Citation

Material Information

Title:
The Tribune.
Uniform Title:
Tribune. (Nassau, Bahamas).
Added title page title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
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.

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University of Florida
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University of Florida
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Full Text
THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 5B



a =~ =~
Obama tells business

Port owner's
slammed on
‘exit strategy’

FROM page 1B

Authority’s (GBPA) owners
for what he termed their “exit
strategy”.

Mr Ebelhar said: “They do
not look at the licensees as
their customer. Instead, we
were part of a benevolent fief-
dom where we were bestowed
with rights, but never culti-
vated for growth. Companies
with true vision know their
product and actively pursue
customers who can benefit
from their product. They
know the market and can pur-
sue potential investors in this
market with the advantages
of their product.”

Providing investor perspec-
tive into his industry for the
first time at the Grand
Bahama Business Outlook,
Mr Ebelhar said he fell in love
with the Bahamas when he
first visited Freeport in 1995.
However, he admitted the key
to the island’s economic
growth was ensnared in a”’tan-
gled web”.

Mr Ebelhar said: “The first
thread that must be cut soon-
er than later is the debacle at
the GBPA. New owners with
a true vision for the future
must be found — and quickly.
To the current owners I say —
if you have any love left for
Freeport, please do the right
thing for us and soon. True
vision cannot come about
from our current position.”

He added: “True vision
only comes from ownership
that is knowledgeable of the
product and takes an active
part in molding this vision.
The GBPA was given a man-
date in the Hawksbill Creek
Agreement. They need to
take ownership of this agree-
ment, defend it and its cus-
tomers vigorously, and get
back on track with the vision
that brought about this his-
toric agreement.”

Tantamount to current
ownership disputes, Mr Ebel-
har said, was the effect of
‘Bahamianisation’ on educa-
tion and the existing barriers
to free trade.

He said: “Bahamianisation
has insulated the Bahamian
worker from the real world
for too long. Bahamian ath-
letes have competed against
the world with stellar results.
Why, then, do we think that
the Bahamian worker needs
protection? Why do we not
aspire to making the Bahami-
an worker the best in the
world?”

Mr Ebelhar explained that
pre-employment screening
tests at his company in basic
math and reading compre-
hension, including mental
awareness, showed a steady
and unacceptable decline.

He said that while many
talented Bahamians are
afforded quality education,
few return home, and many
who were ‘left behind’ are
without the basic tools to be
successful in life.

Mr Ebelhar said: “The
Bahamas cannot continue
with the current level of edu-
cation and compete against
the world, or even in the
Caribbean. When coupled
with Bahamianisation, com-
panies that must compete in
the world market are being
asked to compete with one
arm tied behind their back —
mostly at the general labour
level. Basic math and com-
puter skills are required by
mechanics, electrical techni-
cians, factory workers and so
on.”

He added: “The key is to
changing behaviour and atti-
tudes. Instead of: ‘I should
have this job because I am
Bahamian’, would it not be
more empowering to be able
to say: ‘I am the best at this
job and I earned it?’.”

Mr Ebelhar commended
the Government and minis-
ter of state for finance,
Zhivargo Laing, for progress
made thus far in removing
trade barriers, which he said
has allowed his company to
continue to compete interna-
tionally. He said: “Barriers to
free trade must be removed.
Not only does this open up
the Bahamas for investors,
but opens up true entrepre-
neurship for well-educated
Bahamians on a world stage.
[Mr Laing’s] efforts with the
CARIFORUM-EPA saved
Bahamian jobs — period.”

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

JULIE PACE,
Associated Press
WASHINGTON

Grappling for ways to bring
down the nation's unemploy-
ment rate, President Barack
Obama urged business leaders
Thursday to find ways for mid-
dle-class families to share in the
economic recovery some in the
private sector have already
experienced.

"T don't know exactly where
your future customers come
from if they don't have jobs,"
Obama said during the first
meeting of his newly created
jobs and competitiveness coun-
cil. The president tasked the
22-member council, comprised
of business and labor leaders,
with generating ideas for
increasing hiring and boosting
economic growth in the short-
term. He cited streamlining reg-
ulations and reforming tax sys-
tems as steps he'll consider for
creating favorable hiring con-
ditions and bringing down the

country's 9 percent unemploy-
ment rate. Despite sluggish hir-
ing, corporate profits are up,
and 2010 saw record-setting
earnings for some Wall Street
banks. But much to the dismay
of the Obama administration,
many of those companies are
keeping trillions of dollars on
the sidelines, wary of investing
while the economic recovery is
still fragile.

Obama said Thursday that
the private sector has to do its

PLEA: US President Barack Obama

@ GLOBALECONOMICNEWS

A look at economic developments and activity in major stock mar-
kets around the world Thursday:

LONDON — The violence in Libya dominated markets, send-
ing stocks lower and oil prices higher. Libya produces about 1.6 mil-
lion barrels of crude per day and has the biggest oil reserves in
Africa. But the biggest worry in the markets is not necessarily
Libya but whether the crisis spreads through the Persian Gulf.

In Europe, the FTSE 100 index of leading British shares closed
down 0.1 percent, Germany's DAX fell 0.9 percent and the CAC-
40 in Paris ended 0.1 percent lower. Oil prices in New York hov-
ered around $100 a barrel — up about 20 percent in the past week
—while Brent crude in London rose nearly $3 to above $114.

TOKYO — Earlier in Asia, Japan's Nikkei 225 dropped 1.2 per-
cent as the yen jumped on a safe-haven bid. A stronger yen hurts
Japan's exports. Hong Kong's Hang Seng index closed down 1.3
percent, Australia's S&P/ASX 200 shed 0.8 percent, South Kore-
a's Kospi fell 0.6 percent and benchmarks in Singapore, New
Zealand and India also declined. China's main benchmark rose 0.6
percent.

ROME — Libya's violent upheaval has taken 1.2 million barrels
of oil off the global market as energy plants and ports are shut
down, according to Italy's Eni, the largest producer in Libya.

The figure represents most of Libya's total daily production,
which before the crisis was about 1.6 million barrels of crude. The
country sits on the biggest proven oil reserves in Africa.

LONDON — When Moammar Gadhafi told the world he was
a changed man, some leaders were skeptical. Others, like Britain's
Tony Blair, were quicker to see the benefits of rapprochement with
the oil-rich nation. Now, as Gadhafi's regime crumbles, questions
are being raised about whether Britain, the United States, and oth-
ers were too quick to embrace a volatile despot linked to terrorism
and oppression as they sought lucrative business deals.

Gov't pledges $500k to Grand
Bahama Development Boar

FROM page 1B

Bahama Business Outlook, Mr Laing advised the business
community that the island’s potential for economic fortune
could only be realised through the united and sustained action
of all stakeholders.

Mr Laing said: “Current investments support the viability of
the island. However, the island is not receiving the kind and lev-
el of sustained investment promotion it needs. We need the
right and enough persons on board to get the work done, and
they must be willing to work together to do so - putting politics,
religion, class, status aside for the common mission of the
bringing the Magic back to our city, and the Grand back to our
island.”

The minister explained that $250,000 will be immediately
available for investment promotion through the budget of the
Office of the Prime Minister, with the remaining balance to be
funded through the 2011-2012 Budget exercise in July. Match-
ing funds are expected from both the GBPA and the Chamber.

Addressing the theme, Grand Bahama Game Plan 2011:
Review, Re-strategize, Reposition, Mr Laing spoke to Grand
Bahama’s “spotty” economic state.

Mr Laing said: “[GB] needs and can have a larger and more
prosperous population, driven by a sensible permanent resi-
dency policy geared toward attracting high net worth and ultra-
high net worth individuals, namely from Europe and Latin
America.

“Tt can be an offshore finance centre satellite for an emerg-
ing super economy; can be an offshore medical and education
district within the Americas; second home market and recre-
ational spot for the wealth of Latin America, namely Brazil and
Mexico; can be a host to an LNG plant, providing new energy
options for the Bahamas; can be a hub for regional power sup-
ply between Grand Bahama and Abaco, increasing scale and
lower energy costs for both islands; have a meaningful yacht and
aircraft registry; can be a high-end retail centre for offshore
shopping; can be a major entertainment centre in all the Amer-
icas”

Mr Laing explained that although the island boasts broad sec-
tor diversity, which remains unparalleled in the Bahamas, eco-
nomic progress across-the-board was marginal.

Over the next 12 months, Mr Laing estimated that BORCO
and Statoil will continue to stimulate the economy through
additional jobs, sub-contract business, rental revenue and
broad spending. However, the tourism and construction sectors
will remain subdued with no future hotel or resort develop-
ments planned.

Mr Laing added: “There is every reason to believe that the
island has a bright future. It has the capacity for significant
growth, and no feud between the owners of the Port or anything
else stands in the way of that other than focused, deliberate and
sustained effort on the part of those who should take up the
charge.”

economy must work for all



simply creating an economy in
which one segment of it is doing
very well, but the rest of the
folks are out there treading
water."

Some members of the coun- i
cil said economic data from }
their companies suggests that }

disparity already exists.

American Express CEO :
Kenneth Chenault said afflu- }
ent Americans are spending }
again but that lower- and mid- }
dle-class people are not, in part }
because they don't have access }
to credit. And those who do, }
Chenault said, are wary of using }
it because of uncertainty over }

the strength of the economy.

"Seventy-five percent of the :
credit out there is not being }
used," Chenault said. "We've

got to solve this credit issue.”

Obama created the competi- }
tiveness council last month, }
naming General Electric CEO }
Jeffrey Immelt as its head. The }
move came as Obama sought }
to increase his outreach to the }
business community and shift
his economic policies from }
short-term stabilization to }
increasing employment, a task }
that could affect his re-election }
bid. Immelt said the council }
plans to deliver recommenda- }
tions to the president within 90 }
days. The White House said the }
council will hold its next meet- }
ing outside of Washington as }
part of an effort to draw ideas }
from business owners and }

workers across the country.

: Cable Beach realty prices set increases

FROM page 1B
ity.
“We are hopeful that with the Baha Mar development there will
be an increase in activity in rentals and sales in the area,” Mr
Wong told Tribune Business. “It’s a good start in that direction for
us, and we’re all looking forward to these things becoming reality

? so we can make some money.

“It will have a tremendous impact on the value of the land,

? real estate and sales and rentals in our area.” Asked to estimate
? what increase property owners and landlords could look forward
? to in property prices/rental rates, Mr Wong replied: “I would
} think anywhere from between 10-15 per cent.”

The former BREA president said the boost coming from Baha

Mar was badly needed. “It is still slow from my perspective,” he
? added, “and that of other colleagues. Some say they are doing well,
? others not so well, and I am among the latter.

“You have to make adjustments, do things differently to survive,

: cutting back on expenses, so that when the economy recovers you
? will be in a position to benefit.”

One such measure he had taken was to drop the ReMax fran-

: chise and return to the name of William Wong & Associates Real-
: ty
part to ensure that "we're not }

Mr Wong said he and his business were better known by that

? name, and he explained: “Operating a franchise can be more
? expensive if the sales are not there. With the downturn in the
? economy it did not make much sense for me to go ahead with that.
? You have to know when to cut your losses.”

SECURITY SYSTEMS

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Work with Ademece Mapeo or GE alarms Panels
Asses comtrol & CCT VWexperience a plus
Work flexible tows

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BAHAMAS FIRST

PRESET IW PLUS TOR UOMO

Career opportunity for an ambitious career oriented individual

FUTURE LEADERS
DEVELOPMENT PROGRAMME

The Bahamas First Group of Companies is recruiting potential
candidates for its two-year Development Programme scheduled
to begin September, 2011.

Objective: To prepare candidates for opportunities to function in
supervisory/ management positions within the Bahamas First
Group and to satisfy personal and professional goals.

Roles & Responsibilities:
- Will be assigned/rotated to various areas in the Group
- Will attend in-house classroom training & other
developmental activities
Will complete assignments, book reports, case studies,
simulations, projects
Will participate in rotations, mentoring and coaching

Qualifications:

- B.A. or B.Sc. Degree in Business, Administration, Finance,
Economics, or Accounting preferred. Please send most

recent transcript.

Alternatively, ACII or AIIC qualified

LT. literacy

Strong communication and interpersonal skills
Ability to work in teams

Compensation commensurate with relevant experience and

qualifications.

The Bahamas First Group is the largest property and casualty
insurance company in the Bahamas and has an A- (Excellent)
Rating from A. M. Best, reflecting the company’s financial stability
and sound risk management practices.

Please apply before 28th February, 2011 to:
Group HR & Training Manager
Bahamas First Corporate Services

32 Collins Avenue
P.O. Box SS — 6268
Nassau, Bahamas

Or email to:

careers@bahamasfirst.com







PAGE 6B, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE



Stocks slide for a third day on Libya concerns

CHIP CUTTER,

AP Business Writers
DAVID K. RANDALL,
AP Business Writers
NEW YORK

Stocks fell for a third day Thurs-
day as concerns continued over how
violent clashes in Libya would affect
the global oil market. Major indexes
pared steeper losses in the afternoon
after oil prices fell for the first time
in nine days.

Oil fell to $97.28 a barrel after the
International Energy Agency said
fighting between forces loyal to
Moammar Gadhafi and anti-gov-
ernment protesters in Libya were
not affecting oil inventories as much
as analysts had feared.

Libya is the world's 15th largest
exporter of crude, accounting for 2
percent of global daily output. Oil
had traded as high as $103.41 earlier
in the day.

Traders are worried that fighting
could threaten Libya's oil produc-
tion and spread to other countries in
the region, such as oil-rich Saudi
Arabia. Higher oil prices can also
slow the U.S. economy by increasing
transportation costs.

Reports of ample oil inventories
"calmed some of the short-term
fears in the market," said Bruce
McCain, chief investment strategist
at Key Private Bank.

"But the fact that there is very lit-
tle real information coming out the

ane $3 17 f
speciAL $3 97
sun °332—
DIESEL 369°

MIDEAST
VIOLENCE
SERIOUS
EXPECT HIGHER
PRICES

(AP Photo/Mary Altaffer)



WORKING THE OPTIONS: Traders work the crude oil options pit at the New York Mercantile Exchange Wednesday, Feb. 23,
2011 in New York. Oil prices continue to climb as forces loyal to Moammar Gadhafi violently clashed with protesters who have
expanded their control over the country. Right: A sign advertises gas and diesel prices, plus gives an explanation to customers,
at a service station in Easthampton, Mass, Wednesday, Feb. 23, 2011.

country is worrying.” The Dow
Jones industrial average fell 37.28
points, or 0.3 percent, to 12,068.50. It

had been down as many as 122
points earlier in the day.
The Standard & Poor's 500 index

fell 1.30, or 0.1 percent, to 1,306.10.
The Nasdaq composite gained 14.91
points, or 0.5 percent, to 2,737.90.

7

The mixed stock performance
came the same day the Labor
Department reported that fewer
people applied for unemployment
benefits last week, a sign that the
job market is recovering. The four-
week average for applications, a fig-
ure closely watched by financial ana-
lysts, fell to its lowest level in more
than two and a half years.

The housing market, however,
continued to lag. The Commerce
Department said sales of new homes
fell significantly in January.

Several companies rose after
announcing better than expected
earnings.

Priceline.com11 Inc. jumped 8.5
percent after the online travel service
reported a 73 percent surge in
fourth-quarter earnings and raised
its income forecast for the current
quarter.

Target Corp. rose 3.5 percent after
the retailer reported an 11 percent
gain in profit. H&R Block Inc. rose
5 percent after the tax preparation
company said it expected to report
near break-even earnings in its fiscal
third quarter.

Bond prices rose, pushing their
yields lower.

The yield on the 10-year Trea-
sury note fell to 3.46 percent from
3.49 percent late Wednesday.

Rising and falling shares were
about even on the New York Stock
Exchange. Volume came to 1.2 bil-
lion shares.

Airlines raise prices again as oil rises.

FREDDIE MAC POSTS

DAVID KOENIG,
AP Airlines Writer
DALLAS

Airfares are rising again,
and travelers should brace
for more price increases.

United and Continental
started the latest price hike
Wednesday by adding $20
per round trip to most
domestic flights.

American quickly
matched the move, and oth-
er airlines were considering
it on Thursday.

Airlines are trying to pass
along their cost for jet fuel,
which is rising with the surge
in oil prices. Oil hit $100 a
barrel on Wednesday. It set-
tled around $97 on Thurs-
day.

The major airlines have
introduced six broadly based
price increases since Decem-
ber and two others aimed at
business travelers. There
were just two broad hikes in
the first 11 months of last
year, according to Rick
Seaney, CEO of FareCom-
pare.com.





INTERNATIONAL
BUSINESS

In dollar terms, the
biggest price increases — up
to $60 per round trip this
week alone — have fallen
on business travelers. Air-
lines view leisure travelers
as more budget-conscious,
so increases in economy
class have averaged $5 to
$12.

Airlines have been using
other tools to raise revenue
too, like extra charges for
flying on peak travel days
during spring break or to

popular destinations like the
Caribbean.

Jet fuel accounts for
roughly a third of airlines’
budgets. Fuel prices have
increased by about 50 per-
cent in the past year,
although airlines have
dodged some of the rise by
hedging fuel purchases.

Fuel bills threaten to
undercut airline profits. In
recent weeks, analysts have
reduced their forecasts for
2011 profits among US. air-
lines by about $1 billion.
Michael Derchin, an airline
analyst for CRT Capital
Group, said Wednesday that
the industry could fall to
break-even if jet fuel, which
spiked to $3.07 a gallon,
reaches and remains at
$3.14.

Airline shareholders feel
the pain.

The stocks plunged Tues-
day and Wednesday, wiping
out $3.2 billion in share-
holder value.

The last big surge in oil
prices in 2008 helped send
airlines into a 2-year nose-

PUBLIC NOTICE

ROAD TRAFFIC DEPARTMENT

Please advised that the Road Traffic Department in accordance with
the provision of the Road Traffic Act Chapter 220, the Controller of
Road Traffic Department hereby publishes his intentions to grant
available, Self Drive Cars/ Scooters and Private Scheduled (School

Bus) Franchises.

Accordingly, the Department is presently accepting applications for

the available license.

All applications forms MUST be accompanied with the following

documents.

SELF-DRIVE CARS/SCOOTERS FRANCHISE

-A copy of the first (4) pages of a valid passport
- A copy of National Insurance Card
- A current police record

* A bank statement from a financial institution
- A detail Business Plan

PRIVATE SCHEDULE (SCHOOL BUSO FRANCHISE

- Atentative agreement or contract from a

recognized institution
-A copy of the first (4) pages of a valid passport
- A current police record
- A bank statement from a financial institution

All vehicle(s) presented for inspection should be in good condition.

All applications should be submitted to the Franchise Unit Road
Traffic Department, Thompson Boulevard no later than 5:00 p.m.

March 11, 2011.



dive. They are in much bet- }
ter shape to handle $100-a- :
barrel oil now, however.
They have saved cash, :
hedged against high fuel :

costs, and raised ticket
prices.

The airlines have helped :
themselves by limiting the }
supply of flights and seats }
for sale, which keeps flights ;

: quarter.

full and airfares higher.

Ray Neidl, an analyst with :
Maxim G roup, said if the : Fannie Mae in September 2008 to cover their losses on soured
economic recovery contin- ;
ues, airlines can pass higher :
fuel costs to passengers. If }
the economy slows, he said, ;
travel demand will weaken

and "that is when we begin } ( ! ter ¢
i 2009. The company said the recovery of the housing market is still

to have problems."

John Heimlich, chief
economist of the Air Trans- :
port Association, which rep-
resents the big U.S. airlines, : continue to take some time to recover."
said the carriers have limited ;

choices.

They can cut non-fuel :
costs, they can upgrade to }
more fuel-efficient planes — ;
but that takes time and }

money — or they can raise : and sell them to investors around the world.

fares.

candidates for elimination.

"We will have to cut ser- }

vice, and we would rather }
? rates on new loans are far lower.

not do that,” he said.

As fuel prices rise, Heim-
lich said, more flights will :
become unprofitable — and

$1.7B LOSS FOR Q4

MARCY GORDON,
AP Business Writer



: WASHINGTON

Government-controlled mortgage buyer Freddie Mac man-
aged a narrower loss of $1.7 billion for the October-December
quarter of last year. But it has asked for an additional $500 million
in federal aid — up from the $100 million it sought in the previous

Freddie Mac also posted a $19.8 billion loss for all of 2010.
The government rescued Freddie Mac and sibling company

mortgage loans. It estimates the bailouts will cost taxpayers as
much as $259 billion.

Freddie Mac's October-December loss attributable to common
stockholders works out to 53 cents a share. It takes into account
$1.6 billion in dividend payments to the government. It compares
with a loss of $7.8 billion, or $2.39 a share, in the fourth quarter of

fragile. "As we begin 2011, the housing recovering remains vul-
nerable to high levels of unemployment, delinquencies and fore-
closures," Chief Executive Charles Haldeman said in a statement.
"We expect national home prices to decline this year as housing will

Fannie Mae and Freddie Mac own or guarantee about half of all

i mortgages in the U'S., or nearly 31 million home loans worth

more than $5 trillion. Along with other federal agencies, they
played some part in almost 90 percent of new mortgages over the
past year.

Fannie and Freddie buy home loans from banks and other
lenders, package them into bonds with a guarantee against default

The government's estimated cost of bailing out the mortgage
giants far exceeds the $132.3 billion they have received from tax-
payers so far. That would make theirs the costliest bailout of the
financial crisis.

The two have been hit by massive losses on risky mortgages pur-
chased from 2005 through 2008. The companies have tightened
their lending standards after those loans started to go bad. Default

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



THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 13B



BUSINESSREVIEW

US chambers agitate for political change

By ERIC LIPTON
2011 New York Times
News Service

WASHINGTON — As
president of the American
Chamber of Commerce of
Nicaragua, Roger Arteaga
Cano routinely dealt with busi-
ness issues and trade practices
affecting members such as
ExxonMobil or Citigroup. But
he also led an unusual cam-
paign: organising secret meet-
ings with opposition party lead-
ers in an effort to oust Presi-
dent Daniel Ortega in an elec-
tion this year.

A former official in the pre-
vious government led by a rival
party, Arteaga turned the
chamber into a harsh critic of
Ortega, the leftist Sandinista
party leader and longtime
adversary of the United States.

On the group's behalf,
Arteaga issued fiery denuncia-
tions of the Nicaraguan gov-
ernment and its governing par-
ty, calling its policies unconsti-
tutional and its style that of
"gangsters" or “terrorists”. He
briefed officials at the US
Embassy in Managua, the cap-
ital, and in Washington on his
efforts to spur an effective chal-
lenge to Ortega, winning their
tacit approval.

The chamber's activities over
the past two years - detailed in
interviews with Nicaraguan
officials and business execu-
tives, and in State Department
cables obtained by WikiLeaks -
illuminate the remarkable role
the foreign affiliates of the US
Chamber of Commerce some-
times play in the politics of their
host nations. Occasionally they
are at odds with US policy. But
often, the chamber groups are
so aligned with it that they
appear to act as unofficial
instruments to advance the US
government's goals.

Created more than a century
ago to promote the interests of
US corporations, the groups -
nicknamed AmChams - today
operate in more than 100 coun-
tries. While many affiliates
appear to restrict their activities
to issues such as opening access
to government contracts or
combating the counterfeiting
of name-brand goods, others,
like the Nicaraguan group, seek
broader influence, echoing the
role increasingly played in
Washington by the US Cham-
ber of Commerce.

In Honduras, for example,
executives at the US-affiliated
chamber expressed support for
the June 2009 coup d'etat that
forced out President Jose
Manuel Zelaya, the State
Department cables say. After
leaders in the group applied
pressure on the Obama admin-
istration, US officials retreat-
ed from their initial demands
that Zelaya be allowed to
return to power.

In Taiwan, the chamber got
into a nasty public dispute with
a pro-independence party
there, suggesting the party was
holding the island hostage to
its belief that trade between
China and Taiwan should be
limited, the cables say.

Kevin Casas-Zamora, who
served as a minister of eco-
nomic policy and second vice-
president of Costa Rica until
2007, said that overt political
action by a US-affiliated busi-
ness group was almost always
counterproductive.

"Tt is a really bad idea, and it

ee



NICARAGUA'S President Daniel Ortega is passed a note at an education rally on the first day of classes at the Augusto C. Sandino school in Managua, Nicaragua, Tues-

day Feb 15, 2011. (AP)

tends to backfire," he said, not-
ing that the logo for the Amer-
ican Chamber of Commerce of
Nicaragua included the US flag.
"You are simply handing on a
platter a rhetorical weapon that
someone like Ortega will sure-
ly use against you.”

Indeed, the political inter-
vention embraced by Arteaga -
he has just stepped down after
his two-year term as the cham-
ber's president - has been
denounced by the Nicaraguan
government and other sup-
porters of Ortega as unwel-
come meddling by the United
States.

“Every time outside forces
have sought to interfere in
Nicaragua's internal affairs, the
result has been harmful to the
Nicaraguan people,” Francis-
co Campbell, Nicaraguan
ambassador to the United
States, said in an interview.

Executives at the US Cham-
ber of Commerce in Washing-
ton, who came under scrutiny
last year for spending tens of
millions of dollars on advertis-
ing that helped Republicans in
the mid-term congressional
elections, said it had played no
role in instigating political activ-
ity by foreign chamber groups.

""AmChams are independent
of the US Chamber of Com-
merce in terms of the policies
they advocate," a chamber
spokeswoman said in a state-
ment. The US chamber collects
dues from its international
members and approves the cre-
ation of any new foreign affili-
ate.

DRIVEN BY
DISDAIN
In 2009, when Arteaga
took over as the unpaid pres-
ident of the chamber in
Nicaragua - his small consult-

ing firm has a corporate client
based in the United States,
making him eligible for mem-
bership - he began challeng-
ing Ortega almost from the
start. The former top federal
tax official under a previous
administration, Arteaga was
driven by disdain for Ortega,
who was elected in 2006, after
serving as president from
1985 to 1990 and as a leader
of the post-revolution junta
from 1979 to 1985.

The animosity only grew as
the Ortega government took
actions that the chamber -
along with many other groups
in Nicaragua - viewed as vio-
lating the rule of law in an
effort to expand its power,
like a ruling that Ortega could
run again for president this
year, even though the consti-
tution prohibits a sitting pres-
ident from seeking re-elec-
tion.

"He has violated the con-
stitution of this country so
many times he deserves a
spot in the Guinness record
book," Arteaga said, adding
that such steps discouraged
investment by US companies.
"The business community is
worried. There is bread now,
but there will be hunger
tomorrow.”

A HISTORY OF

UNSUBTLE AID
During the Reagan admin-
istration, the CIA secretly
provided aid to right-wing
rebels who tried to overthrow
Ortega, assistance that ulti-
mately resulted in the Iran-
Contra scandal. Since then,
Washington has tried to play
its hand more subtly, the
State Department cables
show, in part by encouraging
business and civic leaders in

Nicaragua to rally behind
pro-US candidates or take
stances supporting US views.

During the administration
of President George W. Bush,
for example, US officials con-
sidered asking General Elec-
tric's corporate financing divi-
sion to pressure Carlos Pel-
las, a prominent Nicaraguan
banker and sugar mill execu-
tive, to support one of Orte-
ga's rivals, according to a
March 2006 cable. (The
cables do not make it clear
whether the proposal was
ever carried out.)

While the Obama adminis-
tration has tried to refrain
from intervening in domestic
politics, Arteaga was not so
shy. Working behind the
scenes, he helped organise
meetings among leaders of
opposition parties, urging
them to put aside their per-
sonal political ambitions and
together support a single can-
didate or party to challenge
the president.

After one such gathering in
December 2009, the US
Embassy noted Arteaga's
role in cables to Washington.

"The group has been work-
ing for the last several months
to bring opposition groups,
civil society, and the business
community together to con-
front President Daniel Orte-
ga, preserve democratic space
and form a united bloc to
challenge Ortega and/or the
Sandinista National Libera-
tion Front (FSLN) in the 2011
national elections," the cable
said. An earlier cable, in
August 2009, called Arteaga
one of the two primary lead-
ers of the opposition unity
effort.

Robert J. Callahan, the
U.S. ambassador to
Nicaragua, confirmed in a

telephone interview that he
had attended the December
2009 meeting with Arteaga at
the home of Cesar Zamora,
Arteaga's predecessor as
chamber president and an
executive of AEI, a Houston-
based energy company.

But the USgovernment did
not request any of the actions
taken by Arteaga and other
business executives, he said.

"If they are articulating
policies that we agree with,
then fine, it is a coincidence
of views there," he said.

Callahan added that the
goal of the United States was
to encourage a vibrant
democracy in Nicaragua.

Yet cables sent by Calla-
han to Washington go a bit
further, suggesting the
embassy at least indirectly
encouraged groups like the
chamber to work to unify the
opposition to Ortega and his
party.

"We will continue to
encourage all pro-democratic
groups to work together to
advance their common goals,
including uniting for 2011,"
said an August 2009 cable,
which also mentions Arteaga
and his role as American
Chamber president. "It is
clear that this message has
been understood by some in
the political and business
community, fostering the
above unity efforts.”

Arteaga, in an interview,
said his effort to unify the
opposition was supported by
some chamber members and
representatives on its board,
an assertion confirmed by
several chamber members.
Arteaga added that his inter-
vention came not at the
request of any US corpora-
tion, but reflected a consensus
of chamber members. But, in

a second interview, he said
he was acting on his own, par-
ticularly in endorsing an
opposition presidential can-
didate.

POLITICS AND
APPEARANCES

Such a distinction was not
always recognised by others.
Arteaga said he was investi-
gated by Nicaraguan officials
who asked for the chamber's
financial records as well as his
own to see if he was secretly
being paid $10,000 a month
by the CIA. (Both Arteaga
and Callahan denied any pay-
ments.)

But the appearance that the
United States was intervening
in Nicaraguan affairs - through
actions by the American
Chamber or the embassy
there - provoked an angry
response.

In October 2009, after
Callahan spoke at an event
sponsored by the American
Chamber of Commerce and
echoed comments by cham-
ber leaders condemning a
Supreme Court decision
allowing Ortega to run for re-
election despite term limits,
hundreds of demonstrators
appeared outside the US
Embassy in Managua. Hold-
ing up signs saying ‘Death to
Empire’ and ‘Yankee Go
Home’, some protesters even
launched explosive projectiles
at the building, according to
a State Department cable.

Last month, a newspaper in
Nicaragua accused Arteaga of
turning the chamber into a
“political conspiracies’ nest”, a
charge that drew a defense
from the US ambassador, who
said the story falsely claimed
he believed that Arteaga had
gone too far.



1 '
Baha-mas

FROM page 16B

rah’s relationship prior to the
2007 general election (thus
locking the casino giant in,
and possibly preventing its
withdrawal when the owner-
ship changed hands).

It was then Mr Ingraham
and the FNM which picked up
the pieces (some might argue
they took too long to conclude
the January 2008 supplemental
Head of Agreement) prior to
the Harrah’s pull-out. And
while the Prime Minister
should publicly have been less
negative towards Baha Mar,
once everything with the
developer, China and Scotia-
bank was fine, the public sec-
tor troops were mobilised very
quickly to put all the neces-
sary permits and approvals in
place to get to Monday’s
groundbreaking. Ultimately,
all the sparring between the

two parties over Baha Mar
shows how far they have to go
in reaching political maturity,
while also introducing ‘political
risk’ as an unwelcome uncer-
tainty that has to be factored
into investors’ calculations.

Now that the past is in the
past, Baha Mar and its Chi-
nese partners show every sign
of wanting to ‘hit the ground
running’ on the project’s con-
struction. Work on the first
$60 million worth of contracts
handed to Bahamian con-
tractors has begun with the
West Bay Street re-routing,
and work on the Commercial
Village is set to start within
the next two weeks.

For their part, some three
dozen China State Construc-
tion & Engineering managers
are already assessing project
plans, having submitted draw-
ings of the first phase “Work-
ert Village’, which will house
all the Chinese construction
workers brought in to work
on Baha Mar, to the Depart-

ment of Physical
Planning/Town Planning for
approval.

And the delays caused by
the Harrah’s withdrawal
could yet prove fortuitous.
Don Robinson, Baha Mar
Resorts’ president, agreed
earlier this week with Tri-
bune Business’s analysis that
it could yet prove ‘a blessing
in disguise’, as the developer
can now exploit lower con-
struction prices to build its
project at a time when the
market is still recovering from
recession. The planned open-
ing, in 2014, could be timed
just right to catch a period
when the tourism market is
approaching normalcy.

“Tf we’d started construc-
tion when we were thinking
about it, we would have been
starting amid an economic
crisis. We'll now probably be
constructing this in a
favourable economic envi-
ronment, and be opening this
in a favourable tourism envi-

ronment. All things happen
for a reason, but I’d have hat-
ed to open this project in the
midst of an economic down-
turn,” said Mr Robinson.
The economic benefits may
take several months to be felt,
but there can be little doubt
that the $400 million worth
of contracts awarded to
Bahamian contractors will
help lift that sector out of its
slump by themselves. The
Bahamas is a relatively small
economy in world terms, and
an infusion of several hun-
dred million dollars may be
all it takes to turn the
Bahamian economy back on
to the path of positive growth.
And here is where the rest
of us come in. As Mr Izmir-
lian pointed out, his $2.6 bil-
lion construction project and
investment can only succeed
with the active, positive par-
ticipation of the Bahamian
people. Bahamians, he said
at the groundbreaking, have
“to make the push to help

themselves and their com-
munities”, for all manner of
employment opportunities
and entrepreneurial spin-offs
abound. Yet, in the final
analysis, Bahamian workers
have to “commit to doing
their very best and stick with
it”, Mr Izmirlian said, attend-
ing training programmes,
improving skills and provid-
ing top-class customer ser-
vice.

The lesson he has provided
in perseverance, too, should
not be forgotten by Bahami-
ans either. Referring to the
road he had travelled in
bringing Baha Mar to
fruition, Mr Izmirlian said:
“Let it be a lesson to the
young men and women of the
Bahamas that perseverance
pays off...... Together, there
is nothing we can’t do but we
must all rise to the occasion.”

And with the Chinese finan-
cial and construction backing,
Baha Mar seems certain to rise
to the occasion, too. There is

little doubt that construction
will be completed, given the
support of two Chinese gov-
ernment-owned entities in the
mix. For them, as it is with Mr
Izmirlian, failure is not an
option.

The really interesting part
will come when Baha Mar and
its four new hotels, together
with the casino, convention
space and associated ameni-
ties, become fully operational.
It is only then that we will see
whether they have grown or
split the market for high-end
visitors, to the detriment of
both Baha Mar and Kerzner.
Will the investors enjoy a
return on their substantial
investment, and boy is it ever
substantial. Time will answer
these questions, and hopefully
the Bahamas comes down in
the positive, with a refreshed
and revitalised tourism prod-
uct that has a host of new
amenities to attract visitors
from all over the world. For
now, though, it is all good.

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





THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 15B



BUSINESSREVIEW

POOR R Ae RRA AERA ARH AAEAREOR EERE ER EEHE EEE ESE EERSTE EEE ETE ODER AO ERE R ARE ROH EAH EOSEREHREERESRAEHE HEHE EEE HET EEEHER SEETHER RER REHASH REHREHRETHRTHTAHHHHHAEHREERHERETERMHEHEREEEHEHEEEHECEEAEH EEE

AML Foods battle exposes more regulatory weakness

* Commission needs to take firm grip and control process, with or without statute



AAAHHHH! The innocence
of youth. The Bahamian capital
markets are yet young, and with
youth comes inexperience and
mistakes, born of being wet
behind the ears. February kicked
off with yet another milestone,
the first ‘hostile takeover’ offer in
their history, and the way this
process has gone ever since
demonstrates there is still much
to learn if we are to avoid ‘high
farce’.

For despite the Securities
Commission’s belated attempt
to get a grip on the situation by
suspending trading in AML
Foods’ shares, there is nothing
in law to stop Mark Finlayson
and his bid vehicle (whether it be
Trans-Island Traders, Bahamas
Supermarkets or Associated
Bahamian Distillers & Brewers)
from proceeding with their offer
and, if they so choose, from bla-
tantly ignoring or disregarding
the regulator’s strictures and
admonishments over the issue.

While the outcome of the
ABDAB directors and annual
general meetings (AGM), sched-
uled for yesterday, was unknown
when this article was written, it is
fairly safe to assume that Mr Fin-
layson (given his family’s 70 per
cent control) will succeed in per-
suading what is now a cash-rich
property holding company to
acquire the 78 per cent stake his
family currently own through
Trans-Island Traders. What is
not so certain is what happens
from here on out.

Let’s be clear. Mr Finlayson
has every right to make his $12
million attempt to acquire a 51

THE WEATHER REPORT (==

5-Day FoReCAsT

per cent majority stake in BISX-
listed AML Foods. The $1.50
per share purchase price seems
reasonable, representing around
a 44 per cent premium to the
stock’s $1.04 value before it was
suspended, though many
investors are likely to hold out
for.

He, and RoyalFidelity’s
Anwar Sunderji and Michael
Anderson, are also right when
it comes to the need for consoli-
dation in the Bahamian food
retailing industry, given that
there are too many retailers with
too much product chasing too
few consumers with pocket
books that are either flat or
decreasing. Whether Mr Fin-
layson is the right person to do
the consolidating, flush with cash
as he is, given that he has only
recently taken over a deeply
troubled rival supermarket
chain, in Bahamas Supermar-
kets, is a question AML Foods
investors will themselves have
to answer.

The real beef is with the
process, or rather lack of process,
that has taken place ever since
Mr Finlayson leapt into the
headlines by announcing his
planned AML Foods bid on Jan-
uary 31, 2011. It is now almost a
month later, and still no formal
Bid Circular, the document that
sets out the price, terms and con-
ditions of the offer, plus all oth-
er relevant information, has been
released to the BISX-listed food
group’s investors by the Trans-
Island team.

They have certainly been
sounding out AML sharehold-

ers about their intentions, and
the delay in submitting the Bid
Circular may have worked to Mr
Finlayson’s advantage by giving
him more time to work the
1,300-strong investor register.
Yet the failure to end the ‘will
he/won’t he’ uncertainty on
whether a formal offer will be
made is less forgivable, and the
disruption caused to AML’s
stock and trading in it proved
the straw that broke the camel’s
back, prompting the Securities
Commission to put everything
into ‘cold storage’ for the
moment via the share suspen-
sion.

Indeed, critical observers may
wonder whether Mr Finlayson
and his advisers have been mak-
ing up their strategy as they go
along, given the problems they
have encountered - especially
from his own ABDAB share-
holders, who objected to the
AML Foods deal on the grounds
that the initial deal structure
could disadvantage them by cut-
ting their real estate assets total-
ly out of the picture. It all points
to a situation where Mr Fin-
layson failed to take care of his
own backyard first, and did not
dot the ‘i’s’ and cross the ‘t’s’
something that has contributed
to the chaotic situation sur-
rounding the bid.

It is hard not to feel some
sympathy for the Securities
Commission which, in the
absence of its revised support-
ing Act and regulations, is served
by woefully inadequate legisla-
tion in so many respects, not
least when it comes to public

company takeovers, given the
complete and total absence of
anything resembling a Takeover
Code.

While the Commission should
rightly be criticised for its ini-
tially weak and ‘hands-off’
response to the AML Foods
offer, it has regained some
ground with the share suspen-
sion. Yet the fear is that the reg-
ulator may soon revert to type,
explaining that its governing leg-
islation provides no statute back-
ing for the actions in needs to
take.

More bottle is required. Given
that Mr Finlayson and his Trans-
Island Traders vehicle first
announced their offer to pur-
chase a 51 per cent stake in
AML Foods on January 31,
2011, they are already well
behind the clock, because
according to the Securities Com-
mission schedule their offer
prospectus should have been
released to the latter’s investors
by Friday, February 12.

Indeed, some would argue
that the ‘takeover bid’ should
never be allowed to proceed, giv-
en the month-long delay that has
ensued - disruption to an order-
ly capital market of this nature
would almost certainly not be
allowed anywhere else. In truth,
given its limited powers, sus-
pending trading in AML Foods
shares was probably the only
option the Securities Commis-
sion had in seeking to restore a
measure of calm to the situation.
While Mr Finlayson’s bid is now
stalled until he releases the for-
mal offer document, the real



MARK FINLAYSON

losers currently are AML Foods
shareholders, who are prevented
from selling and buying the com-
pany’s shares.

What happens next will be
interesting. There seems little
doubt that Mr Finlayson may
challenge the Securities Com-
mission schedule, given that it is
not rooted in law, leaving open
the prospect that this ‘war’ for
majority ownership at AML
Foods could drag on for some
time, especially as all parties
involved have been unable to
agree upon the process.

The ‘takeover’ issue has
reared its head numerous times
before, but to date the Bahami-
an capital markets have only
experienced ‘friendly takeovers’,
where majority control in a pub-
lic company has been relin-
quished in an agreed transaction.
This has happened twice with
Grand Bahama Power Compa-
ny, with Colina Insurance Ltd,
with Cable Bahamas and,



DIONISIO D’AGUILAR

notably, with Bahamas Super-
markets. Many would argue that
such deals should require the
buyer to make an offer, on the
same price and terms as the sell-
er received, to the minority
Bahamian investors, too, espe-
cially given Bahamas Supermar-
kets’ fate under the previous
ownership.

Regrettably, the AML Foods
offer episode has once again
highlighted the need for the reg-
ulator to take a more proactive
approach, since it should have
seen the need to accelerate the
Takeover Code in light of the
numerous control changes that
have already taken place. And it
also shows the need for politi-
cians to take the capital markets
more seriously and recognise
their importance, moving more
quickly on key legislation to give
regulators all the tools they need.
Otherwise, farce ensues, and the
Bahamas risks being subject to
unwanted international scrutiny.

INSURANCE MANAGEMENT
(BAHAMAS) LIMITED

INSURANCE BROKERS & AGENTS

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* SEE PAGE 13B

DOING THE SPADE WORK: Baha Mar chairman Sarkis |zmirlian (front row, third left), government ministers and Baha Mar's Chinese partners break ground on the $2.6 billion Cable Beach redevelopment.

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PAGE 16B e FRIDAY, FEBRUARY 25, 2011

COMMUNITIES DESERTED
BY BANK BRANCH EXITS

© SEE PAGE 12B



shovelling of sand indicates that, finally, the

Tae it was largely symbolic. But at least the

long-awaited $2.6 billion Baha Mar project
has reached a construction start more than seven
years after the Bahamian government first mulled
plans to bring the existing Cable Beach resorts
together and redevelop the area so it would not
become a poor ‘second cousin’ to Paradise Island.
The road since has been long and tortuous, with
many unexpected twists and turns, but the timing
could not be better for the Bahamian economy.

Mired in recession for the
past two-and-a-half years, and
with an unemployment rate
likely to be nearing the 20 per
cent level (especially if dis-
couraged workers are includ-
ed), the Cable Beach rede-
velopment - with its promised
four new hotels, net room
inventory increase of 2,250,
and 7,000 new jobs once fully
operational - represents a
tremendous shot in the arm
for business and consumer
confidence, if nothing else.

It also represents a person-
al triumph for Baha Mar
chairman and chief executive,
Sarkis Izmirlian and his fami-
ly, who succeeded against the
odds and the naysayers in
finding new financing and
equity partners, in the form
of the China Export-Import
Bank and China State Con-
struction, during the darkest
depths of the recession, when
all credit markets were shut
down tight, and investors had
headed for the hills and the
bunkers.

If an Olympic gold medal
was ever awarded for perse-
verance, then Mr Izmirlian
and his family would be the
deserving recipients, given
that the easy course would
have been to walk away when
Harrah’s Entertainment’s new
private equity owners, Apollo
and Texas Pacific, got cold
feet due to the recession and
credit crunch, using Prime
Minister Hubert Ingraham’s
February 2008 House of
Assembly address on the pro-
ject land transfers as cover/the
excuse they needed to walk
away.

Monday’s happy outcome
again shows why wealthy
Bahamas residents, with a
strong track record of deliv-
ering what they promise,
should be taken seriously with
their investment proposals.
Like fellow billionaire Joe
Lewis with Albany, Mr Izmir-
lian and his family are long-
time residents of this country,
and their love for the
Bahamas has shone through
even during Baha Mar’s dark-
est days. His passion for this
country, and desire that it
should succeed both econom-
ically and socially, again came
through during media ques-
tions at Monday’s ground-
breaking.

For starters, his family per-
sonally put up much of the
$800 million it has taken for
Baha Mar to reach this point,
including keeping the loss-
making Cable Beach Resorts
open. Emphasising that he
wanted to see the Bahamas
“prosper”, Mr Izmirlian was
just as passionate in shooting
down Kerzner International’s
arguments that Baha Mar and
Atlantis would end up going
head-to-head, thus splitting
the market for high-end visi-
tors to this nation.

“T don’t think the Bahamas
can’t handle two projects of
this size,” he said emphatical-
ly. “If you combine all the
hotels in New Providence,
we’re 10,000 rooms once
we’ve built out. There’s
150,00 hotel rooms in Orlan-
do, there’s 150,000 hotel
rooms in Las Vegas. You
can’t tell me that we as a
country can’t do better than



Tim Clarke/Tribune staff

that.”

The moral of this tale is that
Bahamas residents, unlike
foreign developers, are less
likely to walk away when
things get uncomfortable.
“When the going gets tough,
the tough get going’, so the
saying goes, and that certain-
ly applies to Mr Izmirlian. For
they have nowhere to go but
their home. Provided the busi-
ness plan is sound, the pro-
posal feasible, financing in
place, and the project of eco-
nomic and social benefit to
the Bahamas, then the Gov-
ernment should treat devel-
opment plans by foreign per-
manent residents favourably.
Getting these people to invest
more in the Bahamas, and set
up active businesses here, is
an area of potential that has
long been untapped.

Much was made of Prime
Minister Hubert Ingraham’s
absence from Monday’s
groundbreaking ceremony,
and it would have been good
to see the country’s ‘main
man’ there. While the Oppo-
sition Progressive Liberal Par-
ty (PLP) were quick to high-
light this, no doubt seeking
political mileage, the truth is
that both main parties have
been equally responsible for
bringing Baha Mar to fruition
- and for some of the delays
that beset it.

Truth be told, the tradi-
tional political dividing lines
often blur the vision. All gov-
ernments, whether PLP or
FNM in persuasion, build on
the achievements of the pre-
vious administration and cor-
rect the problems left behind,
whatever the political
rhetoric. In Baha Mar’s case,
it was Perry Christie’s PLP
government which envisaged
Cable Beach’s rebirth and
signed the original April 2005
Heads of Agreement, just as it
was Mr Christie’s government
that failed to conclude all the
conditions required to con-
summate Baha Mar’s Har-

SEE page 14B



SIGNING ON THE DOTTED LINE: Deputy Prime Minister







a

Brent Symonette adds his name to those who have



\

signed an artist’s impression of what Baha Mar will look like when constructed.

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







{T\

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STARTS ON 16B



PLP ‘stirred up

FRIDAY, FEBRUARY 25, 2011

es
a

OMS i
BAHAMAS BIGGEST



BIC mol anger

Demonstration
‘was paid for’
claims FNM

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE governing Free Nation-
al Movement has accused the
Progressive Liberal Party of
“engaging in and promoting
uncivil and unruly behaviour”
at Wednesday’s demonstration
against the sale of BTC.

“It was a PLP-organised and
paid-for political demonstration
filled mostly with party support-
ers, and did not represent the
majority of Bahamians who are
shocked and appalled by the
behaviour of a crowd engaged
in mob-like behaviour,” said a
statement issued by the FNM.

SO

REPORTS reached The Tri-
bune late last night that a man
died after being shot multiple
times. The incident happened
shortly after 9pm on Baillou
Hill Road, south of St Vincent
Road. The victim was taken to
hospital but died of his injuries.
See tomorrow’s Tribune for
more details.

A number of PLP supporters
at the demonstration were
dressed in yellow “no turning
back” shirts. The FNM said it
was “disturbing” that newly-rat-
ified PLP candidate Cleola
Hamilton, head of the nursing
union, participated in the
demonstration dressed in PLP
colours.

A video uploaded on
YouTube yesterday
(http//www.youtube.com/watch?
v=SYkDDsLeD2I &feature=pla
yer) also showed Englerston MP
Glenys Hanna-Martin engaging
with some members of the
crowd and sharing what seemed
to be encouraging words with
them. PLP MP Obie Wilch-
combe was also seen among the
protesters, as was PLP Mical MP
V Alfred Gray.

“After yesterday, there is no
pretence left. The PLP has
hijacked various unions and
compromised certain union lead-
ers in the pursuit of its own
needs rather than what is in the
best interest of the unions and
the Bahamian people,” said the

SEE page six

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NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER










PROTEST PRESENCE: Broadcaster Steve
McKinney (standing thrid from right in
white hat) at Wednesday’s BTC protest.

THE Bahamas Information Services
is investigating the circumstances sur-
rounding the presence of its head of
their broadcast division, Steve McKin-
ney, at the anti-BTC sale demonstration
in Rawson Square.

The demonstration, which took place
between 9am and 3pm on Wednesday,
was attended by hundreds of persons,
many of whom were well-known PLP
supporters who it is reported were
bused in to attend the event.

When contacted for comment yes-
terday, Edward Ellis, the Executive
Director of BIS, said Mr McKinney was
at the demonstration without their
knowledge.

“We are presently looking into the
matter. Steve is on contract, and he
heads our broadcast division,” he said.

Like all government employees, Mr
McKinney is bound by the rules and
regulations of the public service — what
is commonly referred to as “general
orders.”

These orders spell out that a public

SEE page six


























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POLITICAL HOPEFUL PLANS |

TO SUE OVER TV SHOW'S
‘FRAUD’ ALLEGATIONS

POLITICAL hopeful Arnold Forbes
said he plans to sue a Canadian televi-
sion station for a programme that
linked him to an alleged $170 million
investment "fraud."

The piece, which was broadcast on
the Canadian station CTV, claims that
the attorney was a director in interna-
tional business company GFS Limit-
ed, a company accused of squandering
client investments. The international
news station reported that GFS was
run by two Quebec residents, Jean-
Pierre Tremblay and Stephane Hardy,
along with Mr Forbes.

"We incorporated the company
which is a normal practice for law firms
especially those in corporate law,"

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- POLICE TIGHT-LIPPED ON
REPORTS OF PROTEST
MAN SURVEILLANCE

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia. net

POLICE would not confirm or
deny reports that intelligence offi-
cers had surveillance on a man
accused of murder at Wednes-
day’s mass demonstration.

Onlookers observed intelli-
gence officers at the scene of the
protest using video and still cam-
eras to watch the crowd. One offi-
cer was overheard issuing an
instruction to “zoom into” a man
who was “out on bail for mur-
der.”

Leon Bethel, head of the Cen-
tral Detective Unit, said Wednes-
day was a “typical day”, and on

typical days the police rely on the

SEE page six



Tim Clarke/Tribune staff





RESIDENTS SAY WATER
_ SUPPLY 1S ‘UNUSABLE’

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

WEMYSS BIGHT -—- South
Eleuthera residents spoke to The Tri-
bune about the deplorable condition of
the water supply in the John Millars
settlement, which locals describe as
salty and “unusable.”

According to Clement Thompson,
chairman of the Wemyss Bight Town-
ship, the small settlement of John Mil-
lars has been dealing with the “salty
water” for over a year now.

Bishop Ernest Sweeting, a member
of the township, said: “Even though it
is a small community, they are still
Bahamians and deserve what is owed
to them.”

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PAGE 2, FRIDAY, FEBRUARY 25, 2011



THE TRIBUNE



MORE than 60 third-
grade students at Woodcock
Primary School received a
special treat on February 9
when they viewed Mighty
Times, the Legacy of Rosa
Parks, a film about the
African-American Civil
Rights Movement.

The children were
enthralled by the testimo-
nials of the activists, includ-
ing Rosa Parks and Dr Mar-
tin Luther King, and the
scenes depicting the lead-
ers’ struggle for equality.

The screening was led by
US Embassy volunteer,
Santoya Edgecombe, dur-
ing the students’ weekly
“Read to Lead” session to

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commemorate Black Histo-
ry Month.

The US Embassy adopted
Woodcock Primary School
in 2005 and volunteers have
been mentoring students
ever since through the
“Read to Lead” pro-
gramme.

For many of the children,
the film was their first expo-
sure to the African-Ameri-
can Civil Rights Movement
characterised by major cam-
paigns of non-violent civil
resistance during the peri-
od 1955-1968.

Through the film, stu-
dents learned about Rosa
Parks’ courageous decision
not to move from her seat
on a segregated Mont-
gomery Alabama bus,
which inspired peaceful
action by Americans of all
races aimed at addressing
racial inequality.

Noted legislative achieve-
ments that followed includ-
ed the passage of Civil
Rights Act of 1964 that
banned discrimination
based on "race, colour, reli-
gion, or national origin” in
employment practices and
public accommodations; the
Voting Rights Act of 1965
that restored and protected
voting rights; and the Fair
Housing Act of 1968 that
banned discrimination in
the sale or rental of hous-
ing.
The Rosa Parks film con-
tained many themes that the
students could relate to.
During the bus boycott,
African American activists
car pooled with the help of
white Americans, demon-

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strating the values of team-
work and helping others.
Students also learned about
the importance of patience
and perseverance when they
heard Dr Martin Luther
King preach non-violence
in the face of adversity.

Following the screening,
Santoya Edgecombe asked
the children questions about
the film to gauge their
understanding.

Their answers showed the
students understood that
Rosa Parks stood up to dis-
criminatory laws, and that
her simple act inspired a
movement with the goal of
ending racial discrimination
in America once and for all.

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Third-grade stu-
dents at Wood-
cock Primary
School (above)
received a special
treat on February
9 when they
viewed A Might
Times, the Life of
Rosa Parks.

























MESSAGE
DELIVERED:
The screening
was led by US
Embassy volun-
teer, Santoya
Edgecombe (left).
She is pictured
with some of the
third graders fol-
lowing the
screening.

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





THE TRIBUNE



FRIDAY, FEBRUARY 25, 2011, PAGE 3

LOCAL NEWS

Protest meeting amid fears of
-wide black-outs

renewed islan

By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

ABACO business owners
fear a repeat of last summer's
island-wide black-outs, which
residents say drove tourists
away and crushed commerce
during one of the year’s
busiest seasons.

Residents have scheduled
what they refer to as a
“protest meeting” for March
10, The Tribune was told, as
their frustration mounts over
the unsolved problem.

Government has invited
bids for the installation of an
upgraded transmission line
capable of carrying a reliable
power supply from the new
Wilson City plant to Abaco's
residents and businesses.

This line is expected to be in
place by May 15, more than
six months after the plant was
originally set to begin opera-
tion.

However, one entrepreneur
expressed doubt that this
time-line will be met. He wor-
ried the island will again have
to cope with devastating pow-
er cuts, causing tourists to
overlook the island for their
summer travel plans.

“How long is it going to
take for them to accept one

of the bids?” asked the busi-
ness owner, who did not want
to be named.

"(Environment Minister
Earl) Deveaux said the new
line is going to be installed by
May 15. It cannot be done and
we don't have any confidence
in them. It's seven months lat-
er and nothing has been done
except now they have gone
out to bid. They haven't taken
any action.”

Loss

Abaco businesses lost $3-$4
million last year with the bulk
of this loss coming from can-
celled bookings or visitors
leaving the island early in frus-
tration, Abaco Chamber of
Commerce president Michael
Albury said earlier this month.

Even if the power supply
problem is rectified before the
increased summer demand,
Abaconians may still have to
suffer a backlash from last
year's dilemma.

"It was very bad last year
and I fear the same thing is
going to happen, businesses
are very concerned. Abaco
business cannot afford that or
a lot of us are going to shut
down. (Government) is spend-
ing all this money on adver-
tising the islands but the

SIGNS OF TROUBLE: Street demonstrators show thier frus-

tration in Abaco last year.

tourists are turning away, we
locals can put up with it but
the tourists, they don't come
back. The word has spread,"
said the businessman.

Residents say officials at
BEC have called a meeting
with locals next Thursday to
update them on the Wilson
City plant.

The plant was scheduled to
come on stream in 2010, but
has been set back, and to date
testing of the generators is
continuing.

Load shedding and power
blackouts forced residents and
tourists alike to go without
power on a daily basis for sev-
eral days in summer 2010.

Frustration over lack of cable and internet services

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

WEMYSS BIGHT - Amid
promises that their concerns
will soon be addressed by
Cable Bahamas, frustrated
South Eleutherans claim the
lack of cable and internet ser-
vices is keeping them out of
the 21st century.

Residents of the Wemyss
Bight settlement voiced their
frustration to The Tribune
yesterday over the fact that
Cable Bahamas has not cre-
ated the infrastructure in their
community to allow them
access to cable television and
the internet.

They said their children are
missing out on important
opportunities in the age of
technology.

“Tt is embarrassing that in
2011, where technology is so
important, that we are with-
out. They have no interest in
us, they believe we live out in
the wilderness,” said Clement
Thompson, Wemyss Bight
township chairman.

With a small settlement of
just over 300 adults and a
school student body of 100,
Wemyss Bight residents feel
their voices are not being
heard.

According to Bishop Ernest
Sweeting, member of the
Wemyss Bight Township, the
community is one of the only
settlements in South
Eleuthera with no cable or
internet.

Bishop Sweeting said Cable
Bahamas came to Eleuthera
to connect Greencastle and
Deep Creek, which are neigh-
bouring settlements, and
bypassed Wemyss Bite.

“With regard to the school
kids, it’s robbery,” said Bish-
op Sweeting.

He added that last year,
Cable Bahamas went to Cape
Eleuthera but once again
ignored the settlement.

Bishop Sweeting said
numerous calls have been
placed to the cable company
on the matter with the only
response being “that there is
nothing on the table for
Wemyss Bight.”

Chairman Clement Thomp-
son emphasised the impact
the lack of modern technolo-
gy is having on school stu-
dents.

He said: “The absence of
internet and cable services is
putting this school and chil-

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Christ Church Cathedral
ACM Steak-Out that had been
scheduled for Saturday Febru-
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until May 28th,2011. All tick-
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time. The ACM apologies for
any inconvenience caused.

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



dren of this area at a disad-
vantage, they are being
deprived.”

Thirteen computers were
recently donated to Wemyss
School Library, but children
are unable to access the inter-
net or use educational learn-
ing and research tools, Mr
Thompson said.

Meanwhile, settlements as
close as two miles away are
hooked up to Cable Bahamas.

Mr Thompson said: “It
does not take much to extend
cable to this area. By not
doing so, they are leaving us
out to dry — everyone else has
service but Wemyss Bight.”

He described the commu-
nity’s utter disappointment
when they could not watch
Chris Brown, a native of
Wemyss Bight, win a silver
medal in the 2008 Beijing
Olympics.

“Tt was such a shame,” Mr
Thompson said, shaking his

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head. “I would like to be able
to turn on my TV and see
what is going on in the rest of
the country.

“We have been appealing
to the powers that be for
years with no results — nothing
but excuses.”

Mr Thompson added that
he is not blaming anyone, that
their fight is not political or
about taking sides in any way,
but rather about what is best
for their community.

When asked to respond to
the concerns, Anthony But-
ler, president of Cable
Bahamas, said the company
is continuing to work to con-
nect the Family Islands to
their system, but added that
he could not say when
Wemyss Bight would be visit-
ed by the company’s techni-
cians.

“Tt is based on the avail-
ability of the construction
crews which are currently

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working in Grand Bahama
and Long Island,” said Mr
Butler.

When asked why Wemyss
Bight was “passed over”
when neighbouring areas
were hooked up, Mr Butler
only said his crews have a
schedule and will be working
to that schedule on the Fami-
ly Islands this year.

However, Dr Keith Wis-
dom, public relations manag-
er at Cable Bahamas, said
Wemyss Bight has not been
left out and can expect ser-
vices to begin being installed
by the end of September.









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PAGE 4, FRIDAY, FEBRUARY 25, 2011

EDITORIAL/LETTERS TO THE EDITOR

Po —————DITORIAL/LETTERSTOTHEEDITOR,
Government seems

The Tribune Limited

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

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

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

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-199]

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398

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

The ‘massive protest’ that ‘rocked’ Bay St

AT LAST the masks are off. What started
as a union demonstration to prevent the sale
of BTC to Cable & Wireless has been high-
jacked by the PLP, ostensibly also objecting
to the sale, but in reality attempting to desta-
bilise the Ingraham government with an eye
to the 2012 election and a PLP victory.

In this effort it would seem that not only
is it a “no holds barred” struggle, but the
fact that the incorrect propaganda being
sent out internationally could destroy our
tourist economy is not being considered. To
the PLP the year 2012 seems more important
than the health of the nation.

None of us must ever forget a former
PLP minister declaring from a public podium
that “God gave this country to the PLP.”
Ever since then whenever an FNM govern-
ment has been in power the attitude in the
PLP camp gives the impression that the
FNM are so many imposters who hood-
winked the people into giving up their
birthright. The PLP seem to think of them-
selves as the valiant knights in shining
armour, duty-bound to rescue that birthright
in the name of the people.

A video posted to YouTube and sent to
CNN I-Report was credited to Patrick Ter-
rence Robinson, who was the narrator and
described as the PLP’s “webmaster.” It
shows PLP MPs involved and appearing to
be among those stirring up the furor on Bay
Street on Tuesday.

“Massive protest rocks the Bahamas”
was also posted to Facebook and other Inter-
net sites. Someone was determined that the
Bahamas was to have its own “small Egypt”
even though it had to be fabricated. How-
ever, judging from public reaction to this
video and the comments posted on the CNN
I-Report, it would seem that the video has
done more damage to the PLP than the
exaggerated “massive protest” to the Gov-
ernment.

Said one viewer: “This story is a complete
lic. The Government is not being held up in
the Parliament building. And it is also not a
‘massive’ demonstration. Please don’t be
deceived by political operatives in The
Bahamas seeking to gain mileage.”

Another talks of police officers reporting
seeing money changing hands between “PLP
operatives and hired demonstrators.”

Another reminds Americans of the PLP’s
past reputation during the drug era, and
begs no one to be fooled. “America,” he

commented,
are.”

All this recalls an episode that took place
many years ago between Sir Etienne
Dupuch, publisher of this newspaper, and
Sir Lynden Pindling, who at that time was
prime minister.

Sir Etienne, a senior and highly respected
publisher with the Inter-American Press
Association, was invited by his colleagues
to address them at a meeting the Association
had planned for Miami. Instead of speaking
from brief notes, Sir Etienne read the text of
his speech, because he said knowing the
cloth from which Sir Lynden was cut, his
words were certain to be twisted back in
Nassau.

The morning after the speech was deliv-
ered, Sir Lynden accused Sir Etienne over
ZNS of warning Americans of a communist
influence in the Bahamas and of trying to
destroy the reputation of the country.
Nowhere in his speech was the word “com-
munism” or “communists” used. Sir Etienne
sent Sir Lynden a copy of his speech
demanding a retraction. Sir Lynden refused.

As Sir Etienne said, he only criticised the
PLP government in this column, published
only in the Bahamas. To him what he wrote
in this column was an argument among
Bahamians.

However, once out of the Bahamas and on
foreign soil, he refused to be interviewed
about the Bahamas’ problems. He always
refrained from criticising his country when
abroad. For him pride in country came first
— but not so the PLP as evidenced this week
by their anxiety to get the Bahamas on for-
eign airwaves and mixed up with the efforts
of government overthrows in the Middle
East.

If this so-called “massive” protest repre-
sents the true feelings of the Bahamian peo-
ple, then why did the demonstrators have to
be bused to Bay Street with inducements to
exercise their lungs and push barricades
against the police for about an hour? It is
unusual for an angry people to have to be
prodded into action.

From some of the comments being made
by certain persons to stir up unrest, we would
urge the authorities to refer to the Penal
Code and review the interpretation of sedi-
tion to determine whether some are pushing
the button too far and might now be ven-
turing into forbidden territory.

“is no stranger to who they



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THE TRIBUNE



to care more about
animals than people
with disabilities

EDITOR, The Tribune.

Firstly, I fully disclose that
Tam a member of the Nation-
al Development Party: Also,
the Chairperson of the Dis-
abled Persons’ Association of
the NDP. However regarding
the writing of this particular
letter, J am speaking exclu-
sively, not on behalf of the
NDP, but as an individual cit-
izen who has a disability.

I am forty-seven years of
age. For the past thirty-six of
them, I have been living with
a sensory disability; in that I
am physically unable to see-
(blind), having been this way
since the age of eleven. It is
therefore with frustration and
sadness that I write to you
regarding what I recently
learned about the proposed,
disability rights legislation for
the Bahamas.

I had occasion to contact
the Disability Affairs Division
on Wednesday, February 16,
in order to acquire a copy of
the draft legislation.

I was subsequently advised
that the Ingraham Adminis-
tration has rejected the cur-
rently structured Bill that so
many had worked on, for so
long.

The present draft of the
proposed legislation possibly
might not contain all that per-
sons with disabilities truly
need.

However, to the best of my
recall as it is currently drafted
in respect to its substance, it
shall provide much in the way
of legal protection and
mandatory requirements in
the best interest of persons
with disabilities in the coun-
try, if implemented as is. I
must therefore ask: Since dogs
were given increased protec-
tion in Parliament some time
ago under this current Ingra-
ham Administration and per-
sons with disabilities as yet,
have not been given our leg-
islative rights and protection,
for which we’ve been fighting
for more than 20 years, does
this mean that we as human
beings and voting citizens are
now being regarded less than
those animals by the govern-
ing party?

It is therefore agonizing to
learn that disabled persons
again, may be getting short-
changed as it seems that the
Ingraham Administration is
doing something with our dis-
ability rights legislation, which
just does not feel right to me.

I took the opportunity to
call into the Talk Show, Hard
Copy on Friday February
11th, expressing my disap-
pointment and discuss over
the fact that to date, the Gov-
ernment-of-the Day- (the
Ingraham Administration nor
the then, Christie Adminis-

LETTERS

letters@tribunemedia.net



tration) have not seen fit to
provide equal rights for and
legal protection for Bahami-
ans, living with disabilities.
This I did because as I too am
feeling it, I am hearing the
cries of my fellow disabled
brothers and sisters rising up,
more and more increasingly
over being ignored by politi-
cians who only care to
remember us for our votes,
during the times of our
national elections but forget
us, between elections.

My voice will therefore no
longer remain quiet on this
issue, but will continue speak-
ing out against the insensitive
manner by which many per-
sons with disabilities have
been and still are being treat-
ed in The Bahamas.

All Governing Adminis-
trations of our country, since
1973 have had ample oppor-
tunity to do right by disabled
persons in The Bahamas, leg-
islatively; both at home and
abroad, inclusive of the Pin-
dling, Christie and Ingraham
Administrations. However,
the Ingraham and Christie
Administrations, particularly
since 2006, utterly failed!
Case in point: None of them
to date has passed any dis-
ability rights legislation
through our Parliament, nor
has any of them seen fit to
sign on to the United Nations’
Convention on the Rights of
Persons with Disabilities.

The previously mentioned
U.N. Convention was brought
into being in December, 2006:
it has been available for sign-
ing since March 30, 2007: it
contains fifty Articles and
eighteen Optional Protocols:
it has been signed by 147
countries, 98 of which have
already ratified it in their
respective parliaments and,
90 countries are signatories
to the Optional Protocol to
the Convention, 60 of which
have already ratified them.
Glaringly shameful and most
inexcusably, The Common-
wealth of The Bahamas, sup-
posing to be moving toward
first-world status, is not one of
those countries!

Why is it that the Govern-
ment-of-the-day in The
Bahamas has to date, not
signed this U.N. Convention
on the Rights of Persons With
Disabilities?

Might it be because the
Government will indeed be
duty bound to honor and to
legislatively provide for the
implementation of all fifty
Articles as Article 4, section

VACANCY

1., subsections [A&B] appears
to say?

And that maybe, just possi-
bly maybe the Government
might not wish to be so
bound?

And, that the Bahamas’s
legislation might very well
have to be inclusive of all fifty
Articles, possibly making it
more expensive than our gov-
ernment would like to have
to pay for?

The proposed Bahamian
legislation, according to Min-
ister Butler-Turner, as she
announced at the F.N.M. con-
vention in November, 2009
was practically on its way to
Parliament.

But that was 15 months
ago!

How long therefore is the
Ingraham Administration
going to take, before it gives
the due legislative attention
to persons with disabilities in
The Bahamas?

Another 15 months? I must
therefore ask, since our next
general elections are approx-
imately 16 months away, is
this Administration now wait-
ing until the elections are
almost upon this country, just
to rush some piece of
watered-down nonsense
through parliament? Just so
that it can say that it did
something for the disabled?

Bahamians with disabili-
ties have the God-given and
constitutional right in this
country to be treated fairly.
This is something we rightly
deserve, just as any other cit-
izen of this country.

Further more, we are tax-
payers, very sensible and
capable voters as well as intel-
ligent thinkers who deserve
and demand to be respected.

Animals, under this cur-
rent Ingraham Administra-
tion, have been given
increased legislative protec-
tion by our Parliament.

However, as I recently
learned from the Disability
Affairs Division as previously
noted, we human beings in
The Bahamas with disabili-
ties are now faced with the
cancellation of our proposed
Legislation.

Is one therefore left to con-
clude that the Ingraham
Administration cares more
about animals, than it cares
about persons with disabili-
ties?

JEROME THOMPSON
Nassau,
February, 2011.

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THE TRIBUNE

THREE STABBINGS,
MAN’S LIFELESS
BODY FOUND

By LAMECH JOHNSON

IN THE span of three
hours, three men were
rushed to hospital after

being stabbed during sep-

arate altercations.
Elsewhere, the lifeless

body of what was thought }

to have been a homeless
man was found under a
stairwell.

Just before 6pm on
Wednesday, police were
called to the scene of a

disturbance on the corner }

of Moore Avenue and
Homestead Street.

Witnesses told
responding officers that a
group of men got into a
fight which resulted in
two of them, ages 38 and
17, being stabbed.

They were taken to hos-
pital by paramedics. Their }

current conditions are
unknown.

A few hours later,
police received informa-
tion of another stabbing
at East Street South.

Officers responded and

were told that a group of
men attempted to attack
another man. They said
another man tried to pre-
vent the attack and was
stabbed in the back.

He was taken to the
hospital by paramedics.
His condition was also
unknown at press time
last night.

Earlier that day, police
discovered the body of a

man under the stairwell of

the Aura Lodge Hall
building on Charlotte
Street South.

Foul play is not suspect-

ed in the matter, as there
were no visible signs of
injury on the body.

Police are continuing
their investigations into
all three matters.



POLICE COMMISSIONER Ellison Greenslade
has acknowledged that police officers

DESPITE a public apology from
the Commissioner of Police, the
angry parents of children involved
in an accident with a police cruiser
Friday night say they intend to keep
the heat on until the matter is
resolved.

“No cover-ups,” said Shantell
Rolle, mother of 14-year-old Wren
Rolle, who was on the back of the
truck involved in the accident. “They
can’t try to cover that up. Those
were children. Those officer left the
scene of the accident.”

Katrice Deleveaux, the mother of
14-year-old Patrick Williams, who
was also one of the children on the
back of the truck, said she was

involved could have been more sensitive.

‘Brave’ Davis: Bahamas does
not need Cable and Wireless
to cut phone call rates

PLP DEPUTY leader
Philip “Brave” Davis told a
PLP rally on Wednesday
night that the Bahamas
does not need Cable and
Wireless to cut phone call
rates.

Mr Davis claimed a “sim-
ple proposal” to the tele-
coms regulator URCA will
result in “cell phone rates
being drastically cut
today.”

He said: “We do not
need Cable and Wireless
to do that. Stop insulting
the intelligence of Bahami-
ans with such foolishness.
We lowered the rates
before and the profits of
BTC grew as a result.”

Mr Davis said that if
Prime Minister Ingraham
and the rest of the govern-
ment really care about the
price of telephone services
and the “hell Bahamians
are catching” trying to pay
their bills, they should low-

er the prices immediately.

“Challenge them,” he
urged the crowd. “Chal-
lenge your Member of Par-
liament.

“Ask them why they
won't do it now.”

The opposition deputy
leader said BTC represents
arguably the most valuable
asset that has ever been
put up for sale in the histo-
ry of the Bahamas.

“It is an important mat-
ter.

“This is serious business.
It’s debate should not be
reduced to bar-room chat-
ter with smokes, mirrors,
half-truths and false choic-
es.

“The debate and vote in
the House of Assembly in
several weeks is a crucial
one,” he said, urging the
prime minister to “remove
the partisan whip” and let
FNM MPs vote “their con-
science” on the matter.

Cable Beach

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Effective March 1, 2011, the
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become a nine (9) hole facility.

This is necessary to facilitate the
West Bay Street realignment.

The construction of the world- class, Jack
Nicklaus Signature Golf Course will
commence in approximately 18 months.

During this period, the Cable Beach
Golf Course will offer 9 and 18-hole
rates, and will also be available for
tournaments and groups.

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inconvenience caused.





informed on Wednesday that police

‘SIMPLE PROPOSAL’:
Philip ‘Brave’ Davis



FRIDAY, FEBRUARY 25, 2011, PAGE 5

Parents" ‘Intend to Keep heat on’ over police crash

were sending someone to take a
statement.

“They hit them and left them
there. You aren’t supposed to leave
the scene,” she said.

According to Mrs Deleveaux,
police informed her that an investi-
gation into the matter is ongoing.

Mrs Deleveaux said that her son,
who is still suffering from complica-
tions as a result of the accident, was
released from hospital on Wednes-
day.

Police reports state that around
9.35pm last Friday, there was an acci-
dent on the corner of Gladstone and
Fire Trail Roads involving a 2009
Crown Victoria and a 2001 Daewoo
Labos truck driven by a 37-year-old







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The police also stated that the
Crown Victoria was travelling south
on Gladstone Road and the Daewoo
Truck north on Gladstone Road
when the two vehicles collided.

On Wednesday, Police Commis-
sioner Ellison Greenslade acknowl-
edged that police officers involved
could have been more sensitive.

“Police did not demonstrate the
requisite amount of sensitivity in
dealing with the matter.

“Tam not satisfied that we did due
diligence,” the commissioner said.

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PAGE 6, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE





POLICE TIGHT-LIPPED ON :

REPORTS OF PROTEST
MAN SURVEILLANCE
FROM page one

use of intelligence officers.

“Intelligence officers are used in }
these operations where we suspect :
that persons may have the intent }
to disrupt the peaceful order of i

society,” said Mr Bethel.

“There are officers who just get i
intelligence and do not arrest any- }
one. When you see me go and exe- }
cute a warrant it is based on intel- }

ligence,” he said.

Intelligence officers were “in the
mix” of the crowd on Wednesday
and “would not have been easily
identifiable.” Those officers were }
feeding information to the senior }
command, who used the informa- :
tion for mediation efforts. They }
were different from plainclothes }
officers, who were also on the i

scene.

“We have a strong network of }
intelligence officers who we employ :
on a daily basis to assist with all }
types of criminal activities. In every }
operation we run we use intelli- :
gence officers. We have used them }
to detect and prevent a lot of i

crime,” said Mr Bethel.

One strategy used by top ranking }
police officers on Wednesday was }
to enter the heated mass of demon- }
strators and speak directly to}
specifically identified individuals. :
Front line protesters who engaged }
in dialogue with the police said they :

“appreciated” the efforts.

“We were in the front line. I}
appreciate the inspectors coming :
out here to talk to us. We are not }
here to incite anything. We know :
the police are only doing their job,” i

said one protester.

The use of intelligence officers }
has generally “been increased” said }
Mr Bethel, to assist the police in }
identifying people who are com- }

mitting crimes.

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LOCAL NEWS

STEVE MCKINNEY speaks out at Wednesday’s BTC demonstration.

INVESTIGATION INTO STEVE MCKINNEY’S BTC PROTEST ATTENDANCE

FROM page one

officer must in no circumstances
become publicly involved in any
political controversy, unless he
becomes so involved through no
fault-of his own, for example, in
the proper performance of his
official duties; and he must have
it in mind that publication either
orally or in writing of any mate-
rial, whether of direct political
interest or relating to the admin-
istration of the Government or
of a department of Government
or any matter relating to his offi-
cial duties or other matters
affecting the public service,
might immediately involve the
public service in such controver-
sy.

Mr Ellis pointed out that Mr
McKinney is contracted to be at
BIS from 9am to 5pm. Accord-
ing to asource at BIS he was not
on leave on Wednesday, and
even up until noon yesterday
when Mr Ellis spoke with The
Tribune, the broadcasting exec-
utive had yet to show up to
work.

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Nassau



Mr Ellis added that Mr McK-
inney’s contract with BIS comes
to an end on April 1. He did not
give any indication as to whether
or not it will be renewed after
this date.

Even if Mr McKinney were
on leave, sources close to the
government pointed out that a
public servant, except in pur-
suance of his official duties
therefore and with the permis-
sion of the Director of Public
Personnel, whether he is on duty
or on leave, shall speak in public,
or broadcast in any way, on any
matter which may reasonably be
regarded as of a political or
administrative nature; allow him-
self in any circumstances to be
interviewed or express any opin-
ion for publication on questions
of public policy, or on any matter
of administrative or political
nature or on matters affecting
the administration or security of
any state or territory.

The general orders continue:
“The first duty of a public officer
is to give his undivided alle-
giance to the State, ie to the

FROM page one

Government of the day. In join-
ing the Public Service, a public
officer voluntarily enters a pro-
fession in which his service to
the public will take a non-politi-
cal form; and whatever may be
his political inclination his impar-
tiality in the performance of his
duty must be beyond suspicion.

“It follows therefore that a
public officer should not nor-
mally take any active part in
matters of public or political con-
troversy, and particularly if the
matter is one with which he is
officially concerned.

“Political activities in the
Bahamas may be defined as fol-
lows: adoption as a candidate for
election to the House of Assem-
bly, holding office in a party
political organization; speaking
in public on matters of national
political controversy; expressing
views on such matters in letters
to the press, or in books, articles
or leaflets or by broadcasting or
on television; and canvassing or
distributing pamphlets, etc on
behalf of a candidate or political

party.”

2 PLP “STIRRED UP BIC MOB ANGER’

FROM page one

statement.

A Tribune source from Farm Road said he witnessed a
bus stationed at the corner of East Street and Strachan
Corner picking up residents to carry them to the demon-
stration.

“JT saw them taking the money. They were paying $10 to
come downtown for one hour. I definitely witnessed it yes-
terday,” our source said.

“T just thought it was amazing that they would give
out money to get people to go down town. Normally I
observe it during rallies. They would come around paying

you to go on the bus. They give you T-shirts with some-

thing wrapped up in it. But I was surprised yesterday

i with the protest,” he said.

On Wednesday, a government minister told The Tri-
bune constituents were offered between $30 and $50 plus
alcoholic beverages to take part in the protest.

PLP leader Perry Christie and other opposition mem-
bers of Parliament who participated in a press conference
on Wednesday denied any suggestion that they paid pro-
testers.

“From my point of view, I paid no one,” Mr Christie
said.

Although the protesters who arrived on the bus were
said to come from the Farm Road area, a Tribune source
said the bus was not engaged by the Farm Road con-
stituency branch, but “the party itself.”

“They were recruiting guys randomly from the area.

They were saying you don't have to do nothing, just come

down and be there for an hour,” said a Tribune source.
“Half of these guys don't work. They are not interest-
ed in where the money comes from, whether it is political.

They would take money from anyone: PLP, FNM, BDM,

and not just a political party,” he said.

The source said he witnessed the bus driving through
the community on Quakoo Street, and heard about it
being parked on Strachan Corner. A Tribune source at the
Post Office said he saw a bus near the parking lot off-load-
ing people for the demonstration.

Bradley Roberts, PLP party chairman, said the party did
not hire a bus. He said it must have been hired by an indi-

vidual, but “it was not contracted by Bradley Roberts.”

Generally speaking, he said: “It is not unusual for

? members of Parliament to organise and move their con-

stituents around. It is not unusual for the PLP. It is not
unusual for the FNM. What is wrong with that?”

With respect to the specific BTC demonstration on
Wednesday, he said he did not know anything about the

: payment of demonstrators or the bus.

“T wouldn't know what the purpose of paying anybody
is. They must have money to throw away if they did that.
“The PLP party has always been a party without any

money. Where would we get money to use like that?” he

asked.

POLITICAL HOPEFUL PLANS TO SUE OVER

explained Mr Forbes of his
involvement. "We provided a
corporate service to a client
and it was normal to always
act as officers and directors.

"We got all the due dili-
gence that is needed and
these clients checked out
clean. When I found out that
these guys were up to no good
we terminated (business with
them) immediately," he said.

Canadian businessman
Nick Djokick invested $6 mil-
lion into GFS with the
promise of 20 per cent annual
interest — money that disap-
peared when he tried to cash
out on his investment, accord-
ing to CTV.

The "scam" drove Mr
Djockick to allegedly kidnap
and torture his former busi-
ness partners. He also alleged-
ly tried to hire a hitman to
assassinate Mr Forbes and
Freeport-based Canadian
attorney Richard Devries for
their connections to GFS.

A segment in the pro-
gramme depicts a Canadian
reporter's attempts to speak
with Mr Forbes about the
accusations until the lawyer
is cornered outside his office.

On camera, Mr Forbes told
the reporter that he only
incorporated and registered
GFS, a task he said his firm

EMPLOYMENT OPPORTUNITY: CONSERVATION COORDINATOR

The Nature Conservancy Northern Caribbean Program is seeking to fill the position of Conservation

Coordinator. The Conservation Coordinator works in a program or preserve office and provides
administrative, research, project management and other general assistance to program staff working

toward the achievement of protection, conservation or stewardship goals. May manage conservation
data, participate in ecoregional planning, develop project packages, and maintain manual project
records. May include collecting, assembling and analyzing various types of data, in the field or through

document surveys, producing maps using GIS software and assisting in the production of reports. Work
may be done in the field (species monitoring) or be based entirely in an office setting, compiling the
information collected by others.

Bachelor's degree in biology, ecology, natural resources management or related field and 2-4 years
related work experience or equivalent combination of education and experience.

Ability ta complete tasks independently within assigned time frames.

Ability to manage multiple priorities, with assignments sometimes coming from a number of sources

and work independently.

Ability to coordinate project information from a number of sources to populate databases, create
reports and produce manual files.
Working knowledge of Microsoft Office suite. Experience utilizing databases for data entry and
report production preferred.
Strong administrative skills including attention to detail and numerical ability. Ability to plan,
administer and record results of work-beam meetings and activities.

Interested persons should apply in writing with full details, including resume and cover letter by
March 2, 2011 to bahamas@tnc.org



TV SHOW'S ‘FRAUD’ ALLEGATIONS

did for about "500 to 600
companies” at the time
adding that he was paid
between "$1,900 to $5,000"
for his work.

Mr Forbes was then con-
fronted with copies of docu-
ments that purportedly bore
his signature and alleged that
he was a director and signing
officer for the company and
had authorised hundreds of
thousands of dollars in pay-
outs.

On the programme, Mr
Forbes asked the television
crew to return in a couple of
days so he could provide them
with documents to clear him
and his company of any
wrongdoing. The report said
when the crew returned Mr
Forbes could offer nothing
"conclusive."

Mr Forbes, the opposition's
election candidate in the
Mount Moriah constituency,
said the report disparaged his
character and selectively por-
trayed the interview.

"T have seen it and we plan
to take the appropriate
action,” he told The Tribune
yesterday. "It is definitely
untrue we plan to make a
press statement on it. They

have sullied my character and
I will take whatever action is
necessary to ensure that my
name is cleared, my name is
all I have."

He added that he does not
think the allegations will hin-
der his chances of being elect-
ed to Parliament stressing that
he will "fight to the end” to
clear his name.

"Thave always lived a life in
the open and worked very
hard for everything I have. I
have no skeletons in my clos-
et and if they (his political
opponents) plan to bring this
forward I will fight this to the
end. (The allegations) have
no bearing on what I plan to
do in Mount Moriah," he said.

Last year, Mr Djokich was
sentenced to 20 years in a US
federal prison on charges of
attempted murder.

During the trial Mr Djokich
claimed he was defrauded out
of tens of millions of dollars
by GFS. It was revealed that
he hired a hit-man, really an
undercover US ICE agent, to
kill Mr Devries and Mr
Forbes.

Mr Forbes has maintained
that he never had a connec-
tion to Mr Djokich.

RESIDENTS SAY WATER
SUPPLY IS “UNUSABLE’

FROM page one

He compared taking a shower in John Millars to swimming

in the ocean.

Mr Thompson said the water “is undrinkable, turns your
clothes different colours and destroys your bathroom fixtures.”
He explained that the water problem has led to a host of oth-
ers, as for several months now they have been paying to bring
in potable water, and now have hardly any Local Government

funds left for the community.

Bishop Sweeting said bringing water to John Millars costs
around $250 a load, with about four loads needed per month.
With a yearly budget of $32,000 allocated for the entire
Wemyss Bight Township, which includes Wemyss Bight, Deep
Creek , Waterford, Bannerman Town and John Millars, funds
are extremely tight and they have had to discontinue bringing

in the water.

Mr Thompson said the Bahamas Red Cross had been of
great assistance, attempting to drill wells that, unfortunately,
ended up providing water of a similarly poor quality.

Red Cross director Caroline Turnquest explained that as
part of their “Readiness to Respond” two-year programme
geared towards disaster awareness, the micro-project in South

Eleuthera was also taken on.

The organisation spent $6,000 drilling wells and analysing the
water, but Ms Turnquest said results from various water com-
panies revealed the water to be “hard” and of “poor quality.”

Members of the community expressed hopes that the effort
might result in a reverse osmosis plant soon being built in the
area, but the Red Cross said the funding was not available at

this time.

Ms Turnquest said: “We were hopeful, but because of the
number of persons in the area and large expense of the project,
we were not approved for further funding.”

Minister of State for the Environment, Phenton Neymour,
could not be reached for comment up to press time last night.

e SEE PAGE THREE

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THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 7



Brides Magazine names

Sandals Emerald Bay
‘Top Caribbean Resort’

SANDALS Emerald Bay
in Great Exuma has been
named the ultimate
Caribbean resort for 2011 by
Brides Magazine, the world’s
number-one bridal publica-
tion.

Sandals executives said all
the company’s resorts, includ-
ing Nassau’s Sandals Royal
Bahamian, can stand proud
as Sandals Resorts Interna-
tional was declared the
world’s best all-inclusive
brand.

Results were based on a
survey conducted in conjunc-
tion with Signature Travel
Network, a group of more
than 6,000 top travel agents
nationwide.

“We are simply thrilled
with the results of this survey,
which demonstrates the con-
tinued success of our Luxury
Included concept,” said Gor-
don 'Butch’ Stewart, chair-
man of Sandals Resorts Inter-
national.

“We take tremendous pride
in the standard of our product
and the services that we deliv-
er, and that says a lot about
who we are. To be recognised
by the number one bridal
publication in the world is a
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of our brand.

“Honeymooners every-
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service to a choice of restau-
rants and an array of land and
water sports. No other resort
company offers more quality
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“T would like to acknowl-
edge the large team of peo-
ple that have helped us win
this award. Huge kudos goes
to the Bahamas Hotel Asso-
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the people of the Bahamas

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PAGE 8, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE





The effects of teenage pregnancy
































































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By ADRIAN GIBSON
ajbahama@hotmail.com

THE social issues we now
face in the Bahamas are due,
in part, to the large number of
children who are having chil-
dren. Teenage pregnancy
appears to have gone wild!

Teenage pregnancy is a
major contributing factor to the
social disintegration our coun-
try now faces. In the Bahamas,
we are shifting from one gen-
eration to another too speedily,
and thus resulting in a nation
of poorly socialized, ill-man-
nered brats who are disgrun-
tled and intent on ruining any
thread of public harmony.

The term teenage pregnan-
cy refers to any teenage girl
who falls pregnant during her
adolescent years. Teenage preg-
nancies carry a social stigma,
lead to poorly educated adults,
increase poverty and harmfully
affect the lives of the children
being born. In a report by the
Save the Children organization,
it was found that every year,
about 13 million children
(worldwide) are born to teen
mothers under age 20, primari-
ly in developing countries.
According to local statistics, the
percentage of births to teenage
mothers lingers around 13 per
cent of the national total.

Just last week, as I left a law
firm on Dowdeswell Street,
there walked a contingent of
young girls, wearing baby-blue
outfits (presumably students of
the PACE—Providing Access
to Continued Education—pro-
gramme) and speaking garishly,
all with protruding bellies.
These youngsters were on aver-
age between ages 13 to 16. I
recall one of them telling the
other how she couldn’t wait to
have her baby, leave the PACE
programme and return to reg-
ular school.

According to the PACE
Foundation website, the PACE
programme was initiated by
Nurse Andrea Elizabeth
Archer in 1970 and “has sought
to pioneer ways and means to
address the problem of teen
pregnancy, and, in its many
years of existence, has certain-

YOUNG MAN’s VIEW

ADRIAN

ly impacted the lives of numer-
ous teens and their babies.”

The website says: “Over the
years, it would have provided
assistance to more than 3000
teenage mothers, helping them
to complete high school thus
ensuring them a better chance
of breaking the cycle of pover-
ty and hopelessness. However,
PACE continues to face
numerous problems that affect
its functionality. Entry into the
PACE programme is voluntary
and available only to first-time
teen mothers. However, less
than half of the nation's first-
time mothers enter the pro-
gramme yearly.

Parenting

“The aim is to intervene in
the lives of more first-time teen
mothers with a view to ensuring
that such girls achieve a mini-
mum of a high school diploma,
and preventing further preg-
nancies until they have
achieved independent means
by which they can care ade-
quately for all their offspring.
At present, our children are at
risk of growing up in economi-
cally disadvantaged circum-
stances and with mothers who
are ill-prepared for parenting
and, in fact, need parenting
themselves. The cost of ignor-
ing this problem is great; there-
fore it demands our immediate
attention,” the Foundation’s
website read.

It further stated that “(a)
principals of government sec-
ondary schools are reluctant to
allow teen mothers re-entry
into regular school for fear that
they will have a negative influ-
ence on fellow students, both
female and male; (b) the pro-
gramme remains fragmented,
as services such as antenatal
care and others are offered in
different locations; (c) there are
no facilities for emergency

Glas ON

housing or for on-site childcare;
and (d) the programme is gen-
erally under funded.”

The PACE programme
nobly states the view that in
accordance with article 23 of
the Education Act 1996 “school
is compulsory age between the
ages of 5 and 16, underscoring
that no citizen is more entitled
to education than the other.”
The programme asserts that “it
is further understood that edu-
cation is important for the pur-
poses of nation building and
directly improves the standard
of living and full development
of human beings. With the
existing make up of the econo-
my of our country, there is little
possibility of economic survival
of a young teen with a child to
support.”

Indeed, the government, and
private sector entities and citi-
zens, must see to it that worth-
while programmes such as
PACE are properly subsidized.

How can values be taught
when there are 20-year-old
mothers with children in pri-
mary school?

Our national conscience is
surely in smithereens when we
now have 32-year-old grand-
parents and it is being viewed
as relatively normal due to its
growing prevalence!

Today, our country is
plagued by a spree of abhor-
rent crimes and senseless mur-
ders, most likely due to an
absence of role models, poor
social skills and a lack of values.
How can ethics be taught when
many of the children born are
being parented by boorish
youngsters?

The spate of violence at our
public schools is again another
example of our society’s failure
to confront many of the under-
lying social problems, instead
simply choosing to adopt a
reactionary approach to prob-

SEE page 10



CUSTOMER
NOTICE

Please be advised that

our current Schedule

of Rates and Fees will

be updated effective
March 28th, 2011.

A copy of the revised

Schedule may be

obtained from your

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LE ul a

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





THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 9



Minister: more must be done

for Caribbean women’s goals

By K QUINCY PARKER
Press Attaché

Embassy of The Bahamas
Washington, DC

NEW YORK, NY - At the
55th Session of the Commission
on the Status of Women at the
United Nations on Tuesday, Min-
ister of State for Social Develop-
ment Loretta Butler-Turner said
that although successes have
been achieved, more must be
done to realise the goals and aspi-
rations for women of the
Caribbean.

The CSW session is meeting
for the next two weeks under the
theme: “Access and participation
of women and girls in education,
training, science and technology,
including for the promotion of
women’s equal access to full
employment and decent work.”

A major outcome of the event
will be the official launch of the
United Nations Entity for Gen-
der Equality and the Empower-
ment of Women (UN Women).
The new entity is expected to be
launched on Thursday, February
24, in a special ceremony to be
hosted by CNN special corre-
spondent Christiane Amanpour.

UN Women was established
following the adoption of Gen-
eral Assembly resolution 64/289
on 2 July, 2010, and brought
together the following four enti-

Loretta Butler-Turner speaks at the
55th Session of the Commission on the
Status of Women at the United Nations

(DAW), the Office of the Spe-
cial Advisor on Gender Issues
and Advancement of Women
(OSAGI), the International
Research and Training Institute
for the Advancement of Women
(INSTRAW) and the United
Nations Development Fund for
Women (UNIFEM).

Michelle Bachelet - Chile’s
first woman president, who left
office in 2010 - was appointed
executive director of UN Women
by the Secretary-General in Sep-
tember 2010, and her recently
articulated vision and 100-day
action plan objectives include the
elimination of discrimination
against women and girls, the
empowerment of women, co-
ordination of efforts by the Unit-
ed Nations system to ensure that
commitments on gender equality
and gender mainstreaming trans-
late into action throughout the
world, and building effective part-
nerships with national mecha-
nisms for gender equality, civil
society and other relevant actors.

Mrs Turner pledged CARI-
COM’s full support and co-oper-
ation with the new agency.

She said: “[We] hope that the

years for a new gender architec-
ture will evolve and generate con-
crete results and change for
women throughout the world, in
particular on the ground in coun-
tries where such change is great-
ly needed.

“CARICOM welcomes the
‘Vision and 100-day action plan’
announced by the executive
director during the first regular
session of the Executive Board
of UN Women held last month
and looks forward to its devel-
opment, with the support of
member states and all stake-
holders,” Mrs Turner added.

The minister also noted that
lack of adequate funding poses
a formidable challenge and could
undermine the provision of assis-
tance to national partners in the
implementation of practical pro-
grammes and the strengthening
of normative and policy frame-
works on gender equality.

“We therefore encourage
member states to make volun-
tary contributions to the core
budget of UN Women to allow
the entity to better respond to
the needs of women and to meet
the expectations of member

43 member executive board
which held its first regular ses-
sion from 24 — 26 January, 2011.

Grenada is the only CARI-
COM member state elected to
serve a three-year term on the
board. Elections were held on 10
November, 2010. Saint Vincent
and the Grenadines was not suc-
cessful in its election bid.

SCIENCE AND
TECHNOLOGY

Mrs Turner also focused on
the importance of technology,
stressing that the increasing sig-
nificance of its role in national
economic development can not
be sufficiently underscored. She
cited a report by the UN Secre-
tary General, and findings from
the first Caribbean Conference
on Science and Technology, held
in Trinidad and Tobago in Sep-
tember 1998.

The minister pointed out that
while in many societies, techno-
logical advancement has brought
about significant change, many
developing countries are lagging
behind from a socioeconomic
development standpoint.

“Tn recognising the importance
of new, innovative technologies
and their contribution to devel-
opment, CARICOM recognises
the need to increase women’s and

ogy education and training,” she
said.

“The Caribbean Council of
Science and Technology (CCST)
has been playing a key role in
this area. In collaboration with
the National Institute for Higher
Education, Research, Science
and Technology, CCST has
undertaken a project to research,
document and promote public
awareness of the works and
accomplishments of outstanding
Caribbean women in the field of
science and technology. This pro-
ject was not only geared to cor-



LORETTA BUTLER-TURNER

rect the view that women have
not excelled in science and tech-
nology but was also aimed at
inspiring young women and girls
to pursue careers in science and
technology, and generally to
strive for excellence in their cho-
sen field of endeavour.”

Service Times for

Christ Church Cathedral

Anglican/Episcopal Church
George Street
Nassau, Bahamas

Sunday, February 27th, 2011
Eighth Sunday After Epiphany

ties — the Division for the
Advancement of Women

goals and objectives we have
envisioned in our calls over the

states,” she said.

UN Women is governed by a

girls’ access and participation in
the field of science and technol-

Regional Vice-President for the Council
of Residential Specialists visits Nassau

REGIONAL vice-president for the
Council of Residential Specialists Gary
Williams visited Nassau to install new offi-
cers for the council’s Bahamas chapter.

The Certified Residential Specialist
(CRS) designation is the highest credential
awarded to sales associates in the residential
sales field.

To achieve the CRS designation, a real
estate agent or broker must meet high stan-
dards set by the Council of Residential Spe-
cialists for experience in the real estate
industry and education.

The CRS designation demonstrates to
other realtors and the public that that agent
possesses a higher level of experience and
expertise in marketing property, providing
genuine service and completing the sale.

The Council of Residential Specialists is
a national affiliate of the National Associa-
tion of Realtors.

AIL US states have their own chapter and
recently the organisation expanded to
include the Bahamas - the only non-US
chapter to date.

The members of this organisation repre-
sent the “best of the best” in the real estate
industry with only 4 per cent of all agents in



the United States and the Bahamas earning
the CRS designation. This designation is
considered to be the pinnacle of real estate
education and production.

The Council consists of around 38,000
real estate professionals in the United States
and the Bahamas. There are 53 chapters
including the Bahamas and the organisa-
tion is headquartered in Chicago, Illinois.

z= fi
COUNCIL of Residential Specialists membe



rs in Nassau.

The new officers for the local chapter
include: Elbert Thompson, president; Gavin
Christie, vice-president; Cyprianna Stuart,
treasurer; Sidney Bethel, secretary; Antho-
ny Wells, membership chairman; Perry Fer-
guson; education chairman; Garnett Ellis;
audit chairman; Donna Jones; Grand
Bahama chairperson and Kathleen Albury;
Abaco chairperson.

Job Opportunity

ANNUAL GENERAL MEETING

The Parish’s Annual General Meeting will |

be held on Sunday, February 27th, 2011, |
from 11:00 a.m. to 12:00 noon. Vestry

Elections will take place at each service.
The Schedule of Services is as follows:

7:30 a.m. Holy Communion with
Sermon

9:00 a.m. Sung Holy Eucharist with |
Sermon

11:00 a.m. — 12:00 noon:
ANNUAL GENERAL MEETING

6:00 p.m. Solemn Evensong,
Sermon & Benediction



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PAGE 10, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE



US, allies pressure

Gadhafi to halt
violence in Libya

WASHINGTON
Associated Press

THE Obama administra-
tion threw its weight Thurs-
day behind a European effort
to expel Libya from the
U.N.'s top human rights body
and said it was readying a
larger sanctions package
against Moammar Gadhafi's
regime that it will take up
with allies in the coming days.

President Barack Obama
was consulting with the lead-
ers of Britain and France,
while officials said Secretary
of State Hillary Rodham Clin-
ton would help coordinate the
larger international strategy
to stop the violence in Libya
at a meeting of foreign policy
chiefs next week in Switzer-
land.

As an initial punishment for
Libya's violent attacks on pro-
testers, State Department
spokesman P.J. Crowley said
the U.S. is backing a Euro-
pean proposal for the U.N.
Human Rights Council to rec-
ommend Libya's expulsion.

Officials, speaking on con-
dition of anonymity to discuss
administration planning, also
said the U.S. would support
efforts to establish a U.N.-led
probe into "gross and sys-
tematic violations of human
rights by the Libyan authori-
ties."

While those measures
might seem tame, they were
expected to be followed soon
by tougher measures aimed
at pressuring the unpre-
dictable Gadhafi to end the
violence that has wracked
much of his country.

The U.S. was being forced
to temper its tone because
hundreds of Americans
remained stuck in the country
—and many were relying on
the goodwill and cooperation
of Gadhafi's regime for their
safety and planned evacua-
tion.

Crowley said 167 Ameri-
cans — 40 nonessential per-
sonnel and their family mem-
bers, and 127 private U.S. cit-
izens — are waiting to be



US PRESIDENT Barack Obama
has been consulting with leaders
of Britain and France. (AP)

evacuated by ferry from
Libya. The ferry remained
docked in the capital of
Tripoli because of high seas.
There are also 118 foreigners
on board and the boat isn't
expected to leave until Fri-
day.

"These people have been
on board the ship for now
well over 24 hours," Crowley
said. "I'm sure they're uncom-
fortable. They slept last night
on the ship."

Fearful

Crowley said the U.S. had
security aboard the vessel and
that Libyan officials were
securing the port area. He
sidestepped a reporter's ques-
tion as to whether the U.S.
was fearful of a hostage situ-
ation arising, and praised
Libya for cooperating with
the U.S. on the planned ferry
voyage to Malta.

Members of the 47-nation
rights council were debating
the resolution Thursday in
Geneva, ahead of an emer-
gency session Friday. Kicking
out Libya would require two-
thirds approval of all the 192

ALIBYAN GUNMAN flashes a V sign as
he stands on a military truck loaded with
launcher rockets at Al-Katiba military
base after it fell to anti-Libyan leader
Moammar Gadhafi protesters few days
ago, in Benghazi, Libya, on Thursday
Feb. 24, 2011. Army units and militiamen
loyal to Moammar Gadhafi struck back
Thursday against rebellious Libyans who
have risen up in cities close to the capi-
tal, attacking a mosque where many
were holding an anti-government sit-in
and battling others who seized control of
an airport. Medical officials said 15 peo-
ple were killed in the clashes. (AP)

countries in the United
Nations.

"The Libyan government
has violated the rights of its
people,” Crowley told
reporters at the State Depart-
ment. "Taking this step con-
tinues the increased isolation
that the Libyan government
is facing."

Hundreds are believed to
have been killed in Libya in
recent days and Gadhafi's
regime appears to have lost
control of large parts of the
country. Gadhafi has ruled
the country for 42 years, and
has offered the most violent
resistance to the wave of
protests that have spread
through the Arab world, chas-
ing leaders from power in
Libya's neighbors Egypt and
Tunisia.

It was unclear what the
larger sanctions package
might include, though asset
freezes and travel bans on
senior Libyan officials are
possibilities.

"There are actions that are
being teed up within our gov-
ernment,” Crowley said. "We
expect to take action in the
coming days, but it takes
time." He said the U.S. also
wants to ensure that the sanc-
tions chosen are "most likely
to be successful in putting
pressure on the Libyan gov-
ernment to respect the rights
and actions of their people."

Another option could be to
ban the sale of U.S. military
equipment, even if that would

be largely symbolic at this
point.

The US. has given private
arms firms licenses to sell the
Gadhafi regime materiel
ranging from explosives and
incendiary agents to aircraft
parts and targeting equipment
in recent years.

The Obama administration
also warned Thursday of a
Libyan crackdown on foreign
journalists to stifle news of
the regime's violent assaults
on protesters.

In meetings called by the
Libyan government to specif-
ically discuss news reporters,
the State Department said the
Libyan officials told U.S.
diplomats that they would
consider unregistered jour-
nalists as al-Qaida collabora-
tors subject to immediate
arrest.

"Be advised, entering Libya
to report on the events
unfolding there is additional-
ly hazardous with the govern-
ment labeling unauthorized
media as terrorist collabora-
tors and claiming they will be
arrested if caught,” the
department said in a notice
to news organizations.

The Libyan officials told
the U.S. diplomats that some
journalists from CNN, BBC
Arabic and Al Arabiya tele-

vision would be allowed into
the country to cover the situ-
ation. But the officials said
journalists working indepen-
dently and not in government-
approved teams will be pros-
ecuted on immigration
charges, according to the
department.

The warning comes as the
Libyan government appears
to have lost control of much
of the eastern part of the
nation, where some reporters
are crossing the border from

Egypt.
Cities

The violence continued
Thursday as army units and
militiamen loyal to Gadhafi
struck back against rebellious
Libyans in cities close to the
capital, attacking a mosque
where some were protesting
against the government. Med-
ical officials said 15 people
were killed in the clashes.

In a rambling phone call to
state TV, Gadhafi accused al-
Qaida leader Osama bin
Laden of being behind the
uprising.

Crowley said the United
States hasn't pursued any con-
versations with Gadhafi him-
self. But he confirmed that
USS. officials were discussing


















the situation with Libyan gov-
ernment counterparts at vari-
ous levels and messages from
the Libyan leader were being
passed.

Asked whether the U.S.
believed Gadhafi to be a
"rational actor," Crowley
demurred. "Moammar Gad-
hafi is the leader of Libya,"
he answered.

White House spokesman
Jay Carney said Obama's calls
to British Prime Minister
David Cameron and French
President Nicolas Sarkozy
were part of a strategy to seek
a concerted and broad inter-
national effort to pressure the
Libyan government. They
come as the U.N. Security
Council agreed to consider
further options against Gad-
hafi's regime, including sanc-
tions.

Carney said no options are
off the table, including the
possibility of military action.
International discussions,
however, have centered on a
possible no-fly zone or other
sanctions that would strike
Gadhafi economically.

A French government
statement said Obama and
Sarkozy demanded “an
immediate halt to the use of
force against the civilian pop-
ulation."

FROM page eight

lem solving while hardly ever proposing
credible, tangible solutions. It appears
that many Bahamians have become
desensitized and are of the view that if
an issue is not directly affecting them,
why care? We must adopt a proactive
approach confronting an issue before it
mushrooms and/or arrives at our
doorsteps.

The PACE Foundation holds even
more compelling views about the impact
of teenage pregnancy upon society, stat-
ing:

“Owing to the fact that the mothers
are single and have limited education,
their children are at increased risk of
growing up in poverty. Inadequate edu-
cation also correlates with diminished
awareness of the importance of proper
health care, regardless of the fact that
prenatal care, delivery, and childcare are
free at government health institutions.
Failure to access this care translates into
more complications of pregnancy, low
birth rates and increased incidences of
morbidity and mortality in children of
adolescent mothers.”

Societal issues such as teen pregnan-
cies, gang-banging and any other mis-
deeds, stem from a breakdown in the fam-
ily, a lack of supervision, external influ-
ences and an erosion of our moral code.

In the Bahamas, there is usually a con-
siderable age gap between adolescent girls
and the men who impregnate them, with
such marauding chaps typically being
lousy predators in their late 20s or much
older. Many school girls from adverse
family environments seek the affection
of older men, who are usually sought to fill
a void left by an absentee father. Locally,
it’s assumed that many of the men engag-
ing in relationships with underage girls
are those who interact with them daily,
that is, persons such as bus drivers, neigh-
bours and even some professionals who
ensnare them with money or a joy ride in
a posh vehicle or some pie-in-the-sky
promise. Some Bahamians would be sur-
prised by the number of young girls who
are enticed by men driving cars with flashy
rims and a loud sound system!

In his song “Brenda’s Got a Baby,” the
late rap legend Tupac Shakur famously
stated what has become the norm in the
Bahamas when he said:

“Now Brenda’s (and one can fit any
other name here) belly is getting bigger

“But no one seems to notice any change
in her figure

“She's 12 years old and she's having a
baby

“Tn love with the molester, who’s sexing

The effects of
teenage pregnancy

her crazy...”

As it relates to the protection of
teenage girls from predators, the legal
protections against sexual abuse and inde-
cent assault must be stiffened, a database
of paedophiles and sex offenders must be
established, ankle bracelets tracking these
predators must be used and, moreover,
some good old fashioned parental love
would go a long way.

Teenage pregnancy is a social epidem-
ic that, if not effectively addressed, could
further ruin our already volatile society.
Frankly, sex education and Planned Par-
enthood programmes must be developed
and further promoted and there must be
greater community and parental support
to curb the incidences of teenage preg-
nancy.

In the United States, schools are
encouraging abstinence while certain com-
munity and religious groups are promot-
ing virginity pledges. In Holland, sex edu-
cation is a part of every school’s curricu-
lum, the media advances public discourse
and health-care professionals—at all lev-
els—are prudent and discrete about such
matters. Why can’t the same approach be
taken locally?

Further, the PACE Foundation also
states that:

“For the period from 1996-2000, 72.1
per cent (2599 of 3604) of the total hospi-
tal discharge diagnoses for adolescent
females were complications of pregnancy,
hinting at the impact of the teen preg-
nancy on the national health care bud-
get. Over this same time frame 331 abor-
tions were recorded in this age group.
The breakdown is as follows: 14.4 per
cent spontaneous, 0.8 per cent legal and
84.9 per cent unspecified.”

In the Bahamas, children born to teen
mothers are often poor academic per-
formers, social deviants and high school
dropouts. Without positive influences and
constructive intervention, it is very likely
that the daughters of teen mothers will
become adolescent parents themselves
and that the sons of teen mothers will,
more often than not, serve time in prison.
Unfortunately, the children of teen moth-
ers or households with absentee fathers,
many times become societal miscreants,
that is, the problematic, community men-
aces with behavioral issues that began
during their formative years.

Our collapsing society will only be built
up when children are once again cultured
and taught that “manners and respect will
take you throughout the world!”

Crowds view last launch

of space shuttle

CAPE CANAVERAL, Fla.
Associated Press

Discovery, the world's most trav-
eled spaceship, thundered into orbit
for the final time Thursday, heading
toward the International Space Sta-
tion on a journey that marks the
beginning of the end of the shuttle
era.

The six astronauts on board, all
experienced space fliers, were
thrilled to be on their way after a
delay of nearly four months for fuel
tank repairs. But it puts Discovery on
the cusp of retirement when it
returns in 11 days and eventually
heads to a museum.

Discovery is the oldest of NASA's
three surviving space shuttles and
the first to be decommissioned this
year. Two missions remain, first by
Atlantis and then Endeavour, to end
the 30-year program.

Tt was Discovery's 39th launch and
the 133rd shuttle mission overall.

"Enjoy the ride,” the test conduc-
tor radioed just before liftoff. Com-
mander Steven Lindsey thanked
everyone for the work in getting Dis-
covery ready to go: "And for those
watching, get ready to witness the
majesty and the power of Discovery
as she lifts off one final time.”

Emotions ran high as Discovery
rocketed off its seaside pad into a
late afternoon clear blue sky, and
arced out over the Atlantic on its
farewell flight. There were a tense
few minutes before liftoff when an
Air Force computer problem popped
up. The issue was resolved and Dis-
covery took off about three minutes
late, with just a few seconds remain-
ing in the countdown.

Discovery will reach the space sta-
tion Saturday, delivering a small
chamber full of supplies and an
experimental humanoid robot.
"Look forward to having company
here on ISS in a couple days," station
commander Scott Kelly said in a
Twitter message.

The orbiting lab was soaring over
the South Pacific when Discovery
blasted off.

"Discovery now making one last



SPACE SHUTTLE DISCOVERY lifts off
from the Kennedy Space Center in
Cape Canaveral, Fla., Thursday, Feb.
24, 2011. Discovery, the world's most
traveled spaceship, thundered into
orbit for the final time Thursday, head-
ing toward the International Space Sta-
tion on a journey that marks the begin-
ning of the end of the shuttle era. (AP)

reach for the stars," the Mission Con-
trol commentator said once the shut-
tle cleared the launch tower.

On-board TV cameras showed
some pieces of foam insulation
breaking off the external fuel tank
four minutes into the flight, but
shouldn't pose any safety concerns
because it was late enough after
liftoff.

NASA is under presidential direc-
tion to retire the shuttle fleet this
summer, let private companies take
over trips to orbit and focus on get-
ting astronauts to asteroids and Mars.

An estimated 40,000 guests gath-
ered at Kennedy Space Center to
witness history in the making, includ-
ing asmall delegation from Congress



Discovery

and Florida's new Gov. Rick Scott.
Discovery frenzy took over not only
the launch site, but neighboring
towns.

Roads leading to the launching
site were jammed with cars parked
two and three deep; recreational
vehicles snagged prime viewing spots
along the Banana River well before
dawn. Businesses and governments
joined in, their signs offering words
of encouragement. "The heavens
await Discovery," a Cocoa Beach
church proclaimed. Groceries
stocked up on extra red, white and
blue cakes with shuttle pictures.
Stores ran out of camera batteries.

The launch team also got into the
act. A competition was held to craft
the departing salutation from Launch
Control: "The final liftoff of Discov-
ery, a tribute to the dedication, hard
work and pride of America's space
shuttle team." Kennedy's public
affairs office normally comes up with
the parting line. Souvenir photos of
Discovery were set aside for con-
trollers in the firing room. Many
posed for group shots.

Lindsey and his crew paused to
take in the significance of it all,
before boarding Discovery. They
embraced in a group hug at the base
of the launch pad.

Unlike the first try back in
November, no hydrogen gas leaked
during Thursday's fueling.

NASA also was confident no
cracks would develop in the external
fuel tank; nothing serious was spot-
ted during the final checks at the
pad. Both problems cropped up dur-
ing the initial countdown in early
November, and the repairs took
almost four months. The cracks in
the midsection of the tank, which
holds instruments but no fuel, could
have been dangerous.

The lengthy postponement kept
one of the original crew from flying.

Astronaut Timothy Kopra, the
lead spacewalker, was hurt when he
wrecked his bicycle last month.
Experienced spacewalker Stephen
Bowen stepped in and became the
first astronaut to fly back-to-back
shuttle missions.

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







Protocols’ urged
for Freeport bond

FRED SMITH

By NEIL HARTNELL
Tribune Business Editor

The Grand Bahama Port
Authority (GBPA) has again
urged the Government and
Customs Department to join
all stakeholders in develop-
ing agreed “protocols” for
how the over-the-counter
bond letter and bonded goods
purchases should work in
Freeport, describing the situ-
ation as “unsatisfactory” for
all concerned.

Writing on the GBPA’s
behalf to Prime Minister
Hubert Ingraham in a
December 22, 2010, letter,
Callender’s & Co attorney
and partner, Fred Smith, said
the various Judicial Review
disputes between Customs
and different GBPA licencees
had “arisen because of a lack
of clarity as to the rights and
obligations” both sides had
under the Hawksbill Creek
Agreement and Customs
Management Act, and asso-
ciated regulations.

“Licensees consider that
new and unjustified require-
ments are being imposed on
them at short notice, while
Customs no doubt considers

SEE page 3B

Gov't pletyes $500k
to Grand Bahama
Development Board

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

THE GOVERNMENT
has pledged $500,000
towards the establishment of
a new team to drive focused
investment promotion of
Grand Bahama.

State minister for finance,
Zhivargo Laing, announced
yesterday that the Grand
Bahama Business Develop-
ment Board will marry and
independently sustain the
efforts of the Grand
Bahama Chamber of Com-
merce, the Grand Bahama
Port Authority (GBPA) and
the Government in promot-
ing, examining and develop-
ing strategies for growth and
development on the island.

Speaking at the Grand

SEE page 5B

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.



THE TRIBUNE @

u



in



FRIDAY. FEBRUARY 25, 2011

SECTION B ¢ business@tribunemedia.net

BEC’s 210,000
overtime hours

i 2009 overtime was equivalent to one extra hour per day for
every employee, with previous year’s total double that
@ Consultant found that without reform, BEC losses would stay at

$20m per annum

Wi Ten largest customers eat up 29% of electricity supply
i Fuel surcharge ‘shields BEC from own inefficient operations’

By NEIL HARTNELL
Tribune Business Editor

Some 210,000 staff overtime
hours - equivalent to an aston-
ishing one hour of overtime
per day for every employee -
were booked at the Bahamas
Electricity Corporation (BEC)
during its 2009 financial year,
a confidential report for the
Government has revealed.

Describing this level of
overtime as “questionable”,
the study by German consul-
tants, Fichtner, which was

called Strengthening the Ener-
gy Sector in the Bahamas and
conducted as part of an Inter-
American Development Bank
(IDB) funded project, noted
that during BEC’s 2008 finan-
cial year the amount of
booked overtime hours was
“double” the 2009 total -
meaning there were more
than 400,000 hours of over-
time booked.

“In 2008-2009, 210,000
thousand hours of overtime
have been booked, which
amounts to approximately one

hour a day for every employ-
ee,” the Fichtner report on
BEC’s operations noted. “The
year before, volume was dou-
ble that value. This volume is
questionable even if the
recruitment stop is taken into
account.”

Since the Fichtner study was
conducted, BEC has made
several noticeable adjust-
ments, notably increasing the
basic tariff rate and, coupled

SEE page 2B

AML: BIDDER ‘TRYING
TO BACK DOOR’ OFFER

* Accuses Mark Finlayson’s $12m ‘hostile bid’ of
using newspaper ads to ‘win hearts and minds’ of
investors outside process laid down by

Commission

* Says this and ‘lock up’ agreement existence led
to share suspension, hurting 1,357 shareholders
* Brands bidder as ‘neophyte’ in food

management

* And chairman says bulk of ABDAB’s $70 million
dividends came last year in $4 2million from

Heineken deal

By NEIL HARTNELL
Tribune Business Editor

AML Foods chairman yes-
terday accused businessman
Mark Finlayson of “trying to
back door the process” on his
$12 million ‘hostile’ takeover
offer through newspaper sup-
plements appealing to “the
hearts and minds” of the com-
pany’s shareholders, again
urging investors to consider
whether they would be com-
fortable with a “neophyte” in
the food management busi-
ness.

Speaking to Tribune Busi-
ness after the Finlayson-con-
trolled Associated Bahamian
Distillers and Brewers
(ABDAB) ran several news-
paper advertisements pur-
porting to compare its key
financial indicators, such as
profits, sales and dividends,
with those generated by AML
Foods, Dionisio D’ Aguilar
said it was Mr Finlayson’s
alleged “failure to follow the
process” that forced the Secu-
rities Commission to suspend
trading in the BISX-listed
food group’s shares.

Emphasising that he was
only speaking out after
ABDAB, via the supple-
ments, breached the Securi-
ties Commission’s instructions
not to speak further via the
media, and that he was not
trying to belittle Mr Fin-
layson’s business track record,
Mr D’Aguilar said the busi-
nessman was comparing
“apples with oranges” in seek-
ing to match ABDAB’s per-
formance to that of AML
Foods.

The supplement attempts
to demonstrate Mr Fin-
layson’s and ABDAB’s man-

SEE page 4B



66

... failure

to follow
the process”

DIONISIO D’AGUILAR

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Port owners
slammed on
‘exit strategy’

* Polymers chief criticises Bahamianisation

for ‘insulating the Bahamian worker from the

real world for too long’

* Says educationAvorkforce quality hampering
Bahamian companies’ ability to compete

ATTENTIVE: Grand Bahama Outlook 2011 participants.

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

GRAND BAHAMA’s long-term economic growth has
been stunted by a lack of ‘true vision’ on the part of major
stakeholders, Polymers International’s chief operating offi-
cer said yesterday, as he hit out at the Grand Bahama Port

SEE page 5B



CABLE BEACH REALTY PRICES
SET FOR 10-15% INCREASES

By NEIL HARTNELL
Tribune Business Editor

A former Bahamas Real
Estate Association (BREA)
president yesterday said the
property prices and rental rates
in the Cable Beach area would
likely increase by between 10-15
per cent as a result of the $2.6
billion Baha Mar project’s start,
adding that his firm had
dropped the ReMax franchise
as a cost cutting measure,

William Wong, president of
William Wong & Associates
Realty, which operates from
offices in Cable Beach, said that
with the market still slow for

Realtor drops
ReMax franchise
as cost cutting
measure

many Bahamian realtors, he
was hopeful that Baha Mar -
and the expatriate workers the
development will require -
would stimulate property/rental
demand in the immediate vicin-

SEE page 5B

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PAGE 2B, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE





By SIMON COOPER

There’s been more hype
about Baha Mar and foreign
interference in our economy
than for as long as I can recall.
Tempers are getting frayed
and some would even like to
stop the project and send the
Chinese home. Bahamians
need to ask themselves
whether this is the right mes-
sage to send other overseas
investors, especially when
jobs are tight and there are so
many other investment oppor-
tunities for foreigners else-
where.

Tourism is our vital indus-
try

Everybody knows that
tourism and related activity
accounts for over 60 per cent
of our gross domestic product
(GDP), and that tourists are a
reality with which we have
learned to live.

In fact, one wonders
whether without them we
would be much more than a
subsistence economy, and how
our children would feel when
they grew up without jobs.
Tourism is here to stay, and
it must grow, too, or it will
continue to decline.

What would replace
Baha Mar if it’s lost?

We need economic growth

Our economy is staggering
out of recession, but it needs a
kick-start to find its way. Even
if our nation had the money, I
doubt Bahamians would sup-
port massive government
intervention on an Obama
scale.

That means the money has
to come from somewhere else
and that means a foreign
investor with a huge amount
of cash, too — and an opportu-
nity to invest in a growth mar-
ket such as our tourism oppor-
tunities provide.

We have a long history of
Foreign Investment

We are all descendents of
immigrants of various kinds,
and that means all our ances-



tors are foreigners. All these
foreigners - and this means
Spanish explorers, British
colonists, African Americans
and, later, migrants - brought

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THE CENTRAL BANK

OF THE BAHAMAS
COUNTERFEIT BANKNOTE
DETECTION SEMINAR

The Central Bank of The Bahamas Train-

ing Room, Market Street and Trinity Place

entrance

Session
March 3, 2011
From 10:00 A.M. to 11 A.M. (for mem-
bers of the general public)

From 12:00 noon to 1:00 P.M. (for bank-

ers and law enforcement agents)

Apply by:

Friday, February 25, 2011

The Seminar is open to banks and bank-

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Contact: 302-2629 or 302-2734



SIMON

value of some kind with them
when they arrived. Why
should we stop this process
just because new foreigners
are involved? We should be

welcoming the new skills, new
jobs and new business oppor-
tunities that the Chinese will
bring.

The state must stay out of
the debate

If we are to stop the Baha
Mar project, this will require
massive state intervention that
will fly in the face of interna-
tional precedent, not to men-
tion sheer logic, too.

Remember how the stricter
financial regulations intro-
duced in the year 2000 caused
many overseas firms to relo-
cate? What message will we
send those that remain with
us and continue to add value
and jobs to our economy —
and what incentive would
there be for them to expand,

either?

If not Baha Mar then what
else?

We need growth, and we
need capital for growth that
will have to come in from
beyond our borders. Baha
Mar has the potential to do
all that, and bring in huge
crowds of other potential
investors on holiday, too.

If we stop Baha Mar, then
who will be foolish enough to
invest time and money to
replace it? As a nation, we
have gone past that point. We
need Baha Mar, and we
should be welcoming it enthu-
siastically.

NB: Res Socius was found-
ed by Simon Cooper in 2009,
and is a Business Brokerage
authorised by the Bahamas
Investment Authority. He has
extensive private and public
SME experience, and was for-
merly chief executive of a pub-
licly traded investment com-
pany. He was awarded an
MBA with distinction by Liv-
erpool University in 2005.
Contact him on 636-8831 or
write to simon.cooper@resso-
cius.com.



CEREMONIAL HANDSHAKE: Li Ruogu, left, chairman and president, The Export-Import Bank of China,
shakes hands with Bahamian Deputy Prime Minister Brent Symonette, right, as Sarkis Izmirlian, chairman
and CEO, Baha Mar, looks on at the Baha Mar groundbreaking ceremony in Cable Beach.

BEC’s 210,000 overtime hours

FROM page 1B

with other reforms, the Gov-
ernment is hoping the utility
monopoly returned to prof-
itability in the financial year
to end-September 2010. Yet
the Fichtner report highlights
the inefficiencies, wastage and
management issues that
appear to be costing BEC and
the customers/taxpayers mil-
lions of dollars annually.

Had BEC made no finan-
cial adjustments, Fichtner said
the Corporation would have
continued to incur per annum
net losses of around $20 mil-
lion, despite increasing
demand producing higher rev-
enues.

“With increasing revenues,
the accounts receivables from
private customers increase as
well, from $85 million in fiscal
2010 to $135 million in fiscal
year 2014,” Fichtner project-

ed. “Government accounts
receivables slowly increase
with the increasing sales to
government customers to $67
million in fiscal year 2014,
while government accounts
payable slowly decreases to
$60 million due to the annual
netting with accounts receiv-
able.”

The German-based consul-
tant, in its base case scenario,
said that if the Government
and BEC had implemented
no reforms, BEC’s cash deficit
would have risen from an esti-
mated $6 million in fiscal year
2009 to $88 million in fiscal
year 2010, and $300 million
in fiscal year 2014.”

Clearly this will not hap-
pen, but had reforms been
avoided, Fichtner said: “With
this development [cash
deficit], BEC is not able to
meet most of its covenants.
Tangible net worth decreas-

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Sore Cope,

es as a result of the decrease
in retained earnings. [Oper-
ating income] may be suffi-
cient to cover the interest pay-
ments, but it is not sufficient
to cover the total debt ser-
vice. The operating ratio
improves, but only reaches a
value of 1.0 in fiscal year
2014.”

The Fichtner report noted
that BEC’s 10 largest cus-
tomers accounted for about
29 per cent of the energy sup-
plied by the Corporation in
its 2009 financial year, with
the largest 32 clients - likely
major hotels and industrial
companies - receiving 32 per
cent of the total power supply.

“In other terms almost one-
third of BEC’s revenue hinges
on 0.03 per cent of the
clients,” the Fichtner report
said. “This characterises in a
dramatic way the sensitivity
of BEC’s sales market and
needs predominant attention.

“Among other considera-
tions, the dependency calls for
a particular service approach
that has so far been ignored.
Setting up a Key Account
Management Unit in cus-
tomer services should urgent-
ly be addressed.”

Elsewhere, Fichtner said
BEC’s fuel surcharge,
designed to protect the Cor-
poration and its financial posi-
tion against external oil price
shocks, had created “a differ-
ent, unwanted effect”.

It explained: “The fuel sur-
charge shields BEC against
its own inefficient operation
by guaranteeing the recovery
of all fuel costs regardless of
whether these are due to price
increases or inefficient oper-
ation.

“In a variety of different
manners, it can be seen that
BEC relies upon recovery of
fuel costs through the fuel sur-
charge while making decisions
which lead to less efficient
operation, such as postpon-
ing and neglect of proper
maintenance and non-optimal
investment decisions. BEC is
allowed to pass through the
fuel price and does not have
an incentive to purchase fuel
at the lowest price or to oper-
ate efficiently.”

The Fichtner report con-
cluded: “Looking at the finan-
cial performance from a gen-
eral perspective, the conclu-
sion is that nearly all of the
ratios, even those stipulated
as covenants of the bank
loans, are off the mark. The
profitability ratios are nega-
tive. The self-financing is neg-
ative. The liquidity ratios are
under acceptable levels.”

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







Protocols’ urged
for Freeport bond

FRED SMITH

By NEIL HARTNELL
Tribune Business Editor

The Grand Bahama Port
Authority (GBPA) has again
urged the Government and
Customs Department to join
all stakeholders in develop-
ing agreed “protocols” for
how the over-the-counter
bond letter and bonded goods
purchases should work in
Freeport, describing the situ-
ation as “unsatisfactory” for
all concerned.

Writing on the GBPA’s
behalf to Prime Minister
Hubert Ingraham in a
December 22, 2010, letter,
Callender’s & Co attorney
and partner, Fred Smith, said
the various Judicial Review
disputes between Customs
and different GBPA licencees
had “arisen because of a lack
of clarity as to the rights and
obligations” both sides had
under the Hawksbill Creek
Agreement and Customs
Management Act, and asso-
ciated regulations.

“Licensees consider that
new and unjustified require-
ments are being imposed on
them at short notice, while
Customs no doubt considers

SEE page 3B

Gov't pletyes $500k
to Grand Bahama
Development Board

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

THE GOVERNMENT
has pledged $500,000
towards the establishment of
a new team to drive focused
investment promotion of
Grand Bahama.

State minister for finance,
Zhivargo Laing, announced
yesterday that the Grand
Bahama Business Develop-
ment Board will marry and
independently sustain the
efforts of the Grand
Bahama Chamber of Com-
merce, the Grand Bahama
Port Authority (GBPA) and
the Government in promot-
ing, examining and develop-
ing strategies for growth and
development on the island.

Speaking at the Grand

SEE page 5B

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.



THE TRIBUNE @

u



in



FRIDAY. FEBRUARY 25, 2011

SECTION B ¢ business@tribunemedia.net

BEC’s 210,000
overtime hours

i 2009 overtime was equivalent to one extra hour per day for
every employee, with previous year’s total double that
@ Consultant found that without reform, BEC losses would stay at

$20m per annum

Wi Ten largest customers eat up 29% of electricity supply
i Fuel surcharge ‘shields BEC from own inefficient operations’

By NEIL HARTNELL
Tribune Business Editor

Some 210,000 staff overtime
hours - equivalent to an aston-
ishing one hour of overtime
per day for every employee -
were booked at the Bahamas
Electricity Corporation (BEC)
during its 2009 financial year,
a confidential report for the
Government has revealed.

Describing this level of
overtime as “questionable”,
the study by German consul-
tants, Fichtner, which was

called Strengthening the Ener-
gy Sector in the Bahamas and
conducted as part of an Inter-
American Development Bank
(IDB) funded project, noted
that during BEC’s 2008 finan-
cial year the amount of
booked overtime hours was
“double” the 2009 total -
meaning there were more
than 400,000 hours of over-
time booked.

“In 2008-2009, 210,000
thousand hours of overtime
have been booked, which
amounts to approximately one

hour a day for every employ-
ee,” the Fichtner report on
BEC’s operations noted. “The
year before, volume was dou-
ble that value. This volume is
questionable even if the
recruitment stop is taken into
account.”

Since the Fichtner study was
conducted, BEC has made
several noticeable adjust-
ments, notably increasing the
basic tariff rate and, coupled

SEE page 2B

AML: BIDDER ‘TRYING
TO BACK DOOR’ OFFER

* Accuses Mark Finlayson’s $12m ‘hostile bid’ of
using newspaper ads to ‘win hearts and minds’ of
investors outside process laid down by

Commission

* Says this and ‘lock up’ agreement existence led
to share suspension, hurting 1,357 shareholders
* Brands bidder as ‘neophyte’ in food

management

* And chairman says bulk of ABDAB’s $70 million
dividends came last year in $4 2million from

Heineken deal

By NEIL HARTNELL
Tribune Business Editor

AML Foods chairman yes-
terday accused businessman
Mark Finlayson of “trying to
back door the process” on his
$12 million ‘hostile’ takeover
offer through newspaper sup-
plements appealing to “the
hearts and minds” of the com-
pany’s shareholders, again
urging investors to consider
whether they would be com-
fortable with a “neophyte” in
the food management busi-
ness.

Speaking to Tribune Busi-
ness after the Finlayson-con-
trolled Associated Bahamian
Distillers and Brewers
(ABDAB) ran several news-
paper advertisements pur-
porting to compare its key
financial indicators, such as
profits, sales and dividends,
with those generated by AML
Foods, Dionisio D’ Aguilar
said it was Mr Finlayson’s
alleged “failure to follow the
process” that forced the Secu-
rities Commission to suspend
trading in the BISX-listed
food group’s shares.

Emphasising that he was
only speaking out after
ABDAB, via the supple-
ments, breached the Securi-
ties Commission’s instructions
not to speak further via the
media, and that he was not
trying to belittle Mr Fin-
layson’s business track record,
Mr D’Aguilar said the busi-
nessman was comparing
“apples with oranges” in seek-
ing to match ABDAB’s per-
formance to that of AML
Foods.

The supplement attempts
to demonstrate Mr Fin-
layson’s and ABDAB’s man-

SEE page 4B



66

... failure

to follow
the process”

DIONISIO D’AGUILAR

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Port owners
slammed on
‘exit strategy’

* Polymers chief criticises Bahamianisation

for ‘insulating the Bahamian worker from the

real world for too long’

* Says educationAvorkforce quality hampering
Bahamian companies’ ability to compete

ATTENTIVE: Grand Bahama Outlook 2011 participants.

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

GRAND BAHAMA’s long-term economic growth has
been stunted by a lack of ‘true vision’ on the part of major
stakeholders, Polymers International’s chief operating offi-
cer said yesterday, as he hit out at the Grand Bahama Port

SEE page 5B



CABLE BEACH REALTY PRICES
SET FOR 10-15% INCREASES

By NEIL HARTNELL
Tribune Business Editor

A former Bahamas Real
Estate Association (BREA)
president yesterday said the
property prices and rental rates
in the Cable Beach area would
likely increase by between 10-15
per cent as a result of the $2.6
billion Baha Mar project’s start,
adding that his firm had
dropped the ReMax franchise
as a cost cutting measure,

William Wong, president of
William Wong & Associates
Realty, which operates from
offices in Cable Beach, said that
with the market still slow for

Realtor drops
ReMax franchise
as cost cutting
measure

many Bahamian realtors, he
was hopeful that Baha Mar -
and the expatriate workers the
development will require -
would stimulate property/rental
demand in the immediate vicin-

SEE page 5B

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FAMILY GUARDIAN FINANCIAL CENTRE, EAST BAY & CHURCH STREETS, NASSAU, BAHAMAS | T 242-396-1300/1400 | www.famguardbahamas.com







PAGE 4B, FRIDAY, FEBRUARY 25, 2011



THE TRIBUNE



AML: Bidder ‘tryin
to back door’ offer

FROM page 1B

agement expertise compared
to that of AML Foods.
Between 1995-2010, ABDAB
was shown to have generat-
ed $88.712 million in net prof-
it and $69.431 million in divi-
dends, compared to an
alleged $15.265 million cumu-
lative loss by AML Foods,
and $27.074 million in divi-
dend payouts.

“Much of ABDAB’s
returns are due to a one-off
sales of Burns House and
Commonwealth Brewery to
the Dutch [Heineken],” Mr
D’Aguilar retorted, “and I
think the food store business
is avery different business.

“You really need to com-
pare his management of City
Markets to our management
of AML Foods.

“T can bundle Superwash
with AML Foods and it could
be wonderful, but at the end
of the day you have to com-
pare apples with apples.

“Mr Finlayson is making a
concerted effort to prove his
management expertise, and
there’s no way I can compare
his management expertise in
the food business with the
experience of AML’s current
management team in the food
business. It’s apples and
oranges.”

Separately, Tribune Busi-
ness sources pointed out that
the $120-$125 million pur-
chase of ABDAB’s liquor
industry assets by Heineken
had resulted in a $14 per
share dividend being paid to
ABDAB investors last year.
With 2,985,262 shares being
issued and outstanding, that
according to Tribune Busi-
ness calculations at the time

resulted in a $41.974 million
total payout to ABDAB
investors.

Stripping out the dividends
generated by that deal, the
sources pointed out, would
leave ABDAB with almost
exactly the same total investor
payout between 1995-2010 as
AML Foods, namely some
$27 million.

Questioned

The same sources also
questioned whether much of
the dividends, profits and
sales enjoyed by ABDAB in
its graphs had come post-2004
and 2005, the time when
Heineken paid $10 million to
take over Board and man-
agement control at Burns
House and Commonwealth
Brewery from the Finlayson
family.

They suggested that divi-
dends only resumed once
Heineken took charge.

Mr Finlayson could not be
reached for comment last
night, although the ABDAB
Board of Directors and
Annual General Meeting
(AGM) were likely to
approve the company’s acqui-
sition of the 78 per cent
Bahamas Supermarkets stake
held by his Trans-Island
Traders vehicle.

That is likely to pave the
way for Mr Finlayson to
launch his formal tender offer
for a 51 per cent majority
interest in AML Foods,
priced at $1.50 a share - a 44
per cent premium to the cur-
rent trading price.

With the Securities Com-
mission having suspended
trading in AML Foods shares,
Mr Finlayson has little choice
other than to submit a formal

CITco

Nlewing Fund Service Farwerdâ„¢

Bid Circular if he is to realise
his goal.

Tribune Business sources
yesterday suggested it was the
existence of a ‘lock up’ agree-
ment, which Mr Finlayson
had offered to certain AML
Foods shareholders, that had
prompted the regulator’s
action, as they had no way to
monitor whether it was being
offered to all shareholders,
and whether the terms and
conditions are the same. Mr
Finlayson previously said he
had 20 per cent of AML
Foods shares “locked up”.

Mr D’Aguilar, though, sug-
gested the newspaper supple-
ment comparisons between
ABDAB and AML Foods
were designed to “get
around” the formality of the
Bid Circular, as all represen-
tations and claims in it would
have to be verified for accu-
racy by the Securities Com-
mission.

“He’s trying to back door
the process,” the AML Foods
chairman alleged, “attempt-
ing to win the hearts and
minds of AML shareholders
without following the proper
process.

“This is not the proper way
to do things, and is what
caused the suspension of the
shares.

“There is a process; stick to
it. This is all everyone asks.
The fact he has not followed
the process is what caused the
suspension and inconve-
nienced the 1,357 sharehold-
ers.

“Let’s get back on base.
You’re affecting people’s
livelihoods; their ability to
trade shares. It’s just not right.

“We’re waiting for his [Mr
Finlayson’s] Tender docu-
ment so we can respond to it,

not an ad in the paper. There
was a clear message from the
Commission that he should
follow the process. An ad in
the paper here, an ad in the
paper there, is not the proper
way to do things.”

And Mr D’Aguilar added:
“It’s not that we are trying to
detract from Mr Finlayson’s
successes.

Position

“Our only position is that
he has no experience in the
food business, and if you look
at the current City Markets
management team splashed
across the newspapers, they
have no food retail experi-
ence, having mostly come
from luxury goods.

Addressing AML Foods’
shareholders directly: “If you
feel more comfortable with a
neophyte in the food business,
fair enough, but our manage-
ment team has been around
for years, and has years of
experience, and Mr Fin-
layson’s team are just coming
up the learning curve, and on
the learning curve mistakes
are made.

“T just want to assure the
shareholders of AML that we
feel fairly confident he will be
unable, based on our current
discussions with shareholders
who hold in excess of 50 per
cent of the shares, to yield his
31 per cent.

“T don’t want any of our
staff, management and sup-
pliers to worry. It’s amazing
the amount of support we are
getting from our sharehold-
ers. If people are jittery, I
don’t want them to jitter. I
don’t want anyone to start to
doubt our resolve or intent to
succeed.”

ea AU
CREATES UP TO TEN JOBS

New Providence
welcomes a new fast
food eatery to the
Bahamian market on
Saturday, February
26. About ten jobs
will be created.

The name — “Mud-
does, Wings ‘N’
Tings” is a play ona
popular Bahamian
expression of sur-
prise and amaze-
ment.

The restaurant is
on the corner of
Jerome and Edward
Avenues, just north
of Scotiabank. The
location is planned as
the first of several for
the island.

“We plan to make “Muddoes” a household name,
known for our commitment to a consistently delicious
product with quality service at reasonable prices.” says
one of the company’s executives.

Muddoes’ signature dishes include cooked-to-order
chicken wings with specialty sauces and homemade beef
burgers. There is also a spin on some Bahamian favourites
like cracked chicken, cracked conch, grouper fingers and
classic fried chicken in addition to signature garden and
chicken salads, grouper and conch burgers. Party platters
are available for catered events such as office parties,
family gatherings and sporting events.

The first location will employ approximately ten (10)
workers in the private sector and is a collaboration of
young Bahamians coming together to create business
opportunities and entrepreneurship.

242-393-0780
' on FACGCEHEROGOH oa:
WWW MUDDOES.COM



Share your news

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from people who are

making news in their
neighbourhoods. Perhaps

you are raising funds fora HE
good cause, campaigning Gg
for improvements in the

area or have won an

award.

If so, call us on 322-1986

and share your story.



Citeo Fund Services (Bahamas) Limited (Citeo) is a division of the Citco Group of
Companies, a Global Financial Services organization which provide Banking. Administrative,
Fiduciary and Financial Services from aver 35 countries. Citco is the largest independent
Administrator of Hedge Funds in the world and as part of our continued expansion, in our
office in The Bahamas; we are looking for a motivated and pro-active:

Account Manager - Fund Accounting

Your mvost important tasks and responsibilities would include:

* Full responsibility, managerial supervision and oversight for a team of Fund
Accountants and an assigned portfolio of Hedge Funds, including ownership and
responsibility for the review and completion of the Net Asset Value (NA) calculations
for the assigned Hedge Funds clients;

Reviewing the Constitutive and Operational Documents, Material agreenvents and the
relevant Generally Accepted Accounting Principles (GAAP) for your portfolio of
clients to obtain a detailed understanding of your assigned portfolio and to ensure that
all NAV calculations are performed pursuant to GAAP, Citco’s mbemal policies and the
Fund's Documents;

Performing a5 Team Leader and Client Relationship Manager for your assigned team
and clients, respectively. This includes coaching, training, supervising and directing
staff members in the performance of their assigned tasks and ensuring timely and
accurate communication and reporting to our internal and external customers;

Liaising with imtemational clients, auditors, other service providers and other Citco
Offices worldvade, to ensure that clentexpectations are met

The successfal candidates should mect the following criteria:

* A CPA or CA designation, a CFA candidate or another equivalent professional
qualification required;
Strong technical knowledge of GAAP and complex financial instruments including
derivatives and OTC securities required;
A team player, able to cope with individual and group responsibilities;
Exhibit a rigorous and diligent approach t accuracy and detail with excellent
communication skills:
Five years experience in the financial area or alan accounting andit finn is required

We offer you: a challenging job in a rapidly expanding international company, with an informal
company culture. You will have the opportunity to broaden your job specific knowledge with
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lf you are interested in this opportunity, please send your curriculum vitae and covering letter via
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website: Www cleo con,

INTER-AMERICAN DEVELOPMENT BANK

CONSULTANT

The Inter-American Development Bank invites
applications from qualified individuals to fill a one-year part-time
Consultant position at its Country Office in Bahamas. The
objective of the consultancy is to provide support to the Fiduciary
Financial Management Specialist (FMS) in the fiduciary
oversight and monitoring of operations, as well as to foster the
development of the fiduciary and institutional capacity of executing
agencies. The consultancy offers a possibility of extension based on
performance and the Country Office’s business needs.

The position requires a Bachelor’s Degree or equivalent in
Accounting, Finance, Business Administration or a related area
and at least two (2) years of relevant professional experience in the
areas of financial management or administration of projects and
financial analysis or financial accounting. Candidates should, have
strong analytical, quantitative, planning and organizational skills;
excellent writing and communication skills and the ability to
adjust to multiple demands, shifting priorities and attention to
detail. A good working knowledge of MS Word and MS Excel is
required.

Interested candidates must have Bahamian citizenship or be a
citizen of one of the member countries of the IDB and have a valid
permit to work in Bahamas at the time of application.

The expected start time is March 15, 2011. Consultant will work
one day per week plus approximately 30 additional days during the
year.

To apply, please email cover letter, CV, and contact details for 3
referees to cof-cbh@iadb.org with subject — Consultant Financial
Management.

Deadline for application is March 7, 2011.



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



Full Text

PAGE 1

N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER PLP stir red up BTC mob anger V olume: 107 No.80FRIDAY, FEBRUARY 25, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 84F LOW 72F B U S I N E S S STARTSON16B S P O R T S Business Extra SEESECTIONE Stallions squeeze past Cavs By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net THE governing Free National Movement has accused the Progressive Liberal Party of engaging in and promoting uncivil and unruly behaviour at Wednesdays demonstration against the sale of BTC. It was a PLP-organised and paid-for political demonstration filled mostly with party supporters, and did not represent the majority of Bahamians who are shocked and appalled by the behaviour of a crowd engaged in mob-like behaviour, said a statement issued by the FNM. A number of PLP supporters at the demonstration were dressed in yellow no turning back shirts. The FNM said it was disturbing that newly-rat ified PLP candidate Cleola Hamilton, head of the nursing union, participated in the demonstration dressed in PLP colours. A video uploaded on YouTube yesterday (http://www.youtube.com/watch? v=5YkDDsLeD2I&feature=pla yer) also showed Englerston MP Glenys Hanna-Martin engaging with some members of the crowd and sharing what seemed to be encouraging words with them. PLP MP Obie Wilchcombe was also seen among the protesters, as was PLP Mical MP V Alfred Gray. After yesterday, there is no pretence left. The PLP has hijacked various unions and compromised certain union leaders in the pursuit of its own needs rather than what is in the best interest of the unions and the Bahamian people, said the Demonstration as paid forc laims FNM M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E THE Bahamas Information Services is investigating the circumstances sur rounding the presence of its head of their broadcast division, Steve McKinney, at the anti-BTC sale demonstration in Rawson Square. The demonstration, which took place between 9am and 3pm on Wednesday, was attended by hundreds of persons, many of whom were well-known PLP supporters who it is reported were bused in to attend the event. When contacted for comment yesterday, Edward Ellis, the Executive Director of BIS, said Mr McKinney was at the demonstration without their knowledge. We are presently looking into the matter. Steve is on contract, and he heads our broadcast division, he said. Like all government employees, Mr McKinney is bound by the rules and regulations of the public service what is commonly referred to as general orders. These orders spell out that a public POLITICAL hopeful Arnold Forbes said he plans to sue a Canadian television station for a programme that linked him to an alleged $170 million investment "fraud." The piece, which was broadcast on the Canadian station CTV, claims that the attorney was a director in interna tional business company GFS Limit ed, a company accused of squandering client investments. The international news station reported that GFS was run by two Quebec residents, JeanPierre Tremblay and Stephane Hardy, along with Mr Forbes. "We incorporated the company which is a normal practice for law firms especially those in corporate law," SEE page six By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net POLICE would not confirm or deny reports that intelligence officers had surveillance on a man accused of murder at Wednesdays mass demonstration. Onlookers observed intelligence officers at the scene of the protest using video and still cameras to watch the crowd. One offi cer was overheard issuing an instruction to zoom into a man who was out on bail for murder. Leon Bethel, head of the Central Detective Unit, said Wednesday was a typical day, and on typical days the police rely on the POLICE TIGHT-LIPPED ON REPORTS OF PROTEST MAN SURVEILLANCE S EE page six INVES TIGA TION INTO STEVE MCKINNEYS BTC PROTEST ATTENDANCE PROTESTPRESENCE: Broadcaster Steve McKinney (standing thrid from right in white hat) at Wednesdays BTC protest. T i m C l a r k e / T r i b u n e s t a f f SEE page six By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net WEMYSS BIGHT South Eleuthera residents spoke to The Tri bune about the deplorable condition of the water supply in the John Millars settlement, which locals describe as salty and unusable. According to Clement Thompson, chairman of the Wemyss Bight Township, the small settlement of John Millars has been dealing with the salty water for over a year now. Bishop Ernest Sweeting, a member of the township, said: Even though it is a small community, they are still Bahamians and deserve what is owed to them. SEE page six SEE page six POLITIC AL HOPEFUL PL ANS TO SUE OVER TV SHOW FRAUD ALLEGATIONS RESIDENTS SAY WATER SUPPLY IS UNUSABLE REPORTSreached The Tribune late last night that a man died after being shot multiple times. The incident happened shortly after 9pm on Baillou Hill Road, south of St Vincent Road. The victim was taken to hospital but died of his injuries. See tomorrows Tribune for more details. SHOOTINGDEATH

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M O R E t h a n 6 0 t h i r d g ra d e st u de n ts a t W oo dc ock P rimar y Sc ho ol r ece i v ed a s pec i al treat o n F ebr uar y 9 w h e n t h e y v ie w e d M i g h t y Time s, the Leg acy of Ro sa P a r k s a f i l m a b o u t t h e A f r i c a n A m e r i c a n C i v i l R ights M ovement. T h e c h i l d r e n w e r e e nt h ra lled b y t he tes t imo nia ls of the acti vists, includi ng Ro sa Pa r ks a n d D r M a rt i n L u t h e r K i n g a n d t h e s c e n e s de p ic ti n g t h e l ea d er s' s tru ggle fo r equa l ity. The s cr eening w as led by U S E m b a s s y v o l u n t e e r S a n to y a E d g e c o mb e d u r i n g t h e s t u d e n t s w e e k l y "R ead to Lead" se ssio n to comm emora te Bl ack Hi stor y M ont h. T h e US Em b a ss y a d op t ed Woo dc oc k P r i mar y Sc ho ol i n 200 5 a nd vol unte ers ha ve b e e n m e n t o r i n g s t u d e n t s e v e r s i n c e t h r o u g h t h e R e a d t o L e a d p r o g r a m m e For many of the c hi ldren, th e f i l m w as t he i r fi r st e x pos ure to the Afr i c an -Americ an Civil R ights M ovement cha r act e ri s e d by m a j or ca m p aig ns o f n on vio len t c i vil r esis tan c e du rin g th e per iod 19 551968. T h r o u g h t h e f i l m s t u d e n t s le ar n ed a b o u t R o s a P ark s' c ou rageo us dec isio n no t to mo ve fro m her s eat o n a s e g r e g a t e d M o n t g o m e r y A l a b a m a b u s w h i c h i n s p i r e d p e a c e f u l ac tion by Americ ans o f all r a c e s ai me d at a d d r es s i n g r acial in equality. Not ed l eg i sla ti ve achi ev ements th at foll o wed inc l u de d t h e p a s s a g e o f C i v i l R i g h t s A c t o f 1 9 6 4 t h a t b a n n e d d i s c r i m i n a t i o n based on "ra c e colour, rel igion o r na ti o nal or igi n in em plo yme nt pr ac t ic es an d pub li c a ccom mo dat i ons; t he V oting Rights Ac t of 1965 that r estored and p rotec ted vo ting r igh ts; an d th e Fa ir H o u s in g A c t o f 1 9 6 8 t h a t b a n n e d d i s c r i m i n a t i o n i n th e sale o r r enta l o f ho us i n g T h e Ros a Parks fi lm co nt a i n ed m a n y t h e m e s t h a t t he s t u d e n t s c o u l d r e l a t e t o D u r i n g t h e b u s b o y c o t t Afr i c an A m er ican activist s c ar po oled with th e h el p o f w h i te A me r i c a n s d e m o n st rating the values of teamw o r k a n d h e l p i n g o t h e r s Stude nts al so l earne d about the impor tanc e of p atienc e a nd pe r se v e r a nce w he n t he y h e a r d D r M a r t i n L u t h e r K i n g p r e ac h n o n vi o l en c e in the fac e o f a dvers ity. Fo llowin g the s c reen ing, San toya E dgec omb e aske d t he ch i l dr e n q ue s ti o ns a bo ut t h e f i l m t o g a u g e t h e i r u n d e r s t a n d i n g T he i r a nsw e rs sh owe d t he s t u d e n t s u n d e r s t o o d t h a t R osa P ark s sto od u p to d i s c r imina to ry la ws a nd th at h e r s i m p l e a c t i n s p i r e d a movemen t with the goal o f end ing racia l d iscri mi nat ion i n Am er ica once a nd fo r al l LOCAL NEWS P AGE 2, FRIDA Y FEBRUAR Y 25, 201 1 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM W oodcock Primary students gain insight on t he Af ri canAm eric an Ci vil Ri ght s M ove ment WATCHING THE BIG SCREEN: Third-grade students at Wood cock Primary School (above) received a special treat on February 9 when they viewed A Might Times, the Life of Rosa Parks MESSAGE DELIVERED: The screening was led by US Embassy volun teer, Santoya Edgecombe (left). She is pictured with some of the third graders fol lowing the screening.

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By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net WEMYSS BIGHT Amid promises that their concerns will soon be addressed by Cable Bahamas, frustratedSouth Eleutherans claim the lack of cable and internet ser vices is keeping them out of the 21st century. Residents of the Wemyss Bight settlement voiced theirf rustration to T he Tribune yesterday over the fact that Cable Bahamas has not cre ated the infrastructure in their community to allow them access to cable television and the internet. T hey said their children are m issing out on important opportunities in the age of technology. It is embarrassing that in 2011, where technology is so important, that we are without. They have no interest in us, they believe we live out in the wilderness, said Clement Thompson, Wemyss Bight township chairman. With a small settlement of just over 300 adults and a school student body of 100, Wemyss Bight residents feel their voices are not being heard. According to Bishop Ernest Sweeting, member of the Wemyss Bight Township, the community is one of the only settlements in South Eleuthera with no cable or internet. Bishop Sweeting said Cable Bahamas came to Eleutherato connect Greencastle and Deep Creek, which are neighbouring settlements, and bypassed Wemyss Bite. With regard to the school kids, its robbery, said Bishop Sweeting. He added that last year, Cable Bahamas went to Cape Eleuthera but once again ignored the settlement. Bishop Sweeting said numerous calls have been placed to the cable company on the matter with the only response being that there is nothing on the table for Wemyss Bight. Chairman Clement Thomp son emphasised the impact the lack of modern technolo-gy is having on school students. He said: The absence of internet and cable services is putting this school and children of this area at a disadvantage, they are being deprived. Thirteen computers were recently donated to Wemyss School Library, but children are unable to access the internet or use educational learn ing and research tools, Mr Thompson said. Meanwhile, settlements as close as two miles away are hooked up to Cable Bahamas. Mr Thompson said: It does not take much to extend cable to this area. By not doing so, they are leaving us out to dry everyone else has service but Wemyss Bight. He described the commu nitys utter disappointment when they could not watch Chris Brown, a native of Wemyss Bight, win a silver medal in the 2008 Beijing Olympics. It was such a shame, Mr Thompson said, shaking his head. I would like to be able to turn on my TV and see what is going on in the rest of the country. We have been appealing to the powers that be for years with no results nothing but excuses. Mr Thompson added that he is not blaming anyone, that their fight is not political or about taking sides in any way, but rather about what is best for their community. When asked to respond to the concerns, Anthony But ler, president of Cable Bahamas, said the company is continuing to work to con nect the Family Islands to their system, but added that he could not say when Wemyss Bight would be visited by the companys technicians. It is based on the availability of the construction crews which are currently working in Grand Bahama and Long Island, said Mr Butler. When asked why Wemyss Bight was passed over when neighbouring areas were hooked up, Mr Butler only said his crews have a schedule and will be working to that schedule on the Family Islands this year. However, Dr Keith Wisdom, public relations manager at Cable Bahamas, said Wemyss Bight has not been left out and can expect ser vices to begin being installed by the end of September. LOCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Christ Church Cathedral ACM Steak-Out that had been scheduled for Saturday February 26th, has been postponed until May 28th,2011. All tickets sold will be honored at that time. The ACM apologies for any inconvenience caused. By TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net ABACO business owners fear a repeat of last summer's island-wide black-outs, which residents say drove tourists away and crushed commerce during one of the years busiest seasons. Residents have scheduled what they refer to as a protest meeting for March 10, The Tribune was told, as their frustration mounts over the unsolved problem. Government has invited bids for the installation of an upgraded transmission line capable of carrying a reliable power supply from the new Wilson City plant to Abaco's residents and businesses. This line is expected to be in place by May 15, more than six months after the plant was originally set to begin operation. However, one entrepreneur expressed doubt that this time-line will be met. He worried the island will again have to cope with devastating power cuts, causing tourists to overlook the island for their summer travel plans. How long is it going to take for them to accept one of the bids? asked the busin ess owner, who did not want t o be named. (Environment Minister Earl) Deveaux said the new line is going to be installed by May 15. It cannot be done and we don't have any confidence in them. It's seven months later and nothing has been done except now they have gone out to bid. They haven't taken any action. Loss Abaco businesses lost $3-$4 million last year with the bulk of this loss coming from cancelled bookings or visitors leaving the island early in frustration, Abaco Chamber of Commerce president Michael Albury said earlier this month. Even if the power supply problem is rectified before the increased summer demand, Abaconians may still have to suffer a backlash from last y ear's dilemma. "It was very bad last year a nd I fear the same thing is g oing to happen, businesses a re very concerned. Abaco business cannot afford that ora lot of us are going to shut down. (Government ing all this money on advertising the islands but the tourists are turning away, we locals can put up with it but the tourists, they don't come back. The word has spread," said the businessman. Residents say officials at BEC have called a meeting with locals next Thursday to update them on the Wilson City plant. The plant was scheduled to come on stream in 2010, but has been set back, and to date testing of the generators is continuing. Load shedding and power blackouts forced residents and tourists alike to go without power on a daily basis for several days in summer 2010. Protest meeting amid fears of renewed island-wide black-outs S TEAK -OUT POS TPONED Frustration over lack of cable and internet services SIGNSOFTROUBLE: Street demonstrators show thier frustration in Abaco last year.

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EDITOR, The Tribune. Firstly, I fully disclose that I am a member of the National Development Party: Also, the Chairperson of the Disabled Persons Association of the NDP. However regarding the writing of this particular letter, I am speaking exclus ively, not on behalf of the NDP, but as an individual citizen who has a disability. I am forty-seven years of age. For the past thirty-six of them, I have been living witha sensory disability; in that I am physically unable to see(blind since the age of eleven. It is therefore with frustration and sadness that I write to you regarding what I recently learned about the proposed, d isability rights legislation for the Bahamas. I had occasion to contact the Disability Affairs Division on Wednesday, February 16, in order to acquire a copy of the draft legislation. I was subsequently advised that the Ingraham Administration has rejected the currently structured Bill that so many had worked on, for so long. The present draft of the proposed legislation possibly might not contain all that persons with disabilities truly need. However, to the best of my recall as it is currently drafted in respect to its substance, it shall provide much in the way of legal protection and mandatory requirements in the best interest of persons with disabilities in the country, if implemented as is. I must therefore ask: Since dogs were given increased protec tion in Parliament some time ago under this current Ingra ham Administration and persons with disabilities as yet, have not been given our legislative rights and protection, for which weve been fighting for more than 20 years, does this mean that we as human beings and voting citizens are now being regarded less than those animals by the governing party? It is therefore agonizing to learn that disabled persons again, may be getting short changed as it seems that the Ingraham Administration is doing something with our disability rights legislation, which just does not feel right to me. I took the opportunity to call into the Talk Show, Hard Copy on Friday February 11th, expressing my disappointment and discuss over the fact that to date, the Gov ernment-of-the Day(the Ingraham Administration nor the then, Christie Administration) have not seen fit to provide equal rights for and legal protection for Bahamians, living with disabilities. This I did because as I too am feeling it, I am hearing the cries of my fellow disabled brothers and sisters rising up, more and more increasingly over being ignored by politicians who only care to remember us for our votes, during the times of our national elections but forget us, between elections. My voice will therefore no longer remain quiet on this issue, but will continue speaking out against the insensitive manner by which many persons with disabilities have been and still are being treated in The Bahamas. All Governing Adminis t rations of our country, since 1973 have had ample opportunity to do right by disabled persons in The Bahamas, legislatively; both at home anda broad, inclusive of the Pin dling, Christie and Ingraham Administrations. However, the Ingraham and Christie Administrations, particularly since 2006, utterly failed! Case in point: None of them to date has passed any disability rights legislation through our Parliament, nor has any of them seen fit to sign on to the United Nations Convention on the Rights ofP ersons with Disabilities. The previously mentioned U.N. Convention was brought into being in December, 2006: it has been available for signing since March 30, 2007: it contains fifty Articles and eighteen Optional Protocols: it has been signed by 147 countries, 98 of which have already ratified it in their respective parliaments and, 90 countries are signatories to the Optional Protocol to the Convention, 60 of which have already ratified them. Glaringly shameful and most inexcusably, The Common wealth of The Bahamas, sup posing to be moving toward first-world status, is not one of those countries! Why is it that the Government-of-the-day in The Bahamas has to date, not signed this U.N. Convention on the Rights of Persons With Disabilities? Might it be because the Government will indeed be duty bound to honor and to legislatively provide for the implementation of all fifty Articles as Article 4, section 1., subsections [A&B] appears to say? And that maybe, just possibly maybe the Government might not wish to be so bound? And, that the Bahamass legislation might very well have to be inclusive of all fifty Articles, possibly making it more expensive than our government would like to have to pay for? The proposed Bahamian legislation, according to Minister Butler-Turner, as she announced at the F.N.M. convention in November, 2009 was practically on its way to Parliament. But that was 15 months ago! How long therefore is the Ingraham Administration going to take, before it gives the due legislative attention to persons with disabilities in The Bahamas? Another 15 months? I must therefore ask, since our next general elections are approximately 16 months away, is this Administration now waiti ng until the elections are almost upon this country, just to rush some piece of watered-down nonsense through parliament? Just so that it can say that it did something for the disabled? Bahamians with disabilit ies have the God-given and constitutional right in this country to be treated fairly. This is something we rightly deserve, just as any other citizen of this country. F urther more, we are taxpayers, very sensible and capable voters as well as intel ligent thinkers who deserve and demand to be respected. Animals, under this current Ingraham Administration, have been given increased legislative protec tion by our Parliament. However, as I recently learned from the Disability Affairs Division as previously noted, we human beings in The Bahamas with disabili ties are now faced with the cancellation of our proposed Legislation. Is one therefore left to conclude that the Ingraham Administration cares more about animals, than it cares about persons with disabili ties? JEROME THOMPSON Nassau, February, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE The Tribune Limited N ULLIUS ADDICTUS JURARE IN VERBA MAGISTRI B eing 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. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 E ILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972P ublished Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising A dvertising Manager (242 C irculation Department (242 Nassau Fax: (242 W EBSITE www.tribune242.com updated daily at 2pm AT LAST the masks are off. What started as a union demonstration to prevent the saleo f BTC to Cable & Wireless has been highjacked by the PLP, ostensibly also objectingt o the sale, but in reality attempting to desta bilise the Ingraham government with an eye t o the 2012 election and a PLP victory. In this effort it would seem that not only is it a no holds barred struggle, but the fact that the incorrect propaganda being sent out internationally could destroy ourt ourist economy is not being considered. To the PLP the year 2012 seems more important t han the health of the nation. None of us must ever forget a former P LP minister declaring from a public podium that God gave this country to the PLP. Ever since then whenever an FNM government has been in power the attitude in thePLP camp gives the impression that the F NM are so many imposters who hoodwinked the people into giving up their b irthright. The PLP seem to think of them selves as the valiant knights in shining a rmour, duty-bound to rescue that birthright in the name of the people. A video posted to YouTube and sent to CNN I-Report was credited to Patrick Terrence Robinson, who was the narrator and described as the PLPs webmaster. It shows PLP MPs involved and appearing to b e among those stirring up the furor on Bay Street on Tuesday. Massive protest rocks the Bahamas was also posted to Facebook and other Intern et sites. Someone was determined that the Bahamas was to have its own small Egypt even though it had to be fabricated. However, judging from public reaction to this video and the comments posted on the CNN I -Report, it would seem that the video has done more damage to the PLP than thee xaggerated massive protest to the Gov ernment. S aid one viewer: This story is a complete lie. The Government is not being held up in the Parliament building. And it is also not a massive demonstration. Please dont be deceived by political operatives in The B ahamas seeking to gain mileage. Another talks of police officers reporting s eeing money changing hands between PLP operatives and hired demonstrators. Another reminds Americans of the PLPs past reputation during the drug era, and begs no one to be fooled. America, he commented, is no stranger to who they are. A ll this recalls an episode that took place many years ago between Sir EtienneD upuch, publisher of this newspaper, and Sir Lynden Pindling, who at that time was p rime minister. Sir Etienne, a senior and highly respected publisher with the Inter-American Press Association, was invited by his colleagues to address them at a meeting the Associationh ad planned for Miami. Instead of speaking from brief notes, Sir Etienne read the text ofh is speech, because he said knowing the cloth from which Sir Lynden was cut, his w ords were certain to be twisted back in Nassau. The morning after the speech was delivered, Sir Lynden accused Sir Etienne over ZNS of warning Americans of a communist i nfluence in the Bahamas and of trying to destroy the reputation of the country. N owhere in his speech was the word com munism or communists used. Sir Etienne s ent Sir Lynden a copy of his speech demanding a retraction. Sir Lynden refused. As Sir Etienne said, he only criticised the PLP government in this column, published only in the Bahamas. To him what he wrote in this column was an argument among Bahamians. H owever, once out of the Bahamas and on foreign soil, he refused to be intervieweda bout the Bahamas problems. He always refrained from criticising his country when a broad. For him pride in country came first but not so the PLP as evidenced this week by their anxiety to get the Bahamas on foreign airwaves and mixed up with the efforts of government overthrows in the Middle E ast. If this so-called massive protest repre s ents the true feelings of the Bahamian peo ple, then why did the demonstrators have to b e bused to Bay Street with inducements to exercise their lungs and push barricades against the police for about an hour? It is unusual for an angry people to have to be prodded into action. F rom some of the comments being made by certain persons to stir up unrest, we would u rge the authorities to refer to the Penal Code and review the interpretation of sedition to determine whether some are pushing the button too far and might now be ven turing into forbidden territory. Government seems to care more about animals than people with disabilities LETTERS letters@tribunemedia.net The massive protest that rocked Bay St

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P LP DEPUTY leader Philip Brave Davis told a PLP rally on Wednesday n ight that the Bahamas d oes not need Cable and W ireless to cut phone call rates. M r Davis claimed a simp le proposal to the telecoms regulator URCA will result in cell phone rates being drastically cut today. He said: We do not need Cable and Wireless t o do that. Stop insulting t he intelligence of Bahami ans with such foolishness.W e lowered the rates b efore and the profits of B TC grew as a result. Mr Davis said that if Prime Minister Ingrahama nd the rest of the government really care about the price of telephone servicesa nd the hell Bahamians are catching trying to pay their bills, they should low e r the prices immediately. Challenge them, he urged the crowd. Chall enge your Member of Parl iament. Ask them why they wont do it now. T he opposition deputy l eader said BTC represents arguably the most valuable asset that has ever been put up for sale in the history of the Bahamas. It is an important mat ter. This is serious business. I ts debate should not be reduced to bar-room chatt er with smokes, mirrors, h alf-truths and false choic e s. The debate and vote in the House of Assembly ins everal weeks is a crucial one, he said, urging the prime minister to removet he partisan whip and let FNM MPs vote their conscience on the matter. L OCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DESPITE a public apology from the Commissioner of Police, thea ngry parents of children involved i n an accident with a police cruiser Friday night say they intend to keep the heat on until the matter is resolved. No cover-ups, said Shantell Rolle, mother of 14-year-old Wren Rolle, who was on the back of thet ruck involved in the accident. They cant try to cover that up. Those were children. Those officer left the scene of the accident. Katrice Deleveaux, the mother of 14-year-old Patrick Williams, who was also one of the children on theb ack of the truck, said she was informed on Wednesday that police were sending someone to take a statement. They hit them and left them t here. You arent supposed to leave the scene, she said. According to Mrs Deleveaux, police informed her that an investigation into the matter is ongoing. Mrs Deleveaux said that her son, who is still suffering from complica-t ions as a result of the accident, was released from hospital on Wednesday. Police reports state that around 9.35pm last Friday, there was an accident on the corner of Gladstone and Fire Trail Roads involving a 2009C rown Victoria and a 2001 Daewoo Labos truck driven by a 37-year-old man with five "people" in the rear bed. H owever, parents and eyewitnesse s claim there were seven persons in the back of the truck. The police also stated that the Crown Victoria was travelling south on Gladstone Road and the Daewoo Truck north on Gladstone Road when the two vehicles collided. O n Wednesday, Police Commissioner Ellison Greenslade acknowledged that police officers involved could have been more sensitive. Police did not demonstrate the requisite amount of sensitivity in dealing with the matter. I am not satisfied that we did due diligence, the commissioner said. By LAMECH JOHNSON IN THE span of three hours, three men were r ushed to hospital after b eing stabbed during sepa rate altercations. Elsewhere, the lifeless body of what was thoughtto have been a homeless man was found under a stairwell. Just before 6pm on Wednesday, police were called to the scene of a disturbance on the cornero f Moore Avenue and Homestead Street. Witnesses told r esponding officers that a group of men got into a fight which resulted in two of them, ages 38 and 1 7, being stabbed. They were taken to hospital by paramedics. Their c urrent conditions are u nknown. A few hours later, p olice received informat ion of another stabbing at East Street South. O fficers responded and were told that a group of men attempted to attack another man. They said another man tried to pre-v ent the attack and was stabbed in the back. H e was taken to the hospital by paramedics. His condition was also u nknown at press time last night. E arlier that day, police discovered the body of a man under the stairwell of t he Aura Lodge Hall building on CharlotteS treet South. F oul play is not suspect ed in the matter, as there were no visible signs of injury on the body. P olice are continuing their investigations into all three matters. T HREE STABBINGS, MANS LIFELESS BODY FOUND Parents intend to keep heat on over police crash Brave Davis: Bahamas does not need Cable and Wireless to cut phone call rates POLICE COMMISSIONER Ellison Greenslade has acknowledged that police officers involved could have been more sensitive. SIMPLE P ROPOSAL: Philip Brave Davis

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L OCAL NEWS P AGE 6, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM statement. A Tribune source from Farm Road said he witnessed a bus stationed at the corner of East Street and Strachan Corner picking up residents to carry them to the demonstration. I saw them taking the money. They were paying $10 to c ome downtown for one hour. I definitely witnessed it yesterday, our source said. I just thought it was amazing that they would give out money to get people to go down town. Normally I observe it during rallies. They would come around paying you to go on the bus. They give you T-shirts with something wrapped up in it. But I was surprised yesterday with the protest, he said. On Wednesday, a government minister told The Trib une c onstituents were offered between $30 and $50 plus alcoholic beverages to take part in the protest. PLP leader Perry Christie and other opposition members of Parliament who participated in a press conference on Wednesday denied any suggestion that they paid protesters. From my point of view, I paid no one, Mr Christie said. Although the protesters who arrived on the bus were s aid to come from the Farm Road area, a T ribune s ource said the bus was not engaged by the Farm Road constituency branch, but the party itself. They were recruiting guys randomly from the area. They were saying you don't have to do nothing, just come down and be there for an hour, said a Tribune source. Half of these guys don't work. They are not interested in where the money comes from, whether it is political. They would take money from anyone: PLP, FNM, BDM, a nd not just a political party, he said. T he source said he witnessed the bus driving through the community on Quakoo Street, and heard about it being parked on Strachan Corner. A Tribune source at the Post Office said he saw a bus near the parking lot off-loading people for the demonstration. Bradley Roberts, PLP party chairman, said the party did not hire a bus. He said it must have been hired by an indi v idual, but it was not contracted by Bradley Roberts. Generally speaking, he said: It is not unusual for m embers of Parliament to organise and move their constituents around. It is not unusual for the PLP. It is not unusual for the FNM. What is wrong with that? With respect to the specific BTC demonstration on Wednesday, he said he did not know anything about the payment of demonstrators or the bus. I wouldn't know what the purpose of paying anybody i s. They must have money to throw away if they did that. The PLP party has always been a party without any m oney. Where would we get money to use like that? he asked. use of intelligence officers. Intelligence officers are used in these operations where we suspect that persons may have the intentto disrupt the peaceful order of society, said Mr Bethel. There are officers who just get i ntelligence and do not arrest anyone. When you see me go and execute a warrant it is based on intelligence, he said. Intelligence officers were in the mix of the crowd on Wednesday and would not have been easily identifiable. Those officers were feeding information to the senior c ommand, who used the information for mediation efforts. They were different from plainclothes officers, who were also on the scene. We have a strong network of intelligence officers who we employ on a daily basis to assist with all types of criminal activities. In every o peration we run we use intelligence officers. We have used them to detect and prevent a lot of crime, said Mr Bethel. One strategy used by top ranking police officers on Wednesday was to enter the heated mass of demonstrators and speak directly tos pecifically identified individuals. Front line protesters who engaged i n dialogue with the police said they appreciated the efforts. We were in the front line. I appreciate the inspectors coming out here to talk to us. We are not here to incite anything. We know the police are only doing their job, said one protester. The use of intelligence officers h as generally been increased said Mr Bethel, to assist the police in identifying people who are committing crimes. officer must in no circumstances b ecome publicly involved in any political controversy, unless he becomes so involved through no fault-of his own, for example, in the proper performance of his official duties; and he must have it in mind that publication either orally or in writing of any material, whether of direct political interest or relating to the admini stration of the Government or of a department of Government or any matter relating to his official duties or other matters affecting the public service, might immediately involve the public service in such controversy. Mr Ellis pointed out that Mr M cKinney is contracted to be at BIS from 9am to 5pm. According to a source at BIS he was not on leave on Wednesday, and even up until noon yesterday when Mr Ellis spoke with The Tribune the broadcasting executive had yet to show up to work. Mr Ellis added that Mr McKinneys contract with BIS comes to an end on April 1. He did not give any indication as to whether or not it will be renewed after this date. Even if Mr McKinney were on leave, sources close to the government pointed out that a public servant, except in pursuance of his official duties therefore and with the permission of the Director of Public P ersonnel, whether he is on duty or on leave, shall speak in public, or broadcast in any way, on any matter which may reasonably be regarded as of a political or administrative nature; allow himself in any circumstances to be interviewed or express any opinion for publication on questions o f public policy, or on any matter of administrative or political nature or on matters affecting the administration or security of any state or territory. The general orders continue: The first duty of a public officer is to give his undivided allegiance to the State, ie to the Government of the day. In joining the Public Service, a public officer voluntarily enters a profession in which his service to the public will take a non-political form; and whatever may be his political inclination his impartiality in the performance of his duty must be beyond suspicion. It follows therefore that a public officer should not normally take any active part in matters of public or political cont roversy, and particularly if the matter is one with which he is officially concerned. Political activities in the Bahamas may be defined as follows: adoption as a candidate for election to the House of Assembly, holding office in a party political organization; speaking i n public on matters of national political controversy; expressing views on such matters in letters to the press, or in books, articles or leaflets or by broadcasting oron television; and canvassing or distributing pamphlets, etc on behalf of a candidate or political party. e xplained Mr Forbes of his involvement. "We provided a corporate service to a client and it was normal to alwaysa ct as officers and directors. "We got all the due diligence that is needed and these clients checked outc lean. When I found out that these guys were up to no good we terminated (business with t hem) immediately," he said. Canadian businessman Nick Djokick invested $6 mil l ion into GFS with the p romise of 20 per cent annual interest money that disap peared when he tried to cash out on his investment, accord ing to CTV. The "scam" drove Mr D jockick to allegedly kidnap and torture his former business partners. He also allegedly tried to hire a hitman to a ssassinate Mr Forbes and Freeport-based Canadian attorney Richard Devries for their connections to GFS. A segment in the programme depicts a Canadian reporter's attempts to speak with Mr Forbes about the accusations until the lawyer is cornered outside his office. On camera, Mr Forbes told the reporter that he only incorporated and registered GFS, a task he said his firm did for about "500 to 600 companies" at the timea dding that he was paid between "$1,900 to $5,000" for his work. M r Forbes was then con fronted with copies of documents that purportedly boreh is signature and alleged that h e was a director and signing officer for the company and had authorised hundreds oft housands of dollars in pay outs. On the programme, Mr Forbes asked the television crew to return in a couple of days so he could provide them with documents to clear him a nd his company of any wrongdoing. The report said when the crew returned Mr Forbes could offer nothing "conclusive." Mr Forbes, the opposition's election candidate in the Mount Moriah constituency, said the report disparaged hisc haracter and selectively portrayed the interview. "I have seen it and we plan to take the appropriate action," he told The Tribune yesterday. "It is definitely untrue we plan to make a press statement on it. They have sullied my character and I will take whatever action is n ecessary to ensure that my name is cleared, my name is all I have." H e added that he does not think the allegations will hinder his chances of being elect e d to Parliament stressing that h e will "fight to the end" to clear his name. "I have always lived a life in t he open and worked very hard for everything I have. I have no skeletons in my clos et and if they (his political opponents) plan to bring this forward I will fight this to the end. (The allegations n o bearing on what I plan to do in Mount Moriah," he said. Last year, Mr Djokich was sentenced to 20 years in a US federal prison on charges of attempted murder. During the trial Mr Djokich claimed he was defrauded out of tens of millions of dollarsb y GFS. It was revealed that he hired a hit-man, really an undercover US ICE agent, to kill Mr Devries and Mr Forbes. Mr Forbes has maintained that he never had a connec tion to Mr Djokich. He compared taking a shower in John Millars to swimming in the ocean. Mr Thompson said the water is undrinkable, turns your clothes different colours and destroys your bathroom fixtures. He explained that the water problem has led to a host of others, as for several months now they have been paying to bring in potable water, and now have hardly any Local Government funds left for the community. Bishop Sweeting said bringing water to John Millars costs around $250 a load, with about four loads needed per month. With a yearly budget of $32,000 allocated for the entire Wemyss Bight Township, which includes Wemyss Bight, Deep Creek Waterford, Bannerman Town and John Millars, funds are extremely tight and they have had to discontinue bringing in the water. Mr Thompson said the Bahamas Red Cross had been of great assistance, attempting to drill wells that, unfortunately, ended up providing water of a similarly poor quality. Red Cross director Caroline Turnquest explained that as part of their Readiness to Respond two-year programme geared towards disaster awareness, the micro-project in South Eleuthera was also taken on. The organisation spent $6,000 drilling wells and analysing the water, but Ms Turnquest said results from various water companies revealed the water to be hard and of poor quality. Members of the community expressed hopes that the effort might result in a reverse osmosis plant soon being built in the area, but the Red Cross said the funding was not available at this time. Ms Turnquest said: We were hopeful, but because of the number of persons in the area and large expense of the project, we were not approved for further funding. Minister of State for the Environment, Phenton Neymour, could not be reached for comment up to press time last night. SEEPAGETHREE P OLICE TIGHT-LIPPED ON REPORTS OF PROTEST MAN SURVEILLANCE PLP STIRRED UP BTC MOB ANGER FROM page one FROM page one FROM page one RESIDENT S SAY WATER SUPPLY IS UNUSABLE FROM page one POLITICAL HOPEFUL PLANS TO SUE OVER T V SHOWS FRAUD ALLEGATIONS FROM page one INVESTIGATION INTO STEVE MCKINNEYS BTC PROTEST ATTENDANCE STEVEMCKINNEY speaks out at Wednesdays BTC demonstration.

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LOCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 7 SANDALS Emerald Bay in Great Exuma has been n amed the ultimate C aribbean resort for 2011 by Brides Magazine, the worlds number-one bridal publication. Sandals executives said all the companys resorts, including Nassaus Sandals RoyalB ahamian, can stand proud as Sandals Resorts International was declared the worlds best all-inclusive brand. R esults were based on a s urvey conducted in conjunction with Signature Travel N etwork, a group of more t han 6,000 top travel agents nationwide. We are simply thrilled with the results of this survey, w hich demonstrates the cont inued success of our Luxury I ncluded concept, said Gord on 'Butch' Stewart, chairman of Sandals Resorts International. We take tremendous pride i n the standard of our product and the services that we deliver, and that says a lot aboutw ho we are. To be recognised by the number one bridal p ublication in the world is a t rue testament to the strength o f our brand. Honeymooners everywhere want the best, from f abulous suites with butler service to a choice of restaurants and an array of land andw ater sports. No other resort company offers more quality inclusions than SandalsR esorts. would like to acknowledge the large team of people that have helped us win t his award. Huge kudos goes to the Bahamas Hotel Association, the government and t he people of the Bahamas for their continued support. And lastly, this latest miles tone in our 30-year history w ould not be possible with out our dedicated and talent ed team members who are u ndoubtedly the best in the business. The company credits the a ccolade to marketing efforts, constant product innovation and its latest collaboration Sandals Weddings by Martha Stewart. S andals bought the propert y in 2009 after former own ers, Emerald Bay Resort Holdings, ran into financiald ifficulties which forced the property to go into administration and led to the lay-off o f 400 Bahamian workers. The rebranded resort was opened in January 2010. Brides Magazine names Sandals Emerald Bay op Caribbean Resort

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By ADRIAN GIBSON ajbahama@hotmail.com THE social issues we now face in the Bahamas are due, in part, to the large number of children who are having children. Teenage pregnancy appears to have gone wild! Teenage pregnancy is a major contributing factor to the social disintegration our country now faces. In the Bahamas, we are shifting from one generation to another too speedily, and thus resulting in a nation of poorly socialized, ill-mannered brats who are disgruntled and intent on ruining any thread of public harmony. The term teenage pregnancy refers to any teenage girl who falls pregnant during her adolescent years. Teenage pregnancies carry a social stigma, lead to poorly educated adults, increase poverty and harmfully affect the lives of the children being born. In a report by the Save the Children organization, it was found that every year, about 13 million children (worldwide mothers under age 20, primarily in developing countries. According to local statistics, the percentage of births to teenage mothers lingers around 13 per cent of the national total. Just last week, as I left a law firm on Dowdeswell Street, there walked a contingent of young girls, wearing baby-blue outfits (presumably students of the PACEProviding Access to Continued Educationprogramme) and speaking garishly, all with protruding bellies. These youngsters were on average between ages 13 to 16. I recall one of them telling the other how she couldnt wait to have her baby, leave the PACE programme and return to regular school. According to the PACE Foundation website, the PACE programme was initiated by Nurse Andrea Elizabeth Archer in 1970 and has sought to pioneer ways and means to address the problem of teen pregnancy, and, in its many years of existence, has certain ly impacted the lives of numerous teens and their babies. The website says: Over the years, it would have provided assistance to more than 3000 teenage mothers, helping them to complete high school thus ensuring them a better chance of breaking the cycle of poverty and hopelessness. However, PACE continues to face numerous problems that affect its functionality. Entry into the PACE programme is voluntary and available only to first-time teen mothers. However, less than half of the nation's firsttime mothers enter the programme yearly. Parenting The aim is to intervene in the lives of more first-time teen mothers with a view to ensuring that such girls achieve a minimum of a high school diploma, and preventing further pregnancies until they have achieved independent means by which they can care adeq uately for all their offspring. At present, our children are at risk of growing up in economically disadvantaged circumstances and with mothers who are ill-prepared for parenting and, in fact, need parenting themselves. The cost of ignoring this problem is great; theref ore it demands our immediate attention, the Foundations website read. It further stated that (a principals of government secondary schools are reluctant to allow teen mothers re-entry into regular school for fear that they will have a negative influ e nce on fellow students, both female and male; (b gramme remains fragmented, as services such as antenatal care and others are offered in different locations; (c no facilities for emergency housing or for on-site childcare; and (d erally under funded. The PACE programme nobly states the view that in accordance with article 23 of the Education Act 1996 school is compulsory age between the ages of 5 and 16, underscoring that no citizen is more entitled to education than the other. The programme asserts that it is further understood that education is important for the purposes of nation building and directly improves the standard of living and full development of human beings. With the existing make up of the economy of our country, there is little possibility of economic survival of a young teen with a child to support. Indeed, the government, and private sector entities and citizens, must see to it that worth while programmes such as PACE are properly subsidized. How can values be taught when there are 20-year-old mothers with children in primary school? Our national conscience is surely in smithereens when we now have 32-year-old grandparents and it is being viewed as relatively normal due to its growing prevalence! Today, our country is plagued by a spree of abhorrent crimes and senseless mur ders, most likely due to an absence of role models, poor social skills and a lack of values. How can ethics be taught when many of the children born are being parented by boorish youngsters? The spate of violence at our public schools is again another example of our societys failure to confront many of the underlying social problems, instead simply choosing to adopt a reactionary approach to prob P AGE 8, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The effects of teenage pregnancy Y OUNG M AN S V IEW A DRIANGIBSON SEE page 10

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ByK QUINCY PARKER Press Attach Embassy of The Bahamas Washington, DC NEW YORK, NY At the 55th Session of the Commission on the Status of Women at the United Nations on Tuesday, Minister of State for Social Development Loretta Butler-Turner said that although successes have been achieved, more must be done to realise the goals and aspirations for women of the Caribbean. The CSW session is meeting for the next two weeks under the theme: Access and participation of women and girls in education, training, science and technology, including for the promotion of womens equal access to full employment and decent work. A major outcome of the event will be the official launch of the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women The new entity is expected to be launched on Thursday, February 24, in a special ceremony to be hosted by CNN special correspondent Christiane Amanpour. UN Women was established following the adoption of General Assembly resolution 64/289 on 2 July, 2010, and brought together the following four entities the Division for the Advancement of Women (DAW cial Advisor on Gender Issues and Advancement of Women (OSAGI Research and Training Institute for the Advancement of Women (INSTRAW Nations Development Fund for Women (UNIFEM Michelle Bachelet Chiles first woman president, who left office in 2010 was appointed executive director of UN Women by the Secretary-General in September 2010, and her recently articulated vision and 100-day action plan objectives include the elimination of discrimination against women and girls, the empowerment of women, coordination of efforts by the United Nations system to ensure that commitments on gender equality and gender mainstreaming translate into action throughout the world, and building effective partnerships with national mechanisms for gender equality, civil society and other relevant actors. Mrs Turner pledged CARICOMs full support and co-operation with the new agency. She said: [We] hope that the goals and objectives we have envisioned in our calls over the years for a new gender architecture will evolve and generate concrete results and change for women throughout the world, in particular on the ground in countries where such change is greatly needed. CARICOM welcomes the Vision and 100-day action plan announced by the executive director during the first regular session of the Executive Board of UN Women held last month and looks forward to its development, with the support of member states and all stakeholders, Mrs Turner added. The minister also noted that lack of adequate funding poses a formidable challenge and could undermine the provision of assistance to national partners in the implementation of practical programmes and the strengthening of normative and policy frameworks on gender equality. We therefore encourage member states to make voluntary contributions to the core budget of UN Women to allow the entity to better respond to the needs of women and to meet the expectations of member states, she said. UN Women is governed by a 43 member executive board which held its first regular session from 24 26 January, 2011. Grenada is the only CARICOM member state elected to serve a three-year term on the board. Elections were held on 10 November, 2010. Saint Vincent and the Grenadines was not successful in its election bid. SCIENCE AND TECHNOLOGY Mrs Turner also focused on the importance of technology, stressing that the increasing significance of its role in national economic development can not be sufficiently underscored. She cited a report by the UN Secretary General, and findings from the first Caribbean Conference on Science and Technology, held in Trinidad and Tobago in September 1998. The minister pointed out that while in many societies, technological advancement has brought about significant change, many developing countries are lagging behind from a socioeconomic development standpoint. In recognising the importance of new, innovative technologies and their contribution to development, CARICOM recognises the need to increase womens and girls access and participation in the field of science and technology education and training, she said. The Caribbean Council of Science and Technology (CCST has been playing a key role in this area. In collaboration with the National Institute for Higher Education, Research, Science and Technology, CCST has undertaken a project to research, document and promote public awareness of the works and accomplishments of outstanding Caribbean women in the field of science and technology. This project was not only geared to correct the view that women have not excelled in science and technology but was also aimed at inspiring young women and girls to pursue careers in science and technology, and generally to strive for excellence in their chosen field of endeavour. LOCAL NEWS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM R EGIONAL vice-president for the Council of Residential Specialists Gary Williams visited Nassau to install new officers for the councils Bahamas chapter. The Certified Residential Specialist (CRS awarded to sales associates in the residential sales field. To achieve the CRS designation, a real e state agent or broker must meet high standards set by the Council of Residential Spe cialists for experience in the real estate industry and education. The CRS designation demonstrates to other realtors and the public that that agent possesses a higher level of experience and expertise in marketing property, providing genuine service and completing the sale. The Council of Residential Specialists is a national affiliate of the National Associa tion of Realtors. All US states have their own chapter and recently the organisation expanded to include the Bahamas the only non-US chapter to date. The members of this organisation repre sent the best of the best in the real estate industry with only 4 per cent of all agents in the United States and the Bahamas earning the CRS designation. This designation is considered to be the pinnacle of real estate education and production. The Council consists of around 38,000 real estate professionals in the United States a nd the Bahamas. There are 53 chapters including the Bahamas and the organisa tion is headquartered in Chicago, Illinois. The new officers for the local chapter include: Elbert Thompson, president; Gavin Christie, vice-president; Cyprianna Stuart, treasurer; Sidney Bethel, secretary; Anthony Wells, membership chairman; Perry Fer guson; education chairman; Garnett Ellis;a udit chairman; Donna Jones; Grand Bahama chairperson and Kathleen Albury; Abaco chairperson. Regional Vice-President for the Council of Residential Specialists visits Nassau COUNCIL of Residential Specialists members in Nassau. Minister: more must be done for Caribbean womens goals L oretta Butler-Turner speaks at the 55th Session of the Commission on the Status of Women at the United Nations LORETTA BUTLER-TURNER

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I NTERNATIONAL NEWS P AGE 10, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM WASHINGTON Associated Press THEObama administration threw its weight Thursday behind a European effortt o expel Libya from the U .N.'s top human rights body and said it was readying a larger sanctions package against Moammar Gadhafi's regime that it will take up w ith allies in the coming days. President Barack Obama was consulting with the leade rs of Britain and France, while officials said Secretary of State Hillary Rodham Clin-t on would help coordinate the larger international strategy to stop the violence in Libya a t a meeting of foreign policy c hiefs next week in Switzerland. As an initial punishment for Libya's violent attacks on protesters, State Department spokesman P.J. Crowley said t he U.S. is backing a Europ ean proposal for the U.N. Human Rights Council to rec ommend Libya's expulsion. O fficials, speaking on condition of anonymity to discuss administration planning, also s aid the U.S. would support e fforts to establish a U.N.-led probe into "gross and systematic violations of human r ights by the Libyan authorities." While those measures might seem tame, they were e xpected to be followed soon by tougher measures aimed at pressuring the unpre d ictable Gadhafi to end the violence that has wracked much of his country. T he U.S. was being forced to temper its tone because hundreds of Americans remained stuck in the country and many were relying on the goodwill and cooperation of Gadhafi's regime for their s afety and planned evacua tion. Crowley said 167 Ameri c ans 40 nonessential pers onnel and their family mem bers, and 127 private U.S. citizens are waiting to be evacuated by ferry from L ibya. The ferry remained docked in the capital of Tripoli because of high seas. There are also 118 foreigners on board and the boat isn't expected to leave until Friday. These people have been on board the ship for now well over 24 hours," Crowley said. "I'm sure they're uncomfortable. They slept last night o n the ship." F earful Crowley said the U.S. had s ecurity aboard the vessel and that Libyan officials were securing the port area. Hes idestepped a reporter's quest ion as to whether the U.S. was fearful of a hostage situ ation arising, and praised L ibya for cooperating with the U.S. on the planned ferry voyage to Malta. M embers of the 47-nation rights council were debating the resolution Thursday in Geneva, ahead of an emer g ency session Friday. Kicking out Libya would require twothirds approval of all the 192 countries in the United N ations. "The Libyan government h as violated the rights of its people," Crowley told reporters at the State Department. "Taking this step cont inues the increased isolation t hat the Libyan government is facing." Hundreds are believed to h ave been killed in Libya in recent days and Gadhafi's regime appears to have lost c ontrol of large parts of the c ountry. Gadhafi has ruled t he country for 42 years, and has offered the most violent r esistance to the wave of protests that have spread through the Arab world, chas i ng leaders from power in L ibya's neighbors Egypt and Tunisia. I t was unclear what the larger sanctions package might include, though asset freezes and travel bans ons enior Libyan officials are possibilities. "There are actions that are b eing teed up within our government," Crowley said. "We expect to take action in thec oming days, but it takes t ime." He said the U.S. also wants to ensure that the sanc tions chosen are "most likely t o be successful in putting pressure on the Libyan government to respect the rights a nd actions of their people." Another option could be to ban the sale of U.S. military equipment, even if that would b e largely symbolic at this point. T he U.S. has given private arms firms licenses to sell the Gadhafi regime materielr anging from explosives and i ncendiary agents to aircraft parts and targeting equipment in recent years. T he Obama administration also warned Thursday of a Libyan crackdown on foreignj ournalists to stifle news of the regime's violent assaults on protesters. In meetings called by the Libyan government to specifically discuss news reporters, the State Department said theL ibyan officials told U.S. diplomats that they would consider unregistered jour n alists as al-Qaida collaborat ors subject to immediate arrest. Be advised, entering Libya to report on the events unfolding there is additional ly hazardous with the governm ent labeling unauthorized media as terrorist collaborators and claiming they will be arrested if caught," thed epartment said in a notice to news organizations. The Libyan officials told t he U.S. diplomats that some journalists from CNN, BBC Arabic and Al Arabiya tele v ision would be allowed into the country to cover the situa tion. But the officials said journalists working independently and not in government-a pproved teams will be prose cuted on immigration charges, according to the department. T he warning comes as the Libyan government appears to have lost control of mucho f the eastern part of the nation, where some reporters are crossing the border from Egypt. Cities T he violence continued T hursday as army units and militiamen loyal to Gadhafi struck back against rebelliousL ibyans in cities close to the capital, attacking a mosque where some were protestinga gainst the government. Medical officials said 15 people were killed in the clashes. In a rambling phone call to s tate TV, Gadhafi accused alQaida leader Osama bin Laden of being behind the u prising. Crowley said the United States hasn't pursued any con-v ersations with Gadhafi hims elf. But he confirmed that U.S. officials were discussing t he situation with Libyan government counterparts at vario us levels and messages from the Libyan leader were being passed. A sked whether the U.S. b elieved Gadhafi to be a "rational actor," Crowley demurred. "Moammar Gadh afi is the leader of Libya," he answered. White House spokesman J ay Carney said Obama's calls to British Prime Minister David Cameron and French President Nicolas Sarkozy were part of a strategy to seek a concerted and broad international effort to pressure theL ibyan government. They come as the U.N. Security Council agreed to considerf urther options against Gadh afi's regime, including sanc tions. C arney said no options are off the table, including the possibility of military action. International discussions,h owever, have centered on a possible no-fly zone or other sanctions that would strike Gadhafi economically. A French government statement said Obama and Sarkozy demanded "an i mmediate halt to the use of force against the civilian population." US, allies pressure Gadhafi to halt violence in Libya A LIBYAN GUNMAN f lashes a V sign as h e stands on a military truck loaded with launcher rockets at Al-Katiba military base after it fell to anti-Libyan leader Moammar Gadhafi protesters few days ago, in Benghazi, Libya, on Thursday F eb. 24, 2011. Army units and militiamen l oyal to Moammar Gadhafi struck back T hursday against rebellious Libyans who have risen up in cities close to the capital, attacking a mosque where many were holding an anti-government sit-ina nd battling others who seized control of an airport. Medical officials said 15 people were killed in the clashes. (AP US PRESIDENT Barack Obama has been consulting with leaders of Britain and France. (AP Cr owds view last launch of space shuttle Discovery lem solving while hardly ever proposing credible, tangible solutions. It appears that many Bahamians have become desensitized and are of the view that if an issue is not directly affecting them, why care? We must adopt a proactive approach confronting an issue before it mushrooms and/or arrives at our doorsteps. The PACE Foundation holds even more compelling views about the impact of teenage pregnancy upon society, stating: Owing to the fact that the mothers are single and have limited education, their children are at increased risk of growing up in poverty. Inadequate edu cation also correlates with diminished awareness of the importance of proper health care, regardless of the fact that prenatal care, delivery, and childcare are free at government health institutions. Failure to access this care translates intomore complications of pregnancy, low birth rates and increased incidences of morbidity and mortality in children of adolescent mothers. Societal issues such as teen pregnan cies, gang-banging and any other misdeeds, stem from a breakdown in the fam ily, a lack of supervision, external influences and an erosion of our moral code. In the Bahamas, there is usually a con siderable age gap between adolescent girls and the men who impregnate them, with such marauding chaps typically being lousy predators in their late 20s or much older. Many school girls from adverse family environments seek the affection of older men, who are usually sought to fill a void left by an absentee father. Locally, its assumed that many of the men engag ing in relationships with underage girls are those who interact with them daily, that is, persons such as bus drivers, neighbours and even some professionals who ensnare them with money or a joy ride in a posh vehicle or some pie-in-the-sky promise. Some Bahamians would be surprised by the number of young girls who are enticed by men driving cars with flashy rims and a loud sound system! In his song Brendas Got a Baby, the late rap legend Tupac Shakur famously stated what has become the norm in the Bahamas when he said: Now Brendas (and one can fit any other name here) belly is getting bigger But no one seems to notice any change in her figure She's 12 years old and she's having a baby In love with the molester, whos sexing her crazy As it relates to the protection of teenage girls from predators, the legal protections against sexual abuse and indecent assault must be stiffened, a database of paedophiles and sex offenders must be established, ankle bracelets tracking these predators must be used and, moreover, some good old fashioned parental love would go a long way. Teenage pregnancy is a social epidemic that, if not effectively addressed, could further ruin our already volatile society. Frankly, sex education and Planned Parenthood programmes must be developed and further promoted and there must be greater community and parental support to curb the incidences of teenage pregnancy. In the United States, schools are encouraging abstinence while certain com munity and religious groups are promoting virginity pledges. In Holland, sex edu cation is a part of every schools curriculum, the media advances public discourse and health-care professionalsat all lev elsare prudent and discrete about such matters. Why cant the same approach be taken locally? Further, the PACE Foundation also states that: For the period from 1996-2000, 72.1 per cent (2599 of 3604 tal discharge diagnoses for adolescent females were complications of pregnancy, hinting at the impact of the teen pregnancy on the national health care bud get. Over this same time frame 331 abortions were recorded in this age group. The breakdown is as follows: 14.4 per cent spontaneous, 0.8 per cent legal and 84.9 per cent unspecified. In the Bahamas, children born to teen mothers are often poor academic per formers, social deviants and high school dropouts. Without positive influences and constructive intervention, it is very likely that the daughters of teen mothers will become adolescent parents themselves and that the sons of teen mothers will, more often than not, serve time in prison. Unfortunately, the children of teen mothers or households with absentee fathers, many times become societal miscreants, that is, the problematic, community men aces with behavioral issues that began during their formative years. Our collapsing society will only be built up when children are once again cultured and taught that manners and respect will take you throughout the world! FROM page eight The effects of teenage pregnancy CAPE CANAVERAL, Fla. Associated Press Discovery, the world's most traveled spaceship, thundered into orbit for the final time Thursday, heading toward the International Space Sta tion on a journey that marks the beginning of the end of the shuttle era. The six astronauts on board, all experienced space fliers, were thrilled to be on their way after a delay of nearly four months for fuel tank repairs. But it puts Discovery on the cusp of retirement when it returns in 11 days and eventually heads to a museum. Discovery is the oldest of NASA's three surviving space shuttles and the first to be decommissioned this year. Two missions remain, first by Atlantis and then Endeavour, to end the 30-year program. It was Discovery's 39th launch and the 133rd shuttle mission overall. "Enjoy the ride," the test conductor radioed just before liftoff. Commander Steven Lindsey thanked everyone for the work in getting Dis covery ready to go: "And for those watching, get ready to witness the majesty and the power of Discovery as she lifts off one final time." Emotions ran high as Discovery rocketed off its seaside pad into a late afternoon clear blue sky, and arced out over the Atlantic on its farewell flight. There were a tense few minutes before liftoff when an Air Force computer problem popped up. The issue was resolved and Discovery took off about three minutes late, with just a few seconds remain ing in the countdown. Discovery will reach the space sta tion Saturday, delivering a small chamber full of supplies and an experimental humanoid robot. "Look forward to having company here on ISS in a couple days," station commander Scott Kelly said in a Twitter message. The orbiting lab was soaring over the South Pacific when Discovery blasted off. "Discovery now making one last reach for the stars," the Mission Con trol commentator said once the shuttle cleared the launch tower. On-board TV cameras showed some pieces of foam insulation breaking off the external fuel tank four minutes into the flight, but shouldn't pose any safety concerns because it was late enough after liftoff. NASA is under presidential direction to retire the shuttle fleet this summer, let private companies take over trips to orbit and focus on get ting astronauts to asteroids and Mars. An estimated 40,000 guests gathered at Kennedy Space Center to witness history in the making, including a small delegation from Congress and Florida's new Gov. Rick Scott. Discovery frenzy took over not only the launch site, but neighboring towns. Roads leading to the launching site were jammed with cars parked two and three deep; recreational vehicles snagged prime viewing spots along the Banana River well before dawn. Businesses and governments joined in, their signs offering words of encouragement. "The heavens await Discovery," a Cocoa Beach church proclaimed. Groceries stocked up on extra red, white and blue cakes with shuttle pictures. Stores ran out of camera batteries. The launch team also got into the act. A competition was held to craft the departing salutation from Launch Control: "The final liftoff of Discovery, a tribute to the dedication, hard work and pride of America's space shuttle team." Kennedy's public affairs office normally comes up with the parting line. Souvenir photos of Discovery were set aside for controllers in the firing room. Many posed for group shots. Lindsey and his crew paused to take in the significance of it all, before boarding Discovery. They embraced in a group hug at the base of the launch pad. Unlike the first try back in November, no hydrogen gas leaked during Thursday's fueling. NASA also was confident no cracks would develop in the external fuel tank; nothing serious was spot ted during the final checks at the pad. Both problems cropped up dur ing the initial countdown in early November, and the repairs took almost four months. The cracks in the midsection of the tank, which holds instruments but no fuel, could have been dangerous. The lengthy postponement kept one of the original crew from flying. Astronaut Timothy Kopra, the lead spacewalker, was hurt when he wrecked his bicycle last month. Experienced spacewalker Stephen Bowen stepped in and became the first astronaut to fly back-to-back shuttle missions. SPACE SHUTTLE DISCOVERY lifts off from the Kennedy Space Center in Cape Canaveral, Fla., Thursday, Feb. 24, 2011. Discovery, the world's most traveled spaceship, thundered into orbit for the final time Thursday, head ing toward the International Space Station on a journey that marks the beginning of the end of the shuttle era. (AP

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SECTIONB business@tribunemedia.net FRIDAY, FEBRUARY 25, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.75 $4.72 $4.69 FAMILY GUARDIAN FINANCIAL CENTRE, EAST BAY & CHURCH STREETS, NASSAU, BAHAMAS I T 242-396-1300/1400 I www.famguardbahamas.com A SUBSIDIARY OFHOME AUTO MARINE COMMERCIAL & LIABILITYINSURANCECALL OR STOP IN TODAY FOR A FREE QUOTE! 396-1300/1400weve added to the Family By NEIL HARTNELL Tribune Business Editor AML Foods chairman yesterday accused businessman Mark Finlayson of trying to back door the process on his $12 million hostile takeover offer through newspaper supplements appealing to the hearts and minds of the com panys shareholders, again urging investors to consider whether they would be comfortable with a neophyte in the food management business. Speaking to Tribune Business after the Finlayson-controlled Associated Bahamian Distillers and Brewers (ABDAB paper advertisements purporting to compare its key financial indicators, such as profits, sales and dividends, with those generated by AML Foods, Dionisio DAguilar said it was Mr Finlaysons alleged failure to follow the process that forced the Securities Commission to suspend trading in the BISX-listed food groups shares. Emphasising that he was only speaking out after ABDAB, via the supple ments, breached the Securi ties Commissions instructions not to speak further via the media, and that he was not trying to belittle Mr Finlaysons business track record, Mr DAguilar said the busi nessman was comparing apples with oranges in seek ing to match ABDABs per formance to that of AML Foods. The supplement attempts to demonstrate Mr Finlaysons and ABDABs manAML: BIDDER TRYING T O B ACK DOOR OFFER DIONISIO DAGUILAR Accuses Mar k F inla yson s $12m hostile bid of using newspaper ads to win hearts and minds of investors outside process laid down by Commission Sa ys this and loc k up a greement existence led to share suspension, hurting 1,357 shareholders Br ands bidder as neophyte in food mana g ement And chairman says bulk of ABDABs $70 million dividends came last y ear in $4 2million fr om Heineken deal ... failure to follow the pr ocess SEE page 4B By NEIL HARTNELL Tribune Business Editor A former Bahamas Real Estate Association (BREA president yesterday said the property prices and rental rates in the Cable Beach area would l ikely increase by between 10-15 per cent as a result of the $2.6 billion Baha Mar projects start, adding that his firm had dropped the ReMax franchise as a cost cutting measure, William Wong, president of William Wong & Associates Realty, which operates from o ffices in Cable Beach, said that with the market still slow for m any Bahamian realtors, he was hopeful that Baha Mar a nd the expatriate workers the development will require w ould stimulate property/rental demand in the immediate vicinCABLE BEACH REALTY PRICES SET FOR 10-15% INCREASES Realtor drops ReMax franchise as cost cutting measure SEE page 5B By NEIL HARTNELL Tribune Business Editor The Grand Bahama Port Authority (GBPA urged the Government and Customs Department to join all stakeholders in developing agreed protocols for how the over-the-counter bond letter and bonded goods purchases should work in Freeport, describing the situation as unsatisfactory for all concerned. Writing on the GBPAs behalf to Prime Minister Hubert Ingraham in a December 22, 2010, letter, Callenders & Co attorney and partner, Fred Smith, said the various Judicial Review disputes between Customs and different GBPA licencees had arisen because of a lack of clarity as to the rights and obligations both sides hadu nder the Hawksbill Creek A greement and Customs Management Act, and associated regulations. Licensees consider that new and unjustified require ments are being imposed on them at short notice, whileC ustoms no doubt considers Protocols urged for Freeport bond F RED SMITH By NEIL HARTNELL Tribune Business Editor Some 210,000 staff overtime hours equivalent to an astonishing one hour of overtime per day for every employee were booked at the Bahamas Electricity Corporation (BEC during its 2009 financial year, a confidential report for the Government has revealed. Describing this level of overtime as questionable, the study by German consul tants, Fichtner, which was called Strengthening the Energy Sector in the Bahamas and conducted as part of an InterAmerican Development Bank (IDB that during BECs 2008 financial year the amount of booked overtime hours was double the 2009 total meaning there were more than 400,000 hours of overtime booked. In 2008-2009, 210,000 thousand hours of overtime have been booked, which amounts to approximately one hour a day for every employee, the Fichtner report on BECs operations noted. The year before, volume was double that value. This volume is questionable even if the recruitment stop is taken into account. Since the Fichtner study was conducted, BEC has made several noticeable adjustments, notably increasing the basic tariff rate and, coupled BECs 210,000 overtime hours n 2009 overtime was equivalent to one extra hour per day for every employee, with previous years total double that n Consultant found that without reform, BEC losses would stay at $20m per annum n Ten largest customers eat up 29% of electricity supply n Fuel surcharge shields BEC from own inefficient operations SEE page 2B SEE page 3B By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net GRAND BAHAMAs long-term economic growth has been stunted by a lack of true vision on the part of major stakeholders, Polymers Internationals chief operating officer said yesterday, as he hit out at the Grand Bahama Port Port owners slammed on exit strategy Polymers chief criticises Bahamianisation for insulating the Bahamian worker from ther eal world for too long Says education/workforce quality hampering Bahamian companies ability to compete SEE page 5B ATTENTIVE: Grand Bahama Outlook 2011 participants. By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net THE GOVERNMENT has pledged $500,000 towards the establishment of a new team to drive focused investment promotion of Grand Bahama. State minister for finance, Zhivargo Laing, announced yesterday that the Grand Bahama Business Development Board will marry and independently sustain the efforts of the Grand Bahama Chamber of Com merce, the Grand Bahama Port Authority (GBPA the Government in promoting, examining and developing strategies for growth and development on the island. Speaking at the Grand Govt pledges $500k to Grand Bahama Development Boar d SEE page 5B

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with other reforms, the Government is hoping the utility monopoly returned to profitability in the financial year to end-September 2010. Yet the Fichtner report highlights the inefficiencies, wastage and management issues that appear to be costing BEC and the customers/taxpayers millions of dollars annually. Had BEC made no financial adjustments, Fichtner said the Corporation would have continued to incur per annum net losses of around $20 mil lion, despite increasing demand producing higher revenues. With increasing revenues, the accounts receivables from private customers increase as well, from $85 million in fiscal 2010 to $135 million in fiscal year 2014, Fichtner projected. Government accounts receivables slowly increase with the increasing sales to government customers to $67 million in fiscal year 2014, while government accounts payable slowly decreases to $60 million due to the annual netting with accounts receiv able. The German-based consultant, in its base case scenario, said that if the Government and BEC had implemented no reforms, BECs cash deficit would have risen from an estimated $6 million in fiscal year 2009 to $88 million in fiscal year 2010, and $300 million in fiscal year 2014. C learly this will not happen, but had reforms been avoided, Fichtner said: With this development [cash deficit], BEC is not able to meet most of its covenants. Tangible net worth decreases as a result of the decrease in retained earnings. [Operating income] may be sufficient to cover the interest payments, but it is not sufficient to cover the total debt service. The operating ratio improves, but only reaches a value of 1.0 in fiscal year 2014. The Fichtner report noted that BECs 10 largest customers accounted for about 29 per cent of the energy sup plied by the Corporation in its 2009 financial year, with the largest 32 clients likely major hotels and industrial companies receiving 32 per cent of the total power supply. In other terms almost onethird of BECs revenue hinges on 0.03 per cent of the clients, the Fichtner report said. This characterises in a dramatic way the sensitivity of BECs sales market and needs predominant attention. Among other considerations, the dependency calls for a particular service approach that has so far been ignored. Setting up a Key Account Management Unit in customer services should urgently be addressed. Elsewhere, Fichtner said BECs fuel surcharge, designed to protect the Cor poration and its financial position against external oil price shocks, had created a differ ent, unwanted effect. It explained: The fuel surcharge shields BEC against its own inefficient operation by guaranteeing the recovery of all fuel costs regardless of whether these are due to price increases or inefficient oper ation. In a variety of different manners, it can be seen that BEC relies upon recovery of fuel costs through the fuel surcharge while making decisions which lead to less efficient operation, such as postponing and neglect of proper maintenance and non-optimal investment decisions. BEC is allowed to pass through the fuel price and does not have an incentive to purchase fuel at the lowest price or to operate efficiently. The Fichtner report concluded: Looking at the finan cial performance from a general perspective, the conclusion is that nearly all of the ratios, even those stipulated as covenants of the bank loans, are off the mark. The profitability ratios are nega tive. The self-financing is negative. The liquidity ratios are under acceptable levels. BUSINESS PAGE 2B, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BECs 210,000 overtime hours FROM page 1B By SIMON COOPER Theres been more hype about Baha Mar and foreign interference in our economy than for as long as I can recall. Tempers are getting frayed and some would even like to stop the project and send the Chinese home. Bahamians need to ask themselveswhether this is the right message to send other overseas investors, especially when jobs are tight and there are so many other investment oppor-t unities for foreigners elsewhere. Tourism is our vital industry Everybody knows that tourism and related activity accounts for over 60 per cent of our gross domestic product (GDP reality with which we have learned to live. In fact, one wonders whether without them we would be much more than a subsistence economy, and how our children would feel when they grew up without jobs. Tourism is here to stay, andit must grow, too, or it will continue to decline. We need economic growth Our economy is staggering out of recession, but it needs a kick-start to find its way. Even if our nation had the money, I doubt Bahamians would support massive government intervention on an Obama scale. That means the money has to come from somewhere else and that means a foreign investor with a huge amount of cash, too and an opportunity to invest in a growth market such as our tourism opportunities provide. We have a long history of Foreign Investment We are all descendents of immigrants of various kinds, and that means all our ancestors are foreigners. All these foreigners and this means Spanish explorers, British colonists, African Americans and, later, migrants brought value of some kind with them when they arrived. Why should we stop this process just because new foreigners are involved? We should be welcoming the new skills, new jobs and new business opportunities that the Chinese will bring. The state must stay out of the debate If we are to stop the Baha Mar project, this will require massive state intervention that will fly in the face of international precedent, not to mention sheer logic, too. Remember how the stricter financial regulations introduced in the year 2000 caused many overseas firms to relocate? What message will we send those that remain with us and continue to add value and jobs to our economy and what incentive would there be for them to expand, either? If not Baha Mar then what else? We need growth, and we need capital for growth that will have to come in from beyond our borders. Baha Mar has the potential to do all that, and bring in huge crowds of other potential investors on holiday, too. If we stop Baha Mar, then who will be foolish enough to invest time and money to replace it? As a nation, we have gone past that point. We need Baha Mar, and we should be welcoming it enthusiastically. NB: Res Socius was founded by Simon Cooper in 2009, and is a Business Brokerage authorised by the Bahamas Investment Authority. He has extensive private and public SME experience, and was formerly chief executive of a publicly traded investment company. He was awarded an MBA with distinction by Liverpool University in 2005. Contact him on 636-8831 or write to simon.cooper@ressocius.com. What would replace Baha Mar if its lost? SIMON C OOPER CEREMONIAL HANDSHAKE: Li Ruogu, left, chairman and president, The Export-Import Bank of China, shakes hands with Bahamian Deputy Prime Minister Brent Symonette, right, as Sarkis Izmirlian, chairman and CEO, Baha Mar, looks on at the Baha Mar groundbreaking ceremony in Cable Beach.

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SECTIONB business@tribunemedia.net FRIDAY, FEBRUARY 25, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.75 $4.72 $4.69 FAMILY GUARDIAN FINANCIAL CENTRE, EAST BAY & CHURCH STREETS, NASSAU, BAHAMAS I T 242-396-1300/1400 I www.famguardbahamas.com A SUBSIDIARY OFHOME AUTO MARINE COMMERCIAL & LIABILITYINSURANCECALL OR STOP IN TODAY FOR A FREE QUOTE! 396-1300/1400weve added to the Family By NEIL HARTNELL Tribune Business Editor AML Foods chairman yesterday accused businessman Mark Finlayson of trying to back door the process on his $12 million hostile takeover offer through newspaper supplements appealing to the hearts and minds of the com panys shareholders, again urging investors to consider whether they would be comfortable with a neophyte in the food management business. Speaking to Tribune Business after the Finlayson-controlled Associated Bahamian Distillers and Brewers (ABDAB paper advertisements purporting to compare its key financial indicators, such as profits, sales and dividends, with those generated by AML Foods, Dionisio DAguilar said it was Mr Finlaysons alleged failure to follow the process that forced the Securities Commission to suspend trading in the BISX-listed food groups shares. Emphasising that he was only speaking out after ABDAB, via the supple ments, breached the Securi ties Commissions instructions not to speak further via the media, and that he was not trying to belittle Mr Finlaysons business track record, Mr DAguilar said the busi nessman was comparing apples with oranges in seek ing to match ABDABs per formance to that of AML Foods. The supplement attempts to demonstrate Mr Finlaysons and ABDABs manAML: BIDDER TRYING T O B ACK DOOR OFFER DIONISIO DAGUILAR Accuses Mar k F inla yson s $12m hostile bid of using newspaper ads to win hearts and minds of investors outside process laid down by Commission Sa ys this and loc k up a greement existence led to share suspension, hurting 1,357 shareholders Br ands bidder as neophyte in food mana g ement And chairman says bulk of ABDABs $70 million dividends came last y ear in $4 2million fr om Heineken deal ... failure to follow the pr ocess SEE page 4B By NEIL HARTNELL Tribune Business Editor A former Bahamas Real Estate Association (BREA president yesterday said the property prices and rental rates in the Cable Beach area would l ikely increase by between 10-15 per cent as a result of the $2.6 billion Baha Mar projects start, adding that his firm had dropped the ReMax franchise as a cost cutting measure, William Wong, president of William Wong & Associates Realty, which operates from o ffices in Cable Beach, said that with the market still slow for m any Bahamian realtors, he was hopeful that Baha Mar a nd the expatriate workers the development will require w ould stimulate property/rental demand in the immediate vicinCABLE BEACH REALTY PRICES SET FOR 10-15% INCREASES Realtor drops ReMax franchise as cost cutting measure SEE page 5B By NEIL HARTNELL Tribune Business Editor The Grand Bahama Port Authority (GBPA urged the Government and Customs Department to join all stakeholders in developing agreed protocols for how the over-the-counter bond letter and bonded goods purchases should work in Freeport, describing the situation as unsatisfactory for all concerned. Writing on the GBPAs behalf to Prime Minister Hubert Ingraham in a December 22, 2010, letter, Callenders & Co attorney and partner, Fred Smith, said the various Judicial Review disputes between Customs and different GBPA licencees had arisen because of a lack of clarity as to the rights and obligations both sides hadu nder the Hawksbill Creek A greement and Customs Management Act, and associated regulations. Licensees consider that new and unjustified require ments are being imposed on them at short notice, whileC ustoms no doubt considers Protocols urged for Freeport bond F RED SMITH By NEIL HARTNELL Tribune Business Editor Some 210,000 staff overtime hours equivalent to an astonishing one hour of overtime per day for every employee were booked at the Bahamas Electricity Corporation (BEC during its 2009 financial year, a confidential report for the Government has revealed. Describing this level of overtime as questionable, the study by German consul tants, Fichtner, which was called Strengthening the Energy Sector in the Bahamas and conducted as part of an InterAmerican Development Bank (IDB that during BECs 2008 financial year the amount of booked overtime hours was double the 2009 total meaning there were more than 400,000 hours of overtime booked. In 2008-2009, 210,000 thousand hours of overtime have been booked, which amounts to approximately one hour a day for every employee, the Fichtner report on BECs operations noted. The year before, volume was double that value. This volume is questionable even if the recruitment stop is taken into account. Since the Fichtner study was conducted, BEC has made several noticeable adjustments, notably increasing the basic tariff rate and, coupled BECs 210,000 overtime hours n 2009 overtime was equivalent to one extra hour per day for every employee, with previous years total double that n Consultant found that without reform, BEC losses would stay at $20m per annum n Ten largest customers eat up 29% of electricity supply n Fuel surcharge shields BEC from own inefficient operations SEE page 2B SEE page 3B By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net GRAND BAHAMAs long-term economic growth has been stunted by a lack of true vision on the part of major stakeholders, Polymers Internationals chief operating officer said yesterday, as he hit out at the Grand Bahama Port Port owners slammed on exit strategy Polymers chief criticises Bahamianisation for insulating the Bahamian worker from ther eal world for too long Says education/workforce quality hampering Bahamian companies ability to compete SEE page 5B ATTENTIVE: Grand Bahama Outlook 2011 participants. By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net THE GOVERNMENT has pledged $500,000 towards the establishment of a new team to drive focused investment promotion of Grand Bahama. State minister for finance, Zhivargo Laing, announced yesterday that the Grand Bahama Business Development Board will marry and independently sustain the efforts of the Grand Bahama Chamber of Com merce, the Grand Bahama Port Authority (GBPA the Government in promoting, examining and developing strategies for growth and development on the island. Speaking at the Grand Govt pledges $500k to Grand Bahama Development Boar d SEE page 5B

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BUSINESS PAGE 4B, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM INTER-AMERICAN DEVELOPMENT BANKCONSULTANTThe Inter-American Development Bank invites Consultant position at its The referees to New Providence welcomes a new fast food eatery to the Bahamian market on Saturday, February 26. About ten jobs will be created. The name Muddoes, Wings N Tings is a play on a popular Bahamian expression of surprise and amazement. The restaurant is on the corner of Jerome and Edward Avenues, just north of Scotiabank. The location is planned as the first of several for the island. We plan to make Muddoes a household name, known for our commitment to a consistently delicious product with quality service at reasonable prices. says one of the companys executives. Muddoes signature dishes include cooked-to-order chicken wings with specialty sauces and homemade beef burgers. There is also a spin on some Bahamian favourites l ike cracked chicken, cracked conch, grouper fingers and c lassic fried chicken in addition to signature garden and c hicken salads, grouper and conch burgers. Party platters are available for catered events such as office parties, family gatherings and sporting events. The first location will employ approximately ten (10 workers in the private sector and is a collaboration of young Bahamians coming together to create business opportunities and entrepreneurship. NEW BAHAMIAN RESTAURANT CREATES UP TO TEN JOBS agement expertise compared to that of AML Foods. Between 1995-2010, ABDAB was shown to have generated $88.712 million in net prof-it and $69.431 million in dividends, compared to an alleged $15.265 million cumulative loss by AML Foods, and $27.074 million in dividend payouts. Much of ABDABs returns are due to a one-off sales of Burns House and Commonwealth Brewery to the Dutch [Heineken], Mr DAguilar retorted, and I think the food store business is a very different business. You really need to compare his management of City Markets to our management of AML Foods. can bundle Superwash with AML Foods and it could be wonderful, but at the endof the day you have to compare apples with apples. Mr Finlayson is making a concerted effort to prove his management expertise, and theres no way I can compare his management expertise in the food business with the experience of AMLs current management team in the food business. Its apples and oranges. Separately, Tribune Busi ness sources pointed out that the $120-$125 million purchase of ABDABs liquor industry assets by Heinekenhad resulted in a $14 per share dividend being paid to ABDAB investors last year. With 2,985,262 shares being issued and outstanding, that according to Tribune Business calculations at the time resulted in a $41.974 million total payout to ABDAB investors. Stripping out the dividends generated by that deal, the sources pointed out, would leave ABDAB with almost exactly the same total investor payout between 1995-2010 as AML Foods, namely some $27 million. Questioned The same sources also q uestioned whether much of t he dividends, profits and sales enjoyed by ABDAB in its graphs had come post-2004 and 2005, the time when Heineken paid $10 million to take over Board and management control at Burns House and Commonwealth Brewery from the Finlayson family. They suggested that dividends only resumed once Heineken took charge. Mr Finlayson could not be reached for comment last night, although the ABDAB Board of Directors and Annual General Meeting (AGM approve the companys acquisition of the 78 per cent Bahamas Supermarkets stake held by his Trans-Island Traders vehicle. That is likely to pave the way for Mr Finlayson to launch his formal tender offer for a 51 per cent majority interest in AML Foods, priced at $1.50 a share a 44 per cent premium to the cur rent trading price. With the Securities Com mission having suspended trading in AML Foods shares, Mr Finlayson has little choice other than to submit a formal Bid Circular if he is to realise his goal. Tribune Business sources yesterday suggested it was the existence of a lock up agreement, which Mr Finlayson had offered to certain AML Foods shareholders, that had prompted the regulators action, as they had no way to monitor whether it was being offered to all shareholders, and whether the terms and conditions are the same. Mr Finlayson previously said he had 20 per cent of AML Foods shares locked up. Mr DAguilar, though, suggested the newspaper supplement comparisons between ABDAB and AML Foods were designed to get around the formality of the Bid Circular, as all representations and claims in it would have to be verified for accuracy by the Securities Commission. Hes trying to back door the process, the AML Foods chairman alleged, attempting to win the hearts and minds of AML shareholders without following the proper process. This is not the proper way to do things, and is what caused the suspension of the shares. There is a process; stick to it. This is all everyone asks. The fact he has not followed the process is what caused the suspension and inconve nienced the 1,357 sharehold ers. Lets get back on base. Youre affecting peoples livelihoods; their ability to trade shares. Its just not right. Were waiting for his [Mr Finlaysons] Tender document so we can respond to it, not an ad in the paper. There was a clear message from the Commission that he should follow the process. An ad in the paper here, an ad in the paper there, is not the proper way to do things. And Mr DAguilar added: Its not that we are trying to detract from Mr Finlaysons successes. Position Our only position is that h e has no experience in the f ood business, and if you look at the current City Markets management team splashed across the newspapers, they have no food retail experience, having mostly come from luxury goods. Addressing AML Foods shareholders directly: If you feel more comfortable with a neophyte in the food business, fair enough, but our management team has been around for years, and has years of experience, and Mr Finlaysons team are just coming up the learning curve, and on the learning curve mistakes are made. I just want to assure the shareholders of AML that we feel fairly confident he will be unable, based on our current discussions with shareholders who hold in excess of 50 per cent of the shares, to yield his 51 per cent. I dont want any of our staff, management and suppliers to worry. Its amazing the amount of support we are getting from our sharehold ers. If people are jittery, I dont want them to jitter. I dont want anyone to start to doubt our resolve or intent to succeed. AML: Bidder trying to back door offer FROM page 1B Share your news The T ribune wants to hear fr o m people who are making news in their neighbourhoods. Perhaps y ou are raising funds for a g ood cause, campaigning for impr o vements in the ar ea or have won an award. If so, call us on 322-1986 and shar e your stor y

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BUSINESS THE TRIBUNE FRIDAY, FEBRUARY 25, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM JULIE PACE, Associated Press WASHINGTON Grappling for ways to bring down the nation's unemployment rate, President Barack Obama urged business leaders T hursday to find ways for middle-class families to share in the economic recovery some in the private sector have already e xperienced. "I don't know exactly where your future customers come from if they don't have jobs," Obama said during the first meeting of his newly created jobs and competitiveness council. The president tasked the 22-member council, comprised o f business and labor leaders, with generating ideas for increasing hiring and boosting economic growth in the shortterm. He cited streamlining regulations and reforming tax systems as steps he'll consider for creating favorable hiring cond itions and bringing down the country's 9 percent unemployment rate. Despite sluggish hiri ng, corporate profits are up, and 2010 saw record-setting earnings for some Wall Street banks. But much to the dismay of the Obama administration, many of those companies are keeping trillions of dollars on the sidelines, wary of investing while the economic recovery is s till fragile. Obama said Thursday that the private sector has to do its part to ensure that "we're not simply creating an economy in w hich one segment of it is doing very well, but the rest of the folks are out there treading water." Some members of the council said economic data from their companies suggests that disparity already exists. American Express CEO K enneth Chenault said affluent Americans are spending again but that lowerand midd le-class people are not, in part because they don't have access t o credit. And those who do, Chenault said, are wary of using it because of uncertainty over t he strength of the economy. "Seventy-five percent of the c redit out there is not being used," Chenault said. "We'veg ot to solve this credit issue." Obama created the competit iveness council last month, naming General Electric CEO Jeffrey Immelt as its head. The move came as Obama sought to increase his outreach to the b usiness community and shift his economic policies froms hort-term stabilization to increasing employment, a task t hat could affect his re-election bid. Immelt said the council plans to deliver recommenda tions to the president within 90 days. The White House said the c ouncil will hold its next meeting outside of Washington asp art of an effort to draw ideas from business owners and w orkers across the country. Obama tells business economy must work for all PLEA: USPresident Barack Obama A look at economic developments and activity in major stock markets around the world Thursday: __ L ONDON The violence in Libya dominated markets, sending stocks lower and oil prices higher. Libya produces about 1.6 million barrels of crude per day and has the biggest oil reserves in Africa. But the biggest worry in the markets is not necessarily Libya but whether the crisis spreads through the Persian Gulf. I n Europe, the FTSE 100 index of leading British shares closed down 0.1 percent, Germany's DAX fell 0.9 percent and the CAC4 0 in Paris ended 0.1 percent lower. Oil prices in New York hovered around $100 a barrel up about 20 percent in the past week while Brent crude in London rose nearly $3 to above $114. ___ T OKYO Earlier in Asia, Japan's Nikkei 225 dropped 1.2 percent as the yen jumped on a safe-haven bid. A stronger yen hurts J apan's exports. Hong Kong's Hang Seng index closed down 1.3 percent, Australia's S&P/ASX 200 shed 0.8 percent, South Korea 's Kospi fell 0.6 percent and benchmarks in Singapore, New Zealand and India also declined. China's main benchmark rose 0.6 percent. ___ R OME Libya's violent upheaval has taken 1.2 million barrels of oil off the global market as energy plants and ports are shut d own, according to Italy's Eni, the largest producer in Libya. The figure represents most of Libya's total daily production, w hich before the crisis was about 1.6 million barrels of crude. The country sits on the biggest proven oil reserves in Africa. ___ LONDON When Moammar Gadhafi told the world he was a changed man, some leaders were skeptical. Others, like Britain's Tony Blair, were quicker to see the benefits of rapprochement with the oil-rich nation. Now, as Gadhafi's regime crumbles, questions are being raised about whether Britain, the United States, and othe rs were too quick to embrace a volatile despot linked to terrorism and oppression as they sought lucrative business deals. GLOBAL ECONOMIC NEWS i ty. We are hopeful that with the Baha Mar development there will be an increase in activity in rentals and sales in the area, Mr Wong told Tribune Business. Its a good start in that direction for u s, and were all looking forward to these things becoming reality s o we can make some money. It will have a tremendous impact on the value of the land, real estate and sales and rentals in our area. Asked to estimate what increase property owners and landlords could look forward t o in property prices/rental rates, Mr Wong replied: I would think anywhere from between 10-15 per cent. The former BREA president said the boost coming from Baha Mar was badly needed. It is still slow from my perspective, he a dded, and that of other colleagues. Some say they are doing well, o thers not so well, and I am among the latter. You have to make adjustments, do things differently to survive, cutting back on expenses, so that when the economy recovers you will be in a position to benefit. O ne such measure he had taken was to drop the ReMax franchise and return to the name of William Wong & Associates Realty. Mr Wong said he and his business were better known by that n ame, and he explained: Operating a franchise can be more e xpensive if the sales are not there. With the downturn in the economy it did not make much sense for me to go ahead with that. You have to know when to cut your losses. Cable Beach realty prices set increases FROM page 1B Authoritys (GBPA for what he termed their exit strategy. Mr Ebelhar said: They do not look at the licensees as their customer. Instead, we were part of a benevolent fiefdom where we were bestowed with rights, but never cultivated for growth. Companies with true vision know their product and actively pursue customers who can benefit from their product. They know the market and can pursue potential investors in this market with the advantages of their product. Providing investor perspective into his industry for the first time at the Grand Bahama Business Outlook, Mr Ebelhar said he fell in love with the Bahamas when he first visited Freeport in 1995. However, he admitted the key to the islands economic growth was ensnared in atangled web. Mr Ebelhar said: The first thread that must be cut sooner than later is the debacle at the GBPA. New owners with a true vision for the future must be found and quickly. To the current owners I say if you have any love left for Freeport, please do the right thing for us and soon. True vision cannot come about from our current position. He added: True vision only comes from ownership that is knowledgeable of the product and takes an active part in molding this vision. The GBPA was given a man date in the Hawksbill Creek Agreement. They need to take ownership of this agreement, defend it and its customers vigorously, and get back on track with the vision that brought about this his-t oric agreement. T antamount to current ownership disputes, Mr Ebel har said, was the effect of Bahamianisation on educa tion and the existing barriers to free trade. He said: Bahamianisation h as insulated the Bahamian worker from the real world for too long. Bahamian ath letes have competed against the world with stellar results. Why, then, do we think that the Bahamian worker needs protection? Why do we not aspire to making the Bahamian worker the best in the world? Mr Ebelhar explained that pre-employment screening tests at his company in basic math and reading comprehension, including mental awareness, showed a steady and unacceptable decline. He said that while many talented Bahamians are afforded quality education, few return home, and many who were left behind are without the basic tools to be successful in life. Mr Ebelhar said: The Bahamas cannot continue with the current level of education and compete against the world, or even in the Caribbean. When coupled with Bahamianisation, companies that must compete in the world market are being asked to compete with one arm tied behind their back mostly at the general labour level. Basic math and computer skills are required by mechanics, electrical techni cians, factory workers and so on. He added: The key is to changing behaviour and attitudes. Instead of: I should have this job because I am Bahamian, would it not be more empowering to be able to say: I am the best at this job and I earned it?. Mr Ebelhar commended the Government and minis ter of state for finance, Zhivargo Laing, for progress made thus far in removing trade barriers, which he said has allowed his company to continue to compete interna tionally. He said: Barriers to free trade must be removed. Not only does this open up the Bahamas for investors, but opens up true entrepreneurship for well-educated Bahamians on a world stage. [Mr Laings] efforts with the CARIFORUM-EPA saved Bahamian jobs period. Port owners slammed on exit strategy F ROM page 1B Bahama Business Outlook, Mr Laing advised the business community that the islands potential for economic fortune could only be realised through the united and sustained action of all stakeholders. Mr Laing said: Current investments support the viability of the island. However, the island is not receiving the kind and level of sustained investment promotion it needs. We need the right and enough persons on board to get the work done, and they must be willing to work together to do so putting politics, religion, class, status aside for the common mission of the bringing the Magic back to our city, and the Grand back to our island. The minister explained that $250,000 will be immediately available for investment promotion through the budget of the Office of the Prime Minister, with the remaining balance to be funded through the 2011-2012 Budget exercise in July. Matching funds are expected from both the GBPA and the Chamber. Addressing the theme, Grand Bahama Game Plan 2011: Review, Re-strategize, Reposition Mr Laing spoke to Grand Bahamas spotty economic state. Mr Laing said: [GB] needs and can have a larger and more prosperous population, driven by a sensible permanent resi dency policy geared toward attracting high net worth and ultrahigh net worth individuals, namely from Europe and Latin America. It can be an offshore finance centre satellite for an emerg ing super economy; can be an offshore medical and education district within the Americas; second home market and recreational spot for the wealth of Latin America, namely Brazil and Mexico; can be a host to an LNG plant, providing new energy options for the Bahamas; can be a hub for regional power supply between Grand Bahama and Abaco, increasing scale and lower energy costs for both islands; have a meaningful yacht and aircraft registry; can be a high-end retail centre for offshore shopping; can be a major entertainment centre in all the Amer icas Mr Laing explained that although the island boasts broad sector diversity, which remains unparalleled in the Bahamas, eco nomic progress across-the-board was marginal. Over the next 12 months, Mr Laing estimated that BORCO and Statoil will continue to stimulate the economy through additional jobs, sub-contract business, rental revenue and broad spending. However, the tourism and construction sectors will remain subdued with no future hotel or resort develop ments planned. Mr Laing added: There is every reason to believe that the island has a bright future. It has the capacity for significant growth, and no feud between the owners of the Port or anything else stands in the way of that other than focused, deliberate and sustained effort on the part of those who should take up the charge. Govt pledges $500k to Grand Bahama Development Boar d FROM page 1B

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DAVID KOENIG, AP Airlines WriterD ALLAS A irfares are rising again, and travelers should brace for more price increases. U nited and Continental started the latest price hike Wednesday by adding $20 per round trip to most domestic flights. A merican quickly matched the move, and oth er airlines were considering it on Thursday. Airlines are trying to pass along their cost for jet fuel, w hich is rising with the surge in oil prices. Oil hit $100 a b arrel on Wednesday. It set tled around $97 on Thurs day. T he major airlines have introduced six broadly based price increases since Decem ber and two others aimed at business travelers. Therew ere just two broad hikes in the first 11 months of last year, according to Rick Seaney, CEO of FareCom pare.com. In dollar terms, the biggest price increases upt o $60 per round trip this week alone have fallen on business travelers. Air lines view leisure travelers as more budget-conscious,s o increases in economy class have averaged $5 to $12. Airlines have been using other tools to raise revenuet oo, like extra charges for flying on peak travel days during spring break or to popular destinations like the Caribbean. J et fuel accounts for roughly a third of airlines' b udgets. Fuel prices have increased by about 50 perc ent in the past year, although airlines have dodged some of the rise byh edging fuel purchases. Fuel bills threaten to u ndercut airline profits. In recent weeks, analysts have reduced their forecasts for2 011 profits among U.S. air lines by about $1 billion. Michael Derchin, an airline analyst for CRT Capital Group, said Wednesday thatt he industry could fall to break-even if jet fuel, which spiked to $3.07 a gallon, reaches and remains at $3.14. A irline shareholders feel the pain. The stocks plunged Tues day and Wednesday, wiping out $3.2 billion in share-h older value. The last big surge in oil prices in 2008 helped senda irlines into a 2-year nosedive. They are in much better shape to handle $100-a-b arrel oil now, however. They have saved cash, h edged against high fuel costs, and raised ticket p rices. The airlines have helped themselves by limiting thes upply of flights and seats for sale, which keeps flights f ull and airfares higher. Ray Neidl, an analyst with Maxim Group, said if thee conomic recovery contin ues, airlines can pass higher fuel costs to passengers. If the economy slows, he said, travel demand will weakena nd "that is when we begin to have problems." John Heimlich, chief economist of the Air Transport Association, which rep r esents the big U.S. airlines, said the carriers have limited choices. They can cut non-fuel costs, they can upgrade tom ore fuel-efficient planes but that takes time and money or they can raisef ares. As fuel prices rise, Heimlich said, more flights will become unprofitable and candidates for elimination. "We will have to cut service, and we would rather not do that," he said. BUSINESS PAGE 6B, FRIDAY, FEBRUARY 25, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM CHIP CUTTER, AP Business Writers DAVID K. RANDALL, AP Business Writers NEW YORK Stocks fell for a third day Thursday as concerns continued over how violent clashes in Libya would affect the global oil market. Major indexes pared steeper losses in the afternoon after oil prices fell for the first time in nine days. Oil fell to $97.28 a barrel after the International Energy Agency said fighting between forces loyal to Moammar Gadhafi and anti-government protesters in Libya were not affecting oil inventories as much as analysts had feared. Libya is the world's 15th largest exporter of crude, accounting for 2 percent of global daily output. Oil had traded as high as $103.41 earlier in the day. Traders are worried that fighting could threaten Libya's oil production and spread to other countries in the region, such as oil-rich Saudi Arabia. Higher oil prices can also slow the U.S. economy by increasing transportation costs. Reports of ample oil inventories "calmed some of the short-term fears in the market," said Bruce McCain, chief investment strategist at Key Private Bank. "But the fact that there is very little real information coming out the country is worrying." The Dow Jones industrial average fell 37.28 points, or 0.3 percent, to 12,068.50. It had been down as many as 122 points earlier in the day. The Standard & Poor's 500 index fell 1.30, or 0.1 percent, to 1,306.10. The Nasdaq composite gained 14.91 points, or 0.5 percent, to 2,737.90. The mixed stock performance came the same day the Labor Department reported that fewer people applied for unemployment benefits last week, a sign that the job market is recovering. The fourweek average for applications, a figure closely watched by financial analysts, fell to its lowest level in more than two and a half years. The housing market, however, continued to lag. The Commerce Department said sales of new homes fell significantly in January. Several companies rose after announcing better than expected earnings. Priceline.com11 Inc. jumped 8.5 percent after the online travel service reported a 73 percent surge in fourth-quarter earnings and raised its income forecast for the current quarter. Target Corp. rose 3.5 percent after the retailer reported an 11 percent gain in profit. H&R Block Inc. rose 5 percent after the tax preparation company said it expected to report near break-even earnings in its fiscal third quarter. Bond prices rose, pushing their yields lower. The yield on the 10-year Treasury note fell to 3.46 percent from 3.49 percent late Wednesday. Rising and falling shares were about even on the New York Stock Exchange. Volume came to 1.2 billion shares. Stocks slide for a third day on Libya concerns M ARCY GORDON, AP Business Writer W ASHINGTON Government-controlled mortgage buyer Freddie Mac managed a narrower loss of $1.7 billion for the October-December quarter of last year. But it has asked for an additional $500 million i n federal aid up from the $100 million it sought in the previous quarter. F reddie Mac also posted a $19.8 billion loss for all of 2010. The government rescued Freddie Mac and sibling company F annie Mae in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $259 billion. Freddie Mac's October-December loss attributable to common stockholders works out to 53 cents a share. It takes into account $ 1.6 billion in dividend payments to the government. It compares with a loss of $7.8 billion, or $2.39 a share, in the fourth quarter of2 009. The company said the recovery of the housing market is still fragile. "As we begin 2011, the housing recovering remains vuln erable to high levels of unemployment, delinquencies and foreclosures," Chief Executive Charles Haldeman said in a statement. "We expect national home prices to decline this year as housing will continue to take some time to recover." Fannie Mae and Freddie Mac own or guarantee about half of all m ortgages in the U.S., or nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they p layed some part in almost 90 percent of new mortgages over the past year. F annie and Freddie buy home loans from banks and other lenders, package them into bonds with a guarantee against default and sell them to investors around the world. The government's estimated cost of bailing out the mortgage giants far exceeds the $132.3 billion they have received from tax p ayers so far. That would make theirs the costliest bailout of the financial crisis. T he two have been hit by massive losses on risky mortgages purchased from 2005 through 2008. The companies have tightened t heir lending standards after those loans started to go bad. Default rates on new loans are far lower. FREDDIE MAC POSTS $1.7B LOSS FOR Q4 WALLSTREET Airlines raise prices again as oil rises (AP Photo/Mary Altaffer WORKINGTHEOPTIONS: Traders work the crude oil options pit at the New York Mercantile Exchange Wednesday, Feb. 23, 2011 in New York. Oil prices continue to climb as forces loyal to Moammar Gadhafi violently clashed with protesters who have expanded their control over the country. Right: A sign advertises gas and diesel prices, plus gives an explanation to customers, at a service station in Easthampton, Mass, Wednesday, Feb. 23, 2011. INTERNATIONAL BUSINESS

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THE TRIBUNE FRIDA Y FEBRUAR Y 25, 201 1, P AGE 13B T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U S I N E S S R E V I E W By ERIC LIPTON 2011 New York Times News Service W A S H I N G T O N A s p r e s i d e n t o f t h e A m e r i c a n C h a m b e r o f C o m m e r c e o f N i c a r a g u a R o g e r A r t e a g a C a n o ro u t i n e l y d e a l t w i t h b u si ne ss i ssu e s a nd tra d e p ra c ti c e s a f f e c t i n g m e m b e r s s u c h a s E x x on Mo bi l o r C i ti g ro up B ut h e al s o l ed an u nu s ual cam pa i g n: o rg a ni si ng se c re t me e ti n g s w i t h o p p o s i t i o n p a r t y l e a d e rs i n a n e ffo rt to ou st Pre side n t D an i el Or te g a i n a n e l ec ti on th is y e a r. A fo rm er of fi c ia l in th e pr ev i o u s g o v e r n m e n t l e d b y a ri v a l p a r t y A r t e a g a t u r n e d t h e c ha m be r in to a h a rsh c ri ti c of Ort e ga, the leftist Sandi nis ta p a r t y l e a d e r a n d l o n g t i m e a d v e r sa r y o f t h e U n i t e d S t a t e s. O n t h e g r o u p s b e h a l f Ar te a g a i ss ue d f ie r y d en u n c i ations of the Nic ar a guan gove r nm e nt a nd it s g o v e r n i n g p a rty c al l in g i ts p ol i c ie s un c o nst it ut io na l a nd it s s t yle th at o f g a ng s te r s" o r t e rro ri st s" H e b r i e f e d o f f i c i a l s a t t h e U S E m b a ssy i n M a na g u a t he c a pit a l, a nd in W as hi ng t on on hi s e f f o r t s t o sp u r a n e f f e c t i v e c h a l le n g e t o Or te g a, w in n in g t he i r ta c i t a pp ro va l T h e c h a m b e r' s a c t i v i t i e s o v e r th e pa st tw o y e ar s d e ta i le d in i n t e r v i e w s w i t h N i ca r a g u a n of fi c i als and bus in ess execu ti v e s, a n d in S t at e D e pa r tm e nt c a b l e s o b t a i n e d b y W i k i L e a k s i ll u mi n a te th e re m a rk a bl e r ol e th e f ore i g n af fi l ia te s of t he US C ha m be r of C om me rc e so m et i m e s p l a y i n t h e p o l i t i c s o f t h e i r h o st n a ti o n s O c c a s i o n a l l y t h e y a r e a t o d d s w i t h U S p o l i c y B u t of te n t he c ha m be r g ro up s a re s o a l i g n e d w i t h i t t h a t t h e y a p p e a r t o a c t a s u n o f f i c i a l i n st ru m e n t s t o a d v a n c e th e U S g ov e rn me n t' s go a ls C r e a t e d m o r e t h a n a c e n t u r y a g o t o pr o m ot e t h e i n te r e st s of US c or po ra ti on s, t he g rou p s ni c k na m ed Am C ha m s to da y o p e r a t e i n m o r e t h a n 1 0 0 c o u n t r i e s Wh i l e m a n y a f f i l i a t e s a p p e a r t o r e s t r i c t t h e i r a c t i v i t i e s t o i ss u e s s u c h a s o p e n i n g a c c e s s t o g o v e r n m e n t c o n t r ac t s o r co mbating the counte r fe iting of na me bra nd g oo ds, ot he rs, l i k e t h e N i c a r a g u a n g r o u p s e e k b roa d e r i n fl u e nc e e c h oi n g th e r o l e i n c r e a s i n g l y p l a y e d i n W a shi n gt on b y t he U S C h a mbe r o f C om m e rc e In Honduras, for exa mple, e xe c u ti v e s at th e U Sa ffi l ia te d c h a m b e r e x p r e s se d su p p o r t f o r th e J un e 2 0 0 9 c ou p d 'e t at th at f o r c e d o u t P r e s i d e n t J o s e M a n u e l Z e l a y a t h e S t a t e De p a rtm e nt c a b le s sa y. Aft e r lead ers i n th e gr oup appli ed p r e s su r e o n t h e O b a m a a d m i n ist rati on US off ic ia ls re tre ate d fr om th ei r in i ti al de m a nd s t h a t Z e l a y a b e a l l o w e d t o re tu rn t o p ow e r. I n T ai w a n, t he c h a mb e r g ot i n t o a n a s t y p u b l i c d i s p u t e w it h a p r o i n d e p e n d e n c e p a r t y th e r e su g g e st in g t h e pa r ty w a s hol din g the isla nd ho stag e to it s belief t hat t r ade bet ween C hina and Ta iwa n shou ld be li m it e d, t h e c a bl e s sa y K evin Casas-Zamora, who s e r ve d as a m i n is t e r o f e co no m ic p ol i c y a n d s ec o n d v i c epre side nt of C osta R ic a u ntil 20 07 sa id th at ov ert p oli tic al a c ti on by a U Sa ffi l ia te d b u sine ss g ro up w a s a lm o st al w a y s c o u n t e r p r o d u c t i v e ' I t i s a r e a l l y b a d i d e a a n d i t t e n d s t o b a c k f i r e h e s a i d n o t i n g t h a t t he l og o fo r t he Am e r i c a n C h a m b e r o f C o m m e r c e o f N i c a r a g u a i n c l u d e d t h e U S f l a g Y ou a re si m pl y h a nd i ng on a p l a t t e r a r h e t o r i c a l w e a p o n t h a t s om e o n e l ik e O rt e g a w i l l su re l y u se ag a i nst yo u ." I ndeed, t he poli tical int erv e n t i o n e m b r a c e d b y A rt e a g a h e h a s ju st s te pp e d d ow n af te r h i s t w o y e a r t e rm a s th e c h a m b e r s p r e s i d e n t h a s b e e n d e no un c e d by t he N i c a ra gu a n g o v e r n m e n t a n d o t h e r s u p po r t er s of Or t eg a as u n wel c o m e m e dd li ng b y t he Un i te d S t a t e s '' Ev e ry tim e o utsid e fo rc es h a v e s o u g h t t o i n t e r f e r e i n N i c a ra g u a s i n t e r n a l a f f a i rs t h e re su l t ha s be e n ha rm fu l to th e N ic a r a g uan peo pl e, Fran c isc o C a m p b e l l N i c a r a g u a n a m b a s s a d o r t o t h e U n i t e d S ta t es sa i d in an in te rv i e w E x e c u t iv e s a t th e U S C h a m b e r o f C om m er c e in W a sh i ng t on w h o c a m e u n de r sc ru ti n y l a st y ea r fo r spe n di ng te ns o f m i ll io ns o f d ol l ar s on a d v er ti si n g th a t h e l pe d R e pu b li c a n s i n t h e m i d t e r m c o n g r e s s i o n a l e l e c ti o ns sa i d i t ha d p l ay e d n o r o l e i n i n s t i g a t i n g p o l i t i c a l a c t i v i t y by f o re i g n c ha m b er g ro u ps ' A m C h a m s a r e i n d e p e n d e n t o f the U S Ch am be r o f C o mm e rc e i n t er ms o f th e p o li c ie s t h e y a d v o c a t e a c h a m b e r sp ok e sw om a n sa id i n a sta te m e n t T h e U S c h a m b e r c o l l e c t s d u e s f r o m i t s i n t e r n a t i o n a l m e m b e r s a n d a p p r o v e s t h e c r e a t io n of a n y n ew fo re i gn a f fi li a t e DRIVEN BY DISDAIN I n 2 0 0 9 w h e n A r t e a g a took over as the unpaid pr esi d e n t o f t h e c h a m b e r i n N icaragua his s ma ll consultin g f irm ha s a c orpo ra te cl ie nt b a s e d i n t h e U n i t e d S t a t e s mak ing him elig ibl e for m emb er sh ip he b egan chall eng i n g O r t e ga al m o s t f r o m t h e s t ar t. T he f or m er to p fed er al t ax off ici al und er a pr evi ous ad mi nis t r ati on, Ar t eaga was d ri ven by di sd ain fo r O rt ega, w ho wa s e le c ted in 20 0 6, a fte r s e r v i n g a s p r e s i d e n t f r o m 19 85 t o 1990 and as a le ader o f t he p os t r ev ol u ti o n j u nt a f r om 1979 to 198 5. The animo s ity only grew a s t he Or t ega go ver nm ent t oo k a c t i o n s t h a t t h e c h a m b e r al on g w i th ma ny oth er gro up s i n Nica ra gua viewe d as vio l a t i n g t h e r u l e o f l a w i n a n e f f o r t t o e x p a n d i t s p o w e r li k e a rul in g t ha t Ort e ga c o u ld r u n a ga in f o r pr e s i d en t t h is yea r, even tho ugh t he cons ti tution prohibi ts a sittin g pre s i d en t f r o m s e e k i n g r e e l e c t i o n '' He h as vio lat ed th e con s t i t u t i o n o f t h i s c o u n t r y s o m a n y t i m e s h e d e s e r v e s a s po t in the Gu inn es s re cor d b ook ," Ar t eaga s aid ad di ng t h a t s u ch s t ep s d is co u r a ge d inv estme nt by US com pan ies. "T h e b us in es s comm un it y is wo rr ie d. T her e is br ead n ow, b u t t h e r e w i l l b e h u n g e r t o m o r r o w A HISTORY OF UNSUBTLE AID Dur ing t he Reagan admin i s t r a t i o n t h e C I A s e c r e t l y p r o v i d e d a i d t o r i g h t w i n g rebe ls w ho trie d to ov erth r o w O r t e ga a s s i s t an c e t h at ul t i m at el y r e s ul te d in t he I r an C o nt r a s ca n da l S i nc e t he n Was h ing to n ha s tr ied t o pl ay i t s h a n d m o r e s u b t l y t h e S t a t e D e p a r t m e n t c a b l e s s ho w, in par t b y enco ur agi ng b us in es s and civ ic l eade rs i n N i c a r a g u a t o r a l l y b e h i n d p r o U S c a n d i d a t e s o r t a k e st ances s up por tin g U S views D ur in g th e adm ini st r at ion o f P resi de n t G eo rg e W B u sh, for exa mpl e, US o ffic ial s co ns ider ed as kin g Gener al Electr ic 's co rpo ra te fi na nc in g di vi s io n t o pr es s ur e Car lo s P ellas a pr om in ent Nica ra guan ban ker and s u gar m ill executi ve, t o s up por t one of O rt eg a s r i v a l s a c c o r d i n g t o a M a r c h 2 0 0 6 c a b l e ( T h e ca b l es do n o t m a k e i t cl ea r w h e t h e r t h e p r o p o s a l w a s ever ca rr i ed o ut .) While th e Obama admin ist r a t i o n h a s t r i e d t o r e f r a i n fr om i nter ven ing in d omes t ic po lit ics Ar t eaga was no t so s h y W o r k i n g b e h i n d t h e s c e n e s h e h e l p e d o r g a n i s e m e e t i n g s a m o n g l e a d e r s o f o p p o s i t i o n p a r t i e s u r g i n g th em t o pu t as id e th eir per s ona l p oli ti cal amb it ion s and tog ethe r support a sing le ca ndi dat e or p ar ty t o ch all eng e th e p re si den t. After o ne s u ch ga therin g i n D e c e m b e r 2 0 0 9 t h e U S E m b a s s y n o t e d A r t e a g a s ro le in cables t o Washi ngton ''Th e g rou p h as b ee n w ork i ng fo r t he la st se ve ra l mo nth s t o b r i ng o p p o s i t i o n g r o u p s civ i l s ociety, and the busi ness com mun it y t oget her t o co nfr o nt Pr es id ent D ani el O rt eg a, pre se rve de mo cra ti c spa ce a n d f o r m a u n i t e d b l o c t o chal len ge O r tega and /o r th e S an di n i s t a N at i o na l L ib e r at io n F ron t (FS LN ) in t he 2 0 11 nati onal elect ions ," th e cabl e s a i d A n e a r l i e r c a b l e i n Au gus t 200 9, cal led A rt eag a on e of t he t wo p ri mar y le ade r s o f t h e o p p o s i t i o n u n i t y e f f o r t R o b e r t J C a l l a h a n t h e U S a m b a s s a d o r t o N i c a r a g u a c o n f i r m e d i n a t e le ph o ne i nt e r vi ew th at he h ad at ten ded t he Dece mbe r 200 9 me eting with Ar te aga at t he hom e of Ces ar Zam or a, A r t e a g a s p r e d e c e s s o r a s c h a m b e r p r e s i d e n t a n d a n exe cu tive of AE I a Houstonb as ed ener gy com pan y. B u t t he USgovernment did not requ est any of the ac tions t ak en by A rt eag a a nd ot he r b us in es s execu ti ves h e s ai d. ' I f t h e y a r e a r t i c u l a t i n g p o l ici e s t h at we a gr e e wit h t he n f in e, it i s a coin cid ence o f views t he re ," h e s ai d. C a l l a h a n a d d e d t h a t t h e goal of t he United St a t es was t o e n c o u r a g e a v i b r a n t d emo cr acy i n Ni car agu a. Y et ca b l e s s en t b y Ca l l a h an t o Wa s hi n gt o n go a bi t f u r t h e r s u g g e s t i n g t h e e m b a s s y a t l e a s t i n d i r e c t l y e n c o u r a g ed g r o u p s l i k e t h e chamber to work to un ify the o pp os it io n to O rt ega an d hi s p a r t y ' W e w i l l c o n t i n u e t o encourag e all pro-democ r a tic g r o u p s t o wo r k t o g e t h e r t o ad v an c e th eir common goal s, i n cl u di n g u ni t i ng f o r 2 01 1 ," s a i d a n A u g u s t 2 0 0 9 ca b l e whi c h al so ment ions Ar teaga a n d h i s r o l e a s A m e r i c a n C h a m b e r p r e s i d e n t I t i s c l e a r t h a t t h i s m e s s a g e h a s b een un der s t ood b y s o me in t h e p o l i t i c a l a n d b u s i n e s s c o m m u n i t y f o s t e r i n g t h e a bov e un it y ef f or ts ." A r t e a g a i n a n i n t e r v i e w s a i d h i s e f f o r t t o u n i f y t h e o pp os it io n wa s s up por t ed by s o me cha mbe r m emb er s a nd r ep r es ent ati ves o n it s bo ar d, a n a s s e r t i o n c o n f i r m e d b y s e v e r a l c h a m b e r m e m b e r s A rt eaga added t hat h is in ter v e n t i o n c a m e n o t a t t h e r eq ue s t o f a ny U S co r po r a ti on bu t r ef le c te d a c o nse n sus o f c h amber memb ers B u t, in a s e c o n d i n t e r v i ew h e s ai d he w a s a c tin g on hi s ow n p a rt i c u l a r l y i n e n d o r s i n g a n o pp os i t io n pr e s id en ti al ca nd i d a t e POLITICS AND APPEARANCES S uc h a dist inc ti on was not always recognised by others. Ar teaga said he was in v es tigated by Nicaraguan officials who asked for the chamber's fi nan ci al re co rds as we ll a s h is own to see if he was secretly b ei ng pa id $1 0,0 00 a mo n t h b y t h e CI A ( B o t h A r t ea g a an d Ca lla han de nie d any p ay ments.) B ut th e a p pe a ra nc e th at t he Un ite d St ate s w a s i nte rv en ing i n N ic a ra g ua n a f f a i rs t h r ou g h a c t i o n s b y t h e A m e r i c a n C h a m b e r o r t h e e m b a s s y t h e r e p r o v o k e d a n a n g r y response. I n O c t o b e r 2 0 0 9 a f t e r Ca l l a ha n s p o k e a t a n e v en t s p on s o r ed by th e A m er i ca n Ch amb er of Com me r ce an d ech o ed c om me nt s by cha mb e r l e a d e r s c o n d e m n i n g a S u p r e m e C o u r t d e c i s i o n al low ing Orteg a to run for re el ect io n d es pi t e t er m l im it s h u n d r e d s o f d e m o n s t r a t o r s a p p e a r e d o u t s i d e t h e U S Embassy in Managua. Hold ing up signs saying Death to E m p i r e a n d Y a n k e e G o Home', some protesters even la un c he d ex pl osi ve p roj ec ti le s at the build ing, accordin g t o a State Department cable. L a st mon th, a n ew spa pe r in N ic a ra gu a a c c use d Art ea g a o f t u r n i n g t h e c h a m b e r i n t o a p o l it i c a l c o ns p ir a c i e s' n e st a c h a r g e t h a t d r e w a d e f e n s e f ro m th e US a mb a ss a do r, w ho said the story falsely claimed he believed that Arteaga had gone too far. U S c h am b er s a gi t at e f o r p o l i t i c a l c h an g e NICARAG UA' S Pr e side n t Danie l Ort e g a is pas se d a not e at an edu c ation ral ly on the f i r s t day o f cla sse s a t t he Augusto C. Sand i n o sc ho ol in Ma n a g ua Nic aragua, Tues day Feb 15, 2011. (AP) rah' s rel atio nship prior to the 2 00 7 ge n e r al e l ec t i o n ( t hu s l o ck i n g t h e ca s i n o g i an t i n a n d p o s s i b l y p r e v e n t i n g i t s withdrawal when the owner ship changed hands). I t was t he n M r I n gr a ha m a n d t h e F N M w h i c h p i c k e d u p the p ie c es (so me m ig ht a rg ue t h e y t o o k t o o l o n g t o c o n c l u d e t h e J a n u a r y 2 0 0 8 s u p p l e m e n t a l He a d o f A gre em en t) p rio r to t h e H ar r a h s p u l l o u t A n d w h i l e t h e P r i m e M i n i s t e r sh o ul d pu b l ic l y h a v e b e e n le s s neg ative towa r ds Ba ha Mar, o n c e e v e r y t h i n g w i t h t h e de ve lo pe r, C hin a an d Sc oti aba nk w as fin e, th e pu bli c se ct o r t r o o p s w e re m o b i l i s e d v e r y quickly t o put all the nec es sary pe rmi ts an d ap pro va ls in p l a c e t o g e t t o M o n d a y s gro undbreaking. Ultimately, all t he sparr ing betwee n the t w o p a r t i es o v er B ah a M ar sh o w s h o w fa r t h e y ha v e t o g o in rea c hin g p ol iti ca l m at urit y, w h i l e a l s o i n t r o d u c i n g p o l i t i c a l risk a s a n u nw el c ome u nc erta in ty th at h as to be f ac to red in to in ve stors' c a lc ul at ion s. Now t hat t he past is in t he pas t, Baha M ar and it s Chi ne se pa rtn e rs s ho w e v er y si gn of want ing to hit t he grou nd run nin g' on th e proj ec t' s c ons tr uct ion Wor k o n t he f ir s t $ 6 0 mi l li o n w ort h o f c o n tra c t s h a n d e d t o B a h a m i a n c o n t r act or s h as be gun wi th th e Wes t Bay Str eet r e-r ou tin g, an d w ork o n th e C omm erc ial Vill age is set t o s tar t with in th e next t wo weeks. For t heir p art, s ome thr ee dozen C h ina St ate Cons tr ucti on & E ng in ee ri ng m an ag e rs ar e alr eady ass es sin g pro ject p la n s, ha v i n g su b mi t te d d ra w ings of t he firs t phase W or ker Village', whi c h wil l hous e all the Chin ese cons tr ucti on wor ker s br ough t in t o wor k on Baha Mar to th e Dep art m e n t o f P h y s i c a l Pl anning/ Town Plan ning for a p p r o v a l And t he delays caused by t h e H a r r a h s w i t h d r a w a l c o u l d y e t p r o v e f o r t u i t o u s D o n R o b i n s o n B a h a M a r R e s o r t s p r e s i d e n t a g r e e d e a r l i e r t h i s w e e k w i t h T r i bune Busines s's a n a l y s is th a t it coul d yet p rove a bles si ng in di sguis e', as t he developer ca n n o w ex pl o it l ow er co ns t r u c t i on p r i c es t o b u i l d i t s p r o j e c t a t a t i m e wh e n t h e m a rk e t i s s ti l l re c ov e r in g fr om rec e ss i on. The p lan ned op en ing, in 2014, c o uld be ti med j u s t r i gh t t o c a t ch a p e r i o d when th e to ur is m mar ket is appr oachin g nor malcy. "If we'd s ta rt ed con st ru c ti on when we were t hinki ng ab out i t, w e wo uld hav e b een s t a r t i n g a m i d a n e c o n o m i c cris is. W e'll now prob a bly be c o n s t r u c t i n g t h i s i n a f a v o u r a b l e e c o n o m i c e n v i ronm ent, a nd b e ope ning thi s in a f a vour able t ouris m e n v ir onm ent Al l t hin gs h appe n fo r a re a son bu t I'd h av e h at ed to open t his pr oject in t he mid st o f an economic downtu rn," said Mr Robin son The ec o n om ic be n e fi ts ma y t a ke se v e r a l m on t h s t o b e f e l t, but t here can be lit tle doubt t hat t he $40 0 mi ll io n w or t h o f c o n t r a c t s a w a r d e d t o B a h a m i a n c o n t r a c t o r s w i l l help li ft th at secto r out o f its s l u m p b y t h e m s e l v e s T h e Bahama s is a r ela t ively s mall ec onomy in w or ld terms and a n i nf us i on o f s ev e r a l h u ndr ed mil lion d ollar s m ay be a l l i t t a k e s t o t u r n t h e Bahamian economy back o n t o th e pa t h o f p o si ti v e gr o w th A nd her e is wher e the r est of u s come in. A s M r I zmirlian po inted ou t, his $2.6 billion const ructio n pr oject a n d inves tmen t can o nly s ucceed with the active, pos itive part i c i p at i o n o f t h e Ba h a m i a n p eo pl e. Bah am ia ns he s ai d at the g r oun dbr eaking, have t o m a k e t h e p u s h t o h e l p t h e m s e l v e s a n d t h e i r c o m mun ities ", for al l m anner of e m p l o y m e n t o p p o r t u n i t i e s and entrep r e neurial spin-offs a b o u n d Y e t i n t h e f i n a l anal ys is Bahami an wor ker s h a v e t o c o m m i t t o d o i n g their very best and st ick wit h it" Mr Izm irlia n sa id, at tend i n g t r a i n i n g p r o g r a m m e s imp rovin g s kills and pr ovidi n g t o p c l a s s c u s t o m e r s e r v i c e T h e le sson he ha s pro vi ded in pers ever ance, to o, s houl d not b e f orgo tten by Bahamian s e it her Ref er r ing to th e r o a d h e h a d t r a v e l l e d i n b r i n g i n g B a h a M a r t o f r u i t i o n M r I zm i r l i an s a i d : L e t i t b e a l e s s o n t o t h e y ou n g me n a n d w om e n of t he Bah am as t h at pe r s eve r an ce pays of f.. .... T oge ther t her e is nothin g w e c an't do but we mu s t al l rise to the oc c asio n." An d w i t h t h e C h i n e s e f i n a n c ia l an d c on stru c tio n b ac k in g, B a h a M a r s e e m s c e r t a i n t o r i s e to t he oc c asi on, too The re i s li ttl e dou bt tha t c onstru c tion w ill be comp leted g iven the sup port of two C hi nese g ov e rn m e nt -o w n e d e n t it ie s in t he m ix Fo r th e m, a s i t i s w i th Mr I z m i r l i a n f a i l u r e i s n o t a n o p t i o n T he rea lly intere s tin g p art w i l l c o m e w h e n B a h a Ma r a n d its fo ur new hotels, togeth er wi th t h e cas i no co nv en ti o n space an d associated ame nit ie s b e c o m e fu l ly o p e ra t io n a l. It is on ly the n tha t w e w il l see w heth er th ey ha ve grow n or spl it t he ma rke t fo r h ig h-e nd vi si to r s, t o th e d et ri men t of bo th Ba ha Ma r an d K e rzn er. W i l l t h e i n v e s t o r s e n j o y a r e t u r n o n t h e i r s u b s t a n t i a l in ve stm en t, an d boy i s it e ve r sub sta nti al Ti me w il l a nsw e r t h e se q u e st io n s, a n d h op e f u ll y th e Ba ha ma s c o me s do wn in th e po siti ve w it h a re fresh ed a nd re vi ta lise d to urism p rod u c t t h a t h a s a h o s t o f n e w am en i t ie s t o a t t r act vi s i to r s from al l ov er the wo r l d. For no w tho ug h, it i s a ll g ood FROM page 16B Baha-mas'

PAGE 18

THE TRIBUNE FRIDA Y FEBRUAR Y 25, 201 1, P AGE 15B T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U S I N E S S R E V I E W A A A H H H H Th e i n no c e n c e of y ou th. T he Ba ha mia n c a pita l ma r k e ts a r e y e t y o u ng a nd w ith yo ut h c omes inex per ienc e a nd m i s t a k e s b o r n o f b e i n g w e t b e h i n d th e e a r s F e b r u a r y k i c k e d off w ith y e t an o t h e r miles to ne t h e f i r s t h o s t i l e ta k e o v e r o f f e r i n t h ei r history and t he way t his p r o c e s s h a s g o n e e v e r s i n c e de mo ns tr ate s the r e is s till muc h to le ar n if we a r e to av o id h igh f a r c e F o r d e s p i t e t h e S e c u r i t i e s Comm iss i o n' s belated a t tempt to g e t a g rip on the s it u a ti o n by s u s p e n d i n g t r a d i n g i n A M L Fo od s s ha r es th er e is n oth ing in law t o s t o p Mar k F i n l a ys on a n d h i s b i d v e h i c l e ( w h e t h e r i t b e Tr a ns -I sla n d T ra d er s Ba ha ma s S u p e r m a r k e t s o r A s s o c i a t e d B ah a m ia n D is t ill e r s & B r e w e r s ) fr o m p r o c e e d in g w ith th e ir of fe r a nd if the y s o c ho os e fr o m bla tantly i g no ring or d i s r eg ar ding t he re g ul at or s st r i c t u r es a n d ad mo nis hm en ts o v er the is s ue W h i l e t h e o u t c o m e o f t h e AB DAB dir ector s a nd a nnua l g e n e r a l m e e t i n g s ( A G M ) s c h e d u l e d fo r y e s t e r d a y w a s u n k n o w n w h e n t h i s a r t ic l e w a s w r i tt e n it i s f a i r l y s a f e to a s s u m e t h a t Mr F in la ys o n (g iv en h is fa mily 's 7 0 pe r c e n t c o n tr o l) w ill s u c c e e d in p e r s ua din g wha t is no w a c as h -ric h p rop er t y ho l d i ng c om p an y t o a cq u ir e th e 7 8 p er c en t sta k e h is f am i l y cu rre nt l y ow n t h rou gh Trans-Island Traders What is no t s o c e rta in i s w ha t ha pp en s fr om h er e on ou t. L et's b e c le ar Mr F i n lay s on ha s ev e r y r ig ht to mak e h is $1 2 million a t te mp t t o a cq uir e a 5 1 p e r c e n t m a jo r i ty s ta k e in BI S Xl is te d A ML Foo ds. T he $1. 5 0 p er s ha r e p ur c ha se pr ic e s e ems r e a s o n a b le r e p r e s e nt in g a r o u n d a 44 p er c ent p remi um t o t h e s to c k's $ 1 .0 4 va lu e b efo r e it w as s u s p e n d e d t h o u g h m a n y in ve s tor s a re lik ely to h o l d o ut f o r H e a n d R o y a l F i d e l i t y s A n w ar Su n de r j i a nd M i c h ae l And er s on, ar e also r ight whe n it c om es to th e n ee d fo r c o ns o lida t i on i n t he B ah am i an f o od re t a i l i n g i n d u s t r y g i v e n t h a t t h e r e a r e t o o m a n y r e ta i le r s w it h too much product ch asing too f e w c o n s u m e r s w i t h p o c k e t b o o k s t h a t a r e e i t h e r f l a t o r de cr ea si ng W h et he r M r F i n la y so n is th e r igh t pe rs o n to d o t h e c o n s o l i d a t in g f lu s h w it h c a s h a s h e is g ive n tha t h e h as o n l y re c e n t l y t a k en o v e r a d e e p l y t r o u b l e d r i v a l s u p e r m a r k e t chai n, i n Ba ham as Sup erm ark ets is a qu es tion AML F oo ds inves t or s wil l themselves have to an s we r. T h e r e a l b e e f i s w i t h t h e p r o c e s s o r r a t h e r l a c k o f p r o c e s s th at h a s t a k en pla c e ev er s in ce M r F i n l a y s o n l e a p t i n t o t h e h e a d l i n e s b y a n n o u n c i n g h i s p la n n e d A M L F o o d s b id o n J a n u ar y 3 1 2 01 1 I t is n ow a lmos t a mo n t h la ter an d s t ill no fo rm al B id Cir c ula r the d o cu me nt th at s e t s o u t t h e p r i c e t e r m s a n d c o n d ition s o f th e o f fe r plu s a ll o the r r e l e v a n t i n f o r m a t i o n h a s b e e n r e l e a s e d to th e B I S X-l is te d fo o d g r ou p's in ve s tor s by the Tr a ns I s lan d t e a m. T h e y h a v e c e r t a i n l y b e e n s ou nd i n g out AML sh ar eh older s abou t t h eir i n t e nt ion s, a nd the d ela y in s ub mitting th e Bid C ir c u l a r m a y h a v e w o r k e d to M r Fin lay s on 's a dv a nta ge b y g ivin g h i m m o r e t i m e t o w o r k t h e 1, 3 00st rong i n vest or regi st er. Ye t th e fa ilur e t o e nd th e w ill h e / w o n t h e u n c e r t a i n t y o n whethe r a for mal o f fer will be ma de is le s s for g iva ble a n d th e d i s r u p t i o n c a u s e d t o A M L s st oc k and t rading in it pr oved the s tra w th a t b r ok e th e c a me l's ba ck pr omp t in g th e S ec ur it ie s Commi s sion to p ut eve rything i n t o c o l d s t o r a g e f o r t h e m oment via the s hare suspe ns i o n I n d e e d c r i tic a l o b s e r v e r s m a y wond er whe t h er Mr F i n l a ys on a n d h is ad v i s e r s h a v e b e e n m a k ing u p th e i r str a teg y as th ey g o alo ng g iv en th e pr ob le ms the y ha ve encoun te red espe cial l y f rom hi s own A BD AB shareh o l d e r s, w ho o b j e c t e d t o t h e AM L F o o d s d e a l o n t h e g r o u n d s t ha t t h e i ni t i a l d ea l st ru c t u re c o u ld d is a dv a n t a g e th e m b y c ut tin g th e ir r e a l e s ta t e a s s e ts t ot al ly o u t o f the p ic tur e I t al l p o in ts t o a s i t u at i o n w h e r e M r F i n lay s on fa il e d to t a k e ca r e of h is ow n ba ck y ar d fir s t a nd d id no t dot the i 's and cr os s t h e t' s ', s ome thin g tha t ha s c on trib ute d t o t h e c h a o t i c s i t u a t i o n s u r r ou nd ing the bid It i s h a rd n o t t o f e e l s o m e s y m p a t h y f o r t h e S e c u r i t i e s C o m m i s s i o n w h i c h i n t h e ab se nc e of its re vis ed s upp or tin g Ac t a n d r e g u la ti o n s is s e r v e d by w oe fully in ad eq u ate le gis la t i on i n s o m a ny res p ec t s, n ot l e ast wh en i t co m es t o pu bl i c compan y t akeovers, gi ven t he c om p l ete and total abs ence of a n y th in g r e s e m bl in g a T ak e o v e r C o d e Wh i le th e C o mm i s s i o n s h o u ld rightl y b e cr i t icised for i t s ini t i a l l y w e a k a n d h a n d s o f f r e s p o n s e t o t h e A M L F o o d s o f f e r i t h a s r e g a i n e d s o m e g rou nd with the sha re su spe ns io n Ye t the fe a r is th a t th e r e g u lato r ma y s o on r e ve r t to ty pe e x p l a in in g th a t it s g o v e r n i n g l e g i s l a t i o n p r o v i d e s n o s ta tu t e b a c k ing f o r the ac t ion s i n nee ds t o t a k e Mo r e b o tt l e is r e q u i r e d G i v e n t h a t M r F in l a y s o n a n d h is T r a n s I s l a n d T r a d e r s v e h i c l e f i r s t ann ounce d t hei r of f er t o p urc h a s e a 5 1 p e r c e n t s t a k e i n A M L F o o d s o n J a n u a r y 3 1 2 0 1 1 t h e y a r e a l r e a d y w e l l b e h i n d t h e c l o c k b e c a u s e a c c o r d i n g to th e S e c u r it ie s C o m m i s s i o n s c h e d u l e t h e i r o f f e r p ro sp e c t u s s ho u l d h av e b e e n r e lea s ed to the la tter 's in v es tor s b y F r ida y, F eb r ua r y 1 2 I n d e e d s o m e w o u l d a r g u e t hat t he t akeover bid' shoul d n e v e r b e a l lo w e d t o p r o c e e d g i v e n t h e m o n t h -l o n g d e la y t h a t h a s e ns u ed d is ru ptio n to a n or d er ly ca p it a l ma r ke t of this n atu re woul d al most cert a i nl y not be a llo we d a n y wh e r e e ls e I n t ru th gi ve n i t s l i m i t e d p o we rs su sp en din g tr a din g in AML F oo ds sh are s w as p ro ba bl y t he o n l y op t ion the Sec urities Commiss ion h ad in s e ek ing to r es to re a m e a s u r e o f c a lm t o t h e s it u a ti o n Wh il e Mr F in la y s o n 's b id is n o w s talle d u ntil h e r e lea s es the for m a l o f f e r d o c um en t t h e r ea l lo s e r s c u r r en tl y a r e AML F o o d s s h a r e h o l d e r s w h o a r e p r e v e n t e d fr o m s e l li n g a n d b u y in g t h e c o m pa ny 's sh a re s W h at h a pp e ns n e xt w i l l be i nt erest i ng. Th ere seem s l i t tl e d oub t t h at M r Fi n la yson m ay chal l enge t he Sec u r i t ies Commi s s io n s c h e d u le g iv e n th a t it i s no t ro ote d in la w, le av ing o pe n t h e pr o s pe ct tha t this w ar fo r m a j o r i t y o w n e r s h i p a t A M L Food s cou ld dr ag on for s ome t i m e e sp e ci a l l y a s a l l p ar t i es i nvo lv ed have been una ble t o ag r ee up on the p ro c es s T h e t a k e o v e r i s s u e h a s re a re d its he a d n ume r ou s time s be for e b ut to d ate t h e B ah am ia n c a pi t a l m a rk et s h av e o n l y e x p e r ie n c e d fr ie n d ly ta k e o v e r s ', wh e r e ma j or ity c o n tr o l in a p u b l i c c o m p a n y h a s b e e n r e l i n q u i s h e d in a n a g r e e d tr a n s a c ti o n T his has happened t wi ce w it h Gr an d Ba h ama Po we r C omp a ny with Co l in a I ns ur a nc e Ltd, w i t h C a b l e B a h a m a s a n d notably, wit h B a hamas Supe rm a r k e t s Ma n y w o u l d a r g u e t h a t suc h dea ls sh oul d re qui re t h e b uy er to ma k e a n o ffer on the s a me p r ic e a n d t e r ms a s th e s el le r r e c e i v e d t o t h e m i n o r i t y Ba ha mia n i n v es tor s to o, e s pe c ia l ly g i v e n B a h a ma s Su p e r m a r k et s' f a t e un d er t h e p re vi ou s o w n e r s h i p Reg r etta bly th e AML Fo o ds o f f e r e p i s o d e h a s o nc e a ga i n h ig h li g ht e d th e ne e d fo r t he r e g u lato r to ta ke a mo r e pr oa c tive ap pr oac h, s i n ce i t s ho uld ha ve s ee n the ne ed to a cc e ler a te the Take over Code in light of t he n ume r ou s c o ntr ol c h an ge s tha t h a v e a lr e a d y ta k e n p l a c e An d it a l s o sh ows the ne ed for po li tic ia n s t o ta k e th e c a p ita l ma r k e ts m o re se ri o us l y a nd r ec og ni s e the ir impo r t a n ce mov ing mor e q u i c k ly o n k e y le g i s l a ti o n t o g iv e r e g u l a t o r s a l l t h e t o o l s th e y n e e d O th e r w is e f a r c e e n s u e s a n d th e Ba ha ma s r is ks be ing s ub jec t to u n w a n te d in te r n a ti on a l s c r u ti n y AML Foods battle exposes mor e regulatory weakness MARK FINLAYSON Commission needs to take firm grip and control process, with or without statute DIONISIO D'AGUILAR

PAGE 19

Mired in recession for the p a st t w o -a n d -a h a lf y e ar s, a nd wit h an u nemp loym ent r at e l ik e ly t o b e n ea ri ng th e 2 0 p e r cen t le vel ( es p eci all y i f d is c ourage d w orkers a r e in clud e d) t he Ca bl e B ea ch r ed ev el o pm en t w it h it s p rom i sed f o u r n e w h o t e l s n e t r o o m in ven t or y in cr eas e o f 2 ,250 and 7 ,00 0 new job s onc e fully o p e r a t i o n a l r e p r e s e n t s a tr emendous sho t in the ar m f o r b u s i n e s s a n d co n s u m e r confidence, if nothing else. I t also represe nts a pe r son a l t r i u m p h f o r B a h a M a r c ha i rma n a nd c hi ef e x ec u ti v e, Sa rkis Iz mirl ian a nd his fami ly w ho suc ce ed ed a ga inst the o d d s a n d t h e n a y s a y e r s i n f i n d i n g n e w f i n a n c i n g a n d equi ty part ners in t he for m of t he China Expor t-I mport Bank and China Stat e Construction, during the darkest de pth s of the r e c essio n, w hen all c r edit markets were shut do wn ti ght and i nve stors had headed for the hills and the bunkers. If an Olympic gold medal was ever awarded for perse v e r a n ce t h en M r I z m i r l i a n and his family would be the d e s e r v i n g r e c i p i e n t s g i v e n t h a t t h e ea s y c o u r s e w o u l d h av e be e n t o w a lk a w ay w h en H a r ra h s E n t e r ta i n m e n t s n e w p riv a t e e qu i ty ow n e rs, A p ol lo a n d T ex a s P a ci f i c, g ot c o l d feet due to the recession and c r e d i t c r u n c h u s i n g P r i m e Mi nister Hubert I ngraham's F e b r u a r y 2 0 0 8 H o u s e o f As sem b ly ad dr es s o n th e p ro j e c t la nd t ra n sf e r s a s c o v e r / th e excus e they n eeded to w al k away. M ond ay's h appy out c o me a g a i n s h o w s w h y w e a l t h y B a h a m a s r e s i d e n t s w i t h a strong track record of deliv e r i n g w h a t t h e y p r o m i s e s ho u l d b e t a k e n s e ri o u sl y w i th t h ei r i n v es t m en t p r o p o s a ls L i k e f e l l o w b i l l i o n a i r e Jo e Le w i s w it h Al ba n y Mr Iz m ir lian and his family are longti me r esi de nts o f t hi s c ou nt ry, a n d t h e i r l o v e f o r t h e Bahamas has shone through e v e n d u ri n g B a h a M a r' s d a rk est days. His passion for this c o u n t r y a n d d e s i r e t h a t i t sh oul d suc c e ed b oth e c on om i c a ll y a n d so c ia l ly a g a i n c a me th rou gh dur ing medi a q uest i o n s a t M o n d a y s g r o u n d breaking. For starte rs hi s fa mily pe rs o n al l y p ut u p m u ch of t h e $800 million it has taken for B aha Ma r to rea ch th is p oint, i n c l u d i n g k e ep i n g t h e l o s s makin g C able Be ach Re s orts o p e n Em p h a s i s i n g t h a t h e want ed t o s ee t he Bah amas "prosper", Mr Izmirlian was just as passionate in shooting do w n K erz n er Int ern a tio na l' s a rg u m e n ts t h a t B a h a M a r a nd Atlantis would end up going h ead t oh ea d, t hu s s p li t ti n g the market for high-end visi tors to this nation. "I do n't th in k the B a ha ma s ca n't ha ndl e two projects of th is si z e, he sa id e mph at ic al l y I f y o u c o m b i n e a l l t h e h o t e l s i n N e w P r o v i d e n c e w e r e 1 0 0 0 0 r o o m s o n c e w e v e b u i l t o u t T h e r e s 150,00 hotel rooms in Orlan d o t h e r e s 1 5 0 0 0 0 h o t e l r o o m s i n L a s V e g a s Y o u c a n t t e l l m e t h a t w e a s a country can't do better than that." Th e m o r a l o f t h is t a l e i s th a t B a h a m a s r e s i d e n t s u n l i k e f or e ig n d ev el op er s ar e l es s l i k e l y t o w a l k a w a y w h e n t h i n g s g e t u n c o m f o r t a b l e When the going gets tough, th e tou gh get goin g', s o th e saying goe s and that c ert a inl y a p p l ie s t o M r I z m i rl ia n Fo r they have nowhere to go but t h e i r h o m e P r o v i d e d t h e b u s i nes s plan i s s ou nd, t he pr op o s a l f e a s i b l e f i n a n ci n g i n place, and the project of eco n om ic a n d s o ci al b e ne fi t t o the Bahamas, then the Gov er nment s hou ld tr eat development plans by foreign per man ent residents f a vourably. G e tt in g th e se p e o pl e t o i n ve s t m ore i n th e B ah am a s, an d se t up active businesses here, is an area of potential that has long been untapped. M uch was made of Pri me Min ister Hubert I ngraham's a b s e n c e f r o m M o n d a y s g r o u n d b r e a k i n g ce r e m o n y and it would have been good t o s e e t h e c o u n t r y s m a i n man' there. While the Oppo s it i o n P ro g r e ss i v e L i be r a l P a r ty (PLP) were quick to high li gh t th is no do ub t s e ek in g political mileage, the truth is th at bot h main p art ies h ave been equally responsible for b rin g in g B a ha M ar to fru iti on and for some of the delays that beset it. T r u t h b e t o l d t h e t r a d i tional political dividing lines of ten bl ur the v isio n. All g ov e r n m e n t s w h e t h e r P L P o r FNM in persuasion, build on the achievements of the pre v ious admi nistratio n and c orre ct th e pro ble ms le ft be hi nd, w h a t e v e r t h e p o l i t i c a l rhetoric. In Baha Mar's case, i t w as P e r r y C hr is t i e 's P L P gov er nme nt w hich envisaged C a b l e B e a c h s r e b i r t h a n d si gn ed t he o rig in al Ap ril 2 0 05 H e a d s o f A g re e m e n t j u s t a s i t w a s M r C h ri st i e' s g o v e rn m e n t that faile d to con clude al l the co n di t io n s r eq u ir e d t o co ns u m m a t e B a h a M a r s H a r T RUE, it was largely symbolic. But at least the shovelling of sand indicates that, finally, the long-awaited $2.6 billion Baha Mar project has reached a construction start more than seven years after the Bahamian government first mulled plans to bring the existing Cable Beach resorts together and redevelop the area so it would not become a poor second cousin' to Paradise Island. The road since has been long and tortuous, with many unexpected twists and turns, but the timing could not be better for the Bahamian economy. T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U S I N E S S R E V I E W P AGE 16B FRIDA Y FEBRUAR Y 25, 2011 Luck of the Baha-mas' S IG N IN G O N T HE DO T T E D L I NE : De p u t y Pr i m e M i n is te r Br e n t S y m o n e t t e a d d s hi s n a m e t o t h o s e wh o h a v e signed an artist's impression of what Baha Mar will look like when constructed. SEE page 14B DOING THE SPADE WORK: Baha Mar chairman Sarkis Izmirlian (front row, third left), government ministers and Baha Mar's Chinese partners break ground on the $2.6 billion Cable Beach redevelopment. US CHAM B ERS AGI T A TE FO R P OLIT ICAL C HAN GE SEE P AGE 13B CO M MUN I T I E S D E S E RT E D B Y BA N K B RAN C H E XI T S SEE P AGE 12B


THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 5B



a =~ =~
Obama tells business

Port owner's
slammed on
‘exit strategy’

FROM page 1B

Authority’s (GBPA) owners
for what he termed their “exit
strategy”.

Mr Ebelhar said: “They do
not look at the licensees as
their customer. Instead, we
were part of a benevolent fief-
dom where we were bestowed
with rights, but never culti-
vated for growth. Companies
with true vision know their
product and actively pursue
customers who can benefit
from their product. They
know the market and can pur-
sue potential investors in this
market with the advantages
of their product.”

Providing investor perspec-
tive into his industry for the
first time at the Grand
Bahama Business Outlook,
Mr Ebelhar said he fell in love
with the Bahamas when he
first visited Freeport in 1995.
However, he admitted the key
to the island’s economic
growth was ensnared in a”’tan-
gled web”.

Mr Ebelhar said: “The first
thread that must be cut soon-
er than later is the debacle at
the GBPA. New owners with
a true vision for the future
must be found — and quickly.
To the current owners I say —
if you have any love left for
Freeport, please do the right
thing for us and soon. True
vision cannot come about
from our current position.”

He added: “True vision
only comes from ownership
that is knowledgeable of the
product and takes an active
part in molding this vision.
The GBPA was given a man-
date in the Hawksbill Creek
Agreement. They need to
take ownership of this agree-
ment, defend it and its cus-
tomers vigorously, and get
back on track with the vision
that brought about this his-
toric agreement.”

Tantamount to current
ownership disputes, Mr Ebel-
har said, was the effect of
‘Bahamianisation’ on educa-
tion and the existing barriers
to free trade.

He said: “Bahamianisation
has insulated the Bahamian
worker from the real world
for too long. Bahamian ath-
letes have competed against
the world with stellar results.
Why, then, do we think that
the Bahamian worker needs
protection? Why do we not
aspire to making the Bahami-
an worker the best in the
world?”

Mr Ebelhar explained that
pre-employment screening
tests at his company in basic
math and reading compre-
hension, including mental
awareness, showed a steady
and unacceptable decline.

He said that while many
talented Bahamians are
afforded quality education,
few return home, and many
who were ‘left behind’ are
without the basic tools to be
successful in life.

Mr Ebelhar said: “The
Bahamas cannot continue
with the current level of edu-
cation and compete against
the world, or even in the
Caribbean. When coupled
with Bahamianisation, com-
panies that must compete in
the world market are being
asked to compete with one
arm tied behind their back —
mostly at the general labour
level. Basic math and com-
puter skills are required by
mechanics, electrical techni-
cians, factory workers and so
on.”

He added: “The key is to
changing behaviour and atti-
tudes. Instead of: ‘I should
have this job because I am
Bahamian’, would it not be
more empowering to be able
to say: ‘I am the best at this
job and I earned it?’.”

Mr Ebelhar commended
the Government and minis-
ter of state for finance,
Zhivargo Laing, for progress
made thus far in removing
trade barriers, which he said
has allowed his company to
continue to compete interna-
tionally. He said: “Barriers to
free trade must be removed.
Not only does this open up
the Bahamas for investors,
but opens up true entrepre-
neurship for well-educated
Bahamians on a world stage.
[Mr Laing’s] efforts with the
CARIFORUM-EPA saved
Bahamian jobs — period.”

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

JULIE PACE,
Associated Press
WASHINGTON

Grappling for ways to bring
down the nation's unemploy-
ment rate, President Barack
Obama urged business leaders
Thursday to find ways for mid-
dle-class families to share in the
economic recovery some in the
private sector have already
experienced.

"T don't know exactly where
your future customers come
from if they don't have jobs,"
Obama said during the first
meeting of his newly created
jobs and competitiveness coun-
cil. The president tasked the
22-member council, comprised
of business and labor leaders,
with generating ideas for
increasing hiring and boosting
economic growth in the short-
term. He cited streamlining reg-
ulations and reforming tax sys-
tems as steps he'll consider for
creating favorable hiring con-
ditions and bringing down the

country's 9 percent unemploy-
ment rate. Despite sluggish hir-
ing, corporate profits are up,
and 2010 saw record-setting
earnings for some Wall Street
banks. But much to the dismay
of the Obama administration,
many of those companies are
keeping trillions of dollars on
the sidelines, wary of investing
while the economic recovery is
still fragile.

Obama said Thursday that
the private sector has to do its

PLEA: US President Barack Obama

@ GLOBALECONOMICNEWS

A look at economic developments and activity in major stock mar-
kets around the world Thursday:

LONDON — The violence in Libya dominated markets, send-
ing stocks lower and oil prices higher. Libya produces about 1.6 mil-
lion barrels of crude per day and has the biggest oil reserves in
Africa. But the biggest worry in the markets is not necessarily
Libya but whether the crisis spreads through the Persian Gulf.

In Europe, the FTSE 100 index of leading British shares closed
down 0.1 percent, Germany's DAX fell 0.9 percent and the CAC-
40 in Paris ended 0.1 percent lower. Oil prices in New York hov-
ered around $100 a barrel — up about 20 percent in the past week
—while Brent crude in London rose nearly $3 to above $114.

TOKYO — Earlier in Asia, Japan's Nikkei 225 dropped 1.2 per-
cent as the yen jumped on a safe-haven bid. A stronger yen hurts
Japan's exports. Hong Kong's Hang Seng index closed down 1.3
percent, Australia's S&P/ASX 200 shed 0.8 percent, South Kore-
a's Kospi fell 0.6 percent and benchmarks in Singapore, New
Zealand and India also declined. China's main benchmark rose 0.6
percent.

ROME — Libya's violent upheaval has taken 1.2 million barrels
of oil off the global market as energy plants and ports are shut
down, according to Italy's Eni, the largest producer in Libya.

The figure represents most of Libya's total daily production,
which before the crisis was about 1.6 million barrels of crude. The
country sits on the biggest proven oil reserves in Africa.

LONDON — When Moammar Gadhafi told the world he was
a changed man, some leaders were skeptical. Others, like Britain's
Tony Blair, were quicker to see the benefits of rapprochement with
the oil-rich nation. Now, as Gadhafi's regime crumbles, questions
are being raised about whether Britain, the United States, and oth-
ers were too quick to embrace a volatile despot linked to terrorism
and oppression as they sought lucrative business deals.

Gov't pledges $500k to Grand
Bahama Development Boar

FROM page 1B

Bahama Business Outlook, Mr Laing advised the business
community that the island’s potential for economic fortune
could only be realised through the united and sustained action
of all stakeholders.

Mr Laing said: “Current investments support the viability of
the island. However, the island is not receiving the kind and lev-
el of sustained investment promotion it needs. We need the
right and enough persons on board to get the work done, and
they must be willing to work together to do so - putting politics,
religion, class, status aside for the common mission of the
bringing the Magic back to our city, and the Grand back to our
island.”

The minister explained that $250,000 will be immediately
available for investment promotion through the budget of the
Office of the Prime Minister, with the remaining balance to be
funded through the 2011-2012 Budget exercise in July. Match-
ing funds are expected from both the GBPA and the Chamber.

Addressing the theme, Grand Bahama Game Plan 2011:
Review, Re-strategize, Reposition, Mr Laing spoke to Grand
Bahama’s “spotty” economic state.

Mr Laing said: “[GB] needs and can have a larger and more
prosperous population, driven by a sensible permanent resi-
dency policy geared toward attracting high net worth and ultra-
high net worth individuals, namely from Europe and Latin
America.

“Tt can be an offshore finance centre satellite for an emerg-
ing super economy; can be an offshore medical and education
district within the Americas; second home market and recre-
ational spot for the wealth of Latin America, namely Brazil and
Mexico; can be a host to an LNG plant, providing new energy
options for the Bahamas; can be a hub for regional power sup-
ply between Grand Bahama and Abaco, increasing scale and
lower energy costs for both islands; have a meaningful yacht and
aircraft registry; can be a high-end retail centre for offshore
shopping; can be a major entertainment centre in all the Amer-
icas”

Mr Laing explained that although the island boasts broad sec-
tor diversity, which remains unparalleled in the Bahamas, eco-
nomic progress across-the-board was marginal.

Over the next 12 months, Mr Laing estimated that BORCO
and Statoil will continue to stimulate the economy through
additional jobs, sub-contract business, rental revenue and
broad spending. However, the tourism and construction sectors
will remain subdued with no future hotel or resort develop-
ments planned.

Mr Laing added: “There is every reason to believe that the
island has a bright future. It has the capacity for significant
growth, and no feud between the owners of the Port or anything
else stands in the way of that other than focused, deliberate and
sustained effort on the part of those who should take up the
charge.”

economy must work for all



simply creating an economy in
which one segment of it is doing
very well, but the rest of the
folks are out there treading
water."

Some members of the coun- i
cil said economic data from }
their companies suggests that }

disparity already exists.

American Express CEO :
Kenneth Chenault said afflu- }
ent Americans are spending }
again but that lower- and mid- }
dle-class people are not, in part }
because they don't have access }
to credit. And those who do, }
Chenault said, are wary of using }
it because of uncertainty over }

the strength of the economy.

"Seventy-five percent of the :
credit out there is not being }
used," Chenault said. "We've

got to solve this credit issue.”

Obama created the competi- }
tiveness council last month, }
naming General Electric CEO }
Jeffrey Immelt as its head. The }
move came as Obama sought }
to increase his outreach to the }
business community and shift
his economic policies from }
short-term stabilization to }
increasing employment, a task }
that could affect his re-election }
bid. Immelt said the council }
plans to deliver recommenda- }
tions to the president within 90 }
days. The White House said the }
council will hold its next meet- }
ing outside of Washington as }
part of an effort to draw ideas }
from business owners and }

workers across the country.

: Cable Beach realty prices set increases

FROM page 1B
ity.
“We are hopeful that with the Baha Mar development there will
be an increase in activity in rentals and sales in the area,” Mr
Wong told Tribune Business. “It’s a good start in that direction for
us, and we’re all looking forward to these things becoming reality

? so we can make some money.

“It will have a tremendous impact on the value of the land,

? real estate and sales and rentals in our area.” Asked to estimate
? what increase property owners and landlords could look forward
? to in property prices/rental rates, Mr Wong replied: “I would
} think anywhere from between 10-15 per cent.”

The former BREA president said the boost coming from Baha

Mar was badly needed. “It is still slow from my perspective,” he
? added, “and that of other colleagues. Some say they are doing well,
? others not so well, and I am among the latter.

“You have to make adjustments, do things differently to survive,

: cutting back on expenses, so that when the economy recovers you
? will be in a position to benefit.”

One such measure he had taken was to drop the ReMax fran-

: chise and return to the name of William Wong & Associates Real-
: ty
part to ensure that "we're not }

Mr Wong said he and his business were better known by that

? name, and he explained: “Operating a franchise can be more
? expensive if the sales are not there. With the downturn in the
? economy it did not make much sense for me to go ahead with that.
? You have to know when to cut your losses.”

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PRESET IW PLUS TOR UOMO

Career opportunity for an ambitious career oriented individual

FUTURE LEADERS
DEVELOPMENT PROGRAMME

The Bahamas First Group of Companies is recruiting potential
candidates for its two-year Development Programme scheduled
to begin September, 2011.

Objective: To prepare candidates for opportunities to function in
supervisory/ management positions within the Bahamas First
Group and to satisfy personal and professional goals.

Roles & Responsibilities:
- Will be assigned/rotated to various areas in the Group
- Will attend in-house classroom training & other
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Will complete assignments, book reports, case studies,
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Compensation commensurate with relevant experience and

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and sound risk management practices.

Please apply before 28th February, 2011 to:
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Bahamas First Corporate Services

32 Collins Avenue
P.O. Box SS — 6268
Nassau, Bahamas

Or email to:

careers@bahamasfirst.com




PAGE 6B, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE



Stocks slide for a third day on Libya concerns

CHIP CUTTER,

AP Business Writers
DAVID K. RANDALL,
AP Business Writers
NEW YORK

Stocks fell for a third day Thurs-
day as concerns continued over how
violent clashes in Libya would affect
the global oil market. Major indexes
pared steeper losses in the afternoon
after oil prices fell for the first time
in nine days.

Oil fell to $97.28 a barrel after the
International Energy Agency said
fighting between forces loyal to
Moammar Gadhafi and anti-gov-
ernment protesters in Libya were
not affecting oil inventories as much
as analysts had feared.

Libya is the world's 15th largest
exporter of crude, accounting for 2
percent of global daily output. Oil
had traded as high as $103.41 earlier
in the day.

Traders are worried that fighting
could threaten Libya's oil produc-
tion and spread to other countries in
the region, such as oil-rich Saudi
Arabia. Higher oil prices can also
slow the U.S. economy by increasing
transportation costs.

Reports of ample oil inventories
"calmed some of the short-term
fears in the market," said Bruce
McCain, chief investment strategist
at Key Private Bank.

"But the fact that there is very lit-
tle real information coming out the

ane $3 17 f
speciAL $3 97
sun °332—
DIESEL 369°

MIDEAST
VIOLENCE
SERIOUS
EXPECT HIGHER
PRICES

(AP Photo/Mary Altaffer)



WORKING THE OPTIONS: Traders work the crude oil options pit at the New York Mercantile Exchange Wednesday, Feb. 23,
2011 in New York. Oil prices continue to climb as forces loyal to Moammar Gadhafi violently clashed with protesters who have
expanded their control over the country. Right: A sign advertises gas and diesel prices, plus gives an explanation to customers,
at a service station in Easthampton, Mass, Wednesday, Feb. 23, 2011.

country is worrying.” The Dow
Jones industrial average fell 37.28
points, or 0.3 percent, to 12,068.50. It

had been down as many as 122
points earlier in the day.
The Standard & Poor's 500 index

fell 1.30, or 0.1 percent, to 1,306.10.
The Nasdaq composite gained 14.91
points, or 0.5 percent, to 2,737.90.

7

The mixed stock performance
came the same day the Labor
Department reported that fewer
people applied for unemployment
benefits last week, a sign that the
job market is recovering. The four-
week average for applications, a fig-
ure closely watched by financial ana-
lysts, fell to its lowest level in more
than two and a half years.

The housing market, however,
continued to lag. The Commerce
Department said sales of new homes
fell significantly in January.

Several companies rose after
announcing better than expected
earnings.

Priceline.com11 Inc. jumped 8.5
percent after the online travel service
reported a 73 percent surge in
fourth-quarter earnings and raised
its income forecast for the current
quarter.

Target Corp. rose 3.5 percent after
the retailer reported an 11 percent
gain in profit. H&R Block Inc. rose
5 percent after the tax preparation
company said it expected to report
near break-even earnings in its fiscal
third quarter.

Bond prices rose, pushing their
yields lower.

The yield on the 10-year Trea-
sury note fell to 3.46 percent from
3.49 percent late Wednesday.

Rising and falling shares were
about even on the New York Stock
Exchange. Volume came to 1.2 bil-
lion shares.

Airlines raise prices again as oil rises.

FREDDIE MAC POSTS

DAVID KOENIG,
AP Airlines Writer
DALLAS

Airfares are rising again,
and travelers should brace
for more price increases.

United and Continental
started the latest price hike
Wednesday by adding $20
per round trip to most
domestic flights.

American quickly
matched the move, and oth-
er airlines were considering
it on Thursday.

Airlines are trying to pass
along their cost for jet fuel,
which is rising with the surge
in oil prices. Oil hit $100 a
barrel on Wednesday. It set-
tled around $97 on Thurs-
day.

The major airlines have
introduced six broadly based
price increases since Decem-
ber and two others aimed at
business travelers. There
were just two broad hikes in
the first 11 months of last
year, according to Rick
Seaney, CEO of FareCom-
pare.com.





INTERNATIONAL
BUSINESS

In dollar terms, the
biggest price increases — up
to $60 per round trip this
week alone — have fallen
on business travelers. Air-
lines view leisure travelers
as more budget-conscious,
so increases in economy
class have averaged $5 to
$12.

Airlines have been using
other tools to raise revenue
too, like extra charges for
flying on peak travel days
during spring break or to

popular destinations like the
Caribbean.

Jet fuel accounts for
roughly a third of airlines’
budgets. Fuel prices have
increased by about 50 per-
cent in the past year,
although airlines have
dodged some of the rise by
hedging fuel purchases.

Fuel bills threaten to
undercut airline profits. In
recent weeks, analysts have
reduced their forecasts for
2011 profits among US. air-
lines by about $1 billion.
Michael Derchin, an airline
analyst for CRT Capital
Group, said Wednesday that
the industry could fall to
break-even if jet fuel, which
spiked to $3.07 a gallon,
reaches and remains at
$3.14.

Airline shareholders feel
the pain.

The stocks plunged Tues-
day and Wednesday, wiping
out $3.2 billion in share-
holder value.

The last big surge in oil
prices in 2008 helped send
airlines into a 2-year nose-

PUBLIC NOTICE

ROAD TRAFFIC DEPARTMENT

Please advised that the Road Traffic Department in accordance with
the provision of the Road Traffic Act Chapter 220, the Controller of
Road Traffic Department hereby publishes his intentions to grant
available, Self Drive Cars/ Scooters and Private Scheduled (School

Bus) Franchises.

Accordingly, the Department is presently accepting applications for

the available license.

All applications forms MUST be accompanied with the following

documents.

SELF-DRIVE CARS/SCOOTERS FRANCHISE

-A copy of the first (4) pages of a valid passport
- A copy of National Insurance Card
- A current police record

* A bank statement from a financial institution
- A detail Business Plan

PRIVATE SCHEDULE (SCHOOL BUSO FRANCHISE

- Atentative agreement or contract from a

recognized institution
-A copy of the first (4) pages of a valid passport
- A current police record
- A bank statement from a financial institution

All vehicle(s) presented for inspection should be in good condition.

All applications should be submitted to the Franchise Unit Road
Traffic Department, Thompson Boulevard no later than 5:00 p.m.

March 11, 2011.



dive. They are in much bet- }
ter shape to handle $100-a- :
barrel oil now, however.
They have saved cash, :
hedged against high fuel :

costs, and raised ticket
prices.

The airlines have helped :
themselves by limiting the }
supply of flights and seats }
for sale, which keeps flights ;

: quarter.

full and airfares higher.

Ray Neidl, an analyst with :
Maxim G roup, said if the : Fannie Mae in September 2008 to cover their losses on soured
economic recovery contin- ;
ues, airlines can pass higher :
fuel costs to passengers. If }
the economy slows, he said, ;
travel demand will weaken

and "that is when we begin } ( ! ter ¢
i 2009. The company said the recovery of the housing market is still

to have problems."

John Heimlich, chief
economist of the Air Trans- :
port Association, which rep-
resents the big U.S. airlines, : continue to take some time to recover."
said the carriers have limited ;

choices.

They can cut non-fuel :
costs, they can upgrade to }
more fuel-efficient planes — ;
but that takes time and }

money — or they can raise : and sell them to investors around the world.

fares.

candidates for elimination.

"We will have to cut ser- }

vice, and we would rather }
? rates on new loans are far lower.

not do that,” he said.

As fuel prices rise, Heim-
lich said, more flights will :
become unprofitable — and

$1.7B LOSS FOR Q4

MARCY GORDON,
AP Business Writer



: WASHINGTON

Government-controlled mortgage buyer Freddie Mac man-
aged a narrower loss of $1.7 billion for the October-December
quarter of last year. But it has asked for an additional $500 million
in federal aid — up from the $100 million it sought in the previous

Freddie Mac also posted a $19.8 billion loss for all of 2010.
The government rescued Freddie Mac and sibling company

mortgage loans. It estimates the bailouts will cost taxpayers as
much as $259 billion.

Freddie Mac's October-December loss attributable to common
stockholders works out to 53 cents a share. It takes into account
$1.6 billion in dividend payments to the government. It compares
with a loss of $7.8 billion, or $2.39 a share, in the fourth quarter of

fragile. "As we begin 2011, the housing recovering remains vul-
nerable to high levels of unemployment, delinquencies and fore-
closures," Chief Executive Charles Haldeman said in a statement.
"We expect national home prices to decline this year as housing will

Fannie Mae and Freddie Mac own or guarantee about half of all

i mortgages in the U'S., or nearly 31 million home loans worth

more than $5 trillion. Along with other federal agencies, they
played some part in almost 90 percent of new mortgages over the
past year.

Fannie and Freddie buy home loans from banks and other
lenders, package them into bonds with a guarantee against default

The government's estimated cost of bailing out the mortgage
giants far exceeds the $132.3 billion they have received from tax-
payers so far. That would make theirs the costliest bailout of the
financial crisis.

The two have been hit by massive losses on risky mortgages pur-
chased from 2005 through 2008. The companies have tightened
their lending standards after those loans started to go bad. Default

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THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 13B



BUSINESSREVIEW

US chambers agitate for political change

By ERIC LIPTON
2011 New York Times
News Service

WASHINGTON — As
president of the American
Chamber of Commerce of
Nicaragua, Roger Arteaga
Cano routinely dealt with busi-
ness issues and trade practices
affecting members such as
ExxonMobil or Citigroup. But
he also led an unusual cam-
paign: organising secret meet-
ings with opposition party lead-
ers in an effort to oust Presi-
dent Daniel Ortega in an elec-
tion this year.

A former official in the pre-
vious government led by a rival
party, Arteaga turned the
chamber into a harsh critic of
Ortega, the leftist Sandinista
party leader and longtime
adversary of the United States.

On the group's behalf,
Arteaga issued fiery denuncia-
tions of the Nicaraguan gov-
ernment and its governing par-
ty, calling its policies unconsti-
tutional and its style that of
"gangsters" or “terrorists”. He
briefed officials at the US
Embassy in Managua, the cap-
ital, and in Washington on his
efforts to spur an effective chal-
lenge to Ortega, winning their
tacit approval.

The chamber's activities over
the past two years - detailed in
interviews with Nicaraguan
officials and business execu-
tives, and in State Department
cables obtained by WikiLeaks -
illuminate the remarkable role
the foreign affiliates of the US
Chamber of Commerce some-
times play in the politics of their
host nations. Occasionally they
are at odds with US policy. But
often, the chamber groups are
so aligned with it that they
appear to act as unofficial
instruments to advance the US
government's goals.

Created more than a century
ago to promote the interests of
US corporations, the groups -
nicknamed AmChams - today
operate in more than 100 coun-
tries. While many affiliates
appear to restrict their activities
to issues such as opening access
to government contracts or
combating the counterfeiting
of name-brand goods, others,
like the Nicaraguan group, seek
broader influence, echoing the
role increasingly played in
Washington by the US Cham-
ber of Commerce.

In Honduras, for example,
executives at the US-affiliated
chamber expressed support for
the June 2009 coup d'etat that
forced out President Jose
Manuel Zelaya, the State
Department cables say. After
leaders in the group applied
pressure on the Obama admin-
istration, US officials retreat-
ed from their initial demands
that Zelaya be allowed to
return to power.

In Taiwan, the chamber got
into a nasty public dispute with
a pro-independence party
there, suggesting the party was
holding the island hostage to
its belief that trade between
China and Taiwan should be
limited, the cables say.

Kevin Casas-Zamora, who
served as a minister of eco-
nomic policy and second vice-
president of Costa Rica until
2007, said that overt political
action by a US-affiliated busi-
ness group was almost always
counterproductive.

"Tt is a really bad idea, and it

ee



NICARAGUA'S President Daniel Ortega is passed a note at an education rally on the first day of classes at the Augusto C. Sandino school in Managua, Nicaragua, Tues-

day Feb 15, 2011. (AP)

tends to backfire," he said, not-
ing that the logo for the Amer-
ican Chamber of Commerce of
Nicaragua included the US flag.
"You are simply handing on a
platter a rhetorical weapon that
someone like Ortega will sure-
ly use against you.”

Indeed, the political inter-
vention embraced by Arteaga -
he has just stepped down after
his two-year term as the cham-
ber's president - has been
denounced by the Nicaraguan
government and other sup-
porters of Ortega as unwel-
come meddling by the United
States.

“Every time outside forces
have sought to interfere in
Nicaragua's internal affairs, the
result has been harmful to the
Nicaraguan people,” Francis-
co Campbell, Nicaraguan
ambassador to the United
States, said in an interview.

Executives at the US Cham-
ber of Commerce in Washing-
ton, who came under scrutiny
last year for spending tens of
millions of dollars on advertis-
ing that helped Republicans in
the mid-term congressional
elections, said it had played no
role in instigating political activ-
ity by foreign chamber groups.

""AmChams are independent
of the US Chamber of Com-
merce in terms of the policies
they advocate," a chamber
spokeswoman said in a state-
ment. The US chamber collects
dues from its international
members and approves the cre-
ation of any new foreign affili-
ate.

DRIVEN BY
DISDAIN
In 2009, when Arteaga
took over as the unpaid pres-
ident of the chamber in
Nicaragua - his small consult-

ing firm has a corporate client
based in the United States,
making him eligible for mem-
bership - he began challeng-
ing Ortega almost from the
start. The former top federal
tax official under a previous
administration, Arteaga was
driven by disdain for Ortega,
who was elected in 2006, after
serving as president from
1985 to 1990 and as a leader
of the post-revolution junta
from 1979 to 1985.

The animosity only grew as
the Ortega government took
actions that the chamber -
along with many other groups
in Nicaragua - viewed as vio-
lating the rule of law in an
effort to expand its power,
like a ruling that Ortega could
run again for president this
year, even though the consti-
tution prohibits a sitting pres-
ident from seeking re-elec-
tion.

"He has violated the con-
stitution of this country so
many times he deserves a
spot in the Guinness record
book," Arteaga said, adding
that such steps discouraged
investment by US companies.
"The business community is
worried. There is bread now,
but there will be hunger
tomorrow.”

A HISTORY OF

UNSUBTLE AID
During the Reagan admin-
istration, the CIA secretly
provided aid to right-wing
rebels who tried to overthrow
Ortega, assistance that ulti-
mately resulted in the Iran-
Contra scandal. Since then,
Washington has tried to play
its hand more subtly, the
State Department cables
show, in part by encouraging
business and civic leaders in

Nicaragua to rally behind
pro-US candidates or take
stances supporting US views.

During the administration
of President George W. Bush,
for example, US officials con-
sidered asking General Elec-
tric's corporate financing divi-
sion to pressure Carlos Pel-
las, a prominent Nicaraguan
banker and sugar mill execu-
tive, to support one of Orte-
ga's rivals, according to a
March 2006 cable. (The
cables do not make it clear
whether the proposal was
ever carried out.)

While the Obama adminis-
tration has tried to refrain
from intervening in domestic
politics, Arteaga was not so
shy. Working behind the
scenes, he helped organise
meetings among leaders of
opposition parties, urging
them to put aside their per-
sonal political ambitions and
together support a single can-
didate or party to challenge
the president.

After one such gathering in
December 2009, the US
Embassy noted Arteaga's
role in cables to Washington.

"The group has been work-
ing for the last several months
to bring opposition groups,
civil society, and the business
community together to con-
front President Daniel Orte-
ga, preserve democratic space
and form a united bloc to
challenge Ortega and/or the
Sandinista National Libera-
tion Front (FSLN) in the 2011
national elections," the cable
said. An earlier cable, in
August 2009, called Arteaga
one of the two primary lead-
ers of the opposition unity
effort.

Robert J. Callahan, the
U.S. ambassador to
Nicaragua, confirmed in a

telephone interview that he
had attended the December
2009 meeting with Arteaga at
the home of Cesar Zamora,
Arteaga's predecessor as
chamber president and an
executive of AEI, a Houston-
based energy company.

But the USgovernment did
not request any of the actions
taken by Arteaga and other
business executives, he said.

"If they are articulating
policies that we agree with,
then fine, it is a coincidence
of views there," he said.

Callahan added that the
goal of the United States was
to encourage a vibrant
democracy in Nicaragua.

Yet cables sent by Calla-
han to Washington go a bit
further, suggesting the
embassy at least indirectly
encouraged groups like the
chamber to work to unify the
opposition to Ortega and his
party.

"We will continue to
encourage all pro-democratic
groups to work together to
advance their common goals,
including uniting for 2011,"
said an August 2009 cable,
which also mentions Arteaga
and his role as American
Chamber president. "It is
clear that this message has
been understood by some in
the political and business
community, fostering the
above unity efforts.”

Arteaga, in an interview,
said his effort to unify the
opposition was supported by
some chamber members and
representatives on its board,
an assertion confirmed by
several chamber members.
Arteaga added that his inter-
vention came not at the
request of any US corpora-
tion, but reflected a consensus
of chamber members. But, in

a second interview, he said
he was acting on his own, par-
ticularly in endorsing an
opposition presidential can-
didate.

POLITICS AND
APPEARANCES

Such a distinction was not
always recognised by others.
Arteaga said he was investi-
gated by Nicaraguan officials
who asked for the chamber's
financial records as well as his
own to see if he was secretly
being paid $10,000 a month
by the CIA. (Both Arteaga
and Callahan denied any pay-
ments.)

But the appearance that the
United States was intervening
in Nicaraguan affairs - through
actions by the American
Chamber or the embassy
there - provoked an angry
response.

In October 2009, after
Callahan spoke at an event
sponsored by the American
Chamber of Commerce and
echoed comments by cham-
ber leaders condemning a
Supreme Court decision
allowing Ortega to run for re-
election despite term limits,
hundreds of demonstrators
appeared outside the US
Embassy in Managua. Hold-
ing up signs saying ‘Death to
Empire’ and ‘Yankee Go
Home’, some protesters even
launched explosive projectiles
at the building, according to
a State Department cable.

Last month, a newspaper in
Nicaragua accused Arteaga of
turning the chamber into a
“political conspiracies’ nest”, a
charge that drew a defense
from the US ambassador, who
said the story falsely claimed
he believed that Arteaga had
gone too far.



1 '
Baha-mas

FROM page 16B

rah’s relationship prior to the
2007 general election (thus
locking the casino giant in,
and possibly preventing its
withdrawal when the owner-
ship changed hands).

It was then Mr Ingraham
and the FNM which picked up
the pieces (some might argue
they took too long to conclude
the January 2008 supplemental
Head of Agreement) prior to
the Harrah’s pull-out. And
while the Prime Minister
should publicly have been less
negative towards Baha Mar,
once everything with the
developer, China and Scotia-
bank was fine, the public sec-
tor troops were mobilised very
quickly to put all the neces-
sary permits and approvals in
place to get to Monday’s
groundbreaking. Ultimately,
all the sparring between the

two parties over Baha Mar
shows how far they have to go
in reaching political maturity,
while also introducing ‘political
risk’ as an unwelcome uncer-
tainty that has to be factored
into investors’ calculations.

Now that the past is in the
past, Baha Mar and its Chi-
nese partners show every sign
of wanting to ‘hit the ground
running’ on the project’s con-
struction. Work on the first
$60 million worth of contracts
handed to Bahamian con-
tractors has begun with the
West Bay Street re-routing,
and work on the Commercial
Village is set to start within
the next two weeks.

For their part, some three
dozen China State Construc-
tion & Engineering managers
are already assessing project
plans, having submitted draw-
ings of the first phase “Work-
ert Village’, which will house
all the Chinese construction
workers brought in to work
on Baha Mar, to the Depart-

ment of Physical
Planning/Town Planning for
approval.

And the delays caused by
the Harrah’s withdrawal
could yet prove fortuitous.
Don Robinson, Baha Mar
Resorts’ president, agreed
earlier this week with Tri-
bune Business’s analysis that
it could yet prove ‘a blessing
in disguise’, as the developer
can now exploit lower con-
struction prices to build its
project at a time when the
market is still recovering from
recession. The planned open-
ing, in 2014, could be timed
just right to catch a period
when the tourism market is
approaching normalcy.

“Tf we’d started construc-
tion when we were thinking
about it, we would have been
starting amid an economic
crisis. We'll now probably be
constructing this in a
favourable economic envi-
ronment, and be opening this
in a favourable tourism envi-

ronment. All things happen
for a reason, but I’d have hat-
ed to open this project in the
midst of an economic down-
turn,” said Mr Robinson.
The economic benefits may
take several months to be felt,
but there can be little doubt
that the $400 million worth
of contracts awarded to
Bahamian contractors will
help lift that sector out of its
slump by themselves. The
Bahamas is a relatively small
economy in world terms, and
an infusion of several hun-
dred million dollars may be
all it takes to turn the
Bahamian economy back on
to the path of positive growth.
And here is where the rest
of us come in. As Mr Izmir-
lian pointed out, his $2.6 bil-
lion construction project and
investment can only succeed
with the active, positive par-
ticipation of the Bahamian
people. Bahamians, he said
at the groundbreaking, have
“to make the push to help

themselves and their com-
munities”, for all manner of
employment opportunities
and entrepreneurial spin-offs
abound. Yet, in the final
analysis, Bahamian workers
have to “commit to doing
their very best and stick with
it”, Mr Izmirlian said, attend-
ing training programmes,
improving skills and provid-
ing top-class customer ser-
vice.

The lesson he has provided
in perseverance, too, should
not be forgotten by Bahami-
ans either. Referring to the
road he had travelled in
bringing Baha Mar to
fruition, Mr Izmirlian said:
“Let it be a lesson to the
young men and women of the
Bahamas that perseverance
pays off...... Together, there
is nothing we can’t do but we
must all rise to the occasion.”

And with the Chinese finan-
cial and construction backing,
Baha Mar seems certain to rise
to the occasion, too. There is

little doubt that construction
will be completed, given the
support of two Chinese gov-
ernment-owned entities in the
mix. For them, as it is with Mr
Izmirlian, failure is not an
option.

The really interesting part
will come when Baha Mar and
its four new hotels, together
with the casino, convention
space and associated ameni-
ties, become fully operational.
It is only then that we will see
whether they have grown or
split the market for high-end
visitors, to the detriment of
both Baha Mar and Kerzner.
Will the investors enjoy a
return on their substantial
investment, and boy is it ever
substantial. Time will answer
these questions, and hopefully
the Bahamas comes down in
the positive, with a refreshed
and revitalised tourism prod-
uct that has a host of new
amenities to attract visitors
from all over the world. For
now, though, it is all good.

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


THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 15B



BUSINESSREVIEW

POOR R Ae RRA AERA ARH AAEAREOR EERE ER EEHE EEE ESE EERSTE EEE ETE ODER AO ERE R ARE ROH EAH EOSEREHREERESRAEHE HEHE EEE HET EEEHER SEETHER RER REHASH REHREHRETHRTHTAHHHHHAEHREERHERETERMHEHEREEEHEHEEEHECEEAEH EEE

AML Foods battle exposes more regulatory weakness

* Commission needs to take firm grip and control process, with or without statute



AAAHHHH! The innocence
of youth. The Bahamian capital
markets are yet young, and with
youth comes inexperience and
mistakes, born of being wet
behind the ears. February kicked
off with yet another milestone,
the first ‘hostile takeover’ offer in
their history, and the way this
process has gone ever since
demonstrates there is still much
to learn if we are to avoid ‘high
farce’.

For despite the Securities
Commission’s belated attempt
to get a grip on the situation by
suspending trading in AML
Foods’ shares, there is nothing
in law to stop Mark Finlayson
and his bid vehicle (whether it be
Trans-Island Traders, Bahamas
Supermarkets or Associated
Bahamian Distillers & Brewers)
from proceeding with their offer
and, if they so choose, from bla-
tantly ignoring or disregarding
the regulator’s strictures and
admonishments over the issue.

While the outcome of the
ABDAB directors and annual
general meetings (AGM), sched-
uled for yesterday, was unknown
when this article was written, it is
fairly safe to assume that Mr Fin-
layson (given his family’s 70 per
cent control) will succeed in per-
suading what is now a cash-rich
property holding company to
acquire the 78 per cent stake his
family currently own through
Trans-Island Traders. What is
not so certain is what happens
from here on out.

Let’s be clear. Mr Finlayson
has every right to make his $12
million attempt to acquire a 51

THE WEATHER REPORT (==

5-Day FoReCAsT

per cent majority stake in BISX-
listed AML Foods. The $1.50
per share purchase price seems
reasonable, representing around
a 44 per cent premium to the
stock’s $1.04 value before it was
suspended, though many
investors are likely to hold out
for.

He, and RoyalFidelity’s
Anwar Sunderji and Michael
Anderson, are also right when
it comes to the need for consoli-
dation in the Bahamian food
retailing industry, given that
there are too many retailers with
too much product chasing too
few consumers with pocket
books that are either flat or
decreasing. Whether Mr Fin-
layson is the right person to do
the consolidating, flush with cash
as he is, given that he has only
recently taken over a deeply
troubled rival supermarket
chain, in Bahamas Supermar-
kets, is a question AML Foods
investors will themselves have
to answer.

The real beef is with the
process, or rather lack of process,
that has taken place ever since
Mr Finlayson leapt into the
headlines by announcing his
planned AML Foods bid on Jan-
uary 31, 2011. It is now almost a
month later, and still no formal
Bid Circular, the document that
sets out the price, terms and con-
ditions of the offer, plus all oth-
er relevant information, has been
released to the BISX-listed food
group’s investors by the Trans-
Island team.

They have certainly been
sounding out AML sharehold-

ers about their intentions, and
the delay in submitting the Bid
Circular may have worked to Mr
Finlayson’s advantage by giving
him more time to work the
1,300-strong investor register.
Yet the failure to end the ‘will
he/won’t he’ uncertainty on
whether a formal offer will be
made is less forgivable, and the
disruption caused to AML’s
stock and trading in it proved
the straw that broke the camel’s
back, prompting the Securities
Commission to put everything
into ‘cold storage’ for the
moment via the share suspen-
sion.

Indeed, critical observers may
wonder whether Mr Finlayson
and his advisers have been mak-
ing up their strategy as they go
along, given the problems they
have encountered - especially
from his own ABDAB share-
holders, who objected to the
AML Foods deal on the grounds
that the initial deal structure
could disadvantage them by cut-
ting their real estate assets total-
ly out of the picture. It all points
to a situation where Mr Fin-
layson failed to take care of his
own backyard first, and did not
dot the ‘i’s’ and cross the ‘t’s’
something that has contributed
to the chaotic situation sur-
rounding the bid.

It is hard not to feel some
sympathy for the Securities
Commission which, in the
absence of its revised support-
ing Act and regulations, is served
by woefully inadequate legisla-
tion in so many respects, not
least when it comes to public

company takeovers, given the
complete and total absence of
anything resembling a Takeover
Code.

While the Commission should
rightly be criticised for its ini-
tially weak and ‘hands-off’
response to the AML Foods
offer, it has regained some
ground with the share suspen-
sion. Yet the fear is that the reg-
ulator may soon revert to type,
explaining that its governing leg-
islation provides no statute back-
ing for the actions in needs to
take.

More bottle is required. Given
that Mr Finlayson and his Trans-
Island Traders vehicle first
announced their offer to pur-
chase a 51 per cent stake in
AML Foods on January 31,
2011, they are already well
behind the clock, because
according to the Securities Com-
mission schedule their offer
prospectus should have been
released to the latter’s investors
by Friday, February 12.

Indeed, some would argue
that the ‘takeover bid’ should
never be allowed to proceed, giv-
en the month-long delay that has
ensued - disruption to an order-
ly capital market of this nature
would almost certainly not be
allowed anywhere else. In truth,
given its limited powers, sus-
pending trading in AML Foods
shares was probably the only
option the Securities Commis-
sion had in seeking to restore a
measure of calm to the situation.
While Mr Finlayson’s bid is now
stalled until he releases the for-
mal offer document, the real



MARK FINLAYSON

losers currently are AML Foods
shareholders, who are prevented
from selling and buying the com-
pany’s shares.

What happens next will be
interesting. There seems little
doubt that Mr Finlayson may
challenge the Securities Com-
mission schedule, given that it is
not rooted in law, leaving open
the prospect that this ‘war’ for
majority ownership at AML
Foods could drag on for some
time, especially as all parties
involved have been unable to
agree upon the process.

The ‘takeover’ issue has
reared its head numerous times
before, but to date the Bahami-
an capital markets have only
experienced ‘friendly takeovers’,
where majority control in a pub-
lic company has been relin-
quished in an agreed transaction.
This has happened twice with
Grand Bahama Power Compa-
ny, with Colina Insurance Ltd,
with Cable Bahamas and,



DIONISIO D’AGUILAR

notably, with Bahamas Super-
markets. Many would argue that
such deals should require the
buyer to make an offer, on the
same price and terms as the sell-
er received, to the minority
Bahamian investors, too, espe-
cially given Bahamas Supermar-
kets’ fate under the previous
ownership.

Regrettably, the AML Foods
offer episode has once again
highlighted the need for the reg-
ulator to take a more proactive
approach, since it should have
seen the need to accelerate the
Takeover Code in light of the
numerous control changes that
have already taken place. And it
also shows the need for politi-
cians to take the capital markets
more seriously and recognise
their importance, moving more
quickly on key legislation to give
regulators all the tools they need.
Otherwise, farce ensues, and the
Bahamas risks being subject to
unwanted international scrutiny.

INSURANCE MANAGEMENT
(BAHAMAS) LIMITED

INSURANCE BROKERS & AGENTS

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US CHAMBERS AGITATE
FOR POLITICAL CHANGE

* SEE PAGE 13B

DOING THE SPADE WORK: Baha Mar chairman Sarkis |zmirlian (front row, third left), government ministers and Baha Mar's Chinese partners break ground on the $2.6 billion Cable Beach redevelopment.

Luck of the
‘Baha-mas’

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PAGE 16B e FRIDAY, FEBRUARY 25, 2011

COMMUNITIES DESERTED
BY BANK BRANCH EXITS

© SEE PAGE 12B



shovelling of sand indicates that, finally, the

Tae it was largely symbolic. But at least the

long-awaited $2.6 billion Baha Mar project
has reached a construction start more than seven
years after the Bahamian government first mulled
plans to bring the existing Cable Beach resorts
together and redevelop the area so it would not
become a poor ‘second cousin’ to Paradise Island.
The road since has been long and tortuous, with
many unexpected twists and turns, but the timing
could not be better for the Bahamian economy.

Mired in recession for the
past two-and-a-half years, and
with an unemployment rate
likely to be nearing the 20 per
cent level (especially if dis-
couraged workers are includ-
ed), the Cable Beach rede-
velopment - with its promised
four new hotels, net room
inventory increase of 2,250,
and 7,000 new jobs once fully
operational - represents a
tremendous shot in the arm
for business and consumer
confidence, if nothing else.

It also represents a person-
al triumph for Baha Mar
chairman and chief executive,
Sarkis Izmirlian and his fami-
ly, who succeeded against the
odds and the naysayers in
finding new financing and
equity partners, in the form
of the China Export-Import
Bank and China State Con-
struction, during the darkest
depths of the recession, when
all credit markets were shut
down tight, and investors had
headed for the hills and the
bunkers.

If an Olympic gold medal
was ever awarded for perse-
verance, then Mr Izmirlian
and his family would be the
deserving recipients, given
that the easy course would
have been to walk away when
Harrah’s Entertainment’s new
private equity owners, Apollo
and Texas Pacific, got cold
feet due to the recession and
credit crunch, using Prime
Minister Hubert Ingraham’s
February 2008 House of
Assembly address on the pro-
ject land transfers as cover/the
excuse they needed to walk
away.

Monday’s happy outcome
again shows why wealthy
Bahamas residents, with a
strong track record of deliv-
ering what they promise,
should be taken seriously with
their investment proposals.
Like fellow billionaire Joe
Lewis with Albany, Mr Izmir-
lian and his family are long-
time residents of this country,
and their love for the
Bahamas has shone through
even during Baha Mar’s dark-
est days. His passion for this
country, and desire that it
should succeed both econom-
ically and socially, again came
through during media ques-
tions at Monday’s ground-
breaking.

For starters, his family per-
sonally put up much of the
$800 million it has taken for
Baha Mar to reach this point,
including keeping the loss-
making Cable Beach Resorts
open. Emphasising that he
wanted to see the Bahamas
“prosper”, Mr Izmirlian was
just as passionate in shooting
down Kerzner International’s
arguments that Baha Mar and
Atlantis would end up going
head-to-head, thus splitting
the market for high-end visi-
tors to this nation.

“T don’t think the Bahamas
can’t handle two projects of
this size,” he said emphatical-
ly. “If you combine all the
hotels in New Providence,
we’re 10,000 rooms once
we’ve built out. There’s
150,00 hotel rooms in Orlan-
do, there’s 150,000 hotel
rooms in Las Vegas. You
can’t tell me that we as a
country can’t do better than



Tim Clarke/Tribune staff

that.”

The moral of this tale is that
Bahamas residents, unlike
foreign developers, are less
likely to walk away when
things get uncomfortable.
“When the going gets tough,
the tough get going’, so the
saying goes, and that certain-
ly applies to Mr Izmirlian. For
they have nowhere to go but
their home. Provided the busi-
ness plan is sound, the pro-
posal feasible, financing in
place, and the project of eco-
nomic and social benefit to
the Bahamas, then the Gov-
ernment should treat devel-
opment plans by foreign per-
manent residents favourably.
Getting these people to invest
more in the Bahamas, and set
up active businesses here, is
an area of potential that has
long been untapped.

Much was made of Prime
Minister Hubert Ingraham’s
absence from Monday’s
groundbreaking ceremony,
and it would have been good
to see the country’s ‘main
man’ there. While the Oppo-
sition Progressive Liberal Par-
ty (PLP) were quick to high-
light this, no doubt seeking
political mileage, the truth is
that both main parties have
been equally responsible for
bringing Baha Mar to fruition
- and for some of the delays
that beset it.

Truth be told, the tradi-
tional political dividing lines
often blur the vision. All gov-
ernments, whether PLP or
FNM in persuasion, build on
the achievements of the pre-
vious administration and cor-
rect the problems left behind,
whatever the political
rhetoric. In Baha Mar’s case,
it was Perry Christie’s PLP
government which envisaged
Cable Beach’s rebirth and
signed the original April 2005
Heads of Agreement, just as it
was Mr Christie’s government
that failed to conclude all the
conditions required to con-
summate Baha Mar’s Har-

SEE page 14B



SIGNING ON THE DOTTED LINE: Deputy Prime Minister







a

Brent Symonette adds his name to those who have



\

signed an artist’s impression of what Baha Mar will look like when constructed.

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{T\

Pim blowin’ it

84F
72F

PARTLY
SUNNY

HIGH
LOW

Volume: 107 No.80

Business |; -

"i

Extra -

STARTS ON 16B



PLP ‘stirred up

FRIDAY, FEBRUARY 25, 2011

es
a

OMS i
BAHAMAS BIGGEST



BIC mol anger

Demonstration
‘was paid for’
claims FNM

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE governing Free Nation-
al Movement has accused the
Progressive Liberal Party of
“engaging in and promoting
uncivil and unruly behaviour”
at Wednesday’s demonstration
against the sale of BTC.

“It was a PLP-organised and
paid-for political demonstration
filled mostly with party support-
ers, and did not represent the
majority of Bahamians who are
shocked and appalled by the
behaviour of a crowd engaged
in mob-like behaviour,” said a
statement issued by the FNM.

SO

REPORTS reached The Tri-
bune late last night that a man
died after being shot multiple
times. The incident happened
shortly after 9pm on Baillou
Hill Road, south of St Vincent
Road. The victim was taken to
hospital but died of his injuries.
See tomorrow’s Tribune for
more details.

A number of PLP supporters
at the demonstration were
dressed in yellow “no turning
back” shirts. The FNM said it
was “disturbing” that newly-rat-
ified PLP candidate Cleola
Hamilton, head of the nursing
union, participated in the
demonstration dressed in PLP
colours.

A video uploaded on
YouTube yesterday
(http//www.youtube.com/watch?
v=SYkDDsLeD2I &feature=pla
yer) also showed Englerston MP
Glenys Hanna-Martin engaging
with some members of the
crowd and sharing what seemed
to be encouraging words with
them. PLP MP Obie Wilch-
combe was also seen among the
protesters, as was PLP Mical MP
V Alfred Gray.

“After yesterday, there is no
pretence left. The PLP has
hijacked various unions and
compromised certain union lead-
ers in the pursuit of its own
needs rather than what is in the
best interest of the unions and
the Bahamian people,” said the

SEE page six

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NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER










PROTEST PRESENCE: Broadcaster Steve
McKinney (standing thrid from right in
white hat) at Wednesday’s BTC protest.

THE Bahamas Information Services
is investigating the circumstances sur-
rounding the presence of its head of
their broadcast division, Steve McKin-
ney, at the anti-BTC sale demonstration
in Rawson Square.

The demonstration, which took place
between 9am and 3pm on Wednesday,
was attended by hundreds of persons,
many of whom were well-known PLP
supporters who it is reported were
bused in to attend the event.

When contacted for comment yes-
terday, Edward Ellis, the Executive
Director of BIS, said Mr McKinney was
at the demonstration without their
knowledge.

“We are presently looking into the
matter. Steve is on contract, and he
heads our broadcast division,” he said.

Like all government employees, Mr
McKinney is bound by the rules and
regulations of the public service — what
is commonly referred to as “general
orders.”

These orders spell out that a public

SEE page six


























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POLITICAL hopeful Arnold Forbes
said he plans to sue a Canadian televi-
sion station for a programme that
linked him to an alleged $170 million
investment "fraud."

The piece, which was broadcast on
the Canadian station CTV, claims that
the attorney was a director in interna-
tional business company GFS Limit-
ed, a company accused of squandering
client investments. The international
news station reported that GFS was
run by two Quebec residents, Jean-
Pierre Tremblay and Stephane Hardy,
along with Mr Forbes.

"We incorporated the company
which is a normal practice for law firms
especially those in corporate law,"

SEE page six

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SEE SECTION E

- POLICE TIGHT-LIPPED ON
REPORTS OF PROTEST
MAN SURVEILLANCE

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia. net

POLICE would not confirm or
deny reports that intelligence offi-
cers had surveillance on a man
accused of murder at Wednes-
day’s mass demonstration.

Onlookers observed intelli-
gence officers at the scene of the
protest using video and still cam-
eras to watch the crowd. One offi-
cer was overheard issuing an
instruction to “zoom into” a man
who was “out on bail for mur-
der.”

Leon Bethel, head of the Cen-
tral Detective Unit, said Wednes-
day was a “typical day”, and on

typical days the police rely on the

SEE page six



Tim Clarke/Tribune staff





RESIDENTS SAY WATER
_ SUPPLY 1S ‘UNUSABLE’

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

WEMYSS BIGHT -—- South
Eleuthera residents spoke to The Tri-
bune about the deplorable condition of
the water supply in the John Millars
settlement, which locals describe as
salty and “unusable.”

According to Clement Thompson,
chairman of the Wemyss Bight Town-
ship, the small settlement of John Mil-
lars has been dealing with the “salty
water” for over a year now.

Bishop Ernest Sweeting, a member
of the township, said: “Even though it
is a small community, they are still
Bahamians and deserve what is owed
to them.”

SEE page six

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PAGE 2, FRIDAY, FEBRUARY 25, 2011



THE TRIBUNE



MORE than 60 third-
grade students at Woodcock
Primary School received a
special treat on February 9
when they viewed Mighty
Times, the Legacy of Rosa
Parks, a film about the
African-American Civil
Rights Movement.

The children were
enthralled by the testimo-
nials of the activists, includ-
ing Rosa Parks and Dr Mar-
tin Luther King, and the
scenes depicting the lead-
ers’ struggle for equality.

The screening was led by
US Embassy volunteer,
Santoya Edgecombe, dur-
ing the students’ weekly
“Read to Lead” session to

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commemorate Black Histo-
ry Month.

The US Embassy adopted
Woodcock Primary School
in 2005 and volunteers have
been mentoring students
ever since through the
“Read to Lead” pro-
gramme.

For many of the children,
the film was their first expo-
sure to the African-Ameri-
can Civil Rights Movement
characterised by major cam-
paigns of non-violent civil
resistance during the peri-
od 1955-1968.

Through the film, stu-
dents learned about Rosa
Parks’ courageous decision
not to move from her seat
on a segregated Mont-
gomery Alabama bus,
which inspired peaceful
action by Americans of all
races aimed at addressing
racial inequality.

Noted legislative achieve-
ments that followed includ-
ed the passage of Civil
Rights Act of 1964 that
banned discrimination
based on "race, colour, reli-
gion, or national origin” in
employment practices and
public accommodations; the
Voting Rights Act of 1965
that restored and protected
voting rights; and the Fair
Housing Act of 1968 that
banned discrimination in
the sale or rental of hous-
ing.
The Rosa Parks film con-
tained many themes that the
students could relate to.
During the bus boycott,
African American activists
car pooled with the help of
white Americans, demon-

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strating the values of team-
work and helping others.
Students also learned about
the importance of patience
and perseverance when they
heard Dr Martin Luther
King preach non-violence
in the face of adversity.

Following the screening,
Santoya Edgecombe asked
the children questions about
the film to gauge their
understanding.

Their answers showed the
students understood that
Rosa Parks stood up to dis-
criminatory laws, and that
her simple act inspired a
movement with the goal of
ending racial discrimination
in America once and for all.

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WATCHING THE
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Third-grade stu-
dents at Wood-
cock Primary
School (above)
received a special
treat on February
9 when they
viewed A Might
Times, the Life of
Rosa Parks.

























MESSAGE
DELIVERED:
The screening
was led by US
Embassy volun-
teer, Santoya
Edgecombe (left).
She is pictured
with some of the
third graders fol-
lowing the
screening.

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


THE TRIBUNE



FRIDAY, FEBRUARY 25, 2011, PAGE 3

LOCAL NEWS

Protest meeting amid fears of
-wide black-outs

renewed islan

By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

ABACO business owners
fear a repeat of last summer's
island-wide black-outs, which
residents say drove tourists
away and crushed commerce
during one of the year’s
busiest seasons.

Residents have scheduled
what they refer to as a
“protest meeting” for March
10, The Tribune was told, as
their frustration mounts over
the unsolved problem.

Government has invited
bids for the installation of an
upgraded transmission line
capable of carrying a reliable
power supply from the new
Wilson City plant to Abaco's
residents and businesses.

This line is expected to be in
place by May 15, more than
six months after the plant was
originally set to begin opera-
tion.

However, one entrepreneur
expressed doubt that this
time-line will be met. He wor-
ried the island will again have
to cope with devastating pow-
er cuts, causing tourists to
overlook the island for their
summer travel plans.

“How long is it going to
take for them to accept one

of the bids?” asked the busi-
ness owner, who did not want
to be named.

"(Environment Minister
Earl) Deveaux said the new
line is going to be installed by
May 15. It cannot be done and
we don't have any confidence
in them. It's seven months lat-
er and nothing has been done
except now they have gone
out to bid. They haven't taken
any action.”

Loss

Abaco businesses lost $3-$4
million last year with the bulk
of this loss coming from can-
celled bookings or visitors
leaving the island early in frus-
tration, Abaco Chamber of
Commerce president Michael
Albury said earlier this month.

Even if the power supply
problem is rectified before the
increased summer demand,
Abaconians may still have to
suffer a backlash from last
year's dilemma.

"It was very bad last year
and I fear the same thing is
going to happen, businesses
are very concerned. Abaco
business cannot afford that or
a lot of us are going to shut
down. (Government) is spend-
ing all this money on adver-
tising the islands but the

SIGNS OF TROUBLE: Street demonstrators show thier frus-

tration in Abaco last year.

tourists are turning away, we
locals can put up with it but
the tourists, they don't come
back. The word has spread,"
said the businessman.

Residents say officials at
BEC have called a meeting
with locals next Thursday to
update them on the Wilson
City plant.

The plant was scheduled to
come on stream in 2010, but
has been set back, and to date
testing of the generators is
continuing.

Load shedding and power
blackouts forced residents and
tourists alike to go without
power on a daily basis for sev-
eral days in summer 2010.

Frustration over lack of cable and internet services

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

WEMYSS BIGHT - Amid
promises that their concerns
will soon be addressed by
Cable Bahamas, frustrated
South Eleutherans claim the
lack of cable and internet ser-
vices is keeping them out of
the 21st century.

Residents of the Wemyss
Bight settlement voiced their
frustration to The Tribune
yesterday over the fact that
Cable Bahamas has not cre-
ated the infrastructure in their
community to allow them
access to cable television and
the internet.

They said their children are
missing out on important
opportunities in the age of
technology.

“Tt is embarrassing that in
2011, where technology is so
important, that we are with-
out. They have no interest in
us, they believe we live out in
the wilderness,” said Clement
Thompson, Wemyss Bight
township chairman.

With a small settlement of
just over 300 adults and a
school student body of 100,
Wemyss Bight residents feel
their voices are not being
heard.

According to Bishop Ernest
Sweeting, member of the
Wemyss Bight Township, the
community is one of the only
settlements in South
Eleuthera with no cable or
internet.

Bishop Sweeting said Cable
Bahamas came to Eleuthera
to connect Greencastle and
Deep Creek, which are neigh-
bouring settlements, and
bypassed Wemyss Bite.

“With regard to the school
kids, it’s robbery,” said Bish-
op Sweeting.

He added that last year,
Cable Bahamas went to Cape
Eleuthera but once again
ignored the settlement.

Bishop Sweeting said
numerous calls have been
placed to the cable company
on the matter with the only
response being “that there is
nothing on the table for
Wemyss Bight.”

Chairman Clement Thomp-
son emphasised the impact
the lack of modern technolo-
gy is having on school stu-
dents.

He said: “The absence of
internet and cable services is
putting this school and chil-

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



dren of this area at a disad-
vantage, they are being
deprived.”

Thirteen computers were
recently donated to Wemyss
School Library, but children
are unable to access the inter-
net or use educational learn-
ing and research tools, Mr
Thompson said.

Meanwhile, settlements as
close as two miles away are
hooked up to Cable Bahamas.

Mr Thompson said: “It
does not take much to extend
cable to this area. By not
doing so, they are leaving us
out to dry — everyone else has
service but Wemyss Bight.”

He described the commu-
nity’s utter disappointment
when they could not watch
Chris Brown, a native of
Wemyss Bight, win a silver
medal in the 2008 Beijing
Olympics.

“Tt was such a shame,” Mr
Thompson said, shaking his

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head. “I would like to be able
to turn on my TV and see
what is going on in the rest of
the country.

“We have been appealing
to the powers that be for
years with no results — nothing
but excuses.”

Mr Thompson added that
he is not blaming anyone, that
their fight is not political or
about taking sides in any way,
but rather about what is best
for their community.

When asked to respond to
the concerns, Anthony But-
ler, president of Cable
Bahamas, said the company
is continuing to work to con-
nect the Family Islands to
their system, but added that
he could not say when
Wemyss Bight would be visit-
ed by the company’s techni-
cians.

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and Long Island,” said Mr
Butler.

When asked why Wemyss
Bight was “passed over”
when neighbouring areas
were hooked up, Mr Butler
only said his crews have a
schedule and will be working
to that schedule on the Fami-
ly Islands this year.

However, Dr Keith Wis-
dom, public relations manag-
er at Cable Bahamas, said
Wemyss Bight has not been
left out and can expect ser-
vices to begin being installed
by the end of September.









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PAGE 4, FRIDAY, FEBRUARY 25, 2011

EDITORIAL/LETTERS TO THE EDITOR

Po —————DITORIAL/LETTERSTOTHEEDITOR,
Government seems

The Tribune Limited

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

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

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

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-199]

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398

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

The ‘massive protest’ that ‘rocked’ Bay St

AT LAST the masks are off. What started
as a union demonstration to prevent the sale
of BTC to Cable & Wireless has been high-
jacked by the PLP, ostensibly also objecting
to the sale, but in reality attempting to desta-
bilise the Ingraham government with an eye
to the 2012 election and a PLP victory.

In this effort it would seem that not only
is it a “no holds barred” struggle, but the
fact that the incorrect propaganda being
sent out internationally could destroy our
tourist economy is not being considered. To
the PLP the year 2012 seems more important
than the health of the nation.

None of us must ever forget a former
PLP minister declaring from a public podium
that “God gave this country to the PLP.”
Ever since then whenever an FNM govern-
ment has been in power the attitude in the
PLP camp gives the impression that the
FNM are so many imposters who hood-
winked the people into giving up their
birthright. The PLP seem to think of them-
selves as the valiant knights in shining
armour, duty-bound to rescue that birthright
in the name of the people.

A video posted to YouTube and sent to
CNN I-Report was credited to Patrick Ter-
rence Robinson, who was the narrator and
described as the PLP’s “webmaster.” It
shows PLP MPs involved and appearing to
be among those stirring up the furor on Bay
Street on Tuesday.

“Massive protest rocks the Bahamas”
was also posted to Facebook and other Inter-
net sites. Someone was determined that the
Bahamas was to have its own “small Egypt”
even though it had to be fabricated. How-
ever, judging from public reaction to this
video and the comments posted on the CNN
I-Report, it would seem that the video has
done more damage to the PLP than the
exaggerated “massive protest” to the Gov-
ernment.

Said one viewer: “This story is a complete
lic. The Government is not being held up in
the Parliament building. And it is also not a
‘massive’ demonstration. Please don’t be
deceived by political operatives in The
Bahamas seeking to gain mileage.”

Another talks of police officers reporting
seeing money changing hands between “PLP
operatives and hired demonstrators.”

Another reminds Americans of the PLP’s
past reputation during the drug era, and
begs no one to be fooled. “America,” he

commented,
are.”

All this recalls an episode that took place
many years ago between Sir Etienne
Dupuch, publisher of this newspaper, and
Sir Lynden Pindling, who at that time was
prime minister.

Sir Etienne, a senior and highly respected
publisher with the Inter-American Press
Association, was invited by his colleagues
to address them at a meeting the Association
had planned for Miami. Instead of speaking
from brief notes, Sir Etienne read the text of
his speech, because he said knowing the
cloth from which Sir Lynden was cut, his
words were certain to be twisted back in
Nassau.

The morning after the speech was deliv-
ered, Sir Lynden accused Sir Etienne over
ZNS of warning Americans of a communist
influence in the Bahamas and of trying to
destroy the reputation of the country.
Nowhere in his speech was the word “com-
munism” or “communists” used. Sir Etienne
sent Sir Lynden a copy of his speech
demanding a retraction. Sir Lynden refused.

As Sir Etienne said, he only criticised the
PLP government in this column, published
only in the Bahamas. To him what he wrote
in this column was an argument among
Bahamians.

However, once out of the Bahamas and on
foreign soil, he refused to be interviewed
about the Bahamas’ problems. He always
refrained from criticising his country when
abroad. For him pride in country came first
— but not so the PLP as evidenced this week
by their anxiety to get the Bahamas on for-
eign airwaves and mixed up with the efforts
of government overthrows in the Middle
East.

If this so-called “massive” protest repre-
sents the true feelings of the Bahamian peo-
ple, then why did the demonstrators have to
be bused to Bay Street with inducements to
exercise their lungs and push barricades
against the police for about an hour? It is
unusual for an angry people to have to be
prodded into action.

From some of the comments being made
by certain persons to stir up unrest, we would
urge the authorities to refer to the Penal
Code and review the interpretation of sedi-
tion to determine whether some are pushing
the button too far and might now be ven-
turing into forbidden territory.

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THE TRIBUNE



to care more about
animals than people
with disabilities

EDITOR, The Tribune.

Firstly, I fully disclose that
Tam a member of the Nation-
al Development Party: Also,
the Chairperson of the Dis-
abled Persons’ Association of
the NDP. However regarding
the writing of this particular
letter, J am speaking exclu-
sively, not on behalf of the
NDP, but as an individual cit-
izen who has a disability.

I am forty-seven years of
age. For the past thirty-six of
them, I have been living with
a sensory disability; in that I
am physically unable to see-
(blind), having been this way
since the age of eleven. It is
therefore with frustration and
sadness that I write to you
regarding what I recently
learned about the proposed,
disability rights legislation for
the Bahamas.

I had occasion to contact
the Disability Affairs Division
on Wednesday, February 16,
in order to acquire a copy of
the draft legislation.

I was subsequently advised
that the Ingraham Adminis-
tration has rejected the cur-
rently structured Bill that so
many had worked on, for so
long.

The present draft of the
proposed legislation possibly
might not contain all that per-
sons with disabilities truly
need.

However, to the best of my
recall as it is currently drafted
in respect to its substance, it
shall provide much in the way
of legal protection and
mandatory requirements in
the best interest of persons
with disabilities in the coun-
try, if implemented as is. I
must therefore ask: Since dogs
were given increased protec-
tion in Parliament some time
ago under this current Ingra-
ham Administration and per-
sons with disabilities as yet,
have not been given our leg-
islative rights and protection,
for which we’ve been fighting
for more than 20 years, does
this mean that we as human
beings and voting citizens are
now being regarded less than
those animals by the govern-
ing party?

It is therefore agonizing to
learn that disabled persons
again, may be getting short-
changed as it seems that the
Ingraham Administration is
doing something with our dis-
ability rights legislation, which
just does not feel right to me.

I took the opportunity to
call into the Talk Show, Hard
Copy on Friday February
11th, expressing my disap-
pointment and discuss over
the fact that to date, the Gov-
ernment-of-the Day- (the
Ingraham Administration nor
the then, Christie Adminis-

LETTERS

letters@tribunemedia.net



tration) have not seen fit to
provide equal rights for and
legal protection for Bahami-
ans, living with disabilities.
This I did because as I too am
feeling it, I am hearing the
cries of my fellow disabled
brothers and sisters rising up,
more and more increasingly
over being ignored by politi-
cians who only care to
remember us for our votes,
during the times of our
national elections but forget
us, between elections.

My voice will therefore no
longer remain quiet on this
issue, but will continue speak-
ing out against the insensitive
manner by which many per-
sons with disabilities have
been and still are being treat-
ed in The Bahamas.

All Governing Adminis-
trations of our country, since
1973 have had ample oppor-
tunity to do right by disabled
persons in The Bahamas, leg-
islatively; both at home and
abroad, inclusive of the Pin-
dling, Christie and Ingraham
Administrations. However,
the Ingraham and Christie
Administrations, particularly
since 2006, utterly failed!
Case in point: None of them
to date has passed any dis-
ability rights legislation
through our Parliament, nor
has any of them seen fit to
sign on to the United Nations’
Convention on the Rights of
Persons with Disabilities.

The previously mentioned
U.N. Convention was brought
into being in December, 2006:
it has been available for sign-
ing since March 30, 2007: it
contains fifty Articles and
eighteen Optional Protocols:
it has been signed by 147
countries, 98 of which have
already ratified it in their
respective parliaments and,
90 countries are signatories
to the Optional Protocol to
the Convention, 60 of which
have already ratified them.
Glaringly shameful and most
inexcusably, The Common-
wealth of The Bahamas, sup-
posing to be moving toward
first-world status, is not one of
those countries!

Why is it that the Govern-
ment-of-the-day in The
Bahamas has to date, not
signed this U.N. Convention
on the Rights of Persons With
Disabilities?

Might it be because the
Government will indeed be
duty bound to honor and to
legislatively provide for the
implementation of all fifty
Articles as Article 4, section

VACANCY

1., subsections [A&B] appears
to say?

And that maybe, just possi-
bly maybe the Government
might not wish to be so
bound?

And, that the Bahamas’s
legislation might very well
have to be inclusive of all fifty
Articles, possibly making it
more expensive than our gov-
ernment would like to have
to pay for?

The proposed Bahamian
legislation, according to Min-
ister Butler-Turner, as she
announced at the F.N.M. con-
vention in November, 2009
was practically on its way to
Parliament.

But that was 15 months
ago!

How long therefore is the
Ingraham Administration
going to take, before it gives
the due legislative attention
to persons with disabilities in
The Bahamas?

Another 15 months? I must
therefore ask, since our next
general elections are approx-
imately 16 months away, is
this Administration now wait-
ing until the elections are
almost upon this country, just
to rush some piece of
watered-down nonsense
through parliament? Just so
that it can say that it did
something for the disabled?

Bahamians with disabili-
ties have the God-given and
constitutional right in this
country to be treated fairly.
This is something we rightly
deserve, just as any other cit-
izen of this country.

Further more, we are tax-
payers, very sensible and
capable voters as well as intel-
ligent thinkers who deserve
and demand to be respected.

Animals, under this cur-
rent Ingraham Administra-
tion, have been given
increased legislative protec-
tion by our Parliament.

However, as I recently
learned from the Disability
Affairs Division as previously
noted, we human beings in
The Bahamas with disabili-
ties are now faced with the
cancellation of our proposed
Legislation.

Is one therefore left to con-
clude that the Ingraham
Administration cares more
about animals, than it cares
about persons with disabili-
ties?

JEROME THOMPSON
Nassau,
February, 2011.

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THE TRIBUNE

THREE STABBINGS,
MAN’S LIFELESS
BODY FOUND

By LAMECH JOHNSON

IN THE span of three
hours, three men were
rushed to hospital after

being stabbed during sep-

arate altercations.
Elsewhere, the lifeless

body of what was thought }

to have been a homeless
man was found under a
stairwell.

Just before 6pm on
Wednesday, police were
called to the scene of a

disturbance on the corner }

of Moore Avenue and
Homestead Street.

Witnesses told
responding officers that a
group of men got into a
fight which resulted in
two of them, ages 38 and
17, being stabbed.

They were taken to hos-
pital by paramedics. Their }

current conditions are
unknown.

A few hours later,
police received informa-
tion of another stabbing
at East Street South.

Officers responded and

were told that a group of
men attempted to attack
another man. They said
another man tried to pre-
vent the attack and was
stabbed in the back.

He was taken to the
hospital by paramedics.
His condition was also
unknown at press time
last night.

Earlier that day, police
discovered the body of a

man under the stairwell of

the Aura Lodge Hall
building on Charlotte
Street South.

Foul play is not suspect-

ed in the matter, as there
were no visible signs of
injury on the body.

Police are continuing
their investigations into
all three matters.



POLICE COMMISSIONER Ellison Greenslade
has acknowledged that police officers

DESPITE a public apology from
the Commissioner of Police, the
angry parents of children involved
in an accident with a police cruiser
Friday night say they intend to keep
the heat on until the matter is
resolved.

“No cover-ups,” said Shantell
Rolle, mother of 14-year-old Wren
Rolle, who was on the back of the
truck involved in the accident. “They
can’t try to cover that up. Those
were children. Those officer left the
scene of the accident.”

Katrice Deleveaux, the mother of
14-year-old Patrick Williams, who
was also one of the children on the
back of the truck, said she was

involved could have been more sensitive.

‘Brave’ Davis: Bahamas does
not need Cable and Wireless
to cut phone call rates

PLP DEPUTY leader
Philip “Brave” Davis told a
PLP rally on Wednesday
night that the Bahamas
does not need Cable and
Wireless to cut phone call
rates.

Mr Davis claimed a “sim-
ple proposal” to the tele-
coms regulator URCA will
result in “cell phone rates
being drastically cut
today.”

He said: “We do not
need Cable and Wireless
to do that. Stop insulting
the intelligence of Bahami-
ans with such foolishness.
We lowered the rates
before and the profits of
BTC grew as a result.”

Mr Davis said that if
Prime Minister Ingraham
and the rest of the govern-
ment really care about the
price of telephone services
and the “hell Bahamians
are catching” trying to pay
their bills, they should low-

er the prices immediately.

“Challenge them,” he
urged the crowd. “Chal-
lenge your Member of Par-
liament.

“Ask them why they
won't do it now.”

The opposition deputy
leader said BTC represents
arguably the most valuable
asset that has ever been
put up for sale in the histo-
ry of the Bahamas.

“It is an important mat-
ter.

“This is serious business.
It’s debate should not be
reduced to bar-room chat-
ter with smokes, mirrors,
half-truths and false choic-
es.

“The debate and vote in
the House of Assembly in
several weeks is a crucial
one,” he said, urging the
prime minister to “remove
the partisan whip” and let
FNM MPs vote “their con-
science” on the matter.

Cable Beach

Golf Club

NOTICE

TO OUR VALUED PATRONS:

Effective March 1, 2011, the
Cable Beach Golf Course will
become a nine (9) hole facility.

This is necessary to facilitate the
West Bay Street realignment.

The construction of the world- class, Jack
Nicklaus Signature Golf Course will
commence in approximately 18 months.

During this period, the Cable Beach
Golf Course will offer 9 and 18-hole
rates, and will also be available for
tournaments and groups.

We apologize for any
inconvenience caused.





informed on Wednesday that police

‘SIMPLE PROPOSAL’:
Philip ‘Brave’ Davis



FRIDAY, FEBRUARY 25, 2011, PAGE 5

Parents" ‘Intend to Keep heat on’ over police crash

were sending someone to take a
statement.

“They hit them and left them
there. You aren’t supposed to leave
the scene,” she said.

According to Mrs Deleveaux,
police informed her that an investi-
gation into the matter is ongoing.

Mrs Deleveaux said that her son,
who is still suffering from complica-
tions as a result of the accident, was
released from hospital on Wednes-
day.

Police reports state that around
9.35pm last Friday, there was an acci-
dent on the corner of Gladstone and
Fire Trail Roads involving a 2009
Crown Victoria and a 2001 Daewoo
Labos truck driven by a 37-year-old







ie
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i dete

ert i (242) 341-7871
Errast meorayahorraa had grrael oof

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man with five "people" in the rear
bed.

However, parents and eyewitness-
es claim there were seven persons
in the back of the truck.

The police also stated that the
Crown Victoria was travelling south
on Gladstone Road and the Daewoo
Truck north on Gladstone Road
when the two vehicles collided.

On Wednesday, Police Commis-
sioner Ellison Greenslade acknowl-
edged that police officers involved
could have been more sensitive.

“Police did not demonstrate the
requisite amount of sensitivity in
dealing with the matter.

“Tam not satisfied that we did due
diligence,” the commissioner said.

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PAGE 6, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE





POLICE TIGHT-LIPPED ON :

REPORTS OF PROTEST
MAN SURVEILLANCE
FROM page one

use of intelligence officers.

“Intelligence officers are used in }
these operations where we suspect :
that persons may have the intent }
to disrupt the peaceful order of i

society,” said Mr Bethel.

“There are officers who just get i
intelligence and do not arrest any- }
one. When you see me go and exe- }
cute a warrant it is based on intel- }

ligence,” he said.

Intelligence officers were “in the
mix” of the crowd on Wednesday
and “would not have been easily
identifiable.” Those officers were }
feeding information to the senior }
command, who used the informa- :
tion for mediation efforts. They }
were different from plainclothes }
officers, who were also on the i

scene.

“We have a strong network of }
intelligence officers who we employ :
on a daily basis to assist with all }
types of criminal activities. In every }
operation we run we use intelli- :
gence officers. We have used them }
to detect and prevent a lot of i

crime,” said Mr Bethel.

One strategy used by top ranking }
police officers on Wednesday was }
to enter the heated mass of demon- }
strators and speak directly to}
specifically identified individuals. :
Front line protesters who engaged }
in dialogue with the police said they :

“appreciated” the efforts.

“We were in the front line. I}
appreciate the inspectors coming :
out here to talk to us. We are not }
here to incite anything. We know :
the police are only doing their job,” i

said one protester.

The use of intelligence officers }
has generally “been increased” said }
Mr Bethel, to assist the police in }
identifying people who are com- }

mitting crimes.

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LOCAL NEWS

STEVE MCKINNEY speaks out at Wednesday’s BTC demonstration.

INVESTIGATION INTO STEVE MCKINNEY’S BTC PROTEST ATTENDANCE

FROM page one

officer must in no circumstances
become publicly involved in any
political controversy, unless he
becomes so involved through no
fault-of his own, for example, in
the proper performance of his
official duties; and he must have
it in mind that publication either
orally or in writing of any mate-
rial, whether of direct political
interest or relating to the admin-
istration of the Government or
of a department of Government
or any matter relating to his offi-
cial duties or other matters
affecting the public service,
might immediately involve the
public service in such controver-
sy.

Mr Ellis pointed out that Mr
McKinney is contracted to be at
BIS from 9am to 5pm. Accord-
ing to asource at BIS he was not
on leave on Wednesday, and
even up until noon yesterday
when Mr Ellis spoke with The
Tribune, the broadcasting exec-
utive had yet to show up to
work.

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If you have what it takes to join our team we are waiting to hear from

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Mr Ellis added that Mr McK-
inney’s contract with BIS comes
to an end on April 1. He did not
give any indication as to whether
or not it will be renewed after
this date.

Even if Mr McKinney were
on leave, sources close to the
government pointed out that a
public servant, except in pur-
suance of his official duties
therefore and with the permis-
sion of the Director of Public
Personnel, whether he is on duty
or on leave, shall speak in public,
or broadcast in any way, on any
matter which may reasonably be
regarded as of a political or
administrative nature; allow him-
self in any circumstances to be
interviewed or express any opin-
ion for publication on questions
of public policy, or on any matter
of administrative or political
nature or on matters affecting
the administration or security of
any state or territory.

The general orders continue:
“The first duty of a public officer
is to give his undivided alle-
giance to the State, ie to the

FROM page one

Government of the day. In join-
ing the Public Service, a public
officer voluntarily enters a pro-
fession in which his service to
the public will take a non-politi-
cal form; and whatever may be
his political inclination his impar-
tiality in the performance of his
duty must be beyond suspicion.

“It follows therefore that a
public officer should not nor-
mally take any active part in
matters of public or political con-
troversy, and particularly if the
matter is one with which he is
officially concerned.

“Political activities in the
Bahamas may be defined as fol-
lows: adoption as a candidate for
election to the House of Assem-
bly, holding office in a party
political organization; speaking
in public on matters of national
political controversy; expressing
views on such matters in letters
to the press, or in books, articles
or leaflets or by broadcasting or
on television; and canvassing or
distributing pamphlets, etc on
behalf of a candidate or political

party.”

2 PLP “STIRRED UP BIC MOB ANGER’

FROM page one

statement.

A Tribune source from Farm Road said he witnessed a
bus stationed at the corner of East Street and Strachan
Corner picking up residents to carry them to the demon-
stration.

“JT saw them taking the money. They were paying $10 to
come downtown for one hour. I definitely witnessed it yes-
terday,” our source said.

“T just thought it was amazing that they would give
out money to get people to go down town. Normally I
observe it during rallies. They would come around paying

you to go on the bus. They give you T-shirts with some-

thing wrapped up in it. But I was surprised yesterday

i with the protest,” he said.

On Wednesday, a government minister told The Tri-
bune constituents were offered between $30 and $50 plus
alcoholic beverages to take part in the protest.

PLP leader Perry Christie and other opposition mem-
bers of Parliament who participated in a press conference
on Wednesday denied any suggestion that they paid pro-
testers.

“From my point of view, I paid no one,” Mr Christie
said.

Although the protesters who arrived on the bus were
said to come from the Farm Road area, a Tribune source
said the bus was not engaged by the Farm Road con-
stituency branch, but “the party itself.”

“They were recruiting guys randomly from the area.

They were saying you don't have to do nothing, just come

down and be there for an hour,” said a Tribune source.
“Half of these guys don't work. They are not interest-
ed in where the money comes from, whether it is political.

They would take money from anyone: PLP, FNM, BDM,

and not just a political party,” he said.

The source said he witnessed the bus driving through
the community on Quakoo Street, and heard about it
being parked on Strachan Corner. A Tribune source at the
Post Office said he saw a bus near the parking lot off-load-
ing people for the demonstration.

Bradley Roberts, PLP party chairman, said the party did
not hire a bus. He said it must have been hired by an indi-

vidual, but “it was not contracted by Bradley Roberts.”

Generally speaking, he said: “It is not unusual for

? members of Parliament to organise and move their con-

stituents around. It is not unusual for the PLP. It is not
unusual for the FNM. What is wrong with that?”

With respect to the specific BTC demonstration on
Wednesday, he said he did not know anything about the

: payment of demonstrators or the bus.

“T wouldn't know what the purpose of paying anybody
is. They must have money to throw away if they did that.
“The PLP party has always been a party without any

money. Where would we get money to use like that?” he

asked.

POLITICAL HOPEFUL PLANS TO SUE OVER

explained Mr Forbes of his
involvement. "We provided a
corporate service to a client
and it was normal to always
act as officers and directors.

"We got all the due dili-
gence that is needed and
these clients checked out
clean. When I found out that
these guys were up to no good
we terminated (business with
them) immediately," he said.

Canadian businessman
Nick Djokick invested $6 mil-
lion into GFS with the
promise of 20 per cent annual
interest — money that disap-
peared when he tried to cash
out on his investment, accord-
ing to CTV.

The "scam" drove Mr
Djockick to allegedly kidnap
and torture his former busi-
ness partners. He also alleged-
ly tried to hire a hitman to
assassinate Mr Forbes and
Freeport-based Canadian
attorney Richard Devries for
their connections to GFS.

A segment in the pro-
gramme depicts a Canadian
reporter's attempts to speak
with Mr Forbes about the
accusations until the lawyer
is cornered outside his office.

On camera, Mr Forbes told
the reporter that he only
incorporated and registered
GFS, a task he said his firm

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TV SHOW'S ‘FRAUD’ ALLEGATIONS

did for about "500 to 600
companies” at the time
adding that he was paid
between "$1,900 to $5,000"
for his work.

Mr Forbes was then con-
fronted with copies of docu-
ments that purportedly bore
his signature and alleged that
he was a director and signing
officer for the company and
had authorised hundreds of
thousands of dollars in pay-
outs.

On the programme, Mr
Forbes asked the television
crew to return in a couple of
days so he could provide them
with documents to clear him
and his company of any
wrongdoing. The report said
when the crew returned Mr
Forbes could offer nothing
"conclusive."

Mr Forbes, the opposition's
election candidate in the
Mount Moriah constituency,
said the report disparaged his
character and selectively por-
trayed the interview.

"T have seen it and we plan
to take the appropriate
action,” he told The Tribune
yesterday. "It is definitely
untrue we plan to make a
press statement on it. They

have sullied my character and
I will take whatever action is
necessary to ensure that my
name is cleared, my name is
all I have."

He added that he does not
think the allegations will hin-
der his chances of being elect-
ed to Parliament stressing that
he will "fight to the end” to
clear his name.

"Thave always lived a life in
the open and worked very
hard for everything I have. I
have no skeletons in my clos-
et and if they (his political
opponents) plan to bring this
forward I will fight this to the
end. (The allegations) have
no bearing on what I plan to
do in Mount Moriah," he said.

Last year, Mr Djokich was
sentenced to 20 years in a US
federal prison on charges of
attempted murder.

During the trial Mr Djokich
claimed he was defrauded out
of tens of millions of dollars
by GFS. It was revealed that
he hired a hit-man, really an
undercover US ICE agent, to
kill Mr Devries and Mr
Forbes.

Mr Forbes has maintained
that he never had a connec-
tion to Mr Djokich.

RESIDENTS SAY WATER
SUPPLY IS “UNUSABLE’

FROM page one

He compared taking a shower in John Millars to swimming

in the ocean.

Mr Thompson said the water “is undrinkable, turns your
clothes different colours and destroys your bathroom fixtures.”
He explained that the water problem has led to a host of oth-
ers, as for several months now they have been paying to bring
in potable water, and now have hardly any Local Government

funds left for the community.

Bishop Sweeting said bringing water to John Millars costs
around $250 a load, with about four loads needed per month.
With a yearly budget of $32,000 allocated for the entire
Wemyss Bight Township, which includes Wemyss Bight, Deep
Creek , Waterford, Bannerman Town and John Millars, funds
are extremely tight and they have had to discontinue bringing

in the water.

Mr Thompson said the Bahamas Red Cross had been of
great assistance, attempting to drill wells that, unfortunately,
ended up providing water of a similarly poor quality.

Red Cross director Caroline Turnquest explained that as
part of their “Readiness to Respond” two-year programme
geared towards disaster awareness, the micro-project in South

Eleuthera was also taken on.

The organisation spent $6,000 drilling wells and analysing the
water, but Ms Turnquest said results from various water com-
panies revealed the water to be “hard” and of “poor quality.”

Members of the community expressed hopes that the effort
might result in a reverse osmosis plant soon being built in the
area, but the Red Cross said the funding was not available at

this time.

Ms Turnquest said: “We were hopeful, but because of the
number of persons in the area and large expense of the project,
we were not approved for further funding.”

Minister of State for the Environment, Phenton Neymour,
could not be reached for comment up to press time last night.

e SEE PAGE THREE

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

FRIDAY, FEBRUARY 25, 2011, PAGE 7



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Sandals executives said all
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Results were based on a
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THE TRIBUNE





The effects of teenage pregnancy
































































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By ADRIAN GIBSON
ajbahama@hotmail.com

THE social issues we now
face in the Bahamas are due,
in part, to the large number of
children who are having chil-
dren. Teenage pregnancy
appears to have gone wild!

Teenage pregnancy is a
major contributing factor to the
social disintegration our coun-
try now faces. In the Bahamas,
we are shifting from one gen-
eration to another too speedily,
and thus resulting in a nation
of poorly socialized, ill-man-
nered brats who are disgrun-
tled and intent on ruining any
thread of public harmony.

The term teenage pregnan-
cy refers to any teenage girl
who falls pregnant during her
adolescent years. Teenage preg-
nancies carry a social stigma,
lead to poorly educated adults,
increase poverty and harmfully
affect the lives of the children
being born. In a report by the
Save the Children organization,
it was found that every year,
about 13 million children
(worldwide) are born to teen
mothers under age 20, primari-
ly in developing countries.
According to local statistics, the
percentage of births to teenage
mothers lingers around 13 per
cent of the national total.

Just last week, as I left a law
firm on Dowdeswell Street,
there walked a contingent of
young girls, wearing baby-blue
outfits (presumably students of
the PACE—Providing Access
to Continued Education—pro-
gramme) and speaking garishly,
all with protruding bellies.
These youngsters were on aver-
age between ages 13 to 16. I
recall one of them telling the
other how she couldn’t wait to
have her baby, leave the PACE
programme and return to reg-
ular school.

According to the PACE
Foundation website, the PACE
programme was initiated by
Nurse Andrea Elizabeth
Archer in 1970 and “has sought
to pioneer ways and means to
address the problem of teen
pregnancy, and, in its many
years of existence, has certain-

YOUNG MAN’s VIEW

ADRIAN

ly impacted the lives of numer-
ous teens and their babies.”

The website says: “Over the
years, it would have provided
assistance to more than 3000
teenage mothers, helping them
to complete high school thus
ensuring them a better chance
of breaking the cycle of pover-
ty and hopelessness. However,
PACE continues to face
numerous problems that affect
its functionality. Entry into the
PACE programme is voluntary
and available only to first-time
teen mothers. However, less
than half of the nation's first-
time mothers enter the pro-
gramme yearly.

Parenting

“The aim is to intervene in
the lives of more first-time teen
mothers with a view to ensuring
that such girls achieve a mini-
mum of a high school diploma,
and preventing further preg-
nancies until they have
achieved independent means
by which they can care ade-
quately for all their offspring.
At present, our children are at
risk of growing up in economi-
cally disadvantaged circum-
stances and with mothers who
are ill-prepared for parenting
and, in fact, need parenting
themselves. The cost of ignor-
ing this problem is great; there-
fore it demands our immediate
attention,” the Foundation’s
website read.

It further stated that “(a)
principals of government sec-
ondary schools are reluctant to
allow teen mothers re-entry
into regular school for fear that
they will have a negative influ-
ence on fellow students, both
female and male; (b) the pro-
gramme remains fragmented,
as services such as antenatal
care and others are offered in
different locations; (c) there are
no facilities for emergency

Glas ON

housing or for on-site childcare;
and (d) the programme is gen-
erally under funded.”

The PACE programme
nobly states the view that in
accordance with article 23 of
the Education Act 1996 “school
is compulsory age between the
ages of 5 and 16, underscoring
that no citizen is more entitled
to education than the other.”
The programme asserts that “it
is further understood that edu-
cation is important for the pur-
poses of nation building and
directly improves the standard
of living and full development
of human beings. With the
existing make up of the econo-
my of our country, there is little
possibility of economic survival
of a young teen with a child to
support.”

Indeed, the government, and
private sector entities and citi-
zens, must see to it that worth-
while programmes such as
PACE are properly subsidized.

How can values be taught
when there are 20-year-old
mothers with children in pri-
mary school?

Our national conscience is
surely in smithereens when we
now have 32-year-old grand-
parents and it is being viewed
as relatively normal due to its
growing prevalence!

Today, our country is
plagued by a spree of abhor-
rent crimes and senseless mur-
ders, most likely due to an
absence of role models, poor
social skills and a lack of values.
How can ethics be taught when
many of the children born are
being parented by boorish
youngsters?

The spate of violence at our
public schools is again another
example of our society’s failure
to confront many of the under-
lying social problems, instead
simply choosing to adopt a
reactionary approach to prob-

SEE page 10



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THE TRIBUNE

FRIDAY, FEBRUARY 25, 2011, PAGE 9



Minister: more must be done

for Caribbean women’s goals

By K QUINCY PARKER
Press Attaché

Embassy of The Bahamas
Washington, DC

NEW YORK, NY - At the
55th Session of the Commission
on the Status of Women at the
United Nations on Tuesday, Min-
ister of State for Social Develop-
ment Loretta Butler-Turner said
that although successes have
been achieved, more must be
done to realise the goals and aspi-
rations for women of the
Caribbean.

The CSW session is meeting
for the next two weeks under the
theme: “Access and participation
of women and girls in education,
training, science and technology,
including for the promotion of
women’s equal access to full
employment and decent work.”

A major outcome of the event
will be the official launch of the
United Nations Entity for Gen-
der Equality and the Empower-
ment of Women (UN Women).
The new entity is expected to be
launched on Thursday, February
24, in a special ceremony to be
hosted by CNN special corre-
spondent Christiane Amanpour.

UN Women was established
following the adoption of Gen-
eral Assembly resolution 64/289
on 2 July, 2010, and brought
together the following four enti-

Loretta Butler-Turner speaks at the
55th Session of the Commission on the
Status of Women at the United Nations

(DAW), the Office of the Spe-
cial Advisor on Gender Issues
and Advancement of Women
(OSAGI), the International
Research and Training Institute
for the Advancement of Women
(INSTRAW) and the United
Nations Development Fund for
Women (UNIFEM).

Michelle Bachelet - Chile’s
first woman president, who left
office in 2010 - was appointed
executive director of UN Women
by the Secretary-General in Sep-
tember 2010, and her recently
articulated vision and 100-day
action plan objectives include the
elimination of discrimination
against women and girls, the
empowerment of women, co-
ordination of efforts by the Unit-
ed Nations system to ensure that
commitments on gender equality
and gender mainstreaming trans-
late into action throughout the
world, and building effective part-
nerships with national mecha-
nisms for gender equality, civil
society and other relevant actors.

Mrs Turner pledged CARI-
COM’s full support and co-oper-
ation with the new agency.

She said: “[We] hope that the

years for a new gender architec-
ture will evolve and generate con-
crete results and change for
women throughout the world, in
particular on the ground in coun-
tries where such change is great-
ly needed.

“CARICOM welcomes the
‘Vision and 100-day action plan’
announced by the executive
director during the first regular
session of the Executive Board
of UN Women held last month
and looks forward to its devel-
opment, with the support of
member states and all stake-
holders,” Mrs Turner added.

The minister also noted that
lack of adequate funding poses
a formidable challenge and could
undermine the provision of assis-
tance to national partners in the
implementation of practical pro-
grammes and the strengthening
of normative and policy frame-
works on gender equality.

“We therefore encourage
member states to make volun-
tary contributions to the core
budget of UN Women to allow
the entity to better respond to
the needs of women and to meet
the expectations of member

43 member executive board
which held its first regular ses-
sion from 24 — 26 January, 2011.

Grenada is the only CARI-
COM member state elected to
serve a three-year term on the
board. Elections were held on 10
November, 2010. Saint Vincent
and the Grenadines was not suc-
cessful in its election bid.

SCIENCE AND
TECHNOLOGY

Mrs Turner also focused on
the importance of technology,
stressing that the increasing sig-
nificance of its role in national
economic development can not
be sufficiently underscored. She
cited a report by the UN Secre-
tary General, and findings from
the first Caribbean Conference
on Science and Technology, held
in Trinidad and Tobago in Sep-
tember 1998.

The minister pointed out that
while in many societies, techno-
logical advancement has brought
about significant change, many
developing countries are lagging
behind from a socioeconomic
development standpoint.

“Tn recognising the importance
of new, innovative technologies
and their contribution to devel-
opment, CARICOM recognises
the need to increase women’s and

ogy education and training,” she
said.

“The Caribbean Council of
Science and Technology (CCST)
has been playing a key role in
this area. In collaboration with
the National Institute for Higher
Education, Research, Science
and Technology, CCST has
undertaken a project to research,
document and promote public
awareness of the works and
accomplishments of outstanding
Caribbean women in the field of
science and technology. This pro-
ject was not only geared to cor-



LORETTA BUTLER-TURNER

rect the view that women have
not excelled in science and tech-
nology but was also aimed at
inspiring young women and girls
to pursue careers in science and
technology, and generally to
strive for excellence in their cho-
sen field of endeavour.”

Service Times for

Christ Church Cathedral

Anglican/Episcopal Church
George Street
Nassau, Bahamas

Sunday, February 27th, 2011
Eighth Sunday After Epiphany

ties — the Division for the
Advancement of Women

goals and objectives we have
envisioned in our calls over the

states,” she said.

UN Women is governed by a

girls’ access and participation in
the field of science and technol-

Regional Vice-President for the Council
of Residential Specialists visits Nassau

REGIONAL vice-president for the
Council of Residential Specialists Gary
Williams visited Nassau to install new offi-
cers for the council’s Bahamas chapter.

The Certified Residential Specialist
(CRS) designation is the highest credential
awarded to sales associates in the residential
sales field.

To achieve the CRS designation, a real
estate agent or broker must meet high stan-
dards set by the Council of Residential Spe-
cialists for experience in the real estate
industry and education.

The CRS designation demonstrates to
other realtors and the public that that agent
possesses a higher level of experience and
expertise in marketing property, providing
genuine service and completing the sale.

The Council of Residential Specialists is
a national affiliate of the National Associa-
tion of Realtors.

AIL US states have their own chapter and
recently the organisation expanded to
include the Bahamas - the only non-US
chapter to date.

The members of this organisation repre-
sent the “best of the best” in the real estate
industry with only 4 per cent of all agents in



the United States and the Bahamas earning
the CRS designation. This designation is
considered to be the pinnacle of real estate
education and production.

The Council consists of around 38,000
real estate professionals in the United States
and the Bahamas. There are 53 chapters
including the Bahamas and the organisa-
tion is headquartered in Chicago, Illinois.

z= fi
COUNCIL of Residential Specialists membe



rs in Nassau.

The new officers for the local chapter
include: Elbert Thompson, president; Gavin
Christie, vice-president; Cyprianna Stuart,
treasurer; Sidney Bethel, secretary; Antho-
ny Wells, membership chairman; Perry Fer-
guson; education chairman; Garnett Ellis;
audit chairman; Donna Jones; Grand
Bahama chairperson and Kathleen Albury;
Abaco chairperson.

Job Opportunity

ANNUAL GENERAL MEETING

The Parish’s Annual General Meeting will |

be held on Sunday, February 27th, 2011, |
from 11:00 a.m. to 12:00 noon. Vestry

Elections will take place at each service.
The Schedule of Services is as follows:

7:30 a.m. Holy Communion with
Sermon

9:00 a.m. Sung Holy Eucharist with |
Sermon

11:00 a.m. — 12:00 noon:
ANNUAL GENERAL MEETING

6:00 p.m. Solemn Evensong,
Sermon & Benediction



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PAGE 10, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE



US, allies pressure

Gadhafi to halt
violence in Libya

WASHINGTON
Associated Press

THE Obama administra-
tion threw its weight Thurs-
day behind a European effort
to expel Libya from the
U.N.'s top human rights body
and said it was readying a
larger sanctions package
against Moammar Gadhafi's
regime that it will take up
with allies in the coming days.

President Barack Obama
was consulting with the lead-
ers of Britain and France,
while officials said Secretary
of State Hillary Rodham Clin-
ton would help coordinate the
larger international strategy
to stop the violence in Libya
at a meeting of foreign policy
chiefs next week in Switzer-
land.

As an initial punishment for
Libya's violent attacks on pro-
testers, State Department
spokesman P.J. Crowley said
the U.S. is backing a Euro-
pean proposal for the U.N.
Human Rights Council to rec-
ommend Libya's expulsion.

Officials, speaking on con-
dition of anonymity to discuss
administration planning, also
said the U.S. would support
efforts to establish a U.N.-led
probe into "gross and sys-
tematic violations of human
rights by the Libyan authori-
ties."

While those measures
might seem tame, they were
expected to be followed soon
by tougher measures aimed
at pressuring the unpre-
dictable Gadhafi to end the
violence that has wracked
much of his country.

The U.S. was being forced
to temper its tone because
hundreds of Americans
remained stuck in the country
—and many were relying on
the goodwill and cooperation
of Gadhafi's regime for their
safety and planned evacua-
tion.

Crowley said 167 Ameri-
cans — 40 nonessential per-
sonnel and their family mem-
bers, and 127 private U.S. cit-
izens — are waiting to be



US PRESIDENT Barack Obama
has been consulting with leaders
of Britain and France. (AP)

evacuated by ferry from
Libya. The ferry remained
docked in the capital of
Tripoli because of high seas.
There are also 118 foreigners
on board and the boat isn't
expected to leave until Fri-
day.

"These people have been
on board the ship for now
well over 24 hours," Crowley
said. "I'm sure they're uncom-
fortable. They slept last night
on the ship."

Fearful

Crowley said the U.S. had
security aboard the vessel and
that Libyan officials were
securing the port area. He
sidestepped a reporter's ques-
tion as to whether the U.S.
was fearful of a hostage situ-
ation arising, and praised
Libya for cooperating with
the U.S. on the planned ferry
voyage to Malta.

Members of the 47-nation
rights council were debating
the resolution Thursday in
Geneva, ahead of an emer-
gency session Friday. Kicking
out Libya would require two-
thirds approval of all the 192

ALIBYAN GUNMAN flashes a V sign as
he stands on a military truck loaded with
launcher rockets at Al-Katiba military
base after it fell to anti-Libyan leader
Moammar Gadhafi protesters few days
ago, in Benghazi, Libya, on Thursday
Feb. 24, 2011. Army units and militiamen
loyal to Moammar Gadhafi struck back
Thursday against rebellious Libyans who
have risen up in cities close to the capi-
tal, attacking a mosque where many
were holding an anti-government sit-in
and battling others who seized control of
an airport. Medical officials said 15 peo-
ple were killed in the clashes. (AP)

countries in the United
Nations.

"The Libyan government
has violated the rights of its
people,” Crowley told
reporters at the State Depart-
ment. "Taking this step con-
tinues the increased isolation
that the Libyan government
is facing."

Hundreds are believed to
have been killed in Libya in
recent days and Gadhafi's
regime appears to have lost
control of large parts of the
country. Gadhafi has ruled
the country for 42 years, and
has offered the most violent
resistance to the wave of
protests that have spread
through the Arab world, chas-
ing leaders from power in
Libya's neighbors Egypt and
Tunisia.

It was unclear what the
larger sanctions package
might include, though asset
freezes and travel bans on
senior Libyan officials are
possibilities.

"There are actions that are
being teed up within our gov-
ernment,” Crowley said. "We
expect to take action in the
coming days, but it takes
time." He said the U.S. also
wants to ensure that the sanc-
tions chosen are "most likely
to be successful in putting
pressure on the Libyan gov-
ernment to respect the rights
and actions of their people."

Another option could be to
ban the sale of U.S. military
equipment, even if that would

be largely symbolic at this
point.

The US. has given private
arms firms licenses to sell the
Gadhafi regime materiel
ranging from explosives and
incendiary agents to aircraft
parts and targeting equipment
in recent years.

The Obama administration
also warned Thursday of a
Libyan crackdown on foreign
journalists to stifle news of
the regime's violent assaults
on protesters.

In meetings called by the
Libyan government to specif-
ically discuss news reporters,
the State Department said the
Libyan officials told U.S.
diplomats that they would
consider unregistered jour-
nalists as al-Qaida collabora-
tors subject to immediate
arrest.

"Be advised, entering Libya
to report on the events
unfolding there is additional-
ly hazardous with the govern-
ment labeling unauthorized
media as terrorist collabora-
tors and claiming they will be
arrested if caught,” the
department said in a notice
to news organizations.

The Libyan officials told
the U.S. diplomats that some
journalists from CNN, BBC
Arabic and Al Arabiya tele-

vision would be allowed into
the country to cover the situ-
ation. But the officials said
journalists working indepen-
dently and not in government-
approved teams will be pros-
ecuted on immigration
charges, according to the
department.

The warning comes as the
Libyan government appears
to have lost control of much
of the eastern part of the
nation, where some reporters
are crossing the border from

Egypt.
Cities

The violence continued
Thursday as army units and
militiamen loyal to Gadhafi
struck back against rebellious
Libyans in cities close to the
capital, attacking a mosque
where some were protesting
against the government. Med-
ical officials said 15 people
were killed in the clashes.

In a rambling phone call to
state TV, Gadhafi accused al-
Qaida leader Osama bin
Laden of being behind the
uprising.

Crowley said the United
States hasn't pursued any con-
versations with Gadhafi him-
self. But he confirmed that
USS. officials were discussing


















the situation with Libyan gov-
ernment counterparts at vari-
ous levels and messages from
the Libyan leader were being
passed.

Asked whether the U.S.
believed Gadhafi to be a
"rational actor," Crowley
demurred. "Moammar Gad-
hafi is the leader of Libya,"
he answered.

White House spokesman
Jay Carney said Obama's calls
to British Prime Minister
David Cameron and French
President Nicolas Sarkozy
were part of a strategy to seek
a concerted and broad inter-
national effort to pressure the
Libyan government. They
come as the U.N. Security
Council agreed to consider
further options against Gad-
hafi's regime, including sanc-
tions.

Carney said no options are
off the table, including the
possibility of military action.
International discussions,
however, have centered on a
possible no-fly zone or other
sanctions that would strike
Gadhafi economically.

A French government
statement said Obama and
Sarkozy demanded “an
immediate halt to the use of
force against the civilian pop-
ulation."

FROM page eight

lem solving while hardly ever proposing
credible, tangible solutions. It appears
that many Bahamians have become
desensitized and are of the view that if
an issue is not directly affecting them,
why care? We must adopt a proactive
approach confronting an issue before it
mushrooms and/or arrives at our
doorsteps.

The PACE Foundation holds even
more compelling views about the impact
of teenage pregnancy upon society, stat-
ing:

“Owing to the fact that the mothers
are single and have limited education,
their children are at increased risk of
growing up in poverty. Inadequate edu-
cation also correlates with diminished
awareness of the importance of proper
health care, regardless of the fact that
prenatal care, delivery, and childcare are
free at government health institutions.
Failure to access this care translates into
more complications of pregnancy, low
birth rates and increased incidences of
morbidity and mortality in children of
adolescent mothers.”

Societal issues such as teen pregnan-
cies, gang-banging and any other mis-
deeds, stem from a breakdown in the fam-
ily, a lack of supervision, external influ-
ences and an erosion of our moral code.

In the Bahamas, there is usually a con-
siderable age gap between adolescent girls
and the men who impregnate them, with
such marauding chaps typically being
lousy predators in their late 20s or much
older. Many school girls from adverse
family environments seek the affection
of older men, who are usually sought to fill
a void left by an absentee father. Locally,
it’s assumed that many of the men engag-
ing in relationships with underage girls
are those who interact with them daily,
that is, persons such as bus drivers, neigh-
bours and even some professionals who
ensnare them with money or a joy ride in
a posh vehicle or some pie-in-the-sky
promise. Some Bahamians would be sur-
prised by the number of young girls who
are enticed by men driving cars with flashy
rims and a loud sound system!

In his song “Brenda’s Got a Baby,” the
late rap legend Tupac Shakur famously
stated what has become the norm in the
Bahamas when he said:

“Now Brenda’s (and one can fit any
other name here) belly is getting bigger

“But no one seems to notice any change
in her figure

“She's 12 years old and she's having a
baby

“Tn love with the molester, who’s sexing

The effects of
teenage pregnancy

her crazy...”

As it relates to the protection of
teenage girls from predators, the legal
protections against sexual abuse and inde-
cent assault must be stiffened, a database
of paedophiles and sex offenders must be
established, ankle bracelets tracking these
predators must be used and, moreover,
some good old fashioned parental love
would go a long way.

Teenage pregnancy is a social epidem-
ic that, if not effectively addressed, could
further ruin our already volatile society.
Frankly, sex education and Planned Par-
enthood programmes must be developed
and further promoted and there must be
greater community and parental support
to curb the incidences of teenage preg-
nancy.

In the United States, schools are
encouraging abstinence while certain com-
munity and religious groups are promot-
ing virginity pledges. In Holland, sex edu-
cation is a part of every school’s curricu-
lum, the media advances public discourse
and health-care professionals—at all lev-
els—are prudent and discrete about such
matters. Why can’t the same approach be
taken locally?

Further, the PACE Foundation also
states that:

“For the period from 1996-2000, 72.1
per cent (2599 of 3604) of the total hospi-
tal discharge diagnoses for adolescent
females were complications of pregnancy,
hinting at the impact of the teen preg-
nancy on the national health care bud-
get. Over this same time frame 331 abor-
tions were recorded in this age group.
The breakdown is as follows: 14.4 per
cent spontaneous, 0.8 per cent legal and
84.9 per cent unspecified.”

In the Bahamas, children born to teen
mothers are often poor academic per-
formers, social deviants and high school
dropouts. Without positive influences and
constructive intervention, it is very likely
that the daughters of teen mothers will
become adolescent parents themselves
and that the sons of teen mothers will,
more often than not, serve time in prison.
Unfortunately, the children of teen moth-
ers or households with absentee fathers,
many times become societal miscreants,
that is, the problematic, community men-
aces with behavioral issues that began
during their formative years.

Our collapsing society will only be built
up when children are once again cultured
and taught that “manners and respect will
take you throughout the world!”

Crowds view last launch

of space shuttle

CAPE CANAVERAL, Fla.
Associated Press

Discovery, the world's most trav-
eled spaceship, thundered into orbit
for the final time Thursday, heading
toward the International Space Sta-
tion on a journey that marks the
beginning of the end of the shuttle
era.

The six astronauts on board, all
experienced space fliers, were
thrilled to be on their way after a
delay of nearly four months for fuel
tank repairs. But it puts Discovery on
the cusp of retirement when it
returns in 11 days and eventually
heads to a museum.

Discovery is the oldest of NASA's
three surviving space shuttles and
the first to be decommissioned this
year. Two missions remain, first by
Atlantis and then Endeavour, to end
the 30-year program.

Tt was Discovery's 39th launch and
the 133rd shuttle mission overall.

"Enjoy the ride,” the test conduc-
tor radioed just before liftoff. Com-
mander Steven Lindsey thanked
everyone for the work in getting Dis-
covery ready to go: "And for those
watching, get ready to witness the
majesty and the power of Discovery
as she lifts off one final time.”

Emotions ran high as Discovery
rocketed off its seaside pad into a
late afternoon clear blue sky, and
arced out over the Atlantic on its
farewell flight. There were a tense
few minutes before liftoff when an
Air Force computer problem popped
up. The issue was resolved and Dis-
covery took off about three minutes
late, with just a few seconds remain-
ing in the countdown.

Discovery will reach the space sta-
tion Saturday, delivering a small
chamber full of supplies and an
experimental humanoid robot.
"Look forward to having company
here on ISS in a couple days," station
commander Scott Kelly said in a
Twitter message.

The orbiting lab was soaring over
the South Pacific when Discovery
blasted off.

"Discovery now making one last



SPACE SHUTTLE DISCOVERY lifts off
from the Kennedy Space Center in
Cape Canaveral, Fla., Thursday, Feb.
24, 2011. Discovery, the world's most
traveled spaceship, thundered into
orbit for the final time Thursday, head-
ing toward the International Space Sta-
tion on a journey that marks the begin-
ning of the end of the shuttle era. (AP)

reach for the stars," the Mission Con-
trol commentator said once the shut-
tle cleared the launch tower.

On-board TV cameras showed
some pieces of foam insulation
breaking off the external fuel tank
four minutes into the flight, but
shouldn't pose any safety concerns
because it was late enough after
liftoff.

NASA is under presidential direc-
tion to retire the shuttle fleet this
summer, let private companies take
over trips to orbit and focus on get-
ting astronauts to asteroids and Mars.

An estimated 40,000 guests gath-
ered at Kennedy Space Center to
witness history in the making, includ-
ing asmall delegation from Congress



Discovery

and Florida's new Gov. Rick Scott.
Discovery frenzy took over not only
the launch site, but neighboring
towns.

Roads leading to the launching
site were jammed with cars parked
two and three deep; recreational
vehicles snagged prime viewing spots
along the Banana River well before
dawn. Businesses and governments
joined in, their signs offering words
of encouragement. "The heavens
await Discovery," a Cocoa Beach
church proclaimed. Groceries
stocked up on extra red, white and
blue cakes with shuttle pictures.
Stores ran out of camera batteries.

The launch team also got into the
act. A competition was held to craft
the departing salutation from Launch
Control: "The final liftoff of Discov-
ery, a tribute to the dedication, hard
work and pride of America's space
shuttle team." Kennedy's public
affairs office normally comes up with
the parting line. Souvenir photos of
Discovery were set aside for con-
trollers in the firing room. Many
posed for group shots.

Lindsey and his crew paused to
take in the significance of it all,
before boarding Discovery. They
embraced in a group hug at the base
of the launch pad.

Unlike the first try back in
November, no hydrogen gas leaked
during Thursday's fueling.

NASA also was confident no
cracks would develop in the external
fuel tank; nothing serious was spot-
ted during the final checks at the
pad. Both problems cropped up dur-
ing the initial countdown in early
November, and the repairs took
almost four months. The cracks in
the midsection of the tank, which
holds instruments but no fuel, could
have been dangerous.

The lengthy postponement kept
one of the original crew from flying.

Astronaut Timothy Kopra, the
lead spacewalker, was hurt when he
wrecked his bicycle last month.
Experienced spacewalker Stephen
Bowen stepped in and became the
first astronaut to fly back-to-back
shuttle missions.

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




Protocols’ urged
for Freeport bond

FRED SMITH

By NEIL HARTNELL
Tribune Business Editor

The Grand Bahama Port
Authority (GBPA) has again
urged the Government and
Customs Department to join
all stakeholders in develop-
ing agreed “protocols” for
how the over-the-counter
bond letter and bonded goods
purchases should work in
Freeport, describing the situ-
ation as “unsatisfactory” for
all concerned.

Writing on the GBPA’s
behalf to Prime Minister
Hubert Ingraham in a
December 22, 2010, letter,
Callender’s & Co attorney
and partner, Fred Smith, said
the various Judicial Review
disputes between Customs
and different GBPA licencees
had “arisen because of a lack
of clarity as to the rights and
obligations” both sides had
under the Hawksbill Creek
Agreement and Customs
Management Act, and asso-
ciated regulations.

“Licensees consider that
new and unjustified require-
ments are being imposed on
them at short notice, while
Customs no doubt considers

SEE page 3B

Gov't pletyes $500k
to Grand Bahama
Development Board

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

THE GOVERNMENT
has pledged $500,000
towards the establishment of
a new team to drive focused
investment promotion of
Grand Bahama.

State minister for finance,
Zhivargo Laing, announced
yesterday that the Grand
Bahama Business Develop-
ment Board will marry and
independently sustain the
efforts of the Grand
Bahama Chamber of Com-
merce, the Grand Bahama
Port Authority (GBPA) and
the Government in promot-
ing, examining and develop-
ing strategies for growth and
development on the island.

Speaking at the Grand

SEE page 5B

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.



THE TRIBUNE @

u



in



FRIDAY. FEBRUARY 25, 2011

SECTION B ¢ business@tribunemedia.net

BEC’s 210,000
overtime hours

i 2009 overtime was equivalent to one extra hour per day for
every employee, with previous year’s total double that
@ Consultant found that without reform, BEC losses would stay at

$20m per annum

Wi Ten largest customers eat up 29% of electricity supply
i Fuel surcharge ‘shields BEC from own inefficient operations’

By NEIL HARTNELL
Tribune Business Editor

Some 210,000 staff overtime
hours - equivalent to an aston-
ishing one hour of overtime
per day for every employee -
were booked at the Bahamas
Electricity Corporation (BEC)
during its 2009 financial year,
a confidential report for the
Government has revealed.

Describing this level of
overtime as “questionable”,
the study by German consul-
tants, Fichtner, which was

called Strengthening the Ener-
gy Sector in the Bahamas and
conducted as part of an Inter-
American Development Bank
(IDB) funded project, noted
that during BEC’s 2008 finan-
cial year the amount of
booked overtime hours was
“double” the 2009 total -
meaning there were more
than 400,000 hours of over-
time booked.

“In 2008-2009, 210,000
thousand hours of overtime
have been booked, which
amounts to approximately one

hour a day for every employ-
ee,” the Fichtner report on
BEC’s operations noted. “The
year before, volume was dou-
ble that value. This volume is
questionable even if the
recruitment stop is taken into
account.”

Since the Fichtner study was
conducted, BEC has made
several noticeable adjust-
ments, notably increasing the
basic tariff rate and, coupled

SEE page 2B

AML: BIDDER ‘TRYING
TO BACK DOOR’ OFFER

* Accuses Mark Finlayson’s $12m ‘hostile bid’ of
using newspaper ads to ‘win hearts and minds’ of
investors outside process laid down by

Commission

* Says this and ‘lock up’ agreement existence led
to share suspension, hurting 1,357 shareholders
* Brands bidder as ‘neophyte’ in food

management

* And chairman says bulk of ABDAB’s $70 million
dividends came last year in $4 2million from

Heineken deal

By NEIL HARTNELL
Tribune Business Editor

AML Foods chairman yes-
terday accused businessman
Mark Finlayson of “trying to
back door the process” on his
$12 million ‘hostile’ takeover
offer through newspaper sup-
plements appealing to “the
hearts and minds” of the com-
pany’s shareholders, again
urging investors to consider
whether they would be com-
fortable with a “neophyte” in
the food management busi-
ness.

Speaking to Tribune Busi-
ness after the Finlayson-con-
trolled Associated Bahamian
Distillers and Brewers
(ABDAB) ran several news-
paper advertisements pur-
porting to compare its key
financial indicators, such as
profits, sales and dividends,
with those generated by AML
Foods, Dionisio D’ Aguilar
said it was Mr Finlayson’s
alleged “failure to follow the
process” that forced the Secu-
rities Commission to suspend
trading in the BISX-listed
food group’s shares.

Emphasising that he was
only speaking out after
ABDAB, via the supple-
ments, breached the Securi-
ties Commission’s instructions
not to speak further via the
media, and that he was not
trying to belittle Mr Fin-
layson’s business track record,
Mr D’Aguilar said the busi-
nessman was comparing
“apples with oranges” in seek-
ing to match ABDAB’s per-
formance to that of AML
Foods.

The supplement attempts
to demonstrate Mr Fin-
layson’s and ABDAB’s man-

SEE page 4B



66

... failure

to follow
the process”

DIONISIO D’AGUILAR

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Port owners
slammed on
‘exit strategy’

* Polymers chief criticises Bahamianisation

for ‘insulating the Bahamian worker from the

real world for too long’

* Says educationAvorkforce quality hampering
Bahamian companies’ ability to compete

ATTENTIVE: Grand Bahama Outlook 2011 participants.

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

GRAND BAHAMA’s long-term economic growth has
been stunted by a lack of ‘true vision’ on the part of major
stakeholders, Polymers International’s chief operating offi-
cer said yesterday, as he hit out at the Grand Bahama Port

SEE page 5B



CABLE BEACH REALTY PRICES
SET FOR 10-15% INCREASES

By NEIL HARTNELL
Tribune Business Editor

A former Bahamas Real
Estate Association (BREA)
president yesterday said the
property prices and rental rates
in the Cable Beach area would
likely increase by between 10-15
per cent as a result of the $2.6
billion Baha Mar project’s start,
adding that his firm had
dropped the ReMax franchise
as a cost cutting measure,

William Wong, president of
William Wong & Associates
Realty, which operates from
offices in Cable Beach, said that
with the market still slow for

Realtor drops
ReMax franchise
as cost cutting
measure

many Bahamian realtors, he
was hopeful that Baha Mar -
and the expatriate workers the
development will require -
would stimulate property/rental
demand in the immediate vicin-

SEE page 5B

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PAGE 2B, FRIDAY, FEBRUARY 25, 2011

THE TRIBUNE





By SIMON COOPER

There’s been more hype
about Baha Mar and foreign
interference in our economy
than for as long as I can recall.
Tempers are getting frayed
and some would even like to
stop the project and send the
Chinese home. Bahamians
need to ask themselves
whether this is the right mes-
sage to send other overseas
investors, especially when
jobs are tight and there are so
many other investment oppor-
tunities for foreigners else-
where.

Tourism is our vital indus-
try

Everybody knows that
tourism and related activity
accounts for over 60 per cent
of our gross domestic product
(GDP), and that tourists are a
reality with which we have
learned to live.

In fact, one wonders
whether without them we
would be much more than a
subsistence economy, and how
our children would feel when
they grew up without jobs.
Tourism is here to stay, and
it must grow, too, or it will
continue to decline.

What would replace
Baha Mar if it’s lost?

We need economic growth

Our economy is staggering
out of recession, but it needs a
kick-start to find its way. Even
if our nation had the money, I
doubt Bahamians would sup-
port massive government
intervention on an Obama
scale.

That means the money has
to come from somewhere else
and that means a foreign
investor with a huge amount
of cash, too — and an opportu-
nity to invest in a growth mar-
ket such as our tourism oppor-
tunities provide.

We have a long history of
Foreign Investment

We are all descendents of
immigrants of various kinds,
and that means all our ances-



tors are foreigners. All these
foreigners - and this means
Spanish explorers, British
colonists, African Americans
and, later, migrants - brought

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candidate should be committed to the principles of student-centered learning and
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the successful candidate should have extensive training and/or experience teaching
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Only serious persons are asked to apply. Copies of CV's and supporting certificates
can be sent to P.O. Box N-492, Nassau, New Providence, The Bahamas.

THE CENTRAL BANK

OF THE BAHAMAS
COUNTERFEIT BANKNOTE
DETECTION SEMINAR

The Central Bank of The Bahamas Train-

ing Room, Market Street and Trinity Place

entrance

Session
March 3, 2011
From 10:00 A.M. to 11 A.M. (for mem-
bers of the general public)

From 12:00 noon to 1:00 P.M. (for bank-

ers and law enforcement agents)

Apply by:

Friday, February 25, 2011

The Seminar is open to banks and bank-

ing institutions, government agencies

and corporations, private companies

and the general public. Applications will

be taken on a first- come/ first- served

basis, as space is limited.

Contact: 302-2629 or 302-2734



SIMON

value of some kind with them
when they arrived. Why
should we stop this process
just because new foreigners
are involved? We should be

welcoming the new skills, new
jobs and new business oppor-
tunities that the Chinese will
bring.

The state must stay out of
the debate

If we are to stop the Baha
Mar project, this will require
massive state intervention that
will fly in the face of interna-
tional precedent, not to men-
tion sheer logic, too.

Remember how the stricter
financial regulations intro-
duced in the year 2000 caused
many overseas firms to relo-
cate? What message will we
send those that remain with
us and continue to add value
and jobs to our economy —
and what incentive would
there be for them to expand,

either?

If not Baha Mar then what
else?

We need growth, and we
need capital for growth that
will have to come in from
beyond our borders. Baha
Mar has the potential to do
all that, and bring in huge
crowds of other potential
investors on holiday, too.

If we stop Baha Mar, then
who will be foolish enough to
invest time and money to
replace it? As a nation, we
have gone past that point. We
need Baha Mar, and we
should be welcoming it enthu-
siastically.

NB: Res Socius was found-
ed by Simon Cooper in 2009,
and is a Business Brokerage
authorised by the Bahamas
Investment Authority. He has
extensive private and public
SME experience, and was for-
merly chief executive of a pub-
licly traded investment com-
pany. He was awarded an
MBA with distinction by Liv-
erpool University in 2005.
Contact him on 636-8831 or
write to simon.cooper@resso-
cius.com.



CEREMONIAL HANDSHAKE: Li Ruogu, left, chairman and president, The Export-Import Bank of China,
shakes hands with Bahamian Deputy Prime Minister Brent Symonette, right, as Sarkis Izmirlian, chairman
and CEO, Baha Mar, looks on at the Baha Mar groundbreaking ceremony in Cable Beach.

BEC’s 210,000 overtime hours

FROM page 1B

with other reforms, the Gov-
ernment is hoping the utility
monopoly returned to prof-
itability in the financial year
to end-September 2010. Yet
the Fichtner report highlights
the inefficiencies, wastage and
management issues that
appear to be costing BEC and
the customers/taxpayers mil-
lions of dollars annually.

Had BEC made no finan-
cial adjustments, Fichtner said
the Corporation would have
continued to incur per annum
net losses of around $20 mil-
lion, despite increasing
demand producing higher rev-
enues.

“With increasing revenues,
the accounts receivables from
private customers increase as
well, from $85 million in fiscal
2010 to $135 million in fiscal
year 2014,” Fichtner project-

ed. “Government accounts
receivables slowly increase
with the increasing sales to
government customers to $67
million in fiscal year 2014,
while government accounts
payable slowly decreases to
$60 million due to the annual
netting with accounts receiv-
able.”

The German-based consul-
tant, in its base case scenario,
said that if the Government
and BEC had implemented
no reforms, BEC’s cash deficit
would have risen from an esti-
mated $6 million in fiscal year
2009 to $88 million in fiscal
year 2010, and $300 million
in fiscal year 2014.”

Clearly this will not hap-
pen, but had reforms been
avoided, Fichtner said: “With
this development [cash
deficit], BEC is not able to
meet most of its covenants.
Tangible net worth decreas-

PUBLIC OPEN HOUSE
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at the future of aviation in The Bahamas.

Test out the new food outlets and shop at

fabulous retail stores all before the terminal

officially opens in March!

Saturday, February 26, 2011
12 p.m.- 6p.m.
U.S. Departures Terminal, LPIA

Free Parking. Invitations not required.

Music....Balloon Art..Face Painting...Giveaways

For more information, please contact
NAD's Operations Centre at 702-1010.

LYNDEN PIN GUNS nae
3 nea Aro



Sore Cope,

es as a result of the decrease
in retained earnings. [Oper-
ating income] may be suffi-
cient to cover the interest pay-
ments, but it is not sufficient
to cover the total debt ser-
vice. The operating ratio
improves, but only reaches a
value of 1.0 in fiscal year
2014.”

The Fichtner report noted
that BEC’s 10 largest cus-
tomers accounted for about
29 per cent of the energy sup-
plied by the Corporation in
its 2009 financial year, with
the largest 32 clients - likely
major hotels and industrial
companies - receiving 32 per
cent of the total power supply.

“In other terms almost one-
third of BEC’s revenue hinges
on 0.03 per cent of the
clients,” the Fichtner report
said. “This characterises in a
dramatic way the sensitivity
of BEC’s sales market and
needs predominant attention.

“Among other considera-
tions, the dependency calls for
a particular service approach
that has so far been ignored.
Setting up a Key Account
Management Unit in cus-
tomer services should urgent-
ly be addressed.”

Elsewhere, Fichtner said
BEC’s fuel surcharge,
designed to protect the Cor-
poration and its financial posi-
tion against external oil price
shocks, had created “a differ-
ent, unwanted effect”.

It explained: “The fuel sur-
charge shields BEC against
its own inefficient operation
by guaranteeing the recovery
of all fuel costs regardless of
whether these are due to price
increases or inefficient oper-
ation.

“In a variety of different
manners, it can be seen that
BEC relies upon recovery of
fuel costs through the fuel sur-
charge while making decisions
which lead to less efficient
operation, such as postpon-
ing and neglect of proper
maintenance and non-optimal
investment decisions. BEC is
allowed to pass through the
fuel price and does not have
an incentive to purchase fuel
at the lowest price or to oper-
ate efficiently.”

The Fichtner report con-
cluded: “Looking at the finan-
cial performance from a gen-
eral perspective, the conclu-
sion is that nearly all of the
ratios, even those stipulated
as covenants of the bank
loans, are off the mark. The
profitability ratios are nega-
tive. The self-financing is neg-
ative. The liquidity ratios are
under acceptable levels.”

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




Protocols’ urged
for Freeport bond

FRED SMITH

By NEIL HARTNELL
Tribune Business Editor

The Grand Bahama Port
Authority (GBPA) has again
urged the Government and
Customs Department to join
all stakeholders in develop-
ing agreed “protocols” for
how the over-the-counter
bond letter and bonded goods
purchases should work in
Freeport, describing the situ-
ation as “unsatisfactory” for
all concerned.

Writing on the GBPA’s
behalf to Prime Minister
Hubert Ingraham in a
December 22, 2010, letter,
Callender’s & Co attorney
and partner, Fred Smith, said
the various Judicial Review
disputes between Customs
and different GBPA licencees
had “arisen because of a lack
of clarity as to the rights and
obligations” both sides had
under the Hawksbill Creek
Agreement and Customs
Management Act, and asso-
ciated regulations.

“Licensees consider that
new and unjustified require-
ments are being imposed on
them at short notice, while
Customs no doubt considers

SEE page 3B

Gov't pletyes $500k
to Grand Bahama
Development Board

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

THE GOVERNMENT
has pledged $500,000
towards the establishment of
a new team to drive focused
investment promotion of
Grand Bahama.

State minister for finance,
Zhivargo Laing, announced
yesterday that the Grand
Bahama Business Develop-
ment Board will marry and
independently sustain the
efforts of the Grand
Bahama Chamber of Com-
merce, the Grand Bahama
Port Authority (GBPA) and
the Government in promot-
ing, examining and develop-
ing strategies for growth and
development on the island.

Speaking at the Grand

SEE page 5B

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.



THE TRIBUNE @

u



in



FRIDAY. FEBRUARY 25, 2011

SECTION B ¢ business@tribunemedia.net

BEC’s 210,000
overtime hours

i 2009 overtime was equivalent to one extra hour per day for
every employee, with previous year’s total double that
@ Consultant found that without reform, BEC losses would stay at

$20m per annum

Wi Ten largest customers eat up 29% of electricity supply
i Fuel surcharge ‘shields BEC from own inefficient operations’

By NEIL HARTNELL
Tribune Business Editor

Some 210,000 staff overtime
hours - equivalent to an aston-
ishing one hour of overtime
per day for every employee -
were booked at the Bahamas
Electricity Corporation (BEC)
during its 2009 financial year,
a confidential report for the
Government has revealed.

Describing this level of
overtime as “questionable”,
the study by German consul-
tants, Fichtner, which was

called Strengthening the Ener-
gy Sector in the Bahamas and
conducted as part of an Inter-
American Development Bank
(IDB) funded project, noted
that during BEC’s 2008 finan-
cial year the amount of
booked overtime hours was
“double” the 2009 total -
meaning there were more
than 400,000 hours of over-
time booked.

“In 2008-2009, 210,000
thousand hours of overtime
have been booked, which
amounts to approximately one

hour a day for every employ-
ee,” the Fichtner report on
BEC’s operations noted. “The
year before, volume was dou-
ble that value. This volume is
questionable even if the
recruitment stop is taken into
account.”

Since the Fichtner study was
conducted, BEC has made
several noticeable adjust-
ments, notably increasing the
basic tariff rate and, coupled

SEE page 2B

AML: BIDDER ‘TRYING
TO BACK DOOR’ OFFER

* Accuses Mark Finlayson’s $12m ‘hostile bid’ of
using newspaper ads to ‘win hearts and minds’ of
investors outside process laid down by

Commission

* Says this and ‘lock up’ agreement existence led
to share suspension, hurting 1,357 shareholders
* Brands bidder as ‘neophyte’ in food

management

* And chairman says bulk of ABDAB’s $70 million
dividends came last year in $4 2million from

Heineken deal

By NEIL HARTNELL
Tribune Business Editor

AML Foods chairman yes-
terday accused businessman
Mark Finlayson of “trying to
back door the process” on his
$12 million ‘hostile’ takeover
offer through newspaper sup-
plements appealing to “the
hearts and minds” of the com-
pany’s shareholders, again
urging investors to consider
whether they would be com-
fortable with a “neophyte” in
the food management busi-
ness.

Speaking to Tribune Busi-
ness after the Finlayson-con-
trolled Associated Bahamian
Distillers and Brewers
(ABDAB) ran several news-
paper advertisements pur-
porting to compare its key
financial indicators, such as
profits, sales and dividends,
with those generated by AML
Foods, Dionisio D’ Aguilar
said it was Mr Finlayson’s
alleged “failure to follow the
process” that forced the Secu-
rities Commission to suspend
trading in the BISX-listed
food group’s shares.

Emphasising that he was
only speaking out after
ABDAB, via the supple-
ments, breached the Securi-
ties Commission’s instructions
not to speak further via the
media, and that he was not
trying to belittle Mr Fin-
layson’s business track record,
Mr D’Aguilar said the busi-
nessman was comparing
“apples with oranges” in seek-
ing to match ABDAB’s per-
formance to that of AML
Foods.

The supplement attempts
to demonstrate Mr Fin-
layson’s and ABDAB’s man-

SEE page 4B



66

... failure

to follow
the process”

DIONISIO D’AGUILAR

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Port owners
slammed on
‘exit strategy’

* Polymers chief criticises Bahamianisation

for ‘insulating the Bahamian worker from the

real world for too long’

* Says educationAvorkforce quality hampering
Bahamian companies’ ability to compete

ATTENTIVE: Grand Bahama Outlook 2011 participants.

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

GRAND BAHAMA’s long-term economic growth has
been stunted by a lack of ‘true vision’ on the part of major
stakeholders, Polymers International’s chief operating offi-
cer said yesterday, as he hit out at the Grand Bahama Port

SEE page 5B



CABLE BEACH REALTY PRICES
SET FOR 10-15% INCREASES

By NEIL HARTNELL
Tribune Business Editor

A former Bahamas Real
Estate Association (BREA)
president yesterday said the
property prices and rental rates
in the Cable Beach area would
likely increase by between 10-15
per cent as a result of the $2.6
billion Baha Mar project’s start,
adding that his firm had
dropped the ReMax franchise
as a cost cutting measure,

William Wong, president of
William Wong & Associates
Realty, which operates from
offices in Cable Beach, said that
with the market still slow for

Realtor drops
ReMax franchise
as cost cutting
measure

many Bahamian realtors, he
was hopeful that Baha Mar -
and the expatriate workers the
development will require -
would stimulate property/rental
demand in the immediate vicin-

SEE page 5B

AGENTS & BROKERS

aived to the Family.

HOME
AUTO
MARINE
COMMERCIAL
& LIABILITY

INSURANCE

CALL OR STOP IN TODAY FOR A FREE QUOTE!
396-1300/1400

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<5

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED

FAMILY GUARDIAN FINANCIAL CENTRE, EAST BAY & CHURCH STREETS, NASSAU, BAHAMAS | T 242-396-1300/1400 | www.famguardbahamas.com




PAGE 4B, FRIDAY, FEBRUARY 25, 2011



THE TRIBUNE



AML: Bidder ‘tryin
to back door’ offer

FROM page 1B

agement expertise compared
to that of AML Foods.
Between 1995-2010, ABDAB
was shown to have generat-
ed $88.712 million in net prof-
it and $69.431 million in divi-
dends, compared to an
alleged $15.265 million cumu-
lative loss by AML Foods,
and $27.074 million in divi-
dend payouts.

“Much of ABDAB’s
returns are due to a one-off
sales of Burns House and
Commonwealth Brewery to
the Dutch [Heineken],” Mr
D’Aguilar retorted, “and I
think the food store business
is avery different business.

“You really need to com-
pare his management of City
Markets to our management
of AML Foods.

“T can bundle Superwash
with AML Foods and it could
be wonderful, but at the end
of the day you have to com-
pare apples with apples.

“Mr Finlayson is making a
concerted effort to prove his
management expertise, and
there’s no way I can compare
his management expertise in
the food business with the
experience of AML’s current
management team in the food
business. It’s apples and
oranges.”

Separately, Tribune Busi-
ness sources pointed out that
the $120-$125 million pur-
chase of ABDAB’s liquor
industry assets by Heineken
had resulted in a $14 per
share dividend being paid to
ABDAB investors last year.
With 2,985,262 shares being
issued and outstanding, that
according to Tribune Busi-
ness calculations at the time

resulted in a $41.974 million
total payout to ABDAB
investors.

Stripping out the dividends
generated by that deal, the
sources pointed out, would
leave ABDAB with almost
exactly the same total investor
payout between 1995-2010 as
AML Foods, namely some
$27 million.

Questioned

The same sources also
questioned whether much of
the dividends, profits and
sales enjoyed by ABDAB in
its graphs had come post-2004
and 2005, the time when
Heineken paid $10 million to
take over Board and man-
agement control at Burns
House and Commonwealth
Brewery from the Finlayson
family.

They suggested that divi-
dends only resumed once
Heineken took charge.

Mr Finlayson could not be
reached for comment last
night, although the ABDAB
Board of Directors and
Annual General Meeting
(AGM) were likely to
approve the company’s acqui-
sition of the 78 per cent
Bahamas Supermarkets stake
held by his Trans-Island
Traders vehicle.

That is likely to pave the
way for Mr Finlayson to
launch his formal tender offer
for a 51 per cent majority
interest in AML Foods,
priced at $1.50 a share - a 44
per cent premium to the cur-
rent trading price.

With the Securities Com-
mission having suspended
trading in AML Foods shares,
Mr Finlayson has little choice
other than to submit a formal

CITco

Nlewing Fund Service Farwerdâ„¢

Bid Circular if he is to realise
his goal.

Tribune Business sources
yesterday suggested it was the
existence of a ‘lock up’ agree-
ment, which Mr Finlayson
had offered to certain AML
Foods shareholders, that had
prompted the regulator’s
action, as they had no way to
monitor whether it was being
offered to all shareholders,
and whether the terms and
conditions are the same. Mr
Finlayson previously said he
had 20 per cent of AML
Foods shares “locked up”.

Mr D’Aguilar, though, sug-
gested the newspaper supple-
ment comparisons between
ABDAB and AML Foods
were designed to “get
around” the formality of the
Bid Circular, as all represen-
tations and claims in it would
have to be verified for accu-
racy by the Securities Com-
mission.

“He’s trying to back door
the process,” the AML Foods
chairman alleged, “attempt-
ing to win the hearts and
minds of AML shareholders
without following the proper
process.

“This is not the proper way
to do things, and is what
caused the suspension of the
shares.

“There is a process; stick to
it. This is all everyone asks.
The fact he has not followed
the process is what caused the
suspension and inconve-
nienced the 1,357 sharehold-
ers.

“Let’s get back on base.
You’re affecting people’s
livelihoods; their ability to
trade shares. It’s just not right.

“We’re waiting for his [Mr
Finlayson’s] Tender docu-
ment so we can respond to it,

not an ad in the paper. There
was a clear message from the
Commission that he should
follow the process. An ad in
the paper here, an ad in the
paper there, is not the proper
way to do things.”

And Mr D’Aguilar added:
“It’s not that we are trying to
detract from Mr Finlayson’s
successes.

Position

“Our only position is that
he has no experience in the
food business, and if you look
at the current City Markets
management team splashed
across the newspapers, they
have no food retail experi-
ence, having mostly come
from luxury goods.

Addressing AML Foods’
shareholders directly: “If you
feel more comfortable with a
neophyte in the food business,
fair enough, but our manage-
ment team has been around
for years, and has years of
experience, and Mr Fin-
layson’s team are just coming
up the learning curve, and on
the learning curve mistakes
are made.

“T just want to assure the
shareholders of AML that we
feel fairly confident he will be
unable, based on our current
discussions with shareholders
who hold in excess of 50 per
cent of the shares, to yield his
31 per cent.

“T don’t want any of our
staff, management and sup-
pliers to worry. It’s amazing
the amount of support we are
getting from our sharehold-
ers. If people are jittery, I
don’t want them to jitter. I
don’t want anyone to start to
doubt our resolve or intent to
succeed.”

ea AU
CREATES UP TO TEN JOBS

New Providence
welcomes a new fast
food eatery to the
Bahamian market on
Saturday, February
26. About ten jobs
will be created.

The name — “Mud-
does, Wings ‘N’
Tings” is a play ona
popular Bahamian
expression of sur-
prise and amaze-
ment.

The restaurant is
on the corner of
Jerome and Edward
Avenues, just north
of Scotiabank. The
location is planned as
the first of several for
the island.

“We plan to make “Muddoes” a household name,
known for our commitment to a consistently delicious
product with quality service at reasonable prices.” says
one of the company’s executives.

Muddoes’ signature dishes include cooked-to-order
chicken wings with specialty sauces and homemade beef
burgers. There is also a spin on some Bahamian favourites
like cracked chicken, cracked conch, grouper fingers and
classic fried chicken in addition to signature garden and
chicken salads, grouper and conch burgers. Party platters
are available for catered events such as office parties,
family gatherings and sporting events.

The first location will employ approximately ten (10)
workers in the private sector and is a collaboration of
young Bahamians coming together to create business
opportunities and entrepreneurship.

242-393-0780
' on FACGCEHEROGOH oa:
WWW MUDDOES.COM



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The Inter-American Development Bank invites
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objective of the consultancy is to provide support to the Fiduciary
Financial Management Specialist (FMS) in the fiduciary
oversight and monitoring of operations, as well as to foster the
development of the fiduciary and institutional capacity of executing
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performance and the Country Office’s business needs.

The position requires a Bachelor’s Degree or equivalent in
Accounting, Finance, Business Administration or a related area
and at least two (2) years of relevant professional experience in the
areas of financial management or administration of projects and
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strong analytical, quantitative, planning and organizational skills;
excellent writing and communication skills and the ability to
adjust to multiple demands, shifting priorities and attention to
detail. A good working knowledge of MS Word and MS Excel is
required.

Interested candidates must have Bahamian citizenship or be a
citizen of one of the member countries of the IDB and have a valid
permit to work in Bahamas at the time of application.

The expected start time is March 15, 2011. Consultant will work
one day per week plus approximately 30 additional days during the
year.

To apply, please email cover letter, CV, and contact details for 3
referees to cof-cbh@iadb.org with subject — Consultant Financial
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Deadline for application is March 7, 2011.



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