Committee on the Rights of the Child as
suggested by Canada.

Further, the government could not
support recommendations to eliminate
corporal punishment from legislation in
accordance with the Convention against
Torture and Other Cruel, Inhuman or
Degrading Treatment or Punishment
and the Convention on the Rights of
the Child suggested by Chile; nor could
it agree to prioritise efforts to prohibit
corporal punishment of children and
adults, or allocate resources to allow the
full implementation of the Convention
of the Rights of the Child as recom-
mended by Sweden.

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PAGE 6, FRIDAY, JUNE 11, 2010

Performance targets to make public

healthcare staff more accountable



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THE government will introduce per-
formance targets for all employees in the
public health clinic system in order to
make them more accountable to patients,
Minister of Health Dr Hubert Minnis
said.

Dr Minnis said the performance targets
will also bring an end to the practice of
cutting shifts short, as doctors, dentists
and nurses will be obliged to fulfill their
schedule of work hours.

“We have had positive discussions with
executives of the Bahamas Public Ser-
vices Union (BPSU) and the nurses’ and
doctors’ unions and all have agreed that
their members should be held account-
able,” Dr Minnis said. “They also indi-
cated, and we agreed, that each individ-
ual should be treated with respect.”

He said the performance targets will
help the ministry bring an end to patients
being turned away or having to wait an
inordinate number of hours for treat-
ment at public healthcare centres.

Dr Minnis said measures will be put in
place allowing for disciplinary action
against offending personnel.

He said they are considering the intro-
duction of a “punch clock” system at
clinics to ensure that all employees fulfill
their obligation to work eight hours.

“We will treat every individual with
respect and only where basic protocols
fail, we will move to other targets such as
the introduction of the punch-clock sys-
tem,” the minister added.

Dr Minnis said it is not unusual for
physicians in public clinics to see between
six and 10 patients during an eight-hour
shift “and believe those are all the
patients they need to consult with and/or
treat.” He said private sector physicians







DR HUBERT MINNIS



can sometimes consult with or treat up to
30 patients.

The minister noted that during exam-
inations, medical students “are given 20
minutes per patient.”

“Tf you would calculate that over an
eight-hour period, it will accumulate to
more than six patients. If you can consult
with more than six patients in an exami-
nation setting, which is the most stressful
environment one can be in at that time,
you can most certainly do better than
six in a public setting,” he added.

THE TRIBUNE

Dr Minnis said it is his duty to ensure
that Bahamians receive access to the best
standard of healthcare possible.

He said the government, through the
Ministry of Health, the Department of
Public Health and the Public Hospitals
Authority, can continue to improve the
primary healthcare infrastructure
throughout the Bahamas, but all of that
will be for naught if the delivery of ser-
vices does not match the upgrades.

“The Bahamian public does not want
to hear from me about how many repairs
have been facilitated, nor do they want to
hear about how many doctors, nurses or
security guards have been employed
because they feel that is my job,” Dr
Minnis said. “What they want to know is
how the healthcare system is positively
impacting them.

“They want to know that they will be
able to access the services we provide at
all times.

“The Bahamian public demands to
know why they enter a clinic at 8am in
the morning only to be told that the doc-
tor arrives at 10am and leaves at 11am.

“They want to know why an elderly
patient has to sit in the waiting room
from 9am to noon without anything to
eat or drink and the doctor came in and
left without having seen that patient.

“They want to know why they entered
the clinic at 9am and the numbering sys-
tem is being used and at 11.30am they are
told there are no more numbers being
given and they were waiting all morn-
ing.

“This new system will address all of
their concerns as it relates to the provi-
sion of quality service in the public
healthcare system.”

A celebration of the life of

Mr. Theodore

David Nutt, Jr., 47

of Quail Roost

. Ridge
\ Nassau,

Bahamas,

Road,

The
will

be held at
Global Village
Church,
Village Road,

Nassau,

on

Saturday, 12th
June, 2010 at
2:00p.m.

Reverend James
Neilly will

officiate

and

interment will be in
Ebenezer Methodist
Cemetery, East Shirley Street, Nassau.

Ted is survived by his mother, Jacqueline Nutt,
daughters, Nichel Langley and Mya Nutt, sons,
Jeremy and Jesse Nutt, granddaughter, Brianna
Langley, fiancee, Nicole Tappen-Aranha,
sisters, Sandy Koulias and Sharon Cartwright,
brother, Niven Nutt, aunt, Mary Lowe, uncles,
Chris Manning, Jimmy Albury and Nicky Nutt,
sisters-in-law, Betty Roberts, Vicki Sweeting
Juanita Russell and Lana Russell, brothers-in-
law, Jack Russell, Basil Russell, Steve Roberts,
Gerald Sweeting, Nick Koulias and Nelson
Cartwright, numerous nieces, nephews other
relatives and many friends.

Instead of flowers the family request that
donations be sent to the Cancer Society of The
Bahamas, P.O. Box S.S. 6539, Nassau, The
Bahamas, in memory of Mr. Theodore D. Nutt.

Arrangements by Kemp's Funeral Home
Limited.

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New 'G
S

FROM page one

the government had been
tightlipped. The exact figure of
4,920 labourers was confirmed
by Jian Tan, chief of the com-
mercial section at the Chinese
Embassy in Nassau.

While there has not been any
significant public outcry over this
large number of foreign work-
ers, some political observers
have noted that giving approval
to bring in non-Bahamians
workers at this time when many
Bahamian construction workers
are out of a job would be a con-
troversial one for any govern-
ment — particularly in the run-
up to a general election.

This is despite the fact that an
estimated 2,500 Bahamians are
also projected to find employ-
ment in the construction of the
resort, with 8,000 permanent
positions set to be created with-
in it when it is completed, and
suggestions that the local con-
struction labour pool does not
contain the necessary skills in
sufficient quantities to carry out
such a massive project.

Mr Ingraham alluded to this
labour shortfall in his speech
when he stated that although the
Bahamas “needs a major devel-

House to vote on Chinese worker's

opment” at present, such as
Baha Mar or phase four of
Atlantis, “Nassau cannot sustain
both at the same time — it is
either Bah Mar or Atlantis phase
four.”

When the vote on the labour-
ers could take place in parlia-
ment is not clear at this time. At
present Baha Mar still has a
number of “conditions prece-
dent” that it must fulfil to con-
summate its $2.6 billion Cable
Beach redevelopment, the Prime
Minister stated in an interview
with Tribune Business in May,
the most important being to
resolve negotiations with Sco-
tiabank over its outstanding
$170-$180 million loan.

Meanwhile, the Chinese gov-
ernment also has to formally
approve the project. That has
not happened as yet.

Therefore, it is against this
background that Mr Ingraham
said he will not yet “count those
chickens.” However, the rede-
velopment plan is moving ahead,
as Baha Mar earlier this year
secured $2.5 billion in financing
from the Export-Import Bank

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of China and a contract with new
minority partner, China State
Construction Engineering Cor-
poration, to serve as the projec-
t's general contractor.

Mr Ingraham commented on
the Baha Mar project as he
rebutted accusations made
repeatedly by the PLP — in line
with an assessment also recorded
in the report by Wall Street cred-
it rating agency, Standard and
Poor’s (S&P) — that its decision
in 2007 to “stop, review and can-
cel” a number of “investment
projects” contributed to the con-
traction of the economy.

He denied that the Govern-
ment cancelled any “investment
projects” when it came to office
but admitted to “stopping some
wasteful spending projects”, such
as a large number of contracts
signed for schools “within
months” or weeks of the 2007
general election.

Mr Ingraham contradicted the
Opposition’s “stop, review and
cancel” claims, suggesting that
rather than cancelling such pro-
jects signed-off on by the former
Christie administration, his gov-
ernment “facilitated” many of
them — pointing to Baha Mar,
Albany, Baker’s Bay and Ginn.

Said the Prime Minister:

“Several Members Opposite
resurrected their baseless alle-
gation that my Government
stopped, reviewed and cancelled
projects which they had
approved and which were under-
way at the time of the last elec-
tion.

“I suppose they were refer-
ring once again to the $20 bil-
lion of direct foreign investment
which they had brought to our
country during their five year
term. We tried, but hard as we
looked we could never find those
$20 billion of investment. The
evidence of that investment must
be in that same special twilight
zone in which jobs are created by
the government and social ben-
efits increased without increasing
public debt or undertaking cap-
ital works.

“We did find a number of
Heads of Agreements complet-
ed by them; many were never
brought to this place. I suppose
they didn't consider it politically
wise to reveal what they were
planning to do through those

Events

50%

As Marked on the other half



agreements — which was to sim-
ply approve billions of dollars in
land sales to international per-
sons for residential purposes.

“Apart from the agreement
facilitating concessions for Phase
III of Kerzner's resort develop-
ment on Paradise Island, the
Abaco Club and Albany devel-
opment, we never found evi-
dence of billions of dollars in
investments they are so fond of
recalling.

“We all know what has
become of the GINN develop-
ment in West Grand Bahama.
Similarly, what became of the I
Group (EGI) proposal to cre-
ate a new centre of employment
to rival Grand Bahama in
Mayaguana?

“The development at South
Ocean has similarly failed to
materialise. Promises of a mari-
na development at the Hilton
didn't materialise.

“Honourable Members will
recall that it was left to us to
complete the land transfers for
Baker's Bay and the land swap
required to permit the start-up of
the Albany development.

“We also had to complete the
Heads of Agreement which they
were unable to close with
Bahamar. And regrettably, that
development has not yet com-
pleted negotiations on its fund-
ing arrangements.”

LATE NEWS:
OPPOSITION WALKS
OUT OF HOUSE

FROM page one

Prime Minister Ingraham
had wrapped up the debate
shortly before 6pm when the
Bills were to go through their
second reading and committal,
third reading and passing. Dur-
ing the second reading the
Opposition pulled out their
chairs, indicating that they were
abstaining from voting on each
Bill.

During the committal stage
when each item of the Budget
was being scrutinised, Fox Hill
MP Fred Mitchell moved an
amendment, which was defeat-
ed. Shortly afterwards all
Opposition members left the
chamber.

Government MPs continued
the third reading and passing
of the various Bills in their
absence.

Water and

Sewerage
FROM page one

scrap metal companies and the
corporation is requesting that
anyone with any information
regarding the location of these
cylinders to immediately con-
tact the police or the corpora-
tion at 302-5599.

“Chlorine gas is toxic and
will cause respiratory irritation
immediately upon exposure.
Persons should not attempt to
handle, tamper with or modify
the cylinders as this could result
in the release of the contents
— chlorine gas. Rather, the
police or the corporation
should be immediately notified.
The support and action of the
public is greatly appreciated,”
the corporation said.

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





PAGE 8, FRIDAY, JUNE 11, 2010

LOCAL NEWS

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35-YEAR-OLD Marsha Lewis arrives at court yesterday.

Woman charged

with stabbing
death of husband

FROM page one

dead at his home on Lightbourne Avenue, in the
Rockcrusher neighbourhood off Farrington Road at
around 10.30 pm on Monday. He had reportedly been
stabbed in the left side of his chest during an argu-
ment.

The accused — who is the mother of a seven-year-
old-girl — was represented by attorney Davard Fran-
cis. She was not required to enter a plea to the mur-
der charge during her arraignment yesterday as her
husband’s relatives looked on. Lewis was ordered to
be remanded to Her Majesty’s Prison.

She is expected to appear in Court 5, Bank Lane, on
June 22 when a date will be set for the start of a pre-
liminary inquiry.

As Lewis was about to be escorted back to Central
Police Station she told relatives of her deceased hus-
band, “I am so sorry.”

THE TRIBUNE







ri \E











Davis calls for names

FROM page one

Stating how Prime Minis-
ter Hubert Ingraham
informed the nation that the
government had advised the
Colina insurance company
that they could only pay them
$4 million of the $12 million
owed them, Mr Davis said he
found it strange that Mr
Ingraham would. also
announce three days ago that
the government would be
making a $10 million payment
to the port group. This group,
Mr Davis said, is made up
“some of the wealthiest
Bahamians” in the country.

“Tf this is supposed to be
such a profitable venture why
in such difficult times is the
Government continuing to
subsidise those who can
afford it most? The Bahamian
people have provided the
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paid for road works to the
tune of many millions of dol-
lars.

“We have practically given
them an exclusive interest on
commercial shipping into
New Providence a monopoly
for the next 20 years. At a
time such as this the shipping
companies must put their
money where their mouth is.
The Bahamian people have
subsidised enough. The port
companies ought to be carry-
ing the bill to construct the
new port. Or as in the case
with Colina why can’t the
Government delay making
the $10 million payment to
them?” he asked.

Mr Davis also noted that
the government has indicat-
ed in this year’s budget its
intention to contribute anoth-
er $16 million to the project
— bringing its total allocation
to $26 million.

“That is a whopping $26
million — approximately 25
per cent of the projected bud-
getary shortfall. Again we
must ask, what are this gov-
ernment’s priorities? Were
they elected to serve the
interest of the majority of
Bahamians or a group of 19
companies — many of them
inter-related and several with
no record in shipping — at
the expense of everyone else?

“Perhaps they should dis-
close the beneficial owners of
these companies. Why not
invest these millions of dol-
lars in continuing the employ-
ment of the 2,500 people you
hired six months ago and will
unceremoniously fire at this
time. Train them to do pro-
ductive jobs in the construc-
tion field so they could be
hired by BahaMar or other
construction sites?

“The government is instead
leading the way in adding to
the already large numbers of
the unemployed. Teaching
people marketable skills
would have been so much bet-
ter. If the government was
seriously involved in the real
negotiations between
BahaMar and the potential
Chinese investors they would
have known of the shortage
of skills locally to build the
resort. We should have made
provisions to train and pre-
pare our people,” he said.

Tourist dies
FROM page one

administer CPR until an
ambulance arrived 25 minutes
later.

Mr Jackson was pro-
nounced dead on arrival at
the Princess Margaret Hospi-
tal in Nassau at 6.50pm.

The cause of death has not
yet been confirmed but Assis-
tant Commissioner of the
Royal Bahamas Police Force
(RBPF) Glenn Miller said:
“He was in the water swim-
ming and reports are that he
was struck by lightening, how-
ever we are still waiting for
the autopsy report.”

The heavy thunderstorm
flooded areas of New Provi-
dence on Wednesday after-
noon with frequent bolts of
lightening visible across the
island.

Mr Sands said: “It’s a most
unfortunate incident, espe-
cially as they had only arrived
on the island shortly before
this tragic event took place.”

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





THE TRIBUNE



Pauline receive

PAGE 9





FRIDAY, JUNE 11, 20



By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

ALBEIT a decade later,
IAAF Council Member
Pauline Davis-Thompson was
presented last night with the
women’s 200 metres gold
medal from the 2000 Olympic
Games in Sydney, Australia.

The presentation was made
by Alberto Juantorena, the
historic double gold medallist
in the men’s 400 and 800
metres from Cuba at the 1976
Olympics, during an emo-
tional ceremony at Govern-
ment House.

Holding back the tears as
she gave her acceptance
speech, 43-year-old Davis-
Thompson took the medal
that was placed around her
neck by Juantorena, who rep-
resented IAAF president
Lamine Diack and she said
she wanted to give it to Prime
Minister Hubert Ingraham for
the people of the Bahamas.

“Tm giving this medal to
the people of the Bahamas, a



MINISTER of Youth, Sports and Culture, Charles Maynard, second from left, presents a framed copy of the proclaimation from Prime Min-
ister Hubert Ingraham declaring Thursday, June 10, 2010 as “Pauline Davis-Thompson Day”. At left is Bahamas Olympic Committee presi-
dent Wellington Miller. Next to Davis-Thompson is Bahamas Association of Athletic Associations’ president Mike Sands.

“T told him I wanted to







TENNIS
KNOWLES,
FISH ADVANCE

MARK Knowles and
American Mardy Fish are
now into the quarterfinal
of the men's doubles at the
Aegon Championships in
London, England.

The number five seed-
ed team, who was award-
ed a bye in the first round,
won their second round
match with a 6-2, 6-4 vic-
tory over the British
brother combo of Andy
and Jamie Murray.

Now they are set to take
on the top ranked team of
Daniel Nestor and Nenad
Zimonjic. Nestor, a former
partner of Knowles, along
with

Zimonjic are coming off
their victory at the French
Open Grand Slam in
Roland Garros.

Their match is sched-
uled for today. But Fish,
who is also playing singles,

Felipé Major/Tribune staff

symbol for all Bahamians,
present, future to understand
that if you want to attain any-
thing in life, you have to work
hard,” Davis-Thompson said.

“And you have to never,
ever, ever give up on your
goals and your dreams. Never,
ever, ever quit. I want you to
know that I love you so much
and this would not have been
possible without you.”

The IAAF presented the
medal to Davis-Thompson,
who had finished as the silver
medallist at the games behind
American Marion Jones.

But after Jones was tested
positive for steroids in 2007,
she was stripped of the
medals, including the gold in
the 200, thus Davis-Thomp-
son being elevated to the top
of the podium.

Davis-Thompson thanked
just about everybody who
played a role in her success,

including a number of
deceased persons, her family,
including her mother, Merle
and her husband, and mem-
bers of both the Bahamas
Olympic Committee and the
Bahamas Association of Ath-
letic Associations.

She also praised former
Prime Minister, the late Lyn-
den Pindling. She had found
out was she was his favourite
athlete and he even bought
her first pair of sprint shoes.

Then she spent a great
time of time lauding Ingra-
ham for the role he played
in rejunivating her career
when she came home and
seemingly out of the public
view.

Davis-Thompson recalled
how Ingraham sought her
out, sat her down and
advised her that whatever
was needed, he would pro-
vide it just to ensure that she
got her career back on track.

move to Atlanta to train and
he said it’s done,” Davis-
Thompson said. “He said if
there was anything else and I
told him I wanted my job
back at the Ministry of
Tourism. He said it was
done.”

Ingraham, according to
Minister of Youth, Sports
and Culture, Charles May-
nard, was unable to attend
the ceremony because of the
completion of the 2010 Bud-
get in the House of Assemly.

Representing Ingraham,
Maynard also read a pro-
claimation that was issued,
hailing Thursday, June 10,
2010 as “Pauline Davis-
Thompson Day” in appreci-
ation of her outstanding per-
formance in the 200 at the
games.

Additionally, Maynard
presented Davis-Thompson
with a cheque for $10,000,

the balance of the $40,000
that a gold medallist at either
the Olympics or the World
Championships would
receive. After the games, she
had collected a cheque for
$30,000 for the silver medal.

During the games, Davis-
Thompson also ran the third
leg on the famed Golden
Girls’ victorious 4 x 100 relay
team that comprised of
Sevatheda Fynes, Chandra
Sturrup and Debbie Fergu-
son-McKenzie.

Eldece Clarke was an
alternate on the team. Davis-

Thompson hailed her as her
long-time close friend. Clarke
was the only member of the
team present.

And veteran javelin throw-
er Lavern Eve, who was also
a member of the track team
at the Olympics, was present
as well.

Also present were leg-
endary Thomas A. Robinson;
immediate past president of
the BOC, Arlington Butler;
current BOC president
Wellington Miller and other
sporting personalities from
the other sports.



will have a long day as he
is expected to play Andy
Murray in singles. If he is
successful, Fish will have
to play another singles
match before the doubles.

INSIGHT

For the stories behind
the news, read Insight
on Mondays



We Take

$







Darling drafted by
Omaha Nighthawks
during NFL offseason

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



WHILE he awaits a decision on his Nation-
al Football League future, a Bahamian gridiron
star has received opportunities to further his
career elsewhere this offseason.

Wide receiver Devard Darling was drafted
on June 2nd by the Omaha Nighthawks of the
United Football League.

At this time Darling has made no decision to
join the team, and continues to be an NFL free
agent.

“T have received medical clearance from my
doctor and look forward to joining an NFL
team in the near future. I have worked hard
over the past few months rehabbing my torn
ACL and conditioning myself to return to the
NEL stronger, quicker, and more determined
than ever to make an impact on the field,”
Darling said. “I have great respect for the
UFL; however I will not be signing with one of
their teams.”

Devard is currently speaking with various
teams and is confident the right situation will
present itself, until that time he continues to
train and prepare for the upcoming season.

Darling, a 27-year-old, 6-foot-1 wide receiv-
er, had completed his second season with the
Chiefs in 2008, but he spent all of last year on
the injured reserve list since September 1.

He suffered a torn ACL on August 29 in a
preseason contest against the Seattle Seahawks
after starting Kansas City's first three games
and posting three catches for 19 yards.

Darling went through a successful ACL
surgery on September 15.

In an interview with the Tribune shortly after
the surgery Darling was asked if he saw the
Chiefs’ decision to release him coming, he not-
ed emphatically — yes.

"Iwas going into the last year of my contract
and I was hurt,” he said. "That's just the way it
is. That's the nature of the game, the business
side of it. Once I can get healthy, then I can be
concerned about playing again. I've been
through worse things than this,” he said, reflect-
ing on the death of his identical twin brother,
Devaughn, with whom he played football with





asonefoundation.org/Photo



Devard ne



for the Florida State Seminoles.

"This is the business side of football. That's
all it is. I have no doubt in my ability and my
talent. I just want to get healthy and I know
everything else will take care of itself.”

Kansas City was the second team that Dar-
ling has played on since he was drafted with
the 82nd pick in the 3rd round by the Balti-
more Ravens in 2004 out of Washington State.
He played four seasons with the Ravens before
he was acquired by the Chiefs in a trade in
2007.

Prior to getting injured, Darling went
through the 2008 season having caught 17
receptions for 247 yards. That brought his
career total to 37 in receptions and 578 yards.

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PAGE 10, FRIDAY, JUNE 11, 2010

SPORTS

TRIBUNE SPORTS





For You:
For Me: An

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



early a year to fo the day this column was

originally written ... and nothing’s changed.

Kobe Bryant's career has mirrored the pool
party at Ron Burgundy’s house in Anchorman
“we've been going fo the same party for 12 years
and in no way is that depressing.” Without further

adieu ...

I can't remember how it
started, I can't remember why
it started. But at some point
within the last few years, the
entire social structure of bas-
ketball fans in the Bahamas
became a polarising division
between two sects. Those that
love the Lakers, and those
that don't. Those that hate
Kobe Bryant, and those that
don't.

It's easy to understand why
so many people love Kobe.
He's the best player of this
generation, he plays in possi-
bly the biggest market in the
United States on the world’s
most popular team, he filled
the Jordan void better than
any of his predecessors, and
let's face it, the Showtime era
endeared the Lakers to the
Bahamas forever.

Why he's hated so much,
are pretty much centred
around the same reasons he's
loved.

Here's my problem with the
whole thing. Hating aimlessly
doesn't help the cause of those
who actually have legit cases
against the evil empire. It
weakens it. It strengthens the
resolve of the other side and
pushes objective thinkers
towards the brink of insanity.

It makes Kobe a martyr.

Of course I don't expect
everyone to hold hands and
sing kumbayah. This is sports
and it wouldn't work unless
you liked certain teams and
disliked other ones. That's
part of the deal. It's just the
way it is and most of us under-
stand this.

But this year in the playoffs
I think we crossed a line
straight on past good natured
"us vs. them" mentality to an
atmosphere where every fair-
weather fan dusts of the #8
jersey or updates their Face-

a ie)

book status declaring undying
loyalty to team they saw play
for the first time all season in
mid-May.

HOW'D WE GET
TO THIS POINT?

The point where we're
forced to constantly sift
through the rhetoric of those
who have yet to watch a single
NBA game before April and
are the most vocal people
spewing venom after every
game.

The black and white sim-
plicity of it all lends itself to
create the kind of debate
that's more of a... well not a
debate at all, more of a contest
to see who comes up with the
most outlandish hard-line
statement.

I'm not suggesting anyone
become a fan of the Lakers
and by extension Kobe
Bryant. Far from it. I'm the
type of guy that's patiently
awaiting the day when his era
is done and I can concentrate
my efforts on hating Kevin
Durant's success because the
Blazers passed on him for
Greg Oden. I'm also not a fan
of just spewing baseless hatred
... unless its directed at Dane
Cook or Tyler Perry. The way
I see it, there are three main
reasons most people Love or
Hate Kobe, they get to be
exempted from the generic
"Laker Hater" category:

THE SACRAMENTO

KINGS DIASPORA
A buzzer-beating 3-point
shot by Robert Horry of the
Los Angeles Lakers in Game
4 of the 2002 Western Con-
ference finals slammed the
door shut on the Kings’ win-
dow of opportunity to win an
NBA title. Following that
loss, the Kings disbanded,

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became a shell of themselves
to the point where I don't
know a single guy that was a
fan of the Kings during that
era, and stuck around.

THE JORDAN VOID

It was like the episode of
Lost when Jack, Kate, Sayid
and Locke were all of in the
jungle following the A, and B
storylines and everyone else
at the camp had no one to
look to for answers. They
were so desperate for a leader
that they turned to Sawyer.
Chicago Bulls fans were just
as desperate for a leader that
they searched for anyone that
would come along to claim
the throne. There was Grant
Hill, Jerry Stackhouse, Pen-
ny Hardaway, Vince Carter
.. but none of them fit the
mold as well as Kobe. No kid-
ding. Jordanistic purists are
out there that believe basket-
ball should have ended right
there and then when MJ
crossed up Russell and made
the game winner to take the
1998 Finals. Kobe is a direct
threat to his legacy and the
only person anyone attempts
to make the Jordan compari-
son consistently for the past
decade. And for that, he's
both hated and loved.

HE'S TOO PERFECT

The heir apparent to the
throne. Slam Dunk title first
year in the league. Perennial
All-star. At this point no one
even remembers he was on
trial for rape. Three NBA
championships. Olympic gold
medal. Multiple All-NBA
teams. All NBA defensive
teams. Scoring titles. Global
Icon. 81. People love to root
against the frontrunner and
Kobe’s been in that position
all his life.

A REAL REASON
TO HATE
Personally, the exact

moment my hate-affair with
the Lakers began: June of
1991. I was just five years old,
but I knew this much. I loved
Clyde Drexler, I loved the
Portland Trailblazers and the
reason they weren't going to
the NBA Finals was because
of Magic Johnson, James Wor-

Check out
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*Except on net items

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Tel: 30 393-4002
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Monday-Friday 7:00am-8:00pm
Saturday 7:00am-9:00pm
Sunday dosed
www.kellysbahamas.com

The NBA Finals,
gst In a Sea of Hat

Michael Dwyer/AP Photo



LOS ANGELES Lakers guard Kobe Bryant reacts during the
third quarter in Game 3 of the NBA basketball finals against the
Boston Celtics on Tuesday, June 8, 2010, in Boston.

thy, Kareem Abdul-Jabaar
and the Lakers. It was all I
needed. I revelled in the strug-
gling 90s Lakers with Divac,
Nick Van Exel, Eddie Jones,
and I dreaded when Shaq left
Orlando to head West. I
remember thinking on draft
night in 1996 thinking why
would Charlotte trade a high
flying wing player with
tremendous upside potential
for an aging, barely mobile
Divac. We know how that
turned out. But more than any
of that, the number one reason
I despise the Lakers now and
forever, or at the very least
until this current roster retires
.. game 7 of the 2000 West-
ern Conference Finals ...
fourth quarter. I know it as the
death of a franchise and the
birth of hate. You know it as
one of those NBA "Where
Amazing Happens” commer-
cials.

Quick back story: The Lak-
ers dominated the regular sea-
son, winning 67 games and
earned homecourt advantage
throughout the playoffs. They
hadn't lost three games in a
row all season and ran through
competition in the playoffs like
a buzzsaw. LA held a 3-1 lead
over the Blazers in the Con-
ference Finals before Portland

won the next two games and
forced a seventh and deciding
game. Everything was going
perfectly in game seven. Port-
land held a 71-58 lead at the
start of the fourth quarter and
proceeded to drop the ball in
the worst playoff collapse of
all time. The Blazers shot 5-
23 in the final quarter, missed
13 consecutive shots and gave
up a 15 point lead in under 12
minutes.

The Lakers punctuated the
comeback rally with a thun-
dering dunk on an alley opp
from Bryant that put Los
Angeles ahead 85-79 with 40
seconds to play as Bob Costas
provided the soundtrack for
the worst basketball moment
of my life, "Kobe....to Shaq!!"
LA went on to win back-to-
back-to-back titles and the
Blazers faded obscurity for a
few years. Now THAT my
friend is a reason to loathe LA.

The scariest thing about it
is, despite it all, being lumped
into the "Laker Hater" cate-
gory and being forced to side
with everyone that hates with-
out reason is causing me to
actually defend Kobe in argu-
ments.

Either that or that Lil
Wayne song from last summer
is really that good.





Card Of Thanks

Our family chain is broken and nothing seems the same,
but as God calls us one by one the chain will link again.

We, the family of the late Ryan Roberto Godfrey, would like
to thank the many family and friends at home and abroad, co-
workers, church family and neighbours for your visits, calls,
prayers, cards food items, floral arrangements and monetary
gifts during the time of his illness and demise. Your words of
encouragement and support has been a source of strength and
comfort to us during our time of bereavement.

Special thanks to Doctors Sheena Antonio-Collie and Beverton
Moxey, Nurses, PCT’s and staff of Doctors

Hospital, staff of Cleveland Clinic, Weston

Florida, management and staff of

Bahamasair, especially his flight crew,

Airlines Clubs Bahamas, World Airline



Ryan
Roberto
Godfrey

July 1st, 1976 - April 12th, 2010

Club Association; management
and staff of Bahamas Mortgage
Corporation, Insurance
Management, Bishop Chadwick
James and family, the family of
Mekaddish Ministries Int’1, Rev.
T. G. Morrison and family and
the Zion Baptist East & Shirley
Streets family, Bishop B
Wenith Davis and family, the
Zion South Beach Church and
Zion Academy family,
Monique Hanna, Gloria
Darville and J. Michael of
Love 97 and Bethel Brothers
Morticians.

God Bless You All
The Godfrey family





Athletes gear up
for BAAAS
National Open
Track and Field
Championships

By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

WITH the Bahamas
Association of Athletic
Associations’ National Open
Track and Field Champi-
onships just one week away,
a number of elite and colle-
giate athletes are continuing
to gear themselves up for
what is expected to be a
Keenly contested two-day
meet at the Thomas A.
Robinson Track and Field
Stadium.

At the Golden Gala in
Rome, Italy yesterday,
Eleuthera native Chris 'Fire-
man’ Brown lowered his sea-
son's best to 45.04 seconds to
finish third in the fastest
men's 400 metres contested
so far this year.

American Jeremy Warner
took the tape in the world
leading time of 44.73, fol-
lowed closely by his compa-
triot Angelo Taylor in 44.74.

Brown, however, got
some revenge from Trinidad
& Tobago's Renny Quow,
who beat him out for a
medal at last year's IAAF
World Championships.
Quow came in fourth in
45.52.

On the ladies side, veteran
Chandra Sturrup posted
another fantastic perfor-
mance when she crossed the
line second in the women's
100 in 11.14. She turned the
tables on Debbie Ferguson-
McKenzie, who beat her in
their last outing. Ferguson-
McKenzie had to settle for
fourth in 11.31.

American Lashauntea
Moore powered through in
11.04 for the win.

Tahesia Harrigan of the
British Virgin Island split the
Bahamian duo in 11.17.
Jamaica world champion
Shelly-Ann Fraser was dis-
qualified for stepping out of
her lane.

While the three veterans
were holding their own in
Rome, a number of young-
sters were competing at the
NCAA Outdoor Champi-
onships in Eugene, Oregon.

Grand Bahamian
Demetrius Pinder, who has
ran the fastest time of any
Bahamian so far this year of
44.99, had the sixth fastt
qualifying time for the men's
400 on Wednesday. The
Texas A&M junior clocked
45.77 to advance to today's
final after he ended up sec-
ond in his heat.

Fellow Grand Bahamian
Latoy Williams, who burst
onto the scene last year
when he qualified for the
World Championship team,
was fifth in the last of the
three heats in 46.50. The
Texas Tech junior, howev-
er, didn't advance to the
final as he was 13th overall.

In the women's one-lap-
per, Amara Jones, a sopho-
more at Savannah State,
clocked 54.89 for seveth in
the last of three heats. She
didn't advance after finish-
ingg 22nd overall. Sheniqua
‘Q' Ferguson, the SEC dou-
ble champion, was the only
one of two Bahamians in the
women's 100 to advance to
the next round. The Auburn
University junior ran 11.35
fo second in her heat for
fifth overall. Kristy White, a
senior at the University of
Miami, was seventh in 11.66
in the first heat. Her 20th
place overall didn't allow her
to move on.

Also on Wednesday, Fer-
guson was on the third leg
and Grand Bahamian Nivea
Smith anchored as Auburn
came in second in their heat
in the women's 4 x 100 relay
in 44.10 to advance to the
final with the sixth fastest
qualifying time.

And the University of
Califorina at Los Angeles
clinched the eighth and final
spot in the men's 4 x 100
relay, but Karlton Rolle did-
n't run.

Yesterday, Ferguson and
Smith were scheduled to
contest the women's 200.
Also on tap was the men
and women 4 x 400 relay
heats. Results of those
events were not available.

Today, in addition to the
final of both the 100 and 400
is the men's high jump, fea-
turing Jamal Wilson of the
University of Texas.

The meet closes out on
Saturday with the final of
the 200 as well as both the 4
x 100 an 4 x 400 relays.

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



THE TRIBUNE

FROM page one

the appointment of Jamaican
Vinette Graham-Allen as
Director and Garvin Gaskin
and Franklyn Williams as her
deputies to “move the process
forward.”

Bahamians Mr Gaskin and
Mr Williams previously
served as assistant directors.
Mrs Graham-Allen previous-
ly served as Director of Public
Prosecutions in Bermuda and
most recently as the Director



FRIDAY, JUNE 11, 2010, PAGE 11

Director of Public Prosecutions, deputies selection

of the Justice Training Insti-
tute in Jamaica, which works
to encourage and facilitate the
training of personnel working
within the agencies that make
up the justice system in
Jamaica.

Mr Ingraham confirmed
the appointments during the
wrap-up of the Budget
debate, in response to an
inquiry by PLP Deputy leader
Philip Davis, MP for Cat
Island, Rum Cay and San Sal-
vador about whether “the

ENIOY TIME OFF WITH A

6 Pe. Chicken, 2 Sides and 4 Biscuits

government has exhausted its
search locally for a Director
of Public Prosecutions.”

He said Cheryl Grant-
Bethel, who had temporarily
acted as Director of Public
Prosecutions in the Attorney
General’s Office, will return
to her substantive post as
Director of Legal Affairs and
an announcement will be
made soon regarding her
appointment to another post
“in the purview of the Attor-
ney General.”



















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THE TRIBUNE

u



ine







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





FRIDAY,

JUNE

aa ag

2010

SECTION B ¢ business@tribunemedia.net

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED







Venture fund’s $5m ‘exhausted’

By NEIL HARTNELL
Tribune Business Editor



he Government-sponsored

venture capital fund has

exhausted the $5 million

allocated to it to finance

Bahamian entrepreneurs

and small businesses, Tribune Business

was told yesterday, its administrator sug-

gesting that the annual $1 million allo-
cation be “doubled” to meet demand.

Jerome Gomez, who is also a partner

at the Baker Tilly Gomez accounting

firm, said the Bahamas Entrepreneurial

Venture Fund, while financing two busi-

ness proposals to-date during 2010, had

currently effectively run out of funds to

lend, now possessing just enough to cov-

* Administrator suggests annual $1m injection be ‘doubled for two to three years’
to meet demand, with three to five business plans coming in every week

* Some 52 businesses financed to date, 41 with loans and 11 with equity

* Fund enjoyed ‘50/50 success rate’ to date

er administrative costs and keep the pro-
gramme running.

Despite the Government announcing
that it was allocating $10 million collec-
tively to the fund, plus the Bahamas
Development Bank (BDB) and
Bahamas Agricultural and Industrial
Corporation (BAIC), Mr Gomez said
he had yet to discuss with the Ministry of
Finance how much of that sum the fund
would receive.



$65m Port deal ‘better
than Hawksbill Creek’

“Yes, we are,” Mr Gomez told Tri-
bune Business, when asked whether the
$5 million made available to the
Bahamas Entrepreneurial Venture Fund
to date had been exhausted.

He confirmed that “all the funds for
lending resources” had effectively been
used up in providing financing to the 52
businesses helped to date, adding:
“When you take the administrative costs
of running the fund out, all of it is out in

progress the
development of
human capital
in the Bahamas.

the marketplace. We are just holding
enough to keep the fund going, paying
the bills.”

The danger with this situation is that
another avenue of already-scarce financ-
ing available to Bahamian entrepreneurs
and small businesses will dry up, dashing
dreams and business opportunities, espe-
cially since the BDB 1s also severely

SEE page 5B

COB plans bond issue

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

Wilson, chairman of Arawak
Homes, and his family.

The Building will also be
named the ‘F. R. Wilson Grad-



By NEIL HARTNELL
Tribune Business Editor



A LEADING businessman yesterday blast-
ed the Government over the $65 million
Arawak Cay port, arguing that the deal was not
in the public interest and had given the 19
shipping industry investors a “bonanza” more
generous than the Hawksbill Creek Agree-
ment that led to Freeport’s creation.

Franklyn Wilson, the Arawak Homes and
RoyalStar Assurance chairman, told Tribune
Business that he found it “inconceivable” that
the Government would have given the Arawak
Port Development (APD Ltd) group a 20-year
monopoly on port operations for the whole
of New Providence, describing this as a
“humungous concession”.

Arguing that the 19 port investors and their
beneficial owners would be the only Bahami-
ans to benefit from the 2010-2011 Budget, Mr
Wilson said the port monopoly effectively gave
those companies great control and influence
over Nassau’s - and the wider Bahamian -
economy, since they would set the port fees
(access costs) paid on all imported goods.

“This has huge implications for anyone
doing business in this country. It puts us in a
worse position in terms of commerce than
exists today,” Mr Wilson said, explaining to
Tribune Business that he currently had the
ability to negotiate with different shipping
companies and dock owners, such as the Kellys,
Bethells and Symonettes, to obtain the best
rates.

Now, with APD Ltd having “virtual con-
trol” over all port operations on New Provi-
dence by virtue of its monopoly, Mr Wilson
said they had the ability to impact the cost of
key items, such as building materials, arriving
in the Bahamas. This could raise prices

* Leading businessman blasts
government over Arawak Cay
agreement, arguing that 20-year
port monopoly will leave
commerce ‘in a worse
position than today’

* Says deal agreed by Ingraham
administration ‘just boggles
my mind’, as creates ‘risk-free
bonanza’ that ‘gives a hell of
a lot away for little in return’

throughout the production chain, right down
to, and including, the consumer.

The Memorandum of Understanding (MoU)
allows APD’s Board of Directors, with the
Government’s approval, to set tariffs and
charges for gate fees, landing fees, security
fees, cargo storage and detention, and utility
charges at both the Arawak Cay port and
Gladstone Road depot.

“The only opportunities in this Budget are
for the investors in the Port. That aspect of
the Budget is phenomenal,” Mr Wilson told
Tribune Business. “The investors in the Port
probably got the biggest concessions given to
anyone in this country before or after the
Hawksbill Creek Agreement. They got a bet-
ter deal than the Hawksbill Creek Agree-
ment.”

The leading businessman argued that while
the original investors in Freeport deserved
some incentives because they were developing
a new city from scratch, the monopoly granted

SEE page 4B





THE COLLEGE of the
Bahamas (COB) is moving to
fund the development of its
new Business School through
an upcoming multi-million dol-
lar bond issue to be unveiled
shortly, the private sector hav-
ing already injected $2 million,
the outgoing president told Tri-
bune Business yesterday.

Janyne Hodder suggested
that the Bahamian public
should be involved in the “great
things” their college is doing to

The COB
council is final-
ising which

financial institu-
tion will facili-
tate the bond
issue, while the

development of

the new school

is also being funded through a
corporate donation of $1 mil-
lion given by the Royal Bank of
Canada, plus a private dona-
tion of $1 million by Franklyn

HODDER



uate Business Centre’ after Mr
Wilson.

“The building’s first private
donation was given by the two
most generous individual
donors in the College’s histo-
ry,” said Mrs Hodder.

“Mr Franklyn Wilson, for
whom we are honored to name
the new building, needs little
introduction. He was our chair-
man when I first became presi-

SEE page 3B

Cruise line ‘back over 800,000’ to Bahamas in 2011

By NEIL HARTNELL
Tribune Business Editor

ROYAL Caribbean Cruise
Lines will “be back up over
800,000 passengers” brought to
the Bahamas in 2011, a senior
executive told Tribune Busi-
ness yesterday, with the more
than-100,000 increase over 2010
projections coming from the
delivery of its second Oasis
class vessel.

Michael Ronan, Royal
Caribbean’s vice-president of
government relations for the
Caribbean and Latin America,
said the cruise line had “bot-
tomed out” last year in terms of
the number of passengers it
brought to Nassau, Freeport
and its Bahamian private

Hotels ‘half-way’
to pre-recession
key benchmarks

By NEIL HARTNELL
Tribune Business Editor

T H E | i |

Bahamian hotel
industry is
“half-way” to
regaining the
business levels
it was achieving
prior to Sep-
tember 2008’s
financial col-
lapse, the
Bahamas Hotel
Association’s
(BHA) president said yester-
day, adding that while April
2010 had been “somewhat dis-
appointing” several resorts
were forecasting strong sum-
mers.

Robert Sands said that while
April 2010’s room nights sold
and room revenues were 10.7
per cent and 13 per cent below
2008 comparatives respectively,
the collective performance by
Nassau/Paradise Island hotels
was better than the 20 per cent
slippage the industry suffered
in 2009.

Explaining that 2008 was “a
good benchmark” by which the
industry could measure itself,
since it corresponded to the
period before the Lehman
Brothers collapse and worst of
the recession, Mr Sands said:
“Certainly, we’re not their yet,
but we’re making inroads.
We’ve made it half of the way.”

This is why Bahamian hotels
are focusing more on 2008 com-
paratives with their current per-
formance, rather than 2009. “I
think, realistically speaking, we
are where we thought we'd be,”
Mr Sands, who is also Baha

SANDS



* Room nights sold and
room revenue still 10.7%
and 13% behind April 2008
levels, but better than last
year’s 20% slippage

* BHA president says April
‘somewhat disappointing’,
but resorts reporting strong
bookings for summer

* Says sector ‘making
inroads’, and if summer
bookings hold it ‘augurs
well’ for slightly beating
2010 projections

Mar’s senior vice-president of
external and governmental
affairs, said.

“T don’t think there are any
surprises. While April was
somewhat disappointing, the
fact we are showing stability is
important. There remains light
at the end of the tunnel if we
continue in this direction, and a
number of properties are fore-
casting positive and strong sum-
mers.

“Tf that pans out, it will augur
well for a year that meets
expectations or exceeds expec-
tations.”

April 2010 figures released
by the BHA and Ministry of
Tourism showed that the 14
major New Providence hotels
generated a 72.8 per cent occu-
pancy rate for the month,
matching the 2009 perfor-
mance.

SEE page 4B

FAMILY GUARDIAN

* Oasis class ships to call on Nassau every week next year,
increasing passenger totals by more than 100,000 over 2010
* Royal Caribbean’s passenger numbers ‘bottom out’ in 2009
* Government agrees $18 departure tax compromise

with cruise lines, with industry pledging to

find ways to get it over $9m in revenue
* $44m Nassau harbour dredge praised for

‘very wisely investing in the future’

islands, adding that from late
2010 onwards an Oasis class
ship would call on Nassau every
week.

Dispelling claims that Royal
Caribbean was pulling its flag-
ship vessel, Oasis of the Sea,
from its Nassau itinerary, Mr
Ronan said the vessel had

Financial Strength Rating

INSURANCE COMPANY LIMITED

call our mortgage department today at
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awn the home

“started to call in Nassau every
other week from May as part
of a transition” where it offered
clients a western Caribbean
cruise one week, and an eastern
Caribbean cruise encompass-
ing the Bahamas during the

SEE page 5B

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of

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[ affordable terms
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[ down payment as low as 5%"

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*with mortgage indemnity insurance

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED





PAGE 2B, FRIDAY, JUNE 11, 2010

THE TRIBUNE





Dollar slips following strong Chinese trade data

NEW YORK (AP) — The
dollar slipped Thursday as news
of booming Chinese exports
and improvement in US jobless
claims provided relief from nag-
ging fears about the global
economy.

The dollar has risen to 4-year
highs versus the euro this
month, mostly on worries about
Europe's economic problems
and a possible slowdown in
China. The euro rose to $1.2095
in late trading in New York, up
from $1.1986 late Wednesday.
It hit a high for the week after
the European Central Bank
expanded its efforts to make
credit available in Europe.

Worries about European
debt, faltering growth prospects
on the continent and the effects
of deep cuts in government
spending have weighed on the
euro this year.

Analysts say Europe's fiscal
problems are going to force the
European Central Bank to
keep interest rates at their cur-
rent level of one per cent for a
long time, which will weigh on
the euro. On Thursday, the
ECB maintained that one per

UT ty
TR aan I

CNS



cent rate.

ECB President Jean-Claude
Trichet also said the central
bank's controversial bond pur-
chase programme was tempo-
rary. When the ECB buys the

debt of troubled European gov-
ernments, that could increase
the money supply, sparking
inflation and dragging down the
euro.

The ECB also said it would

offer banks unlimited three-
month loans to encourage lend-
ing. Fears of a freeze in bank
lending, similar to what took
place after the 2008 collapse of
Lehman Brothers, have driven

investors to seek the perceived
safety of the dollar this spring.

The central bank raised its
forecast for economic growth
in the 16 nations using the euro
in 2010, but shaved its outlook

KPMG unveils hire of
transaction specialist

NASSAU-head-
quartered KPMG
Advisory Caribbean is
expanding its regional
transaction services and q
due diligence business
with the appointment
of a Bahamian-born
executive who has
transferred to this
nation from London.

Nigel Rouse will take
charge of the unit, hav-
ing led due diligence-based assignments
across Europe, Africa and the US.

Originally from the Bahamas, Mr
Rouse has spent a number of years living
abroad, working for KPMG in both Aus-
tralia and the UK. He is a qualified char-
tered accountant, registered with both

ROUSE

the Institute of Chartered Accountants
of England and Wales and the Bahamas
Institute of Chartered Accountants.

KPMG said in a statement that it has
led corporate finance, merger and acqui-
sition transactions, business sales, infra-
structure, valuations, financing and other
corporate finance transactions in more
than 20 countries in the Caribbean over
the last 10 years, the deals ranging in size
from $5 million to over $1 billion. Due
diligence and other transaction services
are a complimentary service,

The company said it will be leveraging
Mr Rouse’s international transaction ser-
vices experience to offer services includ-
ing:

* Due diligence on target entities on
behalf of potential purchasers to help
them understand what it is they are buy-

ing.
Vendor-based due diligence on behalf
of a seller, to both improve the efficiency
and effectiveness of the sale process, and
allow the incumbent management team to
focus on their ongoing day-to-day respon-
sibilities

* Refinancing-based assignments to
help lenders/financial institutions under-
stand a prospective company’s underlying
business, and their ability to service debt-
related obligations in the future

* Financial reporting for capital market
based assignments

* Assistance to potential vendors to
help them maximise the value achieved
for their business and provide additional
resources/guidance to management teams
before and during the actual sale process
itself.

for 2011.

In other late trading Thurs-
day, the British pound rose to
$1.4702 from $1.4533, while the
dollar inched up to 91.20 Japan-
ese yen from 91.15 yen.

The dollar fell to 1.1450 Swiss
francs from 1.1485 francs and
tumbled to 1.0317 Canadian
dollars from 1.0445 Canadian
dollars. It was sharply lower
versus currencies in Latin
America, Asia and European
countries that do not use the
euro.

Emerging-market currencies
and currencies of countries that
are big exporters of commodi-
ties got a boost from news that
China's exports shot up almost
50 per cent in May.

Economists have been wor-
ried that stagnating economies
in Europe would dampen world
trade and hurt the recovery
from the recession.

"So far there appears to be
no evidence of a collapse in
trade,” said Capital Economics
analyst John Higgins in a
research note.

In the US, employment data
released Thursday suggests
labour markets in the world's
biggest economy are also
improving. New claims for
unemployment aid dropped by
3,000 last week, the third
straight weekly decline. Total
jobless aid claims fell to a sea-
sonally adjusted 4.5 million, the
lowest level since December
2008.









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ec a aR ae ane)

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Budget debt goal an
‘unattainable dream’

By CHESTER ROBARDS

Fidelity Bank (Bahamas) Limited

(Incorporated under the laws of the Commonwealth of The Bahamas)
Consolidated Balance Sheet (Unaudited)

As of 31 March 2010
(Amounts expressed in Bahamian dollars)

Bahamians ‘will catch a little hell’

Business Reporter
crobards@tribunemedia.net

A FORMER Bahamas
Chamber of Commerce presi-
dent yesterday said the Gov-
ernment’s aim of reducing the
Bahamas’ debt-to-GDP ratio
was an “unattainable dream”
in the short-term, arguing that it
would increase to 49 per cent

not go. far
enough to reign
in spending in
the public sec-
tor, though he |
asserted that
redundancies in
that area would
not have been



near future.

Mr D’ Aguilar also suggest-
ed that many of the Govern-
ment’s tax amendments were
sprung on businesses and tax-
payers too suddenly, and
should have been phased in
over a period of time, especial-
ly in the auto industry.

ASSETS
Cash on hand and at banks
Investment securities

Mortgages, consumer and other loans

Property, plant and equipment
Prepayments and other assets

31 March
2010
3

29,467,863
28,671,458
200,813,196
12,283,163
3,681,784

31 December

2009
$

28,479,649
28,152,658
200,121,534
12,388,180

6,388,145

by 2013. the answer “It was too sudden, too
Dionisio D’Aguilar said the __ either. ; severe and wasn’t staggered,”
Government’s own Budget pro- “The pro- D’AGUILAR he said. “It is basically going to TOTAL ASSETS 274,917,464 275,530,166

jections showed it had no inten-
tion of decreasing the country’s
debt-to-GDP ratio in the “fore-
seeable” future.

“Therefore, by its own pro-
jections, the Government has
no intention of reducing the
debt-to-GDP ratio to 40 per
cent for the foreseeable future;
that is unless the Government is
prepared to make some severe
cuts which are unlikely given
the impending election,” he
said.

Mr D’ Aguilar said at the end
of this month, the country’s
debt-to-GDP ratio will stand at
47.3 per cent.

He added that the Govern-
ment’s 2010-2011 Budget did

posed cuts are

cuts to the salary of the PM
(Prime Minister) and his Cabi-
net, which for all intents and
purposes are just a rounding,
so tiny that it was not even
worth mentioning, but I guess it
sends a message to the private
sector that the leaders are cut-
ting their salary so they better
temper their demands for salary
increments,” said Mr
D’ Aguilar.

He added that he agrees with
the Government that a failure
to act to curtail this country’s
debt-to-GDP ratio growth will
be detrimental to the economy,
and the possibility of attracting
foreign direct investment in the

decimate those businesses.”

Mr D’ Aguilar also suggest-
ed that as an economic rule the
increase in taxes will most like-
ly have the effect of decreasing
demand in the areas where
hikes were proposed.

However, he insisted that the
Government’s economic wel-
fare programme for business
was not sustainable and could
not continue.

“Tt is now time for Bahami-
ans to catch a little hell and we
will catch a little hell,” said Mr
D’ Aguilar. “Maybe we were
living in a dream world with all
this spending we see around
here. The end day had to

>

come.

LIABILITIES
Customer deposits
Debt securities

Accrued expenses and other liabilities

TOTAL LIABILITIES

EQUITY

Share capital
Revaluation surplus
Reserve for credit losses
Retained earnings

TOTAL EQUITY

215,300,567
25,362,823
1,247,114

241,910,504
20,000,001
2,441,515
2,102,818
8,462,626

33,006,960

TOTAL LIABILITIES AND EQUITY

274,917,464

217,035,497
24,898,349

447,404

242,381,250

20,000,001
2,452,416
2,102,818

8,593,681

33,148,916

275,530,166

Fidelity Bank (Bahamas) Limited

College of the Bahamas
plans bond issue

FROM page 1B

dent of the College, and he and Sharon have
remained loyal donors and supporters of every-
thing we do.”

Mrs Hodder said the new business school will
be the first graduate programme run by the col-
lege, and is designed to meet the specific needs of
the Bahamian business community.

She said the MBA programme developed for
the business school will be one that fully
employed individuals can enroll in, thereby
increasing their skill sets and joining a network-
ing community of other similar individuals.

“Highly skilled human capital is what will spark
the greatest growth in economic development

Consolidated Statement of Comprehensive Income (Unaudited)
For the Three Months Ended 31 March 2010
(Expressed in Bahamian dollars)

3 Months Ended
31 March 31 March

for this country,” said Mrs Hodder. 2010 2009

“Economic development occurs when talented $ 5
and educated people develop new ideas, establish
new businesses and create innovative ways of
solving prevailing challenges.

“We expect that graduates of the College of
the Bahamas’ MBA degree programme will be
equipped to make these kinds of meaningful con-
tributions to the Bahamas.”

She insisted the programme will be a very
selective one that will attract only experienced
professionals, and not one that can simply be
accessed following a Bachelor’s degree.

“Human capital is the very best capital we can
count on,” said Mrs Hodder.

INCOME
Interest income
Interest expense

4,944,674
2,956,972

4,927,602
2,720,230



Net interest income 1,987,702 2,207,372

Non-interest income 1,120,813 1,397,914



Total income 3,108,515 3,605,286
EXPENSES

Salaries and employee benefits
General and administrative
Provision for loan lasses

Depreciation and amortisation

1,347,499
1,284,167
243,487
375,318

1,392,604
1,268,625
259,841
318,124

Reporters News
and Sport

AN TED

ARE you curious enough to find out
what's going on behind the scenes; literate
enough to tell stories in a compelling
way; hard-working enough to balance
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website and flexible enough to contribute
features as well as hard news?

The Tribune

is looking for

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who want to make a difference
at the country's largest
circulation newspaper.

Total expenses 3,250,471 3,239,194



NET INCOME/(LOSS) (141,956) 366,092

OTHER COMPREHENSIVE INCOME



Total comprehensive income/(Ioss) (141,956)

366,092



Weighted average number of ordinary shares

outstanding 28,666,670 28,666,670

Earnings/(loss) per share (50.005) $0.013

Fidelity Bank (Bahamas) Limited

Consolidated Statement of Changes in Equity (Unaudited)
For the Three Months Ended 31 March 2010
(Amounts expressed in Bahamian dollars)

Share Revaluation Reserve for Retained
Capital Surplus Credit Losses Earnings Total
$ $ $
10,442,338 32,968,668

As of | January 2009 20,000,001

Comprehensive income
Net income
Other comprehensive income

Property, plant and equipment

revaluation (30,309) (30,309)

Depreciation transfer (43,604) 43,604



Total comprehensive income (73,913) 1,400,828 1,326,915



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we’re on the move AGAIN!

Transactions with owners

Appropriation for credit losses 2,102,818 (2,102,818) -

Dividends (1,146,667) (1,146,667)



Ideal candidate should have:

Total transactions with owners 2,102,818 (3,249,485) (1,146,667)

As of 31 December 2009 20,000,001 2,452,416 2,102,818 8,593,681 33,148,916









e Newsroom experience

e Strong writing and reporting skills
e Multi-tasking abilities,

e And a good sense of humour

As of | January 2010 20,000,001 2,452,416 2,102,818 8,593,681 33,148,916



Comprehensive income

Net income/(loss) (141,956) (141,956)

Other comprehensive income

Send email with resume

10,901 :
and writing samples to:

Depreciation transfer (10,901)



Total comprehensive income (141,956)

Transactions with owners

jfleet @ tribunemedia.net
Or
drop in your applications at
our front counter marked
FAO John Fleet,
Managing Editor, The Tribune.

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

Appropriation for credit losses

Dividends



Total transactions with owners

As of 31 March 2010 20,000,001 2,441,515 2,102,818 8,462,626 33,006,960









PAGE 4B, FRIDAY, JUNE 11, 2010

THE TRIBUNE





Americans rebuilding their

By DAVE CARPENTER
and JEANNINE AVERSA
AP Business Writers



WASHINGTON (AP) — The
rebuilding of Americans’ wealth is pro-
ceeding in steps rather than strides.

Households’ net worth rose last
quarter — the fourth straight quarter-
ly gain. Yet tumbling stock prices have
reduced their wealth since then. Some
economists say Americans’ net worth
may now be down slightly for the year.
That helps explain why many say it
will 2012 or 2013, at best, before
Americans’ wealth will return to its
pre-recession levels.

Net worth — the value of assets like
homes, bank accounts and invest-

ments, minus debts like mortgages and
credit cards — rose 2.1 per cent last
quarter, the Federal Reserve said
Thursday. It now amounts to $54.6
trillion.

In the midst of the recession, house-
hold net worth sank as low as $48.3
trillion. It's since risen 13 per cent. Yet
even counting last quarter's gain, net
worth would have to rise 21 per cent
more to regain its pre-recession peak
of $65.9 trillion.

Household wealth is vital to the
economy because consumers tend to
spend according to how wealthy they
feel. And their spending accounts for
about 70 per cent of the economy.

During the recession, sinking home
equity and stock prices made shop-

pers skittish. Should they become
more nervous about their finances, the
economic rebound could weaken or
stall.

Over the past several quarters, the
growth of net worth has been uneven.
Last quarter's 2.1 per cent increase
exceeded the 0.9 per cent increase in
the fourth quarter of last year. But it
fell well short of the 4.1 per cent rise in
the second quarter of 2009 and the 5.4
per cent gain in the third quarter.

As Americans have gradually recov-
ered some of their wealth, many of
them — especially the affluent — have
been spending more. But the housing
and stock markets remain fragile.
That's why most consumers aren't
spending as freely as they typically do

in the early phases of recoveries.

An example is Deena Bogan, 54, of
Chicago, who hasn't seen her finan-
cial standing improve and is sticking to
her frugal ways.

Unable to find a full-time job since
leaving her position as a hotel
concierge in 2008, she gets by by dip-
ping into her 401(k) retirement
account and relying on credit cards.

"I'm still struggling as much as
ever,” says Bogan, who works as a
freelance writer and a temporary
worker at trade shows. "The econo-
my seems stagnant. I don't see any
huge improvement."

Stock values rose 4.4 per cent in the
January-to-March period, to the high-
est point since the second quarter of

2008. But it was before they tumbled in
recent weeks. As measured by the
Dow Jones US Total Stock Market
Index, stock values lost $1.22 trillion in
value between March 31 and the close
of trading Wednesday.

The sharp decline in the past month
and a half threatens the improvements
in Americans’ financial security over
the past year.

The S&P 500 rose 4.9 per cent in
the first quarter. By April 23 the index
had gained 9.2 per cent for the year. It
was on pace to exceed even last year's
23 per cent surge.

But the S&P 500 has tumbled 11

SEE NEXT page (5B)

Hotels ‘half-way’ to pre-recession key benchmarks

FROM page 1B

While occupancies were flat,
there was a 0.5 per cent
increase in room nights sold as
there were more available room
nights in April 2010 compared
to last year. However, the 14
hotels saw an average 1 per
cent reduction in room rev-
enues for the month, as average
daily room rates (ADRs) fell
by $4 - from $276 to $272.10.

Some 10 of the 14 properties
surveyed, though, reported a
room revenue increase in April,
which was hit by the loss of
“well over 2,000 room nights”
from the UK and European
markets due to the Icelandic
volcano’s eruption.

“It seems, then, that a slip-
page in ADR (-14 per cent)

offset the slight rise in room
nights sold (+0.5 per cent), gen-
erated mostly from a rise in
available room nights (+0.5 per
cent) had a net effect of a
decline in room revenue (-1 per
cent),” the BHA/Ministry of
Tourism analysis said.

“Comparative figures for
April 2008 show that occupan-
cy stood at 75.1 per cent, ADR
at $286.56 and room nights sold
and room revenue still at 10.7
per cent and 13 per cent above
April 2010 levels.”

On the April 2010 ADR
drop, Mr Sands suggested this
happened “from time to time”,
and it was more important to
look at the cumulative figures
over several months and a
whole year, in addition to com-

paring the Bahamas with its
regional and global competi-
tors.

The BHA president said this
nation’s hotels were “not far-
ing as badly as some other com-
petitors in the region, who have
not got back to 2009 levels and
are still seeing some erosion.

“ADR should be looked at
not on a monthly basis but a
cumulative basis, and at the end
of the year. On a cumulative
basis, we are showing growth,
and on the year-to-date posi-
tion we are up slightly.”

For the year to end-April
2010, average occupancy rates
stood at 68.6 per cent for the
14 New Providence hotels sur-
veyed, some 2.4 percentage
points ahead of the 66.2 per

cent average achieved in the
year to 2009.

ADR levels stood at $263.64
for the first four months of
2010, up slightly from $260.68 in
2009, while room nights sold
and room revenues were 3.3
per cent and 4.5 per cent
respectively above last year.

“The good news is that we
have not gone below last year,
so we don’t see a worsening sit-
uation,” Mr Sands told Tribune
Business. “I think that is the
good news.”

However, the industry
remained concerned about
growth prospects in key tourist
markets, especially the US,
notwithstanding the growth
prospects for both its and the
world economy.

US unemployment and job
creation figures were continu-
ing to impact consumer psyches
and vacation spending, Mr
Sands telling Tribune Business
that this was “countering the
confidence levels of individu-
als in terms of how they spend
their disposable income. That
is somewhat worrisome”.

The BHA president added
that the returns generated by
the Companion Fly Free pro-
gramme showed it was “the
right thing for us to do as a des-
tination, to convince persons
why may not have travelled at
all to travel. We will only be as
good as we help ourselves.”

Mr Sands added that while
“significantly increasing mar-
ket share continues to be a

challenge”, given the depressed
global economy and promo-
tions by rival destinations, the
Bahamas had not lost market
share.

In analysing the April 2010
performance, the BHA/Min-
istry of Tourism said: “Twen-
ty-one per cent of the 14 prop-
erties generated higher rev-
enues through increased room
nights sold and ADR. Another
21 per cent saw decreased room
nights sold but with higher
ADRs than in April 2009. “All
but one of these properties
showed decreases in room rev-
enue. Fifty per cent of the 14
properties saw ADR decrease
and room nights sold increase.
All but one of them showed
room revenue increase.”



PORT, from 1B

to APD meant its shareholders
had no such burden.

“What’s the risk? You’ve got
a monopoly for 20 years,” Mr
Wilson said, describing discus-
sions over the new container
port’s location as a sideshow
and “joke compared to the real
issue”.

“Those guys have a legal
monopoly on the port for 20
years, within 20 miles of New
Providence,” he added. ““That’s
humungous. It’s inconceivable
to me that could happen and
the Government could agree to
that. It’s incredible. That’s an
incredible bonanza.”

The Government and APD





Ltd investors have frequently
touted the benefits the Arawak
Cay port deal will bring in
terms of broadening Bahami-
an ownership in the shipping
industry, given the planned $10
million initial public offering
(IPO) which will give Bahami-
an retail and institutional
investors a 20 per cent stake.

In reality, the investment is a
real estate play in a port that
facilitates the shipping indus-
try, not the sector itself, but
could still be immensely prof-
itable given the monopoly and
the returns earned by existing
container shipping landlords -
the Symonettes, the Bethells
and the Kellys.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
No. 45 of 2000








In Voluntary Liquidation





Notice is hereby given that in accordance with Section
138 (4) of the International Business Companies Act,
(No. 45 of 2000), DREAMS HOLDINGS LIMITED. is
in dissolution. CONTINENTAL LIQUIDATORS INC. is
the Liquidator and can be contacted at 60 Market Square,
P.O. Box 1906, Belize City, Belize. All persons having
claims against the above-named company are required to
send their names, addresses and particulars of their debts
or claimsto the Liquidator before April 17th, 2010.




52wk-Low
1.00
9.67
5.20
0.30
3.15
2.14
9.62
2.56
5.00
2.23
1.45
5.94
8.75
9.50
3.75
1.00
0.27
5.00
9.95
10.00

Benchmark
Bahamas Waste
Fidelity Bank

Cable Bahamas
Colina Holdings

Doctor's Hospital
Famguard
Finco

Focol (S$)

ICD Utilities
J. S. Johnson

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

Commonwealth Bank ($1)
Consolidated Water BDRs

FirstCaribbean Bank

Focol Class B Preference
Freeport Concrete

Premier Real Estate

ROVAL FIDELITY

Maney an Werk

Still, Mr Wilson questioned
why the IPO was allowing the
Bahamian public to “come in
at the second round”, rather
than at the pre-construction
phase.

“In my opinion, the incredi-
ble lack of transparency with
which that has been done - to
get a legal monopoly on the
port for the capital city for 20
years - that’s absolutely incred-
ible,” he added. “They will
more than double their money
as soon as this thing goes pub-
lic.”

Mr Wilson said he had noth-
ing against APD Ltd and its
principals, led by chairman Jim-
my Mosko, who appeared to

have “negotiated on the sur-
face what looks like a very, very
attractive deal. They got them-
selves a super deal.

“Whether the Government
in this instance was overly gen-
erous or not is something the
public will have a right to ask. It
looks like a hell of a lot was
given away for very little in
return. It just boggles my mind
that the Government would
have agreed to that.”

The Government has come
under fire during the 2010-2011
Budget debate for its decision
to allocate some $16 million in
funds to the Arawak Cay port,
making good on its commit-
ment to inject $20 million for

NOTICE OF DISSOLUTION

of

MELO LIMITED

Notice is hereby that liquidation of above company
commenced on the 9 day of June, 2010. Credit Suisse
Trust Limited of Bahamas Financial Centre, Shirley
& Charlotte Streets, Nasau, The Bahamas has been
appointed Liquidator of the Company.



Credit Suisse Trust Limited
Liquidator

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 10 JUNE 2010
BISX ALL SHARE INDEX: CLOSE 1,521.59 | CHG 0.00 | %CHG 0.00 | YTD -43.79| YTD % -2.80
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

1.05
10.63
5.20
0.33
3.15
2.17
12.00
2.70
6.30
2.33
2.50
6.07
9.00
9.85
4.58
1.00
0.27
5.59
9.95
10.00

Previous Close Today's Close

Change Daily Vol.
1.05
10.63
5.20
0.30
3.15
2.17
12.00
2.70 0.00
6.30 0.00
2.441 0.08
2.50 0.00
6.07 0.00
9.00 0.00
9.85 0.00
4.58 0.00
1.00 0.00
0.27 0.00
5.59
9.95
10.00

0.00
0.00
0.00
-0.03
0.00
0.00
0.00

0.00
0.00
0.00

EPS $

[TAL MARKETS
BROKERAGE & ADVISORY SERVICES

CTT cIa ST A Te

Div $
0.250
0.050
0.598

-0.877

0.168
0.055
1.408
0.511
0.460
0.111
0.627

-0.003

0.168
0.678
0.366
0.000
0.035
0.407
0.952
0.156

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b
Security Symbol Last Sale Change Daily Vol.
Fidelity Bank Note 17 (Series A) + 100.00 E 7%
Fidelity Bank Note 22 (Series B) + 100.00 Prime + 1.75%
Fidelity Bank Note 13 (Series C) + FBB13 100.00 : 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 E Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & Ask & Last Price Daily Val.
Bahamas Supermarkets 10.06 11.06
Caribbean Crossings (Pref) 2.00 6.25 4.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
31.59

ases)
52wk-Low
1000.00
1000.00
1000.00
1000.00

Interest
FBB17
FBB22

19 October 2017
19 October 2022
30 May 2013
29 May 2015
52wk Low EPS $
2.945
0.000
0.001

Div & P/E
0.000
0.480
0.000

ABDAB
RND Holdings

4.540
0.002

0.000
0.45 0.55 0.000
BISX Listed Mutual Funds
NAV YTD% Last 12 Months %
1.4752 2.54
2.9020 0.52
1.5352 1.86
3.0368 2.57
13.6388 2.03
107.5706 3.45
105.7706 3.99
1.1080 1.67
1.0615 -0.61
1.1050 1.31
9.5078 1.78

0.55

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
1.4672 CFAL Money Market Fund
2.9343 Royal Fidelity Bahamas G & | Fund
12.6816 Royal Fidelity Prime Income Fund
100.5448 CFAL Global Bond Fund
93.1998 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000 FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005

NAV 3MTH
1.452500
2.886947
1.518097

NAV 6MTH
1.419947
2.830013
1.505009

1.3787
2.8266

31-May-10
30-Apr-10
4-Jun-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

103.987340
101.725415

103.095570
99.417680

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

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

Royal Fidelity Int'l Fund - Equities Sub Fund

6.39

10.0000 10.2744 -4.61 8.15 31-Mar-10

4.8105 7.9664 3.23
MARKET TERMS

YIELD - last 12 month dividends divided by closing price

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

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
P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
KS1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

a 40 per cent stake.

The PLP has argued that
these funds would be put to
better use elsewhere, such as
avoiding subsidy cuts to private
schools, playing on the ‘Bay
Street Boys’ theme and sug-
gestions that the $16 million is
effectively financing the rich-
est Bahamians.

The Government, though, is
sticking to its guns on broad-
ening Bahamian ownership in a
key industry, adding that relo-
cating the port facilities from
downtown Nassau is critical to
the city’s revival. Both the
Ingraham administration and
APD Ltd have taken the posi-
tion that the former Christie
government’s south-west port
was too costly, would have tak-
en too long to build, and was
effectively a grandiose monu-
ment to the former prime min-
ister.

The Arawak Cay port will
have a 75,000 twenty-foot
equipment unit (TEU) capaci-
ty, with APD Ltd and its con-
tractors set to enjoy some $4.75
million in Customs duty exemp-
tions for its construction. The
port site and Gladstone Road
depot are to be leased for 45

years, with construction com-
pleted by June 27, 2011.

Prior to the port's substan-
tial completion, APD Ltd will
pay an annual rent of $40 per
twenty foot equipment unit
(TEU) container and, follow-
ing completion, the rent will be
the greater of $2 million per
annum or the $40 per container
fee. An internal rate of return
on investment has been set at
10 per cent.

The Government agrees that
for a period of 20 years from
the date of substantial comple-
tion, it shall not establish or
permit to be established in the
island of New Providence and
Paradise Island, or within 20
miles of the shoreline of New
Providence, any other port for
landing of containerised, bulk
or break bulk cargo or vehicles
or any other terminal," the
MoU states.

And, just to drive home that
point, the MoU added in a sep-
arate clause that the Govern-
ment would "not establish"
itself any other port facility on
New Providence or Paradise
Island, or lease lands to a third
party to do so, for the same 20-
year period.

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT
No. 45 of 2000
ATHOS CONSULTING LTD.

Notice is hereby given that in accordance with Section
137 of The International Business Companies Act No. 45
of 2000, ATHOS CONSULTING LTD is in dissolution. The
date of commencement of dissolution was the 22nd day
of April, 2010. Dillon Dean of Nassau, Bahamas is the
Liquidator of ATHOS CONSULTING LTD.

Dillon Dean
LIQUIDATOR

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT
No. 45 of 2000
LIEVE INVEST SA.

Notice is hereby given that in accordance with Section

137 of The International Business Companies Act No. 45
of 2000, LIEVE INVEST SA. is in dissolution. The date of
commencement of dissolution was the 22nd day of April,

2010. Dillon Dean of Nassau, Bahamas is the Liquidator
of LIEVE INVEST SA.



Dillon Dean
LIQUIDATOR

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



THE TRIBUNE

FRIDAY, JUNE 11, 2010, PAGE 5B





wealth, slowly and unevenly

FROM page 4B

per cent since the high-water mark.
That's more than wiped out all of
2010's gains: It's down three per cent
for the year — and more than 30 per
cent from its 2007 peak. The result has
been shrunken retirement savings
accounts and anxiety about spending.

Americans’ home equity isn't mak-
ing up the difference, either. US home
values dipped 0.4 per cent in the first
quarter. That was after they had risen
0.2 per cent in the final quarter of 2009.
In the first quarter, home prices fell
3.2 per cent compared with the fourth

quarter, according to Standard &
Poor's/Case-Shiller index.

Economists said it could take until at
least the middle of the decade for
home values to begin rising at a normal
pattern again. Homes are the biggest
asset for many Americans, and its fluc-
tuations affect people's willingness to
spend. Homes have appreciated an
average four per cent a year since
World War II.

Given the weakness in both home
and stock prices, Mark Vitner, econo-
mist at Wells Fargo, says Americans’
net worth for the year may now be
flat or down slightly.

During the first quarter, household
debt dipped to $13.54 trillion, the Fed
said. That translates into people on
average carrying around $43,825 in
debt — mortgages, credit cards, auto
loans and other consumer debt. Debt
shrank at an annualized rate of 2.4 per
cent last quarter. It was the seventh
straight quarterly decline.

People defaulting on mortgages and
other loans accounted for some of the
decline, economists said. But most of
the reduction in debt involved house-
holds seeking to restore their finan-
cial health.

Take Grace Case, 38, an accountant

from Fulton, NY. She said the econo-
my's bumpy recovery has been a bless-
ing because it's forced her family to
shed debt. She and her husband, Dan,
a machinist, are more disciplined in
their spending.

At the same time, the brightening
economic outlook and recovery of
retirement savings have led them to
loosen their wallets enough to remod-
el their home.

"Sometimes we fight and survive
harder when we are faced with adver-
sity,” she said. "Every day we are dig-
ging out of debt, and it is liberating.”

"Our long-term goal is to have zero

debt, not waiting for the stock market
to come back and save us.”

Some analysts echo her caution.
Gregory Daco, economist at IHS
Global Insight, said the current sec-
ond quarter might end the string of
four straight quarterly increases in
household wealth.

The European crisis has had "a large
negative impact on stock market in
the US and thus households’ financial
assets,” Daco said. "With employment
recovering very gradually and hous-
ing prices remaining low, household
wealth will make a very slow recov-

"

ery.

Venture fund’s $5m ‘exhausted’

restricted in its lending capacity due to a
high level of non-performing loans.

Economic development could be further
stunted when it is needed most, especially
as Mr Gomez told Tribune Business that
the Bahamas Entrepreneurial Venture
Fund receives “up to three to five business
plans a week” for its assessment.

Pointing to the “still very keen interest”
in accessing the potential financing pro-
vided by the fund, Mr Gomez said that
with other financing avenues - the BDB
and commercial banks - drying up, “every-
one’s coming to us”.

Yet he also added: “We have our con-
straints. Capital is limited. $1 million does-
n’t go far. We would definitely need, based
on the demand, an increase in the
allowance [from government].

“Tf we had an increase, it would go far.
Doubling the amount might be what we
need for a short period of time; doubling
the increase for the next two to three years,
and from that point let the fund make its

own way.”

Mr Gomez told Tribune Business that
of the 52 businesses financed to date, some
41 had received loans, with 11 receiving
equity injections where the Bahamas Entre-
preneurial Venture Fund took an owner-
ship stake in return for its capital invest-
ment.

From January to now, Mr Gomez said
the fund had financed two projects - one a
restaurant, another a sheep’s tongue pro-
cessing plant. Other ventures previously
aided include a block manufacturing plant,
an ink cartridge refill company, and a man-
ufacturer of styrofoam products for the
construction industry.

Asked whether the Bahamas Entrepre-
neurial Venture Fund had met expecta-
tions since it was created under the former
Christie administration, Mr Gomez told
Tribune Business: “I would say that as a
venture capital fund, it has been a chal-
lenging period - very challenging in terms of
getting Bahamians to understand what a

venture capital fund does, and expectations
of venture capital when it funds a busi-
ness.”

Mr Gomez said the Bahamas Entrepre-
neurial Venture Fund had so far enjoyed a
“50/50 success rate” in terms of the busi-
nesses it had financed, telling Tribune Busi-
ness that while many firms may still be
operating, they were having difficulty in
meeting their loan repayment obligations.

The fund’s administrator said he was
uncertain whether there were any “oppor-
tunities” to attract Bahamian private capi-
tal into the fund.

“T don’t think any companies or high net
worth individuals have an appetite for this
sort of thing. Venture capital is more risky,
and generally Bahamians are risk averse,”
Mr Gomez said. “It takes a brave person to
jump into venture capital.”

The Bahamas Entrepreneurial Venture
Fund can invest a maximum of $100,000
in debt financing in any one business, and a
maximum of $200,000 in equity.

Cruise line ‘back over 800,000’ to Bahamas in 2011

FROM page 1B

other.

He added that this had taken
effect on May 3, 2010, and had
long been planned, the cruise
line having discussed its inten-
tions with the Government and
the Ministry of Tourism in
advance.

To compensate, Mr Ronan
said the Norwegian Epic cruise
line would start calling in Nas-
sau on Fridays from July 2010
onwards, adding: “We thought
it would be a better balance for
all concerned if both ships did
not call on the same day.”

This would continue until
December 2010, when Royal
Caribbean was scheduled to
take delivery of another Oasis
class vessel, the Allure of the
Seas, sister to the Oasis of the
Seas. The Allure of the Seas,
Mr Ronan explained, would
then “pick up the alternative
week”, rotating Nassau calls
with the Oasis of the Seas on a
schedule that would be main-
tained through Spring 2012.

“With the Oasis vessels, we

CCRABEAIMILAL TH OCH TERE ELA HAM
1M THE GuIEME cee
Caren Law and Bquiiy Cibo

are significantly increasing the
number of passengers that are
going to be coming,” Mr Ronan
told Tribune Business. “We will
be back up over 800,000 pas-
sengers in 2011. This year, I
think we will be in the 700,000
in change, because we’re still
waiting for the arrival of the
Allure, which will put us with a
full year of Oasis class ships in
Nassau every week. Last year,
2009, we bottomed out.”

Mr Ronan declined to com-
ment on Royal Caribbean’s
position on the departure tax
increases unveiled by the Gov-
ernment in its 2010-2011 Bud-
get prior to the final arrange-
ments being worked out.

These details were unveiled
by Prime Minister Hubert
Ingraham in the House of
Assembly last night, with the
Government agreeing a com-
promise with the Florida-
Caribbean Cruise Association
(FCCA) member lines that will
see them pay $18 per head,
rather than the initial $20
planned by government.

The Government had initial-

ly sought to impose a $5
increase, from $15 to $20, on
both departing cruise and air
arrivals, but the compromise
will see the cruise lines split the
increase into two on their pas-
senger tickets. The existing $15
will still be marketed as depar-
ture tax, with the $3 increase
referred to as a ‘cruise passen-
ger facility fee’.

The Government, Mr Ingra-
ham said, would still get $18
per head, with a portion rebat-
ed to the cruise lines as per the
Cruise Line Overnight Incen-
tives Act once they hit their
annual passenger totals.

However, the cruise lines had
pledged to find another way for
the Government to raise the
extra $9 million it was seeking
from cruise passenger depar-
ture taxes. They have promised
to increase the number of pas-
sengers brought to the
Bahamas by 250,000 over 2009
levels every year through 2012.
In addition, they pledged to
develop new opportunities for
Bahamian tour
operators/excursion providers.

While not commenting on
the specifics, Mr Ronan said
“there is a risk” to increasing
departure taxes in “a very sen-
sitive market” where con-
sumers were looking for value
and attractive prices.

Given increasing global com-
petition, he suggested that the
Bahamas “try to keep those
barriers as low as you can”, as
“with any increase in the
entrance fee to enter any coun-
try or destination, there is a
risk”.

Mr Ronan praised the Gov-
ernment’s decision to invest $44
million in dredging Nassau Har-
bour to accommodate the Oasis
class ships and other larger ves-
sels, especially given that the
widening of the Panama Canal
would, by 2014, open up Pacif-
ic cruise potential.

“What you have done is very
wisely invest in the future,
because this project comes with
20-year window going out. You
have captured immediate busi-
ness, but will not have to go
back in five years’ time,” he
said.



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THE TRIBUNE

FRIDAY, JUNE 11, 2010, PAGE 7B



Ministry promises action on vehicle import rebates

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia. net

THE MINISTRY of Finance
is keeping mum on how it will
pay out promised rebates to
personal and corporate vehicle
importers who were forced to
pay the increased 85 per cent
duty rate on cars over 2000 cc
only moments after the increase
was announced in the House
of Assembly.

However, Ehurd Cunning-
ham, the Ministry’s Financial

Insurer backs

ALMOST 40 Bahamian
insurance brokers attended a
June 2, 2010, breakfast meet-
ing at which Generali World-
wide reaffirmed its commit-
ment to supporting their busi-
nesses.

The session was hosted by
Generali's Caribbean regional
director, Tina Cambridge, and
business development manager,
Alana Bethell. They confirmed
their support of brokers by
promising dialogue on busi-
ness trends, product enhance-
ments, and information regard-
ing new technologies for plan
and claims administration.

Ms Cambridge said: "Bro-
kers are an integral part of the
planning and development
process for benefit plans in the
Bahamas. We are excited about
the work we can do together to
better support and engage the
business community in creat-
ing more cost effective, quality
driven benefit programs."

The agenda included a focus
on products, underwriting prac-

Secretary,
assured Tribune
Business that
every individual
who is owed a
rebate will
receive it.

He refused to
say, though,
when pressed, if
those rebates
will come in the
form of cash or
some sort of government cred-
it, gruffly replying: “Don’t ask
me what I have said. What I

INGRAHAM

broker firms

tices, customer and medical ser-
vice enhancements, and an
open question/answer session
to gain input and insight from
the broker community on the
needs of clients.

"Input from brokers is
invaluable to us - the more col-
laborative our approach, the
better the resulting plan design
and service for our clients.

“We were very pleased to see
such a great turnout at the
event today, and look forward
to our continuing work with the
broker community now and in
the future,” Ms Cambridge
added.

Generali Worldwide
launched Generali Worldwide
Employee Benefits Plans in the
Bahamas in January 2009.

The Generali Bahamas oper-
ation acts as the regional ser-
vice centre for Generali in the
Caribbean, offering compre-
hensive regional service with
an Internet-accessible plan
administration and claims plat-
form.

Oil settles above $75 a barrel

NEW YORK (AP) — Oil prices topped $75 a barrel Thursday
following reports that China's economy is still booming and US job-

less claims fell.

Benchmark crude for July delivery rose $1.10 to settle at $75.48
a barrel on the New York Mercantile Exchange.

China reported exports and imports rose more than 48 per cent
each in May, reassuring investors that the country's economy was
not being slowed significantly by Europe's debt problems.

The US Labour Department said jobless claims fell to 456,000
last week. Total claims fell by the largest amount in nearly a year.



have stated is what I have stat-
ed.”

Some individuals who were
forced to pay the additional
duty amount to release their
cars from Customs contacted
Tribune Business to find out
how those rebates/credits would
be handled.

Mr Cunningham said the
Ministry of Finance has a list
of every individual who is owed
a rebate, and would be con-

tacting them at the appropriate
time.

Many companies and indi-
viduals who went to pick up
their imported cars the day
Prime Minister, Hubert Ingra-
ham revealed the 2010-2011
Budget found they had to pay
an extra 25 per cent on their
vehicle if the engine size topped
2,000 cc.

Many of those individuals
said they had calculated and

pay less for insuring your home!

budgeted for the original duty
rate and were taken aback to
find it had changed.

However, after meeting with
auto industry officials, Mr
Ingraham made amendments
to the duty rate changes, adding
a third tier of engine size and
duty rate.

Following representations
made by the Bahamas Motor
Dealers Association (BMDA),
Mr Ingraham introduced a 75

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per cent rate for vehicles with
engine capacity between 2,000-
2,500 cc - a move he said would
aid some Honda, Mazda, Ford
and Hyundai models. All those
below 2,000 ce will still pay a
65 per cent duty rate, and those
above 2,500 cc, 85 per cent.

While these changes gave
auto dealers some relief, one
motor dealer told Tribune Busi-
ness it is still a “shocker to the
system”.





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THE PEOPLE’S PAPER - BIGGEST AND BEST





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‘exhausted’
SEE BUSINESS FRONT Fe

USA TODAY

BAHAMAS EDITION

www.tribune242.com

FRIDAY, JUNE 11, 2010

OTE ee
TUT salad

age!

Maa: :

PUES TT ee ty gry

House to vote on
Chinese workers

PM: Parliament will
decide whether 5,000
labourers get go ahead
for Baha Mar resort

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

WHETHER or not the
investors in the proposed Baha
Mar resort will get the go-ahead
to bring in the almost 5,000 Chi-
nese labourers they consider nec-
essary to construct the project
will be put to a vote in parlia-
ment, the Prime Minister has
confirmed.

Prime Minister Hubert Ingra-
ham told MPs in the House of
Assembly last night during the
wrap-up of the 2010/ 2011 Bud-
get debate that each of them will
have a chance to say whether
the foreign workers should
come.

“If Baha Mar goes ahead, as I

have told the Leader of the
Opposition, they will need thou-
sands of foreign workers and I
will not carry that load alone. I
will bring the deal here and each
of you will have the chance to
vote ‘yay’ or ‘nay’. Everyone will
have a chance to vote ‘yes’ or
‘no’.

“But I won’t count those
chickens because they haven’t
hatched yet. When it happens,
you will know,” he told parlia-
mentarians.

In April, The Tribune
revealed that investors in the
Baha Mar project on Cable
Beach had submitted applica-
tions for almost 5,000 foreign
workers — a figure about which

SEE page six

Water and Sewerage seeks public’s

help in search for gas cylinders

THE WATER and Sewerage Corporation is seeking the assis-
tance of the general public in the recovery of seven cylinders filled
with chlorine gas that were recently removed by unknown persons
without authorisation from one of the corporation’s facilities in

New Providence.

The theft it is said was reported sometime on Tuesday after a
standard check of the facility was made.
The matter has been reported to the Police and to the major

SEE page six



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SEE PAGE NINE

Davis calls



for names

of ‘beneficial owners’
in port relocation



By PAUL G TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia. net





Wednesday.

SEE page eight



PLP DEPUTY Leader Philip Davis |7
called on the government to disclose the
names of the “beneficial owners” of the
19 shipping companies that will be relo-
cated to the new container port at
Arawak Cay during his Budget contri- |
bution in the House of Assembly on



ne PNAS





Ue at eh

JUST before 9 o’clock last night, when the
Budget was in its final committal stage, the 12
Opposition members present, collected their
belongings and walked out of the House. They
refrained from voting on all Bills before the



House. These included the government’s $7
million social services Bill, the Bill for civil ser-
vice salaries and contracts for infrastructure.

SEE page six











Felipé Major/Tribune staff

PAULINE DAVIS-THOMPSON,
43, was presented with the 2000
Olympic Games women’s 200
metres gold medal at an emo-
tional ceremony last night at
Government House. The medal
was presented by Cuba’s 1976
Olympic double 400 and 800
metres gold medallist Alberto
Juantorena on behalf of the IAAF
and the IOC. The medal came
10 years late because of Amer-
ican gold medallist Marion
Jones’ testing positive for
steroids in 2007. Davis-Thomp-
son was the silver medallist at
the games, but was elevated to
the gold. See Sports on page
nine for full story.







Woman charged with stabbing death of hustand

By NATARIO McKENZIE
Tribune Staff Reporter

nmckenzie@tribunemedia.net

A WOMAN charged with
murder in the stabbing
death of her husband was
arraigned in a Magistrate’s
Court yesterday afternoon.

Marsha Lewis, 35, of
Lightbourne Avenue was
arraigned before Chief

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Magistrate Roger Gomez in
Court One, Bank Lane yes-
terday, charged with the
June 7 murder of her hus-
band Selvin Lewis. Eleven
witnesses are listed on court
dockets.

Reports state that Lewis,
a 46-year-old father and
grandfather, was found

SEE page eight

Tourist dies
‘after being
struck by
lightning’

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

A TOURIST who died
while swimming in the sea
during a thunderstorm on
Wednesday is believed to
have been struck by light-
ning.

Larry Jackson, 44, of Her-
nando, Mississippi, had just
arrived in Nassau and
checked into the Wyndham
Hotel in Cable Beach hours
before he went swimming
with his brother and wife
Tammy.

Hotel spokesman Robert
Sands, the senior vice presi-
dent of external affairs for
Baha Mar resorts, confirmed
that Mr Jackson was pulled
from the water at around
3.45pm and his brother
worked with hotel staff to

SEE page eight

PM pleased with
Director of Public
Prosecutions and
deputies selection

By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

THE Prime Minister
expressed his pleasure that a
new Director of Public Pros-
ecutions and two new Deputy
Directors have now been
selected for the Attorney
General’s Office, suggesting
that the three new post hold-
ers will assist in reducing the
backlog of cases waiting to be
heard in the judicial system.

Prime Minister Hubert
Ingraham said his adminis-
tration is “horrified” and “not
in the least satisfied” with
“the question of prosecutions
in the Bahamas” and expects

SEE page 11

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Oo) Cy) De JG) BN) DY Da (COs IY) BA, C5I Be 22) 3) 8
PAGE 2, FRIDAY, JUNE 11, 2010 THE TRIBUNE
LOCAL NEWS

Straw vendors fear
another ‘arson attack’

Advocates call for security officers in the wake of fire

By ALESHA CADET



SAFETY LESSON: Koji
Wright, managing direc-
tor of Bahamas Fire and
Safety Protection, shows
straw vendors how to
use the fire extinguishers
yesterday at the market
in Cable Beach.





VENDORS in the portion
of the Cable Beach Straw

Market that survived a recent

fire now fear they will become

the victims of an arson attack.

Sam "Marathon Man"

Williams, president of the

a Bahamas Loving Care Asso-
! ciation which supports the

\W | N D 0 \V S vendors, is calling on the
police and the nearby hotels

‘ : to provide security guards for

An Innovative Product | | eee
om an or by the May 30 fire that dis- § aM WILLIAMS speaks to the

placed 40 workers. press yesterday outside the straw
Straw vendor Joanne market at Cable Beach.

In nova tive Com an i Thompson, who has a stall in
p Yy. the western market, said the approved. Straw vendor
. fire has left her and her col- Joanne Thompson added:
leagues feeling nervous. “We are still in need of pro-

“It made us feel unsafe tection from the rain, we

because it could have hap- often have break-ins and peo-
pened to us instead of those at ple sleeping around.

the eastern market,” she said. “We do not know our posi-
Although investigations — tion with Baha Mar at this
continue, the straw vendors time. In the near future we
believe the fire was set by an want to start an association,”
arsonist. . . she said.
Director of Fire Services
Superintendent Jeffrey Dele- :
“a said earlier ne week Promise
that his unit suspects arson .
but that he could not provide A former straw vendor in
further details because the the eastern market is still
investigation is still in its ear- sceptical about the gover-
ly stages. ment’s promise of assistance.
Hotel developer Baha Mar “We still need rain shelters
has said it hopes to construct and security. We do not know
an upgraded straw market on Whether or not we are going
the same site, but this © Stay located there or be
depends on whether its plan Telocated,” she said.

to revitalise Cable Beach is Koji Wright, managing
director of Bahamas Fire and

Safety Protection, donated

SD Be Be two fire extinguishers to the

an Lara vendors at the western mar-
ket. “We want to make sure
AMO)

; i, these guys are protected. We
Ug) te: Exterminators will carefully demonstrate to

the vendors how to proper!
nL a A i use them in case of . one

gency,” he said.



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THE TRIBUNE

LOCAL NEWS

0 In brief

Stranded BA
Passengers
accept refunds
or rebook flights











A BRITISH AIRWAYS plane
comes into land at London’s
Heathrow Airport, on Thursday,
May, 27, 2010.

By MEGAN REYNOLDS
Tribune Staff Reporter

mreynolds@tribunemedia.net

STRANDED airline pas-
sengers whose British Air-
ways flights between Nassau
and London were cancelled
because of the cabin crew
strike have either accepted
refunds or rebooked their
travel plans.

The latest in a series of
strikes by cabin crew union
Unite which ended yester-
day, led to the cancellation
of flights between London
and Nassau on Friday, Sat-
urday, Sunday, Tuesday and
Wednesday.

It is uncertain whether
future strikes will go ahead
as negotiations between BA
and the union continue.

BA spokeswoman Marcia
Erskine said: “There are no
penalty fees for anyone
booked on a BA flight
which was cancelled as a
result of the cabin crew
strike.

“British Airways has been
doing everything it can to
reduce the disruption to our
customers all over the
world.

“Customers booked on
cancelled flights have been
given the option of rebook-
ing on an alternative BA
flight or on another airline
subject to availability.

“They can also claim a full
refund if their flight has
been cancelled.

“Passengers have been
rebooking online, through
their travel agents and via
the extra freephone call cen-
tre in the UK, staffed by vol-
unteers from across the air-
line, who are helping to
rebook, refund, or reroute
customers as quickly as we
can.”

Former police
constable faces
murder charge

A former police constable
charged with murder
appeared in Supreme Court
yesterday where his attorney
argued that the prosecution
had no case.

Kenneth Gibson, 29, of
Sandilands, Village Road
was arraigned in Magistrates
Court in May, charged in the
murder of George Carey.

According to court dock-
ets, Gibson allegedly caused
Carey’s death between April
24 and 27.

Carey, 21, was stabbed in
Wulff Road near Lockhart’s
Bar.

On Thursday, Gibson’s
attorney Wayne Munroe
told Justice Vera Watkins
that the prosecution had no
case against his client and
that none of the witness
statements established a
case against his client.

Justice Watkins said she
that too had reviewed the
statements and had not seen
anything in them connecting
Gibson to the crime.

The judge said she would
review the statements again,
and adjourned the matter to
June 14 at 2.30pm.

DEU officers
find marijuana

DRUG Enforcement Unit
officers found marijuana
when searching a home off
Cowpen Road at around
4.30pm on Wednesday.

A 24-year-old man was tak-
en into custody.

Police investigations con-
tinue.

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

HOUSE OF ASSEMBLY



Opposition wants
10 per cent pay cut

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE opposition plans to
introduce a resolution to cut
the salaries of all members of
parliament by 10 per cent —
double the government’s orig-
inal proposal for salary cuts
for MPs, senators and minis-
ters of government.

A 10 per cent cut would
amount to a savings of
$114,800, which PLP leader
Perry Christie called a “mean-
ingful sacrifice”.

Speaking in the House of
Assembly yesterday, Mr
Christie said the difference in
savings between five and 10
per cent should be allocated
to restoring some of the cuts
government made to charita-
ble organisations.

Responding to the opposi-
tion’s proposal, Minister of
Finance Zhivargo Laing said
he believes it is a result of the
PLP’s embarrassment over
their initial rejection of the
five per cent cut.

“IT think that (the opposi-
tion) is embarrassed by the
fact that their initial reaction
was no.

“As an act of political pos-
turing they said cut salaries
by 10 per cent. I don’t think
they really want any cuts at
all.”

Meanwhile, Mr Christie





Perry Christie

said the government’s origi-
nal proposal was itself a pub-
lic relations strategy that
would not result in any mean-
ingful savings.

Protest

Several PLP members of
parliament initially expressed
their intention to vote against
the government’s resolution,
in protest of the fact that the
government did not consult
the opposition before propos-
ing the cuts.

Mr Laing said opposition
politicians got a “slap (on the
wrist) for being so greedy”.

Bahamian dollar
strong, says Laing

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE Bahamian dollar is
strong, declared Minister of
State for Finance Zhivargo
Laing — despite what he said
were suggestions from fresh-
man Member of Parliament
Ryan Pinder that government
policies were putting the dollar
at risk.

“There has been no, no, no
indication, and there is no
threat to the value of the




Zhivargo Laing

Bahamian dollar. Bahamians, your dollar is strong and there is no
problem. I was surprised that it was uttered by the Member for

Elizabeth,” said Mr Laing.

In his contribution to the budget debate, Mr Pinder quoted a
credit report produced by the international rating agency, Standard

and Poor’s (S&P).

The report stated: “The (Bahamian) government cannot sustain
the expansionary fiscal stance for a long period of time because it
would eventually put pressure on the fixed exchange rate regime.”

Mr Laing said the Elizabeth MP went further than quoting the
S&P report, stating that the government was putting the Bahami-
an dollar at risk based on its fiscal policies.

Incredible

“T find it absolutely incredible that there are members in this
place who would dare to say that the value of the Bahamian dol-
lar is at risk of being devalued. It is so dangerous because it is
something that could very well cause investors and others to react

in a way that would absolutely be injurious to our well being,”

Mr Laing.

said

He said the main indicator of the strength of the Bahamian dol-
lar is the status of foreign reserves, which are maintained by the

Central Bank of the Bahamas.

Foreign reserves currently stand at about $900 million, said
Mr Laing. This is up from $700 million in 2007 — a time of relative
prosperity in comparison to the current global economic crisis. “In
the midst of a crisis, when the reserves are $900 million, there are
some who would suggest the Bahamian dollar is at risk. It is
absolute nonsense. The Bahamas dollar has no risk of devaluation.

None whatsoever,”

said Mr Laing.

Months ago, Mr Laing slammed PLP Senator Jerome Fitzger-

ald for similar statements, which he called

“reckless misinfor-

mation” that could threaten the international reputation of the

Bahamas.

MAIN/SPORTS SECTION

Local News
Editorial/Letters

CLASSIFIED SECTION 32 PAGES

USA TODAY MAIN/SPORTS 12 PAGES



“Now they are trying to re-
posture the statement — you
don’t get any more public
relations than that,” he said.

Mr Laing said that since the
last time salaries were
increased, 26 years ago, there
has been a 40 per cent
decrease in their relative
worth.

At the same time, politi-
cians’ expenses in terms of
food, rent, bills and other liv-
ing expenses have increased.

In light of this, he said, the
government’s proposal repre-
sents “real money” and par-
liamentarians need to “cease
politicking on the issue”.

He said the cuts were not
“symbolic”, but rather “nec-
essary” to lead the way in the
present economic environ-
ment.

Prime Minister Hubert
Ingraham said Mr Christie
should consider accepting the
same salary he was paid when
the FNM was in opposition
and he was its leader.

At the time, Mr Ingraham
said he received $50,000 per
year.

Mr Ingraham noted that
when the government
changed, Mr Christie request-
ed a salary increase to
$78,000, which was granted.

In response, Mr Christie
said he was able to match any
level of sacrifice Mr Ingraham
made.

TROPICAL
aU yy
Weg ti)
PHONE: 822-2157

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PAGE 4, FRIDAY, JUNE 11, 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 1972-1991

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

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

Where did the donor’s money go?

PRIME MINISTER Ingraham made a
comment in the House of Assembly yester-
day as he brought to a close the 2010/11
Budget debate, which reminded us of a
recent conversation we had with a critic of
the College of the Bahamas and its dispute
with its union staff.

The dispute between the College and the
Union of Tertiary Educators of the Bahamas
(UTEB) is now before an arbitration board.
Both sides are sealed to silence until the
matter is settled.

The negotiations, which started in Janu-
ary last year, broke down this year when it
was decided that an arbitration hearing was
the only way out. It is understood that
among the matters left to be settled were
appointments, the duties and responsibili-
ties of faculty members, promotions and
financial matters.

The person with whom we were speaking
made us believe that the financial matters
were the most pressing. Of course, we cannot
confirm this as we have not spoken with
anyone involved in the dispute — but during
the course of our conversation we were left
with the impression that more money is what
was wanted.

However, we were surprised when the
person suggested how this money, which the
College had made clear it could not afford at
this time, was to be raised to meet staff
demands.

“Surely,” said the person, “with all those
wealthy donors and the amount of money
they give the college, some of it could go
towards paying the lecturers.”

We were astounded by the ignorance of
this remark. If this person did not know the
law on donor money, then no wonder the
teachers — if in fact this might be their prob-
lem — might have the idea that the College
is flush with lose change that can be spent on
them.

The same idea came up in the House yes-
terday when the Prime Minister said there
were those who could not understand why
the government continued with the present
road works when, considering the austerity
measures being imposed on the people,
those funds were not diverted to lighten the
poor man’s burdens.

“Criticism of the continued road works
programme in the face of austerity measures
elsewhere is largely uninformed,” the Prime
Minister told the House. “In the first place,
the international lending agencies will in
ordinary circumstances make loans avail-
able for capital investment which is what
the road works are; they do not make such
loans available for recurrent expenditure.

“The purpose of such loans is to enable
the economy by investing in the fixed assets
required to sustain it and to permit its
growth,” he explained. “The basic fixed
assets which enable an economy — its
telecommunications, electricity, water and

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roadways are the capital investments without
which it has no future. It is for this reason the
international funding agencies concerned
with economic and national development
devote themselves to capital investment
loans.”

One would have thought that Sir Jack
Hayward had made enough noise in 2005
in demanding what NEMA had done with
the $1 million donation that he and his late
partner, Edward St George, had made to
the hurricane relief fund, to know that any-
one who plays fast and lose with donor mon-
ey does so at their peril.

Sir Jack and Mr St George had made it
clear that their million dollar donation was
exclusively for Grand Bahama, primarily for
repairs to the damaged educational facili-
ties on that island. Instead NEMA put it
into the general hurricane relief fund. This
was against all established law — a law that
goes back more than 150 years— about mon-
ey given for a specific purpose.

And so it would be more than the College
dare do to divert any donors’ money for
specific purposes to raise staff’s salaries.
And so any staff member who might have
this fancy thought in the back of his or her
head should dismiss it immediately — it is
against the law.

We recall many years ago when a Miami
nurse sought the help of the late Sir Eti-
enne Dupuch to raise funds for several oper-
ations needed by a badly crippled Bahamian
boy who was a patient at Miami Children’s
Hospital. Sir Etienne wrote several articles in
this column. Not only were donors generous,
but after the child was returned to his par-
ents in Nassau, it was found that the fund
had been over subscribed. Sir Etienne had to
go back to the remaining donors and get
their permission to transfer what remained
into a general fund for the use of all needy
Bahamian children. They agreed, and this
was the beginning of the Cripple Children’s
fund and committee, which made treatment
possible for thousands of crippled children
over the years.

And so as Sir Etienne could not use funds
for other children without donors’ permis-
sion, so the Prime Minister, no matter how
difficult our economy becomes, cannot divert
funds given by an international organisa-
tion for road works to buy groceries for indi-
gent people.

Nor can the College use their patrons’
money to raise lecturers’ salaries.

Persons should not undertake to handle
such funds unless they understand what they
are doing and the legal consequences if they
fail to follow instructions.

If they misstep they will find themselves in
the hot water and public embarrassment
that NEMA found itself when Sir Jack went
in search of his million dollar donation giv-
en only for hurricane repairs on Grand
Bahama.




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Injustice at
Miss Grand
Bahama

pageants

LETTERS

EDITOR, The Tribune.

This article is written to chal-
lenge the people of Grand
Bahama to take a stand and
fight against the injustice that
takes place at The Miss Grand
Bahama pageants. Those who
were in attendance at the Miss
Grand Bahama pageant on
May 16, 2010 must have come
to the realization that some
things were dreadfully wrong.
The lists of those things are as
follows:

1) The panel of the four
judges — Dr Hector C Singsong,
Dr Vermie J Florendo, Lauren
Huffe and Ruby Branett all
Caucasian and all foreign. How
is it that foreigners would pre-
side over a pageant to select
possible representatives for the
Bahamas to go overseas and
represent our native land effec-
tively. These judges do not have
a oneness with our culture and
it is quite evident based on their
selection of first and second
runner ups that they have no
desire to choose, intelligent
young women to represent our
native land. And let me not fail
to mention that both of these
girls have at least one Cau-
casian parent. Now I’m not a
prejudiced person but it sure
looks like prejudice played
some part in this. In my opinion
those two candidates failed to
deliver their platforms intelli-
gently, pausing with awkward
silent moments and embarrass-
ing redundancies. When the
platforms were a vital criteria
for selecting from the top five
the final top three contestants.
Yet the judges decided to rid
off the stage two intelligent can-
didates that should have been.
Think about it Grand Bahami-
ans, God forbid, for some rea-
son Tempest Stubbs cannot ful-
fil her full reign, we will have in
the line up to take over the first
runner up who cannot pro-
nounce the word archipelago
or answer the question of what
values does she possess that
would make her a
valuable/effective emissary for
the Bahamas? And second run-
ner up who when asked what
itinerary would she construct
for the President of the United
States as a fun tour, if he were
to come to the Bahamas for
one day? Stuttering yet again
and with awkward pauses evad-
ed the question going off on a
tangent about mentoring the
youth. It makes me wonder
does she even know what the
definition of itinerary is? Grand
Bahamuians we have resorted to
having two 16 year old 11th
graders as Ist and second run-
ner ups who cannot publicly
speak or render concise and
clear answers to questions giv-
en. For many of us who are
professionals with degrees this
should concern us. Tourism is
our main source of income and

letters@triounemedia.net



the United States of America is
one of the countries we solely
depend on. This is not just a
pageant, this is selecting a capa-
ble individual who can go
abroad and create change for
our country.

2) Dr Hector C Singsong,
Dr Vermie J Florendo two of
the judges on the panel are doc-
tors employed at the Rand
Memorial Hospital, as well as
the mother of the first runner
up who serves as a nurse at the
same hospital. How can you
have judges that are affiliated
with one of the contestant’s
parents? In my opinion it is
conflict of interest. Those doc-
tors should have refrained from
or stepped down when asked
to be a judge, knowing full well
that they would be evaluating a
fellow colleague’s child. This
illuminates the ignorance that
these judges feel we posses by
not seeing the importance of
fair judgment to be given when
choosing proper representation
for the Bahamian people. In
my opinion is a lack of respect
for our intellect that these
judges have toward us. It is tru-
ly insulting. Does the Bahamas
not have qualified, intelligent
Bahamian judges who could
have done a much better job?

3) Another question that
raised concern is that the sec-
ond runner up’s aunt, a former
Miss Bahamas, was a Miss
Grand Bahama committee
chair person and the franchise
holder of the Miss Grand
Bahama Pageant has trained
and coached the second runner
up for years. Again another
conflict of interest.

4) It is my understanding that
the franchise holder of the Miss
Grand Bahama Pageant fails to
co-operatively get along with
The Miss Bahamas committee,
which has caused any Miss
Grand Bahama Queen to have
to give up her title prematurely
or get permission before enter-
ing The Miss Bahamas Pageant.
If this is so, why is this? When
Grand Bahama remains one of
the islands in the Bahamas?
The Miss Bahamas pageant
should be the next step up for
any Miss Grand Bahama reign-
ing Queen. For example Miss
Florida doesn’t need permis-
sion to enter Miss USA nor
does she have to give up her
crown.

What are we as a people
doing about this? Many of us
left that pageant disgusted with
a large number of persons leav-
ing after the top three were
determined seeing the injustice.
And what do we do? We go
home or sit in our little groups
and complain about the blatant

unfairness that takes place. This
would not stand in Nassau,
Bahamas, so why do we permit
it here. I challenge you, Grand
Bahamians, to stand up and be
vocal about the unfairness that
takes place when choosing
ambassadors for the Bahamas.
If this were a regular pageant, I
would care less, but because it
is a chosen franchise that rep-
resents me, and us Grand
Bahamians, in the title ““Miss
Grand Bahama”, I have to take
a just stance. My advice to the
young girls of Grand Bahama
who desire to enter this
pageant, is to be aware that this
event requires a lot of money,
time, effort, sweat and tears so
if cheating and blatantly rigged
Miss Grand Bahama Pageants
will remain, I strongly suggest
refraining from entering them.
To the people of Grand
Bahama I would no longer sup-
port this event, because it seems
clear to me that the histories of
The Miss Grand Bahama
Pageants are rigged in favour
of pre-chosen winners. If Don-
ald Trump the CEO of the Miss
USA Pageant were to sit in that
audience as a possible investor
he would have left out laughing
and saying to himself: “If this is
the highest level of quality in
which Bahamians choose to
represent themselves, I’ll pass.”

The entire Bahamas should
be concerned because when
Miss Grand Bahama is sent
abroad to China, Colombia or
wherever, she does not wear
the banner Miss Grand
Bahama, but Bahamas, which
collectively includes us all.

This change MUST start with
us!

A CONCERNED
NATIVE
BAHAMIAN
May, 2010.

TR Teg

ETRE Ute

EDITOR, The Tribune.



Re: Our futile war on
crime,

The Tribune, Insight, May
31, 2010.

WHO would have thought
there were so many African
solutions to our ‘western’
crime problems? Next time
we are faced with a crime
problem, we should not
bother to call our police —
we should just call an
African!

KEN W
KNOWLES, MD
Nassau,

June 2, 2010.







GM- 100)

Government Notice

NOTICE

MINISTRY OF AGRICULTURE AND MARINE RESOURCES
THE AGRICULTURAL MANUFACTORIES ACT

(CHAPTER 243)

It es hereby notified pursuant to Section (4) of the Agricultural

manufactones Act that

the = Muernester

& about

fa consider whether

BAHAMIAN PEPPERSOUR should be declared a manufacturer for the

purpose of that Act. The said company proposes to manufacture pepper
SAUCE.

Any interested person having objection to such a declaration should
give notice in wrting of this abjection and of the grounds thereof to the
Ministry of Agriculture and Marine Resources before Tuesday 13th July
2010 by letter addressed ta:

Pom

Permanent Secretary

Ministry of Agriculture and Marine Resources

PO Box N 3026

Nassau, The Bahamas

Creswell Sturrup

PERMANENT SECRETARY


THE TRIBUNE

LOCAL NEWS

FRIDAY, JUNE 11, 2010, PAGE 5



Police identify

pedestrian
killed in car
Collision

By MEGAN REYNOLDS
Tribune Staff Reporter

A PEDESTRIAN killed
when hit by a car in
Carmichael Road early
Wednesday morning has
been identified by police.

Daniel Alexander Butler,
52, of Hamster and Shrimp
Roads in Avocado Gar-
dens, Nassau, was struck
near Sammy’s Chicken.

Witnesses claim a Honda
Accord and Lincoln Town
car were travelling east on
Carmichael Road when Mr
Butler was hit and both dri-
vers stopped as he was
thrown to the ground.

Police found him lying in
the middle of the road with
serious injuries and Emer-

gency Medical Services staff :
pronounced him dead at the }

scene.

Officers have not yet
indicated whether the dri-
vers mentioned will be held
responsible for the death as
investigations continue.

Police are also investigat-
ing the death of a man
believed to have been fatal-
ly hit by a car as he was
walking in Fox Town, Aba-
co, shortly after midnight
on Saturday.

The man, who has not yet:

been identified, was found
lying in the road with back
injuries shortly after mid-
night and later died at the
local clinic.

Police from the Road
Traffic division travelled to
Abaco to assist with investi-

gations and are appealing to }

the public for information.

Any information pertain-
ing to either of the road
deaths should be reported
as a matter of urgency by
calling 911, 919 or Crime
Stoppers on 328-TIPS
(8477).

Bahamas among
Caribbean islands

suffering homicide

mreynolds@tribunemedia.net

surge in 2009

US Secretary of State Hillary Clinton
unveils regional security initiative

CARIBBEAN islands had
one of their bloodiest years
on record in 2009 as they bat-
tled drug-fuelled crime, with
Jamaica, the Bahamas and
Puerto Rico hitting or com-
ing close to all-time highs for
homicides, according to an
article on the Associated
Press.

Alarmed by a dramatic
increase in narcotics-related
violence in the Caribbean, the
Obama administration is
pledging to help island
nations combat drug and
weapons traffickers.

US Secretary of State
Hillary Rodham Clinton, in
Barbados for a regional meet-
ing of foreign ministers,
unveiled the administration’s
Caribbean Basin Security Ini-
tiative yesterday.

The programme devotes
$124 million over two years
to help countries counter the
illegal narcotics and arms
trade and improve their abil-
ity to prosecute offenders.

“We all know well that
addressing transnational secu-
rity challenges in the 21st cen-
tury requires a comprehen-

sive approach,” Clinton said.
The programme augments
similar US cooperation efforts
in Mexico, Central America
and Colombia and helps
Caribbean countries deal with
any spillover of crime that
results from successes there.
Last weekend, Jamaican
authorities imposed a tempo-
rary curfew in troubled slums
of the capital Kingston as
security forces hunted for
reputed drug lord Christopher
“Dudus” Coke. He is wanted
in the US on drug and arms
trafficking charges.

CEG

|





U.S. SECRETARY OF STATE Hillary Rodham Clinton poses for a

picture with Barbados’ Deputy Prime Minister Freundel Stuart, dur-
ing a visit to George Washington House, in St. Michael Parish, out-
side Bridgetown, Barbados, yesterday. Clinton is in Barbados for a
for a regional meeting of foreign ministers. (AP)

Jamaican police and sol-
diers hunting for Coke in a
raid of the West Kingston
slums triggered four days of
street battles in which author-
ities say 73 civilians and three
security officers were killed.

The broader deteriorating

situation reflects the drug
trade’s deep entrenchment in
the region, with high murder
rates becoming a fact of life at
tourist havens that traffickers
use as transit points for South
American drugs bound for
Europe and the US.

TESTES CRTC UTD i a DSU

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net



THE REJECTION of UN Human
Rights Council’s recommendation to cri-
minilise rape within marriage was a nec-
essary move for legislative reasons, the
Ministry of Foreign Affairs has con-
firmed.

The United Kingdom called for the
Bahamas to amend existing legislation so
as to outlaw marital rape, and Sweden
recommended that the government con-
tinue efforts to promote gender equali-
ty and consider appropriate legislative
changes including criminalising marital
rape in a review of the country’s human
rights record in March last year.

Amnesty International highlighted
this in an annual report published last
month.

And director general of Foreign
Affairs Joshua Sears explained how the
motions could not be accepted by gov-

ernment because of their legislative
implications.

“As the amendment was not in law we
couldn’t commit ourselves to a legislative
process in Geneva without reviewing
the policy,” he said.

“During the review a number of rec-
ommendations are made by member
states — some are accepted, some are
considered and others we simply can-
not accept at the time, simply because
they have legislative implications.

“Some also carry severe cultural
implications and we can’t just do away
with them.”

Rejection of the motion did however
kick-start a process whereby govern-
ment proposed to amend the Sexual
Offences and Domestic Violence Act
in July and outlaw marital rape.

But the subsequent outcry from fac-
tions in the community and the church
drove government to shelve the amend-
ment in March.

“The Biblical justification is astonish-

ing,” Mr Sears said. “But at least we
have begun the process.

“Like with many other recommen-
dations, we have started to look at
it.

“And by the time the next report is
due, in the next four years, things may
have changed.”

Further progress has yet to be seen in
terms of accepting UN member states’
recommendations to enhance the rights
of women, children, migrants and con-
victed criminals.

The Bahamas rejected Haiti’s recom-
mendation to put an end to corporal
punishment in schools and the home,
Algeria’s recommendation to withdraw
its reservations to the Convention on
the Elimination of All Forms of Dis-
crimination against Women, and
Canada’s recommendation to subject
any detention of migrants, refugees or
asylum seekers to judicial review and
ensure persons are informed of their
rights.

The government was also not in a
position to support Bangladesh’s sug-
gestion to consider undertaking studies
in children involved in the commercial
sex industry and take appropriate action,
nor Canada’s call for the Bahamas to
focus more efforts on combatting child
prostitution and pornography in accor-
dance with the recommendations of the
Committee on the Rights of the Child as
suggested by Canada.

Further, the government could not
support recommendations to eliminate
corporal punishment from legislation in
accordance with the Convention against
Torture and Other Cruel, Inhuman or
Degrading Treatment or Punishment
and the Convention on the Rights of
the Child suggested by Chile; nor could
it agree to prioritise efforts to prohibit
corporal punishment of children and
adults, or allocate resources to allow the
full implementation of the Convention
of the Rights of the Child as recom-
mended by Sweden.

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PAGE 6, FRIDAY, JUNE 11, 2010

Performance targets to make public

healthcare staff more accountable



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THE government will introduce per-
formance targets for all employees in the
public health clinic system in order to
make them more accountable to patients,
Minister of Health Dr Hubert Minnis
said.

Dr Minnis said the performance targets
will also bring an end to the practice of
cutting shifts short, as doctors, dentists
and nurses will be obliged to fulfill their
schedule of work hours.

“We have had positive discussions with
executives of the Bahamas Public Ser-
vices Union (BPSU) and the nurses’ and
doctors’ unions and all have agreed that
their members should be held account-
able,” Dr Minnis said. “They also indi-
cated, and we agreed, that each individ-
ual should be treated with respect.”

He said the performance targets will
help the ministry bring an end to patients
being turned away or having to wait an
inordinate number of hours for treat-
ment at public healthcare centres.

Dr Minnis said measures will be put in
place allowing for disciplinary action
against offending personnel.

He said they are considering the intro-
duction of a “punch clock” system at
clinics to ensure that all employees fulfill
their obligation to work eight hours.

“We will treat every individual with
respect and only where basic protocols
fail, we will move to other targets such as
the introduction of the punch-clock sys-
tem,” the minister added.

Dr Minnis said it is not unusual for
physicians in public clinics to see between
six and 10 patients during an eight-hour
shift “and believe those are all the
patients they need to consult with and/or
treat.” He said private sector physicians







DR HUBERT MINNIS



can sometimes consult with or treat up to
30 patients.

The minister noted that during exam-
inations, medical students “are given 20
minutes per patient.”

“Tf you would calculate that over an
eight-hour period, it will accumulate to
more than six patients. If you can consult
with more than six patients in an exami-
nation setting, which is the most stressful
environment one can be in at that time,
you can most certainly do better than
six in a public setting,” he added.

THE TRIBUNE

Dr Minnis said it is his duty to ensure
that Bahamians receive access to the best
standard of healthcare possible.

He said the government, through the
Ministry of Health, the Department of
Public Health and the Public Hospitals
Authority, can continue to improve the
primary healthcare infrastructure
throughout the Bahamas, but all of that
will be for naught if the delivery of ser-
vices does not match the upgrades.

“The Bahamian public does not want
to hear from me about how many repairs
have been facilitated, nor do they want to
hear about how many doctors, nurses or
security guards have been employed
because they feel that is my job,” Dr
Minnis said. “What they want to know is
how the healthcare system is positively
impacting them.

“They want to know that they will be
able to access the services we provide at
all times.

“The Bahamian public demands to
know why they enter a clinic at 8am in
the morning only to be told that the doc-
tor arrives at 10am and leaves at 11am.

“They want to know why an elderly
patient has to sit in the waiting room
from 9am to noon without anything to
eat or drink and the doctor came in and
left without having seen that patient.

“They want to know why they entered
the clinic at 9am and the numbering sys-
tem is being used and at 11.30am they are
told there are no more numbers being
given and they were waiting all morn-
ing.

“This new system will address all of
their concerns as it relates to the provi-
sion of quality service in the public
healthcare system.”

A celebration of the life of

Mr. Theodore

David Nutt, Jr., 47

of Quail Roost

. Ridge
\ Nassau,

Bahamas,

Road,

The
will

be held at
Global Village
Church,
Village Road,

Nassau,

on

Saturday, 12th
June, 2010 at
2:00p.m.

Reverend James
Neilly will

officiate

and

interment will be in
Ebenezer Methodist
Cemetery, East Shirley Street, Nassau.

Ted is survived by his mother, Jacqueline Nutt,
daughters, Nichel Langley and Mya Nutt, sons,
Jeremy and Jesse Nutt, granddaughter, Brianna
Langley, fiancee, Nicole Tappen-Aranha,
sisters, Sandy Koulias and Sharon Cartwright,
brother, Niven Nutt, aunt, Mary Lowe, uncles,
Chris Manning, Jimmy Albury and Nicky Nutt,
sisters-in-law, Betty Roberts, Vicki Sweeting
Juanita Russell and Lana Russell, brothers-in-
law, Jack Russell, Basil Russell, Steve Roberts,
Gerald Sweeting, Nick Koulias and Nelson
Cartwright, numerous nieces, nephews other
relatives and many friends.

Instead of flowers the family request that
donations be sent to the Cancer Society of The
Bahamas, P.O. Box S.S. 6539, Nassau, The
Bahamas, in memory of Mr. Theodore D. Nutt.

Arrangements by Kemp's Funeral Home
Limited.

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FROM page one

the government had been
tightlipped. The exact figure of
4,920 labourers was confirmed
by Jian Tan, chief of the com-
mercial section at the Chinese
Embassy in Nassau.

While there has not been any
significant public outcry over this
large number of foreign work-
ers, some political observers
have noted that giving approval
to bring in non-Bahamians
workers at this time when many
Bahamian construction workers
are out of a job would be a con-
troversial one for any govern-
ment — particularly in the run-
up to a general election.

This is despite the fact that an
estimated 2,500 Bahamians are
also projected to find employ-
ment in the construction of the
resort, with 8,000 permanent
positions set to be created with-
in it when it is completed, and
suggestions that the local con-
struction labour pool does not
contain the necessary skills in
sufficient quantities to carry out
such a massive project.

Mr Ingraham alluded to this
labour shortfall in his speech
when he stated that although the
Bahamas “needs a major devel-

House to vote on Chinese worker's

opment” at present, such as
Baha Mar or phase four of
Atlantis, “Nassau cannot sustain
both at the same time — it is
either Bah Mar or Atlantis phase
four.”

When the vote on the labour-
ers could take place in parlia-
ment is not clear at this time. At
present Baha Mar still has a
number of “conditions prece-
dent” that it must fulfil to con-
summate its $2.6 billion Cable
Beach redevelopment, the Prime
Minister stated in an interview
with Tribune Business in May,
the most important being to
resolve negotiations with Sco-
tiabank over its outstanding
$170-$180 million loan.

Meanwhile, the Chinese gov-
ernment also has to formally
approve the project. That has
not happened as yet.

Therefore, it is against this
background that Mr Ingraham
said he will not yet “count those
chickens.” However, the rede-
velopment plan is moving ahead,
as Baha Mar earlier this year
secured $2.5 billion in financing
from the Export-Import Bank

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of China and a contract with new
minority partner, China State
Construction Engineering Cor-
poration, to serve as the projec-
t's general contractor.

Mr Ingraham commented on
the Baha Mar project as he
rebutted accusations made
repeatedly by the PLP — in line
with an assessment also recorded
in the report by Wall Street cred-
it rating agency, Standard and
Poor’s (S&P) — that its decision
in 2007 to “stop, review and can-
cel” a number of “investment
projects” contributed to the con-
traction of the economy.

He denied that the Govern-
ment cancelled any “investment
projects” when it came to office
but admitted to “stopping some
wasteful spending projects”, such
as a large number of contracts
signed for schools “within
months” or weeks of the 2007
general election.

Mr Ingraham contradicted the
Opposition’s “stop, review and
cancel” claims, suggesting that
rather than cancelling such pro-
jects signed-off on by the former
Christie administration, his gov-
ernment “facilitated” many of
them — pointing to Baha Mar,
Albany, Baker’s Bay and Ginn.

Said the Prime Minister:

“Several Members Opposite
resurrected their baseless alle-
gation that my Government
stopped, reviewed and cancelled
projects which they had
approved and which were under-
way at the time of the last elec-
tion.

“I suppose they were refer-
ring once again to the $20 bil-
lion of direct foreign investment
which they had brought to our
country during their five year
term. We tried, but hard as we
looked we could never find those
$20 billion of investment. The
evidence of that investment must
be in that same special twilight
zone in which jobs are created by
the government and social ben-
efits increased without increasing
public debt or undertaking cap-
ital works.

“We did find a number of
Heads of Agreements complet-
ed by them; many were never
brought to this place. I suppose
they didn't consider it politically
wise to reveal what they were
planning to do through those

Events

50%

As Marked on the other half



agreements — which was to sim-
ply approve billions of dollars in
land sales to international per-
sons for residential purposes.

“Apart from the agreement
facilitating concessions for Phase
III of Kerzner's resort develop-
ment on Paradise Island, the
Abaco Club and Albany devel-
opment, we never found evi-
dence of billions of dollars in
investments they are so fond of
recalling.

“We all know what has
become of the GINN develop-
ment in West Grand Bahama.
Similarly, what became of the I
Group (EGI) proposal to cre-
ate a new centre of employment
to rival Grand Bahama in
Mayaguana?

“The development at South
Ocean has similarly failed to
materialise. Promises of a mari-
na development at the Hilton
didn't materialise.

“Honourable Members will
recall that it was left to us to
complete the land transfers for
Baker's Bay and the land swap
required to permit the start-up of
the Albany development.

“We also had to complete the
Heads of Agreement which they
were unable to close with
Bahamar. And regrettably, that
development has not yet com-
pleted negotiations on its fund-
ing arrangements.”

LATE NEWS:
OPPOSITION WALKS
OUT OF HOUSE

FROM page one

Prime Minister Ingraham
had wrapped up the debate
shortly before 6pm when the
Bills were to go through their
second reading and committal,
third reading and passing. Dur-
ing the second reading the
Opposition pulled out their
chairs, indicating that they were
abstaining from voting on each
Bill.

During the committal stage
when each item of the Budget
was being scrutinised, Fox Hill
MP Fred Mitchell moved an
amendment, which was defeat-
ed. Shortly afterwards all
Opposition members left the
chamber.

Government MPs continued
the third reading and passing
of the various Bills in their
absence.

Water and

Sewerage
FROM page one

scrap metal companies and the
corporation is requesting that
anyone with any information
regarding the location of these
cylinders to immediately con-
tact the police or the corpora-
tion at 302-5599.

“Chlorine gas is toxic and
will cause respiratory irritation
immediately upon exposure.
Persons should not attempt to
handle, tamper with or modify
the cylinders as this could result
in the release of the contents
— chlorine gas. Rather, the
police or the corporation
should be immediately notified.
The support and action of the
public is greatly appreciated,”
the corporation said.

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


PAGE 8, FRIDAY, JUNE 11, 2010

LOCAL NEWS

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35-YEAR-OLD Marsha Lewis arrives at court yesterday.

Woman charged

with stabbing
death of husband

FROM page one

dead at his home on Lightbourne Avenue, in the
Rockcrusher neighbourhood off Farrington Road at
around 10.30 pm on Monday. He had reportedly been
stabbed in the left side of his chest during an argu-
ment.

The accused — who is the mother of a seven-year-
old-girl — was represented by attorney Davard Fran-
cis. She was not required to enter a plea to the mur-
der charge during her arraignment yesterday as her
husband’s relatives looked on. Lewis was ordered to
be remanded to Her Majesty’s Prison.

She is expected to appear in Court 5, Bank Lane, on
June 22 when a date will be set for the start of a pre-
liminary inquiry.

As Lewis was about to be escorted back to Central
Police Station she told relatives of her deceased hus-
band, “I am so sorry.”

THE TRIBUNE







ri \E











Davis calls for names

FROM page one

Stating how Prime Minis-
ter Hubert Ingraham
informed the nation that the
government had advised the
Colina insurance company
that they could only pay them
$4 million of the $12 million
owed them, Mr Davis said he
found it strange that Mr
Ingraham would. also
announce three days ago that
the government would be
making a $10 million payment
to the port group. This group,
Mr Davis said, is made up
“some of the wealthiest
Bahamians” in the country.

“Tf this is supposed to be
such a profitable venture why
in such difficult times is the
Government continuing to
subsidise those who can
afford it most? The Bahamian
people have provided the
land, dredged the harbour
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paid for road works to the
tune of many millions of dol-
lars.

“We have practically given
them an exclusive interest on
commercial shipping into
New Providence a monopoly
for the next 20 years. At a
time such as this the shipping
companies must put their
money where their mouth is.
The Bahamian people have
subsidised enough. The port
companies ought to be carry-
ing the bill to construct the
new port. Or as in the case
with Colina why can’t the
Government delay making
the $10 million payment to
them?” he asked.

Mr Davis also noted that
the government has indicat-
ed in this year’s budget its
intention to contribute anoth-
er $16 million to the project
— bringing its total allocation
to $26 million.

“That is a whopping $26
million — approximately 25
per cent of the projected bud-
getary shortfall. Again we
must ask, what are this gov-
ernment’s priorities? Were
they elected to serve the
interest of the majority of
Bahamians or a group of 19
companies — many of them
inter-related and several with
no record in shipping — at
the expense of everyone else?

“Perhaps they should dis-
close the beneficial owners of
these companies. Why not
invest these millions of dol-
lars in continuing the employ-
ment of the 2,500 people you
hired six months ago and will
unceremoniously fire at this
time. Train them to do pro-
ductive jobs in the construc-
tion field so they could be
hired by BahaMar or other
construction sites?

“The government is instead
leading the way in adding to
the already large numbers of
the unemployed. Teaching
people marketable skills
would have been so much bet-
ter. If the government was
seriously involved in the real
negotiations between
BahaMar and the potential
Chinese investors they would
have known of the shortage
of skills locally to build the
resort. We should have made
provisions to train and pre-
pare our people,” he said.

Tourist dies
FROM page one

administer CPR until an
ambulance arrived 25 minutes
later.

Mr Jackson was pro-
nounced dead on arrival at
the Princess Margaret Hospi-
tal in Nassau at 6.50pm.

The cause of death has not
yet been confirmed but Assis-
tant Commissioner of the
Royal Bahamas Police Force
(RBPF) Glenn Miller said:
“He was in the water swim-
ming and reports are that he
was struck by lightening, how-
ever we are still waiting for
the autopsy report.”

The heavy thunderstorm
flooded areas of New Provi-
dence on Wednesday after-
noon with frequent bolts of
lightening visible across the
island.

Mr Sands said: “It’s a most
unfortunate incident, espe-
cially as they had only arrived
on the island shortly before
this tragic event took place.”

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


THE TRIBUNE



Pauline receive

PAGE 9





FRIDAY, JUNE 11, 20



By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

ALBEIT a decade later,
IAAF Council Member
Pauline Davis-Thompson was
presented last night with the
women’s 200 metres gold
medal from the 2000 Olympic
Games in Sydney, Australia.

The presentation was made
by Alberto Juantorena, the
historic double gold medallist
in the men’s 400 and 800
metres from Cuba at the 1976
Olympics, during an emo-
tional ceremony at Govern-
ment House.

Holding back the tears as
she gave her acceptance
speech, 43-year-old Davis-
Thompson took the medal
that was placed around her
neck by Juantorena, who rep-
resented IAAF president
Lamine Diack and she said
she wanted to give it to Prime
Minister Hubert Ingraham for
the people of the Bahamas.

“Tm giving this medal to
the people of the Bahamas, a



MINISTER of Youth, Sports and Culture, Charles Maynard, second from left, presents a framed copy of the proclaimation from Prime Min-
ister Hubert Ingraham declaring Thursday, June 10, 2010 as “Pauline Davis-Thompson Day”. At left is Bahamas Olympic Committee presi-
dent Wellington Miller. Next to Davis-Thompson is Bahamas Association of Athletic Associations’ president Mike Sands.

“T told him I wanted to







TENNIS
KNOWLES,
FISH ADVANCE

MARK Knowles and
American Mardy Fish are
now into the quarterfinal
of the men's doubles at the
Aegon Championships in
London, England.

The number five seed-
ed team, who was award-
ed a bye in the first round,
won their second round
match with a 6-2, 6-4 vic-
tory over the British
brother combo of Andy
and Jamie Murray.

Now they are set to take
on the top ranked team of
Daniel Nestor and Nenad
Zimonjic. Nestor, a former
partner of Knowles, along
with

Zimonjic are coming off
their victory at the French
Open Grand Slam in
Roland Garros.

Their match is sched-
uled for today. But Fish,
who is also playing singles,

Felipé Major/Tribune staff

symbol for all Bahamians,
present, future to understand
that if you want to attain any-
thing in life, you have to work
hard,” Davis-Thompson said.

“And you have to never,
ever, ever give up on your
goals and your dreams. Never,
ever, ever quit. I want you to
know that I love you so much
and this would not have been
possible without you.”

The IAAF presented the
medal to Davis-Thompson,
who had finished as the silver
medallist at the games behind
American Marion Jones.

But after Jones was tested
positive for steroids in 2007,
she was stripped of the
medals, including the gold in
the 200, thus Davis-Thomp-
son being elevated to the top
of the podium.

Davis-Thompson thanked
just about everybody who
played a role in her success,

including a number of
deceased persons, her family,
including her mother, Merle
and her husband, and mem-
bers of both the Bahamas
Olympic Committee and the
Bahamas Association of Ath-
letic Associations.

She also praised former
Prime Minister, the late Lyn-
den Pindling. She had found
out was she was his favourite
athlete and he even bought
her first pair of sprint shoes.

Then she spent a great
time of time lauding Ingra-
ham for the role he played
in rejunivating her career
when she came home and
seemingly out of the public
view.

Davis-Thompson recalled
how Ingraham sought her
out, sat her down and
advised her that whatever
was needed, he would pro-
vide it just to ensure that she
got her career back on track.

move to Atlanta to train and
he said it’s done,” Davis-
Thompson said. “He said if
there was anything else and I
told him I wanted my job
back at the Ministry of
Tourism. He said it was
done.”

Ingraham, according to
Minister of Youth, Sports
and Culture, Charles May-
nard, was unable to attend
the ceremony because of the
completion of the 2010 Bud-
get in the House of Assemly.

Representing Ingraham,
Maynard also read a pro-
claimation that was issued,
hailing Thursday, June 10,
2010 as “Pauline Davis-
Thompson Day” in appreci-
ation of her outstanding per-
formance in the 200 at the
games.

Additionally, Maynard
presented Davis-Thompson
with a cheque for $10,000,

the balance of the $40,000
that a gold medallist at either
the Olympics or the World
Championships would
receive. After the games, she
had collected a cheque for
$30,000 for the silver medal.

During the games, Davis-
Thompson also ran the third
leg on the famed Golden
Girls’ victorious 4 x 100 relay
team that comprised of
Sevatheda Fynes, Chandra
Sturrup and Debbie Fergu-
son-McKenzie.

Eldece Clarke was an
alternate on the team. Davis-

Thompson hailed her as her
long-time close friend. Clarke
was the only member of the
team present.

And veteran javelin throw-
er Lavern Eve, who was also
a member of the track team
at the Olympics, was present
as well.

Also present were leg-
endary Thomas A. Robinson;
immediate past president of
the BOC, Arlington Butler;
current BOC president
Wellington Miller and other
sporting personalities from
the other sports.



will have a long day as he
is expected to play Andy
Murray in singles. If he is
successful, Fish will have
to play another singles
match before the doubles.

INSIGHT

For the stories behind
the news, read Insight
on Mondays



We Take

$







Darling drafted by
Omaha Nighthawks
during NFL offseason

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



WHILE he awaits a decision on his Nation-
al Football League future, a Bahamian gridiron
star has received opportunities to further his
career elsewhere this offseason.

Wide receiver Devard Darling was drafted
on June 2nd by the Omaha Nighthawks of the
United Football League.

At this time Darling has made no decision to
join the team, and continues to be an NFL free
agent.

“T have received medical clearance from my
doctor and look forward to joining an NFL
team in the near future. I have worked hard
over the past few months rehabbing my torn
ACL and conditioning myself to return to the
NEL stronger, quicker, and more determined
than ever to make an impact on the field,”
Darling said. “I have great respect for the
UFL; however I will not be signing with one of
their teams.”

Devard is currently speaking with various
teams and is confident the right situation will
present itself, until that time he continues to
train and prepare for the upcoming season.

Darling, a 27-year-old, 6-foot-1 wide receiv-
er, had completed his second season with the
Chiefs in 2008, but he spent all of last year on
the injured reserve list since September 1.

He suffered a torn ACL on August 29 in a
preseason contest against the Seattle Seahawks
after starting Kansas City's first three games
and posting three catches for 19 yards.

Darling went through a successful ACL
surgery on September 15.

In an interview with the Tribune shortly after
the surgery Darling was asked if he saw the
Chiefs’ decision to release him coming, he not-
ed emphatically — yes.

"Iwas going into the last year of my contract
and I was hurt,” he said. "That's just the way it
is. That's the nature of the game, the business
side of it. Once I can get healthy, then I can be
concerned about playing again. I've been
through worse things than this,” he said, reflect-
ing on the death of his identical twin brother,
Devaughn, with whom he played football with





asonefoundation.org/Photo



Devard ne



for the Florida State Seminoles.

"This is the business side of football. That's
all it is. I have no doubt in my ability and my
talent. I just want to get healthy and I know
everything else will take care of itself.”

Kansas City was the second team that Dar-
ling has played on since he was drafted with
the 82nd pick in the 3rd round by the Balti-
more Ravens in 2004 out of Washington State.
He played four seasons with the Ravens before
he was acquired by the Chiefs in a trade in
2007.

Prior to getting injured, Darling went
through the 2008 season having caught 17
receptions for 247 yards. That brought his
career total to 37 in receptions and 578 yards.

Any Trade-ins









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PAGE 10, FRIDAY, JUNE 11, 2010

SPORTS

TRIBUNE SPORTS





For You:
For Me: An

By RENALDO DORSETT
Tribune Sports Reporter
rdorsett@tribunemedia.net



early a year to fo the day this column was

originally written ... and nothing’s changed.

Kobe Bryant's career has mirrored the pool
party at Ron Burgundy’s house in Anchorman
“we've been going fo the same party for 12 years
and in no way is that depressing.” Without further

adieu ...

I can't remember how it
started, I can't remember why
it started. But at some point
within the last few years, the
entire social structure of bas-
ketball fans in the Bahamas
became a polarising division
between two sects. Those that
love the Lakers, and those
that don't. Those that hate
Kobe Bryant, and those that
don't.

It's easy to understand why
so many people love Kobe.
He's the best player of this
generation, he plays in possi-
bly the biggest market in the
United States on the world’s
most popular team, he filled
the Jordan void better than
any of his predecessors, and
let's face it, the Showtime era
endeared the Lakers to the
Bahamas forever.

Why he's hated so much,
are pretty much centred
around the same reasons he's
loved.

Here's my problem with the
whole thing. Hating aimlessly
doesn't help the cause of those
who actually have legit cases
against the evil empire. It
weakens it. It strengthens the
resolve of the other side and
pushes objective thinkers
towards the brink of insanity.

It makes Kobe a martyr.

Of course I don't expect
everyone to hold hands and
sing kumbayah. This is sports
and it wouldn't work unless
you liked certain teams and
disliked other ones. That's
part of the deal. It's just the
way it is and most of us under-
stand this.

But this year in the playoffs
I think we crossed a line
straight on past good natured
"us vs. them" mentality to an
atmosphere where every fair-
weather fan dusts of the #8
jersey or updates their Face-

a ie)

book status declaring undying
loyalty to team they saw play
for the first time all season in
mid-May.

HOW'D WE GET
TO THIS POINT?

The point where we're
forced to constantly sift
through the rhetoric of those
who have yet to watch a single
NBA game before April and
are the most vocal people
spewing venom after every
game.

The black and white sim-
plicity of it all lends itself to
create the kind of debate
that's more of a... well not a
debate at all, more of a contest
to see who comes up with the
most outlandish hard-line
statement.

I'm not suggesting anyone
become a fan of the Lakers
and by extension Kobe
Bryant. Far from it. I'm the
type of guy that's patiently
awaiting the day when his era
is done and I can concentrate
my efforts on hating Kevin
Durant's success because the
Blazers passed on him for
Greg Oden. I'm also not a fan
of just spewing baseless hatred
... unless its directed at Dane
Cook or Tyler Perry. The way
I see it, there are three main
reasons most people Love or
Hate Kobe, they get to be
exempted from the generic
"Laker Hater" category:

THE SACRAMENTO

KINGS DIASPORA
A buzzer-beating 3-point
shot by Robert Horry of the
Los Angeles Lakers in Game
4 of the 2002 Western Con-
ference finals slammed the
door shut on the Kings’ win-
dow of opportunity to win an
NBA title. Following that
loss, the Kings disbanded,

° Tool Boxes

¢ Luggage
Briefcases
lei
Camping Supplies

Fishing & Diving Gear

became a shell of themselves
to the point where I don't
know a single guy that was a
fan of the Kings during that
era, and stuck around.

THE JORDAN VOID

It was like the episode of
Lost when Jack, Kate, Sayid
and Locke were all of in the
jungle following the A, and B
storylines and everyone else
at the camp had no one to
look to for answers. They
were so desperate for a leader
that they turned to Sawyer.
Chicago Bulls fans were just
as desperate for a leader that
they searched for anyone that
would come along to claim
the throne. There was Grant
Hill, Jerry Stackhouse, Pen-
ny Hardaway, Vince Carter
.. but none of them fit the
mold as well as Kobe. No kid-
ding. Jordanistic purists are
out there that believe basket-
ball should have ended right
there and then when MJ
crossed up Russell and made
the game winner to take the
1998 Finals. Kobe is a direct
threat to his legacy and the
only person anyone attempts
to make the Jordan compari-
son consistently for the past
decade. And for that, he's
both hated and loved.

HE'S TOO PERFECT

The heir apparent to the
throne. Slam Dunk title first
year in the league. Perennial
All-star. At this point no one
even remembers he was on
trial for rape. Three NBA
championships. Olympic gold
medal. Multiple All-NBA
teams. All NBA defensive
teams. Scoring titles. Global
Icon. 81. People love to root
against the frontrunner and
Kobe’s been in that position
all his life.

A REAL REASON
TO HATE
Personally, the exact

moment my hate-affair with
the Lakers began: June of
1991. I was just five years old,
but I knew this much. I loved
Clyde Drexler, I loved the
Portland Trailblazers and the
reason they weren't going to
the NBA Finals was because
of Magic Johnson, James Wor-

Check out
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Kelly's "+2.

June 11th-19th, 2010

*Except on net items

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Tel: 30 393-4002
393-4096

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Monday-Friday 7:00am-8:00pm
Saturday 7:00am-9:00pm
Sunday dosed
www.kellysbahamas.com

The NBA Finals,
gst In a Sea of Hat

Michael Dwyer/AP Photo



LOS ANGELES Lakers guard Kobe Bryant reacts during the
third quarter in Game 3 of the NBA basketball finals against the
Boston Celtics on Tuesday, June 8, 2010, in Boston.

thy, Kareem Abdul-Jabaar
and the Lakers. It was all I
needed. I revelled in the strug-
gling 90s Lakers with Divac,
Nick Van Exel, Eddie Jones,
and I dreaded when Shaq left
Orlando to head West. I
remember thinking on draft
night in 1996 thinking why
would Charlotte trade a high
flying wing player with
tremendous upside potential
for an aging, barely mobile
Divac. We know how that
turned out. But more than any
of that, the number one reason
I despise the Lakers now and
forever, or at the very least
until this current roster retires
.. game 7 of the 2000 West-
ern Conference Finals ...
fourth quarter. I know it as the
death of a franchise and the
birth of hate. You know it as
one of those NBA "Where
Amazing Happens” commer-
cials.

Quick back story: The Lak-
ers dominated the regular sea-
son, winning 67 games and
earned homecourt advantage
throughout the playoffs. They
hadn't lost three games in a
row all season and ran through
competition in the playoffs like
a buzzsaw. LA held a 3-1 lead
over the Blazers in the Con-
ference Finals before Portland

won the next two games and
forced a seventh and deciding
game. Everything was going
perfectly in game seven. Port-
land held a 71-58 lead at the
start of the fourth quarter and
proceeded to drop the ball in
the worst playoff collapse of
all time. The Blazers shot 5-
23 in the final quarter, missed
13 consecutive shots and gave
up a 15 point lead in under 12
minutes.

The Lakers punctuated the
comeback rally with a thun-
dering dunk on an alley opp
from Bryant that put Los
Angeles ahead 85-79 with 40
seconds to play as Bob Costas
provided the soundtrack for
the worst basketball moment
of my life, "Kobe....to Shaq!!"
LA went on to win back-to-
back-to-back titles and the
Blazers faded obscurity for a
few years. Now THAT my
friend is a reason to loathe LA.

The scariest thing about it
is, despite it all, being lumped
into the "Laker Hater" cate-
gory and being forced to side
with everyone that hates with-
out reason is causing me to
actually defend Kobe in argu-
ments.

Either that or that Lil
Wayne song from last summer
is really that good.





Card Of Thanks

Our family chain is broken and nothing seems the same,
but as God calls us one by one the chain will link again.

We, the family of the late Ryan Roberto Godfrey, would like
to thank the many family and friends at home and abroad, co-
workers, church family and neighbours for your visits, calls,
prayers, cards food items, floral arrangements and monetary
gifts during the time of his illness and demise. Your words of
encouragement and support has been a source of strength and
comfort to us during our time of bereavement.

Special thanks to Doctors Sheena Antonio-Collie and Beverton
Moxey, Nurses, PCT’s and staff of Doctors

Hospital, staff of Cleveland Clinic, Weston

Florida, management and staff of

Bahamasair, especially his flight crew,

Airlines Clubs Bahamas, World Airline



Ryan
Roberto
Godfrey

July 1st, 1976 - April 12th, 2010

Club Association; management
and staff of Bahamas Mortgage
Corporation, Insurance
Management, Bishop Chadwick
James and family, the family of
Mekaddish Ministries Int’1, Rev.
T. G. Morrison and family and
the Zion Baptist East & Shirley
Streets family, Bishop B
Wenith Davis and family, the
Zion South Beach Church and
Zion Academy family,
Monique Hanna, Gloria
Darville and J. Michael of
Love 97 and Bethel Brothers
Morticians.

God Bless You All
The Godfrey family





Athletes gear up
for BAAAS
National Open
Track and Field
Championships

By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

WITH the Bahamas
Association of Athletic
Associations’ National Open
Track and Field Champi-
onships just one week away,
a number of elite and colle-
giate athletes are continuing
to gear themselves up for
what is expected to be a
Keenly contested two-day
meet at the Thomas A.
Robinson Track and Field
Stadium.

At the Golden Gala in
Rome, Italy yesterday,
Eleuthera native Chris 'Fire-
man’ Brown lowered his sea-
son's best to 45.04 seconds to
finish third in the fastest
men's 400 metres contested
so far this year.

American Jeremy Warner
took the tape in the world
leading time of 44.73, fol-
lowed closely by his compa-
triot Angelo Taylor in 44.74.

Brown, however, got
some revenge from Trinidad
& Tobago's Renny Quow,
who beat him out for a
medal at last year's IAAF
World Championships.
Quow came in fourth in
45.52.

On the ladies side, veteran
Chandra Sturrup posted
another fantastic perfor-
mance when she crossed the
line second in the women's
100 in 11.14. She turned the
tables on Debbie Ferguson-
McKenzie, who beat her in
their last outing. Ferguson-
McKenzie had to settle for
fourth in 11.31.

American Lashauntea
Moore powered through in
11.04 for the win.

Tahesia Harrigan of the
British Virgin Island split the
Bahamian duo in 11.17.
Jamaica world champion
Shelly-Ann Fraser was dis-
qualified for stepping out of
her lane.

While the three veterans
were holding their own in
Rome, a number of young-
sters were competing at the
NCAA Outdoor Champi-
onships in Eugene, Oregon.

Grand Bahamian
Demetrius Pinder, who has
ran the fastest time of any
Bahamian so far this year of
44.99, had the sixth fastt
qualifying time for the men's
400 on Wednesday. The
Texas A&M junior clocked
45.77 to advance to today's
final after he ended up sec-
ond in his heat.

Fellow Grand Bahamian
Latoy Williams, who burst
onto the scene last year
when he qualified for the
World Championship team,
was fifth in the last of the
three heats in 46.50. The
Texas Tech junior, howev-
er, didn't advance to the
final as he was 13th overall.

In the women's one-lap-
per, Amara Jones, a sopho-
more at Savannah State,
clocked 54.89 for seveth in
the last of three heats. She
didn't advance after finish-
ingg 22nd overall. Sheniqua
‘Q' Ferguson, the SEC dou-
ble champion, was the only
one of two Bahamians in the
women's 100 to advance to
the next round. The Auburn
University junior ran 11.35
fo second in her heat for
fifth overall. Kristy White, a
senior at the University of
Miami, was seventh in 11.66
in the first heat. Her 20th
place overall didn't allow her
to move on.

Also on Wednesday, Fer-
guson was on the third leg
and Grand Bahamian Nivea
Smith anchored as Auburn
came in second in their heat
in the women's 4 x 100 relay
in 44.10 to advance to the
final with the sixth fastest
qualifying time.

And the University of
Califorina at Los Angeles
clinched the eighth and final
spot in the men's 4 x 100
relay, but Karlton Rolle did-
n't run.

Yesterday, Ferguson and
Smith were scheduled to
contest the women's 200.
Also on tap was the men
and women 4 x 400 relay
heats. Results of those
events were not available.

Today, in addition to the
final of both the 100 and 400
is the men's high jump, fea-
turing Jamal Wilson of the
University of Texas.

The meet closes out on
Saturday with the final of
the 200 as well as both the 4
x 100 an 4 x 400 relays.

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

FROM page one

the appointment of Jamaican
Vinette Graham-Allen as
Director and Garvin Gaskin
and Franklyn Williams as her
deputies to “move the process
forward.”

Bahamians Mr Gaskin and
Mr Williams previously
served as assistant directors.
Mrs Graham-Allen previous-
ly served as Director of Public
Prosecutions in Bermuda and
most recently as the Director



FRIDAY, JUNE 11, 2010, PAGE 11

Director of Public Prosecutions, deputies selection

of the Justice Training Insti-
tute in Jamaica, which works
to encourage and facilitate the
training of personnel working
within the agencies that make
up the justice system in
Jamaica.

Mr Ingraham confirmed
the appointments during the
wrap-up of the Budget
debate, in response to an
inquiry by PLP Deputy leader
Philip Davis, MP for Cat
Island, Rum Cay and San Sal-
vador about whether “the

ENIOY TIME OFF WITH A

6 Pe. Chicken, 2 Sides and 4 Biscuits

government has exhausted its
search locally for a Director
of Public Prosecutions.”

He said Cheryl Grant-
Bethel, who had temporarily
acted as Director of Public
Prosecutions in the Attorney
General’s Office, will return
to her substantive post as
Director of Legal Affairs and
an announcement will be
made soon regarding her
appointment to another post
“in the purview of the Attor-
ney General.”



















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THE TRIBUNE

u



ine







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





FRIDAY,

JUNE

aa ag

2010

SECTION B ¢ business@tribunemedia.net

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED







Venture fund’s $5m ‘exhausted’

By NEIL HARTNELL
Tribune Business Editor



he Government-sponsored

venture capital fund has

exhausted the $5 million

allocated to it to finance

Bahamian entrepreneurs

and small businesses, Tribune Business

was told yesterday, its administrator sug-

gesting that the annual $1 million allo-
cation be “doubled” to meet demand.

Jerome Gomez, who is also a partner

at the Baker Tilly Gomez accounting

firm, said the Bahamas Entrepreneurial

Venture Fund, while financing two busi-

ness proposals to-date during 2010, had

currently effectively run out of funds to

lend, now possessing just enough to cov-

* Administrator suggests annual $1m injection be ‘doubled for two to three years’
to meet demand, with three to five business plans coming in every week

* Some 52 businesses financed to date, 41 with loans and 11 with equity

* Fund enjoyed ‘50/50 success rate’ to date

er administrative costs and keep the pro-
gramme running.

Despite the Government announcing
that it was allocating $10 million collec-
tively to the fund, plus the Bahamas
Development Bank (BDB) and
Bahamas Agricultural and Industrial
Corporation (BAIC), Mr Gomez said
he had yet to discuss with the Ministry of
Finance how much of that sum the fund
would receive.



$65m Port deal ‘better
than Hawksbill Creek’

“Yes, we are,” Mr Gomez told Tri-
bune Business, when asked whether the
$5 million made available to the
Bahamas Entrepreneurial Venture Fund
to date had been exhausted.

He confirmed that “all the funds for
lending resources” had effectively been
used up in providing financing to the 52
businesses helped to date, adding:
“When you take the administrative costs
of running the fund out, all of it is out in

progress the
development of
human capital
in the Bahamas.

the marketplace. We are just holding
enough to keep the fund going, paying
the bills.”

The danger with this situation is that
another avenue of already-scarce financ-
ing available to Bahamian entrepreneurs
and small businesses will dry up, dashing
dreams and business opportunities, espe-
cially since the BDB 1s also severely

SEE page 5B

COB plans bond issue

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

Wilson, chairman of Arawak
Homes, and his family.

The Building will also be
named the ‘F. R. Wilson Grad-



By NEIL HARTNELL
Tribune Business Editor



A LEADING businessman yesterday blast-
ed the Government over the $65 million
Arawak Cay port, arguing that the deal was not
in the public interest and had given the 19
shipping industry investors a “bonanza” more
generous than the Hawksbill Creek Agree-
ment that led to Freeport’s creation.

Franklyn Wilson, the Arawak Homes and
RoyalStar Assurance chairman, told Tribune
Business that he found it “inconceivable” that
the Government would have given the Arawak
Port Development (APD Ltd) group a 20-year
monopoly on port operations for the whole
of New Providence, describing this as a
“humungous concession”.

Arguing that the 19 port investors and their
beneficial owners would be the only Bahami-
ans to benefit from the 2010-2011 Budget, Mr
Wilson said the port monopoly effectively gave
those companies great control and influence
over Nassau’s - and the wider Bahamian -
economy, since they would set the port fees
(access costs) paid on all imported goods.

“This has huge implications for anyone
doing business in this country. It puts us in a
worse position in terms of commerce than
exists today,” Mr Wilson said, explaining to
Tribune Business that he currently had the
ability to negotiate with different shipping
companies and dock owners, such as the Kellys,
Bethells and Symonettes, to obtain the best
rates.

Now, with APD Ltd having “virtual con-
trol” over all port operations on New Provi-
dence by virtue of its monopoly, Mr Wilson
said they had the ability to impact the cost of
key items, such as building materials, arriving
in the Bahamas. This could raise prices

* Leading businessman blasts
government over Arawak Cay
agreement, arguing that 20-year
port monopoly will leave
commerce ‘in a worse
position than today’

* Says deal agreed by Ingraham
administration ‘just boggles
my mind’, as creates ‘risk-free
bonanza’ that ‘gives a hell of
a lot away for little in return’

throughout the production chain, right down
to, and including, the consumer.

The Memorandum of Understanding (MoU)
allows APD’s Board of Directors, with the
Government’s approval, to set tariffs and
charges for gate fees, landing fees, security
fees, cargo storage and detention, and utility
charges at both the Arawak Cay port and
Gladstone Road depot.

“The only opportunities in this Budget are
for the investors in the Port. That aspect of
the Budget is phenomenal,” Mr Wilson told
Tribune Business. “The investors in the Port
probably got the biggest concessions given to
anyone in this country before or after the
Hawksbill Creek Agreement. They got a bet-
ter deal than the Hawksbill Creek Agree-
ment.”

The leading businessman argued that while
the original investors in Freeport deserved
some incentives because they were developing
a new city from scratch, the monopoly granted

SEE page 4B





THE COLLEGE of the
Bahamas (COB) is moving to
fund the development of its
new Business School through
an upcoming multi-million dol-
lar bond issue to be unveiled
shortly, the private sector hav-
ing already injected $2 million,
the outgoing president told Tri-
bune Business yesterday.

Janyne Hodder suggested
that the Bahamian public
should be involved in the “great
things” their college is doing to

The COB
council is final-
ising which

financial institu-
tion will facili-
tate the bond
issue, while the

development of

the new school

is also being funded through a
corporate donation of $1 mil-
lion given by the Royal Bank of
Canada, plus a private dona-
tion of $1 million by Franklyn

HODDER



uate Business Centre’ after Mr
Wilson.

“The building’s first private
donation was given by the two
most generous individual
donors in the College’s histo-
ry,” said Mrs Hodder.

“Mr Franklyn Wilson, for
whom we are honored to name
the new building, needs little
introduction. He was our chair-
man when I first became presi-

SEE page 3B

Cruise line ‘back over 800,000’ to Bahamas in 2011

By NEIL HARTNELL
Tribune Business Editor

ROYAL Caribbean Cruise
Lines will “be back up over
800,000 passengers” brought to
the Bahamas in 2011, a senior
executive told Tribune Busi-
ness yesterday, with the more
than-100,000 increase over 2010
projections coming from the
delivery of its second Oasis
class vessel.

Michael Ronan, Royal
Caribbean’s vice-president of
government relations for the
Caribbean and Latin America,
said the cruise line had “bot-
tomed out” last year in terms of
the number of passengers it
brought to Nassau, Freeport
and its Bahamian private

Hotels ‘half-way’
to pre-recession
key benchmarks

By NEIL HARTNELL
Tribune Business Editor

T H E | i |

Bahamian hotel
industry is
“half-way” to
regaining the
business levels
it was achieving
prior to Sep-
tember 2008’s
financial col-
lapse, the
Bahamas Hotel
Association’s
(BHA) president said yester-
day, adding that while April
2010 had been “somewhat dis-
appointing” several resorts
were forecasting strong sum-
mers.

Robert Sands said that while
April 2010’s room nights sold
and room revenues were 10.7
per cent and 13 per cent below
2008 comparatives respectively,
the collective performance by
Nassau/Paradise Island hotels
was better than the 20 per cent
slippage the industry suffered
in 2009.

Explaining that 2008 was “a
good benchmark” by which the
industry could measure itself,
since it corresponded to the
period before the Lehman
Brothers collapse and worst of
the recession, Mr Sands said:
“Certainly, we’re not their yet,
but we’re making inroads.
We’ve made it half of the way.”

This is why Bahamian hotels
are focusing more on 2008 com-
paratives with their current per-
formance, rather than 2009. “I
think, realistically speaking, we
are where we thought we'd be,”
Mr Sands, who is also Baha

SANDS



* Room nights sold and
room revenue still 10.7%
and 13% behind April 2008
levels, but better than last
year’s 20% slippage

* BHA president says April
‘somewhat disappointing’,
but resorts reporting strong
bookings for summer

* Says sector ‘making
inroads’, and if summer
bookings hold it ‘augurs
well’ for slightly beating
2010 projections

Mar’s senior vice-president of
external and governmental
affairs, said.

“T don’t think there are any
surprises. While April was
somewhat disappointing, the
fact we are showing stability is
important. There remains light
at the end of the tunnel if we
continue in this direction, and a
number of properties are fore-
casting positive and strong sum-
mers.

“Tf that pans out, it will augur
well for a year that meets
expectations or exceeds expec-
tations.”

April 2010 figures released
by the BHA and Ministry of
Tourism showed that the 14
major New Providence hotels
generated a 72.8 per cent occu-
pancy rate for the month,
matching the 2009 perfor-
mance.

SEE page 4B

FAMILY GUARDIAN

* Oasis class ships to call on Nassau every week next year,
increasing passenger totals by more than 100,000 over 2010
* Royal Caribbean’s passenger numbers ‘bottom out’ in 2009
* Government agrees $18 departure tax compromise

with cruise lines, with industry pledging to

find ways to get it over $9m in revenue
* $44m Nassau harbour dredge praised for

‘very wisely investing in the future’

islands, adding that from late
2010 onwards an Oasis class
ship would call on Nassau every
week.

Dispelling claims that Royal
Caribbean was pulling its flag-
ship vessel, Oasis of the Sea,
from its Nassau itinerary, Mr
Ronan said the vessel had

Financial Strength Rating

INSURANCE COMPANY LIMITED

call our mortgage department today at
396-4040 (Nassau) or 352-3670 (Freeport)

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

awn the home

“started to call in Nassau every
other week from May as part
of a transition” where it offered
clients a western Caribbean
cruise one week, and an eastern
Caribbean cruise encompass-
ing the Bahamas during the

SEE page 5B

Ls
of

Of your dreams

[ affordable terms
[1 swift response
[ down payment as low as 5%"

q/ all of the above

*with mortgage indemnity insurance

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED


PAGE 2B, FRIDAY, JUNE 11, 2010

THE TRIBUNE





Dollar slips following strong Chinese trade data

NEW YORK (AP) — The
dollar slipped Thursday as news
of booming Chinese exports
and improvement in US jobless
claims provided relief from nag-
ging fears about the global
economy.

The dollar has risen to 4-year
highs versus the euro this
month, mostly on worries about
Europe's economic problems
and a possible slowdown in
China. The euro rose to $1.2095
in late trading in New York, up
from $1.1986 late Wednesday.
It hit a high for the week after
the European Central Bank
expanded its efforts to make
credit available in Europe.

Worries about European
debt, faltering growth prospects
on the continent and the effects
of deep cuts in government
spending have weighed on the
euro this year.

Analysts say Europe's fiscal
problems are going to force the
European Central Bank to
keep interest rates at their cur-
rent level of one per cent for a
long time, which will weigh on
the euro. On Thursday, the
ECB maintained that one per

UT ty
TR aan I

CNS



cent rate.

ECB President Jean-Claude
Trichet also said the central
bank's controversial bond pur-
chase programme was tempo-
rary. When the ECB buys the

debt of troubled European gov-
ernments, that could increase
the money supply, sparking
inflation and dragging down the
euro.

The ECB also said it would

offer banks unlimited three-
month loans to encourage lend-
ing. Fears of a freeze in bank
lending, similar to what took
place after the 2008 collapse of
Lehman Brothers, have driven

investors to seek the perceived
safety of the dollar this spring.

The central bank raised its
forecast for economic growth
in the 16 nations using the euro
in 2010, but shaved its outlook

KPMG unveils hire of
transaction specialist

NASSAU-head-
quartered KPMG
Advisory Caribbean is
expanding its regional
transaction services and q
due diligence business
with the appointment
of a Bahamian-born
executive who has
transferred to this
nation from London.

Nigel Rouse will take
charge of the unit, hav-
ing led due diligence-based assignments
across Europe, Africa and the US.

Originally from the Bahamas, Mr
Rouse has spent a number of years living
abroad, working for KPMG in both Aus-
tralia and the UK. He is a qualified char-
tered accountant, registered with both

ROUSE

the Institute of Chartered Accountants
of England and Wales and the Bahamas
Institute of Chartered Accountants.

KPMG said in a statement that it has
led corporate finance, merger and acqui-
sition transactions, business sales, infra-
structure, valuations, financing and other
corporate finance transactions in more
than 20 countries in the Caribbean over
the last 10 years, the deals ranging in size
from $5 million to over $1 billion. Due
diligence and other transaction services
are a complimentary service,

The company said it will be leveraging
Mr Rouse’s international transaction ser-
vices experience to offer services includ-
ing:

* Due diligence on target entities on
behalf of potential purchasers to help
them understand what it is they are buy-

ing.
Vendor-based due diligence on behalf
of a seller, to both improve the efficiency
and effectiveness of the sale process, and
allow the incumbent management team to
focus on their ongoing day-to-day respon-
sibilities

* Refinancing-based assignments to
help lenders/financial institutions under-
stand a prospective company’s underlying
business, and their ability to service debt-
related obligations in the future

* Financial reporting for capital market
based assignments

* Assistance to potential vendors to
help them maximise the value achieved
for their business and provide additional
resources/guidance to management teams
before and during the actual sale process
itself.

for 2011.

In other late trading Thurs-
day, the British pound rose to
$1.4702 from $1.4533, while the
dollar inched up to 91.20 Japan-
ese yen from 91.15 yen.

The dollar fell to 1.1450 Swiss
francs from 1.1485 francs and
tumbled to 1.0317 Canadian
dollars from 1.0445 Canadian
dollars. It was sharply lower
versus currencies in Latin
America, Asia and European
countries that do not use the
euro.

Emerging-market currencies
and currencies of countries that
are big exporters of commodi-
ties got a boost from news that
China's exports shot up almost
50 per cent in May.

Economists have been wor-
ried that stagnating economies
in Europe would dampen world
trade and hurt the recovery
from the recession.

"So far there appears to be
no evidence of a collapse in
trade,” said Capital Economics
analyst John Higgins in a
research note.

In the US, employment data
released Thursday suggests
labour markets in the world's
biggest economy are also
improving. New claims for
unemployment aid dropped by
3,000 last week, the third
straight weekly decline. Total
jobless aid claims fell to a sea-
sonally adjusted 4.5 million, the
lowest level since December
2008.









ARE YOU READY

Ay

?'m lovin’ it





FOR A BLACKOUT?

ra a Le

THIS HURRICANE SEASON YOU CANNOT
AFFORD TO BE LEFT IN THE DARK.

WP telel se Clea Beli]
ec a aR ae ane)

REMEMBER THAT DURACELL LAST UP

TO 6 TIMES LONGER’.

EVERYWHERE



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


Budget debt goal an
‘unattainable dream’

By CHESTER ROBARDS

Fidelity Bank (Bahamas) Limited

(Incorporated under the laws of the Commonwealth of The Bahamas)
Consolidated Balance Sheet (Unaudited)

As of 31 March 2010
(Amounts expressed in Bahamian dollars)

Bahamians ‘will catch a little hell’

Business Reporter
crobards@tribunemedia.net

A FORMER Bahamas
Chamber of Commerce presi-
dent yesterday said the Gov-
ernment’s aim of reducing the
Bahamas’ debt-to-GDP ratio
was an “unattainable dream”
in the short-term, arguing that it
would increase to 49 per cent

not go. far
enough to reign
in spending in
the public sec-
tor, though he |
asserted that
redundancies in
that area would
not have been



near future.

Mr D’ Aguilar also suggest-
ed that many of the Govern-
ment’s tax amendments were
sprung on businesses and tax-
payers too suddenly, and
should have been phased in
over a period of time, especial-
ly in the auto industry.

ASSETS
Cash on hand and at banks
Investment securities

Mortgages, consumer and other loans

Property, plant and equipment
Prepayments and other assets

31 March
2010
3

29,467,863
28,671,458
200,813,196
12,283,163
3,681,784

31 December

2009
$

28,479,649
28,152,658
200,121,534
12,388,180

6,388,145

by 2013. the answer “It was too sudden, too
Dionisio D’Aguilar said the __ either. ; severe and wasn’t staggered,”
Government’s own Budget pro- “The pro- D’AGUILAR he said. “It is basically going to TOTAL ASSETS 274,917,464 275,530,166

jections showed it had no inten-
tion of decreasing the country’s
debt-to-GDP ratio in the “fore-
seeable” future.

“Therefore, by its own pro-
jections, the Government has
no intention of reducing the
debt-to-GDP ratio to 40 per
cent for the foreseeable future;
that is unless the Government is
prepared to make some severe
cuts which are unlikely given
the impending election,” he
said.

Mr D’ Aguilar said at the end
of this month, the country’s
debt-to-GDP ratio will stand at
47.3 per cent.

He added that the Govern-
ment’s 2010-2011 Budget did

posed cuts are

cuts to the salary of the PM
(Prime Minister) and his Cabi-
net, which for all intents and
purposes are just a rounding,
so tiny that it was not even
worth mentioning, but I guess it
sends a message to the private
sector that the leaders are cut-
ting their salary so they better
temper their demands for salary
increments,” said Mr
D’ Aguilar.

He added that he agrees with
the Government that a failure
to act to curtail this country’s
debt-to-GDP ratio growth will
be detrimental to the economy,
and the possibility of attracting
foreign direct investment in the

decimate those businesses.”

Mr D’ Aguilar also suggest-
ed that as an economic rule the
increase in taxes will most like-
ly have the effect of decreasing
demand in the areas where
hikes were proposed.

However, he insisted that the
Government’s economic wel-
fare programme for business
was not sustainable and could
not continue.

“Tt is now time for Bahami-
ans to catch a little hell and we
will catch a little hell,” said Mr
D’ Aguilar. “Maybe we were
living in a dream world with all
this spending we see around
here. The end day had to

>

come.

LIABILITIES
Customer deposits
Debt securities

Accrued expenses and other liabilities

TOTAL LIABILITIES

EQUITY

Share capital
Revaluation surplus
Reserve for credit losses
Retained earnings

TOTAL EQUITY

215,300,567
25,362,823
1,247,114

241,910,504
20,000,001
2,441,515
2,102,818
8,462,626

33,006,960

TOTAL LIABILITIES AND EQUITY

274,917,464

217,035,497
24,898,349

447,404

242,381,250

20,000,001
2,452,416
2,102,818

8,593,681

33,148,916

275,530,166

Fidelity Bank (Bahamas) Limited

College of the Bahamas
plans bond issue

FROM page 1B

dent of the College, and he and Sharon have
remained loyal donors and supporters of every-
thing we do.”

Mrs Hodder said the new business school will
be the first graduate programme run by the col-
lege, and is designed to meet the specific needs of
the Bahamian business community.

She said the MBA programme developed for
the business school will be one that fully
employed individuals can enroll in, thereby
increasing their skill sets and joining a network-
ing community of other similar individuals.

“Highly skilled human capital is what will spark
the greatest growth in economic development

Consolidated Statement of Comprehensive Income (Unaudited)
For the Three Months Ended 31 March 2010
(Expressed in Bahamian dollars)

3 Months Ended
31 March 31 March

for this country,” said Mrs Hodder. 2010 2009

“Economic development occurs when talented $ 5
and educated people develop new ideas, establish
new businesses and create innovative ways of
solving prevailing challenges.

“We expect that graduates of the College of
the Bahamas’ MBA degree programme will be
equipped to make these kinds of meaningful con-
tributions to the Bahamas.”

She insisted the programme will be a very
selective one that will attract only experienced
professionals, and not one that can simply be
accessed following a Bachelor’s degree.

“Human capital is the very best capital we can
count on,” said Mrs Hodder.

INCOME
Interest income
Interest expense

4,944,674
2,956,972

4,927,602
2,720,230



Net interest income 1,987,702 2,207,372

Non-interest income 1,120,813 1,397,914



Total income 3,108,515 3,605,286
EXPENSES

Salaries and employee benefits
General and administrative
Provision for loan lasses

Depreciation and amortisation

1,347,499
1,284,167
243,487
375,318

1,392,604
1,268,625
259,841
318,124

Reporters News
and Sport

AN TED

ARE you curious enough to find out
what's going on behind the scenes; literate
enough to tell stories in a compelling
way; hard-working enough to balance
beat coverage with magazine-style
narratives; tech-literate enough to make
a strong contribution to our growing
website and flexible enough to contribute
features as well as hard news?

The Tribune

is looking for

News and Sports Writers
who want to make a difference
at the country's largest
circulation newspaper.

Total expenses 3,250,471 3,239,194



NET INCOME/(LOSS) (141,956) 366,092

OTHER COMPREHENSIVE INCOME



Total comprehensive income/(Ioss) (141,956)

366,092



Weighted average number of ordinary shares

outstanding 28,666,670 28,666,670

Earnings/(loss) per share (50.005) $0.013

Fidelity Bank (Bahamas) Limited

Consolidated Statement of Changes in Equity (Unaudited)
For the Three Months Ended 31 March 2010
(Amounts expressed in Bahamian dollars)

Share Revaluation Reserve for Retained
Capital Surplus Credit Losses Earnings Total
$ $ $
10,442,338 32,968,668

As of | January 2009 20,000,001

Comprehensive income
Net income
Other comprehensive income

Property, plant and equipment

revaluation (30,309) (30,309)

Depreciation transfer (43,604) 43,604



Total comprehensive income (73,913) 1,400,828 1,326,915



We’re the BIGGEST, the BEST and
we’re on the move AGAIN!

Transactions with owners

Appropriation for credit losses 2,102,818 (2,102,818) -

Dividends (1,146,667) (1,146,667)



Ideal candidate should have:

Total transactions with owners 2,102,818 (3,249,485) (1,146,667)

As of 31 December 2009 20,000,001 2,452,416 2,102,818 8,593,681 33,148,916









e Newsroom experience

e Strong writing and reporting skills
e Multi-tasking abilities,

e And a good sense of humour

As of | January 2010 20,000,001 2,452,416 2,102,818 8,593,681 33,148,916



Comprehensive income

Net income/(loss) (141,956) (141,956)

Other comprehensive income

Send email with resume

10,901 :
and writing samples to:

Depreciation transfer (10,901)



Total comprehensive income (141,956)

Transactions with owners

jfleet @ tribunemedia.net
Or
drop in your applications at
our front counter marked
FAO John Fleet,
Managing Editor, The Tribune.

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

Appropriation for credit losses

Dividends



Total transactions with owners

As of 31 March 2010 20,000,001 2,441,515 2,102,818 8,462,626 33,006,960






PAGE 4B, FRIDAY, JUNE 11, 2010

THE TRIBUNE





Americans rebuilding their

By DAVE CARPENTER
and JEANNINE AVERSA
AP Business Writers



WASHINGTON (AP) — The
rebuilding of Americans’ wealth is pro-
ceeding in steps rather than strides.

Households’ net worth rose last
quarter — the fourth straight quarter-
ly gain. Yet tumbling stock prices have
reduced their wealth since then. Some
economists say Americans’ net worth
may now be down slightly for the year.
That helps explain why many say it
will 2012 or 2013, at best, before
Americans’ wealth will return to its
pre-recession levels.

Net worth — the value of assets like
homes, bank accounts and invest-

ments, minus debts like mortgages and
credit cards — rose 2.1 per cent last
quarter, the Federal Reserve said
Thursday. It now amounts to $54.6
trillion.

In the midst of the recession, house-
hold net worth sank as low as $48.3
trillion. It's since risen 13 per cent. Yet
even counting last quarter's gain, net
worth would have to rise 21 per cent
more to regain its pre-recession peak
of $65.9 trillion.

Household wealth is vital to the
economy because consumers tend to
spend according to how wealthy they
feel. And their spending accounts for
about 70 per cent of the economy.

During the recession, sinking home
equity and stock prices made shop-

pers skittish. Should they become
more nervous about their finances, the
economic rebound could weaken or
stall.

Over the past several quarters, the
growth of net worth has been uneven.
Last quarter's 2.1 per cent increase
exceeded the 0.9 per cent increase in
the fourth quarter of last year. But it
fell well short of the 4.1 per cent rise in
the second quarter of 2009 and the 5.4
per cent gain in the third quarter.

As Americans have gradually recov-
ered some of their wealth, many of
them — especially the affluent — have
been spending more. But the housing
and stock markets remain fragile.
That's why most consumers aren't
spending as freely as they typically do

in the early phases of recoveries.

An example is Deena Bogan, 54, of
Chicago, who hasn't seen her finan-
cial standing improve and is sticking to
her frugal ways.

Unable to find a full-time job since
leaving her position as a hotel
concierge in 2008, she gets by by dip-
ping into her 401(k) retirement
account and relying on credit cards.

"I'm still struggling as much as
ever,” says Bogan, who works as a
freelance writer and a temporary
worker at trade shows. "The econo-
my seems stagnant. I don't see any
huge improvement."

Stock values rose 4.4 per cent in the
January-to-March period, to the high-
est point since the second quarter of

2008. But it was before they tumbled in
recent weeks. As measured by the
Dow Jones US Total Stock Market
Index, stock values lost $1.22 trillion in
value between March 31 and the close
of trading Wednesday.

The sharp decline in the past month
and a half threatens the improvements
in Americans’ financial security over
the past year.

The S&P 500 rose 4.9 per cent in
the first quarter. By April 23 the index
had gained 9.2 per cent for the year. It
was on pace to exceed even last year's
23 per cent surge.

But the S&P 500 has tumbled 11

SEE NEXT page (5B)

Hotels ‘half-way’ to pre-recession key benchmarks

FROM page 1B

While occupancies were flat,
there was a 0.5 per cent
increase in room nights sold as
there were more available room
nights in April 2010 compared
to last year. However, the 14
hotels saw an average 1 per
cent reduction in room rev-
enues for the month, as average
daily room rates (ADRs) fell
by $4 - from $276 to $272.10.

Some 10 of the 14 properties
surveyed, though, reported a
room revenue increase in April,
which was hit by the loss of
“well over 2,000 room nights”
from the UK and European
markets due to the Icelandic
volcano’s eruption.

“It seems, then, that a slip-
page in ADR (-14 per cent)

offset the slight rise in room
nights sold (+0.5 per cent), gen-
erated mostly from a rise in
available room nights (+0.5 per
cent) had a net effect of a
decline in room revenue (-1 per
cent),” the BHA/Ministry of
Tourism analysis said.

“Comparative figures for
April 2008 show that occupan-
cy stood at 75.1 per cent, ADR
at $286.56 and room nights sold
and room revenue still at 10.7
per cent and 13 per cent above
April 2010 levels.”

On the April 2010 ADR
drop, Mr Sands suggested this
happened “from time to time”,
and it was more important to
look at the cumulative figures
over several months and a
whole year, in addition to com-

paring the Bahamas with its
regional and global competi-
tors.

The BHA president said this
nation’s hotels were “not far-
ing as badly as some other com-
petitors in the region, who have
not got back to 2009 levels and
are still seeing some erosion.

“ADR should be looked at
not on a monthly basis but a
cumulative basis, and at the end
of the year. On a cumulative
basis, we are showing growth,
and on the year-to-date posi-
tion we are up slightly.”

For the year to end-April
2010, average occupancy rates
stood at 68.6 per cent for the
14 New Providence hotels sur-
veyed, some 2.4 percentage
points ahead of the 66.2 per

cent average achieved in the
year to 2009.

ADR levels stood at $263.64
for the first four months of
2010, up slightly from $260.68 in
2009, while room nights sold
and room revenues were 3.3
per cent and 4.5 per cent
respectively above last year.

“The good news is that we
have not gone below last year,
so we don’t see a worsening sit-
uation,” Mr Sands told Tribune
Business. “I think that is the
good news.”

However, the industry
remained concerned about
growth prospects in key tourist
markets, especially the US,
notwithstanding the growth
prospects for both its and the
world economy.

US unemployment and job
creation figures were continu-
ing to impact consumer psyches
and vacation spending, Mr
Sands telling Tribune Business
that this was “countering the
confidence levels of individu-
als in terms of how they spend
their disposable income. That
is somewhat worrisome”.

The BHA president added
that the returns generated by
the Companion Fly Free pro-
gramme showed it was “the
right thing for us to do as a des-
tination, to convince persons
why may not have travelled at
all to travel. We will only be as
good as we help ourselves.”

Mr Sands added that while
“significantly increasing mar-
ket share continues to be a

challenge”, given the depressed
global economy and promo-
tions by rival destinations, the
Bahamas had not lost market
share.

In analysing the April 2010
performance, the BHA/Min-
istry of Tourism said: “Twen-
ty-one per cent of the 14 prop-
erties generated higher rev-
enues through increased room
nights sold and ADR. Another
21 per cent saw decreased room
nights sold but with higher
ADRs than in April 2009. “All
but one of these properties
showed decreases in room rev-
enue. Fifty per cent of the 14
properties saw ADR decrease
and room nights sold increase.
All but one of them showed
room revenue increase.”



PORT, from 1B

to APD meant its shareholders
had no such burden.

“What’s the risk? You’ve got
a monopoly for 20 years,” Mr
Wilson said, describing discus-
sions over the new container
port’s location as a sideshow
and “joke compared to the real
issue”.

“Those guys have a legal
monopoly on the port for 20
years, within 20 miles of New
Providence,” he added. ““That’s
humungous. It’s inconceivable
to me that could happen and
the Government could agree to
that. It’s incredible. That’s an
incredible bonanza.”

The Government and APD





Ltd investors have frequently
touted the benefits the Arawak
Cay port deal will bring in
terms of broadening Bahami-
an ownership in the shipping
industry, given the planned $10
million initial public offering
(IPO) which will give Bahami-
an retail and institutional
investors a 20 per cent stake.

In reality, the investment is a
real estate play in a port that
facilitates the shipping indus-
try, not the sector itself, but
could still be immensely prof-
itable given the monopoly and
the returns earned by existing
container shipping landlords -
the Symonettes, the Bethells
and the Kellys.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
No. 45 of 2000








In Voluntary Liquidation





Notice is hereby given that in accordance with Section
138 (4) of the International Business Companies Act,
(No. 45 of 2000), DREAMS HOLDINGS LIMITED. is
in dissolution. CONTINENTAL LIQUIDATORS INC. is
the Liquidator and can be contacted at 60 Market Square,
P.O. Box 1906, Belize City, Belize. All persons having
claims against the above-named company are required to
send their names, addresses and particulars of their debts
or claimsto the Liquidator before April 17th, 2010.




52wk-Low
1.00
9.67
5.20
0.30
3.15
2.14
9.62
2.56
5.00
2.23
1.45
5.94
8.75
9.50
3.75
1.00
0.27
5.00
9.95
10.00

Benchmark
Bahamas Waste
Fidelity Bank

Cable Bahamas
Colina Holdings

Doctor's Hospital
Famguard
Finco

Focol (S$)

ICD Utilities
J. S. Johnson

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

Commonwealth Bank ($1)
Consolidated Water BDRs

FirstCaribbean Bank

Focol Class B Preference
Freeport Concrete

Premier Real Estate

ROVAL FIDELITY

Maney an Werk

Still, Mr Wilson questioned
why the IPO was allowing the
Bahamian public to “come in
at the second round”, rather
than at the pre-construction
phase.

“In my opinion, the incredi-
ble lack of transparency with
which that has been done - to
get a legal monopoly on the
port for the capital city for 20
years - that’s absolutely incred-
ible,” he added. “They will
more than double their money
as soon as this thing goes pub-
lic.”

Mr Wilson said he had noth-
ing against APD Ltd and its
principals, led by chairman Jim-
my Mosko, who appeared to

have “negotiated on the sur-
face what looks like a very, very
attractive deal. They got them-
selves a super deal.

“Whether the Government
in this instance was overly gen-
erous or not is something the
public will have a right to ask. It
looks like a hell of a lot was
given away for very little in
return. It just boggles my mind
that the Government would
have agreed to that.”

The Government has come
under fire during the 2010-2011
Budget debate for its decision
to allocate some $16 million in
funds to the Arawak Cay port,
making good on its commit-
ment to inject $20 million for

NOTICE OF DISSOLUTION

of

MELO LIMITED

Notice is hereby that liquidation of above company
commenced on the 9 day of June, 2010. Credit Suisse
Trust Limited of Bahamas Financial Centre, Shirley
& Charlotte Streets, Nasau, The Bahamas has been
appointed Liquidator of the Company.



Credit Suisse Trust Limited
Liquidator

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 10 JUNE 2010
BISX ALL SHARE INDEX: CLOSE 1,521.59 | CHG 0.00 | %CHG 0.00 | YTD -43.79| YTD % -2.80
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

1.05
10.63
5.20
0.33
3.15
2.17
12.00
2.70
6.30
2.33
2.50
6.07
9.00
9.85
4.58
1.00
0.27
5.59
9.95
10.00

Previous Close Today's Close

Change Daily Vol.
1.05
10.63
5.20
0.30
3.15
2.17
12.00
2.70 0.00
6.30 0.00
2.441 0.08
2.50 0.00
6.07 0.00
9.00 0.00
9.85 0.00
4.58 0.00
1.00 0.00
0.27 0.00
5.59
9.95
10.00

0.00
0.00
0.00
-0.03
0.00
0.00
0.00

0.00
0.00
0.00

EPS $

[TAL MARKETS
BROKERAGE & ADVISORY SERVICES

CTT cIa ST A Te

Div $
0.250
0.050
0.598

-0.877

0.168
0.055
1.408
0.511
0.460
0.111
0.627

-0.003

0.168
0.678
0.366
0.000
0.035
0.407
0.952
0.156

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b
Security Symbol Last Sale Change Daily Vol.
Fidelity Bank Note 17 (Series A) + 100.00 E 7%
Fidelity Bank Note 22 (Series B) + 100.00 Prime + 1.75%
Fidelity Bank Note 13 (Series C) + FBB13 100.00 : 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 E Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & Ask & Last Price Daily Val.
Bahamas Supermarkets 10.06 11.06
Caribbean Crossings (Pref) 2.00 6.25 4.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
31.59

ases)
52wk-Low
1000.00
1000.00
1000.00
1000.00

Interest
FBB17
FBB22

19 October 2017
19 October 2022
30 May 2013
29 May 2015
52wk Low EPS $
2.945
0.000
0.001

Div & P/E
0.000
0.480
0.000

ABDAB
RND Holdings

4.540
0.002

0.000
0.45 0.55 0.000
BISX Listed Mutual Funds
NAV YTD% Last 12 Months %
1.4752 2.54
2.9020 0.52
1.5352 1.86
3.0368 2.57
13.6388 2.03
107.5706 3.45
105.7706 3.99
1.1080 1.67
1.0615 -0.61
1.1050 1.31
9.5078 1.78

0.55

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
1.4672 CFAL Money Market Fund
2.9343 Royal Fidelity Bahamas G & | Fund
12.6816 Royal Fidelity Prime Income Fund
100.5448 CFAL Global Bond Fund
93.1998 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000 FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005

NAV 3MTH
1.452500
2.886947
1.518097

NAV 6MTH
1.419947
2.830013
1.505009

1.3787
2.8266

31-May-10
30-Apr-10
4-Jun-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

103.987340
101.725415

103.095570
99.417680

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

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

Royal Fidelity Int'l Fund - Equities Sub Fund

6.39

10.0000 10.2744 -4.61 8.15 31-Mar-10

4.8105 7.9664 3.23
MARKET TERMS

YIELD - last 12 month dividends divided by closing price

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

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
P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
KS1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

a 40 per cent stake.

The PLP has argued that
these funds would be put to
better use elsewhere, such as
avoiding subsidy cuts to private
schools, playing on the ‘Bay
Street Boys’ theme and sug-
gestions that the $16 million is
effectively financing the rich-
est Bahamians.

The Government, though, is
sticking to its guns on broad-
ening Bahamian ownership in a
key industry, adding that relo-
cating the port facilities from
downtown Nassau is critical to
the city’s revival. Both the
Ingraham administration and
APD Ltd have taken the posi-
tion that the former Christie
government’s south-west port
was too costly, would have tak-
en too long to build, and was
effectively a grandiose monu-
ment to the former prime min-
ister.

The Arawak Cay port will
have a 75,000 twenty-foot
equipment unit (TEU) capaci-
ty, with APD Ltd and its con-
tractors set to enjoy some $4.75
million in Customs duty exemp-
tions for its construction. The
port site and Gladstone Road
depot are to be leased for 45

years, with construction com-
pleted by June 27, 2011.

Prior to the port's substan-
tial completion, APD Ltd will
pay an annual rent of $40 per
twenty foot equipment unit
(TEU) container and, follow-
ing completion, the rent will be
the greater of $2 million per
annum or the $40 per container
fee. An internal rate of return
on investment has been set at
10 per cent.

The Government agrees that
for a period of 20 years from
the date of substantial comple-
tion, it shall not establish or
permit to be established in the
island of New Providence and
Paradise Island, or within 20
miles of the shoreline of New
Providence, any other port for
landing of containerised, bulk
or break bulk cargo or vehicles
or any other terminal," the
MoU states.

And, just to drive home that
point, the MoU added in a sep-
arate clause that the Govern-
ment would "not establish"
itself any other port facility on
New Providence or Paradise
Island, or lease lands to a third
party to do so, for the same 20-
year period.

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT
No. 45 of 2000
ATHOS CONSULTING LTD.

Notice is hereby given that in accordance with Section
137 of The International Business Companies Act No. 45
of 2000, ATHOS CONSULTING LTD is in dissolution. The
date of commencement of dissolution was the 22nd day
of April, 2010. Dillon Dean of Nassau, Bahamas is the
Liquidator of ATHOS CONSULTING LTD.

Dillon Dean
LIQUIDATOR

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT
No. 45 of 2000
LIEVE INVEST SA.

Notice is hereby given that in accordance with Section

137 of The International Business Companies Act No. 45
of 2000, LIEVE INVEST SA. is in dissolution. The date of
commencement of dissolution was the 22nd day of April,

2010. Dillon Dean of Nassau, Bahamas is the Liquidator
of LIEVE INVEST SA.



Dillon Dean
LIQUIDATOR

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

FRIDAY, JUNE 11, 2010, PAGE 5B





wealth, slowly and unevenly

FROM page 4B

per cent since the high-water mark.
That's more than wiped out all of
2010's gains: It's down three per cent
for the year — and more than 30 per
cent from its 2007 peak. The result has
been shrunken retirement savings
accounts and anxiety about spending.

Americans’ home equity isn't mak-
ing up the difference, either. US home
values dipped 0.4 per cent in the first
quarter. That was after they had risen
0.2 per cent in the final quarter of 2009.
In the first quarter, home prices fell
3.2 per cent compared with the fourth

quarter, according to Standard &
Poor's/Case-Shiller index.

Economists said it could take until at
least the middle of the decade for
home values to begin rising at a normal
pattern again. Homes are the biggest
asset for many Americans, and its fluc-
tuations affect people's willingness to
spend. Homes have appreciated an
average four per cent a year since
World War II.

Given the weakness in both home
and stock prices, Mark Vitner, econo-
mist at Wells Fargo, says Americans’
net worth for the year may now be
flat or down slightly.

During the first quarter, household
debt dipped to $13.54 trillion, the Fed
said. That translates into people on
average carrying around $43,825 in
debt — mortgages, credit cards, auto
loans and other consumer debt. Debt
shrank at an annualized rate of 2.4 per
cent last quarter. It was the seventh
straight quarterly decline.

People defaulting on mortgages and
other loans accounted for some of the
decline, economists said. But most of
the reduction in debt involved house-
holds seeking to restore their finan-
cial health.

Take Grace Case, 38, an accountant

from Fulton, NY. She said the econo-
my's bumpy recovery has been a bless-
ing because it's forced her family to
shed debt. She and her husband, Dan,
a machinist, are more disciplined in
their spending.

At the same time, the brightening
economic outlook and recovery of
retirement savings have led them to
loosen their wallets enough to remod-
el their home.

"Sometimes we fight and survive
harder when we are faced with adver-
sity,” she said. "Every day we are dig-
ging out of debt, and it is liberating.”

"Our long-term goal is to have zero

debt, not waiting for the stock market
to come back and save us.”

Some analysts echo her caution.
Gregory Daco, economist at IHS
Global Insight, said the current sec-
ond quarter might end the string of
four straight quarterly increases in
household wealth.

The European crisis has had "a large
negative impact on stock market in
the US and thus households’ financial
assets,” Daco said. "With employment
recovering very gradually and hous-
ing prices remaining low, household
wealth will make a very slow recov-

"

ery.

Venture fund’s $5m ‘exhausted’

restricted in its lending capacity due to a
high level of non-performing loans.

Economic development could be further
stunted when it is needed most, especially
as Mr Gomez told Tribune Business that
the Bahamas Entrepreneurial Venture
Fund receives “up to three to five business
plans a week” for its assessment.

Pointing to the “still very keen interest”
in accessing the potential financing pro-
vided by the fund, Mr Gomez said that
with other financing avenues - the BDB
and commercial banks - drying up, “every-
one’s coming to us”.

Yet he also added: “We have our con-
straints. Capital is limited. $1 million does-
n’t go far. We would definitely need, based
on the demand, an increase in the
allowance [from government].

“Tf we had an increase, it would go far.
Doubling the amount might be what we
need for a short period of time; doubling
the increase for the next two to three years,
and from that point let the fund make its

own way.”

Mr Gomez told Tribune Business that
of the 52 businesses financed to date, some
41 had received loans, with 11 receiving
equity injections where the Bahamas Entre-
preneurial Venture Fund took an owner-
ship stake in return for its capital invest-
ment.

From January to now, Mr Gomez said
the fund had financed two projects - one a
restaurant, another a sheep’s tongue pro-
cessing plant. Other ventures previously
aided include a block manufacturing plant,
an ink cartridge refill company, and a man-
ufacturer of styrofoam products for the
construction industry.

Asked whether the Bahamas Entrepre-
neurial Venture Fund had met expecta-
tions since it was created under the former
Christie administration, Mr Gomez told
Tribune Business: “I would say that as a
venture capital fund, it has been a chal-
lenging period - very challenging in terms of
getting Bahamians to understand what a

venture capital fund does, and expectations
of venture capital when it funds a busi-
ness.”

Mr Gomez said the Bahamas Entrepre-
neurial Venture Fund had so far enjoyed a
“50/50 success rate” in terms of the busi-
nesses it had financed, telling Tribune Busi-
ness that while many firms may still be
operating, they were having difficulty in
meeting their loan repayment obligations.

The fund’s administrator said he was
uncertain whether there were any “oppor-
tunities” to attract Bahamian private capi-
tal into the fund.

“T don’t think any companies or high net
worth individuals have an appetite for this
sort of thing. Venture capital is more risky,
and generally Bahamians are risk averse,”
Mr Gomez said. “It takes a brave person to
jump into venture capital.”

The Bahamas Entrepreneurial Venture
Fund can invest a maximum of $100,000
in debt financing in any one business, and a
maximum of $200,000 in equity.

Cruise line ‘back over 800,000’ to Bahamas in 2011

FROM page 1B

other.

He added that this had taken
effect on May 3, 2010, and had
long been planned, the cruise
line having discussed its inten-
tions with the Government and
the Ministry of Tourism in
advance.

To compensate, Mr Ronan
said the Norwegian Epic cruise
line would start calling in Nas-
sau on Fridays from July 2010
onwards, adding: “We thought
it would be a better balance for
all concerned if both ships did
not call on the same day.”

This would continue until
December 2010, when Royal
Caribbean was scheduled to
take delivery of another Oasis
class vessel, the Allure of the
Seas, sister to the Oasis of the
Seas. The Allure of the Seas,
Mr Ronan explained, would
then “pick up the alternative
week”, rotating Nassau calls
with the Oasis of the Seas on a
schedule that would be main-
tained through Spring 2012.

“With the Oasis vessels, we

CCRABEAIMILAL TH OCH TERE ELA HAM
1M THE GuIEME cee
Caren Law and Bquiiy Cibo

are significantly increasing the
number of passengers that are
going to be coming,” Mr Ronan
told Tribune Business. “We will
be back up over 800,000 pas-
sengers in 2011. This year, I
think we will be in the 700,000
in change, because we’re still
waiting for the arrival of the
Allure, which will put us with a
full year of Oasis class ships in
Nassau every week. Last year,
2009, we bottomed out.”

Mr Ronan declined to com-
ment on Royal Caribbean’s
position on the departure tax
increases unveiled by the Gov-
ernment in its 2010-2011 Bud-
get prior to the final arrange-
ments being worked out.

These details were unveiled
by Prime Minister Hubert
Ingraham in the House of
Assembly last night, with the
Government agreeing a com-
promise with the Florida-
Caribbean Cruise Association
(FCCA) member lines that will
see them pay $18 per head,
rather than the initial $20
planned by government.

The Government had initial-

ly sought to impose a $5
increase, from $15 to $20, on
both departing cruise and air
arrivals, but the compromise
will see the cruise lines split the
increase into two on their pas-
senger tickets. The existing $15
will still be marketed as depar-
ture tax, with the $3 increase
referred to as a ‘cruise passen-
ger facility fee’.

The Government, Mr Ingra-
ham said, would still get $18
per head, with a portion rebat-
ed to the cruise lines as per the
Cruise Line Overnight Incen-
tives Act once they hit their
annual passenger totals.

However, the cruise lines had
pledged to find another way for
the Government to raise the
extra $9 million it was seeking
from cruise passenger depar-
ture taxes. They have promised
to increase the number of pas-
sengers brought to the
Bahamas by 250,000 over 2009
levels every year through 2012.
In addition, they pledged to
develop new opportunities for
Bahamian tour
operators/excursion providers.

While not commenting on
the specifics, Mr Ronan said
“there is a risk” to increasing
departure taxes in “a very sen-
sitive market” where con-
sumers were looking for value
and attractive prices.

Given increasing global com-
petition, he suggested that the
Bahamas “try to keep those
barriers as low as you can”, as
“with any increase in the
entrance fee to enter any coun-
try or destination, there is a
risk”.

Mr Ronan praised the Gov-
ernment’s decision to invest $44
million in dredging Nassau Har-
bour to accommodate the Oasis
class ships and other larger ves-
sels, especially given that the
widening of the Panama Canal
would, by 2014, open up Pacif-
ic cruise potential.

“What you have done is very
wisely invest in the future,
because this project comes with
20-year window going out. You
have captured immediate busi-
ness, but will not have to go
back in five years’ time,” he
said.



Dear wealth manager, are
you motivated by budgets,
sales targets and discre-
tionary bonuses? If so, EFG
Bank & Trust (Bahamas) Ltd
is probably not the wealth
manager for you.

The essence of wealth management is rela-
tionships; we create the conditions for them to
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they are empowered to run a business and re-
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At EFG, we're looking for a different kind of
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Fans of internal bureaucracy need not apply.

Practitioners of the craft of wealth management

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If you are interested in joining a wealth manager unlike any other, please get in
touch with Steve Mackey, CEO, EFG Caribbean + T 1 242 502 5400 + F 1 242 502 5487
steve.mackey@efgbank.com

EFG Bank & Trust (Bahamas) Ltd is part of EFG International, which operates in
over 50 locations in 30 countries * www.efginternational.com



WILLAR THOMAS JAH
Pour
ara

HEY 12 EBS E LTH
(Coates rel al

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PU eT Ta eT

Join Cititrust
(Bahamas) Limited,
one of the most
established trust
organizations in the
world.

We invite outstanding
individuals, wanting to build a
career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues fram
around the word and across the
organization, providing
specialized services to our high
net worth clients and their
families.

Interested Bahamian candidates
should forward a copy of their
resume by June 30, 2070 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR
Fax: (242) 302-8779 OR Email:
betty roberis@citi.com



RISK & CONTROL OFFICER

ROLE RESPONSIBILITIES

Reporting to the Head of Business Risk Management, the pasition
is responsible for managing the Risk and Control Self Assessment
programs for our trust and invesiment funds units locally. Key
responsabilities include ensunng robust internal testing programs
are execuied that validate compliance with policies and
procedures and begalireguiatory requiremenis as well as
dentfying § actual/potential control breaks. Additional
responsibilities include facilitating and tracking Corrective Action
Plans, management reporting, participating on local and global risk
committees, supporting related proyects, working with partners in
ather Compliance and Control functions and liaising with internal
and external auditors.

KNOWLEDGE? SKILLS REQUIRED

The ideal candidate will possess an undergraduate degree in
business administration or a related field and a CPA designation.
This will be complimented with a minimum of five years of related
experience in an audit or nsk control function. Additionally, a
strong understanding of the local requiatory environment and of
ongoing intemational initiatives is required. STEP qualification is
an asset. Prior experience managing staff, strong oral and written
communications skills, strong systems competencies ¢.g. banking
platforms and Microsoft applications, excellent organizational
Skills, the ability ta work with minimal supervision and an aptitude
for analyzing and solving problems, are also required.

Challenge
yourself to a career like no other

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THE TRIBUNE

FRIDAY, JUNE 11, 2010, PAGE 7B



Ministry promises action on vehicle import rebates

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia. net

THE MINISTRY of Finance
is keeping mum on how it will
pay out promised rebates to
personal and corporate vehicle
importers who were forced to
pay the increased 85 per cent
duty rate on cars over 2000 cc
only moments after the increase
was announced in the House
of Assembly.

However, Ehurd Cunning-
ham, the Ministry’s Financial

Insurer backs

ALMOST 40 Bahamian
insurance brokers attended a
June 2, 2010, breakfast meet-
ing at which Generali World-
wide reaffirmed its commit-
ment to supporting their busi-
nesses.

The session was hosted by
Generali's Caribbean regional
director, Tina Cambridge, and
business development manager,
Alana Bethell. They confirmed
their support of brokers by
promising dialogue on busi-
ness trends, product enhance-
ments, and information regard-
ing new technologies for plan
and claims administration.

Ms Cambridge said: "Bro-
kers are an integral part of the
planning and development
process for benefit plans in the
Bahamas. We are excited about
the work we can do together to
better support and engage the
business community in creat-
ing more cost effective, quality
driven benefit programs."

The agenda included a focus
on products, underwriting prac-

Secretary,
assured Tribune
Business that
every individual
who is owed a
rebate will
receive it.

He refused to
say, though,
when pressed, if
those rebates
will come in the
form of cash or
some sort of government cred-
it, gruffly replying: “Don’t ask
me what I have said. What I

INGRAHAM

broker firms

tices, customer and medical ser-
vice enhancements, and an
open question/answer session
to gain input and insight from
the broker community on the
needs of clients.

"Input from brokers is
invaluable to us - the more col-
laborative our approach, the
better the resulting plan design
and service for our clients.

“We were very pleased to see
such a great turnout at the
event today, and look forward
to our continuing work with the
broker community now and in
the future,” Ms Cambridge
added.

Generali Worldwide
launched Generali Worldwide
Employee Benefits Plans in the
Bahamas in January 2009.

The Generali Bahamas oper-
ation acts as the regional ser-
vice centre for Generali in the
Caribbean, offering compre-
hensive regional service with
an Internet-accessible plan
administration and claims plat-
form.

Oil settles above $75 a barrel

NEW YORK (AP) — Oil prices topped $75 a barrel Thursday
following reports that China's economy is still booming and US job-

less claims fell.

Benchmark crude for July delivery rose $1.10 to settle at $75.48
a barrel on the New York Mercantile Exchange.

China reported exports and imports rose more than 48 per cent
each in May, reassuring investors that the country's economy was
not being slowed significantly by Europe's debt problems.

The US Labour Department said jobless claims fell to 456,000
last week. Total claims fell by the largest amount in nearly a year.



have stated is what I have stat-
ed.”

Some individuals who were
forced to pay the additional
duty amount to release their
cars from Customs contacted
Tribune Business to find out
how those rebates/credits would
be handled.

Mr Cunningham said the
Ministry of Finance has a list
of every individual who is owed
a rebate, and would be con-

tacting them at the appropriate
time.

Many companies and indi-
viduals who went to pick up
their imported cars the day
Prime Minister, Hubert Ingra-
ham revealed the 2010-2011
Budget found they had to pay
an extra 25 per cent on their
vehicle if the engine size topped
2,000 cc.

Many of those individuals
said they had calculated and

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budgeted for the original duty
rate and were taken aback to
find it had changed.

However, after meeting with
auto industry officials, Mr
Ingraham made amendments
to the duty rate changes, adding
a third tier of engine size and
duty rate.

Following representations
made by the Bahamas Motor
Dealers Association (BMDA),
Mr Ingraham introduced a 75

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per cent rate for vehicles with
engine capacity between 2,000-
2,500 cc - a move he said would
aid some Honda, Mazda, Ford
and Hyundai models. All those
below 2,000 ce will still pay a
65 per cent duty rate, and those
above 2,500 cc, 85 per cent.

While these changes gave
auto dealers some relief, one
motor dealer told Tribune Busi-
ness it is still a “shocker to the
system”.





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